Annual Report 2004

Transcription

Annual Report 2004

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Financial Highlights
Financial Highlights
Monetary values in BGN Thousand
2004
Change
2003
2002
Net interest income after provisioning
for possible loan losses
35,108
50%
23,432
10,439
Net commission income
18,771
69%
11,088
5,825
Trading profit (loss)
12,831
25%
10,252
7,975
– 36,308
35%
– 26,921
– 19,929
Profit before tax
30,402
70%
17,851
4,310
Profit after tax
24,460
77%
13,842
3,211
Loans and advances to banks
199,245
1331%
13,923
43,422
Loans and advances to customers
971,767
51%
645,394
428,674
Deposits from banks
173,475
75%
98,850
83,921
1,325,223
158%
513,961
404,729
120,171
111%
57,084
33,963
2,005,771
137%
846,999
590,198
Total own funds
155,237
97%
78,748
40,356
Own funds requirement / According to Local Regulations
128,967
81%
71,402
39,013
Excess cover
26,270
258%
7,346
1,343
Core capital ratio
10.67%
61%
6.62%
7.12%
Own funds ratio
14.44%
9%
13.23%
12.41%
Return of equity (ROE) before tax
40.8%
– 6%
43.6%
14.0%
Cost/income ratio
45.2%
– 14%
52.6%
60.2%
2.6%
– 4%
2.7%
0.9%
33,085
66%
19,987
15,159
Number of staff on balance-sheet date
823
38%
598
455
Banking outlets on balance-sheet date
51
42%
36
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BGN
1.95583
BGN
1.95583
Income Statement
Administrative expenses
Balance Sheet
Deposits from customers
Equity
Balance-sheet total
Regulatory own funds
Performance
Return on assets (ROA) before tax
Provisions for possible loan losses/risk-weighted assets/
According to Local Regulations
Resources
Official Exchange Rate (BNB)
EUR 1
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BGN
1.95583
General Information
General Information
Establishment of the Bank
Raiffeisenbank (Bulgaria) EAD is the first greenfield foreign investment in the Bulgarian banking sector
made in 1994.
Main Shareholder
Raiffeisenbank (Bulgaria) EAD is a 100% subsidiary of Raiffeisen International Bank-Holding AG,
Vienna.
Banking License
Raiffeisenbank (Bulgaria) EAD has a full banking license for domestic and overseas banking operations.
Profile
Raiffeisenbank (Bulgaria) EAD is a universal commercial bank with a focus on corporate and SME
lending, retail banking, bonds and securities trading on the local and the international money and
capital markets, asset management, etc.
Correspondent Relations
Raiffeisenbank (Bulgaria) has established correspondent banking relations with more than 600 banks
world-wide. The Bank maintains over 20 accounts in major currencies with first-class foreign banks.
Branch Network
As of 31 December 2004 the bank operates through 51 branches, 13 outlets are located in Sofia.
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General Information
Memberships in Organizations and Others
Association of Commercial Banks in Bulgaria
Banking Integrated System for Electronic Transfers (BISERA)
Real Time Gross Settlement System (RINGS)
BORIKA (the Bulgarian National Card Operator)
VISA International
MasterCard International
S.W.I.F.T.
Bulgarian Stock Exchange
Central Depository
Licensed primary dealer of Bulgarian government securities
Licensed investment intermediary
MoneyGram Agent bank.
Market Shares
Source: According to the official statistics published by Bulgarian National Bank
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Contents
Contents
Statement by the Chairman of the Management Board
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Management Report
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The Bulgarian Economy and Banking Sector in 2004
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Key Figures
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Human Resources
66
Segment Reports
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Corporate Banking
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Public Section and Institutional Clients
67
Retail Banking
68
Branch Network and Alternative Distribution Channels
68
Treasury and Investment Banking
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Financial Institutions
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Operations and key projects
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Operations
72
Quality and Processes Management
73
Information Technologies
73
Auditors’ Report
74
Awards
99
Corporate Social Responsibility
100
The Bank’s Management
101
RZB Group
102
Raiffeisen Leasing Bulgaria OOD
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Addresses
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Statement by the Chairman
Management Report
Segment Reports
Auditors’ Report
Financial Statement
Statement by the Chairman of the Management Board
of the Management Board
Ladies and Gentlemen,
It is a pleasure for me to announce that 2004 has been another very successful year for Raiffeisenbank (Bulgaria) EAD.
For the tenth year in a row, Raiffeisenbank (Bulgaria) has
achieved considerably higher growth than the average for
the banking sector as a whole, resulting in increased market
shares in all segments based on organic growth. In 2004 the
bank recorded excellent results: 57% growth of the customer
base, assets growth of 137% reaching BGN 2 bln and profit
after tax of BGN 24.5 mln, indicating a strong 77% increase.
These results have positioned Raiffeisenbank (Bulgaria) among
the fastest growing institutions in Bulgaria and Central and
Eastern Europe.
Raiffeisenbank (Bulgaria) is among the most profitable and
efficient financial institutions in Bulgaria for 2004 with Return
on Equity (RoE) after tax of 32.8%, Return on Assets (RoA)
after tax of 2.1% and Cost/Income Ratio of 45.15%.
By maintaining an excellent quality of assets Raiffeisenbank’s
loan portfolio increased in the past year by 51%, reaching
BGN 1 bln. Customer deposits also increased by 158% to
BGN 1,32 bln. Raiffeisenbank (Bulgaria) consolidated its
strong position as a leading lender to the Bulgarian corporate sector with a market share above 9%. The SME loan
Momtchil Andreev
portfolio grew faster than the market, while the loans to priChairman of the Management Board and Executive Director
vate customers recorded an exceptional three-fold increase.
Aiming to reinforce the dynamic growth of the bank, Raiffeisen International – the sole owner of
Raiffeisenbank (Bulgaria), increased the paid-in capital of the bank by BGN 39,1 mln raising the total
capital base in 2004 to BGN 155,2 mln.
Raiffeisenbank (Bulgaria) is one of the leading Bulgarian banks in attracting medium and long term
financing from international financial institutions and commercial banks. In June 2004 Raiffeisenbank
(Bulgaria) received a EUR 75 mln syndicated loan from 18 banks with Deutsche Bank AG and WEST
LB as Leading Managers. The total amount of the attracted credit lines from foreign banks, including
the European Bank for Reconstruction and Development, the European Investment Bank, the Council of
Europe Development Bank and Kreditanstalt fuer Wiederaufbau (KfW), totaled EUR 70 mln.
At the beginning of 2004, Raiffeisenbank (Bulgaria) and Raiffeisen Leasing International registered a
joint leasing company – Raiffeisen Leasing Bulgaria OOD. The company finances both corporate
clients and private customers for purchasing motor vehicles, industrial and other specialized equipment, as well as real estate.
Finally, I would like to thank the Supervisory Board, all our customers, business partners and the highly
qualified staff of Raiffeisenbank (Bulgaria) for the contribution to the bank’s successful development.
I would like to wish all of you new achievements, success and prosperity in 2005.
Momtchil Andreev
Chairman of the Management Board
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The Bulgarian
Economy in 2004
The political stability and the acceleration of reforms driven by Bulgaria’s
approaching EU accession have positively influenced developments of the
economy in 2004. Key events have
confirmed that Bulgaria is well on track
for prospective EU accession – NATO
membership, completion of EU entry
talks and the successful closure of all
31 chapters, the signing of the EU FiThe Management Board of Raiffeisenbank (Bulgaria) EAD. From left to right: Tzenka Petkova – Member of the MB and Executive Director, Momtchil Andreev – Chairman of the MB and Executive
Director and Evelina Miltenova - Member of the MB and Executive Director.
nal Act, which adopted a treaty establishing the EU Constitution. The Final
EU Commission report on Bulgaria,
paves the way for signing the acces-
sion treaty on April 25, 2005, full-fledged membership in 2007 and possible EUR adoption in
2009 – 2010.
The currency board arrangement (CBA) is firmly backed by all political parties. The Bulgarian National Bank’s Development Strategy 2004 – 2009 (issued September 2004) states that the Lev will
remain pegged to the Euro at the current fixed exchange rate until the adoption of the Euro. The CBA
is compatible with the participation in ERMII, which is also the official position of the European Central
Bank on the matter. Due to the existence of CBA, Bulgaria is expected to join the Eurozone in 2010
around the same time as the first wave of accession countries – Hungary, Poland, the Czech Republic
and Slovakia.
As a result of the strong macroeconomic policy, good growth potential, rapid decline in public and
external debt ratios, fiscal stability and EU prospects, Standard & Poor’s raised in June 2004 Bulgaria’s
foreign currency rating to ,,BBB-“ from ,,BB+” – the first raise of the country’s rating to Investment
grade. At the same time, local currency sovereign credit ratings were raised to BBB from BBB-. In
February 2005 Standard & Poor’s raised its foreign and local currency outlooks on Bulgaria from
stable to positive, which is considered a good sign for a new upgrade in the near future.
2004 saw an improvement in the main macroeconomic fundamentals and indicators. The servicedriven economy continued its robust growth. Real annual GDP growth rate for the first nine months
reached 5.7%, pushing the full-year 2004 economic growth to 5.6%, versus 4.3% in 2003. Investments and robust domestic demand were the key drivers, providing a very solid base for sustainable
growth in 2004.
The other real sector indicators have also been impressively strong. Year-end CPI inflation was 3.98%
– close to the budget target of 3.9% and well below the previous year’s 5.6%. Unemployment rate at
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the end of 2004 reached 12.16% – the lowest unemployment figure for December since 1999 – due
to the higher number of new job openings in the real sector and government sponsored programs. This
trend is expected to continue in 2005 with a budget target set at 11.9%.
In 2004 the current account deficit reached EUR 1.45 bln or 7.4% of GDP, which compares favorably
to the forecasted deficit of 8.8% and the 9.3% in 2003. Bulgaria’s trade deficit reached 14% of GDP
compared to 12.5% a year earlier. However, strength in exports, increased remittances and rapid
generation of revenues by the booming tourist sector were among the main reasons behind the improvement in CAD. Although the CAD remains considerable, the deficit is fully financed (144%) with
FDI flows.
Foreign direct investments in 2004 have reached a record figure close to EUR 2 bln, or above 10% of
GDP. The long-awaited sale of BTC and the privatization of the seven power distribution companies by
prominent European strategic investors have been finalized. Interest in Bulgarian equity market on the
part of foreign institutional investors and private individuals has markedly increased in 2004. The
Bulgarian Stock Exchange (BSE) turnover volumes reported an over four-fold rise in the fourth quarter,
with market capitalization reaching 10.6% of the GDP at year-end. The BSE Sofix index broke the 625point barrier at end-2004, a 37.6% increase compared to the end-2003.
Bulgaria ended 2004 with a budget surplus 1.7% of GDP, well above initial forecasts for a deficit of
0.7% due to better-than-expected tax collection, robust economic growth and stimulating tax cuts.
The CBA remained stable, enhancing the country’s macroeconomic stability. As of end-December
2004, gross FX reserves reached EUR 6.77 bln (an increase by EUR 1.5 bln compared to December
2003). The ratio of FX reserves to the import of goods and services increased to 6.1 months, from
5.7 months in 2003.
The Gross External Debt at the end of December 2004 stood at EUR 12,25 bln or 63% of GDP against
60.7% in 2003. Public sector external debt has been steadily decreasing to EUR 6,4 bln from EUR 7,1
bln in the previous year, mainly due to the early buy-back of the Brady discount bonds in mid-2004,
which helped cut the public debt to GDP ratio to 33.1% in 2004 (vst 40.3% in 2003).
Bulgarian Banking Sector Overview
As of year-end 2004 the Bulgarian banking sector consisted of 35 commercial banks. Over 95% of
the total assets in the banking system are now controlled by private entities. More than 85% of the
banking sector is owned by renowned foreign financial institutions.
Financial intermediation and lending in particular continued to expand rapidly in 2004. According to
the statistics published by the Bulgarian National Bank, as of December 2004 the total assets of the
banking system increased by 44% compared to end-2003, reaching BGN 24,92 billion. Customer
deposits marked another period of high annual growth at 31%. Total loans increased by 47% compared
to the end of 2003. Loans to individuals (housing and consumer) registered a growth of 79%, while
loans to companies – 38%. Gross loans of the banking system totaled BGN 13,81 bln and represented
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55.4% of the total assets of the Bulgarian banking system. After-tax profit of the banking sector increased by 14.3% in 2004 to BGN 434 mln driven by the fast growth of the local banks’ loan books.
Capitalisation of the sector is high with capital to asset ratio of 11%. Assets quality remained relatively
high given the recorded PDL ratio of 3.6% (percentage of the total non-performing loans to total
customer loans).
Concerns of possible overheating of the economy on the back of external imbalances, IMF’s strong
recommendations and BNB’s commitment to bring credit growth rates to more sustainable levels have
led the Bulgarian National Bank to undertake in 2004 several measures to curb domestic demand and
the rapid expansion of credit activities to a target annual level of 30%. These included the withdrawal
of government funds placed with local banks, setting up of a credit register, increase of the minimum
reserve requirements from 4 to 8% on long-term borrowings and writing off the cash in vault as part of
the reserves. As these measures failed to produce the desired effect, the Bulgarian National Bank
indicated in December 2004 that it planned to undertake further restrictive steps. These measures are
expected to take effect in 2005.
Key Figures
For the past ten years Raiffeisenbank (Bulgaria) EAD proved to be one of the leading banking institutions in the country. The dynamic development of the Bank in 2004, fully supported by its shareholder,
is illustrated by the improvement of its market position in all segments at the end of 2004.
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The total assets of the Bank increased by 137% reaching BGN 2 bln. In absolute terms the balance
sheet marked a strong growth by BGN 1,16 bln compared to the end-2003.
The loans extended by Raiffesienbank (Bulgaria) to private individuals and companies posted 51%
increase from BGN 665,4 mln in 2003 to BGN 1 bln in 2004, while maintaining the excellent quality
of the loan portfolio.
In 2004 customer deposits grew by 158% to BGN 1,32 bln on year-to-year basis.
The paid-in capital of the Bank increased to BGN 65,6 mln by BGN 39,1 mln raising the total capital
base to BGN 155,2 mln in 2004. Raiffeisenbank (Bulgaria) has increased also its supplementary
capital by another EUR 5 mln in debt-capital hybrid instrument from RZB.
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As of 31 December 2004 the Bank reported a net profit of BGN 24,5 mln representing 77% growth
compared to 2003 (BGN 13,8 mln). The total operating income rose by 57% to BGN 80,3 mln. The
net interest income was the major contributor and recorded 63% increase to BGN 48,7 mln, while the
net fees and commissions were up by 69% reaching BGN 18,8 mln.
Cost/Income Ratio significantly improved reaching 45.15% compared to 53% in 2003
In 2004 Raiffeisenbank (Bulgaria) successfully increased its market shares in all segments and improved at the same time its efficiency ratios, which are among the best in the sector with Return on
Equity (RoE) after tax of 32.8% and Return on Assets (RoA) after tax increased to 2.1% compared to
2% in 2003.
Human resources
In 2004 the total staff number of Raiffeisenbank (Bulgaria) increased by 37.6% reaching 823 people, 80%
were university graduates, while the average staff age
was 33 years.
Through its trainee programs the Bank offers excellent
career opportunities to young Bulgarian specialists. In
2004 more than 50 graduates were employed by
Raiffeisenbank (Bulgaria).
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Corporate Banking
2004 has been another record year for Raiffeisenbank
(Bulgaria) EAD in Corporate Banking. As of the year-end
the Bank was the third biggest lender to corporate customers on the local market with a market share of over 9%.
As a universal commercial bank, Raiffeisenbank (Bulgaria)
offers to its corporate customers – small, medium-sized and
large companies – the full range of banking products, including lending, trade finance, cash management, documentary operations, deposits, foreign exchange and hedging, custody, securities trading, arrangement of bond placements, etc. As of year-end 2004 the number of corporate
clients increased by 63% as compared to 2003.
The loans to large, medium and small companies marked
a 43% increase compared to the 2003 year-end level,
while the quality of the portfolio, however, remains excep-
Nadezhda Mihaylova
Associated member of the Management Board and Procurator
tionally high. In 2004 Raiffeisenbank (Bulgaria) continued
to expand the share of long-term investment lending in its
total loan portfolio.
The deposits from corporate customers more than tripled
in 2004 reaching over BGN 1 bln as of 2004 year-end, compared to BGN 313 mln at the end of
2003, which was mainly due to international investors.
In 2004 the bank signed an agreement with the European Investment Bank (EIB) for the development of
municipal lending in Bulgaria under the Municipal Infrastructure and the Municipal Finance Facilities.
Both facilities provide financing for municipal projects, including grants of up to 5% of total project
costs, disbursed by the European Commission.
As of December 2004 the SME loan portfolio reached BGN 108 mln, a strong increase of 166%. The
deposits from SME reached BGN 82,5 mln.
Public Sector and Institutional Clients
During 2004 Raiffeisenbank (Bulgaria) EAD focused on business activities with institutional clients such
as budget organisations, non-government organisations, professional unions, funds, embassies, etc.
Raiffeisenbank (Bulgaria) developed special preferential offers and products for institutional clients:
municipal financing through bond issues; complex servicing of budget organisations, preferential packages for the employees of institutional clients – cards, payroll, deposits etc.; as well as credit products
– consumer and housing loans, overdrafts on card accounts, credit cards.
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Segment Reports
Retail Banking
In 2004 Raiffeisenbank (Bulgaria) EAD continued to further penetrate and increase its market position in
providing products and specialized services to the retail segment. The Bank managed to attract 69%
more private customers compared to 2003, while the retail deposits grew three-hold to BGN 96,37 mln.
The volume of private deposits maintained with Raiffeisenbank (Bulgaria) increased by 59% to BGN
320,3 mln in 2004. Term deposits represented 67% of the total liabilities of the retail segment, 23%
attributed to current accounts, 9% to debit cards and 1% to other accounts. In 2004, the deposit
accounts grew by 61% compared to 2003, while the current accounts increased by 85% on year-toyear basis.
In 2004 Raiffeisenbank (Bulgaria) further expanded the deposit product base by introducing new
products for retail customers, including „Autocredit”, „Long-term Deposit+” with maturities 2, 3, 4 and
5 years and international Visa Classic card.
For the reporting period the number of Maestro debit,
VISA Electron and VISA Classic debit cards, issued by
the Bank increased by 75%. The cards are mainly
used for payroll payments, domestic and international
ATM and POS transactions.
Raiffeisenbank (Bulgaria) extended its ATM network by
70% on year-to-year basis and doubled the number of
POS terminals installed in commercial outlets.
In November 2004 Raiffeisenbank (Bulgaria) became
a Principal member of MasterCard International. The
bank was granted license for issuing of Maestro international and MasterCard cards. The bank was also
granted a license for accepting Maestro and
MasterCard cards at its network of ATMs and POS
terminals.
Branch Network and Alternative Distribution Channels
In 2004 Raiffeisenbank (Bulgaria) EAD continued its branch network expansion. 15 newly opened
offices increased the total number of business outlets to 51. Out of the 15 new offices 6 were opened
in Sofia, the rest in Shumen, Vidin, Silistra, Gorna Oryahovitza, Sozopol, Nessebar, Devin, Plovdiv
and Zlatni Piasatzi.
In December 2004 Raiffeisenbank (Bulgaria) EAD was the first Bulgarian bank to launch its own
network of mobile bankers. The mobile bankers were selected, trained and started selling products for
individual clients in 4 major cities: Sofia, Plovdiv, Burgas and Varna.
In June 2004 Raiffeisen Direct was launched as a marketing and information line. Telebankers provide
detailed information concerning the bank products and services to the retail and SME customers.
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Treasury and Investment
Banking
Treasury and Investment Banking
Foreign Exchange Trading
In 2004 Raiffeisenbank (Bulgaria) further strengthened its
position as a leading participant and market-maker on the
local interbank foreign currency market, with a market share
exceeding 13%, while its share in the total FX customer
transactions is approximately 14%.
As of June 7 th , 2004 the Bulgarian National Bank
abolished the 0.5% spread, which was maintained for EUR/
BGN trading on the interbank FX market, following which
a unified exchange rate of 1.95583 is applied for all transactions between Commercial banks and BNB. Nevertheless, Raiffeisenbank (Bulgaria) generated FX trading income
which exceeded the FX results in the previous year by 13%.
Money Market Operations
Evelina Miltenova
Member of the Management Board and Executive Director
Inter-bank money market operations on the domestic and
international markets focused primarily on supporting everyday commercial activity and providing optimal liquidity for the bank, while strictly adhering to
BNB’s regulations for mandatory minimum reserve maintenance and capital adequacy ratios. The
bank trades predominantly in short-term deposits with prime domestic and international financial institutions in accordance with pre-approved counterpary limit exposures.
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Capital Market Operations
Raiffeisenbank (Bulgaria) is a market leader, one of
the major primary dealers of government securities
approved by the MF/ BNB. During 2004 regular auctions of government securities Raiffeisenbank (Bulgaria)
has submitted orders in excess of 22.75% of the total
volume of securities offered by the MF. For the same
period Raiffeisenbank’s trading portfolio in Bulgarian
government debt increased by 68%. Net interest income from securities held in trading and investment
portfolios increased by 28% year on year due to the
stable rise in the volume of the portfolio and higher
yield of the government securities. The fixed income
portfolio is made up primarily of bonds issued by Bulgarian and G7 governments, as well as corporateand mortgage-backed securites of prime local issuers.
Raiffeisenbank (Bulgaria) has a leading role on the local corporate and mortgage debt origination
market. Raiffeisenbank (Bulgaria)’s market share in the total volume of locally issued and placed in
2004 corporate/mortgage bonds reached 20.29%. At the same time the market share of the bank in
terms of total number of newly launched local corporate/mortgage debt deals rose to 24%.
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For 2004 Raiffeisenbank (Bulgaria) is the number two investment intermediary in terms of volume
traded on the local regulated stock exchange market – BSE-Sofia AD (source: BSE-AD statistics). The
Bank has successfully launched and carried out in 2004 the first stages of two large tender offer
transactions – one of them on behalf of the biggest company (in terms of capitalization) listed on BSE
– Lukoil Neftochim Burgas and the second – Kaliakra.
Financial Institutions
Raiffeisenbank (Bulgaria) has established correspondent banking relations with more than 600 banks
world-wide. The Bank maintains over 20 accounts in major currencies with first-class foreign banks,
including Raiffeizen Zentralbank Österreich AG – Vienna, Deutsche Bank AG – Frankfurt, Commerzbank
AG – Frankfurt, American Express Bank NA – New York, JP Morgan Chase Bank NA – New York, The
Bank of Tokyo Mitsubishi – Tokyo, UBS AG – Zurich, etc.
For the past two years Raiffeisenbank (Bulgaria) has actively used the benefits of the increasing confidence and support of International Financial Institutions and foreign banks. The Bank became one of
their leading partners in Bulgaria in negotiating and concluding long-term loan agreements for lending to local SMEs and municipalities.
As of December 31, 2004, Raiffeisenbank (Bulgaria) has managed to attract EUR 70 mln in total. The
bank has signed two global loan agreements with the European Investment Bank (EIB) totaling EUR 30
mln, a EUR 20 mln loan agreement with the Council of Europe Development Bank (CEB), another EUR
10 mln loan facility with the European Bank for Reconstruction and Development (EBRD) and EUR 10
mln agreement with Kreditanstalt fur Wiederaufbau (KfW). By the end of 2004 some 57% of the longterm funding from EIB and CEB were disbursed to final beneficiaries. As a result local companies have
finalized projects worth more than EUR 45 mln and created some 600 permanent jobs.
On 22 June 2004 Raiffeisenbank (Bulgaria) signed a two-year syndicated Term Loan Facility amounting to EUR 75 mln lead managed by Deutsche Bank and WestLB. With 18 lenders making up the
syndicate of banks, this became one the largest syndicated loans ever arranged for a financial institution in Bulgaria.
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Operations
and Key Projects
Operations
During 2004 the Bank reported a significant increase of the number of transactions processed and 62% growth of
the respective income compared to the
previous year. The number of consumers of electronic banking services also
grew by 66%, thus contributing to the
increase of the share of electronic bankTzenka Petkova
Member of the Management Board and Executive Director
ing payments versus the paper-filed payments. The bank further strengthened
its market position as a financial intermediary in the payments area and as one of the few banking
institutions offering value-added cash-management services to its customers.
Local Currency Payments
In 2004 the total number of local currency payments, initiated by Raiffeisenbank (Bulgaria) clients
grew by 54% compared to 2003, ensuring a market share of 4.5% and commission income growth of
78%. Real-time local currency payments, processed via RINGS ensured a market share of 8.2% as of
2004 year-end.
In November 2004 Raiffeisenbank was among the pioneers in a network of several Bulgarian banks
to launch Express M – a local currency payment product, tailored mainly for non-account holders.
Foreign Currency Payments
The number of customer clean payments in foreign currency grew by 31% in 2004, generating a
revenue increase of 47%, as EUR payments had a predominant share, followed by USD payments.
Custody Transactions
The quality of custody services, provided by Raiffeisenbank (Bulgaria) to local and foreign customers,
as well as the potential profitability of the local equity and bond markets were among the key drivers
for the strong investor interest in the debt/equity securities of local issuers. In 2004 the volume of
assets under custody grew by 30%, compared to 2003 year-end, with a continually increasing share
of non-residents’ assets.
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Documentary Transactions
2004 was by far the most profitable year considering also income generated from documentary
business. The 8% increase in the transactions number contributed significantly to the overall commission result of Raiffeisenbank (Bulgaria).
Quality and Processes Management
In compliance with the Policy and quality standards of the Raiffeisen Banking Group, in 2004
Raiffeisenbank (Bulgaria) EAD launched „6 Sigma” – a new methodology for monitoring and control
of the quality of services offered to its clients. The new methodology also covers the activities and
processes related thereto.
The Six Sigma methodology application in Raiffeisenbank (Bulgaria) aimed at achieving high quality
of customer services as well as cost reduction.
Information Technologies
During 2004 IT continued to support the growing needs and requirements resulting from the dynamic
development of the Bank’s commercial activities. One of the main areas in the development of information systems was related to launching of new products and services for retail banking.
The security system and the plans for ensuring continuity of business processes were analyzed in detail
and improved. In 2004 a project for management of IT infrastructure was finalized. It provides a
detailed plan of relations between business processes and IT, ensuring flexibility and reliability when
new products and services are launched.
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Financial Statement
Balance Sheets
Balance Sheets
As of December 31, 2004 and 2003
In BGN Thousand
Note
2004
2003
Cash
4
27,234
41,257
Balances with the Central Bank
5
219,884
43,720
Placements with, and loans to banks
6
199,245
13,923
Receivables on repurchase agreements
7
4,159
Trading securities
8
533,200
68,548
9
971,767
645,394
Securities held to maturity
10
29,960
19,174
Other assets
11
3,840
1,065
Fixed assets
12
16,482
13,918
2,005,771
846,999
Assets
Total assets
Liabilities
Deposits from banks
13
173,475
98,850
Liabilities on repurchase agreements
14
6,948
34,635
15
1,325,223
513,961
Medium-term bonds
16
46,603
50,259
Other liabilities
17
30,501
20,983
Deferred tax liabilities
26
66
169
Long-term borrowings
18
261,444
39,440
Subordinated debt
19
41,340
31,618
1,885,600
789,915
120,171
57,084
65,595
26,479
54,576
30,605
120,171
57,084
257,217
244,173
Total liabilities
Net assets
Shareholders’ equity
Share capital
20
Reserves
Total shareholders’ equity
Commitments and contingencies
27
The accompanying notes are an integral part of these financial statements.
Approved on behalf of
Raiffeisenbank (Bulgaria) EAD on March 01, 2005:
Registered auditor
Awards
Momchil Andreev
Tzenka Petkova
Sylvia Peneva
Executive Director
Executive Director
Managing Director, Deloitte Audit Ltd.
Management
RZB Group
Addresses
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75
Income Statements
Income Statements
For the years ended December 31, 2004 and 2003
In BGN Thousand
Note
2004
2003
Interest and similar income
21
68,391
38,373
Interest expense and similar charges
21
– 19,680
– 8,516
48,711
29,857
18,771
11,088
7,362
6,089
5,126
4,524
343
– 361
80,313
51,197
Net interest income
Net fees and commission income
22
Net gain on trading securities
Net gain on dealing in foreign currencies
23
Net other operating income
Total income
General and administrative expenses
24
– 36,308
– 26,921
Net allowances for impairment and uncollectability
25
– 13,603
– 6,425
30,402
17,851
– 5,942
– 4,009
24,460
13,842
Profit before taxation
Tax expense
26
Net profit
Momchil Andreev
Tzenka Petkova
Executive Director
Executive Director
Registered auditor
Sylvia Peneva
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Statements of Cash Flows
Statements of Cash Flows
For the years ended December 31, 2004 and 2003
In BGN Thousand
Cash flows from operations:
Profit before taxation
Adjustments to reconcile profit before tax
to net cash provided by operating activities:
Depreciation and amortization
Allowances for impairment and uncollectability on loans and advances
Income taxes paid
Deferred taxation
Unrealized losses / (gains) on foreign currency operations
Change in operating assets
(Increase) / decrease in trading securities
(Increase) / decrease in loans and advances to customers
(Increase) / decrease in receivable on repurchase agreements
(Increase) / decrease in interest receivable and other assets
Change in operating liabilities
Increase / (decrease) in deposits from banks
Increase / (decrease) in funds obtained under repurchase agreements
Increase / (decrease) in deposits from customers
Increase / (decrease) in other liabilities
Net cash provided used in operating activities
Cash flows from investing activities
Purchases of securities held to maturity
Net purchases of fixed assets
Net cash used by investing activities
Cash flows provided by financing activities
Proceeds from increase in paid in capital
Proceeds from issuance of subordinated debt
Proceed on issuance of medium-term bonds
Proceeds from increase in long-term borrowings
Dividends paid
Net cash provided by financing activities
Unrealized (gains)/losses on foreign currency cash and cash equivalents
Change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year (note 28)
2004
2003
30,402
17,851
4,598
13,603
– 6,047
104
– 4,593
38,067
4,059
6,425
– 4,541
532
– 481
23,845
– 465,431
– 348,220
– 4,159
– 2,820
– 33,020
– 254,001
9,417
2,022
75,444
– 27,687
820,520
9,653
95,367
21,305
28,380
137,025
– 5,078
– 70,105
– 10,786
– 7,162
– 17,948
– 19,174
– 4,831
– 24,005
39,116
9,722
– 40
222,004
– 489
270,313
– 270
347,462
98,900
446,362
9,779
19,883
50,259
17,926
– 500
97,347
– 3,318
– 81
98,981
98,900
Approved on behalf of Raiffeisenbank (Bulgaria) EAD on March 01, 2005:
Registered auditor
Awards
Momchil Andreev
Tzenka Petkova
Sylvia Peneva
Executive Director
Executive Director
Management
RZB Group
Addresses
www.rbb.bg
77
Statements of Changes in Shareholders’ Equity
Statements of Changes in Shareholders’ Equity
As of December 31, 2004 an 2003
In BGN Thousand
Share capital
Reserves
Total
Balance at January 1, 2003
16,700
17,263
33,963
Increase in share capital
9,779
9,779
Dividends paid
Net profit for the year ended December 31, 2003
Balance at December 31, 2003
– 500
– 500
13,842
13,842
30,605
57,084
26,479
Increase in share capital
39,116
39,116
Dividends paid
Net profit for the year ended December 31, 2004
Balance at December 31, 2004
– 489
– 489
24,460
24,460
54,576
120,171
65,595
Approved on behalf of Raiffeisenbank (Bulgaria) EAD on March 01, 2005.
Momchil Andreev
Tzenka Petkova
Executive Director
Executive Director
Registered auditor
Sylvia Peneva
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Notes to the Financial Statements
December 31, 2004 and December 31, 2003
(1) Legal Status, Activities and Licence
Raiffeisenbank (Bulgaria) EAD (the Bank), is the first direct foreign investment in the banking industry in Bulgaria. The
Bank has been entered in the company’s register of Sofia City Court on 01.08.1994 as a subsidiary of Raieffeisen
Zentralbank Austria AG (RZB), Vienna. In 2003 the ownership has been transferred in full to Raiffeisen International
Bank Holding AG, Vienna, which is the holding company controlling the subsidiaries of RZB in Central and Eastern
Europe. Raiffeisen International is 92% owned by RZB. The International Financial Corporation (IFC), an investment
company within the group of the World Bank, for financing the private business, and the European Bank for Reconstruction and Development (EBRD) have an equal share in the remaining 8% of the capital of Raiffeisen International.
Raiffeisenbank (Bulgaria) EAD has been granted a banking license by the Bulgarian National Bank (BNB), the Central
Bank of Bulgaria, to accept deposits in local and foreign currencies, to grant loans in local and foreign currencies, to
open and maintain “nostro” accounts in foreign currency abroad, to deal with securities, foreign currency and all other
banking activities and dealings permitted by the Banking Law.
The Bank is an active participant in the Bulgarian money market being a universal commercial bank turned to large
corporate financings, crediting middle-size and small-size companies, retail banking, deals with shares, bonds, management of assets both in the domestic and in the international markets.
The financial statements are prepared for the year 2004 and comprise comparative data for the year 2003.
(2) Basis of Preparation of the Financial Statements and Accounting Convention
2.1. Accounting convention
The accompanying financial statements have been prepared, in all material respects, in accordance with International
Financial Reporting Standards (IFRS).
The Bank maintains its accounting records and prepares its statutory accounts in accordance with the regulations effective in Bulgaria. Effective January 1, 2003 according to the amendments in the Bulgarian Accountancy Act all local
banks are obliged to prepare their financial statements in compliance with IFRS.
The financial statements are prepared in thousands of Bulgarian Levs.
The preparation of financial statements in conformity with IFRS requires management to make best estimates and reasonable assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements. These estimates and assumptions are based on the information
available as of the date of the financial statements.
(3) Summary of Significant Accounting Policies
3.1. Interest income and expense
Interest income and expense is recognized on a time proportion basis using the effective interest rate method as amortization of any difference between the amount at initial recognition of the respective asset or liability and the estimated
amount at maturity.
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The recognition of interest income ceases when payment of interest or principal has been overdue for more than 90
days. Interest is included in income thereafter only when it is received. Loans are returned to the accrual basis only when
doubt about collectability has been removed and when the outstanding arrears of interest and principal have been
received.
3.2. Fees and commissions
Fees and commissions consist mainly of fees for execution of payments, loan origination, and issuing letters of guarantee
and letters of credit. Fees and commissions are reported as income when earned.
3.3. Foreign exchange
Transactions denominated in foreign currencies have been translated into Bulgarian Levs at rates set by the Bulgarian
National Bank on the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated at
the balance sheet date using rates of exchange of BNB on that date. Significant exchange rates as of December 31,
2004 and December 31, 2003 are as follows:
December 31, 2004
December 31, 2003
USD 1
BGN 1.43589
BGN 1.54856
EUR 1
BGN 1.95583
BGN 1.95583
Effectively from January 01, 1999, the Bulgarian Lev was pegged to Euro by law, at the rate of Euro 1 to BGN 1.95583.
Gains and losses resulting from foreign currency translation and dealing with foreign currency are recognized in the
period when they occur.
3.4. Loans and advances
Loans and advances are stated in the balance sheet at amortized cost less allowances for impairment and uncollectability.
Depreciation and amortization are calculated using the effective interest rate, which for most of the loans equals the
contracted interest rate.
The Bank collects annually a commission for processing and maintenance of the credit account on the residual balance
of the financial assets. This commission covers the direct processing costs and usually does not exceed 1% of the average
loan portfolio.
3.5. Allowances for impairment and uncollectability
Allowances for impairment or uncollectability are determined as the difference between the carrying amount of a
financial asset and its estimated recoverable amount.
Allowances for impairment and uncollectability on loans are present if it is probable that the Bank is unable to collect all
amounts due on loan interests and principals, advances or investments held to maturity. The amount of loss is the
difference between the carrying amount of the asset and the present value of the expected future cash flows discounted
at the loan’s original effective interest rate, of the financial asset. Cash flows relating to short-term loans are not discounted. Management determines the expected future cash flows based upon reviews of the financial position of individual borrowers and other relevant factors including the fair value of collateral, if any.
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The amount of loss on impairment and uncollectability is charged to the income statement for the period it occurs. A
reversal of any loss on impairment and uncollectability is taken to income. Recoveries of amounts written off are recognized as income by reducing the allowances for uncollectability for the year.
Loans and advances that cannot be recovered are written off and charged against the balance sheet allowances for
impairment and uncollectability. Such loans are written-off after all necessary legal procedures have been completed
and the amount of the loss has been determined.
3.6. Trading securities
Trading securities are financial assets, which were either acquired for generating a profit from short-term fluctuations in
price or dealer’s margin, or are securities included in a portfolio in which a pattern of short-term profit taking exists.
Trading securities are initially recognized at cost and subsequently re-measured to fair value. The fair value of these
financial assets is determined based on quoted bid prices or, if such prices are not readily available, by other methods
for reasonable measurement of the fair value. All arising from transactions and revaluations realized and unrealized
gains and losses are recognized in the income statement as net income from trading securities.
Transactions with trading securities are recorded in the balance sheet on a settlement date basis.
3.7. Repurchase agreements (‘repos’)
Securities sold under repurchase agreements (‘repos’) are reported in the Bank’s portfolio and the counterparty’s liability
is included in the deposits from banks or customers as appropriate. Securities purchased under agreements to resell
(‘reverse repos’) are not included in the Bank’s portfolio, and the respective receivable is recorded as loans and advances to other banks or customers as appropriate. The difference between sale and repurchase prices are reported as
interest and recognized in the income statement on proportional basis over the life of the repurchase agreement.
3.8. Financial assets available for sale
Investments available for sale are those financial assets that are not classified as loans and receivables originated by the entity,
investments held to maturity or financial assets held for trading. Subsequent to the initial recognition, investments available for
sale are re-measured at fair value based on quoted prices. When quoted market prices are not readily available, the fair value
is estimated using other applicable valuation models to reflect the specific circumstances of the issuer.
Impairment loss is recognized when available objective evidence exists that the investment’s carrying amount is greater
than its estimated recoverable amount.
3.9. Investments held-to-maturity
Investments held-to-maturity are financial assets with fixed or determinable payments and fixed maturity that the Bank has
the positive intent and ability to hold to maturity. These financial assets are carried at amortised cost and are subject to
review for impairment.
3.10. Fixed assets
Fixed assets are carried at cost less accumulated depreciation. Depreciation of fixed assets is calculated on a straight-line basis
designed to write off assets over their estimated useful lives. The annual rates of depreciation are generally as follows:
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%
Buildings
years
4
25
Fixtures and fittings
15
6,6
Motor vehicles
25
4
Computers and software
30
3,3 years
Other intangible assets
15
6,6 years
Land is not depreciated.
3.11. Taxation
Taxes currently due are calculated in accordance with the Bulgarian legislation. Income tax was computed on the basis
of taxable profit, calculated by adjusting the accounting profit as required under the current Corporate Income Law.
Deferred tax liabilities are recognized for all taxes due on deferred income related to taxable temporary differences.
Deferred tax assets are recognized for all recoverable taxes on deferred income related to deductible temporary differences, carry forward of unrealized tax losses or carry forward of unutilized tax credits.
Current and deferred taxes are recognized as income or expense and are included in the net profit for the period except
in cases in which the tax arises from a transaction or event, which is recognized in the same or different period, directly
in equity. Current and deferred taxes are recognized in the statement of changes in shareholders’ equity.
3.12. Cash and cash equivalents
Cash and cash equivalents, for the purposes of the statement of cash flows, include cash, nostro accounts and placements with other banks with a maturity of less than 3 months, as well as unrestricted account balances with the Central
Bank.
3.13. Provisions for guarantees and other off-balance sheet commitments
The amount of provisions for guarantees and other off-balance-sheet commitments is recognized as an expense and a
liability in the income statement for the period, when the Bank has present legal or constructive obligation, which has
occurred as a result of past events, it is probable that an outflow of resources embodying economic benefits will be
required to settle that obligation and a reasonable estimate of the amount of the resulting loss can be made. Any loss
resulting from recognition of provision for liabilities is recognized in the income statement for the current period.
3.14. Derivatives
Derivatives are carried at fair value and recognized either as derivatives for trading or derivatives for hedging in the
balance sheet. The fair value of derivatives is based on market prices or relevant valuation models. Derivative assets and
liabilities are reported in the balance sheet as part of other assets and other liabilities. Gains or losses from restatement
of fair value of derivatives are recognized as part of net trading income in the income statement and, in case of a
hedging relationship, is reported in net profit or loss for the period together with the respective gains or losses from
restatement of the fair value of the hedged instrument. Gains or losses from restatement of fair value of derivatives for
macro hedging are recognized in income statement as other net operating income.
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3.15. Fair value of financial assets and liabilities
In accordance with International Financial Reporting Standards, the accompanying financial statements are prepared on
a historical cost basis, including adjustments and provisions to reduce assets to their estimated recoverable amount.
International Financial Reporting Standard 32 “Financial Instruments: Disclosure and Presentation”, provides for the
disclosure in the notes to financial statements of information about the fair value of financial assets and liabilities. Fair
value for this purpose is defined as the amount for which an asset can be exchanged, or a liability settled, between
knowledgeable, willing parties in an arms length transaction. It is the policy of the Bank to disclose the fair value
information on those assets and liabilities for which published market information is readily available.
Sufficient market experience, stability or liquidity does not currently exist for certain purchases and sales of loans and
other financial assets or liabilities for which published market information is not readily available. However, in the
opinion of management, their reported carrying amounts are the most valid and reliable reporting value in the circumstances.
(4) Cash
In BGN Thousand
Cash on hand
ATM cash
Total
December 31, 2004
December 31, 2003
22,469
36,082
4,765
5,175
27,234
41,257
December 31, 2004
December 31, 2003
156,883
25,391
63,001
18,329
219,884
43,720
(5) Balances with the Central Bank
In BGN Thousand
Current account with BNB in Bulgarian Levs
Obligatory minimum reserve with BNB in foreign currency
Total
The current account with the Central Bank is used for direct participation in the money and treasury bills markets and for
settlement purposes.
As of December 31, 2004, the Bank maintains minimum obligatory reserve in Swiss Francs (CHF) with the Central Bank,
calculated as a percentage on the deposits in foreign currency. The minimum reserve for deposits in Bulgarian Levs is
covered by the current account with BNB.
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(6) Placements with, and Loans to Banks
In BGN Thousand
December 31, 2004
December 31, 2003
19,261
6,163
179,984
7,760
199,245
13,923
70,899
10,964
128,346
2,959
199,245
13,923
A. Analysis by currency
Bulgarian Levs
Foreign currency
Total
B. Geographic analysis
Domestic banks
Foreign banks
Total
(7) Receivables on Repurchase Agreements
Receivables on repurchase agreements represent securities purchased under agreements to sell them back to the
counterparty on a future fixed date at a contracted fixed price. As of December 31, 2004 the fair value of received
government securities as pledge on such agreements amounts to BGN 4,554 thousand.
The Bank has not entered into reverse repos’ as of December 31, 2003.
(8) Trading Securities
In BGN Thousand
December 31, 2004
December 31, 2003
Bulgarian Levs
22,585
27,860
Foreign currency
72,419
29,363
95,004
57,223
398,473
1,053
39,220
10,086
503
186
438,196
11,325
533,200
68,548
Bulgarian government securities
Other trading securities
Foreign government securities
Bulgarian corporate bonds
Compensatory vouchers
Total
All trading securities are debt instruments denominated in BGN, EUR and USD, which comprise short-term, medium-term
and long-term debt securities, without significant concentrations in terms of maturity and securities issuers. The foreign
government securities are debt instruments issued by EU member-states.
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(9) Loans and Advances to Customers
A. Analysis of loans by customer segment
In BGN Thousand
December 31, 2004
December 31, 2003
Bulgarian Levs
73,577
21,661
Foreign currency
22,796
10,210
96,373
31,871
Bulgarian Levs
146,324
143,976
Foreign currency
743,817
460,101
890,141
604,077
Bulgarian Levs
9,282
6,056
Foreign currency
9,056
23,377
18,338
29,433
1,004,852
665,381
– 33,085
– 19,987
971,767
645,394
Individuals
Private companies and sole traders
State owned companies and enterprises
Allowances for impairment and uncollectability
Total
B. Analysis of loans by industry
In BGN Thousand
December 31, 2004
December 31, 2003
Bulgarian
Levs
Foreign
Currency
Total
Bulgarian
Levs
Foreign
Currency
Total
Manufacturing
58,313
239,669
297,982
78,883
201,898
280,781
Construction
10,610
40,468
51,078
7,516
20,551
28,067
1,879
20,923
22,802
546
15,474
16,020
Trade
73,319
295,491
368,810
48,576
185,919
234,495
Other
11,485
156,322
167,807
14,511
59,636
74,147
Individuals
73,577
22,796
96,373
21,661
10,210
31,871
229,183
775,669
1,004,852
171,693
493,688
665,381
Impairment
– 4,781
– 28,304
– 33,085
– 8,980
– 11,007
– 19,987
Total
224,402
747,365
971,767
162,713
482,681
645,394
Transport
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C. Interest sensitivity
Interest rates on most loans are calculated at the cost of funds plus a set margin. Cost of funds depends on the interestfixing period and of the respective currency of the loan. Loan margins vary and are based on the loan term and on the
credit risk associated with the borrower.
In case of overdue loan interest and principal penalty interest is applied.
(10) Securities Held to Maturity
In 2003 the Bank formed a portfolio of securities held-to-maturity. In 2004 the Bank increased the portfolio of securities
held-to-maturity mainly by acquisition of Bulgarian government securities.
As of December 31, 2004 and 2003 the portfolio consisted of the following issues measured at amortized cost:
In BGN Thousand
December 31, 2004
December 31, 2003
21,464
11,884
8,496
7,290
29,960
19,174
December 31, 2004
December 31, 2003
275
213
Prepaid expenses
1,896
209
Other
1,669
643
Total
3,840
1,065
Bulgarian government securities in foreign currency
Bulgarian corporate bonds
Total
(11) Other Assets
In BGN Thousand
Fair value of derivatives
Other assets as of December 31, 2004 comprise cheque receivables as well as receivables arising from debit cards
transactions, guarantee deposits, shares and participations.
Positive fair value of derivative financial instruments
As of December 31, 2004 the positive fair value of forward foreign exchange contracts amounted to BGN 275
thousand.
As of December 31, 2003 the positive fair value of forward foreign exchange contracts amounted to BGN 120 thousand and of currency based swap contracts respectively BGN 93 thousand.
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(12) Fixed Assets
In BGN Thousand
Total
Land and
Buildings
Computer
Equipment
Office
Furniture
Motor
Vehicles
Software
27,994
2,287
6,368
11,552
728
3,764
Other
Tangible
Intangible fixed assets
fixed assets in progress
Cost
January 1, 2004
2,945
350
Additions/(disposals)
7,120
5
1,288
3,492
100
1,264
989
– 18
December 31, 2004
35,114
2,292
7,656
15,044
828
5,028
3,934
332
14,076
346
4,007
6,132
364
2,329
898
4,600
93
1,239
1,830
168
771
499
Accumulated Depreciation and amortization
January 1, 2004
Charge for the period
Depreciation of disposals
– 13
– 31
December 31, 2004
18,632
– 44
439
5,233
7,931
532
3,100
1,397
Net Book Value
December 31, 2003
13,918
1,941
2,361
5,420
364
1,435
2,047
350
Net Book Value
December 31, 2004
16,482
1,853
2,423
7,113
296
1,928
2,537
332
(13) Deposits from Banks
In BGN Thousand
December 31, 2004
December 31, 2003
26,081
3,008
2,591
360
28,672
3,368
Domestic commercial banks
89,668
42,418
Foreign commercial banks
55,135
53,064
144,803
95,482
173,475
98,850
In Bulgarian Levs
Domestic commercial banks
Foreign commercial banks
In foreign currency
Total
As of December 31, 2004 deposits in foreign currency from banks include deposits at the amount of BGN 53,100
thousand of RZB, Vienna (2003: BGN 31,400 thousand).
(14) Liabilities on Repurchase Agreements
Repurchase agreements are short-term financing contracts with securities pledged as collateral by the debtor. Liabilities
under repurchase agreements represent securities sold under an agreement to buy them back on a future date at a
contracted price from the creditor.
Liabilities under repurchase agreements as of December 31, 2004 and December 31, 2003 amount to BGN 6,948
thousand and BGN 34,635 thousand, respectively. The Bank pledged as collateral government securities with fair value
of BGN 5,894 thousand and BGN 36,654 thousand as of December 31, 2004 and December 31, 2003, respectively,
under such agreements.
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(15) Deposits form Customers
A. Amounts owed to depositors by customer segment
In BGN Thousand
December 31, 2004
December 31, 2003
86,673
43,722
233,670
158,188
320,343
201,910
Bulgarian Levs
244,999
170,094
Foreign currency
715,428
130,185
960,427
300,279
8,859
9,880
35,594
1,892
44,453
11,772
1,325,223
513,961
Individuals
Bulgarian Levs
Foreign currency
Private companies and sole traders
State owned companies and enterprises
Bulgarian Levs
Foreign currency
Total
In 2004 the Bank won the tender for the opening of a deposit account with regard to the privatization deal of the state
owned electricity companies in Plovdiv and Stara Zagora. The price of the deal amounting to EUR 271 mln is a part of
the deposit base of the Bank as of December 31, 2004. The Bank has invested the funds in trading securities.
As of December 31, 2004, the Bank applied the following annual interest rates to the customer deposit accounts:
2004
2003
Term deposits (7 days to 12 months)
Îò 0.40% äî 5.60%
Îò 0.50% äî 5.25%
Current accounts
Îò 0.10% äî 0.25%
0.10%
Debit card accounts
Îò 0.75% äo 2.25%
Îò 0.50% äo 2%
Term deposits (1 week to 12 months)
Îò 0.40% äo 1.70%
Îò 0.60% äo 1.15%
Current accounts
Îò 0.10% äo 0.20%
0.10%
Term deposits (1 week to 12 months)
Îò 0.80% äo 2.50%
Îò 0.80% äo 1.85%
Current accounts
Îò 0.10% äo 0.50%
0.10%
Deposits in Bulgarian levs
Deposits in foreign currency
USD
EUR
The Bank updates the above interest rates to reflect significant changes in market interest rates. Such changes are applied
to the deposits according to the agreed terms of deposit contracts.
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Financial Statement
(16) Medium-Term Bonds
In October 2003 the Bank successfully placed a 3-year unsecured corporate bond issue of USD 32,104 thousand with
a fixed coupon of 4.75% p.a.
(17) Other Liabilities
In BGN Thousand
December 31, 2004
December 31, 2003
13,011
11,430
Third party relations and other liabilities.
2,554
167
Due to staff
2,856
2,020
Current tax payable
2,857
2,765
Negative fair value of derivative instruments
9,223
4,601
30,501
20,983
Transfers in process
Total
Transfers in process represent customers’ money transfer orders with value date after the date of the financial statements.
Negative fair value of derivative financial instruments
As of December 31, 2004 the negative fair value of forward foreign exchange contracts amount to BGN 126 thousand
and the negative fair value of foreign currency swap contracts amount to BGN 9,097 thousand.
As of December 31, 2003 the negative fair value of forward foreign exchange contracts amount to BGN 299 thousand
and the negative fair value of foreign currency swap contracts amount to BGN 4,302 thousand.
(18) Long-Term Borrowings
Long-term borrowings comprise loans attracted from international financial institution for financing small- and mediumsized projects in the field of enviromental protection, energy savings, industry, services and tourism.
In June 2004 the Bank negotiated and utilized the full amount of a syndicated loan for the amount of EUR 75 mln
attracted from 18 first-class foreign financial institutions. This has been one of the largest syndicated loans ever negotiated by a Bulgarian bank on the international money market in 2004.
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Management
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89
(19) Subordinated Debt
With the permission of the Bulgarian National Bank, in March 2001, the Bank entered into an agreement with Raiffeisen
Zentralbank Oesterreich AG for a subordinated debt in the form of debt-capital hybrid instrument for the amount of EUR
6,000 thousand. These funds are a supplementary capital reserve and increase the capital base of Raiffeisenbank
(Bulgaria) for regulatory purposes. In August 2003 the Bank negotiated with RZB an increase of the hybrid instrument by
another EUR 10,000 thousand. By the end of 2004 the Bank utilized additional EUR 5 mln, whereas the interest margin
applied on the total amount was decreased from 3,875% to 1,875%.
The repayment of the debt is not bound by any maturity. Management believes that the use of this instrument will be for
a term of over 5 years.
(20) Share Capital
In 2004 the Bank increased its share capital by BGN 39,116 thousand by issuing additional 117,114 shares. The
capital was fully paid by its shareholder Raiffeisen International Bank Holding AG.
As of December 31, 2004 the registered and fully paid-in capital of the Bank comprised 196,392 registered shares with
a par value of BGN 334 each.
(21) Net Interest Income
In BGN Thousand
Year ended December 31, 2004
64,592
36,697
Banks
2,209
703
Securities
1,590
973
68,391
38,373
Enterprises and individuals
– 8,275
– 3,706
Banks
– 7,170
– 3,214
Subordinated debt
– 1,835
– 1,019
Medium-term bonds
– 2,400
– 577
– 19,680
– 8,516
48,711
29,857
Fee and commission income
24,185
14,705
Fee and commission expense
– 5,414
– 3,617
18,771
11,088
Interest and similar income
Enterprises and individuals
Total
Interest expense and similar charges
Total
Net interest income
(22) Net Fee and Commission Income
In BGN Thousand
Net fee and commission income
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Financial Statement
(23) Net Gains on Dealing in Foreign Currencies
Net gains from dealing in foreign currencies amounting to BGN 5,126 thousand (2003: BGN 4,524 thousand) represent the net result arising from purchases and sales of foreign currencies, as well as translation gains arising from the
translation of assets and liabilities, denominated in foreign currencies into Bulgarian Levs.
(24) General and Administrative Expenses
In BGN Thousand
Personnel costs
– 13,919
– 9,896
Materials and services
– 15,610
– 11,383
Depreciation and amortization charge
– 4,583
– 4,059
Other administrative costs
– 2,196
– 1,583
– 36,308
– 26,921
Balance as of January 1
19,987
13,592
Allocated
24,243
13,610
Reversals
– 10,640
– 7,184
– 505
– 31
33,085
19,987
– 6,047
– 4,541
Deferred tax expense/(income)
related to origination and reversal
of temporary differences
85
497
Deferred tax expense/(income) resulting
from reduction in the tax rate
20
35
– 5,942
– 4,009
Total
(25) Allowances for Impairment and Uncollectability
Movements in allowances for impairment are as follows:
In BGN Thousand
Written off receivables
Balance as of December 31
(26) Taxation
In BGN Thousand
Current tax expense
Total tax expense/(income)
Current income tax expense represents the amount of due corporate tax to be paid under Bulgarian law. Deferred tax
income or expense results from the change in the carrying amounts of deferred tax assets and deferred tax liabilities.
Awards
Management
RZB Group
Addresses
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91
The relationship between tax expense and accounting profit is as follows:
In BGN Thousand
Accounting profit
30,402
17,851
Tax at the applicable tax rate
(19,5% for 2004, 23,5% for 2003)
– 5,928
– 4,195
Tax effect on permanent differences
– 34
151
20
35
Total tax expense
– 5,942
– 4,009
Effective tax rate
19.55%
22.46%
Tax effect from change in the tax rate
Reported deferred tax liabilities at December 31, 2004 and 2003 comprise the following:
In BGN Thousand
Depreciation fixed assets
91
Accrued unused paid leave of personnel
– 25
Tax concession
169
66
169
As of December 31, 2003
59,629
77,839
Undrawn credit lines
197,588
166,334
Total commitments and contingencies
257,217
244,173
31,983
44,674
Current account with the Central Bank
219,884
43,720
Placements with banks with original
maturity of less than 3 months
194,495
10,506
Total
446,362
98,900
(27) Commitments and Contingencies
In BGN Thousand
Letters of guarantee issued
(28) Cash and Cash Equivalents
Cash and cash equivalents are comprised of the following balances:
In BGN Thousand
Cash on hand and nostro accounts
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Financial Statement
(29) Related Parties
Related party
Type of relation
Type of transaction
Balance as of
December 31,2004
In BGN Thousand
Raiffeisen
Zentral Bank AG
(‘RZB’) - Austria
Owner of Raiffeisen
Nostro accounts
2,681
International Bank
Due to banks
53,100
Holding AG
Subordinated debt
41,340
Commissions for credit
lines and guarantees paid
3,532
Interest income
651
Interest expense
1,987
Operating expenses
623
Positive fair value of derivative
financial instruments
604
Negative fair value of derivative
Raiffeisen Leasing
Asscosiated company
financial instruments
8,310
Other liabilities
1,034
Current accounts
Bulgaria OOD
and term deposits
3,106
891
RAISA
Subsidiary of RZB
Operating expenses
Pro Invest DaVinci
Subsidiary of RZB
Operating expenses
(Rent of the bank’s premises)
1,889
Loans and advances
4,086
Management and
employees of the Bank
Awards
Management
RZB Group
Addresses
www.rbb.bg
93
(30) Maturity Analysis of Assets and Liabilities
The Bank is exposed to daily calls on its available cash resources from overnight deposits, current accounts, maturing
term deposits, loan drawdown and guarantees. The Bank does not maintain cash resources required to meet all possible
outgoing cash flows as experience has shown that there is a minimum level of reinvestment of maturing funds that can be
predicted with a high level of certainty.
The maturity of assets and liabilities and the ability to replace, at an acceptable cost, interest bearing liabilities as they
mature, are important factors in assessing the liquidity of the Bank and its exposure to changes in interest rates and
exchange rates.
The diversification of deposits by type and customer segment, and the past experience of the Bank give reason management to believe that deposits are a long-term and stable source of funding for the Bank.
The assets and liabilities of the Bank mature over the following periods as of December 31, 2004, based on remaining
contractual maturity:
In BGN Thousand
Demand
Up to 3
3 months
1 to 5
Over
Undefined
Months
to 1 year
years
5 years
Maturity
Total
Assets
Cash
27,234
27,234
219,884
219,884
4,750
Trading securities
194,495
199,245
4,159
4,159
109
3,376
168,055
361,158
113,579
379,515
407,274
71,399
971,767
2,418
6,867
20,675
29,960
Interest receivables and other assets
3,840
251,868
533,200
3,840
Fixed assets
Total assets
502
316,182
385,309
171,475
2,000
582,196
453,232
16,482
16,482
16,984
2,005,771
Liabilities
Deposits from banks
173,475
6,948
486,873
433,757
6,948
214,889
Medium-term bonds
Interest liabilities and other liabilities
21,278
189,704
1,325,223
46,603
46,603
9,223
30,501
66
66
3,927
3,260
202,691
Subordinated debt
Total liabilities
Net position
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51,566
261,444
41,340
41,340
1,885,600
486,873
637,385
220,149
448,287
92,906
– 235,005
– 321,203
165,160
133,909
360,326
Management Report
Segment Reports
Auditors’ Report
16,984
120,171
Financial Statement
The assets and liabilities of the Bank mature over the following periods as of December 31, 2003 based on remaining
contractual maturity:
In BGN Thousand
Demand
Up to 3
3 months
1 to 5
Over
Undefined
Months
to 1 year
years
5 years
Maturity
Total
Assets
Cash
41,257
41,257
43,720
43,720
3,420
10,503
Trading securities
306
79,369
13,923
1,011
32,031
35,321
295,616
245,057
25,046
645,394
2,679
5,013
11,482
19,174
1,065
88,703
90,937
68,548
1,065
Fixed assets
Total assets
185
299,306
282,101
71,849
13,918
13,918
14,103
846,999
Liabilities
Deposits from banks
98,850
98,850
34,635
34,635
42,112
331,976
77,395
62,478
513,961
50,259
50,259
4,601
20,983
169
169
31,617
Medium-term bonds
16,382
Subordinated debt
7,823
39,440
31,618
31,618
789,915
Total liabilities
42,112
481,843
77,395
149,124
39,441
Net position
46,591
(390,906)
221,911
132,977
32,408
Awards
Management
RZB Group
14,103
Addresses
57,084
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95
(31) Foreign Currency Exposures
The Bank is exposed to currency risk through transactions in foreign currencies.
As a result of the Currency Board in place in Bulgaria, the Bulgarian currency is pegged to the Euro. As the currency in
which the Bank presents its financial statements is the Bulgarian lev, the Bank’s financial statements are affected by
movements in the exchange rates between the currencies outside the Euro-zone and the Bulgarian Lev.
Gains and losses that arise from transactions in foreign currency are recognized in the income statement. Exposures in
foreign currency comprise the monetary assets and monetary liabilities of the Bank that are not denominated in Bulgarian Levs.
The following tables summarize the net foreign currency position of the Bank for 2004 and 2003:
December 31, 2004
In BGN Thousand
In Bulgarian Levs
In Foreign Currency
Total
16,843
10,391
27,234
156,780
63,104
219,884
19,261
179,984
199,245
2,652
1,507
4,159
31,880
501,320
533,200
224,402
747,365
971,767
7,249
22,711
29,960
1,484
2,356
3,840
Assets
Cash
Trading securities
Fixed assets
16,482
16,482
Total assets
477,033
1,528,738
2,005,771
28,672
144,803
173,475
6,948
6,948
984,691
1,325,223
46,603
46,603
14,911
30,501
Liabilities
Deposits from banks
340,532
Medium-term bonds
15,590
66
261,444
261,444
41,340
41,340
384,860
1,500,740
1,885,600
92,173
27,998
120,171
Subordinated debt
Total liabilities
Net position
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Segment Reports
Auditors’ Report
Financial Statement
December 31, 2003
In BGN Thousand
In Bulgarian Levs
In Foreign Currency
Total
Cash
24,073
17,184
41,257
25,391
18,329
43,720
6,163
7,760
13,923
30,027
38,521
68,548
162,713
482,681
645,394
3,542
15,632
19,174
883
182
1,065
Assets
Trading securities
Fixed assets
13,918
Total assets
13,918
266,710
580,289
846,999
3,368
95,482
98,850
16,056
18,579
34,635
223,697
290,264
513,961
50,259
50,259
9,189
20,983
Liabilities
Deposits from banks
Medium-term bonds
11,794
169
169
39,440
39,440
Subordinated debt
31,618
31,618
255,084
534,831
789,915
11,626
45,458
57,084
Total liabilities
Net position
(32) Credit Risk Management
The Bank is permanently exposed to credit risk, arising from the probability that counterparties might default on their
contractual obligation under loans and advances when due or in full. The Bank has a set of policies and procedures in
relation to credit approval and credit exposures management. The amount of credit exposure in this regard is represented by the carrying amounts of the assets in the balance sheet and is determined by a set of limits and internal rules
approved by the Credit Committee and the Managing Board. In addition, the Bank is exposed to off-balance sheet credit
risk through commitments under unutilized extended credit lines and issued guarantees (see note 27).
Concentrations of credit risk (whether on or off-balance sheet) might arise from risk exposures to one borrower or group
of borrowers, with similar economic characteristics, that might be affected in equal terms by changes in economic or
other circumstances in meeting their contractual obligations.
The Bank is exposed to credit risk also in result of its trading and investment activities, as well as in result of its activities
as an investment broker for its customers or for third parties. The credit risk arising from trading and investment activities
of the Bank is controlled by market risk management.
Awards
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(33) Market Risk Management
All instruments held for trading are subject to market risk, representing the risk that future changes in market conditions
may cause decrease in the value of the financial instrument. All financial instruments held for trading are reported in the
balance sheet at fair value, and the effect from changes in market conditions is recognized in the income statement as
gain or loss from securities held for trading.
The Bank manages its trading portfolio in line with changing market conditions. Market risk is also managed by risk limits
set by management for the respective instruments.
(34) Interest Rate Risk Management
Management of interest rates sensitivity on assets and liabilities is of crucial importance for the Bank’s management. Due
to the nature of banking an absolute mismatching in maturities or in periods of re-pricing of contracted interests on
financial assets and liabilities is not possible. An unmatched position potentially enhances profitability, but may also
increase the risk of losses.
The Bank’s interest rate exposures are monitored and managed by generating interest rate sensitivity reports. The majority of the Bank’s interest bearing assets and liabilities are structured to match either short-term assets and short-term
liabilities, or long-term assets and liabilities with re-pricing opportunities within one year, or long-term assets and corresponding liabilities whereby re-pricing is performed simultaneously.
For most interest-bearing assets and liabilities exists a possibility of re-pricing at a relatively short notice and any interest
rate sensitivity gaps are considered immaterial.
(35) Events after the Date of the Financial Statements
As of January 31, 2005 the Bank’s deposit base has decreased, as part of the privatization price of the electricity
companies in Plovdiv and Stara Zagora amounting to EUR 217 mln (BGN 424 mln) was paid to the Privatization
Agency. As a result of this the Bank’s trading securities have decreased as well.
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Awards
Awards
In 2004 Raiffeisenbank (Bulgaria) EAD received a wide range of awards and honours:
Pari Daily’s „Bank of the Year” 2003
„Bank of the Year” nomination criteria focus on the banks’
dynamic and effective growth (July, 2004)
„D and B Bank of the Year 2003 - Bulgaria”
Dun and Bradstreet (April, 2004)
„Zlatna Martenitsa”
Award to prove the support for the Bulgarian SMEs – 2003,
„Made in Bulgaria” Union (March 2004)
American Express Bank NA, New York
Certificate of Excellent Quality Presented to Raiffeisenbank (Bulgaria)
for Excellent Performance in International Payments (September, 2004)
Awards
Management
RZB Group
Addresses
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99
In 2004 Raiffeisenbank (Bulgaria) EAD continued developing its social responsibility program.
The bank supported the National campaign for Safety Measures On The Road „Let’s save 200 human
lives! Let’s fasten the seat belts”. The campaign continued all year long throughout the country. The aim
of the campaign was to raise the public awareness, to educate and inform people about the risks on
the road and how to prevent them.
For yet another year Raiffeisenbank (Bulgaria) supported the Wienner Club Association, which organized the Wienner Ball in Sofia. The funds raised at the Ball are traditionally used for charity.
At the end of last year Raiffeisenbank organized a Christmas campaign in Sofia – The „Golden
Carriage of Raiffeisenbank”. During the campaign small presents were delivered to children and their
parents throughout the city. As a part of this campaign 175 children in two institutions for children
deprived of parental care in Sofia received special presents and warm clothes in the presence of a
representative of the Management Board of Raiffeisenbank (Bulgaria) and the Bulgarian Red Cross.
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Shareholders
Raiffeisen International Bank-Holding AG – 100%
Supervisory Board
Chairman:
Dr. Herbert Stepic,
Chairman of the Managing
Board of Raiffeisen International
Bank-Holding AG (Raiffeisen International)
and Deputy Chairman of
Raiffeisen Zentralbank Österreich AG (RZB).
SB Members:
Mr. Heinz Höedl
Mr. Heinz Wiedner
Management Board
Awards
Chairman
Mr. Momtchil Andreev
Member of the Board
Mrs. Tzenka Petkova
Member of the Board
Mrs. Evelina Miltenova
Associated Member of the Board
Mrs. Nadezhda Mihaylova
Management
RZB Group
Addresses
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101
RZB Group and Raiffeisen International at a Glance
RZB Group and Raiffeisen
International at a glance
Raiffeisenbank (Bulgaria) EAD is a subsidiary of Raiffeisen International Bank-Holding AG (Raiffeisen
International), a fully consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB in
turn is the central institution of the Austrian Raiffeisen Banking Group (RBG), the country’s most
powerful banking group. As of 31 December 2004, RBG’s consolidated balance sheet total amounted
to roughly EUR 145 bln. It represents approximately a quarter of all domestic banking business and
comprises the country’s largest banking network with more than 2,300 offices and some 23,000
employees.
Founded in 1927, RZB provides the full range of commercial and investment banking services in
Austria and is regarded a pioneer in Central and Eastern Europe (CEE). It ranks among the region’s
leading banks, offering commercial, investment and retail banking services in the following markets:
since 1987 Hungary
Raiffeisen Bank Rt.
since 1991 Slovakia
Tatra banka, a.s.
since 1991 Poland
Raiffeisen Bank Polska S.A.
since 1993 Czech Republic
Raiffeisenbank a.s.
since 1994 Bulgaria
Raiffeisenbank (Bulgaria) E.A.D.
since 1994 Croatia
Raiffeisenbank Austria d.d.
since 1997 Russia
ZAO Raiffeisenbank Austria
since 1998 Ukraine
JSCB Raiffeisenbank Ukraine
since 1998 Romania
Raiffeisen Bank S.A.
since 2000 Bosnia and Herzegovina
Raiffeisen Bank d.d. Bosna i Hercegovina
since 2001 Serbia and Montenegro
Raiffeisenbank a.d.
since 2002 Slovenia
Raiffeisen Krekova banka d.d.
since 2002 Serbia and Montenegro/Kosovo
Raiffeisen Bank Kosovo J.S.C.
since 2003 Belarus
Priorbank, JSC
since 2004 Albania
Raiffeisen Bank Sh.a.
Raiffeisen International acts as the steering company for these banks and their subsidiaries. It is and
will always be majority-owned by RZB. Minority interest is held by the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD). In April 2005 the
company made an Initial Public Offering (IPO) addressed to Austrian retail customers as well as
Austrian and international institutional investors. Raiffeisen International is listed on the Vienna Stock
Exchange.
Raiffeisen International continued its successful path of the previous years in 2004. Its balance-sheet
total amounted to EUR 28.9 bln at year-end 2004. That translates into a growth of 44.1 cent or EUR
8.6 bln, of which EUR 1.6 bln were attributable to the acquisition in Albania. Profit before tax reached
EUR 342.2 mln, almost 24 per cent up on the comparable figure for 2003. 916 banking outlets
covered the CEE region at the balance sheet-date, and a staff of more than 22,800 was employed.
As per year-end 2004, the RZB Group’s balance sheet total amounted to EUR 67,9 bln, up more than
one fifth on the figure for 2003. IFRS-compliant profit before tax more than doubled to EUR 706 mln
Return on equity before tax came in at 27.4 per cent, the best ratio reported by any major Austrian
bank. At the reporting date, the Group employed a staff of more than 25,300 worldwide.
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RZB Group and Raiffeisen International at a Glance
In addition to its banking operations – which are complemented by representative offices in Russia
(Moscow) and Lithuania (Vilnius) – RZB runs several specialist companies in CEE offering solutions,
among others, in the areas of M&A, real estate development, fund management, leasing and mortgage banking.
In Western Europe and the USA, RZB’s operations include a branch in London, representative offices
in New York, Brussels, Milan and Paris as well as a finance company in New York and a subsidiary
bank in Malta. In Asia, RZB runs branches in Singapore and Beijing as well as representative offices
in Hong Kong, Ho Chi Minh City, Mumbai, Tehran and Seoul. This international presence clearly
underlines the bank’s emerging markets strategy.
The RZB Group’s consistent commitment to quality is reflected by a broad range of local and international awards. As in the previous year, RZB and Raiffeisen International were awarded the title „Best
Bank in Central and Eastern Europe” by distinguished Global Finance magazine in April 2005. At the
same time, local awards for the „Best Bank” were given to the Network Banks in Albania (Raiffeisen
Bank Sh.a.), Bosnia and Herzegovina (Raiffeisen Bank d.d.), Romania (Raiffeisen Bank S.A.), Serbia
and Montenegro (Raiffeisenbank a.d.) and Belarus (Priorbank). In September 2004, The Banker, the
renowned magazine of the Financial Times group, awarded the prestigious prize „Bank of the Year
2004” to RZB’s network banks in Albania, Belarus and Bosnia and Herzegovina.
RZB is currently rated as follows:
Awards
Standard & Poor’s
Short-term
A1
Moody’s
Short-term
P-1
Moody’s
Long-term
A1
Moody’s
Financial Strength
C+
Management
RZB Group
Addresses
www.rbb.bg
103
Raiffeisen Leasing Bulgaria OOD was registered on February 29, 2004 and started active operations
in August, thus contributing to the extension of the range of financial services provided by Raiffeisen
Group in Bulgaria. Raiffeisen Leasing Bulgaria offers a full range of financial and operative leasing
services.
The shareholders of Raiffeisen Leasing Bulgaria OOD are:
Raiffeisen Leasing International GmbH – 74.5% – the leading leasing company in Central
and Eastern Europe
Raiffeisenbank (Bulgaria) EAD – 24.5%
In October 2004 Raiffeisen Leasing Bulgaria OOD established a 100% daughter company – Raiffeisen
Auto Leasing Bulgaria EOOD.
Raiffeisen Leasing Bulgaria OOD combines international experience with local market knowledge thus
providing its clients with top quality products and services.
During the first months of its operations, the leasing company made efforts to attract contractual vendor-partners and suppliers of assets for leasing. Raiffeisen Leasing Bulgaria OOD has already managed to establish relationships and realize transactions with dealers of cars, trucks and trailers, construction, agricultural and other machinery including the leading companies in these fields.
Raiffeisen Leasing Bulgaria OOD’s head office is located in Sofia but it works in close cooperation
with Raiffeisenbank (Bulgaria) EAD and through its branch network achieves a nation-wide coverage.
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Branch Network in Bulgaria
Addresses and Contacts
Head Office
Sofia 9
Dobrich
Sofia 1504
18-20, Gogol Str.
Tel.: (+ 359 2) 919 85 101
Fax: (+ 359 2) 943 45 28
Sofia 1330
Krasna Polyana
331, Nikola Mushanov Blvd.
Tel.: (+ 359 2) 812 60 51
Fax: (+ 359 2) 920 11 34
Dobrich 9300
25, 25th Septemvri Str.
Tel.: (+ 359 58) 65 30 00
Fax: (+ 359 58) 60 17 83
Sofia 10
Garbrovo 5300
5, P. Karavelov Str.
Tel.: (+ 359 66) 80 13 00
Fax: (+ 359 66) 80 13 45
Raiffeisenbank
(Bulgaria) EAD
Offices in Sofia
Sofia Main Branch
Sofia 1504
18-20 Gogol Str.
Tel.: (+ 359 2) 919 85 714
Fax: (+ 359 2) 979 85 139
Sofia 2
Sofia 1000
5, Saborna Str.
Tel.: (+ 359 2) 980 04 74
Fax: (+ 359 2) 980 30 42
Sofia 3
Sofia 1750
Mladost 1, Bl. 30, Entr. Â
Tel.: (+ 359 2) 976 09 76
Fax: (+ 359 2) 975 31 58
Sofia 4
Sofia 1303
87, Tzar Samuil Str.
Tel.: (+ 359 2) 915 99 10
Fax: (+ 359 2) 981 19 21
Sofia 5
Sofia 1606
5, Gen Totleben Blvd.
Tel.: (+ 359 2) 915 79 11
Fax: (+ 359 2) 953 28 80
Sofia 6
Sofia 1404
49, Bulgaria Blvd.
Vitosha Business Centre
Tel.: (+ 359 2) 818 19 20
Fax: (+ 359 2) 958 99 61
Sofia 7
Sofia 1336
Lyulin 6
41, Dzhavaharlal Neru Blvd.
Tel.: (+ 359 2) 921 69 11
Fax: (+ 359 2) 925 23 71
Sofia 8
Sofia 1715
Business Park Sofia
Building 11A, Ground Floor
Tel.: (+ 359 2) 970 57 11
Fax: (+ 359 2) 974 20 19
Awards
Management
Sofia 1220
Nadezhda
171, Lomsko Shose Blvd.
Tel.: (+ 359 2) 813 40 11
Fax: (+ 359 2) 936 11 93
Sofia 11
Sofia 1463
3, Hristo Stambolski Str.
Tel.: (+ 359 2) 917 81 11
Fax: (+ 359 2) 954 93 86
Sofia 13
Sofia 1000
5, Dondukov Blvd.
Tel.: (+ 359 2) 981 45 89
Fax: (+ 359 2) 981 47 05
Sofia M & M
Sofia 1387
Militzer & Munch
11, Obelsko Shose Str.
Tel.: (+ 359 2) 984 57 75
Fax: (+ 359 2) 925 05 83
Raiffeisenbank
(Bulgaria) EAD
offices in Bulgaria
Blagoevgrad
Blagoevgrad 2700
5, Georgi Izmirliev Square
Tel.: (+ 359 73) 88 20 91
Fax: (+ 359 73) 88 20 92
Burgas 1
Burgas 8000
5, Ferdinandova Str.
Tel.: (+ 359 56) 85 14 21
Fax: (+ 359 56) 84 26 40
Burgas 2
Burgas 8000
115, Alexandrovska Str.
Tel.: (+ 359 56) 83 01 72
Fax: (+ 359 56) 83 01 73
Devin
Devin 4800
2, Druzhba Str., Devin Spa Hotel
Tel.: (+ 359 3041) 26 86
Fax: (+ 359 3041) 41 71
RZB Group
Gabrovo
Galabovo
Galabovo 6280
Brikel EAD
Tel.: (+ 359 418) 25 63
Fax: (+ 359 418) 24 87
Gorna Oryahovitza
Gorna Oryahovitza 5100
1, Mano Todorov Str.
Tel.: (+ 359 618) 6 44 90
Fax: (+ 359 618) 6 44 91
Haskovo
Haskovo 6300
1-3, Pirin Str.
Tel.: (+ 359 38) 60 47 12
Fax: (+ 359 38) 66 47 21
Kazanlak
Kazanlak 6100
18, Skobelev Str.
Tel.: (+ 359 431) 6 21 23
Fax: (+ 359 431) 6 34 36
Lovetch
Lovetch 5500
3, Bulgaria Blvd.
Tel.: (+ 359 68) 68 90 11
Fax: (+ 359 68) 68 90 20
Montana
Montana 3400
47, 3rd Mart Blvd.
Tel.: (+ 359 96) 39 19 11
Fax: (+ 359 96) 30 30 36
Nessebar
Nesebar 8230
3, Priboyna Str.
Tel.: (+ 359 554) 4 66 60
Fax: (+ 359 554) 4 35 16
Pazardzhik
Pazardzhik 4400
12, Konstantin Velichkov Str.
Tel.: (+ 359 34) 40 30 10
Fax: (+ 359 34) 40 30 20
Addresses
www.rbb.bg
105
106
www.rbb.bg
Pleven
Silistra
Veliko Turnovo
Pleven 5800
1, Pirot Str.
Tel.: (+ 359 64) 89 44 11
Fax: (+ 359 64) 80 43 94
Silistra 7500
20, Tzar Shishman Str.
Tel.: (+ 359 86) 82 23 22
Fax: (+ 359 86) 82 28 77
Veliko Turnovo 5000
59, Tzar T. Svetoslav Str.
Tel.: (+ 359 62) 60 24 24
Fax: (+ 359 62) 60 12 04
Pleven 2
Slanchev Briag
Velingrad
Pleven 5800
2, Tzar Boris III Str.
Tel.: (+ 359 64) 80 33 34
Fax: (+ 359 64) 80 34 70
ÊÊ Slanchev Briag 8240
Diamant Hotel
Tel.: (+ 359 554) 2 36 21
Fax: (+ 359 554) 2 3621
Velingrad 4600
1, Al. Stamboliiski Str.
Tel.: (+ 359 359) 5 69 21
Fax: (+ 359 359) 5 10 26
Plovdiv 1
Sliven
Vidin
Plovdiv 4000
5, Avksentii Veleshki Str.
Tel.: (+ 359 32) 60 12 71
Fax: (+ 359 32) 62 99 66
Sliven 8800
11, Tzar Simeon Str.
Tel.: (+ 359 44) 66 20 25
Fax: (+ 359 44) 66 21 23
Vidin 3700
1, Tsar Ivan Asen II Str.
Tel.: (+ 359 94) 60 91 10
Fax: (+ 359 94) 60 71 43
Plovdiv 2
Smolyan
Vratza
Plovdiv 4000
1, Konstantin Stoilov Str.
Tel.: (+ 359 32) 60 66 30
Fax: (+ 359 32) 60 66 88
Smolyan 4700
8, Bulgaria Bul.
Tel.: (+ 359 301) 6 20 94
Fax: (+ 359 301) 9 20 96
Vratza 3000
Hristo Botev Square
Tel.: (+ 359 92) 66 88 11
Fax: (+ 359 92) 66 66 98
Plovdiv 3
Sozopol
Yambol
Plovdiv 4000
1, Maria Luisa Blvd.
Tel.: (+ 359 32) 64 65 66
Fax: (+ 359 32) 66 29 00
Sozopol 8130
3, Industrialna Zona Str.
Tel.: (+ 359 550) 2 45 50
Fax: (+ 359550) 2 23 13
Yambol 8600
15, Vasil Karagyozov Str.
Tel.: (+ 359 46) 66 41 64
Fax: (+ 359 46) 66 41 75
Primorsko
Stara Zagora
Zlatni Piasatzi 1
Primorsko 8290
50, Treti Mart Str.
Tel.: (+ 359 550) 3 10 40
Fax: (+ 359 550) 3 22 86
Stara Zagora 6000
79, Knyaz Boris Str.
Tel.: (+ 35942) 60 40 88
Fax: (+ 35942) 60 44 98
ÊÊ Zlatni Piasatzi 9007
Admiral Hotel
Tel.: (+ 359 52) 38 94 13
Fax: (+ 359 52) 35 57 13
Radnevo
Stara Zagora – Zagorka
Zlatni Piasatzi 2
Radnevo 6260
6, G. Dimitrov Str.
Tel.: (+ 359 417) 8 24 36
Fax: (+ 359 417) 8 24 56
Stara Zagora 6000
Zagorka AD
41, Han Asparuh Str.
Tel.: (+ 359 42) 60 55 18
ÊÊ Zlatni Piasatzi 9007
Information Centre
Tel.: (+ 359 52) 35 72 07
Fax: (+ 359 52) 35 72 02
Rousse
Troyan
Rousse 7000
22, Slavyanska Str.
Tel.: (+ 359 82) 82 32 00
Fax: (+ 359 82) 82 15 97
Troyan 5600
1, Rakovski Square
Tel.: (+ 359 670) 6 09 77
Fax: (+ 359 670) 6 09 77
Sandanski
Varna
Sandanski 2800
4, General Todorov Str.
Tel.: (+ 359 746) 3 27 04
Fax: (+ 359 746) 3 27 03
Varna 9000
32, Tzar Simeon I Str.
Tel.: (+ 359 52) 68 80 11
Fax: (+ 359 52) 63 30 07
Shumen
Varna 2
Shumen 9700
97, Tzar Osvoboditel Str.
Tel.: (+ 359 54) 83 20 60
Fax: (+ 359 54) 83 07 57
Varna 9000
61, Preslav Str.
Tel.: (+ 359 52) 65 86 51
Fax: (+ 359 52) 62 06 80
Management Report
Segment Reports
Others:
Raiffeisen Leasing
Sofia 1715
Business Park Sofia, building 11A
Tel.: (+ 359 2) 970 79 79
Fax: (+ 359 2) 974 20 57
Raiffeisen Direct – Call Centre
Sofia 1715
Business Park Sofia, building 11A
Tel.: 0700 10 000
Fax: (+359 2) 974 20 24
Auditors’ Report
Financial Statement
Selected RZB Group-members
Addresses and Contacts
for the selected members of the Raiffeisen International Group
Raiffeisen
International
Bank-Holding AG
Bosnia and Herzegovina
Hungary
Raiffeisen Bank d.d.
Bosna i Hercegovina
Danijela Ozme 3, 71000 Sarajevo
Raiffeisen Bank Rt.
Österreich
Phone: +387-33-287 100
or 287 121
(Head Office)
Am Stadtpark 9, 1030 Vienna
Fax: +387-33-213 851
Phone: +43-1-71 707-3504
SWIFT/BIC: RZBABA2S
Fax: +43-1-71 707-1377
www.raiffeisenbank.ba
www.ri.co.at
Contact: Edin Muftic
[email protected]
Contact: Roman Hager
62 banking outlets
[email protected]
Banking Network in
Central and Eastern
Europe
Raiffeisen Bank Sh.a.
Rruga Kavajes, Tirana
Raiffeisenbank (Bulgaria) E.A.D.
Gogol Ulica 18/20, 1504 Sofia
Phone: +359-2-9198 5101
SWIFT/BIC:RZBBBGSF
www.rbb.bg
Contact: Momtchil Andreev
Fax: +355-4-230 013
[email protected]
SWIFT/BIC: SGSBALTX
52 banking outlets
www.raiffeisen.al
Croatia
[email protected]
84 banking outlets
Petrinjska 59, 10000 Zagreb
Phone: +385-1-456 6466
Fax: +385-1-481 1624
SWIFT/BIC: RZBHHR2X
31–A, V. Khoruzhey Str.
www.rba.hr
www.raiffeisen.hu
Contact: Richárd Magasy
[email protected]
71 banking outlets
Kosovo
UÇK Street 51, Pristina
Phone: +381-38-226 400
Fax: +381-38-226 408
SWIFT/BIC: RBKOCS22
www.raiffeisen-kosovo.com
Contact: Oliver Whittle
22 banking outlets
Poland
Ul. Pieçkna 20, 00-549 Warsaw
Phone: +48-22-585 2000
Fax: +48-22-585 2585
SWIFT/BIC: RCBWPLPW
www.raiffeisen.pl
Contact: Piotr Czarnecki
[email protected]
Minsk, 220002
Contact: Lovorka Penavic
Phone: +375-17-289 9087
[email protected]
or 289 9001
SWIFT/BIC: UBRTHUHB
Raiffeisen Bank Polska S.A.
Contact: Steven Grunerud
Priorbank, JSC
Fax: +36-1-484 4444
[email protected]
Phone: +355-4-253 644
Belarus
Phone: +36-1-484 4400
Raiffeisen Bank Kosovo J.S.C
Bulgaria
Fax: +359-2-943 4528
Albania
Akadémia utca 6, 1054 Budapest
34 banking outlets
Fax: +375-17-289 9191
SWIFT/BIC: PJCBBY2X
Czech Republic
www.priorbank.by
Raiffeisenbank a.s.
Contact: Olga Gelakhova
Olbrachtova 2006/9
[email protected]
140 21 Prague 4
43 banking outlets
Phone: +420-222-114 1111
Fax: +420-222-114 2111
SWIFT/BIC: RZBCCZPP
www.rb.cz
70 banking outlets
Romania
Raiffeisen Bank S.A.
Mircea Vodã Blvd. 44
030669 Bucharest 3
Phone: +40-21-323 0031
Fax: +40-21-323 6027
SWIFT/BIC: RZBRROBU
www.raiffeisen.ro
Contact: Steven C. van Groningen
[email protected]
Contact: Rudolf Rabinák
[email protected]
205 banking outlets
49 banking outlets
Awards
Management
RZB Group
Addresses
www.rbb.bg
107
Russia
Ukraine
Bulgaria
JSCB Raiffeisenbank Ukraine
Troitskaya Ul. 17/1, 129090
Zhylyanska St. 43, 01033 Kiev
Business Park Sofia
Moscow
Phone: +38-044-490 0500
Building 11, 2nd floor, 1715 Sofia
Phone: +7-095-721 9900
Fax: +380-044-490 0501
Phone: +359-2-970 7979
Fax: +7-095-721 9901
SWIFT/BIC: RZBUUAUK
Fax: +359-2-974 2057
SWIFT/BIC: RZBMRUMM
www.raiffeisenbank.com.ua
Contact: Thomas Tomsich
www.raiffeisen.ru
Contact: Margarita Drobot
Contact: Michel Perhirin
[email protected]
[email protected]
14 banking outlets
Lithuania
Raiffeisen Leasing d.o.o.
Serbia and Montenegro
Vilnius Representative Office
Froudeova 11a, Siget, 10 002
Raiffeisenbank a.d.
(Raiffeisen Bank Polska S.A.)
Resavska 22, 11000 Belgrade
A. Jaksto Street 12, 2001 Vilnius
Phone: +381-11-320 2100
Phone: +370-5-266 6600
Fax: +381-11-320 2860,
Fax: +370-5-266 6601
SWIFT/BIC: RZBJCSBG
www.raiffeisen.lt
www.raiffeisen.co.yu
Zagreb
Phone: +385-1-659 5000
Fax: +385-1-659 5050
Contact: Miljenko Tumpa
[email protected]
7 branches
Contact: Vladislovas Jancis
Contact: Budimir Kostic
[email protected]
[email protected]
27 banking outlets
Raiffeisen-Leasing
International
Slovakia
Czech Republic
Raiffeisen-Leasing s.r.o.
Olbrachtova 2006/9
14021 Prague 4
Phone: +420-2-2151 1611
Tatra banka, a.s.
Austria
Hodzovo námestie 3
Raiffeisen-Leasing
811 06 Bratislava 1
International GmbH
Phone: +421-2-5919 1111
Fax: +421-2-5919 1110
Phone: +-43-1-71 707-3726
SWIFT/BIC: TATRSKBX
Fax: + 43-1-71 707-2059
www.tatrabanka.sk
Contact: Karl Pichler
Hungary
[email protected]
Raiffeisen Lízing Rt.
Contact: Rainer Franz
111 banking outlets
18 Slomskov trg, 2000 Maribor
Fax: +386-2-252 4779
SWIFT/BIC: KREKSI22
www.r-kb.si
[email protected]
3 branches
Phone: +36-1-298 8200
Fax: +36-1-298 8010
71000 Sarajevo
Phone: +387-33-287 139
Contact: Pal Antall
[email protected]
17 branches
Fax: +387-33-287 356
Contact: Belma Sekavic-Bandic
Kazakhstan
[email protected]
Raiffeisen Leasing Kazakhstan LLP
1 branch
146, Shevchenko Street, office 12
1st floor, Almaty
Contact: Klemens Nowotny
Phone/Fax: +7-3272-709 836
[email protected]
Contact: John W. Bengel
13 banking outlets
Contact: Richard Dvorak
St. Branilaca Sarajeva No. 20
Slovenia
Phone: + 386-2-229 3100
Fax: +420-2-2151 1666
Vaci utca 81-85, 1139 Budapest
[email protected]
www.rbb.bg
1 branch
Croatia
18 banking outlets
108
[email protected]
[email protected]
Management Report
Segment Reports
Auditors’ Report
Financial Statement
Poland
Slovenia
Malta
Raiffeisen-Leasing Polska S.A.
Raiffeisen Malta Bank plc
ul. Jana Pawla II nr 78
00175 Warsaw
Phone: +48-22-562 3700
Tivolska 30 (Center Tivoli)
1000 Ljubljana
Phone: +386-1-241 6250
71, II-Piazzetta, Tower Road
Fax: +48-22-562 3701
Fax: +386-1-241 6268
Fax: + 356-2132 0954
Contact: Andrzej Gurak
Contact: Borut Bozic
[email protected]
[email protected]
2 branches
51 branches
Romania
Raiffeisen Leasing SRL
Calea 13 Septembrie nr. 90
Grand Offices Marriott Grand Hotel
Sector 5, 76122 Bucharest
Phone: +40-21-403 3300
Fax: +40-21-403 3298
Contact: Bernd Künzel
[email protected]
17 branches
Phone: + 356-2132 0942
Contact: Anthony C. Schembri
[email protected]
Real-estate leasing
China
companies
Beijing Branch
Czech Republic
Beijing International Club, Suite
200,21, Jianguomenwai Dajie
Raiffeisen Leasing Real Estate s.r.o.
100020 Beijing
Olbrachtova 2006/9
140 21 Prague
Phone: +420-2-2151 1610
Phone: +86-10-6532 3388
Fax: +420-2-2151 1641
Contact: Alois Lanegger
[email protected]
1 branch
Fax: +86-10-6532 5926
SWIFT/BIC: RZBACNBJ
Contact: Andreas Werner
[email protected]
Singapore
Russia
OOO Raiffeisen Leasing
Hungary
Singapore Branch
Nikoloyamskaya 13/2
Raiffeisen Inglatan Rt.
50, Raffles Place #45-01
109240 Moscow
Phone: +7-095-721 9980
Fax: +7-095-721 9901
Akademia u. 6, 1054 Budapest
Phone: +36-1-484 8400
Fax: +36-1-484 8404
Singapore Land Tower
Contact: Jaroslaw Konczewski
Contact: Laszlo Vancsko
Fax: +65-6225 3973
[email protected]
Bulevar AVNOJ-a 45a
11000 Belgrade
Phone: +381-11-301 6580
Fax: +381-11-313 0081
Contact: Ognjen Medic
[email protected]
4 branches
Slovakia
Tatra Leasing s.r.o.
Tovarenska 10, 811 09 Bratislava
Phone: +421-2-5919 3050
Fax: +421-2-5919 3048
Contact: Igor Horvath
[email protected]
17 branches
[email protected]
Singapore 048623
Phone: +65-6225 9578
Contact: Rainer Silhavy
[email protected]
3 branches
Awards
Sliema SLM 16, Malta
Management
Raiffeisen Zentralbank
Österreich AG
CEE Desk: Stefanie Lischka
Austria (Head Office)
U.S.A.
RZB Finance LLC
SWIFT/BIC: RZBAATWW
Phone: +43-1-71 707-0
Fax: +43-1-71 707-1715
1133, Avenue of the Americas
www.rzb.at, www.rzbgroup.com
[email protected]
16th floor, New York, N.Y. 10036
Phone: +1-212-845 4100
Fax: +1-212-944 2093
United Kingdom
www.rzbfinance.com
London Branch
Contact: Dieter Beintrexler
10, King William Street
[email protected]
London EC4N 7TW
Phone: + 44-20-7933 8000
Fax: + 44-20-7933 8099
SWIFT/BIC: RZBAGB2L
www.london.rzb.at
Contact: Wladimir Ledochowski
[email protected]
RZB Group
Addresses
www.rbb.bg
109
Representative offices
in Europe
Representative offices
in America and Asia
Iran
Tehran
Vanak, North Shirazi Avenue
16, Ladan Str., 19917 Tehran
Belgium
U.S.A.
Brussels
Chicago (RZB Finance LLC)
Rue du Commerce 20–22
10N. Martingale Road, Suite 400
1000 Brussels
Schaumburg, IL 60173
Phone: +32-2-549 0678
Phone: +1-847-466 1043
Fax: +32-2-502 6407
Fax: +1-847-466 1295
Contact: Helga Steinberger
Contact: Charles T. Hiatt
[email protected]
[email protected]
Houston (RZB Finance LLC)
France
10777, Westheimer, Suite 1100
Paris
Houston, TX 77042
9–11, Avenue Franklin Roosevelt
Phone: +1-713-260 9697
75008 Paris
Fax: +1-713-260 9602
Phone: +33-1-4561 2700
Contact: Stephen A. Plauche
Fax: +33-1-4561 1606
[email protected]
www.rzb.com.fr
Phone: +98-21-804 6767-2
Fax: +98-21-803 6788
Contact: Gerd Wolf
[email protected]
South Korea
Seoul
Leema Building, 8th floor
146-1, Soosong-dong
Chongro-ku, 110-755 Seoul
Phone: +82-2-398 5840
Fax: +82-2-398 5807
Contact: Kun II Chung
[email protected]
New York
Vietnam
1133, Avenue of the Americas
Ho Chi Minh City
16th floor, New York, NY 10036
6, Phung Khac Khoan Str., District 1
Phone: +1-212-593 7593
Room G6, Ho Chi Minh City
Fax: +1-212-593 9870
Milan
Phone: +848-829 7934
Contact: Dieter Beintrexler
Via Andrea Costa 2
[email protected]
or 825 6660
Contact: Vera Sturman
[email protected]
Italy
20131 Milan
Fax: +848-822 1318
Contact: Ta Thi Kim Thanh
Phone: +39-02-2804 0646
China
Fax: +39-02-2804 0658
Hong Kong
www.rzb.it
Lippo Centre, 89 Queensway
Contact: Maurizio Uggeri
Unit 2001, 20th Floor, Tower 1
[email protected]
Hong Kong
Austria
Phone: +85-2-2730 2112
Raiffeisen Zentralbank
Russia
Fax: +85-2-2730 6028
Österreich AG
Moscow
Contact: Edmond Wong
Fixed Income
[email protected]
14, Pretchistensky Pereulok
Building 1, 119034 Moscow
[email protected]
Investment Banking
Phone: +43-1-71 707-3347
Phone: +7-095-721 9903
India
Fax: +7-095-721 9907
Mumbai
Contact: Evgheny Rabovsky
87, Maker Chamber VI
Contact: Christian Säckl
[email protected]
Nariman Point, Mumbai 400 021
[email protected]
Fax: +43-1-71 707-1091
www.rzb.at
Phone: +91-22-5630 1700
Fax: +91-22-5632 1982
Contact: Anupam Johri
[email protected]
110
www.rbb.bg
Management Report
Segment Reports
Auditors’ Report
Financial Statement
Raiffeisen Centrobank AG
Croatia
Russia
Equity
Tegetthoffstr. 1, 1015 Vienna
Petrinjska 59, 10000 Zagreb
Troitskaya Ul. 17/1,129090
SWIFT-BIC: CENBATWW
Phone: +385-1-456 6466
Moscow
Phone: +43-1-51 520-0
Fax: +385-1-481 9462
Phone: +7-095-721 9900
Fax: +43-1-513 4396
www.rba.hr
Fax: +7-095-721 9901
www.rcb.at
Contact: Zoran Koscak
www.raiffeisen.ru
Contact: Gerhard Vogt
[email protected]
[email protected]
Contact: Pavel Gourine
[email protected]
Czech Republic
Raiffeisen Investment AG
Raiffeisenbank a.s.
Advisory
Olbrachtova 2006/9
140 21 Prague 4
Raiffeisen Investment AG
Tegetthoffstr. 1, 1015 Vienna
Phone: +43-1-710 5400-0
Phone: +420-222-114 1863
Fax: +43-1-710 5400-39
Fax: +420-222-114 3804
www.riag.at
www.rb.cz
Fax: +381-11-2623 542
Contact: Heinz Sernetz
Contact: Martin Bláha
Contact: Tatjana Terzic
[email protected]
[email protected]
[email protected]
Hungary
Slovakia
Raiffeisen Bank Rt.
Tatra banka, a.s.
Akadémia utca 6, 1054 Budapest
Hodzovo námestie 3
Phone: +36-1-484 4400
811 06 Bratislava 1
Fax: +36-1-484 4444
Phone: +421-2-5919 1111
www.raiffeisen.hu
Fax: +421-2-5919 1110
Contact: Gábor Liener
www.tatrabanka.sk
[email protected]
Contact: Igor Vida
Subsidiaries and representative
offices in Belgrade, Bucharest,
Istanbul, Kiev, Moscow,
Podgorica, Sofia
and Warsaw.
Raiffeisen Bank d.d.
Bosna i Hercegovina
Danijela Ozme 3, 71000
Sarajevo
Phone: +387-33-287 100
or 287 121
Fax: +387-33-213 851
www.raiffeisenbank.ba
Contact: Dragomir Grgic
[email protected]
Bulgaria
11000 Belgrade
Phone: +381-11-3281 638
[email protected]
Poland
Raiffeisen Investment Polska
Slovenia
Sp.z.o.o.
Ul. Piekna 20, 00-549 Warsaw
Slomskov trg 18, 2000 Maribor
Phone: +48-22-585-0
Phone: +386-2-229 3111
Fax: +48-22-585-2901
Fax: +386-2-252 5518
www.riag.at
www.r-kb.si
Contact: Marzena Bielecka
Contact: Gvido Jemensek
[email protected]
[email protected]
Raiffeisenbank
Romania
(Bulgaria) E.A.D.
Ukraine
Raiffeisen Capital & Investment S.A.
Gogol Ulica 18/20, 1504 Sofia
Unirii Blvd. 74,
Raiffeisen Investment Ukraine TOV
Phone: +359-2-9198 5451
030837 Bucharest 3
or 9198 5441
Awards
Obilicev venac 27/II
Phone: +40-21-302 0082
Fax: +359-2-943 4528
Fax: +40-21-320 9983
www.rbb.bg
www.raiffeisen.ro
Contact: Evelina Miltenova
Contact: James Stewart
[email protected]
[email protected]
Management
RZB Group
43, Zhylyanska Str., 01033 Kiev
Phone: +38-044-490 6898
Fax: +38-044-490 6899
Contact: Vyacheslav Yakymuk
[email protected]
Addresses
www.rbb.bg
111
112
www.rbb.bg
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2. Êîííèê ñ êîïèå, ñðåáðî ñúñ çëàòî,
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On the Cover
1. Round Applique with Eight Horse Heads, Silver with Gilt,
Treasure of Letnitza, Museum of History - Lovetch, Fourth Century B.C.
2. Raider with a Pike, Silver with Gilt,
Treasure of Letnitza, Museum of History - Lovetch, Fourth Century B.C.

Annual Report 2004

Transcription

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