raport anual hvb bank romania 2004

7/29/2019 Raport Anual HVB Bank Romania 2004

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REZULTATE FINANCIARE 2003/2004

REZULTATE FINANCIARE 2003/2004

HVB BANK ROMANIA

Rezultate financiare

Rezultatul activit`]ii curente 534.582 1.164.331

Rezultatul \nainte de impozitare 534.582 1.164.331

Rezultatul net al exerci]iului financiar 462.322 906.781

Principalii indicatori

ROE dup` impozitare 34% 40%

Ponderea de]inut` de cheltuielile administrative \n veniturile nete opera]ionale 49% 37%

Rata solvabilit`]ii 15% 12%

Rezultate bilan]iere

Total activ bilan]ier 21.100.352 41.652.355

Credite acordate clientelei 13.242.214 23.221.428Total capitaluri proprii 1.342.365 2.249.146

Num`r angaja]i 225 312

Re]eaua de unit`]i teritoriale 9 12

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OVERVIEW 2003/2004

OVERVIEW 2003/2004

HVB BANK ROMANIA

Business results

Current activity profit 534.582 1.164.331

Pre-tax profit 534.582 1.164.331

Profit after tax 462.322 906.781

Key figures

Return on equity after taxes 34% 40%

Cost-Income ratio 49% 37%

Solvency ratio 15% 12%

Balance sheet figures

Balance sheet total 21.100.352 41.652.355

Loans to customers 13.242.214 23.221.428

Shareholders' equity 1.342.365 2.249.146

Staff number 225 312

Network-number of locations 9 12

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S e r v i c i i f l e x i b i l e

P a r t e n e r i d e

\ n c r e d e r e

S p r i j i n f

i n a n c i a r

3

Succesul nostru este, simultan, o promisiune dar [i o responsabilitate: promisiunea c`

ne bucur`m de încrederea clien]ilor no[tri [i responsabilitatea de a le confirma încontinuare a[tept`rile. Rezultatele au relevan]` în m`sura în care ele exprim` o rela]ie

de parteneriat foarte puternic`. Pentru HVB Bank - atât la nivel local cât [i interna]ional

- încrederea reprezint` cea mai important` resurs`. Astfel putem cunoa[te nevoile

individuale ale clien]ilor [i putem dezvolta servicii financiare flexibile, inovatoare [i

personalizate. Iar perfoman]ele partenerilor no[tri sunt o confirmare c` [tim s`

capitaliz`m aceast` resurs`.

|ncrederea - cel mai important capital

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

client’s trust and the responsibility to further on meet their expectations. As we see it,

results do make a difference if they express a strong partnership. For HVB Bank

Romania, as well as for our entire group, trust is the main asset. It is trust that enables

us to know our clients' personal needs so we could further develop personalized,

flexible and innovative financial services. And the performances of all our business

partners are proof that we have the skills and expertise to capitalize on it.

Trust is the main asset



Fulga DinuSenior Account Manager, Real Estate Finance

»|ntreaga experien]` acumulat` pån` acum, atåtpersonal, cåt [i la nivel de companie, contribuiela dezvoltarea permanent`. Iar acest lucru se

\ntåmpl`, \n mare m`sur`, pentru c` am \nv`]atde la cei mai buni clien]i c` o afacere reu[it` nutrebuie s` r`mån` niciodat` \n loc. Trebuie s` \[icontinue drumul [i s` evolueze cåt mai mult. Maiales cånd se poate baza pe sus]inerea unuipartener puternic.«



All the experience gained until now, personallyas well as on a company level, has the purposeof pushing us forward. And this happens alsodue to having learned from our best clients thata successful business should never stay put. Itshould always continue its mission and developas much as possible. Especially when it cancount on a strong partner.



Mihai CårstoiuSystem Analyst

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

neprietenoas`. Dar, folosit` corect, ea sus]ine dinumbr` cele mai \ndr`zne]e proiecte [i contribuiela cele mai mari reu[ite. De aceea, consider c` oafacere serioas`, la fel ca o banc` puternic`,trebuie s` aib` \ntotdeauna \n spate un sistemsolid, bine pus la punct.«



It’s true that technology might seem rathercold and unfriendly. But when it is usedcorrectly, it supports the most daringprojects and contributes to the greatestsuccesses. That is why I think that a strongbusiness, such as a strong bank, shouldalways be supported by a solid wellorganized system.



»Fiecare client este special. Fiecare client are nevoiede servicii diferite [i, dac` acestea nu ar fi

personalizate, parteneriatul nostru nu ar puteaexista. Dar acesta nu este singurul motiv pentrucare fac tot posibilul s` cunosc fiecare client cåt maibine. |n timp, am descoperit c` experien]a lordevine [i experien]a noastr` [i c`, p`strånd orela]ie stråns`, avem numai de cå[tigat.«

Laura Bab`uBranch Manager, Timi[oara



Every client is special. Every client needsdifferent services and, if these services werenot customized, our partnership could nothave existed. But this is not the only reasonfor doing my best in order to get to knoweach of our customers as well as possible. Intime, I have discovered that their experiencebecomes ours and that both parties canbenefit from always keeping a closerelationship.



Dezvoltare de succes

10

2004 a fost un an definit de succes, \n special \n privin]a extinderii opera]iunilor HVB Group.

Ritmul de dezvoltare al ]`rilor din Europa Central` [i de Est a fost unul accelerat, iar Europade Sud-Est [i-a continuat cre[terea dinamic`. Pe plan interna]ional, integrarea economic` s-aintensificat [i ea. Reformele implementate în ultimii ani au \nceput s`-[i arate rezultatele. Iar,nu \n ultimul rånd, extinderea UE, din luna mai 2004, a atras aten]ia lumii asupra realiz`rilordin aceast` regiune [i a perspectivelor promi]`toare privind dezvoltarea sa.|n ultimii ani, HVB Group [i-a concentrat eforturile asupra extinderii [i consolid`rii re]elei: înunele ]`ri, subsidiarele au fuzionat cu alte b`nci, sporindu-[i eficien]a, în timp ce în alte ]`ris-au pus bazele unor noi subsidiare. 2004 a \nsemnat o aten]ie sporit` dedicat` pie]ei [icontinuarea eforturilor de dezvoltare. Respectånd priorit`]ile [i fructificånd oportunit`]ilelocale, scopul este acela de a deveni un juc`tor important \n fiecare ]ar`.

Bank Austria Creditanstalt se pozi]ioneaz` \n cadrul HVB Group drept un ax al dezvolt`rii \nspa]iul central [i est european. Un grup financiar ce coordoneaz` o re]ea de peste 1.400 desucursale \n 12 ]`ri [i deserve[te aproape 6,3 milioane de clien]i prin intermediul celor 30.000de angaja]i ai s`i. De asemenea, indiferent de spa]iul european \n care \[i dezvolt` activitatea,clien]ii corporativi au posibilitatea de a utiliza serviciile b`ncii \n opera]iunile lor pe pie]eleinterna]ionale. Iar leg`tura dintre sistemul bancar local [i pie]ele financiare mondiale esteasigurat` de re]eaua noastr` transregional`.Scopul HVB Group este acela de a crea valoare pe o baz` solid`, definit` prin consisten]`,eficien]` dedicat` clien]ilor, experien]` [i productivitate. Vrem s` fim printre cei mai buni \nindustria serviciilor financiare [i s` utiliz`m know-how-ul întregului Grup oriunde ne

dezvolt`m opera]iunile. Potrivit sloganului "unitate în diversitate", diversitatea cultural` aEuropei este cea care st` la baza dezvolt`rii sale. Iar dezvoltarea este [i scopul nostru.



RAPORTUL CONSILIULUI DE ADMINISTRA}IE



R a p o r t u l C o n s i l i u l u i d e A d m i n i s t r a

] i e

Raportul Consiliului de Administra]ie

HVB Bank Romania este membr` a HVB Group, una dintre cele mai importante institu]ii

financiare europene - a doua banc` privat` din Germania, liderul pie]ei bancareaustriece, prin Bank Austria Creditanstalt; cel mai mare juc`tor din regiunea EuropeiCentrale [i de Est.

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

Prezent` \n Romånia \nc` din 1998, HVB Bank ofer` atåt avantajul cunoa[terii pie]ei

locale, cåt [i cel al apartenen]ei la un important grup bancar. Iar principalele beneficiipentru clien]i sunt produsele [i serviciile standardizate, de \nalt` calitate, riscul integrat,precum [i managementul profesionist al capitalului.

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

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



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

avånd 312 angaja]i.

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

Dan Pascariu Wolfgang Schoiswohl Roland Rechar

Pre[edinte Vicepre[edinte Membru al Consiliului

de Administra]ie

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RAPORT PRIVIND DIVIZIILE B~NCII



“ Anul trecut a fost cel mai bun an al nostru”. Valabil` [ipentru 2004, declara]ia, devenit` motto al diviziei de

Corporate Banking a HVB Bank Romania, este sus]inut` deo politic` concentrat` pe cre[terea calit`]ii serviciilor [iproduselor oferite clien]ilor corporativi. Performan]ele

\nregistrate la finalul lui 2004 de divizia dedicat̀ clien]ilorpersoane juridice sunt o confirmare fireasc` a acestei politiciaplicate \ntr-un mediu de afaceri care devine tot mai com-plex [i dinamic \n a[tept`ri [i cerin]e. Din aceast` perspec-tiv`, [i \n 2004 divizia de Corporate Banking [i-a dovedit, odat` \n plus, spiritul inovator, profesionalismul [i eficien]acu care a r`spuns solicit`rilor venite fie din industriispecifice – unde HVB Bank Romania de]ine o expertizìmportant` (ex., domeniul energetic, industria auto, sectorul

proiectelor imobiliare) -, fie din segmente de pia]` \n plinèxpansiune (ex., segmentul \ntreprinderilor mici [i mijlocii).La finalul anului 2004, portofoliul de clien]i persoane

juridice cuprindea 1.300 companii, un num`r cu 37% maimare decåt cel din 2003. Pe segmentul corporativ, volumulportofoliului de clien]i a crescut cu 30%. Iar pe pia]a \ntre-prinderilor mici [i mijlocii banca a avut o cre[tere de peste35% \n volum portofoliu, ajungånd la peste 900 clien]i. |nacela[i timp, totalul portofoliului de \mprumuturi acordateclien]ilor persoane juridice a fost de aproximativ 830 milioaneEUR, reprezentånd o cre[tere de 57% comparativ cu 2003.|mpreun` cu Bank Austria Creditanstalt, HVB Bank s-aimpus drept liderul pie]ei romåne[ti \n ceea ce prive[te

aranjarea de finan]`ri sindicalizate. Cele dou` b`nci auaranjat tranzac]ii importante \n sectoare precum celenergetic, de infrastructur`, \n industria berii [i \n cea

farmaceutic`. Anul trecut, HVB Bank Romania s-a dovedit \nc` o dat` [i

cea mai activ` banc` de pe pia]a finan]`rilor imobiliare, cupeste 100 de clien]i [i cu mai mult de 163 de milioane EUR

\n angajamente de real estate (fa]` de 80 milioane EUR,respectiv 78 de clien]i, la finalul lui 2003). 2004 a fost un anpe parcursul c`ruia HVB Bank a continuat s` dezvolteproiecte de referin]`, precum finan]area Cefin Logistics Park(75 milioane EUR – valoarea total` a proiectului), cel maimare centru logistic [i de distribu]ie din Bucure[ti, [ifinan]area Plaza Romania, cel mai mare centru comercialdin ]ar` (45 milioane EUR).Pe parcursul anului 2004, HVB Bank a continuat s` dezvoltesolu]ii pentru administrarea lichidit`]ilor cu impact asupra

reducerii costurilor clien]ilor. Aceste solu]ii vizeaz` \mbun`t`]irea calit̀ ]ii datelor, monitorizarea [i controlullichidit`]ilor, optimizarea opera]iunilor pe contul curent.|n segmentul de mari clien]i corporativi, extinderea utiliz`riiaplica]iilor electronice s-a reflectat pe parcursul anului 2004

\n cre[terea volumului pl̀ ]ilor electronice - cu 60% fa]` desfår[itul anului 2003 - [i \n cre[terea ponderii acestora, la80%, \n volumul total al pl`]ilor.Cunoa[terea profund` a pie]ei locale, precum [i know-how-ulfurnizat de grupul HVB au asigurat un avantaj extrem deimportant pentru Divizia de Corporate Banking. Iar acestlucru a contribuit semnificativ la consolidarea pozi]iei b`nciipe pia]`, ajutåndu-o s` ofere solu]ii locale unor clien]i

interna]ionali. Succesul partenerilor sì este [i succesulb`ncii. Iar aceast` viziune st` la baza pozi]iei de lider pecare HVB Bank o de]ine ast`zi.

Servicii adresate persoanelor juridice

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R a p o r t p r i v i n d d i v i z i i l e b ` n c i i



2004 a fost un an \n care HVB Bank Romania s-a concen-trat puternic pe dezvoltarea activit`]ii de Retail, confirmånd

\nc` o dat` eforturile sale permanente de a se apropia declien]i. Extinderea re]elei de sucursale, lansarea de noiproduse, \ncheierea de parteneriate cu constructori [i for]amobil` de vånzare au fost doar cåteva dintre direc]iile pecare s-a concentrat activitatea de Retail \n 2004.

Pe parcursul anului, HVB Bank Romania a pus la dispozi]iaclien]ilor noi produse: Creditul Auto [i Pachetele de Serviciipentru Liber Profesioni[ti - \n martie, Creditul pentruStudii - \n iulie, Conturile de Economii - \n noiembrie. Iar

\n luna decembrie, a fost semnat acordul cu BancaEuropean` pentru Reconstruc]ie [i Dezvoltare, care a oferit

finan]are pentru un nou produs lansat \n 2005: al doileatip de credit pentru finan]are imobiliar` - creditulipotecar.

Info Center [i-a \nceput activitatea \n iulie, ca parte dinprogramul de rela]ii cu clien]ii, [i, de atunci, ofer` constantinforma]ii despre produsele de creditare pe partea deRetail, precum [i solu]iile optime de finan]are, adecvatenevoilor clien]ilor [i non-clien]ilor. |n paralel, un altDepartament (Retail Lending Department) a fost creatpentru a facilita procesarea dosarelor de credit aduse deGemini Capital Consult – partenerul HVB Bank pentrufor]a mobil` de vånzare.

Departamentul de Private Banking, \nfiin]at \n 2003 pentrua furniza consultan]` financiar` clien]ilor cu active lichide

de peste 75.000 EUR, a continuat s` se pozi]ioneze printreprimele 5 de pe pia]a romåneasc`. Dup` 17 luni de

activitate, valoarea investi]iilor a ajuns la 56 milioane EUR,iar activele aflate \n administrare continu` s` creasc`.

Departamentul Carduri a primit premiul No-Cash pentru“Emitentul cu cele mai active carduri”, iar, la sfår[itul lui2004, num`rul cardurilor active a fost cu 97% mai maredecåt la finalul anului 2003.

Noile sucursale (Unirea - \n Bucure[ti, apoi cea din Ploie[ti[i cea din Arad) au crescut acoperirea teritorial` a b`ncii,strategia pentru 2005 urm`rind s` continue aceea[i liniedirectoare.

|n 2004, Divizia de Retail a HVB Bank Romania a \nregistrat evolu]ii impresionante pe toate segmentele.Comparativ cu finalul anului 2003, volumul portofoliului decredite a crescut cu 270%, num`rul clien]ilor cu credite -cu 535%, num`rul total de clien]i – cu 65%, iar volumuldepozitelor cu 40%. Venitul opera]ional a crescut cu 140%fa]` de valoarea \nregistrat` \n 2003.

Strategia b`ncii de a oferi clien]ilor servicii diversificate [ila standarde interna]ionale este confirmat` [i de ini]ierea,

\n 2004, a unei serii de proiecte ce vor fi implementate \n2005: deschiderea de noi sucursale, utilizarea de noi

canale de distribu]ie, \ncheierea de parteneriate strategice,lans`ri de noi produse, centralizarea activit`]ilor deback-office din sucursal` [i optimizarea proceselor.

Servicii adresate persoanelor fizice



|n 2004, o bun` gestionare a volatilit`]ii pie]ei a adus dinnou rezultate bune \n ce prive[te veniturile pe segmentul

de arbitraj. Deschiderea pie]ei de la sfår[itul anului 2004a fost binevenit`, oferind \nc` o dat` departamentului deTrezorerie posibilitatea de a dep`[i, prin rezultatele sale,estim`rile. |n acest fel, HVB Bank [i-a consolidat pozi]iade formator de pia]` [i a dezvoltat \n continuareportofoliul de clien]i.

Departamentul de Gestionare a Activelor [i Pasivelor acontinuat refinan]area portofoliul de credite – unul \ntr-opermanent` cre[tere – prin \mbinarea unor instrumenteprecum fondurile primare, liniile de refinan]are [i pia]ainterbancar`. |n paralel cu p`strarea unei lichidit`]i

optime, Departamentul de Gestionare a Activelor [iPasivelor a reu[it totodat` s` contribuie la profitul

Trezoreriei printr-o apreciere corect` a curbei dobånzilor[i o politic` corespunz`toare.

{i \n 2004, HVB Bank s-a concentrat pe deservireaclien]ilor corporativi, dezvoltåndu-[i \n continuare echipade vånz`ri produse trezorerie. Aceasta a pus la dispozi]iaclien]ilor servicii de \nalt` calitate [i toate produseleexistente \n acest moment pe pia]`. Evolu]ia pie]eivalutare la finalul anului 2004 a sporit cererea deinstrumente [i tehnici de gestionare a riscului valutar.

Pe pia]a de capital, de[i \n 2004 au avut loc mai pu]ineemisiuni de obliga]iuni decåt \n anul precedent, HVBBank s-a implicat \n continuare \n tranzac]ii semnificative.

|n 2004, spre exemplu, banca a co-aranjat cea mai mareemisiune de obliga]iuni municipale – cea de la Oradea.

Trezoreria R a p o r t p r i v i n d d i v i z i i l e b ` n c i i



RESURSE UMANE



Num`rul angaja]ilor a crescut cu 38% \n cursul anului2004 [i a atins un total de 312 la sfår[itul lunii decembrie

2004. Noii angaja]i au urmat programe intensive detraining \n cadrul HVB Bank pentru a-[i \nsu[i standardeleprofesionale [i cultura organiza]ional` a b`ncii.

Strategia noastr` de resurse umane urm`re[te ca angaja]ii HVB Bank s` fie motiva]i, fideli [i buni profesioni[tipentru a putea contribui la procesul continuu de dezvoltarea organiza]iei. Programele interne de training organizate

în primul rånd pentru a spori profesionalismul angaja]ilor[i pentru a cre[te calitatea serviciilor lor c`tre clien]i se

dovedesc un sprijin important \n procesul de diversificarecontinu` a produselor [i serviciilor oferite de banc`.Recunoa[terea performan]ei [i a eforturilor sus]inute esteunul din obiectivele noastre principale.

Implementarea de noi programe de training [i dezvoltareva sus]ine \n continuare eforturile de a \mbun`t`]i nivelulde cuno[tin]e [i profesionalismul angaja]ilor.

Resurse umane R e s u r s e u m a n e



RAPORT FINANCIAR



Noi am procedat la auditarea bilan]ului societ`]ii HVBBANK ROMANIA S.A. („Banca”) \ncheiat la 31 decembrie

2004, a situa]iilor contului de profit [i pierdere, amodific`rilor capitalurilor proprii, a fluxurilor de trezoreriepentru exerci]iul \ncheiat la aceast` dat`, care reflecta:

• total active 41.652.355.128 mii lei• capital propriu (activ net) 2.249.146.067 mii lei• venituri totale 3.115.287.614 mii lei• rezultatul exerci]iului financiar-profit 906.781.448 mii lei

Conturile anuale au fost stabilite sub responsabilitateaconducerii B`ncii [i sunt \ntocmite \n conformitate cuReglement`rile contabile \n vigoare \n Romånia, [i anume

Legea 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 erori

semnificative \n conturile anuale. Un audit const` \n aexamina, pe baz` de sondaje, elementele probante cares` justifice sumele [i informa]iile con]inute \n conturile

anuale. Un audit const` de asemenea, atåt \n evaluareaprincipiilor [i metodelor contabile folosite [i a estim`rilor

semnificative 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 pozi]iei financiare aHVB BANK ROMANIA S.A. la 31 decembrie 2004, arezultatelor opera]iunilor sale, a situa]iei fluxurilor detrezorerie [i a situa]iei modific`rilor capitalurilor proprii

pentru 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 califica opinia noastr`, atragem aten]ia asupraurm`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 cu

Directiva a IV-a a Comunit`]ii Economice Europene [i cuStandardele Interna]ionale privind Raport`rile Financiare(IFRS). Cu toate acestea, ultimele cerin]e contabile ale

Raport de audit R a p o r t f i n a n c i a r



Ministerului Finan]elor Publice sunt concepute pentru ar`spunde necesit`]ilor fiscale ale Ministerului Finan]elorPublice [i sunt aplicabile numai pe teritoriul Romåniei.

Aceste noi reglement`ri nu acoper̀ cerin]ele IFRS \ntotalitate, \n unele aspecte fiind chiar diferite fa]` deprevederile IFRS, \n special cele care se refer` la IAS 29„Raport`ri Financiare \n Economii Hiperinfla]ioniste”, IAS32 „Instrumente Financiare – Prezentare” [i IAS 39

„Instrumente Financiare – |nregistrare [i Valorizare”.Prin urmare, este posibil ca aceste situa]ii financiare s` nuofere o imagine real` a pozi]iei financiare a B`ncii, arezultatelor opera]iunilor sale, a situa]iei modific`rilorcapitalului propriu, precum [i a situa]iei fluxurilor detrezorerie \n conformitate cu IFRS. De aceea situa]iilefinanciare anexate nu sunt \ntocmite pentru uzul persoa-nelor ce nu cunosc impactul aspectelor prezentate mai sus.

Deloitte Audit SRLBucure[ti, 27 mai 2005



R a p o r t f i n a n c i a r

\n mii Lei / \n mii EUR*

ACTIV

Casa [i disponibilit`]i la b`nci centrale (Nota 13.8)

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

Efecte publice [i valori asimilate (Note 3.5; 4)

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

Crean]e asupra institu]iilor de credit (Note 3.1;3.4)

La vedere (Nota 3.4)

Alte crean]e (Note 3.1; 3.4)

Crean]e asupra clientelei (Nota 3.3)

Obliga]iuni [i alte titluri cu venit fix (Note 3.5; 4)

Emise de organisme publice (Note 3.5; 4)

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

Obliga]iuni proprii

Ac]iuni [i alte titluri cu venit variabil (Nota 4.3)

Participa]ii, din care (Nota 4.3):

Participa]ii la institu]ii de credit

P`r]i în cadrul societ`]ilor comerciale legate, din care:

P`r]i în cadrul institu]iilor de credit

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

Cheltuieli de constituire (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 în scopul desf`[ur`rii activit`]ilor proprii (Nota 5)

Capital subscris nev`rsat

Ac]iuni [i p`r]i proprii

Alte active (Nota 2.3)

Cheltuieli înregistrate în avans [i venituri angajate (Nota 2.4)

TOTAL ACTIV (Nota 14)

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

BILAN} CONTABIL

LA 31 DECEMBRIE 2003 {I 31 DECEMBRIE 2004

2004

5.354.928.306

3.506.331.324

3.506.331.324

-

7.100.226.007

1.099.939.495

6.000.286.512

23.183.532.065

1.744.286.551

859.003.525

885.283.026

-

3.478.139

5.763.460

-

-

-

110.702.024

16.363.704

-

213.550.291

87.584.050

-

-

206.209.520

223.347.441

41.652.355.128

2004*

135.011

88.403

88.403

-

179.014

27.732

151.282

584.513

43.978

21.658

22.320

-

88

145

-

-

-

2.791

413

-

5.384

2.208

-

-

5.199

5.631

1.050.156

2003

3.680.318.418

-

-

-

2.004.220.072

168.569.347

1.835.650.725

13.220.293.404

1.758.782.843

559.815.712

1.198.967.131

-

3.478.139

5.763.460

-

-

-

88.940.113

15.933

-

153.115.285

69.650.477

-

-

91.665.950

93.774.177

21.100.351.861

2003*

89.508

-

-

-

48.744

4.100

44.644

321.529

42.775

13.615

29.160

-

85

140

-

-

-

2.163

-

-

3.724

1.694

-

-

2.229

2.281

513.178



BILAN} CONTABIL



PASIV

Datorii privind institu]iile de credit (Nota 3.4)


La termen (Nota 3.1)

Datorii privind clientela (Nota 3.1)

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 în circula]ie

Alte titluri

Alte pasive (Nota 2.3)

Venituri înregistrate în avans [i datorii angajate (Nota 2.4)

Provizioane pentru riscuri [i cheltuieli, din care:

Provizioane pentru pensii [i obliga]ii similare

Alte provizioane

Datorii subordonate (Nota 3.6)

Capital social subscris (Nota 6)

Prime de capital

Rezerve (Note 2.2; 7)

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

Rezultatul reportat

Profit (Nota 13)

Pierdere

Rezultatul exerci]iului financiar

Profit (Nota 13)

Pierdere

Repartizarea profitului (Nota 7)

TOTAL PASIV (Nota 14)


2004

16.161.695.952

4.080.243.775

12.081.452.177

22.285.258.633

15.878.386.617

2.114.146.828

13.764.239.789

6.406.872.016

4.422.190.596

1.984.681.420

-

-

-

264.274.823

218.999.224

-

-

-

472.980.429

587.240.500

-

642.242.080

197.838.657

-

412.825.159

-

-

31.578.264

-

260.863.699

-

906.781.448

-

(147.981.660)

41.652.355.128

2004*

407.475

102.873

304.602

561.866

400.333

53.303

347.030

161.533

111.494

50.039

-

-

-

6.663

5.521

-

-

-

11.925

14.806

-

16.193

4.988

-

10.408

-

-

796

-

6.577

-

22.862

-

(3.731)

1.050.157

2003

8.055.149.624

2.531.171.257

5.523.978.367

11.236.852.795

6.930.676.429

970.102.837

5.960.573.592

4.306.176.366

3.452.245.459

853.930.907

-

-

-

37.992.107

143.258.368

-

-

-

284.734.348

587.240.500

-

494.260.420

197.838.657

-

264.843.499

-

-

31.578.264

-

60.314.475

-

462.322.222

-

(261.772.998)

21.100.351.861

2003*

195.908

61.560

134.348

273.290

168.560

23.594

144.966

104.730

83.962

20.768

-

-

-

924

3.484

-

-

-

6.925

14.282

-

12.021

4.812

-

6.441

-

-

768

-

1.467

-

11.244

-

(6.367)

513.178




ELEMENTE |N AFARA BILAN}ULUI

Datorii contingente, din care: (Nota 12)

Accept`ri [i andos`ri (Nota 12)

Garan]ii [i active gajate (Nota 12)

Angajamente, din care: (Nota 12)

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

27


CONTURI EXTRABILAN}IERE



2004

3.510.724.646

2.118.575.138

1.392.149.508

8.661.247.958

-

2004*

88.514

53.414

35.099

218.371

-

2003

1.984.357.161

1.320.665.433

663.691.728

5.612.621.487

-

2003*

48.262

32.120

16.142

136.504

-




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

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

Dobânzi de pl`tit [i cheltuieli asimilate (Nota 9.1)

Venituri privind titlurile

Venituri din ac]iuni [i alte titluri cu venit variabil

Venituri din participa]ii

Venituri din p`r]i în cadrul societ`]ilor comerciale legate

Venituri din comisioane (Nota 9.2)

Cheltuieli cu comisioane (Nota 9.2)

Profit sau pierdere net` din opera]iuni financiare (Nota 9.3)

Alte venituri din exploatare (Nota 9.4)

Cheltuieli administrative generale (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 9.7)

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

pentru datorii contingente [i angajamente (Nota 9.7)

Corec]ii asupra valorii titlurilor transferabile, care au caracter

de imobiliz`ri financiare, a participa]iilor [i a p`r]ilor în cadrul

societ`]ilor comerciale legate (Nota 9.9)

Relu`ri din corec]ii asupra valorii titlurilor transferabile care au caracter

de imobiliz`ri financiare, a participa]iilor [i a p`r]ilor în cadrul societ̀ ]ilor comerciale legate (Nota 9.9)

REZULTATUL ACTIVIT~}II CURENTE

Profit (Nota 13.5)

Pierdere

Impozitul pe rezultatul activit`]ii curente (Nota 13.5)

28

CONTUL DE PROFIT {I PIERDERE


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

2004

2.034.627.972

397.019.459

(742.345.468)

-

-

-

-

442.615.618

(51.163.942)

129.560.998

5.096.857

(556.769.971)

(217.964.516)

(142.104.543)

(42.831.292)

(25.565.488)

(338.805.455)

(68.027.052)

(54.578.070)

(478.072.045)

462.953.543

-

40.432.626

1.164.331.066

-

(257.549.618)

2004*

51.298

10.010

(18.716)

-

-

-

-

11.159

(1.290)

3.267

129

(14.038)

(5.495)

(3.583)

(1.080)

(645)

(8.543)

(1.715)

(1.376)

(12.053)

11.672

-

1.019

29.356

-

(6.494)

2003

1.047.338.779

177.202.345

(345.486.260)

-

-

-

-

290.783.975

(35.437.056)

101.015.917

12.701.166

(445.436.758)

(155.222.696)

(100.521.177)

(32.158.547)

(19.375.262)

(290.214.061)

(34.737.760)

(44.061.754)

(330.834.599)

317.906.489

(27.485)

857.812

534.582.464

-

(72.260.242)

2003*

25.472

4.310

(8.403)

-

-

-

-

7.072

(862)

2.457

309

(10.833)

(3.775)

(2.445)

(782)

(471)

(7.058)

(845)

(1.072)

(8.046)

7.732

(1)

21

13.001

-

(1.757)




REZULTATUL ACTIVIT~}II CURENTE DUP~ IMPOZITARE

Profit (Nota 13.5)

Pierdere

Venituri extraordinare

Cheltuieli extraordinare

REZULTATUL ACTIVIT~}II EXTRAORDINARE

Profit

Pierdere

Impozitul pe rezultatul activit`]ii extraordinare

REZULTATUL ACTIVIT~}II EXTRAORDINARE DUP~ IMPOZITARE

Profit

Pierdere

Venituri totale

Cheltuieli totale

REZULTATUL BRUT

Profit

Pierdere

Impozitul pe profit (Note 13.5; 13.6)

Cheltuieli cu impozitul pe profit curent

Cheltuieli cu impozitul pe profit amånat

Venituri din impozitul pe profit amånat

Alte impozite ce nu apar \n elementele de mai sus

REZULTATUL NET AL EXERCI}IULUI FINANCIAR

Profit

Pierdere

Rezultatul pe ac]iune

De baz`

Diluat

29





2004

906.781.448

-

-

-

-

-

-

-

-

3.115.287.614

(1.950.956.548)

1.164.331.066

-

(257.549.618)

(257.558.251)

-

8.633

-

906.781.448

-

-

-

2004*

22.862

-

-

-

-

-

-

-

-

78.544

(49.188)

29.356

-

(6.494)

(6.494)

-

-

-

22.862

-

-

-

2003

462.322.222

-

-

-

-

-

-

-

-

1.770.604.138

(1.236.021.674)

534.582.464

-

(72.260.242)

(72.260.576)

-

334

-

462.322.222

-

-

-

2003*

11.244

-

-

-

-

-

-

-

-

43.063

(30.062)

13.001

-

(1.757)

(1.757)

-

-

-

11.244

-

-

-




REZULTATUL NET (Nota 13.5)

Componente ale rezultatului net care nu genereaz` fluxuri de trezorerie

aferente activit`]ii de exploatare

± constituirea sau regularizarea provizioanelor

± cheltuieli cu amortizarea (Nota 9)

± 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 13)

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 în numerar reprezentând impozitul pe profit (Nota 13.5)

Fluxuri de numerar din activit`]i de exploatare

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

- pl`]i în numerar pentru achizi]ionarea de filiale sau alte subunit`]i (Nota 5)

+ încas`ri în numerar din vânzarea de filiale sau alte subunit`]i

+ încas`ri în numerar reprezentând dividende primite

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

de imobiliz`ri financiare (Nota 3)

+ încas`ri în numerar din vânzarea de titluri care au caracter

de imobiliz`ri financiare

+ încas`ri în numerar reprezentând dobânzi primite

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

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

+ încas`ri în numerar din vânzarea de terenuri [i mijloace fixe,active necorporale [i alte active pe termen lung

- alte pl`]i în numerar aferente activit`]ilor de investi]ii

+ alte încas`ri în numerar din activit`]i de investi]ii

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

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


2004

906.781.448

16.148.076

68.027.052

-

63.164.568

257.549.619

1.311.670.762

254.370.878

192.437.347

(9.979.213.762)

(129.746.239)

(114.543.570)

8.106.546.328

11.048.405.838

75.740.856

200.651.965

(231.918.867)

10.734.401.536

-

-

-

(148.643.595)

-

-

(213.388.537)

-

-

-

(362.032.132)

2004*

22.862

407

1.715

-

1.593

6.493

33.070

6.413

4.852

(251.600)

(3.271)

(2.888)

204.386

278.558

1.910

5.059

(5.847)

270.641

-

-

-

(3.748)

-

-

(5.380)

-

-

-

(9.128)

2003

462.322.222

10.375.445

34.737.761

-

42.921.018

72.260.424

622.616.688

(1.023.907.310)

(585.066.505)

(7.737.996.002)

(3.820.072)

(89.582.384)

6.285.341.421

(4.995.079.007)

73.077.498

(8.200.138)

(63.964.029)

(7.526.579.840)

(5.922.779)

-

-

(68.726.409)

-

-

(129.683.673)

-

-

-

(204.332.861)

2003*

11.244

252

845

-

1.044

1.757

15.143

(24.902)

(14.229)

(188.195)

(93)

(2.179)

152.865

(121.485)

1.777

(199)

(1.556)

(183.053)

(144)

-

-

(1.671)

-

-

(3.154)

-

-

-

(4.970)





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

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

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

+ încas`ri în numerar din emisiunea de ac]iuni sau p`r]i

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

+ încas`ri în numerar din vânzarea de ac]iuni sau p`r]i proprii

- pl`]i în numerar reprezentând dividende

- alte pl`]i în numerar aferente activit`]ilor de finan]are

+ alte încas`ri în numerar din activit`]i de finan]are

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

Numerar la începutul perioadei (Nota 13.8)

± Fluxuri de numerar din activit`]i de exploatare (Nota 13.8)

± 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 sfâr[itul perioadei (Nota 13.8)

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


2004

188.246.081

-

-

-

-

-

-

-

188.246.081

5.128.631.072

10.734.401.536

(362.032.132)

188.246.081

-

15.689.246.557

2004*

4.746

-

-

-

-

-

-

-

4.746

129.305

270.641

(9.128)

4.746

-

395.564

2003

-

-

-

-

-

-

-

-

-

12.859.543.773

(7.526.579.840)

(204.332.861)

-

-

5.128.631.072

2003*

-

-

-

-

-

-

-

-

-

312.755

(183.053)

(4.970)

-

-

124.733



\n mii Lei

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 pentru ac]iuni proprii

Rezerve din conversie




Fonduri

Rezultatul reportat

Profit nerepartizat (Nota 13)

Pierdere neacoperit`

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

Sold creditor (Nota 13)

Sold debitor

Rezultatul reportat provenit din modificarea politicilor contabile

Sold creditor

Sold debitor

Rezultatul reportat provenit din corectarea erorilor fundamentale

Sold creditor

Sold debitor

Rezultatul reportat reprezentând surplusul realizat din rezerve de reevaluareRezultatul exerci]iului financiar


Sold debitor

Sold la

1 ianuarie

587.240.500

-

197.838.657

-

264.843.499

-

-

-

-

-

-

31.578.264

-

25.641.089

-

34.673.386

-

-

-

-

-

-

200.549.224

-

Total

-

-

-

-

-

147.981.660

-

-

-

-

-

-

-

200.549.224

-

-

-

-

-

-

-

-

906.781.448

-

din care

prin transfer

-

-

-

-

-

147.981.660

-

-

-

-

-

-

-

200.549.224

-

-

-

-

-

-

-

-

-

-

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

Cre[teri




\n mii Lei

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 pentru ac]iuni proprii

Rezerve din conversie




Fonduri

Rezultatul reportat

Profit nerepartizat (Nota 13)

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 reprezentând surplusul realizat din rezerve de reevaluareRezultatul exerci]iului financiar


Sold debitor

Total

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

348.530.884

-

din care

prin transfer

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

348.530.884

-

Sold la

31 decembrie

587.240.500

-

197.838.657

-

264.843.499

147.981.660

-

-

-

-

-

31.578.264

-

226.190.313

-

34.673.386

-

-

-

-

-

-

758.799.788

-

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

Reduceri



NOTE LA SITUA}IILE FINANCIARE



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

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/ octombrie2002 (OMF 1982/5). Acestea cer ca situa]iile financiare s`fie \ntocmite \n conformitate cu:

• Legea contabilit`]ii nr. 82/1991 (republicat` [i modificat`),• Cadrul general de \ntocmire [i prezentare a situa]iilorfinanciare din OMF 1982/5 [i• Standardele Interna]ionale de Contabilitate (IAS)publicate de Comitetul pentru Standardele Interna]ionale

de Contabilitate.

Situa]iile financiare au fost \ntocmite la costul istoric, cuexcep]iile prezentate in 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 politicile contabile pentru

instrumente 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, efectuåndu-se \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 ROMÂNIEI NR. 1982/5/2001(“REGLEMENT~RI CONTABILE ARMONIZATE CUDIRECTIVA COMUNIT~}II ECONOMICE EUROPENE nr.86/635/CEE {I CU STANDARDELE INTERNA}IONALE DECONTABILITATE APLICABILE INSTIU}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 ÎNTOCMIRIISITUA}IILOR FINANCIARE

1



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 recunoscute

pån` 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 \n

considerare, 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 valorileelementelor ce reprezint` pasive, respectiv veniturile cucheltuielile, cu excep]ia compens`rilor \ntre active [ipasive, admise de IAS;• Principiul prevalen]ei economicului asupra juridicului– informa]iile prezentate in 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 mii lei.

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

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

Fiecare mijloc fix cu un cost de achizi]ie cedep`[e[te cincisprezece milioane de lei [i o

durat` de via]` estimat` la peste un an, se capitalizeaz`.Mijloacele fixe cu un cost mai mic de cincisprezece milioanelei 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• AlteleImobiliz`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 refera \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 36men]ioneaz` c`, atunci cånd valoarea contabil` a activuluidep`[e[te valoarea recuperabil` a acestuia, se constituieo pierdere pentru depreciere. Valoarea recuperabil` esteconsiderat` a fi cea mai mare dintre valoarea de utilitate[i pre]ul net de vånzare.Banca nu de]ine \n patrimoniu la 31 decembrie 2004terenuri [i cl`diri.

Activele pe termen lung, altele decåtimpozitele amånate de primit [i activele financiare, trebuieverificate conform IAS 36 “Deprecierea activelor”.IAS 36 presupune recunoa[terea unei pierderi ca urmare amodific`rii valorii activului ori de cåte ori valoarea contabil`a unui activ dep`[e[te valoarea sa recuperabil`. Valoarearecuperabil` reprezint` maximul dintre pre]ul net de vånzareal unui activ [i valoarea sa de utilizare. Valoarea de utilizarea unui activ reprezint` valoarea curent` a fluxurilor viitoarede numerar estimate, ce se a[teapt̀ s ̀fie generate din utilizareacontinu` a unui activ [i din vånzarea acestuia la sfår[itulperioadei sale de via]`.|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;

Monedade prezentare

Recunoa[terea venitu-rilor [i cheltuielilor

Deprecierea activelor

Leasing

Imobiliz`ri corporale[i necorporale



Categoria de credit

Standard

În observa]ie

Substandard

Îndoielnic

Pierdere

37

N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

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%

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` amijloacelor 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 dintre

cost [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 financiaresau ca parte a unui \mprumut acordat

printr-un credit sindicalizat sunt considerate a fi \mprumuturiacordate de c`tre Banc` [i sunt evaluate la costul amortizat.Toate \mprumuturile [i avansurile sunt recunoscute \n

momentul \n care banii sunt da]i debitorului.Provizionul pentru \mprumuturi se constituie atunci cåndexist` un motiv \ntemeiat pentru a se crede c` Banca nuva putea s` recupereze suma respectiv`.

Provizionul reprezint` diferen]a \ntre valoarea de \nregistrare[i valoarea recuperabil`, unde valoarea recuperabil` estevaloarea actual` a fluxurilor de numerar viitoare estimate,inclusiv sumele 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 \nregistratca pierdere si concomitent se \nregistreaz` anulareaprovizionului corespunz`tor. Recuper`rile ulterioare sunt

\nregistrate in venituri din recuper`ri de crean]e.

Provizioanele pentru credite \ndoielnice seconstituie pe baza evalu`rii portofoliului decredite [i avansuri la 31 decembrie 2004 [i respectiv 31decembrie 2003, inclusiv dobånzile ne\ncasate. Provizioaneleau fost \nregistrate pe cheltuieli \n contul de profit [i pierdere,fiind sc`zute din totalul creditelor [i al dobånzii ne\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 din

sectorul bancar [i clien]ilor din alte sectoare.|n urma unei astfel de evalu`ri rezult` clasificarea

\mprumuturilor \n cinci categorii, dup` cum urmeaz`:

Stocuri

Împrumuturi acordate[i provizioane pentru împrumuturi acordate

Provizioane pentrusume îndoielnice

Sector bancar



Gradul de risc alocat

(%)

0%

20%

50%

Garan]ia

Garan]ie în form` b`neasc`

Scrisori de garan]ie emise de b`nci [i administra]iile locale

Ipoteci imobiliare, crean]e comerciale gajate [i alte gajuri

Titluri

Credite care facobiectul unui proces

|n cazul \n care au fost demarateprocedurile legale, toate categoriile de credite

se \nregistreaz` pe pierdere, iar provizionul este de 100%.Provizioanele necesare se calculeaz` prin aplicarea

procentelor men]ionate mai sus asupra soldului bilan]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` sunt titluri deplasament [i titluri de investi]ie precum [i titluri primite

\n pensiune livrat` [i titluri date \n pensiune livrat`.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

\nregistr̀ 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 perioada mai \ndelungat`, dar f`r` ca aceast`de]inere s` implice o p`strare 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 titlurilorcu venit fix disponibile pentru vånzare se \nregistreaz` \n

contul de crean]e ata[ate, iar dividendele \ncasate aferentetitlurilor cu venit variabil disponibile pentru vånzare se \nregistreaz` \n contul de venit corespunz`tor.

|nregistrarea \n contabilitate a cesiunii titlurilor de plasamentse face la pre]ul de vånzare (cesiune), iar diferentele \ntrepre]ul de vånzare [i pre]ul de \nregistrare a titlurilor cedatese \nregistreaz` \n conturile de venituri [i cheltuieli, dup`caz.

Pentru opera]iunile efectuate \n valute str`inea fost luat \n considerare cursul oficial al leului romånesc

\n vigoare la data efectu r̀ii opera]iunii. Activele [i pasiveleexprimate \n valut` au fost transformate \n Lei romåne[tifolosindu-se cursurile oficiale de schimb ale B`ncii Na]ionalea Romåniei valabile la data \ncheierii bilan]ului.Profitul sau pierderea rezultate din schimb valutar ap`rutedin regulariz`ri [i translat`ri ale elementelor exprimate \nvalut` au fost \nregistrate \n contul de profit [i pierdere.Leul romånesc nu este convertibil \n afara teritoriuluiRomåniei.

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 [iincertitudinea 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, a fost necesar` operarea unor

Cursul de schimb

Numerar [i echivalentde numerar

Continuitateaactivit`]ii

Folosirea estim`rilor



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

mii lei / 2003

Obiecte de inventar

Alte stocuri*

Total (Nota 2.3)

Total

-

7.628.258

7.628.258

Provizioane

-

-

-

Stocuri

-

7.628.258

7.628.258

INFORMA}II PRIVIND UNELE POSTURI DIN BILAN}

2

2.1 CONTURI DE STOCURI

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

Total

11.757.958

-

11.757.958

Provizioane

-

-

-

Stocuri

11.757.958

-

11.757.958

mii lei / 2004

Obiecte de inventar

Alte stocuri*

Total (Nota 2.3)

ajust`ri asupra conturilor statutare [i ob]inerea unorinforma]ii care nu pot fi disponibile direct din conturileB`ncii. |nregistr`rile contabile statutare nu furnizeaz`

\ntotdeauna suficiente informa]ii pentru a stabili cu acurate]eajust`rile [i prezentarea informa]iilor necesare, motivpentru care au fost f`cute estim`ri pe baza celor mai buneinforma]ii disponibile. De[i aceste estim`ri individualeprezint` un oarecare grad de incertitudine, efectul generalal acestuia asupra situa]iilor financiare este considerat canesemnificativ.

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`rile legale \n vigoare \n cursul anului, calculate la salariile brute. Valoarea acestor contribu]ii se \nregistreaz` \n contul de

profit [i pierdere \n aceea[i perioad` \n care se \nregistreaz`[i cheltuielile cu salariile.Banca nu are alte obliga]ii prin legisla]ia 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, iar pentru anul financiar 2004 sunt prezentatesitua]iile financiare comparative, \ntocmite pentru anii

\ncheia]i la 31 decembrie 2003 [i la 31 decembrie 2004

Calculul impozitului pe profit porne[te dela rezultatul anului financiar, corectat cu elemente deductibile[i nedeductibile la care se aplic` cote de impozitare aflate

\n vigoare la data \ncheierii bilan]ului contabil.Impozitul 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 2004, Banca a pl`tit o cot` deimpozit pe profit de 25%.

2.2 REZERVE

La data de 31 decembrie 2004, rezervele B`ncii \n sum`de 642.242.080 mii lei (31 decembrie 2003: 494.260.420mii lei) includeau:• Rezervele legale, \n sum` de 197.838.657 mii lei (2003:197.838.657 mii lei) sunt constituite astfel:

• Pån` la 31 decembrie 2003 \n concordan]` cu Legea

Bancar` 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 capitalulsocial. O dat` ce rezerva a atins nivelul de 100% dincapitalul social, aloc`ri suplimentare la fondul derezerv` se pot face prin repartizarea a cåte maximum10% din profitul brut pån` cånd fondul de rezerv`atinge nivelul de 200% din capitalul social. Dup` acestnivel, aloc`ri suplimentare la fondul de rezerv` se pot

face numai din profitul net. Aceast` rezerv` nu poatefi distribuit` ac]ionarilor. Repartizarea din profitulanului 2003 este de 106.916.560 mii lei.

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

Situa]ii comparative

Contribu]iipentru salaria]i

Impozitul pe profit



Alte active

Impozit pe profit de recuperat

Debitori diver[i

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 2004

-

22.298.578

121.784

172.031.200

11.757.958

206.209.520

31 decembrie 2003

1.375.629

8.809.704

73.852.359

-

7.628.258

91.665.950

• |ncepånd cu exerci]iul financiar al anului 2004,b`ncile constituie fondul de rezerv` potrivitdispozi]iilor legisla]iei privind societ`]ile comerciale(Legea 31/1990 republicat`). Din profitul societ`]ii seva prelua, \n fiecare an, cel pu]in 5% pentru formareafondului de rezerv`, pån` ce acesta va atinge minimuma cincea parte din capitalul social.Repartizarea din profitul anului 2004 este de 0 mii lei.

• Rezerva general` pentru riscul de credit, \n sum` de264.843.499 mii lei, s-a constituit pån` la 31 decembrie2003 \n conformitate cu Legea Bancar` nr. 58/1998 [i esteegal` cu pån` la 2% din soldul creditelor la sfår[itulanului. Aceast` rezerv` nu poate fi distribuit` ac]ionarilor.• Rezerva pentru riscuri bancare, \n sum` de147.981.660 mii lei s-a constituit \ncepånd cu 1 ianuarie2004 si este aferent` exerci]iului financiar al anului 2004.

|ncepånd cu exerci]iul financiar al anului 2004, b`ncileconstituie fondul pentru riscuri bancare generale dinprofitul contabil determinat \nainte de deducerea impozi-tului pe profit, \n limita a 1% din soldul activelor purt`toarede riscuri specifice activit`]ii bancare, a[a cum sunt

stabilite prin reglement`rile B`ncii Na]ionale a Romåniei,cu avizul Ministerului Finan]elor Publice, \n m`sura \n caresumele respective se reg`sesc \n profitul net.Repartizarea din profitul anului 2004 este de147.981.660 mii lei.• Alte rezerve, \n sum` de 31.578.264 mii lei (2003:31.578.264 mii lei) sunt alc`tuite din:

• Rezerve constituite \n conformitate cu Legea nr.189/2001 [i cu Decizia nr.3/2002, \n suma de6.006.463 mii lei (2003: 6.006.463 mii lei) din care :667.385 mii lei (2003: 667.385 mii lei), aferent`reducerii cu 50% a impozitului pe profit pentruutilizarea profitului, \n decursul anului fiscal curent,pentru investi]ii \n active corporale [i necorporale,precum [i 5.339.077 mii lei (2003: 5.339.077 mii lei)reprezentånd valoarea acestor investi]ii. Aceste

rezerve nu pot fi distribuite ac]ionarilor.• Alte rezerve \n sum` de 25.571.801 mii lei (2003:25.571.801 mii lei), aferente diferen]elor de cursrezultate din evaluarea activelor [i pasivelor \n valut`,stabilite \n conformitate cu Legea nr. 189/2001.

* Creditorii diver[i, \n sum` de 20.851.451 mii lei la 31 decembrie 2004 (2003: 13.770.141 mii lei), cuprind \n special sume de plat` a furnizorilor

de servicii IT pentru actualizarea programelor informatice [i \ntre]inerea lor, precum [i alte servicii ale furnizorilor externi [i interni.

**Alte pasive \n suma de 51.517.806 mii lei la 31 decembrie 2004 (2003: 23.734.572 mii lei) includ \n principal impozite de plat` la bugetul statului.

Alte pasive

Creditori diver[i*

Conturi de ajustare devize - pasiv

Conturi de ajustare privind instrumentele financiare derivative de dobånda

Impozite amânate – pasiv (Nota 13.6)

Alte pasive**

Total alte pasive

31 decembrie 2003

13.770.141

478.761

-

8.633

23.734.572

37.992.107

31 decembrie 2004

20.851.451

190.812.363

1.093.203

-

51.517.806

264.274.823



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

* Veniturile \nregistrate \n avans \n sum` de 140.216.788 mii lei la 31 decembrie 2004 (2003: 82.718.822 mii lei) cuprind \n principal comisionul

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

Venituri înregistrate în avans [i datorii ata[ate

Venituri înregistrate în avans*Cheltuieli de pl`tit

Datorii ata[ate pentru:

- conturi curente [i depozite ale clientelei

- credite de la institu]ii financiare (Nota 13.7)

- plasamente ale altor b`nci

- credit subordonat (Nota 3.6)

- titluri date în pensiune livrat`

Total venituri înregistrate în avans [i datorii ata[ate

mii lei

Cheltuieli înregistrate în avans [i crean]e ata[ate

Cheltuieli înregistrate în avans

Venituri de primit

Crean]e ata[ate din:

- titluri primite \n pensiune livrat`

- efecte publice [i valori asimilate (Nota 4.1)

- titluri p`strate pân` la scaden]`

- titluri de plasament (Nota 4.3)

- plasamente la BNR

- credite acordate clientelei

- plasamente la alte b`nci

- credite acordate b`ncilor

- descoperiri de cont

- dobânzi restante

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

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

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

31 decembrie 2004

140.216.7888.636.029

19.065.843

9.573.402

35.970.465

5.530.363

6.334

218.999.224

31 decembrie 2003

82.718.82226.436.721

7.067.860

1.139.741

25.288.446

606.778

-

143.258.368

31 decembrie 2003

7.864.139

300.943

-

-

52.032.486

5.806.250

10.906.393

13.517.790

66.351

443.291

2.158.914

731.523

93.828.079

(53.902)

93.774.177

31 decembrie 2004

22.789.757

264.754

1.177.257

54.299.427

31.850.340

46.782.386

22.418.492

40.405.887

274.670

879.273

1.820.227

611.850

223.574.318

(226.877)

223.347.441

2.4 CHELTUIELI {I VENITURI ÎNREGISTRATE ÎN AVANS

mii lei



SITUA}IA CREAN}ELOR {I A DATORIILOR

3

3.1 CREAN}E {I DATORII LA TERMEN

mii lei

Crean]e la termen

Institu]ii de credit

Credite acordate clientelei

Minus: provizioane

Credite acordate clientelei - net

Total crean]e

Pån` la 3 luni

1.301.181.622

7.588.145.855

(10.142.136)

7.578.003.719

8.879.185.341

Sold la 31

decembrie 2003

1.835.650.725

13.242.214.442

(21.921.038)

13.220.293.404

15.055.944.129

|ntre 3 luni

[i 1 an

148.871.875

1.955.031.342

(3.649.368)

1.951.381.974

2.100.253.849

Peste 5 ani

4.895.284

1.395.116.273

(4.386.561)

1.390.729.712

1.395.624.996

|ntre 1

[i 5 ani

380.701.944

2.303.920.972

(3.742.973)

2.300.177.999

2.680.879.943

Maturitate rezidual`

mii lei

Datorii la termen


Depozitele clientelei

Alte datorii fa]` de clientel`

Datorii din alte titluri

Total datorii

Crean]e/(datorii) la termen - net

Pån` la 3 luni

(850.749.867)

(5.598.694.531)

(3.126.427)

-

(6.452.570.825)

2.426.614.516

Sold la 31

decembrie 2003

(5.523.978.367)

(5.960.573.593)

(853.930.907)

-

(12.338.482.867)

2.717.461.262

|ntre 3 luni

[i 1 an

(72.839.585)

(277.153.090)

(30.777.107)

-

(380.769.782)

1.719.484.067

Peste 5 ani

(2.126.508.358)

(19.959.701)

(449.813.796)

-

(2.596.281.855)

(1.200.656.859)

|ntre 1

[i 5 ani

(2.473.880.557)

(64.766.271)

(370.213.577)

-

(2.908.860.405)

(227.980.462)


mii lei

Crean]e la termen


Credite acordate clientelei

Minus: provizioaneCredite acordate clientelei - net

Total crean]e

Pån` la 3 luni

4.602.484.467

11.188.208.776

(24.663.594)11.163.545.182

15.766.029.649

Sold la 31

decembrie 2004

5.000.112.845

23.221.428.205(*)

(37.896.139)23.183.532.066

28.183.644.911

|ntre 3 luni

[i 1 an

211.024.359

3.344.540.039

(2.907.279)3.341.632.760

3.552.657.119

Peste 5 ani

4.397.908

2.380.700.350

(3.490.275)2.377.210.075

2.381.607.983

|ntre 1

[i 5 ani

182.206.111

6.307.979.040

(6.834.991)6.301.144.049

6.483.350.160




N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

31 decembrie 2003

(853.930.907)

-

(853.930.907)

31 decembrie 2004

(1.984.233.191)

(448.229)

(1.984.681.420)

3.2 ALTE DATORII C~TRE CLIENTEL~

Alte datorii c`tre clientel`

Credite de la institu]ii financiare

Titluri date în pensiune livrat`

Total alte datorii

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

Total

226.206.701

500.928.411

915.210.161

2.262.591.315

2.716.588.637

6.594.463.899

39.475

4.264.805

13.220.293.404

Devize

223.125.322

500.928.411

915.210.161

2.262.591.315

2.668.503.536

5.321.153.413

-

4.264.805

11.895.776.963

Lei

3.081.379

-

-

-

48.085.101

1.273.310.486

39.475

-

1.324.516.441

mii lei

Crean]e comerciale

Credite pentru export

Credite pentru echipamente

Credite pentru investi]ii

Alte credite

Descoperiri de cont – net

Alte sume

Credite restante

Total

mii lei

Datorii la termen


Depozitele clientelei

Alte datorii fa]` de clientel`

Carnete [i librete de economii

Total datorii

Crean]e/(datorii) la termen - net

3.3 CREAN}E ASUPRA CLIENTELEI

(*) La 31 decembrie 2004, creditele acordate clientelei cuprindeau suma de 9.569.850.493 reprezentånd descoperiri de cont ale clien]ilor

(31 decembrie 2003: 6.603.090.669 mii lei).

Pån` la 3 luni

(586.301.771)

(13.579.034.798)

(2.904.100)

(6.530.191)

(14.168.240.669)

1.597.788.980

Sold la 31

decembrie. 2004

(12.081.452.177)

(13.757.709.597)

(1.984.233.191)

(6.530.191)

(27.823.394.965)

360.249.946

|ntre 3 luni

[i 1 an

(902.013.963)

(178.674.799)

(27.459.960)

-

(1.108.148.722)

(2.444.508.397)

Peste 5 ani

(1.479.774.545)

-

(195.829.847)

-

(1.675.604.392)

706.003.591

|ntre 1

[i 5 ani

(9.113.361.898)

-

(1.758.039.284)

-

(10.871.401.182)

(4.388.051.022)


mii lei



mii lei

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 sunt prezentate net de provizion.Portofoliul de credite la 31 decembrie 2004 era format din credite acordate societ`]ilor care \[i desf`[urau activitatea

\n industrie [i comer], credite acordate societ`]ilor de stat, credite acordate persoanelor fizice precum [i 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 2004, portofoliul de credite al B`ncii era structurat astfel:

Total

252.325.226

1.001.609.739

803.975.591

5.223.476.557

6.215.112.833

137.823.000

9.547.200.206

771.796

1.237.117

23.183.532.065

Devize

252.325.226

1.001.609.739

803.975.591

5.223.476.557

6.194.112.833

-

8.772.165.685

24.413

1.237.117

22.249.365.200

Lei

-

-

-

-

21.000.000

137.823.000

775.034.521

747.383

-

934.604.904

mii lei

31 decembrie 2003

Crean]e

- asupra b`ncilor

- asupra clientelei – net

credite acordate clientelei

minus: provizioane pentru credite

Total crean]e

Datorii- pentru b`nci

- pentru clientel`

Total datorii

Total crean]e/(datorii) - net

Total

2.004.220.073

13.220.293.404

13.242.214.442

(21.921.038)

15.224.513.477

(8.055.149.624)

(11.236.852.796)

(19.292.002.420)

(4.067.488.943)

La termen

1.835.650.726

6.621.525.225

6.634.819.493

(13.294.268)

8.457.175.951

(5.523.978.367)

(6.814.504.500)

(12.338.482.867)

(3.881.306.916)

La vedere

168.569.347

6.598.768.179

6.607.394.949

(8.626.770)

6.767.337.526

(2.531.171.257)

(4.422.348.296)

(6.953.519.553)

(186.182.027)

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



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

mii lei

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

- titluri date \n pensiune livrat`

- pentru clientel`

Total datorii

Total crean]e/(datorii) - net

Total

6.100.052.340

1.000.173.667

23.183.532.066

23.221.428.205

(37.896.139)

30.283.758.073

(16.161.695.952)

(448.230)

(22.284.810.404)

(38.446.954.586)

(8.163.196.513)

La termen

5.000.112.845

1.000.173.667

13.634.322.947

13.649.109.942

(14.786.995)

19.634.609.459

(12.081.452.177)

(448.230)

(15.748.472.979)

(27.830.373.386)

(8.195.765.927)

La vedere

1.099.939.495

-

9.549.209.119

9.572.318.263

(23.109.144)

10.649.148.614

(4.080.243.775)

-

(6.536.337.425)

(10.616.581.200)

32.567.414

3.5 ANALIZA PE SCADEN}E A TITLURILOR

mii lei

Emise de:

Guvernul României

Administra]ii publice \n afar` de stat

Alte companii

Total

Reevaluarea titlurilor în devize

Total

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

Total

961.766.465

32.904.420

945.401.752

1.940.072.637

(195.786.086)

1.744.286.551

Scadente \n mai

mult de un an

556.623.887

27.759.200

945.401.752

1.529.784.839

Scadente

\ntr-un an

405.142.578

5.145.220

-

410.287.798

mii lei

Emise de:

Guvernul României

Administra]ii publice \n afar` de stat

Alte companii

Total

Reevaluarea titlurilor în devize

Total

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

Total

516.212.412

43.603.300

1.460.752.901

2.020.568.613

(261.785.770)

1.758.782.843

Scadente \n mai

mult de un an

365.227.130

43.603.300

1.460.752.901

1.869.583.331

Scadente

\ntr-un an

150.985.282

-

-

150.985.282



Bank Austria Creditanstalt International AG Vienna

Total

La 31 decembrie 2000, Banca avea un credit subordonat \n sum` de 3 milioane dolari, de la Bank Austria Aktiengesellschaft pentru opera]iileproprii 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 dup` cum urmeaz`:

· Creditul de 3,5 milioane EUR a fost rescaden]at pån` la 25 septembrie 2009;

· Creditul de 3,4 milioane de EUR a fost rescaden]at pån` la 29 august 2009.La 29 septembrie 2004 Banca a \ncheiat un nou contract de credit subordonat \n sum` de 5 milioane EUR pentru opera]iunile proprii 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 Aktiengesellschaft, care este ac]ionar majoritar al HVB Bank Romania SA.

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

3.6 CREDITE SUBORDONATE

mii lei

284.734.348

284.734.348

EUR

6.924.979

6.924.979

mii lei

472.980.429

472.980.429

EUR

11.924.979

11.924.979

2003 2004

mii lei

31 decembrie 2004

Emise de:

Guvernul României

Alte companii

Total (Nota 3.5)

Cå[tiguri

nerealizate

(4)=(3)-(1)

(5.187.197)

(973.624)

(6.160.821)

Pre]ul

de rambursare

(3)

556.514.000

328.936.000

885.450.000

Pre]ul

de achizi]ie

(2)

564.823.746

334.517.633

899.341.379

Valoarea

contabil`

(1)

561.701.197

329.909.624

891.610.821

mii lei

31 decembrie 2003

Emise de:

Guvernul României

Alte companii

Total (Nota 3.5)

PORTOFOLIUL DE TITLURI

4

4.1 TITLURI P~STRATE PÂN~ LA SCADEN}~

Cå[tiguri

nerealizate

(4)=(3)-(1)

(3.687.294)

(250.048)

(3.937.342)

Pre]ul

de rambursare

(3)

475.956.000

198.315.000

674.271.000

Pre]ul

de achizi]ie

(2)

483.971.892

198.999.187

682.971.079

Valoarea

contabil`

(1)

479.643.294

198.565.048

678.208.342



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

4.4 IMOBILIZ~RI FINANCIARE

Banca este membr` a “Societ`]ii Na]ionale deCompensare, Decontare [i Depozitare pentru ValoriMobiliare” (SNCDD). |n calitate de utilizator al serviciilorSNCDD, HVB Bank Romania S.A. de]ine 100 de ac]iuni

\nregistrate la costul de achizi]ie, \n valoare de 60.000 miilei, ceea ce reprezint` 0,26 % din capitalul social.

|n cursul anului 2000, Banca a cump`rat 160 de ac]iuniTransfond \n valoare de 1.600.000 mii lei. |n prezent,Transfond coordoneaz` transferul de fonduri [i proprieta-te 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 507.860.mii lei,astfel la finele anului 2002 valoarea totala a ac]iunilorde]inute la Transfond era de 2.107.860 mii lei.|n cursul anului 2003 au fost mai fost achizi]ionate 18

ac]iuni \n valoare total` de 1.014.079 mii lei astfel c`valoarea total` a ac]iunilor de]inute la Transfond a ajunsla finele anului 2003 la 3.121.939 mii lei.

La finele anului 2004, valoarea total` a ac]iunilor de]inutela Transfond a r`mas neschimbat`, adic` 3.121.939 mii lei.

|n cursul anului 2003 au fost achizi]ionate 296.200ac]iuni \n valoare total` de 296.200 mii lei , reprezentånd

0,7405% din capitalul social al Biroului de Credit SA,valoarea de 296.200 mii lei men]inåndu-se neschimbat`[i la finele anului 2004.

|n cursul anului 2002 banca a investit \n capitalul socialal HVB Leasing Romania suma de 1.150.960 mii leireprezentånd contravaloarea a 40.000 EUR, participa]iareprezentånd 20% din capitalul social al societ`]ii susmen]ionate. Nu au fost modific`ri \n 2003 [i 2004 astfelc` la finele anului 2004, investi]ia \n capitalul social alHVB Leasing Romania a r`mas de 1.150.960 mii lei.

|n cursul anului 2003 banca a investit \n capitalul socialal societ`]ii CA IB Asset Management S.A.I SA suma de942.500 mii lei, aceast` sum` reprezentånd o participare

4.3 TITLURI DE PLASAMENT

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

4.2 TITLURI DE TRANZAC}IE

mii lei

31 decembrie 2004

Denominate \n

Lei

EUR

Dolari

Total

mii lei

31 decembrie 2003

Denominate \n

Lei

Dolari

Total

Cå[tig

/(pierdere)

(3)=(2)-(1)

-

-

-

Valoarea

de pia]`

(2)

53.627.950

1.075.329.842

1.128.957.792

Pre]ul

de achizi]ie

(1)

53.627.950

1.075.329.842

1.128.957.792(Nota 3.5)

Cå[tiguri

/(pierdere)

(3)=(2)-(1)

-

-

-

-

Valoarea

de pia]`

(2)

509,517,924

5,509,667

746,836,704

1,261,864,295

Pre]ul

de achizi]ie

(1)

509,517,924

5,509,667

746,836,704

1,261,864,295(Nota 3.5)

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



de 5% la capitalul social . |n anul 2004 nu au fostmodific`ri astfel c` la finele anului participa]ia a r`masde 942.500 mii lei.

De asemenea \n cursul anului 2003 banca a investit \ncapitalul social al societ`]ii CA IB Securities S.A prin

achizi]ionarea a 677.673 ac]iuni \n valoare total` de100.000 EUR reprezentånd 3.670.000 mii lei (evaluate lacurs istoric). La finele anului 2004, participa]ia la aceastainstitu]ie financiar` a r`mas neschimbat`: 3.670.000 miilei (evaluate la curs istoric).

mii lei

Imobiliz`ri necorporale

Fond comercial

Cheltuieli de constituire

Alte imobiliz`ri necorporale

Imobiliz`ri în curs

Total

Imobiliz`ri corporale

Terenuri

Amenaj`ri de terenuri

Cl`diri

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

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

Mijloace de transport

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

active corporale

Active în curs

Total

Imobiliz`ri financiare

Efecte publice [i valori asimilate

Obliga]iuni [i alte titluri cu venit fix

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

Participa]ii [i activit`]i de portofoliu

Total

Total active imobilizate

ACTIVE IMOBILIZATE {I FINANCIARE

5

VALOARE BRUT~

Sold la

31 decembrie 2004

-

39.342

169.004.096

18.886.536

187.929.974

-

-

112.945.423

23.324.811

43.030.391

12.101.370

72.725.049

23.360.280

287.487.324

3.506.331.324

1.744.286.551

-

9.241.599

5.259.859.474

5.735.276.772

Reduceri

-

(4.604)

-

(41.928.853)

(41.933.457)

-

-

-

-

-

(1.493.833)

-

(21.235.715)

(22.729.548)

-

(14.496.292)

-

-

(14.496.292)

(79.159.297)

Cre[teri

-

14.672

73.044.466

30.349.229

103.408.367

-

-

29.171.658

7.312.912

12.994.855

4.460.198

19.422.459

36.618.088

109.980.170

3.506.331.324

-

-

-

3.506.331.324

3.719.719.861

Sold la

1 ianuarie 2004

-

29.274

95.959.630

30.466.160

126.455.064

-

-

83.773.765

16.011.899

30.035.536

9.135.005

53.302.590

7.977.907

200.236.702

-

1.758.782.843

-

9.241.599

1.768.024.442

2.094.716.208



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

mii lei


Fond comercial

Cheltuieli de constituire

Alte imobiliz`ri necorporale

Total


Amenaj`ri de terenuri

Cl`diri

Echipamente (ma[ini, utilaje, instala]ii de lucru) Aparate [i instala]ii de m`surare, control [i reglare

Mijloace de transport

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

active corporale

Total

Total amortiz`ri

Suma \n valut`

10.000.000

7.832.621

Valuta

USD

EUR

Echivalent

mii lei

150.000.000

212.733.900

362.733.900

CAPITALUL SOCIAL

6

Capitalul social a fost subscris pe 13 noiembrie 1997 [i a fost pl`tit în cursul anului 1997 pân` la 31 decembrie 2002:

mii lei

Subscris [i pl`tit integral

Total capital social

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.

DEPRECIERE / AMORTIZARE

Sold la

1 ianuarie 2004

-

13.342

37.501.609

37.514.951

-

14.123.288

2.149.88017.273.129

4.169.014

9.406.106

47.121.417

84.636.368

Reduceri

sau relu`ri

-

(4.604)

-

(4.604)

-

-

--

(1.493.833)

-

(1.493.833)

(1.498.437)

Deprecierea din

cursul exerci]iului

-

14.240

39.703.363

39.717.603

-

11.238.085

2.121.3837.461.829

1.941.408

5.546.744

28.309.449

68.027.052

Sold la

31 decembrie 2004

-

22.978

77.204.972

77.227.950

-

25.361.373

4.271.26324.734.958

4.616.589

14.952.850

73.937.033

151.164.983

mii lei



Total

Valoare net`contabil`

213.550.291

110.702.024

324.252.315

Amortizare

(73.937.033)

(77.227.950)

(151.164.983)

Valoare brut`

287,487,324

187,929,974

475,417,298



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

Valoare

585.608.900

1.631.600

587.240.500

%

99.72%

0.28%

100%

Num`r de ac]iuni

5.856.089

16.316

5.872.405

mii lei

Bank Austria Creditanstalt AG

Al]ii

Total

2003

462.322.222

(106.916.560)-

(154.856.438)

-

-

-

-

-

-

(261.772.998)

200.549.224

2004

906.781.448

--

(147.981.660)

-

-

-

-

-

-

(147.981.660)

758.799.788

ALOCAREA PROFITULUI

7

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

mii lei

Profitul net al anului

- Rezerve legale (Nota 13.5)- Rezerve statutare (Nota 13.5)

- Rezerva general` pentru riscul de credit

- Alte rezerve

- Alte fonduri

- Participarea personalului la profit

- Dividende

- Acoperirea pierderii contabile din anii preceden]i

- Alte repartiz`ri

Total profit repartizat

Profit nealocat

|n concordan]` cu legisla]ia romån`, toate b`ncile,inclusiv sucursalele b`ncilor str`ine, trebuie s` \[icreasc` capitalul social pån` la nivelul minim de 320miliarde lei pån` la data de 31 mai 2003 [i pån` la nivelulde 370 miliarde lei pån` la data de 31 mai 2004.|n cursul anului 2001, ac]ionarii B`ncii au crescutcapitalul social al B`ncii de la 100.000.596 mii lei la 31decembrie 2000 la 362.733.900 mii lei 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 191.815,8568lei) [i emiterea a 3.627.339 ac]iuni ordinare noi, lavaloarea nominal` de 100.000 lei.La 31 decembrie 2001, capitalul social era format din3.627.339 ac]iuni cu valoarea nominal` de 100.000 lei, [iera de]inut de societ`]i comerciale nerezidente. |n anul

2002 nu au fost efectuate modific`ri \n structuracapitalului, nu au fost efectuate modific`ri (major`ri). Astfel, capitalul social al b`ncii la 31 decembrie 2002 erade 362.733.900 mii lei. |n concluzie \n anul 2002 nu au

fost modific`ri \n structura ac]ionariatului; singuramodificare a fost cea a numelui ac]ionarului principal [ianume: Bank Austria Creditanstalt AG.|n cursul anului 2003 capitalul social s-a majorat cu sumade 224.506.600 mii lei. Pentru majorare au fost utilizate137.306.417 mii lei reprezentånd rezerve din evaluareadisponibilit`]ilor \n devize \n conformitate cu prevederileLegii 189/2001, \nregistrate \n bilan]ul b`ncii la 31decembrie 2002, [i 87.200.183 mii lei reprezentåndrezerve din influen]ele de curs valutar aferente aprecieriidisponibilit`]ilor \n valut` reprezentånd capital socialv`rsat \n valut`, conform HG 252/1996.Modalitatea de majorare a capitalului social a fostemiterea a 2.245.066 ac]iuni cu valoarea nominal` de100.000 lei, iar capitalul social de 587.240.500 mii lei afost \mp`r]it \n 5.872.405 ac]iuni nominative cu o valoare

nominal` de 100.000 lei|n cursul anului 2004 nu au existat modific`ri privindcapitalul social. La 31 decembrie 2004, capitalul social alb`ncii era de 587.240.500 mii lei.



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

8.2 PROVIZIOANE PENTRU DATORII ÎNDOIELNICE

Total

11.599.495

14.178.337

(2.552.666)

(1.250.226)

21.974.940

15.118.502

1.029.574

-

38.123.016

Provizioane

pentru credite

11.274.244

14.457.045

(2.560.025)

(1.250.226)

21.921.038

14.918.288

1.056.813

-

37.896.139

(Nota 3.4)

Provizioane pentru

crean]e ata[ate

nerecuperabile

325.251

(278.708)

7.359

-

53.902

200.214

(27.239)

-

226.877

(Nota 2.4)

mii lei

Sold la 1 ianuarie 2003

Mi[c`ri în timpul anului (Nota 9.8)

Diferen]e din schimburile valutare

Pierderi din crean]e nerecuperabile (Nota 9.8)

Sold la 1 ianuarie 2004

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

Diferen]e din schimburile valutare

Pierderi din crean]e nerecuperabile (Nota 9.8)

Sold la 31 decembrie 2004

8.1 PROVIZIOANE PENTRU RISCURI {I CHELTUIELI

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

PROVIZIOANE

8



mii lei

Venituri din dobânzi

De la:

- credite acordate persoanelor fizice [i juridice

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

- ac]iuni [i obliga]iuni*

- titluri primite \n pensiune livrat`

- plasamente la Banca Na]ional` a României

- garan]ii emise

- angajamente de finan]are- venituri din chirii casete de valori

- angajamente aferente opera]iunii derivate de dobånd`

Total venituri din dobânzi

Cheltuieli cu dobânzile

Pentru:

- conturile [i depozitele clien]ilor

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

- datorii subordonate

- credite la termen

- angajamente cu alte b`nci [i clien]i

- ac]iuni [i obliga]iuni de stat*

- titluri date \n pensiune livrat`

- cheltuieli privind instrumentele financiare derivate de dobånd`

Total cheltuieli cu dobânzile

Venit net din dobânzi

* Veniturile [i cheltuielile din opera]iunile cu obliga]iuni de stat \n sum` de 397.019.459 mii lei (2003: 177.202.345 mii lei) [i, respectiv, 2.286.493mii lei ( 2003: 3.350.456 mii lei), 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 2004

1.022.591.536

446.350.953

397.019.459

1.177.257

54.146.800

38.590.674

72.582.0782.169.215

-

2.034.627.972

(365.362.381)

(298.398.871)

(14.014.947)

(39.594.724)

(22.681.718)

(2.286.493)

(6.334)

-

(742.345.468)

1.292.282.504

31 decembrie 2003

556.964.065

208.216.670

177.202.345

-

34.487.576

24.522.477

45.837.744-

107.902

1.047.338.779

(193.308.792)

(102.430.832)

(12.698.946)

(25.309.648)

(8.194.027)

(3.350.456)

-

(193.562)

(345.486.263)

701.852.516



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

53

mii lei

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 comisioaneleDin:

- 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

mii lei

Venituri din diferen]e de curs valutar

Cheltuieli cu diferen]e 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 [ipierderile din opera]iunile cu titluri au rezultat din tranzac]ionarea [i cesiunea titlurilor de plasament.

9.2 VENITURI {I CHELTUIELI CU COMISIOANE

31 decembrie 2003

150.178.009

96.142.073

35.109.279

2.130.141

6.130.239

1.094.234

290.783.975

(20.884.112)

(10.462.855)

(64.729)

-

(4.025.360)

-

(35.437.056)

255.346.919

31 decembrie 2004

204.358.326

158.362.329

63.227.644

236.306

6.157.962

10.273.051

442.615.618

(29.483.740)

(17.690.830)

(1.767.388)

-

(2.217.887)

(4.097)

(51.163.942)

391.451.676

9.3 PROFIT NET DIN DIFEREN}E DE CURS VALUTAR

31 decembrie 2003

160.762.374

(80.527.968)

80.234.406

61.126.785

24.331.976

(48.585.668)

(16.091.582)

20.781.510

101.015.917

31 decembrie 2004

385.016.296

(247.697.781)

137.318.515

-

20.479.717

-

(28.237.234)

(7.757.517)

129.560.998



mii lei

Alte venituri din exploatare

Alte venituri din activitatea de exploatare

Venituri din angajamente date clientelei

Venituri din chirii

Alte venituri

Total venituri din exploatare

Alte cheltuieli din exploatare

Cheltuieli privind taxele*

Cheltuieli privind sponsoriz`rilePenalit`]i [i compensa]ii pentru daune

Alte cheltuieli de exploatare bancare

Alte cheltuieli

Total cheltuieli din exploatare

Venit net din exploatare

mii lei

Salarii

Contribu]ia angajatorului la asigur`rile sociale

Contribu]ia angajatorului la fondul de [omaj

Contribu]ia angajatorului la fondul de s`n`tate

Alte cheltuieli privind angaja]ii

Total cheltuieli cu personalul

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

9.4 ALTE VENITURI {I CHELTUIELI DIN EXPLOATARE

31 decembrie 2003

6.622.110

3.808.220

1.560.111

710.725

12.701.166

(40.231.871)

(1.759.254)(840.531)

(287.758)

(942.340)

(44.061.754)

(31.360.588)

31 decembrie 2004

675.399

1.570.147

-

2.851.311

5.096.857

(45.634.462)

(3.287.260)(1.974.143)

(3.514.710)

(167.495)

(54.578.070)

(49.481.213)

9.5 CHELTUIELI CU PERSONALUL

31 decembrie 2003

100.521.177

19.375.262

4.258.410

8.524.875

22.542.972

155.222.696

31 decembrie 2004

142.104.543

25.565.488

5.179.741

12.086.063

33.028.681

217.964.516



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

55

mii lei

Cheltuieli cu:

- ter]i

- chirii

- protocol [i publicitate

- telecomunica]ii

- materiale

- transport

- obiecte de inventar [i alte stocuri

- între]inere [i repara]ii

- asigur`ri

- utilit`]i

- colaboratori

- audit- leasing

Total cheltuieli administrative

9.6 CHELTUIELI ADMINISTRATIVE

31 decembrie 2003

142.470.780

55.273.897

29.065.045

18.224.032

15.967.887

8.718.460

5.637.822

6.201.023

2.815.868

2.990.845

153.334

1.983.865711.203

290.214.061

31 decembrie 2004

151.691.496

57.987.948

33.428.042

25.294.867

20.935.279

11.716.523

14.535.177

9.345.891

5.390.093

5.057.184

32.464

2.764.592625.899

338.805.455

mii lei

Amortizarea imobiliz`rilor necorporale (Nota 5)

Deprecierea imobiliz`rilor corporale (Nota 5)

Total cheltuieli privind amortizarea [i deprecierea \n cursul anului

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

31 decembrie 2003

14.285.121

20.452.639

34.737.760

31 decembrie 2004

39.717.603

28.309.449

68.027.052

mii lei

Corec]ii ale valorili crean]elor [i provizioane

Relu`ri din valoarea crean]elor [i provizioanelor

Cheltuieli nete privind provizioanele (Nota 8.2.)

9.8 VENITURI {I CHELTUIELI CU PROVIZIOANELE

31 decembrie 2003

(330.834.599)

317.906.489

(12.928.110)

31 decembrie 2004

(478.072.045)

462.953.543

(15.118.502)



INFORMA}II PRIVIND PIE}ELE GEOGRAFICE

11

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

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

mii lei

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 2003

857.812

(27.485)

830.327

31 decembrie 2004

40.432.626

-

40.432.626

INFORMA}II PRIVIND ANGAJA}II

10

mii lei

Cheltuieli cu remunera]iile personalului

Cheltuieli privind asigur`rile [i protec]ia social`, din care

- cheltuieli privind pensiile

Alte cheltuieli privind personalul

Total

31 decembrie 2003

100.521.177

32.158.547

19.375.262

22.542.972

155.222.696

31 decembrie 2004

142,104,543

42,831,293

25,565,489

33,028,680

217,964,516



N o t e

l a

s i t u a ] i i l e

f i n a n c i a r e

57

mii lei

Garantate cu depozite

Garantate cu scrisori de garan]ie

Garantate cu credite stand by

Scrisori de garan]ie în lei


Garantate cu scrisori de garan]ie

Garantate cu credite stand-by

Scrisori de garan]ie în valut`

Total scrisori de garan]ie

Acreditive confirmate

Total accept`ri [i andos`ri

Garan]ii emise c`tre alte b`nci

Total datorii contingente

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

DATORII CONTINGENTE {I ANGAJAMENTE

12

12.1 DATORII CONTINGENTE

31 decembrie 2003

66.890.930

-

117.105.189

183.996.189

97.458.507

-

942.340.499

1.039.799.006

1.223.795.195

96.870.238

1.320.665.433

663.691.728

1.984.357.161

31 decembrie 2004

42.526.452

-

381.461.285

423.987.737

84.566.643

-

1.610.020.758

1.694.587.401

2.118.575.138

183.278.678

2.301.853.816

1.208.870.830

3.510.724.646

mii lei


Acreditive emise

Deschideri de credite confirmate

Total angajamente

12.2 ANGAJAMENTE

31 decembrie 2003

904.847.742

904.847.742

4.707.773.745

5.612.621.487

31 decembrie 2004

457.131.721

457.131.721

8.204.116.237

8.661.247.958

12.3 OBLIGA}II PRIVIND CHIRIA

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



mii lei

|n termen de un an

Din al doilea pån` \n al cincilea an inclusiv

Peste cinci ani

Total

31 decembrie 2003

4.252.853

32.141.805

-

36.394.658

31 decembrie 2004

4.891.319

20.126.075

-

25.017.394

12.5 ALTE ELEMENTE EXTRABILAN}IERE

|n plus, Banca a \nregistrat la 31 decembrie 2003, \nconturile din afara bilan]ului urm`toarele:

• Dou` contracte SWAP \ncheiate cu Bank Austria Viena,valoarea net` fiind \n sum` de 72.492.025 mii lei;• Scrisorile de garan]ie primite ca garan]ii pentrucreditele acordate clien]ilor precum [i alte garan]iiprimite de la b`nci \n valoare total` de8.486.206.615 mii lei;• Gajuri [i alte garan]ii primite pentru creditele acordate,

\n valoare de 3.819.252.621 mii lei;• Creditele trecute pe cheltuial` ca urmare a hot`råriifinale a instan]ei sunt \n sum` de 16.156.507 mii lei;• Cecurile de c`l`torie \n valoare de 16.424.754 mii lei;• Angajament de finan]are \n valoare de 1.233.510.000mii lei de la Bank Austria Viena;• Dou` contracte IRS \n valoare total` de 147.125.400 miilei \ncheiate cu Bank Austria Viena. Ambele contracte auscaden]a \n 2006.

La 31 decembrie 2004

• Dou` contracte SWAP \ncheiate cu Bank Austria Viena,valoarea net` fiind \n sum` de 1.068.063 mii lei;• 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 10.516.889.065 mii lei;• Gajuri [i alte garan]ii primite pentru creditele acordate,

\n valoare de 4.608.440.039 mii lei;• Creditele trecute pe cheltuial` ca urmare a hot`rårii

finale a instan]ei sunt \n sum` de 10.778.651 mii lei;• Cecurile de c`l`torie \n valoare de 7.450.538 mii lei;• Angajament de finan]are \n valoare de 396.630.000 miilei de la Bank Austria Viena;• Angajamente de plat` pentru bunuri luate \n loca]iesimpl` (contracte leasing), \n valoare de 25.017.394 mii lei;• Dou` contracte IRS \n valoare total` de 134.796.600 miilei \ncheiate cu Bank Austria Viena. Ambele contracte auscaden]a \n 2006.

12.4 OBLIGA}II PRIVIND LEASINGUL

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



N o t e l a s i t u a ] i i l e f i n a n c i a r e

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 [i

Bank 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.

mii lei

Valuta

Dolari SUA

EUR

Lire sterline

Dolar Australian

Alte valute

Total

Pozi]ie net`

17.320.040

(83.463.046)

3.765.033

675.060

1.975.408

(59.727.505)

Elemente \n

afara bilan]ului

(544.673.465)

1.128.489.000

-

-

-

583.815.535

Pasive

-

(1.211.952.046)

-

-

-

(1.211.952.046)

Active

561.993.505

-

3.765.033

675.060

1.975.408

568.409.006

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

13.2 SUCURSALE {I SOCIET~}I ASOCIATE

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

|n anul 2003, Banca a efectuat dou` investi]ii \n valoare total` de 4.612.500 mii lei, astfel:• ac]iuni \n valoare de 942.500 mii lei, reprezentånd 5% din capitalul social al societ`]ii CA IB Asset Management;• 677.673 ac]iuni \n valoare de 3.670.000 mii lei, \n capitalul social al societ`]ii CA IB Securities SA.

13.3 POZI}IA VALUTAR~

Pozi]ia net` valutar` a B`ncii, declarat` la Banca Na]ional` a Romåniei, reflect` faptul c` pasivele \n valut` dep`[escactivele \n valut` la 31 decembrie 2004 cu o sum` reprezentånd 5,30% din fondurile proprii ale B`ncii (2003: 6,46%),calculate conform reglement`rilor B`ncii Na]ionale a Romåniei care prev`d ca aceast` dep`[ire s` nu fie mai mare de20% din fondurile proprii, iar pe fiecare valut` \n parte s` nu dep`[easc` 10% din fondurile proprii.



mii lei

Venituri totale

Cheltuieli totale

Profit brut

Venituri neimpozabile*

Cheltuieli nedeductibile

Venit din impozit pe profit amånat

Rezerve legale (Nota 7)

Rezerva general` pentru riscul de credit (Nota 7)

Profitul fiscal aferent exerci]iului

Pierdere fiscal` din exerci]iile anterioare

Impozit pe profit

Credit fiscal

Pierdere fiscal` reportat`

Cheltuiala cu impozitul pe profit aferent` exerci]iului

Ratele oficiale de schimb valabile la 31 decembrie 2004 erau 29.067 ROL/USD, 39.663 ROL/EUR, 56.108 ROL/ GBP, 22.651 ROL/ AUD, iar31 decembrie 2003 erau 32.595 ROL/USD, 41.117 ROL/EUR, 58.058 ROL/ GBP, 24.472 ROL/ AUD.

mii lei

Valuta

Dolari SUA

EUR

Lire sterline

Dolar Australian

Alte valute

Total

Pozi]ie net`

4.822.350

(127.469.333)

2.985.043

781.420

2.508.815

(116.371.703)

Elemente \nafara bilan]ului

(2.520.082.230)

5.674.527.190

-

-

-

3.154.444.960

Pasive

-

(5.801.996.523)

-

-

-

(5.801.996.523)

Active

2.524.904.581

-

2.985.043

781.420

2.508.815

2.531.179.860

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

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

La 31 decembrie 2004 rezultatul reportat din primaaplicare a IAS este de 34.673.386 mii lei (2003:34.673.386 mii lei).Rezultatul reportat din prima aplicare a IAS, \n afar` deIAS 29 a fost diminuat \n cursul anului 2003 cu suma de105.918.051 mii lei, astfel ca soldul a ajuns la 31decembrie 2003 la suma de 34.673.386 mii lei.

Aceasta diminuare este justificat` prin utilizarea sumei

respective pentru majorarea capitalului social al b`nciiavånd \n vedere dispozi]iile art IX din Legea 485/2003 -Lege pentru modificarea [i completarea Legii Bancare nr.58/1998, care stabile[te c` rezervele existente \n sold [icare, pån` la data intr`rii \n vigoare a legii men]ionate„puteau constitui sursa de majorare a capitalului social,potrivit legisla]iei aplicabile, vor putea fi utilizate \n

continuare \n acest scop pån` la epuizarea acestora’’.

13.5 IMPOZITUL PE PROFIT CURENT

31 decembrie 2003

1.770.604.138

(1.236.021.674)

534.582.464

(6.392.950)

22.625.456

334

(106.916.560)

(154.856.439)

289.042.305

-

(72.260.576)

-

-

(72.260.576)

31 decembrie 2004

3,115,287,614

(1,950,956,548)

1,164,331,066

(8,633)

27,032,639

8,633

-

(147,981,660)

1,043,382,045

-

(260,845,511)

3,287,260

-

(257,558,251)

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




61

31 decembrie 2003

334

334

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

31 decembrie 2004

8.633

8.633

mii lei

Subven]ii transferate la venituri

Total datorii privind impozitul pe profit amânat

13.6 RECONCILIEREA IMPOZITULUI PE PROFIT

Anul \ncheiat la

31 decembrie 2003

534.582.464

-

534.582.464

133.645.616

(61.385.040)

-

(61.385.040)

72.260.576

72.260.576

(334)

72.260.242

Anul \ncheiat la

31 decembrie 2004

1.164.339.699

-

1.164.339.699

291.084.925

(33.526.674)

-

(33.526.674)

257.558.251

257.558.251

(8.633)

257.549.618

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

mii lei

Profit înainte de impozitare

Ajust`ri ale rezultatului reportat ca urmare a aplic`rii

pentru prima dat` a IAS (Nota 13.4)

Profit ajustat înainte de impozitare

Impozitul pe profit la rata de 25%

Efectul fiscal al diferen]elor permanente

Efectul fiscal al diferen]elor temporare

Total

Cheltuiala curent` cu impozitul pe profit

Cheltuiala curent` cu impozitul pe profit

Efectul fiscal al diferen]elor temporare

Impozitul pe profit aferent perioadei curente conform IAS



a. BA-CA Export Leasing GmbH|mprumutul de la BA-CA Export Leasing GmbH (fostaCreditanstalt Leasing GmbH) este format din contracte deleasing financiar, \ncheiate pentru achizi]ionarea deechipamente, mobilier [i autovehicule.Suma de 16.927.055 mii lei la 31 decembrie 2004 (31decembrie 2003: 31.590.907 mii lei) reprezint` suma

datorat` c`tre BA-CA Export Leasing GmbH pentrumijloacele fixe cump`rate pe baz` de credit \n regim deleasing financiar.

b. HVB Leasing Romania SA |n anul 2004 banca a \ncheiat 3 contracte de leasingfinanciar \n valoare total` de 5.031.399 mii lei \n scopulachizi]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 Banca

European` de Investi]ii, cu scopul de a finan]a miciiinvestitori.Dobånda datorat` aferent` este la 31 decembrie 2004 \nsuma de 1.088.297 mii lei (31 decembrie 2003:3.710.700 mii lei).

d. Kreditanstalt für WiederaufbauLa 27 decembrie 2001, Banca a semnat un contract de

\mprumut cu Kreditanstalt für 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.

La 31 decembrie 2004, dobånda datorat` aferent` era \nsuma de 8.485.106 mii lei.

e. BA-CA Viena|mprumuturile acordate de c`tre BA-CA Viena au fostacordate sub forma de linii de refinan]are, cu scopulfinan]`rii opera]iunilor proprii.La 31 decembrie 2004, dobånda datorat` aferent`

\mprumuturilor de la BA-CA Viena era \n sum` de13.503.975 mii lei.

f. Hypovereins Munich

La 31 decembrie 2004 banca avea dou` \mprumuturi,fiecare de cåte 30.000.000 EUR, contractate \n scopulob]inerii de surse de refinan]are.La 31 decembrie 2004, dobånda datorat` aferent`

\mprumuturilor de la Hypovereins Munich era \n suma de20.038.574 mii lei.

62

mii leiCredite de la institu]ii financiare

BA-CA Export Leasing GmbH (a)

HVB Leasing Romania SA (b)

Banca European` de Investi]ii (c)

Kreditanstalt für Wiederaufbau (d)

Total (Nota 3.2)

Credite de la alte b`nci

BA-CA Viena (Nota 3.1) (e)

Hypovereins Munich (f)

Total

13.7 CREDITE DE LA INSTITU}II FINANCIARE

31 decembrie 2003

31.590.907

-

822.340.000

-

853.930.907

3.419.330.367

1.233.510.000

4.652.840.367

31 decembrie 2004

16.927.055

5.031.399

772.384.737

1.189.890.000

1.984.233.191

8.378.854.277

2.379.780.000

10.758.634.277




mii lei

Disponibil \n casierie

Disponibil la BNR

Total numerar

Conturi de corespondent

Depozite la vedere la b`nci

Alte sume

Crean]e asupra institu]iilor de credit la vedere (Nota 14)

Depozite la b`nci centraleDepozite 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 (Nota 14)

Minus sume cu scaden]e mai mari de trei luni

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

Efecte publice [i valori asimilate


Total efecte publice [i valori asimilate (Nota 14)

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


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

Total echivalent numerar

Total numerar [i echivalent numerar

13.8 NUMERAR {I ECHIVALENT NUMERAR

31 decembrie 2003

260.975.046

3.419.343.372

3.680.318.418

104.131.185

50.000.000

14.438.162

168.569.347

1.040.000.000205.585.000

4.895.284

585.170.441

-

1.835.650.725

(590.065.725)

1.245.585.000

-

-

-

1.758.782.843

(1.724.624.536)

34.158.307

1.448.312.654

5.128.631.072

31 decembrie 2004

327.866.645

5.027.061.661

5.354.928.306

379.945.710

715.166.000

4.827.785

1.099.939.495

4.400.000.000135.000.000

4.397.908

460.714.937

1.000.173.667

6.000.286.512

(397.628.378)

6.702.597.629

3.506.331.324

-

3.506.331.324

1.744.286.551

(1.618.897.253)

125.389.298

10.334.318.251

15.689.246.557



13.9 INDICATORI DE SOLVABILITATE

Banca \[i monitorizeaz` permanent resursele de capitalconform reglement`rilor emise de Banca Na]ional` a

Romåniei. 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 nivelulfondurilor proprii la totalul activelor ponderate \n func]ie

de gradul lor de risc, inclusiv elementele \n afarabilan]ului, conform reglement`rilor \n vigoare. Nivelul desolvabilitate al B`ncii la 31 decembrie 2004 a fost de

12,01 % (2003: 12,50% pentru capitalul de rangul 1 [irespectiv 15,08% pentru capitalul de rangul 2).Reglement`rile \n vigoare la 31 decembrie 2004 ( Norma12/2003) impun un nivel minim al indicatorului desolvabilitate de 12% .

13.10 CONCENTRAREA EXPUNERII

a) Depozite la b`nci

mii lei

Descriere

B`nci din strìn`tate

B`nci strìne înregistrate în România [i b`nci române[ti

Total (Nota 13.8)

31 decembrie 2003

4.895.284

255.585.000

260.480.284

31 decembrie 2004

633.563.908

221.000.000

854.563.908

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

13.11 VALOAREA JUST~

Conform IAS 32 “Instrumente financiare: prezentare [idescriere” este obligatorie descrierea valorii juste aactivelor [i pasivelor financiare. Valoarea just` reprezint`

acea 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 dedevalorizarea leului romånesc \n compara]ie cu monezilestrìne, 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 de

scaden]` [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 [i obliga-]iuni tranzac]ionate pe pia]a european`. Cu toate acestea,conducerea consider` c` valoarea contabil` a acestora nu

b) Credite [i avansuri

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




13.12 INSTRUMENTE FINANCIARE

Urm`toarele paragrafe prezint` pe scurt naturaactivit`]ilor cu privire la instrumentele financiare [i

politicile adoptate de conducere \n acest sens.

a) Riscul valutarBanca func]ioneaz` \n condi]ii de hiperinfla]ie [iefectueaz` tranzac]ii atåt \n moneda romåneasc` (Leul),cåt [i \n valut`. Moneda romåneasc` a suferit odevalorizare accentuat`, activele nete exprimate \n lei fiindexpuse riscului de diminuare a valorii.Instrumentele financiare derivate ale B`ncii reprezint`contractele Forward Swap si IRS [i tranzac]ii Spotne\nchise. Acestea reprezint` angajamentele contractualeale B`ncii de a achizi]iona sau a vinde valut` na]ional` saustr`in` la pre]uri fixe la o dat` viitoare precis`. Banca nu

a efectuat nici o tranzac]ie cu instrumente derivate \ncorporate pån` la data de 31 decembrie 2004. Aceste instrumente financiare sunt evaluate la valoarea just`, iar varia]iile favorabile (active) [i nefavorabile(datorii) ca urmare a modific`rii valorii juste sunt raportate

\n contul de profit [i pierdere. Valoarea just` ainstrumentelor de]inute de Banc` este prezentat` \n nota13.11.

b) 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 pentru active[i pasive r`måne la latitudinea B`ncii. Instrumentelefinanciare sunt purt`toare de dobånd` la rata pie]ei. Prinurmare, se consider` c` valorile juste nu difer` \n modsemnificativ de valorile contabile.

c) 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 a concentra]iei

semnificative a riscului de credit \ntr-un anumit sector saudomeniu de activitate, sau \ntr-o anumit` grupareeconomic`, \n contextul schimb`rii mediului economic dinRomånia. Gestionarea riscului de credit se face curegularitate prin urm`rirea atent` a respect`rii plafoanelorde creditare [i prin evaluarea bonit`]ii debitorilor.

d) Riscul de lichiditateBanca urm`re[te zilnic evolu]ia nivelului lichidit`]ilorpentru a-[i putea achita obliga]iile la data la care acesteadevin exigibile. Analiza pe scaden]e a activelor [i pasivelorla 31 decembrie 2004 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.

d) Contracte standard [i derivative

Datorii

146.506.955

835.412.9571.120.603

983.040.515

131.852.289

2.704.460.532

277.953.227

3.114.266.048

Active

(618.445)

(72.324.457)(1.049.141)

(73.992.043)

(2.944.311)

(172.031.200)

-

(174.975.511)

Valoarea na]ional`

de contract

147.125.400

907.737.4142.169.744

1.057.032.558

134.796.600

2.876.491.732

277.953.227

3.289.241.559

mii lei

Perioada încheiat` la 31 decembrie 2003

Tranzac]ii Swap de devize

Tranzac]ii Forward de devizeTranzac]ii Spot de devize

Total

Perioada încheiat` la 31 decembrie 2004

Tranzac]ii Swap de devize

Tranzac]ii Forward de devize

Tranzac]ii Spot de devize

Total

Valoarea just`



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

14

|ntre 3 luni [i

un an inclusiv

-

-

148.871.875

1.955.031.342

(3.649.368)

1.951.381.974

147.273.975

-

-

--

19.442.042

-

19.442.042

2.266.969.866

Peste 5 ani

-

-

-

1.395.116.273

(4.386.561)

1.390.729.712

64.974.279

-

-

--

5.055.385

-

5.055.385

1.460.759.376

TOTAL

3.680.318.418

168.569.347

1.835.650.725

13.242.214.442

(21.921.038)

13.220.293.404

1.758.782.843

3.478.139

5.763.460

242.055.39891.665.950

93.828.079

(53.902)

93.774.177

21.100.351.861

Cu scaden]`

nedefinit`

-

-

4.895.284

-

-

-

-

3.478.139

5.763.460

242.055.39817.813.591

-

-

-

274.005.872

Pån` la o lun`

inclusiv

3.680.318.418

168.569.347

1.262.126.319

7.069.669.274

(9.415.677)

7.060.253.597

1.734.265

-

-

-73.852.359

28.302.640

(53.902)

28.248.738

12.275.103.043

|ntre o lun` [i

3 luni inclusiv

-

-

39.055.303

518.476.581

(726.459)

517.750.122

32.424.042

-

-

--

4.905.818

-

4.905.818

594.135.285

|ntre 1 an [i

5 ani inclusiv

-

-

380.701.944

2.303.920.972

(3.742.973)

2.300.177.999

1.512.376.282

-

-

--

36.122.194

-

36.122.194

4.229.378.419

\n mii Lei

ACTIV

Casa, disponibilit`]i la b`nci

centrale

Crean]e asupra institu]iilor de

credit - la vedere


credit - alte crean]e

Crean]e asupra clientelei

Minus: provizioane pentru credite


Ac]iuni [i alte titluri cu venit variabil

Participa]ii

Mijloace fixe Alte active

Cheltuieli \nregistrate \n avans

[i venituri angajate

Minus: provizion pentru

riscul de dobånd`

Total active

13.13 EVENIMENTE ULTERIOARE DATEI DE 31 DECEMBRIE 2004

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



|ntre 3 luni [i

un an inclusiv

-

72.839.585

-

307.930.197

277.153.090

30.777.107

-

2.585.331

591.904

-

-

383.947.017

-

-

-

383.947.017

1.883.022.849

1.168.812.554

Peste 5 ani

-

2.126.508.358

-

19.959.701

19.959.701

-

-

-

-

-

284.734.348

2.431.202.407

-

-

-

2.431.202.407

(970.443.031)

1.068.358.747

TOTAL

2.531.171.257

5.523.978.367

4.422.348.296

6.814.504.499

5.960.573.592

853.930.907

-

37.992.107

143.258.368

-

284.734.348

19.757.987.242

587.240.500

755.124.119

1.342.364.619

21.100.351.861

-

-

Cu scaden]`

nedefinit`

-

-

-

-

-

-

-

-

-

-

-

-

587.240.500

755.124.119

1.342.364.619

1.342.364.619

(1.068.358.747)

-

Pån` la o lun`

inclusiv

2.531.171.257

850.749.867

4.422.348.296

4.567.947.182

4.567.021.397

925.785

-

35.406.776

114.457.639

-

-

12.522.081.017

-

-

-

12.522.081.017

(246.977.974)

(246.977.974)

|ntre o lun` [i

3 luni inclusiv

-

-

-

1.033.874.170

1.031.673.133

2.201.037

-

-

27.493.436

-

-

1.061.367.606

-

-

-

1.061.367.606

(467.232.321)

(714.210.295)

|ntre 1 an [i

5 ani inclusiv

-

2.473.880.557

-

884.793.249

64.766.271

820.026.978

-

-

715.389

-

-

3.359.389.195

-

-

-

3.359.389.195

869.989.224

2.038.801.778

\n mii Lei

PASIV

Datorii la vedere privind

institu]iile de credit

Datorii la termen privind

institu]iile de credit

Datorii la vedere privind clientela

Datorii la termen privind clientela

Depozite

Alte datorii


Alte pasive

Venituri înregistrate în avans [i

datorii angajate

Provizioane pentru riscuri [icheltuieli

Credite subordonate [i datorii

ata[ate

Total datorii

Capital social

Rezultat reportat [i rezerve

Total capitaluri proprii

Total datorii [i capitaluri proprii

Risc de lichiditate

Deficit de lichiditate cumulat

67




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

15

|ntre 3 luni [i

un an inclusiv

-

-

211.024.359

3.344.540.039

(2.906.205)

3.341.633.834

284.898.500

-

-

-

-

29.240.553

(377)

29.240.176

3.866.796.869

Peste 5 ani

-

-

-

2.380.700.351

(3.490.002)

2.377.210.349

88.376.575

-

-

-

-

4.958.215

-

4.958.215

2.470.545.139

TOTAL

5.354.928.306

3.506.331.324

7.100.226.007

23.221.428.204

(37.896.139)

23.183.532.065

1.744.286.551

3.478.139

5.763.460

324.252.315

206.209.520

223.574.318

(226.877)

223.347.441

41.652.355.128

Cu scaden]`

nedefinit`

-

-

4.397.908

-

-

-

-

3.478.139

5.763.460

324.252.315

1.052.314

-

-

-

338.944.136

Pån` la o lun`

inclusiv

5.354.928.306

1.244.266.537

6.651.654.481

10.134.342.604

(23.562.796)

10.110.779.808

42.078.763

-

-

-

205.157.206

117.563.924

(220.423)

117.343.501

23.726.208.602

|ntre o lun` [i

3 luni inclusiv

-

2.262.064.787

50.943.148

1.053.866.170

(1.099.522)

1.052.766.648

83.310.535

-

-

-

-

38.277.535

(6.077)

38.271.458

3.487.356.576

|ntre 1 an [i

5 ani inclusiv

-

-

182.206.111

6.307.979.040

(6.837.614)

6.301.141.423

1.245.622.178

-

-

-

-

33.534.091

-

33.534.091

7.762.503.806

\n mii Lei

ACTIV

Casa, disponibilit`]i la b`nci

centrale

Efecte publice [i alte titluri

acceptate


credit

Crean]e asupra clientelei

Minus: provizioane pentru credite


Ac]iuni [i alte titluri cu venit variabil

Participa]ii

Mijloace fixe

Alte active

Cheltuieli \nregistrate \n avans

[i venituri angajate

Minus: provizion pentru

riscul de dobånd`

Total active

68




\n mii Lei

PASIV

Datorii privind institu]iile de credit

Datorii privind clientela

Depozite

Alte datorii


Alte pasive

Venituri înregistrate în avans

[i datorii angajate

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

902,013,963

206,134,759

178,674,799

27,459,960

-

3,596,341

15,495,589

-

-

1,127,240,652

-

-

-

1,127,240,652

2,739,556,217

4,697,138,989

Peste 5 ani

1,479,774,545

195,829,847

-

195,829,847

-

-

-

-

198,315,000

1,873,919,392

-

-

-

1,873,919,392

596,625,747

1,910,201,931

TOTAL

16,161,695,952

22,285,258,633

15,878,386,617

6,406,872,016

-

264,274,823

218,999,224

-

472,980,429

39,403,209,061

587,240,500

1,661,905,567

2,249,355,129

41,652,355,128

-

-

Cu scaden]`

nedefinit`

-

-

-

-

-

-

-

-

-

-

587,240,500

1,661,905,567

2,249,146,067

2,249,146,067

(1,910,201,931)

-

Pån` la o lun`

inclusiv

4,632,021,549

19,740,805,989

15,317,493,473

4,423,312,516

-

260,678,482

167,481,032

-

-

24,800,987,052

-

-

-

24,800,987,052

(1,074,778,450)

(1,074,778,450)

|ntre o lun` [i

3 luni inclusiv

34,523,997

384,448,754

382,218,345

2,230,409

-

-

36,022,603

-

-

454,995,354

-

-

-

454,995,354

3,032,361,222

1,957,582,772

|ntre 1 an [i

5 ani inclusiv

9,113,361,898

1,758,039,284

-

1,758,039,284

-

-

-

-

274,665,429

11,146,066,611

-

-

-

11,146,066,611

(3,383,562,805)

1,313,576,184



INFORMA}II GENERALE



Adrese \n Romånia I n f o r m a ] i i g e n e r a l e

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

ARAD

Bd. Revolu]iei 72

Telefon: +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 2-4

Telefon: +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



HVB Central Profit Banka D. D.

Zelenih Baretki 24

71000 SarajevoBosniaand HerzegovinaTel.: (+387 33) 222 999Fax: (+387 33) 253 690www.hvb.ba

HVB Bank Biochim AD

1 Ivan Vazov Str.1026 SofiaBulgariaTel.: (+359 2) 92 69 210Fax.: (+359 2) 92 69 440www.biochim.com

HVB Splitska Banka d.d.

Rudera Boskovica 1621000 SplitCroatiaTel.: (+385 21) 304 304Fax.: (+385 21) 304 034www.spliskabanka.hr

HVB Bank Czech Republic a. s.

Namesti Republiky 3a110 00 Praha 1Czech RepublicTel.: (+420 2) 22 111 2111Fax.: (+420 2) 22 111 9622www.hvb.cz

Bayerische Hypo-und

Vereinsbank AG Tallinn Branch

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

Skopje Representative Office

Dimitrie Cupovski 4-2/61000 SkopjeFormer Yugoslav Republicof MacedoniaTel.: (+389 2) 3215 130Fax.: (+389 2) 3215 140

HVB Bank Hungary Rt.

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

HVB Bank Latvia AS.

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

Bayerische Hypo-und Vereinsbank

AG Vilnius Branch

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

Bank BPH

Towarowa 25 A,00 958 Warszawa,PolandTel.: (+48 22) 531 80 00Fax.: (+48 22) 531 9286www.bph.pl

International Moscow Bank

Prechistenskaya nab. 9Moscow 119034

RussiaTel.: (+70 95) 258 7258Fax.: (+70 95) 258 7272www.imb.ru

HVB Bank Serbia and Montenegro a.d.

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

HVB Bank Slovakia a.s.

Mostova 6

814 16 Bratislava 1SlovakiaTel.: (+42 12) 5969 1111Fax.: (+42 21) 5969 94 06www.hvb-bank.sk

Bank Austria Creditanstalt d.d.

Ljubljana

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

Hvb Bank Ukarine

14-A, Vul. Yaroslaviv Val01034 Kyiv

UkraineTel.: (+38 044) 230 3300Fax.: (+38 044) 230 3391www.hvb.com.ua

Adrese \n Europa Central` [i de Est

72



2004 was a successful year of expansion for our banking group.

The upswing in the countries in Central and Eastern Europe has been accelerating, andSouth-East Europe is experiencing dynamic growth. International economic integration

has further intensified. The reforms carried out with great determination in the past years

are now beginning to pay off. The first round of EU accession in May 2004, in particular,

attracted the world's attention to the achievements of this region and its promising

growth prospects.

Within our banking group, the past years saw the build-up of our network: in some

countries, operations merged to form efficient units, while in other countries banking

operations were newly established. In 2004, our efforts focused on the market. We have

launched a growth initiative, we are expanding. Taking into account local priorities and

opportunities, we want to become one of the leading universal banks in each country.The Bank Austria Creditanstalt Group sees itself within HVB Group as the bank for a

growing Europe. Our network of more than 1,400 offices in 12 countries gives us an

extensive presence. Some 30,000 employees serve about 6.3 million customers. Our

corporate customers, wherever they are located, can use our services for their activities

in international markets. And our product specialists form a cross-regional network

providing a link between local banking and global financial markets.

We want to create value on a sustainable basis, through growth, efficiency for our

customers, and through productivity. We want to be among the very best in the financial

services industry and use know-how in the entire Group, wherever it is to be found. In

line with the motto "unity in diversity", Europe's growth is rooted in its cultural diversity.

Growth is our common objective.

Growth for success



MANAGEMENT REPORT



M a n a g e m e n t R e p o r t

Management Report

HVB Bank Romania is member of HVB Group, one of the most important European

financial institutions - the second private bank in Germany, the leader of the Austrianbanking market, through Bank Austria Creditanstalt, the main player in Central and

Eastern Europe.

With over 58,000 employees, 2,000 branches and 9,8 million clients, HVB Group means

capitalizing the position, the expertise and the power of some of the leading banks in

the region, supported by an international banking group’s strength and know-how.

Present in Romania since 1998, HVB Bank provides both the advantage of being well

acquainted with the local market and the membership to a major financial group. And

the main benefits for the clients are the top quality standardized products and services,the integrated risk and the professional capital management.

HVB Bank is the only German bank operating under its own name on the Romanian

market. Through HVB Bank Romania, HVB Leasing and CA IB, the German group offers

a complete range of banking services, including financing solutions, cash management,

investment banking, etc., for both corporate and private customers.

At the end of 2004, HVB Bank registered total assets amounting to ROL 41,652 billion

(97% growth, compared to 2003) and a net profit of ROL 907 billion, with an increase

of 96% as compared to the results of the previous year. The ROE was of 40%, the

cost/income ratio – 37% and the income per employee – ROL 7,376 mio. The bank



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

The results of last year show that HVB Bank followed its growth course and made

another major step forward. HVB Bank has won an important position on the

Romanian market due to a sustained development rhythm. During the last year,

important steps have been taken in terms of corporate offer and continuous

development of new retail products and innovative services.

Given the consistent development, HVB Bank will definitely continue to position itself

as a leader on the Romanian banking market and as a reliable partner for each of

its customers. A strong bank, which offers secure, flexible and innovative products

and services. A powerful institution, which owes its success both to its professional

devoted team and to its clients and partners who invested trust in HVB Bank. These

are our most important assets we wish to thank you all for.

Dan Pascariu Wolfgang Schoiswohl Roland Rechar

Chairman Deputy Chairman Member of the Board

78



REPORT ON THE DIVISIONS



“Last year was our best year”. Valid also for 2004, this

statement, which became Corporate Banking Division’s

motto, is backed up by a policy oriented first towards the

permanent improvement of the quality of the products and

services offered to the corporate clients.

The performances of the Corporate Banking Division at

the end of 2004 are the natural confirmation of this policy,

applied into a more and more complex and dynamic

business environment, regarding both expectations and

demands. In 2004, our Corporate Banking Division

successfully proved also its innovation and quick reaction

capacity, and also the professionalism and efficiency in the

way of responding to certain industries’ requirements,

where HVB Bank Romania holds an important expertise

(as energy sector, automotive industry, real estate finance,etc.) or to some segments of the market which are in full

expansion (small and medium sized companies’ segment,

for example).

By the end of 2004, the corporate clients portfolio was

made of 1,300 companies, 37% increase compared to

2003. Regarding the key accounts segment, HVB Bank

Romania consolidated its considerable market share,

increasing with 30% the volume of clients portfolio, while

on the small and medium-sized companies market the

portfolio volume increased with more than 35%, reaching

a number of more than 900 clients.

In the same time, the total of loans portfolio, granted to

corporate customers, was around EUR 830 million,meaning a 57% increase compared to 2003.

Together with Bank Austria Creditanstalt, HVB Bank was

leading the edge on Romania’s corporate syndications

market. Major transactions had been mandated and were

arranged for borrowers in the infrastructure sector, the oil

and gas industry, the brewery industry and the

pharmaceutical industry.

In 2004, HVB Bank Romania proved once more to be the

most active bank on the real estate transactions market,

having more than 100 clients and more than EUR 163

million in commercial real estate commitments (compared

to 78 clients and EUR 80 million at the end of 2003). Last

year, HVB Bank developed outstanding projects, as Cefin

Logistic Park financing (EUR 75 million – the total value of

the project), the biggest logistic and distribution center in

Bucharest, and also Plaza Romania financing, the biggest

commercial center in Romania (EUR 45 million).HVB Bank Romania continued to develop solutions for

cash management, with the view of reducing clients’ costs.

These solutions refer to data quality improvement, cash

monitoring and control, and optimising current account

operations.

In particular for key accounts, the extension of electronic

applications usage had as consequence an increased

volume of electronic payments, 60% more than in 2003,

and also in the total volume of payments (80%).

HVB Bank Romania Corporate Banking Division benefited

also by the experience and know-how that are defining a

major international banking group, and all these facts

allowed HVB Bank Romania to offer to its clientsinnovative, complex solutions, at a regional level.

Corporate Banking Division

81

R e p o r t o n t h e d i v i s i o n s



In 2004, HVB Bank Romania has focused more

intensively on the Retail segment, bringing the bank

closer to its customers: the opening of new branches, the

launching of new products, new partnerships with Real

Estate Developers and Mobile Sales Force are just a few

of 2004 activity’s milestones.

Throughout the year a new set of products became

available to clients: the Car Loan and the Packages for

Professionals in March, the Study Loan in July, the

Savings Accounts in November.

An agreement with the European Bank for

Reconstruction and Development was signed in

December, providing financing for a new loan product to

be launched in 2005: the second house financing withmortgage.

The Info Center went live in July as part of the customer-

care program and since then continuously updated

clients and non-clients about Retail lending products and

provided them with the best financing solutions according

to their needs. At the same time, another division (the

Retail Lending Department) was created in order to

facilitate the processing of loans brought by HVB’s Mobile

Sales Force partner – Gemini Capital Consult.

The Private Banking Department, established in 2003 to

provide financial planning and client advising oninvestments optimization for clients with net liquid assets

of over EUR 75,000, continued to rank among the top 5

in Romania. After 17 months of activity the value of the

investments reached 56 Million EUR , while the assets

continue to be rapidly growing.

The Card Department received the No-Cash Award for

the “Issuer with Most Active Cards”, while at the end of

2004, the number of active cards was 97% higher than at

the end of 2003.

The new opened branches (Unirea in Bucharest, the

branch in Ploiesti, and the branch in Arad) created the

opportunity of covering new areas in Romania and the

2005 strategy is to open more branches.

During 2004, the Retail Banking Division of HVB Bank

Romania recorded impressive evolutions in all segments(as compared to the end of 2003): the volume of the loan

portfolio increased with 270%, the number of lending

clients with 535%, the total number of clients with 65%

and the primary funds with 40%. The Operating Income

increased with 140% on a year-on-year basis.

The desire to offer to the clients high quality and

diversified services created a series of projects that will

be implemented in 2005: the opening of new branches,

the settling of new channels of distribution and strategic

partnerships, the launch of new products, the

centralization of back-office activities and the processes

streamlining to name just a few of the Retail BankingDivision’s priorities for 2005.

Retail Banking Division



In 2004 once more, a good handling of the market

volatility secured a generous level of revenues on the

trading side. The opening of the market towards the end

of 2004 was very well received, giving the Treasury

Department the opportunity to exceed expectations. HVB

Bank continued to maintain its market-maker position

and was able to add new customers to the client base.

The Assets and Liabilities Management was able to fund

the ever-increasing loan portfolio with a proper mix of

refinancing: primary funds, refinancing lines and

inter-bank market. While keeping a healthy liquidity

position, the Assets and Liabilities Management was able

to contribute to the Treasury Department's profit through

a good assessment of the yield curve and the consequent

policies.

Continuing its strong focus of servicing corporate

customers, HVB Bank increased and improved its sales

force in 2004. The Sales Desk offered our customers high

level services and the full range of products available in

the market. The evolution of the market at the end of

2004 increased the demand of FX-risk hedging know-how

and instruments.

On the Capital Markets, although in 2004 there were less

bond issues than in 2003, HVB Bank co-arranged the

biggest municipality bond issue, the municipality of Oradea.

Treasury division R e p o r t o n t h e d i v i s i o n s

83



HUMAN RESOURCES



Human Resources H u m a n r e s o u r c e s

The number of employees increased by 38% during 2004

and reached 312 by end of December 2004. The new

recruted employees followed a structured and intensive

training plan within the bank’s Headquarters in Bucharest,

in order to perform in line with HVB’s standards and

organizational culture.

Our human resources strategy is aiming to have motivated,

committed and proficient employees within HVB Bank in

order to support the continuous developments of our

organization. Internal training programs are designed to

improve the competence of our current employees and to

increase the quality of their service to our customers, as

well as to support the diversification of our products and

services. Rewarding high performance and sustained

efforts is one of our primary goals.

We will continue to implement world-class learning and

development programs to allow all of our employees to

maintain and upgrade their skills and knowledge.



FINANCIAL REPORT



We have audited the accompanying balance sheet of HVB

BANK ROMANIA S.A. (“the Bank”) as of December 31,

2004 and the related statements of profit and loss,

changes in shareholders’ equity and cash flows for the

financial year then ended, which reflect:

ROL

thousands

• total assets 41,652,355,128

• total shareholders’ equity

net assets 2,249,146,067

• total income 3,115,287,614

• net profit for the year 906,781,448

The accompanying financial statements are theresponsibility of Bank’s management and are prepared in

accordance with the Romanian Statutory Accounting

Requirements (“RAS”) comprising the accounting law no.

82/1991, the Ministry of Public Finance and National

Bank of Romania Order no. 1982/5/2001 and the Ministry

of Public Finance Order no. 1827/2003. Our

responsibility is to express an opinion on these financial

statements based on our audit.

We conducted our audit in accordance with International

Standards on Auditing and in accordance with the

Auditing Standards issued by the Romanian Chamber of

Auditors in accordance with Romanian legislationregarding auditing. Those standards require that we plan

and perform the audit in order to obtain reasonable

assurance about whether the financial statements are

free of material misstatement. An audit includes

examining, on a test basis, evidence supporting the

amounts and disclosures in the financial statements. An

audit also includes assessing the accounting principles

used and significant estimates made by management, as

well as evaluating the overall financial statement

presentation. We believe that our audit provides a

reasonable basis for our opinion.

In our opinion, the accompanying financial statements

present fairly, in all material respects, the financial

position of HVB BANK ROMANIA S.A. as of December 31,

2004 and the results of its operations, changes inshareholders’ equity and cash flows for the year then

ended in accordance with Romanian Statutory

Accounting Requirements, comprising the accounting law

no. 82/1991, the Ministry of Public Finance and National

Bank of Romania Order no. 1982/5/2001 and the Ministry

of Public Finance Order no. 1827/2003.

Without qualifying our opinion, we draw attention to the

following:

• As presented in Note 1.1 to the financial statements,

during the year 2000 Romania started the process of

harmonising its accounting principles with the FourthDirective of the European Community and International

Auditor’s report F i n a n c i a l r e p o r t



accounting requirements issued by the Ministry of Public

Finance are designed to address the fiscal needs of the

Ministry of Public Finance and are applicable in Romania

only. Such newly issued regulations do not address the

requirements of all IFRS and are different in some aspects

from the IFRS, in particular matters relating to IAS 29

“Financial Reporting in Hyper-inflationary Economies”,

IAS 32 “Financial Instruments – Disclosure and

presentation and IAS 39 “Financial Instruments –

Recognition and Measurement”. As a result, these

financial statements may not express a true and fair view

of the financial position of the Bank, the results of its

operation, the changes in shareholder’s equity, nor its

cash flows in accordance with IFRS. Accordingly, these

financial statements should not be used by any party who

is not aware of the above.

Deloitte Audit SRL

Bucharest, May 27, 2005



F i n a n c i a l r e p o r t

BALANCE SHEETS

AS AT DECEMBER 31, 2003 AND DECEMBER 31, 2004

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR availableas of December, 31, 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for

information purpose only and were not audited by Deloitte Audit SRL.

in ROL thousands / in EUR thousands*

ASSETS

Petty cash, cash at banks (Note 13.8)

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

Public bills of change and assimilated values (Notes 3.5; 4)

Other bonds accepted for refinance at central banks

Receivables from credit institutions (Notes 3.1; 3.4)

At sight (Note 3.4)

Other receivables (Notes 3.1; 3.4)

Receivables from customers (Note 3.3)

Debentures and other fixed income bonds (Notes 3.5; 4)

Issued by public organisations (Notes 3.5; 4)

Issued by others institutions, out of which:

Own debentures

Shares and other variable income securities (Note 4.3)

Investments, out of which (Note 4.3):

Investments in credit institutions

Shares in related parties, out of which:

Shares in credit institutions

Intangible assets, out of which (Note 5)

Set-up expenses (Note 5)

Good will

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 (Note 2.3)

Prepayments and accrued income (Note 2.4)

TOTAL ASSETS (Note 14)

2004

5,354,928,306

3,506,331,324

3,506,331,324

-

7,100,226,007

1,099,939,495

6,000,286,512

23,183,532,065

1,744,286,551

859,003,525

885,283,026

-

3,478,139

5,763,460

-

-

-

110,702,024

16,363,704

-

213,550,291

87,584,050

-

-

206,209,520

223,347,441

41,652,355,128

2004*

135,011

88,403

88,403

-

179,014

27,732

151,282

584,513

43,978

21,658

22,320

-

88

145

-

-

-

2,791

413

-

5,384

2,208

-

-

5,199

5,631

1,050,157

2003

3,680,318,418

-

-

-

2,004,220,072

168,569,347

1,835,650,725

13,220,293,404

1,758,782,843

559,815,712

1,198,967,131

-

3,478,139

5,763,460

-

-

-

88,940,113

15,933

-

153,115,285

69,650,477

-

-

91,665,950

93,774,177

21,100,351,861

2003*

89,508

-

-

-

48,744

4,100

44,644

321,529

42,775

13,615

29,160

-

85

140

-

-

-

2,163

-

-

3,724

1,694

-

-

2,229

2,281

513,178




LIABILITIES

Liabilities over credit institutions (Note 3.4)

At sight (Note 3.4)

At term (Note 3.1)

Liabilities over customers (Note 3.1)

Deposits, out of which:

At sight (Note 3.1)

At term (Note 3.1)

Other liabilities, out of which:

At sight (Notes 3.1; 3.2)

At term (Notes 3.1, 3.2)

Liabilities from bonds

Interbanking market bonds, debentures, negotiable bonds

Other bonds

Other liabilities (Note 2.3)

Unearned income and accrued expenses (Note 2.4)

Provisions for risks and charges, out of which:

Provisions for pensions and similar debts

Other provisions

Subordinated debts (Note 3.6)

Subscribed and paid-in share capital (Note 6)

Share premium

Reserves (Notes 2.2; 7)

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

Retained profit/(loss)

Profit (Note 13)

Loss

Profit/(loss) for the financial year

Profit (Note 13)

Loss

Profit allocation (Note 7)

TOTAL LIABILITIES (Note 14)

BALANCE SHEETS

AS AT DECEMBER 31, 2003 AND DECEMBER 31, 2004

* The EURO figures are obtained by converting the ROL figures using the NBR rate of exchange of 41,117 ROL/EUR availableas of December, 31, 2003 and of 39,663 ROL/EUR available as of December, 31 2004. The EURO figures are presented for

information purpose only and were not audited by Deloitte Audit SRL.

2004

16,161,695,952

4,080,243,775

12,081,452,177

22,285,258,633

15,878,386,617

2,114,146,828

13,764,239,789

6,406,872,016

4,422,190,596

1,984,681,420

-

-

-

264,274,823

218,999,224

-

-

-

472,980,429

587,240,500

-

642,242,080

197,838,657

-

412,825,159

-

-

31,578,264

-

260,863,699

-

906,781,448

-

(147,981,660)

41,652,355,128

2004*

407,475

102,873

304,602

561,866

400,333

53,303

347,030

161,533

111,494

50,039

-

-

-

6,663

5,521

-

-

-

11,925

14,806

-

16,193

4,988

-

10,408

-

-

796

-

6,577

-

22,862

-

(3,731)

1,050,157

90

2003

8,055,149,624

2,531,171,257

5,523,978,367

11,236,852,795

6,930,676,429

970,102,837

5,960,573,592

4,306,176,366

3,452,245,459

853,930,907

-

-

-

37,992,107

143,258,368

-

-

-

284,734,348

587,240,500

-

494,260,420

197,838,657

-

264,843,499

-

-

31,578,264

-

60,314,475

-

462,322,222

-

(261,772,998)

21,100,351,861

2003*

195,908

61,560

134,348

273,290

168,560

23,594

144,966

104,730

83,962

20,768

-

-

-

924

3,484

-

-

-

6,925

14,282

-

12,021

4,812

-

6,441

-

-

768

-

1,467

-

11,244

-

(6,367)

513,178




OFF BALANCE SHEET ITEMS

Contingent liabilities, out of which (Note 12)

Endorsements and acceptances (Note 12)

Guarantees and pledged assets (Note 12)

Commitments, out of which (Note 12)

Commitments for REPO transactions

2004

3,510,724,646

2,118,575,138

1,392,149,508

8,661,247,958

-

2004*

88,514

53,414

35,099

218,371

-

2003

1,984,357,161

1,320,665,433

663,691,728

5,612,621,487

-

2003*

48,262

32,120

16,142

136,504

-

91


OFF BALANCE SHEETS

FOR THE YEARS ENDED DECEMBER 31, 2003 AND DECEMBER 31, 2004

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



2004

2,034,627,972

397,019,459

(742,345,468)

-

-

-

-

442,615,618

(51,163,942)

129,560,998

5,096,857

(556,769,971)

(217,964,516)

(142,104,543)

(42,831,292)

(25,565,488)

(338,805,455)

(68,027,052)

(54,578,070)

(478,072,045)

462,953,543

-

40,432,626

1,164,331,066

-

(257,549,618)

2004*

51,298

10,010

(18,716)

-

-

-

-

11,159

(1,290)

3,267

129

(14,038)

(5,495)

(3,583)

(1,080)

(645)

(8,543)

(1,715)

(1,376)

(12,053)

11,672

-

1,019

29,356

-

(6,494)

2003

1,047,338,779

177,202,345

(345,486,260)

-

-

-

-

290,783,975

(35,437,056)

101,015,917

12,701,166

(445,436,758)

(155,222,696)

(100,521,177)

(32,158,547)

(19,375,262)

(290,214,061)

(34,737,760)

(44,061,754)

(330,834,599)

317,906,489

(27,485)

857,812

534,582,464

-

(72,260,242)

2003*

25,472

4,310

(8,403)

-

-

-

-

7,072

(862)

2,457

309

(10,833)

(3,775)

(2,445)

(782)

(471)

(7,058)

(845)

(1,0720

(8,046)

7,732

(1)

21

13,001

-

(1,757)

92

STATEMENTS OF OPERATIONS


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


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 9.7)

Income from the reversal of and provisions for contingent liabilities

and commitments (Note 9.7)

Provision for financial assets, investments

and shares in related parties (Note 9.9)

Income from reversal of provisions for financial assets, investments

and shares in related parties (Note 9.9)

CURRENT ACTIVITY PROFIT/(LOSS)

Profit (13.5)

Loss

Tax on profit (Note 13.5)





CURRENT ACTIVITY PROFIT/(LOSS) AFTER TAX

Profit (Note 13.5)

Loss

Extraordinary income

Extraordinary expenses

EXTRAORDINARY PROFIT/(LOSS) FOR THE YEAR

Profit

Loss

Profit tax on extraordinary activity profit

EXTRAORDINARY PROFIT (LOSS) AFTER TAX

Profit

Loss

Total income

Total expenses

GROSS PROFIT/(LOSS) FOR THE YEAR

Profit

Loss

Profit tax (Notes 13.5; 13.6)

Expenses with tax on current profit

Expenses with tax on deferred income

Revenues from tax on deferred income

Other taxes which are not mentioned in the above elements

NET PROFIT/(LOSS) FOR THE FINANCIAL YEAR

Profit

Loss

Result per share

Basic

Diluted

STATEMENTS OF OPERATIONS



2004

906,781,448

-

-

-

-

-

-

-

-

3,115,287,614

(1,950,956,548)

1,164,331,066

-

(257,549,618)

(257,558,251)

-

8,633

-

906,781,448

-

-

-

2004*

22,862

-

-

-

-

-

-

-

-

78,544

(49,188)

29,356

-

(6,494)

(6,494)

-

-

-

22,862

-

-

-

2003

462,322,222

-

-

-

-

-

-

-

-

1,770,604,138

(1,236,021,674)

534,582,464

-

(72,260,242)

(72,260,576)

-

334

-

462,322,222

-

-

-

2003*

11,244

-

-

-

-

-

-

-

-

43,063

(30,062)

13,001

-

(1,757)

(1,757)

-

-

-

11,244

-

-

-




NET RESULT OF THE YEAR (Note 13.5)

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

for the operating activity

± provisions

± depreciation expenses (Note 9)

± other adjustments for items that do not generate cash flows

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

± other adjustments (Note 13)

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 receivables (Note 2)

± other assets of operating activity (Note 2)

± debts over credit institutions (Note 3)

± debts over the customers (Note 3)

± accrued payables (Note 2)

± other liabilities of operating activity (Note 2)

- cash payments of profit tax (Note 13.5)

Cash flow from operating activity

Cash flow from investing activity

- cash payments for purchase of branches (Note 5)

+ cash receipts from sale of branches

+ 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

STATEMENTS OF CASH FLOWS



2004

906,781,448

16,148,076

68,027,052

-

63,164,568

257,549,619

1,311,670,762

254,370,878

192,437,347

(9,979,213,762)

(129,746,239)

(114,543,570)

8,106,546,328

11,048,405,838

75,740,856

200,651,965

(231,918,867)

10,734,401,536

--

-

(148,643,595)

-

-

(213,388,537)

-

-

-

(362,032,132)

2004*

22,862

407

1,715

-

1,593

6,493

33,070

6,413

4,852

(251,600)

(3,271)

(2,888)

204,386

278,558

1,910

5,059

(5,847)

270,641

--

-

(3,748)

-

-

(5,380)

-

-

-

(9,128)

2003

462,322,222

10,375,445

34,737,761

-

42,921,018

72,260,424

622,616,688

(1,023,907,310)

(585,066,505)

(7,737,996,002)

(3,820,072)

(89,582,384)

6,285,341,421

(4,995,079,007)

73,077,498

(8,200,138)

(63,964,029)

(7,526,579,840)

(5,922,779)-

-

(68,726,409)

-

-

(129,683,673)

-

-

-

(204,332,861)

2003*

11,244

252

845

-

1,044

1,757

15,143

(24,902)

(14,229)

(188,195)

(93)

(2,179)

152,865

(121,485)

1,777

(199)

(1,556)

(183,053)

(144)-

-

(1,671)

-

-

(3,154)

-

-

-

(4,970)



2004

188,246,081

-

-

-

-

-

-

-

188,246,081

5,128,631,072

10,734,401,536

(362,032,132)

188,246,081

-

15,689,246,557

2004*

4,746

-

-

-

-

-

-

-

4,746

129,305

270,641

(9,128)

4,746

-

395,564

2003

-

-

-

-

-

-

-

-

-

12,859,543,773

(7,526,579,840)

(204,332,861)

-

-

5,128,631,072

2003*

-

-

-

-

-

-

-

-

-

312,755

(183,053)

(4,970)

-

-

124,733


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 (Note13.8)

± Cash flow from operating activity (Note 13.8)

± 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 13.8)

95


STATEMENTS OF CASH FLOWS





in ROL thousands

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 13)

Uncovered loss

Retained earnings from first use of IAS less IAS 29

Credit balance (Note 13)

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

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2004

Increase

Balance at

January 1

587,240,500

-

197,838,657

-

264,843,499

-

-

-

-

-

-

31,578,264

-

25,641,089

-

34,673,386

-

-

-

-

-

-

200,549,224

-

Total,

out of which

-

-

-

-

-

147,981,660

-

-

-

-

-

-

-

200,549,224

-

-

-

-

-

-

-

-

906,781,448

-

transfer

-

-

-

-

-

147,981,660

-

-

-

-

-

-

-

200,549,224

-

-

-

-

-

-

-

-

-

-




in ROL thousands

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 13)

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

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2004

Decrease

Total,

out of which

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

348,530,884

-

transfer

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

348,530,884

-

Balance at

Decembre 31

587,240,500

-

197,838,657

-

264,843,499

147,981,660

-

-

-

-

-

31,578,264

-

226,190,313

-

34,673,386

-

-

-

-

-

-

758,799,788

-



NOTES TO THE FINANCIAL STATEMENTS



These financial statements are the responsibility of the

Bank’s management and are prepared in accordance with

the Romanian statutory accounting requirements and the

Ministry of Public Finance’s (MoF) and National Bank of

Romania Order no. 1982/5/ October 2002 (MoF 1982/5).

These require that the financial statements should be

prepared in accordance with:

• Accounting Law no. 82/1991 (revised)

• General requirements regarding the preparation of the

financial statements as stipulated by OMF 1982/5 and

• International Accounting Standards (IAS) issued by the

Commission for International Accounting Standards.

The financial statements are prepared under the historical

cost convention, with the exceptions presented at accounting

policies paragraph, as for the revaluation of certain financial

assets and financial liabilities held for trading, available-

for-sale investment securities and share capital.

Starting with 2001, IAS 39 „Financial Instruments,

recognition and evaluation” became applicable. The

management of the Bank decided that the application of

IAS 39 provisions would not affect significantly the bank’s

financial statements. The effects resulted from the application

of IAS 39, if there are some, are recorded in the Statements

of Changes in Shareholders’ Equity. Further information

is disclosed in the accounting policies related to the derivative

financial instruments and risks diminution.

Before the application of IAS 39, all financial assets and

liabilities, except for the transaction titles, were evaluated

at amortized cost, respectively at cost, and only those

depreciations, which were considered permanent, were

recorded.

IAS 39 was applied prospectively as stipulated by this

standard and that is why the comparatives were not restated.

ORDER OF MINISTRY OF PUBLIC FINANCE AND NATIONAL

BANK OF ROMANIA NO. 1982/5/2001 (“ACCOUNTING

REGULATIONS HARMONIZED TO 86/635 DIRECTIVE OF

EUROPEAN ECONOMIC COMMITTEE AND TO

INTERNATIONAL ACCOUNTING STANDARDS”)

The Ministry of Public Finance and National Bank of

Romania Order no. 1982/5/2001 (MoF 1982/5) is applicable

beginning with financial statements of year 2001 for the

banks which meet the criteria set out in the Ordinance.

According to MoF 1982/5/2001, financial statements will

be elaborated at historical cost.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF THE

FINANCIAL STATEMENTS

1

N o t e s t o t h e f i n a n c i a l s t a t e m e n t s



1.2 SIGNIFICANT ACCOUNTING POLICIES

The Bank’s present financial statements are prepared using

the following accounting principles:

• Going Concern – the Bank will continue its activity asnormal in a foreseeable future, without being in the

impossibility to continue its activity or significantly

reduce it;

• Consistency – the same rules and norms should be

consistently applied to evaluation, recording and

presentation of the balance sheet items and the statement

of operations assuring the compatibility in time of the

accounting information;

• Prudence principle – value of each item should be

calculated based on prudence principle. Especially:

a) Only profits recognised before the period end will be

considered;

b) All foreseeable obligations and potential losses arisenduring the current or prior periods (even if these

obligations or losses appear between the period end

and the balance sheet date) will be considered;

c) All adjustments regarding impairments will be taken

into account, regardless the effect over the result of the

period;

• Separate evaluation of assets and liabilities – each

balance sheet position will be calculated separately;

• Matching principle – opening Balance equals prior year

closing Balance, except for corrections imposed by IAS 8

“Net Profit or Loss for the Period, Fundamental Errors and

Changes in Accounting Policies”;

• Offsetting principle - values of assets cannot be offset

against values of liabilities, the same for expenses and

revenues, except for the ones accepted by IAS;

• Substance over form principle – information presented

in Financial Statements should reflect the economic

substance of events and transactions, not merely the

legal form;

• Materiality principle – every item with a material value

must be presented separately in the Financial Statements.

Items with immaterial value and same nature or similar

functions should be aggregated, their separate presentation

not being necessary.

All amounts are presented in ROL thousand.

Interest income, interest expense, other

operating income and other operating

expenses are recognised on an accrual basis and not on a

cash basis.

Asset with acquisition cost more than

fifthteen ROL million and an estimated useful

life exceeding one year are capitalised. Assets with

acquisition cost less than fifthteen ROL million are expensed.

Fixed assets are recorded at cost and depreciated on astraight-line basis at the following annual rates to write off

the cost of the assets over their estimated useful lives:

• Leasehold improvements 8.33%-10.62%

• Equipment 11.11% - 33.33%• Furniture 6.67%

• Other 4%-20%

Intangible assets consist of software, which is amortised

over a period of three years.

Intangible assets in progress and the related advances

consist of software projects, which are to be implemented

and used in future.

Tangible assets in progress represent mainly improvement

workings regarding the new branches’ locations.

Assets held under finance leases are capitalised and

depreciated over their expected useful lives on the same

basis as owned assets.

Impairment of property, plant and equipment is based onthe provisions of IAS 36 “Impairment of Assets”. IAS 36

requires that when the carrying amount of an asset exceeds

its recoverable value an impairment loss should be

recognised. The recoverable amount is considered to be

the higher of value in use and its net selling price.

As at December 31, 2004, the Bank does not hold lands or

buildings.

Long-term assets, other than deferred tax

assets and financial assets are tested for impairment in

accordance with IAS 36 “Impairment of Assets”.

IAS 36 requires an impairment loss to be recognised

whenever carrying value of an asset exceeds its recoverable

amount. Recoverable amount of an asset is the higher of

its net selling price and value in use. Value in use of an

asset is the present value of estimated future cash flows

expected from the continuing use of an asset and from its

disposal at the end of the its life period.

In addition IAS 36 allows subsequent restoration of the

portion of carrying values if the impairment conditions

cease to exist.

Leases are classified as finance leases

whenever the terms of the lease transfer substantially all

the risks and rewards of ownership to the lessee. All otherleases are classified as operating leases.

Assets held under finance leases are recognised as assets

of the Bank at their fair value at the date of acquisition.

The corresponding liability to the lessor is included in the

balance sheet as a finance lease obligation. Finance costs,

which represent the difference between the total leasing

commitments and the fair value of the assets acquired, are

charged to the income statement over the term of the

relevant lease so as to produce a constant periodic rate of

charge on the remaining balance of the obligations for each

accounting period.

Rentals payable under operating leases are charged to

income on a straight-line basis over the term of therelevant lease.

Currency used forpresentation

Income and expenserecognition

Fixed assets andintangible assets

Impairment of assets

Leasing




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

Inventories are recorded at the lower of cost

and net realisable value. Cost is determined by first in first

out (FIFO) cost method for all types of stocks. Net realisable

value is estimated on selling price in the normal course of

activity less necessary selling expenses.

Loans originated by the Bank providing

money to the borrower or to a sub-

participation agent at draw down are categorised as loans

originated by the Bank and are carried at amortised cost.

All loans and advances are recognised when cash is

advanced to borrowers.

Provision for loans is established when there is objective

evidence that the Bank will not be able to collect all amounts

due. The provision is the difference between the carrying

amount and the recoverable amount, where the recoverable

amount is the present value of expected future cash flows,including amounts recoverable from guarantees and

collateral, discounted based on the interest rate at inception.

The loan loss provision also covers losses where there is

objective evidence that probable losses are present in

components of the loan portfolio at the balance sheet date.

These have been estimated based upon historical patterns

of losses in each component, the credit ratings allocated to

the borrowers and reflecting the current economic climate

in which the borrowers operate. When a loan is

uncollectable, it is written off against the related provision.

Subsequent recoveries are credited to the bad and doubtful

debt expense.

Provisions for doubtful debts are based on

evaluations of loans and advances as at

December 31, 2004 and December 31, 2003, respectively,

including the accrued interest. Provisions have been

recognised as an expense, charged against income and

deducted from the total amount of loans and advances and

accrued interest.

Specific provisions are made against the loans and advances

and accrued interest receivable, which are considered to

be bad and doubtful using a NBR methodology. For loans

and receivable the approach assesses both the debt servicerecord, in terms of the timeliness of payments of either

interest or principal, and the initiation of legal procedures

of loans in litigation. The assessment is different depending

on the type of loans granted to banking or non-banking

customers.

The combined assessment results in the classification of

the loans into five categories as follows:

Provisions fordoubtful debts

Inventories

Originated loans andprovision for loans

No. of days overdue



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 after

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

guarantor, according with NBR requirements. The exposure

can be adjusted for all loans and receivables except those

classified as loss.

The degree of risk allocated to various classes of collateral

as per NBR requirements is as follows:

Securities Securities hold by the Bank are securities

for placement (held to maturity), securities held for trading

and securities held under repurchase transactions.

Management determinates the appropriate classification

of its investment at the time of purchase.

a) Held-to-Maturity (HTM)

Represents investment securities with fixed maturity

where management has both the intent and ability to hold

to maturity. This category includes eurobonds securitiesissued by Romanian Government and other Romanian

companies on the European market.

Investment securities classified as HTM are carried at

amortised cost using the effective yield method providing

for any impairment that is other than temporary.

b) Investment securities (IS)

Investment securities are acquired in order to be held for

a longer period of time, but this does not involve their

preservation until maturity.

Investment securities are initially recognised at cost

(including transaction cost). Interest calculated while

holding the fixed income securities, is recorded using

attached debts accounts. The transaction costs related to

financial assets held for sale are included in the purchase

cost. Premiums are also included in the purchase cost.

Securities available for sale are evaluated afterwards using

the purchase price or using the lowest between market

value and purchase price. Favorable differences are not

recorded in accounting and for the unfavorable differences

provisions are made.

Interest due for the residual period, regarding securities

bearing fixed income available for sale is recorded using

attached debts accounts, and the dividends earned for

securities with variable income are recorded in the properrevenue account.

The sale of securities is recorded in accounting at sale price

and the differences between the sale price and the historical

cost are recorded using revenues or expenses accounts, as

needed.

Transactions denominated in foreign

currencies are translated into Romanian lei at the rates

ruling at the dates of the transactions. Assets and liabilities

denominated in foreign currencies are translated using

exchange rates of National Bank of Romania ruling at the

balance sheet date.Foreign exchange gains or losses arising from translation

of elements denominated in foreign currency are credited

or charged to the profit and loss account.

Romanian Leu is not convertible outside Romanian territory.

Cash is considered to be cash on hand and

Nostro accounts. Cash equivalents are short

term, highly liquid investments that are readily convertible

into cash.

The nature of Bank’s activity and the

uncertainty from Romania, referring to the result of current

economic policies implemented in real operational

conditions, make possible the appearance of unpredictable

variations regarding the future cash inflows. However,

Bank’s management considers that the Bank will be able

to continue its activity on a going concern basis in the future

and, consequently, the financial statements were prepared

accordingly.

In order to elaborate these financial

statements in accordance with Order no. 1982/5/2001,

Order no. 2332/2001 and Order 263/05.02.2004, it was

necessary to perform some adjustments over the statutory

accounts and obtaining the information that wasn’t availabledirectly from the Bank’s accounts. Accordingly, statutory

records don’t always provide enough information to fairly

Foreign exchange

Cash and cashequivalents

Going concern

Use of estimates




Total

-

7,628,258

7,628,258

Provisions

-

-

-

Inventories

-

7,628,258

7,628,258

ROL thousands / 2003

Small tools

Other inventories (a)

Total (Note 2.3)

(a) The inventories amounting ROL 11,757,958 thousands (2003: ROL 7,628,258 thousands) have a rapid turnover, therefore no provision for

obsolete inventories were provided for these financial statements.

establish the adjustments and necessary informational

disclosures; because of this reason, estimation was made

on the basis of the best available information. Although

these individual estimations present a certain degree of

uncertainty, the overall effect over financial statements is

considered to be immaterial.

The Bank pays contributions to the State

Budget for social insurance, social pension

and unemployment fund according to levels established by

present legislation during the year, computed against gross

wages. The value of these contributions is recorded into

the profit and loss account in the same period with

corresponding salary expenses.

The Bank does not have other obligations according to

present Romanian legislation regarding the future pensions,

health insurance and other labour expenses.

The bank prepared its financial statements

in accordance with Order of Ministry of

Public Finance and National Bank of Romania no.

1982/5/2001 for the first time in 2001. For 2004 the

financial statements present comparatives for the years

ended at 31.12.2003 and 31.12.2004 respectively.

The charge for current tax is based on the

results for the year as adjusted for non-assessable or

disallowed items. It is calculated using tax rates that have

been enacted or substantively enacted by the balance sheet

date.

Deferred tax is accounted for using the balance sheet liability

method in respect of temporary differences arising from

differences between the carrying amount of assets and

liabilities in the financial statements and the corresponding

tax basis used in the computation of taxable profit.

Deferred tax is calculated at the tax rates that are expected

to apply to the period when the asset is realised or the

liability is settled.

Deferred tax assets and liabilities are offset when theyrelate to income taxes levied by the same taxation authority

and the bank intends to settle its current tax assets and

liabilities on a net basis.

For the year ended December 31, 2004, the Bank has paid

an income tax rate of 25%.

ROL thousands / 2004

Small tools

Other inventories (a)

Total (Note 2.3)

Total

-

11,757,958

11,757,958

Provisions

-

-

-

Inventories

-

11,757,958

11,757,958

BALANCE SHEET ITEMS

2

2.1 INVENTORIES ACCOUNTS

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

2.2 RESERVES

As at December 31, 2004, reserves amounting to ROL

642,242,080 thousands (December 31 2003:

ROL 494,260,420 thousands) include:

• Legal reserves, in amount of ROL 197,838,657 thousand

(2003: ROL 197,838,657 thousands) are as follows:• Till December 2003, legal reserves are established in

accordance with Banking Law no. 58/1998 at a

maximum 100% of gross profit (as calculated under

Romanian Accounting Standards for banks) until the

reserve reaches 100% of the share capital. Once the

reserve has reached 100% of the share capital, additional

allocation can be made at a maximum 10% of the gross

profit until the reserve reaches 200% of the share capital.Thereafter, additional allocations can be made from

the net profit.

Contributions foremployees

Profits Tax

Comparativestatements



December 31, 2003

1,375,629

8,809,704

73,852,359

-

7,628,258

91.665.950

ROL thousands

Other assets

Profit tax receivable

Sundry debtors

Unrealised foreign exchange differences

Adjustment accounts related to Fx derivatives

Other inventory (Note 2.1)

Total other assets

December 31, 2003

13,770,141

478,761

-

8,633

23,734,572

37,992,107

ROL thousands

Other liabilities

Sundry creditors (a)

Unrealised foreign exchange differences - liability

Adjustments accounts related to interest rate derivatives

Deferred tax liability (Note 13.6)

Other liabilities (b)

Total other liabilities

This reserve cannot be distributed to the shareholders.

- The allocation from the 2003 profit was ROL

106,916,560 thousands;

• Starting with 2004, the Bank constitutes the reserves

fund in accordance with the provisions of laws regarding

the commercial Companies (Law no. 31/1990 reissued).

Every year at least 5% of the profit will be transferred

to the reserves fund till this will reach maximum of the

five part of the share capital. The allocation of the profit

for 2004 was ROL 0 thousands.

• General reserve for credit risk amounting to ROL

264,843,499 thousands was established till December 2003

in accordance with Banking Law 58/1998 and is equal to

a maximum 2% of outstanding loans. This reserve cannot

be distributed to the shareholders.

• Reserve for banking risks in amount of ROL 147,981,660

thousand was established starting with January 1, 2004and it refers to year 2004.

Starting with 2004, Banks establish the fund for general

banking risks of the accounting profit before the deduction

of the tax on profit in amount of 1% of the balance of the

assets carrying risks specific to the banking activities, as

stipulated by the Norms of National Bank of Romania

agreed by the Ministry of Public Finance, to the extent that

those amounts refer to the net profit.

The allocation from the 2004 profit was ROL 147,981,660

thousands.

• Other reserves amounting to ROL 31,578,264 thousand

(2002: ROL 31,578,264 thousands) consist of:

• Reserves in accordance with Law no 189/2001 and

to Decision 3/2002, amounting to ROL 6,006,463

thousands (2003: ROL 6,006,463 thousands), out of

which ROL 667,385 thousands (2003: ROL 667,385

thousands) in respect of the reduction of the tax on

profit with 50% related to the use of profit, for the

current fiscal year with respect to investments in tangible

and intangible assets, and ROL 5,339,077 thousands

(2003: ROL 5,339,077 thousands) representing the value

of these. This reserve cannot be distributed to theshareholders.

• Other reserves in amount of ROL 25.571.801 thousands

(2003: ROL 25.571.801 thousands), which relates to

revaluation of assets and liabilities denominated in

foreign currency, in accordance with law no 189/2001.

December 31, 2004

-

22,298,578

121,784

172,031,200

11,757,958

206,209,520

December 31, 2004

20,851,451

190,812,363

1,093,203

-

51,517,806

264,274,823

2.3 OTHER ASSETS AND OTHER LIABILITIES

(a) Sundry creditors amounting to ROL 20,851,451 thousands ( at December 31, 2004: ROL 13,770,141 thousands) comprise mainly amounts to be paid to

providers of IT support, software upgrade and maintenance, as well as other services provided by domestic and foreign suppliers.

(b) Other liabilities amounting to ROL 51,517,806 thousands (2003: ROL 23,734,572 thousands) mainly include taxes to be paid to state budget.




ROL thousand

Prepayments and accrued interest receivable

Prepaid expenses

Income to be received

Accrued interest receivable from:

- repo agreements

- bills of exchange and other assimilated assets (Note 4.1)

- securities held to maturity

- investment securities (Note 4.3)

- 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

(a) The deferred income amounting to ROL 140,216,788 thousand (2003: ROL 82,718,822 thousand) mainly consists in flat fee for factoring

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

ROL thousand

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, 2004

140,216,788

8,636,029

19,065,843

9,573,402

35,970,465

5,530,363

6,334

218,999,224

December 31, 2003

82,718,822

26,436,721

7,067,860

1,139,741

25,288,446

606,778

-

143,258,368

December 31, 2003

7,864,139

300,943

-

-

52,032,486

5,806,250

10,906,393

13,517,790

66,351

443,291

2,158,914731,523

93,828,079

(53,902)

93,774,177

December 31, 2004

22,789,757

264,754

1,177,257

54,299,427

31,850,340

46,782,386

22,418,492

40,405,887

274,670

879,273

1,820,227611,850

223,574,318

(226,877)

223,347,441

2.4 PREPAYMENTS AND DEFERRED INCOME



ROL thousands

Term receivables

Credit institutions

Loans to customers

Less: provisions

Loans to customers - net

Total receivables

ROL thousands

Term payables

Credit institutions

Customer deposits

Other customer’s debts

Debts from other bonds

Total debts

Net term receivable / (payable)

Up to

3 months

4,602,484,467

11,188,208,776

(24,663,594)11,163,545,182

15,766,029,649

Balance at

December 31, 2004

5,000,112,845

23,221,428,205(*)

(37,896,139)23,183,532,066

28,183,644,911

Between

3 months and

1 year

211,024,359

3,344,540,039

(2,907,279)3,341,632,760

3,552,657,119

Over 5 years

4,397,908

2,380,700,350

(3,490,275)2,377,210,075

2,381,607,983

Between

1 and 5 years

182,206,111

6,307,979,040

(6,834,991)6,301,144,049

6,483,350,160

Residual maturityROL thousands

Term receivables

Credit institutions

Credits to customers

Less provisionsLoans to customers net

Total receivables

STATEMENT OF RECEIVABLES AND PAYABLES

3

3.1 TERM RECEIVABLE AND PAYABLES

Up to

3 months

1,301,181,622

7,588,145,855

(10,142,136)

7,578,003,719

8,879,185,341

Balance at

December 31, 2003

1,835,650,725

13,242,214,442

(21,921,038)

13,220,293,404

15,055,944,129

Over 5 years

4,895,284

1,395,116,273

(4,386,561)

1,390,729,712

1,395,624,996

Between 1

and 5 years

380,701,944

2,303,920,972

(3,742,973)

2,300,177,999

2,680,879,943

Up to

3 months

(850,749,867)

(5,598,694,531)

(3,126,427)

-

(6,452,570,825)

2,426,614,516

Balance at

December 31, 2003

(5,523,978,367)

(5,960,573,593)

(853,930,907)

-

(12,338,482,867)

2,717,461,262

Between

3 months and

1 year

(72,839,585)

(277,153,090)

(30,777,107)

-

(380,769,782)

1,719,484,067

Over 5 years

(2,126,508,358)

(19,959,701)

(449,813,796)

-

(2,596,281,855)

(1,200,656,859)

Between 1

and 5 years

(2,473,880,557)

(64,766,271)

(370,213,577)

-

(2,908,860,405)

(227,980,462)

Between

3 months and

1 year

148,871,875

1,955,031,342

(3,649,368)

1,951,381,974

2,100,253,849

(*) As at December 31, 2004, loans to customers included the amount of ROL 9,569,850,493 thousands representing overdrafts to customers

(December 31, 2003: ROL 6,603,090,669 thousands).

Residual maturity

Residual maturity




December 31, 2004

(1,984,233,191)

(448,229)

(1,984,681,420)

December 31, 2003

(853,930,907)

-

(853,930,907)

3.2 OTHER LIABILITIES TO CUSTOMERS

ROL thousands

Other liabilities to customers

Loans from financial institutions

Repo agreements

Total other liabilities

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

Total

226,206,701

500,928,411

915,210,161

2,262,591,315

2,716,588,637

6,594,463,899

39,475

4,264,805

13,220,293,404

Foreign currency

223,125,322

500,928,411

915,210,161

2,262,591,315

2,668,503,536

5,321,153,413

-

4,264,805

11,895,776,963

Romanian lei

3,081,379

-

-

-

48,085,101

1,273,310,486

39,475

-

1,324,516,441

ROL thousands

Trade receivables

Loans for trade export

Loans for equipment

Loans for investments

Other loans

Overdrafts – netOther amounts

Overdue loans

Total

ROL thousand

Term payables

Credit institutions

Customers’ deposits

Other debts to customers

Saving passbooks

Total payables

Net term receivable / (payable)

3.3 RECEIVABLES FROM CUSTOMERS

Up to 3 months

(586,301,771)

(13,579,034,798)

(2,904,100)

(6,530,191)

(14,168,240,669)

1,597,788,980

Balance at

December 31, 2004

(12,081,452,177)

(13,757,709,597)

(1,984,233,191)

(6,530,191)

(27,823,394,965)

360,249,946

3 months -

one year

(902,013,963)

(178,674,799)

(27,459,960)

-

(1,108,148,722)

(2,444,508,397)

Over 5 years

(1,479,774,545)

-

(195,829,847)

-

(1,675,604,392)

706,003,591

Between 1

and 5 years

(9,113,361,898)

-

(1,758,039,284)

-

(10,871,401,182)

(4,388,051,022)

Residual maturity



ROL thousands

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, 2004, the Bank’s loan portfolio was structured as follows:

Total

252,325,226

1,001,609,739

803,975,591

5,223,476,557

6,215,112,833

137,823,000

9,547,200,206

771,796

1,237,117

23,183,532,065

Foreign currency

252,325,226

1,001,609,739

803,975,591

5,223,476,557

6,194,112,833

-

8,772,165,685

24,413

1,237,117

22,249,365,200

Romanian lei

-

-

-

-

21,000,000

137,823,000

775,034,521

747,383

-

934,604,904

ROL thousands

December 31, 2003

Receivables

- from banks

- from customers – net

Loans granted to customers

Less: provision for loans

Total receivables

Payables

- to banks

- to customers

Total payables

Total net receivables/(payables)

Total

2,004,220,073

13,220,293,404

13,242,214,442

(21,921,038)

15,224,513,477

(8,055,149,624)

(11,236,852,796)

(19,292,002,420)

(4,067,488,943)

Term

1,835,650,726

6,621,525,225

6,634,819,493

(13,294,268)

8,457,175,951

(5,523,978,367)

(6,814,504,500)

(12,338,482,867)

(3,881,306,916)

Sight

168,569,347

6,598,768,179

6,607,394,949

(8,626,770)

6,767,337,526

(2,531,171,257)

(4,422,348,296)

(6,953,519,553)

(186,182,027)

3.4 ANALYSIS OF RECEIVABLES AND LIABILITIES OVER BANKS AND CUSTOMERS

The above amounts are net of the provision.

The loans portfolio as at December 31, 2004 consisted of loans granted to commercial companies acting in industry,

trade, and loans to public companies and to Bank’s employees. The loans are granted both in Romanian lei and in

foreign currencies. The loans in foreign currencies are mainly denominated in EURO and US Dollars.




ROL thousands

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)

3.5 MATURITY ANALYSIS OF SECURITIES

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

ROL thousands

Issued by

Romanian Government

Public administrations except the State

Other companies

Total

Revaluation of securities in foreign currency

Total

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

Total

516,212,412

43,603,300

1,460,752,901

2,020,568,613

(261,785,770)

1,758,782,843

Due after

one year

365,227,130

43,603,300

1,460,752,901

1,869,583,331

Due within

one year

150,985,282

-

-

150,985,282

Total

6,100,052,340

1,000,173,667

23,183,532,066

23,221,428,205

(37,896,139)

30,283,758,073

(16,161,695,952)

(448,230)

(22,284,810,404)

(38,446,954,586)

(8,163,196,513)

Term

5,000,112,845

1,000,173,667

13,634,322,947

13,649,109,942

(14,786,995)

19,634,609,459

(12,081,452,177)

(448,230)

(15,748,472,979)

(27,830,373,386)

(8,195,765,927)

Sight

1,099,939,495

-

9,549,209,119

9,572,318,263

(23,109,144)

10,649,148,614

(4,080,243,775)

-

(6,536,337,425)

(10,616,581,200)

32,567,414

ROL thousands

Issued by

Romanian Government

Public administrations except the State

Other companies

Total

Revaluation of securities in foreign currency

Total

Total

961,766,465

32,904,420

945,401,752

1,940,072,637

(195,786,086)

1,744,286,551

Due after

one year

556,623,887

27,759,200

945,401,752

1,529,784,839

Due within

one year

405,142,578

5,145,220

-

410,287,798



Bank Austria Creditanstalt International AG Vienna

Total

3.6 SUBORDINATED LOANS

ROL’000

284,734,348

284,734,348

EUR

6,924,979

6,924,979

ROL’000

472,980,429

472,980,429

EUR

11,924,979

11,924,979

2003 2004

ROL thousands

December 31, 2004

Issued by:

Romanian Government

Other companies

Total

Unrealised gain

(4)=(3)-(1)

(5,187,197)

(973,624)

(6,160,821)

Reimbursement

value

(3)

556,514,000

328,936,000

885,450,000

Purchase value

(2)

564,823,746

334,517,633

899,341,379

Book value

(1)

561,701,197

329,909,624

891,610,821

ROL thousands

December 31, 2003

Issued by:

Romanian Government

Other companies

Total (Note 3.5)

SECURITIES AND TREASURY BILLS

4

4.1 SECURITIES HELD TO MATURITY

Unrealised gain

(4)=(3)-(1)

(3,687,294)

(250,048)

(3,937,342)

Reimbursement

value

(3)

475,956,000

198,315,000

674,271,000

Purchase value

(2)

483,971,892

198,999,187

682,971,079

Book value

(1)

479,643,294

198,565,048

678,208,342

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

On August 29, 2001 the Bank concluded a new subordinated loan contract of Euro 3.4 million with final maturity on August 29, 2007 for thesame purpose. These 2 loans were rescheduled as follows:

· The loan in amount of EUR 3.5 million was rescheduled till September 25, 2009,

· The loans in amount of EUR 3.4 million were rescheduled till August 29, 2009.On September 29, 2004, the Bank concluded a new subordinated loan contract of EUR 5 million for Bank’s own operations with maturity 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 holding company.

The accrued interest payable is calculated on a daily basis and the balance as at December 31, 2004 amounted to ROL 5,530,363 thousand

(December 31, 2003: ROL 606,778 thousand) (Note 2.4).The above-mentioned subordinated loans do not stipulate the lender’s option to convert the loan into shares.




4.3 EQUITY PARTICIPATION

The Bank is a member in the “Societatea Na]ional` de

Compensare Decontare [i Depozitare Pentru Valori

Mobiliare” (SNCDD). As a user of services from SNCDD,

HVB Bank Romania S.A owns 100 shares that are recorded

at purchase cost amounting to ROL 60,000 thousands andrepresents 0.26 % of its share capital.

During 2000, the Bank invested in 160 shares of Transfond

amounted to ROL 1,600,000 thousands. Transfond is

currently managing the transfer of funds and property over

Treasury-bills between financial institutions, banks and

State Treasury. During 2002, the Bank invested in another 19

shares of Transfond amounted to ROL 507,860 thousands.

Thus, the total value of Transfond shares held by the Bank

as at December 31, 2002 was ROL 2,017,860 thousands.

During 2003, the Bank invested in another 18 shares of

Transfond amounted to ROL 1,014,079 thousands. Thus,

the total value of Transfond shares held by the Bank as at

December 31, 2003 was ROL 3,121,939 thousands. At the end of 2004, the value of the shares held by the Bank

remained unchanged, namely ROL 3,121,939 thousands.

During 2003, the Bank invested in 296,200 shares of Biroul

de Credit SA amounted to ROL 296,200 thousands, meaning

0.7405% of the company’s share capital, and at the end of 2004,

the amount of ROL 296,200 thousand remained unchanged.

During 2002, the Bank invested the amount of ROL 1,150,960thousands (EUR 40,000) in HVB Leasing Romania, meaning

20% of the company’s share capital. There were no changes

during 2003 and 2004, thus at the end of 2004, the

investment in the share capital of HVB Leasing Romania was

in amount of ROL 1,150,960 thousands.

During 2003, the Bank invested the amount of ROL

942,500 thousands in CA IB Asset Management S.A.I SA,

meaning 5% of the company’s share capital. There were no

changes during 2004, thus at the end of 2004 the

investment was in amount of ROL 942,500 thousands.

Also, during 2003, the Bank invested in 677,673 shares of

CA IB Securities SA amounted to EUR 100,000 (ROL

3,670,000 thousands-historical cost). At the end of 2004,the investment remained unchanged, namely in amount of

ROL 3,670,000 thousands (evaluated at historic cost).

4.2 TRADING SECURITIES

As at December 31, 2004 the accrued interest receivable for the investment securities amounted to ROL 46,782,386 thousands (December 31,

2003: ROL 5,806,250 thousands) (Note 2.4).

4.3 INVESTMENT SECURITIES

Unrealised gain

(3) = (2) - (1)

-

-

-

-

Market value

(2)

509,517,924

5,509,667

746,836,704

1,261,864,295

Purchase value

(1)

509,517,924

5,509,667

746,836,704

1,261,864,295

(Note 3.5)

ROL thousands

December 31, 2004

Denominated in:

Romanian Lei

EUR

US Dollar

Total

Unrealised gain

(3) = (2) - (1)

-

-

-

Market value

(2)

53,627,950

1,075,329,842

1,128,957,792

Purchase value

(1)

53,627,950

1,075,329,842

1,128,957,792

(Note 3,5)

ROL thousands

December 31, 2003

Denominated in:

Romanian Lei

US Dollar

Total

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



ROL thousands

Intangibles assets

Goodwill

Set-up expenses

Other intangibles

Intangibles in progress

Total

Tangibles

Land

Land improvement

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, 2004

-

39,342

169,004,096

18,886,536

187,929,974

-

-

112,945,423

23,324,811

43,030,391

12,101,370

72,725,049

23,360,280

287,487,324

3,506,331,324

1,744,286,551

-

9,241,599

5,259,859,474

5,735,276,772

Decrease

-

(4,604)

-

(41,928,853)

(41,933,457)

-

-

-

-

-

(1,493,833)

-

(21,235,715)

(22,729,548)

-

(14,496,292)

-

-

(14,496,292)

(79,159,297)

Increase

-

14,672

73,044,466

30,349,229

103,408,367

-

-

29,171,658

7,312,912

12,994,855

4,460,198

19,422,459

36,618,088

109,980,170

3,506,331,324

-

-

-

3,506,331,324

3,719,719,861

Balance at

January 1, 2004

-

29,274

95,959,630

30,466,160

126,455,064

-

-

83,773,765

16,011,899

30,035,536

9,135,005

53,302,590

7,977,907

200,236,702

-

1,758,782,843

-

9,241,599

1,768,024,442

2,094,716,208




ROL thousands

Intangibles

Goodwill

Set-up expenses

Other intangibles

Total

Tangibles

Land improvement

Buildings

Equipment (work equipment and machinery)Measuring, control and correction devices

Means of transport

Furniture, office machines, protection equipment and

other tangibles

Total

Total depreciation

Amount currency

10,000,000

7,832,621

Currency

USD

EUR

Equivalent

ROL thousand

150,000,000

212,733,900

362,733,900

SHARE CAPITAL

6

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

ROL thousands

Called up, allotted and fully paid

Total share capital

ROL thousands

Tangibles

Intangibles

Total

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

DEPRECIATION / AMORTIZATION

Balance at

January 1, 2004

-

13,342

37,501,609

37,514,951

-

14,123,288

2,149,880

17,273,129

4,169,014

9,406,106

47,121,417

84,636,368

Disposal

-

(4,604)

-

(4,604)

-

-

-

-

(1,493,833)

-

(1,493,833)

(1,498,437)

Depreciation

during the year

-

14,240

39,703,363

39,717,603

-

11,238,085

2,121,383

7,461,829

1,941,408

5,546,744

28,309,449

68,027,052

Balance at

December 31, 2004

-

22,978

77,204,972

77,227,950

-

25,361,373

4,271,263

24,734,958

4,616,589

14,952,850

73,937,033

151,164,983

Net book value

213,550,251

110,702,024

324,252,315

Amortisation

(73,937,033)

(77,227,950)

(151,164,983)

Gross value

287,487,324

187,929,974

475,417,298



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

Amount

585,608,900

1,631,600

587,240,500

%

99.72%

0.28%

100%

Number of shares

5,856,089

16,316

5,872,405

ROL thousands

Bank Austria Creditanstalt AG

Others

Total

ROL thousands

Net profit for the year

- Legal reserves (Note 13.5)

- Satutory reserves (Note 13.5)

- General reserve for credit risk

- Other reserves

- Other funds

- Staff participation to profit

- Dividends

- Cover of accounting loss from previous years

- Other distributions

Total profit allocation

Not distributed profit

According to Romanian law, all Banks including branches of

foreign banks, had to increase their share capital to a

minimum of Romanian lei 320 billion by May 31, 2003, by

370 billion by May 31, 2004.

During year 2001, the Bank’s shareholders increased the

Bank’s social capital from ROL 100,000,596 thousands as

at December 31, 2000 to ROL 362,733,900 thousands as

at December 31, 2001. Legal changes implied by the last

increase of share capital involved cancellation of the

existing shares (782,000 with par value ROL

191,815.8568) and issue of new 3,627,339 ordinary

shares with a par value of ROL 100,000.

As at December 31, 2001, the share capital was comprised

of 3,627,339 shares with a par value of ROL 100,000 and it

was hold by foreign commercial companies. During 2002

there were no changes in share capital structure and there

were no increases in the share capital. Thus, as at December2002 the share capital was of ROL 362,733,900 thousands.

There was no change in shareholders’ structure during

2002; the only change was the name of the main

shareholder, namely, Bank Austria Creditanstalt AG.

During 2003, the share capital was increased with ROL

224,506,600 thousand. The increase has been done through

ROL 137,306,417 thousands, representing reserves from

foreign exchange cash evaluation in accordance with Law

189/2001, recorded in the balance sheet as at December 31,

2002 and ROL 87,200,183 thousands representing reserves

from the exchange rate influences corresponding to the cash

in foreign currency, representing paid share capital in

foreign currency, in accordance with HG 252/1996.

The share capital was increased through the issue of

2,245,066 shares with nominal value of ROL 100,000 and

the share capital in total amount of ROL 587,240,500

thousands was split in 5,872,405 shares with a nominal

value of ROL 100,000.

During 2004, there were no changes in share capital. As atDecember 31, 2004, the share capital amounted to ROL

587,240,500 thousands.

2003

462,322,222

(106,916,560)

-

(154,856,438)

-

-

-

-

-

-

(261,772,998)

200,549,224

2004

906,781,448

-

-

(147,981,660)

-

-

-

-

-

-

(147,981,660)

758,799,788

PROFIT DISTRIBUTION

7

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

147,981,660 thousand




8.2 PROVISIONS FOR DOUBTFUL DEBTS

Total

11,599,49514,178,337

(2,552,666)

(1,250,226)

21,974,940

15,118,502

1,029,574

-

38,123,016

Provisions

for loans

11,274,24414,457,045

(2,560,025)

(1,250,226)

21,921,038

14,918,288

1,056,813

-

37,896,139

(Note 3.4)

Provisions for

un-collectable

accrued intrest

325,251(278,708)

7,359

-

53,902

200,214

(27,239)

-

226,877

(Note 2.4)

ROL thousands

Balance at January 1, 2003

Movements during the year (Note 9.8)

Exchange rate differences

Losses from un-collecteble receivables (Note 9.8)

Balance at January 1, 2004

Net movements during the year (Note 9.8)

Exchange rate differences

Losses from un-collecteble receivables (Note 9.8)

Balance at December 31, 2004

8.1 PROVISIONS FOR RISKS AND CHARGES

PROVISIONS

8

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



ROL thousands

Interest income

From:

- loans to individuals and enterprises

- placements to domestic and foreign banks

- securities and treasury bills*

- Repo agreements

- placements to National Bank of Romania

- guarantees issued

- financing commitments- income from leasing of saving boxes

- commissions from derivatives financial operations

Total interest income

Interest expense

With:

- 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

- commissions from derivatives financial operations

Total interest expense

Net interest expense

* Income and expenses from treasury bills operations amounted to ROL 397,019,459 thousands (2003: ROL 177,202,345 thousands) and

ROL 2,286,493 thousands (2003: ROL 3,350,456 thousands) respectively, related to premium amortisation, interest for treasury bills and sundryexpenses with bonds.

STATEMENT OF OPERATIONS

9

9.1 INTEREST INCOME AND EXPENSES

December 31, 2004

1,022,591,536

446,350,953

397,019,459

1,177,257

54,146,800

38,590,674

72,582,0782,169,215

-

2,034,627,972

(365,362,381)

(298,398,871)

(14,014,947)

(39,594,724)

(22,681,718)

(2,286,493)

(6,334)

-

(742,345,468)

1,292,282,504

December 31, 2003

556,964,065

208,216,670

177,202,345

-

34,487,576

24,522,477

45,837,744-

107,902

1,047,338,779

(193,308,792)

(102,430,832)

(12,698,946)

(25,309,648)

(8,194,027)

(3,350,456)

-

(193,562)

(345,486,263)

701,852,516




ROL thousands

Commission income

From:

- customers’ transactions

- payment instruments

- other financial services

- consulting services

- interbanking operations

- operations 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

ROL thousands

Foreign exchange gain

Expenses with foreign exchange

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 financing operations

9.2 COMMISSION INCOME AND EXPENSES

December 31, 2004

204,358,326

158,362,329

63,227,644

236,306

6,157,962

10,273,051

442,615,618

(29,483,740)

(17,690,830)

(1,767,388)

-

(2,217,887)

(4,097)

(51,163,942)

391,451,676

December 31, 2003

150,178,009

96,142,073

35,109,279

2,130,141

6,130,239

1,094,234

290,783,975

(20,884,112)

(10,462,855)

(64,729)

-

(4,025,360)

-

(35,437,056)

255,346,919

9.3 NET PROFIT FROM FOREIGN EXCHANGE DIFFERENCES

December 31, 2003

160,762,374

(80,527,968)

80,234,406

61,126,785

24,331,976

(48,585,668)

(16,091,582)

20,781,510

101,015,917

December 31, 2004

385,016,296

(247,697,781)

137,318,515

-

20,479,717

-

(28,237,234)

(7,757,517)

129,560,998

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

exchange operations for the Bank and for its clients – spot and forward transactions. The loss and gain from securitiesoperations resulted from the transactions and cessions of transaction bills.



ROL thousands

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 expensesPenalties and damage compensations

Other banking operating expenses

Other expenses

Total operating expenses

Net operating income

ROL thousands

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 ROL 45,634,462 thousands (2003: 40,231,871 thousands) mainly consist of deposits guarantee fundcontribution and contribution to risk fund.

9.4 OTHER OPERATING INCOME AND EXPENSES

December 31, 2004

675,399

1,570,147

-

2,851,311

5,096,857

(45,634,462)

(3,287,260)(1,974,143)

(3,514,710)

(167,495)

(54,578,070)

(49,481,213)

December 31, 2003

6,622,110

3,808,220

1,560,111

710,725

12,701,166

(40,231,871)

(1,759,254)(840,531)

(287,758)

(942,340)

(44,061,754)

(31,360,588)

9.5 PERSONNEL EXPENSES

December 31, 2004

142,104,543

25,565,488

5,179,741

12,086,063

33,028,681

217,964,516

December 31, 2003

100,521,177

19,375,262

4,258,410

8,524,875

22,542,972

155,222,696




119

ROL thousands

Expenses with:

- third parties

- rent

- protocol and advertising

- telecommunication

- consumption materials

- means of transport

- small tools and other inventories

- maintenance and repairs

- insurance

- utilities

- collaborators

- audit- leasing

Total administrative expenses

ROL thousands

Intangibles amortisation (Note 5)

Tangibles depreciation (Note 5)

Total amortisation and depreciation expense for year

ROL thousands

Corrections over receivables and provisions

Income from value of receivables and provisions

Net provision expense (Note 8.2.)

9.6 ADMINISTRATIVE EXPENSES

December 31, 2004

151,691,496

57,987,948

33,428,042

25,294,867

20,935,279

11,716,523

14,535,177

9,345,891

5,390,093

5,057,184

32,464

2,764,592625,899

338,805,455

December 31, 2003

142,470,780

55,273,897

29,065,045

18,224,032

15,967,887

8,718,460

5,637,822

6,201,023

2,815,868

2,990,845

153,334

1,983,865711,203

290,214,061

9.7 DEPRECIATION OF TANGIBLE FIXED ASSETS AND AMORTISATION OF INTANGIBLES

December 31, 2004

39,717,603

28,309,449

68,027,052

December 31, 2003

14,285,121

20,452,639

34,737,760

9.8 PROVISIONS INCOME AND EXPENSES

December 31, 2004

(478,072,045)

462,953,543

(15,118,502)

December 31, 2003

(330,834,599)

317,906,489

(12,928,110)



INFORMATION REGARDING GEOGRAPHICAL SEGMENTS

11

As at December 31, 2004, the Bank operates and carries on its activities through 12 operational branches located in

Romania (2003: 9 branches). Therefore there are no geographical segments and all income and expenses are incurred

in one market.

As at December 31, 2004, the Bank had 312 employees (December 31, 2003: 225 employees) out of which 304 were full

time employees (December 31, 2003: 216).

The average number of employees during 2004 was 252 (December 31, 2003: 205).

During its normal course of activity, the bank makes payments to the Romanian state institutions on behalf of its employees’

pensions. All the bank’s employees are included in the state pensions system. The bank does not operate any pensions

plan or benefits after retirement and, consequently, does not have any obligations related to pensions. In addition, the

bank has no obligation to offer other additional benefits to its employees.

ROL thousands

Income from cease of treasury bills*

Expenses with cease of treasury bills

Net income from cease of treasury bills

ROL thousands

Expenses with staff salaries

Expenses with social securities, out of which:

- Expenses with pensions

Other staff expenses

Total

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

9.9 INCOME AND EXPENSES FROM CEASE OF T BILLS

December 31, 2004

40,432,626

-

40,432,626

December 31, 2003

857,812

(27,485)

830,327

INFORMATION REGARDING EMPLOYEES

10

December 31, 2004

142,104,543

42,831,293

25,565,489

33,028,680

217,964,516

December 31, 2003

100,521,177

32,158,547

19,375,262

22,542,972

155,222,696



ROL thousands

Secured by cash deposits

Secured by letters of guarantee

Secured by stand by credit

Guarantees in ROL


Secured by letters of guarantee

Secured by stand-by credit

Guarantees in hard currencies

Total letters of guarantee

Confirmed letters of credit

Total endorsements and acceptances

Guarantees issued to other banks

Total contingent liabilities

121


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

CONTINGENT LIABILITIES AND COMMITMENTS

12

12.1 CONTINGENT LIABILITIES

December 31, 2004

42,526,452

-

381,461,285

423,987,737

84,566,643

-

1,610,020,758

1,694,587,401

2,118,575,138

183,278,678

2,301,853,816

1,208,870,830

3,510,724,646

December 31, 2003

66,890,930

-

117,105,189

183,996,189

97,458,507

-

942,340,499

1,039,799,006

1,223,795,195

96,870,238

1,320,665,433

663,691,728

1,984,357,161

ROL thousands


Issued letters of credit

Undrawn loan commitments

Total commitments

12.2 COMMITMENTS

December 31, 2004

457,131,721

457,131,721

8,204,116,237

8,661,247,958

December 31, 2003

904,847,742

904,847,742

4,707,773,745

5,612,621,487

12.3 RENT COMMITMENTS

The rent commitments for the year 2005, related to the 4 operational branches in Bucharest and 8 in other locations in

the country, amounted to ROL 68,115,954 thousand as at December 31, 2004 (2003: 46,754,930 thousand).



ROL thousands

Within one year

In the second to fifth years inclusive

Over five years

Total

12.5 OTHER OFF BALANCE SHEET ITEMS

As at December 31, 2003, in addition, the Bank has

recorded the following off balance-sheet items:

• 2 SWAP contracts concluded with Bank of Austria

Vienna, net value of ROL 72,492,025 thousands;

• Letters of Guarantee received as guarantees for loans

granted to customers and for LG issued in amount of ROL

8,486,206,615 thousands;

• Pledges and other guarantees received for loans granted

in amount of ROL 3,819,252,621 thousands;

• Loans written off balance sheet based on final courtdecision and the related accrued interest receivable in

amount of ROL 16,156,507 thousands;

• Travel cheques in amount of ROL 16,424,754

thousands;

• Financing agreement in total amount of ROL

1,233,510,000 thousands with Bank of Austria;

• Two IRS agreements in total amount of ROL

147,125,400 thousands with Bank of Austria Vienna.

Both agreements have the maturity during 2006.

As at December 31, 2004

• Two SWAP agreements concluded with Bank Austria

Vienna, the net value amounting to ROL 1,068,063

thousands;

• Letters of guarantee received by the bank for the loans

granted to the customers, as well as other guarantees

received from the bank in total amount of ROL

10,516,889,065 thousands;

• Mortgages and other guarantees received for the granted

loans in amount of ROL 4,608,440,039 thousands;

• The loans written off in accordance with the finaldecision of the Court in amount to ROL 10,778,651

thousands;

• Travel cheques in amount of ROL 7,450,538 thousands.

• Financing agreement in amount of ROL 396,630,000

thousands received from Bank Austria Vienna;

• Leasing agreements for leased assets in amount of ROL

25,017,394 thousands;

• 2 IRS agreements in total amount of ROL 134,796,600

thousands with Bank of Austria Vienna. Both agreements

have the maturity during 2006.

December 31, 2004

4,891,319

20,126,075

-

25,017,394

December 31, 2003

4,252,853

32,141,805

-

36,394,658

12.4 LEASE COMMITMENTS

As at December 31, 2004, the Bank had outstanding commitments under financial and operational lease, which fall due

as follows:




123

OTHER INFORMATION

13

13.1 GENERAL OVERVIEW

HVB BANK ROMANIA S.A. was registered at the

Romanian Chamber of Commerce Register as a

commercial company on November 24, 1997 and

obtained banking operations license from National Bank

of Romania on April 13, 1998. On August 25, 1998, the

National Bank of Romania approved the change of

Bank’s name from Banca Creditanstalt S.A. to Bank

Austria Creditanstalt Romania S.A. As a result of the

merger between HVB Group and Bank Austria

Creditanstalt Group, on July 20, 2001, the National Bank

of Romania approved the change of Bank’s name from

Bank Austria Creditanstalt Romania S.A to HVB BANK

ROMANIA S.A.

Beginning with August 31,1998, the Bank started

banking operations and operates as a commercial and

retail bank providing a wide range of services to all

categories of customers.

ROL thousands

Currency

US dollars

EUR

GB pounds

Australian dollar

Qther currencies

Total

Net position

17,320,040

(83,463,046)

3,765,033

675,060

1,975,408

(59,727,505)

Off balance

sheet items

(544,673,465)

1,128,489,000

-

-

-

583,815,535

Liabilities

-

(1,211,952,046)

-

-

-

(1,211,952,046)

Assets

561,993,505

-

3,765,033

675,060

1,975,408

568,409,006

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

13.2 SUBSIDIARIES AND ASSOCIATED COMPANIES

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

During year 2003, the Bank made 2 investments in total amount of ROL 4,612,500 thousands, as it follows:

• Shares of total amount of ROL 942,500 thousands, representing 5% of the share capital of CA IB Asset Management;

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

13.3 CURRENCY POSITION

The Bank’s net currency position reported to the National Bank of Romania showed that the liabilities in hard currency

as at December 31, 2004 exceeded the hard currency assets by an amount equal to 5.30% (2003: 6.46%) of the Bank’s

own funds as calculated the National Bank of Romania’s regulations, which stipulate that such excess should not be

greater than 20% of own funds and for each currency should not be greater than 10% of equity.



ROL thousands

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

ROL thousands

Currency

US dollars

EUR

GB Pounds

Australian dollar

Other currencies

Total

Net position

4,822,350

(127,469,333)

2,985,043

781,420

2,508,815

(116,371,703)

Off balancesheet items

(2,520,082,230)

5,674,527,190

-

-

-

3,154,444,960

Liabilities

-

(5,801,996,523)

-

-

-

(5,801,996,523)

Assets

2,524,904,581

-

2,985,043

781,420

2,508,815

2,531,179,860

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

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

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

As at December 31, 2004 the reported earning from the

first application of IAS amounted to ROL 34,673,386

thousands (2003: ROL 34,673,386 thousands).

The retained earning after the first application of IAS,

except of IAS 29 was decreased during 2003 by ROL

105,918,051 thousands and as at December 31, 2003 the

balance was of ROL 34,673,386 thousands.

This decrease is explained by using the amount for the

increase in Bank’s share capital in accordance with the

stipulations of art. IX from Law 485/2003, that revised

the Banking Law nr. 58/1998. This stipulates that the

existing reserves from balance sheet which, until the date

of recognition of Banking Law “could constitute the

source of increase of share capital according to the

applicable law, may be further used in this sense untilthey equal zero.”

13.5 TAX RECONCILIATION

December 31, 2004

3,115,287,614

(1,950,956,548)

1,164,331,066

(8,633)

27,032,639

8,633

-

(147,981,660)

1,043,382,045

-

(260,845,511)

3,287,260

-

(257,558,251)

December 31, 2003

1,770,604,138

(1,236,021,674)

534,582,464

(6,392,950)

22,625,456

334

(106,916,560)

(154,856,439)

289,042,305

-

(72,260,576)

-

-

(72,260,576)

* During year 2003 the Bank’s activity has been reviewed by the NBR. According to NBR report the non-taxable income and non-deductibleexpenses from cash revaluation were different from those estimated by the Bank and the reserves have been recalculated and increased by

ROL 25,571,801 thousand and the profit for year 2003 was reduced by ROL 6,392,950 thousand.




125

ROL thousands

Subsidies transferred to income

Total deferred tax (asset)/liability

ROL thousands

Profit before taxation

Adjustments to retained earnings due to first year

application of IAS (Note 13.4)

Adjusted profit before taxation

Profit tax at 25%, expected rate

Tax effect of permanent differences

Tax effect of temporary differences

Total

Current profit tax expense

Current profit tax expense

Tax effect of temporary differences

Profit tax expense for the period after

implementation of IAS

December 31, 2004

8,633

8,633

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

December 31, 2003

334

334

13.6 DEFERRED TAX RECONCILIATION

Year ended at

December 31, 2004

1,164,339,699

-

1,164,339,699

291,084,925

(33,526,674)

-

(33,526,674)

257,558,251

257,558,251

(8,633)

257,549,618

Year ended at

December 31, 2003

534,582,464

-

534,582,464

133,645,616

(61,385,040)

-

(61,385,040)

72,260,576

72,260,576

(334)

72,260,242

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



a. BA-CA Export Leasing GmbH

The loan from BA-CA Export Leasing GmbH (former

known as Creditanstalt Leasing GmbH) comprise

financial leasing agreements concluded for purchase of

equipment, furniture and vehicles.

The amount of ROL 16,927,055 thousands as at

December 31, 2004 (2003: ROL 31,590,907 thousands)

represents amounts owed to BA-CA Export GmbH for

fixed assets purchased by credit through finance leasing.

b. HVB Leasing Romania SA

During 2004, the Bank concluded 3 agreements of finance

leasing in total amount of ROL 5,031,399 thousands for

purchase of vehicles.

c. European Investment Bank

On October 15, 2001, the Bank entered into a credit

facility of EUR 20 million from European Investment

Bank with the purpose of financing the small investors.

The accrued interest as at December 31, 2004 amountsto ROL 1,088,297 thousands (December 31, 2003: ROL

3,710,700 thousands).

d. Kreditanstalt für Wiederaufbau

As at December 27, 2001, the Bank concluded a loan

agreement with Kreditanstalt für Wiederaufbau, in

amount of EUR 30,000,000 for financing of investment

projects for small and middle enterprises, for

improvement of infrastructure of municipality, for

environment protection and construction of houses.

As at December 31, 2004, the accrued interest was in

amount of ROL 8,485,106 thousand.

e. BA-CA Vienna

The loans from BA-CA Vienna were granted as

refinancing line for Bank’s own operations.

As at December 31, 2004, the accrued interest related to

the loan from BA-CA Vienna amounted to ROL

13,503,975 thousands.

f. Hypovereins Munich

As at December 31, 2004, the Bank had 2 loans in

amount of EUR 30,000,000 each granted for financingpurposes.

As at December 31, 2004, the accrued interest related to

the loan from Hypovereins Munich amounted to ROL

20,038,574 thousand.

126

ROL thousands

Loans from financial institutions

BA-CA Export Leasing GmbH (a)

HVB Leasing Romania SA (b)

European Investment Bank (c)

Kreditanstalt für Wiederaufbau (d)

Total (Note 3.2)

Loans from other banks

BA-CA Vienna (e) (Note 3.1)

Hypovereins Munich (f)

Total

13.7 LOANS FROM FINANCIAL INSTITUTIONS

December 31, 2004

16,927,055

5,031,399

772,384,737

1,189,890,000

1,984,233,191

8,378,854,277

2,379,780,000

10,758,634,277

December 31, 2003

31,590,907

-

822,340,000

-

853,930,907

3,419,330,367

1,233,510,000

4,652,840,367




ROL thousands

Petty cash

Cash at NBoR

Total cash

Correspondent accounts

Deposits with other banks

Other amounts

Sight deposits with other banks (Note 14)

Deposits with central banksDeposits with banks at term

Collateral deposits

Credit with banks at term

Repo agreements

Receivables with credit institutions at term (Note 14)

Less: amounts with maturity more than 3 months

Total receivables with credit institutions at term (Note 14)

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 (Note 14)

Less amounts with maturity more than 3 months

Total bonds with fixed income (Note 14)

Total cash equivalent

Total cash and cash equivalents

13.8 CASH AND CASH EQUIVALENTS

December 31, 2003

260,975,046

3,419,343,372

3,680,318,418

104,131,185

50,000,000

14,438,162

168,569,347

1,040,000,000205,585,000

4,895,284

585,170,441

-

1,835,650,725

(590,065,725)

1,245,585,000

-

-

-

1,758,782,843

(1,724,624,536)

34,158,307

1,448,312,654

5,128,631,072

December 31, 2004

327,866,645

5,027,061,661

5,354,928,306

379,945,710

715,166,000

4,827,785

1,099,939,495

4,400,000,000135,000,000

4,397,908

460,714,937

1,000,173,667

6,000,286,512

(397,628,378)

6,702,597,629

3,506,331,324

-

3,506,331,324

1,744,286,551

(1,618,897,253)

125,389,298

10,334,318,251

15,689,246,557



ROL thousands

Description

Foreign banks

Foreign banks registered in Romania and Romanian banks

Total (Note 13.8)

13.9 SOLVENCY RATIOS

The Bank monitors its capital resources pursuant to the

Regulations issued by the National Bank of Romania. The

solvency (capital adequacy) ratios are calculated based onthe financial information prepared in accordance with

Romanian Accounting Standards. The Bank is required to

measure solvency ratios by comparing its capital

(shareholders’ equity) to its risk weighted assets including

off balance sheet commitments as prescribed by the

Regulations. The Bank’s solvency ratios as at December

31, 2004 were 12.01% (2003: 12.50% for Tier 1 and15.08% for Tier 2). The Regulations in force as at

December 31, 2004 (Norm 12/2003) require that the

solvency ratios should be of 12%.

13.10 CONCENTRATION OF EXPOSURE

a) Deposits at banks

December 31, 2004

633,563,908

221,000,000

854,563,908

December 31, 2003

4,895,284

255,585,000

260,480,284

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

13.11 FAIR VALUES

According to IAS 32, Financial Instruments: Disclosure

and Presentation, disclosure of fair values of financial

assets and liabilities is required. Fair value is the amount

for which an asset could be exchanged or a liability could

be settled between knowledgeable and willing parties in

an arms length transactions. Based on the Romanian

economic environment the Bank’s financial assets and

liabilities are affected by exchange rate devaluation,

market prices and interest rates.

Fair value of short-term customer deposits, due from

banks and Treasury Bills is estimated to approximate

their carrying values because of their short maturities

and insignificant transaction costs.

Term deposits, loans and advances to customers, bills of

exchange, guarantees and letters of credit are stated at

amounts net of general and specific provisions for

impairment which is considered to be materially similar

to fair values because these items carry market interest

rates As a result, any change in the fair value of the assets

due to change in interest rate will be matched with

change in the fair value of the related liabilities.

Financial investments represent shares in unquoted

companies and Treasury bills issued by Ministry of

Finance for which there is no market and securities

traded on European market. In spite of this, the

management of the Company considers that there is no

significant difference between the book value and the fair

value 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 the

equity as calculated under Romanian accounting principles, and every individual loan exceeding 10% of the statutory

equity to be reported.




13.12 FINANCIAL INSTRUMENTS

The following is a summary of the nature of activities

and management policies with respect to financial

instruments.

a) Currency risk

The Bank operates in a hyperinflationary economy and

undertakes transaction in both Romanian Lei (ROL) and

foreign currencies. In the past ROL has experienced

severe devaluation as a result there is exposure of loss in

value of its ROL denominated net assets.

The Bank’s derivative financial instruments represent

only Forward, Swap and IRS contracts and undelivered

Spot transactions. These represent the Bank’s contractual

commitments to purchase or sell domestic or foreign

currency at fixed prices on pre-determined future date.

The Bank has not entered in any embedded derivativeproduct transactions as at December 31, 2004.

These financial instruments are carried at fair values and

favourable (assets) and unfavourable (liabilities) fluctuations

as a result of changes in fair values are reported in the

statement of operations. The fair values of these instruments

held by the Bank are presented in Note 13.11.

b) Interest Rate Risk

Interest rate risk is comprised of the risk that the value

of a financial instrument will fluctuate due to changes in

market interest rates and the risk that the maturities of

interest bearing assets differ from the maturities of the

interest bearing liabilities used to fund those assets. The

length of time for which the rate of interest is fixed on a

financial instrument therefore indicates to what extent itis exposed to interest rate risk. The assets and liabilities

are re-priceable at the discretion of the Bank. These

items carry market interest rates. As a result, the fair

values are not considered to be materially different from

their carrying values.

c) Credit risk

In the normal course of its business, the Bank incurs

credit risk on its loans and advances to customers and

on funds with other financial institutions and other off

balance sheet items. There is also a risk of losses to be

incurred from concentrations of credit risk to a single

industry or economic group due to changes in economicconditions in Romania. The Bank manages its exposure

to credit risk on a regular basis by closely monitoring

credit limits and, assessments of borrowers.

d) Liquidity risk

The Bank monitors its liquidity on a daily basis in order

to manage its obligations when they fall due. Maturity

analysis of assets and liabilities as at December 31, 2004

has been disclosed in note 14. Loans and credit lines are

renewed and consequently can have longer maturities

than stated in note 14.

e) Regular contracts and derivative instruments

Fair value

146,506,955

835,412,957

1,120,603

983,040,515

131,852,289

2,704,460,532

277,953,227

3,114,266,048

Difference

to the fair value

(618,445)

(72,324,457)

(1,049,141)

(73,992,043)

(2,944,311)

(172,031,200)

-

(174,975,511)

National amount

147,125,400

907,737,414

2,169,744

1,057,032,558

134,796,600

2,876,491,732

277,953,227

3,289,241,559

ROL thousands

December 31, 2003

Currency Swap

Currency forwards

Currency spots

Total

December 31, 2004

Currency Swap

Currency forwards

Currency spots

Total



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

14

Between

3 months

and 1 year

-

-

148,871,875

1,955,031,342

(3,649,368)

1,951,381,974

147,273,975

--

-

-

19,442,042

-

19,442,042

2,266,969,866

Over 5 years

-

-

-

1,395,116,273

(4,386,561)

1,390,729,712

64,974,279

--

-

-

5,055,385

-

5,055,385

1,460,759,376

TOTAL

3,680,318,418

168,569,347

1,835,650,725

13,242,214,442

(21,921,038)

13,220,293,404

1,758,782,843

3,478,1395,763,460

242,055,398

91,665,950

93,828,079

(53,902)

93,774,177

21,100,351,861

Undefined

maturity

-

-

4,895,284

-

-

-

-

3,478,1395,763,460

242,055,398

17,813,591

-

-

-

274,005,872

Up to

one

month

3,680,318,418

168,569,347

1,262,126,319

7,069,669,274

(9,415,677)

7,060,253,597

1,734,265

--

-

73,852,359

28,302,640

(53,902)

28,248,738

12,275,103,043

Between

1 and 3

months

-

-

39,055,303

518,476,581

(726,459)

517,750,122

32,424,042

--

-

-

4,905,818

-

4,905,818

594,135,285

Between

1 and 5

years

-

-

380,701,944

2,303,920,972

(3,742,973)

2,300,177,999

1,512,376,282

--

-

-

36,122,194

-

36,122,194

4,229,378,419

ROL thousands

ASSETS

Petty cash

Receivables from credit

institutions at sight


institutions at term

Receivables from customers

Less: provisions for loans

Bonds and other fixed income

debentures

Shares and other variable income

securitiesInvestments

Fixed assets

Other assets

Prepayments and accrued income

Less: provision for interest risk

Total assets

13.13 SUBSEQUENT EVENTS TO DECEMBER 31, 2004

There are no significant elements subsequent to December 31, 2004 which would require an adjustment of the values

presented in these financial statements.



Between

3 months

and 1 year

-

72,839,585

-

307,930,197

277,153,090

30,777,107

-

2,585,331

591,904

-

-

383,947,017

-

-

-

383,947,017

1,883,022,849

1,168,812,554

Over

5 years

-

2,126,508,358

-

19,959,701

19,959,701

-

-

-

-

-

284,734,348

2,431,202,407

-

-

-

2,431,202,407

(970,443,031)

1,068,358,747

TOTAL

2,531,171,257

5,523,978,367

4,422,348,296

6,814,504,499

5,960,573,592

853,930,907

-

37,992,107

143,258,368

-

284,734,348

19,757,987,242

587,240,500

755,124,119

1,342,364,619

21,100,351,861

-

-

Undefined

maturity

-

-

-

-

-

-

-

-

-

-

-

-

587,240,500

755,124,119

1,342,364,619

1,342,364,619

(1,068,358,747)

-

Up to

one

month

2,531,171,257

850,749,867

4,422,348,296

4,567,947,182

4,567,021,397

925,785

-

35,406,776

114,457,639

-

-

12,522,081,017

-

-

-

12,522,081,017

(246,977,974)

(246,977,974)

Between

1 and 3

months

-

-

-

1,033,874,170

1,031,673,133

2,201,037

-

-

27,493,436

-

-

1,061,367,606

-

-

-

1,061,367,606

(467,232,321)

(714,210,295)

Between

1 and 5

years

-

2,473,880,557

-

884,793,249

64,766,271

820,026,978

-

-

715,389

-

-

3,359,389,195

-

-

-

3,359,389,195

869,989,224

2,038,801,778

ROL thousands

LIABILITIES

Liabilities from credit institutions

at sight


at term

Liabilities from customers at sight

Liabilities from customers

Deposits

Other debts

Liabilities from securities

Other liabilities

Unearned income and accrued

expenses

Provisions for risks and charges

Subordinated loans

Total liabilities

Share capital

Retained earnings and reserves

Total equity

Total liabilities and equity

Liquidity

Cumulative liquidity gap

131




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

15

Between

3 months

and 1 year

-

-

211,024,359

3,344,540,039

(2,906,205)

3,341,633,834

284,898,500

-

-

-

-

29,240,553

(377)

29,240,176

3,866,796,869

Over

5 years

-

-

-

2,380,700,351

(3,490,002)

2,377,210,349

88,376,575

-

-

-

-

4,958,215

-

4,958,215

2,470,545,139

TOTAL

5,354,928,306

3,506,331,324

7,100,226,007

23,221,428,204

(37,896,139)

23,183,532,065

1,744,286,551

3,478,139

5,763,460

324,252,315

206,209,520

223,574,318

(226,877)

223,347,441

41,652,355,128

Undefined

maturity

-

-

4,397,908

-

-

-

-

3,478,139

5,763,460

324,252,315

1,052,314

-

-

-

338,944,136

Up to

one

month

5,354,928,306

1,244,266,537

6,651,654,481

10,134,342,604

(23,562,796)

10,110,779,808

42,078,763

-

-

-

205,157,206

117,563,924

(220,423)

117,343,501

23,726,208,602

Between

1 and 3

months

-

2,262,064,787

50,943,148

1,053,866,170

(1,099,522)

1,052,766,648

83,310,535

-

-

-

-

38,277,535

(6,077)

38,271,458

3,487,356,576

Between

1 and 5

years

-

-

182,206,111

6,307,979,040

(6,837,614)

6,301,141,423

1,245,622,178

-

-

-

-

33,534,091

-

33,534,091

7,762,503,806

ROL thousands

ASSETS

Petty cash

Public bills of change and other

bonds


institutions

Receivables from customers

Less: provisions for loans

Bonds and other fixed income

debentures

Shares and other variables income

securities

Investments

Fixed assets

Other assets

Prepayments and accrued income

Less: provision for interest risk

Total assets

132




ROL thousands

LIABILITIES


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

902,013,963

206,134,759

178,674,799

27,459,960

-

3,596,341

15,495,589

-

-

1,127,240,652

-

-

-

1,127,240,652

2,739,556,217

4,697,138,989

Other

5 years

1,479,774,545

195,829,847

-

195,829,847

-

-

-

-

198,315,000

1,873,919,392

-

-

-

1,873,919,392

596,625,747

1,910,201,931

TOTAL

16,161,695,952

22,285,258,633

15,878,386,617

6,406,872,016

-

264,274,823

218,999,224

-

472,980,429

39,403,209,061

587,240,500

1,661,905,567

2,249,355,129

41,652,355,128

-

-

Undefined

maturity

-

-

-

-

-

-

-

-

-

-

587,240,500

1,661,905,567

2,249,146,067

2,249,146,067

(1,910,201,931)

-

Up to

one

month

4,632,021,549

19,740,805,989

15,317,493,473

4,423,312,516

-

260,678,482

167,481,032

-

-

24,800,987,052

-

-

-

24,800,987,052

(1,074,778,450)

(1,074,778,450)

Between

1 and 3

months

34,523,997

384,448,754

382,218,345

2,230,409

-

-

36,022,603

-

-

454,995,354

-

-

-

454,995,354

3,032,361,222

1,957,582,772

Between

1 and 5

years

9,113,361,898

1,758,039,284

-

1,758,039,284

-

-

-

-

274,665,429

11,146,066,611

-

-

-

11,146,066,611

(3,383,562,805)

1,313,576,184



GENERAL INFORMATION



Addresses in Romania G e n e r a l i n f o r m a t i o n

HEAD OFFICE

HVB Bank Romania S.A. - BUCHAREST

15, Charles De Gaulle SquarePhone: +40 (021) 203 22 22

Fax: +40 (021) 230 84 85

BRANCHES

MILLENNIUM BRANCH

88, Victoriei Av.

Bucharest, 1Phone: +40 (021) 307 93 00

Fax: +40 (021) 310 19 69

DECEBAL BRANCH

80, Unirii Bd. Bl.J1 Tronson 1,Bucharest, 3

Phone: +40 (021) 327 77 45

Fax: +40 (021) 327 77 44

UNIREA BRANCH

1, Unirii SquareBucharest, 3

Phone: +40 (021) 308 31 08

Fax: +40 (021) 316 58 08

ARAD

72, Revolu]iei Bd.

Phone: +40 (0257) 206 565Fax: +40 (0257) 213 300

BRA{OV

2, Mure[enilor Str.

Phone: +40 (0268) 506 280

Fax: +40 (0268) 477 437

CLUJ

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

Fax: +40 (0264) 450 511

CONSTAN}A

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

Fax: +40 (0241) 553 770

IA{I

31, Anastasie Panu Str.

Phone: +40 (0232) 206 240Fax: +40 (0232) 273 564

ORADEA

2-4, Unirii Square

Phone: +40 (0259) 406 700Fax: +40 (0259) 461 701

PLOIE{TI

6, Unirii Str.

Phone: +40 (0244) 406 800

Fax: +40 (0244) 529 000

SIBIU

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

Fax: +40 (0269) 214 005

TIMI{OARA

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

Fax: +40 (0256) 306 806

135



Addresses in Central and Eastern Europe

HVB Central Profit Banka d.d.

Zelenih Baretki 24

71000 SarajevoBosnia

and Herzegovina

Tel.: (+387 33) 222 999

Bayerische Hypo-und

Vereinsbank AG Tallinn Branch

Liivalaia 13/1510118 Tallinn

Estonia

Tel.: (+37 2) 66 88 300

Bayerische Hypo-und Vereinsbank

AG Vilnius Branch

Vilniaus gatve 35/301119 Vilnius

Lithuania

Tel.: (+370 5) 2745 300

HVB Bank Slovakia a.s.

Mostova ul. 6

814 16 Bratislava 1Slovakia

Tel.: (+42 12) 5969 11 11

Fax.: (+42 12) 5969 94 06

raport anual hvb bank romania 2004

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