Raiffeisen banka a.d Change 2006

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2 Survey of key data Raiffeisen banka a.d Change 2006 Monetary values are in thousands RSD Income Statement Net interest income after provisioning 7,160, % 5,311,722 Net commission income 2,392, % 1,783,120 Trading profit 1,126, % 335,602 General administrative expenses -6,192, % -4,978,692 Profit before tax 4,528, % 2,432,018 Profit after tax 4,466, % 2,451,383 Balance Sheet Loans and advances to banks 48,649, % 28,573,101 Loans and advances to customers 61,068, % 59,820,407 Amounts owed to other banks 4,692, % 10,270,533 Amounts owed to customers 108,061, % 80,334,021 Equity (incl. minorities and profit) 34,797, % 21,351,973 Balance-sheet total 157,137, % 143,988,821 Regulatory information Total own funds 38,425, % 22,661,800 Own funds requirement 13,976, % 10,231,426 Core capital ratio 19.60% 35.45% 14.47% Own funds ratio 22.00% 24.15% 17.72% Performance Return on equity (ROE) before tax 20.47% 23.85% 16.53% Return on equity (ROE) after tax 20.19% 20.90% 16.70% Cost/income ratio 58.85% 1.47% 58.00% Return on assets (ROA) before tax 2.66% 62.20% 1.64% Risk/earnings ratio 9.85% % 19.30% Resources Number of staff on balance-sheet date 2, % 1,669 Business outlets % 67

3 Pregled najvažnijih podataka Raiffeisen banka a.d Promena 2006 Vrednosti su izražene u hiljadama dinara Bilans uspeha Neto dobitak po osnovu kamata posle rezervisanja ,81% Neto dobitak po osnovu naknada i provizija ,20% Neto prihodi od trgovanja ,71% Administrativni troškovi ,38% Dobitak pre oporezivanja ,22% Dobitak posle oporezivanja ,20% Bilans stanja Plasmani bankama ,26% Plasmani klijentima ,09% Obaveze prema bankama ,31% Obaveze prema klijentima ,52% Kapital ,97% Bilans stanja - ukupno ,13% Kontrolne informacije Ukupni sopstveni kapital ,56% Potreban sopstveni kapital ,61% Adekvatnost kapitala (osnovni kapital) 19,60% 35,45% 14,47% Adekvatnost kapitala (ukupni kapital) 22,00% 24,15% 17,72% Pokazatelji poslovanja Stopa povraćaja kapitala pre oporezivanja 20,47% 23,85% 16,53% Stopa povraćaja kapitala posle oporezivanja 20,19% 20,90% 16,70% Odnos rashoda i prihoda 58,85% 1,47% 58,00% Stopa povraćaja aktive 2,66% 62,20% 1,64% Učešće ispravke vrednosti u neto prihodima od kamate 9,85% -48,96% 19,30% Izvori Broj zaposlenih na dan bilansa ,31% Broj poslovnica 91 34,33% 67

4 Contents Report by the Chairman of the Board of Directors 6 Introductory Address by the Chairman of the Managing Board 8 The RZB Group and Raiffeisen International at a glance 14 Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects 18 Corporate Social Responsibility: Donation to Foster Home Spomenak, Pančevo 26 Corporate Banking 30 Consumer Banking 38 Small Enterprises and Micro Business 44 Treasury and Investment Banking 48 Raiffeisen Leasing d.o.o. 54 Raiffeisen Future 58 Raiffeisen Invest 62 Branch Network 64 Organization Structure 66 Maps 68 Addresses 70 Financial Statements Independent Auditor s Report 81 Income Statement for the year ended 31 December Balance Sheet as at 31 December Statement of Changes in Equity for the year ended 31 December Cash Flow Statement for the year ended 31 December Notes to Financial Statements 86

5 Sadržaj Izveštaj predsednika Upravnog odbora 7 Uvodna reč predsednika Izvršnog odbora 9 Kratak osvrt na RZB grupaciju i Raiffeisen International 15 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive 19 Društveno odgovorno ponašanje: donatorska akcija za dom Spomenak, Pančevo 27 Poslovanje sa privredom 31 Poslovanje sa stanovništvom 39 Poslovanje sa malom privredom 45 Sredstva i investiciono bankarstvo 49 Raiffeisen Leasing d.o.o. 55 Raiffeisen Future 59 Raiffeisen Invest 63 Mreža filijala 64 Organizaciona struktura banke 66 Mape 68 Adrese 70 Finansijski izveštaj Nezavisno mišljenje revizora 81 Bilans uspeha za godinu završenu 31. decembra Bilans stanja na dan 31. decembra Promene na kapitalu za godinu završenu 31. decembra Bilans tokova gotovine za godinu završenu 31. decembra Napomene uz finansijske izveštaje 86

6 Report by the Chairman of the Board of Directors Report by the Chairman of the Board of Directors On behalf of the Board of Directors of Raiffeisen banka, I am very pleased to state that 2007 was another successful business year for the bank. The extraordinary results achieved in 2007, mirrored, among others, by the profit that nearly doubled, have a special significance, considering that they were accomplished in market conditions that brought new challenges and requirements for the bank. As a universal bank, Raiffeisen banka firmly adhered to its determination to satisfy the requirements of its clients in a full and efficient manner, developing partner relations with them on a longstanding basis, and introducing new products, as well as innovating the existing ones. As a result, the bank managed to maintain the continuity of success of its operation, remaining synonymous of leadership in the country s banking sector. The development of the network, the high standard of the banking services and the permanent advanced professional training of the employees, also contributed to the fact that a large number of clients opted for Raiffeisen banka as their business bank. The continuing success of Raiffeisen banka is also due to the fact that it is a member of the Raiffeisen International Group, one of the leading banking groups in Central and Eastern Europe, as well as due to the significant support provided by the Group s majority owner Raiffeisen Zentralbank Österreich AG, Vienna. A confirmation of the success of Raiffeisen banka and the whole Group is the series of awards received in 2007, as in the years before. Raiffeisen banka was declared Best Bank by many eminent magazines: The Banker (for the third time in a row, and fourth in total), Euromoney (for the sixth time in a row) and Global Finance (for the fourth consecutive time). The bank s staff and management and I, personally, were profoundly grieved by the demise of Budimir Boško Kostić, Deputy Chairman of the Board of Directors. We all have lost a precious associate and close friend, while the bank will miss an extraordinary colleague and expert, who has made an invaluable contribution to the business success we have had so far. On behalf of the Board of Directors, I thank the management team and all employees for their hard work, high professionalism, expertise and team work that have made the continuous success of the bank possible. We highly appreciate the trust that our clients have laid in Raiffeisen banka, firmly believing that our successful business cooperation will further develop in the coming year, to our mutual satisfaction. Herbert Stepic, Chairman of the Board of Directors

7 Izveštaj predsednika Upravnog odbora Izveštaj predsednika Upravnog odbora Zadovoljstvo mi je što mogu u ime Upravnog odbora Raiffeisen banke a.d. da konstatujem da je godina bila još jedna uspešna poslovna godina za ovu banku. Izuzetni rezultati koje je banka ostvarila u 2007., a koji se ogledaju, između ostalog, i u skoro dvostruko većem ostvarenom profitu u poređenju sa prethodnom godinom, imaju poseban značaj, s obzirom da su postignuti u tržišnim uslovima koji su pred banku postavili nove izazove i zahteve. Raiffeisen banka je, kao univerzalna banka, ostala čvrsto opredeljena, da u potpunosti i na efikasan način zadovolji potrebe klijenata, da sa njima razvija partnerske odnose na dugoročnoj osnovi, uvodi nove proizvode i inovira postojeće. Time je banka uspela da održi kontinuitet u svom uspešnom poslovanju i ostane sinonim liderstva u bankarskom sektoru zemlje. Razvoj mreže, visok standard bankarskih usluga i permanentno stručno usavršavanje zaposlenih, takođe su doprineli da veliki broj klijenata odabere Raiffeisen banku za svoju poslovnu banku. Kontinuiranom uspehu Raiffeisen banke doprinela je i èinjenica da je banka èlan Raiffeisen International grupe, jedne od vodeæih bankarskih grupacija u zemljama centralne i istoène Evrope, kao i znaèajna podrška Raiffeisen Zentralbank Österreich AG, Beè, većinskog vlasnika grupacije. Potvrda uspeha Raiffeisen banke i čitave grupacije jesu nagrade dobijene u godini. Raiffeisen banka je proglašena za najbolju banku od strane eminentnih časopisa: The Banker (treći put uzastopno, četvrti put ukupno do sada), Euromoney (šesti put uzastopno) i Global Finance (četvrti put uzastopno). Rukovodstvo banke i ja lično bili smo duboko potreseni smrću gospodina Budimira Boška Kostića, zamenika predsednika Upravnog odbora banke. Njegovim odlaskom izgubili smo dragocenog saradnika i bliskog prijatelja, a banka je izgubila izuzetnog kolegu i stručnjaka, koji je dao neprocenjiv doprinos dosadašnjem poslovnom uspehu banke. U ime Upravnog odbora zahvaljujem se rukovodstvu banke i svim zaposlenima, bez čijeg zalaganja, visoke profesionalnosti, stručnosti i timskog rada banka ne bi mogla da ostvari kontinuirani uspeh. Izuzetno cenimo poverenje koje su klijenti ukazali Raiffeisen banci, uvereni da će se dosadašnja uspešna poslovna saradnja nastaviti i u narednoj godini na obostrano zadovoljstvo. Herbert Stepic, Predsednik Upravnog odbora

8 Introductory Address by the Chairman of the Managing Board Introductory Address by the Chairman of the Managing Board I have the very special pleasure to inform our distinguished shareholders and business partners, on behalf of the Managing Board of Raiffeisen banka a.d, that the bank achieved extremely good results in The continued success of the bank - reflected throughout 2007 in the remarkable increase in the number of its clients, as well as in the growth of its deposit base, the scope and structure of its financial support for the clients, the significant growth in the profit achieved, and in its maintaining the leading position in practically all the segments of banking activities - was the result of the efforts the bank made to establish and cherish long-term partnership relations with its clients, and to satisfy their needs in the most efficient way, with regard to both the banking products and first-rate banking services it provided. The support that Raiffeisen International, Vienna, has provided for its shareholders, and the very fact that Raiffeisen banka is an integral part of a banking group which has been extremely active in the countries of Central and Eastern Europe, have largely contributed to the bank assuming the leading role in the country s banking sector. Raiffeisen Group, as the major creditor of the Serbian economy, offered credit lines to clients in Serbia, not only via Raiffeisen banka, Belgrade, but also by means of direct cross-border financing by Raiffeisen International head office, giving its clients the possibility of opting for the most favourable form of financing. This provided significant support in obtaining credits for the Serbian economy under more favourable terms. With a view to enhancing its capacities for satisfying the needs of its clients, Raiffeisen banka increased its capital in 2007, by EUR million. Proceeding with the extension of its network based on a thoroughly elaborated plan, Raiffeisen banka closed the year 2007 with 91 branch offices in operation. The leasing company established by Raiffeisen banka a.d. continued its extremely successful operation as one of the leading leasing companies in the country. In addition to the voluntary pension fund established in 2006, Raiffeisen banka also established an investment fund in A testimony to the success of Raiffeisen banka is the series of awards it received in Raiffeisen banka was declared the Best Bank by eminent magazines: The Banker, Euromoney and Global Finance. In 2007, we were faced with the painful fact that Mr. Budimir Boško Kostić, Deputy Chairman of the Managing Board of the bank and longstanding Chairman of Raiffeisen banka since its establishment, had passed away. In memory of this extraordinary banking expert, remarkable professional, and primarily colleague and humanist, Raiffeisen banka a.d. launched an initiative for the establishment of the Budimir Boško Kostić Humanitarian Fund, its purpose being to provide support for humanitarian activities in line with one of the principles of the Raiffeisen banking group as a whole, calling for responsible behaviour and care for the environment in which it operates.

9 Uvodna reč predsednika Izvršnog odbora Uvodna reč Predsednika Izvršnog odbora U ime Izvršnog odbora Raiffeisen banke a.d, Beograd, sa posebnim zadovoljstvom mogu da obavestim uvažene akcionare i cenjene poslovne partnere, da je banka ostvarila izuzetno dobre rezultate u godini. Kontinuiran uspeh banke koji se u godini ogleda u značajnom rastu broja klijenata, depozitne baze, obima i strukture finansijske podrške klijentima, značajnom porastu ostvarenog profita, kao i u održanju vodeće pozicije u gotovo svim segmentima bankarskih aktivnosti, rezultat su nastojanja banke da sa klijentima uspostavi i neguje dugoročne partnerske odnose i da na najefikasniji način zadovolji njihove potrebe kako u pogledu ponuđenih bankarskih proizvoda tako i u pogledu pružanja prvoklasne bankarske usluge. Podrška Raiffeisen International, Beč kao akcionara i činjenica da je Raiffeisen banka u sastavu bankarske grupe koja je izuzetno aktivna u zemljama centralne i istočne Evrope, umnogome su pomogli da banka preuzme lidersku ulogu u bankarskom sektoru zemlje. Raiffeisen grupacija, kao najveći kreditor srpske privrede, ponudila je klijentima u Srbiji kreditne linije, i to ne samo preko Raiffeisen banke, Beograd, već i putem direktnog finansiranja iz inostranstva od strane centrale Raiffeisen International, tako da klijenti mogu da odaberu za njih najpovoljniji oblik finansiranja. Na ovaj način pružena je značajna podrška kreditiranju srpske privrede pod povoljnijim uslovima. U cilju jačanja svoje sposobnosti da u većem obimu izađe u susret potrebama klijenata, Raiffeisen banka je u povećala kapital za dodatnih EUR 115,0 miliona evra. Nastavljajući sa osmišljenim širenjem svoje mreže, Raiffeisen banka je godinu završila sa 91 otvorenom filijalom. Lizing kompanija koju je osnovala Raiffeisen banka a.d. nastavila je sa izuzetno uspešnim poslovanjem i jedna je od vodećih lizing kompanija u zemlji. Pored dobrovoljnog penzijskog fonda osnovanog u 2006, Raiffeisen banka je u osnovala i investicioni fond. Potvrda uspeha Raiffeisen banke jesu nagrade dobijene u godini. Raiffeisen banka je proglašena za najbolju banku od strane renomiranih časopisa: The Banker, Euromoney i Global Finance. U godini suočili smo se sa tužnom činjenicom da je preminuo gospodin Boško Kostić, zamenik predsednika Upravnog odbora banke, dugogodišnji direktor Raiffeisen banke od njenog osnivanja. U znak sećanja na izuzetnog bankarskog stručnjaka, vrsnog profesionalca, a, pre svega, kolegu i humanistu, Raiffeisen banka a.d. je pokrenula incijativu za osnivanje Humanitarnog fonda Budimir Boško Kostić sa namerom da se podrže humanitarne akcije shodno jednom od principa cele Raiffeisen bankarske grupacije, da se odgovorno ponaša i vodi računa o sredini u kojoj posluje.

10 Introductory Address by the Chairman of the Managing Board The extraordinary results that Raiffeisen banka a.d. has achieved in its activities so far, would not have been accomplished if it had not been for the extraordinary efforts of all the employees, their professional approach to their assignments, and their team work. I am using this opportunity on behalf of the Managing Board to express my gratitude to all of them for their efforts and their personal engagement. The forthcoming year will be a year of new challenges for all of us, additional effort and commitment to surpass the results achieved, to increase the number of clients, innovate the offer of banking products, further improve service quality, expand the network, so that Raiffeisen banka would remain recognizable for its professional approach, expertise and leadership in the banking industry. Oliver Roegl Chairman of the Managing Board Vision & Mission Statement of Raiffeisen banka a.d. Vision Raiffeisen banka a.d. is the leading bank in all target customer segments across the country. Mission We seek long-term customer relationships. We provide a full range of high quality financial services with a special focus on lending. We are a friendly, flexible and constructive partner for our customers and we are proactive, innovative and quick in developing new products and in delivering our services. As part of the Raiffeisen International network we contribute to the achievement of the overall group objectives, while generating sustainable and above-average return on equity for our shareholders. As a member of the RZB Group, we cooperate closely with Raiffeisen Zentralbank Österreich AG and the other members of the Austrian Raiffeisen Banking Group. We empower our employees to be entrepreneurial, to show initiative and we foster their development. 10

11 Uvodna reč predsednika Izvršnog odbora Izuzetni rezultati koje je Raiffeisen banka a.d. ostvarila u dosadašnjem radu ne bi se mogli ostvariti bez izuzetnog zalaganja svih zaposlenih, profesionalnog odnosa prema poslu i timskog rada. Ovom prilikom im se u ime Izvršnog odbora zahvaljujem na uloženom trudu i ličnom angažovanju. Naredna godina biće godina novih izazova za sve nas, dodatnog truda i zalaganja da se postignuti rezultati prevaziđu, poveća broj klijenata, inovira ponuda bankarskih proizvoda, dalje unapredi kvalitet usluga, širi mreža, kako bi i u uslovima pojačane konkurencije, Raiffeisen banka ostala prepoznatljiva po profesionalnosti, stručnosti i liderstvu u bankarskom sektoru. Oliver Roegl, Predsednik Izvršnog odbora Vizija i misija Raiffeisen banke a.d. Vizija Raiffeisen banka a.d. je vodeća banka u svim segmentima ciljnih grupa širom zemlje. Misija Želimo da održavamo dugoročne veze sa klijentima. Obezbeđujemo širok dijapazon prvoklasnih finansijskih usluga, a poseban akcenat stavljamo na kreditiranje. Mi smo otvoren, fleksibilan i konstruktivan partner, proaktivni smo i inovativni u brzom razvoju novih proizvoda, kao i u pružanju usluga. Kao deo mreže Raiffeisen International doprinosimo ostvarenju svih ciljeva grupacije, u isto vreme stvarajući održiv i natprosečan povraćaj uloženog kapitala za naše akcionare. Kao članica RZB grupacije, blisko sarađujemo sa Raiffeisen Zentralbank Österreich AG i ostalim članicama austrijske Raiffeisen bankarske grupacije. Ohrabrujemo naše zaposlene da budu preduzimljivi i pokazuju inicijativu, te podstičemo njihov razvoj. 11

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13 Oliver Roegl Predsednik Izvršnog odbora Chairman of the Managing Board Zoran Petrović Zamenik predsednika Izvršnog odbora Deputy Chairman of the Managing Board Goran Kesić Član Izvršnog odbora Poslovanje sa privredom Member of the Managing Board Corporate Banking Svetozar Šijačić Član Izvršnog odbora Poslovanje sa stanovništvom, malim preduzećima i preduzetnicima Member of the Managing Board Retail Banking Nenad Sibinović Član Izvršnog odbora Operativni i opšti poslovi, IT Member of the Managing Board Operations, General Services & IT

14 Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects Political and Economic Environment The developments last year were mainly marked by the parliamentary elections and the announcement of the presidential election scheduled for the beginning of The central issue in the first half of the year was the negotiations among the coalition partners regarding the composition of the Government, that resulted in its formation in May That fact, as well as the improvement in the cooperation with the Hague Tribunal, resulted in the European Commission adopting a decision to proceed with the negotiations on the Stabilisation and Association Agreement, which had been frozen for a year. Finally, two years after the commencement of the negotiations on that document, the Government of the Republic of Serbia and the European Union initialled the Stabilisation and Association Agreement in November 2007, while the signing of the Agreement has been postponed until the establishment of full cooperation with the Hague Tribunal. In addition to this success, the Government signed the Visa Facilitation and Readmission Agreement, as well as a new Instruments of Pre-Accession (IPA) Agreement providing it access to the funds from that programme in the period from , in the amount of EUR 971 million in total. These funds are intended for preparing candidate countries and potential candidates for using EU structural funds, once they become full members. A positive impetus to improving the foreign trade balance as well as to attracting foreign direct investments is expected to take place after the coming into force of the Central European Free Trade Agreement (CEFTA). The credit rating of the country followed the developments on the political and the economic planes. The positive macroeconomic results prompted the rating agency Standard & Poor s to confirm the country s rating as being BB-, in April 2007, as well as confirming its positive perspective, only to change the perspective in mid-july from positive to stable based on the country s expansive fiscal policy, which, as the rating agency estimates, could lead to a growth in its external imbalance. Macroeconomic Aggregates Double digit inflation as well as a relatively high foreign trade deficit remained the key threats to macroeconomic stability. Despite the restrictive policy that the National Bank of Serbia (NBS) pursued in 2007, inflation reached 10.10% at the annual level, largely exceeding the target rate of 6.5% that had been initially set by the Government. Namely, in accordance with the new monetary strategy, maintaining a low and stable inflation rate became the joint responsibility of the NBS and the Government, the NBS controlling the part of the inflation determined by the market (basic inflation) and the Government being responsible for the part of the inflation resulting from regulated price adjustments. Core inflation amounting to 5.4% was kept within the limits set by the NBS for 2007 which ranged from 4% - 8%. However, the second part of the total inflation which was under the competence of the Government went up as a result of a significant rise in the salaries in the public sector, as well as in the prices of agricultural produce (caused by drought), and oil and electrical energy prices. Even though the NBS reduced the range of the target core inflation for next year from 3%-6%, so as to be more efficient in counteracting the expected inflationary trends, a more stringent monetary policy has been announced for the year 2008, if inflationary pressures escalate. 18

15 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive Političko i ekonomsko okruženje Prethodna godina je najvećim delom prošla u znaku održanih parlamentarnih izbora, kao i najave predsedničkih izbora za početak godine. Naime, prva polovina godine je protekla u pregovorima koalicionih partnera o formiranju republičke Vlade, koji su rezultirali njenim formiranjem u maju godine. Ta činjenica, kao i poboljšanje saradnje sa Haškim tribunalom, rezultirala je odlukom Evropske komisije da se nastave pregovori o Sporazumu o stabilizaciji i pridruživanju, koji su bili zamrznuti godinu dana. Konačno, dve godine posle pokretanja pregovora o ovom dokumentu, Vlada Republike Srbije i Evropska unija su parafirale Sporazum o stabilizaciji i pridruživanju u novembru godine, dok je potpisivanje ovog Ugovora odloženo dok se ne uspostavi puna saradnja sa Haškim tribunalom. Pored ovog uspeha, Vlada je potpisala Sporazum o viznim olakšicama i readmisiji, kao i Ugovor o dobijanju sredstava iz novog Instrumenta za pretpristupnu pomoć (IPA) za period od , u ukupnom iznosu od 971 milion evra. Ova sredstva su namenjena pripremi država kandidata i potencijalnih kandidata za korišćenje strukturnih fondova Evropske unije kada postanu punopravne članice. Pozitivan impuls poboljšanju spoljnotrgovinskog bilansa kao i rastu stranih direktnih investicija se očekuje nakon stupanja na snagu Ugovora o zoni slobodne trgovine u centralnoj Evropi (CEFTA). Kreditni rejting zemlje je pratio dešavanja na političkom i ekonomskom planu. Dobri makroekonomski rezultati su naveli rejting agenciju Standard & Poor s da u aprilu potvrdi rejting zemlje BB- i pozitivnu perspektivu, da bi već sredinom jula agencija promenila izgled sa pozitivnog na stabilan, zbog ekspanzivne fiskalne politike koja bi, prema procenama rejting agencije, mogla voditi rastu spoljne neravnoteže. Makroekonomski agregati Dvocifrena inflacija i relativno visok spoljnotrgovinski deficit i dalje predstavljaju ključne pretnje makroekonomskoj stabilnosti. I pored restriktivne politike koju je Narodna banka Srbije (NBS) vodila u godini, ostvarena inflacija od 10,10% na godišnjem nivou, daleko je premašila ciljanu stopu od 6,5%, koju je Vlada inicijalno postavila. Naime, u skladu sa novom monetarnom strategijom, održanje niske i stabilne inflacije je postalo zajednička odgovornost NBS i Vlade, i to tako što NBS kontroliše deo inflacije koji je tržišno determinisan (bazna inflacija), dok je Vlada odgovorna za deo inflacije koji nastaje kao rezultat korekcija regulisanih cena. Bazna inflacija u iznosu od 5,4% je realizovana u granicama postavljenim od strane NBS koje su za godinu bile u rasponu od 4% - 8%, ali drugi deo ukupne inflacije koji je u nadležnosti vlade je porastao zahvaljujući značajnom rastu plata u javnom sektoru, cena poljoprivrednih proizvoda (izazvanih sušom), cena nafte i električne energije. Iako je za sledeću godinu NBS smanjila interval ciljane bazne inflacije na 3% - 6% kako bi efikasnije uticala na inflatorna očekivanja, najavljeno je i zaoštravanje monetarne politike u godini ukoliko se pojačaju inflatorni pritisci. 19

16 Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects The key policy rate, being the basic monetary policy instrument, was reduced several times during the first half of 2007, considering that core inflation remained within the level planned. The rate was reduced from 14% at the beginning of the year, to 9.5% in June. Due to increasing inflationary pressures, the key policy rate reached 10% following several adjustments, showing a tendency towards further increasing due to growing inflationary expectation in As regards the foreign exchange policy, the NBS remarkably reduced its presence in the foreign currency market in In 2008, NBS interventions are expected only with a view to restricting excessive daily oscillations, limiting the threat that financial and price stability are exposed to, and maintaining an adequate level of foreign currency reserves. The large influx of foreign currency in the market based on FDI contributed to the oscillations of the dinar to euro rate throughout the year, which ranged from to The dinar depreciated nominally in relation to the euro by 0.30%, reaching the level of RSD to EUR 1, as of December 31, The foreign trade deficit (based on the dollar value) increased by 41.24% in relation to the level in 2006, reaching the amount of USD 9.53 billion. Despite the fact that the annual export and import growth rates were almost at the same level (37% and 39%), the deficit continued to rise as the result of rather low import coverage. The high dependence on the import of oil and oil derivatives and steel, whose prices went up significantly, certainly had an impact on the growth of imports. On the other hand, this was largely contributed by the public and personal consumption, which was financed from consumer credits. The high foreign trade deficit resulted in a current account deficit, its share in the GDP increasing from 11.5% in 2006, to an estimated 16.1% in In addition to this factor, the deficit in the balance of payments was also affected by the drop in the current transfers, as well as the lower influx of FDI. As regards foreign direct investments, the level of USD 2.20 billion that had been reached in 2007, was half the amount achieved in 2006, when FDIs amounted to USD 4.26 billion. Further rise in the deficit of the balance of payments may be mitigated by the privatisation of the remaining public enterprises, as well as by further improving the results of the companies privatised so far, and by arranging for an increase in FDIs and promoting exports. The estimated GDP growth rate in 2007 as compared to the year before, amounted to 7.5%, significantly exceeding the rate of 5.7% that had been achieved in The major contribution to the growth of GDP was achieved in the sectors of transport, trade, civil engineering and financial intermediation. Industrial production in 2007 rose by 3.7% (2006: 4.7%). The reason for the decline in the industrial production rate in relation to 2006 was the reduced volume of production in the mineral and stone extraction sectors by 0.6%. The electrical energy production and distribution sector marked a growth of 2.8%, while the processing industry realized a growth of 4.2%. 20

17 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive Referentna kamatna stopa, kao osnovni instrument monetarne politike, je u toku prve polovine godine nekoliko puta snižavana, s obzirom da je bazna inflacija bila u okviru planirane. Tačnije, stopa je snižena sa 14% na početku godine na 9,5% u junu. Usled naraslih inflatornih pritisaka, referentna stopa je posle nekoliko korekcija dostigla 10%, sa tendencijom daljeg povećanja zbog inflatornih očekivanja u godini. Što se tiče politike deviznog kursa, NBS je u godini značajno smanjila svoje prisustvo na deviznom tržištu. U godini se očekuju intervencije NBS samo u cilju da se ograniče preterane dnevne oscilacije, limitira opasnost po finansijsku i cenovnu stabilnost i održi adekvatan nivo deviznih rezervi. Veliki priliv strane valute na tržištu po osnovu stranih direktnih investicija doprineo je da kurs dinara u odnosu na evro u toku godine oscilira u rasponu od 76,81 do 84,75. Dinar je nominalno depresirao u odnosu na evro za 0,30%, dostigavši nivo od 79,24 dinara za jedan evro, na dan 31. decembra godine. Spoljnotrgovinski deficit (na bazi dolarskih vrednosti) je u odnosu na godinu porastao za 41,24% i dostigao iznos od 9,53 milijardi dolara. Iako su godišnje stope rasta izvoza i uvoza bile na skoro istom nivou (37% i 39%), deficit je kontinuirano rastao zbog dosta niske pokrivenosti uvoza sa izvozom. Naime, visoka zavisnost od uvoza nafte i naftnih derivata i čelika, čije su cene značajno porasle, svakako je uticala na rast uvoza. Sa druge strane, u velikoj meri su doprinele javna i lična potrošnja, koja je finansirana iz potrošačkih kredita. Visok spoljnotrgovinski deficit rezultirao je i deficitom tekućeg bilansa, čije je učešće u BDP-u poraslo sa 11,5% u godini na procenjenih 16,1% u godini. Pored ovog faktora, na deficit platnog bilansa je uticao i pad tekućih transfera, kao i slabiji priliv stranih direktnih investicija. Što se tiče stranih direktnih investicija, dostignuti iznos od 2,20 milijardi dolara u godini je dva puta niži u odnosu na godinu, kada su strane direktne investicije iznosile 4,26 milijardi dolara. Dalji rast deficita platnog bilansa može se ublažiti privatizacijom preostalih javnih preduzeća, daljim poboljšanjem rezultata do sada privatizovanih preduzeća, rastom stranih direktnih investicija i promocijom izvoza. Procenjena stopa rasta BDP-a u godini u odnosu na prethodnu godinu iznosila je 7,5% i značajno je premašila ostvarenu stopu od 5,7% u godini. Najveći doprinos rastu BDP-a ostvaren je u sektorima saobraćaja, trgovine, građevinarstva i finansijskog posredovanja. Industrijska proizvodnja je u godini porasla za 3,7% (2006: 4,7%). Razlog pada stope rasta industrijske proizvodnje u odnosu na godinu je pad proizvodnje u sektoru vađenja rude i kamena od 0,6%. Sektor proizvodnje i distribucije električne energije je zabeležio rast od 2,8% dok je prerađivačka industrija ostvarila porast od 4,2%. 21

18 Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects Consolidation of the Banking Sector and Changes in Legislature Consolidation of the market took place through mergers of the banks acquired, or in the direction of announced mergers, in view of which only one new bank appeared in the market. The Belgian KBC bank acquired A banka Belgrade. Kulska banka Novi Sad, Zepter banka Beograd and Niška banka Niš merged into a single bank OTP banka Novi Sad, while Opportunity savings bank was transformed into Opportunity banka Novi Sad. In September 2007, the total number of banks was 35, down from 37 in Since January 1, 2008, Banca Intesa Belgrade and Panonska banka Novi Sad will be operating as a single bank. The process of consolidation will continue in 2008, including the privatisation of state-owned banks. An announcement has been issued for the sale of the majority block of shares in Srpska banka Belgrade, Privredna banka Pančevo and Credy banka Kragujevac. The state does not intend to keep its stakes in the banks where it is a shareholder, and their sale will depend on the need of the state for liquid funds. In accordance with the new monetary strategy, the main instruments of monetary policy were key policy rate and the ratio of gross consumer loans to local Tier 1 capital, while the mandatory reserve rates remained practically unchanged. More precisely, in order to strengthen dinar deposits, the NBS reduced the dinar mandatory reserve from 10% to 5%, however, only for dinar term deposits for a tenor longer than one month. In reference to the adjustments of gross consumer placements to the bank s Tier 1 capital, the first time the NBS limited the balance of gross placements granted to the consumer sector was in September 2006, specifying that placements may not exceed 200% of the value of the Tier1 capital of the bank at the end of each month. In view of the comparatively high rate of growth in consumer loans, the NBS further reduced this indicator, and thus, since December 31, 2007, the balance of these placements at the end of each month is to be maximum 150% of the value of the bank s Tier 1 capital. The only placement excluded from the respective calculation are credits granted for investments in agricultural production and credits granted to entrepreneurs. Further on, the NBS has limited the maximum tenor for cash loans. Namely, a large number of banks extended their repayment tenors for such credits to as long as 10 years in order to rapidly increase their market share. As a result of this, a larger number of citizens were able to meet the criteria prescribed by the NBS, based on which the total monthly credit liability may not exceed 30% of their regular monthly income, and 50% in the case of liabilities based on housing credits. Such a development of the market prompted a response from the NBS in September 2007, which limited the tenor for approving cash loans to a maximum of two years. Lending Structure and Fund Sources of the Serbian Banking Sector The restrictive monetary policy prompted direct corporate financing from abroad, as a result of which the increment of new banking assets in 2007 fell below the level reached in the same period the year before, amounting to EUR 5.09 billion (2006: EUR 5.40 billion). The structure of banking sector financing improved, given the continued downward trend in the share of crossborder credits, while the share of retail savings and capital kept increasing. 22

19 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive Konsolidacija bankarskog sektora i promene regulative Konsolidacija na tržištu se odvijala u pravcu spajanja kupljenih banaka ili najave spajanja, tako da je samo jedna nova banka ušla na tržište. Naime, Belgijska KBC banka je kupila A banku Beograd. Kulska banka Novi Sad, Zepter banka Beograd i Niška banka Niš su spojene u jednu banku, OTP banku Novi Sad, dok je Opportunity štedionica transformisana u Opportunity banku Novi Sad. U septembru godine ukupan broj banaka je smanjen na 35 sa 37 u Od 1. januara godine, Banca Intesa Beograd i Panonska banka Novi Sad će poslovati kao jedna banka. Proces konsolidacije se nastavlja u godini privatizacijom banaka u državnom vlasništvu. Najavljena je prodaja većinskog paketa akcija u Srpskoj banci Beograd, Privrednoj banci Pančevo i Credy banci Kragujevac. Država nema nameru da zadrži udeo u bankama u kojima je akcionar, a prodaja će zavisiti od potreba države za likvidnim sredstvima. U skladu sa novom monetarnom strategijom, NBS je kao glavne instrumente monetarne politike koristila referentnu kamatnu stopu i racio usklađivanja plasmana stanovništvu sa osnovnim kapitalom banke, dok su stope obavezne rezerve ostale skoro nepromenjene. Tačnije, u cilju jačanja dinarskih depozita, NBS je smanjila dinarsku obaveznu rezervu sa 10% na 5%, ali samo za dinarske depozite oročene preko jednog meseca. Kada je u pitanju usklađivanje plasmana stanovništvu sa osnovnim kapitalom banke, NBS je prvi put ograničila stanje bruto plasmana odobrenih stanovništvu u septembru godine i to tako da plasmani ne budu veći od 200% vrednosti osnovnog kapitala banke na kraju svakog meseca. Zbog relativno visoke stope rasta kreditiranja stanovništva, NBS je dodatno pooštrila ovaj pokazatelj, tako da počevši od 31. decembra godine, stanje tih plasmana na kraju svakog meseca treba da maksimalno iznosi 150% vrednosti osnovnog kapitala banke. Iz obračuna su isključeni samo krediti odobreni za ulaganje u poljoprivrednu proizvodnju i krediti odobreni fizičkim licima koja samostalno obavljaju privrednu delatnost. Pored ove mere, NBS je ograničila rok na koji mogu da se odobre gotovinski krediti. Naime, veliki broj banaka je produžavao rok otplate ovih kredita čak do 10 godina, a u cilju što bržeg povećanja svog učešća na tržištu. Na taj način se veći broj građana mogao uklopiti u kriterijume propisane od strane NBS, gde ukupna mesečna kreditna obaveza ne sme preći 30% njihovih redovnih mesečnih prihoda, a 50% sa obavezama po stambenim kreditima. Ovakav razvoj tržišta iznudio je reakciju NBS koja je od septembra ograničila rok za odobravanje gotovinskih kredita na maksimalno dve godine. Struktura plasmana i izvora bankarskog sektora Srbije Restriktivna monetarna politika podstakla je direktno finansiranje privrede iz inostranstva, usled čega je prirast nove bankarske aktive u godini bio ispod nivoa kreiranog u istom periodu prošle godine i iznosio je 5,09 milijarde evra (2006: 5,40 milijarde evra). Struktura finansiranja bankarskog sektora je poboljšana, budući da se nastavio trend smanjenja učešća kredita uzetih iz inostranstva, dok se učešće štednje stanovništva i kapitala povećalo. 23

20 Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects In 2007, the retail sector deposited an additional amount of EUR 1.56 billion, compared to EUR 1.13 billion in The restrictive measures introduced by the NBS resulted in a slowdown of the growth rate of the loans granted to the retail sector, down from 66.88% in 2006, to 49.78% in Despite new capital issues, the growth of credits granted to the retail sector is expected to slow down next year, as the NBS announced introducing certain new measures, e.g. establishing the ratio between the total volume of credits granted for the retail sector and the time deposits received in the retail sector. As regards corporate financing, it experienced a recovery thanks to which the annual growth rate in 2007 reached 32.51% as compared to 10.46% in It is realistic to expect that direct cross-border corporate financing will remain at quite a high level. The reason for this is that the mandatory reserve rates have remained very high and are not going to be reduced, as annouced by the Governor of NBS. 24

21 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive Tokom godine stanovništvo je položilo novih 1,56 milijarde evra u odnosu na 1,13 milijarde evra u godini. Restriktivne mere NBS su rezultirale usporavanjem stope rasta kredita odobrenih stanovništvu sa 66,88% u tokom na 49,78% tokom Uprkos novim emisijama kapitala, očekuje se usporavanje rasta kredita odobrenih stanovništvu sledeće godine, jer je NBS najavila i uvođenje nekih novih mera, npr. utvrđivanje odnosa ukupnog obima kredita odobrenih stanovništvu i primljenih oročenih depozita stanovništva. Što se tiče finansiranja privrede, došlo je do oporavka, tako da je godišnja stopa rasta u godini dostigla 32,51% u odnosu na 10,46% u godini. Realno je očekivati da će finansiranje privrede direktno iz inostranstva i dalje ostati na dosta visokom nivou. Razlog su i dalje veoma visoke stope obavezne rezerve koje, prema najavama Guvernera NBS, neće biti smanjivane. 25

22 Donation to Spomenak, Foster Home for Children and Youth without Parental Care in Pančevo Within the scope of its corporate social responsibilities, Raiffeisen banka a.d. created the concept and realized a special donation activity: fully equipped computer classroom and paid computer courses for children who live in the foster home Spomenak in Pančevo. The donation was realized in close cooperation with the Ministry of Employment and Social Policy, government of the Republic of Serbia. Apart from the computer classroom with ten computers, a scanner and a printer, this donation also comprises paid courses of learning to work with a computer for the children and their educators. Raiffeisen banka realized this donation in order to contribute to the mastering of new technologies and easier communication, to facilitate access to an almost limitless information source through the internet, but also as an expression of special gratitude for the drawings on the subject What will I be when I grow up which the children from Spomenak gave to Raiffeisen banka: in the course of preparing the annual report for 2007, the idea emerged to enable the children from Spomenak to enrich this report, which is the bank s most representative business document. The foster home for children and youth without parental care Spomenak in Pančevo is an institution of social protection that provides for children and youth without parental care, as well as for children whose development is impaired by their family environment, until conditions are met for them to return either to their own environment, to their relatives, to a foster family, or until they are ready to lead a life on their own. At the moment, there are about fifty children and young people in Spomenak, attended by thirty employees, half of which are experts. The main function is meeting the children s needs, taking care of their health, development and upbringing, providing help in their education and support for working and an independent life. The children and young people who live in Spomenak attend regular and specialized primary and secondary schools; there are also two students in residence. Lots of them successfully go in for sports, they like computers, have published five books, write for the foster home s newspaper, draw, embroider, weave and like to cast and colour plaster figurines. It was these artistic tendencies that initiated the idea in Raiffeisen banka to include the works of children from this foster home. Their wishes, apart from their artistic expression, have also been articulated in the short messages noted on every drawing, showing that, notwithstanding the difficulties these children are faced with at the beginning of their young lives, they are still full of desire for self-realization and look upon the future with faith. 26

23 Donatorska akcija za decu smeštenu u Domu za decu i omladinu bez roditeljskog staranja Spomenak u Pančevu U okviru svojih aktivnosti društveno odgovornog ponašanja, Raiffeisen banka a.d. je osmislila i realizovala posebnu donatorsku akciju: kompletna kompjuterska učionica i plaćeni kursevi za osposobljavanje za rad na računarima poklonjeni su deci smeštenoj u Domu za decu i omladinu bez roditeljskog staranja Spomenak u Pančevu. Donacija je sprovedena u bliskoj saradnji sa Ministarstvom rada i socijalne politike Vlade Republike Srbije, a pored kompjuterske učionice koju sačinjavaju deset računara, skener i štampač, u ovu donaciju su uključeni i plaćeni kursevi za osposobljavanje za rad na računarima za decu i njihove vaspitače. Raiffeisen banka je donaciju uputila najpre kao izraz želje da doprinese ovladavanju novim tehnologijama, lakšoj komunikaciji i pristupu skoro neiscrpnom izvoru informacija preko interneta, ali i kao izraz posebne zahvalnosti za likovne radove na temu Šta ću biti kad porastem koje su deca Spomenka prethodno poklonila Raiffeisen banci. Naime, tokom pripremanja godišnjeg izveštaja za 2007.godinu u banci se rodila ideja da se omogući deci iz Spomenka da svojim crtežima obogate ovaj izveštaj, koji je najreprezentativniji poslovni dokument banke. Dom za decu i omladinu bez roditeljskog staranja Spomenak u Pančevu je ustanova socijalne zaštite koja zbrinjava decu i omladinu bez roditelja ili roditeljskog staranja, kao i decu čiji je razvoj ometen porodičnim prilikama, do obezbeđivanja uslova za povratak u sopstvenu, srodničku, ili hraniteljsku porodicu, odnosno do osposobljavanja za samostalni život. U domu trenutno živi oko pedesetoro dece i mladih o kojima brine oko trideset zaposlenih. Osnovna funkcija doma odnosi se na brigu o zadovoljavanju potreba dece, negu i staranje o njihovom zdravlju, razvoju i vaspitanju, pomoći u obrazovanju i osposobljavanju za rad i samostalan život. Deca i mladi koji žive u Spomenku pohađaju redovne i specijalne osnovne i srednje škole, a na smeštaju su i dva studenta. Mnogi se uspešno bave sportom, vole kompjutere, izdali su pet knjiga svojih radova, pišu za domski list, crtaju, bave se vezom, tkanjem i vole da izlivaju i boje ukrasne figurice od gipsa. Upravo su ove umetničke sklonosti inicirale ideju u Raiffeisen banci da se u godišnji izveštaj ukomponuju crteži dece ovog doma. Njihove želje su, pored likovnog izraza, potkrepljene i porukama zabeleženim na svakom crtežu i pokazuju da su, uprkos otežanim uslovima na početku njihovih mladih života, ona ipak puna želje za samoostvarenjem i sa verom okrenuta budućnosti. 27

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26 Corporate Banking Corporate Banking The corporate banking segment continued with its successful business activities and recorded a substantial increase in its business volume, extending its client base by 300 new corporate partners in In line with the bank s ambitious plans, the previous year was marked by a further expansion of the branch network, enabling clients in all parts of Serbia to have access to the services of Raiffeisen banka. In 2007, in collaboration with the Raiffeisen Banking Group, Raiffeisen banka continued to provide its clients with competitive financing from abroad, in addition to the existing financing models, making this available through its head office Raiffeisen International. This quite attractive financing vehicle has met a very large market demand and thus contributed to the strong growth of Raiffeisen total corporate credit portfolio of 22% in Also, considering a substantial plunge of BELIBOR accompanied by the stability of the local currency, the bank expanded its scope of financing in local currency without foreign currency clause and made it even more competitive. By increasing the availability of products such as project financing and introducing new ones, such as factoring, Raiffeisen banka successfully supported the financial needs of its corporate clients in all business segments. The credit portfolio structure in 2007 was dominated by short-term and medium-term loans, with an exceedingly pronounced tendency for longer maturity. The table below shows the corporate credit structure split by maturity. Corporate Credit Exposure by Maturity in 2007 <1 year 9.3% 1-3 years 63.8% 3-5 years 9.7% >5 years 17.2% Total 100.0% In view of the fact that Raiffeisen banka covers the largest share of the corporate market, the main strategy in this segment is primarily extending the scope of cooperation with existing clients, but also acquiring new companies, all with the aim of keeping its leading market position. Additional proof of the bank s success is also the fact that out of 20 major foreign investors in Serbia, excluding banks, 18 are clients of Raiffeisen banka. Moreover, the volume of domestic payment transactions increased by 42% in 2007, while the volume of international payment transactions grew by as much as 51%. Raiffeisen banka was active in supporting the further development of local municipalities and the public sector by actively financing this very important segment of the economy. 30

27 Poslovanje sa privredom Poslovanje sa privredom Segment poslovanja sa privredom nastavio je sa uspešnim radom i visokim rastom obima poslovanja, povećavši svoju bazu klijenata sa 300 novih korporativnih partnera u godini. Shodno ambicioznim planovima banke, predhodnu godinu obeležila je dalja ekspanzija mreže ekspozitura i filijala, omogućavajući klijentima u svim krajevima Srbije korišćenje usluga Raiffeisen banke. U godini, pored postojećih modela finansiranja, banka je, zajedno sa Raiffeisen grupom, nastavila da svojim klijentima pruža mogućnost finansiranja iz inostranstva direktno preko centrale Raiffeisen International. Ovaj veoma atraktivan način finansiranja, praćen intenzivnom tražnjom na tržištu, rezultirao je snažnim rastom ukupnog kreditnog portfelja privrede Raiffeisen grupacije u Srbiji od 22% u godini. Takođe, usled značajnog pada BELIBOR-a i stabilne lokalne valute, banka je proširila obim finansiranja u lokalnoj valuti bez devizne klauzule i učinila ga još povoljnijim. Povećanjem dostupnosti proizvoda, kao što je projektno finansiranje i uvođenjem novih, kao što je faktoring, Raiffeisen banka je uspešno podržala finansijske potrebe svojih klijenata u svim segmentima poslovanja. U strukturi kreditnog portfelja u privredi u godini dominiraju kratkoročni i srednjoročni krediti, sa sve izraženijim trendom produžetka ročnosti. Tabela u prilogu pokazuje strukturu kreditnih plasmana privredi po ročnosti. Struktura kredita privredi po ročnosti u godini <1 godine 9.3% 1-3 godine 63.8% 3-5 godina 9.7% >5 godina 17.2% Ukupno 100.0% S obzirom da banka pokriva najveći deo tržišta privrede, glavna strategija u ovom segmentu se ogleda prevashodno u proširenju obima saradnje sa postojećim klijentima, ali i u akviziciji novih firmi, a u cilju održavanja vodeće tržišne pozicije. Potvrda uspeha je i činjenica da su od 20 najvećih stranih investitora u Srbiji, isključujući banke, 18 klijenti Raiffeisen banke. Takođe, obim domaćeg platnog prometa korporativnih klijenata se u godini povećao za 42%, dok se obim platnog prometa sa inostranstvom povećao za čak 51%. Raiffeisen banka je i u godini podržala dalji razvoj lokalne samouprave i javnog sektora kroz aktivno finansiranje ovog veoma značajnog dela privrede. 31

28 Corporate Banking The following table shows the credit structure in 2007, broken down by industries: Corporate Credit Exposure by Industry % Trade 28.6% Consumer Non-Cyclical (food, beverages, pharmaceuticals, etc.) 23.6% Construction 18.9% Consumer Cyclical (furniture, household appliances, etc.) 7.5% Industrials 7.3% Energy (including oil & gas) 4.8% Materials 4.7% Information Technology 1.1% Special 1.0% Financials (classified as corporate) 0.7% Telecommunications 0.7% Healthcare 0.5% Real Estate 0.5% Utilities 0.2% Total 100.0% Regarding corporate deposits, Raiffeisen banka retained the leading market position, increasing its total deposits volume by 38%, compared to A very high growth rate of 42% was achieved in local currency deposits, which was made possible also by the stable local currency, as well as the continuation of the privatization process, and the inflow of foreign investments in Total deposits at the end 2007 reached EUR 559 million. 32

29 Poslovanje sa privredom Naredna tabela prikazuje strukturu kreditnih plasmana po industrijskim granama u godini: Struktura plasmana po industrijskim granama % Trgovina 28,6% Potrošna dobra (hrana, piće, lekovi i sl.) 23,6% Građevinarstvo 18,9% Trajna potrošna dobra (nameštaj, kućni aparati i sl.) 7,5% Industrija 7,3% Energetika (uključujući naftu i gas) 4,8% Materijali 4,7% Informaciona tehnologija 1,1% Posebne delatnosti 1,0% Finansijske institucije (klasifikovane kao privredni klijenti) 0,7% Telekomunikacije 0,7% Zdravstvo 0,5% Nekretnine 0,5% Komunalna preduzeća 0,2% Ukupno 100,0% U segmentu depozita privrede, banka je zadržala vodeću tržišnu poziciju uz povećanje ukupnog volumena depozita za 38% u odnosu na godinu. Izrazito visoka stopa rasta od 42%, ostvarena je kod depozita u lokalnoj valuti, čemu su između ostalog doprineli stabilna domaća valuta i nastavak privatizacije i priliva stranih investicija u godini. Na kraju godine, ukupan nivo depozita je dostigao 559 miliona evra. 33

30 Corporate Banking Documentary Business Thanks to the active engagement on the part of the team of professionals in the Documentary Business & Guarantees Department, in recent years Raiffeisen banka has had a significant impact on the rise in the demand for these products in the local market. Due to the corporate clients pronounced need for using documentary instruments, especially letters of guarantee and letters of credit, service quality has become the focus, which has been reflected in the growth of the total portfolio by 70% in comparison to the year Service Quality and Innovation As shown by the results of corporate customer satisfaction study conducted by Raiffeisen banka in 2007, high level of professionalism, efficiency and expert staff are key factors enabling the bank to keep its status of the leading commercial bank in the Serbian market. Sophisticated and efficient e- banking systems (ROL and Halcom) are available to all the clients of Raiffeisen banka who have opted for making their payments by themselves. The series of products that Raiffeisen banka upgraded in 2007 includes, among others, project financing service, which provides a secure financing solution for a great number of capital investment and civil-engineering companies, its aim being successful implementation of projects across Serbia. Also, in order to meet the clients needs, the bank introduced another new, even more flexible product factoring, which was unique in the Serbian banking market in Strongly focusing on improving the existing products and developing new and innovative ones, Raiffeisen banka plans to offer new financial solutions in the form of attractive products, and to continue being a reliable partner to its clients. 34

31 Poslovanje sa privredom Dokumentarni poslovi Kroz aktivan angažman profesionalnog tima iz Odeljenja za dokumentarne poslove i garancije, Raiffeisen banka je uticala na proširivanje tražnje za ovim proizvodima na lokalnom tržištu poslednjih godina. Usled postojanja izražene potrebe korporativnih klijenata za upotrebom dokumentarnih instrumenata, a posebno garancija i akreditiva, jak akcenat je stavljen na kvalitet pruženih usluga, što pokazuje i prirast ukupnog portfelja od 70% u odnosu na kraj godine. Kvalitet usluge i inovacija Kako je pokazalo istraživanje o kvalitetu usluga Raiffeisen banke, koje je sprovedeno u godini, visoki nivo profesionalizma, efikasnost i stručno osoblje su ključni faktori koji banci omogućavaju očuvanje statusa vodeće poslovne banke na srpskom tržištu. Razvijen i efikasan sistem elektronskog bankarstva (ROL i Halcom) dostupan je svim klijentima Raiffeisen banke koji se opredele da svoja plaćanja vrše samostalno. Među uslugama koje je banka ove godine unapredila, između ostalog, jeste i usluga projektnog finansiranja, koja je velikom broju investicionih i građevinskih kompanija ponudila rešenje sigurnog finansiranja u cilju uspešne realizacije projekata širom Srbije. Takođe, u skladu sa potrebama klijenata, banka je uvela i usluge novog, još fleksibilnijeg kreditnog proizvoda, faktoringa, koji je u godini bio jedinstven u bankarskom sektoru na srpskom tržištu. Sa snažnim fokusom na unapređenje postojećih i razvoj novih i inovativnih proizvoda, banka planira da i narednih godina ponudi nova finansijska rešenja kroz atraktivne proizvode i da nastavi da bude partner od poverenja svojim komitentima. 35

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34 Consumer Banking Consumer Banking The consumer banking segment continued with succesfull business activities and achieved significant growth in 2007 as well. The total number of clients is 486,332 which is an increase of 20.2% in relation to the year before. The total credit portfolio placed at the disposal of individuals amounted to EUR million, contributing to an annual growth in this segment of operations by 25.7%. The total number of retail deposits amounted to EUR million, representing an increase of 31.5% in relation to the year before, which is a reaffirmation of the great interest the citizens have in keeping their savings at Raiffeisen banka. In order to provide best quality services for its clients in the field of mortgage loans, specialised branch offices Raiffeisen Mortgage Loan Centers were established, where mortgage loan experts provided the clients with all the information they needed, including full professional assistance from selecting an apartment to implementing a mortgage loan. Introduction of mobile advisors for mortgage loans also significantly facilitated obtaining the loans. This service provides maximum assistance to the clients, considering that it facilitates their getting information on mortgage loans at the time and place that best suits them. The clients get maximum assistance from the beginning of the process of submission of loan applications to the end, considering that mobile advisors provide them with all the information they need, assisting them in collecting the necessary documents and also being able to submit the documents on behalf of the clients. 38

35 Poslovanje sa stanovništvom Poslovanje sa stanovništvom Segment za poslovanje sa stanovništvom nastavio je uspešno poslovanje i ostvario značajan rast i u toku godine. Ukupan broj klijenata je , što predstavlja povećanje od 20,2% u odnosu na prethodnu godinu. Ukupan portfelj kredita koji su plasirani fizičkim licima je 442,5 miliona evra i u ovom segmentu poslovanja zabeležen je godišnji rast od 25,7%. Ukupan iznos depozita stanovništvu je 720,9 miliona evra, što je rast od 31,5% u odnosu na prethodnu godinu, čime je potvrđeno veliko poverenje građana u štednju u Raiffeisen banci. U cilju pružanja najkvalitetnije usluge klijentima u oblasti stambenog kreditiranja, otvorene su specijalizovane ekspoziture Raiffeisen kuće, u kojima klijenti uz pomoć specijalista za stambene kredite mogu na jednom mestu dobiti sve informacije i kompletnu stručnu pomoć, od izbora stana do realizacije stambenog kredita. Uvođenje mobilnih savetnika za stambene kredite je takođe značajno olakšalo put do ovih kredita. Ovom uslugom se maksimalno izlazi u susret klijentima, budući da im je omogućeno da informacije o stambenom kreditu dobiju u vreme i na mestu koje njima najviše odgovara. Klijenti dobijaju maksimalnu pomoć od početka do kraja procesa podnošenja zahteva za kredit, jer mobilni savetnici pružaju sve potrebne informacije, pomažu pri prikupljanju neophodne dokumentacije i u mogućnosti su da dokumentaciju predaju umesto klijenta. 39

36 Consumer Banking In collaboration with Uniqa insurance, all the clients using cash, consumer, car loans and credit cards are provided with additional protection because, in the event of any of the accidents provided for by the insurance, the insurance company Uniqa will assume the obligation of repayment of the debt arising from the loan or credit card, on behalf of the client or his/her family. The total number of active VISA revolving cards at the end of 2007 amounted to 140,442, which was by 10.67% more than at the end of During 2007, the number of transactions carried out on the basis of this product alone was 2,157,983, reaching a turnover of more than EUR 65 million. In June 2007, Raiffeisen banka offered a new card product the MasterCard Installment credit card. The principle of functioning of this credit card is based on repayment of transactions carried out with the card based on a predetermined number of monthly installments (the number of installments and the interest rate amount depend on the transaction amount). By the end of 2007, Raiffeisen banka issued 9,912 MasterCard Installment credit cards, that had a turnover of more than EUR 6 million. In addition to the licence for accepting and processing VISA mobile service transactions, in the second half of 2007, Raiffeisen banka obtained a licence for accepting and processing MasterCard mobile service transactions. In the field of e-banking, clients have the possibility of issuing on-line orders for securities trading. Also available is the free payment service with authorisation via SMS codes, thanks to which dinar payments can be effected without the need to go to the bank and previously predefine the payment order. The quality of client services was additionally upgraded by implementing the Sales Force Effectiveness (SFE) Project in all the branch offices. This approach was extremely well received by the clients who were provided expert advice regarding the products and services that best suited their needs. The intensive development of the branch office network continued throughout 2007 as well, with the opening of 24 new branch offices, thanks to which the business network increased to 91 branch offices across the country. 40

37 Poslovanje sa stanovništvom U saradnji sa Uniqa osiguranjem, svi klijenti koji koriste gotovinske, potrošačke, auto kredite i kreditne kartice su dodatno zaštićeni, jer u slučaju nastanka nesrećnih slučajeva predviđenih osiguranjem, osiguravajuća kuća Uniqa preuzima otplatu duga po kreditu i kreditnoj kartici, umesto samog klijenta ili njegove porodice. Ukupan broj aktivnih VISA revolving kartica na kraju godine iznosi , što je za 10,67% više nego na kraju godine. Samo po ovom proizvodu, u toku godine realizovano je ukupno transakcija sa prometom od preko 65 miliona evra. U junu godine Raiffeisen banka je ponudila novi kartični proizvod, MasterCard Installment kreditnu karticu. Princip funkcionisanja ove kreditne kartice zasniva se na otplati transakcija napravljenih karticom na unapred utvrđeni broj mesečnih rata (broj rata i visina kamatne stope zavise od iznosa transakcije). Do kraja godine Raiffeisen banka je izdala MasterCard Installment kreditnih kartica koje su ostvarile promet od preko 6 miliona evra. Pored licence za prihvatanje i procesiranje VISA mobile service transakcija, u drugoj polovini godine, Raiffeisen banka je dobila licencu za prihvatanje i procesiranje MasterCard mobile service transakcija. U oblasti elektronskog bankarstva, klijentima je omogućeno elektronsko kreiranje naloga za trgovanje hartijama od vrednosti. Takođe, ponuđena je usluga slobodnog plaćanja uz autorizaciju putem SMS koda, koja omogućava dinarska plaćanja bez potrebe dolaska u banku i prethodnog predefinisanja naloga. Kvalitet usluga klijentima je dodatno unapređen implementacijom projekta povećanja efikasnosti prodaje (SFE Sales Force Effectiveness) u svim poslovnicama. Ovakav pristup je imao odličan prijem kod klijenata koji dobijaju stručan savet u vezi sa proizvodima i uslugama koje najviše odgovaraju njihovim potrebama. Intenzivan razvoj mreže poslovnica je nastavljen i u toku 2007 godine kada je otvoreno 24 novih poslovnica, čime je poslovna mreža povećana na 91 poslovnica širom zemlje. 41

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40 Small Enterprises and Micro Business Small Enterprises and Micro Business For the SE&M Division, that works with small enterprises and entrepreneurs (with an annual income of up to EUR 5 million) and micro companies and entrepreneurs (with an annual income of up to EUR 0.5 million), the past year was marked by an extraordinary growth trend in all the segments of its operation. The total number of clients at the end of 2007 was 23,956, representing an increase of 36.28% compared to the year before. The loan portfolio expanded by 11.48% in relation to 2006, reaching EUR million. The fact that has to be stressed in particular is the very dynamic activity which was evident in the field of loan placements based on direct cross-border financing, their value at the end of the year amounting to EUR 54.6 million. As a result, placements in the SE&M segment as of December 31, 2007, totalled EUR million, marking an increase of 46.82% in relation to The portfolio of approved guarantees and L/Cs also registered an increase of % in relation to the previous year, thanks to which its amount reached EUR 21 million at the end of The deposits segment also marked a growth of 47.51%, thanks to which the deposits portfolio reached EUR 72 million at the end of As regards the offer of products and services intended for small enterprises and entrepreneurs, the emphasis in 2007 was placed on standardising the existing offer and upgrading the models of loans, deposit and documentary products intended for the segments of operations involving small enterprises, micro companies and entrepreneurs. The products available for this segment of clients support a broad range of needs of enterprises and entrepreneurs, involving loans without firm collateral granted for a term of up to three years, which can be obtained in a matter of hours, framework lines with the possibility of renewal, general purpose loans for a term of up to five years, as well as MasterCard business credit cards catering for current needs of companies, and long-term loans for financing investments granted for a term of up to 12 years. In the micro companies and entrepreneurs segment, the offer available to lump sum tax payers was also extended by an investment credit granted for a term of up to five years, which was introduced as an addition to the already existing loan for working capital and the business credit card. A major novelty in the operation of both of these segments was the new approach introduced through the Sales Force Effectiveness Project, which contributed to increasing the quality of sales, as well as raising the level of efficiency and speed of operation. The advancement of the quality of sales ran parallel to achieving significant progress in reducing the time required for processing loan applications by decentralising and automating the process of work, as well as by using alternative sales channels (Contact Centre, direct sales agents, direct mailing offers sent to clients directly). The above improvements have contributed to our maintaining our competitive advantage in the market and achieving a high level of satisfaction of our clients. 44

41 Poslovanje sa malom privredom Poslovanje sa malom privredom Protekla godina je za Sektor poslovanja sa malim preduzećima i preduzetnicima (sa godišnjim prihodima do 5 miliona evra) i mikropreduzećima i preduzetnicima (sa godišnjim prihodima do 0,5 miliona evra) bila obeležena izuzetnim trendom rasta u svim domenima poslovanja. Ukupan broj klijenata na kraju godine iznosi , što, u odnosu na prethodnu godinu, predstavlja povećanje od 36,28%. Kreditni portfelj je povećan za 11,48% u odnosu na godinu i iznosi 157,5 miliona evra. Posebno treba istaći veoma dinamičnu aktivnost koja je ostvarena u domenu kreditnih plasmana putem direktnog finansiranja iz inostranstva, a koje je na kraju godine iznosilo ukupno 54,6 miliona evra. Ukupni plasmani maloj privredi na dan godine time iznose 212,1 miliona evra i povećani su u odnosu na godinu za 46,82%. Portfelj odobrenih garancija i akreditiva je takođe povećan u odnosu na prethodnu godinu i to za 131,31%, tako da je na kraju godine iznosio 21 milion evra. U segmentu depozita je takođe zabeležen porast za 47,51%, tako da depozitni portfelj na kraju godine iznosi 72 miliona evra. Kad je reč o ponudi proizvoda i usluga namenjenih maloj privredi, u toku godine je akcenat stavljen na standardizaciju postojeće ponude i unapređenju modela kreditnih, depozitnih i dokumentarnih proizvoda, namenjenih kako segmentu malih, tako i segmentu mikropreduzeća i preduzetnika. Ponuda proizvoda ovom segmentu klijenata pokriva širok spektar potreba preduzeća i preduzetnika, počev od kredita bez čvrstog obezbeđenja na rok do tri godine koji se odobravaju u roku od nekoliko sati, preko okvirnih linija sa mogućnošću obnavljanja i kredita za opšte namene na rok do pet godina, MasterCard biznis kreditnih kartica za tekuće potrebe preduzeća, pa sve do dugoročnih kredita za finansiranje investicija na rok do 12 godina. U segmentu mikropreduzeća i preduzetnika, ponuda za paušalne poreske obveznike je dopunjena i investicionim kreditom do pet godina, pored dotadašnje ponude koju je činio kredit za obrtna sredstva i biznis kreditna kartica. Veliku novinu u poslovanju oba segmenta predstavlja novi pristup koji je uveden kroz Projekat povećanja efikasnosti prodaje, a koji je doprineo poboljšanju kvaliteta prodaje, kao i podizanju efikasnosti i brzine rada. Pored unapređenja kvaliteta prodaje, učinjen je značajan napredak u pogledu skraćenja procesa obrade kreditnih zahteva, putem decentralizacije i automatizacije procesa rada, kao i korišćenjem alternativnih kanala prodaje (Kontakt centar, direktni agenti prodaje, slanje direktnih ponuda klijentima). Pomenuta poboljšanja doprinela su očuvanju konkuretne prednosti na tržištu i postizanju visokog nivoa zadovoljstva klijenata. 45

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44 Treasury and Investment Banking Treasury and Investment Banking Foreign currency trading In 2007, Raiffeisen banka retained its leading position in the market with regard to trading in foreign currency and banknotes. Within the total volume of foreign exchange trade, the market share achieved by trading with corporate clients accounted for 19.01%, while the share representing trading with banks accounted for 13.68%. The dynamic of offer and demand on the market led to a significant growth in the annual interbank trade turnover, from EUR 7.2 billion in 2006 to EUR 23.0 billion in 2007, also leading to an enhancement of the volatility of the euro to dinar exchange rate. In the second half of the year, banks reached an agreement on further advancing SPOT trade and introducing new mechanisms in the system of trading, which are going to be implemented during the course of In reference to the foreign exchange rate policy, the National Bank of Serbia shifted to the flexible foreign exchange management regime in 2007, significantly reducing its presence in the foreign currency market (in 2006, the NBS intervened 132 times, and in 2007 only 17 times). The scope of NBS interventions in 2007 amounted to EUR million. Furthermore, starting from June, the NBS also sold euros in a direct trade with banks based on the inflow coming from authorised exchange offices, in amounts not exceeding EUR 3.0 million a day. Money Market The National Bank of Serbia kept its restrictive monetary policy course. The basic instrument used to this effect was reference rate (two-week repo). Reference rate early in 2007 amounted to 14%, gradually dropping to the level of 9.5%, only to be raised by the NBS to 10% late in the year in accordance with the development of basic inflation and the objective for The scope of interest in placements in repo transactions and NBS bills remained at an enviable level throughout the whole year. The year 2007 marked a growth trend in transactions in the interbank money market. The biggest growth was registered in O/N placements in the local and foreign currencies. At the initiative of Raiffeisen banka, the NBS assumed the task of collecting data about O/N placements among banks, enhancing the credibility and depth of the entire banking market by the published data BEONIA (Belgrade Over Night Index Average), which has been published daily by the National Bank of Serbia, on its internet page. 48

45 Sredstva i investiciono bankarstvo Sredstva i investiciono bankarstvo Trgovanje devizama Raiffeisen banka je u godini očuvala lidersku poziciju na tržištu u trgovanju devizama i efektivnim stranim novcem. U ukupnoj trgovini devizama, sa korporativnim klijentima ostvareno je tržišno učešće od 19,01%, dok je u trgovini sa bankama udeo iznosio 13,68%. Dinamika ponude i tražnje na tržištu je dovela do značajnog rasta u godišnjem prometu trgovanja među bankama, sa 7,2 milijardi evra u na 23,0 milijardi evra u godini, kao i do povećane volatilnosti kursa dinara u odnosu na evro. U drugoj polovini godine banke su postigle dogovor o daljem unapredenju SPOT trgovine i uvođenju novih mehanizama u sistem trgovanja, koji će biti implementirani tokom godine. Što se tiče politike deviznog kursa, Narodna Banka Srbije je u drugoj polovini godine prešla na režim fleksibilnog deviznog kursa i značajno smanjila svoje prisustvo na deviznom tržištu (2006. godine NBS je intervenisala 132 puta, a godine samo 17 puta). Obim intervencija NBS u godini iznosio je 135,5 miliona evra. Takođe, počevši od juna, NBS je prodavala evre i u direktnoj trgovini sa bankama, iz priliva od ovlašćenih menjača, i to u iznosima koji nisu prelazili tri miliona evra dnevno. Tržište novca Narodna banka je zadržala restriktivni kurs monetarne politike. Kao osnovni instrument korišćena je referentna stopa (dvonedeljni repo). Referentna stopa je početkom godine iznosila 14%, i postepeno se spuštala na nivo od 9,5%, da bi, u skladu sa razvojem bazne inflacije i ciljem za godinu, NBS na kraju godine podigla referentnu kamatnu stopu na 10%. Interesovanje za plasmane u repo poslove i blagajničke zapise NBS je ostalo na zavidnom nivou tokom čitave godine. U godini zabeležen je trend rasta transakcija na međubankarskom novčanom tržištu. Najveći rast zabeležili su O/N plasmani u domaćoj i stranoj valuti. Na inicijativu Raiffeisen banke, NBS je preuzela na sebe prikupljanje podataka o O/N plasmanima između banaka, dajući kredibilitet i dubinu celog bankarskog tržišta u publikovanom podatku BEONIA (Belgrade Over Night Index Average), koji sada, uz ostale stope, Narodna Banka Srbije objavljuje dnevno na svojoj internet stranici. 49

46 Treasury and Investment Banking Investment Banking and Brokerage Department During the course of 2007, Raiffeisen banka achieved significant business results in the segment of investment banking. In securities trading, the bank positioned itself as one of the leaders among the banks authorised for trading on the stock exchange. Investment Banking and Brokerage Department achieved record results in both dealing and brokerage operations. In the area of corporate activities in 2007, the bank organised share issues for local public companies. The bank was the first in the country to provide the service of e-trade via its RaiffeisenOnLine system. Custody Services Changes in the legal regulations made it possible for the bank to develop and offer two completely new products to the market: custody services for cross-border securities transactions, and the provision of custody services for funds. These products have been developed fully in line with RZB Group standards. The volume of deposited clients asset with the bank continued to grow in 2007, along with an extension of the client base. The bank continued to hold the leading position in the market with regard to the number and scope of transactions. Financial Institutions Correspondence Department Thanks to its contacts with financial institutions, the Financial Institutions Correspondence Department contributed to maintaining the required level of liquidity of the bank in The support provided by Raiffeisen Zentralbank Österreich AG and Raiffeisen International Bank- Holding AG was, as in the previous years, of great significance for the activities of the Financial Institutions Correspondence Department. Within the framework of correspondent bank relations, there was a notable interest of foreign banks for opening loro accounts in the local and foreign currencies. Research and Analysis Department The Research and Analysis Department was established in July 2007, as part of the Treasury and Investment Banking Division, with the purpose of providing support for in-house users (Investment Banking and Brokerage Department and the newly established Pension and Investment Fund companies), as well as for the bank s clients, in investing in the capital market. In its operation so far, the department has created data bases encompassing macro-economic data (both historical time series, and respective forecasts for certain indicators trends), as well as a fundamental analysis out of companies listed on the Belgrade Stock Exchange. A distinctive brand has been created in collaboration with RZB Group analysts, Raiffeisen Research, which has positioned itself in the market of Central and Eastern Europe as the leader in providing timely and quality reports about the developments in the capital market. 50

47 Sredstva i investiciono bankarstvo Odeljenje za investiciono bankarstvo i brokersko-dilerske poslove Raiffeisen banka je tokom godine ostvarila značajne poslovne uspehe u segmentu investicionog bankarstva. U trgovanju hartijama od vrednosti banka se pozicionirala kao jedan od lidera među bankama ovlašćenim za trgovanje na berzi. Odeljenje za investiciono bankarstvo i brokersko-dilerske poslove je ostvarilo rekordne rezultate kako u dilerskim tako i u brokerskim operacijama. U domenu korporativnih aktivnosti, banka je u godini organizovala postupke izdavanja akcija za domaća akcionarska društva. Banka je prva u zemlji ponudila i uslugu elektronskog trgovanja putem sistema RaiffeisenOnLine. Kastodi usluge Izmenama zakonske regulative omogućeno je da banka razvije i ponudi dva potpuno nova proizvoda na tržištu: kastodi usluge za transakcije hartijama od vrednosti u inostranstvu i pružanje kastodi usluga fondovima. Ovi proizvodi su u potpunosti razvijeni u skladu sa standarima RZB grupacije. U godini nastavljen je rast deponovane imovine klijenata kao i širenje klijentske baze. Banku i dalje karakteriše liderska pozicija na tržištu u pogledu broja i obima transakcija. Odeljenje za odnose sa finansijskim institucijama U godini Odeljenje za odnose sa finansijskim institucijama je kroz kontakte sa finansijskim institucijama doprinelo održavanju potrebnog nivoa likvidnosti banke. Podrška Raiffeisen Zentralbank Österreich AG i Raiffeisen International Bank-Holding AG bila je, kao i u prethodnim godinama, od velikog značaja za aktivnosti Odeljenja za odnose sa finansijskim institucijama. U delu korespondentskih odnosa, primetno je bilo interesovanje stranih banaka za otvaranjem loro računa u domaćoj i stranoj valuti. Odeljenje za istraživanje i analizu Odeljenje za istraživanje i analizu je osnovano u julu godine u okviru Sektora sredstava i investicionog bankarstva, sa ciljem pružanja podrške kako internim korisnicima (Odeljenju za investiciono bankarstvo i brokersko-dilerske poslove i novoosnovanim društvima za upravljanje dobrovoljnim penzijskim i investicionim fondovima), tako i klijentima banke pri investiranju na tržištu kapitala. U svom dosadašnjem radu ovo odeljenje je stvorilo baze podataka koje obuhvataju makroekonomske podatke (kako istorijske vremenske serije, tako i respektivne prognoze kretanja pojedinih indikatora), kao i analizu finansijskih podataka i poslovnih aktivnosti preduzeća koja su uključena u trgovanje na Beogradskoj berzi. U saradnji sa analitičarima iz RZB grupacije, kreiran je jedinstven i prepoznatljiv brend»raiffeisen Research«, koji se na tržištu centralne i istočne Evrope pozicionirao kao lider u pružanju pravovremenih i kvalitetnih izveštaja o dešavanjima na tržištu kapitala. 51

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50 Raiffeisen Leasing d.o.o. Raiffeisen Leasing d.o.o. Raiffeisen Leasing d.o.o. has been established with the purpose of promoting leasing activities in Serbia, and at the same time extending the range of services of Raiffeisen Banking Group in this market. It was founded on February 10, 2003, with its headquarters in Belgrade, whereby the scope of services offered by Raiffeisen Group at the Serbian market has been expanded, both for legal entities and for citizens. The company started operating in April the same year. The shareholders of Raiffeisen Leasing d.o.o. are: Raiffeisen-Leasing International GmbH, the leading leasing group in Central and Eastern Europe with 50% Raiffeisen banka a.d, the leading bank with foreign capital operating in Serbia, with 50%. Raiffeisen Leasing d.o.o. is governed by the General Assembly on behalf of its shareholders. The General Assembly meets at least three times a year, deciding on strategic issues and directing the business activities of the company. By fostering the high professional standards set by its founders, Raiffeisen Leasing d.o.o. provides its clients with superior quality products and services, as well as with a complete overview, in terms of the structure and simplicity of all the transactions involved. In the course of 2007, Raiffeisen Leasing d.o.o. has continued being one of the leading leasing companies in Serbia and experienced a satisfactory business year, retaining the acceptable market share, which reached 20.13% at the end of the year. All its product areas recorded positive growth. Official statistics of the Association of Leasing Companies show Raiffeisen Leasing d.o.o. to be the second best leasing company in Serbia in Raiffeisen Leasing d.o.o. succeeded in maintaining its position in the market as second best, in view of the activated new business of million euros, generated through equipment and vehicle financing. Vehicle and equipment financing continued to show positive developments. Raiffeisen Leasing d.o.o. continued its development, in terms of both improvement of its products and constant development of the leasing services provided to its clients. A total of 3,946 vehicle leasing contracts amounting to million euros were concluded in Equipment leasing in the corporate segment continued its growth throughout A total of 447 equipment leasing contracts amounting to million euros were concluded in 2007, resulting mainly from increasing volumes in the sectors of construction equipment, agricultural equipment, filling machines, IT equipment, printing as well as medical equipment. The total net outstanding portfolio at the end of the year was million euros. Statistics regarding the items leased is as follows: vehicles % and equipment 9.20%. During the course of 2007, Raiffeisen Leasing d.o.o. continued to expand its branch network by opening one new branch office in order to meet requirements of its clients throughout Serbia. At the year end Raiffeisen Leasing d.o.o. had seven branches besides the head office in Belgrade: Novi Sad, Subotica, Niš, Kragujevac, Čačak, Šabac and Kruševac. The opening of new branches will remain one of the most important priorities in the year 2008 as well. The number of our employees kept growing and the year was finished with a team of 102 people. Priorities for the year 2008 will be developing a long-term cooperation with the clients by highly professional work and constant innovation of products offered. Next year is expected to be marked by an increase in the scope of financing, particularly of different kinds of equipment, as well as by a larger scope of cooperation and cross-selling with Raiffeisen banka a.d. 54

51 Raiffeisen Leasing d.o.o. Raiffeisen Leasing d.o.o. Kompanija Raiffeisen Leasing d.o.o. osnovana je sa ciljem promovisanja aktivnosti lizinga u Srbiji, kao i proširenja asortimana usluga Raiffeisen bankarske grupacije na ovom tržištu. Osnovana je 10. februara godine, sa sedištem u Beogradu, čime je proširen obim usluga u ponudi Raiffeisen grupacije na srpskom tržištu, kako za pravna tako i za fizička lica. Kompanija je počela da posluje u aprilu iste godine. Osnivači kompanije Raiffeisen Leasing d.o.o. su: Raiffeisen-Leasing International GmbH, vodeća lizing grupacija u centralnoj i istočnoj Evropi, sa 50% Raiffeisen banka a.d, vodeća banka sa stranim kapitalom koja posluje u Srbiji, sa 50%. Kompanijom Raiffeisen Leasing d.o.o rukovodi Skupština u ime akcionara. Skupština se sastaje najmanje tri puta godišnje, donosi odluke o strateškim pitanjima i upravlja poslovnim aktivnostima kompanije. Negujući visoke profesionalne standarde koje su postavili njeni osnivači, Raiffeisen Leasing d.o.o. obezbeđuje svojim klijentima proizvode i usluge visokog kvaliteta, kao i kompletan pregled u smislu strukture i jednostavnosti relevantnih transakcija. U toku godine, kompanija Raiffeisen Leasing d.o.o. ostala je jedna od vodećih lizing kompanija u Srbiji i imala je dobru poslovnu godinu, zadržavši prihvatljiv udeo na tržištu, koji je dostigao 20,13% na kraju godine. Sve proizvodne oblasti kompanije zabeležile su pozitivan rast. Prema zvaničnim statističkim podacima Asocijacije lizing kompanija, Raiffeisen Leasing d.o.o. je u zauzeo drugo mesto među lizing kompanijama u Srbiji. Kroz finansiranje opreme i vozila, Raiffeisen Leasing d.o.o. je u godini plasirao iznos od 139,70 miliona evra, zahvaljujući čemu je uspeo da održi poziciju drugoplasirane kompanije na tržištu. Finansiranje opreme i vozila nastavili su svoj pozitivan trend razvoja. Raiffeisen Leasing d.o.o. se i dalje razvijao, kako putem poboljšanja proizvoda, tako i u smislu stalnog unapređenja usluga lizinga za klijente. U godini zaključeno je ukupno ugovora o lizingu vozila, u ukupnom iznosu od 101,71 miliona evra. Poslovi u vezi sa lizingom opreme u korporativnom segmentu beležili su stalni rast tokom godine. Tokom godine zaključeno je ukupno 447 ugovora o lizingu opreme, u ukupnom iznosu od 37,99 miliona evra, što je pre svega rezultat rasta u oblastima lizinga građevinske opreme, poljoprivrednih mašina, opreme za punjenje i pakovanje, kompjuterske opreme, štamparskih mašina kao i medicinske opreme. Ukupni neto iznos portfelja na kraju godine bio je 231,09 miliona evra. Statistički podaci o stavkama koje su bile predmet lizinga su sledeći: vozila 88,10 % i oprema 9,20%. Tokom godine, Raiffeisen Leasing d.o.o. je nastavio da proširuje svoju mrežu filijala, otvorivši još jednu filijalu, kako bi odgovorio na zahteve klijenata širom Srbije. Na kraju godine, Raiffeisen Leasing d.o.o. je imao, pored sedišta u Beogradu, još sedam ogranaka: u Novom Sadu, Subotici, Nišu, Kragujevcu, Čačku, Šapcu i Kruševcu. Otvaranje novih filijala ostaće jedno od najvažnijih prioriteta i u godini. Broj zaposlenih se stalno povećavao i na kraju godine iznosio je 102. Prioriteti za godinu uključuju dugoročnu saradnju sa klijentima putem visoko profesionalnog rada i stalne inovacije proizvoda u ponudi za klijente. U sledećoj godini očekuje se rast u obimu finansiranja, naročito kada je reč o različitim vrstama opreme, kao i u oblasti saradnje i unakrsne prodaje sa Raiffeisen bankom a.d. 55

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54 Raiffeisen Future Raiffeisen Future Raiffeisen Future a.d. Belgrade, Voluntary Pension Fund Management Company, achieved the highest growth in the value of investment unit in the market from the beginning of its operation till December 31, 2007 inclusive, thus taking the lead position in its segment of operation, with since inception return of 19.46%. In the first year of its operation, 5,498 members laid trust in the company. The asset under management reached the amount of RSD 122 million (EUR 1,541,319) at the end of the year. The average monthly contribution paid amounted to RSD 4,180, with 98% of the members regularly paying their monthly contributions. In regard to the structure of the members of the fund, 88% of them are employees, with their employers paying their additional pension contributions, while 12% of the members are citizens who have opted for paying the contributions by themselves. Raiffeisen banka, a shareholder and founder of the company is the only bank in Serbia for the time being, registered as an intermediary in the operations of voluntary pension funds. A major advantage of Raiffeisen Future is the bank s developed network, where minimum personal engagement is required by members when joining the fund, as well as in their effecting payments or drawing funds, submitting applications for transferring assets to another fund, and other services. 58

55 Raiffeisen Future Raiffeisen Future Raiffeisen Future a.d. Beograd, Društvo za upravljanje dobrovoljnim penzijskim fondom, je od početka poslovanja, zaključno sa godine, ostvarilo najveći rast vrednosti investicione jedinice na tržištu i tako zauzelo prvo mesto u svom segmentu, sa ostvarenim prinosom od 19,46%. U prvoj godini poslovanja, poverenje društvu ukazalo je članova. Imovina članova fonda kojom društvo upravlja dostigla je iznos na kraju godine od 122 miliona dinara ( evra). Prosečan uplaćeni doprinos za 12 meseci iznosio je dinara mesečno, pri čemu 98% članova redovno uplaćuje mesečne doprinose. Što se tiče strukture članova fonda, 88% članova su zaposleni za koje poslodavac uplaćuje dopunske penzijske doprinose, a 12% članova su fizička lica koja su se opredelila da samostalno uplaćuju sredstva. Raiffeisen banka, akcionar i osnivač društva, za sada je jedina banka u Srbiji registrovana kao posrednik u poslovanju dobrovoljnih penzijskih fondova. Velika prednost Raiffeisen Future je upravo razvijena mreža banke koja obezbeđuje minimalno lično angažovanje članova za pristupanje fondu, za uplate i isplate sredstava, podnošenje zahteva za transfer iz fonda u fond i ostale usluge. 59

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58 Raiffeisen Invest Raiffeisen Invest Raiffeisen INVEST a.d. Belgrade Investment Fund Management Company received the operating license from the Securities and Exchange Commission on May 31, Raiffeisen INVEST a.d. Belgrade is the first investment fund management company on our market whose sole founder is a commercial bank. In accordance with the investment objective and its investment policy, respectively, the company has organized and it manages the open-end investment fund Raiffeisen AKCIJE, which is an equity fund. Professional asset management, diversification, liquidity, ease of investment, accessibility and transparency, are some of the advantages of investing provided by the fund Raiffeisen AKCIJE. At the end of 2007, the total assets of the fund Raiffeisen AKCIJE amounted to EUR 14.3 million, representing a market share of 28%. The Raiffeisen AKCIJE fund had around members. Raiffeisen INVEST a.d. Belgrade plans to extend the range of funds it offers, in order to provide its clients with the possibility of investing their resources in accordance with their investment objectives. 62

59 Raiffeisen Invest Raiffeisen Invest Raiffeisen INVEST a.d. Beograd Društvo za upravljanje investicionim fondovima je dana godine od Komisije za hartije od vrednosti dobilo rešenje o davanju dozvole za rad. Raiffeisen INVEST a.d. Beograd je osnovano kao prvo društvo za upravljanje investicionim fondovima na našem tržištu čiji je isključivi osnivač poslovna banka. U skladu sa odabranim investicionim ciljem, odnosno investicionom politikom, društvo je organizovalo i upravlja otvorenim investicionim fondom Raiffeisen AKCIJE, koji predstavlja fond rasta vrednosti imovine. Profesionalno upravljanje imovinom, diversifikacija, likvidnost, jednostavnost ulaganja, pristupačnost i transparentnost su neke od prednosti ulaganja koje pruža fond Raiffeisen AKCIJE, otvoreni investicioni fond. Na kraju godine ukupna imovina fonda Raiffeisen Akcije iznosila je 14,3 miliona evra, što predstavlja 28% tržišnog učešća. Broj članova otvorenog investicionog fonda Raiffeisen Akcije iznosio je oko članova. Raiffeisen INVEST a.d. Beograd planira da proširi ponudu fondova, kako bi klijentima omogućio da investiraju sredstva u skladu sa njihovim investicionim ciljevima. 63

60 Branch Network Mreža filijala / Branch Network Beograd 1 Beograd 2 Južna Vojvodina Severna Vojvodina Bezistan Aerodrom Bačka Palanka Bačka Topola Terazije 27 Aerodrom Nikola Tesla Beograd Kralja Petra I 11 Glavna 17 Đeram Banovo brdo I Inđija Kikinda Bulevar kralja Aleksandra 171 Požeška 41 Novosadska 9 Trg srpskih dobrovoljaca 28 Grgeč Banovo brdo II Novi Sad - Metro Senta Bulevar kralja Aleksandra 62 Požeška 81 Put novosadskog partizanskog odreda 3 Glavni trg 8 Centar Batajnica Novi Sad II Sombor Đure Jakšića 8 Majora Zorana Radosavljevića 181 Bulevar oslobođenja 56a Avrama Mrazovića 1 Crveni krst Bežanijska kosa Novi Sad II Subotica Mileševska 65 Partizanske avijacije bb - T.C. IDEA Fruškogorska 16 a Trg slobode 5 Dorćol Bulevar Mihajla Pupina Novi Sad III Cara Dušana 78 Bulevar Mihajla Pupina 181 Trg slobode 3, Apolo centar Francuska GTC Novi Sad IV Francuska 6 Bulevar Zorana Đinđića 64a Bulevar oslobođenja 76a Ilije Garašanina Lazarevac Novi Sad V Ilije Garašanina 4-6 Dimitrija Tucovića 1 Bulevar cara Lazara bb Metro Krnjača Merkator Vrbas Zrenjaninski put 11m Bulevar umetnosti 4 Ive Lole Ribara 16 Pančevo Metro Galenika Zrenjanin Petra Drapšina 4-6 Naselje Galenika Kralja Aleksandra Karađorđevića 41 Požarevac Obrenovac Moše Pijade 10 Kneza Mihajla 6 Resavska 22 Sajam Resavska 22 Bulevar vojvode Mišića Resavska 29 Srbijašume Resavska 29 Bulevar Mihajla Pupina 113 Resavska 66 Stara Pazova Resavska 66 Kralja Petra I 1 Ruzveltova TC Piramida Ruzveltova 10 Jurija Gagarina 151 Sarajevska TC Rodić Sarajevska 3 Đorđa Stanojevića 35 Slavija Uniqa Bulevar oslobođenja 7-9 Milutina Milankovića 134 Smederevo Voždovac Karađorđeva 18 Bulevar vojvode Stepe 199 Terazije Terazije 40 Zemun Glavna 13m Vršac Zemun II Omladinski trg 17 Prvomajska 101 Grocka Žarkovo Srpsko-grčkog prijateljstva 1-3 Trgovačka 5 Mirijevo Hyatt Mirijevski venac 27 Milentija Popovića 5 Grand Casino Bulevar Nikole Tesle 3 YUBC-Mortgage Centre Bulevar Mihajla Pupina 10a 64

61 Mreža filijala Centralnozapadna Srbija Jugozapadna Srbija Šumadija Južna Srbija Loznica Čačak I Aranđelovac Bor Kneza Miloša 2 Gradsko šetalište bb Knjaza Miloša 259 Nikole Pašića 5 Ruma Čačak II Jagodina Leskovac Orlovićeva 4 Gospodar Jovanova 26 Kneginje Milice 12 Bulevar oslobođenja 154 Sremska Mitrovica Čačak Merkator Kragujevac Niš I Kralja Petra I 24 Braće Spasića bb Save Kovačevića 1 Svetozara Markovića 12 Šabac Gornji Milanovac Kragujevac II Niš II Masarikova 9 Karađorđeva 1 Kneza Miloša 12 Borivoja Gojkovića 7 Valjevo Ivanjica Kragujevac Metro Niš Metro Karađorđeva 114 Milinka Kušića 15 Lepenački bulevar bb Milke Protić 1 Kraljevo Kruševac Pirot Hajduk Veljkova 16 Stojana Miloševića 2 Pirotskih oslobodilaca bb Novi Pazar Paraćin Vranje Stefana Nemanje bb Vožda Karađorđa 31 Stefana Prvovenčanog 58 Prijepolje Zaječar Valterova 20 Krfska 16 Užice Dimitrija Tucovića 91 Region Lokalna filijala Ekspozitura Šalter 65

62 Organizational Chart Organizaciona struktura banke Organizational Chart CHAIRMAN OF THE MANAGING BOARD MEMBER OF THE MANAGING BOARD/ RETAIL BANKING Risk Management Division Advisor to the Managing Board Consumer Branch Distribution Division Corporate Credit Risk Management Department Managing Board Office Branch Sales Department Credit Analysis Department Credit Portfolio Management Department Consumer & Micro Clients Risk Management Department SE Risk Management Department Human Resources Department Internal Audit Department Marketing & PR Department Compliance Department Branch Service Department Mortgage Business Department Affluent Banking Department Alternative Sales Channels Division Market & Operational Risk Management Department Contact Centre Department Collateral Management Department Retail Sales Finance Department Workout Department E-Channels sales Department Legal Division DSA Coordination Department Corporate Legal Department SE & M Banking Division Private Individuals Legal Department SE Sales Department SE & M Legal Department Micro Sales Department General Legal Department SE & M Process Management and Support Department Accounting And Controlling Division Retail Products Division Accounting Department Cards Business Department Controlling Department PI Loans & Insurance Department PI Liability Department SE &M Product Department Financial and Statistical Analysis Department Central Loan Department 66

63 Organizaciona struktura banke MEMBER OF THE MANAGING BOARD/ CORPORATE BANKING DEPUTY CHAIRMAN OF THE MANAGING BOARD/ TREASURY & INVESTMENT BANKING MEMBER OF THE MANAGING BOARD/ OPERATIONS, GENERAL SERVICES & IT Corporate Relationship Management Division Corporate Relationship Management Department 1 Treasury & Investment Banking Division FX & MM Department Operations Division Treasury & Investment Banking Back Office Department Corporate Relationship Management Department 2 Corporate Sales Department Payments Department Corporate Coordination Department Corporate Products Division Credit Department 1 Credit Department 2 Factoring Department Financial Institution Correspondence Department Assets & Liability Management Department Investment Banking & Brokerage Department Research and Analysis Department Subsidiary Companies Central Customer Service Department Central Vault Department Credit Administration Department Organization & Process Management Department Collection Department Advisor to the Managing Board Raiffeisen Invest a.d. Cash Management Department Subsidiary Companies Raiffeisen Future a.d. Documentary Business & Guarantees Department Raiffeisen Leasing d.o.o. General Services Division Facility Management & General Administration Department Branch Development Department Property Project Management Department Security Department IT Services Division IT Infrastructure & Operations Department IT Development Department E-Channels Support Department IT Application Delivery & Support Department 67

64 Raiffeisen Banka s Addresses in Serbia Raiffeisen Banka s Addresses in Serbia SERBIA Raiffeisen banka a.d. Head Office Bulevar Zorana Đinđića 64a Novi Beograd Fax: ( ) SWIFT Code:RZBSRSBG Regional Centres Belgrade I Bezistan - Terazije 27 Phone: ( ) Belgrade II Srbijašume, Bulevar Mihajla Pupina 113 Phone: ( ) Novi Sad Bulevar oslobođenja 56a, Novi Sad Phone: ( ) Subotica Trg slobode 5, Subotica Phone: ( ) Čačak Gradsko šetalište BB, Čačak Phone: ( ) Šabac Masarikova 9, Šabac Phone: ( ) Kragujevac Save Kovačevića 1, Kragujevac Phone: ( ) Niš Svetozara Markovića 12, Niš Phone: ( ) Branches Belgrade I Region Beograd Resavska 22 Resavska 29 Resavska 66 Terazije 40 Terazije 27 Ruzveltova 10 Bulevar Kralja Aleksandra 62 Bulevar kralja Aleksandra 171 Đure Jakšića 8 Francuska 6 Ilije Garašanina 4-6 Cara Dušana 78 Sarajevska 3 Mileševska 65 Zrenjaninski put 11M Mirjevski Venac 27 Bulevar oslobođenja 7-9 Vršac Omladinski trg 17 Phone: ( ) Požarevac Moše Pijade 10 Phone: ( ) Grocka Srpsko-grčkog prijateljstva 1-3 Smederevo Karađorđeva 18 Phone: ( ) Pančevo Petra Drapšina 4-6 Phone: ( )

65 Raiffeisen Banka s Addresses in Serbia Belgrade I Region Beograd Bulevar Zorana Đinđića 64a Bulevar Mihajla Pupina 113 Bulevar umetnosti 4 Glavna 13m, Zemun Prvomajska 101, Zemun Naselje Galenika Aerodrom Nikola Tesla Beograd Đorđa Stanojevića 35 Milutina Milankovića 134 Partizanske avijacije bb - T.C. IDEA Bulevar Mihajla Pupina 181 Jurija Gagarina 151 Požeška 41 Požeška 81 Bulevar vojvode Mišića Trgovačka 5 Bulevar vojvode Stepe 199 Lazarevac Dimitrija Tucovića 1 Batajnica Majora Zorana Radosavljevića 181 Obrenovac Kneza Mihajla 6 Stara Pazova Kralja Petra I 1 Phone: ( ) Southern Vojvodina Region Novi Sad Bulevar oslobođenja 56a Phone: ( ) Fruškogorska 16 a Phone: ( ) Trg slobode 3, Apolo centar Phone: ( ) Put novosadskog partizanskog odreda 3 Phone: ( ) Bulevar Oslobođenja 76a Phone: ( ) Bulevar Cara Lazara Bb Phone: ( ) Zrenjanin Kralja Aleksandra Karađorđevića 41 Phone: ( ) Vrbas Ive Lole Ribara 16 Phone: ( ) Bačka Palanka Kralja Petra I 11 Phone: ( ) Inđija Novosadska 9 Phone: ( ) Northern Vojvodina Region Subotica Trg slobode 5 Phone: ( ) Bačka Topola Glavna 17 Phone: ( ) Sombor Avrama Mrazovića 1 Phone: ( ) Senta Glavni trg 8 Phone: ( ) Kikinda Trg srpskih dobrovoljaca 28 Phone: ( )

66 Raiffeisen Banka s Addresses in Serbia Central-Western Serbia Region Šabac Masarikova 9 Phone: ( ) Valjevo Karađorđeva 114 Phone: ( ) Sremska Mitrovica Kralja Petra I 24 Phone: ( ) Ruma Orlovićeva 4 Phone: ( ) Loznica Kneza Miloša 2 Phone: ( ) South-Western Serbia Region Čačak Gradsko šetalište bb Phone: ( ) Čačak II Gospodar Jovanova 26 Phone: ( ) Braće Spasića bb Phone: ( ) Novi Pazar Stefana Nemanje bb Phone: ( ) Ivanjica Milinka Kušića 15 Phone: ( ) Prijepolje Valterova 20 Phone: ( ) Užice Dimitrija Tucovića 91 Phone: ( ) Kraljevo Hajduk Veljkova 16 Phone: ( ) Gornji Milanovac Karađorđeva 1 Phone: ( ) Šumadija Region Kragujevac Save Kovačevića 1 Phone: ( ) Lepenački bulevar bb Phone: ( ) Kneza Miloša 12 Phone: ( ) Kruševac Stojana Miloševića 2 Phone: ( ) Paraćin Vožda Karađorđa 31 Phone: ( ) Jagodina Kneginje Milice 12 Phone: ( ) Aranđelovac Knjaza Miloša 259 Phone: ( ) Southern Serbia Region Niš Svetozara Markovića 12 Phone: ( ) Milke Protić 1 Phone: ( ) Borivoja Gojkovića 7 Phone: ( ) Bor Nikole Pašića 5 Phone: ( ) Zaječar Krfska 16 Phone: ( ) Vranje Stefana Prvovenčanog 58 Phone: ( ) Pirot Pirotskih oslobodilaca bb Phone: ( ) Leskovac Bulevar oslobođenja 154 Phone: ( )

67 Raiffeisen banka a.d. Beograd Financial Statements For the year ended 31 December 2007 Prepared under International Financial Reporting Standards Deloitte d.o.o. Beograd Belgrade, 27 February 2008

68 RAIFFEISEN BANKA A.D., BEOGRAD Financial Statements For the year ended 31 December 2007 Prepared under International Financial Reporting Standards and Independent Auditors Report

69 Deloitte d.o.o. Makenzijeva Belgrade Serbia Tel: ; Fax: ; Business Registry Agency, registry number 4290 Raiffeisenbank a.d., Bulevar AVNOJ-a no. 64a Business account no Tax identification number Inscribed and paid capital ,06 EUR INDEPENDENT AUDITORS REPORT To the Board of Directors and Shareholders of Raiffeisen banka A.D., Beograd We have audited the accompanying financial statements of Raiffeisen banka A.D., Beograd (the Bank ), which comprise the balance sheet as of December 31, 2007, and the related statements of income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes. The financial statements of the Bank as of and for the year ended December 31, 2006, were audited by another auditor whose report dated February 28, 2007 expressed an unqualified opinion on those statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Raiffeisen banka A.D., Beograd as of December 31, 2007, and its financial performance, changes in equity and its cash flows for the year then ended in accordance with the Intemational Financial Reporting Standards Deloitte d.o.o Belgrade February 27, 2008 Audit. Tax. Consulting. Financial Advisory. Member of Deloitte Touche Tohmatsu

70 Financial Statement INCOME STATEMENT For the Year Ended December 31, 2007 Audited by another auditor In thousands of RSD Notes Interest and similar income 3(c),6 11,391,556 10,283,596 Interest and similar expenses 3(c),6 (3,590,912) (3,880,764) Net interest income 7,800,644 6,402,832 Fee and commission income 3(d),7 3,209,664 2,549,974 Fee and commission expenses 3(d),7 (816,762) (766,854) Net fee and commission income 2,392,902 1,783,120 Net trading income 3(b),8 1,126, ,602 Other operating income 9 97,228 23,875 Loss on impairment and uncollectability and provisions 3(f),10 (639,834) (1,091,110) Administrative expenses 11 (6,192,308) (4,978,692) Other operating expenses 9 (56,361) (43,609) Profit before tax 4,528,911 2,432,018 Income tax 3(j),12 (62,510) 19,365 Net profit for the year 4,466,401 2,451,383 The accompanying notes form an integral part of these financial statements. These financial statements were approved by the management of Raiffeisen banka A.D., Beograd on February 27, 2008 Signed on behalf of Raiffeisen banka A.D., Beograd Oliver Roegl President of the Executive Board Zoran Petrović Member of the Executive Board 82