raport anual hvb bank romania 2005

Annual Report 2005Raport anual 2005

Rezultate Financiare 2004/2005Imagini

Raportul Consiliului de Administra]ie

RAPORT PRIVIND DIVIZIILE B~NCIIServicii adresate Persoanelor JuridiceServicii adresate Persoanelor FiziceTrezoreria

RESURSE UMANEAngaja]i

RAPORT FINANCIARRaport de AuditBilan] ContabilConturi extrabilan]iereContul de Profit [i PierdereSitua]ia fluxurilor de trezorerieSitua]ia modific`rilor capitalurilor propriiNote

INFORMA}II GENERALE

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RAPORT ANUAL 2005

Overview 2003/2004Images

Management Report

REPORT ON THE DIVISIONSCorporate Banking DivisionRetail Banking DivisionTreasury Division

HUMAN RESOURCESEmployees

FINANCIAL REPORTAuditor’s OpinionBalance SheetsOff Balance SheetsStatements of OperationsStatements of Cash FlowStatement of Changes in EquityNotes

GENERAL INFORMATION

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ANNUAL REPORT 2005

Adrese \n RomåniaAdrese \n Europa Central` [i de Est

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Addresses in RomaniaAddresses in CEE

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REZULTATE FINANCIARE 2004/2005

REZULTATE FINANCIARE 2004/2005

HVB BANK ROMANIA

Rezultate financiare

Rezultatul activit`]ii curente 116.433.107 171.341.057

Rezultatul \nainte de impozitare 116.433.107 171.341.057

Rezultatul net al exerci]iului financiar 90.678.145 146.767.260

Principalii indicatori

ROE dup` impozitare 40.32% 39.39%

Ponderea de]inut` de cheltuielile administrative \n veniturile nete opera]ionale 37.36% 33.17%

Rata solvabilit`]ii 12.43% 12.63%

Rezultate bilan]iere

Total activ bilan]ier 4.165.235.513 6.311.322.470

Credite acordate clientelei 2.318.353.207 3.350.330.608

Total capitaluri proprii 224.914.607 440.481.735

Num`r angaja]i 312 399

Re]eaua de unit`]i teritoriale 12 14

2004 2005

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OVERVIEW 2004/2005

OVERVIEW 2004/2005

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HVB BANK ROMANIA

Business results

Current activity profit 116,433,107 171,341,057

Pre-tax profit 116,433,107 171,341,057

Profit after tax 90,678,145 146,767,260

Key figures

Return on equity after taxes 40,32% 39,39%

Cost-Income ratio 37,36% 33,17%

Solvency ratio 12,43% 12,63%

Balance sheet figures

Balance sheet total 4,165,235,513 6,311,322,470

Loans to customers 2,318,353,207 3,350,330,608

Shareholders' equity 224,914,607 440,481,735

Staff number 312 399

Network-number of locations 12 14

2004 2005

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Succesul nostru este, simultan, o promisiune dar [i o responsabilitate: promisiunea c`ne bucur`m de \ncrederea clien]ilor no[tri [i responsabilitatea de a le confirma \ncontinuare a[tept`rile. Rezultatele au relevan]` \n m`sura \n care ele exprim` o rela]iede parteneriat foarte puternic`. Pentru HVB Bank - atåt la nivel local cåt [i interna]ional- \ncrederea reprezint` cea mai important` resurs`. Astfel putem cunoa[te nevoileindividuale ale clien]ilor [i putem dezvolta servicii financiare flexibile, inovatoare [ipersonalizate. Iar perfoman]ele partenerilor no[tri sunt o confirmare c` [tim s`capitaliz`m aceast` resurs`.

|ncrederea - cel mai important capital

Our success is both a promise and a responsibility – the promise that we gained ourclient’s trust and the responsibility to further on meet their expectations. As we see it,results do make a difference if they express a strong partnership. For HVB BankRomania, as well as for our entire group, trust is the main asset. It is trust that enablesus to know our clients' personal needs so we could further develop personalized,flexible and innovative financial services. And the performances of all our businesspartners are proof that we have the skills and expertise to capitalize on it.

Trust is the main asset

Valentin VanceaHead of Internal Audit

»Teoretic, munca noastr` este una complicat` [inu \ntotdeauna pl`cut`. Dar \ntr-o companie \ncare angaja]ii fac tot posibilul s` nu existeniciodat` gre[eli, nu e chiar atåt de greu s`auditezi activitatea colegilor. O faci mai mult s`te asiguri c` totul merge a[a cum trebuie. {iprime[ti confirmarea c` a[a [i este.«

In theory, our job is difficult and not all thetime pleasant. But in a bank where all theemployees are doing their best not to makeany mistakes, it’s not that hard to audit yourcolleagues. You do it mostly to make sureeverything’s working as it should. And youfind out it does.

Camelia Gavril`Head of Cash ManagementCorporate Business Division

»|n ziua de ast`zi, \ntr-un mediu competitiv,succesul \n cash management este determinatde capacitatea de a inova. Din aceast`perspectiv`, o mare parte dintre eforturilenoastre se dedic` cunoa[terii [i \n]elegeriinevoilor clientului [i furniz`rii de solu]ii bancarecomplete. Flexibilitatea \n adaptarea produselornoastre reprezint` una dintre caracteristicilecare ne individualizeaz` pe pia]a bancar`.«

These days, in a highly competitiveenvironment, success in cash management isdriven by continuous innovation. We arefocused on understanding the customersand providing them with complete bankingsolutions. Flexibility in customizing productsfor large corporate customers is animportant aspect that differentiates us onthe market.

»Seriozitatea, discre]ia, \ncrederea, urm`rireaatent` a evolu]iei plasamentelor clien]ilor no[tri,calitatea serviciilor, acestea sunt pietrele detemelie ale activit`]ii noastre deoarece \n]elegemc` investi]iile de \nalt` calitate sunt \ndatorireaprofesioni[tilor.«

Cristian NicolaescuSenior Relationship Manager Private Banking

Seriousness, discretion, trust, multifacetedcare of assets, quality and concentratedservices are the building blocks of ouractivities. We understand that high-qualityinvestments are tasks for professionals.

RAPORTUL CONSILIULUI DE ADMINISTRA}IE

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Raportul Consiliului de Administra]ie

HVB Bank Romania este succesorul legal al Bank Austria Creditanstalt (BA-CA), o banc`prezent` \n Romånia \nc` din septembrie 1998. Din noiembrie 2005, HVB Bank Romaniaeste subsidiar` a noului UniCredit Group. Cu active totale de peste 782 miliarde EUR [icu o capitalizare de pia]` de aproximativ 64 de miliarde EUR, potrivit datelor din martie2006, noul UniCredit Group a devenit unul dintre cei mai importan]i juc`tori de pe pia]aeuropean` a serviciilor financiare.

|n Romånia, noul UniCredit Group este reprezentat de HVB Bank Romania, UniCreditRomania [i Banca }iriac. Cumulate, activele totale ale celor trei b`nci ar fi de aproximativ3 miliarde EUR, clasånd UniCredit Group pe o pozi]ie puternic` pe pia]a bancar` dinRomånia, \n special \n ce prive[te segmentele de corporate [i retail banking.Deocamdat`, \ntr-o prim` etap`, cele trei b`nci \[i vor desf`[ura opera]iunile \n paralel.

Conform rezultatelor finale, HVB Bank Romania \nregistra la finalul anului 2005 activetotale \n valoare de 6.312 milioane RON, cu 52% mai mari decåt \n 2004, [i un profit netde 147 milioane RON, cu 62% peste cel din anul precedent. Rata rentabilit`]ii financiarea fost de 45,98%, raportul costuri administrative / venituri nete opera]ionale 33%, iarindicatorul venitului per angajat 0,86 milioane RON. Rata rentabilit`]ii economice a fostde 3,17%. La finalul anului trecut, banca deservea 50.171 de clien]i prin intermediul a14 sucursale.

Suntem foarte mul]umi]i de evolu]ia b`ncii \n 2005. A fost un an important pentru HVBBank, iar aceste rezultate confirm` reu[ita eforturilor noastre de a dezvolta \n paralel

procesul de integrare dintre HVB Bank si Banca }iriac, dar [i activitatea noastr` dezi cu zi. Din perspectiva acestei evolu]ii, suntem convin[i c` noua banc` va de]ine opozi]ie de lider [i se va dovedi un partener de \ncredere pentru fiecare dintre clien]iino[tri.

La finalul lui august 2005, Bank Austria Creditanstalt (BA-CA) [i Banca }iriac aufinalizat tranzac]ia ce va duce la fuziunea dintre HVB Bank Romania [i Banca }iriac.BA-CA de]ine 50% plus o ac]iune \n Banca }iriac, \n timp ce entit`]ile controlate deIon }iriac de]in 50% minus o ac]iune \n HVB Bank Romania. Aceast` structur` a fostob]inut` prin vånzare [i schimb de ac]iuni. Dup` fuzionarea celor dou` b`nci, BA-CAva continua s` de]in` pachetul majoritar de 50% plus o ac]iune [i \n noua banc`, [i vafi responsabil` de coordonarea opera]iunilor acesteia.

Prin aceast` fuziune, ne consolid`m semnificativ pozi]ia [i ne clas`m pe locul patru \ntopul b`ncilor prezente pe pia]a romåneasc`. Un pas important, care ne asigur` obaz` solid` pentru dezvoltarea noastr` viitoare. Fuziunea celor dou` b`nci \mbin`\ntr-un mod ideal for]a dovedit` de HVB Bank Romania pe domeniul corporativ, alopera]iunilor de trezorerie, al private banking-ului [i al serviciilor adresatesegmentului superior al clien]ilor de retail cu extinsa re]ea de sucursale [i puternicadezvoltare a B`ncii }iriac pe segmentul adresat persoanelor fizice. Scopul nostru esteacela de a ne dezvolta rapid noua pozi]ie, pentru a ob]ine cåt mai repede peste 10%din pia]a romåneasc`.

Din perspectiva acestei dezvolt`ri constante \nregistrate atåt de HVB Bank, cåt [i deBanca }iriac, suntem convin[i c` noua entitate se va pozi]iona ca unul dintre lideriipie]ei bancare romåne[ti, o banc` universal` [i un partener de \ncredere pentrufiecare dintre clien]ii s`i. O institu]ie solid`, care ofer` produse inovative [i flexibile.O entitate dinamic`, care \[i va datora succesul atåt echipei sale de profesioni[ti, cåt[i clien]ilor [i partenerilor care au investit-o cu \ncrederea lor. |ncredere de care dejane bucur`m [i pentru care mul]umim tuturor.

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Florian Kubinschi

Vicepre[edinte

Dan Pascariu

Pre[edinte

Manuela Pl`pcianu

Vicepre[edinte

Andreas Gschwenter

Vicepre[edinte

RAPORT PRIVIND DIVIZIILE B~NCII

Preocuparea continu` pentru o rela]ie personalizat` cuclien]ii [i procesul permanent de \mbun`t`]ire [idiversificare a portofoliului de produse [i serviciiconfirm` gradul de maturitate care define[te activitateaDiviziei Persoane Juridice din HVB Bank Romania [ijustific` pozi]ia de lider pe care aceasta \l joac` \ntr-opia]` extrem de competitiv`.Rezultatele nu s-au l`sat a[teptate nici \n 2005. Anultrecut am dep`[it din nou performan]a \nregistrat` cu unan mai \nainte, consolidåndu-ne cota de pia]`.Dincolo de oferta “tradi]ional`” pe fiecare dintresegmentele de business (mari clien]i corporativi,\ntreprinderi mici [i mijlocii, finan]`ri imobiliare), anul2005 marcheaz` consacrarea a[a-numitului “crossselling”. Astfel, oferta de creditare, de[i r`måne “vårfulde lance” pentru majoritatea rela]iilor de afaceri, estecompletat` de solu]ii complexe fie de monitorizare/control a lichidit`]ilor, fie de management a riscurilorvalutar [i de dobånd`.Expertiza la nivelul fiec`rui departament de produs sesubscrie unui proiect ambi]ios al HVB Bank Romania,care vizeaz` excelen]a promovat` prin calitatea [iinova]ia ce definesc produsele [i serviciile oferite.La finalul anului 2005, portofoliul de clien]i corporativi(persoane juridice cu cifra de afaceri anual` mai mare de2,5 milioane EUR sau care apar]in unor grupuri decompanii \n care cel pu]in una \ndepline[te criteriul demai sus) cuprindea 1.700 companii, un num`r cu 35%mai mare decåt cel din 2004. Fiecare segment debusiness a contribuit la aceast` cre[tere: num`rul

clien]ilor reprezenta]i de \ntreprinderile mici [i mijlocii acrescut cu 35%, num`rul clien]ilor mari companii – cu25%, iar proiectele imobiliare s-au \nmul]it cu 50%. |nceea ce prive[te totalul portofoliului de \mprumuturiacordate clien]ilor persoane juridice, acesta a fost deaproximativ 1,15 miliarde EUR, reprezentånd o cre[terede aproximativ 40% comparativ cu 2004.Pe parcursul anului 2005, HVB Bank Romania s-a dovedit\nc` o dat` un lider pe pia]a finan]`rilor imobiliare.Datorit` flexibilit`]ii [i capacit`]ii sale de adaptare la opia]` extrem de activ` [i competitiv`, HVB a ad`ugatportofoliului s`u de clien]i tranzac]ii de referin]` precumIulius Mall Timi[oara, City Mall Bucure[ti, precum [i ceamai mare tranzactie imobilar` din 2005 pentru AnchorGrup.Anul trecut, HVB Bank Romania s-a dovedit \nc` o dat`cea mai activ` banc` de pe pia]a finan]`rilor imobiliare,cu peste 170 de clien]i [i cu mai mult de 300 de milioaneEUR \n angajamente de real estate (fa]` de 163 milioaneEUR, respectiv 100 de clien]i, la finalul lui 2004).HVB Bank se distinge pe pia]a bancar` prin oferta desolu]ii integrate de cash management, baza a unuimanagement eficient al lichidit`]ilor.Banca a oferit clien]ilor corporativi, la nivel na]ional [iinterna]ional, servicii de pl`]i [i solu]ii de cashmanagement definite printr-un \nalt standard de calitate[i care adesea trec grani]ele solu]iilor tradi]ionale.|n cursul anului 2005, a fost implementat SistemulElectronic de Pl`]i pentru a dezvolta [i furniza clien]ilorHVB solu]ii eficiente pentru administrarea \ncas`rilor [i

Servicii adresate persoanelor juridice

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pl`]ilor. Astfel, 62% dintre clien]ii corporativi folosescsolu]ii electronice pentru administrarea lichidit`]ilor, \ntimp ce peste 80% dintre tranzac]iile clien]ilorcorporativi \n moneda local` sunt instructate electronic[i procesate STP.Ca parte a unui puternic Grup interna]ional, HVB Banka utilizat expertiza de care dispune [i a dezvoltat solu]iipersonalizate. Acestea au f`cut posibil`, \n cazulclien]ilor corporativi interna]ionali, administrarea [ioptimizarea lichidit`]ilor la nivel global, \n sensulreducerii costurilor cu dobånzile [i maximiz`riicå[tigurilor prin utilizarea unui sistem flexibil \n condi]iicompetitive [i transparente.|n segmentul de mari clien]i corporativi, HVB Bank adovedit [i \n 2005 capacitatea de inova]ie \n adaptarea

solu]iilor de finan]are la nevoile specifice acestor clien]i(\mbinånd facilit`]ile pe termen scurt - acordate pentrufinan]area nevoilor de capital circulant, respectivtermen mediu [i lung, destinate achizi]iei deechipamente [i construc]iei de facilit`]i de produc]ie - cusolu]ii complexe de creditare structurat`).Cunoa[terea profund` a pie]ei locale, precum [i knowhow-ul furnizat de Grup au asigurat un avantaj extremde important pentru Divizia de Corporate Banking aHVB Bank. Iar acest lucru a contribuit semnificativ laconsolidarea pozi]iei b`ncii pe pia]`, ajutåndu-o s` oferesolu]ii locale unor clien]i interna]ionali. Succesulpartenerilor s`i este [i succesul b`ncii. Iar aceast`viziune st` la baza pozi]iei de lider pe care HVB Bank ode]ine ast`zi.

2005 a fost un an \n care HVB Bank Romania s-aconcentrat puternic pe dezvoltarea activit`]ii de Retail,confirmånd o dat` \n plus eforturile sale de a ie[i \n\ntåmpinarea nevoilor clien]ilor. Extinderea re]elei desucursale, lansarea de noi produse, \ncheierea departeneriate cu societ`]i de construc]ii [i for]a mobil` devånzare au fost doar cåteva dintre direc]iile pe care s-aconcentrat activitatea de Retail \n 2005.

Pe parcursul anului, HVB Bank Romania a pus la dispozi]iaclien]ilor noi produse: Creditul Ipotecar - \n ianuarie,Creditul pentru Orice - \n februarie, Credite \n RON - \nseptembrie.Produsele pentru IMM au fost preg`tite pentru lansareadin ianuarie 2006: Pachete, Descoperit de cont, CreditulCapital de Lucru, Creditul de Investi]ii.

Retail Lending Department (creat pentru a facilitaprocesarea dosarelor de credit aduse de Gemini CapitalConsult – partenerul HVB Bank pentru for]a mobil` devånzare [i pentru centralizarea activit`]ii de creditare) afost dezvoltat [i restructurat pentru a optimiza procesele.

Departamentul de Private Banking, \nfiin]at \n 2003 pentrua furniza consultan]` financiar` clien]ilor cu active lichidede peste 100.000 EUR, a continuat s` se pozi]ionezeprintre primele 5 de pe pia]a romåneasc`.

Pentru al treilea an consecutiv, Departamentul Carduri a

primit premiul No-Cash pentru “Emitentul cu cea maimare medie a rulajului pe carduri”, iar, la sfår[itul lui2005, num`rul cardurilor active a fost cu 53% mai maredecåt la finalul anului 2004. De asemenea, ca o confirmarea performan]ei realizate de divizia de Retail Banking \nanul 2005, Creditul Imobiliar a fost desemnat de c`treS`pt`måna Financiar` drept “Produsul bancar al anului”.

Noile sucursale (Carol - \n Bucure[ti, [i cea din Ia[i) aucrescut acoperirea teritorial` a b`ncii, strategia pentru2006 urm`rind s` continue expansiunea re]elei.

|n 2005, Divizia de Retail a HVB Bank Romania a\nregistrat evolu]ii impresionante pe toate segmentele.Comparativ cu finalul anului 2004, volumul portofoliuluide credite a crescut cu 227% (pia]a a crescut cu 55% \naceea[i perioad`), num`rul clien]ilor cu credite s-a m`ritcu 262%, num`rul total de clien]i – cu 87%, iar volumuldepozitelor cu 36%. Venitul Opera]ional a crescut cu 125%fa]` de valoarea \nregistrat` \n 2004.

Strategia b`ncii de a oferi clien]ilor servicii diversificate [ila standarde interna]ionale este confirmat` [i de o serie deproiecte ce vor fi implementate sau dezvoltate \n 2006:deschiderea de noi sucursale, utilizarea de noi canale dedistribu]ie, \ncheierea de parteneriate strategice, lans`ride noi produse, centralizarea activit`]ilor de back-officedin sucursale, optimizarea proceselor [i \mbun`t`]ireapermanent` a sistemelor.

Servicii adresate persoanelor fizice

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Anul 2005 a constituit din nou un an cu rezultateremarcabile din punct de vedere al veniturilor ob]inutedin activitatea de tranzac]ionare [i arbitraj pe pie]elevalutare [i monetare. Liberalizarea pie]ei financiare dinRomånia a atras noi juc`tori [i oportunit`]i pe careTrezoreria le-a utilizat [i administrat exploatånd lamaximum posibilit`]ile oferite.Prin profesionalismul echipei de arbitraji[ti, HVB s-aimpus \n continuare pe pia]a local`, consolidåndu-[isemnificativ pozi]ia de formator de pia]`.Activitatea de vånzare din cadrul Trezoreriei a luat \n 2005o amploare foarte mare atåt prin num`rul \n cre[tere alclien]ilor deservi]i cåt [i prin acordarea unei aten]iideosebite calit`]ii serviciilor [i produselor oferite. 2005 areprezentat un an \n care HVB s-a remarcat prin faptul cà fost prima banc` din Romånia care a oferit instrumentecomplexe de acoperire a riscurilor, oferind totodat` [i unsuport real clien]ilor sì prin consultan]` oferit`. Aceastàctivitate sus]inut` s-a concretizat \n cre[terea veniturilor

Trezoreriei dar [i a altor divizii ale b`ncii.Administrarea Activelor [i Pasivelor a asigurat [i \n acestan o finan]are continu`, prin intermediul unor structurifinanciare ce au redus costurile semnificativ, asigurånd \nacela[i timp \ncadrarea lichidit`]ii \n limitele de siguran]`.Totodat`, printr-o evaluare [i previzionare corect` aevolu]iilor de pe pia]a valutar` [i monetar` s-a reu[it ocre[tere semnificativ` a veniturilor din aceast` activitate,men]inånd \n acela[i timp un profil redus de risc dedobånd` [i curs de schimb.Planurile pentru 2006 reprezint` o provocare adresat`Trezoreriei HVB prin prisma integr`rii cu TrezoreriaB`ncii }iriac. |n acela[i timp, specificul pie]ei locale prinevolu]iile \n continuare cu un ridicat grad de volatilitate lacare se adaug` [i limit`rile de tip administrativ ce implicùn cost ridicat al refinan]`rii, vor adùga o complexitatesporit` activit`]ii de trezorerie, dar [i posibilitateamaximiz`rii profiturilor [i cre[terea \n continuare a roluluiTrezoreriei \n cadrul b`ncii.

Trezoreria

RESURSE UMANE

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Num`rul angaja]ilor a crescut cu 25% \n cursul anului2005 [i a atins un total de 394 la sfår[itul luniidecembrie 2005.Satisfac]ia clien]ilor depinde de calitatea uman` [iprofesional` a angaja]ilor, de eficien]a intern` [i deexisten]a unei atmosfere pl`cute \n cadrul organiza]iei.De aceea, formarea unei echipe profesioniste reprezint`una dintre cele mai importante responsabilit`]i ale

departamentului de resurse umane.HVB Bank dore[te s` atrag` [i s` re]in` cele mai bunetalente, buni profesioni[ti, persoane dinamice [iresponsabile, cu un spirit de echip` dezvoltat. Odat`deveni]i membrii ai echipei HVB, preocuparea noastr`este de a maximiza eficien]a [i profesionalismul cu careei \[i asum` noi responsabilit`]i, [i totodat` nivelul lor decompeten]e [i aptitudini profesionale.

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RAPORT FINANCIAR

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Noi am procedat la auditarea bilan]ului societ`]ii HVBBANK ROMANIA S.A. (”Banca”) \ncheiat la 31 decembrie2005, a situa]iilor contului de profit [i pierdere, amodific`rilor capitalurilor proprii, a fluxurilor detrezorerie pentru exerci]iul \ncheiat la aceast` dat`, carereflecta:

• total active 6.311.322.470 RON• capital propriu (activ net) 440.481.735 RON• venituri totale 534.303.159 RON• rezultatul exerci]iului financiar-profit 146.767.260 RON

Conturile anuale au fost emise sub responsabilitateaconducerii B`ncii [i sunt \ntocmite \n conformitate cuReglement`rile contabile \n vigoare \n Romånia, [i anumeLegea Contabilit`]ii nr. 82/1991 republicat`, OrdinulMinistrului Finan]elor Publice [i al guvernatorului B`nciiNa]ionale a Romåniei nr. 1982/5/2001, precum [i OrdinulMinistrului Finan]elor Publice nr.1827/2003.Responsabilitatea noastr` este ca, pe baza audituluinostru, s` exprim`m o opinie asupra acestor situa]iifinanciare.

Noi am efectuat auditul nostru conform normelorinterna]ionale de audit [i Normelor de Audit emise deCamera Auditorilor Financiari din Romånia. Acestenorme cer ca auditul s` fie planificat [i executat astfel\ncåt s` ob]inem o asigurare rezonabil` c` nu sunt erorisemnificative \n conturile anuale. Un audit const` \n aexamina, pe baz` de sondaje, elementele probante care

s` justifice sumele [i informa]iile con]inute \n conturileanuale. Un audit const` de asemenea, atåt \n evaluareaprincipiilor [i metodelor contabile folosite [i a estim`rilorsemnificative f`cute de c`tre conducerea societ`]ii pentru\nchiderea conturilor anuale, cåt [i \n efectuarea uneiexamin`ri a prezent`rii de ansamblu a acesteia. Noiestim`m c` auditul efectuat furnizeaz` o baz` rezonabil`exprim`rii opiniei noastre.

|n opinia noastr`, situa]iile financiare la care s-a f`cutreferire \n paragraful introductiv ofer` o imagine real`,sub toate aspectele semnificative, a poz]iei financiare aHVB BANK ROMANIA S.A. la 31 decembrie 2005, arezultatelor opera]iunilor sale, a situa]iei fluxurilor detrezorerie [i a situa]iei modific`rilor capitalurilor propriipentru anul \ncheiat la aceast` dat`, \n conformitate cuReglement`rile contabile \n vigoare \n Romånia [i anumeLegea Contabilit`]ii nr. 82/1991 republicat`, OrdinulMinistrului Finan]elor Publice [i al guvernatorului B`nciiNa]ionale a Romåniei nr. 1982/5/2001, precum [i OrdinulMinistrului Finan]elor Publice nr. 1827/2003.

F`r` a exprima rezerve la opinia noastr`, atragem aten]iaasupra urm`toarelor:

A[a cum este prezentat \n Nota 1.1 a situa]iilorfinanciare, \n cursul anului 2000 Romånia a \nceput unproces de armonizare a principiilor sale contabile cuDirectiva a IV-a a Comunit`]ii Economice Europene [i cuStandardele Interna]ionale privind Raport`rile

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24

Financiare (IFRS). Cu toate acestea, ultimele cerin]econtabile ale Ministerului Finan]elor Publice suntconcepute pentru a r`spunde necesit`]ilor fiscale aleMinisterului Finan]elor [i sunt aplicabile numai peteritoriul Romåniei. Aceste noi reglementari nu acoper`cerin]ele IFRS in totalitate, \n unele aspecte fiind chiardiferite fa]` de prevederile IFRS, \n special cele care serefer` la IAS 29 “Raport`ri Financiare \n EconomiiHiperinflationiste”, IAS 32 “Instrumente Financiare -

Prezentare” [i IAS 39 “Instrumente Financiare -|nregistrare [i Valorizare”. Prin urmare, este posibil caaceste situa]ii financiare s` nu ofere o imagine real` apozi]iei financiare a B`ncii, a rezultatelor opera]iunilorsale, a situa]iei modific`rilor capitalului propriu, precum[i a situa]iei fluxurilor de trezorerie \n conformitate cuIFRS. De aceea situa]iile financiare anexate nu sunt\ntocmite pentru uzul persoanelor ce nu cunoscreglement`rile contabile aplicabile \n Romånia.

Deloitte Audit SRLBucure[ti, 31 martie 2006

\n RON / \n EUR

ACTIV

Casa [i disponibilit`]i la b`nci centrale (Note 14.6; 15)

Efecte publice [i alte titluri acceptate pentru refinan]are la b`nci centrale

Efecte publice [i valori asimilate (Nota 14.6)

Alte titluri acceptate pentru refinan]are la b`ncile centrale

Crean]e asupra institu]iilor de credit (Note 3.4; 15)

La vedere (Nota 3.4)

Alte crean]e (Note 3.1; 3.4)

Crean]e asupra clientelei (Note 3.1; 3.3; 3.4; 15)

Obliga]iuni [i alte titluri cu venit fix (Note 5; 14.6; 15)

Emise de organisme publice (Nota 14.6)

Emise de al]i emiten]i, din care:

Obliga]iuni proprii

Ac]iuni [i alte titluri cu venit variabil (Nota 15)

Participa]ii, din care (Note 4.4; 15):

Participa]ii la institu]ii de credit (Nota 4.4)

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 (Nota 5)

Fond comercial, \n m`sura \n care a fost achizi]ionat cu titlu oneros

Imobiliz`ri corporale, din care: (Nota 5)

Cl`diri [i terenuri utilizate \n scopul desf`[ur`rii activit`]ilor proprii (Nota 5)

Capital subscris nev`rsat

Ac]iuni [i p`r]i proprii

Alte active (Note 2.3; 15)

Cheltuieli \nregistrate \n avans [i venituri angajate (Note 2.4; 15)

TOTAL ACTIV (Nota 15)

25

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* Sumele \n EURO sunt ob]inute prin conversia cifrelor \n RON la cursul BNR din 31.12.2004, respectiv 3,9663 RON/EUR [i la cursul BNRdin 31.12.2005, respectiv 3,6771 RON/EUR. Aceste cifre sunt prezentate \n scop informativ [i nu au fost auditate de Delloitte Audit SRL.

BILAN} CONTABIL

LA 31 DECEMBRIE 2004 {I 31 DECEMBRIE 2005

2005

1.282.264.507

1.091.254.0681.091.254.068

-

259.722.891112.744.606

146.978.285

3.350.330.608

236.309.946

169.243.640

67.066.306

-

695.957

4.576.026

3.999.680

-

-

16.316.310

680

-

29.185.665

13.340.591

-

-

3.401.746

37.264.746

6.311.322.470

2005*

348.716.246

296.770.299

296.770.299

-

70.632.534

30.661.284

39.971.250

911.133.939

64.265.303

46.026.390

18.238.913

-

189.268

1.244.466

1.087.727

-

-

4.437.277

185

-

7.937.142

3.628.020

-

-

925.117

10.134.276

1.716.385.867

2004

535.492.831

350.633.132350.633.132

-

710.022.601109.993.950

600.028.651

2.318.353.207

174.428.655

85.900.353

88.528.302

-

347.814

576.346

-

-

-

11.070.202

1.636

-

21.355.029

8.758.405

-

-

20.620.952

22.334.744

4.165.235.513

2004*

135.010.673

88.403.079

88.403.079

-

179.013.842

27.732.131

151.281.711

584.512.822

43.977.676

21.657.553

22.320.123

-

87.692

145.311

-

-

-

2.791.065

412

-

5.384.118

2.208.205

-

-

5.199.040

5.631.128

1.050.156.446

26

BILAN} CONTABIL


\n RON / \n EUR

PASIV

Datorii privind institu]iile de credit (Note 3.4; 15)


La termen (Nota 3.1)

Datorii privind clientela (Note 3.1; 3.4; 15)

Depozite, din care:


La termen (Nota 3.1)

Alte datorii, din care:

La vedere (Nota 3.1; 3.2)

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 (Note 2.3; 15)

Venituri \nregistrate \n avans [i datorii angajate (Note 2.4; 15)

Provizioane pentru riscuri [i cheltuieli, din care: (Note 8.1; 15

Provizioane pentru pensii [i obliga]ii similare

Alte provizioane

Datorii subordonate (Note 3.6; 15)

Capital social subscris (Note 6; 15)

Prime de capital

Rezerve (Note 2.2; 15)

Rezerve legale (Nota 2.2)

Rezerve statutare sau contractuale

Rezerve pentru riscul de credit (Nota 2.2)

Rezerva de \ntrajutorare

Rezerva mutual` de garantare

Alte rezerve (Nota 2.2)

Rezerve din reevaluare (Nota 2.2)

Rezultatul reportat

Profit (Nota 15)

Pierdere

Rezultatul exerci]iului financiar

Profit (Nota 14.4)

Pierdere

Repartizarea profitului (Nota 7)

TOTAL PASIV (Nota 15)

2005

3.000.592.258735.304.440

2.265.287.818

2.700.693.0311.745.050.921

512.815.565

1.232.235.356

955.642.110

737.536.412

218.105.698

-

-

-

51.291.708

70.211.441

-

-

4.202.958

43.849.339

126.420.630

-

88.474.162

25.284.126

-

62.589.390

-

-

600.646

3.660.468

101.966.349

-

146.767.260

-

26.807.134

6.311.322.470

2005

816.021.391

199.968.573

616.052.818

734.462.764

474.572.604

139.461.958

335.110.646

259.890.161

200.575.566

59.314.595

-

-

-

13.948.957

19.094.243

-

-

1.143.009

11.924.979

34.380.525

-

24.060.853

6.876.105

-

17.021.400

-

-

163.348

995.477

27.730.100

-

39.913.861

-

7.290.292

1.716.385.867

2004

1.616.169.595408.024.378

1.208.145.217

2.228.525.8631.587.838.662

211.414.683

1.376.423.979

640.687.201

442.219.059

198.468.142

-

-

-

26.427.482

21.899.923

-

-

-

47.298.043

58.724.050

-

64.224.208

19.783.866

-

41.282.516

-

-

3.157.826

-

26.086.370

-

90.678.145

-

14.798.166

4.165.235.513

2004

407.475.379

102.872.798

304.602.581

561.865.180

400.332.467

53.302.746

347.029.720

161.532.713

111.494.103

50.038.611

-

-

-

6.663.006

5.521.499

-

-

-

11.924.979

14.805.751

-

16.192.474

4.987.990

-

10.408.319

-

-

796.164

-

6.577.004

-

22.862.150

-

3.730.975

1.050.156.446


\n RON / \n EUR

ELEMENTE |N AFARA BILAN}ULUI

Datorii contingente, din care: (Nota 13.1)

Accept`ri [i andos`ri (Nota 13.1)

Garan]ii [i active gajate (Nota 13.1)

Angajamente, din care: (Nota 13.2)

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

27

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CONTURI EXTRABILAN}IERE


2005

599.600.777491.513.088

108.087.689

1.312.500.021-

2005

163.063.495

133.668.676

29.394.819

356.938.898

-

2004

351.072.465211.857.514

139.214.951

866.124.796-

2004

88.513.845

53.414.395

35.099.451

218.370.974

-


\n RON / \n EUR

Dobånzi de primit [i venituri asimilate, din care: (Nota 9.1)

Aferente obliga]iunilor [i altor titluri cu venit fix (Nota 9.1)

Dobånzi 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 (Note 9.5; 9.6)

Cheltuieli cu personalul, din care (Nota 9.5)

Salarii (Nota 9.5)

Cheltuieli cu asigur`rile sociale, din care:

Cheltuieli aferente pensiilor (Nota 9.5)

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 (Nota 9.8)

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

pentru datorii contingente [i angajamente (Nota 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 (Nota 9.9)

REZULTATUL ACTIVIT~}II CURENTE

Profit (Nota 14.4)

Pierdere

Impozitul pe rezultatul activit`]ii curente (Nota 14.4)

28

CONTUL DE PROFIT {I PIERDERE


2005

329.439.529

60.802.201

163.133.935

-

-

-

-

67.117.955

6.393.226

72.064.142

817.974

82.036.500

30.788.718

24.187.365

6.547.688

4.179.349

51.247.782

11.577.496

5.875.436

93.945.509

64.827.192

-

36.367

171.341.057

-

24.573.797

2005

89.592.214

16.535.368

44.364.835

-

-

-

-

18.252.959

1.738.660

19.598.091

222.451

22.310.109

8.373.098

6.577.837

1.780.666

1.136.588

13.937.011

3.148.540

1.597.845

25.548.804

17.629.978

-

9.890

46.596.790

-

6.682.929

2004

203.462.797

39.701.946

74.234.547

-

-

-

-

44.261.562

5.116.394

12.956.100

509.686

55.676.997

21.796.452

14.210.454

4.283.129

2.556.549

33.880.545

6.802.705

5.457.807

47.807.205

46.295.354

-

4.043.263

116.433.107

-

25.754.962

2004

51.297.884

10.009.819

18.716.322

-

-

-

-

11.159.409

1.289.966

3.266.546

128.504

14.037.515

5.495.412

3.582.799

1.079.880

644.568

8.542.103

1.715.126

1.376.045

12.053.351

11.672.177

-

1.019.404

29.355.598

-

6.493.448


\n RON / \n EUR

REZULTATUL ACTIVIT~}II CURENTE DUP~ IMPOZITARE

Profit (Nota 14.4)

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 (Nota 14.4)

Cheltuieli totale (Nota 14.4)

REZULTATUL BRUT

Profit (Nota 14.4)

Pierdere

Impozitul pe profit (Nota 14.4)

Cheltuieli cu impozitul pe profit curent (Nota 14.4)

Cheltuieli cu impozitul pe profit amånat

Venituri din impozitul pe profit amånat (Nota 14.4)

Alte impozite ce nu apar \n elementele de mai sus

REZULTATUL NET AL EXERCI}IULUI FINANCIAR

Profit (Nota 14.4)

Pierdere

Rezultatul pe ac]iune

De baz`

Diluat

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2005

146.767.260

-

-

-

-

-

-

-

-

534.303.159

362.962.102

171.341.057

-

24.573.797

24.573.797

-

-

-

146.767.260

-

-

-

2005

39.913.861

-

-

-

-

-

-

-

-

145.305.583

98.708.793

46.596.790

-

6.682.929

6.682.929

-

-

-

39.913.861

-

-

-

2004

90.678.145

-

-

-

-

-

-

-

-

311.528.762

195.095.655

116.433.107

-

25.754.962

25.755.825

-

863

-

90.678.145

-

-

-

2004

22.862.150

-

-

-

-

-

-

-

-

78.543.923

49.188.325

29.355.598

-

6.493.449

6.493.665

-

218

-

22.862.150

-

-

-


30

\n RON / \n EUR

REZULTATUL NET (Nota 13.5)

Componente ale rezultatului net care nu genereaz` fluxuri de trezorerie

aferente activit`]ii de exploatare

± constituirea sau regularizarea provizioanelor (Nota 9.7)

± cheltuieli cu amortizarea (Nota 9.7)

± alte ajust`ri aferente elementelor care nu genereaz` fluxuri de numerar

± ajust`ri aferente elementelor incluse la activit`]ile de investi]ie

sau de finan]are (Nota 3)

± alte ajust`ri (Nota 14)

Sub - total

Modific`ri ale activelor [i pasivelor aferente activit`]ii de exploatare

dup` ajust`rile pentru elementele care nu genereaz` fluxuri de

trezorerie aferente activit`]ii de exploatare

± titluri care nu au caracter de imobiliz`ri financiare (Nota 3)

± crean]e privind institu]iile de credit (Nota 3)

± crean]e privind clientela (Nota 3)

± crean]e ata[ate (Nota 2)

± alte active aferente activit`]ii de exploatare (Nota 2)

± datorii privind institu]iile de credit (Nota 3)

± datorii privind clientela (Nota 3)

± datorii ata[ate (Nota 2)

± alte pasive aferente activit`]ii de exploatare (Nota 2)

- pl`]i \n numerar reprezentånd impozitul pe profit (Nota 14.5)

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 vånzarea de filiale sau alte subunit`]i

+ \ncas`ri \n numerar reprezentånd dividende primite

- pl`]i \n numerar pentru achizi]ionarea de titluri care au caracter

de imobiliz`ri financiare (Nota 3)

+ \ncas`ri \n numerar din vånzarea de titluri care au caracter

de imobiliz`ri financiare

+ \ncas`ri \n numerar reprezentånd dobånzi primite

- pl`]i \n numerar pentru achizi]ionarea de terenuri [i mijloace fixe,

active necorporale [i alte active pe termen lung (Nota 5)

+ \ncas`ri \n numerar din vånzarea 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

SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I


2005

146.767.260

23.585.911

11.577.496

-

8.407.351

24.573.797

214.911.815

(16.138.619)

32.232.036

(1.051.226.305)

(15.064.051)

17.219.206

1.384.422.663

472.167.168

48.311.518

27.692.724

(27.402.295)

1.087.125.860

(4.347.823)

-

-

-

80.066

-

-

(29.401.123)

-

-

-

(33.668.880)

2005

39.913.861

6.414.270

3.148.540

-

2.286.408

6.682.929

58.446.008

(4.388.953)

8.765.613

(285.884.612)

(4.096.721)

4.682.822

376.498.508

128.407.486

13.138.484

7.531.132

(7.452.148)

295.647.619

(1.182.405)

-

-

-

21.774

-

-

(7.995.737)

-

-

-

(9.156.368)

2004

90.678.145

1.614.807

6.802.705

-

6.316.457

25.754.962

131.167.076

25.437.088

19.243.735

(997.921.376)

(12.974.624)

(11.454.357)

810.654.633

1.104.840.584

7.574.086

20.065.196

(23.191.887)

1.073.440.154

-

-

-

(14.864.359)

-

-

(21.338.854)

-

-

-

(36.203.213)

2004

22.862.150

407.132

1.715.126

-

1.592.531

6.493.448

33.070.387

6.413.304

4.851.810

(251.600.075)

(3.271.216)

(2.887.920)

204.385.607

278.556.989

1.909.610

5.058.920

(5.847.235)

270.640.182

-

-

-

(3.747.664)

-

-

-

(5.380.040)

-

-

-

(9.127.704)

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\n RON / \n EUR

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

+ \ncas`ri \n numerar din datorii constituite prin titluri [i datorii subordonate (Nota 3)

- pl`]i \n numerar aferente datoriilor constituite prin titluri [i datorii subordonate

+ \ncas`ri \n numerar din emisiunea de ac]iuni sau p`r]i

- pl`]i \n numerar pentru achizi]ionarea de ac]iuni sau p`r]i proprii

+ \ncas`ri \n numerar din vånzarea de ac]iuni sau p`r]i proprii

- pl`]i \n numerar reprezentånd 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 (Nota 14.8)

± Fluxuri de numerar din activit`]i de exploatare (Nota 14.8)

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

± Fluxuri de numerar din activit`]i de finan]are (Nota 3)

± Efectul modific`rii cursului de schimb asupra numerarului

Numerar la sfår[itul perioadei (Nota 14.8)

SITUA}IA FLUXURILOR DE TREZORERIE PENTRU ANII |NCHEIA}I


2005

-

(3.448.704)

65.139.400

-

-

-

-

-

61.690.696

1.568.924.656

1.087.125.860

(33.668.880)

61.690.696

-

2.684.072.332

2005

-

(937.887)

17.714.884

-

-

-

-

-

16.776.997

426.674.460

295.647.619

(9.156.368)

16.776.997

-

729.942.708

2004

18.824.608

-

-

-

-

-

-

-

-

512.863.107

1.073.440.154

(36.203.213)

18.824.608

-

1.568.924.656

2004

4.746.138

-

-

-

-

-

-

-

-

129.305.173

270.640.182

(9.127.704)

4.746.138

-

395.563.789


32

\n RON

Capital subscris (Nota 6)

Prime de capital



Rezerva general` pentru riscul de credit (Nota 2.2)

Rezerva reprezentånd fondul pentru riscuri bancare generale (Nota 2.2)

Rezerve din reevaluare (Nota 2.2)

Rezerve pentru ac]iuni proprii

Rezerve din conversie




Fonduri

Rezultatul reportat

Profit nerepartizat (Nota 14)

Pierdere neacoperit`

Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29

Sold creditor (Nota 14)

Sold debitor

Rezultatul reportat provenit din modificarea politicilor contabile

Sold creditor

Sold debitor

Rezultatul reportat provenit din corectarea erorilor fundamentale

Sold creditor

Sold debitor

Rezultatul reportat reprezentånd surplusul realizat din rezerve de reevaluare



Sold debitor

Sold la

1 ianuarie

58.724.050

-

19.783.866

-

26.484.350

14.798.166

-

-

-

-

-

3.157.826

-

22.619.031

-

3.467.339

-

-

-

-

-

-

75.879.979

-

Total

67.696.580

-

5.500.260

-

-

21.306.874

3.660.468

-

-

-

-

-

-

75.879.979

-

-

-

-

-

-

-

-

146.767.260

-

din care

prin transfer

2.557.180

-

5.500.260

-

-

21.306.874

-

-

-

-

-

-

-

75.879.979

-

-

-

-

-

-

-

-

-

-

SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIAT

LA 31 DECEMBRIE 2005

Cre[teri

33

Ra

po

rt f

ina

nci

ar

\n RON

Capital subscris (Nota 6)

Prime de capital



Rezerva general` pentru riscul de credit (Nota 2.2)

Rezerva reprezentånd fondul pentru riscuri bancare generale (Nota 2.2)

Rezerve din reevaluare

Rezerve pentru ac]iuni proprii

Rezerve din conversie




Fonduri

Rezultatul reportat

Profit nerepartizat (Nota 14)

Pierdere neacoperit`

Rezultatul reportat provenit din adoptarea pentru prima dat` a IAS, mai pu]in IAS 29


Sold debitor

Rezultatul reportat provenit din modificarea politicilor contabile

Sold creditor

Sold debitor

Rezultatul reportat provenit din corectarea erorilor fundamentale

Sold creditor

Sold debitor

Rezultatul reportat reprezentånd surplusul realizat din rezerve de reevaluare



Sold debitor

Total

-

-

-

-

-

-

-

-

-

-

-

2,557,180

-

-

-

-

-

-

-

-

-

-

102,687,113

-

din care

prin transfer

-

-

-

-

-

-

-

-

-

-

-

2,557,180

-

-

-

-

-

-

-

-

-

-

102,687,113

-

Sold la

31 decembrie

126,420,630

-

25,284,126

-

26,484,350

36,105,040

3,660,468

-

-

-

-

600,646

-

98,499,010

-

3,467,339

-

-

-

-

-

-

119,960,126

-

SITUA}IA MODIFIC~RILOR CAPITALURILOR PROPRII PENTRU ANUL |NCHEIAT

LA 31 DECEMBRIE 2005

Reduceri

NOTE LA SITUA}IILE FINANCIARE

35

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fin

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cia

re

Aceste situa]ii financiare sunt responsabilitatea conduceriiB`ncii [i sunt \ntocmite \n conformitate cu cerin]ele normelorde contabilitate din Romånia [i a Ordinului Ministrului deFinan]e [i B`ncii Na]ionale a Romåniei 1982/5/2001 (OMF1982/5) cu modific`rile [i complet`rile ulterioare. Acesteacer 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]iilorfinanciare din OMF 1982/5 [i• Standardele Interna]ionale de Contabilitate (IAS)publicate de Comitetul pentru Standardele Interna]ionalede Contabilitate.

Situa]iile financiare au fost \ntocmite la costul istoric, cuexcep]iile prezentate \n paragraful referitor la politicilecontabile, modificate prin reevaluarea unor anumite active[i pasive financiare comerciale, investi]ii \n titluri disponibilepentru vånzare [i capital social.

|n 2001, IAS 39 “Instrumente financiare: recunoa[tere [ievaluare“ a devenit aplicabil. Conducerea B`ncii a evaluat[i decis c` adoptarea standardului IAS 39 nu va afectasemnificativ rezultatele activit`]ii B`ncii. Efectele financiareale adopt`rii IAS 39, dac` acestea exist`, sunt raportate \n

Situa]ia Modific`rilor Capitalurilor Proprii. Informa]iisuplimentare sunt prezentate \n politici contabile pentruinstrumente financiare derivate [i diminuarea riscurilor.

|nainte de adoptarea IAS 39, toate datoriile [i titlurile devaloare de proprietate, cu excep]ia titlurilor de valoaretranzac]ionabile, au fost evaluate la cost amortizat, respectivla cost, efectuånd \nregistr`ri numai pentru deprecierilecare sunt considerate permanente.

IAS 39 s-a aplicat prospectiv \n conformitate cu cerin]eleacestui standard [i de aceea situa]iile financiare comparativenu au fost retratate.

ORDINUL MINISTRULUI DE FINAN}E {I AL B~NCIINA}IONALE A ROMÅNIEI NR. 1982/5 (“REGLEMENT~RICONTABILE ARMONIZATE CU DIRECTIVACOMUNIT~}ILOR ECONOMICE EUROPENE nr. 86/635/CEE{I CU STANDARDELE INTERNA}IONALE DECONTABILITATE APLICABILE INSTITU}IILOR DE CREDIT”)

Ordinul Ministrului de Finan]e [i al B`ncii Na]ionale aRomåniei nr. 1982/5/2001 (OMF 1982/5) a devenit aplicabil\ncepånd cu situa]iile financiare pentru anul 2001 pentrub`ncile care \ndeplinesc criteriile stabilite \n ordonan]`.Conform OMF 1982/5, situa]iile financiare vor fi \ntocmitela cost istoric.

PRINCIPII, POLITICI {I METODE CONTABILE

1.1 PRINCIPIILE CARE AU STAT LA BAZA ÎNTOCMIRII

SITUA}IILOR FINANCIARE

1

36

1.2 POLITICI CONTABILE SPECIFICE

Situa]iile financiare prezente sunt \ntocmite folosindurm`toarele principii contabile:• Principiul continuit`]ii activit`]ii – presupune c` Banca\[i va continua \n mod normal func]ionarea \ntr-un viitorprevizibil f`r` a intra \n imposibilitatea continu`rii activit`]iisau f`r` reducerea semnificativ` a acesteia;• Principiul permanen]ei metodelor – presupune caacelea[i reguli [i norme privind evaluarea, \nregistrarea\n contabilitate [i prezentarea elementelor de activ [i depasiv, precum [i a rezultatelor, asigurånd comparabilitatea\n timp a informa]iilor contabile;• Principiul pruden]ei – presupune ca valoarea oric`ruielement s` fie determinat` luånd \n calcul, \n special,urm`toarele aspecte:

a) Se vor lua \n considerare numai profiturile recunoscutepån` la data \ncheierii exerci]iului financiar;b) Se va ]ine seama de toate obliga]iile previzibile [ipierderile poten]iale care au luat na[tere \n cursulexerci]iului financiar \ncheiat sau pe parcursul unuiexerci]iu anterior, chiar dac` asemenea obliga]ii saupierderi apar \ntre data \ncheierii exerci]iului [i data\ntocmirii bilan]ului;c) Se va ]ine seama de toate ajust`rile de valoare datoratedeprecierilor, indiferent dac` rezultatul exerci]iuluifinanciar este profit sau pierdere;

• Principiul independen]ei exerci]iului – presupune catoate veniturile [i cheltuielile corespunz`toare exerci]iuluifinanciar pentru care se face raportarea s` fie luate \nconsiderare, indiferent de data \ncas`rii sumelor sau aefectu`rii pl`]ilor;• Principiul evalu`rii separate a elementelor de activ [ide pasiv – presupune determinarea separat` a valoriiaferente fiec`rui element individual de activ sau de pasiv;• Principiul intangibilit`]ii – bilan]ul de deschidere al unuiexerci]iu trebuie s` corespund` cu bilan]ul de \nchidere alexerci]iului precedent, cu excep]ia corec]iilor impuse deIAS 8 “Profitul net sau pierderea net` a perioadei, erorifundamentale [i modific`ri ale politicilor contabile”;• Principiul necompens`rii – valorile elementelor cereprezint` active nu pot fi compensate cu valorile elementelorce reprezint` pasive, respectiv veniturile cu cheltuielile, cuexcep]ia compens`rilor \ntre active [i pasive, admise deIAS;• Principiul prevalen]ei economicului asupra juridicului– informa]iile prezentate \n situa]iile financiare anualetrebuie s` reflecte realitatea economic` a evenimentelor [itranzac]iilor, nu numai forma lor juridic`;• Principiul pragului de semnifica]ie – orice element careare o valoare semnificativ` trebuie prezentat distinct \ncadrul situa]iilor financiare anuale. Elementele cu valorinesemnificative care au aceea[i natur` sau cu func]ii similaretrebuie \nsumate, nefiind necesar` prezentarea lor separat`.

Sumele sunt prezentate \n RON. Moneda deprezentare a suferit modificarea din mii lei

\n RON, noua moned` a intrat \n vigoare \n data de 1 iulie

2005, conform legii 348/2004 privind denominarea monedeina]ionale.

Veniturile din dobånzi, cheltuielile cu dobånzile, alte venituri opera]ionale [i alte

cheltuieli opera]ionale sunt recunoscute pe baza contabilit`]iide angajament, [i nu pe baza monentului cånd sunt \ncasatesau pl`tite.

Fiecare mijloc fix cu un cost de achizi]ie cedep`[e[te 1500 RON [i o durat` de via]`

estimat` de peste un an, se capitalizeaz`. Mijloacele fixe cuun cost mai mic de 1500 RON se \nregistreaz` pe cheltuial`.Mijloacele fixe se \nregistreaz` la cost [i sunt amortizateprin metoda liniar` dup` urm`toarele rate medii anualepe durata lor de via]` util`• |mbun`t`]iri la cl`diri 8,33%-10,62%• Echipamente 11,11% - 33,33%• Mobilier 6,67%• Altele 4%-20%Imobiliz`rile necorporale constau \n software, care seamortizeaz` pe o perioad` de trei ani.Imobiliz`rile necorporale \n curs [i avansurile aferente serefer` la proiecte de software ce urmeaz` s` fie implementate[i puse \n func]iune \n perioada urm`toare.Imobiliz`rile corporale \n curs se refer` \n special la lucr`rilede \mbun`t`]ire a sediilor noilor sucursale.Mijloacele fixe de]inute \n regim de leasing financiar suntcapitalizate [i amortizate pe durata lor de via]`, prin aceea[imetod` ca [i mijloacele fixe proprii.

Deprecierea mijloacelor fixe este calculat`conform prevederilor IAS 36 “Deprecierea mijloacelor fixe”.IAS 36 men]ioneaz` c`, atunci cånd valoarea contabil` aactivului dep`[e[te valoarea recuperabil` a acestuia, seconstituie o pierdere pentru depreciere. Valoarearecuperabil` este considerat` a fi cea mai mare dintrevaloarea de utilitate [i pre]ul net de vånzare.Banca a procedat la reeevaluarea mijloacelor fixe la datade 31 decembrie 2005, aceasta fiind reflectat` \n contabilitate\n conformitate cu rezultatele raportului de reevaluare.Banca nu de]ine \n patrimoniu la 31 decembrie 2005terenuri [i cl`diri.|n plus, IAS 36 permite re\ntregirea ulterioar` a valoriicontabile dac` se constat` \ncetarea condi]iilor ce audeterminat deprecierea activului respectiv.

Exist` leasing financiar \n cazul \n care, princontractul de leasing, toate riscurile [i beneficiile propriet`]iiasupra unui bun sunt transferate locatarului; altfel, leasing-ul este opera]ional.Mijloacele fixe de]inute \n regim de leasing financiar suntrecunoscute ca active ale B`ncii la valoarea lor real` valabil`la data achizi]iei. Obliga]ia corelativ` a locatorului esteeviden]iat` \n bilan] ca obliga]ie de leasing financiar.Cheltuielile de finan]are, reprezentånd diferen]a dintreangajamentele totale de leasing [i valoarea real` a

Monedade prezentare

Recunoa[terea venitu-rilor [i cheltuielilor

Deprecierea activelor

Leasing

Imobiliz`ri corporale[i necorporale

Categoria de credit

Standard

|n observa]ie

Substandard

|ndoielnic

Pierdere

37

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Credite care nu facobiectul unui proces

Nr. zile de \ntårziere

max. 3 zile

-

4 - 15 zile

16 - 30 zile

min. 31 zile

Nr. zile de \ntårziere

max. 15 zile

16 - 30 zile

31 - 60 zile

61 - 90 zile

min. 91 zile

Rata provizionului (%)

0%

5%

20%

50%

100%

mijloacelor achizi]ionate, se \nregistreaz` \n contul de profit[i pierdere pe durata contractului de leasing pentru areflecta reparti]ia costurilor \n raport cu valoarea obliga]iilorr`mase de plat` pe fiecare exerci]iu financiar.Ratele de leasing datorate \n baza contractelor de leasingopera]ional sunt \nregistrate pe cheltuieli prin metodalinear`, pe durata contractului de leasing.

Stocurile sunt \nregistrate la minimul dintrecost [i valoarea net` realizabil`. Costul se determin` prinmetoda primului intrat primul ie[it (FIFO) pentru toatetipurile de stocuri. Valoarea net` realizabil` se estimeaz`pe baza pre]ului de vånzare practicat \n cursul normal alactivit`]ii din care se scad costurile necesare pentru finalizare[i costurile de vånzare.

|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 \mprumuturiacordate de c`tre Banc` [i sunt evaluate la cost.Toate \mprumuturile [i avansurile sunt recunoscute \nmomentul \n care banii sunt da]i debitorului.Provizionul pentru \mprumuturi se constituie atunci cåndexist` un motiv \ntemeiat pentru a se crede c` Banca nuva putea s` recupereze suma respectiv`. Provizionulreprezint` diferen]a \ntre valoarea de \nregistrare [i valoarearecuperabil`, unde valoarea recuperabil` este valoareaactual` a fluxurilor de numerar viitoare estimate, inclusivsumele recuperabile din garan]ii [i valori colaterale,

actualizate pe baza ratei dobånzii ini]iale.Aceste provizioane acoper` [i pierderile pentru care exist`eviden]e obiective c` sunt pierderi probabile \n componen]aportofoliului de credite de la data bilan]ului. Acestea aufost estimate pe baza istoricului evolu]iei pierderilor pentrufiecare component` \n parte, func]ie de performan]eledebitorului [i de climatul economic \n care acesta activeaz`.Cånd un credit acordat este irecuperabil, acesta este\nregistrat ca pierdere si concomitent se \nregistreaz`anularea provizionului corespunz`tor. Recuper`rileulterioare sunt \nregistrate \n venituri din recuper`ri decrean]e.

Provizioanele pentru credite \ndoielnice seconstituie pe baza evalu`rii portofoliului de

credite [i avansuri la 31 decembrie 2005 si respectiv 31decembrie 2004, inclusiv dobånzile ne\ncasate. Provizioaneleau fost \nregistrate pe cheltuieli \n contul de profit [ipierdere, fiind sc`zute din totalul creditelor [i al dobånziine\ncasate.Provizioane specifice se constituie pentru creditele [iavansurile acordate, considerate ca neperformante potrivitmetodologiei BNR. Pentru credite [i crean]e, procedura ia\n considerare atåt istoricul serviciului datoriei sub aspectulpl`]ii dobånzii [i a creditului la scaden]`, cåt [i existen]alitigiilor cu privire la creditele neperformate. Evaluareadifer` \n func]ie de tipul creditelor acordate clien]ilor dinsectorul bancar [i clien]ilor din alte sectoare.|n urma unei astfel de evalu`ri rezult` clasificarea\mprumuturilor \n cinci categorii, dup` cum urmeaz`:

Stocuri

Împrumuturi acordate[i provizioane pentruîmprumuturi acordate

Provizioane pentrusume îndoielnice

Sector bancar Sector nebancar

38

Gradul de risc alocat

(%)

0%

20%

50%

Garan]ia

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

Titluri

Credite care facobiectul unui proces

|n cazul \n care au fost demarate procedurilelegale, toate categoriile de credite se

\nregistreaz` pe pierdere, iar provizionul este de 100%.Provizioanele necesare se calculeaz` prin aplicareaprocentelor men]ionate mai sus asupra soldului bilan]ieral creditului [i asupra dobånzii aferente datorate [ine\ncasate, dup` luarea \n calcul a gradului de risc al

debitorului sau al garantorului crean]ei respective, potrivitcerin]elor BNR. Ajustarea crean]ei cu gradul de risc aferentse face pentru toate categoriile de credite, mai pu]in pentrucele din categoria pierdere.Gradul de risc asociat diferitelor categorii de garan]ii, \nconformitate cu cerin]ele BNR, este prezentat \n urm`torultabel:

Titlurile de]inute de Banc` la 31 decembrie2005 sunt titluri de plasament [i titluri de investi]ie.Conducerea determin` clasificarea investi]iilor la momentulachizi]iei lor.

a) Investi]ii p`strate pån` la scaden]` (IPS)Reprezint` titluri de investi]ii cu scaden]` fix` pe careconducerea are inten]ia [i posibilitatea de a le p`stra pån`la scaden]`. |n aceast` categorie sunt incluse obliga]iunilede stat (eurobonds) emise de Guvernul Romåniei sau dealte companii romåne pe pia]a european`.Titlurile de investi]ii clasificate ca fiind IPS sunt \nregistratela cost amortizat folosind metoda randamentului, efectuånd\nregistr`ri pentru orice depreciere care nu este temporar`.

b) Titluri de plasament (TP)Titlurile de plasament sunt achizi]ionate cu inten]ia de ale de]ine o perioad` mai \ndelungat`, dar f`r` ca aceast`de]inere s` implice o conservare pån` la scaden]a lor .Titlurile de plasament sunt recunoscute ini]ial la cost (costulinclude [i costul tranzac]ion`rii). Dobånzile calculate pentruperioada scurs` \n cazul titlurilor cu venit fix sunt \nregistrate\n conturile de crean]e ata[ate. Cheltuielile de tranzac]ionarea activelor financiare de]inute pentru vånzare se includ \nvaloarea de achizi]ie. Primele se includ, de asemenea, \npre]ul de achizi]ie. Titlurile disponibile pentru vånzare seevalueaz`, ulterior, la valoarea de achizi]ie sau la valoareacea mai mic` dintre valoarea de pia]` [i valoarea deachizi]ie. Diferen]ele favorabile nu se \nregistreaz` \ncontabilitate, iar pentru diferen]ele nefavorabile se constituieprovizioane.Dobånzile cuvenite pe perioada rezidual` aferente titlurilordisponibile pentru vånzare cu venit fix se \nregistreaz` \ncontul de crean]e ata[ate, iar dividendele \ncasate aferentetitlurilor disponibile pentru vånzare cu venit variabil se\nregistreaz` \n contul de venit corespunz`tor.|nregistrarea \n contabilitate a cesiunii titlurilor de plasament

se face la pre]ul de vånzare (cesiune), iar diferen]ele \ntrepre]ul de vånzare [i pre]ul de \nregistrare a titlurilorcedate se \nregistreaz` \n conturile de venituri [i cheltuieli,dup` caz.

Pentru opera]iunile efectuate \n valutestr`ine a fost luat \n considerare cursul oficial al leuluiromånesc \n vigoare la data efectu`rii opera]iunii. Activele[i pasivele exprimate \n valut` au fost transformate \n Leiromåne[ti folosindu-se cursurile oficiale de schimb aleB`ncii Na]ionale a Romåniei valabile la data \ncheieriibilan]ului.Profitul sau pierderea rezultate din schimb valutar ap`rutedin regulariz`ri [i translat`ri ale elementelor exprimate\n valut` au fost \nregistrate \n contul de profit [i pierdere.

Se consider` c` reprezint` numerar numerarul \n casierie [i \n conturile Nostro.

Echivalent numerar sunt considerate investi]iile pe termenscurt, cu grad \nalt de lichiditate, care pot fi u[ortransformate \n numerar.

Natura activit`]ii B`ncii, precum [i incertitudinea din Romånia privind rezultatul

politicilor economice aplicate \n condi]ii opera]ionale reale,fac posibil` apari]ia unor varia]ii imprevizibile privindviitoarele \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 peaceast` baz`.

Pentru a \ntocmi aceste situa]ii financiare\n conformitate cu OMF 1982/5/2001, Ordinul 2332/2001[i Ordinul 263/05.02.2004, Ordinul 6/2004, a fost necesar`operarea unor ajust`ri asupra conturilor statutare [iob]inerea unor informa]ii care nu pot fi disponibile directdin conturile B`ncii. |nregistr`rile contabile statutare nu

Cursul de schimb

Numerar [i echivalentde numerar

Continuitateaactivit`]ii

Folosirea estim`rilor

39

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RON / 2004

Obiecte de inventar

Alte stocuri*

Total (Nota 2.3)

Provizioane

-

-

-

INFORMA}II PRIVIND UNELE POSTURI DIN BILAN}

2

2.1 CONTURI DE STOCURI

La 31 decembrie 2004 [i la 31 decembrie 2005, Banca de]inea urm`toarele conturi de stocuri:

Total

1.776.902

-

1.776.902

Provizioane

-

-

-

Stocuri

1.776.902

-

1.776.902

RON / 2005

Obiecte de inventar

Alte stocuri*

Total (Nota 2.3)

Stocuri

1.175.796

-

1.175.796

Total

1.175.796

-

1.175.796

furnizeaz` \ntotdeauna suficiente informa]ii pentru astabili cu acurate]e ajust`rile [i prezentarea informa]iilornecesare, motiv pentru care au fost f`cute estim`ri pebaza celor mai bune informa]ii disponibile. De[i acesteestim`ri individuale prezint` un oarecare grad deincertitudine, efectul general al acestuia asupra situa]iilorfinanciare este considerat ca nesemnificativ.

Banca pl`te[te contribu]ii la bugetul statuluipentru asigur`ri sociale, fondul de [omaj

[i fondul de s`n`tate \n conformitate cu reglement`rilelegale \n vigoare \n cursul anului, calculate la salariilebrute. Valoarea acestor contribu]ii se \nregistreaz` \ncontul 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 romån` actual`privind pensiile angaja]ilor, asigur`ri de s`n`tate [i altecheltuieli cu salaria]ii.

Banca a \ntocmit situa]ii financiare \nconformitate cu OMF 1982/5/2001 pentru prima dat` \nanul 2001. Pentru anul financiar 2005 sunt prezentate

situa]iile financiare comparative, \ntocmite pentru anul\ncheiat la 31 decembrie 2004.

Calculul impozitului pe profit porne[te de larezultatul anului financiar, corectat cu elemente deductibile[i nedeductibile la care se aplic` cote de impozitare aflate\n vigoare la data \ncheierii bilan]ului contabil [i se aplic`reducere de impozit (se diminueaza impozitul cu cheltuielide sponsorizare/mecenat) \n conformitate cu prevederilenormelor Codului Fiscal.Impozitul amånat se calculeaz` utilizåndu-se metoda datorieidin bilan] [i se aplic` asupra diferen]elor temporare ap`rute\ntre baza de impozitare a unui activ sau datorie [i valoareasa contabil` \nscris` \n bilan].Impozitul amånat se calculeaz` la cotele preconizate a seaplica \n perioada valorific`rii activului sau stingerii obliga]iei.Impozitele amånate de plat` sau de \ncasat se compenseaz`dac` se refer` la impozitele pe profit percepute de aceea[iautoritate fiscal`, iar Banca inten]ioneaz` s` \[i achite obliga-]iile fiscale [i s` \ncaseze sumele cuvenite la valoarea net`.Pentru exerci]iul financiar 2005, Banca a pl`tit o cot` deimpozit pe profit de 16%.

2.2 REZERVE

La data de 31 decembrie 2005, rezervele B`ncii \n sum` de88.474.162 RON (31 decembrie 2004: 64.224.208 RON)includeau:• Rezervele legale, \n sum` de 25.284.126 RON(2004:19.783.866 RON) sunt constituite astfel:

• Pån` la 31 decembrie 2003 \n concordan]` cu LegeaBancar` nr. 58/1998 prin alocarea a cåte maximum100% din profitul brut (calculat conform standardelorromåne[ti de contabilitate pentru b`nci) pån` cånd fondul

de rezerv` atinge nivelul de 100% din capitalul social. Odat` ce rezerva a atins nivelul de 100% din capitalulsocial, aloc`ri suplimentare la fondul de rezerv` se potface prin repartizarea a cåte maximum 10% din profitulbrut pån` cånd fondul de rezerv` atinge nivelul de 200%din capitalul social. Dup` acest nivel, aloc`ri suplimentarela fondul de rezerv` se pot face numai din profitul net.Aceast` rezerv` nu poate fi distribuit` ac]ionarilor.• |ncepånd cu exerci]iul financiar al anului 2004, b`ncileconstituie fondul de rezerv` potrivit dispozi]iilor legisla]iei

* Alte stocuri, \n sum` de 1.776.902 RON (2004: 1.175.796 RON), au o vitez` de rota]ie foarte mare, de aceea nu a fost necesar` constituirea

unui provizion pentru acestea.

Situa]ii comparative

Contribu]iipentru salaria]i

Impozitul pe profit

40

Alte active

Debitori diver[i

Valori primite la \ncasare

Conturi de ajustare devize - activ

Conturi de ajustare privind instrumentele financiare derivative de curs de schimb

Alte stocuri (Nota 2.1)

Total alte active

2.3 ALTE ACTIVE {I ALTE PASIVE

31 decembrie 2005

1.623.286

194

1.364

-

1.776.902

3.401.746

31 decembrie 2004

2.229.858

-

12.178

17.203.120

1.175.796

20.620.952

privind societ`]ile comerciale (Legea 31/1990 republicat`).Din profitul societ`]ii se va prelua, \n fiecare an, cel pu]in5% pentru formarea fondului de rezerv`, pån` ce acestava atinge minimum a cincea parte din capitalul social.Din profitul anului 2004 nu s-a repartizat nici o sum` laRezerva Legal`. Repartizarea din profitul anului 2005este de 5.500.260 RON.

• Rezerva general` pentru riscul de credit, \n sum` de26.484.350 RON, s-a constituit pån` la 31 decembrie 2003\n conformitate cu Legea Bancar` nr. 58/1998 (2% din soldulcreditelor la sfår[itul anului). Aceast` rezerv` nu poate fidistribuit` ac]ionarilor.• Rezerva pentru riscuri bancare generale, \n sum` de36.105.040 RON (14.798.166 RON \n 2004) s-a constituit\ncepånd cu 1 ianuarie 2004 .|ncepånd cu exerci]iul financiar al anului 2004, b`ncileconstituie fondul pentru riscuri bancare generale dinprofitul contabil determinat \nainte de deducerea impozituluipe profit, \n limita a 1% din soldul activelor purt`toare deriscuri specifice activit`]ii bancare, a[a cum sunt stabiliteprin reglement`rile B`ncii Na]ionale a Romåniei, cu avizulMinisterului Finan]elor Publice, \n m`sura \n care sumelerespective se reg`sesc \n profitul net. Repartizarea din profitulanului 2005 este de 21.306.874 RON.

• Alte rezerve, \n sum` de 600.646 RON (2004:3.157.826RON) sunt alc`tuite din:

• Rezerve constituite \n conformitate cu Legea nr.189/2001 [i cu Decizia nr.3/2002, \n sum` de 600.646RON (2004: 600.646 RON) din care: 66.739 RON (2004:66.739 RON), aferent` reducerii cu 50% a impozituluipe profit pentru utilizarea profitului, \n decursul anuluifiscal curent respectiv, pentru investi]ii \n active corporale[i necorporale, precum [i 533.907 RON (2004:533.907RON) reprezentånd valoarea acestor investi]ii. Acesterezerve nu pot fi distribuite ac]ionarilor.• Alte rezerve \n sum` de 2.557.180 RON, aflate \n soldla 31 decembrie 2004, aferente diferen]elor de cursrezultate din evaluarea activelor [i pasivelor \n valut`,stabilite \n conformitate cu Legea nr. 189/2001, au fostutilizate pentru majorarea capitalului social \n cursulanului 2005. Aceast` majorare a fost efectuat` \nconformitate cu prevederile legale.

• Rezerve din reevaluare, \n sum` de 3.660.468 RON,constituite ca rezultat al reeevalu`rii mijloacelor fixe la datade 31.12.2005 (pe baza raportului de reevaluare). Pån` la31 decembrie 2004 banca nu a procedat la reevaluareamijloacelor fixe.

Alte pasive

Creditori diver[i

Conturi de ajustare devize - pasiv

Conturi de ajustare privind instrumentele financiare derivative de dobånd`

Conturi de ajustare privind instrumentele financiare derivate de curs schimb la termen

Alte pasive

Total alte pasive

31 decembrie 2004

2.085.145

19.081.236

109.320

-

5.151.781

26.427.482

31 decembrie 2005

14.424.264

15.204.935

-

19.502.822

2.159.687

51.291.708

41

No

te l

a s

itu

a]i

ile

fin

an

cia

reCheltuielile \nregistrate \n avans \n suma de 5.019.085 RON la 31 decembrie 2005 (2004: 2.278.976 RON) cuprind \n principal cheltuieli

administrative aferente perioadelor viitoare.

Veniturile de primit \n sum` de 11.454.841 RON la 31 decembrie 2005 (2004: 26.475 RON) cuprind \n principal dobånzi de \ncasat aferente

tranzac]iilor IRS \n sum` de 11.402.326 RON dar [i comisioane aferente opera]iunilor de creditare ce urmeaz` a fi \ncasate, \n suma de 52.515 RON.

* Veniturile \nregistrate \n avans \n sum` de 21.176.724 RON la 31 decembrie 2005 (2004: 14.021.679 RON) cuprind \n principal comisionul de

baz` pentru creditele de factoring, sconturi, comisioane aferente creditelor acordate, precum [i venituri din biletele la ordin andosate de Banc`.

Cheltuielile de pl`tit \n sum` de 1.770.999 RON la 31 decembrie 2005 (2004: 863.603 RON) cuprind dobånzi de pl`tit aferente tranzac]iilor IRS

\n sum` de 1.703.187 RON [i 67.812 RON reprezentånd contravaloarea datoriilor aferente cheltuielilor efectuate – facturi nesosite aferente

cheltuielilor administrative.

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 14.7)

- plasamente ale altor b`nci

- credit subordonat (Nota 3.6)

- titluri date \n pensiune livrat`

Total venituri \nregistrate \n avans [i datorii ata[ate

RON

Cheltuieli \nregistrate \n avans [i crean]e ata[ate

Cheltuieli \nregistrate \n avans

Venituri de primit

Crean]e ata[ate din:

- titluri primite \n pensiune livrat`

- efecte publice [i valori asimilate

- titluri p`strate pån` la scaden]` (Nota 4.1)

- titluri de plasament (Nota 4.3)

- Nostro [i plasamente la BNR

- credite acordate clientelei

- plasamente la alte b`nci

- credite acordate b`ncilor

- descoperiri de cont

- dobånzi restante

Total cheltuieli \nregistrate \n avans [i crean]e ata[ate

Minus: provizion pentru riscul de rat` de dobånd` (Nota 8.2)

Cheltuieli \nregistrate \n avans [i crean]e ata[ate - net

31 decembrie 2005

21.176.724

1.770.999

2.270.532

43.539.100

523.342

930.744

-

70.211.441

31 decembrie 2004

14.021.679

863.603

1.906.584

957.340

3.597.047

553.036

633

21.899.923

31 decembrie 2004

2.278.976

26.475

117.726

5.429.943

3.185.034

4.678.238

2.241.849

4.040.589

27.467

87.927

182.023

61.185

22.357.432

(22.688)

22.334.744

31 decembrie 2005

5.019.085

11.454.841

-

5.614.278

2.952.800

4.143.647

550.319

6.806.505

46.553

104.359

123.442

605.654

37.421.483

(156.737)

37.264.746

2.4 CHELTUIELI {I VENITURI ÎNREGISTRATE ÎN AVANS

RON

42

SITUA}IA CREAN}ELOR {I A DATORIILOR

3

3.1 CREAN}E {I DATORII

* Nu include crean]e asupra institu]iilor de credit la vedere.

** La 31 decembrie 2005, crean]ele fa]` de clientel` cuprindeau suma de 1.347.408.481 RON reprezentånd descoperiri de cont ale clien]ilor

(31 decembrie 2004: 956.985.049 RON).

RON

Crean]e

Institu]ii de credit - crean]e la vedere

Crean]e fa]a de clientel` - net

Crean]e fa]a de clientel`

Minus: provizioane

Total crean]e

Pån` la 3 luni

460.248.447

1.116.354.519

1.118.820.878

(2.466.359)

1.576.602.966

Sold la 31

decembrie 2004

500.011.285

2.318.353.207

2.322.142.821

(3.789.614)

2.818.364.492

|ntre 3 luni

[i 1 an

21.102.436

334.163.276

334.454.004

(290.728)

355.265.712

Peste 5 ani

439.791

237.721.007

238.070.035

(349.028)

238.160.798

|ntre 1

[i 5 ani

18.220.611

630.114.405

630.797.904

(683.499)

648.335.016

Maturitate rezidual`

RON

Datorii

Institu]ii de credit - datorii la vedere

Depozitele clientelei

Alte datorii fa]` de clientel`

Carnete [i librete de economii

Total datorii

Crean]e/(datorii) - net

Pån` la 3 luni

(58.630.176)

(1.357.903.480)

(290.410)

(653.019)

(1.416.824.067)

159.778.899

Sold la 31

decembrie. 2004

(1.208.145.217)

(1.375.770.960)

(198.423.319)

(653.019)

(2.782.339.496)

36.024.996

|ntre 3 luni

[i 1 an

(90.201.396)

(17.867.480)

(2.745.996)

-

(110.814.872)

(244.450.840)

Peste 5 ani

(147.977.455)

-

(19.582.985)

-

(167.560.439)

70.600.359

|ntre 1

[i 5 ani

(911.336.190)

-

(175.803.928)

-

(1.087.140.118)

(438.805.102)


RON

Crean]e

Institu]ii de credit - crean]e la termen*

Crean]e fa]` de clientel` - net

Crean]e fa]` de clientel`**

Minus: provizioane

Total crean]e

Pån` la 3 luni

139.447.483

1.562.871.332

1.566.418.195

(3.546.863)

1.702.318.815

Sold la 31

decembrie 2005

146.978.285

3.350.330.608

3.373.369.126

(23.038.518)

3.497.308.893

|ntre 3 luni

[i 1 an

7.048.560

493.968.680

500.655.488

(6.686.808)

501.017.240

Peste 5 ani

482.242

419.415.246

422.921.667

(3.506.421)

419.897.488

|ntre 1

[i 5 ani

-

874.075.350

883.373.776

(9.298.426)

874.075.350


43

No

te l

a s

itu

a]i

ile

fin

an

cia

re

31 decembrie 2004

(198.423.319)

(44.823)

-

(198.468.142)

31 decembrie 2005

(218.105.698)

(9.516.611)

-

(227.622.309)

3.2 ALTE DATORII C~TRE CLIENTEL~

Alte datorii c`tre clientel`

Credite de la institu]ii financiare

Alte sume datorate

Titluri date \n pensiune livrat`

Total alte datorii

RON

Datorii

Institu]ii de credit - datorii la termen*

Depozitele clientelei

Alte datorii fa]` de clientel`, inclusiv

conturi curente

Carnete [i librete de economii

Total datorii

Crean]e/(datorii) - net

3.3 CREAN}E ASUPRA CLIENTELEI

* Nu include datorii asupra institu]iilor de credit la vedere.

Pån` la 3 luni

(107.748.012)

(2.446.671.927)

(9.868.099)

-

(2.564.288.038)

(861.969.223)

Sold la 31

decembrie. 2005

(2.265.287.818)

(2.472.372.778)

(227.622.309)

(697.944)

(4.965.980.849)

(1.468.956)

|ntre 3 luni

[i 1 an

(50.244.036)

(25.700.851)

(3.164.471)

(697.944)

(79.109.358)

421.907.882

Peste 5 ani

(142.803.495)

-

(79.057.654)

-

(221.861.149)

198.036.339

|ntre 1

[i 5 ani

(1.964.492.275)

-

(135.532.085)

-

(2.100.722.304)

(1.226.646.954)

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

RON

Crean]e comerciale

Credite pentru export

Credite pentru echipament

Credite pentru investi]ii

Alte credite

Credite acordate clientelei financiare

Descoperiri de cont – net

Alte sume

Credite restante

Total

Total

25.232.523

100.160.974

80.397.559

522.347.656

621.511.283

13.782.300

954.720.021

77.180

123.712

2.318.353.207

Devize

25.232.523

100.160.974

80.397.559

522.347.656

619.411.283

-

877.216.569

2.441

123.712

2.224.892.717

Lei

-

-

-

-

2.100.000

13.782.300

77.503.452

74.738

-

93.460.490

RON


44

RON

Crean]e comerciale

Credite pentru export

Credite pentru echipament

Credite pentru investi]ii

Alte credite

Credite acordate clientelei financiare

Descoperiri de cont – net

Alte sume – valori de recuperat

Credite restante

Total

Sumele prezentate sunt nete de provizion.Portofoliul de credite la 31 decembrie 2005 era format din credite acordate societ`]ilor care \[i desf`[urau activitatea\n industrie [i comer], credite acordate societ`]ilor de stat, credite acordate persoanelor fizice precum [i crediteacordate angaja]ilor B`ncii. Creditele sunt acordate atåt \n lei cåt [i \n devize. Creditele acordate \n devize sunt \nprincipal credite \n dolari [i euro.

La 31 decembrie 2005, portofoliul de credite al B`ncii era structurat astfel:

Total

27.223.228

87.892.986

113.443.343

820.770.486

953.580.633

-

1.346.440.697

487.125

492.110

3.350.330.608

Devize

22.520.645

87.892.986

109.731.028

789.872.047

773.168.106

-

1.140.051.581

248.625

477.902

2.923.962.920

Lei

4.702.583

-

3.712.315

30.898.439

180.412.527

-

206.389.116

238.500

14.208

426.367.688

RON

31 decembrie 2004

Crean]e

- asupra b`ncilor

- titluri luate \n pensiune livrat`

- 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

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

Total

610.005.234

100.017.367

2.318.353.207

2.322.142.821

(3.789.614)

3.028.375.808

(1.616.169.595)

(44.823)

(2.228.481.040)

(3.844.695.458)

(816.319.650)

La termen

500.011.284

100.017.367

1.363.432.295

1.364.910.995

(1.478.700)

1.963.460.946

(1.208.145.217)

(44.823)

(1.574.847.298)

(2.783.037.338)

(819.576.392)

La vedere

109.993.950

-

954.920.912

957.231.826

(2.310.914)

1.064.914.862

(408.024.378)

-

(653.633.742)

(1.061.658.120)

3.256.742

45

No

te l

a s

itu

a]i

ile

fin

an

cia

re

RON

31 decembrie 2005

Crean]e

- asupra b`ncilor

- asupra clientelei – net

credite acordate clientelei

minus: provizioane pentru credite

Total crean]e

Datorii

- pentru b`nci

- pentru clientel`

Total datorii

Total crean]e/(datorii) - net

Total

259.722.891

3.350.330.608

3.373.369.126

(23.038.518)

3.610.053.499

(3.000.592.258)

(2.700.693.031)

(5.701.285.289)

(2.091.231.790)

La termen

146.978.285

2.003.402.785

2.025.473.519

(22.070.734)

2.150.381.070

(2.265.287.818)

(1.450.341.054)

(3.715.628.872)

(1.565.247.802)

La vedere

112.744.606

1.346.927.823

1.347.895.607

(967.784)

1.459.672.429

(735.304.440)

(1.205.351.977)

(1.985.656.417)

(525.983.988)

3.5 ANALIZA PE SCADEN}E A TITLURILOR

RON

Emise de:

Guvernul Romåniei

Administra]ii publice \n afar` de stat

Alte companii

Banca Na]ional` a Romåniei

Total

Reevaluarea titlurilor \n devize

Total

La 31 decembrie 2005, Banca de]inea urm`toarele titluri scadente dup` cum urmeaz`:

Total

176.620.088

2.658.872

71.627.072

1.091.254.068

1.342.160.100

(14.596.086)

1.327.564.014

Scadente \n mai

mult de un an

76.594.063

1.962.362

53.231.633

-

131.788.058

Scadente

\ntr-un an

100.026.025

696.510

18.395.439

1.091.254.068

1.210.372.042

RON

Emise de:

Guvernul Romåniei

Administra]ii publice \n afar` de stat

Alte companii

Total

Reevaluarea titlurilor \n devize

Total

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

Total

96.176.647

3.290.442

94.540.175

194.007.264

(19.578.609)

174.428.655

Scadente \n mai

mult de un an

55.662.389

2.775.920

94.540.175

152.978.484

Scadente

\ntr-un an

40.514.258

514.522

-

41.028.780

46

Bank Austria Creditanstalt International AG Vienna

Total

3.6 |MPRUMUTURI SUBORDONATE

RON

43.849.339

43.849.339

EUR

11.924.979

11.924.979

2004 2005RON

47.298.043

47.298.043

EUR

11.924.979

11.924.979

La 31 decembrie 2000, Banca avea un credit subordonat \n sum` de 3 milioane dolari, de la Bank Austria Aktiengesellschaft pentru opera]iileinterne ale b`ncii, cu scaden]a ini]ial` la 25 septembrie 2001. La 23 iulie 2001, acest credit a fost convertit \n EUR 3.5 milioane [i rescaden]atpån` pe data de 25 septembrie 2006, [i ulterior a fost prelungit pån` la 25 septembrie 2007.

La 29 august 2001, Banca a \ncheiat un nou contract de credit subordonat \n sum` de 3,4 milioane EUR pentru acela[i scop, cu scaden]a final`la 29 august 2007.

Cele dou` credite subordonate au fost rescaden]ate \n cursul anului 2005 dup` cum urmeaz`:• Creditul de 3,5 milioane EUR a fost rescaden]at pån` la 25 Septembrie 2010;• Creditul de 3,4 milioane de EUR a fost rescaden]at pana la 29 August 2010.

La 29 Septembrie 2004 Banca a \ncheiat un nou contract de credit subordonat \n suma de 5 milioane EUR pentru opera]iunile interne aleb`ncii, cu scaden]a final` la 29 Septembrie 2010.

|mprumuturile au o perioad` fix` [i prestabilit` de rambursare. Conform angajamentelor \ncheiate, aceste \mprumuturi sunt subordonatetuturor celorlalte datorii ale B`ncii, \n cazul lichid`rii acesteia.

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

RON

31 decembrie 2005

Emise de:

Guvernul Romåniei

Alte companii

Total

RON

31 decembrie 2004

Emise de:

Guvernul Romåniei

Alte companii

Total

PORTOFOLIUL DE TITLURI

4

4.1 TITLURI P~STRATE PÂN~ LA SCADEN}~

Cå[tig/(pierdere)

din tranzac]ionare

(4)=(3)-(1)

(220.129)

(9.939)

(230.068)

Pre]ul

de rambursare

(3)

44.125.200

18.385.500

62.510.700

Pre]ul

de achizi]ie

(2)

48.397.189

19.899.919

68.297.108

Valoarea

contabil`

(1)

44.345.329

18.395.439

62.740.768

(Nota 3.5)

Cå[tig/(pierdere)

din tranzac]ionare

(4)=(3)-(1)

(368.729)

(25.005)

(393.734)

Pre]ul

de rambursare

(3)

47.595.600

19.831.500

67.427.100

Pre]ul

de achizi]ie

(2)

48.397.189

19.899.919

68.297.108

Valoarea

contabil`

(1)

47.964.329

19.856.505

67.820.834

(Nota 3.5)

47

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4.4 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 BankRomania S.A. de]ine 100 de ac]iuni \nregistrate la costulde achizi]ie, \n valoare de 6.000 RON.

|n cursul anului 2000, Banca a cump`rat 160 de ac]iuniTransfond \n valoare de 160.000 RON. |n prezent,Transfond coordoneaz` transferul de fonduri [i proprie-tate asupra titlurilor de stat \ntre institu]ii financiare, b`nci[i Trezoreria Statului. |n cursul anului 2002 banca a maiachizi]ionat 19 ac]iuni \n valoare total` de 50.786 RON,astfel la finele anului 2002 valoarea totala a ac]iunilorde]inute la Transfond era de 210.786 RON. |n cursul anului2003 au fost mai fost achizi]ionate 18 ac]iuni \n valoaretotal` de 101.408 RON astfel c` valoarea total` a ac]iunilorde]inute la Transfond a ajuns la finele anului 2003 la312.194 RON. |n cursul anului 2005 au fost cumparate 17

ac]iuni \n valoare de 297.223 RON, valoarea ac]iunilorde]inute \n Transfond fiind de 609.417 RON.

|n cursul anului 2003 au fost achizi]ionate 296.200 ac]iuni\n valoare total` de 29.620 RON, reprezentånd 0,7405%din capitalul social al Biroului de Credit SA, valoarea de29.620 RON men]inåndu-se neschimbat` [i la finele anului2004. |n anul 2005, s-au mai achizi]ionat 499.499 ac]iuni\n valoare de 50.920 RON, astfel \ncåt la sfår[itul anuluivaloarea ac]iunilor de]inute \n Biroul de Credit era de80.540 RON.

|n cursul anului 2002 banca a investit \n capitalul socialal HVB Leasing Romania suma de 115.096 RON reprezen-tånd contravaloarea a 40.000 EUR, participa]ia reprezen-tånd 20% din capitalul social al societ`]ii sus men]ionate.Nu au fost modific`ri \n 2003, 2004 [i 2005 astfel c` lafinele anului 2005, investi]ia \n capitalul social al HVBLeasing Romania a r`mas de 115.096 RON.

4.3 TITLURI DE PLASAMENT

La 31 decembrie 2005, crean]ele ata[ate pentru titlurile de plasament erau \n sum` de 4.143.647 (31 decembrie 2004: 4.678.238) (Nota 2.4).

4.2 TITLURI DE TRANZAC}IE

La 31 decembrie 2005 [i 31 decembrie 2004 nu existau \n portofoliul b`ncii titluri de tranzac]ie.

RON

31 decembrie 2005

Denominate \n

Lei

Euro

Dolari

Total

Cå[tig

/(pierdere)

(3)=(2)-(1)

-

-

-

-

Valoarea

de pia]`

(2)

1.107.458.095

18.698.783

153.262.454

1.279.419.332

Pre]ul

de achizi]ie

(1)

1.107.458.095

18.698.783

153.262.454

1.279.419.332

(Nota 3.5)

RON

31 decembrie 2004

Denominate \n

Lei

Euro

Dolari

Total

Cå[tig

/(pierdere)

(3)=(2)-(1)

-

-

-

-

Valoarea

de pia]`

(2)

50.951.792

550.967

74.683.670

126.186.429

Pre]ul

de achizi]ie

(1)

50.951.792

550.967

74.683.670

126.186.429

(Nota 3.5)

48

|n cursul anului 2003 banca a investit \n capitalul social alsociet`]ii CA-IB Asset Management SA suma de 94.250RON, aceast` sum` reprezentånd o participare de 5% lacapitalul social. |n 2004 [i 2005 nu au fost modific`ri astfelc` la finele anului participa]ia a r`mas de 94.250 RON.

De asemenea \n cursul anului 2003 banca a investit \ncapitalul social al societ`]ii CA-IB Securities S.A prinachizi]ionarea a 677.673 ac]iuni \n valoare total` de100.000 EUR reprezentånd 367.000 RON (evaluate la

curs istoric). La finele anului 2005, participa]ia la aceastainstitu]ie financiar` a r`mas neschimbat`: 367.000 RON(evaluate la curs istoric).

|n cursul anului 2005, banca a investit \n capitalul socialal HVB Banca pentru Locuin]e prin achizi]ionarea deac]iuni \n valoare de 3.999.680 RON, reprezentånd 9,99%din capitalul social.

Participa]iile sunt \nregistrate la cost de achizi]ie.

RON

Imobiliz`ri necorporale

Cheltuieli de constituire

Alte imobiliz`ri necorporale

Imobiliz`ri \n curs

Total

Imobiliz`ri corporale

Cl`diri

Echipamente (ma[ini, utilaje, instala]ii de lucru)

Aparate [i instala]ii de m`surare, control [i reglare

Mijloace de transport

Mobilier, birotic`, echipamente de protec]ie [i alte

active corporale

Active \n curs

Total

Imobiliz`ri financiare

Efecte publice [i valori asimilate

Obliga]iuni [i alte titluri cu venit fix

P`r]i \n cadrul societ`]ilor comerciale legate

Participa]ii [i activit`]i de portofoliu

Total

Total active imobilizate

ACTIVE IMOBILIZATE {I FINANCIARE

5

VALOARE BRUT~

Sold la

31 decembrie 2005

3.470

27.796.313

2.892.580

30.692.363

18.417.697

3.440.468

6.752.196

1.355.474

12.605.641

20.641

42.592.117

1.091.254.068

236.309.946

-

5.271.983

1.332.835.997

1.406.120.477

Reduceri

727

243.369

310.804

554.900

326.495

197.391

149.663

106.137

377.091

5.607.166

6.763.943

-

-

-

-

-

7.318.843

Cre[teri

263

11.139.273

1.314.730

12.454.266

7.449.650

1.305.378

2.598.820

251.474

5.710.227

3.291.779

20.607.328

740.620.936

61.881.291

-

4.347.823

806.850.050

839.911.644

Sold la

1 ianuarie 2005

3.934

16.900.409

1.888.654

18.792.997

11.294.542

2.332.481

4.303.039

1.210.137

7.272.505

2.336.028

28.748.732

350.633.132

174.428.655

-

924.160

525.985.947

573.527.676

49

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RON


Cheltuieli de constituire

Alte imobiliz`ri necorporale

Total

Provizioane privind deprec. imobiliz`rilor necorporale (net)


Cl`diri

Echipamente (ma[ini, utilaje, instala]ii de lucru)

Aparate [i instala]ii de m`surare, control [i reglare

Mijloace de transport

Mobilier, birotic`, echipamente de protec]ie [i alte

active corporale

Total

Provizioane privind deprec. imobiliz`rilor corporale (net)

Total amortiz`ri

Suma \n valut`

10.000.000

7.832.621

Valuta

USD

EUR

Echivalent

RON

15.000.000

21.273.390

36.273.390

CAPITALUL SOCIAL

6

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

RON

Subscris [i pl`tit integral

Total capital social

DEPRECIERE / AMORTIZARE

Sold la

1 ianuarie 2005

2.298

7.720.497

7.722.795

-

2.536.137

427.126

2.473.496

461.659

1.495.285

7.393.703

-

15.116.498

Reduceri

sau relu`ri*

727

(516.906)

(516.179)

-

(495.065)

(206.284)

123.768

306.943

(1.388.376)

(1.659.014)

-

(1.088.511)

Deprecierea din

cursul exerci]iului

1.219

6.135.860

6.137.079

681.091

2.045.904

282.869

968.926

271.706

784.330

4.353.735

405.591

11.577.496

Sold la

31 decembrie 2005

2.790

14.373.263

14.376.053

681.091

5.077.106

916.279

3.318.654

426.422

3.667,991

13.406.452

405.591

27.782.505

RON



Total

Valoare net`

contabil`

29.185.665

16.316.310

45.501.975

Amortizare

13.406.452

14.376.053

27.782.505

Valoare brut`

42.592.117

30.692.363

73.284.480

Mi[carea valorii obliga]iunilor [i a altor titluri cu venit fix reprezint` cre[terea net` \n an, rezultat` din diferen]a \ntre obliga]iunile achizi]ionate[i cele våndute.Nu s-au efectuat cheltuieli de dezvoltare [i nici nu s-a investit \n fondul comercial. Cheltuielile de constituire nu sunt semnificative, fiindreprezentate din taxe notariale [i alte comisioane necesare.* Amortizarea reducerilor / relu`rilor cuprinde diferen]e de amortizare rezultate \n urma reevalu`rii imobilizarilor efectuat` \n anul 2005.

50

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

Valoare

58.560.890

163.160

58.724.050

%

99.72%

0.28%

100%

Num`r de ac]iuni

5.856.089

16.316

5.872.405

RON

Bank Austria Creditanstalt AG

Al]ii

Total

RON

Redrum International Investments B.V.


Al]ii

Total

Structura ac]ionariatului s-a modificat ca urmare a transferului de ac]iuni c`tre Redrum International Investments B.V.

|n cursul anului 2001, ac]ionarii B`ncii au crescutcapitalul social al B`ncii de la 10.000.060 RON la 31decembrie 2000 la 36.273.390 RON la 31 decembrie2001. Schimb`rile juridice determinate de ultima cre[terede capital au implicat anularea ac]iunilor existente(782.000 ac]iuni cu valoarea nominal` de 19,1816 RON)[i emiterea a 3.627.339 ac]iuni ordinare noi, la valoareanominal` de 10 RON.

La 31 decembrie 2001, capitalul social era format din3.627.339 ac]iuni cu valoarea nominal` de 10 RON, [i erade]inut de societ`]i comerciale nerezidente. |n anul 2002nu au fost efectuate modific`ri \n structura capitalului, nuau fost efectuate modific`ri (major`ri). Astfel, capitalulsocial al b`ncii la 31 decembrie 2002 era de 36.273.390RON. |n concluzie \n anul 2002 nu au fost modific`ri \nstructura ac]ionariatului, singura modificare a fost cea anumelui ac]ionarului principal [i anume: Bank AustriaCreditanstalt AG.

|n cursul anului 2003 capitalul social s-a majorat cu sumade 22.450.660 RON. Pentru majorare au fost utilizate13.730.642 RON reprezentånd rezerve din evaluareadisponibilit`]ilor \n devize \n conformitate cu prevederileLegii 189/2001, \nregistrate \n bilan]ul b`ncii la 31decembrie 2002, [i 8.720.018 RON reprezentånd rezervedin influen]ele de curs valutar aferente aprecieriidisponibilit`]ilor \n valut` reprezentånd capital socialv`rsat \n valut`, conform HG 252/1996.

Modalitatea de majorare a capitalului social a fostemiterea a 2.245.066 ac]iuni cu valoarea nominal` de10 RON, iar capitalul social de 58.724.050 RON a fost\mp`r]it \n 5.872.405 ac]iuni nominative cu o valoarenominal` de 10 RON.

|n cursul anului 2004 nu au existat modific`ri privindcapitalul social. La 31 decembrie 2004, capitalul social alb`ncii era de 58.724.050 RON.

La 31 decembrie 2005 structura ac]ionariatului a fost urm`toarea:

Valoare

63.210.300

63.043.810

166.520

126.420.630

%

49,99%

49,87%

0.14%

100%

Num`r de ac]iuni

6.321.030

6.304.381

16.652

12.642.063

|n cursul anului 2005 au avut loc urm`toarele major`ri de capital social:- 24 martie 2005 – RON 36.201.000 prin aport de numerar (EUR 10.000.000);- 19 aprilie 2005 – RON 28.938.400 prin aport de numerar (EUR 8.000.000);- 13 iunie 2005 – RON 2.557.180 majorare care s-a realizat din alte rezerve.

51

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RON

Profitul net al anului

- Rezerve legale

- Rezerve statutare

- 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

8.1 PROVIZIOANE PENTRU RISCURI {I CHELTUIELI

RON

Sold la 1 ianuarie 2005

Mi[cari \n timpul anului (Nota 9.8)

Sold la 31 decembrie 2005

|n anul 2005 au fost constituite provizioane pentru riscuri [i cheltuieli reprezentånd prime salariale aferente proiectuluide fuziune a c`rui implementare a \nceput \nc` din septembrie 2005, \n sum` de 4.202.958 RON. |n anul 2004 nu aufost constituite astfel de provizioane.

PROVIZIOANE

8

31 decembrie 2004

90.678.145

-

-

(14.798.166)

-

-

-

-

-

-

(14.798.166)

75.879.979

31 decembrie 2005

146.767.260

(5.500.260)

-

(21.306.874)

-

-

-

-

-

-

(26.807.134)

119.960.126

ALOCAREA PROFITULUI

7

A[a cum este prezentat` \n Nota 2.2, distribu]ia profitului anului 2005, \n sum` de 26.807.134 RON a fost efectuat` respectånd prevederile Legii Bancarenr. 58/1998 cu modificarile ulterioare (Legea116/2004), dup` cum urmeaz`:• rezerva pentru riscuri bancare: 1% din valoarea activelor purt`toare de riscuri bancare \n sold la data de 31 decembrie 2005 \n sum` de 36.105.040(31 decembrie 2004, sold \n suma de 14.798.166 RON); distribu]ie \n anul 2005 \n sum` de 21.306.874 RON• rezerva legal`, constituit` potrivit legisla]iei privind societ`]ile comerciale, \n sold la data de 31 decembrie 2005 \n sum` de 25.284.126 RON(31 decembrie 2004, sold \n sum` de 19.783.866 RON); distribu]ie \n anul 2005 \n sum` de 5.500.260 RON.

Provizioane pentru

riscuri [i cheltuieli

-

4.202.958

4.202.958

(Nota 3.4)

Total

-

4.202.958

4.202.958

52

8.2 PROVIZIOANE PENTRU DATORII ÎNDOIELNICE

Total

2.197.494

1.511.851

102.957

3.812.302

24.915.359

(5.532.406)

23.195.255

Provizioane

pentru credite

2.192.104

1.491.829

105.681

3.789.614

24.784.722

(5.535.818)

23.038.518

(Nota 3.4)

Provizioane pentru

crean]e ata[ate

nerecuperabile

5.390

20.022

(2.724)

22.688

130.637

3.412

156.737

(Nota 2.4)

RON


Mi[c`ri \n timpul anului (Nota 9.8)

Diferen]e din schimburile valutare


Mi[c`ri nete \n timpul anului (Nota 9.8)

Diferen]e din schimburile valutare

Sold la 31 decembrie 2004

RON

Venituri din dobånzi

De la:

- credite acordate persoanelor fizice [i juridice

- plasamente la b`nci romåne[ti [i str`ine

- ac]iuni [i obliga]iuni*

- titluri primite \n pensiune livrat`

- plasamente la Banca Na]ional` a Romåniei

- garan]ii emise

- angajamente de finan]are

- angajamente aferente opera]iunii derivate de dobånd`

- alte venituri din dobånzi [i asimilate

Total venituri din dobånzi

Cheltuieli cu dobånda

Pentru:

- conturile [i depozitele clien]ilor

- plasamente de la b`nci romåne[ti [i str`ine

- datorii subordonate

- credite la termen

- angajamente cu alte b`nci [i clientel`

- ac]iuni [i obliga]iuni*


- cheltuieli privind instrumentele financiare derivate de dobånd`

Total cheltuieli cu dobånda

Venit net din dobånzi

* Veniturile [i cheltuielile din opera]iunile cu obliga]iuni \n sum` de 60.802.201 RON (2004: 39.701.946 RON) [i, respectiv, 154.146 RON ( 2004:228.650 RON), se refer` la amortizarea primelor, dobånzi aferente titlurilor [i alte cheltuieli cu titlurile.


9

9.1 VENIT DIN DOBÂNZI {I CHELTUIELI CU DOBÂNZILE

31 decembrie 2005

172.241.757

61.176.429

60.802.201

1.800.879

8.604.883

5.131.554

7.762.347

11.919.479

-

329.439.529

(51.369.286)

(92.063.220)

(1.518.627)

(5.270.883)

(2.313.097)

(154.146)

(49.353)

(10.395.323)

(163.133.935)

166.305.594

31 decembrie 2004

102.259.154

44.635.095

39.701.946

117.726

5.414.680

3.859.067

7.258.208

-

216.921

203.462.797

(36.536.238)

(29.839.887)

(1.401.495)

(3.959.472)

(2.268.172)

(228.650)

(633)

-

(74.234.547)

129.228.250

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53

RON

Venituri din comisioane

Din:

Tranzac]ii ale clientelei

Instrumente de plat`

Alte servicii financiare

Servicii de consultan]`

Opera]iuni interbancare

Opera]iuni cu titluri

Total venituri din comisioane

Cheltuieli cu comisioanele

Din:

Opera]iuni interbancare

Instrumente de plat`

Tranzac]ii ale clientelei

Alte servicii financiare

Opera]iuni cu titluri

Opera]iuni de schimb [i arbitraj

Total cheltuieli cu comisioanele

Venit net din comisioane

RON

Venituri din diferen]e de curs valutar

Cheltuieli cu diferen]e de curs valutar

Venituri nete din diferen]e de schimb valutar

Venituri din derivate de curs valutar

Pierderi din derivate de curs valutar

Venituri nete din diferen]e de schimb valutar

Venituri din titlurile de tranzac]ie

Venituri din cesiune titluri de plasament

Pierderi la titlurile de tranzac]ie

Pierderi din cesiune la titlurile de plasament

Venituri nete din opera]iuni cu titluri

Profit net din opera]iuni financiare

Veniturile [i pierderile din diferen]ele de curs valutar au rezultat atåt din reevaluarea activelor [i pasivelor \n valut`,cåt [i din opera]iunile de schimb \n nume propriu dar [i ale clien]ilor – tranzac]ii spot [i forward. Veniturile [i pierderiledin opera]iunile cu titluri au rezultat din tranzac]ionarea [i cesiunea titlurilor de plasament.Din totalul de 19.504.655 RON reprezentånd pierderi din derivate curs de schimb, suma de 19.502.822 RON provinedin marcarea la pia]` la cursuri forward a tranzac]iilor forward.

9.2 VENITURI {I CHELTUIELI CU COMISIOANE

31 decembrie 2004

20.435.833

15.836.233

6.322.764

23.631

615.796

1.027.305

44.261.562

(2.948.374)

(1.769.083)

(176.739)

-

(221.788)

(410)

(5.116.394)

39.145.168

31 decembrie 2005

36.190.841

20.026.082

7.811.977

1.286

873.804

2.213.965

67.117.955

(3.238.132)

(2.682.881)

(48.725)

(5.597)

(416.777)

(1.114)

(6.393.226)

60.724.729

9.3 PROFIT NET DIN OPERA}IUNI FIXE

31 decembrie 2004

38.501.630

(24.769.778)

13.731.852

-

-

-

-

2.047.971

-

(2.823.723)

(775.752)

12.956.100

31 decembrie 2005

87.471.802

(1.263.887)

86.207.915

133.012

(19.504.655)

(19.371.643)

-

7.074.870

-

(1.847.000)

5.227.870

72.064.142

54

RON

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

Penalit`]i [i compensa]ii pentru daune

Alte cheltuieli de exploatare bancare

Alte cheltuieli

Total cheltuieli din exploatare

Venit net din exploatare

RON

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

* Cheltuielile cu alte taxe, \n sum` de 5.251.290 RON (2004: 4.563.446 RON) includ \n principal contribu]ia la fondul de garantare a depozitelor[i contribu]ia la fondul de risc.

9.4 ALTE VENITURI {I CHELTUIELI DIN EXPLOATARE

31 decembrie 2004

67.540

157.015

-

285.131

509.686

(4.563.446)

(328.726)

(197.414)

(351.471)

(16.750)

(5.457.807)

(4.948.121)

31 decembrie 2005

234.153

84.625

204.269

294.927

817.974

(5.251.290)

(493.804)

(9.518)

(21.396)

(99.428)

(5.875.436)

(5.057.462)

9.5 CHELTUIELI CU PERSONALUL

31 decembrie 2004

14.210.455

2.556.549

517.974

1.208.606

3.302.868

21.796.452

31 decembrie 2005

24.187.365

4.179.349

709.141

1.659.198

53.665

30.788.718

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Amortizarea imobiliz`rilor necorporale (Nota 5)

Deprecierea imobiliz`rilor corporale (Nota 5)

Provizioanele privind deprecierea imobiliz`rilor - rezultat net

Total cheltuieli privind amortizarea [i deprecierea \n cursul anului

RON

Corec]ii ale valorili crean]elor [i provizioanelor pentru credite [i crean]e ata[ate

Relu`ri din valoarea crean]elor [i provizioanelor pentru credite [i crean]e ata[ate

Cheltuieli nete privind provizioanele (Nota 8.2.)

Corec]ii ale valorii provizioanelor pentru risc [i cheltuieli (Nota 8.1)

Total

RON

Cheltuieli cu:

- ter]i

- chirii

- protocol [i publicitate

- telecomunica]ii

- materiale

- transport

- obiecte de inventar [i alte stocuri

- \ntre]inere [i repara]ii

- asigur`ri

- utilit`]i

- colaboratori

- audit

- leasing

Total cheltuieli administrative

9.6 CHELTUIELI ADMINISTRATIVE

31 decembrie 2004

15.169.150

5.798.795

3.342.804

2.529.487

2.093.528

1.171.652

1.453.518

934.589

539.009

505.718

3.246

276.459

62.590

33.880.545

31 decembrie 2005

24.047.167

8.188.667

3.664.502

3.518.442

2.329.529

1.632.618

2.304.795

1.535.604

3.031.574

888.563

4.950

45.246

56.125

51.247.782

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

31 decembrie 2004

3.971.760

2.830.945

-

6.802.705

31 decembrie 2005

6.137.079

4.353.735

1.086.682

11.577.496

9.8 VENITURI {I CHELTUIELI CU PROVIZIOANELE PENTRU DATORII CONTINGENTE {I ANGAJAMENTE

31 decembrie 2004

(47.807.205)

46.295.354

(1.511.851)

-

-

31 decembrie 2005

(89.742.551)

64.827.192

(24.915.359)

(4.202.958)

29.118.317

56

INFORMA}II PRIVIND PIE}ELE GEOGRAFICE

11

La 31 decembrie 2005, Banca \[i desf`[ura activitatea prin intermediul a 14 sucursale opera]ionale aflate pe teritoriulRomåniei (2004: 12 sucursale). Nu exist` segmente geografice [i toate veniturile [i cheltuielile sunt realizate pe osingur` pia]`.

La 31 decembrie 2005, Banca avea 399 angaja]i (31 decembrie 2004: 312) din care 398 erau angaja]i permanen]i(31 decembrie 2004: 304).

Num`rul mediu de angaja]i \n anul 2005 a fost de 377 (anul 2004: 294).

|n timpul activit`]ii curente, Banca face pl`]i privind pensiile \n numele angaja]ilor s`i c`tre institu]iile de stat romåne.To]i angaja]ii B`ncii sunt inclu[i \n sistemul de pensii de stat. Banca nu are alt plan de pensii sau de beneficii dup`pensionare, [i, \n consecin]`, nu are nici o obliga]ie legat` de pensii. |n plus, Banca nu are nici o obliga]ie de a oferialte beneficii suplimentare angaja]ilor s`i.

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

RON

Venituri din cedarea titlurilor transferabile*

Cheltuieli privind cedarea titlurilor transferabile

Venit net din cedarea titlurilor transferabile

9.9 VENITURI {I CHELTUIELI DIN CEDAREA TITLURILOR TRANSFERABILE

31 decembrie 2004

4.043.263

-

4.043.263

31 decembrie 2005

36.367

-

36.367

INFORMA}II PRIVIND ANGAJA}II

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RON

Garantate cu depozite

Garantate cu scrisori de garan]ie

Garantate cu credite stand by

Scrisori de garan]ie \n lei


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

Datoriile contingente ale B`ncii existente \n sold la 31 decembrie 2005 [i 31 decembrie 2004 erau urm`toarele:

DATORII CONTINGENTE {I ANGAJAMENTE

12

12.1 DATORII CONTINGENTE

31 decembrie 2004

4.252.645

-

38.146.129

42.398.774

8.456.664

-

161.002.076

169.458.740

211.857.514

18.327.868

230.185.382

120.887.083

351.072.465

31 decembrie 2005

8.535.830

-

24.286.308

32.822.138

11.108.249

-

447.582.701

458.690.950

491.513.088

7.211.246

498.724.334

100.876.443

599.600.777

RON


Garantate cu linii de credit

Acreditive emise

Deschideri de credite confirmate

Total angajamente

12.2 ANGAJAMENTE

31 decembrie 2004

45.713.172

-

45.713.172

820.411.624

866.124.796

31 decembrie 2005

4.490.453

68.987.718

73.478.171

1.239.021.850

1.312.500.021

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RON

|n termen de un an

Din al doilea pån` \n al cincilea an inclusiv

Peste cinci ani

Total

31 decembrie 2004

489.132

2.012.607

-

2.501.739

31 decembrie 2005

438.619

1.080.379

-

1.518.998

12.5 ALTE ELEMENTE EXTRABILAN}IERE

|n plus, Banca a \nregistrat la 31 decembrie 2004, \nconturile din afara bilan]ului urm`toarele:

• Dou` contracte SWAP \ncheiate cu Bank Austria Viena,valoarea net` fiind \n sum` de 106.806 RON;• Scrisorile de garan]ie primite ca garan]ii pentru crediteleacordate clien]ilor precum [i alte garan]ii primite de lab`nci \n valoare total` de 1.051.688.907 RON;• Gajuri [i alte garan]ii primite pentru creditele acordate,\n valoare de 460.844.004 RON;

• Creditele trecute pe cheltuial` ca urmare a hot`råriifinale a instan]ei sunt \n sum` de 1.077.865 RON;• Cecurile de c`l`torie \n valoare de 7.450,54 RON ;• Angajament de finan]are \n valoare de 39.663.000 RONde la Bank Austria Viena;• Angajamente de plat` pentru bunuri luate \n loca]iesimpl` (contracte leasing), \n valoare de 2.501.739 RON;• Dou` contracte IRS \n valoare total` ( RON echivalent de13.479.660 RON \ncheiate cu Bank Austria Viena. Ambelecontracte au scaden]a \n 2006.

La 31 decembrie 2005

• Trei contracte SWAP - din contractele forward,\ncheiate cu b`nci locale (rezidente), valoarea net` fiind\n sum` de 5.524.600 RON;• Contracte forward de devize \n suma de 1.098.833.120 RON;• Contracte spot de devize \n suma de 1.348.709.556 RON• Contracte cross curency swap \n suma de 735.145 RON;• Contracte FX option \n suma de 73.241 RON• Contracte IRS \n valoare total` de 1.682.444.607 RON• Scrisorile de garan]ie primite ca [i garan]ii pentrucreditele acordate clien]ilor precum [i alte garan]ii primitede la b`nci \n valoare total` de 1.216.934.509 RON ;• Ipoteci imobiliare, gajuri cu [i f`r` deposedare precum

[i alte garan]ii primite pentru creditele acordate, \nvaloare de 530.918.187 RON;• Cecurile de c`l`torie \n valoare de 901.459 RON;• Angajament de finan]are \n valoare de 73.542.000 RON( 20 milioane EUR ) de la Bank Austria Viena;• Angajamente de plat` pentru bunuri luate \n loca]iesimpl` (contracte leasing), \n valoare de 1.518.998 RON;• Contractele de credit investite cu formula executorieprecum [i dobånzile [i crean]ele ata[ate aferente sum` de6.604.235 RON;• Cecuri \n valut` remise la \ncasare \n suma de925.724 RON;• Obiecte de inventar aflate \n eviden]` \n sum` de3.464.529 RON

12.3 OBLIGA}II PRIVIND LEASINGUL

La 31 decembrie 2005, respectiv 31 decembrie 2004, Banca avea obliga]ii privind leasingul opera]ional [i financiar,obliga]ii care devin scadente dup` cum urmeaz`:

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ALTE INFORMA}II

13

13.1 PREZENTARE GENERAL~

HVB BANK ROMANIA S.A a fost \nregistrat` la RegistrulComer]ului ca societate comercial` la data de 24noiembrie 1997 [i a ob]inut autoriza]ia de func]ionare cabanc` de la Banca Na]ional` a Romåniei la data de 13Aprilie 1998. La data de 25 August 1998 Banca Na]ional`a Romåniei a aprobat schimbarea denumirii B`ncii dinBanca Creditanstalt S.A. \n Bank Austria CreditanstaltRomania S.A. Ca urmare a fuziunii dintre HVB Group [iBank Austria – Creditanstalt Group, la data de 20 iulie2001, Banca Na]ional` a Romåniei a aprobat schimbareadenumirii B`ncii din Bank Austria Creditanstalt RomaniaS.A. \n HVB BANK ROMANIA S.A.|ncepånd cu 31 August 1998, Banca a \nceputopera]iunile bancare [i func]ioneaz` ca o banc`comercial` [i de economii oferind o gam` larg` de serviciiadresate tuturor categoriilor de clien]i.

|n anul 2005, la finalul lunii august, Bank AustriaCreditanstalt (BA-CA) [i Banca }iriac au finalizattranzac]ia ce va duce la fuziunea dintre HVB BankRomania [i Banca }iriac. Preg`tirile pentru integrareacelor dou` b`nci au \nceput la 1 septembrie 2005, iar peparcursul acestora cele dou` b`nci vor func]iona \nparalel. Noua banc` va de]ine cea de-a patra pozi]ie pepia]a bancar` romåneasc`, cu o cot` de pia]` deaproximativ 7,5%.Din noiembrie 2005, HVB Bank Romania [i Banca }iriacsunt subsidiare ale noului UniCredit Group. Cu activetotale de peste 750 miliarde EUR [i cu o capitalizare depia]` de aproximativ 60 de miliarde EUR, noul UniCreditGroup a devenit unul dintre cei mai importan]i juc`tori depe pia]a european` a serviciilor financiare.

RON

Valuta

Dolari SUA

EUR

Lire sterline

Dolar Australian

Alte valute

Total

Pozi]ie net`

482.235

(12.746.933)

298.504

7.814

250.882

(11.637.170)

Elemente \n

afara bilan]ului

(252.008.223)

567.452.719

-

-

-

315.444.496

Pasive

-

(580.199.652)

-

-

-

(580.199.652)

Active

252.490.458

-

298.504

7.814

250.882

253.117.986

La 31 decembrie 2004 pozi]ia net` a principalelor valute, exprimat` \n RON se prezenta astfel:

13.2 POZI}IA VALUTAR~

Pozi]ia net` valutar` a B`ncii, declarat` la Banca Na]ional` a Romåniei, reflecta faptul c` pasivele \n valut` dep`[escactivele \n valut` la 31 decembrie 2005 cu o sum` reprezentånd 3,43% din fondurile proprii ale B`ncii (2004: 5,30%),calculate conform reglement`rilor B`ncii Na]ionale a Romåniei care prev`d ca aceast` dep`[ire s` nu fie mai mare de20% din fondurile proprii, iar pe fiecare valut` \n parte s` nu dep`[easc` 10% din fondurile proprii.

60

RON

Venituri totale

Cheltuieli totale

Profit brut

Venituri neimpozabile

Cheltuieli nedeductibile

Venit din impozit pe profit amånat

Rezerve legale (Nota 7)

Rezerva general` pentru riscul de credit (Nota 7)

Profitul fiscal aferent exerci]iului

Pierdere fiscal` din exerci]iile anterioare

Impozit pe profit

Credit fiscal

Pierdere fiscal` reportat`

Cheltuiala cu impozitul pe profit aferent` exerci]iului

Ratele oficiale de schimb valabile la 31 decembrie 2005 erau 3,1078 RON / USD, 3,3771 RON / EUR, 5,3563 RON / GBP, 2,2803 RON / AUD,iar 31 decembrie 2004 erau 2,9067 RON / USD, 3,9663 RON / EUR, 5,8108 RON / GBP, 2,2651 RON / AUD.

RON

Valuta

Dolari SUA

EUR

Lire sterline

Dolar Australian

Alte valute

Total

Pozi]ie net`

(128.520)

(15.925.255)

(98.636)

35.413

31.474

(16.085.524)

Elemente \n

afara bilan]ului

(81.608.068)

(718.336.634)

8.461.589

-

-

(791.483.116)

Pasive

-

-

(8.560.224)

-

(277.183)

(8.837.407)

Active

81.479.548

702.441.376

-

35.413

308.657

784.234.994

La 31 decembrie 2005 pozi]ia net` a principalelor valute, exprimat` \n RON se prezenta astfel:

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

La 31 decembrie 2005 rezultatul reportat din prima aplicare a IAS este de 3.467.339 RON (2004: 3.467.339 RON), nuau existat major`ri sau reduceri \n cursul anului 2005.

13.4 IMPOZITUL PE PROFIT CURENT

31 decembrie 2004

311.528.762

(195.095.655)

116.433.107

(863)

2.703.264

863

-

(14.798.166)

104.338.205

-

(26.084.551)

328.726

-

(25.755.825)

31 decembrie 2005

534.303.159

(362.962.102)

171.341.057

-

12.125.043

-

(5.500.260)

(21.306.874)

156.658.966

-

(25.065.435)

491.638

-

(24.573.797)

a) Impozit pe profit curent

a. BA-CA Export Leasing GesmbH|mprumutul de la BA-CA Export Leasing GesmbH (fostaCreditanstalt Leasing GmbH) este format din contracte deleasing financiar, \ncheiate pentru achizi]ionarea deechipamente, mobilier [i autovehicule.Suma de 760.053 RON la 31 decembrie 2005 (31 decem-brie 2004: 1.692.705 RON) reprezint` suma datorat`c`tre BA-CA Export Leasing GesmbH pentru mijloacelefixe cump`rate pe baz` de credit \n regim de leasingfinanciar.

b. HVB Leasing Romania SA|n anul 2004 banca a \ncheiat 3 contracte de leasingfinanciar, iar \n 2005 alte 3 contracte de leasingfinanciar, valoarea r`mas` de rambursat fiind de590.277 RON (31 decembrie 2004: 503.140 RON).Contractele de leasing financiar au fost \ncheiate \nscopul achizi]ion`rii de autoturisme.

c. Banca European` de Investi]iiLa 15 octombrie 2001, Banca a intrat \ntr-o facilitare decredit \n valoare de 20 milioane EUR de la BancaEuropean` de Investi]ii, cu scopul de a finan]a miciiinvestitori. Creditul a fost acordat \n 4 tran[e cu scaden]ediferite.

d. Kreditanstalt fur WiederaufbauLa 27 decembrie 2001, Banca a semnat un contract de\mprumut cu Kreditanstalt fur Wiederaufbau, \n valoarede 30.000.000 EUR, necesar finan]`rii proiectelor deinvesti]ii \n domeniul \ntreprinderilor mici [i mijlocii, ainfrastructurii municipalit`]ii, protec]iei mediului [iconstruc]iei de locuin]e. Tragerea acestui \mprumut s-arealizat pe data de 02 iulie 2004.

e. Banca Europeana pentru Reconstruc]ie [i Dezvoltare|mprumutul atras \n 2005 de la Banca European` pentruReconstruc]ie [i Dezvoltare \n valoare de 10.000.000 EUReste destinat acord`rii de credite ipotecare pentrupersoane fizice.

f. BA-CA Vienna|mprumuturile acordate de c`tre BA-CA Vienna au fostacordate sub form` de linii de refinan]are, cu scopulfinan]`rii opera]iunilor proprii.

g. Hypovereins MunichLa 31 decembrie 2004 banca avea dou` \mprumuturi,fiecare de cåte 30.000.000 EUR, contractate \n scopulob]inerii de surse de refinan]are.

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Credite de la institu]ii financiare

BA-CA Export Leasing GmbH (a)

HVB Leasing Romania SA (b)

Banca European` de Investi]ii (c)

Kreditanstalt fur Wiederaufbau (d)

B.E.R.D (e)

Total

Credite de la alte b`nci

BA-CA Viena (f)

Hypovereins Munich (g)

Total

13.5 CREDITE DE LA INSTITU}II FINANCIARE

31 decembrie 2004

1.692.705

503.140

77.238.474

118.989.000

-

198.423.319

837.885.428

237.978.000

1.075.863.428

31 decembrie 2005

760.053

590.277

69.671.368

110.313.000

36.771.000

218.105.698

2.311.981.368

220.626.000

2.532.607.368

Nu au existat diferen]e \ntre baza contabil` [i cea fiscal`, ca urmare impozitul pe profit amånat a fost zero.

b) Impozit pe profit amånat

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Disponibil \n casierie

Disponibil la BNR

Total numerar

Conturi de corespondent

Depozite la vedere la b`nci

Alte sume

Crean]e asupra institu]iilor de credit la vedere

Depozite la b`nci centrale

Depozite la termen la b`nci

Depozite colaterale

Crean]e la termen acodate b`ncilor

Titluri primite \n pensiune livrat`

Crean]e asupra institu]iilor de credit la termen

Minus sume cu scaden]e mai mari de trei luni

Total crean]e asupra institu]iilor de credit la termen



Total efecte publice [i valori asimilate (Nota 14)



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

Total echivalent numerar

Total numerar [i echivalent numerar

13.6 NUMERAR {I ECHIVALENT NUMERAR

31 decembrie 2004

32.786.665

502.706.166

535.492.831

37.994.571

71.516.600

482.779

109.993.950

440.000.000

13.500.000

439.791

46.071.494

100.017.366

600.028.651

(39.762.838)

670.259.763

350.633.132

-

350.633.132

174.428.655

(161.889.725)

12.538.930

1.033.431.825

1.568.924.656

31 decembrie 2005

50.139.641

1.232.124.866

1.282.264.507

37.421.154

74.515.650

807.802

112.744.606

110.000.000

25.500.000

482.243

10.996.042

-

146.978.285

(7.530.802)

252.192.089

1.091.254.068

-

1.091.254.068

236.309.946

(177.948.278)

58.361.668

1.401.807.825

2.684.072.332

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13.7 INDICATORI DE SOLVABILITATE

Banca \[i monitorizeaz` permanent resursele de capitalconform reglement`rilor emise de Banca Na]ional` aRomåniei. Indicatorii de solvabilitate sunt calcula]i pebaza informa]iilor financiare \ntocmite potrivitstandardelor romåne[ti de contabilitate. Banca trebuies`-[i m`soare nivelul de solvabilitate raportånd nivelul

fondurilor proprii la totalul activelor ponderate \n func]iede gradul lor de risc, inclusiv elementele \n afarabilan]ului, conform reglement`rilor \n vigoare. Nivelul desolvabilitate al B`ncii la 31 decembrie 2005 a fost de12.63 % (2004: 12.01%). Reglement`rile \n vigoare la 31decembrie 2004 (Norma 12/2003) impun un nivel minimal indicatorului de solvabilitate de 12% .

13.8 CONCENTRAREA EXPUNERII

a) Depozite la b`nci

RON

Descriere

B`nci din strìn`tate

B`nci strìne \nregistrate \n Romånia [i b`nci romåne[ti

Total (Nota 13.8)

31 decembrie 2004

63.356.391

22.100.000

85.456.391

31 decembrie 2005

100.015.650

482.242

100.497.892

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

13.9 VALOAREA JUST~

Conform IAS 32 “Instrumente financiare: prezentare [idescriere” este obligatorie descrierea valorii juste aactivelor [i pasivelor financiare. Valoarea just` reprezintàcea sum` pentru care un activ poate fi schimbat sau carear putea stinge o obliga]ie \ntre p`r]ile avizate [iinteresate ale unei tranzac]ii din cadrul grupului decompanii. Avånd \n vedere climatul economic romånesc,activele [i obliga]iile financiare ale B`ncii sunt afectate devolatilitatea monedei nationale (RON) \n compara]ie cumonezile strìne, de nivelul pre]urilor de pia]` [i de rateledobånzii.

Valoarea depozitelor pe termen scurt ale clien]ilor,depozitelor de la alte b`nci [i a obliga]iunilor esteapropiat` de valoarea just` datorit` termenelor scurte descaden]` [i a costurilor nesemnificative ale tranzac]iei.

Depozitele la termen, creditele [i avansurile acordateclien]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 suntpurt`toare de dobånd` la ratele de pia]`. |n consecin]`,orice modificare \n valoarea just` a activelor financiare,datorit` modific`rii dobånzii, va atrage dup` sine [i omodificare a valorii juste a obliga]iilor aferente.

Investi]iile financiare reprezint` participa]ii \n societ`]inecotate [i obliga]iuni emise de Ministerul de Finan]epentru care nu exist` valoare de pia]`, precum [iobliga]iuni tranzac]ionate pe pia]a european`. Cu toateacestea, conducerea consider` c` valoarea contabil` aacestora nu difer` \n mod semnificativ de valoarea lorjust`.

b) Credite [i avansuri

Conform Reglement`rilor B`ncii Na]ionale a Romåniei, creditele acordate unui singur client nu pot dep`[i 25% dincapitalurile proprii calculate \n baza normelor romåne[ti de contabilitate, iar orice credit ce dep`[e[te 10% dincapitalurile proprii trebuie raportat.

64

13.10 INSTRUMENTE FINANCIARE

Urm`toarele paragrafe prezint` pe scurt naturaactivit`]ilor cu privire la instrumentele financiare [ipoliticile adoptate de conducere \n acest sens.

a) Riscul valutarBanca efectueaz` tranzac]ii atåt \n moneda romåneasc`(RON), cåt [i \n valut`. Moneda romåneasc` s-a apreciat,activele nete exprimate \n valut` fiind expuse riscului dediminuare a valorii.Instrumentele financiare derivate ale B`ncii reprezint`contractele Forward, Swap, IRS, FX options [i tranzac]iiSpot ne\nchise.Derivate pe cursul de schimb reprezint` angajamentelecontractuale ale B`ncii de a achizi]iona sau a vinde valut`na]ional` sau str`in` la pre]uri fixe, stabilite prin contractla o dat` viitoare precis`. |n cazul FX options clientul aredreptul, nu [i obliga]ia de a exercita op]iunea de vånzaresau cump`rare a valutei [i pl`te[te o prim` la \ncheiereacontractului.Aceste instrumente financiare sunt evaluate la valoareajust`, iar varia]iile favorabile (active) [i nefavorabile(datorii) ca urmare a modific`rii valorii juste sunt reflectate\n contul de profit [i pierdere.

a) Riscul de rat` a dobånziiRiscul ratei de dobånd` este compus din riscul de fluctua]ie\nregistrat \n valoarea unui anumit instrument financiar caurmare a varia]iei ratelor dobånzii [i din riscul diferen]elordintre scaden]a activelor financiare purt`toare de dobånd`[i cea a datoriilor purt`toare de dobånd` folosite pentrufinan]area activelor respective. Perioada pe care semen]ine rata dobånzii stabilite pentru un instrument

financiar indic`, prin urmare, \n ce m`sur` acesta esteexpus riscului dobånzii. Restabilirea pre]ului pentruactivele [i pasive r`måne la latitudinea B`ncii.Instrumentele financiare sunt purt`toare de dobånd` larata pie]ei, prin urmare se consider` c` valorile juste nudifer` \n mod semnificativ de valorile contabile.Derivate pe rata dobånzii reprezint` angajamentecontractuale prin care clientul b`ncii se poate acoperi\mpotriva evolu]iei nefavorabile a ratei dobånzii. Banca \[i\nchide pozi]iile deschise cu Bank Austria CreditanstaltVienna.

b) Riscul de credit|n cursul activit`]ii sale obi[nuite, Banca \[i asum` risculde credit cu privire la \mprumuturile [i avansurile pe carele acord` clien]ilor, cu privire la plasamentele sale la alteinstitu]ii financiare [i alte elemente extra bilan]iere. Bancapoate, de asemenea, suferi pierderi ca urmare aconcentra]iei semnificative a riscului de credit \ntr-unanumit sector sau domeniu de activitate, sau \ntr-oanumit` grupare economic`, \n contextul schimb`riimediului economic din Romånia. Gestionarea riscului decredit se face cu regularitate prin urm`rirea atent` arespect`rii plafoanelor de creditare [i prin evaluareabonit`]ii debitorilor.

c) Riscul de lichiditateBanca urm`re[te zilnic evolu]ia nivelului lichidit`]ilorpentru a-[i putea achita obliga]iile la data la care acesteadevin exigibile. Analiza pe scaden]e a activelor [i pasivelorla 31 decembrie 2005 este prezentat` \n nota 14.|mprumuturile [i liniile de credit sunt re\nnoite frecvent [ipot avea scaden]e mai mari decåt cele precizate \n nota 14.

65

No

te l

a s

itu

a]i

ile

fin

an

cia

re

RON

Perioada \ncheiat` la 31 decembrie 2004

Tranzac]ii Swap de devize

Tranzac]ii Forward de devize

Tranzac]ii Spot de devize

Total

Perioada \ncheiat` la 31 decembrie 2005

Tranzac]ii Swap de devize

Tranzac]ii Forward de devize

Tranzac]ii Spot de devize

Tranzac]ii Swap rata dobånzii (IRS)

Cross currency swap

FX options

Total

d) Contracte standard [i derivative

Valoarea just`

13.185.229

270.446.053

27.795.323

311.426.605

5.526.091

1.079.328.807

1.348.709.556

1.682.444.607

735.145

73.241

4.116.817.447

Diferen]a pån` la

valoarea just`

(294.431)

(17.203.120)

-

(17.497.551)

1.491

(19.504.313)

-

-

-

-

(19.502.822)

Valoarea na]ional`

de contract

13.479.660

287.649.173

27.795.323

328.924.156

5.524.600

1.098.833.120

1.348.709.556

1.682.444.607

735.145

73.241

4.136.320.269

13.11 EVENIMENTE ULTERIOARE DATEI DE 31 DECEMBRIE 2005

Nu exist` evenimente semnificative ulterioare datei de 31 decembrie 2005 care s` necesite o ajustare a valorilor dinprezentele situa]ii financiare ale B`ncii.

66

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

14

|ntre 3 luni [i

un an inclusiv

-

-

21.102.436

334.454.004

(290.621)

334.163.383

28.489.850

-

-

-

-

2.924.055

(38)

2.924.017

386.679.686

Peste 5 ani

-

-

-

238.070.035

(349.000)

237.721.035

8.837.658

-

-

-

-

495.822

-

495.822

247.054.515

TOTAL

535.492.831

350.633.132

710.022.601

2.322.142.821

(3.789.614)

2.318.353.207

174.428.655

347.814

576.346

32.425.231

20.620.952

22.357.432

(22.688)

22.334.744

4.165.235.513

Cu scaden]`

nedefinit`

-

-

439.791

-

-

-

-

347.814

576.346

32.425.231

105.231

-

-

-

33.894.413

Pån` la o lun`

inclusiv

535.492.831

124.426.653

665.165.448

1.013.434.261

(2.356.280)

1.011.077.981

4.207.875

-

-

-

20.515.721

11.756.392

(22.042)

11.734.350

2. 372.620.859

|ntre o lun` [i

3 luni inclusiv

-

226.206.479

5.094.315

105.386.617

(109.952)

105.276.665

8.331.054

-

-

-

-

3.827.754

(608)

3.827.146

348.735.659

|ntre 1 an [i

5 ani inclusiv

-

-

18.220.611

630.797.904

(683.761)

630.114.143

124.562.218

-

-

-

-

3.353.409

-

3.353.409

776.250.381

RON

ACTIV

Casa, disponibilit`]i la b`nci

centrale

Crean]e asupra institu]iilor de

credit - la vedere


credit - alte crean]e

Crean]e asupra clientelei

Minus: provizioane pentru credite


Ac]iuni [i alte titluri cu venit variabil

Participa]ii

Mijloace fixe

Alte active


[i venituri angajate

Minus: provizion pentru

riscul de dobånd`

Total active

67

No

te l

a s

itu

a]i

ile

fin

an

cia

re

RON

PASIV

Datorii privind institu]iile de credit

Datorii privind clientela

Depozite

Alte datorii


Alte pasive

Venituri \nregistrate \n avans

[i datorii angajate

Provizioane pentru riscuri [i

cheltuieli

Credite subordonate [i

datorii ata[ate

Total datorii

Capital social

Rezultat reportat [i rezerve

Total capitaluri proprii

Total datorii [i capitaluri proprii

Risc de lichiditate

Deficit de lichiditate cumulat

|ntre 3 luni [i

un an inclusiv

90.201.396

20.613.476

17.867.480

2.745.996

-

359.634

1.549.559

-

-

112.724.065

-

-

-

112.724.065

273.955.622

469.713.899

Peste 5 ani

147.977.455

19.582.985

-

19.582.985

-

-

-

-

19.831.500

187.391.940

-

-

-

187.391.940

59.662.575

191.020.193

TOTAL

1.616.169.595

2.228.525.863

1.587.838.662

640.687.201

-

26.427.482

21.899.923

-

47.298.043

3.940.320.906

58.724.050

166.190.557

224.914.607

4.165.235.513

-

-

Cu scaden]`

nedefinit`

-

-

-

-

-

-

-

-

-

-

58.724.050

166.190.557

224.914.607

224.914.607

(191.020.193)

-

Pån` la o lun`

inclusiv

463.202.154

1.974.080.598

1.531.749.347

442.331.251

-

26.067.848

16.748.103

-

-

2.480.098.704

-

-

-

2.480.098.704

(107.477.845)

(107.477.845)

|ntre o lun` [i

3 luni inclusiv

3.452.400

38.444.876

38.221.835

223.041

-

-

3.602.261

-

-

45.499.536

-

-

-

45.499.536

303.236.122

195.758.277

|ntre 1 an [i

5 ani inclusiv

911.336.190

175.803.928

-

175.803.928

-

-

-

-

27.466.543

1.114.606.661

-

-

-

1.114.606.661

(338.356.281)

131.357.618

68

ANALIZA PE SCADEN}E A ACTIVELOR {I PASIVELOR LA 31 DECEMBRIE 2005

15

|ntre 3 luni [i

un an inclusiv

-

-

7.048.560

500.655.488

(6.686.808)

493.968.680

56.195.541

-

-

-

-

13.672.932

(2.113)

13.670.819

570.883.600

Peste 5 ani

-

-

-

422.921.667

(3.506.421)

419.415.246

30.297.136

-

-

-

-

1.009.362

-

1.009.362

450.721.744

TOTAL

1.282.264.507

1.091.254.068

259.722.891

3.373.369.125

(23.038.518)

3.350.330.608

236.309.946

695.957

4.576.026

45.501.975

3.401.746

37.421.482

(156.737)

37.264.746

6.311.322.470

Cu scaden]`

nedefinit`

-

-

482.242

-

-

-

-

695.957

4.576.026

45.501.975

134.002

-

-

-

51.390.202

Pån` la o lun`

inclusiv

1.282.264.507

207.684.834

248.244.606

1.481.923.890

(2.150.138)

1.416.773.752

-

-

-

-

2.845.262

13.352.607

(142.230)

13.210.377

3.171.023.338

|ntre o lun` [i

3 luni inclusiv

-

883.569.234

3.947.483

147.494.305

(1.396.725)

146.097.580

58.361.668

-

-

-

-

6.825.359

(12.394)

6.812.965

1.098.788.930

|ntre 1 an [i

5 ani inclusiv

-

-

-

883.373.776

(9.298.426)

874.075.350

91.455.601

-

-

-

-

2.561.223

-

2.561.223

968.514.656

RON

ACTIV

Casa, disponibilit`]i la b`nci

centrale



credit

Crean]e asupra clientelei

Minus: provizioane pentru credite


Ac]iuni [i alte titluri cu venit variabil

Participa]ii

Mijloace fixe

Alte active


[i venituri angajate

Minus: provizion pentru

riscul de dobånd`

Total active

69

No

te l

a s

itu

a]i

ile

fin

an

cia

re

RON

PASIV

Datorii privind institu]iile de credit

Datorii privind clientela

Depozite

Alte datorii


Alte pasive

Venituri \nregistrate \n avans

[i datorii angajate

Provizioane pentru riscuri [i

cheltuieli

Credite subordonate

Total datorii

Capital social

Rezultat reportat [i rezerve

Total capitaluri proprii

Total datorii [i capitaluri proprii

Risc de lichiditate

Deficit de lichiditate cumulat

|ntre 3 luni [i

un an inclusiv

50.244.036

28.865.322

25.700.851

3.164.471

-

-

3.233.931

4.202.958

-

186.546.247

-

-

-

86.546.247

484.337.353

1.370.955.920

Peste 5 ani

142.803.495

79.755.598

697.944

979.057.654

-

-

65.831

-

-

222.624.924

-

-

-

222.624.924

228.096.820

389.091.533

TOTAL

3.000.592.258

2.700.693.031

1.745.050.921

955.642.110

-

51.291.708

70.211.441

4.202.958

43.849.339

5.870.840.735

126.420.630

314.061.105

440.481.735

6.311.322.470

-

-

Cu scaden]`

nedefinit`

-

-

-

-

-

-

-

-

-

-

126.420.630

314.061.105

440.481.735

440.481.735

(389.091.533)

-

Pån` la o lun`

inclusiv

765.658.116

2.304.867.213

1.567.274.890

737.592.323

-

51.291.708

26.904.665

-

-

3.148.721.702

-

-

-

3.148.721.702

22.301.636

22.301.636

|ntre o lun` [i

3 luni inclusiv

77.394.336

151.672.813

151.377.236

295.577

-

-

5.404.850

-

-

234.471.999

-

-

-

234.471.999

864.316.931

886.618.567

|ntre 1 an [i

5 ani inclusiv

1.964.492.275

135.532.085

-

135.532.085

-

-

34.602.164

-

43.849.339

2.178.475.863

-

-

-

2.178.475.863

(1.209.961.207)

160.994.713

INFORMA}II GENERALE

71

Adrese \n Romånia Info

rma

]ii

ge

ne

rale

SEDIU CENTRAL

HVB Bank Romania S.A. - BUCURE{TI

Pia]a Charles De Gaulle 15Telefon: +40 (021) 203 22 22Fax: +40 (021) 230 84 85

SUCURSALE

SUCURSALA MILLENNIUM

Calea Victoriei 88,Bucure[ti, sector 1Telefon: +40 (021) 307 93 00Fax: +40 (021) 310 19 69

SUCURSALA DECEBAL

Bd. Unirii 80, Bl.J1 Tronson 1, Bucure[ti, sector 3Telefon: +40 (021) 327 77 45Fax: +40 (021) 327 77 44

SUCURSALA UNIREA

Piata Unirii 1,Bucure[ti, sector 3Telefon: +40 (021) 308 31 08Fax: +40 (021) 316 58 08

SUCURSALA CAROL

Bd. Carol I 65, Bl. 2 bisBucure[ti, sector 2Telefon: +40 (021) 300 20 60Fax: +40 (021) 311 56 33

ARAD

Bd. Revolu]iei 72Telefon: +40 (0257) 206 565Fax: +40 (0257) 213 300

BRA{OV

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

CLUJ

Pia]a Unirii 10Telefon: +40 (0264) 406 070Fax: +40 (0264) 450 511

CONSTAN}A

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

IA{I

Str. Anastasie Panu 31Telefon: +40 (0232) 206 240Fax: +40 (0232) 273 564

ORADEA

Pia]a Unirii 2-4Telefon: +40 (0259) 406 700Fax: +40 (0259) 461 701

PLOIE{TI

Str. Unirii 6Telefon: +40 (0244) 406 800Fax: +40 (0244) 529 000

SIBIU

Bd. Nicolae B`lcescu 25Telefon: +40 (0269) 206 830Fax: +40 (0269) 214 005

TIMI{OARA

Pia]a Victoriei 2Telefon: +40 (0256) 306 800Fax: +40 (0256) 306 806

Bosnia and HerzegovinaHVB Central Profit Banka D. D.

Zelenih Beretki 2471000 SarajevoTel.: (+387 33) 533 688Fax: (+387 33) 532 319www.hvb-cpb.ba

BulgariaHVB Bank Biochim AD

1 Ivan Vazov Str. 1026 Sofia

Tel.: (+359 2) 92 69 210Fax.: (+359 2) 92 69 440www.biochim.com

Hebros Bank AD

37 Tzar Boris IIIObedinitel Blvd. 4018 PlovdivTel.: (+359 2) 29 05 773Fax.: (+359 2) 26 23 964www.hebros.bg

CroatiaHVB Splitska Banka d.d.

Rudera Boskovica 1621000 SplitTel.: (+385 21) 304 304Fax.: (+385 21) 304 034Jurisiceva 210000 ZagrebTel.: (+385 21) 4800 777Fax.: (+385 21) 4800 899www.spliskabanka.hr

Czech RepublicHVB Bank Czech Republic a. s.

Namesti Republiky 3a110 00 Praha 1Tel.: (+420 2) 22 111 2111Fax.: (+420 2) 22 111 2132www.hvb.cz

EstoniaBayerische Hypo-und Vereinsbank

AG Tallinn Branch

Liivalaia 13/1510118 TallinnTel.: (+37 2) 66 88 300Fax.: (+37 2) 66 88 309www.hvb.ee

HungaryHVB Bank Hungary Rt.

Akademia utca 171054 BudapestTel.: (+36 1) 269 08 12Fax.: (+36 1) 353 49 59www.hvb.hu

LatviaHVB Bank Latvia AS.

Elizabetes iela 631050 RigaTel.: (+37 1) 7085 500Fax.: (+37 1) 7085 507www.hvb.lv

LithuaniaBayerische Hypo-und Vereinsbank

AG Vilnius Branch

Vilniaus gatve 35/301119 VilniusTel.: (+370 5) 2745 300Fax.: (+370 5) 2745 307www.hvb.lt

PolandBank BPH

ul. Towarowa 25 A, 00 958 Warszawa,

Tel.: (+48 22) 531 80 00Fax.: (+48 22) 531 9286Al. Pokoju 131-548 Krakowwww.bph.pl

Republic of MacedoniaSkopje Representative Office

Dimitrie Cupovski 4-2/61000 SkopjeTel.: (+389 2) 3215 130Fax.: (+389 2) 3215 140

RussiaInternational Moscow Bank

Prechistenskaya nab. 9119034 MoscowTel.: (+70 95) 258 7258Fax.: (+70 95) 258 7272A/CEE DeskMichael TawrowskyTel.: (+79 26) 148 60 86www.imb.ru

Serbia and MontenegroHVB Bank Serbia and Montenegro,

J.S.B., Belgrade

Rajiceva 27-2911000 BeogradTel.: (+381 11) 3204 500Fax.: (+381 11) 3342 200www.hvb.co.yu

SlovakiaHVB Bank Slovakia a.s.

Plynarenska 7/A814 16 Bratislava 1Tel.: (+42 12) 5969 1111Fax.: (+42 21) 5969 94 06www.hvb-bank.sk

SloveniaBank Austria Creditanstalt d.d.

Ljubljana

Smartinska 1401000 LjubljanaTel.: (+386 1) 5876 600Fax.: (+386 1) 5876 552www.ba-ca.si

UkraineHvb Bank Ukarine

14-A, Vul. Yaroslaviv Val01034 KyivTel.: (+38 044) 230 3300Fax.: (+38 044) 230 3391www.hvb.com.ua

Adrese \n Europa Central` [i de Est

72

MANAGEMENT REPORT

75

Ma

na

ge

me

nt

Re

po

rt

Management Report

HVB Bank Romania is the legal successor of Bank Austria Creditanstalt (BA-CA), a bankpresent in Romania since September 1998. Since November 2005, HVB Bank Romaniais subsidiary of the new UniCredit Group. With assets totaling EUR 782 billion and witha market capitalization of EUR 64 billion, as of March 2006, the new UniCredit Group hasbecome one of the most important players on the European market of financial services.

In Romania, the new UniCredit Group is represented by HVB Bank Romania, UniCreditRomania and Banca Tiriac. Combined total assets of the three banks would be of aroundEUR 3 billion, thus making UniCredit Group one of the most important players on theRomanian banking market with a very strong position in the field of corporate and retailbanking. As a first step, the three banks will operate in parallel.

According to the final results, HVB Bank Romania reached at the end of 2005 total assetsamounting to 6,312 million RON, 52% higher than in 2004, and a net profit of RON 147million, 62% above that of the previous year. The Return-on-Equity (ROE) was of 45.98%,the ratio between administrative costs / net operational income 33%, while the incomeper employee indicator stood at RON 0.86 million. The Return-on-Assets (ROA) was3.17%. At the end of last year, the bank provided services for 50,171 clients through14 branches.

We are extremely satisfied with the evolution of the bank in 2005. It was an importantyear for HVB Bank and these results confirm the success of our efforts to develop theprocess to integrate HVB Bank and Banca Tiriac, as well as our daily activities. We are

certain that the new entity to result after the merger of the two banks will hold aleading position on the market and will prove to be a reliable partner for each ofour clients.

At the end of August , Bank Austria Creditanstalt (BA-CA) and Banca }iriac finalizedthe transaction leading to the merger between HVB Bank Romania and Banca }iriac.BA-CA acquired 50% plus one share in Banca Tiriac, while the entities controlled byMr. Ion Tiriac in turn acquired 50% less one share in HVB Bank Romania. This wasachieved through a sale and an exchange of shares. Following the merger of the twobanks, BA-CA shall continue to hold the majority at 50% plus one share in the newbank and will have responsibility for managing the business.

With this merger, the new entity will hold the fourth place on the Romanian bankingmarket, with a market share of approximately 7.5%. This will give the new bank asolid basis for its further growth. The merger of the two banks ideally combines HVBBank Romania’s strengths in corporate business, treasury operations, top end retailand private banking with Banca Tiriac’s large branch network and strong presence inclassic retail business. We aim to develop the existing market share rapidly beyond10 per cent.

Given the consistent development of both HVB Bank and Banca Tiriac, the new entitywill definitely position itself as a leader on the Romanian banking market, a universalbank and a reliable partner for each of its customers. A solid institution, which offerssecure flexible and innovative products and services. A dynamic entity, which owes itssuccess both to its professional devoted team and to its clients and partners whoinvested trust in it. Trust we wish to thank you all for.

76

Florian Kubinschi

Vice President

Dan Pascariu

Chairman

Manuela Pl`pcianu

Vice President

Andreas Gschwenter

Vice President

REPORT ON THE DIVISIONS

The continuous focus on more personalized andresponsive relationship with our clients, the rhythm ofimprovement and diversification of products and servicesconfirm once again the level of the mature approachreached by the Corporate Banking Division within HVBBank Romania and fully justify its leading position on thisextremely competitive market.2005 brought a new series of accomplishments for theCorporate Banking Division. Last year, we managed tooutrun the high performance registered one year before,by consolidating our market share as well as the image ofour bank towards the loyalty of our clients.Beside the “traditional” offer on every business segment(Key Accounts, Mid-Market, Real Estate), 2005 markedthe truly recognition of the so called “cross-selling”concept. Thus, our loan offer, although still the anchor fora significant part of our business, is to be supplementedby complex solutions either for liquidities’ monitoring andcontrolling or for currency and interest risk management.The expertise at the level of every product departmentsubscribes to a very ambitious project of HVB BankRomania, which aims the excelllency promoted throughquality and inovation of the offered products and services.At the end of 2005, the corporate clients portfolio(corporate clients with an annual turnover higher thanEUR 2,5 Mil or corporate clients belonging to a group ofcompanies, in which at least one company fullfills theabove mentioned criteria) included a number of 1,700companies. This represents a growth with 35% ascompared to 2004. Every business segment contributed

to this growth as follows: 35% growth due to Mid-Marketclients, 25% due to Key Accounts clients, and Real Estateprojects increased with 50%. The total loans portfoliogranted to corporate clients amounted to EUR 1,15 billion,thus encountering a growth of aproximately 40%, ascompared to 2004.In 2005, HVB Bank Romania proved once again itsleadership on the real estate financing market.Due to the flexibility and the ability to adapt to anextremely active and competitive market, HVB includedin its loans portfolio important transactions such as IuliusMall Timisoara, City Mall Bucharest, as well as the biggestreal estate transaction of 2005 for Anchor Group.Last year, HVB Bank Romania was once again the mostactive bank on the real estate financing market, havingover 170 clients and more than EUR 300 Mil in real estatecommitments (as compared to EUR 163 Mil, respectively100 clients at the end of 2004).On the local banking market, HVB Bank stands outthrough the offer for integrated cash managementsolutions, the basis of an efficient liquidities management.We offered to our Romanian and foreign corporateclients, high quality payment services and cashmanagement solutions, which go beyond the borders oftraditional banking solutions.Starting with 2005, HVB implemented the ElectronicalPayments System, which supported the efforts ofdeveloping and delivering to our clients effective solutionsfor managing payments and collections. Therefore 62%of our corporate clients are currently using electronical

Corporate Banking Division

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solutions for managing their liquidities, while 80% of thelocal currency transactions are ordered electronically andprocessed via EPS.As a member of a large international Group, HVB Bankuses the wide expertise and offers its internationalcorporate clients personalized solutions which includliquidities management and optimization at the globallevel, meaning interest costs reduction and maximizationof profits by using a flexible system, under the mostcompetitive and transparent conditions.In 2005, the Key Accounts segment of HVB Bank provedonce again its innovation ability, by adapting thefinancing solutions to the specific needs of each client

(combining the short term working capital facilities, themedium and long term ones for financing the acquisitionof equipment and construction of working premises –with complex solutions of structured finance.The deep knowledge of local market, as well as the know-how provided by an International Group representextremely important advantages for the CorporateBanking Division. This fact contributed significantly to theconsolidation of the bank’s market position, offeringsupport in local banking solutions to international clients.The succes story of the bank’s clients means the succesof the bank itself. This vision is the basis for havinggained the leading position held by HVB Bank today.

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In 2005, HVB Bank Romania focused even moreintensively on the Retail segment, bringing the bankcloser to its customers: the opening of new branches, thelaunching of new products, new partnerships with RealEstate Developers and Mobile Sales Force are just a fewof last year’s milestones.

Throughout the year a new set of products was offered toclients: the Mortgage Loan in January, the Personal PlusLoan in February, the RON loans in September.Products for Business Customers were developed in orderto be introduced in January 2006: Packages, Overdraft,Working Capital Loan, Standard Investment Loan.

The Retail Lending Department (created in 2004 in orderto facilitate the processing of loans brought by HVB’sMobile Sales Force partner – Gemini Capital Consult, andthe lending centralization) has been further developedand restructured to streamline the processes.

The Private Banking Department, established in 2003 toprovide financial planning and advising on investmentsoptimization for clients with net liquid assets of at leastEUR 100,000, continued to rank HVB among the top 5banks offering Private Banking in Romania.

The Card Department received, for the third year in arow, the No-Cash Award for the “Issuer with Most Active

Cards”, while at the end of 2005, the number of activecards was 53% higher than at the end of 2004. Also, as aconfirmation of the Retail Banking Division’sperformance in 2005, HVB Bank’s Housing Loan wasawarded “The banking product of the Year” bySaptamana Financiara.

The new opened branches (Carol – 5th branch inBucharest; Iasi) created the opportunity of covering newareas in Romania and the 2006 strategy is to continue thebranch expansion project.

During 2005, the Retail Banking Division of HVB BankRomania recorded impressive evolutions in all segments(as compared to the end of 2004): the volume of the loanportfolio increased with 227% (the market grew with 55%during the same period), the number of lending clientswith 262%, the total number of clients with 87% and theprimary funds with 36%. The Operating Incomeincreased with 125% on a year-on-year basis.

The desire to offer high quality and diversified servicesled to the start up of a new series of projects that will befurther developed in 2006: the opening of new branches,new channels of distribution, strategic partnerships,launch of new products, processes streamlining andsystems enhancements are just a few of the RetailBanking Division’s priorities for 2006.

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The year 2005 represented again a remarcable financialyear due to the trading activity. Romania’s financialmarkets continued liberalisation offered an interstingplace for large international players and goodopportunities that Treasury catched and managed byexploting at maximum all the possibilities of incomemaking. The professionalism of the trading team imposedagain HVB as a strong market maker on the local market,being one of the most active and profit-oriented team.Treasury sales were extensivly developed in 2005,through the incremental number of clients and the specialattention paid to the quality of services and productsoffered. It was the year when HVB was the first bank inRomania which offered a complex portfolio of hedginginstruments and a real support for its clients by providingexpertise. This sustained activity boosted Treasury’s

income but also the income of the other business units.In 2005, Assets and Liabilities Management continued toensure the business funding through financial structureswithin a liquidity safe environment. Over the past year,an accurate evaluation and forecasting of the FX andmonetary market evolutions continued to lead to anincremental income maintaining a low exchange andinterest rate risk profile.2006 plans are a challenge for HVB’s Treasury, a newteam being reinforced due to the merger with BancaTiriac. In the same time, the local market particularitiesdue to volatile market adding on top the administrativerestrictions implying high refinancing costs, will increasethe complexity of the activity but also the opportunity ofmaximizing revenues and incremental role of theTreasury within the bank.

Treasury division

HUMAN RESOURCES

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During 2005 the number of employees increased by 25%and reached 394 at year-end.Client satisfaction is a result of employee’s professiona-lism, internal efficiency and a warm working atmospherewithin the organization. This is the reason why one of themost important responsibilities of the HR department is tobuild a professional team.

HVB Bank’s mission is to attract and retain the besttalents, good professionals, responsible and dynamicpeople, with a highly developed team spirit. Oncebecoming a HVB team member, our job is to maximize theefficiency and professionalism our employees aredelivering when taking responsibility, as well as the levelof the professional abilities and competencies.

FINANCIAL REPORT

87

We have audited the accompanying balance sheet of HVBBANK ROMANIA S.A. (“the Bank”) as of December 31,2005 and the related statements of profit and loss, changesin shareholders’ equity and cash flows for the financialyear then ended, which reflect:

• total assets 6,311.322,470 RON• total shareholders’ equity net assets 440,481,735 RON• total income 534,303,159 RON• net profit for the year 146,767,260 RON

The accompanying financial statements are theresponsibility of Bank’s management and are prepared inaccordance with the Romanian Statutory AccountingRequirements (“RAS”) comprising the accounting law no.82/1991, the Ministry of Public Finance and National Bankof Romania Order no. 1982/5/2001 and the Ministry ofPublic Finance Order no. 1827/2003. Our responsibility isto express an opinion on these financial statements basedon our audit.

We conducted our audit in accordance with InternationalStandards on Auditing and in accordance with theAuditing Standards issued by the Romanian Chamber ofAuditors in accordance with Romanian legislationregarding auditing. Those standards require that we planand perform the audit in order to obtain reasonable

assurance about whether the financial statements are freeof material misstatement. An audit includes examining, ona test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit alsoincludes assessing the accounting principles used andsignificant estimates made by management, as well asevaluating the overall financial statement presentation. Webelieve that our audit provides a reasonable basis for ouropinion.

In our opinion, the accompanying financial statementspresent fairly, in all material respects, the financialposition of HVB BANK ROMANIA S.A. as of December 31,2005 and the results of its operations, changes inshareholders’ equity and cash flows for the year thenended in accordance with Romanian Statutory AccountingRequirements, comprising the accounting law no.82/1991, the Ministry of Public Finance and National Bankof Romania Order no. 1982/5/2001 and the Ministry ofPublic Finance Order no. 1827/2003.Without qualifying our opinion, we draw attention to thefollowing:

As presented in Note 1.1 to the financial statements,during the year 2000 Romania started the process ofharmonising its accounting principles with the FourthDirective of the European Community and InternationalFinancial Reporting Standards (IFRS). However, the latestaccounting requirements issued by the Ministry of Public

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Finance are designed to address the fiscal needs of theMinistry of Public Finance and are applicable in Romaniaonly. Such newly issued regulations do not address therequirements of all IFRS and are different in some aspectsfrom the IFRS, in particular matters relating to IAS 29“Financial Reporting in Hyperinflationary Economies”, IAS32 “Financial Instruments – Disclosure and presentation

and IAS 39 “Financial Instruments – Recognition andMeasurement”. As a result, these financial statements maynot express a true and fair view of the financial position ofthe Bank, the results of its operation, the changes inshareholder’s equity nor its cash flows in accordance withIFRS. Accordingly, these financial statements should not beused by any party who is not aware of the above.

Deloitte Audit SRLBucharest, March 31, 2006

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ASSETS

Petty cash, bank accounts with Central Bank (Notes 14.6; 15)

Public bills of exchange and other bonds accepted for refinance at central banks

Public bills of change and assimilated values (Note 14.6)

Other bonds accepted for refinance at central banks

Receivables from credit institutions (Notes 3.4; 15)At sight (Note 3.4)

Other receivables (Notes 3.1; 3.4)

Receivables from customers (Notes 3.1; 3.3; 3,4; 15)

Debentures and other fixed income bonds (Notes 5; 14.6; 15)Issued by public organisations (Note 14.6)

Issued by others institutions, out of which:

Own debentures

Shares and other variable income securities (Note 15)

Investments, out of which (Notes 4.4; 15):Investments in credit institutions (Note 4.4)

Shares in related parties, out of which:Shares in credit institutions

Intangible assets, out of which (Note 5)Set-up expenses (Note 5)

Good will, whether purchased

Tangible assets, out of which (Note 5)Land and buildings used for own activities (Note 5)

Subscribed and not paid-in share capital

Own shares

Other assets (Notes 2.3; 15)

Prepayments and accrued income (Notes 2.4; 15)

TOTAL ASSETS (Note 15)

BALANCE SHEETS

AS AT DECEMBER 31, 2004 AND DECEMBER 31, 2005

2004

1,282,264,507

1,091,254,0681,091,254,068

-

259,722,891112,744,606

146,978,285

3,350,330,608

236,309,946

169,243,640

67,066,306

-

695,957

4,576,026

3,999,680

-

-

16,316,310

680

-

29,185,665

13,340,591

-

-

3,401,746

37,264,746

6,311,322,470

2005

348,716,246

296,770,299

296,770,299

-

70,632,534

30,661,284

39,971,250

911,133,939

64,265,303

46,026,390

18,238,913

-

189,268

1,244,466

1,087,727

-

-

4,437,277

185

-

7,937,142

3,628,020

-

-

925,117

10,134,276

1,716,385,867

2004

535,492,831

350,633,132350,633,132

-

710,022,601109,993,950

600,028,651

2,318,353,207

174,428,655

85,900,353

88,528,302

-

347,814

576,346

-

-

-

11,070,202

1,636

-

21,355,029

8,758,405

-

-

20,620,952

22,334,744

4,165,235,513

2004

135,010,673

88,403,079

88,403,079

-

179,013,842

27,732,131

151,281,711

584,512,822

43,977,676

21,657,553

22,320,123

-

87,692

145,311

-

-

-

2,791,065

412

-

5,384,118

2,208,205

-

-

5,199,040

5,631,128

1,050,156,446

* The EURO figures are obtained by converting the RON figures using the NBR rate of exchange of 3.9663 RON/EUR available as of December,31, 2004 and of 3.6771 RON/EUR available as of December, 31 2005. The EURO figures are presented for information purpose only and were notaudited by Deloitte Audit SRL.

2005

3,000,592,258735,304,440

2,265,287,818

2,700,693,0311,745,050,921

512,815,565

1,232,235,356

955,642,110

737,536,412

218,105,698

-

-

-

51,291,708

70,211,441

-

-

4,202,958

43,849,339

126,420,630

-

88,474,162

25,284,126

-

62,589,390

-

-

600,646

3,660,468

101,966,349

-

146,767,260

-

26,807,134

6,311,322,470

2005

816,021,391

199,968,573

616,052,818

734,462,764

474,572,604

139,461,958

335,110,646

259,890,161

200,575,566

59,314,595

-

-

-

13,948,957

19,094,243

-

-

1,143,009

11,924,979

34,380,525

-

24,060,853

6,876,105

-

17,021,400

-

-

163,348

995,477

27,730,100

-

39,913,861

-

7,290,292

1,716,385,867

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2004

1,616,169,595408,024,378

1,208,145,217

2,228,525,8631,587,838,662

211,414,683

1,376,423,979

640,687,201

442,219,059

198,468,142

-

-

-

26,427,482

21,899,923

-

-

-

47,298,043

58,724,050

-

64,224,208

19,783,866

-

41,282,516

-

-

3,157,826

-

26,086,370

-

90,678,145

-

14,798,166

4,165,235,513

2004

407,475,379

102,872,798

304,602,581

561,865,180

400,332,467

53,302,746

347,029,720

161,532,713

111,494,103

50,038,611

-

-

-

6,663,006

5,521,499

-

-

-

11,924,979

14,805,751

-

16,192,474

4,987,990

-

10,408,319

-

-

796,164

-

6,577,004

-

22,862,150

-

3,730,975

1,050,156,446

BALANCE SHEETS

AS AT DECEMBER 31, 2004 AND DECEMBER 31, 2005

in RON / in EUR

LIABILITIES

Liabilities to credit institutions (Notes 3.4; 15)

At sight (Note 3.4)

At term (Notes 3.4; 14.5)

Liabilities over customers (Notes 3.1; 3.4; 15)

Deposits, out of which:

At sight (Note 15)

At term (Note 15)

Other liabilities, out of which:

At sight (Note 15)

At term (Notes 3.2; 14.5)

Liabilities from bonds

Interbanking market bonds, debentures, negotiable bonds

Other bonds

Other liabilities (Notes 2.3; 15)

Unearned income and accrued liabilities (Notes 2.4; 15)

Provisions for risks and charges, out of which: (Notes 8.1; 15)

Provisions for pensions and similar debts

Other provisions

Subordinated debts (Notes 3.6; 15)

Subscribed and paid-in share capital (Notes 6; 15)

Share premium

Reserves (Notes 2.2; 15)

Legal reserves (Note 2.2)

Statutory and contractual reserves

General reserve for credit risk (Note 2.2)

Other reserves

Mutual guarantee reserve

Other reserves (Note 2.2)

Revaluation reserves (Note 2.2)

Retained profit/(loss)

Profit (Note 15)

Loss

Profit/(loss) for the financial year

Profit (Note 14.4)

Loss

Profit allocation (Note 7)

TOTAL LIABILITIES (Note 15)


in RON / in EUR

OFF BALANCE SHEET ITEMS

Contingent liabilities, out of which (Note 13.1)Endorsements and acceptances (Note 13.1)

Guarantees and pledged assets (Note 13.1)

Commitments, out of which (Note 13.2)Commitments for REPO transactions

2005

599,600,777491,513,088

108,087,689

1,312,500,021-

2005

163,063,495

133,668,676

29,394,819

356,938,898

-

2004

351,072,465211,857,514

139,214,951

866,124,796-

2004

88,513,845

53,414,395

35,099,451

218,370,974

-

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OFF BALANCE SHEETS

FOR THE YEARS ENDED DECEMBER 31, 2004 AND DECEMBER 31, 2005


2005

329,439,529

60,802,201

163,133,935

-

-

-

-

67,117,955

6,393,226

72,064,142

817,974

82,036,500

30,788,718

24,187,365

6,547,688

4,179,349

51,247,782

11,577,496

5,875,436

93,945,509

64,827,192

-

36,367

171,341,057

-

24,573,797

2005

89,592,214

16,535,368

44,364,835

-

-

-

-

18,252,959

1,738,660

19,598,091

222,451

22,310,109

8,373,098

6,577,837

1,780,666

1,136,588

13,937,011

3,148,540

1,597,845

25,548,804

17,629,978

-

9,890

46,596,790

-

6,682,929

2004

203,462,797

39,701,946

74,234,547

-

-

-

-

44,261,562

5,116,394

12,956,100

509,686

55,676,997

21,796,452

14,210,454

4,283,129

2,556,549

33,880,545

6,802,705

5,457,807

47,807,205

46,295,354

-

4,043,263

116,433,107

-

25,754,962

2004

51,297,884

10,009,819

18,716,322

-

-

-

-

11,159,409

1,289,966

3,266,546

128,504

14,037,515

5,495,412

3,582,799

1,079,880

644,568

8,542,103

1,715,126

1,376,045

12,053,351

11,672,177

-

1,019,404

29,355,598

-

6,493,448

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STATEMENTS OF OPERATIONS


in RON / in EUR

Interest income and assimilated income, out of which (Note 9.1)

From debentures and other fixed income bonds (Note 9.1)

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 (Notes 9.5; 9.6)

Personnel expenses, out of which (Note 9.5)

Salaries (Note 9.5)

Social security charges, out of which (Note 9.5)

Pension expenses (Note 9.5)

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 (Note 9.8)

Income from the reversal of corrections over the value of receivables and

provisions for contingent liabilities and commitments (Note 9.8)

Corrections over financial assets, investments

and shares in related parties

Income from corrections over financial assets, investments

and shares within related parties (Note 9.9)

CURRENT ACTIVITY PROFIT/(LOSS)

Profit (14.4)

Loss

Tax on profit (Note 14.4)


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STATEMENTS OF OPERATIONS


in RON / in EUR

RESULT OF THE YEAR AFTER TAXATION

Profit (Note 14.4)

Loss

Extraordinary revenues

Extraordinary expenses

EXTRAORDINARY PROFIT/(LOSS) FOR THE YEAR

Profit

Loss

Tax on extraordinary result

EXTRAORDINARY RESULT AFTER TAX

Profit

Loss

Total income (Note 14.4)

Total expenses (Note 14.4)

GROSS RESULT

Profit (Note 14.4)

Loss

Tax on profit (Note 14.4)

Expenses with tax on current profit (Note 14.4)

Expenses with tax on deferred income

Revenues from tax on deferred income (Note 14.4)

Other taxes which are not mentioned in the above elements

NET PROFIT/(LOSS) FOR THE FINANCIAL YEAR

Profit (Note 14.4)

Loss

Result per share

Basic

Diluted

2005

146,767,260

-

-

-

-

-

-

-

-

534,303,159

362,962,102

171,341,057

-

24,573,797

24,573,797

-

-

-

146,767,260

-

-

-

2005

39,913,861

-

-

-

-

-

-

-

-

145,305,583

98,708,793

46,596,790

-

6,682,929

6,682,929

-

-

-

39,913,861

-

-

-

2004

90,678,145

-

-

-

-

-

-

-

-

311,528,762

195,095,655

116,433,107

-

25,754,962

25,755,825

-

863

-

90,678,145

-

-

-

2004

22,862,150

-

-

-

-

-

-

-

-

78,543,923

49,188,325

29,355,598

-

6,493,449

6,493,665

-

218

-

22,862,150

-

-

-


in RON / in EUR

NET RESULT OF THE YEAR (Note 14.5; 15)

Components of net profit/(loss) that do not generate cash flows

for the operating activity

± provisions (Note 9.7)

± depreciation expenses (Note 9.7)

± other adjustments for items that do not generate cash flows

± adjustments for items included in investment and financial activities (Note 3)

± other adjustments - tax on profit (Note 14)

Sub - total

Changes in assets and liabilities of operating activity after the adjustments

for the items that do not generate cash flows for the operating activity

± bonds that are not financial assets (Note 3)

± receivables from credit institutions (Note 3)

± receivables from customers (Note 3)

± accrued interest receivables (Note 2)

± other assets of operating activity (Note 2)

± debts over credit institutions (Note 3)

± debts over the customers (Note 3)

± accrued interest payables (Note 2)

± other liabilities of operating activity (Note 2)

- cash payments of profit tax (Note 14.5)

Cash flow from operating activity

Cash flow from investing activity

- cash payments for purchase of branches and subsidiaries

+ cash receipts from sale of branches and subsidiaries

+ cash receipts from received dividends

- cash payments for purchase of bonds as financial assets (Note 3)

+ cash receipts from sale of bonds as financial assets

+ cash receipts from interest received

- cash payments for purchase of land and fixed assets, intangibles

and other long term assets (Note 5)

+ 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

94

STATEMENTS OF CASH FLOWS


2005

146,767,260

23,585,911

11,577,496

-

8,407,351

24,573,797

214,911,815

(16,138,619)

32,232,036

(1,051,226,305)

(15,064,051)

17,219,206

1,384,422,663

472,167,168

48,311,518

27,692,724

(27,402,295)

1,087,125,860

(4,347,823)

-

-

-

80,066

-

-

(29,401,123)

-

-

-

(33,668,880)

2005

39,913,861

6,414,270

3,148,540

-

2,286,408

6,682,929

58,446,008

(4,388,953)

8,765,613

(285,884,612)

(4,096,721)

4,682,822

376,498,508

128,407,486

13,138,484

7,531,132

(7,452,148)

295,647,619

(1,182,405)

-

-

-

21,774

-

-

(7,995,737)

-

-

-

(9,156,368)

2004

90,678,145

1,614,807

6,802,705

-

6,316,457

25,754,962

131,167,076

25,437,088

19,243,735

(997,921,376)

(12,974,624)

(11,454,357)

810,654,633

1,104,840,584

7,574,086

20,065,196

(23,191,887)

1,073,440,154

-

-

-

(14,864,359)

-

-

-

(21,338,854)

-

-

-

(36,203,213)

2004

22,862,150

407,132

1,715,126

-

1,592,531

6,493,448

33,070,387

6,413,304

4,851,810

(251,600,075)

(3,271,216)

(2,887,920)

204,385,607

278,556,989

1,909,610

5,058,920

(5,847,235)

270,640,182

-

-

-

(3,747,664)

-

-

-

(5,380,040)

-

-

-

(9,127,704)



2005

-

(3,448,704)

65,139,400

-

-

-

-

-

61,690,696

1,568,924,656

1,087,125,860

(33,668,880)

61,690,696

-

2,684,072,332

2005

-

(937,887)

17,714,884

-

-

-

-

-

16,776,997

426,674,460

295,647,619

(9,156,368)

16,776,997

-

729,942,708

2004

18,824,608

-

-

-

-

-

-

-

-

512,863,107

1,073,440,154

(36,203,213)

18,824,608

-

1,568,924,656

2004

4,746,138

-

-

-

-

-

-

-

-

129,305,173

270,640,182

(9,127,704)

4,746,138

-

395,563,789

in RON / in EUR

Cash flow from financing activity

+ cash receipts from bonds and subordinated debts (Note 3)

- 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 (Note14.8)

± Cash flow from operating activity (Note 14.8)

± Cash flow from investment activity

± Cash flow from financing activity (Note 3)

± Changes of foreign exchange rates – effect on cash

Cash at the end of period (Note 14.8)

95

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STATEMENTS OF CASH FLOWS


96

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2005

in RON

Subscribed capital (Note 6)

Share capital premium



General reserves for credit risk (Note 2.2)

General banking risks reserves (Note 2.2)

Revaluation reserve

Own shares reserves

Conversion reserves


Mutual guarentee reserve

Other reserves

Funds

Retained earnings

Unallocated profit (Note 14)

Uncovered loss

Retained earnings from first use of IAS less IAS 29

Credit balance (Note 14)

Debit balance

Retained earnings from changes in accounting policies

Credit balance

Debit balance

Retained earnings from correction of fundamental errors

Credit balance

Debit balance

Retained earnings representing surplus from revaluation reserves

Profit / (Loss) for the period


Debit balance

AdditionsBalance at

January 1

58,724,050

-

19,783,866

-

26,484,350

14,798,166

-

-

-

-

-

3,157,826

-

22,619,031

-

3,467,339

-

-

-

-

-

-

75,879,979

-

Total,

out of which

67,696,580

-

5,500,260

-

-

21,306,874

3,660,468

-

-

-

-

-

-

75,879,979

-

-

-

-

-

-

-

-

146,767,260

-

transfer

2,557,180

-

5,500,260

-

-

21,306,874

-

-

-

-

-

-

-

75,879,979

-

-

-

-

-

-

-

-

-

-

97

Fin

an

cia

l re

po

rt

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2005

in RON

Subscribed capital (Note 6)

Share capital premium



General reserves for credit risk (Note 2.2)

General banking risks reserves (Note 2.2)

Revaluation reserve

Own shares reserves

Conversion reserves


Mutual guarentee reserve

Other reserves

Funds

Retained earnings

Unallocated profit (Note 14)

Uncovered loss

Retained earnings from first use of IAS less IAS 29


Debit balance

Retained earnings from changes in accounting policies

Credit balance

Debit balance

Retained earnings from correction of fundamental errors

Credit balance

Debit balance

Retained earnings representing surplus from revaluation reserves

Profit / (Loss) for the period


Debit balance

DisposalsTotal,

out of which

-

-

-

-

-

-

-

-

-

-

-

2,557,180

-

-

-

-

-

-

-

-

-

-

102,687,113

-

transfer

-

-

-

-

-

-

-

-

-

-

-

2,557,180

-

-

-

-

-

-

-

-

-

-

102,687,113

-

Balance at

Decembre 31

126,420,630

-

25,284,126

-

26,484,350

36,105,040

3,660,468

-

-

-

-

600,646

-

98,499,010

-

3,467,339

-

-

-

-

-

-

119,960,126

-

NOTES TO THE FINANCIAL STATEMENTS

99

These financial statements are the responsibility of theBank’s management and are prepared in accordance withthe Romanian statutory accounting requirements and theMinistry of Public Finance’s (MoF) and National Bank ofRomania Order no. 1982/5/ 2001 (MoF 1982/5) withsubsequent changes. These require that the financialstatements should be prepared in accordance with:

• Accounting Law no. 82/1991 (revised)• General requirements regarding the preparation of thefinancial statements as stipulated by OMF 1982/5 and• International Accounting Standards (IAS) issued by theInternational Accounting Standards Committee.

The financial statements are prepared under the historicalcost convention, with the exemptions presented inaccounting policies paragraph, as for the revaluation ofcertain financial assets and financial liabilities held fortrading, available-for-sale investment securities and sharecapital.

Starting with 2001, IAS 39 “Financial Instruments,recognition and evaluation” became applicable. Themanagement of the Bank decided that the application ofIAS 39 provisions would not affect significantly the bank’s

financial statements. The effects resulted from the applicationof IAS 39, if there are some, are recorded in the Statementsof Changes in Shareholders’ Equity. Further informationis disclosed in the accounting policies related to the derivativefinancial instruments and risks diminution.

Before the application of IAS 39, all financial assets andliabilities, except for the transaction titles, were evaluatedat amortized cost, respectively at cost, and only thosedepreciations which were considered permanent wererecorded.

IAS 39 was applied prospectively as stipulated by thisstandard and that is why the comparatives were not restated.

ORDER OF MINISTRY OF PUBLIC FINANCE’S ANDNATIONAL BANK OF ROMANIA NO. 1982/5/2001(“ACCOUNTING REGULATIONS HARMONIZED TO 86/635DIRECTIVE OF EUROPEAN ECONOMIC COMMITTEE ANDTO INTERNATIONAL ACCOUNTING STANDARDS”)

The Ministry of Public Finance and National Bank ofRomania Order no. 1982/5/2001 (MoF 1982/5) is applicablebeginning with financial statements of year 2001 for thecompanies which meet the criteria set out in the Ordinance.According to MoF 1982/5/2001, financial statements willbe elaborated at historical cost.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF THE

FINANCIAL STATEMENTS

1

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100

1.2 SIGNIFICANT ACCOUNTING POLICIES

The Bank’s present financial statements are prepared usingthe following accounting principles:• Going Concern – the Bank will continue its activity asnormal in a foreseeable future, without being in the im-possibility to continue its activity or significantly reduce it;• Consistency – the same rules and norms should beconsistently applied to evaluation, recording andpresentation of the balance sheet items and the statementof operations assuring the comparability in time of theaccounting information;• Prudence principle – value of each item should becalculated based on prudence principle. Especially:

a) Only profits recognised before the period end will beconsidered;b) All foreseeable obligations and potential losses arisenduring the current or prior periods (even if theseobligations or losses appear between the period endand the balance sheet date) will be considered;c) All adjustments regarding impairments will be takeninto account, regardless the effect over the result of theperiod;

• Independence principle – all revenues and expensesrelated to the reporting fiscal year will be considered,regardless the encashment or the payment dates;• Separate evaluation of assets and liabilities – eachbalance sheet position will be calculated separately;• Matching principle – opening Balance equals prior yearclosing Balance, except for corrections imposed by IAS 8“Net Profit or Loss for the Period, Fundamental Errors andChanges in Accounting Policies”;• Offsetting principle – values of assets cannot be offsetagainst values of liabilities, the same for expenses andrevenues, except for the ones accepted by IAS;• Substance over form principle – information presentedin Financial Statements should reflect the economic substanceof events and transactions, not merely the legal form;• Materiality principle – every item with a material valuemust be presented separately in the Financial Statements,Items with immaterial value and same nature or similarfunctions should be aggregated, their separate presentationnot being necessary.

All amounts are presented in RON. The currency was changed on July 1, 2005 when

denomination of the national currency was applied(thousands lei became RON) as per provisions of Law no348/2004.

Interest income, interest expense, other operating income and other operating

expenses are recognised on accrual basis and not on acash basis.

Asset with acquisition cost more than1500 RON and an estimated useful life

exceeding one year are capitalised. Assets with acquisition

cost less than 1500 RON are expensed.Fixed assets are recorded at cost and depreciated on astraight-line basis at the following annual rates over theirestimated useful lives:• Building improvements 8.33%-10.62%• Equipment 11.11% - 33.33%• Furniture 6.67%• Other 4%-20%Intangible assets consist of software, which is amortisedover a period of three years.Intangible assets in progress and the related advancesconsist of software projects, which are to be implementedand used in future.Tangible assets in progress represent mainly improvementworkings regarding the new branches’ locations.Assets held under finance leases are capitalised anddepreciated over their expected useful lives on the samebasis as owned assets.

Impairment of property, plant andequipment is based on the provisions of IAS 36 “Impairmentof Assets”, IAS 36 requires that when the carrying amountof an asset exceeds its recoverable value an impairmentloss should be recognised. The recoverable amount isconsidered to be the higher of value in use and its netselling price.As at December 31, 2005, the Bank revalued the fixedassets. The revaluation is shown in the accounting recordsas per revaluation report.As at December 31, 2005, the Bank does not hold lands orbuildings.In addition, IAS 36 allows subsequent restoration of theportion of carrying values if the impairment conditionscease to exist.

Leases are classified as finance leaseswhenever the terms of the lease transfer substantially allthe risks and rewards of ownership to the lessee. All otherleases are classified as operating leases.Assets held under finance leases are recognised as assetsof the Bank at their fair value at the date of acquisition.The corresponding liability to the lessor is included in thebalance sheet as a finance lease obligation. Finance costs,which represent the difference between the total leasingcommitments and the fair value of the assets acquired, arecharged to the income statement over the term of therelevant lease so as to produce a constant periodic rate ofcharge on the remaining balance of the obligations for eachaccounting period. Rentals payable under operating leasesare charged to income on a straight-line basis over theterm of the relevant lease.

Inventories are recorded at the lower of costand net realisable value. Cost is determined by first in firstout (FIFO) cost method for all types of stocks. Net realisablevalue is estimated on selling price in the normal course ofactivity less necessary selling expenses.

Currency used forpresentation

Income and expenserecognition

Fixed assets andintangible assets

Impairment of assets

Leasing

Inventories

101

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Legal proceedingsnot initiated

Banking sector

max. 3 days

-

4 - 15 days

16 - 30 days

min. 31 days

Non-banking sector

max. 15 days

16 - 30 days

31 - 60 days

61 - 90 days

min. 91 days

Provision rate (%)

0%

5%

20%

50%

100%

Loan category

Standard

Watch

Substandard

Doubtful

Loss

Loans originated by the Bank providing money to the borrower or to a sub-partici-

pation agent at draw down are categorised as loansoriginated by the Bank and are carried at cost.All loans and advances are recognized when cash isadvanced to borrowers.Provision for loans is established when there is objectiveevidence that the Bank will not be able to collect all amountsdue. The provision is the difference between the carryingamount and the recoverable amount, where the recoverableamount is the present value of expected future cash flows,including amounts recoverable from guarantees andcollateral, discounted based on the interest rate at inception.The loan loss provision also covers losses where there isobjective evidence that probable losses are present incomponents of the loan portfolio at the balance sheet date.These have been estimated based upon historical patternsof losses in each component, the credit ratings allocated tothe borrowers and reflecting the current economic climatein which the borrowers operate. When a loan isuncollectable, it is written off against the related provision.

Subsequent recoveries are credited to the bad and doubtfuldebt expense.

Provisions for doubtful debts are based onevaluations of loans and advances as at

December 31, 2005 and December 31, 2004, respectively,including the accrued interest. Provisions have beenrecognised as an expense, charged against income anddeducted from the total amount of loans and advances andaccrued interest.Specific provisions are made against the loans and advancesand accrued interest receivable, which are considered tobe bad and doubtful using a NBR methodology. For loansand receivable the approach assesses both the debt servicerecord, in terms of the timeliness of payments of eitherinterest or principal, and the initiation of legal proceduresof loans in litigation. The assessment is different dependingon the type of loans granted to banking or non-bankingcustomers.The combined assessment results in the classification ofthe loans into five categories as follows:

No. of days overdue

Provisions fordoubtful debts

Originated loans andprovision for loans

102

Degree of risk assigned

(%)

0%

20%

50%

Guarantee

Cash collateral

Guarantees issued by Banks and local administrations

Mortgages over real estates, commercial receivable and other pledges

Legal proceedingsinitiated

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 aftertaking into account the risk degree of the debtor or of the

guarantor, according with NBR requirements. The exposurecan be adjusted for all loans and receivables except thoseclassified as loss.

The degree of risk allocated to various classes of collateralas per NBR requirements is as follows:

Securities Securities hold by the Bank are securitiesfor placement and investment securities. Managementdeterminates the appropriate classification of its investmentat the time of purchase.

a) Held-to-Maturity (HTM)Represents investment securities with fixed maturitywhere management has both the intent and ability to holdto maturity. This category includes eurobonds securitiesissued by Romanian Government and other Romaniancompanies on the European market.Investment securities classified as HTM are carried atamortised cost using the effective yield method providingfor any impairment that is other than temporary.

b) Investment securities (IS)Investment securities are acquired in order to be held fora longer period of time, but this does not involve theirpreservation until maturity.Investment securities are initially recognised at cost(including transaction cost). Interest calculated whileholding the fixed income securities, is recorded usingattached debts accounts. The transaction costs related tofinancial assets held for sale are included in the purchasecost. Premiums are also included in the purchase cost.Securities available for sale are evaluated afterwards usingthe purchase price or using the lowest between marketvalue and purchase price. Favorable differences are notrecorded in accounting and for the unfavorable differencesprovisions are made.Interest due for the residual period, regarding securitiesbearing fixed income available for sale is recorded usingattached debts accounts, and the dividends earned forsecurities with variable income are recorded in the properrevenue account.The sale of securities is recorded in accounting at saleprice and the differences between the sale price and the

historical cost are recorded using revenues or expensesaccounts, as needed.

Transactions denominated in foreigncurrencies are translated into Romanian lei at the ratesruling at the dates of the transactions. Assets and liabilitiesdenominated in foreign currencies are translated usingexchange rates of National Bank of Romania ruling at thebalance sheet date.Foreign exchange gains or losses arising from translationof elements denominated in foreign currency are creditedor charged to the profit and loss account.

Cash is considered to be cash on hand andNostro accounts. Cash equivalents are short

term, highly liquid investments that are readily convertibleinto cash.

The nature of Bank’s activity and theuncertainty from Romania, referring to the result of currenteconomic policies implemented in real operationalconditions, make possible the appearance of unpredictablevariations regarding the future cash inflows. However,Bank’s management considers that the Bank will be ableto continue its activity on a going concern basis in thefuture and, consequently, the financial statements wereprepared accordingly.

In order to elaborate these financialstatements in accordance with Order no. 1982/5/2001,Order 2332/2001, Order 263/05,02,2004 and Order6/2004, it was necessary to perform some adjustmentsover the statutory accounts and obtaining the informationthat wasn’t available directly from the Bank’s accounts.Accordingly, statutory records don’t always provide enoughinformation to fairly establish the adjustments andnecessary informational disclosures; because of this reason,

Foreign exchange

Cash and cashequivalents

Going concern

Use of estimates

103

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fin

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l st

ate

me

nts

Total

1,175,796

-

1,175,796

Provisions

-

-

-

Inventories

1,175,796

-

1,175,796

RON / 2004

Small tools

Other inventories (a)

Total (Note 2.3)

(a) Other inventories in amount of RON 1,776,902 (2004: RON 1,175,796) have a rapid turnover, therefore no provision for obsolete inventories

were provided for these financial statements.

estimation was made on the basis of the best availableinformation. Although these individual estimations presenta certain degree of uncertainty, the overall effect overfinancial statements is considered to be immaterial.

The Bank pays contributions to the State Budget for social insurance, social pension

and unemployment fund according to levels establishedby present legislation during the year, computed againstgross wages. The value of these contributions is recordedinto the profit and loss account in the same period withcorresponding salary expenses.The Bank does not have other obligations according topresent Romanian legislation regarding the future pensions,health insurance and other labour expenses.

The bank prepared its financial statementsin accordance with Order of Ministry of

Public Finance and National Bank of Romania no.1982/5/2001 for the first time in 2001. For 2005 thefinancial statements present comparatives for the yearsended at December 31, 2004.

The charge for current tax is based on theresults for the year as adjusted for deductible and nontaxable items. It is calculated using tax rates that havebeen enacted or substantively enacted by the balancesheet date and the tax reduction is applied (the tax isdiminished with sponsorship expenses) according to theFiscal Code.Deferred tax is accounted for using the balance sheetliability method in respect of temporary differences arisingfrom differences between the carrying amount of assetsand liabilities in the financial statements and thecorresponding tax basis used in the computation oftaxable profit.Deferred tax is calculated at the tax rates that are expectedto apply to the period when the asset is realised or theliability is settled. Deferred tax assets and liabilities areoffset when they relate to income taxes levied by the sametaxation authority and the bank intends to settle its currenttax assets and liabilities on a net basis.For the year ended December 31, 2005, the Bank haspaid an income tax rate of 16%.

RON / 2005

Small tools

Other inventories (a)

Total (Note 2.3)

Total

1,776,902

-

1,776,902

Provisions

-

-

-

Inventories

1,776,902

-

1,776,902

BALANCE SHEET ITEMS

2

2.1 INVENTORIES ACCOUNTS

As at December 31, 2004 and December 31, 2005 the Bank had the following inventory accounts:

2.2 RESERVES

As at December 31, 2005, reserves amounting toRON 88,474,162 (2004: RON 64,224,208) include:• Legal reserves, in amount of RON 25,284,126 (2004:RON 19,783,866) are as follows:

• Till December 2003, legal reserves are established inaccordance with Banking Law no. 58/1998 at amaximum 100% of gross profit (as calculated underRomanian Accounting Standards for banks) until the

reserve reaches 100% of the share capital. Once thereserve has reached 100% of the share capital, additionalallocation can be made at a maximum 10% of the grossprofit until the reserve reaches 200% of the share capital.Thereafter, additional allocations can be made from thenet profit. This reserve cannot be distributed to theshareholders.• Starting with 2004, the Banks constitutes the reservesfund in accordance with the provisions of laws regarding

Contributions foremployees

Profits Tax

Comparativestatements

104

December 31, 2004

2,229,858

-

12,178

17,203,120

1,175,796

20,620,952

RON

Other assets

Sundry debtors

Values to be encashed

Unrealised foreign exchange differences - assets

Adjustment accounts related to Fx derivatives

Other inventory (Note 2.1)

Total other assets

December 31, 2004

2,085,145

19,081,236

109,320

-

5,151,781

26,427,482

RON

Other liabilities

Sundry creditors

Unrealised foreign exchange differences - liability

Adjustments accounts related to interest rate derivatives

Adjustment accounts related to Fx derivatives

Other liabilities

Total other liabilities

the commercial Companies (Law no. 31/1990 reissued).Every year at least 5% of the profit will be transferredto the reserves fund till this will reach maximum of thefive part of the share capital. The allocation of the profitfor 2004 to legal reserves was RON 0. The allocationof the profit for 2005 to legal reserves was RON5,500,260.

• General reserve for credit risk amounting toRON 26,484,350 was established till December 2003 inaccordance with Banking Law 58/1998 (2% of outstandingloans at the end of the year). This reserve cannot bedistributed to the shareholders.• Reserve for banking risks in amount of RON 36,105,040(December 31, 2004: RON 14,798,166) was establishedstarting with January 1, 2004.Starting with 2004, Banks establishes the fund for generalbanking risks of the accounting profit before the deductionof the tax on profit in amount of 1% of the balance of theassets carrying risks specific to the banking activities, asstipulated by the Norms of National Bank of Romaniaagreed by the Ministry of Public Finance, to the extent thatthose amounts refer to the net profit.The allocation from the 2005 profit was RON 21,306,874.

• Other reserves amounting to RON 600,646 (2004: RON3,157,826) consist of:

• Reserves in accordance with Law no 189/2001 andto Decision 3/2002, amounting to RON 600,646 (2004:RON 600,646), out of which RON 66,739 (2004: RON66,739) in respect of the reduction of the tax on profitof 50% related to the use of profit, for the current fiscalyear with respect to investments in tangible andintangible assets, and RON 533,907 (2004: RON 533,907)representing the value of these investments. This reservecannot be distributed to the shareholders.• Other reserves in amount of RON 2,557,180 as atDecember 31, 2004 which relates to revaluation ofassets and liabilities denominated in foreign currency,in accordance with law no 189/2001 have been usedfor the increase in the share capital during 2005.The increase was performed in accordance with thelegal stipulations.• Revaluation reserves in amount of RON 3,660,468 asa result of revaluation of fixed assets as at December31, 2005 (based on the revaluation report). Till December31, 2004, the Bank did not revalue its fixed assets.

December 31, 2005

1,623,286

194

1,364

-

1,776,902

3,401,746

December 31, 2005

14,424,264

15,204,935

-

19,502,822

2,159,687

51,291,708

2.3 OTHER ASSETS AND OTHER LIABILITIES

105

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RON

Prepayments and accrued interest receivable

Prepaid expenses

Income to be received

Accrued interest receivable from:

- repo agreements

- bills of exchange and other assimilated assets

- securities held to maturity (Note 4.1)

- investment securities (Note 4.3)

- nostro and placements with NBR

- loans granted to customers

- placements with other banks

- credits with banks

- overdrafts

- overdue interest

Total prepayments and accrued interest receivable

Less: provision for interest risk (Note 8.2)

Prepayments and accrued receivables - net

Prepaid expenses amounting to RON 5,019,085 as at December 31, 2005 (December 31, 2004: RON 2,278,976) consists in amounts related

to administrative expenses related to future periods.

The deferred income amounting to RON 11,454,841 (2004: RON 26,475) mainly consists in interest to be received related to IRS transactions

in amount of RON 11,402,326, as well as in commissions to be received related to loan operations in amount of RON 52,515.

(a) Deferred income amounting to RON 21,176,721 as at December 31, 2005 (2004: RON 14,021,679) mainly consists in flat fee for factoring

loans, discounts, commissions related to the granted loans and income from promissory notes endorsed by the Bank.

Expenses to be paid amounting to RON 1,770,999 as at December 31, 2005 (2004: RON 863,603) consist of interest to be paid related to

IRS transactions in amount of RON 1,703,187 and RON 67,812 representing the value of debts corresponding to performed expenses – invoices

to be received for administrative expenses.

RON

Deferred income and accrued interest payable

Deferred income (a)

Accrued expenses

Accrued interest payable for:

- customers’ current accounts and deposits

- loans from financial organisations (Note 13.7)

- placements from other banks

- subordinated loan (Note 3.6)

- repo agreements

Total deferred income and accrued interest payable

December 31, 2005

21,176,724

1,770,999

2,270,532

43,539,100

523,342

930,744

-

70,211,441

December 31, 2004

14,021,679

863,603

1,906,584

957,340

3,597,047

553,036

633

21,899,923

December 31, 2004

2,278,976

26,475

117,726

5,429,943

3,185,034

4,678,238

2,241,849

4,040,589

27,467

87,927

182,023

61,185

22,357,432

(22,688)

22,334,744

December 31, 2005

5,019,085

11,454,841

-

5,614,278

2,952,800

4,143,647

550,319

6,806,505

46,553

104,359

123,442

605,654

37,421,483

(156,737)

37,264,746

2.4 PREPAYMENTS AND DEFERRED INCOME

106

RON

Term receivables

Credit institutions - sight receivable

Loans to customers - net

Loans to customers

Less: provisions

Total receivables

RON

Term payables

Credit institutions - sight payables

Customers’ deposits

Other debts to customers

Saving passbooks

Total liabilities

Net term receivable (payable)

Up to

3 months

139,447,483

1,562,871,332

1,566,418,195

(3,546,863)

1,702,318,815

Balance at

December 31, 2005

146,978,285

3,350,330,608

3,373,369,126

(23,038,518)

3,497,308,893

Between

3 months and

1 year

7,048,560

493,968,680

500,655,488

(6,686,808)

501,017,240

Over 5 years

482,242

419,415,246

422,921,667

(3,506,421)

419,897,488

Between

1 and 5 years

-

874,075,350

883,373,776

(9,298,426)

874,075,350

Residual maturityRON

Term receivables

Credit institutions - term receivables*

Loans to customers net

Loans to customers**

Less provisions

Total receivables

STATEMENT OF RECEIVABLES AND PAYABLES

3

3.1 TERM RECEIVABLE AND PAYABLES

Up to

3 months

460,248,447

1,116,354,519

1,118,820,878

(2,466,359)

1,576,602,966

Balance at

December 31, 2004

500,011,285

2,318,353,207

2,322,142,821

(3,789,614)

2,818,364,492

Over 5 years

439,791

237,721,007

238,070,035

(349,028)

238,160,798

Between 1

and 5 years

18,220,611

630,114,405

630,797,904

(683,499)

648,335,016

Up to

3 months

(58,630,176)

(1,357,903,480)

(290,410)

(653,019)

(1,416,824,067)

159,778,899

Balance at

December 31, 2004

(1,208,145,217)

(1,375,770,960)

(198,423,319)

(653,019)

(2,782,339,496)

36,024,996

Between

3 months and

1 year

(90,201,396)

(17,867,480)

(2,745,996)

-

(110,814,872)

(244,450,840)

Over 5 years

(147,977,455)

-

(19,582,985)

-

(167,560,439)

70,600,359

Between 1

and 5 years

(911,336,190)

-

(175,803,928)

-

(1,087,140,118)

(438,805,102)

Between

3 months and

1 year

21,102,436

334,163,276

334,454,004

(290,728)

355,265,712

* Does not include sight receivables from credit institutions.

**As at December 31, 2005, loans to customers included the amount of RON 1,347,408,481 representing overdrafts to customers

(December 31, 2004: RON 956,985,049).

Residual maturity

Residual maturity

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RON

Other liabilities to customers

Loans from financial institutions

Other owed amounts

Repo agreements

Total other liabilities

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

Total

25,232,523

100,160,974

80,397,559

522,347,656

621,511,283

13,782,300

954,720,021

77,180

123,712

2,318,353,207

Foreign currency

25,232,523

100,160,974

80,397,559

522,347,656

619,411,283

-

877,216,569

2,441

123,712

2,224,892,717

Romanian lei

-

-

-

-

2,100,000

13,782,300

77,503,452

74,738

-

93,460,490

RON

Trade receivables

Loans for trade export

Loans for equipment

Loans for investments

Other loans

Loans for financial customers

Overdrafts – net

Other amounts

Overdue loans

Total

RON

Term payables

Credit institutions - payable at term*

Customers’ deposits

Other debts to customers, including

current accounts

Saving passbooks

Total payables

Net term receivable / (payable)

3.3 RECEIVABLES FROM CUSTOMERS

Up to 3 months

(107,748,012)

(2,446,671,927)

(9,868,099)

-

(2,564,288,038)

(861,969,223)

Balance at

December 31, 2005

(2,265,287,818)

(2,472,372,778)

(227,622,309)

(697,944)

(4,965,980,849)

(1,468,956)

3 months -

one year

(50,244,036)

(25,700,851)

(3,164,471)

(697,944)

(79,109,358)

421,907,882

Over 5 years

(142,803,495)

-

(79,057,654)

-

(221,861,149)

198,036,339

Between 1

and 5 years

(1,964,492,275)

-

(135,532,085)

-

(2,100,722,304)

(1,226,646,954)

December 31, 2005

(218,105,698)

(9,516,611)

-

(227,622,309

December 31, 2004

(198,423,319)

(44,823)

-

(198,468,142)

3.2 OTHER LIABILITIES TO CUSTOMERS

Residual maturity

* Does not include sight payables to credit institutions.

108

RON

Trade receivable

Loans for trade export

Loans for equipment

Loans for investments

Other loans

Loans to financial customers

Overdrafts – net

Other amounts – to be recovered

Overdue loans

Total

As at December 31, 2005, the Bank’s loan portfolio was structured as follows:

Total

27,223,228

87,892,986

113,443,343

820,770,486

953,580,633

-

1,346,440,697

487,125

492,110

3,350,330,608

Foreign currency

22,520,645

87,892,986

109,731,028

789,872,047

773,168,106

-

1,140,051,581

248,625

477,902

2,923,962,920

Romanian lei

4,702,583

-

3,712,315

30,898,439

180,412,527

-

206,389,116

238,500

14,208

426,367,688

3.4 ANALYSIS OF RECEIVABLES AND LIABILITIES OVER BANKS AND CUSTOMERS

The above amounts are net of the provision.The loans portfolio as at December 31, 2005 consisted of loans granted to commercial companies acting in industry,trade, loans to public companies, individuals and to Bank’s employees. The loans are granted both in Romanian leiand in foreign currencies. The loans in foreign currencies are mainly denominated in EURO and US Dollars.

RON

December 31, 2004

Receivables

- from banks

- Repo agreements

- from customers – net

Loans granted to customers

Less: provision for loans

Total receivables

Payables

- to banks

- Repo agreements

- to customers

Total payables

Total net receivables/(payables)

Total

610,005,234

100,017,367

2,318,353,207

2,322,142,821

(3,789,614)

3,028,375,808

(1,616,169,595)

(44,823)

(2,228,481,040)

(3,844,695,458)

(816,319,650)

Term

500,011,284

100,017,367

1,363,432,295

1,364,910,995

(1,478,700)

1,963,460,946

(1,208,145,217)

(44,823)

(1,574,847,298)

(2,783,037,338)

(819,576,392)

Sight

109,993,950

-

954,920,912

957,231,826

(2,310,914)

1,064,914,862

(408,024,378)

-

(653,633,742)

(1,061,658,120)

3,256,742

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3.5 MATURITY ANALYSIS OF SECURITIES

As at December 31, 2005, the Bank held securities maturing as follows:

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

RON

Issued by

Romanian Government

Public administrations except for the State

Other companies

National Bank of Romania

Total

Revaluation of securities in foreign currency

Total

Total

176,620,088

2,658,872

71,627,072

1,091,254,068

1,342,160,100

(14,596,086)

1,327,564,014

Maturity after

one year

76,594,063

1,962,362

53,231,633

-

131,788,058

Maturity within

one year

100,026,025

696,510

18,395,439

1,091,254,068

1,210,372,042

RON

Issued by

Romanian Government

Public administrations except the State

Other companies

Total

Revaluation of securities in foreign currency

Total

Total

96,176,647

3,290,442

94,540,175

194,007,264

(19,578,609)

174,428,655

Maturity after

one year

55,662,389

2,775,920

94,540,175

152,978,484

Maturity within

one year

40,514,258

514,522

-

41,028,780

RON

December 31, 2005

Receivables

- from banks

- from customers – net

Loans granted to customers

Less: provision for loans

Total receivables

Payables

- to banks

- to customers

Total payables

Total net receivables/(payables)

Total

259,722,891

3,350,330,608

3,373,369,126

(23,038,518)

3,610,053,499

(3,000,592,258)

(2,700,693,031)

(5,701,285,289)

(2,091,231,790)

Term

146,978,285

2,003,402,785

2,025,473,519

(22,070,734)

2,150,381,070

(2,265,287,818)

(1,450,341,054)

(3,715,628,872)

(1,565,247,802)

Sight

112,744,606

1,346,927,823

1,347,895,607

(967,784)

1,459,672,429

(735,304,440)

(1,205,351,977)

(1,985,656,417)

(525,983,988)

110

Bank Austria Creditanstalt International AG Vienna

Total

3.6 SUBORDINATED LOANS

RON

47,298,043

47,298,043

EUR

11,924,979

11,924,979

RON

43,849,339

43,849,339

EUR

11,924,979

11,924,979

2004 2005

RON

December 31, 2005

Issued by:

Romanian Government

Other companies

Total

Unrealised gain

/ (loss)

(4)=(3)-(1)

(368,729)

(25,005)

(393,734)

Reimbursement

value

(3)

47,595,600

19,831,500

67,427,100

Purchase value

(2)

48,397,189

19,899,919

68,297,108

Book value

(1)

47,964,329

19,856,505

67,820,834

(Note 3.5)

RON

December 31, 2004

Issued by:

Romanian Government

Other companies

Total (Note 3.5)

SECURITIES AND TREASURY BILLS

4

4.1 SECURITIES HELD TO MATURITY

Unrealised gain

/ (loss)

(4)=(3)-(1)

(220,129)

(9,939)

(230,068)

Reimbursement

value

(3)

44,125,200

18,385,500

62,510,700

Purchase value

(2)

48,397,189

19,899,919

68,297,108

Book value

(1)

44,345,329

18,395,439

62,740,768

(Note 3.5)

As at December 31, 2000, the Bank had a subordinated loan of USD 3 million from Bank Austria Aktiengesellschaft for Bank’s own operations,with initial maturity on September 25, 2001. This loan was converted in the amount of EUR 3.5 million on July 23, 2001 and rescheduled tillSeptember 25, 2006 and subsequently it was rescheduled till September 25, 2007.

On August 29, 2001 the Bank concluded a new subordinated loan contract of Euro 3.4 million with final maturity on August 29, 2007 for thesame purpose.

These 2 loans were rescheduled during 2005 as follows:• The loan in amount of EUR 3.5 million was rescheduled till September 25, 2010,• The loans in amount of EUR 3.4 million was rescheduled till August 29, 2010.

On September 29, 2004, the Bank concluded a new subordinated loan contract of EUR 5 million for Bank’s own operations with maturity onSeptember 29, 2010.

The loans have fixed and predetermined period for reimbursement. According to the loan agreements, the loans are subordinated to all otherobligations of the Bank in case of liquidation.

The subordinated loans were granted by Bank Austria Aktiengesellschaft, which is the Bank’s major shareholder.

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4.3 EQUITY PARTICIPATION

The Bank is a member of the “Societatea Na]ional` deCompensare Decontare [i Depozitare Pentru ValoriMobiliare” (SNCDD). As a user of services from SNCDD,HVB Romania S.A owns 100 shares that are recorded atpurchase cost amounting to RON 6,000.During 2000, the Bank invested in 160 shares ofTransfond amounted to RON 160,000. Transfond iscurrently managing the transfer of funds and propertyover Treasury-bills between financial institutions, banksand State Treasury. During 2002, the Bank invested inanother 19 shares of Transfond amounted to RON50,786. Thus, the total value of Transfond shares held bythe Bank as at December 31, 2002 was RON 210,786.During 2003, the Bank invested in another 18 shares ofTransfond amounted to RON 101,408. Thus, the total

value of Transfond shares held by the Bank as atDecember 31, 2003 was RON 312,194. During 2005, theBank invested in another 17 shares amounted to RON297,223, the total value of the shares in Transfond beingof RON 609,417.During 2003, the Bank invested in 296,200 shares ofBiroul de Credit SA amounted to RON 29,620, meaning0.7405% of the company’s share capital, and at the endof 2004, the amount of RON 29,620 remained unchanged.During 2005, the Bank invested in another 499,499shares in amount of RON 50,920, so that at the end of theyear the value of the shares in Biroul de Credit SA was ofRON 80,540.During 2002, the Bank invested the amount of RON115,096 (EUR 40,000) in HVB Leasing Romania, meaning

4.2 TRADING SECURITIES

As at December 31, 2005, the accrued interest receivable for the investment securities amounted to RON 4,143,647

(December 31, 2004: RON 4,678,238) (Note 2.4).

4.3 INVESTMENT SECURITIES

Unrealised gain

/(loss)

(3) = (2) - (1)

-

-

-

-

Market value

(2)

1,107,458,095

18,698,783

153,262,454

1,279,419,332

Purchase value

(1)

1,107,458,095

18,698,783

153,262,454

1,279,419,332

(Note 3.5)

RON

December 31, 2005

Denominated in:

RON

EUR

US Dollar

Total

Unrealised gain

/(loss)

(3) = (2) - (1)

-

-

-

-

Market value

(2)

50,951,792

550,967

74,683,670

126,186,429

Purchase value

(1)

50,951,792

550,967

74,683,670

126,186,429

(Note 3.5)

RON

December 31, 2004

Denominated in:

RON

EUR

US Dollar

Total

At December 31, 2005 and 2004 there were no trading securities in Bank’s portfolio.

112

20% of the company’s share capital. There were nochanges during 2003, 2004 and 2005 thus at the end of2005, the investment in the share capital of HVB LeasingRomania was in amount of RON 115,096.During 2003, the Bank invested the amount of RON94,250 in CA-IB Asset Management S.A. , meaning 5% ofthe company’s share capital. There were no changesduring 2004 and 2005, thus at the end of 2005 theinvestment was in amount of RON 94,250.

Also, during 2003, the Bank invested in 677,673 sharesof CA-IB Securities SA amounted to EUR 100,000 (RON367,000 at historical cost). At the end of 2005, theinvestment remained unchanged, namely in amount ofRON 367,000 (evaluated at historic cost).During 2005, the Bank invested the amount of RON3,999,680 in HVB Banca pentru Locuinte, meaning 9.99%of the company’s share capitalThe investments are recorded at acquisition costs.

RON

Intangibles assets

Set-up expenses

Other intangibles

Intangibles in progress

Total

Tangibles

Buildings

Equipment (work equipment and machinery)

Measuring, control and correction devices

Means of transport

Furniture, office machines, protection equipment

and other tangibles

Tangible in progress

Total

Financial assets

Public bills of exchange and assimilated values

Debentures and other fixed income bonds

Shares in commercial companies

Investments

Total

Total fixed assets

FIXED ASSETS AND FINANCIAL ASSETS

5

GROSS VALUE

Balance at

December 31, 2005

3,470

27,796,313

2,892,580

30,692,363

18,417,697

3,440,468

6,752,196

1,355,474

12,605,641

20,641

42,592,117

1,091,254,068

236,309,946

-

5,271,983

1,332,835,997

1,406,120,477

Decrease

727

243,369

310,804

554,900

326,495

197,391

149,663

106,137

377,091

5,607,166

6,763,943

-

-

-

-

-

7,318,843

Increase

263

11,139,273

1,314,730

12,454,266

7,449,650

1,305,378

2,598,820

251,474

5,710,227

3,291,779

20,607,328

740,620,936

61,881,291

-

4,347,823

806,850,050

839,911,644

Balance at

January 1, 2005

3,934

16,900,409

1,888,654

18,792,997

11,294,542

2,332,481

4,303,039

1,210,137

7,272,505

2,336,028

28,748,732

350,633,132

174,428,655

-

924,160

525,985,947

573,527,676

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RON

Intangibles

Set-up expenses

Other intangibles

Total

Provisions for impairment

Tangibles

Buildings

Equipment (work equipment and machinery)

Measuring, control and correction devices

Means of transport

Furniture, office machines, protection equipment and

other tangibles

Total

Provisions for impairment

Total depreciation

Amount currency

10,000,000

7,832,621

Currency

USD

EUR

Equivalent

RON

15,000,000

21,273,390

36,273,390

SHARE CAPITAL

6

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

RON

Called up, allotted and fully paid

Total share capital

RON

Tangibles

Intangibles

Total

The movement in the value of investments and other titles with fixed income represents the net increase during the year, as a result between thepurchased and sold investmentsThere are no development expenses or goodwill purchased. The set-up expenses are not significant and they represent legal taxes and other fees.The depreciation of the disposals comprises differences in depreciation as a result of the tangibles’ revaluation performed in 2005.

DEPRECIATION / AMORTIZATION

Balance at

January 1, 2005

2,298

7,720,497

7,722,795

-

2,536,137

427,126

2,473,496

461,659

1,495,285

7,393,703

-

15,116,498

Disposal

727

(516,906)

(516,179)

-

(495,065)

(206,284)

123,768

306,943

(1,388,376)

(1,659,014)

-

(1,088,511)

Depreciation

during the year

1,219

6,135,860

6,137,079

681,091

2,045,904

282,869

968,926

271,706

784,330

4,353,735

405,591

11,577,496

Balance at

December 31, 2005

2,790

14,373,263

14,376,053

681,091

5,077,106

916,279

3,318,654

426,422

3,667,991

13,406,452

405,591

27,782,505

Net book value

29,185,665

16,316,310

45,501,975

Depreciation/

amortisation

13,406,452

14,376,053

27,782,505

Gross value

42,592,117

30,692,363

73,284,480

114

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

Amount

58,560,890

163,160

58,724,050

%

99.72%

0.28%

100%

Number of shares

5,856,089

16,316

5,872,405

RON


Others

Total

During 2005, the share capital was increased as follows:- March 24, 2005: RON 36,201,000 by cash contribution (EUR 10,000,000)- April 19, 2005: RON 28,938,400 by cash contribution (EUR 8,000,000)- June 13, 2005: RON 2,557,180 by transfer of other reserves.

During year 2001, the Bank’s shareholders increased theBank’s social capital from RON 10,000,060 as at December31, 2000 to RON 36,273,390 as at December 31, 2001. Legalchanges implied by the last increase of share capital involvedcancellation of the existing shares (782,000 with par valueRON 19.1816) and issue of new 3,627,339 ordinary shareswith a par value of RON 10.As at December 31, 2001, the share capital was comprisedof 3,627,339 shares with a par value of RON 10 and it washold by foreign commercial companies. During 2002 therewere no changes in share capital structure and there wereno increases in the share capital. Thus, as at December 2002the share capital was of RON 36,273,390. There was nochange in shareholders’ structure during 2002, the onlychange was the name of the main shareholder, namely,Bank Austria Creditanstalt AG.

During 2003, the share capital was increased with RON22,450,660. The increase has been done with RON13,730,642, representing reserves from foreign exchangecash evaluation in accordance with Law 189/2001, recordedin the balance sheet as at December 31, 2002 and RON8,720,018 representing reserves from the exchange rateinfluences corresponding to the cash in foreign currency,representing paid share capital in foreign currency, inaccordance with GD 252/1996.The share capital was increased through the issue of2,245,066 shares with nominal value of RON 10 and theshare capital in total amount of RON 58,724,050 was split in5,872,405 shares with a nominal value of RON 10.During 2004, there were no changes in share capital. As atDecember 31, 2004, the share capital amounted to RON58,724,050.

RON

Redrum International Investments B.V.


Others

Total

As at December 31, 2005 the structure of shareholders is as follows :

Amount

63,210,300

63,043,810

166,520

126,420,630

%

49,99%

49,87%

0,14%

100%

Number of shares

6,321,030

6,304,381

16,652

12,642,063

115

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8.1 PROVISIONS FOR RISKS AND CHARGES

RON

Net profit for the year

- Legal reserves

- Satutory reserves

- General reserve for credit risk

- Other reserves

- Other funds

- Employees’ participation to profit

- Dividends

- Cover of accounting loss from previous years

- Other distributions

Total profit allocation

Unallocated profit

December 31, 2004

90,678,145

-

-

(14,798,166)

-

-

-

-

-

-

(14,798,166)

75,879,979

December 31, 2005

146,767,260

(5,500,260)

-

(21,306,874)

-

-

-

-

-

-

(26,807,134)

119,960,126

PROFIT DISTRIBUTION

7

As presented in Note 2.2, the distribution of profit amounting to RON 26,807,134 was carried out in accordance with Banking Law no. 58/1998(with the subsequent changes provided by Law 116/ 2004), as it follows:• Banking risks reserve: 1% of the value of assets carrying banking risks recorded in the balance as at December 31, 2005 in amount of RON36,105,040 (December 31, 2004: RON 14,798,166); during 2005 the distribution was in amount of RON 21,306,874.• Legal reserve recorded in accordance with the Romanian legislation for the commercial companies recorded in the balance as at December31, 2005 in amount of RON 25,284,126 (December 31, 2004: RON 19,783,866); during 2005 the distribution was in amount of RON 5,500,260.

PROVISIONS

8

During 2005, the Bank recorded provisions for risks and charges in amount of RON 4,202,958, representing salarypremiums related to the merger project which has been being implemented starting with September 2005. During 2004,the Bank did not record any provision for risks and charges.

RON

Balance at January 1, 2005

Movements during the year (Note 9.8)

Balance at December 31, 2005

Total

-

4,202,958

4,202,958

Provisions for

risks and charges

-

4,202,958

4,202,958

(Note 3.4)

116

8.2 PROVISIONS FOR DOUBTFUL DEBTS

Total

2,197,494

1,511,851

102,957

3,812,302

24,915,359

(5,532,406)

23,195,255

Provisions

for loans

2,192,104

1,491,829

105,681

3,789,614

24,784,722

(5,535,818)

23,038,518

(Note 3.4)

Provisions for

un-collectable

accrued intrest

5,390

20,022

(2,724)

22,688

130,637

3,412

156,737

(Note 2.4)

RON


Movements during the year (Note 9.8)

Exchange rate differences


Net movements during the year (Note 9.8)

Exchange rate differences

Balance at December 31, 2005

* Income and expenses from treasury bills operations amounted to RON 60,802,201 (2004: RON 39,701,946) and RON 154,146 (2004: RON228,650) respectively, related to premium amortisation, interest for treasury bills and sundry expenses with bonds.

STATEMENT OF OPERATIONS

9

9.1 INTEREST INCOME AND EXPENSES

RON

Interest income

From:

- loans to individuals and companies

- placements to domestic and foreign banks

- securities and treasury bills*

- Repo agreements

- placements to National Bank of Romania

- guarantees issued

- financing commitments

- income from derivatives financial instruments

- other interest income

Total interest income

Interest expense

For:

- customers’ current accounts and deposits

- placements with domestic and foreign banks

- subordinated debts

- term loans

- commitments with other banks and clients

- securities and treasury bills*

- Repo agreements

- expense with derivatives financial instruments

Total interest expense

Net interest income

December 31, 2005

172,241,757

61,176,429

60,802,201

1,800,879

8,604,883

5,131,554

7,762,347

11,919,479

-

329,439,529

(51,369,286)

(92,063,220)

(1,518,627)

(5,270,883)

(2,313,097)

(154,146)

(49,353)

(10,395,323)

(163,133,935)

166,305,594

December 31, 2004

102,259,154

44,635,095

39,701,946

117,726

5,414,680

3,859,067

7,258,208

-

216,921

203,462,797

(36,536,238)

(29,839,887)

(1,401,495)

(3,959,472)

(2,268,172)

(228,650)

(633)

-

(74,234,547)

129,228,250

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

RON

Commission income

From:

- Customers’ transactions

- Payment instruments

- Other financial services

- Consulting services

- Interbanking operations

- 0perations with securities

Total commission income

Commission expense

From:

- Interbanking operations

- Payment instruments

- Customers’ transactions

- Other financial services

- Investment operations

- Foreign exchange operations

Total commission expense

Net commission income

117

RON

Foreign exchange gain

Foreign exchange loss

Net result from foreign exchange differences

Income from foreign exchange derivative

Losses from foreign exchange derivative

Net result from foreign exchange differences

Income from held for trading investments

Income from cession of placements

Losses from held for trading investments

Losses from cession of placements

Net income from investments operations

Net profit from financing operations

9.2 COMMISSION INCOME AND EXPENSES

December 31, 2005

36,190,841

20,026,082

7,811,977

1,286

873,804

2,213,965

67,117,955

(3,238,132)

(2,682,881)

(48,725)

(5,597)

(416,777)

(1,114)

(6,393,226)

60,724,729

December 31, 2004

20,435,833

15,836,233

6,322,764

23,631

615,796

1,027,305

44,261,562

(2,948,374)

(1,769,083)

(176,739)

-

(221,788)

(410)

(5,116,394)

39,145,168

9.3 NET PROFIT FROM FOREIGN EXCHANGE DIFFERENCES

December 31, 2004

38,501,630

(24,769,778)

13,731,852

-

-

-

-

2,047,971

-

(2,823,723)

(775,752)

12,956,100

December 31, 2005

87,471,802

(1,263,887)

86,207,915

133,012

(19,504,655)

(19,371,643)

-

7,074,870

-

(1,847,000)

5,227,870

72,064,142

The foreign exchange loss and gain resulted both from the revaluation of assets and liabilities in foreign currencies, and fromthe exchange operations for the Bank and for its clients – spot and forward transactions. The loss and gain from securitiesoperations resulted from the transactions and cessions of placements.Out of the amount of RON 19,504,655, representing losses from foreign exchange derivatives, the amount of RON 19,502,822comes from the mark-to-market forward transactions.

118

RON

Other operating income

Other income from operating activity

Income from commitments given to clients

Income from rent

Other income

Total operating income

Other operating expenses

Expenses with taxes*

Sponsorship expenses

Penalties and damage compensations

Other banking operating expenses

Other expenses

Total operating expenses

Net operating income

RON

Salaries

Employer’s contribution to social security

Employer’s contribution to unemployment fund

Employer’s contribution to health fund

Other expenses with employees

Total personnel expenses

* Expense with other taxes amounting to RON 5,251,290 (2004: RON 4,563,446) mainly consist of contribution to deposits guarantee fund andcontribution to risk fund.

9.4 OTHER OPERATING INCOME AND EXPENSES

December 31, 2005

234,153

84,625

204,269

294,927

817,974

(5,251,290)

(493,804)

(9,518)

(21,396)

(99,428)

(5,875,436)

(5,057,462)

December 31, 2004

67,540

157,015

-

285,131

509,686

(4,563,446)

(328,726)

(197,414)

(351,471)

(16,750)

(5,457,807)

(4,948,121)

9.5 PERSONNEL EXPENSES

December 31, 2005

24,187,365

4,179,349

709,141

1,659,198

53,665

30,788,718

December 31, 2004

14,210,455

2,556,549

517,974

1,208,606

3,302,868

21,796,452

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

119

RON

Expenses with:

- third parties

- rent

- protocol and advertising

- telecommunication

- consumption materials

- transport

- small tools and other inventories

- maintenance and repairs

- insurance

- utilities

- collaborators

- audit

- leasing

Total administrative expenses

RON

Intangibles amortisation (Note 5)

Tangibles depreciation (Note 5)

Provisions for tangibles’ impairment – net result

Total amortisation and depreciation expense for year

RON

Corrections over receivables and provisions related to loans and accrued receivables

Income from corrections over the value of receivables

and provisions related to loans and accrued receivables

Net provision expense (Note 8.2.)

Corrections over provisions for risks and charges (Note 8.1)

Total

9.6 ADMINISTRATIVE EXPENSES

December 31, 2005

24,047,167

8,188,667

3,664,502

3,518,442

2,329,529

1,632,618

2,304,795

1,535,604

3,031,574

888,563

4,950

45,246

56,125

51,247,782

December 31, 2004

15,169,150

5,798,795

3,342,804

2,529,487

2,093,528

1,171,652

1,453,518

934,589

539,009

505,718

3,246

276,459

62,590

33,880,545

9.7 DEPRECIATION OF TANGIBLE FIXED ASSETS AND AMORTISATION OF INTANGIBLES

December 31, 2005

6,137,079

4,353,735

1,086,682

11,577,496

December 31, 2004

3,971,760

2,830,945

-

6,802,705

9.8 PROVISIONS INCOME AND EXPENSES

December 31, 2005

(89,742,551)

64,827,192

(24,915,359)

(4,202,958)

29,118,317

December 31, 2004

(47,807,205)

46,295,354

(1,511,851)

-

-

120

INFORMATION REGARDING GEOGRAPHICAL SEGMENTS

11

As at December 31, 2005, the Bank operates and carries on its activities through 14 operational branches located inRomania (2004: 12 branches). Therefore there are no geographical segments and all income and expenses are incurredin one market.

As at December 31, 2005, the Bank had 399 employees (December 31, 2004: 312 employees) out of which 398 were fulltime employees (December 31, 2004: 304).

The average number of employees during 2005 was 377 (December 31, 2004: 294).

During its normal course of activity, the bank makes payments to the Romanian state institutions on behalf of its employees’pensions. All the bank’s employees are included in the state pensions system. The bank does not operate any pensionsplan or benefits after retirement and, consequently, does not have any obligations related to pensions. In addition, thebank has no obligation to offer other additional benefits to its employees.

RON

Income from cease of treasury bills*

Expenses with cease of treasury bills

Net income from cease of treasury bills

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

9.9 INCOME AND EXPENSES FROM CEASE OF TREASURY BILLS

December 31, 2005

36,367

-

36,367

December 31, 2004

4,043,263

-

4,043,263

INFORMATION REGARDING EMPLOYEES

10

RON

Secured by cash deposits

Secured by letters of guarantee

Secured by stand by credit

Guarantees in lei


Secured by letters of guarantee

Secured by stand-by credit

Guarantees in foreign currencies

Total letters of guarantee

Confirmed letters of credit

Total endorsements and acceptances

Guarantees issued to other banks

Total contingent liabilities

121

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

The contingent liabilities of the Bank as at December 31, 2005 and December 31, 2004, were as follows:

CONTINGENT LIABILITIES AND COMMITMENTS

12

12.1 CONTINGENT LIABILITIES

December 31, 2005

8,535,830

-

24,286,308

32,822,138

11,108,249

-

447,582,701

458,690,950

491,513,088

7,211,246

498,724,334

100,876,443

599,600,777

December 31, 2004

4,252,645

-

38,146,129

42,398,774

8,456,664

-

161,002,076

169,458,740

211,857,514

18,327,868

230,185,382

120,887,083

351,072,465

RON


Secured by loans

Issued letters of credit

Undrawn loan commitments

Total commitments

12.2 COMMITMENTS

December 31, 2005

4,490,453

68,987,718

73,478,171

1,239,021,850

1,312,500,021

December 31, 2004

45,713,172

-

45,713,172

820,411,624

866,124,796

122

RON

Within one year

In the second to fifth years inclusive

Over five years

Total

12.4 OTHER OFF BALANCE SHEET ITEMS

As at December 31, 2004, in addition, the Bank hasrecorded the following off balance-sheet items:

• 2 SWAP contracts concluded with Bank of AustriaVienna, net value of RON 106,806.• Letters of Guarantee received as guarantees for loansgranted to customers and for LG issued in amount ofRON 1,051,688,907.• Pledges and other guarantees received for loans grantedin amount of RON 460,844,004.

• Loans written off based on final court decision and therelated accrued interest receivable in amount of RON1,077,865.• Travel cheques in amount of RON 7,450.54.• Financing agreement in total amount of RON39,663,000 with Bank of Austria.• Payment agreement for assets under lease contract inamount of RON 2,501,739.• Two IRS agreements in total amount of RON 13,479,660with Bank of Austria Vienna.

December 31, 2005

438,619

1,080,379

-

1,518,998

December 31, 2004

489,132

2,012,607

-

2,501,739

As at December 31, 2005

• Three SWAP agreements concluded with local banks,the net value amounting to RON 5,524,600.• Forward foreign exchange agreements in amount ofRON 1.098,833,120• Spot foreign exchange agreements in amount ofRON 1,348,709,556• Cross currency swap agreements in amount ofRON 735,145 RON• FX option agreements in amount of RON 73,241• IRS agreements in amount of RON 1,682,444,607• Letters of guarantee received by the bank for the loansgranted to the customers, as well as other guaranteesreceived from the bank in total amount ofRON 1,216,934,509.

• Mortgages, pledges with or without possession andother collaterals for loans granted of RON 530,918,187.• Travel cheques in amount of RON 901,459.• Financing agreement in amount of RON 73,542,000(EUR 20 million) received from Bank Austria Viena.• Leasing agreements for leased assets in amount ofRON 1,518,998.• Loan agreements enforced as executor titles, as well asinterest and accrued receivables in amount ofRON 6,604,235• Cheques in foreign currency issued at issuance inamount of RON 925,724.• Small tools in amount of RON 3,464,529.

12.3 LEASE COMMITMENTS

As at December 31, 2005 and December 31, 2004, the Bank had outstanding commitments under financial andoperational lease, which fall due as follows:

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

123

OTHER INFORMATION

13

13.1 GENERAL OVERVIEW

HVB BANK ROMANIA S.A. was registered at theRomanian Chamber of Commerce Register as acommercial company on November 24, 1997 andobtained banking operations license from National Bankof Romania on April 13, 1998. On August 25, 1998, theNational Bank of Romania approved the change of Bank’sname from Banca Creditanstalt S.A. to Bank AustriaCreditanstalt Romania S.A. As a result of the mergerbetween HVB Group and Bank Austria –CreditanstaltGroup, on July 20, 2001, the National Bank of Romaniaapproved the change of Bank’s name from Bank AustriaCreditanstalt Romania S.A to HVB BANK ROMANIA S.A.Starting with August 31,1998, the Bank started bankingoperations and operates as a commercial and retail bankproviding a wide range of services to all categories ofcustomers.

During 2005, at the end of August, Bank AustriaCreditanstalt (BA-CA) and Banca Tiriac finalized thetransactions related to the merger process between HVBBank Romania and Banca Tiriac. The preparations for theintegration of the 2 above banks started at September 1,2005 and during all this period the banks will operateseparately. The new formed bank will have the fourthposition on the Romanian banking market, having amarket rate of 7.5%.Starting with November 2005, HVB Bank Romania andBanca Tiriac are subsidiaries of UniCredit Group. Havingassets of over EUR 750 billions and capitalization of aprEUR 60 billions, the new UniCredit Group has becomeone of the most important players within the Europeanfinancial services market.

RON

Currency

US dollars

EUR

GB pounds

Australian dollar

Other currencies

Total

Net position

482,235

(12,746,933)

298,504

7,814

250,882

(11,637,170)

Off balance

sheet items

(252,008,223)

567,452,719

-

-

-

315,444,496

Liabilities

-

(580,199,652)

-

-

-

(580,199,652)

Assets

252,490,458

-

298,504

7,814

250,882

253,117,986

As at December 31, 2004 the net position in foreign currencies, expressed in thousand RON was as follows:

13.3 CURRENCY POSITION

The Bank’s net currency position reported to the National Bank of Romania showed that the liabilities in hard currencyas at December 31, 2005 exceeded the hard currency assets by an amount equal to 3.43% (2004: 5.30%) of the Bank’sown funds as calculated the National Bank of Romania’s regulations, which stipulate that such excess should not begreater than 20% of own funds and for each currency should not be greater than 10% of equity.

124

RON

Total revenues

Total expenses

Gross profit

Non taxable revenues

Non deductible expenses

Income from deferred tax

Legal reserves (Note 7)

General reserves for credit risk (Note 7)

Fiscal profit for the year

Fiscal loss from previous years

Tax on profit

Fiscal credit

Fiscal loss carried forward

Profit tax expense for the current year

RON

Currency

US dollars

EUR

GB Pounds

Australian dollar

Other currencies

Total

Net position

(128,520)

(15,925,255)

(98,636)

35,413

31,474

(16,085,524)

Off balance

sheet items

(81,608,068)

(718,336,634)

8,461,589

-

-

(791,483,116)

Liabilities

-

-

(8,560,224)

-

(277,183)

(8,837,407)

Assets

81,479,548

702,441,376

-

35,413

308,657

784,234,994

As at December 31, 2005 the net position in foreign currencies, expressed in thousand RON was as follow:

Official exchange rates valid as at December 31, 2005 were 3.1078 RON/USD, 3.3771 RON/EUR, 5.3563 RON/GBP and 2.2803 RON/AUD andas at December 31, 2004 were 2.9067 RON/USD, 3.9663 RON/EUR, 5.8108 RON/GBP and 2.2651 RON/AUD.

13.3 RETAINED EARNINGS FROM THE FIRST APPLICATION OF IAS, EXCEPT IAS 29

As at December 31, 2005 the reported earning from the first application of IAS amounted to RON 3,467,339 (2004: RON3,467,339). There were no increases or decreases during 2005.

13.5 TAX ON PROFIT

December 31, 2005

534,303,159

(362,962,102)

171,341,057

-

12,125,043

-

(5,500,260)

(21,306,874)

156,658,966

-

(25,065,435)

491,638

-

(24,573,797)

December 31, 2004

311,528,762

(195,095,655)

116,433,107

(863)

2,703,264

863

-

(14,798,166)

104,338,205

-

(26,084,551)

328,726

-

(25,755,825)

a) Tax on current profit

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

125

a. BA-CA Export Leasing GesmbH The loan from BA-CA Export Leasing GesmbH (formerknown as Creditanstalt Leasing GmbH)comprise financialleasing agreements concluded for purchase of equipment,furniture and vehicles.The amount of RON 760,053 as at December 31, 2005(2004: RON 1,692,705) represents amounts owed toBA-CA Export GesmbH for fixed assets purchased bycredit through finance leasing.

b. HVB Leasing Romania SADuring 2004, the Bank concluded 3 finance leaseagreements and in 2005, it concluded another 3 leaseagreements, the outstanding amount to be paid is of RON590,277 (December 31, 2004: RON 503,140).The leasing agreements were obtained for vehiclespurchase.

c. European Investment BankOn October 15, 2001, the Bank entered into a credit facilityof Euro 20 million from European Investment Bank withthe purpose of financing the small investors. The loan wasdrawn in 4 portions with different maturities.

d. Kreditanstalt fur Wiederaufban As at December 27, 2001, the Bank concluded a loanagreement with Kreditanstalt fur Wiederaufban, inamount of EUR 30,000,000 for financing of investmentprojects for little and middle enterprises, forimprovement of infrastructure of municipality, forenvironment protection and construction of houses. Theloan was drawn on July 2, 2004.

e. European Bank for Reconstruction and DevelopmentThe loan from EBRD was granted in 2005 for mortgageloans for individuals and it amounts to EUR 10,000,000.

f. BA-CA ViennaThe loans from BA-CA Vienna were granted asrefinancing line for Banks’ own operations.

g. Hypovereins MunichAs at December 31, 2004, the Bank had 2 loans, each inamount of EUR 30,000,000 for financing purposes.

RON

Loans from financial institutions

BA-CA Export Leasing GesmbH (a)

HVB Leasing Romania SA (b)

European Investment Bank (c)

Kreditanstalt fur Wiederaufbau (d)

EBRD (e)

Total

Loans from other banks

BA-CA Vienna (f)

Hypovereins Munich (g)

Total

13.5 LOANS FROM FINANCIAL INSTITUTIONS

December 31, 2005

760,053

590,277

69,671,368

110,313,000

36,771,000

218,105,698

2,311,981,368

220,626,000

2,532,607,368

December 31, 2004

1,692,705

503,140

77,238,474

118,989,000

-

198,423,319

837,885,428

237,978,000

1,075,863,428

There was no difference between the accounting base and the fiscal base, as a result, the tax on deferred incomewas zero.

b) Tax on deferred income

126

RON

Petty cash

Cash at NBoR

Total cash

Correspondent accounts

Sight deposits with other banks

Other amounts

Sight deposits with other banks

Deposits with central banks

Term deposits with banks

Collateral deposits

Term loans granted to banks

Repo agreements

Receivables with credit institutions at term

Less: amounts with maturity more than 3 months

Total receivables with credit institutions at term

Bill of exchange and assimilated values

Less: amounts with maturity more than 3 months

Total bills of exchange and assimilated values (Note 14)

Bonds with fixed income

Less amounts with maturity more than 3 months

Total bonds with fixed income (Note 14)

Total cash equivalent

Total cash and cash equivalents

13.6 CASH AND CASH EQUIVALENTS

December 31, 2004

32,786,665

502,706,166

535,492,831

37,994,571

71,516,600

482,779

109,993,950

440,000,000

13,500,000

439,791

46,071,494

100,017,366

600,028,651

(39,762,838)

670,259,763

350,633,132

-

350,633,132

174,428,655

(161,889,725)

12,538,930

1,033,431,825

1,568,924,656

December 31, 2005

50,139,641

1,232,124,866

1,282,264,507

37,421,154

74,515,650

807,802

112,744,606

110,000,000

25,500,000

482,243

10,996,042

-

146,978,285

(7,530,802)

252,192,089

1,091,254,068

-

1,091,254,068

236,309,946

(177,948,278)

58,361,668

1,401,807,825

2,684,072,332

127

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

RON

Description

Foreign banks

Foreign banks registered in Romania and Romanian banks

Total (Note 13.8)

13.7 SOLVENCY RATIOS

The Bank monitors its capital resources pursuant to theRegulations issued by the National Bank of Romania.The solvency (capital adequacy) ratios are calculatedbased on the financial information prepared inaccordance with Romanian Accounting Standards.The Bank is required to measure solvency ratios by

comparing its own funds to its risk weighted assetsincluding off balance sheet items as prescribed by theRegulations. The Bank’s solvency ratios as atDecember 31, 2005 were 12.63% (2004: 12.01%). TheRegulations in force as at December 31, 2004 (Norm12/2003) require that the minimum solvency ratiosshould be of 12%.

13.8 CONCENTRATION OF EXPOSURE

a) Deposits at banks

December 31, 2005

100,015,650

482,242

100,497,892

December 31, 2004

63,356,391

22,100,000

85,456,391

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

13.9 FAIR VALUES

According to IAS 32, “Financial Instruments: Disclosureand Presentation”, the disclosure of fair values offinancial assets and liabilities is required. Fair value is theamount for which an asset could be exchanged or aliability could be settled between knowledgeable andwilling parties in an arms length transactions. Based onthe Romanian economic environment the Bank’sfinancial assets and liabilities are affected by theregulations of the national currency (RON), market pricesand interest rates.

Fair value of short-term customer deposits, due frombanks and Treasury Bills is estimated to approximatetheir carrying values because of their short maturitiesand insignificant transaction costs.

Term deposits, loans and advances to customers, bills ofexchange, guarantees and letters of credit are stated atamounts net of general and specific provisions forimpairment which is considered to be materially similarto fair values because these items carry market interestrates As a result, any change in the fair value of the assetsdue to change in interest rate will be matched withchange in the fair value of the related liabilities.

Financial investments represent shares in unquotedcompanies and Treasury bills issued by Ministry ofFinance for which there is no market and securitiestraded on European market. In spite of this, themanagement of the Company considers that there is nosignificant difference between the book value and the fairvalue of these items.

b) Loans and advances

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

128

13.10 FINANCIAL INSTRUMENTS

The following is a summary of the nature of activities andmanagement policies with respect to financialinstruments.

a) Currency riskThe Bank undertakes transaction in both Romanian Lei(RON) and foreign currencies. The Romanian currencyappreciated itself and as a result the net assets in foreigncurrency are exposed to the risk of diminution of theirvalues.The Bank’s derivative financial instruments representonly Forward, Swap, IRS contracts, FX options andundelivered Spot transactions.These represent the Bank’s contractual commitments topurchase or sell domestic or foreign currency at fixedprices on pre-determined future date. For FX option, thecustomer has the right, but not the obligation, to sell orpurchase foreign currency and he pays a premium at theend of the contract.These financial instruments are carried at fair values andfavourable (assets) and unfavourable (liabilities)variances as a result of changes in fair values are reportedin the statement of operations. The fair values of theseinstruments held by the Bank are presented in Note 14.11.

a) Interest Rate RiskInterest rate risk is comprised of the risk that the value ofa financial instrument will fluctuate due to changes inmarket interest rates and the risk that the maturities ofinterest bearing assets differ from the maturities of the

interest bearing liabilities used to fund those assets. Thelength of time for which the rate of interest is fixed on afinancial instrument therefore indicates to what extent itis exposed to interest rate risk. The assets and liabilitiesare re-priceable at the discretion of the Bank. These itemscarry market interest rates as a result the fair values arenot considered to be materially different from theircarrying values.Derivative for interest rate are commitments which allowto the client to cover against the unfavorable evolution ofthe interest rate. The Bank closes its opened position withBank Austria Creditanstalt Vienna.

b) Credit riskIn the normal course of its business, the Bank incurscredit risk on its loans and advances to customers and onfunds with other financial institutions and other offbalance sheet items. There is also a risk of losses to beincurred from concentrations of credit risk to a singleindustry or economic group due to changes in economicconditions in Romania. The Bank manages its exposureto credit risk on a regular basis by closely monitoringcredit limits and, assessments of borrowers.

c) Liquidity riskThe Bank monitors its liquidity on a daily basis in orderto manage its obligations when they fall due. Maturityanalysis of assets and liabilities as at December 31, 2005has been disclosed in note 15. Loans and credit lines arerenewed and consequently can have longer maturitiesthan stated in note 14.

129

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

e) Regular contracts and derivative instruments

Fair value

13.185.229

270.446.053

27.795.323

311.426.605

5.526.091

1.079.328.807

1.348.709.556

1.682.444.607

735.145

73.241

4.116.817.447

Difference

to the fair value

(294.431)

(17.203.120)

-

(17.497.551)

1.491

(19.504.313)

-

-

-

-

(19.502.822)

National amount

13.479.660

287.649.173

27.795.323

328.924.156

5.524.600

1.098.833.120

1.348.709.556

1.682.444.607

735.145

73.241

4.136.320.269

RON

December 31, 2004

Currency Swap

Currency Forwards

Currency Spots

Total

December 31, 2005

Currency Swap

Currency Forwards

Currency Spots

IRS transactions

Cross currency swap

FX options

Total

13.11 SUBSEQUENT EVENTS TO DECEMBER 31, 2005

There are no significant elements subsequent to December 31, 2005 which would require an adjustment of the valuespresented in these financial statements.

130

RON

ASSETS

Petty cash and current accounts

at Central Bank

Receivables from credit

institutions - at sight


institutions - other

Receivables from customers

Less: provisions for loans

Bonds and other fixed income

debentures

Shares and other variable income

securities

Investments

Fixed assets

Other assets

Prepayments and accrued income

Less: provision for interest risk

Total assets

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

14

Between

3 months

and 1 year

including

-

-

21,102,436

334,454,004

(290,621)

334,163,383

28,489,850

-

-

-

-

2,924,055

(38)

2,924,017

386,679,686

Over 5 years

-

-

-

238,070,035

(349,000)

237,721,035

8,837,658

-

-

-

-

495,822

-

495,822

247,054,515

TOTAL

535,492,831

350,633,132

710,022,601

2,322,142,821

(3,789,614)

2,318,353,207

174,428,655

347,814

576,346

32,425,231

20,620,952

22,357,432

(22,688)

22,334,744

4,165,235,513

Undefined

maturity

-

-

439,791

-

-

-

-

347,814

576,346

32,425,231

105,231

-

-

-

33,894,413

Up to

1 month

including

535,492,831

124,426,653

665,165,448

1,013,434,261

(2,356,280)

1,011,077,981

4,207,875

-

-

-

20,515,721

11,756,392

(22,042)

11,734,350

2, 372,620,859

Between

1 and 3 months

including

-

226,206,479

5,094,315

105,386,617

(109,952)

105,276,665

8,331,054

-

-

-

-

3,827,754

(608)

3,827,146

348,735,659

Between

1 and 5 years

including

-

-

18,220,611

630,797,904

(683,761)

630,114,143

124,562,218

-

-

-

-

3,353,409

-

3,353,409

776,250,381

131

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

RON

LIABILITIES

Liabilities from credit institutions

Liabilities from customers

Deposits

Other debts

Debts from bonds

Other liabilities

Deferred income and accrued

liabilites

Provisions for risks and changes

Subordinated loans

Total liabilities

Share capital

Retained earnings and reserves

Total equity

Total liabilities and equity

Liquidity risk

Cumulative liquidity gap

Between

3 months

and 1 year

including

90,201,396

20,613,476

17,867,480

2,745,996

-

359,634

1,549,559

-

-

112,724,065

-

-

-

112,724,065

273,955,622

469,713,899

Other

5 years

147,977,455

19,582,985

-

19,582,985

-

-

-

-

19,831,500

187,391,940

-

-

-

187,391,940

59,662,575

191,020,193

TOTAL

1,616,169,595

2,228,525,863

1,587,838,662

640,687,201

-

26,427,482

21,899,923

-

47,298,043

3,940,320,906

58,724,050

166,190,557

224,914,607

4,165,235,513

-

-

Undefined

maturity

-

-

-

-

-

-

-

-

-

-

58,724,050

166,190,557

224,914,607

224,914,607

(191,020,193)

-

Up to

1 month

including

463,202,154

1,974,080,598

1,531,749,347

442,331,251

-

26,067,848

16,748,103

-

-

2,480,098,704

-

-

-

2,480,098,704

(107,477,845)

(107,477,845)

Between

1 and 3

months

including

3,452,400

38,444,876

38,221,835

223,041

-

-

3,602,261

-

-

45,499,536

-

-

-

45,499,536

303,236,122

195,758,277

Between

1 and 5 years

including

911,336,190

175,803,928

-

175,803,928

-

-

-

-

27,466,543

1,114,606,661

-

-

-

1,114,606,661

(338,356,281)

131,357,618

132

MATURITY ANALYSIS FOR ASSETS AND LIABILITIES AS AT DECEMBER 31, 2005

15

RON

ASSETS

Petty cash and current accounts

to Central Bank

Public bills of change and other

bonds


institutions

Receivables from customers

Less: provisions for loans

Bonds and other fixed income

debentures

Shares and other variables income

securities

Investments

Fixed assets

Other assets

Prepayments and accrued income

Less: provision for interest risk

Total assets

Between

3 months

and 1 year

including

-

-

7,048,560

500,655,488

(6,686,808)

493,968,680

56,195,541

-

-

-

-

13,672,932

(2,113)

13,670,819

570,883,600

Over

5 years

-

-

-

422,921,667

(3,506,421)

419,415,246

30,297,136

-

-

-

-

1,009,362

-

1,009,362

450,721,744

TOTAL

1,282,264,507

1,091,254,068

259,722,891

3,373,369,125

(23,038,518)

3,350,330,608

236,309,946

695,957

4,576,026

45,501,975

3,401,746

37,421,482

(156,737)

37,264,746

6,311,322,470

Undefined

maturity

-

-

482,242

-

-

-

-

695,957

4,576,026

45,501,975

134,002

-

-

-

51,390,202

Up to

1 month

including

1,282,264,507

207,684,834

248,244,606

1,481,923,890

(2,150,138)

1,416,773,752

-

-

-

-

2,845,262

13,352,607

(142,230)

13,210,377

3,171,023,338

Between

1 and 3

months

including

-

883,569,234

3,947,483

147,494,305

(1,396,725)

146,097,580

58,361,668

-

-

-

-

6,825,359

(12,394)

6,812,965

1,098,788,930

Between

1 and 5 years

including

-

-

-

883,373,776

(9,298,426)

874,075,350

91,455,601

-

-

-

-

2,561,223

-

2,561,223

968,514,656

133

No

tes

to t

he

fin

an

cia

l st

ate

me

nts

RON

LIABILITIES

Liabilities to credit institutions

Liabilities to customers

Deposits

Other debts

Debts from bonds

Other liabilities

Deferred income and accrued

liabilites

Provisions for risks and changes

Subordinated loans

Total liabilities

Share capital

Retained earnings and reserves

Total equity

Total liabilities and equity

Liquidity risk

Cumulative liquidity gap

Between

3 months

and 1 year

including

50.244.036

28.865.322

25.700.851

3.164.471

-

-

3.233.931

4.202.958

-

186.546.247

-

-

-

86.546.247

484.337.353

1.370.955.920

Other

5 years

142.803.495

79.755.598

697.944

979.057.654

-

-

65.831

-

-

222.624.924

-

-

-

222.624.924

228.096.820

389.091.533

TOTAL

3.000.592.258

2.700.693.031

1.745.050.921

955.642.110

-

51.291.708

70.211.441

4.202.958

43.849.339

5.870.840.735

126.420.630

314.061.105

440.481.735

6.311.322.470

-

-

Undefined

maturity

-

-

-

-

-

-

-

-

-

-

126.420.630

314.061.105

440.481.735

440.481.735

(389.091.533)

-

Up to

1 month

including

765.658.116

2.304.867.213

1.567.274.890

737.592.323

-

51.291.708

26.904.665

-

-

3.148.721.702

-

-

-

3.148.721.702

22.301.636

22.301.636

Between

1 and 3

months

including

77.394.336

151.672.813

151.377.236

295.577

-

-

5.404.850

-

-

234.471.999

-

-

-

234.471.999

864.316.931

886.618.567

Between

1 and 5 years

including

1.964.492.275

135.532.085

-

135.532.085

-

-

34.602.164

-

43.849.339

2.178.475.863

-

-

-

2.178.475.863

(1.209.961.207)

160.994.713

GENERAL INFORMATION

Addresses in Romania Ge

ne

ral

info

rma

tio

n

HEAD OFFICE

HVB Bank Romania S.A. - BUCHAREST

15, Charles De Gaulle SquarePhone: +40 (021) 203 22 22Fax: +40 (021) 230 84 85

BRANCHES

MILLENNIUM BRANCH

88, Victoriei Av.Bucharest, 1Phone: +40 (021) 307 93 00Fax: +40 (021) 310 19 69

DECEBAL BRANCH

80, Unirii Bd. Bl.J1 Tronson 1, Bucharest, 3Phone: +40 (021) 327 77 45Fax: +40 (021) 327 77 44

UNIREA BRANCH

1, Unirii SquareBucharest, 3Phone: +40 (021) 308 31 08Fax: +40 (021) 316 58 08

CAROL BRANCH

65, Carol I, Bl. 2 bisBucharest, 2Phone: +40 (021) 300 20 60Fax: +40 (021) 311 56 33

ARAD

72, Revolu]iei Bd.Phone: +40 (0257) 206 565Fax: +40 (0257) 213 300

BRA{OV

2, Mure[enilor Str.Phone: +40 (0268) 506 280Fax: +40 (0268) 477 437

CLUJ

10, Unirii SquarePhone: +40 (0264) 406 070Fax: +40 (0264) 450 511

CONSTAN}A

132, Tomis Bd.Phone: +40 (0241) 606 100Fax: +40 (0241) 553 770

IA{I

31, Anastasie Panu Str.Phone: +40 (0232) 206 240Fax: +40 (0232) 273 564

ORADEA

2-4, Unirii SquarePhone: +40 (0259) 406 700Fax: +40 (0259) 461 701

PLOIE{TI

6, Unirii Str.Phone: +40 (0244) 406 800Fax: +40 (0244) 529 000

SIBIU

25, Nicolae B`lcescu Bd.Phone: +40 (0269) 206 830Fax: +40 (0269) 214 005

TIMI{OARA

2, Victoriei SquarePhone: +40 (0256) 306 800Fax: +40 (0256) 306 806

135

Addresses in Central and Eastern Europe

136

Bosnia and HerzegovinaHVB Central Profit Banka D. D.

Zelenih Beretki 2471000 SarajevoTel.: (+387 33) 533 688Fax: (+387 33) 532 319www.hvb-cpb.ba

BulgariaHVB Bank Biochim AD

1 Ivan Vazov Str. 1026 Sofia

Tel.: (+359 2) 92 69 210Fax.: (+359 2) 92 69 440www.biochim.com

Hebros Bank AD

37 Tzar Boris IIIObedinitel Blvd. 4018 PlovdivTel.: (+359 2) 29 05 773Fax.: (+359 2) 26 23 964www.hebros.bg

CroatiaHVB Splitska Banka d.d.

Rudera Boskovica 1621000 SplitTel.: (+385 21) 304 304Fax.: (+385 21) 304 034Jurisiceva 210000 ZagrebTel.: (+385 21) 4800 777Fax.: (+385 21) 4800 899www.spliskabanka.hr

Czech RepublicHVB Bank Czech Republic a. s.

Namesti Republiky 3a110 00 Praha 1Tel.: (+420 2) 22 111 2111Fax.: (+420 2) 22 111 2132www.hvb.cz

EstoniaBayerische Hypo-und Vereinsbank

AG Tallinn Branch

Liivalaia 13/1510118 TallinnTel.: (+37 2) 66 88 300Fax.: (+37 2) 66 88 309www.hvb.ee

HungaryHVB Bank Hungary Rt.

Akademia utca 171054 BudapestTel.: (+36 1) 269 08 12Fax.: (+36 1) 353 49 59www.hvb.hu

LatviaHVB Bank Latvia AS.

Elizabetes iela 631050 RigaTel.: (+37 1) 7085 500Fax.: (+37 1) 7085 507www.hvb.lv

LithuaniaBayerische Hypo-und Vereinsbank

AG Vilnius Branch

Vilniaus gatve 35/301119 VilniusTel.: (+370 5) 2745 300Fax.: (+370 5) 2745 307www.hvb.lt

PolandBank BPH

ul. Towarowa 25 A, 00 958 Warszawa,

Tel.: (+48 22) 531 80 00Fax.: (+48 22) 531 9286Al. Pokoju 131-548 Krakowwww.bph.pl

Republic of MacedoniaSkopje Representative Office

Dimitrie Cupovski 4-2/61000 SkopjeTel.: (+389 2) 3215 130Fax.: (+389 2) 3215 140

RussiaInternational Moscow Bank

Prechistenskaya nab. 9119034 MoscowTel.: (+70 95) 258 7258Fax.: (+70 95) 258 7272A/CEE DeskMichael TawrowskyTel.: (+79 26) 148 60 86www.imb.ru

Serbia and MontenegroHVB Bank Serbia and Montenegro,

J.S.B., Belgrade

Rajiceva 27-2911000 BeogradTel.: (+381 11) 3204 500Fax.: (+381 11) 3342 200www.hvb.co.yu

SlovakiaHVB Bank Slovakia a.s.

Plynarenska 7/A814 16 Bratislava 1Tel.: (+42 12) 5969 1111Fax.: (+42 21) 5969 94 06www.hvb-bank.sk

SloveniaBank Austria Creditanstalt d.d.

Ljubljana

Smartinska 1401000 LjubljanaTel.: (+386 1) 5876 600Fax.: (+386 1) 5876 552www.ba-ca.si

UkraineHvb Bank Ukarine

14-A, Vul. Yaroslaviv Val01034 KyivTel.: (+38 044) 230 3300Fax.: (+38 044) 230 3391www.hvb.com.ua

raport anual hvb bank romania 2005

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