godišnji izveštaj 2006 united in trust. annual · pdf fileanaliza poslovanja 15...

P O V E R E N J E P O V E Z U J E .UN ITED IN TR UST.

Austrija

Bosna i Hercegovina

Hrvatska

Češka

SRBIJA

Mađarska

Rumunija

Slovačka

Slovenija

GODIŠNJI IZVEŠTAJ 2006ANNuAl rEpOrT

Bulevar Mihaila Pupina 165G

11070 Beograd

Tel.: +381 11 2013 259

Fax: +381 11 2013 270

VB INFO-CENTAR: 0700 700 800

VOLKSBANK A.D. BEOGRAD

[email protected]

www.volksbank.co.yu

SADRŽAJ

GODIŠNJI IZVEŠTAJ Uvodna reč Izvršnog odbora 8

Ključni pokazatelji 9

Međunarodna mreža 10

Organizaciona struktura 11

Ekonomski trendovi u Srbiji 14

Analiza poslovanja 15

Bilans uspeha 19

Bilans stanja 20

Izveπtaj o promenama kapitala 21

Izveπtaj o novčanim tokovima 22

Izveπtaj revizora 24

Izveπtaj Upravnog odbora 26

ANNUAL REPORTForeword from the Executive Board 30

Key Figures 31

International Network 32

Governing Bodies 33

Economic Environment in Serbia 36

Lines of Business 37

Income Statement 41

Balance Sheet 42

Statement of Changes in Shareholders Equity 43

Cash Flow Statement 44

Auditor´s Report 46

Report of the Board of Directors 48

SERVICENaša mreža / Our Network 50

ZORICA JOCI∆ - ©UJICA

Zorica Jocić - Šujica je rođena Beograđanka.

Diplomirala je sa najvišom ocenom na Fakultetu

primenjenih umetnosti u Beogradu, odsek

slikarstvo, u klasi kod profesora Gradimira

Petrovića.

Po završenim studijama opredeljuje se za

modni dizajn u industriji trikotaže. U ovoj oblasti

dokazuje se mnogim priznanjima, kao i uspešnim

modnim revijama u Beogradu, Ljubljani, Zagrebu,

Sarajevu.

Izlagala je na velikom broju samostalnih i

grupnih izložbi u zemlji i inostranstvu, a značajan

doprinos njenom stvaralaštvu je učešće u mnogim

likovnim kolonijama.

Najbolje slike Zorice Jocić - Šujica nalaze se

u privatnim kolekcijama u zemlji i inostranstvu.

Zorica JociÊ - Šujica was born in Belgrade.

She graduated with top grades from the Faculty

of Applied Arts at Belgrade’s University of Art. She

was a student of professor Gradimir Petrović and

graduated as a painter.

After graduation, Zorica JociÊ - Šujica

decided to continue her professional carrier as a

fashion designer in the textile industry. Her success

was largely awareded and she proved herself on

successful fashion shows in Belgrade, Ljubljana,

Zagreb and Sarajevo.

She exhibited her work at a number of

group and individual exhibitions in the country

and abroad. Participation in numerous painting

colonies contributed her creativity significantly.

The best paintings of Zorica JociÊ - Šujica

are today in private collections in the country and

abroad.

PROLEĆE - (50x40 cm) ulje na platnu 2004. - vlasništvo autora

SPRING - (50x40 cm) oil on canvas 2004 - courtesy of the author

�


GOD IŠ NJ I I ZVEŠTAJ 2006

Austrija

Bosna i Hercegovina

Hrvatska

Češka

SRBIJA

Mađarska

Rumunija

Slovačka

Slovenija

60x50 cm - ulje na platnu 2002. - vlasništvo autora

60x50 cm - oil on canvas 2002 - courtesy of the author

MLADI KLOVN / yOUNG CLOwN - ZORICA JOCI∆ - ©UJICA

� �

CHAPTER HEADING OF ONE OR MORE LINES CHAPTER HEADING CHAPTER HEADING OF ONE OR MORE LINES CHAPTER HEADING

UVODNA REČ IZVR©NOG ODBORA

Poštovani klijenti, akcionari i prijatelji Volksbank a.d. Beograd,

Treća poslovna godina Volksbank a.d. je bila najuspešnija i izuzetno dinamična uprkos jakoj

tržišnoj konkurenciji. Na izvestan način, takvom uspehu je doprineo oporavak čitave ekonomije u Srbiji

tokom 2006. godine.

Uz pozitivan ekonomski razvoj, ovu godinu su obeležili i neki manje pozitivni trendovi. Usporeno

restruktuiranje privatnog sektora, visoka budžetska potrošnja, međunarodna kritika zbog saradnje sa

Haškim tribunalom, kao i nerešeni problem sa Kosovom, još uvek predstavljaju glavne barijere na putu

Srbije ka Evropskoj Uniji.

Narodna Banka Srbije je i dalje nastavila da vodi restriktivnu monetarnu politiku sa ciljem represije

inflatorne stope, čime je uspela da suzbije inflaciju na 6.6%.

Rezultat Volksbank a.d. karakteriše rast ukupne aktive od 224%, kreditnog obima od 148%,

depozita od 42%, dok 17,000 novih zadovoljnih klijenata potvrđuje da je poslovna orijentacija banke

na pravom putu. Prvi put od osnivanja, Volksbank a.d. je završila poslovnu godinu u manjem plusu u

odnosu na međunarodne računovodstvene standarde.

Ovakav uspeh ne bi bio moguć bez velikog truda naših zaposlenih, članova prethodnog

menadžmenta koji je upravljao bankom do oktobra 2006. i kontinuirane podrške naših akcionara.

Želimo posebno da se zahvalimo našim klijentima koji su nam dali svoje poverenje i podršku, tako

da je Volksbank a.d. postala jedna od najkonkurentnijih banaka na tržištu Srbije.

Gordana Matić Axel Hummel

Član Izvršnog odbora Predsednik Izvršnog odbora

KLJU»NI POKAZATELJI

U hiljadama RSD 2004 2005 2006

Ukupna aktiva 4,473,972 12,217,779 36,685,562

Potraživanja od klijenata 2,622,591 6,553,329 16,423,299

Obaveze prema klijentima 1,256,591 3,577,936 4,877,805

Operativni prihodi 259,657 543,072 1,119,283

Operativni rashodi (367,584) (527,649) (992,617)

Rezultat poslovanja (43,244) (103,433) 1,253

Broj zaposlenih 115 184 279

Broj filijala 4 7 11

Sa leva na desno:Radovan Martinek, Axel Hummel i Gordana Matić

�

Volksbank a.d. je od 2003. godine sa uspehom aktivna na tržištu Srbije. Većinski vlasnik banke je

Volksbank International AG.

Österreichische Volksbanken-AG (ÖVAG) je osnovana 1922. godine kao središnje društvo

više kreditnih zadruga i u većinskom je vlasništvu preko 60 samostalnih austrijskih Volksbanaka

(kooperativne banke). Danas je ÖVAG centralni institut jedne od najvažnijih bankarskih grupacija u

Austriji i međunarodna komercijalna banka. Predvodeći na putu ka tržištima u razvoju, ÖVAG je bila

jedna od prvih banaka koje su započele ekspanziju ka izazovnim tržištima Srednje i Istočne Evrope,

počevši još 1991. godine.

Volksbank International AG (VBI), sa sedištem u Beču, Austrija, je u većinskom vlasništvu ÖVAG-a

(51 %), dok je manjinsko učešće ravnopravno u vlasništvu nemačke DZ BANK / WGZ BANK i francuske

Banque Fédérale des Banques Populaires (obe sa po 24.5 %). VBI upravlja uspešnom i stabilnom

mrežom od 300 ekspozitura i filijala, sa tendencijom dalje ekspanzije, u devet srednjeevropskih i

istočnoevropskih zemalja: Slovačkoj, Češkoj, Mađarskoj, Sloveniji, Hrvatskoj, Rumuniji, Bosni i

Hercegovini, Srbiji i Ukrajini. Na kraju 2006. godine ukupna aktiva je iznosila EUR 6.1 milijarde. Više od

3,900 zaposlenih nudi privatnim i korporativnim klijentima sveobuhvatnu paletu modernih bankarskih

proizvoda i usluga.

Volksbank International AG je tokom 2006. godine intenzivirala saradnju sa svojim austrijskim,

nemačkim, francuskim i italijanskim partnerima putem CEE UNLIMITED. Sa ciljem da promoviše

odgovarajuću oblast poslovanja, ova usluga pruža zaposlenima u banci neophodan know-how i osnovna

sredstva za započinjanje i obavljanje poslova u Centralnoj i Istočnoj Evropi. Klijente — uglavnom mala

i srednja preduzeća — i dalje savetuju u njihovim lokalnim bankama, ali imaju pristup bankarskim

uslugama putem CEE mreže. Ovakva je saradnja ugodna, profesionalna i — naravno — na maternjem

jeziku klijenta.

Jedna od mnogih usluga iz ponude CEE UNLIMITED je i CEE OTVARANJE RAČUNA. Dvojezični

CEE UGOVOR (na nemačkom, engleskom, francuskom ili italijanskom i odgovarajućem lokalnom

jeziku) omogućavaju da otvaranje računa bude lako. Klijenti imaju momentalni pristup svojim računima

bez neugodnosti zastarelih formalnosti ili bespotrebnog odlaganja. Višejezični CEE SPECIALISTI

omogućavaju saradnju između CEE banaka i stranih klijenata. Visokospecijalizovani saradnici nude

personalizovane usluge iz oblasti lizinga, nekretnina, upravljanja fondovima i investicionog bankarstva.

Ipak, veličina nije sve i cilj nam je da ponudimo više od jednostavno široke bankarske mreže.

Važnije je, da je VBI posvećen tome da pomogne našim klijentima da ostvare poslovni uspeh, zbog

čega nam je primarni cilj da negujemo lični kontakt sa našim klijentima, da im ponudimo pouzdanu

uslugu i da izgradimo obostrano poverenje i pouzdanost. Naše najviše vrednosti su profesionalni

kvalitet usluga i brižni dugoročni odnos sa našim klijentima. Volksbank International i CEE UNLIMITED

predstavlja unikatnu uslugu koja osigurava da se naši međunarodni klijenti osećaju “kod kuće” dok

posluju sa inostranstvom.

NADZORNI ODBOR DO 30. 09. 200�.

PREDSEDNIK

Dir. Dkfm. Werner Wess Savetnik

Österreichische Volksbanken-AG Beč

ZAMENIK

Dir. Mag. Wolfgang KainzDirektor revizije grupe


»LANOVI

Dr. Matthaeus Thun-HohensteinSaradnik odeljenja za korporativne finansije

Volksbank International AG Beč

Dr. Peter WeissSavetnik Upravnog odbora


Dr. Engelbert BramerdorferDirektor odeljenja za menadžment grupe i

akviziciju


ODBOR ZA REVIZIJU OD 1. 10. 200�.

PREDSEDNIK

Dr. Michael Oberhummer Direktor / Član Izvršnog odbora


ZAMENIK PREDSEDNIKA

Mag. Gerhard WöberDirektor odeljenja za strateški menadžment i

kontroling


»LANOVI

Mag. Martin KonradInterni revizor


MEđUNARODNA MREŽA

ORGANIZACIONA STRUKTURA

10 11

UPRAVNI ODBOR DO 30. 09. 200�.

PREDSEDNIK

Dr. Michael OberhummerDirektor / Član Izvršnog odbora


ZAMENIK PREDSEDNIKA

Dir. Mag. Walter KeindlDirektor odeljenja za strateško planiranje,

kontroling, bilanse i poreze


»LANOVI

Dr. Kurt HellwigDirektor za komercijalne poslove


KR Claudius LettmayerGeneralni direktor

Volksbank Leasing International

Holding GmbH Beč

Mag. Bernd EggerKorporativne finansije Volksbank Mađarska


Mag. Gerhard WöberDirektor odeljenja za strateški menadžment I

kontroling


Mag. Oliver Waldthaler Saradnik odeljenja za korporativne finansije


Andrew OstaszewskiViši bankar EBRD

UPRAVNI ODBOR OD 1. 10. 200�.

PREDSEDNIK

Dr. Michael OberhummerDirektor / Član Izvršnog odbora


ZAMENIK PREDSEDNIKA

Mag. Gerhard WöberDirektor odeljenja za strateški menadžment I

kontroling


»LANOVIMag. Oliver Waldthaler Saradnik odeljenja za korporativne finansije


Branislav ĆosićVlasnik i Generalni direktor

SAL Konsalting d.o.o., Beograd

Andrew OstaszewskiViši bankar EBRD

IZVR©NI ODBOR DO 30. 10. 200�.

PREDSEDNIK

Dragiša LekićPredsednik Izvršnog odbora Volksbank a.d.

»LANOVI

Klaus SchusterČlan Izvršnog odbora Volksbank a.d.

Radovan Martinek Član Izvršnog odbora Volksbank a.d.

IZVR©NI ODBOR OD 1. 11. 200�.

PREDSEDNIK

Axel Hummel Predsednik Izvršnog odbora Volksbank a.d.

»LANOVI

Gordana MatićČlan Izvršnog odbora Volksbank a.d.

Radovan Martinek Član Izvršnog odbora Volksbank a.d.

12 13

EKONOMSKI TRENDOVI U SRBIJI

Godina 2006. donela je Srbiji dalji ekonomski rast. Ekonomska aktivnost u 2006. godini, bez

podataka za Kosovo, pokazuje povećanje od 5.8% u odnosu na prethodnu godinu. Najveće povećanje

registrovano je u sektoru transporta, finansijske medijacije i građevinarstva.

Inflacija je bila 6.6%, što je mnogo manje nego u 2005. godini, kada je ona dostigla 17.7%.

Analize deviznog poslovanja pokazuju da je Srbija dostigla najviši stepen izvoza u regionu, a jedina

je zemlja sa smanjenjem uvoza.

Platni bilans Srbije u prvih 11 meseci 2006. bio je 17.5 milijardi USD što je za 30.5% više nego za

isti period 2005. Izvoz je dostigao 5.7 milijardi USD, a to je porast od 44%, dok je uvoz iznosio oko 11.7

milijardi USD ili 24% više nego u istom periodu 2005. Deficit platnog bilansa je iznosio oko 6 milijardi

USD i viši je za 10.5% (u poređenju sa istim periodom 2005), dok je izvoz pokrio oko 49% uvoza.

Broj zaposlenih je u 2006. pao za 1.3%. Zarade bez poreza i doprinosa su nastavile da rastu,

tako da su u poređenju sa 2005. godinom bile više za 24.1% nominalno, a 11.2% realno. Priliv stranih

direktnih investicija u Srbiju 2006. iznosio je 4 milijarde USD, što je 2.5 puta više nego u prethodnoj

godini, i beleži rekordnih 1.5 milijardu USD.

Veliki deo investicija su potekle od prodaje kompanija, dok samo mali deo predstavlja realne nove

investicije.

Apresijacja Dinara u odnosu na Euro od sredine 2006. iznosila je oko 10%, sa 86 RSD na 78

RSD. Ministarstvo Ekonomije je upozorilo da jači Dinar ugrožava spoljnu konkurentnost Srbije. NBS

i Ministarstvo Finansija, nasuprot, prihvatili su nominalnu apresijaciju valute, iz razloga izazivanja

inflatornog pritiska i nižih troškova spoljnjeg duga.

Prihvatanje dva zakona, Zakona o investicionim fondovima i Zakona o dobrovoljnim penzionim

fondovima u 2006., kao alternativna prilika za investiranje, imaće veliki uticaj na poslovanje u narednim

godinama i moglo bi ugroziti poslove banaka sa depozitima stanovništva.

Državna zajednica Srbije i Crne Gore je prestala da postoji u prvoj polovini 2006., nakon izbora za

nezavisnost održanih u Crnoj Gori.

I dalje ostaje nerešeno pitanje Kosova, kao jedno od najbitnijih za ulazak Srbije u EU, zajedno sa

pitanjem saradnje sa Haškim tribunalom. Rešenje oba problema se očekuju tokom 2007. godine.

POSLOVI SA PRAVNIM LICIMA

U 2006. godini poslovanje sa privredom beleži značajan rast u odnosu na 2005. Broj klijenata je

porastao za 30%, što je imalo uticaj na rast kreditnog portfolija za više od 120%, dok je rast kreditnog

portfolija na nivou svih banaka u Srbiji iznosio 15%. Takođe, postali su vidljivi efekti uvođenja novog

proizvoda za privredu - projektnog finansiranja, namenjenog investitorima u građevinarstu. Tokom

2006. započeto je više od 15 projekata, a pravi efekti na rast portfolija po tom osnovu se očekuju u

2007. godini i posle, s obzirom na činjenicu da oko 70% tog portfolija čine krediti sa rokom otplate

dužim od jedne godine.

Na nivou čitave Srbije, planirane su značajne investicije u infrastrukturu u Srbiji, što će rezultovati

velikim razvojem čitave ekonomije. Volksbank Srbija ima u planu podizanje kreditnog portfolija na

nivo od EUR 155 miliona, odnosno uvećanje za više od 60%. To je izuzetno ambiciozan plan, mada

dostižan, naročito kada se uzme u obzir da je prognoziran rast za čitav bankarski sektor u Srbiji u delu

rada sa privredom za oko 20%.

Banka će u 2007. godini zadržati istu orijentaciju u delu rada sa privredom, sa naročitim akcentom

na mala i srednja preduzeća i dodatno, pokušaj da se napravi proboj i na strani finansiranja opština.

POSLOVI SA STANOVNIŠTVOM

U sektoru poslova sa stanovništvom, Volksbank u 2006. godini beleži vrlo visoku stopu rasta,

naročito u domenu kreditnog plasmana. Kreditni se portfolio u ovom sektoru utrostručio, što je mnogo

veća stopa rasta od samog tržišta. To je rezultovalo sa 5% udela u tržištu svih kredita plasiranih

stanovništvu, što je prvobitno planirano tek za kraj 2008. godine. Volksbank Srbija se pozicionirala

među vodeće „igrače“ na tržištu Srbije, naročito u segmentu stambenih kredita. Pridruživanje programu

subvencionisanih kredita od strane države, dozvolilo nam je implementaciju nove atraktivne ponude

kredita i za ovaj segment.

Uporedo sa ulaganjem velikog truda u proširenje kreditnog portfolija, zabeležili smo veliki uspeh i na

planu privlačenja depozita. Kao rezultat se vidi podatak da su depoziti u ovom segmentu udvostručeni

tokom 2006. To je i pokazatelj da je Volksbank Srbija na tržištu prepoznata kao „sigurna luka“ za

ušteđevinu građana.

Tokom 2006. godine, sektor poslovanja sa stanovništvom je napravio uspešan proboj na tržište

Srbije i u poslovima sa preduzetnicima i mikro preduzećima, ponudivši im finansijska rešenja zasnovana

ANALIZA POSLOVANJA

1� 15

na njihovim individualnim potrebama. VB Srbija, u tom momentu, ne samo da je ponudila čitav spektar

proizvoda i usluga za tu ciljnu grupu, već je prva uvela nove finansijske mogućnosti, koje do tada nisu

postojale u Srbiji.

Tokom ove godine uvedena je i kreditna ponuda za poljoprivrednike. U odnosu na činjenicu

da je ovo tržište, sa aspekta dugoročnog finansiranja, bilo nedovoljno pokriveno, stvorili smo nove

mogućnosti za ciljnu grupu poljoprivrednika i pozicionirali se kao prvi sa ponudom novih rešenja za njih.

To će umnogome podržati buduće aktivnosti u ovom važnom delu ekonomije u Srbiji.

Svi ostvareni rezultati deluju još impresivnije, kada se uzme u obzir činjenica da je na kraju 2006.

godine, Volksbank brojala samo 11 ekspozitura na čitavoj teritoriji Srbije.

Kako je naša pozicija na tržištu veoma dobra, naši kapaciteti i broj ekspozitura će značajno rasti

tokom 2007., i na taj način ćemo održati stopu rasta, „osvojiti“ nove teritorije u Srbiji i ponovo biti korak

ispred konkurencije.

Naš cilj za 2007. godinu je da budemo među prvih 5 banaka na tržištu kredita za stanovništvo u

Srbiji. Stoga ćemo nastaviti sa unapređenjem naših finansijskih rešenja za sve segmente poslovanja,

kao i visokog kvaliteta standarda prilikom savetovanja građana Srbije, koje je u skladu sa našom

glavnom porukom da „poverenje povezuje“.

INFORMACIONE TEHNOLOGIJE

Kao najznačajniji događaj u oblasti IT ističe se uvođenje novog CBS sistema MIDAS, čime se

Volksbank a.d. pridružila porodici banaka u Volksbank grupi, koje koriste ovo renomirano svetsko

rešenje u oblasti bankarstva.

Uz samo uvođenje MIDAS sistema došla su, kao dodatne vrednosti, i druga savremena rešenja

poput “Datawarehouse”, sistema koji predstavlja centralnu tačku za sve izveštaje koje banka dostavlja,

kako trećim stranama, tako i internim korisnicima.

Na polju unapređenja odnosa sa klijentima IT sektor je uveo savremeno svetsko rešenje, putem

projekta za automatsko dostavljanje izvoda pravnim i fizičkim licima. Ovakvim i sličnim investicijama u

savremene mrežne tehnologije, banka je podigla nivo bezbednosti na zavidan nivo.

U domenu izgradnje mreže filijala, izborom novih telekomunikacionih tehnologija, omogućen je

stabilan i siguran rad celokupnog informacionog sistema, naročito sa stanovišta krajnjih korisnika.

LJUDSKI RESURSI

Paralelno sa razvojem svojih proizvoda i povećanjem obima poslovanja, Volksbank stalno radi na

pažljivom izboru kvalitetnog i stručnog kadra i njegovom usavršavanju. U odnosu na 2005. godinu broj

zaposlenih je porastao za više od 30% i krajem 2006. godine iznosi 290. Kvalitativan rast se ogleda u

velikom broju održanih seminara, kako internih tako i eksternih. Sa 10 internih treninga, organizovanih

za postojeće i novozaposlene kolege, kao i upoznavanjem sa novim proizvodima banke, zaokružena

je obuka u 2006. godini. Verujemo da je kontinuirano ulaganje u naše zaposlene najbolji garant za

zadovoljstvo klijenata i dugotrajan uspeh Volksbanke.

MARKETING

Tokom 2006. aktivnosti odeljenja marketinga zadržale su dinamičan trend, a uspešna kampanja

“Uzmeš kredu i sve je u redu”, zahvaljujući kojoj je u 2005. godini Volksbank postala prepoznatljiva na

tržištu, nastavljena je prilikom promovisanja kredita Banke i u ovoj godini. Veliki deo marketing aktivnosti

bile su upravo usmerene na pozicioniranje Volksbank kao Banke specijalizovane za stambene kredite.

REZERVISANJERezervisanje U procentima

Klasifikacija 1 9.02 3.50 %

Klasifikacija 2 20.93 8.11 %

Klasifikacija 3 205 79.6 %

Klasifikacija � 19 7.17 %

Klasifikacija 5 4 1.59 %

KREDITI PLASIRANI KOMITENTIMA

1� 1�

BILANS USPEHA U PERIODU OD 1. JANUARA DO 31. DECEMBRA 200�. GODINE

Ovu godinu obeležile su i uspešne direct mailing kampanje za usluge i proizvode za preduzetnike.

Veliki uspeh zabeležen je i prilikom direktnih promocija kredita za poljoprivrednike, a naročitu pažnju, već

tradicionalno, privukli smo prilikom svečanih otvaranja druge ekspoziture u Novom Sadu, i regionalnog

centra u Nišu.

Nastavljena je intenzivna PR aktivnost banke, a rezultati odnosa sa medijima mogu se videti iz

broja objava u štampanim i elektronskim medijima, koji je u odnosu na 2005. uvećan za 5%.

U hiljadama RSD 2006 2005

Prihodi po osnovu kamata 1,486,244 407,091

Rashodi po osnovu kamata (667,611) (174,957)

Neto prihodi od kamata 818,633 232,134

Prihodi po osnovu naknada 298,421 149,857

Rashodi po osnovu naknada (91,370) (137,858)

Neto prihod / rashod od naknada 207,051 11,999

Neto prihod od prodaje hartija od vrednosti 84,545 292,862

Ostali prihodi od poslovanja 9,054 6,077

Opπti administrativni rashodi (992,617) (527,649)

Rashodi od indirektnog otpisa plasmana i rezervisanja (125,413) (118,856)

Rezultat perioda pre oporezivanja 1,253 (103,433)

Porez na dobit - -

REZULTAT POSLE OPOREZIVANJA 1,253 (103,433)

1� 19

BILANS STANJA NA DAN 31. DECEMBAR 200�. GODINE


AKTIVA

Gotovina i gotovinski ekvivalenti 17,962,942 4,509,596

Krediti plasirani bankama 1,566,245 70,020

Krediti plasirani komitentima 16,423,299 6,553,329

Ulaganje u hartije od vrednosti kojima se trguje - 504,072

Hartije od vrednosti raspoloæive za prodaju 13,963 19,596

Hartije od vrednosti koje se dræe do dospeća 72 143

Potraæivanja od kamate i ostala aktiva 134,443 49,162

Osnovna sredstva i nematerijalna ulaganja 564,040 491,305

Odloæena poreska sredstva 20,556 20,556

UKUPNA AKTIVA 36,685,562 12,217,779

PASIVA

Depoziti bankama 24,400,420 7,038,140

Depoziti komitenata 4,877,805 3,577,936

Ostale obaveze 200,908 104,754

Rezervisanja 31,821 16,510

Ukupne obaveze 29,510,955 10,737,340

Akcijski i ostali kapital 7,174,606 1,480,439

UKUPNE OBAVEZE I AKCIJSKI I OSTALI KAPITAL 36,685,562 12,217,779

Beograd, 24. april 2007.

Volksbank a.d. Beograd

Axel Hummel Gordana Matic

Predsednik Izvrπnog odbora »lan Izvrπnog odbora

IZVEŠTAJ O PROMENAMA NA KAPITALU U PERIODU OD 1. JANUARA DO 31. DECEMBRA 200�. GODINE

U hiljadama RSD

Akcijski

kapital

Emisiona

premija Rezerve

Neraspoređeni

dobitak /

gubitak Ukupno

Stanje na dan

1. januar 2005. 701,260 193,946 77,353 (43,887) 928,672

Prenos sa / na - - (43,887) 43,887 -

Emisija akcija 260,000 395,200 - - 655,200

Gubitak tekuće godine - - - (103,433) (103,433)

Stanje na dan 31. decembar 2005. 961,260 589,146 33,466 (103,433) 1,480,439Stanje na dan

1. januar 2006. 961,260 589,146 33,466 (103,433) 1,480,439

Prenos sa / na - - (33,172) 33,172 -

Emisija akcija 2,259,093 3,433,821 - - 5,692,914

Gubitak tekuće godine - - - 1,253 1,253

Stanje na dan 31. decembar 2006. 3,220,353 4,022,967 294 (69,008) 7,174,606

20 21

IZVEŠTAJ O NOVČANIM TOKOVIMAU PERIODU OD 1. JANUARA DO 31. DECEMBRA 200�. GODINE


Tokovi gotovine iz poslovnih aktivnosti

Priliv od kamata 1,469,608 404,275

Odliv po osnovu kamata (535,945) (182,950)

Priliv od naknada 294,337 149,549

Odliv po osnovu naknada (90,146) (137,535)

Priliv po osnovu ostalih poslovnih prihoda 2,929 168,651

Odliv po osnovu zarade i ostalih troπkova poslovanja (961,720) (402,647)

179,063 (657)

Promene iz poslovnih aktivnosti aktive i pasive

Povećanje kredita i plasmana bankama (15,238,601) (2,496,213)

Povećanje kredita i plasmana komitentima (10,849,684) (4,182,671)

Depoziti bankama 2,450,324 206,095

Depoziti komitenata 16,583,619 6,931,396

(7,054,342) 458,607

Neto priliv od poslovnih aktivnosti (6,875,279) 457,950


Tokovi gotovine iz aktivnosti investiranja

Gotovina po osnovu ulaganja u dugoročne hartije

od vrednosti 480,462 -

Odliv po osnovu ulaganja u dugoročne hartije od

vrednosti - (59,528)

Odliv za kupovinu nematerijalnih ulaganja i osnovnih

sredstava (203,262) (251,100)

Neto odliv gotovine iz aktivnosti investiranja 277,200 (310,628)

Tokovi gotovine iz aktivnosti finansiranja

Priliv po osnovu uvećanja kapitala 5,692,914 655,200

Gotovina po osnovu aktivnosti finansiranja 5,692,914 655,200

Neto efekat kursnih razlika 113,860 180,766

Neto povećanje / smanjenje gotovine i gotovinskih efekata (791,305) 983,288

Gotovina na početku godine 1,404,063 420,775

Gotovina na kraju godine 612,758 1,404,063

22 23

IZVE©TAJ NEZAVISNOG REVIZORA

da su revizorski dokazi koje smo pribavili dovoljni i odgovarajući i pružaju osnov za izražavanje našeg

mišljenja.

MI©LJENJE

Po naπem miπljenju, finansijski izveπtaji prikazuju istinito i objektivno stanje Banke na dan 31.

decembra 2006. godine, rezultate poslovanja i tokove gotovine za godinu koja se zavrπava na taj dan

i sastavljeni su u skladu sa Zakonom o računovodstvu i reviziji Republike Srbije (“Sluæbeni glasnik RS”

46/2006), Zakonom o bankama (“Sluæbeni glasnik RS” 107/2005) i ostalim relevantnim podzakonskim

aktima Narodne Banke Srbije.

Beograd, 24. april 2007. godine

KPMG d.o.o. Beograd

Nina Bulatović

MIŠLJENJE O FINANSIJSKIM IZVEŠTAJIMA

Izvršili smo reviziju priloženih finansijskih izveštaja Volksbank a.d., Beograd (u daljem tekstu:

Banka) koji se sastoje od bilansa stanja na dan 31. decembra 2006. godine i bilansa uspeha, bilansa

tokova gotovine i izveštaja o promenama na kapitalu Banke za godinu koja se završava na taj dan, kao

i pregleda osnovnih računovodstvenih politika i drugih napomena.

ODGOVORNOST RUKOVODSTVA ZA FINANSIJSKE IZVEŠTAJE

Rukovodstvo Banke je odgovorno za sastavljanje i objektivno prikazivanje ovih finansijskih

izveštaja u skladu sa Zakonom o računovodstvu i reviziji Republike Srbije („Službeni glasnik RS“

46/2006), Zakonom o bankama („Službeni glasnik RS“ 107/2005) i ostalim relevantnim podzakonskim

aktima Narodne Banke Srbije. Ova odgovornost obuhvata: kreiranje, implementaciju i održavanje

internih kontrola koje su relevantne za sastavljanje i objektivno prikazivanje finansijskih izveštaja koji

ne sadrže materijalno značajne greške nastale bilo zbog pronevere ili grešaka u radu, odabir i primenu

odgovarajućih računovodstvenih politika i vršenje računovodstvenih procena koje su razumne u datim

okolnostima.

ODGOVORNOST REVIZORA

Naša odgovornost je da na osnovu izvršene revizije izrazimo mišljenje o priloženim finansijskim

izveštajima. Reviziju smo izvršili u skladu sa Zakonom o računovodstvu i reviziji Republike Srbije

(„Službeni glasnik RS“ 46/2006), Međunarodnim standardima revizije izdatih od strane Međunarodnog

saveza računovođa i Odlukom o spoljnoj reviziji banaka. Ovi standardi zahtevaju da se pridržavamo

relevantnih etičkih zahteva i da reviziju planiramo i obavimo na način koji nam omogućuje da steknemo

razumni nivo uveravanja da finansijski izveštaji ne sadrže materijalno značajne greške.

Revizija obuhvata obavljanje procedura u cilju prikupljanja revizorskih dokaza o iznosima i

obelodanjivanjima u finansijskim izveštajima. Odabir procedura zavisi od naše procene, uključujući i

procenu rizika od materijalno značajnih grešaka u finansijskim izveštajima nastalih bilo zbog pronevere

ili grešaka u radu. U proceni rizika uzimamo u obzir interne kontrole koje su relevantne za sastavljanje

i objektivno prikazivanje finansijskih izveštaja Banke sa ciljem projektovanja revizorskih procedura koje

odgovaraju okolnostima, ali ne i za svrhe izražavanja mišljenja o efektivnosti internih kontrola primenjenih

u Banci. Revizija takođe obuhvata ocenu da li su računovodstvena načela i značajna procenjivanja koja

je primenilo rukovodstvo odgovarajuća, kao i opštu ocenu prezentacije finansijskih izveštaja. Smatramo

2� 25


IZVEŠTAJ UPRAVNOG ODBORA

Tokom 2006. godine, Upravni odbor Volksbank a.d. sastao se četiri puta na redovnim sednicama,

dok su putem devet pisanih sednica donete hitne odluke. Takođe, 22. septembra 2006. godine održana

je i konstitutivna sednica, na kojoj su usvojene odluke o organima upravljanja i odgovarajućim aktima

i pravilnicima o radu, a u skladu sa novim Zakonom o poslovanju banaka i novim zahtevima Narodne

Banke Srbije.

Tokom tih sastanaka, Upravni odbor je u potpunosti bio informisan od strane Izvršnog odbora

o ispravnom, zakonitom i efikasnom rukovođenju poslova Volksbank a.d. Upravni odbor je izvršio

procenu izveštaja Izvršnog odbora i doneo odgovarajuće odluke na temelju istih.

Reviziju finansijskog stanja Volksbanke do 31. decembra 2006. izvršio je KPMG d.o.o., Beograd.

Revizori su izdali pozitivno mišljenje bez kvalifikacije. Odbor za reviziju Volksbank a.d. saglasio se

sa predloženim finansijskim izveštajima i predložio iste na usvajanje Skupštini akcionara i Upravnom

odboru.

Dobit u 2006. godini, prema međunarodnim finansijskim standardima, iznosi RSD 1,253 miliona.

Zaključno, Upravni odbor se zahvaljuje svim zaposlenima Volksbank a.d. za veliki trud tokom

protekle godine, a naročito na odličnoj implementaciji planova i ciljeva za suštinsku ekspanziju aktivnosti

Volksbank a.d. tokom 2006. i na dalje.

Dr. Michael Oberhummer

Predsednik Upravnog odbora

2�


ANNuAl r EpOrT 2006

Austria

Bosnia and Herzegovina

Croatia

Czech Republic

Hungary

Romania

SERBIA

Slovakia

Slovenia

ZORICA JOCI∆ - ©UJICA

Sigurno je da slike Zorice Jocić - Šujice umeju

da govore svojim pikturalnim ekspresionističkim

kvalitetima izvesne fovističke tehnike kojoj je ova

umetnica podarila izvesnu disciplinu i ljupkost koji

su njeni. Ali ta su svojstva uvek u službi jednog

novog njenog osećanja života kao predstave

na kružnoj nekoj areni u kosmosu. Jer lica i

naličja, dekor i dekoracije, kostimirani učesnici,

ambijentacija i atmosfera, sve je tu podređeno

rotiranju jedne beskrajne cirkuske predstave kojoj

ne znamo ni kraj ni početak. Otkad znamo za sebe

gledamo je i gledaćemo je dok budemo postojali...

Ništa u tom neprolaznom prolazu koji zovemo

svemir ili život nije ono čto nam se čini da jeste...

Za Zoricu Jocić - Šujicu život će postati æivlji

tek kada se maske budu skinule. A one su zasad

tako prilepljene za kožu da se ništa ne može da

učini bez skalpiranja izraza, osmeha, bez skalpa

same suze.

Oskar Davičo, književnik

Certain is that paintings of Zorica Jocić - Šujica

can communicate with its expressionist qualities

of a specific fauvist technique, which the artist

gave her own certain discipline and grace.Though,

these virtues are always in service of her new life

sentiment as a spectacle in some circled arena

in the cosmos. Because the feature and reverse,

the decor and decoration, costumed participants,

ambient and atmosphere, all is submitted to the

rotation of an endless circus spectacle, where

neither the end, nor the beginning is known. Since

aware of ourselves, we watch it and we will watch

it as long as we exist.... Nothing in this impassable

passage, that we call the universe or life is not

what it seems to be...

For Zorica Jocić - Šujica life will become

livelier when the masks are taken off. Though now,

they are so attached to the skin, so nothing can be

done without scalping the expression, the smile,

without scalping the eye-drop itself.

Oskar Davičo, writer

Mrtva priroda - 40x30 cm - ulje na dasci 2005. - vlasništvo autora

Still life - 40x30 cm - oil on board 2005 - courtesy of the author

FOREwORD FROM THE ExECUTIVE BOARD

Dear clients, shareholders and friends of Volksbank a.d. Beograd,

The third business year of Volksbank a.d. has been the most successful and the most forceful

year despite of intense competition on the market. Recovery of Serbian economy in 2006 was to a

certain extend contributing to the success as well.

Beside this positive economic development, few less positive tendencies have been marked. Slow

restructuring of the private sector, high budgetary spending, international criticism on cooperation with

Tribunal in Hag, as well as unsolved Kosovo problem are still major barriers on Serbian road to the

European Union.

National Bank of Serbia continued with restrictive monetary policy with the goal to repress the

inflation rate, and NBS succeded to contain the inflation at 6.6%.

Result of Volksbank a.d. is characterized with growth of total assets by 224%, credit volume by

148%, deposits by 42%, while 17,000 new satisfied clients confirm that bank business orientation is on

the right track. For the first time since its establishment, Volksbank a.d. closes the financial year with a

slight plus according to international accounting standards.

This major success would not be possible without high effort of our employees, the members of

former Management who have led the bank until October 2006 and the continuous strong support

from our shareholders.

We especially would like to thank our clients who have given us their trust and support so that

Volksbank a.d. became one of the most competitive banks on the Serbian market.

Gordana Matić Axel Hummel

Member of the Executive Board President of the Executive Boardr

KEy FIGURES

In thousands RSD 2004 2005 2006

Total assets 4,473,972 12,217,779 36,685,562

Client’s receivables 2,622,591 6,553,329 16,423,299

Client’s payables 1,256,591 3,577,936 4,877,805

Operating income 259,657 543,072 1,119,283

Operating expenses (367,584) (527,649) (992,617)

Result from ordinary activities (43,244) (103,433) 1,253

Number of employees 115 184 279

Number of branches 4 7 11

From left to right:Radovan Martinek, Axel Hummel and Gordana Matić

30 31

Volksbank a.d. has prospered in the Serbian market since 2003. The bank’s main shareholder is

Volksbank International AG.

Founded in 1922 by commercial lending cooperatives Österreichische Volksbanken-AG (OEVAG)

is majority-owned by more than 60 independent Austrian „Volksbanken“ (cooperative banks).

Today OEVAG is the central institute of one of the most important banking groups in Austria and an

international commercial bank. Leading the way into growing markets, OEVAG was one of the first

banking institutions to begin expanding into Central and Eastern Europe as early as 1991.

Volksbank International AG (VBI), located in Vienna, Austria, is majority-owned by OEVAG (51%),

the remaining shares are equally held by the German DZ BANK / WGZ BANK and the French Banque

Fédérale des Banques Populaires (both 24.5 %). VBI is managing a successful and steadily expanding

network of 300 branches in nine Central and Eastern European countries: Slovakia, Czech Republic,

Hungary, Slovenia, Croatia, Romania, Bosnia-Herzegovina, Serbia and Ukraine. As of 2006 their total

assets amount to EUR 6.1 billion. More than 3,900 employees offer a full range of modern banking

products and services to both private and corporate clients.

In 2006 Volksbank International AG intensified cooperation with its Austrian, German, French and

Italian partners by introducing CEE UNLIMITED. Aimed at promoting referred business this service

provides bank officers with the necessary know-how and essential tools for starting and conducting

business in Central and Eastern Europe. Customers, mainly SMEs, are still advised by their usual bank

but gain access to banking services throughout the CEE network. The cooperation is convenient,

professional and, of course, in the client’s mother tongue.

One of the various services offered by CEE UNLIMITED is CEE ACCOUNT OPENING. Bilingual

CEE CONTRACTS (in German, English, French or Italian and the respective local language) make

opening accounts easy. Customers have immediate access to their account without the inconvenience

of drawn-out formalities or unnecessary delays. Multilingual CEE SPECIALISTS facilitate cooperation

between CEE banks and foreign customers. Highly specialised affiliates provide personalized services

in the fields of leasing, real estate, fund management, insurance and investment banking.

However size isn’t everything and we aim to provide more than simply an extensive network of

banks. More importantly, VBI is committed to helping our customers achieve business success, which

is why having personal contact with our clients, providing reliable service and building mutual trust and

reliability are our primary objectives. Our highest values are the professional quality of our services and

fostering long term relationships with our clients. Volksbank International and CEE UNLIMITED stand

for unique services that ensure that international clients feel „at home“ doing business abroad.

INTERNATIONAL NETwORK

SUPERVISORy BOARD UNTIL SEPTEMBER 30TH 200�

CHAIRMAN

Dkfm. Werner Wess Advisor

Österreichische Volksbanken-AG Vienna

DEPUTy CHAIRMAN

Dir. Mag. Wolfgang KainzHead of Group Auditing


MEMBERS

Dr. Matthaeus Thun-HohensteinCooperator to the department for corporate

finance

Volksbank International AG

Dr. Peter WeissAdvisor to the Board of Directors

Österreichische Volksbanken-AG

Dr. Engelbert BramerdorferHead of group management and aquisition

department

Volksbank International AG Vienna

AUDIT COMMITTEE FROM OCTOBER 1ST 200�

CHAIRMAN

Dr. Michael Oberhummer Director / Member of the Executive Board


DEPUTy CHAIRMAN

Mag. Gerhard WöberHead of strategic management and controlling

department


Mag. Martin KonradInternal Audit


GOVERNING BODIES

32 33

BOARD OF DIRECTORS UNTIL SEPTEMBER 30TH 200�

CHAIRMAN

Dr. Michael OberhummerDirector / Member of the Executive Board


DEPUTy CHAIRMAN

Dir. Mag. Walter KeindlDirector for strategic planning, controlling,

balance and taxes


MEMBERS

Dr. Kurt HellwigDirector for commercial business


KR Claudius LettmayerGeneral Manager Volksbank Leasing International

Holding GmbH Vienna

Mag. Bernd EggerCorporate Finance Volksbank Hungary



department


Mag. Oliver Waldthaler Cooperator to the corporate finance department


Mr. Andrew OstaszewskiSenior banker EBRD

BOARD OF DIRECTORS FROM OCTOBER 1ST 200�

CHAIRMAN

Dr. Michael OberhummerDirector / Member of the Executive Board


DEPUTy CHAIRMAN


department


MEMBERS

Mag. Oliver Waldthaler Cooperator to the corporate finance department


Mr. Branislav ĆosićOwner and General manager of SAL Konsalting

d.o.o., Belgrade

Andrew OstaszewskiSenior banker EBRD

ExECUTIVE BOARDUNTIL OCTOBER 30TH 200�

CHAIRMAN

Dragiša LekićPresident of the Executive Board

Volksbank a.d.

MEMBERS

Klaus SchusterMember of the Executive Board

Volksbank a.d.

Radovan Martinek Member of the Executive Board

Volksbank a.d.

ExECUTIVE BOARDFROM NOVEMBER 1ST 200�

CHAIRMAN

Axel HummelPresident of the Executive Board

Volksbank a.d.

MEMBERS

Gordana MaticMember of the Executive Board

Volksbank a.d.

Radovan Martinek Member of the Executive Board

Volksbank a.d.

3� 35

ECONOMIC TRENDS IN SERBIA

Serbia saw respectable economic growth in 2006. The aggregate economic activity in 2006,

excluding data for Kosovo, shows a 5.8% rise over the previous year. The biggest rise was registered

in transport, financial mediation and construction sectors.

Inflation was 6.6%, which was much lower than in 2005, when it was 17.7%.

Foreign trade exchange analyses show, however, that Serbia had the highest export rate in the

region and was the only one to have its imports drop.

Serbia’s balance of payments in the first 11 months in 2006 was USD 17.5bn and was 30.5%

higher than in the same period in 2005. Exports reached USD 5.7bn, which is a 44% rise, while

imports were worth around USD 11.7bn, or 24.7% more than in the same period in 2005. However,

the balance of payments deficit was around USD 6bn and was 10.5% higher (compared with the same

period in 2005), while exports covered around 49% of imports.

The number of employed people dropped 1.3% in 2006. Earnings without taxes and contributions

kept growing, so that, compared with 2005, they were 24.1% higher in nominal terms and 11.2%

higher in real terms. The inflow of foreign direct investments (FDI) in Serbia in 2006 was USD 4bn, 2.5

times higher as in the previous year, which saw a record-breaking USD 1.5bn.

The bulk of the investments, however, were the proceeds from the sale of companies, while only

a small portion of them were really new investments.

The Dinar appreciated against the Euro since mid 2006 about 10%, from 86 RSD to 78 RSD. The

Ministry of Economy warned that a stronger Dinar is endangering Serbia’s external competitiveness.

The NBS and the Ministry of Finance, by contrast, are largely comfortable with the nominal appreciation

of the currency, since this reduces inflationary pressures and lowers external debt-servicing costs.

The adoption of two laws, the Law on investment funds and the Law on voluntary pension funds

in 2006 will have big impact on business in the coming years and could strongly compete with retail

banking deposits as an alternative investment opportunity.

The State Union of Serbia and Montenegro was dissolved in the first half of 2006 after Montenegro

voted for independence.

Still the problem of Kosovo remained, next to cooperation with the Tribunal in Hague, as one of

the major obstacles toward EU accession. Both issues will probably be resolved in 2007.

CORPORATE BUSINESS

Corporate division has recorded a significant growth in 2006 in comparison to 2005. The number

of clients increased by 30%. This resulted in a loan portfolio growth of more than 120%, while the

loan portfolio on the level of all Serbian banks increased by 15%. Our new product — project finance,

developed for investors in construction, has shown excellent results; Volksbank corporate division has

approved already more than 15 projects; resulting loan volumes will materialize during 2007 and later,

as 70% of these loans have more then one year maturity.

The year 2007 indicates significant investments in Serbian infrastructure, which will influence the

whole economical development. Volksbank Serbia plans to increase its loan portfolio by 60% to EUR

155 Mio. Volksbank a.d. is again determined to grow significantly faster than the market, which is

supposed to increase by 20%.

Orientation in the sector for corporate business will be kept in 2007, though with an accent on

small and medium enterprises, and additionally, Volksbank Serbia will try to make a break-through with

financing municipalities.

RETAIL BUSINESS

The retail business achieved a very high growth rate in 2006, especially in the segment of loan

business. The retail loan portfolio more than tripled within 2006 which is a much higher growth rate

then the market. This resulted in achieving a market share of around 5% of the overall retail loans in

Serbia, which was originally planned for the end of 2008. Especially in the segment of housing loans

we positioned ourselves as one of the leading players on the Serbian market. The joining of the state

subsidized program for housing loans allowed us to implement an attractive new product range for this

loan segment.

In addition to these big efforts in expanding our loan portfolio we also succeeded to attract more

deposits. As a result out of this, we more than doubled our retail deposits within 2006. This is the

confirmation that we are also recognized on the market as a “save haven” for people savings.

It was also in 2006 when the retail division successfully entered the Serbian market for entrepreneurs

and micro businesses with financial solutions which are based on their individual demand. In that time

VB Serbia did not only offer to this target group a complete range of products, but was also an inventor

of new financing possibilities that did not exist before in Serbia.

LINES OF BUSINESS

3� 3�

Furthermore the retail division started to offer a wide range of loans for the farming sector within

Serbia. As we saw this market for long term financing as under-served, we created new possibilities

and positioned ourselves also for farmers as inventor for new solutions which will support the future

activities for this important part of the Serbian economy.

All these achieved results are even more impressive taking into consideration that by the end

of 2006, we only had 11 branches that supply the Serbian market with our financial solutions. As we

see ourselves as very well positioned on the market, we will substantially increase our capacities and

number of branches in 2007, so that we can keep our growth rates, enter new parts of Serbia and be

again ahead of our competitors.

Our vision for 2007 is to be among the Top 5 in the Serbian market for retail loans. Therefore

we will constantly improve our range of financial solutions for all of our segments but also keep and

improve our high quality standard in advising the Serbian population which goes in line with our main

philosophy “united in trust”.

INFORMATION TECHNOLOGIES

The most significant development in the IT area is the introduction of the new CBS system

MIDAS, that placed Volksbank Serbia among sister banks in the Volksbank Group, that already use this

reputable solution in the banking area. Beside MIDAS system implementation, as an additional value,

we established other contemporary solutions, such as the √ Data warehouse ≈ system, that represents

the central point for all Banks’ reports, both for third parties and internal users.

In the area of client relationship improvement, our IT sector implemented a modern universal

solution, through a project for automated statement delivery, both to corporate and retail clients. With

these and similar investments in modern network technologies, we have increased our security level to

a remarkable niveau.

In the domain of branch network development, our choice of new telecommunication technologies

has enabled stable and secure operations of the whole information system, especially from the end

user aspect.

HUMAN RESOURCES

During 2006 we have continued our practice to carefully select experts for our staff and their

training. In comparison to 2005, the number of Volksbank Serbia employees increased for more then

30% and at the end of 2006 counts 290 employees.

The qualitative growth is represented in the high number of organized seminars, both internal

and external. 2006 was concluded with 10 internal trainings organized for all colleagues, which is in

line with our main idea that continuous investment in our employees is the best guarantee for client

satisfaction and Volksbank Serbia long-term success.

MARKETING

The marketing department operations kept the traditional “lively” dynamics also in 2006. In all loan

promotion activities, we have continued using the successful slogan √ Uzmeš kredu i sve je u redu ≈,

RISK ExPOSUREExposure Percent

Classification 1 9.02 3.50 %

Classification 2 20.93 8.11 %

Classification 3 205 79.6 %

Classification � 19 7.17 %

Classification 5 4 1.59 %

LOANS AND ADVANCES TO CUSTOMERS

3� 39

INCOME STATEMENT FOR THE yEAR ENDED 31ST DECEMBER 200�

that made Volksbank recognizable in the market in 2005. Most marketing activities were directed to

Volksbank positioning as THE bank specialized for housing loans.

This year was marked with successful direct mailing campaigns for services and products for

entrepreneurs. Extremely successful were direct promotions of farmer loans, and we have, traditionally,

attracted a lot of attention with opening events of our second branch in Novi Sad and the regional

center in Niš.

We have continued with intensive PR work, and the results of media relationship can be seen as

the number of print and electronic publications, higher for 5% then in 2005.

In thousands of RSD 2006 2005

Interest and similar income 1,486,244 407,091

Interest and similar expense (667,611) (174,957)

Net interest income 818,633 232,134

Fees and commission income 298,421 149,857

Fees and commission expense (91,370) (137,858)

Net fee and commission income 207,051 11,999

Net trading income 84,545 292,862

Other operating income 9,054 6,077

General and administrative expenses (992,617) (527,649)

Change in provision for impairment (125,413) (118,856)

Profit / (Loss) before income tax 1,253 (103,433)

Income tax - -

PROFIT/(LOSS) FOR THE YEAR 1,253 (103,433)

�0 �1

BALANCE SHEET AS AT 31ST DECEMBER 200�


ASSETS

Cash and balances with Central Bank 17,962,942 4,509,596

Loans and advances to banks 1,566,245 70,020

Loans and advances to customers 16,423,299 6,553,329

Financial assets at fair value through profit and

loss - 504,072

Available for sale financial assets 13,963 19,596

Held-to-maturity investments 72 143

Accrued interest and other assets 134,443 49,162

Tangible and intangible fixed assets 564,040 491,305

Deferred tax assets 20,556 20,556

TOTAL ASSETS 36,685,562 12,217,779

LIABILITIES

Liabilities to banks 24,400,420 7,038,140

Deposits from customers 4,877,805 3,577,936

Other liabilities 200,908 104,754

Provisions 31,821 16,510

Total liabilities 29,510,955 10,737,340

Shareholders’ equity 7,174,606 1,480,439

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 36,685,562 12,217,779

Belgrade, April 24th 2007

Volksbank a.d. Beograd

Axel Hummel Gordana Matic

President of the Executive Board Member of the Executive Board

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITyFOR THE yEAR ENDED 31ST DECEMBER 200�

In thousands of RSD Share capital

Share

premium Reserves

Retained

earnings Total

Balance as at 1 January

2005 701,260 193,946 77,353 (43,887) 928,672

Transfer from/to reserves - - (43,887) 43,887 -

Ordinary share issuance 260,000 395,200 - - 655,200

Net loss for the year - - - (103,433) (103,433)

Balance as at 31 December 2005 961,260 589,146 33,466 (103,433) 1,480,439Balance as at 1 January

2006 961,260 589,146 33,466 (103,433) 1,480,439

Transfer from/to reserves - - (33,172) 33,172 -

Ordinary share issuance 2,259,093 3,433,821 - - 5,692,914

Net loss for the year - - - 1,253 1,253

Balance as at 31 December 2006 3,220,353 4,022,967 294 (69,008) 7,174,606

�2 �3

CASH FLOw STATEMENT FOR THE yEAR ENDED 31 DECEMBER 200�


Operating activities

Interest receipts 1,469,608 404,275

Interest payments (535,945) (182,950)

Fee and commission receipts 294,337 149,549

Fee and commission payments (90,146) (137,535)

Receipts from other operations 2,929 168,651

Cash payments to employees and suppliers (961,720) (402,647)

179,063 (657)

Changes in operating assets and liabilities

Loans and advances to banks (15,238,601) (2,496,213)

Loans and advances to customers (10,849,684) (4,182,671)

Liabilities to banks 2,450,324 206,095

Deposits from customers 16,583,619 6,931,396

(7,054,342) 458,607

Cash generated from operating activities (6,875,279) 457,950


Investing activities

Cash generated from investments in long term

securities 480,462 -

Investments in long term securities - (59,528)

Purchase of equipment and intangible fixed assets (203,262) (251,100)

Cash generated/(used) in investing activities 277,200 (310,628)

Financing activities

Issuance of ordinary shares 5,692,914 655,200

Cash generated from financing activities 5,692,914 655,200

Foreign exchange rate gains effect, net 113,860 180,766

Net increase/(decrease) in cash and cash equivalents (791,305) 983,288Cash and cash equivalents as at beginning of the period 1,404,063 420,775Cash and cash equivalents as at the end of the period 612,758 1,404,063

�� 5

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF VOLKSBANK A.D. BEOGRAD

We have audited the accompanying balance sheet of Volksbank a.d. Beograd (hereinafter: the

Bank) as at December 31st 2006 and the related statement of income, cash flows and changes in

shareholders equity for the year then ended, and a summary of significant accounting policies and

other explanatory notes.

MANAGEMENT’S RESPONSIBILITy FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation and fair presentation of these financial statements

in accordance with the Law on Accounting and Auditing of the Republic of Serbia (as published in

the “Official Gazette of the Republic of Serbia” 46/2006), Banks Law (“Official Gazette of the RS”,

no. 107/2005) and other relevant by-laws issued by National Bank of Serbia. This responsibility

includes: designing, implementing and maintaining internal control relevant to the preparation and fair

presentation of financial statements that are free from material misstatements, 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

have conducted our audit in accordance with the Law on Accounting and Auditing of the Republic

of Serbia (as published in the “Official Gazette of the Republic of Serbia” 46/2006) and International

Standards on Auditing as issued by the International Federation of Accountants as well as in accordance

with the Decision on External Audit of Banks. Those standards require that we comply with relevant

ethical requirements and plan and perform the audit to obtain reasonable assurance whether the

financial statements are free of 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 our 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, we consider 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

principles 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 opinion.

OPINION

In our opinion, the financial statements give a true and fair view of the financial position of the Bank

as at December 31st 2006, and of its financial performance and its cash flows for the year then ended

in accordance with the Law on Accounting and Auditing of the Republic of Serbia (as published in the

“Official Gazette of the Republic of Serbia” 46/2006), the Law on Banks (“Official Gazette of the RS”,

no. 107/2005) and other relevant by-laws issued by National Bank of Serbia.

Belgrade, April 24th 2007

KPMG d.o.o. Beograd

Nina Bulatović

��


SErV ICE

Austria

Bosnia and Herzegovina

Croatia

Czech Republic

Hungary

Romania

SERBIA

Slovakia

Slovenia

REPORT OF THE BOARD OF DIRECTORS

During 2006, the Board of Directors convened four regular sessions and passed urgent decisions

at nine extraordinary ones (“circular sessions”). In addition, on September 22nd, 2006, the Board of

Directors held it’s constitutive meeting at which time all managing bodies and relevant Acts and Rule

books were adopted in accordance with the new Law on Banks and new requirements of the National

Bank of Serbia. During it’s meetings, the Board of Directors was kept fully informed by the Executive

Board about the lawful, appropriate and efficient conduct of business of Volksbank a.d. The Board of

Directors examined the reports submitted by the Executive Board and took appropriate decisions on

that basis.

Volksbank’s financial statements as of December 31st, 2006, were audited by KPMG d.o.o.

Belgrade. In their examination, the auditors found no objections and accordingly approved the accounts

without qualifications. The Audit Committee of Volksbank a.d. has reviewed the financial statements

and proposed them for adoption to the General Meeting of Shareholders and the Board of Directors.

Profit for the year 2006, according to IFRS, amounts RSD 1,253 Mio.

In conclusion, the Board of Directors would like to thank all staff members of Volksbank a.d. for

their great efforts in the past year, in particular in view of the excellent implementation of plans and

realization of goals for substantial expansion of Volksbank a.d.’s activities in 2006 and beyond.

Dr. Michael Oberhummer

Chairman of the Board of Directors

��

NA©A MREÆA / OUR NETwORK

SEDI©TE / HEAD OFFICE

Beograd

Bulevar Mihaila Pupina 165G11070 BeogradSrbijaTel.: +381 11 2013 259Fax: +381 11 2013 270VB INFO-CENTAR: +381 (0)700 700 [email protected]

EKSPOZITURE / BRANCHES

Beograd

Knez Mihailova 24

Kralja Milana 25

Dečanska 4

Požeška 80

Zemun · Glavna 37


Niš

Obrenovićeva 32

Čačak

Kuželjeva 2

Novi Sad

Futoška 1a

Dunavska 7

Subotica

Korzo 6

U»E©∆A / SHAREHOLDINGS

VB Leasing

Beograd

Đorđa Stanojevića 12

Beograd office park, I sprat

11070 Beograd

tel: +381 11 201 65 00

fax: +381 11 201 65 64

Novi Sad

Futoška 1a

21000 Novi Sad

tel: +381 21 472 55 56

fax: + 381 21 472 55 72

Čačak

TC Vavilon, Gradsko šetalište bb

32000 Čačak

tel: +381 32 320 518

fax: +381 32 320 519

e-mail: [email protected]

50 51

Bosnia-Herzegovina

Volksbank BH d.d.

Fra Andela

Zvizdovi´ca 1

BH-71000 Sarajevo

Tel.: 00387/33 295 601

Fax: 00387/33 295 603

www.volksbank.ba

Czech Republic

Volksbank CZ, a.s.

Lazarska 8/13

CZ-12000 Prague

Tel.: 00420/221 96 99 11

Fax: 00420/221 96 99 51

www.volksbank.cz

Hungary

Magyarországi

Volksbank Rt.

Rákóczi út 7

H-1088 Budapest

Tel.: 00361/328 6666

Fax: 00361/328 6604

www.volksbank.hu

Serbia

Volksbank a.d.,

Bulevar Mihaila Pupina

165g

SCG-11070 Belgrade

Tel.: 00381/11/201 3259

Fax: 00381/11/201 3270

www.volksbank.co.yu

Croatia

Volksbank d.d.

Varsavska 9

HR-10000 Zagreb

Tel.: 00385/1/4801 300

Fax: 00385/1/4801 365

www.volksbank.hr

Romania

Volksbank Romania S.A.

Mihai Bravu 171

RO-030244 Bucharest

Tel.: 00402/1209 4400

Fax: 00402/1209 4490

www.vbr.ro

Slovakia

L’udová Banka, a.s.

Vysoká 9

SK-810 00 Bratislava

Tel.: 00421/2/5965 1111

Fax: 00421/2/5441 2453

www.luba.sk

Slovenia

Volksbank-Ljudska Banka d.d.

Dunajska 128a

SLO-1000 Ljubljana

Tel.: 00386/1/530 74 00

Fax: 00386/1/530 75 55

www.volksbank.si

Ukraine

JS Electron Bank

Grabovskogo street, 11

Ukraine, 79000, Lviv

www.elbank.com.ua

VOLKSBANK INTERNATIONAL AG IN CENTRAL AND EASTERN EUROPE

4443

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International AG

Peregringasse 3

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Tel.: 00431/313 40-3182

Fax: 00431/313 40-3905

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CZECH REPUBLIC

VOLKSBANK INTERNATIONAL IN CENTRAL AND EASTERN EUROPE

CZECH REPUBLIC

SLOVAKIA

HUNGARy

ROMANIA

CROATIA

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www.vbi.at

UKRAINE

52 53

Published by

Volksbank AD, Beograd


11070 Beograd

Serbia

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