1 Annual Report 2012

Transcription

1 1 Annual Report 2012

2 2 Survey of key data Raiffeisen banka a.d. Monetary values are in thousands RSD 2012 Change 2011 Income Statement Net interest income after provisioning 8,256, % 8,254,715 Net commission income 3,994, % 3,642,918 Net trading income 388,046 (7.36%) 418,871 General administrative expenses (8,299,017) 8.20% (7,669,816) Profit before tax 6,124, % 5,308,209 Profit after tax 5,784, % 4,936,731 Balance Sheet Loans and advances to banks 40,027,766 (19.47%) 49,703,762 Loans and advances to customers 117,170, % 105,483,357 Amounts owed to other banks 9,237,014 (16.93%) 11,119,583 Amounts owed to customers 127,752, % 120,488,308 Equity (incl. minorities and profit) 55,498, % 55,022,651 Balance-sheet total 199,550, % 193,508,416 Regulatory information Total own funds 53,662, % 53,373,373 Own funds requirement 13,154,191 (11.76%) 14,907,911 Core capital ratio 29.87% 13.14% 26.40% Own funds ratio 32.64% 13.97% 28.64% Performance Return on equity (ROE) before tax 12.01% 13.18% 10.61% Return on equity (ROE) after tax 11.34% 14.62% 9.89% Cost/income ratio 56.11% 4.15% 53.87% Return on assets (ROA) before tax 3.13% 7.15% 2.92% Risk/earnings ratio 16.19% (5.76%) 17.18% Resources Number of staff on balance-sheet date 1, % 1,685 Business outlets % 83

3 3 Pregled najvažnijih podataka Raiffeisen banka a.d. Vrednosti su izražene u hiljadama dinara 2012 Promena 2011 Bilans uspeha Neto dobitak po osnovu kamata posle rezervisanja ,02% Neto dobitak po osnovu naknada i provizija ,66% Neto prihodi od trgovanja (7,36%) Administrativni troškovi ( ) 8,20% ( ) Dobitak pre oporezivanja ,37% Dobitak posle oporezivanja ,18% Bilans stanja Plasmani bankama (19,47%) Plasmani klijentima ,08% Obaveze prema bankama (16,93%) Obaveze prema klijentima ,03% Kapital ,86% Bilans stanja - ukupno ,12% Kontrolne informacije Ukupni sopstveni kapital ,54% Potreban sopstveni kapital (11,76%) Adekvatnost kapitala (osnovni kapital) 29,87% 13,14% 26,40% Adekvatnost kapitala (ukupni kapital) 32,64% 13,97% 28,64% Pokazatelji poslovanja Stopa povraćaja kapitala pre oporezivanja 12,01% 13,18% 10,61% Stopa povraćaja kapitala posle oporezivanja 11,34% 14,62% 9,89% Odnos rashoda i prihoda 56,11% 4,15% 53,87% Stopa povraćaja aktive 3,13% 7,15% 2,92% Učešće ispravke vrednosti u neto prihodima od kamate 16,19% (5,76%) 17,18% Izvori Broj zaposlenih na dan bilansa ,06% Broj poslovnica 83 0,00% 83

4 4 Contents Report by the Chairman of the Board of Directors 6 Introductory Address by the Chairman of the Managing Board 8 Raiffeisen Bank International at a Glance 12 Macroeconomic Enviroment, Opportunities for Foreign Investors and Prospects 14 Socially Responsible Activities 26 Corporate Banking 28 Retail Banking 30 Treasury and Investment Banking 34 Raiffeisen Leasing d.o.o. 38 Raiffeisen Future 40 Raiffeisen Invest 42 Branch Network 44 Organization Structure 46 Addresses 48 Financial Statements 52 Independent Auditor s Report 54 Statement of Comprehensive Income for the year ended 31 December Statement of Financial Position as at 31 December Statement of Changes in Equity 57 Statement of Cash Flows for the year ended 31 december Notes to Financial Statements 59

5 5 Sadržaj Izveštaj predsednika Upravnog odbora 7 Uvodna reč predsednika Izvršnog odbora 9 Kratak pregled Raiffeisen Bank International 13 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive 15 Društveno odgovorno delovanje 27 Poslovanje sa privredom 29 Poslovanje sa stanovništvom 31 Sredstva i investiciono bankarstvo 35 Raiffeisen Leasing d.o.o. 39 Raiffeisen Future 41 Raiffeisen Invest 43 Mreža filijala 45 Organizaciona struktura banke 47 Adrese 49 Finansijski izveštaj 52 Nezavisno mišljenje revizora 54 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 59

6 6 Report of the Board of Directors from the catching-up process, which remains the engine for economic development and thus the development for entire Europe. Despite a year dominated by renewed economic decline and tighter capital regulations, the RBI Group can be proud of posting a profit before tax of 1.0 billion. However, I have to mention the significant one-off effects that were recorded in the first quarter: Among other things, we sold high-quality securities to achieve the capital ratio required by the European Banking Authority (EBA). While the sale cost us a portion of our net interest income in subsequent quarters, it also resulted in significant net proceeds. I am very pleased that we succeeded in fulfilling the higher capital ratio requirements with a core tier 1 ratio of well over 10 per cent, which makes us even more resilient to adverse economic conditions. Regarding Raiffeisen banka a.d. Beograd, I am pleased to state that the bank performed very successfully in During its eleven years of successful operation, the bank has always been focused on the needs of its clients and on providing reliable support to their business activities. This attitude resulted in sustainable relations to a top-quality client base. Ladies and Gentlemen, From an overall economic perspective, 2012 was a challenging year in both the Eurozone and Central and Eastern Europe (CEE), but for completely different reasons. After the ongoing sovereign debt crisis, the Eurozone slid into a deep systemic crisis. This crisis extends from political disagreements over the means to overcome debt burden to the growing social unrest in the European peripheral countries. The political elite s inability at both the national and European level to communicate their decisions to the public in a transparent and comprehensible manner also contributes to the crisis. CEE, in part, also suffers from the consequences of the euro crisis, reflected for example in declining exports due to lower demand in the West. While countries in CEE also faced declines in real GDP growth, they were still significantly over the average of the ones recorded in the Eurozone. However, with only few exceptions the countries in the CEE region have done their homework: they are less dependent on external financing due to relatively low balance of payments deficits, their productivity has improved thanks to moderate wage increases, and, with the exception of Hungary, the region has considerably less debt than Western Europe. Moreover, the region continues to benefit While attaching priority to the professional risk management and a conservative credit policy, and at the same time implementing the programmes and measures for the optimisation of operational processes and the cost structure, Raiffeisen banka succeeded in achieving very good results despite the challenging economic environment. Thanks to its results, Raffeisen banka has always been one of the leading local banks and significantly contributed to the development of the Serbian banking sector. The Board of Directors highly appreciates the efforts and personal commitment of the bank s management and all employees, as well as their high professionalism, teamwork and dedication to their jobs. I would like to thank our clients for placing their trust in Raiffeisen banka, recognising it as a reliable partner for future cooperation. I am sure these relationships will continue to develop to the mutual satisfaction of all parties involved in the years to come. On behalf of the Board of Directors Peter Lennkh, Chairman

7 7 Izveštaj predsednika Upravnog odbora ubire prednosti procesa hvatanja koraka ekonomija u zaostajanju, što će ostati motor ekonomskog razvoja ovog regiona, a time i razvoja čitave Evrope. Uprkos tome što je godinom ponovo dominirao ekonomski pad, kao i stroži kapitalni zahtevi, RBI grupacija može s ponosom da objavi da je ostvarila profit pre oporezivanja od 1,0 milijardi evra. Međutim, moram da pomenem značajne jednokratne efekte koji su zabeleženi u prvom kvartalu: između ostalog, prodali smo visoko kvalitetne hartije od vrednosti kako bismo dostigli racio kapitala koji zahteva Evropska bankarska institucija (EBA). Iako nas je prodaja koštala dela naših neto prihoda od kamata u narednim kvartalima, rezultat toga je takođe bila značajna neto dobit. Veoma mi je drago što smo uspeli da ispunimo više kapitalne zahteve uz racio dopunskog kapitala koji je znatno iznad 10%, što nas čini još otpornijim na nepovoljne ekonomske uslove. Što se tiče Raiffeisen banke a.d. Beograd, zadovoljstvo mi je da konstatujem da je banka veoma uspešno završila godinu. Tokom svog jedanaestogodišnjeg uspešnog rada, banka je uvek bila usmerena na potrebe klijenata i pružanje podrške njihovim poslovnim aktivnostima. Ovaj stav imao je kao rezultat razvijanje održivih odnosa sa izuzetno kvalitetnom bazom klijenata. Dame i gospodo, Gledajući sa ukupnog ekonomskog stanovišta, godina je bila godina puna izazova, kako u evrozoni, tako i u srednjoj i istočnoj Evropi, ali iz sasvim različitih razloga. Nakon aktuelne krize javnog duga, evrozona je skliznula u duboku sistemsku krizu. Ova kriza obuhvata političke nesuglasice, preko načina prevazilaženja tereta prezaduženosti do rastućih socijalnih nemira u perifernim zemljama Evrope. Nemogućnost političke elite, kako na nacionalnom nivou, tako i na nivou Evrope, da javnosti obrazloži svoje odluke na transparentan i razumljiv način dodatno doprinosi krizi. Srednja i istočna Evropa, delom, takođe pati od posledica krize u Evropi, što se, na primer, odražava kroz pad izvoza usled slabije potražnje na zapadu. Iako su zemlje srednje i istočne Evrope takođe suočene s padom realnog rasta BDP-a, one su još uvek znatno iznad proseka zabeleženih u evrozoni. Međutim, uz manje izuzetke, zemlje srednje i istočne Evrope uradile su svoj domaći zadatak: zbog relativno niskih deficita platnog bilansa manje zavise od spoljašnjeg finansiranja, njihova produktivnost je poboljšana zahvaljujući umerenom rastu zarada, a, sa izuzetkom Mađarske, ovaj region je mnogo manje zadužen nego zapadna Evropa. Pored toga, region i dalje Dajući prioritet profesionalnom upravljanju rizicima i konzervativnoj kreditnoj politici, uz stalno sprovođenje programa i mera optimizacije procesa rada i strukture troškova, Raiffeisen banka je uspela da postigne veoma dobre rezultate uprkos otežanim ekonomskim uslovima. Zahvaljujući svojim rezultatima, Raffeisen banka je uvek bila jedna od vodećih lokalnih banaka i značajno je doprinela razvoju bankarskog sektora u Srbiji. Upravni odbor izuzetno ceni uložen trud i lično angažovanje rukovodstva banke i svih zaposlenih, njihovu visoku profesionalnost i posvećenost poslu i timskom radu. Zahvaljujem se klijentima koji su ukazali poverenje Raiffeisen banci, prepoznavši u njoj pouzdanog partnera za buduću saradnju. Siguran sam da će se i u narednim godinama ovi odnosi dalje razvijati na obostrano zadovoljstvo svih uključenih strana. U ime Upravnog odbora Peter Lennkh, predsednik

8 8 Introductory Address by the Chairman of the Managing Board During the past eleven years of successful business activities, it has always been very important to be part of a strong banking group: Raiffeisen Bank International s (RBI) role and position in the international financial markets offer security and support to its group members for their own successful business activities, and will continue to do so in the future. RBI s rich experience of in business dealings, not least in Central and Eastern Europe, contributed to the fact that Raiffeisen banka permanently played the role of one of the leaders in the country s banking industry. We supported the operations of its subsidiary companies Raiffeisen Leasing, Raiffeisen Future Voluntary Pension Fund and Raiffeisen Invest Fund Management Company. As was the case in previous years, we were very well aware of our social responsibility and initiated and supported several actions with the aim of improving our citizens quality of life. The results achieved by Raiffeisen banka have been realized thanks to the strong commitment of all employees, their professional attitude towards their tasks and team work. I would like to use this opportunity and thank all of them, on behalf of the Managing Board, for their dedicated effort and personal commitment. Dear Sir or Madam, it is my pleasure to inform you, on behalf of the Managing Board, that Raiffeisen banka a.d. Beograd continued its successful business activities and achieved very good results in Despite the fact that this year, too, was marked by a more challenging business environment both locally as well as globally, the bank achieved a profit in the amount of 51.2 million. The bank s business focus is to give priority to professional risk management and prudent credit policy, together with a continuous implementation of programs and measures for the optimisation of operational processes and the cost structure, resulted in the bank achieving successful business results in all segments of its activities. The bank is characterized by a strong capital base, which ensures the security and trust required for the clients it develops long-term partnerships with. The essence of the bank s cooperation with its clients is in providing support for their business and personal activities, as well as in finding solutions for difficulties they are facing especially in a more challenging business environment. Even more difficult business conditions await us in the year ahead. It will therefore be vital to invest even more effort and commitment in order to fulfil our goals. We will of course continue developing long-term partnerships with our clients, they are the cornerstone of our success. Another focus will remain on maintaining portfolio quality, as well as on risk management, the further optimization of work processes and cost reduction. Oliver Roegl Chairman of the Managing Board

9 9 Uvodna reč predsednika Izvršnog odbora Za jedanaestogodišnji uspešan rad, od velikog značaja je činjenica da je banka deo jake bankarske grupacije kakva je Raiffeisen Bank International (RBI) čija uloga i pozicija na međunarodnom finansijskom tržištu pruža sigurnost i podršku članicama grupe za nastavak uspešnog rada i u narednim godinama. Bogato iskustvo Raiffeisen Bank International u poslovanju na tržištima srednje i istočne Evrope doprinelo je da Raiffeisen banka permanentno ima ulogu jednog od lidera u bankarskom sektoru zemlje. Banka je podržala rad kćerki-kompanija Raiffeisen Leasing, Raiffeisen Future dobrovoljnog penzijskog fonda i Raiffeisen Invest društva za upravljanje investicionim fondovima. Kao i u prethodnim godinama, banka je i u godini, svesna društvene odgovornosti, inicirala i podržala nekoliko akcija koje su bile organizovane sa ciljem poboljšanja kvaliteta života građana. Postignuti rezultati banke ostvareni su i zahvaljujući izuzetnom zalaganju svih zaposlenih, profesionalnom odnosu prema poslu i timskom radu. Koristim ovu priliku da im se, u ime Izvršnog odbora, zahvalim na uloženom trudu i ličnom angažovanju. Poštovane dame i gospodo, Sa zadovoljstvom mogu da vas obavestim u ime Izvršnog odbora da je u godini Raiffeisen banka a.d. Beograd nastavila sa uspešnim poslovanjem i ostvarivanjem veoma dobrih rezultata. Uprkos činjenici da su i ovu godinu obeležili otežani uslovi poslovanja kako u našoj zemlji tako i na globalnom nivou, banka je ostvarila profit u visini od 51,2 miliona evra. Poslovna orijentacija banke da u svom radu prioritet daje profesionalnom upravljanju rizicima i konzervativnoj kreditnoj politici, uz stalno sprovođenje programa i mera unapređenja procesa rada i optimizacije troškova, rezultirala je uspešnim poslovanjem banke u svim segmentima njenih aktivnosti. Otežani uslovi poslovanja očekuju nas i u godini koja je pred nama. Biće potrebno uložiti još više truda i napora da bi se zacrtani ciljevi ostvarili. Raiffeisen banka će nastaviti sa razvijanjem dugoročnih, partnerskih odnosa sa klijentima, koji predstavljaju temelj našeg uspeha. Usmerenje će i nadalje ostati na očuvanju kvaliteta portfolija, upravljanju rizikom i daljoj optimizaciji procesa rada i snižavanja troškova. Oliver Roegl Predsednik Izvršnog odbora Banku karakteriše jaka kapitalna baza, što daje sigurnost i uliva poverenje klijentima sa kojima banka neguje i razvija dugoročne partnerske odnose. Suština poslovne saradnje banke sa klijentima sastoji se u pružanju podrške njihovim poslovnim i ličnim aktivnostima, kao i u nalaženju rešenja za poteškoće sa kojima se klijenti suočavaju u otežanim uslovima poslovanja.

10 10 Vision & Mission Statement of Raiffeisen banka a.d. Beograd Vision Raiffeisen banka a.d. Beograd is one of the top-three banks in all target customer segments across the country. Mission We seek long-term customer relationships and are a friendly, flexible and constructive partner for our customers. We are proactive and quick in delivering top-quality products. We are an efficient and lean organization. We exploit synergies within the bank and with all our subsidiaries to the fullest extent possible. Prudent risk management is a key pillar throughout our organization and processes. As part of the RBI Network, we contribute to the achievement of the overall Group objectives and generate sustainable and above-average return on equity. We empower our employees to be entrepreneurial, to show initiative, and we foster their development. We are the employer of first choice, and we put special focus on the promotion of key staff and best talent.

11 11 Vizija i misija Raiffeisen banke a.d. Beograd Vizija Raiffeisen banka a.d. Beograd je jedna od vodeće tri banke u svim ciljnim klijentskim segmentima širom zemlje. Misija Želimo da gradimo dugoročnu saradnju sa našim klijentima za koje smo otvoren, fleksibilan i konstruktivan partner. Proaktivni smo i brzi u ponudi najkvalitetnijih proizvoda. Mi smo efikasna i ekonomična organizacija. Poslujemo u sinergiji unutar banke, kao i sa svim našim ograncima u najvećem mogućem obimu. Pažljivo upravljanje rizikom je stub oslonca naše celokupne organizacije i procesa. Kao članica RBI mreže, doprinosimo postizanju ukupnih ciljeva grupacije,stvarajući održivu i natprosečnu stopu prinosa na kapital. Ohrabrujemo naše zaposlene da budu preduzimljivi i pokazuju vlastitu inicijativu, te podstičemo njihov razvoj. Mi smo izvanredan poslodavac koji stavlja poseban akcenat na unapređenje ključnog osoblja i najdarovitijih pojedinaca.

12 12 Raiffeisen Bank International at a Glance A Leading Bank in Central and Eastern Europe, Including Austria Raiffeisen banka a.d. Beograd is a subsidiary of Raiffeisen Bank International AG (RBI), which regards Central and Eastern Europe (including Austria), as its home market. For more than 25 years, RBI has been operating in the Central and Eastern Europe (CEE) region, where today it maintains a closely knit network of subsidiary banks, leasing companies and numerous specialized financial service providers in 17 markets. As a universal bank, RBI ranks among the leading banks in the region. The powerful role played by the bank is supported by the Raiffeisen brand, which is one of the most widely recognized brands in the region. Over time, RBI has positioned itself as a fully integrated corporate and retail banking group in CEE. The bank not only has good access to retail and corporate customers, but also boasts a comprehensive product offering. At the end of 2012 around 57,000 staff served approximately 14.1 million customers in around business outlets in CEE. In Austria, RBI is one of the top corporate and investment banks. It primarily serves Austrian customers, but also international as well as major multinational clients operating in CEE. Moreover, RBI is represented in the world s financial centres and operates branches and representative offices in Asia. All in all, RBI employs about 60,000 staff and has total assets of around 136 billion. RBI s Development RBI was established in October 2010 through the merger of Raiffeisen International with the principal business areas of Raiffeisen Zentralbank Österreich AG (RZB). RBI s position as one of the leading banks in CEE (including Austria) was further reinforced by the merger. RBI has been listed on the Vienna stock exchange since 25 April 2005 (until 12 October 2010 as Raiffeisen International). It is represented in several leading national and international indices, including the ATX and EURO STOXX Banks. RZB remained the majority shareholder following the merger, holding approximately 78.5 per cent of the shares. The remaining 21.5 per cent of RBI s shares are in free float. RZB was formed in 1927 as Genossenschaftliche Zentralbank (GZB). Raiffeisen gained its first foothold in Central and Eastern Europe back in 1987, when it established its first subsidiary bank in Hungary. Other own subsidiaries have since been established; from 2000 onwards, Raiffeisen s expansion in the CEE countries has mainly been achieved by acquiring existing banks, which are combined into a holding company that from 2003 until October 2010 operated under the name Raiffeisen International. Raiffeisen International was listed on the stock exchange in April 2005 in order to finance its future growth as efficiently as possible. RBI was subsequently established in 2010 through the merger of Raiffeisen International with the principal business areas of RZB. For more information, please refer to and

13 13 Kratak pregled Raiffeisen Bank International Vodeća banka u srednjoj i istočnoj Evropi, uključujući Austriju Raiffeisen banka a.d. Beograd deo je Raiffeisen Bank International AG (RBI), a svojim matičnim tržištem smatra srednju i istočnu Evropu (uključujući Austriju). RBI posluje na području srednje i istočne Evrope već 25 godina, gde danas održava gustu mrežu svojih poslovnica, lizing kompanija i brojnih specijalizovanih ponuđača finansijskih usluga na 17 tržišta. Kao univerzalna banka, RBI je među vodećim bankama u regionu. Moćnu ulogu banke podržava Raiffeisen brend, koji je jedan od najprepoznatljivijih u regionu. RBI je vremenom utvrdila svoju poziciju potpuno integrisane bankarske grupacije za privredu i fizička lica u srednjoj i istočnoj Evropi. Banka ne samo što ima dobar pristup individualnim i privrednim klijentima, već takođe može da se pohvali i sveobuhvatnom ponudom proizvoda. Krajem godine, oko zaposlenih usluživalo je približno 14,1 miliona klijenata u oko poslovnica u srednjoj i istočnoj Evropi. U Austriji, RBI je jedna od najboljih privrednih i investicionih banaka. Prvenstveno uslužuje austrijske klijente, ali takođe i međunarodne, kao i vodeće multinacionalne klijente koji posluju u srednjoj i istočnoj Evropi. Štaviše, RBI ima predstavništva u svetskim finansijskim centrima i rukovodi ograncima i predstavništvima u Aziji. Sve u svemu, RBI zapošljava oko zaposlenih i ima ukupnu aktivu od približno 136 milijardi evra. Razvoj RBI RBI je osnovana u oktobru godine putem spajanja kompanije Raiffeisen International sa glavnim poslovnim segmentima kompanije Raiffeisen Zentralbank Österreich AG (RZB). Pozicija RBI kao jedne od vodećih banaka u srednjoj i istočnoj Evropi (uključujući Austriju) ovim spajanjem još više je učvršćena. RBI je listirana na Bečkoj berzi od 25. aprila godine (do 12. oktobra kao Raiffeisen International). Predstavljena je na nekoliko vodećih nacionalnih i međunarodnih indeksa, uključujući ATX i EURO STOXX Banks. RZB je ostala većinski deoničar nakon spajanja, sa oko 78,5% deonica u vlasništvu. Ostatak od 21,5% deonica RBI je u slobodnoj prodaji. RZB je osnovana godine kao Genossenschaftliche Zentralbank (GZB). Raiffeisen je prve korene u srednjoj i istočnoj Evropi pustila još godine, kada je osnovala svoj prvi ogranak u Mađarskoj. Od tada su osnovani i ostali ogranci; od godine širenje Raiffeisen grupacije u srednjoj i istočnoj Evropi bilo je uglavnom ostvareno kupovinom postojećih banaka, koje su uključene u holding kompaniju koja je od do oktobra godine poslovala pod imenom Raiffeisen International. Raiffeisen International je listiran na berzi u aprilu godine, kako bi što efikasnije finansirao svoj budući rast. RBI je zatim osnovana godine, putem pripajanja kompanije osnovnim poslovnim segmentima RZB-a. Detaljnije informacije možete pronaći na internet stranicama i

14 14 Macroeconomic Environment, Opportunities for Foreign Investors and Perspectives The start of 2012 was quite dynamic, due to the withdrawal of the largest exporter (company US Steel) from the market, the freezing of the stand-by arrangement with the IMF and the temporary closure of a great number of companies because of extremely low temperatures. However, beginning March 2012, positive news was received from the European Commission, which approved candidate status to Serbia for membership in the EU, after this decision had been postponed at the end of Elections on all levels (local, presidential, parliamentary), which were held in May, 2012, were followed by great changes on the political scene. Namely, after the tenyear rule of the Democratic Party (DS), the president of the Serbian Progressive Party (SNS), Tomislav Nikolić, won the elections. After almost three months of negotiations, the new coalition government was formed with the same partners, but led by SNS. At the start of the new government s mandate, investors had certain doubts, due to lack of experience with this party on the ruling position. However, these doubts dispersed very soon, due to the measures that were undertaken immediately after the forming of the new government and the talks that began with foreign financial institutions, governments and the EU, which confirmed the commitment of the government that EU entry was a priority and that the government would do all to improve the business environment, in order to facilitate the activities of existing businesses and attract new investors. Having in mind that Kosovo negotiations were frozen prior to the start of elections, and that the process was activated only at the end of the year, the European Commission brought a decision to postpone stating a date for the start of EU membership negotiations, until a clear and permanent improvement of relations between Belgrade and Priština was achieved. Measures to Counteract Negative Effects of the Crisis The new government brought a new program of measures to counteract negative effects of the economic crisis in September 2012, in the total amount of RSD 1.3 billion, where banks placed EUR one billion of credits until the end of Apart from this, weakened public finances, a result of expansive fiscal policy (financing the pre-election campaign, slump of tax revenues due to recession), motivated the government to bring a package of fiscal consolidation measures that includes: a. Raising of all tax rates, b. Abolishment of 138 parafiscal levies on the local and central level, c. Limiting the restructuring of public enterprises until June, 2014, d. Professionalization of management in public enterprises (instead of management elected by parties) and e. Abolishment of own revenues of all budget users (except jurisdiction). Furthermore, the state paid its share in the joint enterprise with FIAT, so that the process of vehicle production began in September, Apart from the economy support program, the government, very soon after it had been formed, began talks with the IMF, with the aim to acquaint the mission with the government s fiscal consolidation plan and budget revision for After initial negotiations in September, another round of negotiations was held in November 2012, but this did not lead to unfreezing of the stand-by arrangement, due to different standpoints of the government and the IMF on certain issues in the Budget Law for A new round of negotiations is expected in the spring of With this new arrangement, the government wishes to protect itself additionally from external risks due to the still unsolved public debt crisis in the EU, then to curb possible negative expectations of investors and to support the raising of the country s credit rating.

15 15 Makroekonomsko okruženje, mogućnosti za strane investitore i perspektive Početak godine bio je veoma dinamičan usled odlaska najvećeg izvoznika (kompanije US Steel) sa tržišta, zamrzavanja stand-by aranžmana sa MMF-om, te privremenog zatvaranja velikog broja preduzeća usled veoma niskih temperatura. Međutim, početkom marta godine dolazi pozitivna vest od Evropske komisije, koja je Srbiji odobrila status kandidata za članstvo u Evropskoj uniji nakon što je ova odluka bila odložena krajem godine. Velike promene na političkoj sceni zemlje usledile su sa izborima na svim nivoima (lokalni, predsednički, parlamentarni), koji su održani u maju godine. Naime, nakon deset godina vladavine Demokratske stranke (DS), na predsedničkim izborima pobedio je predsednik Srpske napredne stranke (SNS) Tomislav Nikolić, da bi, nakon skoro tri meseca pregovora, u julu bila oformljena nova koaliciona Vlada sa istim partnerima, ali predvođena SNS-om. Na početku mandata nove Vlade, investitori su imali određene rezerve prema njoj, usled nedostatka iskustva sa ovom strankom na vladajućoj poziciji. Međutim, vrlo brzo otklonjene su sve sumnje, jer su preduzete mere koje su usledile odmah po formiranju nove Vlade, kao i započeti razgovori sa stranim finansijskim institucijama, vladama i EU potvrdile su odlučnost Vlade da je ulazak u EU prioritet i da će Vlada učiniti sve da poboljša uslove poslovanja, kako bi olakšala poslovanje postojećih privrednika i privukla nove investitore. S obzirom da su pregovori sa Kosovom zamrznuti pre početka održavanja izbora, a da je proces odmrznut tek pred kraj godine, Evropska komisija je u oktobru donela odluku o odlaganju davanja datuma za početak pregovora o članstvu u EU, dok ne bude ostvareno vidljivo i trajno poboljšanje odnosa Beograda i Prištine. Mere za prevazilaženje negativnih efekata krize Nova Vlada je u septembru godine donela novi program mera za ublažavanje negativnih efekata ekonomske krize u ukupnom iznosu od 1,3 milijarde dinara, u okviru kojeg su banke plasirale jednu milijardu evra kredita do kraja godine. Pored toga, oslabljene javne finansije zbog ekspanzivne fiskalne politike (finansiranje predizborne kampanje, pad poreskih prihoda usled recesije) motivisale su Vladu da donese paket mera fiskalne konsolidacije koji uključuje: a. povećanje svih poreskih stopa, b. ukidanje 138 parafiskalnih nameta na lokalnom i centralnom nivou, c. ograničavanje restrukturiranja javnih preduzeća do juna godine, d. profesionalizacija menadžmenta u javnim preduzećima (umesto postavljanja partijskih rukovodilaca) i e. ukidanje sopstvenih prihoda svih budžetskih korisnika (osim sudstva). Dalje, država je uplatila svoj deo učešća u zajedničkom preduzeću sa FIAT-om, tako da je proces proizvodnje automobila počeo u septembru godine. Pored programa podrške ekonomiji, Vlada je vrlo brzo po formiranju pokrenula razgovore sa Međunarodnim monetarnim fondom (MMF), sa ciljem da se Misija upozna sa Vladinim planom fiskalne konsolidacije i revizijom budžeta za godinu. Nakon inicijalnih pregovora u septembru, održan je još jedan krug pregovora u novembru godine, ali do odmrzavanja stand-by aranžmana nije došlo zbog razmimoilaženja Vlade i MMF-a o određenim stavkama u Zakonu o budžetu za godinu. Novi krug pregovora očekuje se u proleće godine. Vlada novim aranžmanom želi dodatno da se zaštiti od spoljnih rizika usled još uvek nerešene krize državnog duga u EU, potom da usidri eventualna negativna očekivanja investitora i podupre podizanje kreditnog rejtinga zemlje.

16 16 The signing of a new arrangement is not primarily motivated by financial support, having in mind that a great deal of funds for financing the budget deficit was provided by taking loans on the domestic and international financial market. GDP Growth The country risk premium, measured by the EMBIG index, had a rather volatile trend, starting from the level of 590 basic points to 437 basic points mid-march. In the period before elections and after the published results, followed by a lowering of the country s credit rating by the agency Standard & Poor s from BB to BB- and lowering the perspective from stable to negative, the risk premium reached the maximum 619 basic points. Fitch rating agency also lowered the perspective from stable to negative. The country s lowered credit rating was a result of the significantly worse fiscal position and violation of fiscal ratios, not a result of the arrival of the new government, and this decision speeded up the change of the Law on the National Bank of Serbia where, apart from the governor, the obligation was introduced of mandatory confirmation by the parliament and other NBS officials. However, the forming of the government and all the measures undertaken, as well as relaxed monetary policy in the USA and the Eurozone, invoked investors confidence, which momentarily reflected on the country premium which was falling in the period from September, in order to reach the level of 366 basic points at the end of Key Rate vs Inflation Source: Statistical Office of Serbia, Raiffeisen RESEARCH According to preliminary data, the budget deficit for 2012 was realized in the amount of RSD billion, which was below the planned level of RSD billion, reaching 5.7 per cent of the GDP (Raiffeisen Research GDP estimate for 2012), after 4.5 per cent of the GDP in Apart from the increased pre-election expenditures, the budget deficit downturn was assisted by the renewed recession in 2012, the unfreezing of salaries and pensions (within the measures of fiscal consolidation, the indexation of salaries and pensions to 2 per cent was limited in October), increased payment of interests on the rising public debt, increased social security expenditures and the introduction of the program of support to the economy through subsidized credits. However, even budget revenues were growing (plus 13.6 per cent y-o-y), not only due to inflation, but also due to the fact that the tax calculation base increased, having in mind the great extent of economy euroization and euro transactions indexation values. Of course, the increase of value added tax (from 18 per cent to 20 per cent), companies revenues tax and income tax (from 10 per cent to 15 per cent), as well as excises from October 1st (i.e. profit tax of January 1, 2013), contributed to a significant increase of tax revenues at the end of the year. Min Fin T-bills portfolio outstanding (EUR bn) Source: NBS, Raiffeisen RESEARCH Macroeconomic Trends Apart from the recession, weakening of the dinar and export slowdown, one of the weaker issues demanding the new government s urgent measures certainly were public finances. Namely, the budget deficit was rising in the previous years and was significantly greater in the first half of 2012, due to the expansive fiscal policy prior to elections. Source: Ministry of Finance, Raiffeisen RESEARCH

17 17 Sklapanje novog aranžmana nije primarno motivisano finansijskom podrškom, s obzirom da je dobar deo sredstava za finansiranje deficita budžeta obezbeđen kroz zaduživanje na domaćem i inostranom finansijskom tržištu. Rast BDP-a Premija na rizik zemlje, merena EMBIG indeksom, imala je prilično volatilan trend, krenuvši sa nivoa od 590 baznih poena do 437 baznih poena polovinom marta. U periodu pred izbore i posle objavljenih rezultata, koji su bili praćeni snižavanjem kreditnog rejtinga zemlje od strane rejting agencije Standard & Poor s sa BB na BB- i snižavanjem perspektive sa stabilne na negativnu, premija na rizik dostigla je maksimalnih 619 baznih poena. Rejting agencija Fitch takođe je snizila perspektivu sa stabilne na negativnu. Pogoršanje kreditnog rejtinga zemlje bilo je rezultat značajno pogoršane fiskalne pozicije i kršenja fiskalnih racija, a ne rezulat dolaska nove Vlade.Donošenje ove odluke ubrzano je promenom Zakona o Narodnoj banci Srbije kojim se pored guvernera, uvodi obaveza potvrđivanja od strane parlamenta i ostalih rukovodilaca NBS. Međutim, formiranje Vlade i sve preduzete mere, kao i relaksirana monetarna politika u SAD i evrozoni, podstakle su poverenje investitora, što se trenutno odrazilo na premiju na rizik zemlje koja je u padu od septembra, da bi na kraju godine dostigla nivo od 366 baznih poena. Referentna stopa i inflacija Izvor: NBS, Raiffeisen RESEARCH Izvor: Republicki zavod za statistiku, Raiffeisen RESEARCH Prema preliminarnim podacima, deficit budžeta za godinu ostvaren je u iznosu od 191,9 milijardi dinara, što je ispod planiranog nivoa od 203,6 milijardi dinara, dostigavši 5,7% BDP-a (Raiffeisen RESEARCH procena BDP-a za godinu) posle 4,5% BDP-a u godini. Pogoršanju deficita budžeta (+42,0 g-n-g), pored povećane predizborne potrošnje, doprinela je i obnovljena recesija u godini, odmrzavanje plata i penzija (u okviru mera fiskalne konsolidacije, u oktobru je ograničena indeksacija plata i penzija na 2%), povećano plaćanje kamata na rastući javni dug, povećani troškovi socijalne zaštite i uvođenje programa pomoći privredi kroz subvencionisane kredite. Međutim, čak su i prihodi budžeta beležili rast (+13,6% g-n-g), ne samo zbog inflacije, već i zbog činjenice da je uvećana baza za obračun poreza, s obzirom na visok stepen evroiziranosti ekonomije i indeksacije vrednosti transakcija za evro. Naravno, povećanje poreza na dodatu vrednost (sa 18% na 20%), poreza na dobit preduzeća i poreza na zarade (sa 10% na 15%), kao i akciza od 1. oktobra (tj. porez na dobit od 1. januara godine), doprinelo je značajnom porastu poreskih prihoda pred kraj godine. Portfolio trezorskih zapisa Ministarstva finansija Makroekonomski trendovi Pored recesije, slabljenja dinara i usporavanja izvoza, jedna od slabijih tačaka koja je tražila hitne mere nove Vlade svakako su bile javne finansije. Naime, deficit budžeta bio je u porastu prethodnih godina, a značajno je povećan u prvoj polovini godine usled vođenja ekspanzivne fiskalne politike pred izbore. Izvor: Ministarstvo finansija, Raiffeisen RESEARCH

18 18 Public Debt Source: Ministry of Finance, Raiffeisen RESEARCH Furthermore, the budget deficit growth was followed by public debt growth, from which the deficit was financed. Namely, the share of public debt in the BDP grew to 61.5 per cent at the end of 2012, from 50 per cent at the end of 2011 and reached the amount of EUR 17.7 billion. Essentially, the accumulation of public debt in 2012 was the biggest so far on the annual level (plus 3.2 billion y-o-y), since the process of accelerated public debt growth began (2009). The state very successfully placed two issues of eurobonds, ten-year ($ one billion) and five-year ($ 750 million). The demand for these bonds surpassed the supply by far, so that bid to cover ratio was 4.0, i.e Also, revenues fell significantly below the level Serbia gained in September 2011, when the first eurobond was issued, from 7.50 per cent to 6.63 per cent at the opening to be more precise, and further even to 4.8 per cent for ten-year bonds, as a result of the improved risk perception by investors, but also the FED s expansive monetary policy. As concerns investors interest in domestic T-bills of the Ministry of Finance, it was quite volatile due to expectations of presidential and parliamentary election results. Namely, the interest shown at the beginning was quickly replaced by a great downturn, only in order for the appetite for dinar T-bills of the Ministry of Finance to be rekindled from September 2012 onwards and quickly beginning its way to recovery, as the political scene was gaining in stability. Rekindled interest brought with it also a fall in yields on dinar state securities, since the state already had enough liquidity, having successfully issued two euro-bonds. Apart from the more significant increase of foreign currency debt, the Ministry of Finance succeeded in increasing the share of dinar debt in the total debt (October, 2012: 18.6 per cent) with in Furthermore, the debt s term structure was improved to a great extent, so that the share of 53-week and 18-month securities in the total debt structure was reduced to 26 per cent, i.e. 21 per cent, while the share of two-year and three-year securities increased to 20 per cent and 19 per cent. After the recovery of the economy in 2010 (plus 1.0 per cent y-o-y) and in 2011 (plus 1.6 per cent y-o-y), the new public debt crisis in the EU, which led to a recession in this market and, as a consequence, spilled over into the domestic market, resulted in a new recession in Serbia as well, with GDP fall of 1.7 per cent y-o-y in However, the weakening of the domestic economy was not only a result of weaker foreign demand of the country s greatest export market (the EU), but also a result of a range of one-off negative occurrences, which are not expected to reoccur in Namely, the first quarter was marked by a temporary closure of a great number of production facilities, due to very low temperatures, apart from the traditional holiday season at the start of the year, which resulted in a GDP fall of 2.7 per cent y-o-y. In the second quarter, a temporary recovery of the economy took place, partly as a result of the base effect, whereas the third quarter again showed declining economic conditions (minus 2.1 per cent y-o-y), as a result of the great slump in agricultural production due to severe drought, although wholesale and retail trade, as well as real estate business, achieved positive growth rates in two consecutive quarters. The economy slowed down to 2.0 per cent y-o-y in the fourth quarter, as a result of the government s support program through financing subsidized loans. External Trade Monthly Development Source: Statistical Office of Serbia, Raiffeisen RESEARCH Industrial production marked negative growth rates throughout 2012, except for October and December, however, as regards the whole year, industry fell by 2.9 per cent from the start of the year, as a result of weaker domestic and foreign demand. Export did not succeed in capitalizing on dinar weakening during 2012 as was the case in 2010, but, luckily, import growth rates, too, were reduced due to the crisis. Namely, export volumes in 2012 ( 8.8 billion) grew significantly above the pre-crisis levels (September, 2008: 5.7 billion), but greater growth fell behind when compared to the previous year (2011: 8.4 billion), as a result of the withdrawal of the largest exporter, company US Steel, recession in the key export market (EU) and the drought which reduced the harvest of agricultural produce. Export of iron, steel and ferrous metals, as the key export product in the previous years was replaced with electrical machinery (7.5 per cent share in total exports) and crops (7.4 per cent in total exports).

19 19 Javni dug Izvor: Ministarstvo finansija, Raiffeisen RESEARCH Naravno, rast deficita budžeta bio je praćen rastom javnog duga iz koga je deficit finansiran. Naime, učešće javnog duga u BDP-u je na kraju godine poraslo na 61,5% sa 50% na kraju godine i dostiglo iznos od 17,7 milijardi evra. U suštini, akumulacija javnog duga u godini bila je do sada najveća na godišnjem nivou (+3,2 milijardi evra g-n-g) od kada je proces ubrzanog rasta javnog duga započeo (2009. godine). Država je veoma uspešno plasirala dve emisije evro-obveznica, desetogodišnje (1 milijarda dolara) i petogodišnje (750 miliona dolara). Tražnja za ovim obveznicama daleko je premašivala ponudu, tako da je pokrivenost ponude dostavljenim ponudama iznosila 4,0, tj. 4,9. Takođe, prinosi su pali znatno ispod nivoa koji je Srbija dobila u septembru godine kada je emitovana prva evroobveznica, tačnije sa 7,50% na 6,63% na otvaranju i dalje čak na 4,8% na desetogodišnje obveznice, a kao rezultat poboljšane percepcije rizika investitora, ali i ekspanzivne monetarne politike FED-a. Što se tiče interesovanja investitora za domaće aukcije T-zapisa Ministarstva finansija, ono je bilo dosta volatilno u iščekivanju rezultata predsedničkih i parlamentarnih izbora. Naime, početno interesovanje vrlo brzo je zamenjeno velikim padom, da bi od septembra godine apetit za dinarskim T-zapisima Ministarstva finansija osetno i brzo počelo ponovo da raste sa stabilizacijom na političkoj sceni. Sa obnovljenim interesovanjem dolazi i do pada prinosa na dinarske državne hartije od vrednosti, s obzirom da je država posle uspešne emisije dve evro-obveznice sada već imala dovoljno likvidnosti. I pored značajnije aktivnosti povećanja deviznog duga, Ministarstvo finansija uspelo je da poveća učešće dinarskog duga u ukupnom dugu (oktobar 2012:18,6%) sa 14,36 u godini. Dalje, ročna struktura duga značajno je poboljšana, tako da je učešće 53-nedeljnih i 18-mesečnih hartija od vrednosti u ukupnoj strukturi duga smanjena na 26%, tj. 21%, dok je povećano učešće dvogodišnjih i trogodišnjih hartija od vrednosti na 20% i 19%. Nakon oporavka ekonomije u (+1,0% g-n-g) i godini (+1,6% g-n-g), nova kriza državnog duga u EU koja je vodila recesiji na ovom tržištu i posledično se prelila na domaće tržište, rezultirala je novom recesijom i u Srbiji i padom BDP-a od 1,7% g-n-g u godini. Međutim, slabljenje domaće ekonomije nije samo posledica slabije strane tražnje najvećeg izvoznog tržišta zemlje (EU), već i niza jednokratnih negativnih dešavanja, za koje se očekuje da se neće ponoviti u godini. Naime, prvi kvartal obeležilo je privremeno zatvaranje velikog broja proizvodnih kapaciteta usled veoma niskih temperatura, pored tradicionalne sezone praznika početom godine, što je kao rezultat imalo pad BDP-a od 2,7% g-n-g. U drugom kvartalu došlo je do privremenog oporavka ekonomije, delom kao rezultat baznog efekta, da bi u trećem kvartalu ponovo došlo do pogoršanja ekonomije (-2.1% g-n-g), a kao posledica velikog pada poljoprivredne proizvodnje usled jake suše, iako su trgovina na veliko i malo, kao i poslovanje nekretninama ostvarile pozitivne stope rasta dva uzastopna kvartala. Pad ekonomije usporen je na 2,0% g-n-g u četvrtom kvartalu, a kao rezultat Vladinog programa podrške kroz finansiranje subvencionisanih kredita. Mesečni razvoj spoljne trgovine Izvor: Republicki zavod za statistiku, Raiffeisen RESEARCH Industrijska proizvodnja je tokom cele godine beležila negativne stope rasta, osim oktobra i decembra, međutim, gledajući celu godinu, industrija je pala za 2,9% od početka godine kao rezultat slabije domaće i strane tražnje. Izvoz nije uspeo da kapitalizuje na slabljenju dinara tokom godine kao što je to bio slučaj u godini, ali, na sreću, i stope rasta uvoza smanjile su se usled krize. Naime, volumeni izvoza u godini (8,8 milijardi evra) porasli su znatno iznad predkriznih nivoa (septembar godine: 5,7 milijardi evra), ali značajniji rast je izostao u odnosu na prethodnu godinu (2011: 8,4 milijardi evra) kao posledica odlaska najvećeg izvoznika, kompanije US Steel, recesije na ključnom izvoznom tržištu (EU) i suše koja je smanjila prinos poljoprivrednih proizvoda. Izvoz gvožđa i čelika, te obojenog metala kao ključnog izvoznog proizvoda u prethodnim godinama bio je zamenjen električnim mašinama (7,5% učešća u ukupnom izvozu) i žitaricama (7,4% učešća u ukupnom izvozu).

20 20 Furthermore, the start of FIAT vehicles production supported the vehicles export share to 5.3 per cent in 2012, from 2.2 per cent in However, the largest share in export volume increase in 2012 was marked by electrical machinery (plus million y-o-y), cars (plus million y-o-y) and crops (plus million y-o-y). Finally, the foreign trade deficit amounted to 5.9 billion in 2012, i.e. the coverage of import by export was stable at 59.7 per cent (2011: 59.3 per cent). Industrial Production Source: Statistical Office of Serbia, Raiffeisen RESEARCH The continuing recession in 2012 saw the further rise of the unemployment rate, which reached its peak in April 2012 (25.5 per cent). However, an unexpected recovery of the unemployment rate in October to the level of 22.4 per cent, i.e, for the first time since April, 2011, there was an increase in the number of new employees (plus ) in the following industries: agriculture and forestry (plus ), processing industries (plus ), public administration (15.365) and construction (13.612). According to some estimates of the Republic Statistics Office, this decline in unemployment should be regarded with some reservation, since part of the unemployed were officially registered. A range of negative occurrences in the first half of 2012 (freezing of the stand-by arrangement with the IMF and elections on all levels) increased investors caution, which resulted in a balance of payments deficit in the period January-November, 2012 ( 1.46 billion), compared to the surplus in the same period the previous year ( 1.23 billion). The reason for this significant deficit in 2012 was the reduced inflow of foreign direct investments which first had a trend of outflow, after which a slight recovery ensued at the end of the year, although, when compared to 2011, there was a decline in the period January-November for 91.0 per cent y-o-y. Furthermore, foreign investors investments into T-bills of the Ministry of Finance were greatly reduced up to September 2012, and a recovery of these investments ensued after the government was formed. Inflows based on two issues of eurobonds greatly helped to reduce the balance of payments deficit. Thanks to the flexible but managed foreign currency regime, financing the balance of payments deficit was somewhat easier. However, dinar volatility in relation to the euro was remarkably high, as a result of the volatile risk perception of the country by investors in view of the new elections and election results. Namely, the dinar fluctuated in the range from , where the greatest weakening of the dinar in relation to the euro happened up to August 2012 (minus 11.7 per cent since the start of the year), as a result of reduced investing into T-bills of the Ministry of Finance and outflow of foreign direct investments due to increased political risk. However, the dinar stabilized starting September and is slowly beginning to gain strength, helped by the government s economy support program through subsidized credits, where banks placed credits worth one billion euros. A greater inflow of portfolio investments into T-bills of the Ministry of Finance is registered, as a result of improved risk perception of the country with investors. This sentiment was maintained until the end of the year, however, in relation to the euro, the dinar nominally depreciated in 2012 from 8.0 per cent y-o-y in relation to In order to prevent an even greater weakening of the dinar in relation to the euro, the National Bank of Serbia intervened by selling as much as 1.35 billion euros. However, as the foreign currency interventions of the NBS in the foreign currency market did not have a more long-term effect on stopping the increasing dinar weakening in relation to the euro, the NBS had increased dinar allocation of the foreign mandatory reserve three times. So, the dinar share in the mandatory foreign currency reserve increased to 20 per cent/15 per cent up to two years and exceeding two years in April, then 27 per cent /19 per cent up to two/ exceeding two years in June and finally, in August to 32 per cent/24 per cent. This last increase had an impact in stopping the further dinar weakening in relation to the euro, apart from other factors, of course, the improved country risk perception being the first. Despite the great depreciation of the dinar in relation to the euro up to August 2012, the spillover of dinar weakening onto consumer prices happened only beginning September. Namely, due to the high base in 2011 and the weak consumer power, thus resulting in low aggregate demand, inflation recorded low growth rates up to September, only to turn to two-digit growth rates from October. Apart from the spillover of the foreign currency exchange rate onto consumer prices, the drought which sparked the rise of food prices, had a key influence in inflation growth, as well as tax rates increase. Inflation measured by the consumer price index finished the year at a level of 12.2 per cent y-o-y, far above the goal set for this year (4.0 per cent plus/minus 1.5 per cent). The highest growth rates were marked in food prices (plus 15.4 per cent y-o-y) with a share of per cent, followed by alcoholic beverages and tobacco (plus 13.7 per cent y-o-y), with a share of 5.38 per cent.

21 21 Dalje, početak proizvodnje FIAT-ovih automobila podržao je rast učešća izvoza automobila na 5,3% u godini sa 2,2% u godini. Međutim, najveće učešće u rastu volumena izvoza u godini zabeležile su električne mašine (+ 597,2 mliona evra g-n-g), automobili (+281,7 miliona evra g-n-g) i žitarice (+124,9 miliona evra g-n-g). Na kraju, spoljnotrgovinski deficit iznosio je 5,9 milijardi evra u godini, odnosno pokrivenost uvoza izvozom bila je stabilna na 59,7% (2011: 59,3%). Industrijska proizvodnja Izvor: Republicki zavod za statistiku, Raiffeisen RESEARCH Sa nastavkom recesije u godini, stopa nezaposlenosti nastavila je da raste dostigavši maksimum u aprilu godine (25,5%). Međutim, u oktobru je neočekivano došlo do pada stope nezaposlenosti na nivo od 22,4%, odnosno, prvi put od aprila godine, došlo je do rasta broja novozaposlenih (+141,449), i to u sledećim industrijama: poljoprivreda i šumarstvo (+55,192), prerađivačka industrija (+30,755), državna uprava (15,365) i građevinarstvo (13,612). Prema nekim procenama RZZS, pad stope nezaposlenosti treba tumačiti sa rezervom, s obzirom da je za jedan deo neregistrovanih zaposlenih bila izvršena registracija. Niz negativnih dešavanja u prvoj polovini godine (zamrzavanje stand-by aranžmana sa MMF-om i izbori na svim nivoima) povećali su oprez investitora, što je rezultiralo deficitom platnog bilansa u periodu januar-novembar godine (1,46 milijardi evra), u poređenju sa suficitom u istom periodu prošle godine (1,23 milijarde evra). Razlog značajnog deficita u godini jeste smanjen priliv stranih direktnih investicija koje su imale prvo trend odliva, da bi potom došlo do blagog oporavka pred kraj godine, mada je, u poređenju sa godinom, ostvaren pad u periodu januar-novembar za 91,0% g-n-g. Dalje, investiranje stranih investitora u zapise trezora Ministarstva finansija bilo je umnogome smanjeno do septembra godine, da bi došlo do oporavka ovih investicija nakon što je formirana Vlada. Prilivi po osnovu dve emisije evroobveznica pomogle su značajnom smanjenju deficita platnog bilansa. Zahvaljujući rukovođeno fleksibilnom deviznom režimu, donekle je ipak olakšano finansiranje deficita platnog bilansa. Međutim, volatilnost dinara u odnosu na evro bila je izuzetno visoka kao posledica volatilne percepcije rizika zemlje od strane investitora u svetlu novih izbora i rezultata izbora. Naime, dinar se kretao u rasponu od 119,07 103,69, a najveći deo slabljenja dinara u odnosu na evro desio se do avgusta godine (-11,7% od početka godine) kao rezultat smanjenog investiranja u zapise Trezora Ministarstva finansija i odliva stranih direktnih investicija usled povećanog političkog rizika. Međutim, dinar se stabilizuje od septembra meseca i polako počinje da jača, uz pomoć Vladinog programa podrške privredi kroz subvencionisane kredite, u okviru kojeg su banke plasirale jednu milijardu evra kredita. Dalje dolazi do značajnog priliva portfolio investicija u T-zapise Ministarstva finansija, a kao rezultat poboljšane percepcije rizika zemlje kod investitora. Ovaj sentiment održao se do kraja godine, međutim dinar je u godini u odnosu na godinu nominalno depresirao od 8,0% g-n-g u odnosu na evro. Da bi sprečila još značajnije slabljenje dinara u odnosu na evro, Narodna banka Srbije intervenisala je prodajom čak 1,35 milijardi evra. Međutim, kako devizne intervencije NBS na deviznom tržištu nisu davale dugoročniji efekat na zaustavljanje ubrzanog slabljenja dinara u odnosu na evro, NBS je u tri navrata povećala dinarsku alokaciju devizne obavezne rezerve. Dinarsko učešće u izdvajanju obavezne devizne rezerve tako je povećano na 20%/15% do dve godine i preko dve godine u aprilu, potom 27%/19% do dve/preko dve godine u junu i konačno u avgustu na 32%/24%. Ovo poslednje povećanje uticalo je na zaustavljanje daljeg slabljenja dinara u odnosu na evro, naravno pored ostalih faktora, na prvom mestu poboljšane percepcije rizika zemlje. Uprkos velikoj depresijaciji dinara u odnosu na evro do avgusta godine, prelivanje slabljenja dinara na potrošačke cene desilo se tek od septembra. Naime, inflacija je, usled visoke baze iz godine i slabe kupovne moći, pa samim time i niske agregatne tražnje, do septembra beležila niske stope rasta, da bi od oktobra prešla na dvocifrene stope rasta. Pored prelivanja slabljenja deviznog kursa na potrošačke cene, ključni uticaj na rast inflacije imala je suša koja je podstakla rast cena hrane, kao i povećanje poreskih stopa. Inflacija merena indeksom potrošačkih cena završila je godinu na nivou od 12,2% g-n-g daleko iznad postavljenog cilja za ovu godinu (4,0% +/- 1,5%). Najviše stope rasta ostvarile su cene hrane (+15,4% g-n-g) sa učešćem od 38,76%, te cene alkoholnih pića i duvana (+13,7% g-n-g) sa učešćem od 5,38%.

22 22 The new management of the National Bank of Serbia continued the restrictive monetary policy course by raising the key interest rate which had almost no movements up to June, due to low inflation (apart from one reduction in January to 9.50 per cent). As inflatory risks grew, the NBS started its cycle of increasing the key interest rate, which increased by 175 basis points to reach per cent in the period from June until the end of the year. The first time since the introduction of inflation targeting, the NBS had unusual increases of the key interest rate from 30 and 20 basis points, as a result of a simultaneous strengthening of the dinar in relation to the euro and a yield reduction on domestic debt. Also, this way the NBS tried to send a message to the market that its standpoint was that inflation growth was under control. The previous management of the NBS brought a decision in July regarding a change of the basic instrument of monetary policy, namely, instead of a two-week key interest rate, a one-week key interest rate was introduced, and at the same time, the purchase of securities, i.e. direct repo transactions, became the main transaction in the open market. The reason for this change was low credit activity and reduced appetite for T-bills of the Ministry of Finance, while, at the same time, the repo portfolio with the NBS grew. However, the significantly improved dinar liquidity of the banking sector motivated the NBS to introduce reverse repo transactions again in December, in order to withdraw all surpluses in dinar liquidity that could have an impact on inflation growth. A novelty is also the fact that auctions are held by variable (multiple) interest rate. Trends in the Banking Industry The unstable environment in the first half of the year, high illiquidity of the real sector, growth of non-performing loans and recession in the EU all influenced the reduced credit activity of banks. On the other hand, a liquidity surplus was placed into repo transactions with the NBS and partly into T-bills of the Ministry of Finance. However, the forming of the new government and all the measures undertaken to stabilize public finances, as well as the new program of subsidized loans, which the government brought in September, 2012, all had an impact on credit cycle revitalization. As a result, banks placed a total of 365 million of new credits in the period January-November, 2012, (Jan-Nov, 2011: 1.1 billion), of which 32 million were issued to private individuals (Jan-Nov, 2011: 364 million), and 331 million to the economy (Jan-Nov, 2011: 578 million). The abolishment of reverse repo operations in July, 2012 and the increased dinar share in the foreign currency mandatory reserve, resulted in reducing the repo portfolio with the NBS from the start of the year ( 1.3 billion), only to be down to zero in July. The re-introduction of these transactions from December, made the portfolio bounce back to a level of 352 million. The new volume growth in banks credit activity was financed from deposits in the period of January-November, 2012, (plus 171 million), while the deposit increment in the period January- November, 2011, amounted to 1.1 billion. Due to reduced liquidity of the economy, deposit activity in 2012 was mostly generated from deposits of private individuals (plus 456 million), while corporate deposits registered a slump (minus 266 million). Retail savings reached a maximum level of 8.1 billion in November, 2012, it even realized almost the same growth (plus 542 million), as in the period January-November, 2011 (plus 536 million). The level of non-performing loans was high in 2012 as well. According to NBS data, conclusive with the month of October, the share of NPLs was 18.8 per cent. The greatest growth was registered in NPLs approved to entrepreneurs, which reached a level of 28.0 per cent in September, 2012 (2011: 25.1 per cent), while the retail loan NPL ratio marked a slight growth in the same period to the level of 8.6 per cent (2011: 7.9 per cent). The NPL ratio approved to corporates marked a downfall, after a long time, reaching the level of 23.7 per cent in September, 2012 (2011: 24.6 per cent). Analyzed according to industry, the corporate credit NPL ratio in September, 2012, marked a reduction with most industries, compared to the end of However, this was not the case with construction, where the ratio grew to 42.4 per cent (plus 15.7 percentage points) and real estate business, where the ratio grew to 40.6 per cent (plus 2.3 percentage points). The NBS brought a decision to enable banks to transfer bad debt, both to financial, as well as to non-financial legal entities. By changing the Law on Concerted Financial Restructuring of legal entities and the Bankruptcy Law, banks were encouraged to make additional efforts with the aim of restructuring liabilities of those corporate entities that stood a chance of survival. As regards private individuals, in the same period this category was highest in the segment of other industries (26.5 per cent) and consumer loans (15.1 per cent), and the lowest with cash loans (10.6 per cent). The greatest growth in September, 2012 in comparison to the end of 2011 was realized with consumer loans (plus 8.1 percentage points) and cash loans (plus 1.8 percentage points). However, although the NPL ratio was rising, the coverage of NPLs with the calculated reserve for estimated balance losses was at an extremely high level and amounted to per cent in September of 2012 (2011: per cent). In order to stimulate retail loans, the NBS abolished the unified limitation of credit indebtedness by the NBS and enabled banks to make use of their own internal policies to manage the assessment of private individuals creditworthiness, including the level of loan indebtedness up to which clients could be indebted. Although capital adequacy was still quite above the mandatory 12 per cent, the level of this ratio fell to 16.4 per cent in September, 2012, from 19.1 per cent in 2011, due to increased losses, mostly made by one bank.

23 23 Novo rukovodstvo Narodne banke Srbije nastavilo je restriktivan kurs monetarne politike podizanjem ključne kamatne stope koja gotovo do juna nije pomerana zbog niske inflacije (osim jednog smanjenja u januaru na 9,50%). Kako su inflatorni rizici rasli, tako je NBS započela ciklus povećanja ključne kamatne stope koja je u periodu od juna do kraja godine povećana za 175 baznih poena na 11,25%. Prvi put od uvođenja targetiranja inflacije, NBS je imala neobična povećanja referentne kamatne stope od 30 i 20 baznih poena, a po našem viđenju kao rezultat istovremenog jačanja dinara u odnosu na evro i pada prinosa na domaći dug. Takođe, na taj način NBS je pokušala i da pošalje poruku tržištu da je njeno stanovište da je rast inflacije pod kontrolom. Prethodno rukovodstvo NBS je u julu donelo odluku o promeni osnovnog instrumenta monetarne politike, naime umesto dvonedeljne uvodi se jednonedeljna ključna kamatna stopa, a istovremeno glavna operacija na otvorenom tržištu postaje kupovina hartija od vrednosti, odnosno direktne repo operacije. Razlog ovoj promeni bila je niska kreditna aktivnost i smanjen apetit za T-zapisima Ministarstva finansija, dok je istovremeno rastao repo portfolio kod NBS. Međutim, značajno povećana dinarska likvidnost bankarskog sektora motivisala je NBS da ponovo uvede reverzne repo operacije u decembru, kako bi povukla sve viškove dinarske likvidnosti koji bi mogli da utiču na povećanje inflacije. Novost je takođe da se aukcije sprovode putem varijabilne (višestruke) kamatne stope. Kretanja u bankarskoj industriji Nestabilno okruženje u prvoj polovini godine, visoka nelikvidnost realnog sektora, rast problematičnih kredita i recesija u EU uticali su na smanjenu kreditnu aktivnost banaka. S druge strane, višak likvidnosti plasiran je u repo transakcije kod NBS i delimično u T-zapise Ministarstva finansija. Međutim, formiranje nove Vlade i sve preduzete mere u cilju stabilizacije javnih finansija, kao i nov program subvencionisanja kredita koji je Vlada donela u septembru godine, uticali su na obnavljanje kreditnog ciklusa. Kao rezultat, banke su plasirale ukupno 365 miliona evra novih kredita u periodu januar-novembar godine (jan-nov. 2011: 1,1 milijardu evra), od toga stanovništvu 32 miliona evra (jan-nov. 2011: 364 miliona evra), a privredi 331 milion evra (jan-nov. 2011: 578 miliona evra). Ukidanje reverznih repo operacija u julu godine i povećanje izdvajanja dinara u deviznoj obaveznoj rezervi, rezultirali su smanjenjem repo portfolija kod NBS od početka godine (1,3 milijarde evra), da bi u julu pao na nulu. Ponovnim uvođenjem ovih operacija od decembra, portfolio se vratio na nivo od 352 miliona evra. Prirast novog volumena kreditne aktivnosti banaka je u periodu januar-novembar godine finansiran iz depozita (+171 miliona evra), dok je prirast depozita u periodu januar-novembar godine iznosio 1,1 milijardu evra. Usled smanjene likvidnosti privrede, depozitna aktivnost u godini najviše je generisana iz depozita stanovništva (+456 miliona evra), dok su depoziti privrede billi u padu (-266 miliona evra). Štednja stanovništva dostigla je maksimalan nivo od 8,1 milijardi evra u novembru godine, čak je ostvarila gotovo isti rast (+542 miliona evra) kao u periodu januar-novembar godine (+536 miliona evra). Nivo problematičnih kredita bio je visok i u godini. Prema podacima NBS, zaključno sa mesecom oktobrom, učešće loših kredita iznosilo je 18,8%. Najveći rast ostvario je racio problematičnih kredita odobrenih preduzetnicima, dostigavši nivo od 28,0% u septembru godine (2011: 25,1%), dok je racio problematičnih kredita odobrenih stanovništu u istom periodu bio u blagom porastu na nivo od 8,6% (2011: 7,9%). Racio problematičnih kredita odobrenih privredi nakon dugo vremena bio je u padu, dostigavši nivo od 23,7% u septembru godine (2011: 24,6%). Analizirano po vrstama industrije, racio problematičnih kredita privrede u septembru godine u odnosu na kraj godine je kod najvećeg broja industrija bio u padu. Međutim, to nije bio slučaj sa građevinarstvom gde je racio porastao na 42,4% (+15,7 procentnih poena) i poslovanje sa nekretninama gde je racio porastao na 40,6% (+2,3 procentna poena). NBS je donela odluku da se bankama omogući ustupanje loših potraživanja, ali ne samo finansijskim, nego i nefinansijskim pravnim licima. Izmenom Zakona o sporazumnom finansijskom restrukturiranju privrednih društava i Zakonom o stečaju, banke su podstaknute da ulože dodatne napore u cilju restrukturiranja potraživanja od privrednih društava koja imaju šanse za oporavak. Kod stanovništva, ovaj pokazatelj je u istom periodu bio najviši kod ostalih delatnosti (26,5%) i potrošačkih kredita (15,1%), a najniži kod gotovinskih kredita (10,6%). Najveći rast u septembru godine u odnosu na kraj godine ostvaren je kod potrošačkih kredita (+8,1 procentnih poena) i gotovinskih kredita (+1,8 procentih poena). Međutim, iako je racio problematičnih kredita u porastu, pokrivenost problematičnih kredita obračunatom rezervom za procenjene bilansne gubitke bila je na izuzetno visokom nivou i iznosila je 127,9% u septembru godine (2011: 129.2%). U cilju stimulisanja kreditne aktivnosti prema stanovništvu, NBS je ukinula jedinstveno limitiranje kreditne zaduženosti od strane Narodne banke Srbije i omogućila bankama da svojim unutrašnjim politikama uredi način procene kreditne sposobnosti fizičkih lica, uključujući i stepen kreditne zaduženosti do kojeg se klijenti mogu zaduživati. Iako je adekvatnost kapitala i dalje prilično iznad propisanih 12%, visina ovog racija u septembru godine pala je na 16,4% sa 19,1% u godini, usled povećanja gubitka najvećim delom jedne banke.

24 24 State-owned banks presented an additional problem. Their total assets make up 19 per cent of the banking assets in September, Out of a total of ten state-owned banks banks, only Komercijalna banka achieved a profit, while other banks recorded considerable losses, primarily as a result of large provisioning for impairment losses. Agrobanka was the first to face this problem and the government decided to transfer the good assets and deposits of this bank into Nova Agrobanka (bank for special purposes), founded for this purpose, and to start a bankruptcy procedure in the old Agrobanka. However, as the Nova Agrobanka was not able to comply in its business activities to the stipulations of the Law on Banks concerning capital and business indicators in the legally defined period of six months from issuing the work licence, a decision was brought that Banka Poštanska Štedionica should take over the assets and liabilities of Nova Agrobanka. Furthermore, the high losses of Razvojna Banka Vojvodine, as a result of the extremely high NPL ratio, motivated the government to apply the same solution for this bank as well. The state, as the major shareholder, offered 110 million of insured deposits and 100 million of uninsured deposits which the state would cover for a buyer of five-year bonds. As concerns other banks in state ownership, the government plan was privatization, so that tenders were already open for Privredna banka a.d. Beograd. The only bank in majority state ownership for which privatization is not planned in the near future is Komercijalna banka, taking into account its size (the second largest bank in the market) and its profitability. According to the Ministry of Finance, the idea is that 20 per cent of the shares of Komercijalna banka should be listed on one of the international stock markets, 10 per cent of which would be the share of the state, while 10 per cent would be the share of EBRD and IFC. The profitability of the domestic banking industry was further receding with return on equity in the period of January-September, 2012 of 2.86 per cent compared to the same period in the previous year, when it amounted to 6.5 per cent. Namely, the net income in the period January- September, 2012, fell by 56.9 per cent y.o.y due to a fall in interest income (minus 12.9 per cent y-o-y) and income from fees (minus 7.4 per cent y-o-y). Expenditures based on indirect write-offs of placements and provisions and operational expenses marked a slight rise of 7.7 per cent y-o-y and 0.9 per cent respectively. The rationalization of business expenditures continued in 2012 as well, so that the number of employees was reduced by 99 to 29,129 in the period January-September, 2012, and the number of branch offices was reduced to 2,319 (2011: 2,383). Still weak economic sentiment both in the eurozone, as well as in the country and the reduced support program of the government for the economy by subsidized credits in 2013, are factors that will jointly impact that banks, on the one hand, continue their prudent credit policies, and on the other hand, approve the financing of new credit volumes for the most part from deposits collected in the local market.

25 25 Dodatni problem predstavljale su banke u državnom vlasništvu, čija ukupna aktiva čini 19% ukupne bankarske aktive u septembru godine. Od ukupno deset banaka u državnom vlasništvu, samo je Komercijalna banka ostvarila profit, dok su ostale banke ostvarile velike gubitke, pre svega kao rezultat izdvajanja velikih rezervacija za problematične kredite. Agrobanka je prva koja se suočila sa ovim problemom, i Vlada je odlučila da dobru aktivu i depozite ove banke prebaci u Novu agrobanku (banka za posebne namene) koja je za te svrhe osnovana, a da se nad starom Agrobankom otvori stečaj. Međutim, kako je ustanovljeno da Nova agrobanka nije u mogućnosti, u zakonski predviđenom roku od šest meseci od izdavanja dozvole za rad, da uskladi svoje poslovanje sa odredbama Zakona o bankama u delu koji se odnosi na kapital i pokazatelje poslovanja, doneta je odluka da Banka poštanska štedionica preuzme imovinu i obaveze banke za posebne namene Nove agrobanke. Dalje, visoki gubici Razvojne banke Vojvodine, kao posledica izuzetno visokog racija problematičnih kredita, motivisali su Vladu da primeni isto rešenje i za tu banku. Država je, kao većinski akcionar, ponudila 110 miliona evra osiguranih depozita i 100 miliona evra neosiguranih depozita koje bi država pokrila kupcu petogodišnjim obveznicama. Što se tiče ostalih banaka u državnom vlasništvu, plan Vlade je da se izvrši privatizacija, tako da su već objavljeni tenderi za Privrednu banku a.d. Beograd. Jedina banka u većinskom državnom vlasništvu za koju se ne planira privatizacija u skorijem periodu je Komercijalna banka, uzimajući u obzir njenu veličinu (druga najveća banka na tržištu) i profitabilnost. Prema ministru finansija, ideja je da se 20% akcija Komercijalne banke listira na jednoj od međunarodnih berzi, od toga bi 10% bilo učešće države, a 10% učešće EBRD-a i IFC-a. Profitabilnost domaće bankarske industrije je i dalje bila u padu sa prinosom na kapital uperiodu januar-septembar godine od 2,86% u poređenju sa istim periodom prošle godine, kada je iznosila 6,5%. Naime, neto dobitak u periodu januar-septembar godine pao je za 56,9% g-n-g usled pada prihoda od kamata (-12,9% g-n-g) i prihoda od naknada (-7,4% g-n-g). Rashodi po osnovu indirektnih otpisa plasmana i rezervisanja i operativni rashodi bili su u blagom porastu od 7,7% g-n-g i 0,9% g-n-g respektivno. Racionalizacija poslovnih rashoda nastavljena je i u toku godine, tako da je broj zaposlenih smanjen za 99 na u periodu januar-septembar godine, a broj filijala smanjen je na (2011: 2.383). Još uvek slab ekonomski sentiment kako u evrozoni, tako i u zemlji, kao i smanjen program podrške Vlade privredi putem subvencionisanih kredita u godini, faktori su koji će imati zajednički uticaj na to da banke, s jedne strane nastave sa primenom prudentne kreditne politike, a sa druge strane da finansiranje novih kreditnih volumena odobravaju najvećim delom iz depozita prikupljenih na domaćem tržištu.

26 26 Social Responsibility Socially responsible behavior is an important part of Raiffeisen banka s strategy. It is the principle upon which the strategy of corporate social responsibility of Raiffeisen Bank International, the head office of the bank in Serbia, is based on. Raiffeisen banka wishes to approach all segments of society, its business community, but also the environment, in an ethical and responsible way. During the past years, the bank offered support with its donations to a number of institutions and individuals who needed help the most. The tendency has always been to help the most vulnerable or the weakest parts of the community, such as children, the sick or individuals with special needs. Among the most important charity activities were the four humanitarian projects Teleton, realized in cooperation with the Radio-Television of Serbia, where the bank helped the neonatology and paediatric units in hospitals across Serbia, equipped sports premises in several primary schools, created better conditions in day care centers for children with developmental problems and donated 100,000 for the construction of the first Inclusion Service Center in Serbia. Socially responsible behavior of the bank includes activities through two humanitarian funds: Budimir Boško Kostić (founded in memory of the first Chairman of Raiffeisen banka) and H. Stepic CEE Charity (founded by the Chairman of Raiffeisen Bank International, dr Herbert Stepic). In 2012, the H. Stepic CEE Charity financially supported three projects in Serbia. The first two projects saw the charity donate funds for day care centers for children who live and/or work in the streets of Belgrade and Novi Sad, thus supporting this vulnerable segment of society. The third project solved the problem of inadequate capacity in the Senta soup kitchen, the only institution of its sort in this town. The charity s donation helped the uninterrupted preparation of hot meals for around 500 people, children included, who live below the poverty line. Continuing the very successful activities realized during the previous three years, in 2012 the employees of Raiffeisen banka continued their tradition of collecting New Year s presents for children coming from vulnerable social groups, children with developmental problems, disabled children or children without parental care placed in institutional homes. Some 620 presents were collected, containing educational toys, pieces of clothing and sweets, distributed to suitable institutions in several cities in Serbia. Apart from its humanitarian activities, the bank recognizes the importance of responsible human resources management and so tries to provide a working environment where employees will be satisfied and work in positions that correspond to their skills and knowledge, with the possibility of further professional and personal development. The ecological dimension relates to efforts the bank is investing in order to create a balance between the need for economic growth on the one hand, and maintaining a healthy environment on the other. Special attention is focused on saving energy, paper and electronic waste recycling, further, in designing installation systems of the bank s new headquarters, the principles of saving energy by applying modern energy recuperation systems and optimization of technical parameters for ventilation and cooling were taking into account. Of course, business ethics is one of the most important issues, so the bank strives to make the following its basic business principles: transparency and work ethics, quality service and comprehensive product offer, constant client care and responsible marketing, as well as respecting the current legislative framework and competition integrity.

27 27 Društvena odgovornost Društveno odgovorno ponašanje čini važan deo strategije Raiffeisen banke. Ovo je princip na kome počiva i strategija korporativno odgovornog poslovanja Raiffeisen Bank International-a, matične kompanije banke u Srbiji. Ovim inicijativama i aktivnostima Raiffeisen banka želi da etički i odgovorno pristupi svim segmentima društva, poslovne zajednice, ali i okoline u kojoj posluje. Tokom proteklih godina banka je svojim donacijama pružila podršku mnoštvu institucija i pojedincima kojima je pomoć bila najpotrebnija. Tendencija je uvek da se podrška odnosi na najugroženije ili najslabije delove zajednice, kao što su to deca, bolesni, pojedinci sa posebnim potrebama. Među najvažnijim humanitarnim akcijama su četiri humanitarne akcije Teleton, realizovane u saradnji sa Radio-televizijom Srbije, u okviru kojih je banka pomogla odeljenja pedijatrije i neonatologije u bolnicama širom Srbije, opremila fiskulturne sale u više osnovnih škola, obezbedila bolje uslove u dnevnim boravcima za decu ometenu u mentalnom razvoju i donirala evra za izgradnju prvog Inkluzivnog servisnog centra u Srbiji. U društveno odgovorno ponašanje treba uvrstiti i delovanje banke preko dve humanitarne fondacije: Budimir Boško Kostić (osnovane u znak sećanja na prvog direktora banke) i H. Stepic CEE Charity (čiji osnivač je predsednik Raiffeisen Bank International-a, dr Herbert Stepic). U toku godine, humanitarna fondacija H. Stepic CEE Charity finansijski je pomogla tri projekta u Srbiji. U okviru prva dva projekta fondacija je donirala novac za Dnevne centre za decu koja žive i/ili rade na ulici u Beogradu i Novom Sadu, čime je pomogla položaj ovog ugroženog segmenta društva. Trećim projektom rešen je problem nedakevatnih kapaciteta Narodne kuhinje u Senti, jedine ustanove te vrste u ovom gradu. Donacija fonacije pomogla je nesmetan nastavak pripreme toplih obroka za oko 500 ljudi i dece koji žive ispod granice siromaštva. Nastavljajući veoma uspešne akcije realizovane u prethodne tri godine, zaposleni Raiffeisen banke su i u nastavili tradiciju prikupljanja novogodišnjih paketića za decu iz ugroženih socijalnih grupa, decu sa smetnjama u razvoju, invaliditetom ili decu u domovima bez roditeljskog staranja. Prikupljeno je 620 paketića koji su sadržali odgovarajuće didaktičke igračke, garderobu i slatkiše, a koji su podeljeni odgovarajućim institucijama u nekoliko gradova u Srbiji. Pored humanitarnog delovanja, banka prepoznaje i značaj odgovornog upravljanja ljudskim resursima, te se trudi da obezbedi radno okruženje u kome će zaposleni biti zadovoljni i raditi na pozicijama koje odgovaraju njihovim znanjima i veštinama, uz mogućnost daljeg profesionalnog i ličnog razvoja. Ekološka dimenzija poslovanja odnosi se na napore koje banka ulaže kako bi uspostavila ravnotežu između potrebe za ekonomskim rastom sa jedne strane, i očuvanja zdravog okruženja sa druge. Vodi se računa o uštedi energije, reciklaži papira i elektronskog otpada, a pri projektovanju instalacionih sistema novog sedišta banke, primenjivani su principi uštede energije primenom savremenih sistema rekuperacije energije i optimizacije tehničkih parametara za ventilaciju i hlađenje. Svakako da je i pitanje poslovne etike jedno od najvažnijih, tako da banka teži da osnovni principi njenog poslovanja budu transparentnost i etičnost u radu, kvalitetna usluga i raznovrsna ponuda proizvoda, konstantna briga o klijentima i odgovoran marketing, uz poštovanje važeće regulative i integriteta konkurencije.

28 28 Corporate Banking In the segment of Corporate Banking, Raiffeisen banka marked another successful business year in which it achieved results well above the targeted goals. The good results were realized despite the still very complex situation in the market, both for the economy, as well as for the banking industry, changes in monetary and fiscal policy, high indebtedness of the state and the economy and the lack of new large investments. The quality sales approach and maintaining long-term relationships with clients, mutual loyalty and trust, as well as active acquisition through the possibility of attractive financing, were the biggest contributors to the bank s positive business results. Also, strong support to foreign investors and the high level of cooperation as they enter the Serbian market, once again proved to be the key starting factors of Raiffeisen banka s successful business approach to corporate clients. On the other hand, great efforts were invested into continuing the implementation of a responsible risk approach strategy, as well as further activities in the domain of organization optimization and strict control of expenses. Further proof of successful and stable business was provided by the fact that, since the very start of the financial crisis, Raiffeisen banka had a significantly lower level of non-performing loans compared to the market, as well as a high-quality and sustainable credit portfolio. Development of Key Products and Innovations Business activities, initiatives and new product offers in the corporate banking segment were adjusted to the more challenging business environment in The bank successfully met the needs of its clients by offering a broad range of credit and other products and services in the following categories: corporate credits, guarantees, letters of credit, factoring, deposits, treasury products (spot transactions, forward, quasi forward, interest rate swap, hedging instruments, broker and custody services), domestic and international payment transactions, VISA business cards and electronic banking. In the domain of crediting, the bank successfully supported the growing needs of its clients for liquidity and working capital through an active offer of competitive credits from its own sources, complemented by an offer of very attractive subsidized loans in the second half of the year (where the total volume of credits approved exceeded 80 million), as well as crediting through long-term and price-attractive credit lines of international financial institutions in the domain of investment financing. Also, taking into account the growing indebtedness of clients, i.e. the non-existing offer of new collaterals, special stress was placed on capital-light products, such as factoring (including supplier factoring), discounted bills, guarantees and letters of credit, as well as intensive market education, aimed at boosting further business, improving liquidity and risk protection. In the segment of large companies, Raiffeisen banka successfully participated in several of the most important business deals in 2012, supported by colleagues from the head office Raiffeisen Bank International, thus proving once again the expertise of its professionals and the dominant reputation in the market. The full range of products and a high-quality offer were the main goal of Raiffeisen banka in 2012 as well, which was confirmed by the stable results in the segment of payments, deposits and treasury products (foreign exchange transactions, but also using instruments for protection against exchange risk, such as forward and quasi forward). The Corporate Division further confirmed its exceptional reputation, the trust and stability that Raiffeisen banka enjoys in the market, both in cooperation with domestic, as well as with international companies (including support to new foreign investors), with which cooperation is on a very high level. Simultaneously with an active sales approach and taking into account the growing pressure on revenues (especially due to non-performing loans), one of the main focuses in 2012 were additional measures of improving processes and reducing operative expenses. Several projects were initiated, including those aimed at improving the organizational structure, in the sense of optimizing the number of regional centers, further automatization of all processes with the aim of significantly speeding up the credit process and reducing the time of reply to clients, as well as supporting proactive sales and cross-sales. Together with the strategy of the whole Group, this program was fruitful and turned around the trend of operational expenses growth in relation to profits. Client Relationship Quality The high level of trust and stability of cooperation between the bank and its corporate clients were the key factor in overcoming the challenges caused by the still unstable and sensitive situation in the market. By a committed approach, based primarily on quality, Raiffeisen banka will remain a trusted long-term partner to its clients.

29 29 Poslovanje sa privredom Raiffeisen banka je u segmentu poslovanja sa privredom u godini zabeležila još jednu uspešnu poslovnu godinu u kojoj je ostvarila rezultate iznad postavljenih ciljeva. Dobri rezultati ostvareni su uprkos i dalje veoma složenoj tržišnoj situaciji kako za privredu tako i za bankarski sektor, promenama u monetarnoj i fiskalnoj politici, visokoj zaduženosti države i privrede, te nedostatku novih velikih investicija. Pozitivnim rezultatima banke najviše su doprineli kvalitetan prodajni pristup i održavanje dugoročnih odnosa sa klijentima, međusobna lojalnost i poverenje, kao i aktivna akvizicija kroz mogućnosti atraktivnog finansiranja. Takođe, sigurna podrška stranim investitorima i visok nivo saradnje pri njihovom ulasku na srpsko tržiste, još jednom su se pokazali kao ključni polazni faktori uspešnog poslovanja Raiffeisen banke sa klijentima iz privrede. S druge strane, značajni napori uloženi su u nastavak sprovođenja strategije odgovornog pristupa preuzimanja rizika, kao i dalje aktivnosti na polju optmizacije organizacije i stroge kontrole troškova. Dokaz uspešnog i stabilnog poslovanja jeste i to da Raiffeisen banka od početka krize ima značajno niži nivo problematičnih kredita u odnosu na tržište, kao i kvalitetan i održiv kreditni portfolio. Razvoj glavnih proizvoda i inovacije Poslovanje, inicijative i ponuda novih proizvoda u sektoru privrede u godini bili su prilagođeni otežanim uslovima poslovanja. Banka je uspešno odgovorila na potrebe klijenata nudeći širok spektar kreditnih i ostalih proizvoda i usluga koji se mogu uvrstiti u sledeće kategorije: krediti privredi, garancije i akreditivi, faktoring, depoziti, treasury proizvodi (spot transakcije, forward, quasi forward, kamatni svop, hedžing instrumenti, brokerske i kastodi usluge), plaćanja u zemlji i inostranstvu, VISA poslovne kartice i elektronsko bankarstvo. U domenu kreditiranja, banka je uspešno podržala rastuće potrebe svojih klijenata za likvidnošću i obrtnim sredstvima kroz aktivnu ponudu konkurentnih kredita iz sopstvenih izvora, dopunjenu ponudom veoma atraktivnih subvencionisanih kredita u drugoj polovini godine (gde je ukupan volumen puštenih kredita dostigao nivo od preko 80 miliona evra) kao i, u domenu investicionog finansiranja, kreditiranjem kroz dugoročne i cenovno atraktivne kreditne linije međunarodnih finansijskih institucija. Takođe, uzimajući u obzir rastuću zaduženost klijenata, tj. nemogućnost ponude novih obezbeđenja, poseban akcenat stavljen je na capital-light proizvode, kao što su faktoring (uključujući dobavljački faktoring), eskont menica, garancije i akreditivi, i intenzivnu edukaciju tržišta za korišćenjem ovih veoma korisnih proizvoda trgovinskog finansiranja u cilju daljeg unapređenja poslovanja, pospešivanje likvidnosti i zaštite od rizika. U segmentu velikih kompanija, Raiffeisen banka je, uz podršku kolega iz centrale Raiffeisen Bank International, uspešno učestvovala u nekim od najznačajnijih poslova u godini, čime je još jednom potvrdila ekspertizu svog stručnog kadra i dominantnu reputaciju na tržištu. Kompletna paleta proizvoda i kvalitetna ponuda bili su glavni cilj Raiffeisen banke i ove godine, što potvrđuju i stabilni rezultati u segmentu platnog prometa, depozita i proizvoda sektora sredstava (kupoprodaja deviza, ali i korišćenje instrumenata za zaštitu od kursnog rizika kao što su forward i quasi forward). Sektor privrede i dalje potvrđuje izuzetnu reputaciju, poverenje i stabilnost koje Raiffeisen banka uživa na domaćem tržištu, kako u domenu saradnje sa domaćim, a naročito sa međunarodnim kompanijama (uključujući i podršku novim stranim investitorima), sa kojima je saradnja na izrazito visokom nivou. Paralelno sa aktivnim prodajnim pristupom, uzimajući u obzir rastući pritisak na prihode (naročito usled problematičnih kredita), jedan od glavnih fokusa u godini bile su i dodatne mere unapređenja procesa i smanjenja operativnih troškova. Započeto je nekoliko projekata, među kojima su unapređenje organizacione strukture, u smislu optimizacije broja regionalnih centara, dalja automatizacija svih procesa u cilju značajnog ubrzanja kreditnog procesa i skraćenja vremena za odgovor na zahtev klijenata, kao i podsticanje proaktivne i unakrsne prodaje. Ovaj program je, u skladu sa strategijom cele grupacije, dao rezultate i preokrenuo trend rasta operativnih troškova u odnosu na prihode. Kvalitet odnosa sa klijentima Visoko poverenje i stabilnost odnosa između banke i klijenata iz privrede predstavljali su ključni faktor u prevazilaženju izazova uzrokovanih još uvek nestabilnom i osetljivom situacijom na tržistu. Posvećenim pristupom, zasnovanom prvenstveno na kvalitetu, Raiffeisen banka će nastaviti da bude pouzdan dugoročan partner svojim klijentima.

30 30 Retail Banking Despite the relatively unfavorable macroeconomic environment that caused a lower market growth rate, retail business activities marked good results in In the segment of cash loans, Raiffeisen banka maintained the leading position in the market with a market share of per cent. The level of retail deposits remained stable with a growth of around 2.50 per cent, where the greatest growth was recorded in the segment of current accounts and term deposits. During 2012, around 13 per cent more cash loans were approved compared to the previous year, so that dinar loans now have a 90 per cent share in the total retail cash loan portfolio. As was the case in previous years, most of the activities were focused on expanding the offer of innovative products, finding the optimal price level and product combination. As concerns the segment of loan products, promotion of applications through the bank s web site and alternative channels was continued, which was followed by a large number of direct personalized offers. Raiffeisen banka still sets high standards as regards service quality, which is confirmed by the offer of cash loans with an approval time of two hours, which is an offer still unattainable for many competitors. In the segment of deposit products, the bank continued its strategy of optimizing prices and the product range, which had very good results in The Combined Savings product was received very well; it is a combination of term deposit and investment into the Raiffeisen World investment fund, with a possibility of greater returns, while the principal is always guaranteed. The turnover realized with Raiffeisen banka payment cards increased by around 10 per cent compared to the previous year, while the total number of payment transactions increased by 12 per cent, keeping the bank on the leading position in the market. On the occasion of the completion of the new head office building, but also with the aim of promoting the bank s products and services, an extensive action of presenting clients with gifts was carried out. Clients who opened a current account in Raiffeisen banka and transferred their salary, received a gift of 4,000 dinars and three months account maintenance free of charge. This promotion was a great success and contributed additionally to the polishing of the bank s image. Taking into account the needs of private individuals, the bank enabled a new type of credit card to be used when purchasing goods by way of a consumer loan, in a network of retail stores. The clients can use this card also after they repay the whole amount, which gives them an additional benefit for future purchases. In cooperation with UNIQA insurance, Raiffeisen banka continued to expand the offer of insurance products in 2012, as well as the improvement of existing insurance products offered to clients in all the bank s branch offices, through the Contact Center or the the bank s internet services. The new insurance product available to clients in any branch is the voluntary health insurance. Existing insurance coverages were improved, so that an additional insurance coverage was included into the existing payment card insurance packages protection against theft of card data, while insurance against financial losses due to unemployment risk was added into existing insurance packages for loans and current account overdraft. Premium Banking Raiffeisen banka actively engaged in the segment of Premium Banking in 2012 as well, aiming to strengthen and expand cooperation with existing clients, as well as acquiring new ones. The best result was achieved since the start of this segment, the greatest profit generators still being deposits, thanks to the continuous work on price optimization. The growth of revenues from deposits and commissions, as well as control of risk expenses, contributed to the achievement of record profits. The year was marked by significant sales of investment funds, directly and through combined products, all of which continues the creation of this market and raising awareness of clients as regards alternative ways of saving and investing. The active usage of alternative channels in communicating with clients, above all the promotional potential of the RaiffeisenOnLine service, the internet site and , enabled the continuous informing of clients as regards new products and services created for the Premium segment. The acquisition of new clients was in special focus and the result in 2012 was better than in the previous year by a whole 150 per cent. At the end of the year, the Premium segment reached a number of 13,345 active clients who do business with 48 personal bankers, at almost 30 locations across Serbia.

31 31 Poslovanje sa stanovništvom Uprkos relativno nepovoljnim makroekonomskim uslovima koji su uslovili nižu stopu rasta tržišta, u godini poslovanje sa stanovništvom zabeležilo je dobre rezultate. Sa tržišnim učešćem od 15,48% u segmentu gotovinskih kredita, Raiffeisen banka zauzima vodeću poziciju na tržištu. Nivo depozita fizičkih lica ostao je stabilan uz rast od oko 2,50%, pri čemu je najveći rast zabeležen u segmentu tekućih računa i oročenih depozita. Tokom godine plasirano je oko 13% više gotovinskih kredita u odnosu na prethodnu godinu, tako da dinarski krediti sada učestvuju sa 90% u ukupnom portfoliju gotovinskih kredita stanovništva. Većina aktivnosti je, kao i prethodnih godina, bila usmerena na proširenje ponude inovativnih proizvoda, pronalaženje optimalnog nivoa cena i kombinacije proizvoda. Što se tiče segmenta kreditnih proizvoda, nastavljeno je promovisanje apliciranja putem sajta banke i alternativnih kanala, što je propraćeno velikim brojem direktnih personalizovanih ponuda. Raiffesen banka i dalje postavlja visoke standarde u pogledu kvaliteta usluge, što potvrđuje ponuda gotovinskog kredita sa vremenom odobrenja od dva sata, koja je za mnoge konkurente još uvek nedostižna. U segmentu depozitnih proizvoda, banka nastavlja sa strategijom optimizacije cena i palete ponuđenih proizvoda, što je u godini dalo veoma dobre rezultate. Na odličan prijem naišla je kombinovana štednja koja predstavlja kombinaciju oročene štednje i ulaganja u investicioni fond Raiffeisen World, sa mogućnošću ostvarenja većeg prinosa, pri čemu je klijentima glavnica uvek zagarantovana. Promet ostvaren platnim karticama Raiffeisen banke povećan je za oko 10% u odnosu na prethodnu godinu, dok je ukupan broj platnih kartica povećan za 12%, čime je banka zadržala vodeću poziciju na tržištu. Povodom završetka nove upravne zgrade, ali i u cilju promovisanja proizvoda i usluga banke, u trećem kvartalu godine sprovedena je velika akcija nagrađivanja klijenata. Klijenti koji su otvorili tekući račun u Raiffeisen banci i na njega usmerili zaradu, na poklon su dobili dinara i tri meseca bez troškova održavanja računa. Akcija je imala veliki uspeh i dodatno doprinela poboljšanju imidža banke. Razumevajući potrebe stanovništva, omogućeno je da se kroz mrežu maloprodajnih objekata prilikom kupovine robe putem potrošačkog kredita ova kupovina obavi kroz novi tip kreditne kartice koju klijenti mogu da koriste i nakon otplate celokupnog iznosa, čime se klijentima pruža dodatna pogodnost za buduće kupovine. U saradnji sa UNIQA osiguranjem, Raiffeisen banka je i u godini nastavila sa proširenjem ponude proizvoda osiguranja, kao i sa unapređenjem postojećih proizvoda osiguranja koji se klijentima nude u svim ekspoziturama banke, putem Kontakt centra ili putem Internet servisa banke. Novi proizvod osiguranja koji je dostupan klijentima banke u ekspoziturama je dobrovoljno zdravstveno osiguranje. Postojeća osiguravajuća pokrića su unapređena, pa je tako u postojeće pakete osiguranja platnih kartica dodato novo osiguravajuće pokriće - zaštita od krađe podataka sa kartice, dok je u postojeće pakete osiguranja po kreditima i dozvoljenom minusu po tekućem računu dodato osiguranje finansijskih gubitaka od rizika nezaposlenosti. Premium bankarstvo Raiffeisen banka se i tokom godine aktivno bavila segmentom Premium bankarstva sa ciljem jačanja i proširenja saradnje sa postojećim klijentima, kao i akvizicije novih. Postignut je najbolji rezultat od početka rada ovog segmenta, a najveći generator prihoda i dalje su depoziti, zahvaljujući kontinuiranom radu na optimizaciji cena. Ostvarenju rekordnog profita doprineli su rast prihoda od depozita i provizija, kao i kontrola troškova rizika. Godinu je obeležila značajna prodaja investicionih fondova, direktno i preko kombinovanih proizvoda, čime se nastavlja rad na kreiranju ovog tržišta i stvaranju svesti klijenata o alternativnim načinima štednje i ulaganja. Aktivno korišćenje alternativnih kanala u komunikaciji s klijentima, pre svega promotivnih mogućnosti usluge RaiffeisenOnLine, internet sajta i i-mejla, omogućilo je kontiniurano informisanje klijenata o novim proizvodima i uslugama namenjenim Premium segmentu. Posebna pažnja posvećena je akviziciji novih klijenata, a rezultat u godini bolji je od prethodne za celih 150%. Krajem godine Premium segment dostigao je broj od aktivnih klijenata koji posluju sa 48 ličnih bankara, na blizu 30 lokacija širom Srbije.

32 32 Small Enterprises and Entrepreneurs Despite the unfavourable economic environment in the country, the segment of small enterprises and entrepreneurs marked satisfactory results. This segment achieved good results in expanding the deposit base by as much as 25 per cent. At the same time, the loan level grew at a moderate pace of 1.5 per cent, with the level of non-performing loans reduced by as much as 9 per cent, compared to the previous year. Apart from that, innovative and attractive products, such as the Business-Savings Account, product packages and e-banking for legal entities, were improved additionally in order to be more attractive for existing and new clients. The loan process was optimized so that it could be more efficient for clients, as regards effectiveness and the volume of documents needed, and for the bank as regards expenses generated this way. Service Quality and Innovations Work on further improvement in quality of the services offered continues through quality index monitoring. Apart from parameters affecting the quality of a service offered in branch offices, in 2012 the focus was also on monitoring employees sales activities. Further development is focused on introducing new parameters: customer satisfaction surveys concerning services offered in branch offices, that will be implemented beginning 2013, after a successful pilot-program at the end of Furthermore, the quality index will be measured in other segments as well, including the Premium segment, as well as e-banking and the Contact Center. During the first half of 2012, the bank enabled private individuals to use one of the most up-to-date e-banking applications, this way proving to be the absolute market leader in the implementation of new technologies. The result was an increase in electronic transactions for 62 per cent compared to the year shortly afterwards, clients were enabled to use the free mobile banking application for performing banking transactions vie their mobile phone. This application, entitled My mbank, can be downloaded from Google Play Store. At the same time, the project of introducing phone banking through innovative solutions within the voice machine and application in the Contact Center was begun. These modern solutions will reflect positively on the further improvement of quality and service volume offered to clients through the telephone channel in all segments of business cooperation with private individuals and small enterprises and entrepreneurs. Recognizing the importance and potential of social media, the bank organized several creative campaigns with prize draws on Facebook, which had a satisfactory response and by which the bank opened another communication channel with private individuals. The bank increased sales by an active exploitation of agent networks and its increasing share, enabling clients greater comfort when shopping for the bank s products, without the need to visit the bank. The bank continued to offer the possibility of restructuring total loan liabilities to clients who were experiencing problems in loan repayment, as a result of the economic crisis in the previous years. More intense collection work resulted in the stabilization in the level of non-performing loans. The level of non-performing loans for private individuals of 4.50 per cent is well below the market average and is a result of adequate risk assessment and crediting policy applied in the previous years. By continuing the ongoing work on improving business processes, the bank enabled the centralized printing of contract documents for all products, as well as the usage of scanned seal and signature, this way making the process more efficient and thereby significantly reducing the time the clients spend at the bank.

33 33 Mala preduzeća i preduzetnici Uprkos lošem poslovnom okruženju u zemlji, segment poslovanja sa malim preduzećima i preduzetnicima zabeležio je zadovoljavajuće rezultate. Ovaj segment uspeo je da postigne zavidne rezultate u povećanju depozitne baze od čak 25%, dok je nivo kredita rastao po umerenoj stopi od 1,5%, uz istovremeno smanjenje nivoa problematičnih kredita od čak 9% u odnosu na predhodnu godinu. Pored toga, inovativni i atraktivni proizvodi kao što su Poslovništedni račun, paketi proizvoda i elektronsko bankarstvo za pravna lica, dodatno su unapređeni kako bi se učinili još atraktivnijim za postojeće i nove klijente banke. Kreditni proces je optimizovan u cilju povećanja efikasnosti - za klijente sa aspekta brzine i obima potrebne dokumentacije, a za banku sa aspekta troškova koji se generišu tim putem. Kvalitet usluga i inovacije Rad na daljem unapređenju kvaliteta pruženih usluga u ekspoziturama nastavlja se kroz praćenje Indeksa kvaliteta. Pored parametara koji utiču na kvalitet pružene usluge u ekspoziturama, u godini stavljen je akcenat i na praćenje prodajnih aktivnosti zaposlenih. Dalji razvoj usmeren je ka uvođenju novih parametara: istraživanje zadovoljstva klijenata pruženom uslugom u ekspoziturama, koji će nakon uspešnog pilot-projekta krajem doživeti svoju primenu početkom godine, zatim merenje indeksa kvaliteta u ostalim segmentima, uključujući Premium segment elektronsko bankarstvo i Kontakt centar. Nastavljajući kontinuiran rad na unapređenju poslovnih procesa, banka je omogućila centralizovano štampanje ugovorne dokumentacije za sve proizvode, kao i upotrebu skeniranog pečata i potpisa, na taj način čineći proces efikasnijim i značajno skraćujući vreme koje klijenti provode u banci. Tokom prve polovine godine, banka je stanovništvu omogućila korišćenje jedne od najsavremenijih aplikacija za elektronsko bankarstvo i na taj način potvrdila da je u primeni novih tehnologija apsolutni lider na tržištu. Rezultat je povećanje elektronskih transakcija za 62% u odnosu na godinu. Ubrzo nakon toga, klijentima je omogućeno korišćenje besplatne aplikacije mobilnog bankarstva za vršenje bankarskih transakcija putem mobilnog telefona koja se može preuzeti sa Google Play Store-a pod nazivom Moja mbanka. Istovremeno, pokrenut je projekat unapređenja telefonskog bankarstva kroz inovativna rešenja u okviru govornog automata i aplikacije u Kontakt centru. Ova savremena rešenja će se pozitivno odraziti na dalji rast kvaliteta i obima usluga koje se pružaju klijentima telefonskim kanalom u svim segmentima rada sa stanovništvom i malim preduzećima i preduzetnicima. Prepoznajući važnost i potencijal društvenih mreža, banka je preko svoje Fejsbuk stranice organizovala nekoliko kreativnih kampanja sa nagradnim igrama koje su naišle na zadovoljavajući odziv, čime je banka otvorila još jedan kanal za komunikaciju sa stanovništvom. Aktivnom upotrebom agentskih mreža banka je povećala prodaju kroz sve veće učešće ovog kanala prodaje i ujedno klijentima omogućila veći komfor pri kupovini proizvoda banke bez odlaska u filijalu. Klijentima kod kojih su, usled posledica ekonomske krize prethodnih godina, uočeni problemi u otplati obaveza po kreditnim proizvodima, banka je nastavila da nudi mogućnost restrukturiranja ukupnih kreditnih obaveza. Intenzivniji rad na naplati potraživanja doveo je do stabilizacije nivoa nenaplativih kredita. Nivo nenaplativih kredita za fizička lica od 4,50% značajno je ispod proseka tržišta i rezultat je adekvatne procene rizika i kreditne politike sprovedene prethodnih godina.

34 34 Treasury and Investment Banking The Treasury and Investment Banking Division greatly contributed to the achievement of the bank s total results and maintaining the leading position in the market in During this year, the bank realized a high level of dinar and foreign currency liquidity, as a result of professional management of the bank s assets. Money Market and Foreign Exchange Trading The National Bank od Serbia (NBS) continued with its monetary policy by targeting the inflation rate in 2012 as well. The Managing Board of the NBS kept raising the key interest rate from the second half of 2012, as part of its restrictive monetary policy. So, from the 9.5 per cent it amounted to until June, the interest rate was raised monthly, in order to reach per cent at the end of the year. This was primarily the result of inflation rate growth, which turned upward, after the declining trend in the first quarter (from 5.6 per cent to 2.7 per cent). Inflation reached the level of 12.2 per cent on the annual level until the end of the year, significantly deviating from the targeted level of 4 per cent plus/minus 1.5 per cent. Inflation growth was, primarily, a result of the bad agricultural season due to the drought, as well as the growth of foreign currency exchange rate and the raising of VAT. As part of the restrictive monetary policy, the NBS changed the mandatory reserve rate three times in the course of 2012 (April, June, August), in the sense of greater dinar share in the foreign currency mandatory reserve. Also, in mid-june, the NBS introduced for the first time direct repo operations (pumping liquidity into the system) as an instrument of monetary policy, aiming to finetune liquidity levels on the interbank money market, in order to return to reverse repo operations (withdrawing liquidity from the system) in mid- December. In the course of the past year, the Ministry of Finance greatly contributed to boosting investments into dinar bills, with an interest rate that was dictated by the demand at auctions on the secondary market, where Raiffeisen banka realized a large share in treasury bills trading with local and foreign investors. The one-year treasury bill finished the year at the discount rate level of per cent, while the one-month Belibor finished the year at a level of per cent. The NBS intervened with 1,353.3 million in 2012 (of which five million pertain to purchase), which is almost ten times more than the total intervention in the course of 2011 (the NBS intervened with 135 million: selling 90 million and purchasing 45 million). In 2012 Raiffeisen banka maintained one of the leading positions in foreign exchange and foreign currency banknotes trading. The share in foreign exchange trading on the interbank market was maintained at the level of per cent, while the share in foreign currency banknotes trading was at per cent. Exchange rate fluctuations in 2012 reflected the balance of supply and demand with rates ranging from at the start of the year to as at December 31, The total turnover on the interbank market was reduced to billion, from billion in Raiffeisen banka maintainted the leading position in trading with corporate clients, where the market share in total trade amounted to per cent. With the aim of successful liquidity management, the bank continued the diversification of its investment dinar portfolio into treasury bills of the Ministry of Finance for three, six, twelve, 18, 24 and 36 months. Financial Institutions Correspondence Raiffeisen banka provided a satisfactory liquidity level for financing the needs of its clients in Apart from its own sources, funds from the APEX IV line were used, which the European Investment Bank approved through the National Bank of Serbia. Aiming to provide financial support to clients in the realization of their projects, the bank signed a credit contract with the European Invesmtnet Bank. The credit s funds will be used in the course of The head office Raiffeisen Bank International AG greatly contributed to supporting client needs. Raiffeisen banka is permanently developing and improving relations with a great number of international and domestic financial institutions. In the course of 2012, the bank maintained contacts with leading financial institutions, such as EIB, EBRD, KfW, EFSE, DEG and others, all with the aim of initiating new projects and arrangements, in order to adequately support clients needs in the forthcoming period. In the segment of correspondence relations, the Financial Institutions Correspondence Department contributed to maintaining and further expansion of the adequate network of loro and nostro accounts, aiming to support the successful effecting of transactions by the bank s clients.

35 35 Sektor sredstava i investicionog bankarstva Sektor sredstava i investicionog bankarstva u godini značajno je doprineo ostvarenju ukupnih rezultata banke i očuvanju pozicije među liderima na tržištu. Banka je tokom godine imala visok nivo dinarske i devizne likvidnosti kao rezultat profesionalnog upravljanja sredstvima banke. Tržište novca i trgovanje devizama Narodna banka Srbije je i u godini nastavila sa vođenjem monetarne politike targetiranjem stope inflacije. Izvršni Odbor NBS je u sklopu restriktivne monetarne politike od polovine godine konstantno podizao referentnu stopu. Tako je sa 9,5%, koliko je stopa iznosila do juna meseca, stopa postepeno povećavana na mesečnom nivou, da bi na kraju godine dostigla 11,25%. Ovo je prvenstveno bila posledica rasta stope inflacije koja je nakon silaznog trenda u prvom kvartalu (sa 5,6% na 2,7%) krenula uzlaznom putanjom. Inflacija je do kraja godine dostigla nivo od 12,2% na godišnjem nivou, značajno odstupajući od targetiranog nivoa od 4% +/- 1,5%. Rast inflacije je, pre svega, rezultat loše poljoprivredne sezone izazvane sušom, kao i rasta deviznog kursa i povećanja PDV-a. NBS je u sklopu restriktivne monetarne politike u tri navrata tokom godine (april, jun, avgust) menjala stopu obavezne rezerve u smislu većeg učešća dinarskog dela devizne obavezne rezerve. Takođe, NBS je sredinom jula, kao instrument monetarne politike, po prvi put uvela direktne repo operacije (upumpavanje likvidnosti u sistem), u cilju finog regulisanja likvidnosti na međubankarskom novčanom tržištu, da bi se sredinom decembra vratila na reverzne repo operacije (povlačenje likvidnosti iz sistema). Ministarstvo finansija je u toku prošle godine značajno doprinelo podsticanju investiranja u dinarske zapise aktivno se zadužujući u domaćoj valuti, sa kamatom koju je diktirala tražnja na aukcijama i sekundarnom tržištu, gde je Raiffeisen banka ostvarila značajno učešće u kupoprodaji zapisa Trezora sa domaćim i stranim zainteresovanim investitorima. Jednogodišnja hartija Trezora je godinu završila na nivou diskontne stope od 11,24%, dok je jednomesečni Belibor godinu završio na nivou od 11,10%. NBS je u toku godine intervenisala sa 1.353,3 miliona evra (od čega se pet miliona evra odnosi na kupovinu), što je gotovo deset puta više od ukupne intervencije tokom godine (intervenisala sa 135 miliona evra: prodajom od 90 miliona evra i kupovinom 45 miliona evra). Raiffeisen banka je u godini očuvala jednu od liderskih pozicija u trgovanju devizama i efektivnim stranim novcem. Učešće u trgovini devizama na međubankarskom deviznom tržištu održano je na nivou od 11,34%, a učešće u trgovini efektivnim stranim novcem na nivou od 13,30%. Fluktuacija kursa u godini odražavala je usklađenost ponude i tražnje sa nivoom kursa koji se kretao od sa početka godine do na dan godine. Ukupan promet na međubankarskom tržištu smanjen je na 17,15 milijardi evra sa 19,41 milijardi evra u godine. Raiffeisen banka zadržala je vodeću poziciju u trgovini sa klijentima iz privrede, pri čemu je tržišni udeo u ukupnoj trgovini iznosio12,93%. Banka je, sa ciljem uspešnog rukovođenja likvidnošću, nastavila diversifikaciju svog investicionog dinarskog portfolija u trezorske zapise Ministarstva finansija na 3, 6, 12, 18, 24 i 36 meseci. Odnosi sa finansijskim institucijama Raiffeisen banka je u godini obezbedila zadovoljavajući nivo likvidnosti za finansiranje potreba njenih klijenata. Pored sopstvenih izvora, korišćena su sredstva iz APEX IV linije koju je Evropska investiciona banka odobrila preko Narodne banke Srbije. U cilju obezbeđenja finansijske podrške klijentima u realizaciji njihovih projekata, banka je potpisala Ugovor o kreditu sa Evropskom investicionom bankom. Sredstva kredita biće korišćena u toku godine. Značajan doprinos podršci potrebama klijenata pružila je centrala Raiffeisen Bank International AG. Raiffeisen banka permanentno razvija i unapređuje odnose sa zavidnim brojem međunarodnih i domaćih finansijskih institucija. Banka je tokom godine bila u stalnim kontaktima sa vodećim finansijskim institucijama, kao što su EIB, EBRD, KfW, EFSE, DEG i druge, a sve u cilju iniciranja novih projekata i aranžmana, kako bi se adekvatno pratile potrebe klijenata u narednom periodu. U segmentu korespondentskih odnosa, Odeljenje za odnose sa finansijskim institucijama svojim aktivnostima doprinelo je održavanju i daljem širenju adekvatne mreže loro i nostro računa u cilju podrške uspešnom obavljanju transakcija klijenata banke.

36 36 Investment Banking and Brokerage Operations In 2012, an active presence in the market of state bonds continued. Despite great challenges, especially during the first half of the year, due to the election process and the relatively long period of constituting the new government, the share in state bonds trading increased, both on primary audtions, as well as in secondary trading. The client base was expanded through the RBI representative office in London, by establishing cooperation with a range of large institutional investors. Due to the increased interest in the local market of state bills with foreign investors, Raiffeisen banka intensified cooperation with RBI representative offices in New York and Singapore at the end of the year, in order to enable its clients direct access and investing in the domestic capital market. After two negative years, the Belgrade Stock Exchange marked a modest growth of both indexes in the last year. The realized turnover volume, however, was 20 per cent lower in relation to the year 2011 and so still presents the greatest challenge for all market participants. Brokerage Operations succeeded in achieving significantly better results as compared with 2011, according to the share in total turnover. Research The Raiffeisen Research analyst network continued its work on improving the general understanding of economic trends in the period of crisis in the whole region (CEE Strategy, Financial Markets & Global Strategy, CEE Banking Report), as well as offering a more comprehensive view of local economic trends in its publications ( Short Note, Monthly Economic Report ). By regular monitoring and a thorough analysis of key indicators, key events on the macroeconomic scene were promptly reported on ( Research Alert ), then, in accordance with new tendencies, models developed for the forecast of future economic trends were suitably adjusted. Cooperation continued with Bloomberg agency, which publishes Raiffeisen Research reports, and cooperation was also established with Tanjug news agency. Cooperating with analysts from Raiffeisen Group, the Research and Analysis Department reported to clients on possible revisions of forecasts of key macroeconomic indicators, by making timely revisions of long-term forecasts in turbulent circumstances. Custody Services In order to strengthen the position in the market of Central and Eastern Europe in offering custody services, special attention was devoted to standardizing service quality on Group level. The award received is of special importance, having in mind that the quality of custody services is rated by clients of the bank and organized by the magazine Global Custodian. The mentioned magazine has been awarding the title of best custody bank in the Serbian market to Raiffeisen banka for six years in a row ( Awards of Excellence ).

37 37 Investiciono bankarstvo i brokersko-dilerski poslovi U godini nastavljeno je aktivno prisustvo na tržištu državnih obveznica. Uprkos značajnim izazovima, naročito u prvoj polovini godine, usled izbornog procesa i relativno dugog perioda konstituisanja nove Vlade, učešće u trgovanju državnim obveznicama je povećano, kako na primarnim aukcijama tako i u sekundarnom trgovanju. Preko filijale RBI u Londonu, proširena je baza klijenata uspostavljanjem saradnje sa nizom velikih institucionalnih investitora. Usled povećanog interesovanja za lokalno tržište državnih obveznica kod inostranih investitora, krajem godine smo intenzivirali saradnju sa ispostavama RBI u Njujorku i Singapuru, kako bi njihovim klijentima omogućili neposredan pristup i investiranje na domaćem tržištu kapitala. Beogradska berza je posle dve negativne godine u prošloj godini zabeležila skroman rast vrednosti oba indeksa. Ostvareni obim prometa, međutim, bio je 20% niži u odnosu na godinu, te i dalje prestavlja najveći izazov za sve učesnike na tržištu. Brokersko-dilerski odsek uspeo je da ostvari značajno bolje rezultate u odnosu na godinu, po ostvarenom učešću u ukupnom prometu. Istraživanja Mreža analitičara Raiffeisen Research-a nastavila je sa radom na unapređenju opšteg razumevanja ekonomskih tokova u periodu krize u čitavom regionu (CEE Strategy, Financial Markets & Global Strategy, CEE Banking Report), kao i celishodnijem sagledavanju lokalnih ekonomskih trendova u okviru publikacija ( Short Note, Monthly Economic Report ). Redovnim praćenjem i temeljnom analizom ključnih indikatora, promptno se izveštavalo o ključnim događajima na makroekonomskoj sceni ( Research Alert ), a zatim su se u skladu sa novim tendencijama adekvatno prilagođavali modeli razvijeni za procenu budućih ekonomskih tokova. Nastavljena je saradnja sa Bloomberg-om koji objavljuje izveštaje Raiffeisen Research-a, a uspostavljena je i saradnja sa novinskom agencijom Tanjug. Odeljenje istraživanja i analize je, u saradnji sa analitičarima iz Raiffeisen grupacije, blagovremenim revizijama dugoročnih projekcija u turbulentnim uslovima, redovno izveštavalo klijente o eventualnim revidiranjima projekcija ključnih makroekonomskih indikatora. Kastodi usluge U cilju jačanja pozicije na tržištu centralne i istočne Evrope u pružanju kastodi usluga, posebna pažnja posvećuje se obezbeđenju kvaliteta usluga na nivou grupe. Uloženi trud nagrađen je i ove godine sa najvišom ocenom ( Top Rated ). Dobijeno priznanje od posebnog je značaja, s obzirom da ocenu kvaliteta kastodi usluga daju klijenti banke u organizaciji časopisa Global Custodian. Već šestu godinu zaredom, pomenuti časopis nagrađuje Raiffeisen banku titulom najbolje kastodi banke na tržištu Srbije ( Awards of Excellence ).

38 38 Raiffeisen Leasing The company Raiffeisen Leasing managed to keep its high ranking in the market in the year 2012 as well, despite the great challenges the leasing industry has been faced with in the course of the previous years. Raiffeisen Leasing continued its development strategy and the improvement of long-term relationships with its clients, reflected in meeting their needs, and therefore, finding an optimal financing structure. With the aim of expanding the number of quality clients, Raiffeisen Leasing especially focused on further strengthening and improving partnerships with the network of the most important car and truck dealers. With this in mind, a range of mutual activities were organized with dealers in order to create a more attractive offer for clients. In the course of 2012, Raiffeisen Leasing was primarily focused on vehicle financing, following market demands. The total value of new business at the end of the year amounted to million, of which vehicles were financed with million. Because of the very good organization of sales channels within the company, as well as cooperation with the most important dealers, the sales process of used leasing objects was made more efficient and the number of used objects significantly declined at the end of the year. Thanks to the improvement of procedures and organization in risk management in the past period, as well as professional management based on quality, rather than quantity, portfolio stability was secured, risk expenses reduced, and the number of clients with belated leasing repayments was reduced to a great extent. Constant improvement of processes and efficiency, reduction of belated payments and reduction of total risk expenses remain the business focus of Raiffeisen Leasing. Apart from its head office in Belgrade, Raiffeisen Leasing also has its branches in Novi Sad and Kragujevac, in order to offer adequate services to clients across Serbia. The key goals defined by Raiffeisen Leasing for the year 2013 are the following: maintaining one of the leading positions in the market, reaching optimal balance between growth of business volume, while maintaining risk expenses and profitability on an adequate level, strengthening cooperation with existing clients, dealers and insurance houses, constant improvement and creation of products in accordance with high standards.

39 39 Raiffeisen Leasing Kompanija Raiffeisen Leasing je i tokom godine zadržala visoku poziciju na tržištu i pored velikih izazova sa kojima se lizing industrija u Srbiji suočava prethodnih godina. Raiffeisen Leasing nastavio je strategiju razvoja i unapređenje dugoročnih odnosa sa svojim klijentima, koja se ogleda u prepoznavanju njihovih potreba, i u skladu s tim, pronalaženja optimalne strukture finansiranja. U cilju povećanja broja kvalitetnih klijenata, Raiffeisen Leasing je posebnu pažnju posvetio daljem jačanju i unapređenju partnerskih odnosa sa mrežom najznačajnijih dilera automobilskih i kamionskih brendova. Sa tim ciljem organizovan je niz zajedničkih akcija sa dilerima radi kreiranja atraktivnije ponude za klijente. U skladu sa zahtevima tržišta, Raiffeisen Leasing je i tokom godine prevashodno bio usmeren na finansiranje vozila. Ukupna vrednost novih plasmana na kraju godine iznosila je 26,03 miliona evra, od čega su vozila finansirana sa 23,25 miliona evra. Zbog veoma dobre organizacije kanala prodaje u okviru kompanije, kao i saradnje sa najznačajnijim dilerima, proces prodaje polovnih predmeta lizinga je ubrzan, a broj polovnih predmeta na kraju godine značajno je smanjen. Zahvaljujući unapređenju procedura i organizacije u upravljanju rizicima u prethodnom periodu, kao i profesionalnom upravljanju zasnovanom na principu kvaliteta umesto kvantiteta, obezbeđena je stabilnost portfolija, smanjeni su troškovi rizika, a broj klijenata koji kasne sa otplatom lizinga značajno je smanjen. Konstantno unapređenje procesa i efikasnosti, smanjenje kašnjenja klijenata, te smanjenje ukupnih troškova rizika i dalje su u fokusu poslovanja Raiffeisen Leasing-a. Radi adekvatnog pružanja usluge klijentima širom Srbije, Raiffeisen Leasing pored sedišta u Beogradu, ima ogranke u Novom Sadu i Kragujevcu. Očuvanje jedne od vodećih pozicija na tržištu, postizanje optimalnog balansa između rasta obima poslovanja i održavanja troškova rizika i profitabilnosti na adekvatnom nivou, jačanje saradnje sa postojećim klijentima, dilerima i osiguravajućim kućama, stalno unapređenje i kreiranje proizvoda u skladu sa visokim standardima, predstavljaju ključne ciljeve koje je Raiffeisen Leasing odredio za godinu.

40 40 Raiffeisen FUTURE Voluntary Pension Fund Raiffeisen FUTURE is still the leading fund in the industry of voluntary pension funds (VPF), as regards the returns realized since the beginning of its activities. Conclusive with the fourth quarter of 2012, the rate of return since inception was per cent, while per cent was realized in the past year. The good results achieved by this fund contributed that all members, who have been paying regular monthly payments since the start of business activities, realized cumulative returns per individual account exceeding 50 per cent. Net assets of Raiffeisen FUTURE voluntary pension fund exceed RSD 1.8 billion, which represents an annual growth of 30 per cent. More than 18,000 members have put their trust into this fund and in the majority of cases, the employer is paying the contributions. The fund is also recognizable for the high share of members who pay their contributions individually. Raiffeisen FUTURE maintains a conservative investment policy with the aim of long-term increase of real value of its members assets. Debt instruments with stable returns and a lower investment risk are the investment focus. Although payments are made in dinars, savings in Raiffeisen FUTURE are not exclusively in dinars. The currency structure of the fund s assets is changeable and depends on the estimation of future movements in the foreign currency market. Flexible investment policy, as regards currency structure, enables us to increase, i.e. decrease currency risk exposure in a suitable moment, based on expected movements. The result of this policy is the most stable growth in investment unit value in this industry, which indicates minimization of investment risks. Since the start of business activities, the value of the Raiffeisen FUTURE investment unit rose by 80 per cent, while the value of the FONDex index grew by per cent in the same period. Thanks to the support of the founder, Raiffeisen banka, through the developed branch network with 137 professionals who acquired the licence of the National Bank of Serbia to inform of savings in VPFs, Raiffeisen FUTURE voluntary pension fund provides high service quality and availability to existing and potential fund members throughout Serbia, which makes Raiffeisen FUTURE unique in the whole voluntary pension funds industry. Movement of FONDex* and investment unit values of VPFs (Jan. 3, 2007 Dec. 31, 2012) Source: NBS / FONDex and VPF Investment Unit Values * The National Bank of Serbia created the FONDex index, which represents a unified indicator of movements in the value of investment units of all funds in the industry, proportionally to their asset share in relation to the industry. By monitoring the value movements of the funds investment units in relation to the FONDex, comparisons of funds become possible.

41 41 Raiffeisen FUTURE Dobrovoljni penzijski fond Raiffeisen FUTURE je i dalje vodeći fond u industriji dobrovoljnih penzijskih fondova (DPF) po ostvarenom prinosu od početka poslovanja. Zaključno sa četvrtim kvartalom godine, ostvaren je prinos od 10,56%, a za poslednjih godinu dana 10,96%. Dobri rezultati fonda doprineli su da svi članovi, koji vrše redovne mesečne uplate od početka poslovanja, ostvare kumulativan prinos po individualnom računu preko 50%. Neto imovina Raiffeisen FUTURE DPF iznosi preko 1,8 milijardi dinara, što predstavlja godišnji rast od 30%. Poverenje fondu ukazuje preko članova i najvećem broju članova poslodavac vrši uplatu doprinosa. Fond se izdvaja i po visokom učešću članova koji sami za sebe uplaćuju doprinose. Raiffeisen FUTURE DPF sprovodi konzervativnu politiku ulaganja sa ciljem dugoročnog uvećanja realne vrednosti imovine svojih članova. U fokusu investiranja su dužnički instrumenti sa stabilnim prinosima i nižim rizikom ulaganja. Iako se uplate vrše u dinarima, štednja u Raiffeisen FUTURE DPF nije isključivo dinarska štednja. Valutna struktura imovine fonda je promenljiva i zavisi od procene budućih kretanja na deviznom tržištu. Fleksibilna politika investiranja, kada je u pitanju valutna struktura, omogućava fondu da na osnovu očekivanih kretanja u povoljnom trenutku povećava, odnosno smanjuje izloženost valutnom riziku. Rezultat takve politike je najstabilniji rast vrednosti investicione jedinice u ovoj industriji, što ukazuje na minimizaciju rizika ulaganja. Od početka poslovanja vrednost investicione jedinice Raiffeisen FUTURE DPF uvećana je 80%, dok je vrednost indeksa FONDex u istom periodu porasla za 56,83%. Zahvaljujući podršci osnivača Raiffeisen banke, kroz razvijenu mrežu filijala sa 137 profesionalaca koji su stekli licencu Narodne banke Srbije za informisanje o štednji u DPF, Raiffeisen FUTURE dobrovoljni penzijski fond obezbeđuje visok kvalitet usluge i dostupnost sadašnjim i potencijalnim članovima fonda na celoj teritoriji Srbije, po čemu je jedinstven u celokupnoj industriji dobrovoljnih penzijskih fondova. Kretanje vrednosti FONDEX-a* i investicionih jedinica fondova ( ). Izvor: NBS / Vrednosti FONDex-a i investicionih jedinica DPF *Narodna banka Srbije izradila je indeks FONDex koji predstavlja jedinstven pokazatelj kretanja vrednosti investicionih jedinica svih fondova u industriji, srazmerno njihovom učešću imovine u odnosu na industriju. Praćenjem kretanja vrednosti investicionih jedinica fondova u odnosu na FONDex omogućeno je poređenje fondova.

42 42 Raiffeisen INVEST Raiffeisen INVEST a.d. Belgrade Investment Fund Management Company successfully managed assets of open investment funds - Raiffeisen CASH and Raiffeisen WORLD, organized the new investment fund Raiffeisen EURO CASH and confirmed its leading position in the market of investment funds in the country in At the end of 2012, the value of assets under management amounted to million, i.e. with a growth of 145 per cent, a market share of 62 per cent was realized, in relation to the total value of net assets of all open investment funds in the country. The total number of fund members was 2,375. The open investment fund Raiffeisen CASH a money market fund, characterized for investing at least 75 per cent of its assets into cash deposits and short-term debt securities, realized significant returns for its members in 2012 the fund s investment unit (in dinars) rose by per cent (p.a.) conclusive with December 31, 2012, while the fund s net assets grew by 155 per cent, so that they amounted to around 8.90 million at the end of 2012, which made this fund the largest investment fund in the market. The open investment fund Raiffeisen WORLD an equity fund, characterized for investing at least 75 per cent of its assets into stocks of foreign issuers, focusing on companies from the USA, the European Union and Japan, realized positive returns for its members due to the positive movements of stock prices in 2012 the fund s investment unit rose by per cent p.a. (in dinars), i.e. by 7.27 per cent (in euros), while the fund s net asset value grew by per cent, so that it amounted to 2.60 million at the end of the year. The open investment fund Raiffeisen EURO CASH, organized in November, 2012, as a money market fund, is characterized for investing at least 75 per cent of its assets into money deposits with banks and short-term debt securities denominated in euros, with the investment goal being to provide stable and continuous returns for its members, to protect dinar investments from oscillations of the foreign currency rate by responsible and professional management of investing the fund s assets, with low risk levels and liquidity maintenance at the highest level possible. This fund s net assets amounted to around 1.25 million at the end of In the course of 2012, the investment funds market in the country, considering the net assets of open investment funds in the amount of million (at the end of 2012), realized a growth of 33 per cent. However, the closing of a certain number of investment fund management companies continued the trend of reducing the number of companies in the market. In 2013, Raiffeisen INVEST plans to continue its investment activities, in order to provide its clients, through responsible and professional management, with the possibility of realizing corresponding returns in accordance with their investment goals, depending on the risk appetite and the investment horizon. Movement of Returns - Raiffeisen CASH fund in relation to the benchmark Movement of Returns - Raiffeisen WORLD fund in relation to the benchmark

43 43 Raiffeisen INVEST Raiffeisen INVEST a.d. Beograd Društvo za upravljanje investicionim fondovima je u godini uspešno upravljalo imovinom otvorenih investicionih fondova Raiffeisen CASH i Raiffeisen WORLD, organizovalo je novi investicioni fond Raiffeisen EURO CASH i potvrdilo vodeću poziciju na tržištu investicionih fondova u zemlji. Na kraju godine vrednost imovine pod upravljanjem iznosila je 12,75 miliona evra, odnosno sa rastom od 145% ostvareno je tržišno učešće od 62% u odnosu na ukupnu vrednost neto imovine svih otvorenih investicionih fondova u zemlji. Ukupan broj članova fondova iznosio je Otvoreni investicioni fond Raiffeisen CASH - novčani fond, karakterističan po tome što najmanje 75% svoje imovine ulaže u novčane depozite i kratkoročne dužničke hartije od vrednosti, u godini ostvario je značajan prinos za svoje članove investiciona jedinica fonda (u dinarima) zaključno sa godine porasla je za 11,92% (p.a.), a neto imovina fonda porasla je za 155%, tako da je na kraju godine iznosila oko 8,90 miliona evra, čime je ovaj fond postao najveći investicioni fond na tržištu. Otvoreni investicioni fond Raiffeisen WORLD - fond akcija, karakterističan po tome što najmanje 75% svoje imovine ulaže u akcije sa fokusom na kompanije iz SAD, Evropske unije i Japana, je, kao rezultat pozitivnih kretanja cena akcija u godini, ostvario pozitivan prinos za svoje članove investiciona jedinica fonda je zaključno sa godine porasla za 16,58% p.a. (u dinarima), odnosno za 7,27% (u evrima) dok je vrednost neto imovine fonda porasla za 77,50%, tako da je na kraju godine iznosila 2,60 miliona evra. Otvoreni investicioni fond Raiffeisen EURO CASH organizovan je u novembru godine kao novčani fond, karakterističan po tome što najmanje 75% svoje imovine ulaže u novčane depozite kod banaka i kratkoročne dužničke hartije od vrednosti denominirane u evrima, sa investicionim ciljem da odgovornim i profesionalnim upravljanjem kroz ulaganje imovine Fonda, za svoje članove obezbedi ostvarivanje stabilnog, ali kontinuiranog prinosa, zaštiti ulaganje dinarskih sredstava od oscilacija deviznog kursa, uz nizak stepen rizika i održavanje likvidnosti na najvišem mogućem nivou. Neto imovina ovog fonda na kraju godine iznosila je oko 1,25 miliona evra. Tokom godine tržište investicionih fondova u zemlji je, gledajući prema visini neto imovine otvorenih investicionih fondova u iznosu od 20,44 miliona evra (na kraju godine), ostvarilo rast od 33%. Međutim, gašenjem određenog broja društava za upravljanje investicionih fondovima, nastavljen je trend smanjenja broja učesnika na tržištu. Raiffeisen INVEST u godini planira da nastavi sa investicionim aktivnostima kako bi odgovornim i profesionalnim upravljanjem svojim klijentima omogućio da kroz ulaganje u investicione fondove, ostvare odgovarajući prinos u skladu sa investicionim ciljevima, zavisno od stepena rizika koji su spremni da prihvate i vremenskog horizonta investiranja. Kretanje prinosa fonda Raiffeisen CASH u odnosu na benchmark Kretanje prinosa fonda Raiffeisen WORLD u odnosu na benchmark

44 44 Branch Network Head Office Raiffeisen banka a.d. Đorđa Stanojevića Novi Beograd Phone: ( ) Fax: ( ) SWIFT Code:RZBSRSBG Regional Centres Beograd I Terazije 27 Phone: ( ) Beograd II Đorđa Stanojevića Novi Beograd Phone: ( ) Jug Save Kovačevića Kragujevac Phone: ( ) Sever Bulevar oslobođenja 56a Novi Sad Phone: ( ) Belgrade I Region Beograd Bulevar kralja Aleksandra 171 Bulevar kralja Aleksandra 330 Bulevar oslobođenja 7-9 Cara Dušana 78 Đure Jakšića 8 Ilije Garašanina 4-6 Mileševska 65 Marijane Gregoran 58 Mirijevski venac 27 Resavska 22 Resavska 66 Ruzveltova 10 Sarajevska 3 Terazije 27 Braće Srnić 3b Bratstva i jedinstva 73, Borča Grge Andrijanovića 2, Krnjača Srpsko-grčkog prijateljstva 1-3, Grocka Požarevac Moše Pijade 10 Pančevo Petra Drapšina 4-6 Smederevo Karađorđeva 18 Smederevska Palanka Prvog srpskog ustanka 33 Vršac Dvorska 1-3 Belgrade II Region Beograd Bulevar Mihajla Pupina 115e Bulevar Mihajla Pupina 181 Bulevar Nikole Tesle 3 Bulevar umetnosti 4 Bulevar vojvode Mišića Vojvode Stepe 199 Bulevar Zorana Đinđića 64a Đorđa Stanojevića 16 Jurija Gagarina 151 Milutina Milankovića 134a Požeška 41 Požeška 81 Trgovačka 5 Glavna 13m Prvomajska 101 Pilota Mihaila Petrovića 70a Mladenovac, Kralja Petra I 227, Obrenovac, Kneza Mihajla 6 Lazarevac, Dimitrija Tucovića 1 Stara Pazova, Kralja Petra I 1, Loznica, Kneza Miloša 2 Valjevo, Karađorđeva 114 Šabac, Masarikova 7

45 45 Mreža filijala Region North Novi Sad Bulevar oslobođenja 56a Bulevar oslobođenja 76a Bulevar cara Lazara bb Fruškogorska 16 a Trg slobode 3, Apolo centar Bačka Palanka Kralja Petra I 11 Inđija Novosadska 9 Temerin Novosadska 348 Vrbas Ive Lole Ribara 16 Zrenjanin Kralja Aleksandra Karađorđevića 41 Bačka Topola Glavna 17 Kikinda Trg srpskih dobrovoljaca 28 Senta Glavni trg 8 Sombor Avrama Mrazovića 1 Subotica Trg slobode 5 Ruma Orlovićeva 4 Sremska Mitrovica Kralja Petra I 24 Region South Kragujevac Save Kovačevića 1 Aranđelovac Knjaza Miloša 259 Jagodina Kneginje Milice 12 Kruševac Majke Jugovića 8 Paraćin Vožda Karađorđa 31 Čačak Braće Spasića bb Gradsko šetalište bb Gospodar Jovanova 26 Kraljevo Hajduk Veljkova 16 Novi Pazar Stefana Nemanje bb Užice Dimitrija Tucovića 91 Prijepolje Valterova 20 Bor Nikole Pašića 5 Leskovac Bulevar oslobođenja 154 Niš Svetozara Markovića 12 Vizantijski bulevar bb Obrenovićeva 35 Pirot Pirotskih oslobodilaca bb Vranje Stefana Prvovenčanog 58 Zaječar Krfska 16

46 46 Organizational Chart CHAIRMAN OF THE MANAGING BOARD DEPUTY CHAIRMAN OF THE MANAGING BOARD/ TREASURY & INVESTMENT BANKING MEMBER OF THE MANAGING BOARD/ CORPORATE BANKING Finance Division Accounting Department Controlling Department Business Intelligence Department Legal Division Corporate Legal Department Treasury & Investment Banking Division Trading and ALM Department Treasury Sales Department Financial Institution Department Investment Banking Department Subsidiary Companies Large and Multinational Corporates Division Multinationals Corporates Department Large and CEE Corporates Department Mid Market Corporates Division Corporate Credit Division Credit Department 1 Retail Legal Department Raiffeisen Invest a.d. Credit Department 2 Compliance Department Raiffeisen Future a.d. Cash Management Department Managing Board Office Raiffeisen Leasing d.o.o. Business Analysis and Development Department Human Resources Department Internal Audit Department Marketing & PR Department

47 Organizaciona struktura banke 47 MEMBER OF THE MANAGING BOARD/ RETAIL BANKING MEMBER OF THE MANAGING BOARD/ OPERATIONS, GENERAL SERVICES & IT MEMBER OF THE MANAGING BOARD RISK MANAGEMENT/CRO Retail Branch Distribution Division Branch Sales Department IT Services Division IT Infrastructure & Operations Department Corporate Risk Management Division Corporate Credit Risk Management Department Mortgage Business Department IT Development Department Credit Analysis Department Quality & Branch Service Department Small Business Banking Division E-Channels Support Department IT Application Management Department Early Warning System & Credit Control Department Workout & Collateral Management Division Small Business Department Central Operations Division Early Workout Department CRM & Alternative Sales Channels Division Contact Centre Department Alternative Sales Channels Department E-Channels Sales Department CRM Department Retail Products Division Cards Business Department Documentary Business & Guarantees Department Treasury & Investment Banking Back Office Department Payments Department Central Vault Department Corporate Credit Administration Department Retail Operations Division Retail Credit Administration Department Late Workout Department Collateral Management Department Retail Risk Management Division Small Business Risk Management Department PI Risk Management Department Market & Operational Risk Management Department Risk Control Department Product Management Department Retail Collection Department Premium Banking Department Retail Application Processing Department Retail Back Office Department General Services Division Facility Management & General Administration Department Property Development Department Central Procurement and Cost Management Department Organization, Process & Project Management Department Security Department

48 48 Addresses Raiffeisen Bank International AG Austria Am Stadtpark Vienna Phone: Fax: ir@rbinternational.com rbi-pr@rbinternational.com Banking network Albania Raiffeisen Bank Sh.a. European Trade Center Bulevardi Bajram Curri Tirana Phone: Fax: SWIFT/BIC: SGSBALTX Belarus Priorbank JSC 31-A, V. Khoruzhey Str Minsk Phone: Fax: SWIFT/BIC: PJCBBY2X Bosnia and Herzegovina Raiffeisen BANK d.d. Bosna i Hercegovina Zmaja od Bosne bb Sarajevo Phone: Fax: SWIFT/BIC: RZBABA2S Bulgaria Raiffeisenbank (Bulgaria) EAD 18/20 Gogol Str Sofia Phone: Fax: SWIFT/BIC: RZBBBGSF Croatia Raiffeisenbank Austria d.d. Petrinjska Zagreb Phone: Fax: SWIFT/BIC: RZBHHR2X Czech Republic Raiffeisenbank a.s. Hvezdova 1716/2b Prague 4 Phone: Fax: SWIFT/BIC: RZBCCZPP Hungary Raiffeisen Bank Zrt. Akadémia utca Budapest Phone: Fax: SWIFT/BIC: UBRTHUHB Kosovo Raiffeisen Bank Kosovo J.S.C. UÇK Str. No Pristina Phone: Fax: SWIFT/BIC: RBKORS22 Poland Raiffeisen Bank Polska S.A. (Raiffeisen Polbank) Piekna 20 Str Warsaw Phone: Fax: SWIFT/BIC: RCBWPLPW Romania Raiffeisen Bank S.A. 15 Charles de Gaulle Square Bucharest 1 Phone: Fax: SWIFT/BIC: RZBRROBU Russia ZAO Raiffeisenbank Smolenskaya-Sennaya Sq Moscow Phone: Fax: SWIFT/BIC: RZBMRUMM

49 49 Adrese Serbia Raiffeisen banka a.d. Djordja Stanojevica Novi Beograd Phone: Fax: SWIFT/BIC: RZBSRSBG Slovakia Tatra banka, a.s. Hodžovo námestie Bratislava Phone: Fax: SWIFT/BIC: TATRSKBX Slovenia Raiffeisen Banka d.d. Zagrebska cesta Maribor Phone: Fax: SWIFT/BIC: KREKSI22 Ukraine Raiffeisen Bank Aval JSC 9, Leskova Str Kiev Phone: Fax: SWIFT/BIC: AVALUAUK Leasing companies Austria Raiffeisen-Leasing International GmbH Am Stadtpark Vienna Phone: Fax: Albania Raiffeisen Leasing Sh.a. European Trade Center Bulevardi Bajram Curri Tirana Phone: Fax: Belarus JLLC Raiffeisen-leasing 31-A, V. Khoruzhey Str Minsk Phone: Fax: Bosnia and Herzegovina Raiffeisen Leasing d.o.o. Sarajevo Danileja Ozme Sarajevo Phone: Fax: Bulgaria Raiffeisen Leasing Bulgaria OOD Mladost 4, Business Park Sofia Building 7B, 4th floor 1504 Sofia Phone: Fax: Croatia Raiffeisen Leasing d.o.o. Radnicka cesta Zagreb Phone: Fax: Czech Republic Raiffeisen-Leasing s.r.o. Hvezdova 1716/2b Prague 4 Phone: Fax: Hungary Raiffeisen Lízing Zrt. Vaci Str Budapest Phone: Fax: Kazakhstan Raiffeisen Leasing Kazakhstan LLP Shevchenko Str. 146, No Almaty Phone: Fax: Kosovo Raiffeisen Leasing Kosovo Gazmend Zajmi n.n., Sunny Hill Pristina Phone: Fax: Moldova I.C.S. Raiffeisen Leasing S.R.L. Alexandru cel Bun Chisinau Phone: Fax:

50 50 Poland Raiffeisen-Leasing Polska S.A. Ul. Prosta Warsaw Phone: Fax: Romania Raiffeisen Leasing IFN S.A. Nusco Tower Sos Pipera Nr. 42 Etaj 1A Bucharest Phone: Fax: Russia OOO Raiffeisen-Leasing Stanislavskogo Str. 21/ Moscow Phone: Fax: Serbia Raiffeisen Leasing d.o.o. Djordja Stanojevica Novi Beograd Phone: Fax: Slovakia Tatra Leasing s.r.o. Hodžovo námestie Bratislava Phone: Fax: Slovenia Raiffeisen Leasing d.o.o. Zagrebska cesta Maribor Phone: Fax: Ukraine LLC Raiffeisen Leasing Aval 9, Moskovskiy Av. Corp. 5 Office Kiev Phone: Fax: Real estate leasing companies Czech Republic Raiffeisen Leasing Real Estate s.r.o. Hvezdova 1716/2b Prague 4 Phone: Fax: Branches and representative offices - Europe France RBI Representative Office Paris 9-11 Avenue Franklin D. Roosevelt Paris Phone: Fax: Germany RBI Representative Office Frankfurt Mainzer Landstraße Frankfurt Phone: Fax: Sweden RBI Representative Office Nordic Countries Drottninggatan 89 P.O. Box Stockholm Phone: Fax: UK RBI London Branch 10, King William Street London EC4N 7TW Phone: Fax: Branches and representative offices Asia and America China RBI Beijing Branch Beijing International Club 200 2nd floor Jianguomenwai Dajie Beijing Phone: Fax: RBI Representative Office Harbin Room 1104, Pufa Piaza No. 209 Chang Jiang Road Nang Gang District Harbin Phone: Fax:

51 51 RBI Hong Kong Branch Unit , 21 nd Floor, Tower One, Lippo Centre 89 Queensway, Hong Kong Phone: Fax: RBI Representative Office Xiamen Unit 01-02, 32/F Zhongmin Building No 72 Hubin North Road Fujian Province Xiamen Phone: Fax: RBI Representative Office Zhuhai Room 2404, Yue Cai Building No. 188, Jingshan Road Jida, Zhuhai Guangdong Province Phone: Fax: India RBI Representative Office Mumbai 803, Peninsula Heights C.D. Barfiwala Road, Andhere (W) Mumbai Phone: Fax: Korea RBI Representative Office Korea 20th fl, SC Bank bldg. 47 Jongno Jongno-gu Seoul Republic of Korea Phone: Fax: Malaysia RBI Labuan Branch Level 6 (1E) Main Office Tower Financial Park Labuan Johor Bahru Phone: Fax: Singapore RBI Singapore Branch One Raffles Quay #38-01 North Tower Singapore Phone: Fax: RBI Representative Office New York 1133 Avenue of the Americas, 16th Floor New York Phone: Fax: Vietnam RBI Representative Office Ho Chi Minh City 35 Nguyen Hue Str., Harbour View Tower Room 601A, 6th Floor, Dist 1 Ho Chi Minh City Phone: Fax: Raiffeisen Zentralbank AG Austria Am Stadtpark Vienna Phone: Fax: Selected Raiffeisen Specialist Companies F.J. Elsner Trading GmbH Am Heumarkt Vienna Phone: Fax: Kathrein Privatbank Aktiengesellschaft Wipplingerstraße Vienna Phone: Fax: Raiffeisen Centro Bank AG Tegetthoffstraße Vienna Phone: Fax: ZUNO BANK AG Am Stadtpark Vienna Phone: Fax: USA RB International Finance (USA) LLC 1133 Avenue of the Americas, 16th Floor New York Phone: Fax:

52 52 Financial Statements RAIFFEISEN BANKA A.D., BEOGRAD Financial statements for the year ended 31 December 2012 prepared in accordance with International Financial Reporting Standards and Independent Auditors Report

53 53 Finansijski izveštaj CONTENTS Page Independent Auditors Report 54 Financial Statements: Statement of Comprehensive Income 56 Statement of Financial Position 57 Statement of Changes in Equity 58 Statement of Cash Flows 59 Notes to the Financial Statements

54 54 Deloitte Deloitte d.o.o. Terazije Belgrade Serbia Tax Identification Number: Registration Number: Tel: ; Fax: ; INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT To the Board of Directors and Owners of Raiffeisen banka A.D., Beograd To the Board of Directors and Owners of Raiffeisen banka A.D., Beograd We have audited the accompanying financial statements of Raiffeisen banka A.D., Beograd ( the Bank ), which comprise the statement We of financial have audited position the as accompanying at 31 December financial 2012, statements and the of statement Raiffeisen of banka comprehensive A.D., Beograd income, ( the statement Bank ), which of changes comprise in equity the and statement statement of of financial cash flows position for the as year at 31 then December ended, 2012, and a and summary the statement of significant of comprehensive accounting policies income, and statement other of explanatory changes information. in equity and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s responsibility for the financial statements Management s responsibility for the financial statements Management is responsible for the preparation and presentation of these financial statements in accordance with International Financial Reporting Management Standards, is responsible and for such for the internal preparation control as and management presentation determines of these is financial necessary statements to enable the in accordance preparation of with financial statements International that Financial are free from Reporting material Standards, misstatement, and whether for such due internal to fraud control or error. as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors responsibility Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in 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 accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. and plan and perform the audit to obtain reasonable assurance about 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 our judgment, including the assessment of the risks of material misstatement of the financial An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s management, as well as evaluating the overall presentation of the financial statements. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Raiffeisen banka A.D., Beograd as In our at December opinion, the 31, financial 2012, and statements its financial present performance fairly, in all and material its cash respects, flows for the the financial year then position ended, of in Raiffeisen accordance banka with International A.D., Beograd Financial as Reporting at December Standards. 31, 2012, and its financial performance and its cash flows for the year then ended, in accordance with International Financial Reporting Standards. Deloitte d.o.o. Belgrade March 12, Deloitte 2012 d.o.o Belgrade Deloitte refers March to one 15, or more 2013 of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Member of Deloitte Touche Tohmatsu Limited

55 55 STATEMENT OF COMPREHENSIVE INCOME Year Ended December 31, 2012 (Thousands of RSD) Note Interest income 6 13,521,614 13,613,611 Interest expense 6 (3,624,242) (3,646,975) Net interest income 9,897,372 9,966,636 Fee and commission income 7 4,679,018 4,311,412 Fee and commission expense 7 (684,184) (668,494) Net fee and commission income 3,994,834 3,642,918 Net trading income 8 388, ,871 Net income from investment securities 9 1,682, ,529 Other operating income ,619 53,992 Other income 2,172,294 1,080,392 Operating income 16,064,500 14,689,947 Net impairment loss on financial assets 11 (1,641,224) (1,711,921) Staff expenses 12 (3,815,726) (3,558,258) Depreciation and amortization 20, 21 (871,505) (908,941) Other expenses 13 (3,611,786) (3,202,618) Profit before income tax 6,124,259 5,308,209 Income tax expenses 14 (339,306) (371,478) Profit for the year 5,784,953 4,936,731 Other comprehensive income, net of income tax (372,625) 54,448 Total comprehensive income for the period 5,412,328 4,991,179 Total comprehensive income attributable to: Equity holders of the Bank 5,412,328 4,991,179 The accompanying notes form an integral part of these financial statements. Belgrade, 5 March 2013 For and on behalf of the Management Raiffeisen banka A.D., Beograd Oliver Roegl Chairman of the Managing Board Zoran Petrović Deputy Chairman of the Managing Board