UniCredit Banka Slovenija d.d. Šmartinska 140, 1000 Ljubljana Registrirana pri Okrožnem sodišËu v Ljubljani št.reg.vl. 1/10521/00 MatiËna številka 5446546 Identifikacijska številka za DDV SI59622806 Osnovni kapital družbe 16.258.321,26 EUR »lanica skupine UniCredit Group Zavzetost je naša prednost Leto 2008 je postavilo pomembne izzive pred globalno gospodarstvo, pred sektor finanËnih storitev in tudi pred poslovanje naše Skupine. Naš poslovni model za zdaj ostaja zdrav, obeti za prihodnje poslovanje pa so pozitivni. Ostajamo pozitivno naravnani, ker vemo, da lahko raËunamo na našo najmoËnejšo prednost. Gre za trdno in neomajno zavzetost - za naše stranke, za naše zaposlene, za naše investitorje, za skupnosti, ki jih oskrbujemo s storitvami, za naše temeljne vrednote, za kulturo, za kakovost v vsem, kar poËnemo ter za trajnosten razvoj našega podjetja. To zavzetost osvežujemo prav vsak dan, skozi prizadevanja in strokovnost veË kot 174.000 zaposlenih v 22 državah. Prav zato letošnje letno poroËilo prinaša fotografije in besede zaposlenih v finanËni skupini UniCredit Group. NihËe ne more bolj zgovorno izraziti naše zavzetosti kot prav sodelavke in sodelavci, ki to zavzetost živijo vsak dan. Govorijo vam iz naših poslovalnic in uradov po vsej Evropi. Vsako sporoËilo je drugaËno. Vsako sporoËilo izraža, kaj zavzetost pomeni zanje, za njihove stranke ter za njihove sodelavce, prav vsak delovni dan. Verjamemo, da njihove besede in njihove ideje zajemajo duh finanËne skupine UniCredit Group - duh zavzetosti, ki je naša najveËja prednost. Predstavitev Banke Nagovor predsednika nadzornega sveta Nagovor predsednika uprave Predstavitev UniCredit Banka Slovenija d.d. Organi upravljanja banke Organizacijska shema Poslovna mreža Dosežki in dogodki v letu 2008 Poslovno poroËilo Gospodarsko okolje v letu 2008 Poslanstvo, vizija in strategija FinanËni rezultati Poslovanje Banke na razliËnih segmentih Poslovanje s prebivalstvom in malimi podjetji Poslovanje s podjetji Zakladništvo Podpora prodaji Zaledno poslovanje Izzivi leta 2009 Obvladovanje poslovnih tveganj Finance in tržna tveganja Upravljanje s tveganji Informacijska podpora poslovanju Družbena odgovornost 1 Intruduction 111 4 Preface by the Chairman of the Supervisory Board 112 6 Statement by the Chairman of the Management Board 114 10 About UniCredit Banka Slovenija d.d. 118 11 Governing Bodies 119 12 Organisational Structure 120 13 Branch Network 121 14 Achievements and Events in 2008 122 17 Business Report 125 17 Economic Environment in 2008 125 19 Mission, Vision and Strategy 127 22 Financial Results 130 28 Bank’s Segment Performance Review 136 28 Retail and Small Business Banking 136 29 Corporate Banking 137 31 Markets 139 32 Sales Support 140 33 Back-Office 141 33 Challenges of the Year 2009 141 35 Managing Business Risks 143 35 Finance and Market Risk 143 35 Risk Management 143 36 Information Technology Support 145 39 Social Responsibility 148 PoroËilo nadzornega sveta 47 Report from the Supervisory Board 155 Izjava o odgovornosti 49 Statement of Responsibility 157 PoroËilo neodvisnega revizorja 51 Report of Auditors 159 RaËunovodski izkazi 52 Financial Statements 160 BanËna tveganja 90 Risk Report 198 Predstavitev Banke V letu 2008 je UniCredit Banka Slovenija d.d. uspešno zakljuËila enega najveËjih naložbenih programov vseh Ëasov, v okviru katerega je poveËala poslovno mrežo za 40 odstotkov in tako okrepila lokalno zavzetost za slovenske regije. Spoštovani! V letu 2008 je UniCredit Banka Slovenija d.d. ponovno dosegla odliËne rezultate. V temaËnem Ëasu najhujše finanËne krize vse od druge svetovne vojne je Banka poveËala dobiËek po obdavËitvi za 22 % na 18,5 milijonov evrov v primerjavi z letom 2007. Takšen rezultat so omogoËili naši delniËarji, predanost poslovodstva Banke in ekipe sodelavcev ter nenazadnje tudi stranke, ki so nam zaupale, da bomo tudi v težkih Ëasih izpolnili finanËna priËakovanja. Kljub razburkanim razmeram na trgu je Banka zaËela izvajati enega svojih najveËjih naložbenih programov doslej. V letu 2008 smo odprli šest novih poslovalnic, kar nam omogoËa, da dosežemo nove segmente strank na tistih obmoËjih Slovenije, kjer prej nismo bili prisotni, ter se obenem približamo nekaterim našim že obstojeËim segmentom. To bo odloËilen preizkus za novi slogan “Naša zavzetost je naša prednost”. Pri tem imamo v mislih tako našo zavzetost za obËine Sežana, Logatec, Slovenska Bistrica, Kamnik, Radovljica in Ljubljana Rudnik kot tudi zavzetost za njihove prebivalce in podjetja. PrepriËani smo, da lahko le z razširjeno mrežo poslovalnic pritegnemo lokalne stranke. To je hkrati tudi prvi korak, ki kaže našo trdno željo, da postanemo njihov najboljši banËni partner in da izpolnimo našo obljubo prek dejanj in kakovosti storitev ter palete izdelkov. Svojim strankam bi radi še bolj poudarili, da s Ëlanstvom v UniCredit Banka Slovenija d.d. postajajo tudi Ëlani širše družine finanËne skupine UniCredit Group, ki je prisotna v 22 državah. Z drugimi besedami, naše lokalne stranke so del najveËje mednarodne banËne mreže v regiji Srednje in Vzhodne Evrope z veË kot 4.000 poslovalnicami in podružnicami, kjer veË kot 83.000 uslužbencev skrbi za približno 28 milijonov strank. Vendar pa velikost ni najpomembnejša lastnost našega poslovanja, kar se je nedavno pokazalo na finanËnih trgih. Ostati moramo osredotoËeni na kakovost storitev, znanje in izkušnje naše banËne ekipe, dokumentirane postopke in izboljšano uËinkovitost, kar je pogoj za stroškovno uËinkovito banËno poslovanje. Po meri strank krojena prodaja mora imeti standardizirano banËno podporo, da lahko omogoËimo dobiËkonosno ponudbo in takojšen odziv na potrebe trga in naših strank. Veliko smo že naredili tudi pri uresniËevanju standardnega pristopa sporazuma Basel II. Ob uvedbi evra je bila UniCredit Banka Slovenija d.d. vodilna banka znotraj Skupine, prevzema pa tudi vodilno vlogo pri uËinkovitem razporejanju kapitala in ustvarjanju vrednosti. Naj se na koncu dotaknem še nedavne likvidnostne krize, ki se je konËala s krizo zaupanja potrošnikov. Višji stroški likvidnosti na mednarodnih kapitalskih trgih in na domaËem trgu so le eden od rezultatov te krize. Kljub pritiskom, da naj del teh stroškov prenesemo na stranke, Banka še naprej ostaja v dobrem položaju za dajanje posojil in podporo gospodarstvu. Globoka zavzetost za lokalno okolje je ena od naših najpomembnejših vrednot v Ëasih, ki jih zaznamujejo dvomi. Predstavlja tudi trdno podlago za nadaljnjo rast, ki temelji na zaupanju in partnerstvu, ter odraža našo skrb za vse pomembne deležnike. Z vašo podporo smo v lanskem letu dosegli odliËne rezultate. Spoštovani delniËarji, tudi v letu 2009 se bomo še naprej trudili za ohranitev vašega cenjenega zaupanja, kar bo glede na okolišËine še veËji izziv. Federico Ghizzoni Predsednik nadzornega sveta UniCredit Banka Slovenija d.d. Predstavitev Banke Na krizo in nezaupanje, ki ga je le-ta prinesla, moramo gledati kot na skupni izziv ter si prizadevati za odkrivanje novih priložnosti, za nova partnerstva in za boljše rezultate. Spoštovane dame in gospodje, cenjeni poslovni partnerji! Leto 2008 je tako na domaËem kot tudi na svetovnih trgih zaznamovala velika negotovost, ki se je po eni strani odražala skozi finanËno nestabilnost, po drugi pa skozi velika obrestna in teËajna nihanja. FinanËna kriza, ki se je zaËela leto prej v ZDA, je imela vse veËji vpliv tudi na ostale svetovne trge, tako v obliki rastoËega nezaupanja, še posebej med finanËnimi posredniki, kot tudi v obliki upoËasnjene gospodarske rasti ter v drugi polovici leta propada pomembnih banËnih in finanËnih ustanov. »e je bilo v prvem polletju tako doma kot tudi v Evropi še vedno temeljno vprašanje, kako ustaviti hitro rastoËe cene oziroma kako znižati inflacijo, je bil osrednji problem v drugi polovici leta, in še posebej v zadnjem Ëetrtletju, kako vzpostaviti zaupanje, kako ustaviti hitro padajoËo gospodarsko rast ter zagotoviti potrebno likvidnost. Globalizacija s prostim pretokom kapitala, storitev in blaga je pokazala tudi temno plat medalje. Strah in nezaupanje na enem delu svetovnega trga sta se hitro prenesla na ostale dele in dosegla vrednostne dimenzije, ki jim do takrat svet še ni bil priËa. Sistemsko tveganje je zajelo svetovni trg in ne le lokalnega. To je imelo za posledico tako skupinsko aktivnost najpomembnejših centralnih bank, predvsem glede politike obrestnih mer, kot tudi aktivnost posameznih držav, ki so s svojim posredovanjem želele zmanjšati škodo, ki jo je utrpela veËina udeležencev na trgu, in vzpostaviti zaupanje med njimi. Usklajeni ukrepi predstavljajo po eni strani poveËano jamstvo za banËne vloge fiziËnih oseb, možnost državne rekapitalizacije finanËnih ustanov in oblikovanje obsežnega državnega garancijskega potenciala za podporo bankam pri pridobivanju virov za financiranje potreb gospodarstva. V trenutku, ko nastaja ta prispevek, je še težko oceniti konËne rezultate tovrstnih ukrepov, pomembno pa je, da naj bi imeli vsi skupni napori za posledico umiritev tržnih razmer in oblikovanje novih temeljev za novo gospodarsko rast in vzpostavitev zaupanja. Razmere na slovenskem trgu so z doloËeno zamudo v veliki meri sledile svetovnim trendom, tako v ožjem finanËnem sektorju kot tudi na ravni celotnega gospodarstva. Medtem ko je Slovenija v prvem polletju leta 2008 še dosegala visoko gospodarsko rast, ki je presegala pet odstotkov, se je le­ta v drugi polovici leta priËela ohlajati in se proti koncu leta bistveno skrËila. Takšni podatki v Sloveniji napovedujejo gospodarsko recesijo z vsemi negativnimi posledicami za celotno družbeno okolje. Po drugi strani je svetovna finanËna kriza potrdila veliko soodvisnost slovenskega banËnega sistema od zunanjih finanËnih virov, ki so predvsem v zadnjih treh letih domaËemu banËnemu sistemu omogoËili hitro rast bilanËne vsote in visoko rast financiranja celotnega nebanËnega sektorja: gospodarskih enot in prebivalstva. Prav soodvisnost v obliki t.i. banËnega “fundinga” ostaja osrednje vprašanje, povezano tudi z nadaljnjo rastjo slovenskega gospodarstva in veËjo oziroma manjšo vlogo države pri tem. Novonastale razmere na svetovnem in domaËem trgu so pomembno vplivale predvsem na domaËi kapitalski trg. Le­ta je v letu dni zabeležil najveËji padec vrednosti premoženja doslej, za skoraj 70 odstotkov, kar je imelo negativne posledice za lastnike premoženja, v veliki meri pa tudi za finanËne posrednike, ki so financirali razliËne transakcije in tudi sami imeli del lastnega premoženja v obliki delnic. Po drugi strani so kapitalska nihanja marsikaterega investitorja spet prepriËala, da je najbolj stabilna naložba klasiËen banËni depozit, ki sicer prinaša bistveno nižji donos, udeležencu pa daje relativno visoko varnost. Zaradi spremenjenih tržnih razmer je bil banËni sistem v letu 2008 deležen neto pozitivnega toka iz kapitalskega trga. Še posebej v primerjavi z letom prej, ko je bil zabeležen velik odtok denarnih sredstev iz banËnega sistema na kapitalski trg. IzhajajoË iz opisanih “terms of trade”, je bilo delovanje celotnega banËnega sistema v Sloveniji bistveno drugaËno kot v predhodnih dveh letih, ki so ju, ob visoki gospodarski rasti in cenenem denarju, zaznamovale tudi pomembne institucionalne spremembe, ki so vplivale tudi na konËne rezultate v bilanci uspeha z visokimi rastmi dohodka, izjemna kreditna Predstavitev Banke Nagovor predsednika uprave rast in visoka rast dobiËka. Rezultati za leto 2008 kažejo, da so banke v Sloveniji zabeležile prepolovljeno rast bilanËne vsote (12 odstotkov), bistveno nižjo rast kreditiranja podjetij in prebivalstva (okoli 18 odstotkov), skoraj 30 odstotkov nižje neobrestne prihodke, za 6 odstotkov nižjo rast celotnega dohodka in za 34 odstotkov nižji dobiËek. Ocena poslovanja in rezultatov UniCredit Banka Slovenija d.d. v istem Ëasovnem obdobju potrjuje prepriËanje uprave, da so bili doseženi vsi zastavljeni cilji, marsikateri pa tudi preseženi. Takšno prepriËanje podkrepijo naslednji podatki: • Banka je poveËala bilanËno vsoto za skoraj 36 odstotkov na znesek veË kot 2,89 milijarde evrov ob koncu leta, kar jo uvršËa na Ëetrto mesto na slovenskem trgu po tržnem deležu. Med razlogi za visoko rast so tudi tisti, ki se nanašajo na medbanËno financiranje, visoko rast odobrenih kreditov podjetjem in prebivalstvu, poveËan kapital Banke in visoko rast zbranih depozitov od nebanËnega sektorja. S to aktivnostjo je Banka dosegla skoraj 6,3 odstotka tržnega deleža. • Produktivnost zaposlenih, merjena z bilanËno vsoto na zaposlenega, je za 45 odstotkov višja kot je povpreËje v bankah v državi in se je v letu 2008 bistveno poveËala. • DobiËek Banke pred obdavËitvijo je zrasel skoraj za 20 odstotkov in dosegel raven 23,5 milijonov evrov, pri Ëemer so bile hkrati opravljene tako korekcije pri vrednotenju posameznih delov premoženja kot tudi oslabitve in formirane dodatne rezervacije. Donosnost kapitala Banke pred davki na ravni 13,6 odstotkov je višja kot je povpreËna donosnost bank v Sloveniji. • Banka je zabeležila rast tudi pri celotnem dohodku, in sicer 11,2-odstotno, kar pomeni, da je dohodek rasel za veË kot 16 odstotnih toËk hitreje kot v celotnem banËnem sistemu. • Rast stroškov je bila v skladu s sprejeto projekcijo in je dosegla 14 odstotkov, pri Ëemer je k rasti najveË prispevala širitev poslovne mreže z zaposlitvijo 50 novih sodelavcev, poleg tega pa tudi prilagajanje plaË inflacijskim gibanjem skladno s kolektivno pogodbo ter vzdrževanje in posodabljanje informacijske tehnologije. Delež stroškov glede na bilanËno vsoto je 1,26 odstotka, medtem ko je povpreËje za vse slovenske banke veË kot 1,80 odstotka. Takšna primerjava kaže na veliko stroškovno uËinkovitost, ki je znaËilna za Banko že dalj Ëasa. • Poleg omenjenih temeljnih finanËnih pokazateljev velja poudariti tudi, da je Banka razširila poslovno mrežo s šestimi novimi enotami, da je sodelovala pri javni prodaji delnic Pozavarovalnice Sava in da ji je skupaj z dvema partnerjema uspelo pridobiti drugi mandat za razpis evro­obveznic za Republiko Slovenijo. Slednji aktivnosti in uspeh pri le-teh dodatno dokazujejo, da ni nakljuËje, da ima Banka skoraj 50-odstotni tržni delež na podroËju izvedenih finanËnih instrumentov. Iz navedenih finanËnih rezultatov in ostalih dosežkov minulega leta je razvidno, da so pot k temu uspehu tlakovali odliËni odnosi in zaupanje med partnerji doma in v tujini. Prav partnerski odnosi so bili v letu 2008 na novi preizkušnji, v kateri se je Banka dodatno izkazala tako z vidika izpolnjevanja svojih obveznosti skladno z dogovorom kot tudi z uvedbo novih produktov ter tudi pri razreševanju najtežjih finanËnih problemov, s katerimi so se sooËali posamezniki, podjetja ali širše skupine. Za vse to se vam še posebej zahvaljujem. V Ëasu moËno spremenjenih razmer na domaËem in na svetovnih trgih je dodatno težo dobilo dejstvo, da smo Ëlanica najveËje banËne skupine v EMU. Naj naštejemo le nekaj pomembnih prednosti: boljši dostop do mednarodnih finanËnih virov, hitrejše in cenejše opravljanje finanËnih transakcij znotraj finanËne skupine, zmanjševanje transakcijskega in kreditnega tveganja, uspešnejše upravljanje z likvidnostjo in celotnim premoženjem znotraj podjetniških skupin, kjer so podjetja hËerke v razliËnih državah, lažji dostop do vrste informacij ter nasvetov in podobno. Zahvala gre tudi našim lastnikom za naËrtno dolgoletno poslovno politiko, ki se odraža v dejstvu, da se celoten doseženi dobiËek Banke reinvestira in na ta naËin ob rastoËem kapitalu omogoËa Banki novo dodatno rast in varnost. Posebna zahvala gre vsem Ëlanom nadzornega sveta, ki so s svojim znanjem, ki temelji na bogatih izkušnjah, pripomogli k boljšemu in hitrejšemu razreševanju za nova partnerstva in za boljše rezultate. razliËnih strokovnih problemov, s katerimi PrepriËan sem, da skupaj znamo in se je pri dnevnem delu sreËevala uprava zmoremo biti kos še tako težavnim in celoten kolektiv. okolišËinam poslovanja. Hvala vam za zaupanje. Na tem mestu ne gre prezreti tudi delovanja na novo ustanovljenega revizijskega odbora in ombudsmana. Dr. France Arhar Obema gre iskrena zahvala za vsa Predsednik uprave opozorila in dobre nasvete za dodatno UniCredit Banka Slovenija d.d. izboljšanje kakovosti celotnih storitev. Ljubljana, marec 2009 Spoštovani, dovolite, da se tako v imenu celotne uprave kot tudi v svojem imenu na koncu zahvalim vsem sodelavkam in sodelavcem, ki so s svojim nesebiËnim delom dokazali, da so z njimi dosegljivi vsi cilji, ki si jih zastavimo skupaj, Ëetudi se razmere na trgu nenehno spreminjajo, pogoji poslabšujejo in nas tudi preseneËajo. Zaposleni v Banki so zagotovilo, da bo UniCredit Banka Slovenija d.d. tudi v prihodnje žela uspehe ter uresniËila svojo dolgoroËno strategijo organske rasti s širitvijo mreže in ponudbe novih produktov. EtiËno odgovorno ravnanje, ki mu Banka posveËa posebno skrb, ima v novonastalih tržnih razmerah dodatno vrednost in zaupanje, kar mora biti tudi v prihodnje najpomembnejši del naše odliËnosti in zgled tako v okviru naše Skupine kot tudi celotni okolici in naši konkurenci. Cenjene dame in gospodje, na krizo in nezaupanje, ki ga je le-ta prinesla, moramo gledati kot na skupni izziv ter si prizadevati za odkrivanje novih priložnosti, Predstavitev Banke Sedež: Šmartinska 140 1000 Ljubljana Slovenija Telefon: 00 386 1 5876 600 BrezplaËna telefonska številka: 080 88 00 Faks: 00 386 1 5876 684 Povezava: www.unicreditbank.si Elektronska pošta: info@unicreditgroup.si Osnovna dejavnost: drugo denarno posredništvo Šifra dejavnosti: K/64.190 Leto ustanovitve: 1991 Predsednik nadzornega sveta: Federico Ghizzoni Registrirana: pri Okrožnem sodišËu v Ljubljani št.reg.vl. 1/10521/00 Osnovni kapital: 16.258.321,26 EUR MatiËna številka: 5446546 Identifikacijska številka: SI59622806 Poravnalni raËun pri Banki Slovenije: 01000-0002900092 Swift: BACXSI22 Nadzorni svet »lan Funkcija Datum nastopa Federico Ghizzoni Predsednik nadzornega sveta od 25. aprila 2007 Herbert Hangel Namestnik predsednika nadzornega sveta od 25. aprila 2007 Mag. Martin Klauzer »lan nadzornega sveta od 24. aprila 2007 Mag. Wolfgang Edelmüller »lan nadzornega sveta od 24. aprila 2007 Mag. Helmut Haller »lan nadzornega sveta od 24. aprila 2007 Uprava »lan Funkcija Datum nastopa Dr. France Arhar Predsednik uprave od 2. junija 2006 Dr. Heribert Fernau »lan uprave od 15. januarja 2007 Mag. Stefan Vavti »lan uprave od 15. januarja 2007 Janko Medja, MBA »lan uprave od 16. septembra 2008 Predstavitev Banke EddWaVÓZcZXoV egZegZÓZkVc_Z egVc_VYZcVg_V! [^cVcX^gVc_V iZgdg^obV ^c^okV_Vc_Z dbZ_ZkVac^] j`gZedk ´aVc^JegVkZ .iVWcVhaj¬WV 9 k o V DYYZaZ`$EdhadkcVZcdiV EdhadkcVZcdiV EdhadkcVZcdiV$Edhadkc^YZa PE LJUBLJANA BTC PE KRANJ PE NOVO MESTO Šmartinska 140, SI-1000 Ljubljana Na skali 1, SI-4000 Kranj Glavni trg 20, SI-8000 Novo mesto Telefon:01 5876 719 Telefon: 04 2018 170 Telefon: 07 3737 401 PE LJUBLJANA WOLFOVA PE RADOVLJICA PE TRBOVLJE Wolfova 1, SI-1000 Ljubljana Gorenjska cesta 24, SI-4240 Radovljica Ulica 1. junija 2, SI-1420 Trbovlje Telefon: 01 5876 472 Telefon: 04 5971 630 Telefon: 03 5612 563 PE LJUBLJANA CELOVŠKA PE LOGATEC PE VELENJE Celovška 150, SI-1000 Ljubljana Tržaška cesta 32, SI-1370 Logatec Šaleška 20a, SI-3320 Velenje Telefon: 01 5000 540 Telefon: 01 7591 940 Telefon: 03 8987 300 PE LJUBLJANA TRŽAŠKA PE NOVA GORICA PE CELJE Tržaška 19, SI-1000 Ljubljana Tolminskih puntarjev 2b, SI-5000 Nova Gorica AškerËeva 14, SI-3000 Celje Telefon: 01 2410 360 Telefon: 05 3383 136 Telefon: 03 4252 479 PE LJUBLJANA RUDNIK PE SEŽANA PE MARIBOR JurËkova cesta 231, SI-1000 Ljubljana Partizanska 37a, SI-6210 Sežana Svetozarevska 6, SI-2000 Maribor Telefon: 01 2836 000 Telefon: 05 7314 580 Telefon: 02 2285 329 PE KAMNIK PE KOPER PE PTUJ Ljubljanska cesta 4b, SI-1241 Kamnik Ferrarska 5a, SI-6000 Koper Ulica heroja Lacka 1, SI-2250 Ptuj Telefon: 01 8396 500 Telefon: 05 6101 020 Telefon: 02 7980 340 PE SLOVENSKA BISTRICA PE MURSKA SOBOTA Trg svobode 21, 2310 Slovenska Bistrica Trg zmage 5, SI-9000 Murska Sobota Telefon: 02 8051 970 Telefon: 02 5341 440 Predstavitev Banke JANUAR FinanËno podprli izvedbo koncerta Dunajskih filharmonikov Z donacijo smo prispevali k izvedbi koncerta Dunajskih filharmonikov, enega najvidnejših orkestrov na svetu, ki je po dvanajstih letih ponovno gostoval v Ljubljani. ZaËeli z izdajanjem revije za naše partnerje Pomembne dogodke in produkte ter naše poglede na razliËne teme smo obstojeËim in potencialnim strankam približali z izdajo prve številke revije Azimut. Vsebino smo zaokrožili z zanimivimi in uporabnimi informacijami, povezanimi s poslovnim udejstvovanjem in kakovostnim preživljanjem prostega Ëasa. Vzpostavili novo divizijo Zaledno poslovanje Nova divizija integrira zaledne aktivnosti kreditnega poslovanja, zakladništva, trgovanja z vrednostnimi papirji, upravljanja s transakcijskimi raËuni ter registra korporativnih strank. Integracijo zaledja smo izvedli zaradi zagotovitve veËje uËinkovitosti in kakovosti, boljše preglednosti in pretoka informacij ter s tem lažje vzpostavitve novih storitev kakor tudi zaradi regulativnih zahtev, še posebej bolj kompleksnih, kot jo prinaša napredni pristop za izraËun kapitalske zahteve za kreditno tveganje, t.i. Basel II IRB. Poenostavili Ëezmejna plaËila v Evropi V okviru uvedbe sistema SEPA - Single European Payment Area je finanËna skupina UniCredit Group za veË kot 240.000 podjetij, ki so njene stranke, v Evropi vzpostavila platformo SEPA za enotna plaËila v evrih. FEBRUAR, MAREC S strateškim sreËanjem uskladili prihodnje delovanje VeË kot sto vodjem v UniCredit Banka Slovenija d.d. je uprava predstavila strateške usmeritve, zbrala njihove predloge in bila na razpolago za dodatna pojasnila. S tem smo se povezali in zagotovili še bolj usmerjeno delovanje na poti do zastavljenih ciljev. Predstavili ugodna investicijska posojila za obËine V sodelovanju z Evropsko investicijsko banko (EIB) in Evropsko komisijo (EK) smo v UniCredit Banka Slovenija d.d. dobili odobreno kreditno linijo za ugodna investicijska posojila ter finanËne spodbude za infrastrukturne projekte. Gre za projekte, ki jih izvajajo obËine po Sloveniji ali javna oziroma zasebna podjetja, ki izvajajo storitve za obËine in imajo v lasti sredstva financiranega projekta. Medijem predstavili odliËne poslovne rezultate Za predstavnike sedme sile smo organizirali tiskovno konferenco, na kateri smo predstavili odliËne poslovne rezultate, ki smo jih dosegli v letu 2007. Na veË kljuËnih podroËjih smo presegli tako rast slovenskega banËnega trga kot tudi naš poslovni naËrt za leto 2007. V ponudbo dodali pakete storitev za otroke, mladostnike in študente BanËni paket PalËek je namenjen otrokom do 11. leta, paket Car pa mladostnikom do 18. leta, posebno ponudbo pa smo oblikovali tudi za sklenitev banËnega paketa za novorojenËke komitentov. Študentom smo ponudili paket storitev, ki smo ga poimenovali Cimer. ZaËeli uporabljati evropski sistem analize tveganj FinanËna skupina UniCredit Group je pristopila k sistemu storitev RAS - Risk Analysis Service, ki omogoËa primerjalno analizo kreditnega tveganja, katerega cilj je izboljšanje dejavnosti upravljanja s tveganji. Storitev finanËnim ustanovam omogoËa merjenje profila tveganja v doloËenem segmentu v primerjavi z drugimi podjetji v panogi. Uvrstili smo se med prvih pet odstotkov bank z najbolj zadovoljnimi strankami v Evropi UniCredit Banka Slovenija d.d. ima najbolj zadovoljne banËne stranke v Sloveniji, obenem pa smo se uvrstili med prvih pet odstotkov bank v Evropi, s katerimi so stranke najbolj zadovoljne. Visok indeks zadovoljstva strank je in bo tudi v prihodnje eden od pomembnejših poslovnih ciljev vodij v UniCredit Banka Slovenija d.d.. APRIL Obeležili 80. obletnico skupine Pioneer Investments Visoko obletnico ustanovitve prvega vzajemnega sklada Pioneer Investments, ki velja za tretjega najstarejšega upravljalca vzajemnih skladov v ZDA, smo obeležili z dogodkom za stranke tudi v Sloveniji. Pomagali pri organizaciji golf turnirja na Bledu Ljubiteljske igralce golfa iz vrst naših partnerjev smo povabili na BA-CA ProAm Golf turnir na Bled, kjer so zelenice osvajali skupaj s profesionalnimi igralci. Najboljši profesionalci pa so se naslednji dan potegovali za nastop na BA Golf Open turnirju v avstrijski Fontani. Na skupšËini tudi o poveËanju osnovnega kapitala Banke DelniËarji so sprejeli odloËitev, da bo bilanËni dobiËek Banke v celoti razporejen v druge rezerve iz dobiËka, sprejeli pa so tudi poslovno politiko in naËrt razvoja za poslovno leto 2008. Vodilni menedžerji preživeli dan v poslovni enoti Vodje divizij in Ëlani uprave so preživeli dan v lokalnih poslovnih enotah po vsej Sloveniji. Ob tej priložnost so lahko prisluhnili sodelavcem iz poslovne mreže in mnenju strank glede nadaljnjega razvoja trajnih odnosov s strankami in poslovne odliËnosti. Pobudi, ki je sicer že veË let redna praksa finanËne skupine UniCredit Group, smo se pridružili v preteklem letu in jo bomo zaradi dobrih odzivov sodelavcev in strank izvajali tudi v prihodnje. Postregli s preizkušenimi recepti za izboljšanje poslovanja Na tradicionalnem zajtrku finanËnih trgov smo dokazali, da se dan po jutru pozna, saj smo našim poslovnim partnerjem postregli z neprecenljivimi podatki o stanju na finanËnih trgih in jim ponudili vpogled v trende gibanja teËajev, obrestnih mer in blagovnih instrumentov. MAJ Privatizacija Pozavarovalnice Sava Banka je sodelovala v procesu privatizacije Pozavarovalnice Sava in uspešno prodala delnice institucionalnim investitorjem in fiziËnim osebam. Slovenske novinarje povabili k sodelovanju na razpisu za najboljše poroËanje Bank Austria, Ëlanica finanËne skupine UniCredit Group, je objavila razpis za novinarsko nagrado “Pisanje o SVE”, ki jo podeljujejo za pisanje in poroËanje o temah iz Srednje in Vzhodne Evrope za nadaljnjo graditev medkulturnih odnosov in poznavanja evropskih korenin, kot temelj razumevanja in medsebojnega spoštovanja. Cilj nagrade je spodbuditi novinarsko debato o vprašanjih, ki se nanašajo na evropsko integracijo s posebnim poudarkom na Srednji in Jugovzhodni Evropi. Mala Lena postala investitorka S sodelovanjem v humanitarni akciji “So otroci lahko boljši od borznih gurujev?” v organizaciji revije Moje finance in Zveze prijateljev mladine Slovenije, namenjeni pomoËi otrokom iz socialno šibkejših družin, smo deklici Leni podarili 1.000 evrov, ki jih je investirala v toËke Pioneer Investments skladov. Uspešni v teku trojk Aktivno smo se vkljuËili v tradicionalno javno prireditev Pot ob žici v Ljubljani, in sicer s sponzorstvom Teka trojk ter udeležbo in odliËno uvrstitvijo ekipe sodelavcev, mešane trojke UniCredit Banka Slovenija d.d., med prvo dvajseterico. Ponudili mladim možnost kariere v banËništvu FinanËna skupina UniCredit Group in priznana podiplomska poslovna šola Alma Univerza v Bologni sta oblikovali mednarodni magistrski program poslovnih ved - MBA, ki stremi k izobraževanju novih talentov na podroËju banËništva za prebivalstvo. FinanËna skupina UniCredit Group je v vseh državah, kjer je prisotna, tudi v Sloveniji, razpisala po pet štipendij za kritje celotne šolnine ter dodatnih pet štipendij v višini 20.000 evrov in deset štipendij v znesku 15.000 evrov. JUNIJ Dosegli prvo mesto na banËnih igrah Sodelavci UniCredit Banka Slovenija d.d. odliËne poslovne rezultate prenašamo tudi na podroËje športa. V skupni uvrstitvi smo na 16. športnih igrah banËnikov Slovenije, kjer je sodelovalo 23 bank, ponovno dosegli ekipno zmago. JULIJ Otroke peljali na morje Z donacijo smo podprli vseslovensko akcijo “Peljimo jih na morje!”, s katero RdeËi križ zbira sredstva za poËitnikovanje otrok in starejših iz socialno šibkih družin. Enotedensko brezplaËno letovanje v letovišËu RdeËega križa Debeli rtiË smo z donacijo omogoËili 20 otrokom. Sodelovali pri izvedbi koncerta milanske Scale Festivalu Ljubljana smo s sponzorskimi sredstvi pomagali pri izvedbi gostovanja FilharmoniËnega orkestra milanske Scale, ki je z deli Ludwiga van Beethovna in Petra IljiËa »ajkovskega navdušil ljubitelje klasiËne glasbe. V Trenti zadonel koncert udeležencev mojstrskega teËaja Sodelovanje med Bank Austria in solisti Dunajskih filharmonikov že vse od leta 2000 omogoËa mladim nadarjenim glasbenikom iz Srednje in Vzhodne Evrope udeležbo na mojstrskih teËajih v Trenti. Najboljši študenti se predstavijo z zakljuËnim koncertom, dodatno pa Bank Austria organizira tudi predstavitev Mednarodnega glasbenega foruma Trenta in koncert udeležencev na Dunaju, v znamenitem Musikvereinu. AVGUST Zbirali za dober namen Unidea, fundacija finanËne skupine UniCredit Group, je že drugo leto zapored razpisala projekt “Gift matching” za zbiranje denarnih prispevkov sodelavcev za pomoË lokalnim neprofitnim dobrodelnim organizacijam. Za prejemnike naših donacij smo izbrali humanitarni zavod Vid ter projekt Dom Iris, ki ga vodi Zavod za rehabilitacijo Republike Slovenije. K zbranim sredstvom bo fundacija Unidea dodala tudi svoj delež. Približali se prebivalcem Sežane in okolice ObstojeËima enotama na Primorskem, v Kopru in Novi Gorici, se je pridružila nova poslovna enota v Sežani. Lokalnim prebivalcem smo ob otvoritvi podarili koncert pevke Neishe, dvema humanitarnima društvoma s sedežem v mestu pa sredstva za njihovo delovanje. Predstavitev Banke Dosežki in dogodki v letu 2008 Dvigi na veË kot 16.000 banËnih avtomatih v Evropi brez provizije Komitentom smo omogoËili brezplaËno dvigovanje gotovine z debetnimi karticami BA Maestro na banËnih avtomatih bank finanËne skupine UniCredit Group v 16 državah. Dvigi gotovine z BA Maestro kartico UniCredit Bank so še naprej brezplaËni tudi na vseh banËnih avtomatih drugih bank v Sloveniji in v Evropski monetarni uniji. SEPTEMBER BanËni dan na Bledu ob prvi obletnici preimenovanja Na Bledu se je veËina sodelavcev sreËala ob prvi obletnici preimenovanja Banke v UniCredit Banka Slovenija d.d. Tekmovanja v veslanju, ki smo ga priredili ob tej priložnosti, se je udeležilo veË kot 200 sodelavcev Banke, UniCredit Leasinga in CAIB Investment Bankinga. Potrjen nov Ëlan uprave Janko Medja, prej vodja divizije Poslovanje s podjetji, je postal Ëetrti Ëlan uprave UniCredit Banka Slovenija d.d. Dan Listine o vrednotah V vseh Ëlanicah finanËne skupine UniCredit Group so potekali pogovori o skupnih vrednotah. Delovanje v skladu z njimi je pogoj za uspešno dolgoroËno (so)delovanje in ustvarjanje trajne vrednosti za banko in vse njene deležnike. OKTOBER Dobavitelji so ogledalo podjetja Že drugo leto zapored smo organizirali sreËanje z dobavitelji, s Ëimer smo želeli narediti premik od tradicionalnega do partnerskega odnosa, ki ga vodita medsebojno zaupanje in dolgoroËno poslovno sodelovanje. Sodelavce in njihove družine povabili v Narodno galerijo FinanËna skupina UniCredit Group je že drugo leto organizirala Dan kulture. V okviru te pobude smo v Sloveniji za sodelavce in njihove družine pripravili strokovno vodene oglede razstave Slovenski impresionisti in njihov Ëas ter oglede in delavnice, namenjene otrokom. Vsem sodelavcem finanËne skupine UniCredit Group so bila ta dan odprta vrata številnih muzejev in galerij, med drugim v Avstriji, Italiji in na Hrvaškem, kjer je Skupina prisotna. NOVEMBER Strateško sreËanje “Strategy event” Sto vodij UniCredit Banka Slovenija d.d. se je ponovno zbralo na strateškem sreËanju. Pregledali smo uspešnost uresniËevanja strategije Banke v preteklosti in predstavili ideje za njeno uspešno uresniËevanje tudi v prihodnje. Organizirali tradicionalni zajtrk finanËnih trgov Pripravili smo temeljite analize trendov gibanja teËajev, obrestnih mer in blagovnih instrumentov, saj s poznavanjem le-teh podjetja lažje sprejemajo odloËitve pri vsakdanjem poslovanju. Pomagali pri nakupu koncertne violine Tradicionalno smo podprli delovanje Slovenske filharmonije. Tokrat smo prispevali za nakup koncertne violine in svoje partnerje povabili na slavnostni koncert filharmonikov ob zakljuËku leta. V ponudbo dodali naložbena življenjska zavarovanja in prenovljeno storitev upravljanje premoženja V sodelovanju z življenjsko zavarovalnico ERGO Zavarovalnica d.d. (skupina Munich Re) in mednarodnim upravljalcem premoženja skupino Pioneer Investments (finanËna skupina UniCredit Group) smo strankam ponudili zavarovanji Moje življenje in Moja prihodnost, ki predstavljata varno in donosno kombinacijo življenjskega zavarovanja in naložbe. Strankam smo ponovno ponudili tudi prenovljeno storitev upravljanja premoženja za vse, ki želijo naložbene odloËitve zaupati strokovnjakom. DECEMBER UresniËili napovedi o širitvi mreže poslovnih enot V decembru smo odprli pet novih poslovnih enot (v Kamniku, Radovljici, v Ljubljani na Rudniku, v Logatcu in Slovenski Bistrici). V letu 2008 smo tako odprli skupno šest novih poslovnih enot, natanko toliko kot smo naËrtovali. S podjetniki spregovorili o krizi V sodelovanju z obmoËnimi obrtnimi zbornicami Slovenije smo pripravili vrsto pogovorov o aktualnem dogajanju na trgih in izzivih, ki jih le-to prinaša v prihodnje. Predsednik uprave Banke s sodelavci se je v šestih slovenskih krajih sreËal s številnimi predstavniki malih in srednje velikih podjetij. VeË kot 130 milijonov evrov dodatnih kreditnih sredstev za mala in srednja podjetja FinanËna skupina UniCredit Group je v Sloveniji ponudila veË kot 130 milijonov evrov dodatnih kreditnih sredstev za segment srednje velikih in malih podjetij, ki jih bo možno izkoristiti do konca leta 2009. Ponudili storitev upravljanja sredstev Na trg smo lansirali storitev novega poslovnega podroËja, ki je namenjeno upravljanju sredstev strank. Poslovno poroËilo Po rekordni rasti slovenskega gospodarstva v letu 2007 (6,8 %) je leto 2008 prineslo umirjanje gospodarske rasti, ki je konec leta znašala 4,1 %. Rast je bila še vedno zelo živahna v prvem delu leta, v drugi polovici leta pa je potem naglo izgubljala tempo. V prvem Ëetrtletju je gospodarska rast znašala še visokih 5,7 %, v drugem Ëetrtletju 5,5 %, v tretjem pa le še 3,8 %. Gonilo rasti so bile še naprej naložbe v osnovna sredstva ter uvoz in izvoz proizvodov in storitev. Državna potrošnja je bila z 3,9-odstotno letno rastjo rahlo pod stopnjo rasti bruto družbenega proizvoda. Upadanju stopnje rasti bruto domaËega proizvoda je sledila tudi inflacija. Konec leta 2007 je znašala 5,6 % in je v prvi polovici leta rasla še naprej ter junija dosegla visokih 7 % na letni ravni. Sledil je izrazit padec cen in inflacija je ob koncu leta tako znašala le 2,1 % na letni ravni. V drugi polovici leta 2008 je meseËna inflacija v kar treh mesecih znašala 0 %, v ostalih treh pa je bila izrazito negativna (0,6 % do 0,7 %). Že samo uËinek padca cen nafte se v inflaciji na letni ravni odraža z -1,4 odstotnimi toËkami. Saldo tekoËega raËuna plaËilne bilance je za leto 2008 znašal -6,1 % BDP. Leto 2008 je bilo v banËnem sektorju zaznamovano s krizo oziroma kreditnim krËem mednarodnega banËnega sektorja, ki je predvsem v drugi polovici leta onemogoËal refinanciranje slovenskih bank na mednarodnem trgu. Zaostrene razmere so prisilile banke, da spremenijo strategije in se prilagodijo novim razmeram. Tako je prišlo do bistvenih sprememb v bilancah slovenskih bank, v drugi polovici leta pa tudi do obËutnega znižanja rasti bilanËne vsote banËnega sektorja, ki je na letni ravni oktobra znašala le še 16,7 %. Skozi celotno leto 2008 smo beležili trend zniževanja stopnje rasti posojil nebanËnemu sektorju. »e je le-ta na letni ravni ob koncu 2007 dosegala skoraj 40 %, pa je oktobra 2008 znašala le še 23,5 %. V istem obdobju je letna rast kreditiranja gospodinjstev znašala 19 %. Dinamika rasti posojil je bila pri posojilih nebanËnemu sektorju kot tudi gospodinjstvom skoraj dvakrat veËja pri bankah v veËinski tuji lasti kot pri bankah v domaËi lasti. V zadnjih petih mesecih leta 2008 so bilance slovenskih bank kazale tudi izrazit padec deleža dolžniških vrednostnih papirjev na naložbeni strani bilance. Hkrati je bila predvsem v drugi polovici leta zabeležena izrazita rast financiranja bank pri Evropski centralni banki (ECB). Temu je sledila tudi rast terjatev do ECB, kar nakazuje, da banke vseh sredstev, ki so jih pridobile pri ECB, niso plasirale v obliki kreditov, ampak so jih nalagale nazaj v ECB. Tudi dogajanje na Ljubljanski borzi je bilo v letu 2008 turbulentno in v znamenju širše globalne krize. Indeks SBI je tako izgubil kar 67,5 % vrednosti, kar je skoraj enako prav tako neverjetni rasti v letu 2007, ko je indeks pridobil 78,1 % vrednosti. V takšnih razmerah ne preseneËa, da so po oktobrskih podatkih slovenske banke pridelale 15,5 % manj dobiËka pred obdavËitvijo v primerjavi z enakim obdobjem lani. Ob sooËenju s finanËno krizo takšnih razsežnosti se je bila prisiljena odzvati tudi država. Državni zbor je tako novembra sprejel novelo zakona o banËništvu in zakona o javnih financah ter tako podal zakonsko osnovo za ukrepe, ki naj bi zagotovili stabilnost finanËnega sistema. Ukrepi zajemajo državna poroštva pri mednarodnem zadolževanju bank in poveËane izdaje državnih dolžniških vrednostnih papirjev, s Ëimer naj bi zaËasno pridobili vire za slovenske banke. V razmerah izjemne negotovosti na globalnem kot tudi na domaËem trgu je gotovo vsaj eno -da bo slovenski banËni sektor v letu 2009 sooËen s povsem drugaËnim in nedvomno manj prijaznim poslovnim okoljem. Napoved Mednarodnega denarnega sklada za svetovno gospodarsko rast v letu 2009 znaša le 0,5 %. VeËini najpomembnejših gospodarskih partneric Slovenije je za to leto napovedana negativna gospodarska rast. Organizacija za ekonomsko sodelovanje in razvoj (OECD) za svoje Ëlanice napoveduje znižanje gospodarske aktivnosti za 0,4 %, v letu 2010 pa okrevanje na 1,5 %. 2003 2004 2005 2006 2007 2008 BDP (letna rast v %) 2,8 4,3 4,3 5,9 6,8 4,1* Inflacija (letno povpreËje v %) 4,6 3,2 2,3 2,8 5,6 2,1 ProraËunski primanjkljaj (v % BDP) -2,7 -2,2 -1,4 -1,2 0,5 20,0 Stopnja brezposelnosti po standardih ILO 6,7 6,3 6,5 6,0 4,5 - Vir: Banka Slovenije * ocena UMAR Poslovno poroËilo Gospodarsko okolje v letu 2008 Po oceni Urada za makroekonomske analize in razvoj (UMAR) naj bi v 2009 Slovenija zabeležila gospodarsko rast v višini 1,1 %, kar bo najnižja stopnja rasti po letu 1993. Rast za leto 2010 pa naj bi znašala 3,1 %. Po napovedih naj bi izvoz v letu 2009 rasel s stopnjo 1,5 %, uvoz s stopnjo 0,5 %, medtem ko naj bi se bruto investicije v osnovna sredstva znižale za 2,0 %. Kar zadeva potrošnjo, napovedi nakazujejo, da naj bi zasebna potrošnja rasla s stopnjo 2,8 %, državna pa s stopnjo 2,2 % letno. Brezposelnost naj bi se v letu 2009 poveËala za 1,3 odstotne toËke in ostala nespremenjena v letu 2010. Medletna inflacija pa naj bi presegla stopnjo rasti in bila ob koncu leta 3,0 %, povpreËna letna pa 1,1 %. Poleg vseh negativnih gospodarskih napovedi pa je potrebno izpostaviti tudi probleme banËnega sektorja pri obnavljanju zapadlih posojil na medbanËnem trgu denarja in posojil. Sposobnost za samostojno najemanje sredstev bo v letu, ki je pred nami, lahko loËnica med uspešnimi in neuspešnimi bankami, hkrati pa bo ta sposobnost banËnega sektorja kot celote opredeljevala obseg vladnih ukrepov za stabilizacijo finanËnega sistema. V primeru normalizacije medbanËnih odnosov na globalnem trgu bomo po napovedih Banke Slovenije v letu 2009 priËa le zmerni rasti banËnega sektorja, nadaljnjemu padcu stopenj rasti kreditiranja gospodarstva in gospodinjstev ter zmernim dobiËkom bank. Po slabšem scenariju - Ëe bi se sedanje razmere na trgu mednarodnih posojil nadaljevale - pa je napoved stopnje rasti posojil banËnega sektorja kar za 8,2 odstotne toËke v letu 2009 in za 11,6 odstotnih toËk v letu 2010 nižja od osnovnega scenarija že tako umirjajoËe kreditne aktivnosti bank. Poslovno poroËilo Naša zavzetost je naša prednost V finanËni skupini UniCredit Group je naše najmoËnejše orodje prav trdna in neomajna zavzetost - za naše stranke, za naše zaposlene, za naše investitorje, za lokalne skupnosti, v katerih poslujemo, pa tudi zavzetost za spoštovanje naših temeljnih vrednot, spoštovanje kulture, doseganje visoke kakovosti v vsem, kar poËnemo, in zavzetost za trajnosten uspeh našega podjetja. V okviru finanËne skupine UniCredit Group to zavzetost uresniËujemo vsakodnevno, skozi prizadevanja in znanje naših 180.000 zaposlenih v 22 državah, ki skupaj tvorijo najveËjo banËno mrežo v Srednji in Jugovzhodni Evropi. V letu 2008 se je znotraj UniCredit Banka Slovenija d.d. naša zavzetost za okolje uresniËevala tudi z odprtjem šestih novih poslovalnic, s Ëimer smo poskrbeli za nove stranke v novih lokalnih okoljih. Predano vlagamo v graditev novih odnosov s strankami in prevzemamo aktivno vlogo v lokalnih skupnostih. Ob zasledovanju poti trajnostne rasti je Banka v zadnjih nekaj letih nenehno zaposlovala nove ljudi in tako postajala zanesljiv in privlaËen delodajalec za lokalno okolje. Poslanstvo in vizija Naše poslanstvo je oblikovati nov naËin poslovanja v banËništvu skozi prizadevanje, da našim strankam ponudimo inovativne rešitve. Naša vizija je osredotoËati se na ljudi kot posameznike, kar bomo dosegli s prizadevanjem, da poveËamo njihov potencial ter jim pomagati uresniËiti njihove naËrte in ideje. Trdno verjamemo, da ima vsak posameznik pravico in odgovornost oblikovati svojo lastno prihodnost. FinanËna znanja zaposlenih v UniCredit Banka Slovenija d.d. lahko pomagajo posameznikom in podjetjem pri oblikovanju njihove prihodnosti kot tudi pri doseganju polnega potenciala. Banka si prizadeva dosegati dobiËkonosno in trajnostno rast na naËin, ki prinaša koristi družbi kot tudi vsem našim deležnikom. Vrednote Skupek vrednot, ki si jih delimo vsi zaposleni v finanËni skupini UniCredit Group, temelji na poštenosti kot pogoju trajnosti, kar omogoËa, da dobiËek preoblikujemo v vrednoto za vse naše deležnike. Znotraj finanËne skupine UniCredit Group delujemo po naslednjih vrednotah, ki izhajajo iz naše Listine o vrednotah: • Poštenost - imamo enoten visok standard za vse, kar poËnemo; le-ta se uporablja za vse enako in brez diskriminacije. • Zaupanje - ljudje si delimo skupen kodeks vrednot, ki je podlaga vsemu, kar poËnemo. Le-ta je trden temelj našega ugleda in gradi zaupanje v podjetje, ki je kljuËnega pomena za dobiËkonosno, trajnostno rast. • Spoštovanje - nenehno si prizadevamo pridobiti spoštovanje, po drugi strani pa ga z veseljem izražamo tistim, ki si ga zaslužijo. • Preglednost - trudimo se, da je vse, kar poËnemo, vedno pošteno, relevantno in odkrito. • Vzajemnost - aktivno si prizadevamo pomagati posameznikom okoli sebe, pri Ëemer verjamemo, da bomo tudi sami deležni enake pomoËi. • ·Svoboda delovanja - gojimo kulturo odprtosti, ki našim ljudem omogoËa uresniËevanja njihovega potenciala ter jih spodbuja k doseganju višjih ciljev za naše stranke in deležnike. Privrženost tem vrednotam razumemo kot predpogoj za ohranjanje zaupanja do Banke ter njenega ugleda. Upravljanje na osnovi vrednot ter preglednost rezultatov Celotno upravljanje in delovanje Banke temelji na upoštevanju naštetih vrednot. V skladu z usmeritvijo finanËne skupine UniCredit Group je Banka vzpostavila sistem ekonomske dodane vrednosti (EVA- Economic value added) kot glavno merilo uspešnosti poslovanja. EVA meri prispevek dobiËka nad stroški kapitala in se ne uporablja le na ravni celotne Banke paË pa tudi pri posameznih odloËitvah o kreditih. EVA je danes standardno merilo uspešnosti poslovanja, ki združuje tako rast na podlagi razvoja sredstev uteženih s tveganjem in potrebne razporeditve kapitala kot tudi izboljšanja dobiËkonosnosti kot gonilne sile vrednosti. Banka si zato prizadeva vlagati kapital v tiste poslovne segmente, produkte in storitve, kjer je mogoËe doseËi najvišjo dodano vrednost. Preglednost oblikovanja vrednosti in/ali upadanja vrednosti je kljuËnega pomena za trajnostne rezultate. Divizijski poslovni model Poslovni model finanËne skupine UniCredit Group temelji na specializaciji za doloËene segmente strank. Za poslovne dejavnosti kot so investicijsko banËništvo, trgovanje, mednarodno poslovanje s podjetji ali upravljanje sredstev, je oËitno, da so potrebe strank, storitveni modeli ali tržni Poslovno poroËilo Poslanstvo, vizija in strategija segmenti medsebojno bolj podobni izven meja države kot pa znotraj domaËe tržne aktivnosti. Kljub temu verjamemo, da enako velja tudi za poslovanje s prebivalstvom v okolju industrializiranega banËništva, vendar ob hkratnem upoštevanju lokalnih tržnih posebnosti. V skladu z našim poslanstvom je glavni cilj Banke zadovoljiti potrebe vsake posamezne stranke v skladu z idejo, da je celotno poslovanje lokalno, skozi neomejene ali standardizirane produkte. Pri oblikovanju in razvoju izdelkov skušamo iz Ëlanstva v Skupini doseËi ekonomijo obsega na strani prihodkov kot tudi na stroškovni strani in pri dobiËku. PoslediËno tudi organiziranost Banke sledi standardom Skupine in omogoËa prenos znanj in dobrih praks. Naša konkurenËna prednost je tudi v tem, da lahko servisiramo stranke skozi široko mrežo bank, ki so vodilne na lokalnih trgih. Sposobni smo podpreti mednarodne stranke Skupine, ki so prisotne na slovenskem trgu, kot tudi slovenske stranke pri njihovih prizadevanjih za širitev poslovanja v tujini. Na podroËju trgovanja in investicijskega banËništva so naša konkurenËna prednost kompetence in povezovanje z oddelkom trgovanja in investicijskega banËništva znotraj finanËne skupine UniCredit Group. Pri upravljanju s sredstvi si pomagamo z znanjem skupine Pioneer Investments, ki je eden vodilnih igralcev v globalnem merilu. Globalna divizija banËnih storitev v okviru finanËne skupine UniCredit Group nam zagotavlja podporo pri ohranjanju stroškovne uËinkovitosti in pri odkrivanju sinergij skozi harmonizacijo informacijske tehnologije, nabavo na ravni Skupine in naËrtovanje procesov. Trajnosten uspeh V UniCredit Banka Slovenija d.d. smo prepriËani, da je mogoËe finanËne cilje doseËi le s trajnostnim razvojem ob upoštevanju naslednjih naËel: • Prizadevamo si graditi dolgoroËne odnose s strankami in v našem sistemu nagrajevanja upoštevati zadovoljstvo strank. • Raznolikost: želimo uporabiti najrazliËnejše talente naših zaposlenih, ne glede na njihovo starost, spol, versko opredelitev, zdravje ali spolno usmeritev. • Družbena odgovornost: želimo biti predan in koristen Ëlan lokalnih skupnosti, kar uresniËujemo tudi z našimi sponzorskimi dejavnostmi. • Ekološka trajnost: pri poslovanju dajemo velik pomen ekološki trajnosti. Spodbujamo in podpiramo zavedanje o medsebojni odvisnosti okoljevarstvenih tematik in banËništva. • Izobraževanja, spodbude in sistem nagrajevanja so namenjeni temu, da naši zaposleni uberejo podjetniško pot in pri tem ustvarjajo ravnotežje med delom in prostim Ëasom. Poslovno poroËilo Splošen pregled poslovanja Leto 2008 je bilo brez pretiravanja leto, ki ga je zaznamovalo obilo nepriËakovanih gospodarskih dogodkov na svetovnih trgih. Kreditna kriza, ki se je širila v Evropo iz Združenih držav Amerike in ki je v celoti spremenila finanËno industrijo in gospodarsko okolje, je bila glasnica globoke gospodarske recesije. Septembra 2008 je steËaj investicijske banke Lehman Brothers moËno pretresel finanËne trge, kar je vodilo v nepriËakovano krizo zaupanja med bankami po vsem svetu. V drugi polovici leta 2008 se je medbanËna izposoja praktiËno ustavila, zaradi Ëesar so banke postale odvisne od razpoložljivosti instrumentov centralne banke in državnih reševalnih paketov. Kmalu je postalo jasno, da se bo globalna finanËna kriza razširila tudi na realno gospodarstvo in sicer z bistveno nižjimi priËakovanji rasti na strani podjetij in nižjim zaupanjem na strani potrošnikov. Svetovno gospodarstvo je bilo in je še vedno na poti v recesijo, poveËanje neplaËil s strani podjetij in posameznikov pa se je odrazilo v finanËnih izkazih bank. Leta 2008 se je tako konËalo obdobje poceni in neomejenega financiranja. Ni potrebno posebej poudarjati, da se slovensko gospodarstvo in banËni sistem nista mogla distancirati od dogajanj na mednarodnih trgih. Ljubljanska borza je bila moËno prizadeta, saj je indeks SBI 20 trgovanje konËal 67 % nižje kot leta 2007. Kreditni razpon Republike Slovenije na trgu obveznic se je razširil iz minus 11 baziËnih toËk na približno plus 70 baziËnih toËk. Posebej v drugi polovici leta 2008 je naraslo število slovenskih podjetij, ki so se sooËala Donosnost kapitala na letni ravni po obdavËitvi 11,0% 10,6 % 10,5% 10,0% 9,8 % 9,5% 9,0% 8,5% Leto 2007 s finanËnimi težavami. Vse to je zmanjšalo donosnost slovenskega banËnega sektorja in njegovo zmožnost pri ohranjanju kapitala1 . Ne glede na takšno makroekonomsko okolje in težave, s katerimi se je sreËala banËna industrija leta 2008, je bilo poslovanje UniCredit Banka Slovenija d.d. izjemno uspešno. PetiË zapored je Banka poveËala Ëisti dobiËek pred obdavËitvijo, ki je leta 2008 znašal 23,53 milijonov evrov, kar pomeni poveËanje za 3,82 milijona evrov oziroma 19,4 %. Leta 2008 je Ëisti operativni prihodek zrasel za 8,45 milijonov evrov ali 15,1 %, in sicer na 64,47 milijonov evrov z dobrimi rezultati na vseh poslovnih podroËjih. Posebej dobro se je razvijala donosnost naše osnovne dejavnosti poslovanja s strankami. Prihodki brez upoštevanja trgovalnega rezultata so zrasli za 29 %, administrativni stroški pa so pokazali stopnjo rasti 14,4 %. Vendar pa je Leto 2008 potrebno poudariti, da je UniCredit Banka Slovenija d.d. utrpela izgube pri vrednotenju zaradi širitve kreditnega razpona v vseh razredih obveznic in sredstev, posebej pa jo je prizadela nepriËakovana širitev kreditnega razpona Republike Slovenije. Trgovalni rezultat se je leta 2008 znižal za 5,68 milijonov evrov. Skladno z naËeli upravljanja na osnovi vrednosti se je Banka osredotoËila na strukturno izboljšanje rezultatov. Tako kot tudi že v prejšnjih letih se je Banka osredotoËila na posle, za katere ni potrebno zagotavljati veliko kapitala, kot so denimo banËne storitve in poslovanje s strankami. Pri odobravanju novih kreditov je Banka poskušala doseËi minimalno maržo, ki krije vse stroškovne dejavnike in hkrati zagotovi zahtevani donos na kapital. Oblikovanje vrednosti se meri po ekonomski dodani vrednosti (EVA). V vrednosti EVA se upošteva tudi trgovalni rezultat, ki je imel leta 2008 negativen uËinek na vrednost. Banka je dosegla vrednost EVA 1 Prvi rezultati za slovenski banËni sektor kažejo skupni dobiËek po obdavËitvi v višini 272,8 milijonov evrov v primerjavi s 406,4 milijonov evrov leta 2007. Poleg tega presežek iz prevrednotenja za varovanje denarnih tokov in finanËna sredstva, razpoložljiva za prodajo v lastniškem kapitalu kažeta negativni razvoj na letni ravni v višini 144,3 milijonov evrov, pri Ëemer znaša delež UniCredit Banka Slovenija d.d. le 2,9 milijona evrov. (merjeno po metodologiji finanËne skupine UniCredit Group) v višini 6,4 milijonov evrov v primerjavi z 7,2 milijonov evrov leta 2007. Donos na kapital po obdavËitvi se je tako izboljšal z 9,8 % v letu 2007 na 10,6 % v letu 2008. Izkaz poslovnega izida za leto 2008 »iste obresti so se v primerjavi s preteklim letom poveËale z 35,75 milijonov evrov na 45,12 milijonov evrov, kar pomeni 26,2 % stopnjo rasti. V letu 2008 so bili glavna gonilna sila rasti obrestnih prihodkov krediti. Kljub dejstvu, da so bile marže pri kreditih prebivalstvu pod velikim cenovnim konkurenËnim pritiskom in v znamenju poveËanih stroškov likvidnosti, je Banka obËutno poveËala prihodek od marž pri kreditih zaradi poveËanega obsega poslovanja. Marže pri kreditih podjetjem so se v letu 2008 umirile in so prevzele poveËane stroške likvidnosti, ki jih je Banka plaËevala. Prihodek iz naslova marž pri depozitih je ostal na enaki ravni kot leta 2007 s podobnimi povpreËnimi maržami in obsegom poslovanja. Upravljanje z bilanco banke je ustvarilo visoke Ëiste obresti iz likvidnostnih pozicij Banke, pri Ëemer pa so bili zabeleženi višji stroški proti koncu leta zaradi poslabšanih likvidnostnih razmer na trgu. »iste provizije so v letu 2008 zrasle za 16,9 % in dosegle 16,78 milijonov evrov (leta 2007 14,35 milijonov evrov). Razlog za takšno zvišanje so rešitve “po meri” ter prizadevanja Banke za inovacije, kar je poslediËno prineslo privlaËne produkte in konkurenËne storitve. Provizije iz naslova poslov z vrednostnimi papirji, skrbniških poslov in posla prve javne ponudbe delnic (IPO) so presegle raven iz preteklega leta in so znašale 4,2 milijona evrov (leta 2007 3,61 milijone evrov). Medtem ko je Banka v letu 2008 ustvarila nižje provizije iz skrbniških poslov zaradi slabih razmer na kapitalskih trgih, so provizije za prvo javno ponudbo delnic pozavarovalnice Sava Re pomembno prispevale k pozitivnemu razvoju te postavke provizij. Provizije od kreditnih poslov so se s 4,98 milijona evrov v letu 2007 poveËale na 5,62 milijonov evrov v letu 2008. Na podroËju poslovanja s podjetji Banka pripoznava približek metode veljavnih obresti z razmejevanjem provizij na postavki obrestnih prihodkov. To pa ne velja za kredite prebivalstvu. V obeh segmentih poslovanja bo ustrezna sistemska podpora vzpostavljena v letu 2009. Poleg poveËanega obsega poslovanja je eden od razlogov za pozitiven razvoj tudi dejstvo, da Banka zavaruje manj posojil kot v preteklosti. Provizije od plaËilnega prometa v državi in s tujino so se v letu 2008 poveËale s 5,52 milijonov evrov na 6,68 milijonov evrov. V letu 2008 Banka pri realiziranih dobiËkih in izgubah iz finanËnih sredstev in obveznosti, ki niso merjeni po pošteni vrednosti skozi izkaz poslovnega izida, poroËa o dobiËku v višini 1,60 milijona evrov (leta 2007 izguba v višini 0,75 milijona evrov). Znotraj te pozicije Banka izkazuje rezultat prodaje kapitalskih naložb in obveznic, razpoložljivih za prodajo kot tudi odpise vrednosti kreditov, pripoznanih po metodi veljavnih obresti in o njihovih poplaËilih. Rezultat prodaje obveznic, razpoložljivih za prodajo, je dosegel v letu 2008 vrednost 0,13 milijona evrov (leta 2007 0,63 milijona evrov izgube). »isti odpisi so znašali 0,28 milijona evrov (leta 2007 0,12 milijona evrov izgube). Pri kapitalskih naložbah, razpoložljivih za prodajo, Banka poroËa o rezultatu v višini 1,2 milijona evrov, ki se nanaša na prodajo kapitalske naložbe v Ljubljansko borzo. Trgovalne dejavnosti divizije Zakladništvo za raËun Banke se odražajo v izkazu poslovnega izida v pozicijah “DobiËki/izgube iz finanËnih sredstev in obveznosti, namenjenih trgovanju”, “DobiËki/izgube iz finanËnih sredstev in obveznosti, pripoznanih po pošteni vrednosti skozi izkaz poslovnega izida” in “»isti dobiËki/izgube iz teËajnih »isti finanËni in operativni prihodki 70.000 Zneski v 1.000 EUR 1.599 807 2.610 60.000 6.492 16.780 50.000 40.000 30.000 45.117 IZ FINAN»NIH SREDSTEV, KI NISO MERJENA PO PO©TENI VREDNOSTI SKOZI IPI 20.000 »ISTI DOBI»KI IZ FINAN»NIH SREDSTEV IN OBV. NAMENJENIH TRGOVANJU 0 10.000 IZ NEKRATKORO»NIH SREDSTEV V POSESTI ZA PRODAJO »ISTE OPRAVNINE (PROVIZIJE) »ISTE OBRESTI -10.000 Poslovno leto 2007 Poslovno leto 2008 Poslovno poroËilo FinanËni rezultati razlik”. To vkljuËuje tako dobiËek iz trgovalne dejavnosti za raËun Banke kot tudi dobiËke, ustvarjene iz poslovanja z izvedenimi finanËnimi instrumenti za stranke, kar lahko razumemo kot maržo brez tveganja. Trgovalni rezultat se je v letu 2008 obËutno poslabšal in dosegel 0,81 milijona evrov (v letu 2007 je le-ta znašal 6,49 milijonov evrov). Strm padec je posledica poveËevanja kreditnih razponov za vse razrede sredstev na obvezniškem trgu. Kljub temu pa je pozicioniranje na krivulji donosnosti imelo za posledico znatne dobiËke iz trgovanja z obrestnimi merami. K skupnemu trgovalnemu rezultatu so pozitivno prispevali tudi posli menjave valut kot tudi prodaja izvedenih finanËnih instrumentov strankam. Znotraj pozicije “DobiËki in izgube iz odprave pripoznanja sredstev brez Odhodki Zneski v 1.000 EUR 45.000 40.000 3.165 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 3.548 14.366 18.648 AMORTIZACIJA 6.993 OSTALI ADMINISTRATIVNI STRO©KI STRO©KI DELA OSLABITVE IN REZERVACIJE kratkoroËnih sredstev v posesti za prodajo” Banka poroËa o dobiËkih in izgubah iz odprave pripoznanja nepremiËnin, opreme in neopredmetenih sredstev. Za leto 2008 Banka za pozicijo poroËa o izgubi v višini 0,08 milijona evrov (leta 2007 izguba v višini 0,03 milijona evrov). Skladno s poveËevanjem obsega poslovanja so v letu 2008 narašËali tudi administrativnimi stroški Banke. Zaposlovanje novih ljudi in odpiranje novih poslovalnic, da bi s tem poveËali prisotnost Banke v regiji tako za fiziËne osebe kot za podjetja, kot tudi naložbe v IT infrastrukturo, so botrovali višjim stroškom. Poleg tega se je Banka v letu 2008 osredotoËila na marketinške dejavnosti, ki so podprle širitev mreže poslovalnic po preimenovanju Banke. Cilj teh dejavnosti je bilo poveËanje prepoznavnosti blagovne znamke in zavedanja o le-tej. Vendar pa Banka svoje administrativne stroške upravlja varno in previdno. V letu 2008 so administrativni stroški znašali skupaj 33,01 milijonov evrov (v letu 2007 28,84 milijonov evrov), kar pomeni poveËanje v višini 4,17 milijona evrov oziroma 14,5 %. Stroški zaposlenih so se poveËali s 15,42 milijonov evrov v letu 2007 na 18,65 milijonov evrov v letu 2008. VeËji del tega poveËanja je posledica poveËanega števila zaposlenih. Ob koncu leta 2008 je Banka imela 500,9 zaposlenih za polni delovni Ëas (leta 2007 436,7 zaposlenih), povpreËno pa je v tem letu za Banko delalo 464,9 zaposlenih za polni delovni Ëas (leta 2007 413,7 zaposlenih). K poveËevanju stroškov so pomembno prispevali tudi poveËanje plaË, prilagoditve zaradi inflacije in dodatek za preteklo delo. Ostali administrativni stroški so se v letu 2008 poveËali za 0,95 milijona evrov na 14,37 milijonov evrov. Ni potrebno posebej izpostavljati, da si Banka prizadeva previdno upravljati svoje stroške. Kljub temu pa poveËanje stroškov odraža poveËevanje obsega poslovanja in širitve mreže poslovalnic. Amortizacija se je s 3,16 milijona evrov v letu 2007 poveËala na 3,55 milijona evrov v letu 2008, kar predstavlja 12,1 % porast in odraža poveËane naložbe Banke v infrastrukturo v prejšnjem letu. UniCredit Banka Slovenija d.d. skuša zmanjšati izgube zaradi oslabitev finanËnih sredstev z najsodobnejšimi tehnikami za obvladovanje tveganj in osredotoËanjem na stranke z visoko kreditno sposobnostjo. V letu 2008 je oslabitev sredstev, vkljuËno z rezervacijami, znašala 6,87 milijonov evrov (leta 2007 4,65 milijonov evrov), kar pomeni poveËanje v višini 2,22 milijonov evrov oziroma 47,6 %. V letu 2008 je Banka ustvarila dobiËek od nekratkoroËnih sredstev, razpoložljivih za prodajo, v višini 2,6 milijona evrov, kar je posledica prodaje zemljišË in stavb iz preteklega primera izterjave. V letu 2008 je Banka dosegla dobiËek pred obdavËitvijo v višini 23,53 milijonov evrov v primerjavi z 19,71 milijonov evrov v letu 2007, kar pomeni poveËanje v višini 3,82 milijona evrov ali 19,4 %. V okviru odhodkov za davke v višini 5,04 milijonov evrov (leta 2007 4,53 milijona evrov) Banka beleži tekoËe davke v višini 5,51 milijonov evrov (leta 2007 3,52 milijona evrov) in dobiËek iz naslova odloženih davkov v višini 0,46 milijona evrov (leta 2007 izguba v višini 1,01 milijona evrov). »isti dobiËek poslovnega leta znaša 18,48 milijonov evrov v primerjavi s 15,18 milijonov evrov v letu 2007, kar predstavlja poveËanje v višini 3,30 milijona evrov oziroma 21,8 %. Bilanca stanja za leto 2008 V skladu s svojo strategijo je UniCredit Banka Slovenija d.d. zavezana k dobiËkonosni rasti. PoslediËno pa Banka ne verjame, da je rast bilanËne vsote sama po sebi dobro merilo poslovanja. Leta 2008 je Banka poveËala bilanËno vsoto za 758,55 milijonov evrov ali za 35,6 % na 2.891,24 milijonov evrov. Glavni razlogi za to pomembno poveËanje so naslednji: • SooËena z likvidnostno krizo, se je Banka odloËila ohranjati veË sredstev pri centralni banki kot tudi pri UniCredit Bank Austria AG, ki je likvidnostno središËe za Slovenijo. Namen teh ukrepov je bil zagotoviti dovolj denarnih sredstev v kateremkoli trenutku. • Pozitivna tržna vrednost izvedenih finanËnih instrumentov je zrasla zaradi ostrih gibanj vseh faktorjev tveganja, in sicer za 62,07 milijonov evrov. • UniCredit Banka Slovenija d.d. ima pomemben del svojih sredstev v švicarskih frankih (CHF). Dvig menjalnega teËaja EUR/CHF v letu 2008 z 1,65 na 1,5 je povzroËil porast v bilanci stanja iz naslova teËajnih razlik v znesku okoli 40 milijonov evrov, ki se veËinoma nanaša na kredite strankam. • Nadaljnja rast poslovanja s strankami tako v segmentu poslovanja s prebivalstvom kot v segmentu poslovanja s podjetji je botrovala poveËanju posojil in terjatev do strank za 469,19 milijonov evrov. Pri tem je potrebno prej omenjeni uËinek iz naslova teËajnih razlik odšteti, da dobimo Ëisto rast posojil. Denar v blagajni in stanje na raËunih pri centralni banki se je v letu 2008 poveËal za 14,15 milijonov evrov na 41,90 milijonov evrov, kar je posledica globalne likvidnostne krize. FinanËna sredstva Zneski v 1.000 EUR 3.000.000 62.664 2.000.000 2.500.000 1.500.000 1.000.000 500.000 0 12.879 148.163 29.721 289.447 2.081.188 DRUGA SREDSTVA V POSESTI DO ZAPADLOSTI KREDITI BANKAM 217.389 KREDITI STRANKAM * RAZPOLOALJIVA ZA PRODAJO 144.574 NAMENJENA TRGOVANJU DENAR IN STANJE NA RA»UNIH PRI CB 41.902 Poslovno poroËilo FinanËni rezultati V skladu z mednarodno prakso divizija Zakladništvo zavzema obrestne pozicije prek obrestnih zamenjav (IRS - Interest Rate Swaps). Trg obrestnih zamenjav obiËajno izplaËuje višje obrestne mere kot trg obveznic, poleg tega pa ne porabi skoraj niË likvidnih sredstev. Obveznice se veËinoma kupujejo zaradi spoštovanja uredb Banke Slovenije o likvidnosti ali z namenom odpiranja pozicije kreditnega tveganja, ki vkljuËuje zmanjšanje obrestnega tveganja, vgrajenega v obveznico prek obrestne zamenjave, pri kateri se plaËuje fiksna obrestna mera (payer IRS). Iz raËunovodskih razlogov je Banka v preteklih letih te pozicije izkazovala v trgovalnem portfelju. V letu 2008 so se pomembno poveËali kreditni razponi vseh razredov sredstev, kar je imelo vpliv tudi na poveËanje kreditnega razpona Republike Slovenije in je povzroËilo izgube iz vrednotenja v trgovalnem rezultatu. V zaËetku leta 2008 se je uprava Banke odloËila zmanjšati volatilnost izkaza poslovnega izida in je prerazvrstila veËino trgovalnih obveznic po tržnih cenah iz kategorije “FinanËna sredstva, namenjena trgovanju” v “FinanËna sredstva, razpoložljiva za prodajo”. PoslediËno se le obveznice, ki so nujne za vzdrževanje trga, ostale v trgovalnem portfelju. Ta pozicija poleg dolžniških instrumentov vkljuËuje tudi pozitivno tržno vrednost izvedenih finanËnih instrumentov, ki so ob koncu leta znašali 116,32 milijonov evrov (leta 2007 54,26 milijonov evrov). Za prodajo razpoložljiva finanËna sredstva so se poslediËno poveËala v letu 2008 s 115,38 milijonov evrov na 217,39 milijonov evrov. Pozicija je sestavljena iz kapitalskih naložb Banke, likvidnega portfelja ter tudi nekaterih pozicij kreditnih razponov pri obveznicah podjetij in bank. Posojila in terjatve do bank so se poveËale s 148,16 milijonov evrov v letu 2007 na 289,45 milijonov evrov kot posledica globalne finanËne krize in namere Banke, da ohranja veË likvidnih sredstev kratkoroËno na voljo. Posojila in terjatve do strank, ki niso banke, so se zvišali s 1.595,27 milijonov evrov na 2.064,46 milijonov evrov do konca leta. K poveËanju v višini 469 milijonov evrov je okoli 40 milijonov evrov prispeval uËinek dviga vrednosti menjalnega teËaja EUR/CHF. Vendar pa tudi brez tega uËinka odtehta rast posojil za veË kot 420 milijonov evrov. V celotnem portfelju posojil strankam se nanaša 1.384 milijonov evrov na poslovanje s podjetji, preostalih 680 milijonov evrov pa na segment poslovanja s prebivalstvom, kar nedvomno potrjuje skrb Banke za svoje stranke in za nadaljevanje kreditiranja. V okviru finanËnih naložb v posesti do zapadlosti je UniCredit Banka Slovenija d.d. v decembru 2008 poroËala o poveËanju v obliki prerazvrstitve obveznic lokalne banke v znesku 29,72 milijonov evrov, ki jih namerava imeti v posesti do zapadlosti. PoveËanje opredmetenih osnovnih sredstev in neopredmetenih sredstev s 13,49 milijonov evrov na 19,54 milijonov evrov odraža naložbe Banke v poslovno infrastrukturo in v širitev mreže poslovalnic. PoveËanje z 12,88 milijonov evrov na 62,66 milijonov evrov pri drugih sredstvih je v glavnem posledica terjatev v obraËunu iz naslova prodaje vrednostnih papirjev. FinanËne obveznosti do centralne banke so znašale 200,73 milijonov evrov in so odražale znesek repo transakcij, ki jih je Banka sklenila s centralno banko iz razlogov refinanciranja. FinanËne obveznosti, namenjene trgovanju, so se v letu 2008 veË kot podvojile in dosegle vrednost 109,22 milijonov evrov. Pozicija je sestavljena izkljuËno iz negativne tržne vrednosti izvedenih finanËnih instrumentov, s katerimi Banka trguje s strankami. PoveËanje na strani sredstev je bilo veËinoma financirano s finanËnimi obveznostmi, merjenimi po odplaËni vrednosti, ki so se zvišale s 1.904,25 milijonov evrov v letu 2008 na 2.370,38 milijonov evrov ob koncu leta 2008. Posojila in vloge strank, ki niso banke, so se zmanjšale s 721,54 milijonov evrov na 642,29 milijonov evrov, medtem ko so se posojila in vloge bank v istem obdobju poveËale s 1.182,71 milijonov evrov na 1.707,89 milijonov evrov. Da bi ohranila dovolj kapitala in spoštovala uredbe Banke Slovenije glede kapitalske ustreznosti, je Banka v letu 2008 prejela podrejeno posojilo, ki je ob koncu leta znašalo 20,20 milijonov evrov. Delniški kapital se je v letu 2008 poveËal za preneseni dobiËek iz leta 2007. Zaradi financiranja prihodnje rasti in tudi zato, da bo delovala skladno s predpisi Banke Slovenije, ki se nanašajo na kapitalsko ustreznost, bo Banka zadržala celotni dobiËek leta 2008 in ne bo izplaËala dividend. Delniški kapital znaša 179,17 milijonov evrov (leta 2007 163,62 milijonov evrov). FinanËne obveznosti Zneski v 1.000 EUR 179.172 1.500.000 2.000.000 2.500.000 163.651 10.306 21.147 200.729 460.924 642.287 1.000.000 1.267.167 0 500.000 109.222 Poslovno leto 2007 Poslovno leto 2008 SKUPAJ KAPITAL DRUGE OBVEZNOSTI DO CENTRALNE BANKE KREDITI BANK (vkljuËene podrejene obveznosti) VLOGE STRANK VLOGE BANK NAMENJENE TRGOVANJU UniCredit Bank · 2008 Letno poroËilo 2 Poslovno poroËilo Poslovanje intenzivnim uvajanjem pripravljali na strokovno delo v novem okolju. Dodatno smo s prebivalstvom poveËali tudi mrežo pogodbenih partnerjev za prodajo naših storitev, v vse poslovne enote in malimi podjetji pa smo pripeljali tudi svetovalce za segment malih podjetij. SPLOŠEN PREGLED SEGMENTI IN PRODUKTI V letu 2008 je UniCredit Banka Slovenija Da bi delo Banke racionalizirali in strankam d.d. na podroËju poslovanja s prebivalstvom omogoËili hitrejše postopke obravnave in malimi podjetji naredila pomembne njihovih prošenj in kreditnih predlogov, smo razvojne korake, kar se je odražalo tudi izvedli popis procesov v poslovni mreži in v veËjem zaupanju obstojeËih in novih zaËeli z njihovo optimizacijo. strank. NadpovpreËno je rasla po številu novih strank - konec leta jih je imela UniCredit Banka Slovenija d.d. je nadaljevala približno 70.000, prihodke Banke v z doseganjem odliËnih rezultatov pri merjenju segmentu poslovanja s prebivalstvom in zadovoljstva strank. Le-te so namreË Banko malimi podjetji pa smo poveËali za 13 %. uvrstile v sam vrh bank, s katerimi so V primerjavi z rezultati, ki jih je dosegel najbolj zadovoljne, tako v slovenskem kot slovenski banËni trg, je UniCredit Banka tudi v evropskem merilu. Mnenja strank Slovenija d.d. rasla nadpovpreËno tudi smo ocenjevali s pomoËjo strukturiranega na podroËju kreditov (njihov obseg se je in certificiranega vprašalnika, ki ga banËna namreË poveËal za 34 %, na slovenskem mreža finanËne skupine UniCredit Group sicer banËnem trgu pa povpreËno za 19 %). pripravi vsaki dve leti. Za nas so rezultati, ki smo jih dosegli, pomembna spodbuda Poslovno mrežo Banke smo v letu 2008 za ponujanje še boljših storitev in dobra razširili za šest naËrtovanih novih enot in leto podlaga za nadaljnje uspehe pri pridobivanju uspešno zakljuËili s skupaj 20 poslovnimi novih strank. Zadovoljstvo strank je in ostaja enotami. Aktivno smo iskali najboljše pomemben cilj ne samo vseh zaposlenih v svetovalce za našo razširjeno prodajno UniCredit Banka Slovenija d.d. temveË tudi mrežo in tako dodatno zaposlili okoli 50 vseh zaposlenih v finanËni skupini UniCredit novih sodelavcev, ki smo jih z veËmeseËnim Group. 508,707 134 427,057 141 280,950 92 270,543 102 6426 111 16813 113 1. Segment fiziËnih oseb Ob bok potrošniškim in hipotekarnim kreditom so naložbeni produkti postali pomemben del širjenja sodelovanja z obstojeËimi strankami, z raznoliko ponudbo pa smo pritegnili tudi veliko novih strank. Poleg privlaËne ponudbe depozitov in investicijskih možnosti za nakup toËk skladov Pioneer Investments smo v letu 2008 uvedli tudi nekaj drugih novih produktov in storitev. Skupaj z zavarovalnico Ergo, ki je Ëlanica skupine Munich Re iz NemËije, smo strankam ponudili življenjska zavarovanja in jih uvrstili v našo redno sodobno in konkurenËno ponudbo. Z uvedbo storitve Upravljanje premoženja, ki premožnejšim strankam omogoËa prepustitev skrbi za nadgrajevanje vrednosti premoženja našim finanËnim strokovnjakom, smo se še moËneje povezali z oddelki v finanËni skupini UniCredit Group, ki intenzivno spremljajo trge in strankam pomagajo pri naložbenih odloËitvah in plemenitenju njihovega premoženja. Še bolj intenzivno kot v letu 2007 smo uporabljali sistem za upravljanje odnosov s strankami (CRM), s Ëimer postaja naše tržno ciljanje še bolj usmerjeno, uËinkovito in obenem kaže dobre rezultate pri navzkrižni prodaji. 2. Segment malih podjetij V letu 2008 so mala podjetja najveË povpraševala po financiranju. Kljub negativnemu trendu v drugi polovici leta 2008, ki mu je botrovala splošna likvidnostno-kreditna kriza na banËnem trgu v Sloveniji, smo našim komitentom zagotovili dovolj finanËnih sredstev po konkurenËnih pogojih, da smo zadovoljili veËino njihovih potreb in jim s tem omogoËili neprekinjeno obratovanje. Konec leta smo skupaj s hËerinsko družbo UniCredit Leasing d.o.o. pripravili tudi 130 milijonov evrov dodatnih sredstev za mala in srednja podjetja za Skupaj krediti Obseg PovpreËni obseg Skupaj depoziti Obseg PovpreËni obseg Prihodek iz provizij Skupaj prihodek PRIHODKI PO SEGMENTIH Prihodki po segmentih Zneski v 1.000 EUR 30.000 4.198 25.000 3.123 820 656 20.000 15.000 21.095 10.000 5.000 MALA PODJETJA PRIVATNO BAN»NI©TVO FIZI»NE OSEBE 2007 2008 PRIHODKI PO PRODUKTIH 0 Prihodki po produktih Zneski v 1.000 EUR 30.000 2.112,74 IZVENBILAN»NI PRODUKTI DEPOZITI 100,86 2.003,98 99,13 7.840,29 25.000 20.000 15.000 16.059,10 10.000 5.000 DRUGE BAN»NE STORITVE KREDITI 0 financiranje obratnih sredstev, investicijska vlaganja in banËna poroštva v letu 2009. OBETI ZA LETO 2009 Glede na razvoj globalne finanËne krize in usihajoËo gospodarsko rast bo leto 2009 nedvomno polno izzivov. Kljub temu si bomo v Banki prizadevali nadaljevati zaËrtano pot in tudi v prihodnje ohraniti sloves trdne, varne in zaupanja vredne banke. Nadaljevali bomo s širitvijo poslovanja in poveËanjem lokalne prisotnosti, da bi pridobili nove stranke in se približali obstojeËim. Obenem bomo še naprej skrbeli za kakovost kreditnega portfelja, Ëetudi bo to v obdobju ohlajanja gospodarske rasti zahtevnejše kot v preteklosti. PriËakujemo, da bodo enostavni naložbeni produkti kot so depoziti doživeli razcvet. Seveda bomo še naprej tržili tudi sklade skupine Pioneer Investments, kajti v letu 2009 se bodo pokazale zanimive investicijske priložnosti za naložbe v delniške sklade. Kombinirani produkti, denimo hipotekarni krediti z življenjskim zavarovanjem, pa bodo pridobili na pomembnosti. Naše aktivnosti v letu 2009 pa se bodo odražale tudi skozi širšo ponudbo v segmentu malih podjetij in dodatnih možnostih, ki jih bomo ponudili strankam privatnega banËništva. Poslovanje s podjetji SPLOŠEN PREGLED Manj ugodno makroekonomsko okolje in nižja gospodarska rast, ki je znašala okrog štiri odstotke, v letu 2008 v panogo nista privabila novih tekmecev, kljub temu pa je za segment banËništva ostala znaËilna visoka stopnja konkurenËnosti. V prvi polovici leta 2008 se je na slovenskem banËnem trgu nadaljeval trend Poslovno poroËilo Poslovanje Banke na razliËnih segmentih previdnega zviševanja obrestnih marž, kar je vplivalo na približevanje le-teh evropski ravni za podjetja s primerljivo boniteto. Obrestni prihodki so tako spet pridobivali na pomenu v primerjavi z neobrestnimi. V drugi polovici leta 2008, predvsem od druge polovice septembra naprej, je poglobitev svetovne finanËne krize vplivala tudi na težje razmere v slovenskem banËnem sistemu. MedbanËni trg se je ustavil, refinanciranje na tem trgu je bilo moËno omejeno, s tem pa je bila ustavljena tudi rast kreditnega poslovanja. Slaba likvidnost banËnega sistema je vplivala na še hitrejše zvišanje obrestnih marž. IzhodišËne obrestne mere za stranke so se do konca avgusta še zviševale, od oktobra dalje pa so centralne banke zaËele z zniževanjem obrestnih mer. Veliko poveËanje nihanja menjalnega teËaja med švicarskim frankom in evrom je moËno zmanjšalo privlaËnost zadolževanja v švicarskih frankih, obenem pa je rast cene švicarskega franka pomenila poslabšanje odplaËilne in kreditne sposobnosti nekaterih subjektov s kreditnimi obveznostmi v tej valuti. Kljub težkim razmeram je UniCredit Banka Slovenija d.d. na podroËju poslovanja s podjetji v letu 2008 dosegla zelo dobre rezultate in tako ponovno presegla zastavljene naËrte. Prihodki so bili 13 % nad naËrti in 23 % nad rezultatom leta 2007. Rast prihodkov na podroËju poslovanja s srednje velikimi podjetji je bila kar 44-odstotna. Banka je tako uspela obdržati moËno rast, kar v danih razmerah in ob vedno bolj konzervativni politiki Banke na podroËju kreditnega tveganja (kjer smo poveËali ustrezne rezervacije) pomeni velik uspeh. SEGMENTI IN PRODUKTI Skupni tržni delež Banke na podroËju posojil podjetjem je ostal bolj ali manj nespremenjen. Slednje je v glavnem posledica konzervativne politike Banke, ki je podlaga za temeljito presojanje bonitete podjetij in pomeni, da v številne posle zaradi tveganja, ki ni usklajeno z našo poslovno politiko, nismo vstopili. Vendar je potrebno poudariti, da je Banka tudi v zadnjih mesecih leta 2008, ko v banËnem sektorju ni bilo veË rasti kreditov, nadaljevala - sicer z nižjo stopnjo rasti kot poprej - s poveËevanjem bilanËne vsote. Tudi vnaprej se bomo trudili izpolniti priËakovanja podjetij, seveda pa bomo sodelovali le v poslih, katerih razmerja med donosom in tveganji bodo na ustrezni ravni. Pri virih sredstev do pravnih oseb smo v letu 2008 zabeležili padec v višini 16 %, predvsem zaradi politike mednarodnih koncernov, da odveËna sredstva centralizirajo v zakladništvih krovnih podjetij v tujini. Ob tem pa se je obseg depozitov v doloËenih segmentih poveËal - tak primer je segment velikih slovenskih podjetij, kjer smo dosegli 25 % rast glede na prejšnje leto. Obseg kreditov do pravnih oseb je bil 19 % veËji glede na preteklo leto, od tega je bila rast v posameznih segmentih tudi višja. Tako je bila denimo v segmentu srednje velikih podjetij rast 33-odstotna, v segmentu velikih slovenskih podjetij pa 21-odstotna. Obseg tujega plaËilnega prometa na podroËju elektronskih nalogov se je poveËal za 16 %, obseg domaËega plaËilnega prometa na istem podroËju pa za 6 %, medtem ko se je skupno število transakcij poveËalo za 7 %. Prihodki iz naslova opravljenega plaËilnega prometa so se v letu 2008 poveËali za 8 % glede na prejšnje leto. NajveËjo rast prihodkov smo zabeležili v segmentih velikih slovenskih podjetij, kjer je le-ta znašala 26 %, in srednje velikih podjetij z 8-odstotno rastjo. Banka je v skrbi za doseganje boljših rezultatov svojih partnerjev, ki vse bolj spoznavajo prednosti varovanja pred teËajnimi, blagovnimi in obrestnimi tveganji, tudi v letu 2008 ponudila instrumente, ki pomagajo zmanjšati takšna tveganja. Zaradi zelo nepredvidljivih razmer na finanËnih trgih in preusmeritve pozornosti podjetij nazaj na osnovno dejavnost so bile stranke takšnim poslom v letu 2008 nekoliko manj naklonjene kot leto poprej. Kljub temu pa je Banka na tem podroËju dosegla svoje naËrte ter pri skupnem tržnem deležu teh poslov uspela zadržati vodilni položaj na slovenskem trgu, pri Ëemer smo zabeležili podoben obseg prihodkov iz teh poslov kot v letu 2007. Banka je nadaljevala s širjenjem znanja o produktih in storitvah na zahtevnem in kompleksnem podroËju projektnega financiranja. S tem je ustvarila osnovo za uveljavitev kot eden izmed pomembnejših igralcev v tem segmentu trga. Na podlagi raziskave mnenj in zadovoljstva strank, ki jo je izvedla neodvisna zunanja ustanova, ugotavljamo, da je Banka na podroËju poslovanja s podjetji v letu 2008 dosegla enak indeks zadovoljstva strank kot leto poprej. PovpreËno zadovoljstvo strank s storitvami veËine konkurenËnih bank pa je padlo, zaradi Ëesar je UniCredit Banka Slovenija d.d. izboljšala svoj konkurenËni položaj. OBETI UniCredit Banka Slovenija d.d bo tudi v prihodnje sledila ambicioznim ciljem na podroËju poslovanja s podjetji, in sicer: • z nadaljnjo rastjo prihodkov, donosnosti in izboljšanjem razmerja med prihodki in povpreËno tehtano tvegano aktivo, • z zvišanjem zadovoljstva strank v primerjavi z drugimi bankami in glede na preteklo obdobje, • z ohranitvijo oziroma doseganjem vodilnega mesta na podroËju produktov, kot so upravljanje z denarnimi sredstvi, instrumenti za zmanjševaje tveganj, izdaja obveznic, projektno financiranje in drugih, • z izboljšanjem notranjih procesov v smislu veËje uËinkovitosti poslovanja in še veËje kakovosti storitev za stranke, • z razvijanjem znanj, izkušenj in zadovoljstva ekipe, kar je pogoj za dolgoroËno uspešnost. PriËakujemo, da bo banËno okolje v letu 2009 ostalo konkurenËno, spremenjeno makroekonomsko okolje doma in po svetu pa bo prispevalo k težjim pogojem poslovanja. Predvidena nizka rast BDP v Sloveniji bo botrovala težjim razmeram za poslovanje podjetij, kar bo vplivalo na spremembo pogojev za banke, predvsem v luËi nadaljnjega poveËanja tveganj in zmanjšane kreditne rasti. PriËakujemo tudi, da se bo gospodarska klima poslabšala, ravno tako pa se bodo poslabšali poslovni rezultati podjetij in poslediËno njihova kreditna sposobnost. V naslednjem obdobju bo za banËni sistem tako v središËu pozornosti predvsem podroËje kreditnih tveganj in rezervacij za tveganja. Kljub napovedi zanemarljive gospodarske rasti okrog enega odstotka in nadaljevanja razmer, za katere bo znaËilna omejenost virov, bo Banka še naprej usmerjena k stabilni in vzdržni rasti poslovanja, zagotavljanju kakovostnih storitev za stranke in preseganju zastavljenih poslovnih naËrtov. Zakladništvo Divizija Zakladništvo je odgovorna za dejavnosti Banke na podroËju trgovanja z valutami, obrestnimi merami in dolžniškimi vrednostnimi papirji, prodajo zakladniških produktov poslovnim in institucionalnim strankam ter izdajo dolžniških vrednostnih papirjev. Poleg tega Divizija strankam ponuja tudi skrbniške storitve in storitve borznega posredovanja. PodroËje torej povezuje mednarodne finanËne trge s strankami in Banko. V skladu s tem konceptom smo v letu 2008 izvedli integracijo enote borznega posredništva in enote skrbniških storitev v divizijo Zakladništvo. Poleg tega smo ustanovili še novo poslovno podroËje - Upravljanje premoženja. Ta enota uporablja našo odliËno platformo, ki združuje infrastrukturo in znanje, ki sta potrebna za upravljanje premoženja strank. IstoËasno pa sodeluje v mednarodnih kompetencah finanËne skupine UniCredit Group, ki je predan upravljalec premoženja z veË kot 200 milijardami evrov sredstev v upravljanju. ZaËetek delovanja enote Upravljanje premoženja je še en jasen korak v smeri diverzifikacije naših aktivnosti, tako glede na tržne segmente kot glede na stranke. V zaËetku leta 2008 smo izloËili enoto Upravljanje bilance banke iz divizije Zakladništvo. Zato rezultati Divizije za leto 2008 niso neposredno primerljivi z rezultati za leto 2007. SPLOŠEN PREGLED Široko razpršen poslovni portfelj nam je omogoËil dobro poslovanje tudi v letu 2008, ki je bilo sicer zaznamovano z izzivi. Negativni uËinki kreditne krize v ZDA so postopoma prizadeli globalne finanËne trge in dosegli vse razrede sredstev. Šoki, ki so sledili propadu Lehman Brothers septembra 2008, so povzroËili izjemno visoko stopnjo nestanovitnosti. V senci takšnih težkih razmer na trgu je divizija Zakladništvo uspela na trajnosten naËin ustvarjati prihodke in, kar je še bolj pomembno, oskrbovati svoje stranke s široko paleto produktov in rešitev. V letu 2008 so se skupni prihodki divizije Zakladništvo poveËali in dosegli 8,5 milijonov evrov, ustvarjen pa je bil dobiËek iz rednega poslovanja v višini 4,7 milijonov evrov. Razmerje med stroški in dobiËkom je bilo na ravni 44,8 %, donosnost kapitala (ROE) pred obdavËitvijo pa je dosegla 113,2 %. SEGMENTI IN PRODUKTI Trgovanje Enota Trgovanje je v letu 2008 dosegla zelo dobre rezultate iz naslova trgovanja z izvedenimi finanËnimi instrumenti na podroËju valut in obrestnih mer in tako izkoristila visoka nihanja na trgih. Bankrot investicijske banke Lehman Brothers, ki mu je sledila finanËna injekcija ameriške vlade za nekaj drugih finanËnih ustanov, je na kreditne trge naredil velik pritisk. Pomanjkanje dostopa do novih virov financiranja v povezavi s hitrim poslabšanjem razmer v vseh veËjih gospodarstvih sveta je povzroËilo veliko poveËevanje kreditnih razponov, ne le za kredite nižje kakovosti, paË pa tudi za visoko kakovostne kredite, vkljuËno z državnimi. PoslediËna prevrednotenja trgovalnega obvezniškega portfelja so imela negativen vpliv na rezultate. ZahvaljujoË zelo visoki kreditni kakovosti naših obvezniških portfeljev pa odpisi niso bili potrebni. Institucionalna prodaja V prvi polovici leta 2008 je enota Institucionalna prodaja odgovorila na povpraševanje strank po novih investicijskih produktih in produktih, namenjenih varovanju pred tveganji, s široko paleto inovativnih strukturiranih produktov in storitev namenjenih varovanju pred tveganji. To je botrovalo izjemno dobrim rezultatom, ki so krepko presegli priËakovanja. Eden izmed poudarkov leta 2008 je bila distribucija prve javne ponudbe delnic (IPO) Pozavarovalnice Sava, kjer je bilo veË kot 75 % izdaje prodane s strani naše prodajne ekipe v Sloveniji. V drugi polovici leta so institucionalni investitorji postali bolj nenaklonjeni tveganju, kar se je odrazilo v obsegu trgovanja. Borzno posredovanje Enota Borzno posredovanje se ni mogla izogniti vplivu poslabšanja likvidnosti na Ljubljanski borzi in je zabeležila padec z Poslovno poroËilo Poslovanje Banke na razliËnih segmentih vidika prometa. Kljub temu pa je uspela ubraniti svoj vodilni položaj v Sloveniji, saj je leto zakljuËila kot drugi najveËji borzni posrednik po obsege trgovanja na Ljubljanski borzi. Ob obËutnem padcu cen delnic v letu 2008 se je Banka skoraj v celoti odrekla pozicijam v delnicah in se s tem izognila veËji izgubi. Skrbništvo Enota Skrbništvo je uspela doseËi rezultate na ravni tistih iz leta 2007, kar je spoštovanja vreden dosežek ob upoštevanju odvisnosti tega poslovnega podroËja od tržne kapitalizacije in likvidnosti na lokalnih delniških trgih. Odprli smo nekaj novih trgov, s Ëimer je postala naša ponudba skrbniških storitev še bolj privlaËna za domaËe investitorje, ki vlagajo v tujini. Tudi v letu 2008 je ekipa enote Skrbništvo dosegla visok rezultat v raziskavi zadovoljstva strank in zakljuËila leto kot nesporen ponudnik storitev za mednarodne borzne posrednike in globalne depozitarje. Prodaja zakladniških produktov poslovnim strankam Enota prodaje zakladniških produktov podjetjem je še dodatno okrepila svojo vodilno pozicijo na trgu za produkte, namenjene varovanju pred tveganji. V ponudbo Banke smo dodali nekaj novih in inovativnih strategij in produktov, namenjenih varovanju pred tveganji, ter tako odgovorili na povpraševanje strank po aktivnem upravljanju tveganj in priložnosti. Velika gibanja cen in spremembe obeti za obrestne mere in surovine so postavljali dodatne zahteve glede kakovosti naše ponudbe produktov in prodajnega procesa. V zelo zahtevnem okolju so naši izkušeni sodelavci ostali osredotoËeni na potrebe strank in tako ohranili mesto neizpodbitnega tržnega vodje v tem segmentu. OBETI Ob poslabšanju ekonomskih kazalnikov in ekonomskih gibanj bo tudi leto 2009 za divizijo Zakladništvo zelo zahtevno. Za priËakovati je, da bodo globalni finanËni trgi delovali v zelo zapletenem in turbulentnem okolju. Tudi v tako težkih razmerah z optimizmom gledamo v prihodnost in priËakujemo, da bo divizija Zakladništvo v letu 2009 dosegla prepriËljive rezultate. Naš poslovni model vedno bolj temelji na ohranjanju odliËnih odnosov s strankami ter na oblikovanju produktov in storitev glede na potrebe strank. Zaradi tega je naš poslovni model še bolj trden in odporen na neugodne tržne razmere. Podpora prodaji Glavne naloge zaposlenih v diviziji Podpora prodaji so priprava, organizacija in spremljanje uËinkovitosti prodajnih akcij, upravljanje s segmenti strank in uvedba novih produktov. V letu 2008 smo se pri prodajnih akcijah usmerili predvsem na pridobivanje novih strank in poveËanje navzkrižne prodaje. Izvedli smo 25 razliËnih prodajnih akcij in skoraj vse so dosegle priËakovane rezultate. Oglaševalske aktivnosti so bile v letu 2008 zasnovane na novem tonu komunikacije, ki temelji na enotni osrednji ideji finanËne skupine UniCredit Group - “PreËrtajmo morda!”. Kreativna zasnova koncepta “morda” se osredotoËa na vlogo, ki jo igramo pri odnosu s strankami. Želimo jim pomagati pri sprejemanju pravih odloËitev, s katerimi oblikujejo svojo prihodnost z uporabo produktov, storitev in vešËin, ki jih ponujamo. Stranke želimo spodbuditi k razmišljanju o prihodnosti, premagovanju dvomov in aktivnemu sprejemanju odloËitev. Pri uresniËitvi njihovih želja in ambicij jim želimo pomagati kot napredna banka, po meri aktivnega posameznika ali podjetja. To ponazarjamo s Ërtanjem dvomov strank, kar v novem konceptu izražamo s preËrtano besedo “morda”. Trenutne raziskave že zagotavljajo, da blagovna znamka UniCredit Bank postaja sinonim za odliËnost tudi v slovenskem banËnem prostoru. Pri komunikaciji s podjetji se poslužujemo organizacije razliËnih dogodkov, s katerimi skrbimo za uËinkovit prenos znanj in najboljših praks na podroËju upravljanja s finanËnimi produkti. V letu 2008 smo izvedli kar 19 tovrstnih dogodkov. Upravljanje s segmenti temelji na zagotavljanju visokega zadovoljstva strank. Prav zato zadovoljstvo strank ostaja naša kljuËna strateška usmeritev. Usklajeno s finanËno skupino UniCredit Group merimo indekse zadovoljstva strank na podroËju poslovanja s podjetji in na podroËju poslovanja s prebivalstvom in malimi podjetji. Pri poslovanju s podjetji smo v letu 2008 ponovno presegli konkurenËne banke, pri poslovanju s prebivalstvom pa ostajamo na prvem mestu. Indeks zadovoljstva strank na podroËju poslovanja s prebivalstvom izraËunava neodvisna ustanova TNS, kar nam omogoËa primerjavo z ostalimi bankami v finanËni skupini UniCredit Group in z ostali bankami v Evropi in v Sloveniji. Ponosni smo, da smo z rezultatom 96 toËk obËutno presegli zadovoljstvo strank konkurenËnih bank v Sloveniji, ki znaša v povpreËju 72 toËk, s Ëimer se uvršËamo med najboljših 5 % bank v Evropi. Tudi v prihodnje bo naš cilj ohranjati visoko raven zadovoljstva strank na vseh segmentih. Uvedbo novih produktov v letu 2008 je zaznamoval zaËetek trženja naložbenih zavarovanj, s Ëimer smo zaokrožili paleto sodobnih produktov univerzalnega banËništva na podroËju poslovanja s prebivalstvom. ZaËeli smo tudi s prodajo novega paketa transakcijskih raËunov za prebivalstvo, ki poleg ostalih osnovnih banËnih storitev ponuja tudi varËevalni raËun s progresivno obrestno mero. Dopolnili smo ponudbo za najmlajše komitente in za študente; za ti dve skupini smo oblikovali posebna paketa banËnih storitev, ki sta prilagojena potrebam omenjenih segmentov. Na podroËju poslovanja s podjetji smo uvedli nov poslovni paket Planet, s katerim želimo s pravilno kombinacijo storitev, cenovnim prihrankom in izobraževalnimi vsebinami pomagati pri razvoju podjetij. Leto 2009 bo v znamenju nadaljnjega poveËevanja navzkrižne prodaje in neposrednih trženjskih pristopov. Naša fleksibilnost in sposobnost hitrega prilagajanja potrebam strank predstavljata veliko konkurenËno prednost in nam zagotavljata trajnosten razvoj. Zaledno poslovanje V letu 2008 smo v UniCredit Banka Slovenija d.d. ustanovili enotno divizijo Zaledno poslovanje in tako izvedli integracijo zalednih aktivnosti Banke, ki zdaj zajemajo aktivnosti kreditnega poslovanja, zakladništva, trgovanja z vrednostnimi papirji, upravljanja s transakcijskimi raËuni ter registra korporativnih strank. Glavni cilji takšne integracije so bili poveËanje uËinkovitosti poslovanja, dvig kakovosti zalednih dejavnosti, doseganje boljše preglednosti in pretoka informacij ter s tem lažje spoštovanje novih regulativnih zahtev. V preteklem letu smo tudi poenotili in centralizirali procese na podroËju upravljanja s transakcijskimi raËuni, uvedli dodatne sistemske kontrole za celotno zaledno poslovanje, prilagodili procese pri zagotavljanju ustrezne dokumentacije za korporativne stranke v skladu z novim Zakonom o prepreËevanju pranja denarja in financiranja terorizma ter razvili zaledne procese za novo storitev upravljanja s sredstvi investitorja - Upravljanje premoženja -in za izvedbo posla prve javne ponudbe, ki ga je vodila naša Banka. Dodatno smo prilagodili procese pri poslovanju z vrednostnimi papirji in izvedenimi finanËnimi instrumenti v skladu z uvedbo direktive o trgih finanËnih instrumentov (MiFID) kakor tudi procese za pridobivanje potrebnih podatkov za uvedbo naprednega pristopa za izraËun kapitalske zahteve za kreditno tveganje (Basel II IRB pristop). Vzpostavili smo centralno tehnološko podporo, ki združuje uporabniške skrbnike aplikativnih rešitev za celotno zaledno poslovanje. To omogoËa veËjo strokovnost in timsko delo ter s tem zagotavljanje veËje odzivnosti pri odpravljanju napak in bolj skladen razvoj na tem podroËju. V zalednem poslovanju borznega posredovanja smo uvedli novo aplikativno rešitev, ki omogoËa veËjo avtomatiziranost ter s tem uËinkovitost in kakovost zalednih dejavnosti, izvedli elektronsko arhiviranje za register korporativnih strank ter uvedli aplikativne rešitve za potrebe uvedbe Basel lI IRB pristopa. V sklopu projekta celotne finanËne skupine UniCredit Group smo izvedli primerjalno analizo uËinkovitosti in ravni centralizacije zalednih aktivnosti. V skladu z izvedeno analizo smo pripravili naËrt dejavnosti, ki gredo v smeri centralizacije dodatnih zalednih aktivnosti ter s tem razbremenitve prodajnih divizij ter izboljšanja uËinkovitosti s prenovo posameznih podpornih procesov, kakor tudi z uvedbo aplikativnih rešitev v smeri poveËanja STP (straight-through processing) koliËnika. Izzivi leta 2009 Globalna finanËna kriza, usihanje gospodarske rasti in izguba zaupanja so le nekatera izmed nespodbudnih dejstev, ki nas spremljajo ob prehodu iz leta 2008 v bližnjo prihodnost. Pogled v leto 2009 je tako obarvan predvsem z veliko mero negotovosti, medtem ko je gotovo le to, da je pred nami leto izzivov. Kljub zaostrenim razmeram na trgu želimo v UniCredit Banka Slovenija d.d. nadaljevati s stabilno dolgoroËno in dobiËkonosno rastjo, ki bo temeljila na krepitvi zaupanja ter na odgovornem in racionalnem ravnanju s premoženjem. Za finanËno posredništvo je po našem prepriËanju najpomembnejše prav zaupanje, ki ga je potrebno pridobiti, nato pa dokazati z dejanji. Z drugimi besedami, dano besedo je treba držati, dano obljubo pa pravoËasno izpolniti. Izgubljenega zaupanja ni mogoËe pridobiti nazaj zgolj s “tehniËnimi” ukrepi, denimo z višjimi obrestnimi merami, ugodnejšimi cenami, trenutno boljšim teËajem ali nenadnim dvigom vrednosti premoženja. Zaupanje se gradi skozi Ëas, na veËkratnih pozitivnih izkušnjah. S svojim dosedanjim delovanjem na slovenskem trgu je UniCredit Banka Slovenija d.d. dokazala, da sta temelja, na katerih gradi ambicijo po doseganju dobrih poslovnih rezultatov, prav dolgoroËno partnerstvo in medsebojno zaupanje poslovnih partnerjev. Prav zato bomo v obdobju krize, v kateri se nahajamo, napor, znanje in izkušnje, ki jih imamo, namenili v prvi vrsti dodatnemu širjenju partnerstev. S tem želimo ustvariti prostor za oblikovanje novih poslovnih možnosti in najboljših rešitev za probleme, ki so v veliki meri rezultat nastale krizne situacije. Naše aktivnosti bodo temeljile na dodatni analizi kreditnega in tržnih tveganj kot tudi na iskanju optimalnih likvidnostnih kombinacij. Velika nihanja na trgu, kar zadeva obresti, teËaje in cene, si bo Banka prizadevala reševati z izvedenimi finanËnimi instrumenti, pri Ëemer ima vodilni tržni delež, in tudi z optimalnim upravljanjem finanËnega premoženja. Banka se zaveda, da ima po sprejemu MiFID regulative še dodatno odgovornost do neprofesionalnih strank, Poslovno poroËilo Poslovanje Banke na razliËnih segmentih hkrati pa v tem vidi izziv v odnosu do konkurence, ki se marsikdaj pred takšno odgovornostjo umika. Iz tega zornega kota in predvsem zaradi Ëim boljše analize posameznega projekta in tržnih razmer bomo dodatno okrepili “skupinski pristop”, tako znotraj Banke kot tudi znotraj celotne finanËne skupine UniCredit Group, z namenom zmanjšati tveganja in doseËi še boljše poslovne rezultate za partnerje in Banko samo. PrepriËani smo, da bo takšen pristop omogoËil nadaljnjo organsko rast Banke, ki skozi širitev poslovne mreže tudi fiziËno prihaja v stik z vrsto novih fiziËnih in pravnih oseb. SreËanja s partnerji, tudi v obliki poslovnih zajtrkov, so se izkazala kot zelo uspešna, saj temeljijo na interesu enako misleËih, povezanih z namenom pridobiti dodatna znanja o posameznem produktu ali tržnem pojavu. Banka si želi tovrstno sodelovanje še okrepiti, predvsem s samostojnimi podjetniki ter malimi in srednjimi podjetji, ki tvorijo levji delež strukture slovenskega gospodarstva. Zavedamo se, da so interni procesi, podprti z informacijsko tehnologijo, eden od temeljev za varno, hitro in racionalno poslovanje. Zato bomo vložili dodatne napore v izboljšanje slednjih, da bi zmanjšali operativna tveganja in tako dosegli še boljše rezultate. Nižja inflacija in sooËanje s finanËno krizo zahtevata od Banke in vseh zaposlenih še bolj odgovorno in racionalno ravnanje s premoženjem, ki nam je zaupano v upravljanje. DoseËi najmanj enak rezultat z nižjimi stroški je naše vodilo k veËji stroškovni uspešnosti in k boljši konkurenËni poziciji na vseh trgih, s Ëimer prispevamo k graditvi zaupanja in zadovoljstvu lastnikov. Na teh temeljih Banka priËakuje, da bodo lastniki nadaljevali z dosedanjo politiko reinvestiranja doseženih dobiËkov, saj bo dodatni kapital nujno potreben za strateško rast Banke. Vodstvo Banke bo ustvarjalo ozraËje, v katerem naj vsak zaposleni izkoristi svoja znanja in izkušnje za doseganje najboljših rezultatov, hkrati pa bo poskrbelo tudi, da bodo zaposleni za svoj trud primerno nagrajeni. FinanËna kriza s seboj neizogibno prinaša tudi krizo vrednot in nas spodbuja k premisleku o tem, kakšna so naša etiËna merila, tako pri presoji tveganj kot tudi samega dobiËka. Zato bomo v letu 2009 dodatno pozornost namenili pogledu na celotno poslovanje v luËi usklajenosti z Listino vrednot, saj ne smemo pozabiti, da gresta poštenje in zaupanje z roko v roki. V povezavi s tem je v našem interesu tudi delovanje banËnega ombudsmana, ki bo s svojim delom prispeval k ustvarjanju boljše delovne klime v Banki. Finance in tržna tveganja Divizija Finance in tržna tveganja je znotraj UniCredit Banka Slovenija d.d. odgovorna za raËunovodstvo, kontroling, poroËanje centralni banki, davke ter za upravljanje tržnih in operativnih tveganj. Cilj Divizije je jasno opredeljen: zagotavljati podporo deležnikom s pravoËasnimi in natanËnimi raËunovodskimi storitvami, ustreznim poroËanjem v procesu odloËanja in najsodobnejšim upravljanjem tržnega in operativnega tveganja. Tudi divizija Finance in tržna tveganja je v letu 2008 dejavno podpirala celotno Banko pri sooËanju z globalno finanËno krizo. Oddelek Kontroling je pripravljal poroËila, ki so omogoËala dnevni nadzor razvoja obsega posojil in depozitov strank na ravni poslovalnic in oddelkov. Po drugi strani pa se je oddelek za tržna tveganja osredotoËil na poroËanje o kratkoroËni in strukturni likvidnosti ter se ob vrhuncu krize udeleževal rednih sestankov o likvidnosti. Oddelek PoroËanje centralni banki je v letu 2008 zaËel poroËati o kapitalski ustreznosti v okviru standardiziranega pristopa Basel II, zakljuËil pa je tudi prvo stopnjo projekta poroËanja centralni banki. Ta projekt omogoËa Banki, da poroËa Banki Slovenije iz skupne analitiËne podatkovne baze v modernem informacijskem okolju. ZaËele so se tudi pripravljalne aktivnosti za pristop IRB po Baslu II. V letu 2008 se je oddelek RaËunovodstvo osredotoËil na nenehne izboljšave v kakovosti podatkov kot tudi na uvedbo naprednega okolja nadzora. Oboje je posledica italijanskega Zakona št. 262 o varËevanju2, ki ga je Banka zaËela izvajati leta 2008. Oddelka RaËunovodstvo in PoroËanje centralni banki sta zagotovila tudi sprotno natanËno in pravoËasno poroËanje lastnikom Banke in Centralni banki. Oddelek Upravljanje s tržnimi in operativnimi tveganji je velik del zmogljivosti porabil za priprave na napredni pristop za merjenje operativnega tveganja (AMA) v okviru projekta Basel II. Priprave so bile do konca leta pravoËasno zakljuËene, Banka pa priËakuje, da ji bodo odgovorne centralne banke v prvi polovici leta 2009 dale dovoljenje za uporabo AMA pristopa, s Ëimer bo znižala kapitalsko zahtevo za operativna tveganja za nekaj milijonov evrov. Banka je vzpostavila celo poseben odbor za operativna tveganja, da bi poveËala zavedanje o le­teh. Na podroËju tržnega tveganja so se dejavnosti Banke osredotoËile tudi na sistem podpore izboljšanemu poroËanju v okviru pristopa Basel II. V skladu s standardi Skupine so v oddelku Tržna tveganja podprli izloËitev enot Upravljanje z bilanco banke in Zakladništvo. Zaradi nestanovitnih tržnih razmer pa je oddelek Tržna tveganja dnevno spremljal rezultate vseh dejavnosti zakladništva in nadziral limite. Kot podpora osredotoËenosti Banke na ustvarjanje vrednosti je oddelek Kontroling v letu 2008 izvajal dejavnosti, povezane s poveËevanjem preglednosti pri ustvarjanju vrednosti na ravni posamezne stranke. Oddelek Kontroling sicer zagotavlja lokalnemu vodstvu Banke kot tudi finanËni skupini UniCredit Group ustrezne podatke 2 Zakon št. 262 o varËevanju je italijanska razliËica ameriškega zveznega Sarbanes-Oxleyjevega zakona. Slednji je nastal kot posledica številnih raËunovodskih škandalov v podjetjih, vkljuËno s tistimi, ki so prizadeli podjetja Enron, Tyco International, Adelphia, Peregrine Systems in World-Com. Ta zakon je pripomogel k obnovitvi zaupanja javnosti v kapitalske trge, tako da je, med drugim, okrepil raËunovodsko kontrolo v podjetjih. v procesu odloËanja, ki zdaj temeljijo na enotnem poroËanju. Zadolžen je tudi za celoten proces poslovnega naËrtovanja in za podajanje strokovnih mnenj o poslovnih zadevah. Z namenom poveËati uËinkovitost proraËunskega procesa je Banka v letu 2008 dokonËala tehniËne priprave za Hyperion naËrtovanje, ki naj bi izboljšalo bodoËe proraËunske procese z uvedbo najsodobnejšega orodja za naËrtovanje. Oddelek za davke se je konËno pozicioniral kot pristojen notranji strokovni svetovalec za vsa vprašanja, ki se nanašajo na davke, in še naprej izboljšuje davËno skladnost poslovanja Banke s predpisi in internimi pravilniki na vseh ravneh. Nenazadnje pa ima divizija Finance in tržna tveganja pomembno vlogo tudi pri uvedbi inovativnih produktov na trg. Za ugotovljene produkte Divizija postavlja raËunovodske standarde in standarde, povezane s poroËanjem, ocenjuje davËni vpliv ter omejuje tržna in operativna tveganja, povezana s temi produkti. Tudi v letu 2008 smo tako s pomoËjo te Divizije na trg lansirali nekaj novih produktov. Upravljanje s tveganji Upravljanje s tveganji je v hitro spreminjajoËem in razvijajoËem se banËnem poslovanju bistvenega pomena. ObËutljivost finanËnih trgov lahko zaradi negativnih informacij, povezanih z morebitnimi težavami pri poslovanju posamezne finanËne ustanove, zlahka povzroËi vsesplošno nezaupanje. Nekaj podobnega se je dogajalo tudi v letu 2008, ko so se ob veliki nestabilnosti in negotovosti na finanËnih trgih v drugi polovici leta bistveno poslabšale ekonomske razmere. To je povzroËilo znatno zaostrovanje kriterijev v zvezi s prevzemanjem tveganj in s tem povezanim sprejemanjem dodatnih ukrepov, Poslovno poroËilo Obvladovanje poslovnih tveganj meril in metod za njihovo obvladovanje. Tega se v UniCredit Banka Slovenija d.d. dobro zavedamo, zato to podroËje obravnavamo zelo pozorno, tako z vsebinskega kot s kadrovskega vidika. Pri upravljanju s tveganji upoštevamo stroga in kompleksna pravila Skupine ter pravila in predpise Banke Slovenije in drugih nadzornih ustanov. V Banki imamo dolgoletne izkušnje pri nadzorovanju kreditnih tveganj, ki jih vsako leto vgrajujemo v natanËno opredeljene postopke za stalno spremljanje skupne kreditne izpostavljenosti. Postopki so prilagojeni mednarodnim raËunovodskim standardom in baselskim zahtevam, ki so dodatno izpopolnili to podroËje in tako še izboljšali proces obravnavanja in spremljanja naložb. V UniCredit Banka Slovenija d.d. spremljamo izpostavljenost vsakega posameznega komitenta oziroma skupine komitentov. Sistem, ki ga uporabljamo, omogoËa preverjanje izpostavljenosti na osnovi kriterijev izpostavljenosti na ravni posameznega posla. Na podlagi internega modela za razvršËanje komitentov -podjetij -kreditna tveganja razporejamo v 28 razredov. Pri presojanju kreditne sposobnosti fiziËnih oseb se osredotoËamo predvsem na glavne dejavnike, ki vplivajo na njihovo kreditno sposobnost, kot so preverjanje prilivov, plaË in drugih dejavnikov. Na podlagi razvrstitev komitentov, ob upoštevanju vseh drugih razpoložljivih podatkov, o komitentih oblikujemo zahtevane in potrebne posebne slabitve za posamezna banËna tveganja na ravni posamezne stranke, po potrebi pa celo na ravni vsakega posla. Banka je leta 2008 oblikovala 6,5 milijona evrov dodatnih slabitev, kar pomeni 18,2­odstotno poveËanje glede na naËrtovano raven slabitev. Razlogi za takšno poveËanje so v dogodkih, ki so nas spremljali v drugi polovici leta ter v priporoËilih regulatorja, vezanimi na še dodatno previdnost pri rednem spremljanju portfelja. V primerjavi z letom 2007 se je znesek oblikovanih slabitev poveËal za 2,16 milijona evrov oziroma za 51 %, kar dejansko predstavlja višjo rast kot je znašala rast portfelja Banke, vendar dokazuje konzervativen pristop k upravljanju s kreditnimi tveganji. V letu 2008 smo del oblikovanih slabitev razporedili tudi za tako imenovane še neugotovljene dogodke, in sicer v višini 0,7 milijona evrov. Skladnost vseh dodatno oblikovanih slabitev z v preteklih letih že evidentiranimi slabitvami dokazuje ustreznost in pravilnost metodologije, ki jo uporabljamo. Banka je v letu 2008 bistveno poveËala znesek vrnjenih, že slabljenjih posojil (6,5 milijonov evrov), kar kaže na dobro zasnovan in organiziran oddelek, ki je zadolžen za spremljanje slabih naložb. Banka pri oblikovanju slabitev uporablja razliËne naËine za zgodnje evidentiranje potencialnih slabih kreditov. Tako na meseËni ravni spremljamo gibanje ocen podjetij, zamude pri poravnavanju obveznosti strank do Banke, za vsak posel posebej pa redno spremljamo svoje stranke v podjetniškem segmentu z vsaj enoletnimi dokumentiranimi pregledi poslovanja in dogajanja. Za izraËun slabitev uporabljamo metodo diskontiranih bodoËih denarnih tokov. NatanËna, redna analiza portfelja in številne primerjave, ki jih izvajamo na ravni finanËne skupine UniCredit Group, potrjujejo, da ima Banka kakovosten in uravnotežen portfelj, ki ga ohranja kljub rasti. Tako kot v prejšnjih letih smo tudi leta 2008 ohranili stabilno in kakovostno strukturo portfelja z veË kot 95-odstotno izpostavljenostjo v najvišjem kreditnem razredu 'A'. Da bi še dodatno zmanjšali tveganja celotnega kreditnega portfelja, skrbimo za ustrezno razpršenost posojil med številne komitente in razËlenjenost na razliËne gospodarske dejavnosti. Priprava tovrstnih analiz glede na dejavnost, velikost podjetij, obliko kreditov in podobno nam omogoËa možnost hitre reakcije v primeru ugotovljenega poslabšanja katerega izmed kazalcev. V letu 2008 smo zaËeli uporabljati standardizirani pristop pri izraËunu kapitalske zahteve za kreditno tveganje in številne aktivnosti usmerili v izpolnjevanje baselskih zahtev, kot je preverjanje kakovosti zavarovanja, ki ga Banka sprejema v zavarovanje za naložbe. Poleg tega smo zaËeli izvajati tudi projektne aktivnosti za uvedbo pristopa na podlagi notranjih bonitetnih sistemov (pristop IRB), ki nam bodo omogoËile izvajanje predvidenih aktivnosti v obdobju testiranja uporabe pristopa F-IRB (“use test period” za Foundation IRB pristop), ki ga zaËenjamo s 1. januarjem 2009. Informacijska podpora poslovanju Na podroËju informacijske podpore poslovanju je bilo leto 2008 za UniCredit Banka Slovenija d.d. v znamenju avtomatizacije poslovnih procesov, uvajanja informacijske podpore IRB baselskim standardom, razširitve funkcionalnosti kartiËnega poslovanja ter uvajanja zavarovalniških produktov. Višje ravni storitev, odzivnosti in zviševanja produktivnosti kompleksnih poslovnih procesov ni mogoËe doseËi brez njihove standardizacije in podprtja z modernimi orodji informacijske tehnologije (uvajanje t.i. “workflow” orodij). Zato se je po intenzivnih pripravah Banka odloËila, da v letu 2008 sproži informatizacijo procesa odobravanja hipotekarnih kreditov za prebivalstvo. Predhodno smo opravili natanËno analizo procesa, ga optimizirali in dokumentirali 250% Indeks rasti števila uporabnikov / namestitev sistemov elektronskega banËništva 200% 192,0 184,5 150% 139,8 127,4 100,0 100,0 100% 50% 0 2006 2007 2008 Online b@nka za fiziËne osebe - uporabniki E-bank in MultiCash za pravne osebe - namestitve ter na tej osnovi ocenili ekonomsko upraviËenost njegove informatizacije, ki se je izkazala za dovolj visoko. Konec leta 2008 je bil zakljuËen veËji del razvoja, sistem pa je bil dan v poskusno uporabo. V poslovni mreži se bo priËel uporabljati predvidoma marca 2009. Podpora naprednemu pristopu po Basel II standardih ocene kapitalske ustreznosti zahteva uvedbo kompleksnih informacijskih sistemov. Ta aktivnost je v Banki v polnem teku in je sinhronizirana na ravni celotne Skupine. V prvi polovici leta 2008 je bil glavni poudarek na zelo podrobnem definiranju potreb in vsebine informacijskih rešitev, v drugi polovici leta pa se je pospešeno zaËel tudi sam razvoj. Pri uvedbi enotnega obmoËja plaËil v evrih (SEPA) je Banka naredila velik korak januarja 2008, ko so se zaËele uporabljati nadgraditve informacijskega sistema. S tem je bil zakljuËen eden veËjih banËnih informacijskih projektov, ki pa se letos nadaljuje s pripravami na uvedbo podpore za SEPA direktne bremenitve. Tudi prehod na novo slovensko klirinško hišo (projekt SIMP) je posredno povezan z uvedbo SEPA. Banka se je vkljuËila v projekt SIMP nekoliko kasneje, saj smo predhodno preverili vse možnosti, ki nam jih nudi Skupina, in uskladili odloËitve. Potrebne nadgradnje plaËilnih sistemov je Banka priËela pospešeno izvajati v sredini leta, zakljuËene pa so bile v predvidenem roku. V tem Ëasu pa je bil zagon nove klirinške hiše in samega sistema SIMP prestavljen v leto 2009. Nadaljevali smo tudi z nadgradnjo banËnega sistema za podporo kartiËnemu poslovanju. V letu 2008 smo odobravanje transakcij z Maestro karticami prenesli v osrednji banËni informacijski sistem in s tem odpravili zamike pri osveževanju stanja na raËunih. Uspešno je bil zakljuËen projekt Skupine za brezplaËno dvigovanje gotovine na vseh banËnih avtomatih v njeni lasti. Tako od septembra 2008 lahko vsi komitenti Banke brezplaËno dvigujejo gotovino na 16.000 banËnih avtomatih Skupine. V letu 2008 se je zaËela in tudi zakljuËila prva faza projekta uvedbe zavarovalniških produktov v Banki. Razvoj informacijske podpore, ki so ga vodili na ravni Skupine, je bil zakljuËen sredi leta 2008, jeseni pa se je zaËela druga faza, ki bo zakljuËena v prvem Ëetrtletju leta 2009. Trend rasti transakcij, opravljenih s karticami, izdanimi s strani Banke, se je nadaljeval tudi v letu 2008. Banka je tako zabeležila 4-odstotno rast pri transakcijah VISA, 7-odstotno rast pri MasterCard in 33­odstotno rast pri Maestro transakcijah. PoveËalo se je tudi število izdanih kartic, in sicer VISA za 19 %, MasterCard za 28 % in Maestro za 29 %. V letu 2008 se je nadaljeval trend poveËevanja števila transakcij tako v domaËem (za 7 %) kot tudi v Ëezmejnem in mednarodnem plaËilnem prometu (za 24 %). Delež elektronsko posredovanih plaËilnih nalogov se je poveËal na 92 % tako v domaËem kot v Ëezmejnem in mednarodnem plaËilnem prometu. Na podroËju elektronskega banËništva je UniCredit Banka Slovenija d.d. v letu 2008 uvedla vrsto manjših dopolnitev, ki so izboljšale funkcionalnost sistemov ter z veËjimi nadgraditvami strojne opreme dvignila zanesljivost delovanja teh sistemov. ZakljuËen je tudi razvoj projekta EuropeanGate, ki je potekal na ravni Skupine in ki omogoËa enostavno upravljanje z vsemi raËuni v okviru Skupine preko ene vstopne toËke. Ta nova storitev je banËnim komitentom na razpolago od septembra 2008. Trend poveËevanja deleža uporabnikov elektronskega banËništva se je nadaljeval tudi v letu 2008, saj je v primerjavi z letom poprej sisteme elektronskega banËništva uporabljalo 45 % veË podjetij in 37 % veË fiziËnih oseb. Poslovno poroËilo Obvladovanje poslovnih tveganj Indeks rasti kartiËnih transakcij Indeks rasti števila transakcij v domaËem in tujem plaËilnem prometu 180 169,51 164,11 180 176 160 153,37 160 140 136,70 126,25 140 133 120 120 113 113 100,00 100,00 100 108 106 100 100 100 100 80 80 60 60 40 40 20 20 0 0 2006 2007 Maestro kartice MasterCard kartice VISA kartice V letu 2009 bo Banka nadaljevala s projekti informacijske podore poslovnim procesom, zakljuËena pa bo tudi uvedba novega sistema Internet banËništva za fiziËne osebe. Sprožene bodo aktivnosti povezane z uvajanjem SEPA direktnih bremenitev in zakljuËevala se bo uvedba podpore Basel II standardom. PriËakujemo tudi, da bo finanËna kriza sprožila dodatne zahteve regulatorjev, ki jih bo potrebno podpreti tudi z informacijsko tehnologijo. VAROVANJE INFORMACIJ IN INFORMACIJSKEGA SISTEMA Na podroËju varovanja informacij in informacijskega sistema je UniCredit Banka Slovenija d.d. v letu 2008 nadaljevala z aktivnostmi v skladu s smernicami varnostnega standarda matiËne banËne skupine, krovne varnostne politike ter izvajanjem posameznih konkretnih varnostnih politik. Ker se zavedamo vse veËjega pomena varovanja informacij in informacijskega sistema za uspešno delovanje v zahtevnem poslovnem okolju, Banka ohranja visoko stopnjo izvajanja 2008 2005 2006 2007 2008 DomaËi plaËilni promet Tuji plaËilni promet varnostnih ukrepov in priporoËil s posebnim poudarkom na varovanju osebnih podatkov. Služba za varovanje je organizirana v skladu s politiko finanËne skupine UniCredit Group. Poleg primarne naloge varovanja informacij in informacijskega sistema Služba pokriva tudi podroËje fiziËnega varovanja (varovanje zaposlenih in banËnih prostorov) in upravljanje neprekinjenega poslovanja (koordinacija naËrtov poslovanja ob kriznih situacijah in program testiranja). Vsa navedena podroËja delovanja (pristojnosti) so in bodo zagotavljala usklajeno varnostno delovanje Banke. FinanËna skupina UniCredit Group na podlagi varnostnega standarda zagotavlja krovno varnostno vodenje in postavlja varnostne smernice za delo. Z namenom zagotoviti in preveriti informacijsko osvešËenost je bilo v letu 2008 za zaposlene v Banki vpeljano e-izobraževanje o informacijski varnosti. Usklajeno s projektom širitve prodajne mreže smo posebno pozornost namenili primerni varnostni kulturi zaposlenih tako v novih kot v obstojeËih poslovnih enotah. Na podroËju neprekinjenega poslovanja je Banka v letu 2008 nadaljevala z dejavnostmi konkretnega testiranja predvidenih alternativnih in okrevalnih postopkov nekaterih poslovno kritiËnih funkcij Banke (npr. plaËilni promet, elektronsko banËništvo, skrbniške storitve, pogodbe, poslovanje s podjetji, upravljanje s tveganji) ter istoËasno s preverjanjem ustreznosti le-teh. Banka je zagotovila ustrezno podvajanje in testiranje potrebnih informacijskih sistemov, tehniËne opreme in rezervnih lokacij, od koder bi v primeru nedostopnosti primarnih banËnih prostorov lahko potekalo nujno potrebno delo v omejenem obsegu. Banka tako zagotavlja ustrezno raven storitev za svoje komitente tudi v izjemnih primerih. V letu 2008 je bilo v Banki opravljenih veË revizijskih pregledov, ki so za Banko sicer obveza, a hkrati tudi priložnost za neodvisno oceno delovanja. S tem pa je povezana tudi optimizacija ter zmanjševanje operativnega tveganja na podroËju informacijske varnosti, fiziËnega varovanja in upravljanja neprekinjenega poslovanja. UniCredit Banka Slovenija d.d. si kot del finanËne skupine UniCredit Group3-le-ta želi do leta 2010 postati vodilna finanËna skupina na podroËju družbene odgovornosti - prizadeva, da bi kljub nestanovitnim razmeram na trgu z dolgoroËnimi odnosi, ki jih gradi, tudi v prihodnje ustvarjala trajno vrednost za vse povezane skupine deležnikov. Zavedamo se, da mora poveËanju dobiËka slediti tudi odgovorno ravnanje do ekonomskega, socialnega in družbenega okolja. Družbena odgovornost je veËdimenzionalen projekt, ki povezuje naše stranke, dobavitelje, vlagatelje in lokalne skupnosti, v katerih delujemo, z nami, sodelavci Banke. Povezovanje z okoljem in vraËanje dela pridobljenih sredstev nazaj vanj je nenazadnje tudi kljuËen dejavnik dolgoroËnega obstoja podjetja. Skrbimo za prenos in razvoj znanj, da bi bili naši sodelavci strokoven finanËni svetovalec strankam, obenem pa gradimo dobro klimo v podjetju, saj želimo najboljšim sodelavcem ponuditi dovolj izzivov in udobno delovno okolje. Naše delovanje nadgrajujemo v skladu z vrednotami, ki smo jih zapisali v Listini o vrednotah, ki je skupna vsem Ëlanicam finanËne skupine UniCredit Group. Zavedamo se, da je vsak sodelavec neformalni komunikator dogajanja v podjetju in da skupek naših obnašanj do okolja pomembno vpliva na ugled, ki ga ima Banka pri svojih interesnih skupinah. Za Banko je seveda kljuËno, da si v javnosti - tako lokalno kot znotraj Skupine -ustvarja zaupanje, ga s svojimi dejanji utrjuje in tudi na primeren naËin komunicira 3 V poroËilo o družbeni odgovornosti skupine UniCredit Group, ki ga Skupina sicer pripravlja že od leta 2001, se je UniCredit Banka Slovenija d.d. prviË vkljuËila leta 2007 s podatki, ki so prikazani v sklopu držav Srednje in Vzhodne Evrope (http://www. unicreditgroup.eu/en/responsabilita/bilancio_sociale/ allegati/environmental_report_2007.pdf). PoroËilo o družbeni odgovornosti Skupine se tudi za leto 2008 pripravlja v skladu z metodologijo in pokazatelji, kot jih doloËajo globalne smernice za poroËanje o družbeni odgovornosti (Global Reporting Initiative 2002 - GRI3). javnosti. Še toliko bolj je slednje pomembno v Ëasih, ko so razmere na trgih izredno spremenljive in poslovni partnerji išËejo najbolj varne in stabilne rešitve ter partnerje. Naša prednost je zavzetost pri iskanju najboljših rešitev za vse deležnike. Preglednost, strokovnost, spoštovanje in zaupanje pa so tiste vrednote, ki jim pri svojem družbeno odgovornem delovanju še posebej vestno sledimo. Odnos do zaposlenih V UniCredit Banka Slovenija d.d. se zavedamo, da so zaposleni vir moËi, energije in znanja, ki prispevajo k doseganju dolgoroËnih ciljev Banke ter zadovoljstvu strank in sodelavcev. Zato njihovemu razvoju posveËamo veliko pozornost. KOMUNICIRANJE Z ZAPOSLENIMI Naši sodelavci so naša najpomembnejša javnost. Preko njih delovanje Banke odseva navzven in je kljuËen dejavnik graditve ugleda v oËeh ostalih deležnikov. Z aktivnostmi, ki smo jih izvajali tudi v letu 2008, smo jim želeli pokazati, da je njihov prispevek pomemben, dobrodošel in cenjen. S komunikacijo smo poudarjali povezanost prodajnih in neprodajnih enot ter skupno zavezanost k istemu cilju - uresniËevanju strategije Banke. Z aktivno komunikacijo in izvedbo projektov kot so Dan Listine o vrednotah, Dan kulture, z zbiranjem donacij s strani zaposlenih pod okriljem fundacije Unidea, z nateËajem za izbor najboljše fotografije na izbrane teme, s programom izobraževanja perspektivnih kadrov UniQuest, z obvešËanjem o možnostih izobraževanja in zaposlitve v Skupini ter z drugimi projekti, ki so potekali v vseh Ëlanicah, smo tkali povezave tudi s finanËno skupino UniCredit Group. O aktualnih temah smo zaposlene obvešËali s pismi uprave, osebnimi pismi, elektronsko pošto, internimi novicami ter osebno, na sreËanjih z zaposlenimi. Med slednjimi naj izpostavimo strateški sreËanji z vsemi vodji znotraj Banke, ki smo ju izvedli spomladi in jeseni, in interni dogodek na Bledu. Uprava Banke je približno stotim vodjem oddelkov, diviziji in enot na strateških sreËanjih predstavila kljuËne poudarke strategije Banke, zbrala mnenja ter posredovala dodatna pojasnila, s Ëimer smo prispevali k še bolj usmerjenemu delovanju in omogoËili vodilnim kadrom neposreden dostop do informacij. V neformalnem okolju v Zaki na Bledu pa smo se septembra sreËali ob prvi obletnici preimenovanja v UniCredit Banka Slovenija d.d. Tekmovanja v veslanju, ki smo ga priredili ob tej priložnosti, se je udeležilo veË kot 200 sodelavcev Banke, UniCredit Leasinga in CAIB Investment Bankinga (vseh treh Ëlanic finanËne skupine UniCredit Group, ki so prisotne v Sloveniji). Znan slovenski veslaË Iztok »op je vodil finalne tekme in podelil nagrade. Sodelavcem smo, tako kot leto prej ob preimenovanju, premierno predvajali televizijske spote za novo oglaševalsko kampanjo Banke. Ob uspešno zakljuËenih posebnih projektih, ki so zahtevali tudi veliko osebnega prizadevanja, so bili kljuËni sodelavci deležni osebne zahvale s strani vodstva Banke. S tem smo poudarili njihovo vlogo pri projektih ter nagradili njihova presežena prizadevanja. Pri komunikaciji s sodelavci so moËi in znanje združili štabni službi Odnosi z javnostmi in Kadrovska služba ter oddelek Marketing. Z izpeljanimi aktivnostmi so prispevali k poveËanju vpetosti sodelavcev v življenje Banke, veËji pripadnosti in motivaciji za uspešno nadaljnje delo. Poslovno poroËilo Družbena odgovornost Rast števila zaposlenih .tevilo zaposlenih 550 535 2002 2003 2004 RAST ŠTEVILA ZAPOSLENIH IN ZAPOSLOVANJE UniCredit Banka Slovenija d.d. je na zaËetku leta 2008 zaposlovala 450, konec leta pa 535 zaposlenih, pri Ëemer številka vkljuËuje v povpreËju 37 študentov. Prirast zaposlenih v zadnjem letu je torej 18,9 % oziroma 85 novih sodelavk in sodelavcev, katerih povpreËna starost je bila 31 let. PovpreËna starost vseh zaposlenih je 35,9 let. Banka zaposluje 62 % žensk in 38 % moških, pri Ëemer ostaja razmerje glede na leto 2007 enako. Skrbimo tudi za raznolikost, kar se kaže med drugim v mešani strukturi zaposlenih (med zaposlenimi je namreË 6 tujcev) in strukturi vodij po spolu, saj je v vodstvenih strukturah na vseh ravneh 51,6 % žensk in 48,4 % moških. V letošnjem letu smo tudi poveËali število zaposlenih za doloËen Ëas oziroma pripravnikov, pri Ëemer je delež zaposlenih za doloËen Ëas za 41 odstotnih toËk višji kot leta 2007. Glede na izredno spremenjene razmere na trgu so med cilji in strategijo Banke na podroËju zaposlovanja v letu 2009 predvsem skrb za motivirane sodelavke in sodelavce z visokim razvojnim potencialom in ambicijami po novem znanju in podroËjih dela. 2005 2006 2007 2008 IZOBRAZBENA STRUKTURA V UniCredit Banka Slovenija d.d. veliko pozornost posveËamo znanju in izobrazbi, kar potrjuje podatek, da je v Banki 4,5 % zaposlenih z doktoratom oziroma magisterijem (zvišanje za 0,5 odstotne toËke), 49 % zaposlenih z višjo, visoko strokovno oziroma univerzitetno izobrazbo (zvišanje za tri odstotne toËke), 46,5 % zaposlenih pa ima srednjo izobrazbo (znižanje za 3,5 odstotne toËke). Trend kaže na zviševanje izobrazbene strukture v prid visoke strokovne oziroma univerzitetne stopnje. USPOSABLJANJE IN IZOBRAŽEVANJE V letu 2008 smo za izobraževanje namenili 0,7 % sredstev od skupnih prihodkov, kar je poveËanje za 3,5 krat v primerjavi z letom 2007. Izvedli smo skupaj 31.500 ur izobraževanja (76-odstotna rast glede na leto 2007), v povpreËju pa se je vsak zaposleni izobraževal 59 pedagoških ur (40-odstotna rast glede na leto 2007). Vsebine, ki so jih zajemala izobraževanja, so bile predvsem s podroËij banËne stroke, prodajnih tehnik, tehnik vodenja ter izboljševanja raËunalniških znanj. Porast števila ur izobraževanja v primerjavi z letom 2007 pripisujemo bistveno veËjemu številu delavcev, ki so se izobraževali v letu 2008. Razlogi so predvsem odpiranje novih poslovnih enot, opravljanje licenc za prodajo investicijskih skladov (v letu 2008 so to licenco pridobili 4 sodelavci; trenutno ima licenco za prodajo investicijskih skladov skupaj 76 zaposlenih, licenco za zavarovalno posredovanje pa 20 sodelavcev). Delež internih izobraževanj je znašal 30 % (poveËanje za 6 odstotnih toËk glede na leto 2007), pokrivala pa so produktna in procesna izobraževanja (skupaj približno 70 % vseh internih izobraževanj, kar predstavlja 9-odstotno poveËanje glede na preteklo leto), uvajalni seminar za nove zaposlene “Dobrodošli med najboljšimi” - od leta 2004 je bil izveden že kar 22-krat -(skupaj 16 % vseh internih izobraževanj), finanËne analize (kazalniki finanËnih izkazov podjetij; skupaj 14 % vseh internih izobraževanj), usposabljanja za uporabo MS Office programov Excel in Access pa se je v letu 2008 udeležilo skupaj kar 14 % vseh zaposlenih. Seminarja “Dobrodošli med najboljšimi”, ki je bil v letu 2008 izveden šestkrat, se je udeležilo 81 sodelavcev, Ëasovno pa je bilo temu izobraževanju namenjenih 6 % pedagoških ur izobraževanja. V letu 2008 smo izvedli šest modulov Akademije vodenja, na katerih je sodelovalo veË kot 80 vodij -skupaj gre za 5.870 ur oziroma 18,6 % vseh izobraževanj, seminarji v okviru banËne skupine v tujini pa so predstavljali 2,9 % vseh izobraževalnih ur. V skupni kvoti izobraževalnih ur smo najveË, kar polovico vseh ur, namenili banËnim strokovnim izobraževanjem, 19 % vseh ur (poveËanje za 10 odstotnih toËk glede na leto 2007) izobraževanjem in usposabljanjem za uporabo vodstvenih vešËin in komunikacijskih sposobnosti, 11 % za izobraževanje s podroËja tujih jezikov, 10 % za usposabljanje s podroËja prodajnih vešËin ter 10 % vseh ur za strokovna funkcionalna izobraževanja s podroËja informatike in organizacije. Izobraževanje zaposlenih 10% Na podroËju izobraževanja in razvoja smo se posvetili spremljanju in analizi povratnih informacij o kakovosti opravljenih izobraževanj ter doloËili ciljni indeks kakovosti za izobraževanja na ravni Banke, ki ga bomo spremljali v okviru ankete o zadovoljstvu zaposlenih. RAZVOJ IN NAGRAJEVANJE V letu 2008 smo nadgradili kadrovski projekt Ciljno vodenje in s tem povezano nagrajevanje zaposlenih. Na podlagi metodologije uravnoteženih kazalnikov (balanced scorecard) smo uskladili cilje posameznih divizij in jih med seboj povezali. Strategijo Banke je uprava predstavila vodjem in zaposlenim na enodnevnem dogodku marca 2008, kjer so vodje prepoznali svojo vlogo pri doseganju zastavljenih ciljev, na podlagi katerih so opredelili cilje za svoje oddelke oziroma zaposlene. Rezultat vodenja s pomoËjo ciljev je veËja seznanjenost s cilji in strategijo Banke ter posameznimi organizacijskimi enotami in s tem veËje zadovoljstvo. Hkrati je sistem nagrajevanja vezan na doseganje ciljev posameznika. Letni razvojni pogovor predstavlja osnovo za razvoj zaposlenih in ga opredeljujemo kot konkurenËno prednost, saj je osnova za tak pogovor ocena kvantitativnih in kvalitativnih ciljev ter BAN»NA STROKOVNA IZOBRAAEVANJA TUJI JEZIKI VE©»INE VODENJA IN KOMUNIKACIJ INFORMACIJSKA TEHNOLOGIJA PRODAJNE VE©»INE vedenj oziroma kompetenc po metodi 270o. Zaposleni so sistem privzeli kot orodje, ki podpira in razvija komunikacijo nadrejenih s podrejenimi. SKRB ZA VREDNOTE V letu 2008 smo na podlagi rezultatov prve raziskave o zadovoljstvu, ki je potekala na ravni finanËne skupine UniCredit Group, izvedli nekaj kljuËnih aktivnosti s podroËja vodenja, izobraževanja ter sistema nagrajevanja, kjer so se pokazale dodatne možnosti za izboljšave. Rezultati raziskave so tudi botrovali oblikovanju dveh tipov izobraževalnih akademij v letu 2007, in sicer Prodajne akademije in Akademije vodenja, ki smo ju uspešno nadaljevali tudi v letu 2008. 24. septembra smo organizirali Dan vrednot (gre za enakopravnost, zaupanje, spoštovanje, preglednost, svobodo delovanja, vzajemnost), ki predstavljajo temelj našega delovanja in krepijo našo prepoznavnost na trgu finanËnega posredništva. V tem dnevu so se zaposleni iz razliËnih organizacijskih enot na krajših sreËanjih pogovarjali o vrednotah in njihovi vrednosti v delovnem okolju in pri delovnih nalogah. SreËanja so pokazala, da smo naredili velik napredek pri preglednosti, medsebojnem razumevanju in sodelovanju ter vzajemnosti. Izboljšal se je timski duh, možnosti posredovanja idej in predlogov ter medsebojna pomoË. Sicer pa sta bili med najveËkrat omenjenimi vrednotami prav spoštovanje in zaupanje. Na podroËju vodenja smo med glavnimi izboljšavami uvedli Zajtrk uprave z zaposlenimi, ki zaposlenim omogoËa ©tevilo izobraaevalnih ur 35.000 31.000 30.000 25.000 20.000 15.000 10.000 5.000 0 Poslovno poroËilo Družbena odgovornost predstavitev mnenj, idej in predlogov o izboljšavah ter pogovor o strategiji in rezultatih Banke s Ëlani uprave. Vsi vodje so se udeležili tudi Strateške konference na temo izzivov v prihodnje, že drugo leto zapored smo izvedli Dan v poslovni enoti, v teku pa so tudi redni tedenski oddelËni sestanki. Institut ombudsmana, ki je v Banki uveljavljen od konca leta 2007, omogoËa neodvisno možnost vlaganja morebitnih pritožb zaradi kršitev Listine o vrednotah, ki jih povzroËijo dejanja ali obnašanja med zaposlenimi ali med zaposlenimi in Banko. S tem želimo pospešiti reševanje medosebnih konfliktov in težav, spodbujati sodelovanje na delovnem mestu ter ustvarjati sinergije v delovanju med Ëlanicami Skupine. Delovanje ombudsmana se nanaša na podroËja, kot so diskriminacija na delovnem mestu, diskriminacija na podlagi subjektivnih kriterijev, namensko zadrževanje informacij, psihiËno nadlegovanje (mobbing), spolno nadlegovanje, zasledovanje, zalezovanje in podobno. V letu 2008 je ombudsman Banke zabeležil 12 primerov, ki so se veËinoma nanašali na kršitve vrednot preglednost, spoštovanje in enakopravnost. VeËina primerov je bila uspešno rešenih skozi pogovor in odkrivanje novih, drugaËnih pogledov na situacijo. SKRB ZA ZAPOSLENE Za zaposlene, njihovo zdravje in dobro poËutje skrbimo skozi organizacijo športnih dogodkov, sofinanciramo kulturne prireditve in športne aktivnosti, novoletno druženje, obdarovanja za otroke zaposlenih, športne dneve za zaposlene, poletni piknik in drugo. NaËrtno spremljanje zdravstvenega stanja zaposlenih je naša obveza in zaveza, ki hkrati izraža našo skrb za sodelavce. V preteklem letu smo tako opravili 163 predhodnih zdravniških pregledov, konec leta pa smo že tradicionalno poskrbeli za možnost cepljenja proti gripi, ki se ga v povpreËju udeleži 20 % zaposlenih. Ohranjamo tudi izredno nizek odstotek bolniških odsotnosti v primerjavi z vsemi efektivnimi urami, in sicer je bila v letu 2008 stopnja bolniških odsotnosti na ravni 3 %. Ob mladi populaciji smo v letu 2008 tudi v Banki obËutili porast števila prebivalstva, saj je bilo obËutno poveËanje števila porodnic, in sicer za 54 %. Tudi zato se bomo v prihodnje posveËali ustvarjanju okolja, prijaznega do usklajevanja službenih in zasebnih obveznosti. V okviru skrbi za tretje življenjsko obdobje zagotavljamo tudi možnost vkljuËitve v dodatno pokojninsko zavarovanje, ki jo koristi dobrih 68 % zaposlenih, kar je, glede na starostno strukturo in seznanjenost z demografsko situacijo v povezavi s pokojninskimi zgledi, razumljivo. Vsa omenjena skrb se odraža tudi v uspešnem ohranjanju stopnje fluktuacije na sprejemljivi ravni glede na demografske razmere in razmere na trgu dela. Stopnja fluktuacije se je sicer zvišala, s 6 % v letu 2007 na 8,1 % v letu 2008 (izmed vseh sodelavcev in sodelavk, ki so zapustili Banko, je bilo le slabih 14 % neželenih odhodov), kar pripisujemo poveËanemu zaposlovanju in hkrati izredno natanËnemu spremljanju uvajanja posameznika in spremljanja njegove delovne uspešnosti. Odnos do strank V letu 2008 smo uresniËili ambiciozno zaËrtano marketinško strategijo. Izvedli smo številne celovite tržno-komunikacijske akcije in izbranim ciljnim segmentom prek oglaševalskih akcij in direktne pošte predstavili ponudbo stanovanjskih in potrošniških kreditov, depozitov in razliËnih banËnih paketov, s katerimi smo potrošnike skušali spodbuditi k zamenjavi banke. Jeseni 2008 smo uvedli nov mednarodni oglaševalski koncept “Morda”, ki je bil uveden v veËini držav Ëlanic finanËne skupine UniCredit Group z namenom oblikovati moËno, prepoznavno mednarodno blagovno znamko. Z novimi korporativnimi in produktnimi oglaševalskimi akcijami smo tako potrošnikom predstavili nov koncept oglaševanja in prenovljeno celostno grafiËno podobo ter skušali potrošnika spodbuditi k razmišljanju, premagovanju dvomov in hitrejšemu sprejemanju odloËitev. Kot so pokazale raziskave, smo z oglaševalskimi akcijami uspešno poveËali zavedanje in priklic blagovne znamke ter dodatno utrdili v letu 2007 doseženo pozicioniranje blagovne znamke UniCredit Bank, ki se odlikuje po sodobnosti, inovativnosti in drugaËnosti ter izraziti usmerjenosti v aktivnega posameznika, ki mu želimo pomagati pri uresniËevanju njegovih želja, ambicij in ciljev. Za poslovne partnerje divizij Poslovanje s podjetji in Zakladništvo smo organizirali številne dogodke za stranke. Med informativnimi dogodki so bili najbolj obiskani Zajtrki zakladništva, ki so bili posveËeni predstavitvi izvedenih finanËnih instrumentov za zašËito pred teËajnimi in obrestnimi tveganji. V sodelovanju z Obrtno zbornico Slovenije smo v šestih slovenskih mestih predstavili, predvsem malim podjetjem, nevarnosti in priložnosti finanËne krize. Skupaj z Gospodarsko zbornico Slovenije smo srednjim podjetjem približali inovativne finanËne storitve, županom iz cele Slovenije pa smo predstavili obËinske infrastrukturne priložnosti. Tradicionalnemu novoletnemu koncertu v Slovenski filharmoniji so se pridružili še številni družabni dogodki, kot so smuËanje, jadranje in bowling, s katerimi smo stkali še moËnejše poslovne vezi. 80-letnico skupine Pioneer Investments smo obeležili s prestižnim družabnim veËerom, kjer smo vlagateljem in najpomembnejšim strankam predstavili trende na kapitalskih trgih. Ciljnim segmentom smo se v letu 2008 približali prek razliËnih komunikacijskih kanalov in jim predstavili zanimive in njihovim potrebam prilagojene banËne produkte. Z inovativnim in sodobnim tržnim komuniciranjem smo dokazali, da smo prodorna in k potrošniku usmerjena Banka. Odnosi z mediji Sedma sila je in vedno bo eden od virov informacij, ki jim javnost, in s tem tudi naše potencialne in obstojeËe stranke, najbolj zaupa. Zavedamo se, da so mediji zato pomemben dejavnik pri izgradnji prepoznavnosti in ugleda Banke. Po rezultatih raziskav so avtorski Ëlanki novinarjev štiri do sedemkrat bolj kredibilni od plaËanega oglaševanja, zato si pri komuniciranju z novinarji prizadevamo za proaktivnost, strokovnost, odzivnost v skladu s postavljenimi roki, dostopnost sogovornikov za izjave in pojasnila ter s tem za graditev dolgoroËnih odnosov s predstavniki medijskih hiš. Dobro sodelovanje z mediji se je nedvomno odrazilo tudi v poveËanem interesu medijev za poroËanje o UniCredit Banka Slovenija d.d.. V letu 2008 smo namreË prejeli skupaj 630 sklopov novinarskih vprašanj, medtem ko je bilo v letu 2007 le-teh 480. Novinarje smo skozi vse leto ažurno obvešËali o dogajanju v Banki in informacije objavljali tudi v medijskem središËu na spletni strani. Z aktivnim in odprtim pristopom smo svojo medijsko prisotnost v letu 2008 dodatno poveËali. Na tiskovni konferenci, ki smo jo organizirali marca 2008, smo medijem predstavili odliËne poslovne rezultate, ki smo jih dosegli v letu 2007. Slovenske novinarje smo maja povabili k sodelovanju pri projektu finanËne skupine UniCredit Group “Novinarska nagrada za poroËanje o SVE”, mesec dni kasneje smo na sedežu Banke gostili kljuËne novinarje iz Poljske, obenem pa smo jim priredili tudi sreËanje s slovenskimi kolegi. Dvema slovenskima novinarjema smo, prav tako v maju, omogoËili prisotnost na konferenci Evropske banke za obnovo in Število objav o Bank Austria Creditanstalt d.d. Ljubljana oz. UniCredit Banka Slovenija d.d. v preteklih letih ©tevilo neplaËanih novinarskih prispevkov 2294 2300 2200 2100 2000 1900 1800 1700 1600 1500 1427 1383 1400 1300 2005 2006 2007 2008 razvoj (EBRD) v Kijevu, ki jo je podprla tudi finanËna skupina UniCredit Group. VeËjo skupino predstavnikov sedme sile smo avgusta peljali na Dunaj na sreËanje z glavno ekonomistko Skupine za SVE ter jim omogoËili vpogled v delovno okolje MIB Investment Banking, prav tako del finanËne skupine UniCredit Group. Pozitiven odziv novinarjev se je odrazil v veËjem številu prispevkov, obenem so pridobili tudi kontakte, ki so jim v pomoË pri njihovem vsakdanjem delu in zbiranju informacij o Skupini oziroma o trgu in trendih na splošno. Konec leta smo predstavnike medijev povabili na kuharsko delavnico, kjer so razdeljeni v skupine, ki so jih vodili štirje Ëlani uprave Banke, lahko pokazali svoje kuharske sposobnosti. V neformalnem okolju in vzdušju smo naše medsebojne odnose utrdili ter se novinarjem zahvalili za njihovo korektno poroËanje v preteklem letu. Odnos do dobaviteljev UniCredit Banka Slovenija d.d. si je v dosedanjih letih ustvarila prepoznavno ime uspešne in inovativne banke, h kateremu so velik del prispevali tudi dobavitelji. Konec leta 2008 smo že drugiË zapored organizirali sreËanje z dobavitelji, s Ëimer smo se želeli premakniti od tradicionalnih odnosov do partnerskega odnosa, ki ga vodita medsebojno zaupanje in dolgoroËno poslovno sodelovanje. Na njem smo izpostavili medsebojno pomoË pri razvoju in doseganju višje ravni zadovoljstva strank. Dobaviteljem smo se na sreËanju zahvalili za uspešno sodelovanje v preteklem letu in jim predstavili najpomembnejše projekte za prihodnost. Želje in priËakovanja strank se vsako leto poveËujejo, obenem pa bomo v letu 2009 morali biti še bolj stroškovno uËinkoviti, kar vodi v oster konkurenËni boj. V takšnih razmerah so lahko uspešni le tisti, ki se zavedajo, da stopnja strateškega Poslovno poroËilo Družbena odgovornost PoroËilo nadzornega sveta Nadzorni svet UniCredit Banka Slovenija d.d. je v letu 2008 spremljal in nadziral tekoËe poslovanje Banke, dosežene finanËne rezultate ter delo njene uprave skladno s svojimi pooblastili, pristojnostmi in dolžnostmi, opredeljenimi v Statutu Banke, Zakonu o gospodarskih družbah in Zakonu o banËništvu. Na rednih sejah nadzornega sveta je uprava Banke Ëlane nadzornega sveta obvešËala o vseh pomembnih poslovnih dogodkih v Banki in o drugih aktivnostih, povezanih s poslovanjem Banke, o ekonomskem in politiËnem okolju, pomembnejših zakonskih spremembah, ki so vplivale na poslovanje Banke, ter o doseženih finanËnih rezultatih Banke v primerjavi s sprejetim finanËnim naËrtom poslovanja. Uprava Banke je nadzorni svet redno obvešËala tudi o priËakovanih finanËnih rezultatih do konca finanËnega leta in o njihovem uresniËevanju. V lanskem letu ni bilo sprememb v sestavi nadzornega sveta Banke. Funkcijo predsednika je opravljal Federico Ghizzoni, funkcijo podpredsednika Herbert Hangel, medtem ko so bili njegovi Ëlani mag. Wolfgang Edelmüller, mag. Helmut Haller in mag. Martin Klauzer. SpecifiËna lastniška struktura, v kateri je skoraj 100­odstotni lastnik Banke UniCredit Bank Austria AG, veËinski lastnik slednje pa UniCredit S.p.A., se odraža tudi v sestavi nadzornega sveta, saj so vsi njegovi Ëlani zaposleni v teh dveh družbah. »lani nadzornega sveta niso osebno, posredno ali neposredno udeleženi v lastniški strukturi niti niso v kakršnemkoli poslovnem odnosu z Banko, tako da ne more prihajati do konflikta interesov. FinanËna skupina UniCredit Group ima sicer oblikovane tudi ustrezne mehanizme za obvladovanje in reševanje morebitnih konfliktov interesov, Ëe bi do njih kljub vsemu prišlo. Nadzorni svet Banke se je v letu 2008 sestal in odloËal na sedmih rednih in na korespondenËnih sejah. Na prvi redni seji, ki je bila dne 10. marca 2008, so bili prisotni naslednji Ëlani nadzornega sveta: Federico Ghizzoni (prek videokonference), mag. Martin Klauzer, mag. Helmut Haller, ki je na podlagi pooblastila zastopal tudi odsotna Ëlana - mag. Wolfganga Edelmüller-ja in Herberta Hangel-a. Na drugi redni seji, ki je potekala 29. aprila 2008, so bili prisotni vsi Ëlani nadzornega sveta preko videokonference. Dne 28. maja 2008 se je nadzorni svet sestal na tretji redni seji, ki so se je udeležili vsi Ëlani nadzornega sveta. Na Ëetrti redni seji, ki je bila 22. julija 2008, so bili prisotni Federico Ghizzoni, Herbert Hangel ter mag. Helmut Haller (vsi prek videokonference), medtem ko sta bila mag. Martin Klauzer in mag. Wolfgang Edelmüller odsotna. Dne 15. septembra 2008 se je nadzorni svet sestal na svoji peti redni seji, ki so se je udeležili vsi Ëlani nadzornega sveta. Prav tako so bili vsi Ëlani nadzornega sveta preko videokonference prisotni na šesti seji nadzornega sveta, dne 27. oktobra 2008. Zadnja seja nadzornega sveta v koledarskem letu 2008 je potekala 15. decembra 2008 in so se je udeležili vsi Ëlani nadzornega sveta. Posamezni sklepi so bili v skladu z zakonskimi predpisi, pristojnostmi, opredeljenimi v Statutu in upoštevajoË potrebe Banke po uËinkovitosti dela, sprejeti tudi na korespondenËnih sejah nadzornega sveta in nato predstavljeni in potrjeni na prvi naslednji redni seji nadzornega sveta. Pomembnejše odloËitve nadzornega sveta Na svoji prvi redni seji, 10. marca 2008, je nadzorni svet skladno s Statutom Banke ustanovil triËlansko revizijsko komisijo, ki se je v letu 2008 sestala na štirih rednih sejah. Revizijska komisija je kot posvetovalno telo nadzornega sveta na svojih sejah delovala tako, da je pomagala nadzornemu svetu pri izpolnjevanju njegovih dolžnosti in pristojnosti v zvezi z naslednjim: primernostjo in uËinkovitostjo banËnih postopkov notranje kontrole, kar vkljuËuje ugotavljanje in merjenje tveganj ter upravljanje s tveganji; skladnost z zakonodajo, pravili in politikami, ki urejajo delovanje Banke; primernost raËunovodskih standardov, ki se uporabljajo pri pripravi raËunovodskih izkazov; primernost in neodvisnost zunanjih banËnih revizorjev. Nadzorni svet je na drugi seji, ki je potekala 29. aprila 2008, podal soglasje k spremembi Statuta Banke, s katero je uprava Banke pooblašËena, da do 30. aprila 2009 poveËa osnovni kapital Banke za najveË 662.450,37 evrov (odobreni kapital). Ravno tako je podal soglasje k Poslovniku o delu revizijske komisije in sprejel spremembe Poslovnika o delu nadzornega sveta, s katerimi se bo poveËala uËinkovitost dela nadzornega sveta. Na svoji Ëetrti redni seji, 22. julija 2008, je nadzorni svet Banke za novega Ëlana uprave imenoval Janka Medjo, ki je pridobil dovoljenje Banke Slovenije za opravljanje funkcije Ëlana uprave Banke 16. septembra 2008, ko je tudi nastopil mandat. Nadzorni svet je sodeloval pri sprejemanju vseh ukrepov in aktivnosti, ki so bili potrebni za uresniËevanje skupne poslovne politike nadrejenih banËnih skupin. Potrdil je plan razvoja in temeljne poslovne politike Banke za leto 2008. Nadzorni svet je o realizaciji programa dela in o svojih ugotovitvah ter pregledih zunanjih nadzornih institucij redno prejemal obvestila notranje revizije. Nadzorni svet je še podal soglasje k planu notranje revizije za leto 2008. PoroËilo nadzornega sveta PoroËilo nadzornega sveta Uporaba Ëistega in bilanËnega dobiËka za leto 2008 Uprava Banke je nadzornemu svetu predložila v obravnavo tudi Sklep o uporabi Ëistega dobiËka poslovnega leta 2008 v višini 18.483.549,16 evrov in predlog Sklepa o uporabi bilanËnega dobiËka poslovnega leta 2008 v višini 9.241.774,58 evrov. Uprava Banke je predlagala, da se, zaradi naËrtovanega poveËevanja obsega poslovanja v letu 2009 in prihodnjih letih, v skladu s sprejetimi srednjeroËnimi naËrti Banke ter za zagotavljanje predpisane kapitalske ustreznosti Banke, Ëisti dobiËek Banke ne uporabi za razdelitev delniËarjem ali drugim osebam, ampak se v celoti razporedi v druge rezerve Banke. Uprava Banke je tudi predlagala, da nadzorni svet in skupšËina delniËarjev, v skladu s svojimi pristojnostmi, sprejmeta predlagani sklep o uporabi dobiËka poslovnega leta 2008. S sprejemom takega predloga bo omogoËena nadaljnja rast Banke. Nadzorni svet je prejel oceno revizijske komisije o letnem poroËilu za leto 2008. V zvezi z uporabo bilanËnega dobiËka je priporoËilo revizijske komisije, v soglasju z upravo Banke in upoštevajoË posebno priporoËilo Banke Slovenije (št. 24.00-0060/09, z dne 28. januarja 2009), da se dobiËek z namenom okrepitve kapitalske pozicije banke, ne razdeli med delniËarje. Nadzorni svet je sprejel Sklep o uporabi Ëistega dobiËka za leto 2008, soglašal s predlogom uprave o uporabi bilanËnega dobiËka za leto 2008 in priporoËil skupšËini delniËarjev, da ga sprejme v predlagani obliki. Letno poroËilo 2008 Uprava Banke je pripravila letno poroËilo o poslovanju UniCredit Banka Slovenija d.d. v letu 2008 in ga v zakonskem roku predložila nadzornemu svetu Banke v preveritev. Skupaj z letnim poroËilom je bilo nadzornemu svetu predloženo tudi revizijsko poroËilo o pregledu raËunovodskih izkazov za poslovno leto 2008, ki ga je sestavila pooblašËena revizorska družba KPMG Slovenija d.o.o., zato da bi nadzorni svet zavzel stališËe do revizijskega poroËila Banke. Zgoraj navedena ocena revizijske komisije ne predstavlja ovire za potrditev letnega poroËila za leto 2008. Nadzorni svet je preveril letno poroËilo, ki mu ga je v obravnavo predložila uprava Banke. Ugotovil je, da je letno poroËilo v skladu s poroËili in informacijami o poslovanju Banke v letu 2008 ter s poroËili o ekonomskem in politiËnem okolju, v katerem Banka deluje in so bila nadzornemu svetu predstavljena v poslovnem letu. Letno poroËilo je nadzorni svet primerjal tudi z revidiranimi raËunovodskimi izkazi za poslovno leto 2008 in ugotovil, da so finanËni rezultati, predstavljeni v letnem poroËilu, skladni z revizijskim poroËilom. Na osnovi poroËil, ugotovitev in priporoËil notranje revizije ter zunanjih nadzornikov v letu 2008, je uprava Banke priporoËila upoštevala in opravila potrebne aktivnosti za njihovo izpolnitev oziroma zagotovila, da bodo vse potrebne aktivnosti opravljene. Nadzorni svet meni, da sta skupaj z upravo Banke v poslovnem letu 2008 izpolnila vse zakonske zahteve. Na temelju rednega spremljanja poslovanja Banke in navedenih preverjanj je nadzorni svet potrdil letno poroËilo o poslovanju Banke v letu 2008. V revizijskem poroËilu o pregledu raËunovodskih izkazov za poslovno leto 2008, ki je bilo nadzornemu svetu predloženo skupaj z letnim poroËilom, je podano tudi mnenje pooblašËenega revizorja, ki je izdal mnenje brez pridržka. Nadzorni svet je seznanjen z revizijskim poroËilom Banke za leto 2008 in nima pripomb na poroËilo. Nadzorni svet ocenjuje, da je svoje delo v letu 2008 opravil s profesionalno skrbnostjo, skladno z veljavno zakonodajo ter notranjimi pravili finanËne skupine UniCredit Group. Federico Ghizzoni Predsednik nadzornega sveta UniCredit Banka Slovenija d.d. Izjava o odgovornosti Uprava je odgovorna za pripravo raËunovodskih izkazov za poslovno leto. Ti morajo resniËno in pošteno prikazovati premoženjsko stanje UniCredit Banka Slovenija d.d. ob koncu poslovnega leta ter njen finanËni in poslovni izid za to leto. Uprava mora raËunovodske izkaze pripraviti skladno z naËelom Ëasovne neomejenosti poslovanja, razen kadar to ni primerno. Uprava je pri pripravi raËunovodskih izkazov v letnem poroËilu za leto, ki se je konËalo 31. decembra 2008, dosledno uporabila ustrezne raËunovodske usmeritve in jih podprla z utemeljenimi in previdnimi presojami in ocenami ter zagotovila skladnost z vsemi raËunovodskimi standardi, o katerih meni, da so pomembni. Uprava je odgovorna zagotoviti, da Banka vodi raËunovodske evidence, ki z razumno natanËnostjo razkrivajo finanËni položaj Banke in s katerimi je mogoËe zagotoviti, da so raËunovodski izkazi v vseh pomembnejših pogledih skladni s predpisi Vlade Republike Slovenije, predpisi in navodili Banke Slovenije ter z mednarodnimi standardi raËunovodskega poroËanja. Uprava je v splošnem odgovorna tudi za sprejetje ukrepov, ki so razumno potrebni za zašËito premoženja Banke in za prepreËevanje in odkrivanje prevar in drugih nepravilnosti. V imenu uprave »lan uprave »lan uprave Ljubljana, 2. marec 2009 PoroËilo neodvisnega revizorja RaËunovodski izkazi FinanËni kazalniki 53 Bilanca stanja 54 Izkaz poslovnega izida 55 Izkaz gibanja kapitala 56 Izkaz finanËnega izida 57 Povzetek raËunovodskih usmeritev 58 Pojasnila k raËunovodskim izkazom 68 RaËunovodski izkazi Mag. Stefan Vavti Janko Medja, MBA »lan uprave Dr. France Arhar Dr. Heribert Fernau Predsednik uprave »lan uprave Pojasnila k raËunovodskim izkazom so sestavni del slednjih in jih je treba brati skupaj z njimi. »lan uprave Pojasnila k raËunovodskim izkazom so sestavni del slednjih in jih je treba brati skupaj z njimi. Mag. Stefan Vavti Janko Medja, MBA »lan uprave Dr. France Arhar Dr. Heribert Fernau »lan uprave »lan uprave RaËunovodski izkazi Izkaz gibanja kapitala za leto 2008 Vsebina EUR 1.000 Osnovni kapital Kapitalske rezerve Presežek iz prevrednotenja Rezerve iz dobiËka Zadržani dobiËek »isti dobiËek poslovnega leta Skupaj kapital ZA»ETNO STANJE V OBRA»UNSKEM OBDOBJU 16.258 61.885 (502) 78.383 - 7.591 163.615 »isti dobiËki/izgube iz prevrednotenja finanËnih sredstev, razpoložljivih za prodajo - - 2.462 - - - 2.462 »isti dobiËki/izgube iz varovanja denarnih tokov - - (5.389) - - - (5.389) Skupaj Ëisti dobiËki/izgube po obdavËitvi, pripoznani neposredno v kapitalu - presežku iz prevrednotenja - - (2.927) - - - (2.927) »isti dobiËek/izguba poslovnega leta (iz izkaza poslovnega izida) - - - - - 18.483 18.483 Skupaj Ëisti dobiËek/izguba poslovnega leta, pripoznan v kapitalu - - - - - 18.483 18.483 Razporeditev Ëistega dobiËka v rezerve iz dobiËka - - - 16.833 - (16.833) - KON»NO STANJE V OBRA»UNSKEM OBDOBJU 16.258 61.885 (3.429) 95.216 - 9.242 179.171 BILAN»NI DOBI»EK POSLOVNEGA LETA - - - - - 9.242 9.242 Izkaz gibanja kapitala za leto 2007 Vsebina Osnovni kapital Kapitalske rezerve Rezerve iz dobiËka Zadržani dobiËek »isti dobiËek poslovnega leta EUR 1.000 Skupaj kapital Presežek iz prevrednotenja ZA»ETNO STANJE V OBRA»UNSKEM OBDOBJU 16.270 61.873 (2.068) 52.357 12.970 5.466 146.868 »isti dobiËki/izgube iz prevrednotenja finanËnih sredstev, razpoložljivih za prodajo - - 519 - - - 519 »isti dobiËki/izgube iz varovanja denarnih tokov - - 1.047 - - - 1.047 Skupaj Ëisti dobiËki/izgube po obdavËitvi, pripoznani neposredno v kapitalu - presežku iz prevrednotenja - - 1.566 - - - 1.566 »isti dobiËek/izguba poslovnega leta (iz izkaza poslovnega izida) - - - - - 15.181 15.181 Skupaj Ëisti dobiËek/izguba poslovnega leta, pripoznan v kapitalu - - - - - 15.181 15.181 Razporeditev Ëistega dobiËka v rezerve iz dobiËka - - - 26.026 (12.970) (13.056) - Drugo (denominacija osnovnega kapitala) (12) 12 - - - - - KON»NO STANJE V OBRA»UNSKEM OBDOBJU 16.258 61.885 (502) 78.383 - 7.591 163.615 BILAN»NI DOBI»EK POSLOVNEGA LETA - - - - - 7.591 7.591 Dr. France Arhar Dr. Heribert Fernau Predsednik uprave »lan uprave Pojasnila k raËunovodskim izkazom so sestavni del slednjih in jih je treba brati skupaj z njimi. Mag. Stefan Vavti Janko Medja, MBA »lan uprave »lan uprave Mag. Stefan Vavti Janko Medja, MBA »lan uprave Dr. France Arhar Dr. Heribert Fernau Predsednik uprave »lan uprave Pojasnila k raËunovodskim izkazom so sestavni del slednjih in jih je treba brati skupaj z njimi. »lan uprave RaËunovodski izkazi Splošne informacije UniCredit Banka Slovenija d.d. je poslovna banka s sedežem v Sloveniji, ki nudi široko paleto finanËnih storitev pravnim in fiziËnim osebam. Banka je bila registrirana kot delniška družba 24. januarja 1991. Njen sedež je na naslovu Šmartinska cesta 140, Ljubljana. Dne 31. decembra 2008 je imela Banka skupno dvajset poslovalnic po vsej Sloveniji. Banka je hËerinska banka UniCredit Bank Austria AG. MatiËna banka Skupine je UniCredit S.p.A. s sedežem v Rimu, A. Specchi, 16, Italija. UniCredit Banka Slovenija d.d. ima dovoljenje za opravljanje banËnih storitev po 7. Ëlenu Zakona o banËništvu (Uradni list RS, št. 131/06; v nadaljevanju: ZBan-1). BanËne storitve zajemajo sprejemanje depozitov od javnosti ter dajanje kreditov za svoj raËun. Banka ima dovoljenje za opravljanje vzajemno priznanih in dodatnih finanËnih storitev. Banka lahko opravlja naslednje vzajemno priznane finanËne storitve po 10. Ëlenu ZBan-1: • sprejemanje depozitov; • dajanje kreditov, ki vkljuËuje: -potrošniške kredite, -hipotekarne kredite, - odkup terjatev z regresom ali brez njega (factoring), -financiranje komercialnih poslov, vkljuËno z izvoznim financiranjem na podlagi odkupa z diskontom in brez regresa dolgoroËnih nezapadlih terjatev, zavarovanih s finanËnim instrumentom (forfeiting); • storitve plaËilnega prometa po ZPlaP, razen storitev upravljanja plaËilnih sistemov; • izdajanje in upravljanje plaËilnih instrumentov (na primer kreditnih kartic in potovalnih Ëekov); • izdajanje garancij in drugih jamstev; • trgovanje za svoj raËun ali za raËun strank: -z instrumenti denarnega trga, - s tujimi plaËilnimi sredstvi, vkljuËno z menjalniškimi posli, - s standardiziranimi terminskimi pogodbami in opcijami, -z valutnimi in obrestnimi finanËnimi instrumenti, -s prenosljivimi vrednostnimi papirji; • sodelovanje pri izdaji vrednostnih papirjev in storitve, povezane s tem; • svetovanje in storitve v zvezi z združitvami in nakupom podjetij; • upravljanje z naložbami in svetovanje v zvezi s tem; • investicijske ter pomožne investicijske storitve in posli. Banka lahko opravlja naslednje dodatne finanËne storitve po 11. Ëlenu ZBan-1: • posredovanje pri prodaji zavarovalnih polic po zakonu, ki ureja zavarovalništvo; • skrbniške storitve po zakonu, ki ureja investicijske sklade in družbe za upravljanje. Objavljene raËunovodske izkaze je Uprava Banke potrdila 24. februarja 2009. Povzetek pomembnih raËunovodskih usmeritev Povzetek pomembnih raËunovodskih usmeritev, uporabljenih pri pripravi raËunovodskih izkazov, navajamo spodaj. Navedeno raËunovodsko politiko Banka uporablja za tekoËe in primerjalno leto. IZJAVA O SKLADNOSTI Nekonsolidirani raËunovodski izkazi so bili pripravljeni v skladu z Mednarodnimi standardi raËunovodskega poroËanja (MSRP) in pojasnili, ki jih je objavil Odbor za mednarodne raËunovodske standarde (International Accounting Standards Board, IASB) in jih je sprejela Evropska unija. Z dnem objave teh raËunovodskih izkazov se MSRP-ji, kot jih je sprejela Evropska unija, ne razlikujejo od MSRP-jev, kot jih je objavil IASB, razen za instrumente, za katere v skladu z MRS 39 velja obraËunavanje varovanja pred tveganjem, ki ga Evropska unija ni sprejela. Banka ne uporablja instrumentov, za katere bi veljalo obraËunavanje varovanja pred tveganjem v skladu z MRS 39. Tako morebiten sprejem MRS 39 s strani Evropske unije na dan bilance stanja tudi v delu obraËunavanja varovanja pred tveganjem ne bi imel uËinka na priložene raËunovodske izkaze Banke. RaËunovodski izkazi so pripravljeni v skladu z MSRP, pri Ëemer so kot podlaga za merjenje uporabljene izvirne vrednosti, razen ob merjenju nekaterih finanËnih instrumentov, kjer so kot podlaga za merjenje uporabljene njihove poštene vrednosti. UPORABA OCEN IN PREDPOSTAVK Pri pripravi raËunovodskih izkazov mora uprava pripraviti presoje, ocene in predpostavke, ki vplivajo na uporabo raËunovodskih usmeritev ter na izkazane zneske sredstev, obveznosti, prihodkov in odhodkov. Dejanski rezultati lahko odstopajo od ocen. Banka redno pregleduje ocene in osnovne predpostavke zanje. Spremembe raËunovodskih ocen se pripoznajo v obdobju, v katerem je ocena spremenjena ter v prihodnjih obdobjih, na katera vpliva. a) Opredelitev poštene vrednosti Banka dnevno vrednoti izvedene finanËne instrumente, finanËna sredstva, namenjena trgovanju, kot tudi finanËna sredstva, razpoložljiva za prodajo, na pošteno vrednost instrumenta. Opredelitev poštene vrednosti teh finanËnih instrumentov zahteva uporabo metod vrednotenja, Ëe tržna cena ni na razpolago. Za finanËne instrumente, s katerimi se ne trguje pogosto in katerih cenovna transparentnost je nizka, je poštena vrednost manj objektivna in zahteva razliËno doloËene predpostavke, odvisne od veË dejavnikov. Banka uporablja naslednje metode opredelitve poštene vrednosti: • kotirana cena na delujoËem trgu za identiËen instrument; • metode vrednotenja, ki temeljijo na pomembnih dejavnikih, kot so kotirane cene na delujoËem trgu za podobne instrumente ali metode vrednotenja, kjer lahko vse pomembne dejavnike neposredno ali posredno opazimo na trgu. b) Oslabitve Za stranke iz segmenta poslovanja s podjetji se slabitve finanËnih sredstev ocenjujejo posamiËno, in sicer glede na primerno oceno sedanje vrednosti priËakovanega denarnega toka. Pri ocenjevanju denarnih tokov, Banka presoja finanËno poslovanje stranke kot tudi njeno preteklo plaËilno (ne)disciplino in naËin odplaËevanja. Neto iztržljiva vrednost s tem povezanih zavarovanj se upošteva pri izraËunu šele po zapadlosti ali ko je le-ta odpovedana zaradi nespoštovanja pogodbenih obveznosti. Ocena vrednosti zavarovanja, ki se upošteva pri izraËunu slabitev, temelji na izkušnjah Banke in pridobljenih cenitvah, Ëe in ko je to mogoËe. Banka uporablja tudi razliËne faktorje zavarovanja v smislu konzervativnega pristopa k vrednotenju razpoložljivih zavarovanj. Slabitve se oblikujejo meseËno, postopek pa je urejen z internimi navodili in ima ustrezno informacijsko podporo. Organi pristojni za upravljanje s kreditnim tveganjem odobrijo vsako slabitev sredstev glede na vrednost, skladno z izraËunano oceno denarnih tokov. Pri fiziËnih osebah Banka uporablja skupinsko ocenjevanje za oblikovanje slabitev. Le-te zajemajo kreditne izgube, ki se nanašajo na portfelj kreditov. Pri izraËunavanju potrebe za skupinske slabitve, vodstvo Banke upošteva tudi dejavnike kot so kakovost posojil, velikost portfelja in ekonomske dejavnike, vkljuËno z analizo pretekle plaËilne discipline v teh razredih. Slabitve za nastale, vendar še ne izkazane izgube (IBNR) se izraËunavajo na letni ravni, temeljijo pa na kakovosti portfelja in na tako imenovanem obdobju evidentiranja izgube (loss detection period). PRIMERJALNI ZNESKI Zaradi zagotavljanja primerljivosti zneskov v obeh prikazanih letih so bili zneski za leto 2007 prerazvršËeni kot sledi: • Banka je v preteklih letih izkazovala prihodke in odhodke za premije iz opcij ter provizij iz obrestnih zamenjav med provizijami, v letu 2008 pa jih je priËela pripoznavati kot dobiËke in izgube iz finanËnih sredstev in obveznosti, namenjenih trgovanju (glej Pojasnila 28, 29 in 31); • Banka je raËune zaprtih transakcijskih raËunov preknjižila iz kontov ostalih terjatev na kredite (glej Pojasnili 6 in 12). SPREMEMBE RA»UNOVODSKIH USMERITEV Oktobra 2008 je IASB izdal Prerazvrstitve finanËnih sredstev (Spremembe MRS 39 in MSRP 7). Spremembe MRS 39 dovoljujejo prerazvrstitve finanËnih sredstev, ki niso izvedeni finanËni instrumenti, iz kategorije “FinanËna sredstva po pošteni vrednosti skozi poslovni izid”, Ëe jih podjetje ne poseduje veË z namenom prodaje ali ponovnega nakupa v kratkem roku. V skladu s temi spremembami je Banka prerazvrstila doloËena finanËna sredstva iz kategorije “FinanËna sredstva v posesti za trgovanje” v kategorijo “Za prodajo razpoložljiva finanËna sredstva”. IZDANI, VENDAR ŠE NE UVELJAVLJENI STANDARDI IN POJASNILA Številni novi standardi, dopolnitve standardov in pojasnila za leto, ki se je konËalo na dan 31. december 2008, še ne veljajo in jih Banka pri pripravi raËunovodskih izkazov ni upoštevala: • MSRP 8 - Poslovni odseki; v poroËanje po odsekih uvaja t.i. “poslovodni pristop”. MSRP 8, ki ga bo Banka morala upoštevati pri pripravi raËunovodskih izkazov za poslovno leto 2009, doloËa razkritja o odsekih na podlagi internih poroËil, ki jih bo redno preverjal glavni nosilec odloËanja v Banki (Chief Operating Decision Maker), da oceni poslovno uspešnost vsakega odseka in jim dodeli sredstva. • Prenovljeni MRS 23 - Stroški izposojanja; ne daje veË možnosti pripoznavanja stroškov izposojanja kot odhodkov in zahteva, da podjetje stroške izposojanja, ki jih je mogoËe pripisati neposredno nakupu, gradnji ali proizvodnji sredstva v pripravi, usredstvi kot del nabavne vrednosti zadevnega sredstva. Prenovljeni MRS 23 bo Banka morala priËeti uporabljati pri pripravi raËunovodskih RaËunovodski izkazi Povzetek raËunovodskih usmeritev izkazov za poslovno leto 2009, kar bo predstavljalo spremembo v raËunovodskih usmeritvah Banke. Skladno s prehodnimi doloËbami bo Banka prenovljeni MRS 23 uporabila pri tistih sredstvih, pri katerih se usredstvenje stroškov izposojanja priËne na dan, ko sprememba stopi v veljavo ali pozneje. • Dopolnilo k MSRP 2 - PlaËilo z delnicami; natanËneje doloËa pojem odmerni pogoji in uvedba koncepta neodmernih (nezajamËenih) pogojev. Neodmerni pogoji se morajo odražati v pošteni vrednosti na dan podelitve, nezmožnost izpolnitve neodmernih pogojev pa se obravnava kot preklic. Banka bo dopolnila k MSRP 2 uporabila pri pripravi raËunovodskih izkazov za leto 2009. • Spremenjen MSRP 3 - Poslovne združitve; obseg spremenjenega standarda je dopolnjen in definicija pojma “posel” je razširjena. Dopolnjeni standard zajema tudi številne druge spremembe, med drugim: -vsi sestavni deli plaËila, ki jih prenese prevzemnik, so pripoznani in izmerjeni po pošteni vrednosti na datum prevzema, vkljuËno z zneski, katerih plaËilo je odvisno od prihodnjih dogodkov; -naknadne spremembe zneskov, katerih plaËilo je odvisno od prihodnjih dogodkov, se pripoznajo v poslovnem izidu; -stroški prenosa, z izjemo stroškov izdaje delnic ter stroškov izdaje dolgovnega instrumenta, se obravnavajo kot odhodek na dan nastanka; -prevzemnik se lahko odloËi, da bo neobvladujoË delež izmeril po pošteni vrednosti na datum prevzema (celotna vrednost dobrega imena), ali po sorazmernem deležu poštene vrednosti opredeljivih sredstev in dolgov prevzetega. Spremenjen MSRP 3 za poslovanje Banke ni pomemben, saj Banka nima takšnih deležev v odvisnih družbah, na katere bi omenjena sprememba lahko vplivala. • Dopolnjen MRS 1 - Predstavitev raËunovodskih izkazov; zahteva, da se podatki v raËunovodskih izkazih združijo na podlagi skupnih znaËilnosti ter uvaja “izkaz celotnega dobiËka”. Postavke stroškov in odhodkov, kot tudi sestavine ostalega celotnega dobiËka so prikazani bodisi v izkazu celotnega dobiËka (ki v enem samem izkazu zajema izkaz uspeha ter vse nelastniške spremembe v kapitalu), ali dveh loËenih izkazih (izkaz uspeha ter izkaz celotnega dobiËka). Banka bo za raËunovodske izkaze 2009 uporabila dva loËena izkaza. • Dopolnilo k MRS 27 - Konsolidirani in loËeni raËunovodski izkazi; spremembe se nanašajo na ukinitev definicije “naložbena metoda”, ki jo trenutno navaja MRS 27. Namesto tega se vse dividende odvisnega podjetja, skupaj obvladovanega podjetja ali pridruženega podjetja pripoznajo kot prihodek v posameznih raËunovodskih izkazih naložbenika, ko se uveljavi pravica do izplaËila dividende. Ker Banka nima odvisnega, skupaj obvladovanega ali pridruženega podjetja, dopolnila k MRS 27 ne vplivajo na njene raËunovodske izkaze. • Spremenjen MRS 27 - Konsolidirani in loËeni raËunovodski izkazi; obravnava izraz ”manjšinski delež”, ki se nadomešËa z izrazom “neobvladujoË delež” in je definiran kot "kapitalski delež v odvisnem podjetju, ki ni last obvladujoËega podjetja niti neposredno niti posredno". Nadalje, dopolnjen standard spreminja obravnavanje neobvladujoËega deleža, izgubo obvladovanja odvisnega podjetja, kot tudi razporeditev dobiËka ali izgube ter ostalega celotnega dobiËka med obvladujoËim in neobvladujoËim deležem. Banka še ni zakljuËila analize uËinka tega dopolnila. • Dopolnila k MRS 32 - FinanËni instrumenti; razkrivanje, in MRS 1 - Predstavitev raËunovodskih izkazov; uvajajo izjemo od naËela, ki se praviloma uporablja v sklopu MRS 32 v zvezi z razvršËanjem instrumentov kot lastniški kapital; sprememba namreË omogoËa, da se doloËeni prodajljivi instrumenti, ki jih družba izda in obiËajno razvrsti kot obveznost, razvrstijo kot lastniški kapital, toda le Ëe izpolnjujejo doloËene pogoje. Dopolnila za Banko niso pomembna, saj v preteklosti ni izdala prodajljivih instrumentov. • Dopolnilo k MRS 39 - FinanËni instrumenti; Pripoznavanje in merjenje podrobneje opisuje uporabo obstojeËih naËel, ki doloËajo, ali lahko posebne oblike tveganja denarnih tokov ali deli denarnih tokov odražajo razmerja varovanja pred tveganji. Da bi se odražalo razmerje varovanja pred tveganji, je potrebno tveganja ali dele loËeno pripoznati in izmeriti; vendar pa inflacije ne moremo doloËiti razen v omejenih okolišËinah. Banka še ni zakljuËila analize uËinka tega dopolnila. • OPMSRP 13 - Programi zvestobe kupcev; nanaša se na raËunovodstvo podjetij, ki izvajajo ali so drugaËe udeležena v programih zvestobe kupcev. Nanaša se na tiste programe zvestobe kupcev, v katerih ti pridobijo pravico do nagrade, kot na primer brezplaËno ali cenovno ugodnejše blago ali storitve. Ne priËakujemo, da bo imel OPMSRP 13, ki ga bo Banka morala upoštevati pri pripravi izkazov za poslovno leto 2009, vpliv na njene raËunovodske izkaze. • ·OPMSRP 15 - Pogodbe za gradnjo nepremiËnin; podrobneje doloËa, da so prihodki, ki izhajajo iz pogodb o gradnji nepremiËnin pripoznani glede na stopnjo dokonËanosti pogodbene dejavnosti v naslednjih primerih: - pogodba ustreza opredelitvi pogodbe o gradbenih delih skladno z MRS 11.3; - pogodba velja zgolj za izvedbo storitev v skladu z IAS 18 (npr. družbi ni potrebno dobavljati gradbene materiale); in - pogodba je namenjena prodaji blaga, prihodki pa se pripoznajo sproti med gradnjo v skladu z doloËili MRS 18.14. V vseh ostalih primerih se prihodki pripoznajo takrat, ko so izpolnjeni vsi pogoji pripoznanja prihodkov kot to doloËa MRS 18.14 (npr. po konËani gradnji ali po dobavi). Pojasnilo OPMSRP 15 za Banko ni pomembno, saj le-ta ne izvaja storitev gradnje nepremiËnin in ne razvija nepremiËnin za prodajo. • OPMSRP 16 - Varovanje Ëistih finanËnih naložb v podjetje v tujini; pred tveganjem podrobneje doloËa vrsto tveganja, pred katerim se je potrebno zavarovati, katera družba v Skupini sme posedovati postavko varovano pred tveganjem, pojasnjuje ali metoda konsolidacije vpliva na uËinkovitost varovanja, kot tudi obliko, ki jo instrument varovanja zavzame, pa vse do zneskov, ki se ob ukinitvi poslovanja v tujini prerazvrstijo iz kapitala v poslovni izid. Banka nima finanËnih naložb v podjetje v tujini, zato OPMSRP 16 nima vpliva na njene raËunovodske izkaze. • OPMSRP 17 - IzplaËila nedenarnih sredstev lastnikom; velja za enostranska izplaËila nedenarnih sredstev lastnikom. V skladu s pojasnilom se obveznost izplaËila dividende pripozna, ko je dividenda ustrezno odobrena in ni veË predmet presoje podjetja, ter se izmeri po pošteni vrednosti izplaËanega sredstva. Knjigovodska vrednost dividende se ponovno izmeri na dan poroËanja, sprememba knjigovodske vrednosti pa se pripozna v izkazu poslovnega izida. Ker pojasnilo velja le od dneva uporabe dalje, le-to ne bo vplivalo na raËunovodske izkaze za obdobja pred datumom sprejema pojasnila. Prav tako se pojasnilo nanaša na bodoËe dividende, ki bodo predmet presoje uprave/družbenikov, zato ni mogoËe oceniti uËinka tega pojasnila. PREVEDBA TUJE VALUTE Funkcijska in predstavitvena valuta: Postavke v raËunovodskih izkazih so za leti 2007 in 2008 evidentirane v evrih, ki so funkcijska in predstavitvena valuta Banke. Transakcije in stanja: Transakcije v tuji valuti so pretvorjene v funkcijsko valuto z uporabo menjalnega teËaja Evropske centralne banke na dan posla. Vsak dobiËek ali izguba, ki izhaja iz poravnave transakcij v tujih valutah ter iz pretvorbe denarnih postavk v tujih valutah v funkcijsko valuto, je poroËan v izkazu poslovnega izida, razen Ëe je zadržan v kapitalu v primeru varovanja denarnih tokov pred tveganjem ter za prodajo razpoložljivih finanËnih sredstev. Valutni terminski posli se preraËunajo v evre po sklenjenem terminskem teËaju. Promptni menjalni teËaji, ki so bili uporabljeni pri pripravi bilance stanja Banke na dan poroËanja, so bili naslednji: Valuta 31. 12. 2008 31. 12. 2007 USD 1,4098 1,4721 CHF 1,4963 1,6547 FINAN»NA SREDSTVA Banka uvršËa finanËna sredstva v naslednje skupine: finanËna sredstva po pošteni vrednosti skozi poslovni izid, posojila in terjatve, finanËne naložbe v posesti do zapadlosti v plaËilo ter za prodajo razpoložljiva finanËna sredstva. Banka razvrsti finanËna sredstva v te skupine ob zaËetnem pripoznanju. Vsa finanËna sredstva, s katerimi Banka razpolaga, so pripoznana ter je njihovo pripoznanje odpravljeno ob upoštevanju datuma trgovanja razen posojil in terjatev, ki so pripoznani ob upoštevanju datuma plaËila. Vsa finanËna sredstva se na zaËetku pripoznajo po pošteni vrednosti in Ëe gre za finanËno sredstvo, ki ni podano po pošteni vrednosti skozi poslovni izid, so prišteti tudi stroški posla, ki neposredno izhajajo iz nakupa finanËnega sredstva. Banka odpravi pripoznanje finanËnih sredstev, kadar so potekle pogodbene pravice do denarnih tokov oziroma je prenesla pravice do prejema denarnih tokov iz finanËnih sredstev skupaj z vsemi tveganji in koristmi na drugo stranko. »e Banka ohrani pravice do obvladovanja tveganj, jih pripozna kot loËeno sredstvo oziroma obveznost. Banka odpravi pripoznanje finanËnih obveznosti kadar so pogodbene obveznosti izpolnjene, poteËejo oziroma so drugaËe prekinjene. a) FinanËna sredstva po pošteni vrednosti skozi poslovni izid V to skupino so uvršËena sredstva, ki so uvršËena kot v posesti za RaËunovodski izkazi Povzetek raËunovodskih usmeritev trgovanje ter tista, ki jih Banka po zaËetnem pripoznanju oznaËi po pošteni vrednosti skozi poslovni izid. • FinanËno sredstvo je uvršËeno kot v posesti za trgovanje, Ëe je pridobljeno ali prevzeto v glavnem z namenom prodaje ali ponovnega nakupa v kratkem roku ali Ëe je del portfelja prepoznanih finanËnih instrumentov, ki se obravnavajo skupaj in za katere obstajajo dokazi o nedavnem kratkoroËnem pobiranju dobiËkov. Tudi izpeljani instrumenti so uvršËeni v posesti za trgovanje, razen Ëe so instrumenti za varovanje pred tveganjem. Po zaËetnem pripoznanju se ti vrednostni papirji merijo in pripoznavajo po pošteni vrednosti, ki je približno enaka teËaju na organiziranem trgu borznih vrednostnih papirjev ali izraËunana s sprejemljivim modelom vrednotenja. Banka vkljuËuje nerealizirane dobiËke in izgube v “»isti dobiËki/izgube iz finanËnih sredstev in obveznosti, namenjenih trgovanju”. Obresti iz vrednostnih papirjev za trgovanje se obraËunavajo dnevno in so v izkazu poslovnega izida prikazane kot “Prihodki iz obresti”. • Banka oznaËi finanËna sredstva po zaËetnem pripoznanju po pošteni vrednosti skozi poslovni izid, ker ta oznaka znatno zmanjša nedoslednost merjenja, ki bi sicer izhajala iz merjenja izpeljanega finanËnega instrumenta kot v posesti za trgovanje ter merjenja osnovnega finanËnega sredstva po metodi veljavnih obresti. Posojila, merjena po pošteni vrednosti skozi poslovni izid, so posojila s fiksno obrestno mero, ki so zavarovana pred tveganjem po referenËni obrestni meri posojila z zamenjavo obrestnih mer. Posojila so pripoznana po pošteni vrednosti skozi poslovni izid, da bi se s tem izognili napakam pri predstavitvi ekonomske vsebine transakcije. Banka ugotavlja pošteno vrednost posojila najmanj enkrat meseËno. b) Posojila in terjatve Posojila in terjatve so neizpeljana finanËna sredstva z doloËenimi ali doloËljivimi plaËili, ki ne kotirajo na delujoËem trgu, razen: • tistih, ki jih Banka namerava prodati takoj ali kratkoroËno, ki se uvrstijo kot v posesti za trgovanje, in tistih, ki jih Banka po zaËetnem pripoznanju oznaËi po pošteni vrednosti skozi poslovni izid; • tistih, ki jih Banka po zaËetnem pripoznanju oznaËi kot razpoložljiva za prodajo; • tistih, za katere imetnik morda ne dobi povrnjene skoraj celotne pripoznane zaËetne naložbe, vendar ne zaradi poslabšanja kreditne sposobnosti, ki se uvrstijo kot na razpolago za prodajo. Banka meri posojila in terjatve po odplaËni vrednosti. Ker Banka še ni uvedla ustrezne programske rešitve za pripoznavanje provizij za posojila pravnim osebam po metodi veljavnih obresti, so le-te linearno razmejene. Banka na datum vsakega poroËanja oceni, ali obstaja kakšno znamenje, da utegne biti sredstvo oslabljeno. »e obstaja kakršnokoli tako znamenje, oceni nadomestljivo vrednost sredstva. Za vsa posojila se uporablja individualna presoja finanËnih sredstev, razen za fiziËne osebe, kjer se uporablja ocena kakovosti portfelja finanËnih sredstev. c) FinanËne naložbe v posesti do zapadlosti v plaËilo FinanËne naložbe v posesti do zapadlosti v plaËilo so neizpeljana finanËna sredstva z doloËenimi ali doloËljivimi plaËili in doloËeno zapadlostjo v plaËilo, ki jih Banka nedvoumno namerava in zmore posedovati do zapadlosti. FinanËne naložbe v posesti do zapadlosti v plaËilo se izkazujejo po odplaËni vrednosti. Banka na datum vsakega poroËanja oceni, ali je kako znamenje, da utegne biti sredstvo oslabljeno. »e je kakršnokoli takšno znamenje, oceni nadomestljivo vrednost sredstva. d) Za prodajo razpoložljiva finanËna sredstva Za prodajo razpoložljiva finanËna sredstva so tista neizpeljana finanËna sredstva, ki so oznaËena kot razpoložljiva za prodajo ali pa niso uvršËena kot posojila in terjatve, finanËne naložbe v posesti do zapadlosti v plaËilo ali finanËna sredstva po pošteni vrednosti skozi poslovni izid. Ta portfelj vkljuËuje lastniške in dolžniške vrednostne papirje. Po prvotnem izkazovanju se za prodajo razpoložljiva finanËna sredstva izmerijo po njihovih poštenih vrednostih. Kadar tržne cene niso na voljo, se poštena vrednost dolžniških vrednostnih papirjev oceni z uporabo sedanje vrednosti priËakovanih prihodnjih denarnih tokov, poštena vrednost lastniških vrednostnih papirjev, ki ne kotirajo na borzi, pa z uporabo ustreznih razmerij teËaj/donos ali teËaj/denarni tok, prilagojenih tako, da odražajo specifiËne okolišËine izdajatelja. DobiËek ali izguba pri finanËnem sredstvu, ki je na razpolago za prodajo, se pripozna neposredno v kapitalu prek izkaza gibanja kapitala, razen izgub zaradi oslabitve in deviznih dobiËkov in izgub, dokler se za finanËno sredstvo ne odpravi pripoznanja in tedaj je prej pripoznani nabrani dobiËek ali izguba pripoznan/a v poslovnem izidu. Obresti, izraËunane po metodi veljavnih obresti, se obraËunavajo dnevno in se pripoznajo v poslovnem izidu. Dividende za kapitalski instrument, ki je na razpolago za prodajo, se pripoznajo v poslovnem izidu, ko je uveljavljena pravica Banke do plaËila. IZPELJANI FINAN»NI INSTRUMENTI V svojem rednem poslovanju Banka sklepa posle z izpeljanimi finanËnimi instrumenti, ki predstavljajo majhno zaËetno naložbo v primerjavi z nazivno vrednostjo pogodbe. Uporabljani izpeljani finanËni instrumenti vkljuËujejo obrestne, valutne in blagovne terminske pogodbe (forward), zamenjave (swap) in opcije (option). Banka uporablja te finanËne instrumente za varovanje pred obrestnim in valutnim tveganjem, s katerima se sreËuje pri svojem poslovanju na finanËnih trgih, aktivno odpira svoje pozicije ter jih prodaja strankam. Izpeljani finanËni instrumenti se v bilanci stanja na zaËetku pripoznajo po odplaËni vrednosti in se pozneje izmerijo po pošteni vrednosti. Poštene vrednosti so doloËene na podlagi objavljenih cen na delujoËem trgu, z uporabo modelov diskontiranih denarnih tokov ali uporabo modelov za opcijsko vrednotenje, odvisno od posameznega izpeljanega finanËnega instrumenta. Spremembe poštene vrednosti izpeljanih finanËnih instrumentov, ki ne predstavljajo instrumentov za varovanje pred tveganjem, se izkazujejo v postavki “DobiËek in izguba finanËnih sredstev in obveznosti, ki so v posesti za trgovanje”. Vse izvedene finanËne instrumente se izkazuje kot sredstva, Ëe je njihova poštena vrednost pozitivna, in kot obveznosti, Ëe je ta negativna. INSTRUMENTI ZA VAROVANJE PRED TVEGANJEM a) Varovanje poštene vrednosti pred tveganjem V letu 2008 Banka ni izvajala varovanja poštene vrednosti pred tveganjem. b) Varovanje denarnih tokov pred tveganjem V skladu z MSRP varovanje denarnih tokov služi varovanju pred negotovimi (variabilnimi) denarnimi tokovi v prihodnje. S tem namenom so obrestni denarni tokovi varovanih postavk in povezani izvedeni instrumenti, ki so oznaËeni kot instrumenti varovanja pred tveganjem, projicirani v prihodnost (predvidene transakcije). Varovanje se nanaša na izpostavljenost variabilnosti denarnih tokov, ki so povezani s pripoznanimi sredstvi ali pripoznanimi obveznostmi do virov sredstev ali pa z naËrtovano oz. predvideno transakcijo (ali posameznimi deli teh treh), kar bo vplivalo na Ëisti dobiËek. Instrument varovanja je pripoznan po pošteni vrednosti. Varovane postavke so obrestni denarni tokovi (predvidene transakcije) transakcij, ki so v ozadju. Pri slednjih gre lahko za transakcije s strankami ali z vrednostnimi papirji, na strani sredstev ali obveznosti v bilanci stanja, pri katerih je obrestna mera obËutljiva na tržne spremembe. Instrumenti varovanja so katerikoli izvedeni finanËni instrumenti, ki lahko varujejo pred izpostavljenostjo variabilnosti relevantnih denarnih tokov. Spremembe poštene vrednosti so razdeljene na uËinkoviti del, ki ga je mogoËe pripisati varovanju, in na neuËinkoviti del, ki ga ni mogoËe pripisati varovanju. Varovanje šteje kot uËinkovito, Ëe so za vsako Ëasovno obdobje neto denarni tokovi, povezani z instrumenti varovanja, nižji ali enaki denarnim tokovom pred tveganjem varovane postavke (postavk). UËinkoviti deli so pripoznani neposredno v kapitalu (Presežek iz prevrednotenja, varovanje denarnih tokov). NeuËinkoviti del dobiËka ali izgube na instrumentu varovanja je pripoznan v izkazu poslovnega izida. Da bi se izognili neuËinkovitosti, se pripravljajo projekcije, predvsem za limite in morebitne vzroke neuËinkovitosti. Oddelek za tržna tveganja konec vsakega meseca izvede preskus uËinkovitosti. Banka se poslužuje varovanja denarnih tokov za upravljanje s tveganji obrestnih mer na agregirani osnovi. Izvedeni finanËni instrumenti se ne povezujejo s posameznimi transakcijami. OPREDMETENA OSNOVNA SREDSTVA (NEPREMI»NINE, NAPRAVE IN OPREMA) IN NEOPREDMETENA DOLGORO»NA SREDSTVA Opredmetena osnovna in neopredmetena dolgoroËna sredstva se pripoznajo po nabavni vrednosti. Banka je za merjenje po pripoznanju izbrala model nabavne vrednosti, kar pomeni, da nabavno vrednost zmanjša za amortizacijski popravek vrednosti in nabrano izgubo zaradi oslabitve. Amortizacija se izraËuna z uporabo metode enakomernega Ëasovnega amortiziranja. ZemljišËa in sredstva v izgradnji se ne amortizirajo. RaËunovodski izkazi Povzetek raËunovodskih usmeritev Dobe koristnosti sredstev so razkrite v naslednji tabeli: Vlaganje v tuje objekte 31. 12. 2008 10 let 31. 12. 2007 10 let RaËunalniška oprema 4 leta 4 leta Pohištvo, naprave in motorna vozila 4-10 let 4-10 let Neopredmetena osnovna sredstva -programska oprema 5 let 5 let Doba koristnosti sredstev se redno preverja ter po potrebi prilagodi amortizacijska doba. Vlaganja v zakupljene objekte/sredstva se amortizirajo v dobi, ki je krajša, pri Ëemer se primerjata doba njihove uporabe in preostala doba njihovega zakupa na podlagi metode enakomernega Ëasovnega amortiziranja. Popravila in obnove manjšega obsega se izkažejo v izkazu poslovnega izida. Banka obËasno preverja vrednost svojih opredmetenih osnovnih in neopredmetenih dolgoroËnih sredstev, da bi prepoznala, ali utegnejo biti oslabljena. Kadar in zgolj kadar je nadomestljiva vrednost sredstva manjša od njegove knjigovodske vrednosti, Banka zmanjša knjigovodsko vrednost na njegovo nadomestljivo vrednost. Takšno zmanjšanje je izguba zaradi oslabitve. Razveljavitev izgube zaradi oslabitve sredstva se takoj pripozna kot prihodek v izkazu poslovnega izida. Pripoznanje knjigovodske vrednosti posameznega sredstva se odpravi ob odtujitvi ali Ëe od njegove uporabe ali odtujitve ni veË priËakovati prihodnjih gospodarskih koristi. DobiËki ali izgube, ki izhajajo iz odprave pripoznanja sredstva, se vkljuËijo v poslovni izid, ko se pripoznanje sredstva odpravi. DobiËki ali izgube, ki izhajajo iz odprave pripoznanja posameznega sredstva, se izraËunajo na podlagi razlike med Ëistim donosom ob odtujitvi, Ëe obstaja, in knjigovodsko vrednostjo sredstva. DRUGA SREDSTVA Druga sredstva sestavljajo Ëasovne razmejitve, provizije in druga sredstva, ki niso izkazana v drugih postavkah. FINAN»NE OBVEZNOSTI Banka pripozna finanËne obveznosti po pošteni vrednosti. Po zaËetnem pripoznanju jih izmeri po odplaËni vrednosti z uporabo metode veljavnih obresti. Banka doslej še ni pripoznala finanËnih obveznosti po pošteni vrednosti skozi poslovni izid. Postavka “FinanËne obveznosti, namenjene trgovanju” izkazuje negativno tržno vrednost izpeljanih finanËnih instrumentov. REZERVACIJE Rezervacija se pripozna, Ëe ima Banka zaradi preteklega dogodka sedanjo obvezo, Ëe je verjetno, da bo pri poravnavi obveze potreben dotok dejavnikov, ki omogoËajo gospodarske koristi, in Ëe je mogoËe zanesljivo oceniti znesek obveze. Rezervacije se oblikujejo za: • potencialne izgube v zvezi s tveganji, ki izhajajo iz zunajbilanËnih postavk; • jubilejne nagrade in odpravnine; • potencialne izgube v zvezi s pravdnimi spori, v katerih je Banka udeležena oziroma obstaja nevarnost, da bo udeležena. IZKAZ FINAN»NEGA IZIDA (FINAN»NIH TOKOV) Pri poroËanju o finanËnih tokovih so denarna sredstva opredeljena kot denar v blagajni in na transakcijskih raËunih pri bankah, vkljuËno z obveznimi rezervami pri Banki Slovenije. Denarni ustrezniki so opredeljeni kot kratkoroËne hitro unovËljive naložbe, ki so takoj pretvorljive v znane zneske denarnih sredstev in pri katerih je tveganje spremembe vrednosti nepomembno. UGODNOSTI ZAPOSLENIH Banka svojim zaposlenim izplaËuje jubilejne nagrade in odpravnine. Zaposleni so upraviËeni do jubilejnih nagrad, Ëe so v Banki neprekinjeno zaposleni doloËeno Ëasovno obdobje. Do odpravnin pa so upraviËeni tisti zaposleni, ki se upokojijo in so bili pred tem v Banki zaposleni doloËeno minimalno Ëasovno obdobje. Sedanjo vrednost obvez za izplaËilo jubilejnih nagrad in odpravnin je izraËunal za to usposobljen aktuar z uporabo metode predvidene pomembnosti enot. KljuËne aktuarske predpostavke, uporabljene pri izraËunu sedanje vrednosti omenjenih obvez, so naslednje: • diskontna mera - kot diskontna mera so uporabljeni na dan bilance stanja znani tržni donosi visoko kvalitetnih obveznic, katerih izdajatelji so družbe iz evroobmoËja, • ocenjeno poveËanje prihodnjih plaË, • ocenjeno poveËanje jubilejnih nagrad, • stopnje smrtnosti - tabela smrtnosti v Sloveniji v letih 2000-2002, • fluktuacija zaposlenih na podlagi zabeleženih podatkov o zaposlenih v Banki v prejšnjih letih, • starost ob upokojitvi: 59 let za ženske in 61 let za moške, • tekoËi podatki o zaposlenih v Banki (trajanje zaposlitve, starost, spol, povpreËni zaslužki), • povpreËna meseËna plaËa v Republiki Sloveniji, • v primeru, da je na dan, za katerega je narejen izraËun, zgoraj navedena starost ob upokojitvi že dosežena ali presežena, se predpostavlja upokojitev Ëez šest mesecev. Znesek obvez, ki izhajajo iz jubilejnih nagrad in odpravnin zaposlenim, je pripoznan kot sedanja vrednost priËakovanih prihodnjih plaËil. Aktuarski dobiËki in izgube so pripoznani v poslovnem izidu. Aktuarski dobiËki in izgube, ki izvirajo iz izkustvene prilagoditve in iz uËinkov sprememb aktuarskih predpostavk ter presegajo 10 % sedanje vrednosti obveze za doloËene zaslužke in 10 % poštene vrednosti kakršnihkoli sredstev programa, se pripoznajo v izkazu poslovnega izida postopno v priËakovani povpreËni preostali delovni dobi zaposlenih. Banka poleg navedenih nagrad in odpravnin svojim zaposlenim izplaËuje tudi nekatere druge zaslužke, kot so prispevki za pokojninsko zavarovanje. Ta izplaËila so priznana kot odhodki v poslovnem izidu tekoËega obdobja. DELNIŠKI KAPITAL Delniški kapital je sestavljen iz vplaËanega kapitala, t.j. kapitala, ki so ga delniËarji dali na razpolago Banki (osnovni kapital in kapitalske rezerve), ter zadržanega Ëistega dobiËka (presežki iz prevrednotenja pri poslih z vrednostnimi papirji, razpoložljivimi za prodajo, in varovanje denarnih tokov, rezerve iz dobiËka, zadržani dobiËki in Ëisti dobiËek tekoËega leta). DOBI»EK NA DELNICO Banka je predstavila dobiËek na delnico za svoje navadne (vse) delnice. DobiËek na delnico je izraËunan kot kvocient med dobiËkom ali izgubo ter povpreËnim številom delnic v obdobju. Banka nima prednostih delnic ali drugih zamenljivih instrumentov, zato je popravljen Ëisti dobiËek na delnico enak izraËunanemu dobiËku na delnico. POGOJNE OBVEZNOSTI IN PREVZETE FINAN»NE OBVEZNOSTI Prevzete finanËne obveznosti za jamstva (garancije), tako finanËna kot storitvena, predstavljajo nepreklicne obveze Banke za plaËila, Ëe komitent Banke ne izpolni svojih obveznosti do tretjih oseb. Listinski akreditivi so nepreklicne pogojne obveznosti Banke, ki na zahtevo stranke (kupca) izvrši ali sprejme plaËilo upraviËenca (prodajalca), ali plaËa ali sprejme menice, ki jih je dvignil upraviËenec ob predložitvi predpisanih dokumentov, skladno z izpolnjenimi zahtevami izdanega akreditiva. Listinski akreditivi so zavarovani, podobno kot posojila oz. prevzete finanËne obveznosti za jamstva, glede na kreditno sposobnost in uspešnost posojilojemalca. Osnovni namen prevzetih in nepreklicnih obveznosti iz odobrenih posojil je, skladno s sklenjenim dogovorom, zagotovitev sredstev komitentu Banke. Prevzete in nepreklicne obveznosti iz odobrenih posojil sestavljajo neËrpana sredstva iz odobrenih posojil in neporabljeni, odobreni limiti na transakcijskih raËunih komitentov Banke. Tveganja, povezana s pogojnimi obveznostmi in prevzetimi finanËnimi obvezami, se ocenjujejo podobno kot tveganja pri odobrenih posojilih, pri Ëemer so upoštevani kreditna sposobnost in uspešnost posojilojemalca ter vrednosti prejetih zavarovanj in garancij tretjih strank. OBRESTNI PRIHODKI IN ODHODKI V izkazu poslovnega izida se obrestni prihodki in odhodki pripoznajo v ustreznem obdobju po metodi veljavnih obresti. Ker Banka še ni uvedla ustrezne programske rešitve za pripoznavanje provizij za posojila pravnim osebam po metodi veljavnih obresti, so le-te linearno razmejene. IZGUBE ZARADI OSLABITVE POSOJIL IN TERJATEV Banka oceni na vsak dan bilance stanja, ali obstaja kak nepristranski dokaz o morebitni oslabljenosti finanËnega sredstva. »e takšni dokazi obstajajo, Banka izmeri znesek izgube kot razliko med knjigovodsko vrednostjo in sedanjo vrednostjo priËakovanih prihodnjih denarnih tokov razobresteni po izvirni veljavni obrestni meri sredstva. Vrednost izgube se pripozna v poslovnem izidu. PRIHODKI IN ODHODKI IZ PROVIZIJ Prejete in dane provizije se obiËajno pripoznajo na dan zakljuËka izvedene transakcije. Provizije, ki se nanašajo na daljše Ëasovno obdobje, Banka razmejuje. OBDAV»ENJE Davki se izraËunavajo v skladu s predpisi o davku od dohodkov pravnih oseb. Na splošno obdavËljiv dobiËek temelji na dobiËku ali izgubi, pripoznani v izkazu poslovnega izida, ki je pripravljen v skladu z MSRP. Prilagojen je v skladu z davËnimi predpisi. Odhodek za davek (prihodek od davka) obsega odmerjeni odhodek za davek (odmerjeni prihodek od davka) in odloženi odhodek za davek (odloženi prihodek od davka). RaËunovodski izkazi Povzetek raËunovodskih usmeritev Trenutna davËna stopnja za davek od dobiËka pravnih oseb je 22 % (za leto 2007 23 %). Za odložene davke je bila uporabljena stopnja 21 % (za leto 2007 22 %), ki predstavlja stopnjo davka od dohodkov pravnih oseb za leto 2009. Odloženi davki so namenjeni pokrivanju zaËasne razlike, ki nastane med davËno vrednostjo sredstev in obveznosti ter njihovo knjigovodsko vrednostjo v bilanci stanja. Odložene obveznosti za davek so zneski davka iz dobiËka, ki jih bo treba poravnati v prihodnjih obdobjih glede na obdavËljive zaËasne razlike. Odložene terjatve za davek so zneski davka iz dobiËka, ki bodo povrnjeni v prihodnjih obdobjih glede na odbitne zaËasne razlike, prenos neizrabljenih davËnih izgub v naslednja obdobja in prenos neizrabljenih davËnih dobropisov v naslednja obdobja. Banka mora plaËevati razliËne posredne davke iz poslovanja. Ti so vkljuËeni kot sestavina administrativnih stroškov. POSLOVANJE PO POOBLASTILIH Sredstva, ki jih Banka upravlja kot pooblašËenec, zaupnik ali posrednik, niso sredstva Banke in kot taka niso vkljuËena v te raËunovodske izkaze. PORO»ANJE PO ODSEKIH Banka se ni odloËila, da bi razkrila raËunovodske informacije po odsekih, ker se z njenimi delnicami javno ne trguje ter ne izdaja lastniških ali dolžniških vrednostnih papirjev na javnih trgih. REGULATORNE ZAHTEVE Za Banko veljajo regulatorne zahteve Banke Slovenije. Ti predpisi vkljuËujejo limite in druge omejitve, ki se nanašajo na zahteve za minimalno kapitalsko ustreznost, klasifikacijo posojil in zunajbilanËnih obveznosti in rezervacij za kritje kreditnega tveganja, likvidnosti, obrestnih in deviznih pozicij. 31. decembra 2008 sta bila Banka in njeno poslovanje v vseh pomembnih pogledih usklajena z zakonodajnimi zahtevami. POVEZANE OSEBE Povezane osebe so: • podjetja, ki neposredno ali posredno prek enega ali veË posrednikov obvladujejo ali jih obvladujejo druga podjetja, ali pa so pod skupnim upravljanjem poroËajoËega podjetja; • kljuËno vodstveno osebje, torej posamezniki, ki imajo izvršilno moË in odgovornost na podroËjih naËrtovanja, usmerjanja in nadziranja dejavnosti Skupine, vkljuËno s Ëlani uprave in vodilnimi funkcionarji Banke ter njihovimi ožjimi družinskimi Ëlani; • in podjetja, v katerih ima neposredno ali posredno bistven delež pri glasovanju kakšen posameznik, opisan zgoraj, ali na katerega tak posameznik lahko pomembno vpliva. Sem spadajo podjetja v lasti Ëlanov uprave ali glavnih delniËarjev Banke in podjetja, ki imajo z Banko kakšnega skupnega kljuËnega Ëlana vodstva. Pri prouËevanju vseh možnih oblik povezav med strankami je pozornost namenjena zlasti vsebini povezave in ne le pravni obliki. RaËunovodski izkazi Pojasnila k bilanci stanja Pojasnilo 1: Denar v blagajni in stanje na raËunih pri centralni banki Evropska centralna banka (ECB) od kreditnih institucij s sedežem v sodelujoËih državah Ëlanicah zahteva, da izpolnjujejo obvezne rezerve, ki jih je potrebno imeti na raËunih pri ECB in pri sodelujoËih nacionalnih centralnih bankah. Obveznosti do bank in centralnih bank v evro obmoËju ter obveznosti do ECB ni potrebno vkljuËevati v sistem izpolnjevanja obveznih rezerv Evrosistema. Obveznosti, ki so vkljuËene v osnovo za obvezne rezerve in za katere se uporablja pozitivna stopnja rezerv 2,00 %, so naslednje: • vloge Ëez noË, • vloge z dogovorjeno dospelostjo do dveh let, • vloge na odpoklic z odpovednim rokom do dveh let, • dolžniški vrednostni papirji z dogovorjeno dospelostjo do dveh let. Obveznosti, ki so vkljuËene v osnovo za obvezne rezerve in za katere se uporablja stopnja rezerv enaka 0,00 %, so naslednje: • vloge z dogovorjeno dospelostjo veË kot dve leti, • vloge na odpoklic z odpovednim rokom veË kot dve leti, • repo posli, • dolžniški vrednostni papirji z dogovorjeno dospelostjo veË kot dve leti. Enotna olajšava znaša 100.000 evrov. IzraËunane obvezne rezerve po stanju na dan 31. oktober 2008 znašajo 11.952.480 evrov. Banka mora izpolniti zahteve v obdobju od 10. decembra 2008 do 20. januarja 2009. Pojasnilo 2: FinanËna sredstva, namenjena trgovanju EUR 1.000 Dolžniški vrednostni papirji 31. 12. 2008 28.252 31. 12. 2007 135.007 Obveznice, Republika Slovenija 23.532 100.717 Obveznice, enote centralne ravni države 4.109 - Obveznice, banke 611 30.069 Obveznice, podjetja - 4.221 Izvedeni finanËni instrumenti, namenjeni trgovanju 116.322 54.256 Terminske pogodbe (Forward) 5.324 1.532 Opcije (Option) 64.903 27.602 Zamenjave (Swap) Skupaj 46.095 144.574 25.122 189.263 FinanËna sredstva, namenjena trgovanju, so izmerjena po pošteni vrednosti. Poštena vrednost je kotirana cena na delujoËem trgu, Ëe pa trg ni dejaven, Banka ugotovi pošteno vrednost z uporabo metode vrednotenja. Za slovenski trg obveznic je znaËilna slaba likvidnost in majhne izdane koliËine, zato tržna vrednost na borzi ne odraža poštene vrednosti obveznic. PoslediËno je poštena vrednost veËine obveznic, namenjenih trgovanju, ugotovljena z metodo vrednotenja. Poštena vrednost valutnih izvedenih finanËnih instrumentov je njihova tržna cena v sistemu Wall Street, poštena vrednost obrestnih izvedenih finanËnih instrumentov pa tržna cena v sistemu OPUS. Pošteno vrednost izvedenih finanËnih instrumentov na lastniške vrednostne papirje ter blagovnih izvedenih finanËnih instrumentov pa Banki posreduje Bayerische Hypo- und Vereinsbank AG, München. Nazivne vrednosti izvedenih finanËnih instrumentov so razkrite v Pojasnilu 43. Dolžniški vrednostni papirji Lastniški vrednostni papirji EUR 1.000 Borzni trg 31. 12. 2008 28.252 31. 12. 2007 130.786 Obveznice, Republika Slovenija 23.532 100.717 Obveznice, enote centralne ravni države 4.109 - Obveznice, banke 611 30.069 Prosti trg - 4.221 Obveznice, podjetja - 4.221 Skupaj 28.252 135.007 EUR 1.000 Stanje na dan 1. 1. 2008 - 2007 167 PoveËanje 721.177 - Nakup 721.177 - Zmanjšanje (721.177) (167) Prodaja (474.829) - Prerazvrstitev na sredstva razpoložljiva za prodajo - (167) Negativno vrednotenje (246.348) - Stanje na dan 31. 12. - - EUR 1.000 Poštena vrednost opredeljena kot kotirana cena 31. 12. 2008 4.109 31. 12. 2007 - Obveznice, enote centralne ravni države 4.109 - Poštena vrednost opredeljena z metodo vrednotenja 24.143 135.007 Obveznice, Republika Slovenija 23.532 100.717 Obveznice, banke 611 30.069 Obveznice, podjetja - 4.221 Skupaj 28.252 135.007 UËinek prerazvrstitev iz kategorije finanËnih sredstev v posesti za trgovanje V skladu s spremembami MRS 39 in MSRP 7, ki so bile sprejete oktobra 2008, je Banka prerazvrstila doloËena finanËna sredstva iz kategorije “FinanËna sredstva v posesti za trgovanje” v kategorijo “Za prodajo razpoložljiva finanËna sredstva” ter “Sredstva v posesti do zapadlosti”. Banka je namreË spoznala, da teh finanËnih sredstev zaradi trenutne tržne situacije ne bo prodala v kratkem roku. Prerazvrstitve so bile opravljene po pošteni vrednosti na dan prerazvrstitve, to je 1. decembra 2008. EUR 1.000 Stanje na dan 1. 1. 2008 135.007 2007 93.290 PoveËanje 619.066 240.421 Nakup 614.163 240.125 Pozitivno vrednotenje 4.903 296 Zmanjšanje (725.821) (198.704) Prodaja/unovËenje (597.542) (195.900) Prerazvrstitev na sredstva razpoložljiva za prodajo (95.531) - Prerazvrstitev na sredstva v posesti do zapadlosti (29.640) Negativno vrednotenje (3.108) (2.804) Stanje na dan 31. 12. 28.252 135.007 »e Banka ne bi opravila prerazvrstitev finanËnih sredstev, bi bil njen izkaz poslovnega izida drugaËen na naslednji postavki in v naslednji vrednosti: »isti dobiËki/izgube iz finanËnih sredstev in obveznosti, namenjenih trgovanju RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Pojasnilo 3: FinanËna sredstva, pripoznana po pošteni vrednosti skozi izkaz poslovnega izida EUR 1.000 Stanje na dan 1. 1. 2008 20.444 2007 30.359 PoveËanje 2.081 1.178 Novi krediti 1.400 1.137 Pozitivno vrednotenje 564 41 TeËajne razlike 117 - Zmanjšanje (5.795) (11.093) PoplaËila (5.792) (11.055) TeËajne razlike (3) (38) Stanje na dan 31. 12. 16.730 20.444 Krediti, merjeni po pošteni vrednosti skozi poslovni izid, so krediti s fiksno obrestno mero, ki so zavarovani pred tveganjem po referenËni obrestni meri posojila z zamenjavo obrestnih mer. Izvedeni finanËni instrument obrestne zamenjave je pripoznan po pošteni vrednosti, zato so tudi ti krediti pripoznani po pošteni vrednosti skozi izkaz poslovnega izida. Pojasnilo 4: FinanËna sredstva, razpoložljiva za prodajo EUR 1.000 Delnice in deleži 31. 12. 2008 282 31. 12. 2007 350 Obveznice, Republika Slovenija 136.875 62.529 Obveznice, enote centralne ravni države 30.812 19.608 Obveznice, banke 39.874 32.890 Obveznice, podjetja 9.546 - Skupaj 217.389 115.377 FinanËna sredstva, razpoložljiva za prodajo, so izmerjena po pošteni vrednosti. Poštena vrednost je kotirana cena na delujoËem trgu, Ëe pa trg ni delujoË, Banka ugotovi pošteno vrednost z uporabo metode vrednotenja. Za slovenski trg obveznic je znaËilna slaba likvidnost in majhne izdane koliËine, zato tržna vrednost na borzi ne odraža poštene vrednosti obveznic. PoslediËno je poštena vrednost veËine obveznic, razpoložljivih za prodajo, ugotovljena z metodo vrednotenja. EUR 1.000 Borzni trg 31. 12. 2008 217.107 31. 12. 2007 115.027 Obveznice, Republika Slovenija 136.875 62.529 Obveznice, enote centralne ravni države 30.812 19.608 Obveznice, banke 39.874 32.890 Obveznice, podjetja 9.546 - Prosti trg 282 350 Delnice in deleži 282 350 Skupaj 217.389 115.377 Delnice in deleži EUR 1.000 Stanje na dan 1. 1. 2008 350 2007 400 PoveËanje 1.204 1 Nakup - - Pozitivno vrednotenje in teËajne razlike 1.204 1 Zmanjšanje (1.272) (51) Prodaja (1.272) (9) Negativno vrednotenje - (42) Stanje na dan 31. 12. 282 350 EUR 1.000 Poštena vrednost opredeljena kot kotirana cena 31. 12. 2008 30.812 31. 12. 2007 19.608 Obveznice, enote centralne ravni države 30.812 19.608 Poštena vrednost opredeljena z metodo vrednotenja 186.295 95.419 Obveznice, Republika Slovenija 136.875 62.529 Obveznice, banke 39.874 32.890 Obveznice, podjetja 9.546 - Skupaj 217.107 115.027 Dolžniški vrednostni papirji Pojasnilo 5: Izvedeni finanËni instrumenti, namenjeni varovanju -sredstva Izvedeni finanËni instrumenti, namenjeni varovanju, so izmerjeni po pošteni vrednosti, ki je tržna cena v sistemu OPUS. EUR 1.000 Stanje na dan 1. 1. 2008 115.027 2007 157.458 PoveËanje 121.756 11.719 Nakup 22.968 11.690 Prerazvrstitev iz finanËnih sredstev, namenjenih trgovanju 95.530 - Pozitivno vrednotenje 3.258 29 Zmanjšanje (19.676) (54.150) Prodaja/unovËenje (19.561) (53.306) Negativno vrednotenje (115) (844) Stanje na dan 31. 12. 217.107 115.027 EUR 1.000 Stanje na dan 1. 1. 2008 1.818 2007 863 Vrednotenje 1.680 261 Obresti 138 602 PoveËanje 506 955 Vrednotenje (110) 1.419 Obresti Stanje na dan 31. 12. 616 2.324 (464) 1.818 Vrednotenje 1.570 1.680 Obresti 754 138 Pojasnilo 6: Krediti Krediti bankam EUR 1.000 Vloge na vpogled 31. 12. 2008 92.977 31. 12. 2007 8.394 KratkoroËni krediti 152.886 83.991 DolgoroËni krediti 43.584 289.447 55.778 148.163 Skupaj RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Stanje na dan 1. 1. EUR 1.000 2008 148.163 2007 378.781 PoveËanje 45.456.413 37.290.945 Novi krediti 45.376.268 37.284.265 Pozitivne teËajne razlike 80.145 6.680 Zmanjšanje (45.315.129) (37.521.563) PoplaËila (45.239.170) (37.512.039) Negativne teËajne razlike Stanje na dan 31. 12. (75.959) 289.447 (9.524) 148.163 Krediti strankam Krediti podjetjem vkljuËujejo tudi kredite samostojnim podjetnikom. Stanje kreditov zaposlenim na dan 31. december 2008 znaša 15.785 tisoË evrov, na dan 31. december 2007 pa je znašalo 12.343 tisoË evrov. Znesek ne vkljuËuje kreditov upravi, ki so navedeni v pojasnilu 46. V raËunovodskih izkazih na dan 31. december 2007 so bile terjatve iz naslova zaprtih transakcijskih raËunov komitentov v skupnem znesku 2.204 tisoË evrov ter njihove oslabitve v skupnem znesku 2.159 tisoË evrov izkazane v kategoriji “Druga sredstva”, v letu 2008 pa jih je Banka zaËela pripoznavati med krediti. Zaradi zagotavljanja primerljivosti s podatki za leto 2008, je Banka te terjatve in oslabitve tudi v stanjih na dan 31. december 2007 prenesla med kredite in njihove oslabitve. EUR 1.000 Stanje na dan 1. 1. 2008 1.613.610 2007 1.278.764 PoveËanje 3.254.970 2.429.121 Novi krediti 2.694.653 2.342.464 Prenos iz "Drugih sredstev" - 2.204 Pozitivne teËajne razlike 560.317 84.453 Zmanjšanje (2.778.651) (2.094.275) PoplaËila (2.270.269) (2.000.770) Direktni odpisi (13) (160) Negativne teËajne razlike Stanje na dan 31. 12. (508.369) 2.089.929 (93.345) 1.613.610 EUR 1.000 Stanje na dan 1. 1. 2008 - 2007 188.414 PoveËanje 29.721 682 Prerazvrstitev s finanËnih sredstev, namenjenih trgovanju 29.640 - Nakup 77 682 Pozitivno vrednotenje in teËajne razlike 4 - Zmanjšanje - (189.096) Prodaja - (189.096) Stanje na dan 31. 12. 29.721 - Oslabitve Pojasnilo 7: FinanËna sredstva v posesti do zapadlosti V kategoriji “NekratkoroËna sredstva v posesti za prodajo” na dan 31. december 2008 Banka izkazuje opredmeteno osnovno sredstvo, prejeto za poplaËilo terjatev, ki ga ima v posesti za prodajo. RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Pojasnilo 9: Opredmetena osnovna sredstva Pojasnilo 10: Pojasnilo 11: Neopredmetena dolgoroËna sredstva Terjatve za davek od dohodkov pravnih oseb EUR 1.000 Terjatve za davek 31. 12. 2008 - 31. 12. 2007 4.753 Odložene terjatve za davek 2.030 3.482 Sredstva/obveznosti namenjena trgovanju 678 2.690 Krediti bankam in strankam, ki niso banke 43 167 FinanËna sredstva, razpoložljiva za prodajo - 30 Opredmetena in neopredmetena osnovna sredstva 28 37 Rezervacije 140 66 Presežek iz prevrednotenja, varovanje denarnih tokov 1.103 - Presežek iz prevrednotenja, finanËna sredstva, razpoložljiva za prodajo 38 492 Skupaj 2.030 8.235 EUR 1.000 Odložene terjatve za davek 31. 12. 2008 2.030 31. 12. 2007 3.482 UËinek v letu 2008 (1.452) Pripoznane v kapitalu 1.141 492 649 Pripoznane v izkazu poslovnega izida 889 2.990 (2.101) Odložene obveznosti za davek (pojasnilo 18) 229 2.915 (2.686) Pripoznane v kapitalu 229 350 (121) Pripoznane v izkazu poslovnega izida - 2.565 (2.565) »iste odložene terjatve / obveznosti za davek 1.801 567 1.234 Pripoznane v kapitalu 912 142 770 Pripoznane v izkazu poslovnega izida 889 425 464 RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Pojasnilo 12: Druga sredstva EUR 1.000 Terjatve v obraËunu iz prodaje vrednostnih papirjev 31. 12. 2008 43.897 31. 12. 2007 1.957 Ostale terjatve v obraËunu 3.442 1.998 Terjatve iz post-financiranja 14.289 5.727 NevraËunani stroški in nezaraËunani prihodki 566 550 Terjatve za provizije (opravnine) 419 510 Oslabitve provizij (opravnin) (13) (11) Terjatve za dane predujme 22 60 Opredmetena osnovna sredstva, prejeta za poplaËilo terjatev - 1.920 Druga sredstva 63 190 Oslabitve drugih sredstev (21) (22) Skupaj 62.664 12.879 Druga sredstva so v raËunovodskih izkazih na dan 31. december 2007 vkljuËevala tudi terjatve iz naslova zaprtih transakcijskih raËunov komitentov v skupnem znesku 2.204 tisoË evrov ter njihove oslabitve v skupnem znesku 2.159 tisoË evrov. Zaradi zagotavljanja primerljivosti s podatki za leto 2008, ko je Banka te terjatve in oslabitve pripoznavala med krediti, so tudi podatki na dan 31. december 2008 ustrezno prilagojeni. Terjatve v obraËunu iz nakupa vrednostnih papirjev vkljuËujejo terjatve iz naslova prodaje vrednostnih papirjev iz posla zaËasnega nakupa sklenjenega s sestrsko banko po tržnih pogojih v znesku 43.752 tisoË evrov. Pridobljene obveznice je Banka zastavila pri Banki Slovenije za najeti depozit. Pojasnilo 13: FinanËne obveznosti do centralne banke Pojasnilo 14: FinanËne obveznosti, namenjene trgovanju Pojasnilo 15: Izvedeni finanËni instrumenti, namenjeni varovanju -obveznosti FinanËne obveznosti, merjene po odplaËni vrednosti EUR 1.000 Stanje na dan 1. 1. 2008 91 2007 667 Vrednotenje 89 7 Obresti 2 660 PoveËanje 6.851 (576) Vrednotenje 6.732 82 Obresti 119 (658) Stanje na dan 31. 12. 6.942 91 Vrednotenje 6.821 89 Obresti 121 2 EUR 1.000 KratkoroËni dolgovi iz kreditov iz primarne emisije ob zastavi vrednostnih papirjev Skupaj 31. 12. 2008 200.729 200.729 31. 12. 2007 -- Vloge bank EUR 1.000 Na vpogled 31. 12. 2008 5.078 31. 12. 2007 4.255 KratkoroËne vloge 644.965 84.652 DolgoroËno vloge 617.124 859.192 Skupaj 1.267.167 948.099 EUR 1.000 Stanje na dan 1. 1. 2008 948.099 2007 1.129.312 PoveËanje 10.772.032 5.201.599 Nove vloge 10.449.724 5.171.675 TeËajne razlike 322.308 29.924 Zmanjšanje (10.452.964) (5.382.812) VraËila vlog (10.159.369) (5.350.830) TeËajne razlike (293.595) (31.982) Stanje na dan 31. 12. 1.267.167 948.099 Pojasnilo 16: Vloge strank EUR 1.000 Na vpogled 2008 238.397 2007 309.220 Podjetja 129.406 119.961 FinanËne institucije 2.033 3.519 Javni sektor 8.307 7.103 Prebivalstvo 73.522 81.482 Tuji rezidenti 25.129 97.155 KratkoroËne vloge 342.542 330.081 Podjetja 125.687 178.264 FinanËne institucije 22.908 26.244 Javni sektor 79.515 6.180 Prebivalstvo 98.377 108.980 Tuji rezidenti 16.055 10.413 DolgoroËne vloge 61.348 82.238 Podjetja 1.771 9.407 FinanËne institucije 7.255 5.140 Javni sektor 1.461 1.656 Prebivalstvo 46.925 60.847 Tuji rezidenti 3.936 5.188 Skupaj 642.287 721.539 Krediti bank Vloge podjetij vkljuËujejo tudi vloge samostojnih podjetnikov. EUR 1.000 31. 12. 2008 31. 12. 2007 KratkoroËni krediti 29.328 17.539 DolgoroËni krediti 411.392 217.073 Skupaj 440.720 234.612 EUR 1.000 Stanje na dan 1. 1. 2008 234.612 2007 276.427 PoveËanje 1.953.262 1.306.796 Novi krediti 1.739.831 1.262.015 TeËajne razlike 213.431 44.781 Zmanjšanje (1.747.154) (1.348.611) VraËila kreditov (1.554.331) (1.298.213) TeËajne razlike (192.823) (50.398) Stanje na dan 31. 12. 440.720 234.612 EUR 1.000 Stanje na dan 1. 1. 2008 721.539 2007 594.162 PoveËanje 35.076.690 31.878.354 Nove vloge 35.052.313 31.863.124 TeËajne razlike 24.377 15.230 Zmanjšanje (35.155.942) (31.750.977) VraËila vlog (35.125.729) (31.732.582) TeËajne razlike (30.213) (18.395) Stanje na dan 31. 12. 642.287 721.539 RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Podrejene obveznosti EUR 1.000 Podrejene obveznosti do bank 31. 12. 2008 20.204 31. 12. 2007 - Skupaj 20.204 - Banka je v letu 2008 najela 10-letno linijo za Ërpanje podrejenega posojila v višini 20.000 tisoË evrov od UniCredit Bank Austria AG, Dunaj. Celoten znesek je tudi Ërpala. Posojilo ima obrestno mero Euribor + 1,1 %. Pojasnilo 17: Rezervacije Pojasnilo 18: Obveznosti za davek od dohodkov pravnih oseb Pojasnilo 19: Pojasnilo 21: Druge obveznosti Kapitalske rezerve EUR 1.000 31. 12. 2008 31. 12. 2007 Obveznosti za davek 2.256 - Odložene obveznosti za davek 229 2.915 Sredstva/obveznosti namenjena trgovanju - 86 Krediti bankam in strankam, ki niso banke - 59 FinanËna sredstva, razpoložljiva za prodajo - 124 Druga sredstva/obveznosti - 2.296 Presežek iz prevrednotenja, varovanje denarnih tokov - 350 Presežek iz prevrednotenja, finanËna sredstva, razpoložljiva za prodajo Skupaj 229 2.485 -2.915 EUR 1.000 Obveznosti v obraËunu iz prodaje vrednostnih papirjev 31. 12. 2008 7.119 31. 12. 2007 63 Ostale obveznosti v obraËunu 3.140 5.088 Pasivne Ëasovne razmejitve 5.962 2.444 Obveznosti do dobaviteljev 2.441 1.365 Obveznosti iz bruto plaË 1.133 922 Obveznosti za davke in prispevke 365 266 Obveznosti za provizije (opravnine) 70 70 Druge obveznosti Skupaj 917 21.147 88 10.306 Pasivne Ëasovne razmejitve na dan 31. december 2008 vkljuËujejo tudi razmejitve v višini 75 tisoË evrov za delniške opcije UniCredit S.p.A. (39 tisoË evrov na dan 31. december 2007). Pojasnilo 20: Osnovni kapital Osnovni kapital Banke na dan 31. december 2008 znaša 16.258.321,26 evrov in je razdeljen na 3.898.878 navadnih imenskih kosovnih delnic, ki so v celoti vplaËane. Vsaka kosovna delnica zagotavlja imetniku pravico do enega glasu pri sprejemanju sklepov na skupšËini Banke, pravico do dela dobiËka (dividende) ter pravico do ustreznega dela preostalega premoženja po likvidaciji ali steËaju Banke. Banka za leti 2008 in 2007 ni izplaËala dividend. Pojasnilo 22: Presežek iz prevrednotenja EUR 1.000 Stanje na dan 1. 1. 2008 1.241 2007 194 Od tega odloženi davki (350) (60) PoveËanje - 1.047 Od tega odloženi davki - (290) Zmanjšanje (5.389) - Od tega odloženi davki Stanje na dan 31. 12. 1.453 (4.148) -1.241 Od tega odloženi davki 1.103 (350) RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Presežek iz prevrednotenja, finanËna sredstva, razpoložljiva za prodajo EUR 1.000 Stanje na dan 1. 1. 2008 (1.743) 2007 (2.262) Od tega odloženi davki 493 (65) PoveËanje 2.462 951 Od tega odloženi davki (683) 406 Zmanjšanje - (432) Od tega odloženi davki Stanje na dan 31. 12. -719 152 (1.743) Od tega odloženi davki (190) 493 Pojasnilo 23: Rezerve iz dobiËka (vkljuËno z zadržanim dobiËkom) Pojasnilo 24: »isti dobiËek poslovnega leta DobiËek na delnico EUR 1.000 (1) »isti dobiËek poslovnega leta 31. 12. 2008 18.484 31. 12. 2007 15.181 (2) Število delnic 3.898.878 3.898.878 (3) DobiËek na delnico v evrih (1) / (2) 4,74 3,89 Osnovni in popravljeni dobiËek na delnico sta enaka, ker Banka nima popravljalnih možnostnih instrumentov. Pojasnila k izkazu poslovnega izida Pojasnilo 25: Prihodki iz obresti EUR 1.000 Obresti iz stanj na raËunih pri centralni banki 2008 551 2007 493 Obresti iz finanËnih sredstev, namenjenih trgovanju 21.275 27.257 Obresti iz finanËnih sredstev, pripoznanih po pošteni vrednosti skozi izkaz poslovnega izida 1.400 1.174 Obresti iz izvedenih finanËnih instrumentov, namenjenih varovanju 5.745 2.599 Obresti iz finanËnih sredstev, razpoložljivih za prodajo 4.680 4.935 Obresti iz danih kreditov 112.022 77.721 Bankam 6.254 5.135 Strankam 105.768 72.586 Obresti iz finanËnih sredstev v posesti do zapadlosti 296 682 Obresti iz drugih finanËnih sredstev Skupaj 517 146.486 253 115.114 V letu 2008 znašajo prihodki iz obresti na oslabljena finanËna sredstva 2.002 tisoË evrov (2.496 tisoË evrov v letu 2007). Pojasnilo 26: Med prihodki iz opravnin za druge storitve je Banka v letu 2007 izkazovala tudi prejete premije za izvedene finanËne instrumente v Odhodki za obresti skupnem znesku 17.002 tisoË evrov, ki jih v letu 2008 izkazuje v postavki “»isti dobiËki/izgube iz finanËnih sredstev in obveznosti, namenjenih trgovanju”. Zaradi primerljivosti podatkov za obe prikazani leti so prejete premije izvzete iz zgornjega prikaza tudi za Obresti iz finanËnih sredstev, namenjenih 22.143 leto 2007. trgovanju Obresti iz izvedenih finanËnih 2.530 instrumentov, namenjenih varovanju Obresti iz prejetih kreditov in vlog 54.691 Pojasnilo 29: Bank 39.892 Odhodki za opravnine (provizije) Strank 14.799 Obresti iz drugih finanËnih obveznosti - Skupaj 79.364 Opravnine za banËne storitve 1.145 Opravnine za posredniške in komisijske posle 143 3.334 Opravnine za posle z vrednostnimi papirji Opravnine za storitve plaËilnega prometa Opravnine za druge storitve Pojasnilo 27: Prihodki iz dividend Skupaj Med odhodki za opravnine za druge storitve je Banka v letu 2007 izkazovala tudi plaËane premije za izvedene finanËne instrumente v skupnem znesku 14.269 tisoË evrov, ki jih v letu 2008 izkazuje v postavki “»isti dobiËki/izgube iz finanËnih sredstev in obveznosti, namenjenih trgovanju”. Zaradi primerljivosti podatkov za obe prikazani leti so plaËane premije izvzete iz zgornjega prikaza tudi za Pojasnilo 28: leto 2007. Prihodki iz opravnin (provizij) EUR 1.000 Opravnine od danih jamstev 2008 1.125 2007 1.223 Opravnine od plaËilnega prometa 5.038 4.977 Opravnine od posredniških in komisijskih poslov 1.590 21 Opravnine od poslov z vrednostnimi papirji za stranke 3.239 4.475 Opravnine od kreditnih poslov 4.835 4.359 Opravnine za druge storitve Skupaj 3.313 19.140 2.630 17.685 RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Pojasnilo 30: Realizirani dobiËki/izgube iz finanËnih sredstev in obveznosti, ki niso merjeni po pošteni vrednosti skozi izkaz poslovnega izida Pojasnilo 32: DobiËki/izgube iz finanËnih sredstev in obveznosti, pripoznanih po pošteni vrednosti skozi izkaz poslovnega izida Pojasnilo 33: »isti dobiËki/izgube iz teËajnih razlik Pojasnilo 34: »isti dobiËki/izgube iz odprave pripoznanja sredstev brez nekratkoroËnih sredstev v posesti za prodajo »isti dobiËki iz izvedenih finanËnih instrumentov za leto 2007 so prilagojeni za uËinek prenosa v vrednosti 2.733 tisoË evrov, opisan v pojasnilih 28 in 29. Pojasnilo 35: Drugi Ëisti poslovni dobiËki/izgube EUR 1.000 DobiËki 2008 406 2007 379 DobiËki iz sprostitve vnaprej vraËunanih stroškov 302 67 DobiËki iz operativnih tveganj 59 17 Ostali dobiËki 45 295 Izgube (196) (186) »lanarine (101) (101) Izgube iz operativnih tveganj (55) (50) Ostale izgube Skupaj (40) 210 (35) 193 Pojasnilo 36: Administrativni stroški Stroški dela delnice, zavezane plaËati matiËni družbi izmerjeno obveznost za razporeditev njihovim zaposlenim. Kriteriji izraËuna poštene vrednosti za s kapitalom poravnane delniške opcije: Poštena vrednost je bila izraËunana z uporabo “Hull and White” modela. Model temelji na trinominalnem drevesu cenovne distribucije z uporabo Boyleovega algoritma in ocenjuje zgodnjo verjetnost izpolnitve na temelju deterministiËnega modela, ki je povezan z doseganjem tržne vrednosti delnice, kar je enako izpolnitvenemu veËkratniku cene in verjetnosti, da jih bo upraviËenec odtujil v obdobju moratorija neizvršljivosti opcij. Datumi podelitve ter vrednosti delnic v tisoË evrov so prikazani v spodnji tabeli: 18. november 2005 1 46 13. junij 2006 1 15 12. junij 2007 1 10 25. junij 2008 2 4 Skupaj 75 Ostali administrativni stroški V letu 2008 je strošek s kapitalom poravnanih delniških opcij in delniških opcij v primeru doseganja zastavljenih ciljev 36 tisoË evrov (39 tisoË evrov v letu 2007). FinanËna skupina UniCredit Group je vzpostavila srednje- do dolgoroËni program nagrajevanja z delniškimi opcijami in delniškimi opcijami v primeru doseganja zastavljenih ciljev, po katerem se delnice, ki jih izdaja UniCredit S.p.A., razdelijo izbranim managerjem in zaposlenim v razliËnih odvisnih družbah Skupine. V skladu z MSRP so Ëlanice Skupine, katerih zaposlenim so bile dodeljene EUR 1.000 Odhodki za nepremiËnine, vzete v poslovni najem 2008 1.902 2007 1.706 Storitve za raËunalniško in programsko opremo 2.205 2.176 Komunikacijske storitve 1.332 1.223 Stroški svetovalnih in revizijskih storitev 1.591 1.484 Ostale storitve 1.428 1.292 Stroški reklame 2.796 2.937 Stroški izobraževanja 638 336 Stroški materiala 615 589 Stroški vzdrževanja osnovnih sredstev 491 393 Stroški zavarovanja 458 506 Stroški za službena potovanja 243 234 Ostali stroški Skupaj 667 14.366 543 13.419 RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Stroški svetovalnih in revizijskih storitev vkljuËujejo stroške revizije raËunovodskih izkazov za leto 2008 v višini 70 tisoË evrov revizijske hiše KPMG Slovenija, podjetje za revidiranje, d.o.o. Revizija podrejenega dolga, ki jo je opravila ista revizijska hiša, je v stroških vkljuËena v višini 2 tisoË evrov. Nadalje so vkljuËeni stroški presoje kakovosti notranje revizijske dejavnosti v višini 32 tisoË evrov, ki jo je opravilo podjetje Deloitte revizija d.o.o., stroški svetovalnih storitev na temo uravnoteženega sistema kazalnikov ter davËnih storitev, kar je opravila družba Deloitte d.o.o. v skupni višini 26 tisoË evrov ter stroški davËnega svetovanja družbe Ernst & Young Svetovanje d.o.o. v višini 4 tisoË evrov. Banka ima v najemu veËje število poslovnih prostorov. Najemne pogodbe se sklenejo za do 15 let z možnostjo podaljšanja oziroma predËasne prekinitve. Minimalne pogodbene obveznosti za manj kot eno leto znašajo 2.101 tisoË evrov (1.045 tisoË evrov za leto 2007). Banka nima minimalnih pogodbenih obveznosti, ki bi bile daljše od enega leta. Pojasnilo 37: Amortizacija Pojasnilo 38: Rezervacije Pojasnilo 39: Oslabitve EUR 1.000 Oslabitve finanËnih sredstev, razpoložljivih za prodajo 2008 - 2007 12 Oslabitve finanËnih sredstev, merjenih po odplaËni vrednosti 6.870 4.642 PoveËanje 17.363 11.462 Krediti 17.308 10.734 Opravnine 17 12 Ostala sredstva 38 716 Zmanjšanje (10.493) (6.820) Krediti (10.460) (6.697) Opravnine (16) (15) Ostala sredstva Skupaj (17) 6.870 (108) 4.654 Ko je opredmeteno osnovno sredstvo na razpolago za prodajo in je le-ta zelo verjetna, ga Banka razvrsti kot nekratkoroËno sredstvo v posesti za prodajo. DobiËki in izgube iz prodaje so poslediËno izkazani na zgornjih postavkah. Pojasnilo 41: Davek iz dohodka pravnih oseb s pojasnilom efektivne davËne stopnje Pojasnila k izkazu finanËnega izida Pojasnilo 42: Denarni ustrezniki FinanËna sredstva, namenjena trgovanju, in finanËna sredstva, razpoložljiva za prodajo, predstavljajo obveznice Republike Slovenije. Pojasnila k zunajbilanËnemu poslovanju Pojasnilo 43: ZunajbilanËno poslovanje EUR 1.000 FinanËne garancije 31. 12. 2008 59.860 31. 12. 2007 88.868 Storitvene garancije 85.311 46.408 Krediti, limiti in kreditne linije 241.851 410.714 Upniki po spot poslih 39.612 36.945 Nekriti nostro akreditivi 3.589 3.547 Kriti nostro akreditivi 2.264 745 Pri Banki Slovenije zastavljeni vrednostni papirji za obveznosti banke 200.712 - Posojene delnice 55 - Nazivna vrednost izvedenih finanËnih instrumentov Skupaj 4.693.960 5.327.214 5.178.380 5.765.607 RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Garancije Pojasnilo 44: Stanje na dan 1. 1. EUR 1.000 2008 135.276 2007 141.041 PoveËanje 136.678 131.579 Nove garancije 105.952 131.579 TeËajne razlike 30.726 - Zmanjšanje (126.783) (137.344) IzplaËilo garancij (226) (84) Ugasnjene garancije (96.285) (134.863) TeËajne razlike Stanje na dan 31.12. (30.272) 145.171 (2.397) 135.276 Poslovanje po pooblastilu Bilanca stanja iz poslovanja po pooblastilu Izvedeni finanËni instrumenti EUR 1.000 Terminske pogodbe (Forward in Futures) 31. 12. 2008 186.492 31. 12. 2007 129.928 Obrestne opcije (Option) 713.305 953.243 Valutne opcije (Option) 987.227 1.488.655 Blagovne opcije (Option) 725 - Obrestne zamenjave (Swap) 2.788.359 2.597.194 namenjene trgovanju 2.571.513 2.427.631 namenjene varovanju 216.846 169.563 Blagovne zamenjave Skupaj 17.852 4.693.960 9.360 5.178.380 Poštena vrednost vseh izvedenih finanËnih instrumentov je kotirana cena na delujoËem trgu. EUR 1.000 Denarna sredstva strank za posredovanje s finanËnimi instrumenti 31. 12. 2008 3.533 31. 12. 2007 18.363 Terjatve iz poslov posredovanja s finanËnimi instrumenti 7.942 109 Terjatve iz poslov gospodarjenja s finanËnimi instrumenti 809 - Terjatve po skrbniških poslih 887.137 1.220.089 Terjatve do KDD za prodane finanËne instrumente 810 4 Terjatve iz poravnalnega poslovanja 7.327 100 Denarna sredstva strank iz drugih poslov po pooblastilu 16 15 Terjatve iz drugih poslov v tujem imenu in za tuj raËun Skupaj sredstva 121.350 1.028.924 97.546 1.336.226 Obveznosti do strank iz denarnih sredstev in finanËnih instrumentov 892.890 1.238.453 Obveznosti do KDD za kupljene finanËne instrumente 7.327 100 Obveznosti do banke za provizije, stroške ipd. 13 11 Obveznosti iz poravnalnega poslovanja 7.327 100 Obveznosti iz drugih poslov v tujem imenu in za tuj raËun Skupaj obveznosti 121.367 1.028.924 97.562 1.336.226 Pojasnilo 45: Posredniško poslovanje EUR 1.000 Terjatve poravnalnega oz. transakcijskih raËunov za sredstva strank 31. 12. 2008 896.698 31. 12. 2007 1.220.202 iz finanËnih instrumentov 895.888 1.220.198 do KDD oz. obraËunskega raËuna banke za prodane finanËne instrumente 810 4 Denarna sredstva strank 3.533 18.363 na poravnalnem raËunu za sredstva strank 2.098 16.524 na transakcijskih raËunih bank Skupaj sredstva 1.435 900.231 1.839 1.238.565 Obveznosti poravnalnega oz. transakcijskih raËunov za sredstva strank 900.231 1.238.565 do strank iz denarnih sredstev in finanËnih instrumentov 892.891 1.238.454 do KDD oz. obraËunskega raËuna banke za kupljene finanËne instrumente 7.327 100 do banke oz. poravnalnega raËuna za provizije, stroške, ipd. Skupaj obveznosti 13 900.231 11 1.238.565 ZabilanËna evidenca 895.888 1.220.198 FinanËni instrumenti, loËeno po storitvah 895.888 1.220.198 sprejemanje, posredovanje in izvrševanje naroËil 7.942 109 gospodarjenje s finanËnimi instrumenti 809 - skrbniški posli 887.137 1.220.089 Prihodki in odhodki iz opravnin v zvezi z investicijskimi storitvami in posli EUR 1.000 Prihodki iz opravnin (provizij) v zvezi z investicijskimi in pomožnimi investicijskimi storitvami in posli za stranke 2008 4.728 2007 4.475 Sprejemanje, posredovanje in izvrševanje naroËil 1.193 2.038 Izvedba prvih ali nadaljnjih prodaj brez obveznosti odkupa 1.490 339 Skrbništvo in sorodne storitve 2.045 2.098 Odhodki iz opravnin (provizij) v zvezi z investicijskimi in pomožnimi investicijskimi storitvami in posli za stranke 665 994 Opravnine v zvezi s KDD družbo in njej podobnimi organizacijami 306 564 Opravnine v zvezi z borzo vrednostnih papirjev in njej podobnimi organizacijami 359 430 Pojasnilo 46: Povezane stranke Banka je hËerinska banka UniCredit Bank Austria AG s sedežem na Dunaju, ki ima v lasti 99,99 % delnic Banke. Lastniki ostalih delnic so slovenska podjetja in fiziËne osebe. MatiËna banka Skupine je UniCredit S.p.A., Italija. V svojem obiËajnem poslovanju Banka sklepa številne transakcije z drugimi Ëlanicami finanËne skupine UniCredit Group, kar vkljuËuje dane in prejete kredite ter depozite, nakupe in prodajo tujih valut ter posle z izvedenimi finanËnimi instrumenti. RaËunovodski izkazi Pojasnila k raËunovodskim izkazom Obseg poslov s povezanimi strankami ter iz njih izhajajoËi prihodki Izkaz poslovnega izida ter odhodki so navedeni v nadaljevanju: Bilanca stanja EUR 1.000 Krediti 31. 12. 2008 232.515 31. 12. 2007 68.903 Uprava 197 186 MatiËna banka 3.507 68.154 Ostale povezane osebe v skupini UniCredit Group 228.811 563 Izvedeni finanËni instrumenti 14.608 31.251 MatiËna banka - 20.617 Ostale povezane osebe v skupini UniCredit Group 14.608 10.634 Druga sredstva 44.346 32 MatiËna banka 19 28 Ostale povezane osebe v skupini UniCredit Group Skupaj sredstva 44.327 291.469 4 100.186 FinanËne obveznosti, merjene po odplaËni vrednosti 1.635.232 1.097.465 Uprava 326 222 MatiËna banka 501.491 1.096.410 Ostale povezane osebe v skupini UniCredit Group 1.133.415 833 Izvedeni finanËni instrumenti 97.958 22.835 MatiËna banka - 9.585 Ostale povezane osebe v skupini UniCredit Group 97.958 13.250 Druge obveznosti 3.199 121 MatiËna banka 1.952 11 Ostale povezane osebe v skupini UniCredit Group Skupaj obveznosti 1.247 1.736.389 110 1.120.421 IzplaËila povezanim strankam Krediti dani upravi so zavarovani s hipoteko in se sklepajo po obiËajnih poslovnih pogojih. Krediti bankam v Skupini vkljuËujejo vloge na vpogled, vezane vloge in kredite. So nezavarovani in sklenjeni z variabilno ali s fiksno obrestno mero. EUR 1.000 Prihodki iz obresti 2008 18.558 2007 22.142 Uprava 11 6 MatiËna banka 6.622 18.664 Ostale povezane osebe v skupini UniCredit Group 11.925 3.472 Odhodki za obresti 67.411 58.837 Uprava 9 8 MatiËna banka 47.448 55.623 Ostale povezane osebe v skupini UniCredit Group 19.954 3.206 Prihodki iz opravnin (provizij) 2.380 1.033 MatiËna banka 523 727 Ostale povezane osebe v skupini UniCredit Group 1.857 306 Odhodki za opravnine (provizije) 302 45 MatiËna banka 5 28 Ostale povezane osebe v skupini UniCredit Group 297 17 Administrativni stroški 1.938 1.135 Ostale povezane osebe v skupini UniCredit Group 1.938 1.135 EUR 1.000 IzplaËila upravi 2008 509 2007 383 PlaËe in drugi osebni prejemki 509 383 IzplaËila Ëlanom nadzornega sveta - - IzplaËila drugim zaposlenim z individualno pogodbo 612 581 PlaËe in drugi osebni prejemki Skupaj 612 1.121 581 964 Število Ëlanov uprave 4 3 Število Ëlanov nadzornega sveta 5 5 Število zaposlenih z individualno pogodbo 6 9 V letu 2008 je bilo povpreËno sedem zaposlenih z individualno pogodbo. Dogodki po datumu bilance stanja Uprava želi posebej omeniti, da se je v zaËetku leta 2009 na Banko obrnilo nekaj podjetij, ki so želela prestrukturirati svoje kredite pri Banki zaradi sooËanja z likvidnostnimi težavami. V takšnih primerih je šlo veËinoma za proizvodna in izvozno naravnana podjetja ter za lokalne finanËne holdinge. V takšnih primerih UniCredit Banka Slovenija d.d. prevzema pobudo pri pogajanjih o prestrukturiranju, z namenom zagotoviti sklepanje novih pogodb o lombardnih posojilih pred iztekom dogovorjenega obdobja mirovanja. Uprava Banke se zaveda tovrstnih problematiËnih primerov in bo razmere v zvezi z njimi skrbno spremljala. Pravne tožbe Na dan bilance stanja UniCredit Banka Slovenija d.d. ni bila vpletena v pomembne pravne spore oziroma v druge pravne postopke. Izjava o oškodovanju UniCredit Banka Slovenija d.d. kot Ëlanica finanËne skupine UniCredit Group v svojem obiËajnem poslovanju izvaja številne transakcije z drugimi Ëlanicami Skupine. Le-te se izvajajo po obiËajnih tržnih pogojih in nimajo negativnega vpliva na priložene raËunovodske izkaze. V skladu s 545. Ëlenom Zakona o gospodarskih družbah podajamo izjavo, da v letih 2008 in 2007 ni bilo opravljenih škodljivih poslov ali drugih dejanj, ki bi povzroËila oškodovanje Banke. Mag. Stefan Vavti Janko Medja, MBA »lan uprave »lan uprave Dr. France Arhar Dr. Heribert Fernau »lan uprave BanËna tveganja Upravljanje s tveganji Na podroËju upravljanja s tveganji UniCredit Banka Slovenija d.d. tesno sodeluje z oddelki za spremljanje, obvladovanje in upravljanje tveganj UniCredit Bank Austria AG na Dunaju in podpira tudi prizadevanja finanËne skupine UniCredit Group za vzpostavitev poenotenih postopkov obvladovanja in nadziranja tveganj na ravni Skupine. V skladu s stališËi Skupine na podroËju tveganj, UniCredit Banka Slovenija d.d. ugotavlja, meri, spremlja, obvladuje in upravlja naslednje kategorije tveganj: • tržna tveganja (valutna in obrestna tveganja in tveganja iz naslova trgovanja z lastniškimi vrednostnimi papirji), • likvidnostno tveganje, • kreditno tveganje vkljuËno s tveganjem nasprotne stranke, • operativno tveganje, • poslovno tveganje, • tveganje na podroËju nepremiËnin, • tveganja iz naslova deležev in kapitalskih udeležb Banke. Vse dejavnosti obvladovanja tveganj Banke so združene v dveh divizijah, katerih pristojnosti in naloge so organizacijsko razmejene od poslovnih enot vse do ravni uprave: • Divizija Upravljanje s tveganji se ukvarja z ocenjevanjem bonitete strank in je odgovorna za vrednotenje kreditnih zavarovanj in reševanje problematiËnih naložb. Divizija je zadolžena za vodenje kreditnih odborov. • Divizija Finance in tržna tveganja pokriva obvladovanja tržnega, likvidnostnega in operativnega tveganja ter izraËunavanje ekonomskega kapitala. Divizija je prav tako zadolžena za proces ocenjevanja ustreznega notranjega kapitala, za vodenje Odbora za upravljanje bilance banke (ALCO) in Odbora za operativna tveganja. Odbor za upravljanje bilance banke (ALCO) se ukvarja z vprašanji upravljanja tveganj, z odobritvijo in pregledovanjem strategij in politik prevzemanja in upravljanja s tveganji, redno preverja izpostavljenost Banke razliËnim vrstam tveganj in odobri doloËitve limitov za vse pomembne vrste tveganj ter postopke obvladovanja tveganj. Odbor je odgovoren za upravljanje s strukturo bilance Banke, spremlja izpostavljenost likvidnostnemu in obrestnemu tveganju, ukvarja pa se tudi z vprašanji upravljanja tveganj, ki zadevajo veË divizij in upravljanje poslovanja celotne banke. ALCO je obvešËen o razvoju kreditnega portfelja kot tudi ekonomskega kapitala. Za odobritev izpostavljenosti stranke Banka uporablja dvostopenjsko strukturo kreditnega odbora, kjer se na osnovi (potencialnega) zneska izpostavljenosti stranke ali strankine skupine odloËi, kateri nivo kreditnega odbora je odgovoren za odobritev. V obeh kreditnih odborih so prisotni predstavniki divizije Upravljanje s tveganji in prodajnih diviziji. Seje kreditnega odbora potekajo dvakrat tedensko, postopki dela pa so predpisani in zapisani v smernicah. Nižje izpostavljenosti in izpostavljenosti do fiziËnih strank so v Banki organizirane preko zahteve o posamiËni odobritvi, ki je delegirana preko najvišjega nivoja kreditnega odbora Banke. ODBOR ZA OPERATIVNA TVEGANJA Odbor za operativna tveganja je bil ustanovljen v zadnjem Ëetrtletju leta 2008 z namenom zagotoviti ustrezno in preudarno obvladovanje operativnih tveganj. Odgovoren je za uËinkovit pregled izpostavljenosti operativnemu tveganju kot tudi za preverjanje, ali sta merjenje in sistem nadzora operativnega tveganja moËno integrirana v dnevni proces obvladovanja tveganj Banke. TRENUTNO STANJE UVEDBE NOVE KAPITALSKE UREDITVE (BASEL II) V UNICREDIT BANKA SLOVENIJA D.D. Uporaba nove kapitalske ureditve (Basel II) za izraËun kapitalske zahteve za kreditno tveganje je v Sloveniji postala obvezna s 1. januarjem 2008. Banka trenutno uporablja standardiziran pristop za kreditno, tržno in operativno tveganje. Basel II in uporaba bolj naprednih modelov, usklajenih s pristopom notranjih obvladovanj tveganj, je prednostna naloga znotraj finanËne skupine UniCredit Group. Zato je UniCredit Banka Slovenija d.d. priËela s pripravami na uporabo naprednega pristopa za izraËun kapitalske zahteve za operativna tveganja (AMA) in se smatra kot pripravljena za AMA pristop z 31. decembrom 2008. Banka upa, da bo pridobila odobritev organov lokalnih oblasti za izraËun kapitalske zahteve za operativna tveganja po naprednem pristopu v letu 2009. Banka je obËutno okrepila svoje napore za izraËun kapitalske zahteve za kreditno tveganje in namerava uporabljati osnovni pristop IRB za poslovanje s podjetje v letu 2010. Napredni IRB pristop se bo uporabljal za poslovanje s fiziËnimi osebami v letu 2012, za poslovanje s podjetji pa v letu 2013. SPREJEMANJE TVEGANJ V napredni postavitvi banËnega posla mora biti poslovanje s strankami obravnavano brez obrestnega, valutnega in likvidnostnega tveganja. Zato je nujna doloËitev jasnih izhodišË za oblikovanje cen za posojila in depozite strank, z namenom zagotoviti jasne loËitve prejemkov poslovanja s strankami od funkcije internega upravljanja s sredstvi in obveznostmi banke. Tržno in likvidnostno tveganje sta prek tržnega sistema transfernih cen prenesena na enote, ki nosijo tveganje. To omogoËa, da se tržno in likvidnostno tveganje ter pribitke pripiše banËnim divizijam v skladu z naËelom vzroËnosti. Zakladništvo je znotraj UniCredit Banka Slovenija d.d. edina divizija, ki ima odgovornost za obvladovanje tržnih tveganj. Oddelek Upravljanje bilance banke upravlja z likvidnostnim tveganjem in poroËa neposredno finanËnemu direktorju (CFO). Zakladništvo in oddelek Upravljanje bilance banke sta odgovorna za optimiziranje celostne strukture roËnosti in donosa Banke. Tržna tveganja UniCredit Banka Slovenija d.d. je pri svojem poslovanju izpostavljena tržnim tveganjem. Gre za tveganje, da bi poštena vrednost ali prihodnji denarni tokovi finanËnega instrumenta lahko nihali zaradi sprememb tržnih cen. Tržna tveganja nastanejo v primeru odprtih pozicij iz naslova obrestne izpostavljenosti, iz naslova tujih valut, iz naslova kreditnega razpona in iz naslova lastniških vrednostnih papirjev. Vse navedeno je izpostavljeno splošnim in posebnim tržnim gibanjem ter spremembam zaradi nestanovitnosti tržnih teËajev ali cen, kot so obrestne mere, kreditni razpon, menjalni teËaji in cene lastniških finanËnih instrumentov. METODE OBVLADOVANJA TRŽNIH TVEGANJ Obvladovanje tržnih tveganj vkljuËuje vse dejavnosti, povezane s posli zakladništva in upravljanja strukture bilance Banke. Pozicije tveganja se ugotavljajo vsaj enkrat dnevno in analizirajo s strani neodvisne enote za obvladovanje tveganj, ki jih tudi primerja z odobrenimi limiti, kakor jih doloËi ALCO. Obvladovanje tveganj v UniCredit Banka Slovenija d.d. vkljuËuje stalno poroËanje o poziciji tveganja, uporabi limitov in dnevni predstavitvi rezultatov poslovanja zakladništva. ALCO vsaj enkrat letno doloËi limite za tržna tveganja Banke v tesnem sodelovanju z ustreznimi enotami UniCredit Bank Austria AG Dunaj. Celoten sklop pravil za poslovanje zakladništva in upravljanje tržnih tveganj je doloËen v Pravilniku za zakladništvo in je razdeljen na tri dele (splošni del, posebni del in del, ki velja za UniCredit Banka Slovenija d.d.). Izpostavljenost tržnim tveganjem lahko spreminjajo le tisti, ki so pooblašËeni za prevzemanje in spreminjanje pozicij. Za spremljanje izpostavljenosti tržnim tveganjem UniCredit Banka Slovenija d.d. uporablja model “NORISK”, ki ga je razvil oddelek Strateško upravljanje tveganj znotraj UniCredit Bank Austria AG Dunaj in se v UniCredit Banka Slovenija d.d. uporablja že veË let. Pred nekaj leti je bil model razširjen tako, da vkljuËuje dodatne metode izraËuna (pristop variance-kovariance in simulacij). Posodobitev in izpopolnjevanje, ki ga izvaja oddelek Strateško upravljanje tveganj na Dunaju, vkljuËuje pregledovanje modela kot del postopkov povratnega testiranja, integracije novih izdelkov in prilagajanja sistema splošnim tržnim dogajanjem. V tem smislu je bil tudi v UniCredit Banka Slovenija d.d. vzpostavljen postopek uvajanja produktov, v katerem enota za obvladovanje tveganj skupaj s prodajnimi enotami igra odloËilno vlogo pri odobritvi novih produktov. Model za obvladovanje tveganj “NORISK” na osnovi agregiranih podatkov vsak dan zagotavlja najpomembnejše parametre tveganj za poslovanje zakladništva. Osnovno orodje, ki se uporablja za merjenje in nadzor izpostavljenosti tržnemu tveganju, je tvegana vrednost (VaR). Predstavlja ocenjeno izgubo, ki bo nastala na doloËenem portfelju v doloËenem Ëasu (obdobje izraËuna) zaradi negativnega gibanja na trgu z doloËeno verjetnostjo (stopnja zaupanja). VaR za interno merjenje tveganj temelji na osnovi enodnevnega obdobja izraËuna in ob intervalu zaupanja 99 %. Poleg VaR se izraËunava tudi sedanja vrednost baziËne toËke (pvbp). Za obvladovanje tveganj se uporabljajo limiti baziËne toËke glede na valuto in zapadlost, vsote baziËnih toËk po segmentu valute in/ali zapadlosti (vsota vrednosti absolutnih toËk). Drugi dejavniki, ki so prav tako pomembni, so izjemne situacije in limiti za posamezne pozicije. Dodatni elementi sistema limitov so limiti najveËje dovoljene izgube. Spremljanje trendov pri dobiËkih/ izgubah zagotavlja zgodnje odkrivanje morebitnih nabranih izgub pozicij. Informacije, ki jih zagotavljata ALCO in uprava, dopolnjujejo redni izraËuni izjemnih scenarijev (“stress tests”). Takšni izjemni scenariji temeljijo na predpostavkah ekstremnih premikov posameznih parametrov tržnih tveganj. UniCredit Banka Slovenija d.d. analizira uËinke teh gibanj in motenj v likvidnosti specifiËnih produktov in dejavnikov tveganja na njene rezultate poslovanja in neto pozicijo aktive. Predpostavke ekstremnih gibanj so odvisne od valute in likvidnosti, Banka pa jih doloËa v tesnem sodelovanju z oddelkom BanËna tveganja BanËna tveganja Strateško upravljanje tveganj v UniCredit Bank Austria Creditanstalt AG Dunaj na diskrecijski osnovi. Rezultati izjemnih situacij se upoštevajo pri doloËanju in revidiranju limitov. Poleg rezultatov modela obvladovanja tveganj se tudi podatki o prihodkih iz dejavnosti tržnega tveganja doloËajo in sporoËajo vsakodnevno. Ti podatki so predstavljeni za doloËeno Ëasovno obdobje in se primerjajo s trenutnimi proraËunskimi podatki. PoroËanje vkljuËuje sestavine, ki se odražajo v neto prihodkih po MSRP in vrednotenju vseh pozicij po tržni vrednosti, ne glede na njihovo pripoznavanje v finanËnih izkazih po MSRP (“celotni prihodki”). Z namenom preverjanja, ali so sklenjeni posli skladni s trgom UniCredit Banka Slovenija d.d. uporablja sistem “MARCONIS”, ki so ga razvili v UniCredit Bank Austria AG Dunaj. Sistem “MARCONIS” v celoti in sistematiËno pregleduje tržno usklajenost vsake posamezne transakcije zakladništva. V letih 2008 in 2007 ni bilo sklenjenih poslov, ki bi bili konËno ocenjeni kot neskladni s trgom. VaR UniCredit Banka Slovenija d.d., 2007-2008 OBRESTNO TVEGANJE, VALUTNO TVEGANJE, TVEGANJA IZ NASLOVA TRGOVANJA Z LASTNIŠKIMI VREDNOSTNIMI PAPIRJI IN TVEGANJE KREDITNEGA RAZPONA Rezultati internega modela, ki temelji na VaR (1 dan, interval zaupanja 99 %), za leto 2008 so višji od rezultatov predhodnih let. Glavni razlog za to je dejstvo, da tveganje kreditnega razpona zaradi poveËane volatilnosti kaže opazno višje vrednosti kot v letu 2007. PoveËevanje kreditnega razpona na trgu obveznic se zrcali v višji VaR izpostavljenosti. Spodnja tabela VaR vsebuje obrestne in valutne pozicije, pozicije iz naslova trgovanja z lastniškimi vrednostnimi papirji ter spremembe kreditnega razpona UniCredit Banka Slovenija d.d. Banka ima odprte pozicije predvsem v EUR, USD in CHF, medtem ko so v drugih valutah odprte pozicije bistveno nižje. Premik v obrestni meri za eno baziËno toËko konec leta 2008 (Interest rate basis point shift) Premik v obrestni meri za eno baziËno toËko konec leta 2007 UËinek spremembe kreditnega razpona za eno baziËno toËko (Spread basis point value) za 2008 UËinek spremembe kreditnega razpona za eno baziËno toËko (Spread basis point value) za 2007 Zapadlost Do 6 mesecev Od 6 mesecev do 2 leti do 7 let nad 7 let Skupaj Letni Letni Absolutno 2 leti maksimum minimum povpreËje Skupaj (688) (9.954) (64.037) (52.561) 127.239 131.347 126.043 129.521 VeËina portfelja obveznic, klasificiranega kot “trgovanje” (trading), “razpoložljiv za prodajo” (available-for-sale) in “v posesti do zapadlosti” (held-to-maturity) so obveznice prvovrstnih izdajateljev. Banka redno spremlja položaj na finanËnem trgu in ocenjuje kreditno boniteto izdajalca. Basel II prviË vzpostavlja odnos med obrestnim tveganjem in banËno knjigo ter kapitalom banke na podlagi primerjave spremembe tržne vrednosti banËne knjige po 2-odstotnem šoku obrestne mere z viri neto kapitala banke. »e tak šok obrestne mere absorbira veË kot 20 % neto kapitala banke, lahko nadzorni organ banke zahteva sprejem ukrepov za zmanjšanje tveganj. Šok 2-odstotne obrestne mere konec leta bi absorbiral približno 3,8 % neto kapitala UniCredit Banka Slovenija d.d.; ta izraËun pa vkljuËuje tudi trenutne naložbe kapitala kot odprto pozicijo tveganja. To pomeni, da je izraËun za UniCredit Banka Slovenija d.d. bistveno pod ravnjo 20 %. Poleg tvegane vrednosti Banka spremlja tudi odprte valutne pozicije za vsako valuto posebej. Banka je imela veËje odprte pozicije le v pomembnejših valutah. BanËna tveganja BanËna tveganja Odprta devizna pozicija v pomembnejših valutah v letu 2008 EUR 1.000 Valuta AUD Max, kratka pozicija (15) Max, dolga pozicija 57 CAD (2) 122 CHF (3.385) 2.701 GBP (611) 2.605 JPY (3.960) 4.020 USD (3.029) 4.565 Odprta devizna pozicija v pomembnejših valutah v letu 2007 EUR 1.000 Valuta AUD Max, kratka pozicija (587) Max, dolga pozicija 630 CAD (696) 114 CHF (4.969) 1.527 GBP (2.672) 2.423 JPY (3.687) 4.077 USD (5.067) 19.625 BanËna tveganja BanËna tveganja Izvedeni finanËni instrumenti Izvedeni finanËni instrumenti so glede na posamezni finanËni instrument razvršËeni kot pogodbe, vezane na obrestno mero ali pogodbe, vezane na tujo valutno. Razporeditev transakcij po preostalem obdobju do zapadlosti in razvrstitev instrumentov na obrestne in valutne pogodbe se opravi po mednarodnih priporoËilih. V vseh kategorijah transakcij razlikujemo med takojšnjo prodajo (OTC) in prodajo na borzi. V letu 2008 je UniCredit Banka Slovenija d.d. priËela poslovati s produkti, ki se prodajajo na borzi preko (standardiziranih) terminskih poslov, ki so bili odobreni v tem letu. UniCredit Banka Slovenija d.d. je poslovni partner pri navadnih in strukturiranih transakcijah za podjetja in zapira odprte pozicije tveganja, ki presegajo dopustne limite tržnih tveganj pri specializiranih oddelkih za trgovanje znotraj finanËne skupine UniCredit Group. Banka za optimizacijo bilanËne strukture uporablja tudi izvedene finanËne instrumente. Za namene upravljanja portfelja in tveganj se pogodbe vrednotijo na podlagi trenutnih cen z uporabo preverjenih in priznanih modelov. Tržne vrednosti izkazujejo pogodbene vrednosti na bilanËni dan, pozitivne tržne vrednosti pogodb OTC pa nakazujejo potencialno tveganje poravnave, ki izhaja iz ustrezne dejavnosti. BanËna tveganja BanËna tveganja BanËna tveganja BanËna tveganja Likvidnostno tveganje Pri likvidnostnem tveganju gre za tveganje, da banka ni sposobna trajno in pravoËasno izpolnjevati svojih plaËilnih obveznosti, povezanih z njenimi finanËnimi viri sredstev ob zapadlosti, in ni zmožna nadomestiti sredstev, ko so Ërpani. Posledica je lahko neuspešno izpolnjevanje obveznosti do strank pri izplaËilu depozitov in pri izpolnitvi obveznosti posojanja. UniCredit Banka Slovenija d.d. se spopada z likvidnostnim tveganjem kot centralnim tveganjem v banËnem poslovanju z uvedbo kratkoroËnih in srednjeroËnih likvidnostnih limitov. V tem kontekstu se likvidnostni položaj za naslednjih nekaj dni, kot tudi za daljša obdobja, analizira na podlagi standardnega scenarija in v primerjavi s scenariji splošnih in posebnih banËnih likvidnostnih kriz. Stalno se analizira tudi stopnja likvidnostni pozicij strank in proprietarnih pozicij. V okviru likvidnostne politike so doloËeni postopki, odgovornosti in linije poroËanja na tem podroËju, vkljuËuje pa tudi sprejetje kriznega naËrta v primeru morebitne likvidnostne krize. Poleg primarnih virov, ki so ji na voljo, dobiva UniCredit Banka Slovenija d.d. sredstva tudi iz likvidnostnega centra v UniCredit Bank Austria AG, Dunaj po likvidnostnih stroških finanËne skupine UniCredit Group. Trenutno upravljanje poslovanja strank Banke upošteva likvidnostne stroške. Veljavni alternativni stroški bremenijo, oziroma so na podlagi oportunitetnega pristopa pripisani razliËnim produktom na strani sredstev in obveznosti, ki vplivajo na likvidnost. V sedanjem kontrolinškem procesu to zagotavlja doloËanje ustreznih cen naših produktov. BanËna tveganja BanËna tveganja Kreditno tveganje Divizija Upravljanje s tveganji se ukvarja z ocenjevanjem bonitete strank in je odgovorna za vrednotenje kreditnih zavarovanj, pripravo kreditnih pogodb v segmentu poslovanja s pravnimi osebami, reševanje problematiËnih naložb ter izvajanje pregleda, kontrole in poroËanja vezanega na kreditni portfelj banke. Divizija je zadolžena za izvajanje procesa odobravanja kreditnih izpostav ter drugih poslov, ki za Banko pomenijo prevzemanje kreditnega tveganja, dodatno pa je Divizija odgovorna tudi za vodenje kreditnih odborov. UniCredit Banka Slovenija d.d. je s 1. januarjem 2008 zaËela uporabljati standardizirani pristop pri izraËunu kapitalske zahteve za kreditno tveganje. V letu 2008 je izvedla veliko aktivnosti, vezanih na uvedbo pristopa na podlagi notranjih bonitetnih sistemov (v nadaljevanju: pristop IRB). Banka bo s 1. januarjem 2009 vstopila v obdobje testiranja uporabe pristopa F-IRB (“use test period” za Foundation IRB pristop), s 1. januarjem 2010 pa bo zaËela uporabljati pristop IRB pri izraËunu kapitalske zahteve za kreditno tveganje. Banka projekt Basel II IRB vodi centralno in tesno sodeluje z matiËno banko glede uvedbe vseh potrebnih orodij. O napredku projekta Banka redno poroËa Banki Slovenije. Pri kreditnem tveganju gre za tveganje, da kreditojemalec svoje obveznosti do banke v predvidenem roku ne bo izpolnil in da bo poslediËno povzroËil banki škodo. Kreditno tveganje je eno izmed najpomembnejših tveganj za banke, zato Banka temu podroËju posveËa še posebno pozornost, še zlasti v Ëasu zaostrovanja pogojev poslovanja, Ëemur smo bili priËa v letu 2008. Kreditno tveganje, ki mu je Banka izpostavljena, je rezultat posojilnih aktivnosti (posojila, garancije) in prodaje izvedenih finanËnih instrumentov (pozitivna tržna vrednost transakcij). Upravljanje kreditnih tveganj je centralizirano za celotni podjetniški segment ter deloma decentralizirano za segment poslovanja s prebivalstvom. Nadzor kreditnega tveganja je centraliziran in vzpostavljen v oddelku Podpora upravljanju s tveganji. Upravljanje in nadzor kreditnih tveganj poroËajo Ëlanu uprave, odgovornemu za tveganja. MERJENJE KREDITNIH TVEGANJ Pri merjenju kreditnega tveganja Banka za pravne osebe izraËunava boniteto, na podlagi katere ugotavlja tudi verjetnost neplaËila obveznosti. Le-ta je ugotovljena na podlagi historiËnih podatkov in z uporabo statistiËnih metod za vsak posamezen bonitetni razred. Poleg doloËanja bonitete se ocenjuje tudi izpostavljenost in možnost povraËila, ki temelji na predvidevanjih o razpoložljivih denarnih tokovih. Kot je zgoraj omenjeno, Banka oceni verjetnost neplaËila za vse pravne osebe s pomoËjo sistema, ki so ga razvili za potrebe Skupine, vendar je prirejen oz. utežen glede na lokalne karakteristike. V letu 2008 smo v okviru priprav na uvedbo pristopa na podlagi notranjih bonitetnih sistemov (v nadaljevanju: pristop IRB) izvedli validacijo bonitetnega sistema. Boniteta je rezultat finanËnih podatkov, kvalitativnih dejavnikov in opozorilnih signalov. Banka uporablja deset glavnih razvrstitev bonitete z dodatno delitvijo v podrazrede. Lestvica vkljuËuje skupno 28 razliËnih bonitetnih razredov ali skupin, ki se zaËnejo z boniteto 1 in konËajo z 10. Za poroËanje Banki Slovenije Banka uporablja sistem vzporejanja, ki je predstavljen v Tabeli 1. Tabela 1: BanËna struktura doloËanja bonitete in vzporejanje s sistemom doloËanja bonitete Banke Slovenija Klasifikacija strank 1 Kakovost izpostavljenosti Ne slaba Klasifikacija Banke Slovenije A 2 Ne slaba A 3 Ne slaba A 4 Ne slaba A 5 Ne slaba A 6 Ne slaba A 7 Ne slaba B 8 Slaba C 9 Slaba D 10 Slaba E Banka oblikuje slabitve naložb, ki temeljijo predvsem na dokazih, da stranka zamuja s plaËilom. Celoten portfelj vsak mesec pregleduje Oddelek za podporo upravljanju s tveganji. Glede na zaostreno situacijo, s katero smo se sooËili v letu 2008, smo v diviziji še dodatno uvedli nekatere kontrolne mehanizme za zgodnejše ugotavljanje težav v poslovanju podjetij oz. posameznikov (Ëetrtletno oz. polletno spremljanje poslovanja, prenos nekaterih strank na Oddelek posebni primeri z namenom poveËanja aktivnosti v smislu rednega poplaËila obveznosti do Banke itd). V primeru ocene o potrebi po oblikovanju dodatnih slabitev Banka pripravi izraËun priËakovanih denarnih tokov in oceni potrebne slabitve. Postopek se izvaja na meseËni ravni. BanËna tveganja BanËna tveganja POLITIKA BANKE GLEDE NADZORA LIMITOV TVEGANJA IN GLEDE ZMANJŠANJA TVEGANJA Banka upravlja z izpostavljenostmi in preverja koncentracijo kreditnih tveganj, ko so identificirani, za vsako stranko posebej in pa tudi po skupinah povezanih strank. Za segment podjetij Banka uporablja sistem individualne odobritve kakršnekoli izpostavljenosti, medtem ko je za segment poslovanja s prebivalstvom v veËji meri uporabljen sistem ocenjevanja po lestvici (t.i. Scoring). Odobritve temeljijo na razpoložljivem denarnem toku strank ,potrebnem za redno odplaËevanje kreditov ali drugih izpostavljenosti kreditnim tveganjem. Proces odobravanja je opredeljen v skladu s sklepi Banke. Vsaka izpostavljenost pri segmentu pravnih oseb se redno, in sicer vsaj enkrat letno, pregleduje in spremlja preko letnih pregledov. Banka je v želji po pogostejšem analiziranju poslovanja podjetij za doloËen segment podjetij uvedla tudi pogostejši spremljevalni postopek (Ëetrtletno oz. polletno pregledovanje). TVEGANJE POVEZANO Z NEIZPOLNJEVANJEM OBVEZNOSTI Kreditno tveganje je tveganje, da kreditojemalec svoje obveznosti do banke v predvidenem roku ne bo izpolnil. Tveganje je povezano predvsem z neizpolnjevanjem obveznosti nasprotne stranke (imenovano tudi “counterparty risk”) v povezavi s transakcijami zakladništva in vrednostnih papirjev. Za obvladovanje tovrstnih tveganj UniCredit Banka Slovenija d.d. uporablja poseben model, ki je bil razvit leta 2006. PriËakovana sedanja vrednost v modelu upoštevanega portfelja se izraËuna ob upoštevanju scenarijev, ki vkljuËujejo spremenljivost in korelacijo faktorjev tveganja na osnovi Ëasovne serije treh let. ANALIZA KREDITNEGA PORTFELJA Po stanju na dan 31. december 2008 je celotni korišËeni portfelj banke, ki vkljuËuje banke in stranke, znašal 2.353 milijonov evrov, kar predstavlja 35 % rast v primerjavi s koncem leta 2007. Institucije javnega znaËaja (6%) FinanËne institucije (6%) FiziËne osebe (24%) Banke (13%) Mala podjetja (4%) Srednja in velika podjetja (47%) Struktura celotnega portfelja Banke po panogah industrijske dejavnosti odraža zadovoljivo raven razpršenosti. Avtomobilska Kemija, Transport industrija (3,55%) Banke (3,36%) farmacija, zdravstvo Lesna industrija (5,88%) Potro.ne dobrine (10,36%) in metalurgija (3,65%) Energija (odpadne surovine) (4,74%) FinanËne institucije in zavarovalni.tvo (8,35%) (7,94%) KREDITNO ZAVAROVANJE Da bi zmanjšala in upravljala s kreditnim tveganjem, Banka svojo izpostavljenost do strank tudi zavaruje. Banka je izdala smernice, ki doloËajo ustrezne vrste kreditnega zavarovanja. Na splošno lahko razdelimo vrste zavarovanj za posojila in druge izpostavljenosti kreditnim tveganjem na: • hipoteke na stanovanjske in poslovne nepremiËnine; • zastave premiËnin in vlog na vpogled; • zastave finanËnih instrumentov, kot so obveznice in delnice. DolgoroËna posojila in druge izpostavljenosti kreditnim tveganjem so na splošno zavarovane. Glede na smernice so tudi kreditna zavarovanja v segmentu pravnih oseb del pregleda, ki se izvaja vsaj enkrat letno. Takšen pristop omogoËa Banki boljši vpogled v trenutno stanje in dejansko vrednost kreditnega zavarovanja. Tabela 2: Izpostavljenost Banke do strank glede na strukturo doloËanja bonitete in kreditna zavarovanja Klasifikacija strank Izpostavljenost (EUR Mio) Vrednost zavarovanja (EUR Mio) 31. 12. 2008 Izpostavljenost (EUR Mio) Vrednost zavarovanja (EUR Mio) 31. 12. 2007 A 2.327,33 869,67 2.067,22 749,72 B 6,33 4,43 15,03 7,96 C 13,00 7,17 20,05 9,70 D 18,05 7,31 5,73 1,78 E 10,69 2,01 7,21 3,11 SKUPAJ 2.375,40 890,59 2.115,24 772,27 Po stanju na dan 31. december 2008 je Banka imela 22,8 milijonov evrov terjatev do strank, ki niso bile poplaËane na dan zapadlosti. Za spremljanje neplaËil Banka uporablja sistem, ki evidentira neplaËilo takoj ob zapadlosti, kar ji omogoËa uËinkovit sistem opominjanja. POLITIKA BANKE GLEDE SLABITEV IN REZERVACIJ Banka ima natanËno doloËen postopek in notranjo politiko glede spremljanja portfelja ter glede oblikovanja slabitev. Notranja politika je v skladu s strogimi predpisi Banke Slovenije. Banka ima sistemsko podporo za izvajanje slabitev za stranko ali za vsak posamezni posel stranke. Banka je uvedla tako imenovani “dogodek neplaËila” na ravni strank za primere, ko katera od strank zamuja s plaËilom Banki veË kot 90 dni. Posledica takšnega dogodka je znižanje bonitete stranke in oblikovanje slabitve na ravni stranke ali posla. Takšen postopek je predpisan v smernicah. Odgovornost za spremljanje portfelja ima Oddelek za nadzor kreditnih tveganj, ki vsaj enkrat meseËno pregleda celotni portfelj Banke. Glede na smernice ima Banka pet razliËnih kategorij slabitev za segment poslovanja s prebivalstvom in 29 razliËnih kategorij slabitev za podjetja in stranke. IzraËun potrebne slabitve se pripravi na podlagi preteklih izkušenj s stranko in priËakovanih prihodnjih denarnih pritokov stranke. Kriteriji Banke za oblikovanje slabitev so naslednji: • zamuda pri plaËilih glavnice, obresti in/ali drugih odpravnin, dogovorjenih po pogodbi; • težave z denarnimi tokovi; • kršitve posojilnih pogodb ali pogojev; • steËaj ali drugi pravni postopki, ki imajo lahko za posledico izgubo za banko iz te naložbe. Za stranke, ki zamujajo s plaËili, ima Banka na razpolago še dva statusa. Tako imenovana “lista posebnih primerov” vkljuËuje stranke, ki še vedno odplaËujejo posojila, vendar z zamudo. V takšnih primerih je oddelek Posebni primeri znotraj divizije Upravljanje s tveganji vkljuËen v neposredno delovanje s takšnimi strankami. Drugi status se imenuje “postopek restrukturiranja in izterjave” in pomeni, da je pogodba s stranko preklicana ter da je oddelek Posebni primeri odgovoren za restrukturiranje ali razreševanje izpostavljenosti stranke. BanËna tveganja BanËna tveganja Tabela 3: Izpostavljenost Banke do strank glede na strukturo doloËanja bonitete in oblikovane oslabitve Klasifikacija strank Izpostavljenost (EUR Mio) Oslabitve (EUR Mio) 31. 12. 2008 Izpostavljenost (EUR Mio) Oslabitve (EUR Mio) 31. 12. 2007 A 2.327,33 1,30 2.067,22 1,87 B 6,33 0,50 15,03 1,07 C 13,00 2,75 20,05 4,84 D 18,05 10,58 5,73 4,09 E 10,69 10,69 7,21 6,89 SKUPAJ 2.375,40 25,82 2.115,24 18,76 Operativno tveganje Operativno tveganje je opredeljeno kot tveganje zaradi neustreznih ali neuspešnih internih procesov, nepravilnega ravnanja oseb, neustreznih ali neuspešnih notranjih sistemov ali zunanjih dogodkov. Med operativna tveganja prištevamo tudi pravna tveganja, izkljuËena pa so strateška tveganja in tveganja ugleda. UniCredit Banka Slovenija d.d. je konec leta 2008 zakljuËila priprave za uporabo naprednega pristopa (AMA). Sistem upravljanja z operativnim tveganjem vsebuje politike in postopke za nadzor, merjenje in blažitev operativnih tveganj. Najnaprednejši okvir obvladovanja operativnega tveganja vkljuËuje naslednje aktivnosti: • bazo podatkov o izgubah in raËunovodsko usklajevanje, • analizo scenarijev in blažitev tveganj, • indikatorje tveganja in sistem zgodnjega opozarjanja. Banka zbira vse izgube in dobiËke, ki so povezani z dogodki operativnih tveganj, z zneskom nad 100 evrov in vse potencialne izgube nad 10.000 evrov. Vsak dogodek operativnega tveganja se uvrsti v eno izmed sedmih kategorij tveganja po Baslu II (ORX standard): • notranja goljufija, • zunanja goljufija, • praksa zaposlenih iz delovnega razmerja in varstva pri delu, • stranke, produkti in negativna poslovna praksa, • poškodbe fiziËnih sredstev, • prekinitev poslovanja in napake v sistemih, • izvedba, dostava in upravljanje procesov. Izgube operativnih tveganj se redno usklajujejo z raËunovodskimi izkazi, da bi s tem zagotovili popolnost zbranih izgub iz operativnih tveganj. Namen analize scenarijev je oceniti stopnjo izpostavljenosti UniCredit Banka Slovenija d.d. operativnemu tveganju zaradi dogodkov z velikim uËinkom in majhno verjetnostjo. Scenarije se doloËi na podlagi analiz internih izgub, relevantnih zunanjih dogodkov, trenda kljuËnih indikatorjev operativnega tveganja, procesov, produktov in vrst dogodka. Upoštevajo se tudi izkušnje oseb v vlogi upravljavcev operativnega tveganja, predlogi notranje revizije in vodstva Banke. Ko so scenariji identificirani, oddelek Upravljanje z operativnimi tveganji opravi razgovor z vodji divizij in z osebami v vlogi OpRisk Manager. Rezultati v smislu najslabšega možnega scenarija, kritiËnih procesov, predlogov ukrepov za zmanjšanje tveganja ali uËinkov na tvegani kapital so opisani v poroËilih scenarijev, ki jih izdela oddelek Upravljanje z operativnimi tveganji. Indikatorji tveganja so numeriËne spremenljivke, katerih trend je povezan z izpostavljenostjo procesov operativnemu tveganju. Indikatorji tveganja so razmerja ali podatki, ki odsevajo sliko operativnega tveganja: vrednost indikatorja bi morala korelirati s spremembami stopenj tveganja. Spremljanje operativnega tveganja z uporabo indikatorjev bo omogoËilo zgodnji opozorilni znak funkciji upravljanja z operativnim tveganjem, lastnikom procesov in osebam, ki so neposredno zadolžene za upravljanje s tveganjem. Proces izbire indikatorjev vkljuËuje funkcijo upravljanja z operativnim tveganjem in lastnike procesa in temelji na internih podatkih o izgubah, zunanjih dogodkih, analizi scenarijev, strokovnjakove pobude za procese, notranji reviziji, poslovnem okolju, faktorjih notranje kontrole in aktivnosti v zvezi z vzporejanjem tveganj (risk mapping). Pravna tveganja Pravno tveganje in tveganje skladnosti poslovanja s predpisi sta tveganji izgube zaslužka zaradi kršitve ali neskladnosti z zakoni, pravili, predpisi, dogovori, predpisanimi praksami in standardi. Za trenutna pravna tveganja so oblikovane rezervacije v skladu z ocenjeno vrednostjo stroškov iz naslova pravdnih sporov. Poslovno tveganje Poslovno tveganje je opredeljeno kot neugodna in nepriËakovana sprememba obsega poslovanja in/ali marž, ki jih ni mogoËe pripisati drugim vrstam tveganja, ter ima za posledico fluktuacijo dohodkov in stroškov brez upoštevanja izrednih postavk. Spremembe obsega poslovanja so rezultat nepriËakovanega razvoja tržnih gibanj, nepriËakovanega vedenja strank ali novih tržnih udeležencev/ produktov. IzraËun poslovnega tveganja temelji na modelu tveganja neto prihodkov (“earnings-at-risk model”), ki uporablja Ëasovno vrsto prihodkov in stroškov. Merjenje poslovnega tveganja meri vpliv zunanjih dejavnikov na upadanje dobiËkov in uËinek na tržno vrednost. Kot del splošnega upravljanja z dohodki in stroški, je operativno upravljanje poslovnega tveganja odgovornost posameznih poslovnih enot. Tveganja iz naslova deležev in kapitalskih udeležb Banke UniCredit Banka Slovenija d.d. ni aktivna pri dolgoroËnih investicijah v delnice za svoj raËun z namenom, da bi realizirala kratkoroËno trgovanje ali bistvena dolgoroËna poveËanja vrednosti. Deleži Banke so bodisi tesno povezani z njenim poslovanjem (SWIFT, Bankart, itd.) bodisi rezultati poskusov prestrukturiranja. Zato UniCredit Banka Slovenija d.d. ne vidi potrebe za aktivnim pristopom pri upravljanju s tveganji. Tveganja na podroËju nepremiËnin UniCredit Banka Slovenija d.d. beleži le manjšo izpostavljenost na podroËju financiranja nepremiËnin in ne investira v nepremiËnine. Informacija v zvezi s tretjim stebrom (Pillar 3) V skladu s pravno ureditvijo glede tretjega stebra (Pillar 3) in dejstvom, da je UniCredit Banka Slovenija d.d. konsolidirana v finanËno skupino UniCredit Group, je Banka dolžna razkriti informacije o upravljanju s kapitalom, o razpoložljivem kapitalu in kapitalski zahtevi za razliËne kategorije tveganja. Obvladovanje kapitala V okviru procesa ocenjevanja ustreznega notranjega kapitala se UniCredit Banka Slovenija d.d. osredotoËa na ekonomski pogled usklajevanja ekonomskega kapitala (kapitalska zahteva) s sposobnostjo prevzemanja tveganja (lastniški kapital) v skladu z Baslom II. Ekonomski kapital se raËuna za preteklo obdobje, in sicer vsake tri mesece, vendar se spremlja tudi znotraj letnega naËrtovanja. Kapitalska zahteva in ponudba kapitala se sËasoma razvijeta, zato banka zagotovi, da kapitalska zahteva (ki izhaja predvsem iz poslovnih naËrtov in napovedi o profilu tveganja v povezavi z makroekonomskimi scenariji) ne preseže ponudbe kapitala ter da se ponudba kapitala (na katero vplivajo zlasti naËrtovana poslovanja s kapitalom in priËakovani dobiËki) ohrani na doloËeni ravni, da bi tako vedno krila izraËunana tveganja. Ekonomski kapital banke naj bi odseval specifiËni profil tveganja banke na obširen in dosleden naËin. Z izjemo likvidnostnega tveganja, se ekonomski kapital izraËuna z uporabo enotne VaR metode za vse vrste tveganj, ki so bile omenjene v poroËilu BanËna tveganja. Poseben faktor, ki ga ja potrebno upoštevati pri potrebnem tveganem kapitalu, je poslovno tveganje, ki odseva vpliv zunanjih dejavnikov kot so obnašanje potrošnika ali konkurenËnih razmer na tržno vrednost poslovnih enot ali podružnic. NepriËakovane izgube za obdobje enega leta so izraËunane s stopnjo zaupanja 99,95 %. Celotno odgovornost za prepoznavanje tveganj in ocene stopnje tveganj prevzema ALCO. Poleg ekonomskega vidika, mora Banka izpolnjevati tudi pravne predpise doloËene z Basel II sporazumom in slovensko zakonodajo. Regulatorni kapital za kreditno, tržno in operativno tveganje mora ustrezati kapitalski zahtevi, medtem ko bilanËni kapital (temeljni kapital, dodatni kapital 1 in dodatni kapital 2) predstavlja dejanski kapital Banke. Uprava Banke redno spremlja kapitalsko ustreznost, ki se poroËa Banki Slovenije vsake tri mesece. Banka Slovenije zahteva, da vse banke ohranijo stopnjo skupnega regulatornega kapitala (stopnja kapitalske ustreznosti), ki po mednarodnem dogovoru znaša najmanj 8 % tveganjem prilagojenih zneskov. Naslednja tabela predstavlja kratek pregled sestave regulatornega kapitala in stopnjo kapitalske ustreznosti ob koncu leta 2008. Ker je bil Basel II uveden šele 1. januarja 2008, ni primerjalnih podatkov za predhodno leto. KoliËnik kapitalske ustreznosti na dan 31. december 2007 je bil 8,46 %. BanËna tveganja BanËna tveganja IzraËun kapitala in kapitalske zahteve 31. 12. 2008 EUR 1.000 Skupaj kapital (za namen kapitalske ustreznosti) 178.583 Temeljni kapital 158.583 VplaËani osnovni kapital 16.258 Kapitalske rezerve 61.885 Rezerve in zadržani dobiËek ali izguba 95.216 (-) Ostale odbitne postavke temeljnega kapitala (14.776) (-) Neopredmetena dolgoroËna sredstva (10.004) (-) Druge deželno specifiËne odbitne postavke (4.772) Razlika med izkazanimi oslabitvami in rezervacijami po MSRP in sklepom o ocenjevanju izgub 600 Drugi PP 4.172 Dodatni kapital I 20.000 Podrejeni dolg I 20.000 Opomba:Višina kapitala za izraËun omejitev v povezavi z veliko izpostavljenostjo (dodatni kapital II ni uporabljen) in naložbami v kvalificirane deleže v osebah nefinanËnega sektorja 178.583 Skupaj temeljni kapital (za namen kapitalske ustreznosti) 158.583 Skupaj dodatni kapital I (za namen kapitalske ustreznosti) 20.000 Bruto znesek podrejenega dolga I 20.000 Minimalni osnovni kapital Kapitalske zahteve 5.000 149.671 Vsota kapitalskih zahtev za kreditno tveganje, tveganje nasprotne stranke in tveganje zaradi Ëasovne neusklajenosti plaËila in izroËitve 140.434 Standardizirani pristop (SA) 140.434 SA kategorije izpostavljenosti brez pozicij listinjenja 140.434 Enote cetralne ravni države ali centralne banke - Enote regionalne ali lokalne ravni držav 659 Osebe javnega sektorja 2.947 Institucije 7.391 Podjetja 78.435 BanËništvo na drobno 40.811 Zavarovano z nepremiËninami 2.038 Zapadle postavke 2.899 Regulatorno zelo tvegane izpostavljenosti 3.488 Ostale izpostavljenosti 1.766 Tveganje poravnave - Vsota kapitalskih zahtev za pozicijsko tveganje, valutno tveganje in tveganje sprememb cen blaga 1.822 Pozicijsko tveganje, valutno tveganje in tveganje sprememb cen blaga izraËunano po standardiziranih pristopih 1.822 Dolžniški finanËni instrumenti 1.822 Lastniški finanËni instrumenti - Tuje valute - Blago - Pozicijsko tveganje, valutno tveganje in tveganje sprememb cen blaga izraËunano z uporabo notranjih modelov - Kapitalska zahteva za operativno tveganje 6.826 Standardizirani pristop 6.826 Druge in prehodne kapitalske zahteve 589 Ostale deželno specifiËne kapitalske zahteve Presežek (+) / primanjkljaj (-) kapitala 589 28.912 KoliËnik kapitalske ustreznosti (%) 9.55% UniCredit Banka Slovenija d.d. Šmartinska 140, 1000 Ljubljana Registered at the District Court of Ljubljana under entry no. 1/10521/00 Registred number 5446546 Tax number SI59622806 Share capital 16,258,321.26 EUR Member of UniCredit Group Introduction In 2008, UniCredit Banka Slovenija d.d. successfully concluded one of its largest investment programs ever by extending its network by 40 percent in order to build up new local commitment in Slovenian regions. To our valued shareholders: In 2008, UniCredit Banka Slovenija d.d. once again achieved remarkable results. In the twilight of the deepest financial crisis since World War II, the Bank increased its post-tax profits by 22 percent to 18.5 million euros compared to 2007. This was possible thanks to our respective shareholders, the commitment of the Bank’s management and team of colleagues, and ultimately thanks to customers who continued to believe that, even in challenging times, we would fulfil their financial expectations. Despite turbulent market conditions, the Bank launched one of its largest investment programs ever. Six new branches were opened in 2008, giving us the opportunity to reach out to new client segments in previously untapped areas of Slovenia while at the same time coming closer to some of our existing segments. This will be a crucial test for the new slogan ››Our Commitment is Our Strength«, while keeping in mind our commitment to the communities of Sežana, Logatec, Slovenska Bistrica, Kamnik, Radovljica and Ljubljana Rudnik as well as to their citizens and companies. We are convinced that an extended branch network is a prerequisite for attracting local clients. Also, it is the first step in demonstrating our strong desire to become their top banking partner and to justify our promise through actions and the quality of our services and range of products. We would like to make it even more evident for our clients that by being a client of UniCredit Banka Slovenija d.d. they are also a member of the wider UniCredit Group family, which extends across 22 countries. In other words, our local clients belong to the largest international banking network in the CEE region with over 4,000 branches and outlets, where more than 83,000 employees serve approximately 28 million customers. However, size is not the most important attribute of our business, as we have witnessed recently in financial markets. We have to remain focused on the quality of our service, the know-how of our banking team, our documented processes, and improved efficiency, which is a pre-condition for cost-efficient banking operations. Tailor-made sales efforts have to be backed by standardized banking support in order to implement a profitable value proposition and prompt response to the needs of the market and of our clients. Many steps have already been taken in order to realize the standard approach of the Basel II accord. UniCredit Banka Slovenija d.d. was a fore runner within the Group regarding the introduction of the euro and it also leads the way in terms of efficient capital allocation and value creation. In closing, let me also touch upon the recent liquidity crisis, which ultimately resulted in a consumer trust and confidence crisis. Higher liquidity costs on international capital markets as well as on the domestic market are only one of the results. Despite pressures to transfer some of these costs to clients, the Bank remains in a comfortable position for lending and thus supporting real economy. Strong commitment to the local environment is one of our most valuable assets in times of doubt. Also, it represents a solid base for further growth based on confidence and partnership, reflecting our focus to all major shareholders. Your support has helped us achieve terrific results this past year and we will continue to do our best to earn your valuable trust, dear shareholders, again in 2009, which by all accounts, may prove ever more challenging. Federico Ghizzoni Chairman of the Supervisory Board UniCredit Banka Slovenija d.d. Introduction We must regard this current crisis and the distrust it has brought with it as our common challenge and endeavour to discover new opportunities, new partnerships and better results. Dear ladies and gentlemen, respected business partners, The year 2008 was marked globally by great uncertainty, reflected through financial instability on the one hand and great fluctuations of interest rates and currencies on the other. The financial crisis, which began the year before in the USA, started affecting other world markets and caused growing distrust, especially among financial intermediaries, as well as decelerated economic growth and, in the second half of the year, the failure of important banking and financial institutions. If, during the first half of the year, the fundamental question in Slovenia and abroad was how to suspend rising prices or how to bring down inflation, the central problem during the second half of the year, and especially in the fourth quarter, was how to restore trust, stop sharply decreasing economic growth and ensure indispensable liquidity. Globalization, including the free movement of capital, services, and goods, showed the other side of the coin. Fear and distrust in one part of the world market quickly transmitted to other parts and ballooned to proportions the world had not witnessed before. Systemic risk covered the world market, not just the local one, which resulted in a group activity of the most important central banks, particularly concerning interest rate policy and the activity of individual countries, which, by interfering, tried to reduce the losses suffered by most participants in the market and restore new trust between them. Coordinated actions represent increased deposit guarantee for private individuals, a prospect of national recapitalization of financial institutions, and the formation of widespread, national guarantee potential offering support to banks at acquiring sources to finance commercial circumstances. At this exact moment, it still is difficult to assess what the final results of such measures will be, but it is of utmost importance for joint efforts to result in a steadying of market situation as well as the formation of a new foundation for the re-establishment of economic growth and the restoration of trust. With somewhat of a delay, the Slovenian market largely followed world trends, not only as far as the more restricted financial sector was concerned, but also on the level of the total economy. While Slovenia was still experiencing strong economic growth surpassing five percent in the first part of 2008, the situation started cooling in the second half of the year and, finally, shrank substantially towards the end of the year. Such data anticipated economic downturn, including negative impact on the entire social sector of Slovenia. On the other hand, the world financial crisis has confirmed a great dependence of the Slovenian banking system on external financial sources, which enabled the domestic banking system - mainly in the last three years - quick growth of the volume of assets as well as strong financing growth of the entire non-banking system, namely, business entities and the general population. This exact interdependence in the form of so- called bank funding remains the central question, which is also related to further growth of the Slovenian economy and the greater or smaller role of the government in this matter. The newly created situation in the world market as well as the domestic market significantly affected the domestic capital market. So far, in one year’s time, the latter registered the overall decrease of asset value by nearly 70 percent, which negatively impacted asset owners on one side and, largely financial intermediaries - who had financed various transactions and who also held a part of their own assets in the form of shares - on the other. To some degree, capital fluctuations convinced many investors that a simple bank deposit was the most stable investment, producing substantially lower returns but providing a relatively high level of security to the participant. In 2008, the banking system shared in the net positive flow from the capital market due to changed market Introduction Statement by the Chairman of the Management Board conditions, especially compared to the previous year, when a great outflow of cash was recorded from the banking system into the capital market. Proceeding from the described terms of trade, the functioning of the entire Slovenian banking system was substantially different from that of the previous two years, which were not only marked by strong economic growth and low-priced money, but also by important institutional changes affecting final results in profit and loss statements, including strong growth of income gains, enormous loan growth, and strong growth of profit. Results for 2008 show that banks in Slovenia recorded a halved growth in the volume of assets (12 percent), substantially lower growth of loans to corporate and retail clients (about 18 percent), almost 30 percent lower non-interest revenues, by six percent lower growth of total income and by 34 percent lower profit. While estimating operations and results of the UniCredit Banka Slovenija d.d. over the same period, the Management Board is confident that all goals set were achieved and many goals were even surpassed. This confidence is supported by the following facts: • The Bank increased its volume of assets by almost 36 percent, specifically, to over 2.89 billion euros by year end, which ranked us 4th by market share on the Slovenian market; reasons given for the strong growth were related to interbank financing, strong growth of granted loans to corporate and retail clients, the increased capital of the Bank, as well as strong growth of collected deposits from the non-banking sector. Through this activity, we achieved nearly 6.3 percent of the market share. • Productivity of the Bank’s employees measured by the volume of assets per employee was 45 percent greater than the country’s bank average and increased substantially in 2008. • The Bank’s pre-tax profit increased by 19,4 percent and reached 23,5 million euros while adjustments at evaluating individual parts of assets were also made as were impairments; additional reservations were formed; the return of the Bank’s capital before taxes on the level of 13,6 percent was higher than the average return of banks in Slovenia. • Also in the case of total income, the Bank recorded a 11.2 percent growth, which means that income grew by 16 percentage points faster than in the entire banking system. • Cost increases were in accordance with the accepted projection and reached 14 percent while extending our branch network greatly contributed to growth by bringing on 50 new employees; in addition, adjustment of salaries to inflation fluctuations was in accordance with the collective agreement, as was maintenance and modernization of information technology, which contributed their share. Expense ratio, in regards to volume of assets, was 1.26 percent while the average for all Slovenian banks amounted to more than 1.80 percent. Such a comparison reflects great cost-effectiveness, which has been typical of the Bank for some time. • Beside the mentioned fundamental financial indicators, it ought to be stressed that the Bank expanded its branch network by six new units, that it took part in the public sale of shares of the Pozavarovalnica Sava company, and that, in collaboration with two partners, it managed to secure the second mandate for the euro bond tender for the Republic of Slovenia. The latter two activities and their success additionally confirm that it is no coincidence that the Bank held a nearly 50 percent market share in the derivative instruments field. It may be seen from the stated financial results and other achievements in the previous year that the path to success was paved by excellent relationships and confidence with the entire spectrum of partners in Slovenia as well as abroad. In 2008, relationships with business partners were put to a new test in which the Bank additionally proved itself not only by meeting its agreed upon obligations, but also by launching new products and by solving the most difficult financial problems for individuals, corporate clients and wider groups. Thank you very much for all of that. Being a member of the largest banking group in the EMU gained additional clout during a time of substantial instability on the domestic as well as the world markets. Crucial advantages of that are as follows: better access to international financial sources, faster and cheaper implementation of financial transactions within the financial group, reduction of transaction and loan risks, more successful management of liquidity and total assets within corporate groups with foreign subsidiaries, easier access to information, advice and the likes. Thanks also goes to our owners for systematic, long-established business policy, reflected in reinvesting the entire generated profit, which enables the Bank new, additional growth and security in growing capital. Special thanks go to all the members of the Supervisory Board, who, by applying their rich experience-based knowledge, contributed to better and more efficient professional problem solving, which the Management Board and the entire staff faced in performing their daily tasks. In this context, operations of the newly established Audit Committee and Ombudsman shall not be overlooked. Sincere thanks to both of them for all the warnings and good advice, which contributed to further service quality improvement. And finally, ladies and gentlemen, on behalf of the entire Management Board and myself, let me thank all the colleagues, who proved, by their unselfish work, that with them all the goals we had set together could be achieved even in the face of constantly changing market conditions, which deteriorate and surprise us. The employees guarantee the Bank future success and enable the realization of its long-term strategy of organic growth by expanding its branch network and launching new products. Ethically responsible behaviour, which the Bank devotes special care to, has gained additional value and trust in the newly created market conditions. It should also remain the most important part of our prominence in the future as well and set an example not only as far as our Group in concerned, but also for the entire society and for our competitors. Ladies and gentlemen, we must regard this current crisis and the distrust it has brought with it as our common challenge and endeavour to discover new opportunities, new partnerships and better results. I am convinced that together we know how and can thus cope with circumstances of the Bank’s operations no matter how difficult they get. Thank you for your ongoing trust. Dr. France Arhar Chairman of the Management Board UniCredit Banka Slovenija d.d. Ljubljana, March 2009 Introduction Headquarters: Šmartinska 140 SI - 1000 Ljubljana Slovenia Telephone: + 386 (0)1 5876 600 Toll-free telephone number: 080 88 00 Fax: + 386 (0)1 5876 684 Website: www.unicreditbank.si E-mail: info@unicreditgroup.si Main activity: Other monetary intermediation Activity code: K/64.190 Established in: 1991 Chairman of the Supervisory Board: Federico Ghizzoni The bank is legally registered: with the District Court in Ljubljana under Reg. No.: 1/10521/00 Share capital: 16,258,321.26 EUR Reg. no.: 5446546 VAT ID no.: SI 59622806 Settlement account: 01000-0002900092 Swift: BACXSI22 Supervisory Board Name Board member Date Federico Ghizzoni Chairman of the Supervisory Board since 25th April 2007 Herbert Hangel Deputy Chairman of the Supervisory Board since 25th April 2007 Mag. Martin Klauzer Member of the Supervisory Board since 24th April 2007 Mag. Wolfgang Edelmüller Member of the Supervisory Board since 24th April 2007 Mag. Helmut Haller Member of the Supervisory Board since 24th April 2007 Management Board Name Board member Date Dr. France Arhar Chairman of the Management Board since 2nd June 2006 Dr. Heribert Fernau Member of the Management Board since 15th January 2007 Mag. Stefan Vavti Member of the Management Board since 15th January 2007 Janko Medja, MBA Member of the Management Board since 16th September 2008 Introduction D[[^XZg[dg egZkZci^dcd[ bdcZnaVjcYZg^c\! [^cVcX^c\iZggdg^hb VcY^beaZbZciVi^dc d[gZhig^Xi^kZ bZVhjgZh 7dVgYBZbWZg HiV[[;jcXi^dc 9 k h^dc 9ZeVg ibZci$Jc^i 7gVcX]CZildg` 7gVcX]l^i]8dgedgViZ9Zh` BRANCH LJUBLJANA BTC BRANCH KRANJ BRANCH NOVO MESTO Šmartinska 140, SI-1000 Ljubljana Na skali 1, SI-4000 Kranj Glavni trg 20, SI-8000 Novo mesto Phone: + 386 (0)1 5876 719 Phone: + 386 (0)4 2018 170 Phone: + 386 (0)7 3737 401 BRANCH LJUBLJANA WOLFOVA BRANCH RADOVLJICA BRANCH TRBOVLJE Wolfova 1, SI-1000 Ljubljana Gorenjska cesta 24, SI-4240 Radovljica Ulica 1. junija 2, SI-1420 Trbovlje Phone: + 386 (0)1 5876 472 Phone: + 386 (0)4 5971 630 Phone: + 386 (0)3 5612 563 BRANCH LJUBLJANA CELOVŠKA BRANCH LOGATEC BRANCH VELENJE Celovška 150, SI-1000 Ljubljana Tržaška cesta 32, SI-1370 Logatec Šaleška 20a, SI-3320 Velenje Phone: + 386 (0)1 5000 540 Phone: + 386 (0)1 7591 940 Phone: + 386 (0)3 8987 300 BRANCH LJUBLJANA TRŽAŠKA BRANCH NOVA GORICA BRANCH CELJE Tržaška 19, SI-1000 Ljubljana Tolminskih puntarjev 2b, SI-5000 Nova AškerËeva 14, SI-3000 Celje Phone: + 386 (0)1 2410 360 Gorica Phone: + 386 (0)3 4252 479 Phone: + 386 (0)5 3383 136 BRANCH LJUBLJANA RUDNIK BRANCH MARIBOR JurËkova cesta 231, SI-1000 Ljubljana BRANCH SEŽANA Svetozarevska 6, SI-2000 Maribor Phone: + 386 (0)1 2836 000 Partizanska 37a, SI-6210 Sežana Phone: + 386 (0)2 2285 329 Phone: + 386 (0)5 7314 580 BRANCH KAMNIK BRANCH PTUJ Ljubljanska cesta 4b, SI-1241 Kamnik BRANCH KOPER Ulica heroja Lacka 1, SI-2250 Ptuj Phone: + 386 (0)1 8396 500 Ferrarska 5a, SI-6000 Koper Phone: + 386 (0)2 7980 340 Phone: + 386 (0)5 6101 020 BRANCH SLOVENSKA BISTRICA Trg svobode 21, 2310 Slovenska Bistrica BRANCH MURSKA SOBOTA Phone: + 386 (0)2 8051 970 Trg zmage 5, SI-9000 Murska Sobota Phone: + 386 (0)2 5341 440 Introduction JANUARY Financially Supported Concert of the Vienna Philharmonists We made a donation to support a concert of the Vienna Philharmonists, one of the most renowned orchestras in the world, who performed in Ljubljana for the first time in 12 years. Started Magazine for Our Partners We communicated information on events and products, and our views on various topics to existing and potential clients by producing the first issue of the Azimut magazine. The content was rounded up with interesting and useful information related to business engagement and quality spending of leisure time. Established New Back Office Division The new Division integrates back office activities of credit operations, treasury, dealing in securities, current account management, and register of corporate clients. The Bank introduced back office integration to ensure higher efficiency and quality, better transparency and flow of information, and consequently, easier set-up of new services as well as regulatory requirements, especially complex requirements, such as those delivered by the advanced approach for the capital requirement to calculate credit risk, i.e., the so-called Basel II IRB. Simplified Cross-Border Payments in Europe Within the introduction of the Single European Payment Area (SEPA) system, UniCredit Group established the SEPA platform for single payments in euros for over 240,000 corporate clients in Europe. FEBRUARY, MARCH Organised Strategic Meeting to Coordinate Future Operations The Management Board presented strategic policies to over a hundred managers at UniCredit Banka Slovenija d.d., gathered their suggestions, and was available for additional clarifications. This connected us and ensured even more target-oriented operations toward reaching our goals. Presented Favourable Investment Loans for Communities In cooperation with the European Investment Bank (EIB) and the European Commission (EC), UniCredit Banka Slovenija d.d. was approved a credit line for favourable investment loans and financial incentives for infrastructural projects. These are projects carried out by communities in Slovenia or by public or private companies performing community services and owning funds of the financed project. Remarkable Business Results Presented to Media We organised a press conference for representatives of the media, where we presented our remarkable business results achieved in 2007. We exceeded both the growth of the Slovenian banking market as well as our business plan expectations for 2007 in several key fields. Added Service Packages for Children, Teenagers, and Students to Offer The PalËek package is intended for children up to the age of 11, and the Car package is for teenagers up to the age of 18. A special offer was formed also for the conclusion of a bank package for clients’ newborns. Students were offered a package of services called Cimer. Applied European Risk Analysis System The UniCredit Group implemented the Risk Analysis Service (RAS) system, which enables comparative analysis of credit risk - the goal of which is to improve risk management activities. The service enables financial institutions to measure the risk profile of a certain segment in comparison with other companies in the industry. Ranked Among the First Five Percent of Banks with Most Satisfied Clients in Europe UniCredit Banka Slovenija d.d. has the most satisfied bank clients in Slovenia, and at the same time we were ranked among the first five percent of banks in Europe with the most satisfied clients. A high client satisfaction index is and will remain one of the more important objectives of the managers at UniCredit Banka Slovenija d.d. in the future. APRIL Celebrated a Noteworthy Anniversary of the Pioneer Investments Group With an event for clients in Slovenia, we celebrated the 80th anniversary of the foundation of the first Pioneer Fund mutual fund. The Pioneer Investments Group is known as the third oldest mutual fund manager in the US. Helped Organize Golf Tournament at Bled Amateur golf players from among our partners were invited to the BA-CA ProAm Golf Tournament at Bled, where they conquered green courses together with professional players. The next day, the top professionals competed for their place in the BA Golf Open Tournament in the Austrian Fontana. At General Meeting of Shareholders also about Increased Share Capital Shareholders decided to entirely allocate the Bank’s profit for appropriation to other profit reserves, and they adopted business policy and a development plan for the 2008 fiscal year. Leading Managers Spent Day at Branch Office Division managers and members of the Management Board spent a day at local branch offices around Slovenia. At this opportunity, they had the chance to listen to their business network colleagues and clients’ opinions on further development of sustainable customer relations and business excellence. Last year, we joined this incentive, which has been UniCredit Group’s regular practice already for many years, and we will continue to follow this in the future due to a good response by our colleagues and clients. Served Tested Recipes for Improving Operations At the traditional financial market breakfast, we proved that a good beginning makes a good end by providing our business partners essential information about the conditions on financial markets, and offering them insight into the trends of exchange rates, interest rates, and commodity instruments. MAY Privatization of Pozavarovalnica Sava The Bank participated in the privatization process of Pozavarovalnica Sava and successfully sold shares to institutional investors and individual customers. Invited Slovenian Journalists to Participate in Competition for Best Reporting Bank Austria, a member of the UniCredit Group, announced a competition for the journalist award, “Writing about CEE,” conferred for writing and reporting on topics about Central and Eastern Europe, including further building of intercultural relationships and showing Europe’s roots as a foundation for understanding and mutual respect. The aim of the award is to promote journalistic debate on issues concerning the European integration with a special emphasis on the Central and South-Eastern Europe. Little Lena Became an Investor By participating in the humanitarian action “Can Children be Better than Stock Exchange Gurus?” organised by Moje finance magazine and the association Zveza prijateljev mladine Slovenije (intended to help children from socially deprived families), we donated 1,000 euros to a girl called Lena, which she invested in the Pioneer Investments Funds points. Successful in Triples Running Competition We actively participated in the traditional public event “Pot ob žici” in Ljubljana by sponsoring the Triples running competition, in which a mixed three-person team of colleagues from UniCredit Banka Slovenija d.d. partook and finished great, ranked among the first 20. Young People Offered Careers in Banking UniCredit Group and renowned postgraduate business school Alma University in of Bologna formed an international MBA programme to educate new, talented individuals in the field of retail banking. In each country covered by the UniCredit Group, including Slovenia, the Bank made a call for five full-tuition scholarships, and an additional five scholarships totalling 20,000 euros each, and ten scholarships in the amount of 15,000 euros each. JUNE Ranked First at Banking Games Colleagues at UniCredit Banka Slovenija d.d. transfer excellent business results to the field of sports as well. In the overall ranking at the 16th Slovenian Bankers Sport Games, our team achieved victory once again among the 23 participating banks. JULY Took Children to the Seaside We made a donation to support the entire Slovenia “Let’s Take Them to the Seaside!” effort in which the Red Cross collects funds for summer holidays of children and elderly from socially weak families. Our donation enabled 20 children to go on a weeklong free holiday at the Red Cross’s summer resort, Debeli rtiË. Cooperated at Milan’s Scala Concert Our sponsor funds helped the Ljubljana Festival to carry out the Milan’s Scala Philharmonic Orchestra concert, which enraptured the classical music enthusiasts with works by Ludwig van Beethoven and Pyotr Ilyich Tchaikovsky. Concert by Specialized Course Participants Echoed in Trenta Ever since 2000, the cooperation between UniCredit Bank Austria and the Vienna Philharmonists solo artists has enabled talented young musicians from Central and Eastern Europe to take part in specialized courses in Trenta. Top students present themselves at an event-end concert, and UniCredit Bank Austria organizes a presentation of the Trenta International Music Forum and participants’ concert in Vienna, at the renowned Musikverein. AUGUST Collected Money for Good Purpose For the second successive year, Unidea, the UniCredit Group’s Foundation, launched the “Gift Matching” project to collect money contributions from colleagues to help local non-profit charity organizations. We chose the Vid Humanitarian Institute and Dom Iris Project, run by the Institute for Rehabilitation of the Republic of Slovenia as the recipients of our donations. The Unidea Foundation will also add a share of its own to the collected funds. Approached Citizens of Sežana and its Vicinity A new branch office in Sežana joined the existing offices in the Primorska region, i.e., Koper and Nova Gorica. At the opening, local Introduction Achievements and Events in 2008 citizens enjoyed listening to the concert by Neisha, and we donated funds to two local humanitarian societies for their work. Withdrawals at Over 16,000 ATMs in Europe without Commission We enabled our clients a commission-free cash withdrawal from UniCredit Group’s ATMs in 16 countries using BA Maestro debit cards. Cash withdrawals with UniCredit Bank’s BA Maestro card continue being free of charge also at all ATMs of other banks in Slovenia and the European Monetary Union. SEPTEMBER Banking Day Held at Bled on the First Anniversary of the New Name Most colleagues met at Bled on the first anniversary of the Bank’s re-branding to UniCredit Banka Slovenija d.d. Over 200 colleagues from the Bank, UniCredit Leasing, and CAIB Investment Banking participated in a rowing competition that was organized at this event. New Member of the Management Board Confirmed Janko Medja, the former Head of the Corporate Banking Division, became the fourth member of the Management Board at UniCredit Banka Slovenija d.d. Integrity Charter Day Held Discussions about common values took place among all members of the UniCredit Group. Doing business in line with the values is a prerequisite for successful long-term cooperation and permanent value creation for the Bank and all its stakeholders. OCTOBER Suppliers Proved to be the Company’s Mirror For the second successive year, we organized a meeting with suppliers to make a step forward from the traditional relationship to a partnership run by mutual trust and long-term business cooperation. Invited Colleagues and Their Families to the National Gallery For the second successive year, the UniCredit Group organized the Culture Day. For this initiative, we prepared professionally guided tours of the “Slovenian Impressionists and Their Time” exhibition for colleagues and their families, and tours and workshops for children. On this day, the colleagues at the UniCredit Group visited numerous museums and galleries, also in Austria, Italy, and Croatia, where the Group is present. NOVEMBER Strategy Event Held The Bank’s hundred managers again gathered at the strategic meeting. We reviewed the Bank’s efficiency of strategy realization in the past and presented ideas for its successful realization in the future. Organised Traditional Financial Markets Breakfast We prepared thorough analyses of trends for exchange rates, interest rates, and commodity instruments, as this contributes to easier adoption of daily operation decisions by companies. Donated Funds for Purchase of Violin We have been traditionally supporting the work of the Slovenian Philharmonic Orchestra, and this time we made a donation for the purchase of a concert violin and invited our partners to the Orchestra’s year-end gala concert. Enriched Our Offer with Investment Life Insurances and Renewed Asset Management Service In cooperation with the ERGO Zavarovalnica d.d. (Munich Re Group) life insurance company and Pioneer Investments’ (UniCredit Group’s) international asset manager, we offered our clients Moje življenje and Moja prihodnost insurance packages, which represent a safe and profitable life insurance and investment combination. Again, we offered a renewed asset management service for all our clients who would like to trust their investment decisions to experts. DECEMBER Realized Forecasts on the Branch Network Extension In December, we opened five new branch offices (in Kamnik, Radovljica, Ljubljana-Rudnik, Logatec, and Slovenska Bistrica). In 2008, we thus opened a total of six new branch offices, exactly as we planned. Talked to Entrepreneurs about the Crisis In cooperation with local Chambers of Craft of Slovenia, we prepared a series of discussions about the current events on markets and future challenges resulting from this. The Bank’s Chairman of the Management Board and his colleagues met with numerous representatives of small- and medium-sized companies on six locations in Slovenia. Offered Credit Funds for Small- and Medium-sized Companies UniCredit Group offered over 130 million euros of additional credit funds for the segment of medium- and small-sized companies. Asset Management Services Launched We launched a new business line dedicated to discretionary management of customers’ assets. Business Report After the strong growth of the Slovenian economy in 2007 (6.8 %), 2008 brought ease of economic growth amounting to a gross domestic product (GDP) growth rate of 4.1 %. Growth was still very lively in the first part of the year, but the pace quickly slackened in the second half. In the first quarter, economic growth amounted to a high of 5.7 %, in the second quarter it fell to 5.5 %, and in the last quarter it dropped to only 3.8 %. Investments into fixed assets as well as import and export of products and services still represented growth movers. National consumption grew at 3.9 % yearly-slightly under the growth rate of GDP. The decline of growth rate of GDP was followed by inflation. It amounted to a rate of 5.6 % at the end of 2007 and still grew in the first part of 2008, achieving a high of a 7 % annual rate in June. This was followed by a sharp fall in prices and an inflation rate that amounted to only a 2.1 % annual level at the end of the year. In the second part of 2008, monthly inflation amounted to 0 % in three months (the third quarter of the year), but was drastically negative (0.6 % - 0.7 %) in the last three months (the final quarter of the year). The effect of the fall of oil prices is reflected in the inflation at an annual level by 1.4 percentage points. The current account balance of the balance of payments for 2008 amounted to -6.1 % of the GDP. In 2008, the banking sector was marked by crisis or credit spasm of the international banking sector, which precluded refinancing of the Slovenian banks on the international market - especially in the second half of the year. Fierce conditions forced banks to alter their strategies and adapt to new circumstances. This led to essential changes in balance sheets of Slovenian banks, and, in the second half of the year, to a drastic reduction in the volume of assets of the banking sector amounting to only 16.7 % at an annual level in October. Throughout 2008, the European Central Bank (ECB) recorded a downward trend of growth rate of lending to the non-banking sector. It reached an annual level of almost 40 % at the end of 2007, and then amounted to only 23.5 % in October 2008. Within the same period, annual growth of lending to households amounted to 19 %. Growth dynamics of loans - as far as lending to the non-banking sector and households was concerned - was almost twice as high with banks in majority foreign ownership as with banks in majority state ownership. In the last five months of 2008, balance sheets of Slovenian banks recorded a sharp fall of the share of debt securities on the investment part of the balance sheet. At the same time, the ECB recorded a marked growth of bank financing in the second half of the year. This was followed by growth of claims toward the ECB, indicating that banks did not place all the financial resources they had obtained from the ECB in the form of loans, but deposited them back to the ECB. Developments on the Ljubljana Stock Exchange in 2008 were turbulent and characterized by effects of the wider global crisis. The SBI index lost as much as 67.5 % of its value, which almost equals its nearly implausible growth rate in 2007 when it gained 78.1 % of value. In such circumstances, it is not surprising that after the October 2008 data, Slovenian banks earned 15.5 % less profit before taxes in comparison to the same period last year. The Slovenian state was forced to react to facing financial crisis of such dimensions. In November 2008, the National Assembly adopted an amending act to the Banking Act and the Public Finance Act providing legal framework for measures intended to ensure stability of the financial system. The measures included guarantees by the state in case of international bank borrowing and increased issue of national debt securities with a view to acquiring sources for Slovenian banks on a temporary basis. In conditions of extreme uncertainty on the global and domestic markets, at least one thing is certain, namely, that in 2009 the Slovenian banking sector shall face an entirely different and undeniably less friendly business environment. World economic growth in 2009 shall amount to only 0.5 %, according to the forecast provided by the International Monetary Fund (IMF). For 2009, negative economic growth has been forecasted for the majority of the most important economic partners of Slovenia. The Organization for Economic 2003 2004 2005 2006 2007 2008 GDP (annual growth in %) 2.8 4.3 4.3 5.9 6.8 4.1* Inflation (annual average in %) 4.6 3.2 2.3 2.8 5.6 2.1 Budget deficit (in % of GDP) -2.7 -2.2 -1.4 -1.2 0.5 2 Unemployment rate by ILO standards 6.7 6.3 6.5 6 4.5 - Source: Bank of Slovenia * estimated by IMAD Business Report Economic Environment in 2008 Cooperation and Development (OECD) has predicted its members will see the reduction of economic activity by 0.4 %, but recover to 1.5 % in 2010. According to the Institute of Macroeconomic Analysis and Development’s (IMAD) assessment, in 2009, Slovenia is supposed to record economic growth in the amount of 1.1 %, which is the lowest growth rate after 1993. Growth for the year 2010 is supposed to amount to 3.1 %. Exports in 2009 are envisaged to grow at the rate of 1.5 %, imports with the rate of 0.5 %, while gross investments into fixed assets are expected to reduce by 2.0 %. As far as consumption is concerned, private consumption is envisaged to grow at the rate of 2.8 % and the national consumption at the rate of 2.2 % annually. In 2009, unemployment is supposed to increase by 1.3 percentage points and remain unchanged in 2010. Year-to-year inflation is expected to exceed a growth rate amounting to 3.0 % at the end of the year and the average annual inflation is expected to amount to 1.1 %. Beside all the negative economic forecasts, problems of the banking sector at restoring past due loans on the interbank market of cash and loans should be emphasized. In the year to come, the ability to borrow independently may represent a boundary between the successful and the unsuccessful banks, and, at the same time, this ability of the banking sector as a whole shall specify the scope of government measures to stabilize the financial system. For 2009, the Bank of Slovenia has envisaged only moderate growth of the banking sector, a further fall of growth rates of loans to economy and households, and moderate profits of banks (in the case that interbank relationships on the global market normalize). According to the worst-case scenario, if present circumstances on the market of international loans persist, the forecast for the growth rate of loans of the banking sector for 2009 is by 8.2 percentage points lower than that provided by the basic scenario of the already eased loan activity of banks and by 11.6 percentage points lower for 2010. Business Report Our Commitment is Our Strength At UniCredit Group, our greatest strength is our solid and rigorous commitment - to our customers, to our employees, to our investors, to the communities we serve, to keeping our core values, to respecting the culture, to achieving high quality in everything we do, and to the sustainable success of our company. At UniCredit Group, this commitment is renewed every day through the efforts and expertise of our 180,000 people across 22 countries, who represent the largest banking network and regional coverage in Central and South Eastern Europe. At UniCredit Banka Slovenija d.d., this commitment was also reflected in the opening of six new branches, which allowed us to serve new customers in new communities. We are committed to investing in new client relationships and playing an active role in the local communities. By following a sustainable growth path, over the last few years the Bank has been constantly employing new people, thus becoming a reliable and attractive employer for the local environment. Mission and Vision Our mission is to create a new way of banking by serving our clients with innovative solutions. Our vision is to focus on people as individuals. To achieve this, we aim to enhance our clients’ potential and make their plans and ideas come true. It is our firm belief that every individual has both the right and responsibility to shape his or her own future and that financial expertise of UniCredit Banka Slovenija d.d. can assist people and businesses in doing so, as well as in achieving their full potential. The Bank aims to achieve profitable, sustainable growth in a manner that benefits society as well as our stakeholders. Values Our set of values - shared throughout the UniCredit Group - is based on integrity as a condition of sustainability, which makes it possible to transform profit into value for all our stakeholders. This set of values is embedded in our Integrity Charter, which forms the strong backbone for everything we do. These brand values are: • Fairness - having one high standard for everything we do, applied evenly and without discrimination. • Trust - we possess a mutual code of honour among people, which governs everything we do. It is a strong basis of our reputation, and builds the confidence in our company that is so essential to our profitable, sustainable growth. • Respect - we constantly strive to earn it, and willingly give it to those who deserve it. • Transparency - making certain that everything we do is always honest, relevant, and straightforward. • Reciprocity - actively seeking to help those around us with the unspoken certainty that the way we treat others will have a positive return on us. • Freedom of action - fostering a culture of openness that enables our people to reach their potential and empowers them to achieve more for our customers and our stakeholders. We see adherence to these values as a prerequisite for maintaining the confidence placed in the Bank and the Bank’s reputation. Value-Based Management and Transparency of Results The overall management and steering of the Bank is based on the principles of value-based management. In line with UniCredit Group, the Bank implemented Economic Value Added (EVA) as the main performance measure. EVA measures the profit contribution in excess of the cost of capital and is applied not only at the overall bank level but also is taken into consideration in individual loan decisions. EVA today is seen as a standard performance measure, which combines both growth via the development of risk weighted assets and thus the capital allocation needed and profitability enhancements as value drivers. The Bank consequently aims to ensure that the capital is invested in those business segments, product areas, and services where the highest added value can be generated. Transparency on value creation and/or value destruction is of utmost importance for achieving sustainable results. Divisional Business Model The UniCredit Group’s business model is based on specialisation in specific customer segments. For business activities such as investment banking, trading, international corporate banking or asset management, it is clear that customer needs, service models, and market segments are more similar to each other across countries than the national market practice. However, we believe that this also applies to retail banking in an environment of industrialised banking, while still taking into account local market specifics. Business Report Mission, Vision and Strategy In line with our mission, it is our main • Diversity: We want to use all our objective to meet every client’s personal employees’ various talents despite needs in accordance with the idea that all age, gender, religion, health, or sexual business is local through discretionary or orientation. standardised products. However, in creating • Corporate citizenship: We want to be a and developing products we try to unlock committed and valuable member of local the economies of scale on the revenue as communities, which is underlined by our well as on the cost side and profit from the sponsorship activities. membership in the Group. Consequently, • Ecological sustainability: We attach great also in our Bank, the organisational set-up importance in our current business to follows the Group standards and allows ecological sustainability. We encourage know-how and best-practice transfer and support an awareness of the throughout the Group. interdependence of environmental topics and the banking business. It also is seen as a competitive advantage • Training, encouragement, and our to be able to serve customers through an incentive systems are intended to enable extensive network of leading local banks. our employees to take an entrepreneurial We are able to support international group approach while simultaneously fostering clients operating in the Slovenian market work/life balance. as well as Slovenian customers in their attempts to extend their businesses abroad. In trading and investment banking, we profit from the competencies and placing power of UniCredit Markets and Investment banking. In asset management, we benefit from the expertise of Pioneer Investments - a global top player. Global Banking Services, a global UniCredit division, supports us in maintaining cost efficiency and unlocking synergies via IT harmonisation and Group-wide procurement or process design. Sustainable Success UniCredit Banka Slovenija d.d. is convinced that financial targets can only be reached through sustainable development in line with the following principles: We aim to build long-term customer • relationships and take account of customer satisfaction in our incentive system. Business Report General Performance Overview The year 2008 was without exaggeration a year of many unexpected economic developments in the world. Spreading from the United States, the subprime crisis spilled over to Europe and completely changed the financial industry and the economic environment and caused a deep economic recession. The Lehman Brothers´ bankruptcy in September of 2008 sent shockwaves through the financial markets, leading to an unanticipated crisis of lost confidence among banks worldwide. Interbank lending basically stopped in the second half of 2008, making the banks dependent on the availability of Central Bank instruments and state rescue packages. Soon, it became clear that the global financial crisis would also spill over to the real economy with significantly reduced growth expectations of companies and lower consumer confidence. The world economy was heading toward recession with increased corporate and private defaults in the financial statements of the banks. The period of cheap and unlimited funding finally ended in 2008. It goes without saying that the Slovenian economy and banking system could not avoid being affected by these international developments. The Ljubljana Stock Exchange tumbled with its SBI 20 index trading 67 % lower than in 2007. The Slovenian credit spreads in the bond market widened from minus 11 bps to swap to about plus 70 bps. In the second half of 2008 in particular, the number of Slovenian companies facing financial problems increased. All of this decreased the Roe after taxes 11.0% 10.6 % 10.5% 10.0% 9.8 % 9.5% 9.0% 8.5% Year 2007 profitability of the Slovenian banking sector and its ability to retain its capital.1 Given this macroeconomic environment and the difficulties the banking industry faced in 2008, the performance of UniCredit Banka Slovenija d.d. was exceptional. The Bank increased for the fifth consecutive year its pre-tax profits, which in 2008 amounted to 23.53 million euros. This means an increase of 3.82 million euros or 19.4 %. In 2008, the net financial and operating income rose by 8.45 million euros or 15.1 %, to 64.47 million euros with good results in all business segments. The profitability of the Bank’s core customer business developed especially well. Revenues excluding the trading result grew by 29 %, whereas the administrative costs showed a growth rate of 14.4 %. However, UniCredit Banka Slovenija d.d. also suffered valuation losses out of the widening of the credit spreads in all bond asset classes and was especially hit by the unexpected widening of the Republic of Slovenia credit spread. 1 The preliminary results for the Slovenian banking sector show a total post-tax result of 272.8 million euros compared to 406.4 million euros in 2007. Additionally, the fair value reserves for cash flow hedge and available-for-sale financial assets in the shareholders’ equity shows a negative yearly development of 144.3 million euros of which UniCredit Banka Slovenija d.d. has only a negative 2.9 million euros. Year 2008 The trading result decreased by 5.68 million euros in 2008. In line with the principles of value-based management, the Bank focused on a structural improvement of its result. As in previous years, the Bank focuses on non- or low-capital consuming business, such as banking services and customer business. When granting new loans, the Bank tries to achieve a minimum margin that covers all cost factors and gives the required return on capital. The value creation is measured via EVA, or the economic value added. Also, the trading result goes into the EVA and in 2008 had a negative impact on it. The Bank achieved an EVA (calculated based on the UniCredit Group’s methodology) of 6.4 million euros compared to 7.2 million euros in 2007. The return on post-tax equity improved from 9.8 % in 2007 to 10.6 % in 2008. The Income Statement for 2008 The interest net income increased year on year from 35.75 million euros to 45.12 million euros, which is a 26.2 % growth rate. In 2008, the major net interest income driver was clearly the loan business. Despite the fact that retail loan margins were under pressure due to competition pricing behaviour and increased liquidity costs, the Bank significantly increased the margin income out of the loan business due to the increased business volumes. Corporate loan margins stabilized in 2008 absorbing the increased liquidity costs payable by the Bank. The deposit margin income stayed on 2007 levels with similar average margins and volumes. The Asset/Liability Management had good net interest income contributions out of the liquidity positions of the Bank, with increased costs towards the end of the year as a consequence of deteriorated liquidity situation on the market. The fee and commission net income grew in 2008 by 16.9 % and reached 16.78 million euros (2007: 14.35 million euros). Tailor-made solutions as well as the Bank's thrive for innovation, which resulted in attractive products and service competence, are reasons for this further increase. Security and custody fees as well as IPO fees are above the previous year and in total amounted to 4.2 million euros (2007: 3.61 million euros). While the Bank generated lower fees in 2008 out of the security business due to the poor capital market environment, the fees for the Sava Re initial public offering (IPO) contributed substantially to the positive development of this fee category. Loan and lending related fees increased from 4.98 million euros in 2007 to 5.62 million euros in 2008. In the corporate business, the Bank approximates the effective yield concept by accruing fees within the net interest income; however, it doesn’t do the same for retail business due to the outstanding implementation of system support. In both business segments, the appropriate system support will be implemented in 2009. Besides increased business, and the fact that the Bank insures fewer loans than in the past, is another reason for the positive development. Payment and foreign trade related fees increased in 2008 from 5.52 million euros to 6.68 million euros. In 2008, the Bank in total reports a profit of 1.60 million euros in realized gains and losses on financial assets and liabilities not measured at fair value through profit and loss (2007: a loss of 0.75 million euros). Within this position, the Bank reports the result of the sale of available-for-sale equity investments and bonds as well as the write-offs of loans carried at effective interest method and their recoveries. The available-for-sale bond result amounted in 2008 to 0.13 million euros (2007: minus 0.63 million euros). The net write-offs result amounted to 0.28 million euros (2007: a loss of 0.12 million euros). The available-for-sale equity investment result amounted to 1.2 million euros and referred to the sale of the Ljubljana Stock Exchange. The activities of the treasury department trading on the Bank’s own account are reflected in the profit and loss statement in the positions “Gains and losses on financial assets and liabilities held for trading,” “Gains and losses on financial assets and liabilities designated at fair value through profit or loss,” and “Exchange differences.” This includes both the profit of the trading activities on the Bank’s account as well as the profits generated out of customer related derivatives business, which can be seen as a risk-free margin. The trading result significantly worsened in 2008 and reached 0.81 million euros (2007: 6.49 million euros). The sharp decline is the consequence of the widening of credit spreads in all asset classes in the bond market. However, positioning on the yield curve resulted in significant interest trading profits. Also, the activities on the foreign Net financial and operating income FINANCIAL ASSETS NOT MEASURED A FVTPL NET GAINS ON FIN. ASS. AND LIAB. HELD FOR TRADING FROM NON-CURRENT ASSETS FOR SALE FEE AND COMMISSION NET INCOME NET INTEREST INCOME 1,599 Amounts in 1,000 EUR 807 70,000 2,610 60,000 6,492 16,780 50,000 40,000 45,117 30,000 20,000 10,000 0 -10,000 Business year 2007 Business year 2008 Business Report Financial Results currency markets contributed positively to the overall trading result as well as the customer induced derivatives sales business. Within position “Gains and losses on derecognition of assets other than held for sale”, the Bank reports gains and losses on the derecognition of its property and equipment as well as intangible assets. For 2008, the Bank reported a loss of 0.08 million euros (2007: a loss of 0.03 million euros). In line with the increased business, the Bank’s administrative costs grew in 2008. Expanding the number of employees as well as opening new branches to increase the regional presence of the Bank for retail and corporate business or the investment EXPENSES Expenses Amounts in 1,000 EUR 45,000 40,000 3,165 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 3,548 14,366 18,648 DEPRECIATION 6,993 OTHER ADMINISTRATIVE EXPENSES STAFF EXPENSES PROVISIONS AND IMPAIRMENTS in IT infrastructure led to higher expenses. Also, in 2008 the focus was on marketing in order to support the retail expansion after the re-branding with the goal to increase brand awareness and recognition. However, the Bank manages its administrative costs tightly and cautiously. The administrative costs amounted to 33.01 million euros (2007: 28.84 million euros) in total, which is an increase of 4.17 million euros or 14.5 %. Staff expenses increased from 15.42 million euros in 2007 to 18.65 million euros in 2008. The increase in number of employees accounts for the majority of this increase. By the end of the year, the Bank employed on average 500.9 full-time employees (FTE) (2007: 436.7), while in 2008, on average, 464.9 FTE (2007: 413.7 FTE) worked for the Bank. Also, salary increases, inflation adjustments, and previous-year working experience significantly contributed to the increased costs. Other administrative costs increased in 2008 by 0.95 million euros to 14.37 million euros. It goes without saying that the Bank tries to manage its costs with caution. However, the increase reflects the costs for the extended business and branch network. Depreciation increased from 3.16 million euros in 2007 to 3.55 million euros in 2008, which is a 12.1 % increase and reflects the previous year’s increased investments into the Bank’s infrastructure. The Bank tries to reduce the impairment losses on financial assets by state-of-the-art risk management tec hniques and a focus on clients with high credit worthiness. In 2008, the impairment of assets including provisions amounted to 6.87 million euros (2007: 4.65 million euros), which is an increase of 2.22 million euros or 47.6 %. The Bank realized in 2008 gains on non-current assets held for sale in the amount of 2.6 million euros. This was the result of the sale of land and building out of a former work-out case. In 2008, the Bank achieved a pre-tax profit of 23.53 million euros, compared to 19.71 million euros in 2007, which is an increase of 3.82 million euros or 19.4 %. Within the tax expenses of 5.04 million euros (2007: 4.53 million euros), the Bank records current taxes of 5.51 million euros (2007: 3.52 million euros) and a deferred tax profit of 0.46 million euros (2007: a loss of 1.01 million euros). The net profit for the financial year amounts to 18.48 million euros after 15.18 million euros in 2007, which is an increase of 3.30 million euros or 21.8 %. The Balance Sheet for 2008 In line with its strategy, UniCredit Banka Slovenija d.d. is committed to profitable growth. Consequently, the Bank doesn’t believe that balance sheet growth per se is a good performance measure. In 2008, the Bank’s balance sheet grew by 758.55 million euros or 35.6 % to 2,891.24 million euros. The main reasons for this significant increase are as follows: • Faced with the liquidity crisis, the Bank decided to keep more cash with the Central Bank as well as with UniCredit Bank Austria AG, as the UniCredit Group’s liquidity centre for Slovenia in order to have sufficient cash at any point of time. • The positive market value of derivatives grew by 62.07 million euros because of the sharp movements of all risk factors. • UniCredit Banka Slovenija d.d. holds a significant part of its assets in Swiss francs (CHF). The appreciation of the EUR/ CHF exchange rate in 2008 from 1.65 to 1.5 led to a balance sheet revaluation effect of about 40 million euros, which is mainly shown in the loans to customers. • Further growth of the customer business in both retail and corporate segments increased the loans and receivables to customers by 469.19 million euros, whereas the previously mentioned revaluation effect needs to be deducted to get to a net loan growth. Cash and cash balances with central banks grew in 2008 by 14.15 million euros to 41.90 million euros as a consequence of the global liquidity crisis. In line with international practice, the local Markets division takes interest rate positions via interest rate swaps (IRS). The IRS market normally pays higher interest rates than the bond market and additionally consumes basically no liquidity. Bonds are primarily bought for complying with the liquidity regulation of the Bank of Slovenia or with the intention to run a credit risk position, which involves the reduction of the interest rate risk embedded in the bond via payer IRS. For accounting reasons, the Bank ran such positions in the trading portfolio in previous years. In 2008, the credit spreads of the majority of asset classes significantly widened with an impact also on the Republic of Slovenia credit spread leading to valuation losses in the trading result. In the beginning of December 2008, the Bank’s management FINANCIAL ASSETS decided to reduce the volatility in the profit and loss statement and reclassified the majority of the trading bonds at market prices from financial assets held for trading to available-for-sale. Consequently, only the bonds necessary for market making stayed in the trading portfolio. Besides bonds, the position includes also the positive market value of financial derivatives which accounted for 116.32 million euros (2007: 54.26 million euros) by the end of the year. Available-for-sale financial assets consequently increased in 2008 from Financial assets Amounts in 1,000 EUR 3,000,000 62,664 29,721 289,447 2,500,000 12,879 148,163 2,000,000 1,500,000 2,081,188 1,000,000 500,000 217,389 144,574 41,902 0 OTHER ASSETS HELD TO MATURITY LOANS AND RECEIVABLES WITH BANKS LOANS AND RECEIVABLES WITH CUSTOMERS * AVAILABLE FOR SALE HELD FOR TRADING CASH AND CASH BALANCES WITH CB Business Report Financial Results 115.38 million euros to 217.39. The position consists of the Bank’s equity model book investment, the liquidity portfolio, as well as some credit spread positions in corporate and bank bonds. Loans and receivables to banks increased from 148.16 million euros in 2007 to 289.45 as a consequence of the global financial crisis and the Bank’s intention to keep more liquidity available in the short term. Loans and receivables to non-banks rose from 1,595.27 million euros to 2,064.46 million euros by the end of the year. The increase of 469 million euros is affected by about 40 million euros by the appreciation effects of the EUR/CHF exchange rate. However, even excluding this effect, the loan growth amounted to more than 420 million euros. Out of the total loan portfolio to customers, 1,384 million euros relates to the corporate segment and the remaining 680 million euros to the retail segment, which underlines the Bank’s commitment to its clients and continued lending. Within the held to maturity investments, UniCredit Banka Slovenija d.d. reported a reclassification of local bank bonds in December, which are intended to be held until maturity in the amount of 29.72 million euros. The increase of tangible and intangible assets from 13.49 million euros to 19.54 million euros reflected the Bank’s investment into business infrastructure as well as the expansion of the branch network. The increase from 12.88 million euros to 62.66 million euros within other assets is mainly the result of pending securities transaction. Financial liabilities to the Central Bank amounted to 200.73 million euros and reflected the amount of repo transactions (repurchase agreements) the Bank concluded for refinancing reasons with the Central Bank. Financial liabilities held for trading more than doubled in 2008 to 109.22 million euros. The position comprises solely of the negative market value of derivatives, which is a consequence of customer driven business. FINANCIAL The increase on the asset side was mainly financed by financial liabilities measured at amortized cost, which increased from 1,904.25 million euros in 2007 to 2,370.38 million euros by the end of 2008. Loans and deposits from customers decreased from 721.54 million euros to 642.29 million euros, whereas the loans and deposits to banks increased at the Financial liabilities Amounts in 1,000 EUR 3,000,000 179,172 21,147 200,729 2,500,000 460,924 163,651 10,306 2,000,000 642,287 1,500,000 1,000,000 1,267,167 500,000 109,222 0 Business year 2007 Business year 2008 TOTAL EQUITY OTHER LIABILITIES DEPOSITS FROM CB LOANS FROM BANKS (SUBORDINATED LIABILITIES INCLUDED) DEPOSITS FROM CUSTOMERS DEPOSITS FROM BANKS HELD FOR TRADING same time from 1,182.71 million euros to 1,707.89 million euros. In order to hold enough capital and to comply with the capital adequacy regulation, the Bank received in 2008 a subordinated loan that accounted for 20.20 million euros at year­end. The shareholders’ equity increased in 2008 by the profit carried forward from 2007. In order to finance future growth and stay in line with the capital adequacy regulations set by the Bank of Slovenia, the Bank will also retain the full 2008 profit and not pay dividends. The shareholders’ equity amounts to 179.17 million euros (2007: 163.62 million euros). Business Report Retail and Small Business Banking GENERAL OVERVIEW In 2008, UniCredit Banka Slovenija d.d. made important development steps in the field of retail and small business banking, which resulted in increased confidence of current as well as new customers. The number of new customers grew above the average level (at the end of the year there were approximately 70,000 customers) and the Bank’s income in the segment of retail and small business banking increased by 13 %. In comparison with results achieved by the Slovenian banking market, UniCredit Banka Slovenija d.d. grew above the average level also as far as the loan segment is concerned since its volume increased by as much as 34 % while the average volume on the Slovenian market increased by 19 %. Also in 2008, the Bank expanded its branch network by six planned new units and concluded the year successfully with a total of 20 branches altogether. The Bank actively sought leading advisers to work in its expanded sales network and thus additionally employed about 60 new employees, who were intensively trained for several months prior to beginning their professional work in the new environment. The Bank further increased its network of contractual partners to sell its services to and provided all business units with advisers for the small business segment. SEGMENTS AND PRODUCTS The Bank conducted an inventory check of processes within its branch network and started optimising them in order to rationalize its operations and enable its customers to have faster processing of their applications and loan proposals. UniCredit Banka Slovenija d.d. continued to achieve strong customer satisfaction ratings. Customers listed the Bank among top banks providing great satisfaction on a Slovenian as well as on the European scale. Customers’ opinions have been assessed through a structured and certified survey, which the banking network of UniCredit Group conducts biennially. The achieved results offer the Bank an important incentive in providing even better services and also represent a good basis for bringing about further successes and attracting prospective customers. Customer satisfaction has been and shall remain an important aim of not only all the employees of UniCredit Banka Slovenija d.d., but also of all the employees of UniCredit Group. 1. Mass and Affluent Segment In addition to consumer and mortgage loans, investment products have become an important part of expansion of cooperation with current customers, while many new customers were attracted by the Bank’s diverse offerings. Over and above the attractive offer of deposits and investment possibilities to purchase units of the Pioneer Investments fund, in 2008, the Bank launched several other new products and services. In cooperation with the life insurance company Ergo Zavarovalnica d.d. (a member of the German Munich Re Group), the Bank offered its customers life insurance, which has become a part of its regular modern and competitive offer. By introducing the service of Asset Management, which enables wealthier customers to entrust the upgrade of the value of their property to the Bank’s financial experts, the Bank connected more strongly with departments within the UniCredit Group, which intensively monitor markets and help customers decide on investments and growth of their property. The Bank applied the system for customer relationship management (CRM) even more intensively than in 2007. As a result, the Bank’s market targeting has become even more directed and efficient, and has also achieved good results at cross-selling. 2. Small Business Segment In 2008, financing was the most demanded service by clients in this segment. Despite the negative trend in the second half of 2008, which was accompanied by the general liquidity/credit crunch on the banking market in Slovenia, the Bank ensured its customers enough financial resources under competitive conditions to satisfy most of their needs and enable their continuous operation. At the end of the year, the Bank and its subsidiary company, REVENUES BY SEGMENTS Revenues by segments Amounts in 1,000 EUR 30,000 4,198 25,000 3,123 820 656 20,000 15,000 21,095 10,000 5,000 SMALL BUSINESS PRIVATE BANKING MASS & AFFLUENT 2007 2008 REVENUES BY PRODUCTS Revenues by products Amounts in 1,000 EUR 30,000 2,112.74 100.86 2,003.98 25,000 99.13 7,840.29 20,000 15,000 16,059.10 10,000 5,000 BANKING SERVICES OFF-BALANCE DEPOSITS LOANS UniCredit Leasing d.o.o., provided 130 million euros of supplementary financial resources for small- and medium-sized businesses to finance inputs, for investment activities and bank collateral in 2009. FUTURE FORECAST In light of the global financial crisis and retarding economic growth, the year 2009 shall undoubtedly be full of challenges. Despite that, the Bank shall endeavour to follow a defined path and protect its reputation as being solid, safe, and trustworthy. The Bank shall continue to expand its operations and increase its local presence to attract prospective customers and keep the current ones. At the same time, the Bank shall continue to foster quality of its credit portfolio even though this task shall be more demanding in the period of retarded economic growth. The Bank expects simple investment products, such as deposits, to bloom. Funds of the Pioneer Investment Group shall further be marketed since interesting investment opportunities for investments in equity funds are anticipated to appear in 2009. Combined products, such as mortgage loans including life insurance, shall have more significance. The Bank’s activities in 2009 shall be reflected by a wider offering in the segment of small business and by supplementary possibilities, which shall be offered to private banking customers. Corporate Banking GENERAL OVERVIEW A less favourable macroeconomic environment coupled with lower economic growth of 4 % in 2008 did not attract new competitors into the Slovenian banking sector. However, the banking industry remained highly competitive. Business Report Bank’s Segment Performance Review In the first half of 2008, there was a continuing trend of cautious increasing interest margins on the Slovenian banking market. The level of interest margins approached the European ones for companies holding comparable credit rating and consequently, interest revenues regained importance compared to non-interest revenues. During the second half of the year, particularly from mid-September on, the deepening global financial crisis also influenced conditions on the Slovenian banking market. The inter-bank market died away, and as a result, refinancing on the inter­bank market became extremely limited, which brought credit business growth to a hold. Poor liquidity of the banking sector triggered a further increase in pricing of customer loans. Interest rates for clients were rising by the end of August, while from October on, central banks started with the process of lowering reference interest rates. High volatility of the EUR/CHF exchange rate reduced the appeal of borrowing in Swiss francs. At the same time, the appreciation of the Swiss franc against the euro worsened repayment capability of several clients with credit liabilities denominated in that currency. Despite adverse conditions, UniCredit Banka Slovenija d.d. achieved very good corporate banking results in 2008 and thus once again exceeded strategic plans. Revenue was 13 % above the plan and 23 % above last year's results. The revenue growth in the area of medium-sized companies was as high as 44 %. Therefore, the Bank was capable of maintaining strong growth, which continues to prove to be a great success given the circumstances and the Bank's relatively conservative credit risk policy (increased provisions). SEGMENTS AND PRODUCTS The Bank’s overall market share in the corporate loans segment remained mostly unchanged. This is to a large extent a result of the Bank’s conservative approach, which forms the foundation for comprehensive assessment of companies’ credit ratings. As a result, we declined many transactions because of the risk involved, which was not aligned with our business policy. However, it should be noted that during the last months of 2008, despite a standstill of credit expansion within the banking sector, the Bank continued to increase a volume of outstanding loans, although at a lower pace than before. In 2008, volume of the Bank’s liabilities towards corporations was 16 % lower than in 2007, mostly due to multinational corporations’ policy to centralize redundant liquidity in treasury departments of their holding companies abroad. Despite that, volumes of deposits increased in some segments, e.g., the large Slovenian corporations segment, where the Bank achieved 25 % growth. The volume of loans to legal entities increased by 19 % compared to the previous year, while some segments experienced even higher growth rates. This was the case in the segment of medium-sized companies with 33 % growth rate and in the segment of large Slovenian corporations with a 21 % increase compared to 2007. The volume of foreign payment transactions in the segment of electronic payment orders rose by 16 %, while the volume of domestic payment transactions in the same segment rose by 6 %. The overall number of transactions rose by 7 %. Revenues from payment transactions services increased by 8 % in 2008, compared to the previous year. The highest growth was recorded in the segment of large Slovenian corporations with 26 % growth, and in the segment of medium-sized companies with 8 % growth. In caring for better performance of its partners - who increasingly appreciate the advantages of protection against currency, commodity, and interest risks - in 2008, the Bank again offered instruments aimed at reducing such risks. Due to unpredictable circumstances in the financial markets and a shift of companies’ focus back to their core business, our clients were less inclined to perform such transactions in 2008 than in the previous year. However, the Bank managed to achieve its plans in this area in terms of revenues and successfully defended its market leader position. The Bank also continued building its expertise about products and services in the challenging and complex area of project financing. By doing this, it created a foundation for establishing itself as one of the major players in this market segment. Based on the results of a customer satisfaction survey, performed by an independent, external agency, in 2008 the Bank achieved the same customer satisfaction index in area of corporate banking as in 2007. Since the average customer satisfaction index of most of the rivals dropped, UniCredit Banka Slovenija d.d. even improved its competitive position. FUTURE FORECAST UniCredit Banka Slovenija d.d will continue to follow its ambitious goals in the area of corporate banking, with particular focus on the following: • Further growth of revenue, profitability and improvement of the ratio between revenue and average weighted risk assets; • Increased client satisfaction compared to other banks and to the previous period; • Maintaining or achieving a leading position in the area of products, such as cash management, instruments for reducing risks, issuing bonds, project financing, and others; • Improving the internal processes in terms of better operating efficiency and higher quality of services for clients; and • Developing the knowledge, experience, and satisfaction of our team, which is a necessary requirement for long-term success. In 2009, we expect the banking industry to remain competitive, while a changed macroeconomic environment in the country and globally will contribute to more difficult conditions for doing business. The anticipated lower growth of the GDP in Slovenia will lead to deteriorated conditions for companies. This consequently would bring changed conditions for banks, in light of additional increased risks and declining credit growth. We expect the economic climate to worsen, as well as the companies’ results and consequently their credit capability. In the upcoming period, credit risk and risk provisions will be at the centre of attention for the banking system. Despite forecasted negligent economic growth at around 1 % and continuation of conditions characterized by scarcity of resources, the Bank will remain focused on sustainable growth, ensuring quality solutions for our clients and exceeding set goals. Markets The Markets division is responsible for the Bank’s activities in currency, interest rate, fixed income and shares trading, sales of treasury products to corporate and institutional customers, and debt capital markets origination. Furthermore, it provides customers with custody and brokerage services. Thus, this segment links international financial markets with customers and the Bank. In line with this concept, in 2008, we integrated equity execution and the custody department within the Markets division. Additionally, we launched a new business line - Asset Management. This unit makes use of our excellent platform, which bundles the infrastructure and knowledge necessary for successful discretionary management of customer assets. At the same time, it also participates in the international competence of the UniCredit Group as a dedicated asset manager with 200 billion euros in assets under management. The launch of Asset Management is yet another clear step towards diversification of our activities - by market segments and customers. At the beginning of 2008, we separated Asset and Liabilities Management activities from the Markets division. Therefore, the results for Market division in this year are not directly comparable with the year before. GENERAL OVERVIEW A broad diversified business portfolio primarily enabled us to perform well even in a highly challenging year. Spillover effects of the US sub-prime crisis gradually affected global financial markets and reached out to all asset classes. The shock waves following the bankruptcy of Lehman Brothers in September 2008 resulted in extremely high volatility levels. Against the backdrop of such difficult market conditions, the Markets division managed to deliver revenues in a sustainable way and, more importantly, continued serving its customers with a broad range of products and solutions. In 2008, the Markets division increased total revenues to 8.5 million euros and generated operating income of 4.7 million euros. The cost/ income ratio was 44.8 % and the return on equity (ROE) before tax reached 113.2 %. SEGMENTS AND PRODUCTS Trading Unit The Trading unit achieved very good results from currency and interest rate derivative trading by taking advantage of high volatility levels. The bankruptcy of Lehman Brothers followed by the US government bailout of several other financial institutions put credit markets under considerable stress. Lack of access to new funding combined with rapid deterioration of conditions in all major economies of the world caused significant widening of credit spreads not only in the lower quality credits but also in high quality ones, including sovereigns. Resulting revaluations of the trading bond portfolio had a negative impact on results. No writedowns have been necessary thanks to very high credit quality of our bond portfolios. Institutional Sales In the first part of 2008, the Institutional Sales activities were able to address customer demand for new investment and hedging products with a range of innovative structured products and hedging solutions. This led to exceptionally good results, which far exceeded expectations. One of the highlights was the distribution of Pozavarovalnica Sava initial public offering (IPO) where over 75 % of the issue was placed by our sales force in Slovenia. The second half of the year saw institutional investors becoming increasingly risk averse, which had an impact on traded volumes. Brokerage The Brokerage unit was not able to escape the impact of declining liquidity on the Ljubljana Stock Exchange (LJSE) and recorded a drop in traded volumes. Nevertheless, it managed to defend its top position in Slovenia by concluding the year as the number two broker by traded volumes on the LJSE. As the stock exchange prices plummeted in 2008, the Bank managed to largely abstain from a long share position and thus avoided significant losses from shares trading. Business Report Bank’s Segment Performance Review Custody The Custody unit managed to match the result from previous year, which is a respectable achievement considering the business line dependency on market capitalization and liquidity in local equity markets. Several new markets have been opened, making our custodian offer more attractive to domestic investors investing abroad. Once again, our custody team scored high in our customer satisfaction survey and concluded the year in Slovenia as unchallenged provider of services for international broker-dealers and global custodians. Corporate Treasury Sales The Corporate Treasury Sales unit further expanded its leading position in the market for risk mitigation products. Several new and innovative hedging strategies and products were added into the Bank’s offerings in order to meet customer demand for active management of risks and opportunities. Sharp price movements and changes in outlook for interest rates and commodities put additional requirements on the quality of our product offering and sales process. In a very challenging environment, our experienced staff kept focused on customers’ needs and remained an undisputed market leader in this segment. OUTLOOK With economic indicators deteriorating and risks to future economic developments skewed on the downside, 2009 will be another challenging year for the Markets division. Global financial markets are expected to operate in a highly complex and turbulent environment. Even in such difficult conditions, we look with optimism to the future and expect the Markets division to deliver convincing results in 2009. Our business model is increasingly based on maintaining excellent customer relationships and on building our products and services around customers’ needs. This makes it more robust and resistant to unfavourable market conditions. Sales Support The employees of the Sales Support division prepare sales actions, organise and monitor sales action efficiency, manage customer segments, and introduce new products. In 2008, sales actions were focused on attracting prospective customers and increasing cross-selling. The Division carried out 25 different sales actions and nearly all of them achieved the anticipated results. Advertising activities in 2008 were designed in accordance with the new tone of communication based on a unified central idea of the UniCredit Group, “Let's cross out maybe!”. Creative design of the “maybe” concept focuses on the role the Bank plays in relationship with its customers. The Bank wishes to help its customers to make the best decisions, which shape their future by implementing products, services, and skills the Bank offers. It wants to encourage them to think about their future, overcome doubts, and make decisions proactively. The Bank also desires to help customers achieve their wishes and ambitions in the spirit of a modern Bank, tailor-made to fit an active individual or company. This spirit is illustrated by removing customers’ doubts, in light of the new concept of “crossing out maybe.” Current research shows that the UniCredit Bank brand has become synonymous with excellence also in the Slovenian banking market. As far as communication with companies is concerned, the Bank organizes various events, providing effective transfer of knowledge and best practices in the field of financial product management. In 2008, the Bank organized as many as 19 such events. Customer satisfaction remains one of the Bank’s key strategic policies, as segment management is based on assuring strong customer satisfaction. In coordination with the UniCredit Group, the Bank measures customer satisfaction indices in corporate banking as well as retail and small business banking. In 2008, the Bank exceeded competitive banks again as far as corporate banking is concerned, and it remains on the top position with regard to retail banking. The customer satisfaction index concerning retail banking is calculated by an independent institution, T.N.S., enabling the Bank to compare its results with those of other banks within the UniCredit Group and other banks in Europe and Slovenia. The Bank is proud to drastically exceed customer satisfaction of competitive banks in Slovenia, amounting to 72 points on average. With the total of 96 points, the Bank was placed among the best 5 % of the banks in Europe. The Bank shall strive to preserve high customer satisfaction in all segments in the future as well. Introduction of new products in 2008 was marked by beginning to market investment insurance, which rounded the Bank’s palette of modern products of universal banking in the field of retail banking. The Bank started to sell a new package of transaction accounts intended for the general public, including basic banking services as well as a savings account with a progressive interest rate. Also, the Bank’s offer for younger customers and students was upgraded; for these two groups, the Bank formed two special packages of banking services, which are adapted to the needs of the aforementioned two segments. In the field of corporate banking, the Bank introduced a new business package called Planet, serving as a means to help a company develop. The package includes a correct combination of services, educational dimensions, and is cost-saving. The year 2009 shall be characterised by a further increase in cross-selling and direct marketing approaches. The Bank’s flexibility and capability of quick adjustment to the needs of customers represent a sizable competitive advantage and ensure the Bank’s sustainable development. Back-Office Division In 2008, UniCredit Banka Slovenija d.d. established a unit area called Back Office Division. The Bank thus integrated its back-office operations, embracing activities of credit business, international markets, dealing in securities, transaction account management, and register of corporate clients. Prime objectives of this integration were to increase performance of the business, improve quality of back-office operations, achieve better transparency and information flow, and thereby facilitate fulfilment of new regulatory requirements. In the previous year, the Bank standardised and centralised the process in the field of transaction account management, implemented additional system controls for all back-office operations, adjusted processes in ensuring appropriate documentation regarding corporate clients in accordance with the new Prevention of Money Laundering and Terrorist Financing Act, and developed back-office operations for a new service - Asset Management -and for the implementation of operations of an initial public offering (IPO) led by the Bank. The Bank further adjusted processes of dealings with securities and derivative instruments in accordance with the implementation of the Markets in Financial Instruments Directive (MiFID), as well as processes to acquire detailed data for the implementation of the Basel II IRB approach. The Bank set up central technical support, which encompasses users’ administrators of applied solutions for all back-office operations. It enables greater professionalism and team work and thus ensures better trouble-shooting reaction and a more balanced development in this field. As far as the back-office operations of brokerage business are concerned, the Bank implemented a new applied solution that enabled greater automation and thus improved efficiency and quality of back-office operations. It also established electronic archiving for the corporate client register and introduced applied solutions for the needs of implementation of the Basel II IRB approach. Within the framework of the entire UniCredit Group project, a comparative analysis of effectiveness and level of centralisation of the back-office operations was conducted. In accordance with the analysis, the Bank prepared actions aimed at centralising further back-office operations and thus unburdening sales divisions and improving efficiency by means of reforming individual support processes as well as by implementing applied solutions heading towards the increase of the straight-through processing quotient. Challenges of the Year 2009 The global financial crisis, drying up economic growth, and lost confidence are but a few discouraging facts that we face in transition from 2008 to the near future. The expected view of 2009 is that it will be marked primarily by abundant uncertainty and that we are facing a year of challenges. Despite severe market conditions, at UniCredit Banka Slovenija d.d. we would like to continue our stable, long-term, and profitable growth, based on strengthening trust and on responsible and rational management of assets. We believe that trust is the most important element of financial intermediary services. Trust should be obtained and proved by actions. In other words, we should keep our word and fulfil our promises. Lost trust cannot be restored merely with technical measures, such as higher interest rates, more favourable prices, a better exchange rate, or a sudden rise in asset value. Trust is built over time, through a set of positive experiences. With its previous operations on the Slovenian market, UniCredit Banka Slovenija d.d. has proved that its ambition for achieving solid performance is built on two pillars: long-term partnership and mutual trust among business partners. For this reason, during these difficult economic times we will dedicate our endeavours, know-how, and experience to further strengthening our partnerships. By doing this, we would like to create space for new business opportunities and for the best solutions to problems, which are to a large extent a consequence of the current crisis. Our activities will be based on additional analysis of credit and market risks as well as on a search for optimal liquidity combinations. The Bank will aim to fight against large market oscillations related to interest rates, exchange rates, and prices with derivatives, the segment where we have a leading market share, and with optimal management of financial assets. The Bank is aware that upon adopting the Markets in Financial Instruments Directive (MiFID) regulation, it has an additional responsibility towards its non-professional clients. At the same time, we see it as a challenge versus our competitors, who often withdraw from such responsibility. From this point of view and in particular because of even better analysis of individual project and market conditions, we Business Report Bank’s Segment Performance Review will further reinforce the “group approach”, an atmosphere where each individual can fully within the Bank as well as within the entire exploit his or her know-how and experience UniCredit Group, in order to reduce risk and in order to achieve best results. At the achieve better results for our partners and for same time, we will remunerate employees the Bank itself. appropriately for their efforts. We are convinced that such an approach will The financial crisis is inevitably bringing enable further organic growth of the Bank, along also a crisis of values, which motivates characterised by network expansion coming us to think about our ethical criteria for closer to many new clients - both individuals assessing risks as well as related to making and corporations. Meetings with partners, in a profit itself. Therefore, in 2009 we will pay ”business breakfast” format, have proven to additional attention to looking at the Bank’s be very successful, as they are based on a overall performance in light of harmonisation shared interest of people who think similarly with the Integrity Charter; we should not and have the common goal of obtaining forget that honesty and trust go hand in hand. additional knowledge on individual product In relation to this, the activity of the Bank's or market phenomena. The Bank strives Ombudsman is also in our best interest, as to further strengthen such cooperation, in he will contribute to a better climate within particular with individual entrepreneurs and the Bank. small- and medium-sized companies, who form a major part of the Slovenian economic body. It is clear that internal processes, supported by IT, are one of the foundations for safe, quick, and rational operations. Therefore, we will invest in endeavours to improve internal processes, in order to reduce risks and thus achieve stronger performance. Lower inflation and facing with financial crisis requires the Bank and all employees to take even more responsibility and rational treatment of assets, which are entrusted to our managers. We believe we can achieve at least the same result with lower costs through greater cost efficiency and a better competitive position on the market. Because of this, we build trust with our partners and satisfy our owners. Given such foundations, the Bank expects that the owners will continue with their previous policy of reinvesting back achieved profits, as additional capital is required for the Bank's strategic growth. In 2009, the Bank's management will create Finance and Market Risk The Finance and Market Risk division within UniCredit Banka Slovenija d.d. is responsible for accounting, controlling, Central Bank reporting, and taxes. In addition, the Division is in charge of market and operational risk management. It is the Division’s clear goal to support its stakeholders with timely and accurate accounting, decision relevant reporting, and state-of-the-art market and operational risk management. In 2008, the Finance and Market Risk division also allocated many resources to supporting the Bank in its attempt to cope with the global financial crisis. The Controlling unit developed reports, which allowed for monitoring the development of customer loans and deposit volumes at the branch and department levels on a daily basis. On the other hand, the Market Risk unit focused on both short-term and structural liquidity reporting and participated in the regular liquidity meetings held at the peak of the crisis. The Central Bank Reporting unit started reporting capital adequacy under the Basel II standardised approach in 2008 and finalised the first phase of the Central Bank reporting project. This allows the Bank to report to the Bank of Slovenia out of common analytical database in a modern IT environment. The unit also started to prepare work for the Basel II internal rating-based (IRB) approach. In 2008, the Accounting unit was focused on making constant data quality improvements as well as the implementation of advanced control environment, both triggered by the Italian Savings law 262,2 which the Bank 2 The Savings law 262 is the Italian equivalent of the US Sarbanes-Oxley Act. The latter is a United States federal law enacted in response to a number of major corporate and started implementing in 2008. Additionally, Accounting and Central Bank Reporting ensured ongoing, accurate, and timely reporting to the Bank’s owners and the Central Bank. Within Market and Operational Risk Management, preparations were made for use of the advanced measurement approach (AMA) for calculation of operational risk charge under Basel II, using a significant part of the department’s resources. The preparations were completed on time by the end of the year. The Bank expects to obtain the permission for using AMA by the responsible Central Banks in the first half of 2009, herewith reducing the capital charge for operational risk by several million euros. In order to increase operational risk awareness, the Bank also set up a separate Operational Risk Committee. On the market risk side, the activities were also focused on having a system to support the improved Basel II reporting. The Market Risk unit supported Asset & Liabilities Management and Treasury segregation in line with the Group standards. Turbulent market conditions kept the Market Risk unit busy with interpretation of the daily performance of the Treasury activities as well as limit monitoring. In order to support the Bank’s focus on value creation, the main activities of the Controlling department were related to increasing transparency of the value creation on a single customer level. The Controlling department supports both local management and the Group with decision-relevant information, now based on unified reporting. It also is in charge of budgeting process and gives expert opinions on business cases. accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems, and WorldCom. This act has played a useful role in restoring public confidence in the capital markets by, among other things, strengthening corporate accounting controls. In order to increase efficiency of the Bank’s budgeting process, the technical set-up for Hyperion planning was completed in 2008, which should improve future budgeting processes by introducing a state-of-the-art planning tool. The Tax unit positioned itself as a competent internal tax consultant, supporting its customers with tax advice and further increasing tax compliancy at all levels in the Bank. Last but not least, the Finance and Market Risk division has an important role in the Bank’s attempt to bring innovative products to the market. For identified products, the division sets accounting and reporting standards, assesses tax impacts, and limits market and operational risks related to those products. In 2008, several new products were launched with support of the Division. Risk Management Risk management is of fundamental importance to the banking industry, which is rapidly changing and developing. Financial market sensitivity can easily create distrust based on negative information connected to operational pitfalls of an individual financial institution. A similar outcome occurred in 2008, when in the second half of the year under great instability and uncertainty of financial markets economic situation significantly deteriorated. This led to aggravation of criteria for assuming risks and to related acceptance of additional measures, criteria, and methods for controlling risks. UniCredit Banka Slovenija d.d. is well aware of this, therefore it treats this segment with special attention in terms of content and personnel. In risk management, the Bank abides by the strict and complex rules of the Group as well as the rules and regulations laid down by the Bank of Slovenia and Business Report Managing Business Risks Index of share of users / installations growth in comparison to 2006 other supervising institutions. The Bank has extensive experience in controlling credit risk, which is annually incorporated into carefully established procedures for permanent monitoring of its overall credit exposure. The procedures are adjusted to international accounting standards and Basel requirements, which further upgraded this segment to improve the process of treating and monitoring the investments. UniCredit Banka Slovenija d.d. monitors exposure of each of its individual clients or a group of clients. The Bank's system enables it to examine the exposure based on exposure criteria connected to an individual transaction. On the basis of the internal model used for classifying corporate clients, credit risks are arranged in 28 classes. When determining the credit capacity of individuals, the Bank focuses primarily on major factors influencing the individual’s credit capacity, namely checking income, salaries and the like. Based on client classifications, and considering all other available data, the Bank formulates the required and necessary impairments for individual banking risks at each client’s level. If necessary, this also is done at each transaction level. In 2008, the Bank formed additional impairments in the amount of 6.5 million euros, which represents an 18.2-percent increase over the planned level of impairments. The reasons for such increase lie in the events of the second half of the year and in recommendations of regulatory bodies related to additional cautiousness at regular portfolio monitoring. Compared to 2007, the amount of formed impairments increased by 2.16 million euros or by 51 %, which actually represents a growth larger than the growth of the Bank’s portfolio. However, it also proves the Bank’s conservative approach to managing credit risks. In the year 2008, the Bank additionally 250% Index of share of users / installations growth in comparison to 2007 and 2006 200% 192.0 184.5 150% 139.8 127.4 100.0 100.0 100% 50% 0 2006 2007 2008 Online b@nk for individual clients - users E-bank and MultiCash for corporate clients (legal entities) - installations dedicated a portion of formed impairments for the so called unidentified events in the amount of 0.7 million euros. The consistency of the amount of additional impairments with the impairments already registered in previous years proves that the methodology used by the Bank was adequate and correct. In the same year, the Bank substantially increased the amount of repaid, already impaired loans (6.5 million euros), which shows that the department entrusted with monitoring bad investments is well formed and organised. When forming impairments, the Bank applies various measures for early detection of potentially bad loans. The Bank follows on a monthly basis the movement of companies’ ratings, loan defaults and late bank payments and regularly follows corporate clients’ individual transactions with at least annual documented business and event review. The Bank employs a discounted future cash flow method to calculate impairments. A detailed and regular analysis of the portfolio and numerous comparisons conducted on the level of UniCredit Group confirmed that the Bank has a high quality and balanced portfolio, which has been retained despite growth. Similar to previous years, the Bank maintained a stable and quality portfolio structure again in 2008, with more than 95 % exposure with the highest credit rating 'A'. To further reduce the credit risk of its entire portfolio, the Bank provides for adequate dispersion of loans among its numerous clients and segmentation into various economic activities. The preparation of such analysis with respect to activity, size of business, credit form, etc. enables the Bank to react quickly in case of recorded deterioration of any indicators. In 2008, the Bank started to use the standardised approach for calculating capital requirements for credit risk. Numerous activities were focused on meeting Basel requirements, such as checking the quality of collateral accepted by the Bank as a pledge for investment. Additionally, we launched project activities for implementation of the internal ratings-based approach (IRB). These activities shall enable us to conduct planned tasks during the use test period for Foundation IRB approach (F-IRB), which was started on 1st January 2009. Card transaction index Index of growth in number of payment transactions Card transaction index Index of growth in number of payment transactions 180 169.51 180 176 160 140 160 120 140 133 120 100 100100100 108106 80 60 40 20 0 2006 2007 Maestro cards MasterCard cards VISA cards Information Technology Support In the area of information technology support for business processes, 2008 was marked with several important goals at UniCredit Banka Slovenija d.d. These included: automation of business processes, introduction of information technology support for the IRB approach for Basel standards, expansion of card business functionality and adoption of insurance products. A higher level of services, responsiveness and an increased productivity of complex business processes cannot be achieved without process standardisation and the support of modern information technology tools (the introduction of Workflow tools). Thus, after a period of intense preparations, in 2008 we decided to launch the project of informatisation of the mortgage credit­ 113 113 100 80 60 40 20 0 2005 2006 2007 2008 Domestic payment transactions Foreign payment transactions 2008 granting process for retail clients. Prior to that, we conducted a thorough analysis of the process in order to optimise and document it. Based on the results of the analysis, we conducted a study to assess the economic feasibility of informatisation, which yielded positive results. By the end of 2008, the main part of the development process was concluded and the system is currently being tested. The launch of the system inside our business network is scheduled for March 2009. The support for Basel II standards for calculating capital adequacy requires the introduction of complex information systems. There is a full-blown activity in this field inside the Bank, which is also synchronised throughout the entire Group. During the first half of 2008, the emphasis was on the highly detailed definition of requirements and content of information technology solutions, while in the second half of the year, we initiated an accelerated development process. As for the introduction of the single payment area in euros (SEPA), the Bank took an important step forward in January 2008, when we put the upgraded information system into use. This marked the conclusion of one of the Bank’s largest information technology projects. The project has been resumed this year with the preparation for the introduction of the support for the SEPA direct debit solution. The establishment of the new Slovenian clearing house (the SIMP project) is also connected to the introduction of SEPA. The Bank joined the SIMP project with some delay with respect to others, because we took the time to examine all the options offered to us by the Group and we harmonised our decisions. By the midyear, we started to work more intensely on the necessary upgrades of the payment systems, which were then concluded by the originally envisaged deadline. During this time, the launch of the new clearing house and the SIMP system itself were postponed until 2009. Business Report Managing Business Risks In addition to that, we continued with the upgrade of the Bank’s system for the support of card business. In 2008, we transferred the transaction approval process of Maestro cards into the core information system, thus eliminating the time delays between account balance updates. Another successfully completed project was the Group’s project with the goal of enabling our clients to withdraw funds from our ATMs free of charge. From September 2008, all our clients can withdraw cash free of charge at the 16.000 ATMs owned by the Group. In 2008, we commenced and also concluded the first phase of the insurance products introduction. The development of the information technology support, which was managed by the Group, was concluded by the mid 2008. The second phase started in the autumn and according to our estimation, it should be concluded in the first quarter of 2009. The trend of growth of transactions with cards issued by the Bank continued in 2008, as we have seen a 4 % growth in VISA transactions, a 7 % growth in MasterCard and a 33 % growth of Maestro transactions. The number of cards issued by the Bank also increased, namely by 19 % for VISA, by 28 % for MasterCard and by 29 % for Maestro. In 2008, we continued the trend of increasing number of domestic transactions (by 7 %) as well as the cross-border and international payment transactions (by 24 %). The share of electronically received payment orders increased to 92 % in domestic transactions, cross-border and international payment transactions. In the area of electronic banking, UniCredit Banka Slovenija d.d. adopted a series of minor additions in 2008, which greatly improved the functionality of the systems. Combining those with some major hardware upgrades, we significantly raised the reliability of the systems. Another project, which was launched at the entire UniCredit Group level, was concluded -the European Gate project, which allows our users to manage all their accounts inside the Group through a single access point. This new service has been available to our clients since September 2008. The trend of increasing share of users of electronic banking systems continued throughout 2008 as well, since 45 % more corporate clients (legal entities) and 37 % more retail clients were using them compared to the preceding year. In 2009, the Bank will continue to implement projects of information technology support for business processes. In addition to that, we will finalise the introduction of the new internet banking system for our retail clients (individuals). We will be launching activities related to the adoption of SEPA direct debits and concluding the process of introduction of the Basel II standard. We also estimate that current financial crisis will compel the regulatory bodies to impose new requirements, which will have to be met by adopting new information technology solutions. Data Protection and Information Technology Security In 2008, UniCredit Banka Slovenija d.d. continued to carry on activities in the area of data protection and information technology security in accordance with the directives set by the safety standard of the parent Group and the umbrella safety policy. The Bank also implemented individual specific safety policies. Because of the high importance of data protection and information technology security for successful operation in a demanding business environment, the Bank follows a high level of safety measures and recommendations, with a special emphasis on personal data protection. The Security department is organized in line with the policy of UniCredit Group. In addition to its primary task of data and information technology protection, the Security department covers physical security (safeguarding of employees and the Bank’s premises) and management of business continuity (coordination of business plans in a crisis, and test programs). All mentioned areas of activity (competences) provide for a coordinated security operation of the Bank. UniCredit Group provides umbrella safety management and sets the safety directives for work based on the safety standard. In order to provide and verify the information awareness, e-learning about data protection was introduced in 2008 for all employees of the Bank. In line with the project of sales network expansion, a special emphasis was put on establishing a proper security culture of employees in both new and existing branch units. In the area of business continuity, the Bank continued, in 2008, to perform testing of projected alternative and recovery procedures of the specific Bank’s functions, which are critical from the business point of view (e.g., payment system, e-banking, custody services, contracts, corporate banking, and risk management) along with verifying their adequacy. The Bank ensured an appropriate duplication and testing of necessary information systems, technical equipment, and spare locations, from which urgent operations could be performed to a limited extent if primary premises of the Bank were inaccessible. In this way, the Bank ensures a proper level of services for its customers even in emergency cases. In 2008, several audits were performed in the Bank. Although the audits are mandatory, they are also an opportunity for the Bank to get an independent assessment of its operations. Consequently, this also leads to optimisation and reduction of the operational risk in the fields of information security, physical security, and management of business continuity. Business Report The goal of UniCredit Group3 is to become the leading financial institution in corporate social responsibility by 2010. As a part of the Group, UniCredit Banka Slovenija d.d. strives, despite unstable market conditions, to create lasting value for all related groups of stakeholders by building long-term relationships with them. We are aware that the strive to increase profit must be accompanied by corporate responsibility towards the economic and social environment. Social responsibility is a multi-dimensional project that connects clients, suppliers, investors, and local communities, where our business is conducted, with us, the Bank's co-workers. A connection with the environment and giving back a part of the acquired funds to it is also the key factor of the company’s long-term existence. We ensure the transfer and development of knowledge to enable our co-workers to financially advise clients, and at the same time we create a pleasant atmosphere in the company, as we wish to provide our top-notch co-workers with enough challenges and comfortable working environment. We constantly upgrade our operation in line with the values in the Integrity Charter, which is common to all members of UniCredit Group. We are aware that every employee is an informal communicator of events in the company, and that our behaviour towards the environment has an important impact on respect the Bank enjoys among its interest groups. It is of course essential for the Bank to create trust among the public (both locally as well as within the Group), strengthen it with its actions, and communicate it in a 3 In 2007, UniCredit Banka Slovenija d.d first joined the UniCredit Group's social responsibility report, which has been prepared by the Group ever since 2001, with information presented in the set of the Central and Eastern European countries (http://www.unicreditgroup. eu/en/responsabilita/bilancio_sociale/allegati/environmental_re­port_2007.pdf). The Group's social responsibility report for 2008 is also under preparation in line with the methodology and indicators as determined by global guidelines for reporting about social responsibil­ity (Global Reporting Initiative 2002 - GRI3). proper manner to the public. It is important to do this in times of extremely volatile market conditions, where partners seek for the safest and most stable solutions and partners. Our advantage is our devotion to seeking the best solutions for all our stakeholders. Transparency, professionalism, respect, and trust are the values we follow especially thoroughly in our socially responsible work. Relations with Employees At UniCredit Banka Slovenija d.d. we are aware that our employees are the source of power, energy, and knowledge that contribute to achieving the Bank's long-term goals and satisfaction of customers and peers. Therefore, we pay careful attention to their personal development. EMPLOYEE COMMUNICATION Our employees are our most important audience. They reflect the Bank’s operation and are the key factor in building respect in the eyes of other stakeholders. With activities that we performed in 2008 we wanted to show employees that their contribution matters, is welcome, and appreciated. We Growth of number of employees Number of employees growth number of employees 550 535 2002 2003 2004 2005 2006 2007 2008 used communication to emphasize the connection of selling and non-selling points and joint commitment to reaching the same goal-realization of the Bank’s strategy. With active communication and realization of the projects, such as Integrity Charter Day, Culture Day, collecting donations by employees under the auspices of the Unidea Foundation, a competition for the best photographs on selected topics, UniQuest perspective employees educational program, informing about other opportunities of education and employment within the Group, and other projects which took place for all members, we made connections also with UniCredit Group. We kept our employees informed about current topics by using channels such as letters from management, personal letters, e-mails, internal newsletters, and personal meetings with employees. Regarding meetings, we should point out that we held strategic meetings with all managers in the Bank, which we organized in the spring and autumn, and internal event at Bled. The Bank’s management presented to almost one hundred heads of departments, divisions, and units at strategic meetings the key points of the Bank’s strategy, gathered opinions, and provided additional explanations, which contributed Training and education 10% 10% 50% TRAININGS SPECIFIC FOR BANKING INDUSTRY FOREIGN LANGUAGES 19% LEADERSHIP AND COMMUNICATION SKILLS INFORMATION TECHNOLOGY SALES SKILLS to even more target-oriented operation and enabled direct access to information to the management staff. In September, we met in an informal environment in Zaka at Bled at the first anniversary of the new name UniCredit Banka Slovenija d.d. The rowing competition, which was organized for this occasion, was attended by over 200 employees of the Bank, UniCredit Leasing, and CAIB Investment Banking (all three members of the UniCredit Group, which are present in Slovenia). A famous Slovenian rower, Iztok »op, led the final games and conferred prizes. After the birthday cake was cut, we broadcasted premiere TV videos for the new Bank’s advertising campaign, the same as the year before on the occasion of re-branding. Key employees received personal acknowledgement from the Bank’s management for successfully completed special projects which required high personal engagement. By doing this, the Bank emphasized their role during the projects and rewarded their exceeded efforts. In communication with employees, the Public Relations, Human Resources, and Marketing departments joined their forces and contributed to the strengthening of the involvement of employees into the Bank’s life, by increasing the feeling of being a part of the Bank and motivating employees for successful further work. GROWTH IN THE NUMBER OF EMPLOYEES AND HIRING At the beginning of 2008, UniCredit Banka Slovenija d.d. had 450 employees. By the end of the year, that number had grown to 535 employees. These figures include, on average, 37 students. The growth in number of employees in 2008 was 18.9 %, or 85 new employees, whose average age was 31. The average age of all employees Number of training and educational hours Number of training and educational hours 35,000 31,000 30,000 25,000 20,000 17,500 16,000 15,200 15,000 10,000 5,000 0 2005 2006 2007 2008 is currently 35.9 years; 62 % of the staff employed by the Bank are women while 38 % are men - the gender ratio was unchanged from 2007. We take care of diversity, which is also shown in mixed employee structure (namely, six employees are foreigners) and the structure of managers by gender, as there are 51.6 % women and 48.4 % men at all levels of the management structure. In this year, we also increased the number of fixed-term employees or trainees, where the number of fixed-time employees is 41 percentage points higher compared to 2007. With regard to the drastically changed market conditions, the Bank's goals and strategy for new hires in 2009 are predominantly to care for motivated employees with high potential and to raise ambitions for new knowledge and work areas. EDUCATIONAL STRUCTURE UniCredit Banka Slovenija d.d. pays particular attention to knowledge and education, as evidenced by available data showing that 4.5 % of our employees have Business Report Social Responsibility a Ph.D. or Master's degree (an increase of 0.5 percentage point over 2007); 49 % of employees have higher or university education degrees (up 3 % over 2007); while 46.5 % of employees have high school diplomas (a 3.5 percentage point decrease). A trend of an improving education structure is seen, as the level of higher or university education degrees increased. TRAINING AND EDUCATION In 2008, we allocated 0.7 % of total revenue toward training our employees, which represents an increase by 3.5-times over 2007. We conducted 31,500 hours of educational and training activities (a 76 % increase over 2007), while the average stood at 59 teaching hours per employee (a 40 % increase over 2007). The topics covered by training and educational activities included banking professionalism, sales techniques, leadership techniques, and improving computer skills. The growth in the number of hours of educational and training activities over 2007 is attributed to a significantly higher number of employees who were trained and educated in 2008. The reasons for this lie predominantly in the opening of new branch offices, obtaining licenses for sale of investment funds (four employees in 2008; currently, 76 employees hold licenses to sell investment funds, and 20 employees hold licenses for insurance mediation). The share of internal trainings was 30 % (an increase by 6 percentage points over 2007) and comprised the following topics: products and processes (a total of approximately 70 % of all internal trainings, representing a 9 percent increase over the previous year), the introductory seminar for new employees, titled ››Welcome Amongst the Best« - since 2004, the seminar was realized 22 times (a total of 16 % of all internal trainings), financial analysis (corporate financial statement indicators; a total of 14 % of all internal trainings), and the 2008 training for the use of MS Office programs Excel and Access was attended by 14 % of all employees. 81 employees attended the seminar ››Welcome Amongst the Best«, which was organized six times in 2008 and comprised 6 % of training and education hours. In 2008, we conducted six Leadership academy modules with over 80 managers, a total of 5,870 hours or 18.6 % of all trainings, and seminars within the Group abroad represented 2.9 % of all training and educational hours. Within the total training and educational hours, we dedicated the most, as much as half of all hours, to banking professionalism: 19 % of all hours (representing an increase by 10 percentage points over 2007) were allocated to training and learning for the use of leadership and communication skills, 11 % to learning foreign languages, 10 % to the use of sales techniques, and 10 % of all hours to professional, functional education in information technology, and organizational skills. In the field of education and development, we focused on monitoring and analysis of feedback of the concluded trainings and set forth the target education quality index at the level of the Bank, which will be monitored by means of employee satisfaction questionnaire. DEVELOPMENT AND REMUNERATION In 2008, we upgraded the human resources project titled “Management by objectives” and the related employee remuneration. On the basis of the balanced scorecard methodology, we coordinated and connected the goals of individual divisions. The Bank's strategy was introduced to managers and employees by the Bank's management at a full-day event in March 2008, where every manager had an opportunity to recognize his or her role in achieving corporate goals and was then able to determine the goals for his or her own department or employees. The result of management by objectives approach is better familiarity with the goals and strategy of the Bank and of the individual organizational units and therefore greater employee satisfaction. At the same time, the remuneration system also is connected to achieving individual goals. The annual development interview is implemented at all organisational levels and we consider it to be a competitive advantage, as assessment of behaviour and skills in accordance to the 270o method is the foundation for such an interview. Employees adopted this system and because of its added value, they use it as a tool that supports and develops communication between superiors and their co-workers. TAKING CARE OF VALUES We undertook some key initiatives in the areas of leadership, training, and remuneration in 2008, where additional room for improvement had been identified. These activities were conducted based on the results of the first satisfaction survey, conducted at the entire UniCredit Group level. The research results also led to the formation of two types of educational academies in 2007, namely the Sales Academy and the Leadership Academy, which were successfully continued also in 2008. On 24th September 2008, we celebrated the Integrity Charter Day, dedicated to a discussion of six values: equality, trust, respect, transparency, freedom of action, and reciprocity, which form the foundation of our business and strengthen our recognition on the financial intermediation market. During this day, employees from different organisational units met for short meetings and discussed values, their meaning in the work place and for everyday tasks. These meetings showed that we had made significant improvement regarding the value of transparency, mutual trust, cooperation, and reciprocity. We saw improvement in team spirit, possibilities of the mediation of ideas and suggestions, and mutual help. The values, mentioned most of the time, were respect and trust. In the area of management, our main improvements included the introduction of the Management and employees breakfast which enables employees to present their opinions, ideas, and suggestions about improvements, and discuss the Bank’s strategy and results with the Members of the Management Board. All managers also attended the Strategic conference dedicated to the challenges of the future; we held the “Day in a branch office” for the second successive year, and regular or two-week-long daily department meetings also took place. The Ombudsman position, which was established in the Bank at the end of 2007, allows independent submission of potential complaints relating to breaches of the Integrity Charter caused by act or behaviour among employees and the Bank. By doing this, we aim to accelerate solutions of interpersonal conflicts and difficulties, to encourage cooperation at work, and to create synergies among members of the Group. Ombudsmen deal with topics such as discrimination in the work place, discrimination based on subjective criteria, intentional information withholding, mobbing, sexual harassment, stalking and so on. In 2008, the Bank’s ombudsman noted 12 cases, which mostly referred to the breaches of the following values: transparency, respect and equality. Most cases were successfully solved by means of conversation and finding new, different views on the situation. TAKING CARE OF EMPLOYEES In order to care for our employees, their health and well-being, we support the following activities: organised sporting events, subsidized cultural performances, New Year’s celebrations, gifts for children of employees, employee recreation days, summer picnics, and so on. Taking care of and monitoring our employees’ health is both our obligation and a commitment that expresses our support of our employees. In 2008, we thus conducted 163 preliminary medical examinations and at the end of the year, traditionally provided employees with the option for a flu vaccination. On average, 20 % of employees take this option. We also keep an extremely low percentage of sick-leave compared to total effective hours, namely the level of sick leave in 2008 was 3 %. Due to our young employee profile, the Bank witnessed a population boom in 2008 as the number of pregnant women jumped significantly, by 54 %. This is also one of the reasons why we will continue focusing on the creation of an environment friendly to work/life balance. Within the framework of our care for the elderly, we also assure the possibility of participating in a voluntary supplemental pension insurance, which is used by 68 % of our employees. This figure is understandable considering the age structure and awareness of our demographic. The above described care for employees is also reflected in successfully maintaining the fluctuation rate at an acceptable level by taking into account the demographic and situation on the labour market. However, this rate increased from 6 % in 2007 to 8.1 % in 2008 (only 14 % of departures among all workers that had left the Bank were undesired), which is attributed to an increased level of employment and at the same time also extremely accurate monitoring of the introduction of an individual into work and monitoring his or her work performance. Relationships with Clients In 2008, we achieved an ambitiously planned marketing strategy. Many thorough marketing-communication activities were successfully carried out. By using advertising campaigns and direct mail, we presented to selected target segments our offer of housing and consumer loans, deposits, and various bank packages to encourage consumers to change their bank. In the fall of 2008, we introduced a new international marketing concept, “Maybe,” which was introduced in most member countries of UniCredit Group in order to form a strong, recognizable international brand. We used new corporate and product advertising activities to present to consumers a new advertising concept and updated graphical image, and we tried to encourage consumers to mediate, overcome doubts, and make faster decisions. Studies showed that our advertising activities efficiently increased awareness and brand recall, and additionally strengthened the UniCredit Bank brand positioning achieved in 2007, which is distinguished for being modern, innovative, different, and distinctively oriented towards active individuals whom the Bank helps to achieve Business Report Social Responsibility their wishes, ambitions, and goals. We organised numerous events for business partners of the Corporate Banking and Treasury divisions. Information session events such as “Treasury Breakfast” and others were mainly dedicated to presentations of derivative financial instruments for hedging exchange rates and interest risks. In cooperation with the Chamber of Commerce of Slovenia, we presented dangers and opportunities posed by the financial crisis to predominantly small-sized companies in six Slovenian towns. Together with the Chamber of Commerce of Slovenia, we tried to approach innovative financial services to medium-sized companies, and we presented community infrastructural opportunity to mayors from the entire Slovenia. The traditional New Year’s concert by the Slovenian Philharmonic Orchestra was accompanied by numerous other events, such as skiing, sailing, and bowling, which contributed to even stronger business ties. We celebrated the 80th Anniversary of the Pioneer Investments Group with a prestigious social event, where we presented trends on capital markets to investors and our most valuable clients. In 2008, we approached target segments, composed of the new and the existing clients, through various communication channels and presented them with innovative and tailor-made banking products. With modern marketing communications, we proved ourselves as a proactive and client-oriented bank. Media Relations The media is and will always be one of the sources of information most trusted by the public and thus also our potential and existing clients. We are aware the media is an important factor when building the recognition and reputation of the Bank. Results of research show that the authorship articles by journalists are four to seven times more credible than paid advertising, which is why we strive in our communication with journalists for a proactive approach, professionalism, responses in line with set deadlines, availability of collocutors for giving statements and explanations, and thus to build long-term relationships with representatives of media houses. Good cooperation with the media was undoubtedly reflected also in increased interest by the media for reporting on UniCredit Banka Slovenija d.d. Namely, in 2008 we received in total over 630 sets of journalist questions, while in 2007 the number reached 480. We kept the journalists updated on the events in the Bank through the entire year, and published information also in the press centre on our website. In 2008, we additionally increased our presence in the media by taking active and open approach. At the press conference in March 2008, we presented to the media our outstanding business results in 2007. In May, we invited journalists to participate in the UniCredit Group’s project “Journalist award for reporting about CEE.” A month later, we hosted at the Bank’s headquarters the key journalists from Poland, and at the same time we also organised a meeting of Polish journalists with Slovenian colleagues. In the same month, we enabled two Slovenian journalists to be present at the European Bank for Reconstruction and Development (EBRD) Conference in Kiev, which was supported also by UniCredit Group. We took a large group of representatives from the media to Vienna in August to meet the principal economist of the CEE Group and enabled them an insight into the MIB Investment Banking work environment, also a part of UniCredit Group. Positive response by the journalists was reflected also in an increased number of articles, and at the same time they also received contacts to help them in their daily work and collection of information about the Group or market and trends in general. At the end of the year, we invited media representatives to a culinary workshop where they were divided into groups managed by the Bank’s four members of the Management Board, and they were given the opportunity to show their culinary skills. The informal environment and atmosphere contributed to the strengthening of our mutual relationships and gave us an opportunity to thank the journalists for their correct reporting in the previous year. Relations with Suppliers Over the years, UniCredit Banka Slovenija d.d. has established a recognizable name as a successful and innovative bank and its suppliers contribute an important part of the reputation. At the end of 2008, we organized a meeting with our suppliers with intention to shift from a traditional relationship to a partnership with them. The latter means a relationship driven by trust and long-term business cooperation. The theme of the meeting was mutual support through which we could all develop and achieve a higher level of customer satisfaction. We expressed our gratitude to them for successful cooperation in 2008 and introduced them to significant future projects. Furthermore, we pointed out that client wishes and expectations are increasing each year, and we will have to be even more cost-effective in 2009, which leads to fierce competition. Successful corporations are aware of the importance of strategic partnership between their suppliers and the company in such conditions. Suppliers are a mirror of a company, so we make every effort to underline the relationship we have with our suppliers with loyalty, openness, and mutual satisfaction. Relations with Local Communities In 2008, we continued with the local marketing initiative project. On their own initiative, the Bank’s business units were independently communicating with the local market, through a variety of communication channels. Besides publishing and broadcasting planned articles in local media, the business units also conducted local advertising campaigns, events, direct marketing, and they made donations to local organisations and individuals, participated in sports and cultural events, and sponsored local fund raisers (traditional carnival Kurentovanje and Merry December in Ptuj, the Freshmen Party in Domžale, the Career Fair and the Furniture Fair in Ljubljana, the 11th Days of Quality and Innovativeness in Novo mesto, the Cherry Festival in Nova Gorica etc.). Through direct mail and other activities, we contributed to the volume of communicating these activities and the Bank's offer. Sponsorships and Donations In the care for creating lasting value and further development, we are aware of the importance of responsible inclusion into the environment in which we work. In 2008, sponsorships and donations continued to follow the determined direction, especially in culture, helping socially impaired individuals and children, awareness of responsible behaviour towards the environment, and sport on the national level. We actively supported humanitarian projects such as Red Noses (collecting waste cartridges and money contributions in the Bank’s branch network) and the charity bazaar of the SILA association. We donated funds also to the Vid Humanitarian Institute, SonËek Society Association, and enabled summer holiday at the seaside to a group of children under the auspices of the Red Cross of Slovenia. For the seventh successive year, we supported the Slovenian Philharmonic Orchestra’s new instrument purchase fund, this time for a concert violin. With sponsorship funds we also supported the Number of published articles on Bank Austria Creditanstalt d.d. Ljubljana or UniCredit Banka Slovenija d.d. in previous years Number of published articles 2,294 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 1,500 1,427 1,383 1,400 1,300 2005 2006 2007 2008 concert of the Vienna Philharmonists and the Milan’s Scala Orchestra, as well as some other important cultural events. In terms of environmental and climate awareness, we proved our social responsibility by participating in the Planet of changes web point project under the auspices of the Umanotera society, and by making a donation for the project of environmental reading clubs for adults and environmental recycling spots for children in the Environment Centre. We included also our co-workers into the Centre’s activities. By sponsoring the Triples Running Competition and with the participation of our UniCredit Banka Slovenija d.d. team of workers, we took active participation in the traditional event Pot ob žici. At the national level, we entered partnership and supported the Slovenian Nordic Disciplines competitors. At the end of 2008, we donated funds to the Skala Organisation for the revival of the Mini bus of joy project, which will visit children and adolescents in large block apartment residential areas in Slovenia in the spring of 2009, and offer them help with learning, conversation, and provide information. The purpose of the donation follows our main thread and belief - to give a chance to choose your tomorrow and your path, which was used also in the Bank’s corporative communication. The amount of funds for sponsorships and donations in 2008 reached almost 150,000 euros. Dr. Heribert Fernau Chairman of the Member of the Management Board Management Board Mag. Stefan Vavti Member of the Member of the Management Board Management Board Report from the Supervisory Board In 2008, the Supervisory Board of UniCredit Banka Slovenija d.d. regularly monitored and oversaw current business operations of the Bank, financial results attained and work of the Management Board, in accordance with its powers, authorizations and duties as set out in the Articles of Association of the Bank, the Companies Act and the Banking Act. At the Supervisory Board’s regular sessions, the Bank’s Management Board kept members of the Supervisory Board informed of the following issues: all important business events in the Bank and other activities related to the Bank's operating business; the economic and political environment; important changes of legislation that affected the Bank's operating business; and achieved financial results as compared to the adopted financial plan of operations. The Management Board also regularly informed the Supervisory Board about the expected financial results through the end of the fiscal year and about end results. During last year, there were no changes in the structure of the Bank's Supervisory Board. Federico Ghizzoni acted as the Chairman of the Supervisory Board, Herbert Hangel as the Deputy Chairman, while mag. Wolfgang Edelmüller, mag. Helmut Haller and mag. Martin Klauzer acted as the members of the Supervisory Board. The specific ownership structure, whereby UniCredit Bank Austria AG is almost a 100 % owner of the Bank and its majority owner is UniCredit S.p.A., is also reflected in the composition of the Supervisory Board as all of its members also are employees of these two companies. Moreover, the members are not personally, directly or indirectly, involved in the ownership structure nor are they in any business relationship with the Bank, thus avoiding any potential conflicts of interests. Regardless, UniCredit Group has all the eligible mechanisms to control and solve potential conflicts of interests, should they occur. In the year 2008, the Bank’s Supervisory Board met and adopted resolutions at seven regular meetings as well as at correspondence sessions. At the first regular meting, which took place on 10th March 2008, the following members of the Board were present: Federico Ghizzoni (via videoconference), mag. Martin Klauzer, mag. Helmut Haller, who by means of authorization also represented the other two members, mag. Wolfgang Edelmüller and Herbert Hangel. At the second regular meting, which took place on 29th April 2008, all members of the Supervisory Board were present via videoconference. On 28th May 2008, the Supervisory Board met at its third regular meeting, where all members of the Board were present. At the fourth regular meting, which took place on 22nd July 2008, Federico Ghizzoni, Herbert Hangel and mag. Helmut Haller (all via videoconference) were present, while mag. Martin Klauzer and mag. Wolfgang Edelmüller were absent. On 15th September 2008, the Supervisory Board met at its fifth regular meeting, attended by all the Board members. All members of the Supervisory Board were also present via videoconference at the Board's sixth regular meeting, on 27th October 2008. The last meeting of the Supervisory Board in the calendar year 2008 took place on 15th December 2008 and was attended by all the Board members. In line with legislation provisions, its powers as set out in the Articles of Association and in accordance with the Bank's need for efficient work, individual resolutions were also adopted at Supervisory Board correspondence sessions and subsequently presented and validated during the next regular meeting of the Supervisory Board. Important Supervisory Board Decisions At the first regular meting, on 10th March 2008, in line with the Bank’s Articles of Association the Supervisory Board formed a three-member Audit Committee, which during 2008 met at four regular meetings. The Audit Committee, as an advisory body to the Supervisory Board, acted so that it helped the Supervisory Board fulfil its duties and powers related to the following: adequacy and effectiveness of internal audit banking procedures, including assessment and measurement of risks and risk management; compliance with the legislation, rules and policies governing the Bank’s operations; adequacy of accounting standards, used for preparation of financial statements; adequacy and independence of external banking auditors. At the second regular meting, which took place on 29th April 2008, the Supervisory Board gave its consent for change of the Bank’s Articles of Association, by which the Management Board is authorized to increase the Bank’s share capital by at the most 662,450.37 euros (authorised capital) by 30th April 2009. The Supervisory Board also consented with the Rules of procedure regarding work of the Audit Committee and it adopted changes of the Rules of procedure regarding work of the Supervisory Board, which is intended to improve the operating efficiency of the Supervisory Board. At its fourth regular meting, on 22nd July 2008, the Bank’s Supervisory Board appointed Janko Medja as the new Management Board member. He obtained the Bank of Slovenia permission for acting as the member of the Bank’s Management Board on 16th September 2008, when he took up duties. Report from the Supervisory Board Repor t from the Supervisory Board The Supervisory Board participated in the approval of all measures and activities required to implement the overall business policy of the parent banking groups. It also approved the development plan and the Bank’s basic business policies for 2008. Moreover, the Supervisory Board was regularly informed about the implementation of the plan of work of Internal Audit and its findings, as well as the inspections conducted by external institutions. The Supervisory Board also approved the Internal Audit Plan for 2008. Use of Net Profit and Accumulated Profit for Fiscal Year 2008 The Bank’s Management Board presented for discussion to the Supervisory Board the Resolution on use of the net profit for fiscal year 2008 in the amount of 18,483,549.16 euros and the draft Resolution on use of accumulated profit for fiscal year 2008 in the amount of 9,241,774.58 euros. Given the planned expansion of operations in 2009, and in subsequent years, the Management Board proposed, in accordance with the adopted mid-term plans of the Bank and with a view to meeting the capital adequacy requirements, that the Bank’s net profit be allocated, in its entirety, to other Bank reserves instead of being distributed to shareholders or other persons. The Bank's Management Board also proposed that the Supervisory Board and the General Meeting of Shareholders adopt the proposed Resolution on the use of net profit for fiscal year 2008, in accordance with their powers. The adoption of such a resolution will allow for the Bank’s future growth. The Supervisory Board received the Audit Committee assessment of the annual report 2008. With reference to “profit available for distribution”, the Audit Committee's suggestion, in agreement with the management board and by taking into consideration the specific recommendation of the Bank of Slovenija (no. 24.00­0060/09, dated January 28th 2009), is to not to distribute any profit in order to improve the capital strength of the bank. The Supervisory Board adopted the Resolution on use of the net profit for 2008, approved the Management Board’s proposal for the use of accumulated profit for 2008, and recommended to adopt it in the proposed form at the General Meeting of Shareholders. Annual Report for 2008 The Bank’s Management Board prepared the Annual Report on the business operations of UniCredit Banka Slovenija d.d. in 2008 and presented it to the Supervisory Board for review by the legally prescribed deadline. Together with the Annual Report, the Supervisory Board also received the Audit Report on the review of financial statements for fiscal year 2008, prepared by the licensed auditing company KPMG Slovenija d.o.o., allowing the Supervisory Board to formulate a position on the Bank’s Audit Report. The above mentioned Audit Committee assessment does not highlight any obstacle to the approval of the Annual Report 2008. The Supervisory Board reviewed the Annual Report, submitted by the Bank’s Management Board. It established that the Annual Report was consistent with the reports and information on the Bank's performance in 2008, as well as with the reports on the economic and political environment in which the Bank operates and which were presented to the Supervisory Board during the course of the fiscal year. Comparing the Annual Report with the audited financial statements for fiscal year 2008, the Supervisory Board established that the financial results presented in the Annual Report were consistent with the Audit Report. Having examined the reports, findings and recommendations of the Internal Audit and external auditors, the Bank’s Management Board took these recommendations into consideration and carried out the activities necessary for their implementation or ensured their initiation. In the opinion of the Supervisory Board, both the Management Board and the Supervisory Board fulfilled all their legal requirements in fiscal year 2008. Based on the regular monitoring of the Bank’s operations and the above mentioned reviews, the Supervisory Board approved the Annual Report on the Bank’s business operations in 2008. The Audit Report on the review of the financial statements for fiscal year 2008, which was presented to the Supervisory Board along with the Annual Report, also includes the opinion of the certified auditor. The certified auditor issued an unqualified opinion. The Supervisory Board was briefed about the Bank's Audit Report for 2008 and had no objections thereto. The Supervisory Board deems its work in 2008 as professional and in line with the valid legislation and internal rules of UniCredit Group. Federico Ghizzoni Chairman of the Supervisory Board UniCredit Banka Slovenija d.d. Statement of Responsibility The Management is responsible for preparing the financial statements for the financial year. These give a true and fair view of the state of affairs of UniCredit Banka Slovenija d.d. as of the end of the financial year and of the profit or loss and cash flow for that year. The financial statements are prepared on a going-concern basis. In preparing the financial statements in annual report for the year ended 31st December 2008, the management has used appropriate accounting policies, consistently applied and supported them by reasonable and prudent judgments and estimates, and ensured that all accounting standards which they consider significant have been followed. The Management has the responsibility for ensuring that the Bank keeps accounting records which disclose with reasonable accuracy the Bank’s financial position and which enable the management to ensure that the financial statements comply in all material respects with the regulations of the Government of the Republic of Slovenia, the Central Bank of Slovenia and the International Financial Reporting Standards as adopted by the EU. The Management also has a general responsibility to take such steps as are reasonably required to safeguard the assets of the Bank and to prevent and detect any fraud and other irregularities. Member of the Management Board of the Management Board Member Member of the Management Board of the Management Board Ljubljana, 2nd March 2009 Report of Auditors Financial Statements Financial Indicators 161 Balance Sheet 162 Statement of Income 163 Statement of Changes in Shareholders’ Equity 164 Cash Flow Statement 165 Summary of Accounting Policies 166 Notes on the Financial Statements 175 Financial Statements Item Description Note 31. 12. 2008 31. 12. 2007 EUR 1,000 Cash and cash balances with central banks 1 41,902 27,753 Financial assets held for trading 2 144,574 189,263 Financial assets designated at fair value through profit or loss 3 16,730 20,444 Available-for-sale financial assets 4 217,389 115,377 Derivatives - hedge accounting 5 2,324 1,818 Loans and receivables: 6 2,353,905 1,743,433 To banks 289,447 148,163 To customers 2,064,458 1,595,270 Held-to-maturity financial assets 7 29,721 - Non-current assets held for sale 8 466 - Property, plant and equipment 9 9,532 6,442 Intangible assets 10 10,004 7,049 Tax assets: 11 2,030 8,235 Current tax assets - 4,753 Deferred tax assets 2,030 3,482 Other assets 12 62,664 12,879 TOTAL ASSETSDeposits from central banks 13 2,891,241 200,729 2,132,693 - Financial liabilities held for trading 14 109,222 50,445 Derivatives - hedge accounting 15 6,942 91 Financial liabilities measured at amortised cost: 16 2,370,378 1,904,250 Deposits from banks 1,267,167 948,099 Deposits from customers 642,287 721,539 Loans from banks 440,720 234,612 Subordinated liabilities 20,204 - Provisions 17 1,166 1,071 Tax liabilities: 18 2,485 2,915 Current tax liabilities 2,256 - Deferred tax liabilities 229 2,915 Other liabilities 19 21,147 10,306 TOTAL LIABILITIESShare capital 20 2,712,069 16,258 1,969,078 16,258 Share premium 21 61,885 61,885 Fair value reserves 22 (3,429) (502) Retained earnings 23 95,216 78,383 Net profit for the year 24 9,242 7,591 TOTAL EQUITYTOTAL LIABILITIES AND EQUITY 179,172 2,891,241 163,615 2,132,693 Off-balance sheet items 43 5,327,214 5,765,607 Dr. Heribert Fernau Member of the Management Board Janko Medja, MBA Member of the Management Board The notes form an integral part of the financial statements. Mag. Stefan Vavti Janko Medja, MBA Member of the Management Board Member of the Management Board Dr. France Arhar Dr. Heribert Fernau Financial Statements The notes form an integral part of the financial statements. Mag. Stefan Vavti Janko Medja, MBA Member of the Management Board Member of the Management Board Dr. France Arhar Dr. Heribert Fernau Financial Statements General Information UniCredit Banka Slovenija d.d. is a commercial bank incorporated in Slovenia. It provides a wide variety of financial services to corporate and individual customers. The Bank was registered as a joint-stock company on 24th January 1991. The Bank’s legal address is Šmartinska 140, Ljubljana, Slovenia. On 31st December 2008, the Bank was operating a total of 20 branches throughout Slovenia. The Bank is a subsidiary of UniCredit Bank Austria AG. The ultimate parent company of the Group is UniCredit S.p.A., with registered office in Rome, A. Specchi, 16, Italy. UniCredit Banka Slovenija d.d. has an authorization to perform banking services pursuant to Article 7 of the Banking Act (Official Gazette of the Republic of Slovenia, No. 131/06; hereinafter referred to as: the ZBan-1). Banking services include accepting deposits from the public and granting loans for its own account. The Bank has an authorization to perform mutually recognized and additional financial services. The Bank may perform the following mutually recognized financial services, pursuant to Article 10 of the ZBan-1: • Accepting deposits; • Granting loans, including: -consumer loans, - mortgage loans, - factoring (with or without recourse), - financing of commercial transactions, including forfeiting; • Payment transaction services in accordance with the Payment Transaction Act (ZPlaP), excluding payment system management services; • Issuing and management of payment instruments (i.e. credit cards and traveller’s cheques); • Issuing guarantees and other commitments; • Trading for own account or for account of customers in: -money market instruments, - foreign exchange, including currency exchange transactions, - financial futures and options, - exchange and interest-rate instruments, - transferable securities; participation in the issuance of securities and services related to such issues; • Advice and services related to mergers and the purchase of undertakings; • Portfolio management and advice; • Investment and ancillary investment services and operations. The Bank may perform the following additional financial services, pursuant to Article 11 of the ZBan-1: • Insurance brokerage in accordance with the law governing the insurance business; • Custodian services according to the law governing investment funds and management companies. These unconsolidated financial statements have been approved for issue by the Management Board on 24th February 2009. Summary of Significant Accounting Policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to both years presented. STATEMENT OF COMPLIANCE These unconsolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations approved by the International Accounting Standards Board (IASB) as adopted by the European Union. As of the date of issuing these financial statements, the IFRS as adopted by the European Union do not differ from the IFRS as issued by the IASB, except for portfolio hedge accounting under IAS 39 which has not been approved by the EU. The Bank does not use portfolio hedging and hence has determined that portfolio hedge accounting under IAS 39 would have no impact on the financial statements had it been approved by the EU as of the balance sheet date. These financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) under the historical cost convention, except for certain financial instruments measured at fair value. USE OF ESTIMATES AND JUDGEMENTS The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. (a) Determining fair values The Bank revalues on a daily basis its derivatives, trading assets as well as the available-for-sale portfolio to the fair value of the instrument. However, the determination of fair value for these financial instruments requires the use of valuation techniques in case there is no observable market price. For financial instruments which trade infrequently and have little price transparency, the fair value is less objective and requires a varying decree of judgment depending on different factors. The Bank uses the following methods for determining fair values: • Quoted market prices in an active market for identical instrument; • Valuation techniques based on observable inputs such as quoted market prices for similar instruments or valuation techniques where all significant inputs can be directly or indirectly observed from market data. Valuation techniques include net present value and discounted cash flow models, Black-Scholes and polynomial option pricing models and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other premium used in estimating discount rates, bond prices, foreign currency exchange rates and expected price volatilities and correlations. The objective of valuation techniques is to obtain a fair value determination that reflects the price of financial instrument at the reporting date that would have been determined by market participants acting at arm’s length. (b) Impairment Impairment allowances for counterparty’s financial assets are for non-private customers evaluated individually based upon best estimate of the present value of the cash flow that are expected to be received. In estimating these cash flows, the Bank makes judgments about counterparty’s financial situation, past repayment (in)discipline and repayment pattern. Net realizable value of any underlying collateral is taken into calculation only when exposure expired or is cancelled due to broken contractual clauses. Collateral valuation taken into impairment calculation is based on the Bank’s experiences and valuations if and when available. The Bank is also using different collateral factors in aspect of conservative approach to value of available collateral. The Bank is creating impairments on a monthly basis; the procedure is covered with guidelines and is supported by IT solutions. Each impaired asset is assessed on its merits, and the work-out strategy and estimate of cash flows considered recoverable are independently approved by the Credit Risk function. The Bank is using a collective assessment for private customers. Impairment allowances cover credit losses inherent in portfolios of loans and advances. In assessing the need for collective loss allowances, management considers factors such as credit quality, portfolio size and economic factors including analysis of past repayment discipline in those classes. Impairments for “Incurred but not reported” events are calculated on a yearly basis, based on portfolio quality and so-called detection period. COMPARATIVE AMOUNTS Comparative amounts for the year 2007 have been reclassified to conform with the current year’s presentation as follows: • Income and expense for option premiums and up-front fees for interest rate swaps were in previous years recognized as fee income and fee expense, whereas in the year 2008 they are recognized within “Gains and losses on financial assets and liabilities held for trading” (see Notes 28, 29, and 31). • Balances of closed transaction accounts were in previous years recognized within “Other assets”, while in 2008 they were transferred to “Loans and receivables” (see Notes 6 and 12). CHANGES IN ACCOUNTING POLICIES In October 2008, the IASB issued the Reclassifications of Financial Assets (Amendments to IAS 39 and IFRS 7). The amendment to IAS 39 permits an entity to reclassify non-derivative financial assets out of the fair value through profit or loss category if they are no longer held for the purpose of being sold or repurchased in the near term. Pursuant to these amendments, the Bank reclassified certain financial assets out of trading assets to available-for-sale financial assets. NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31st December 2008, and have not been applied in preparing these financial statements: • IFRS 8 Operating Segments introduces the “management approach” to segment reporting. IFRS 8, which becomes mandatory for the Bank’s 2009 financial statements, will require the disclosure of segment information based on the internal reports regularly reviewed by the Bank’s Chief Operating Decision Maker in order to assess each segment’s performance and to allocate resources to them. • The revised IAS 23 Borrowing Costs removes the option to expense borrowing costs and requires that an entity capitalizes borrowing costs directly attributable to the acquisition, construction or Financial Statements Summary of Accounting Policies production of a qualifying asset as part of the cost of that asset. The revised IAS 23 will become mandatory for the Bank’s 2009 financial statements and will constitute a change in accounting policy for the Bank. In accordance with the transitional provisions, the Bank will apply the revised IAS 23 to qualifying assets for which capitalization of borrowing costs commences on or after the effective date. • Amendments to IFRS 2 Share-based Payment clarify the definition of vesting conditions and introduce the concept of non-vesting conditions. Non-vesting conditions are to be reflected in grant-date fair value and failure to meet non-vesting conditions will generally result in treatment as a cancellation. The Bank will implement the amendments in its financial statements for 2009. • The revised IFRS 3 Business Combinations: The scope of the revised Standard has been amended and the definition of a business has been expanded. The revised Standard also includes a number of other potentially significant changes including: - All items of consideration transferred by the acquirer are recognized and measured at fair value as of the acquisition date, including contingent consideration. -Subsequent change in contingent consideration will be recognized in profit or loss. - Transaction costs, other than share and debt issuance costs, will be expensed as incurred. - The acquirer can select to measure any non-controlling interest at fair value at the acquisition date (full goodwill), or at its proportionate interest in the fair value of the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. The revised IFRS 3 is not relevant to the Bank’s operations as the Bank does not have any interests in subsidiaries that will be affected by the revisions to the Standard. • The revised IAS 1 Presentation of Financial Statements requires information in financial statements to be aggregated on the basis of shared characteristics and introduces a statement of comprehensive income. Items of income and expense and components of other comprehensive income may be presented either in a single statement of comprehensive income (effectively combining the income statement and all non-owner changes in equity in a single statement), or in two separate statements (a separate income statement followed by a statement of comprehensive income). The Bank plans to provide two separate statements for its 2009 financial statements. • The amendments to IAS 27 Consolidated and Separate Financial Statements remove the definition of “cost method” currently set out in IAS 27, and instead require all dividends from a subsidiary, jointly controlled entity or associate to be recognized as income in the separate financial statements of the investor when the right to receive the dividend is established. In addition, the amendments provide guidance when the receipt of dividend income is deemed to be an indicator of impairment. Amendments to IAS 27 are not relevant for the Bank’s financial statements as it does not have subsidiary, jointly controlled entity or associate. • The revised IAS 27 Consolidated and Separate Financial Statements replaces the term “minority interest” with “non­controlling interest”, and defines it as "the equity in a subsidiary not attributable, directly or indirectly, to a parent". The revised Standard also amends the accounting for non-controlling interest, the loss of control of a subsidiary, and the allocation of profit or loss and other comprehensive income between the controlling and non-controlling interest. The Bank has not yet completed its analysis of the impact of the revised Standard. • The amendments to IAS 32 Financial Instruments: Presentation, and IAS 1, Presentation of Financial Statements introduce an exemption to the principle otherwise applied in IAS 32 for the classification of instruments as equity; the amendments allow certain puttable instruments issued by an entity that would normally be classified as liabilities to be classified as equity if, and only if, they meet certain conditions. The amendments are not relevant to the Bank’s financial statements as it has not issued puttable instruments that would be affected by the amendments. • The amendment to IAS 39 Financial Instruments: Recognition and Measurement clarifies the application of existing principles that determine whether specific risks or portions of cash flows are eligible for designation in a hedging relationship. In designating a hedging relationship, the risks or portions must be separately identifiable and reliably measurable; however, inflation cannot be designated, except in limited circumstances. The Bank has not yet completed its analysis of the impact of the amendments to the Standard. • IFRIC (International Financial Reporting Interpretations Committee) 13 Customer Loyalty Programmes addresses the accounting by entities that operate, or otherwise participate in, customer loyalty programmes for their customers. It relates to customer loyalty programmes under which the customer can redeem credits for awards such as free or discounted goods or services. IFRIC 13, which becomes mandatory for the Bank’s 2009 financial statements, is not expected to have any impact on its financial statements. • IFRIC 15 Agreements for the Construction of Real Estate clarifies that revenue arising from agreements for the construction of real estate is recognized by reference to the stage of completion of the contract activity in the following cases: - The agreement meets the definition of a construction contract in accordance with IAS 11.3; - The agreement is only for the rendering of services in accordance with IAS 18 (e.g. the entity is not required to supply construction materials); and - The agreement is for the sale of goods but the revenue recognition criteria of IAS 18.14 are met continuously as construction progresses. In all other cases, revenue is recognized when all of the revenue recognition criteria of IAS 18.14 are satisfied (e.g. upon completion of construction or upon delivery). IFRIC 15 is not relevant to the Bank’s operations as it does not provide real estate construction services nor develops real estate for sale. • IFRIC 16 Hedges of a Net Investment in a Foreign Operation explains the type of exposure that may be hedged, where in the group the hedged item may be held, whether the method of consolidation affects hedge effectiveness, the form the hedged instrument may take and which amounts are reclassified from equity to profit or loss on disposal of the foreign operation. IFRIC 16 is not relevant to the Bank’s operations as it does not have any investments in a foreign operation. • IFRIC 17 Distributions of Non-cash Assets to Owners applies to non-reciprocal distributions of non-cash assets to owners acting in their capacity as owners. In accordance with the interpretation, a liability to pay a dividend shall be recognized when the dividend is appropriately authorized and is no longer at the discretion of the entity and shall be measured at fair value of the assets to be distributed. The carrying amount of the dividend payable shall be remeasured at each reporting date, with any changes in the carrying amount recognized in equity as adjustments to the amount of the distribution. When the dividend payable is settled, the difference, if any, between the carrying amount of the assets distributed and the carrying amount of the dividend payable shall be recognized in profit or loss. As the interpretation is applicable only from the date of application, it will not impact the financial statements for periods prior to the date of adoption of the interpretation. Further, since it relates to future dividends that will be at the discretion of the Management Board / shareholders it is not possible to determine the effects of application in advance. FOREIGN CURRENCY TRANSLATION Functional and presentation currency: Items included in the financial statements for both years, 2007 and 2008, are measured in euros, which is the Bank’s functional and presentation currency. Transactions and balances: Foreign currency transactions are translated into the functional currency using the European Central Bank exchange rates at the dates of transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement except when deferred in equity as qualifying cash flow hedges and available-for-sale investments. Forward transactions denominated in a foreign currency are translated into euro using the forward rate. The spot rates of exchange used in preparation of the Bank’s balance sheet as of the reporting date were as follows: Currency 31. 12. 2008 31. 12. 2007 USD 1.4098 1.4721 CHF 1.4963 1.6547 FINANCIAL ASSETS The Bank classifies its financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments, and available-for-sale financial assets. The Bank determines the classification of its investments at initial recognition. All financial assets held by the Bank are recognized and derecognized using trade date accounting except loans and receivables, which are recognized on settlement date. When a financial asset is recognized initially, the Bank measures it at its fair value plus, in the case of a financial asset not-at-fair-value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. The Bank derecognizes a financial asset when the contractual Financial Statements Summary of Accounting Policies rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Bank is recognized as a separate asset or liability. The Bank derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. (a) Financial Assets at Fair Value through Profit or Loss This category contains financial assets held for trading and those which are upon initial recognition designated by the Bank as at fair value through profit or loss. • A financial asset is classified as held for trading if it is acquired or incurred principally for the purpose of selling or repurchasing in the near term or if it is a part of portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking. Derivatives are also categorized as held for trading unless they are designated as hedging instruments. Subsequent to the initial recognition, these financial assets are accounted for and stated at their fair value, which approximates the price quoted on recognized stock exchanges or calculated by acceptable valuation models. The Bank includes unrealized gains and losses in ”Gains and losses on financial assets and liabilities held for trading”. Interest earned on trading securities is accrued on a daily basis and reported in “Interest income” in the income statement. • The Bank’s financial assets are designated at fair value through profit or loss when doing so significantly reduces measurement inconsistencies that would arise if the related derivatives were treated as held for trading and the underlying financial instruments were measured at effective interest method. Loans measured at fair value through profit or loss are fixed-rate loans which are hedged at the loans' reference rate with interest rate swaps. Loans are designated at their fair value through profit or loss in order to avoid a mismatch in the presentation of the economic content of a transaction. The change in fair value of loans is based on a marked to model methodology on a monthly basis. (b) Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: • Those that the Bank intends to sell immediately or in the short term, which are classified as held for trading, and those that the Bank upon initial recognition designates as at fair value through profit or loss; • Those that the Bank upon initial recognition designates as available-for-sale; or • Those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration. Loans and receivables are carried at amortized cost. As long as the Bank did not apply program solution for recognizing fees for corporate loans using effective interest method, those fees are accrued linearly. The Bank assesses at each reporting date whether there is any indication that an asset may be impaired. If any such indication exists, the Bank estimates the recoverable amount of the asset. An individual assessment of financial assets is used for all loans, apart from private customers, where a portfolio assessment of the quality of a financial asset is applied. (c) Held-to-maturity Investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Bank has the positive intention and ability to hold to maturity. Held-to-maturity investments are measured at amortized cost. The Bank assesses at each reporting date whether there is any indication that an asset may be impaired. If any such indication exists, the Bank estimates the recoverable amount of the asset. (d) Available-for-sale Fnancial Assets Available-for-sale financial assets are those non-derivative financial assets that are designated as available for sale or are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss. This portfolio includes both equity and debt securities. Subsequent to their initial recognition, available-for-sale financial assets are remeasured at their fair value. In circumstances where the quoted market prices are not readily available, the fair value of debt securities is estimated using the present value of future cash flows and the fair value of unquoted equity instruments is estimated using applicable price/earnings or price/cash flow ratios refined to reflect the specific circumstances of the issuer. A gain or loss on an available-for-sale financial asset is recognized directly in equity, through the statement of changes in equity, except for impairment losses and foreign exchange gains and losses, until the financial asset is derecognized, at which time the cumulative gain or loss previously recognized in equity is recognized in profit or loss. However, interest calculated are accrued daily using the effective interest method and are recognized in profit or loss. Dividends on an available-for-sale equity instrument are recognized in profit or loss when the Bank’s right to receive payment is established. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, the Bank is a party to contracts for derivative financial instruments, which represent a very low initial investment compared to the notional value of the contract. The derivative financial instruments used include interest rate, currency and commodity forward, swap, and option contracts. These financial instruments are used by the Bank to hedge interest rate risk and currency exposures associated with its transactions in financial markets, to open its positions actively and to sell those instruments to the customers. Derivative financial instruments are initially recognized at cost and subsequently remeasured at their fair value. Fair values are obtained from quoted market prices, discounted cash flow models and options pricing models as appropriate. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognized in the “Gains and losses on financial assets and liabilities held for trading” as they arise. All derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. HEDGING INSTRUMENTS a) Fair Value Hedge In the year 2008, the Bank had not implemented fair value hedging. b) Cash Flow Hedge In accordance with the IFRS, cash flow hedges serve to hedge uncertain (variable) cash flows in the future. For this purpose, interest cash flows of the hedged items and related derivatives designated as hedging instruments are projected into the future (forecasted transactions). The hedge relates to the exposure to variability in cash flows associated with recognized assets or a recognized liabilities or a planned or forecasted transaction (or portions of the three) which will affect reported net income. In the case of cash flow hedge accounting, the hedging instrument is recognized at its fair value. The hedged items are interest cash flows (forecasted transactions) of underlying transactions. The underlying transactions in a cash flow hedge may be any customer or securities transaction, on the assets side or on the liabilities side of balance sheet, in which the interest rate is sensitive to changes in money market rates. Hedging instruments are any derivatives that can hedge the exposure to variability in the relevant cash flows. Changes in fair value are separated into an effective portion attributable to the hedge and an ineffective portion not attributable to the hedge. A hedge is considered as effective if, for each time bucket, the netted cash flows associated with the hedging instruments are smaller than or equal to the cash flows of the hedged item(s). The effective portions are recognized directly in equity (Fair value reserves, Cash flow hedge). The ineffective portion of the gain or loss on the hedging instrument is recognized in the Statement of Income. In order to avoid ineffectiveness, projections are made, especially for limits and potential causes of ineffectiveness. The Market Risk department runs an efficiency test at the end of each month. Cash flow hedges are used by the Bank for managing interest rate risk on an aggregated basis. The derivatives are not attributed to individual transactions. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS Property, plant and equipment as well as intangible assets are initially recognized at cost. The Bank has chosen for measurement after recognition cost model, which means that an asset is carried at its cost less any accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight-line basis. Land and assets in the course of construction are not depreciated. Financial Statements Summary of Accounting Policies The useful lives are set out below: Leasehold improvements 31. 12. 2008 10 years 31. 12. 2007 10 years Hardware 4 years 4 years Furniture, devices and motor vehicles 4-10 years 4-10 years Intangible assets - software 5 years 5 years The Bank periodically reviews the useful life and amends the period of depreciation if appropriate. Leasehold improvements are capitalized and depreciated over the lesser of their useful life or the remaining lease term on a straight-line basis. If of a minor extent, repairs and renewals are charged to the income statement when the expenditure is incurred. The Bank assesses whether assets may be impaired. If, and only if, the recoverable amount of an asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. That reduction is an impairment loss. A reversal of an impairment loss for an asset is recognized immediately in profit or loss. The carrying amount of an item of property, plant and equipment is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from derecognition of an item is included in profit or loss when the item is derecognized. The gain or loss arising from derecognition of an asset is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item. OTHER ASSETS Other assets consist of prepaid expenses, accrued income, and other assets that are not disclosed under any other item. FINANCIAL LIABILITIES Financial liabilities are recognized at fair value. After initial recognition, the Bank measures all financial liabilities at amortized cost using the effective interest method. The Bank had not yet recognized any financial liabilities at fair value through profit or loss. The position “Financial liabilities held for trading” represents negative market value of derivatives. PROVISIONS A provision is recognized when the Bank has a present obligation as a result of a past event and when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are recognized for the following: • Potential losses relevant to the risks resulting from off-balance sheet items; • Jubilee awards and severance payments; • Pending or threatened litigation. . CASH FLOW STATEMENT For the purpose of the cash flow statement, cash is defined as cash in hand and current accounts with banks, including the compulsory minimum reserve with the Bank of Slovenia. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. EMPLOYEE BENEFITS The Bank provides its employees with jubilee awards and severance payments. The employees are entitled to claim jubilee awards in circumstances where they have been employed by the Bank for a defined period of time. The employees are entitled to receive severance payments if they are employed by the Bank until their retirement age and were employed by the Bank for a minimum defined period. Valuations of these obligations are carried out by independent qualified actuaries using projected unit credit method. The actuarial parameter and assumptions included in the calculation of the obligation are: • Discount rate determined by reference to market yields as of the balance sheet date on high quality corporate bonds for the Euro-zone; • Estimated future salary increases; • Anticipated increase of jubilee awards; • Mortality rates - Slovenian mortality table 2000-2002; • Fluctuation (termination without payment) depending on the Bank’s past experience in service time; • Retirement age: 59 for women, 61 for men; • The Bank’s most recent employee data (the length of employment with the Bank, age, gender, average salary); • Average monthly salary in the Republic of Slovenia; • If, on the valuation date, the calculated retirement age has already been reached or exceeded, the retirement has been assumed to take place 6 months after the valuation date. These obligations are measured at present value of future cash outflows. The gains and losses are recognized in the income statement. Actuarial gains and losses, arising from experience adjustments and from changes in actuarial assumptions, in excess of the greater of ten percent of the value of plan assets or ten percent of the defined benefit obligation, are charged or credited to income over the expected average remaining working life-time of the related employees. The Bank additionally provides short-term benefits to its employees, such as contributions to retirement pension insurance and recognizes the costs of these contributions as incurred. SHAREHOLDERS’ EQUITY Shareholders’ equity is composed of paid-in capital, i.e. capital made available to the Company by the shareholders (basic equity capital plus share premium), and retained earnings (fair value reserve for available-for-sale securities and cash flow hedges, reserves from profit, retained earnings and income from the current financial year). EARNINGS PER SHARE The Bank presents earnings per share data for its ordinary (all) shares. Earning per share is calculated by dividing the Bank’s profit or loss by the average number of shares outstanding during the period. The Bank has no preference shares or convertible bonds. Therefore, no diluted earning per share is calculated. FINANCIAL COMMITMENTS AND CONTINGENCIES Off-balance-sheet commitments from guarantees, both financial and service, represent irrevocable obligations that the Bank will make payments in the event a customer cannot fulfil its obligations vis-a­vis third parties. A documentary letter of credit is an irrevocable undertaking of the issuing bank acting at the request of a customer (buyer) to make payment to the beneficiary (seller) or to pay or accept bills of exchange drawn by the beneficiary against stipulated documents, provided all terms and conditions of the letter of credit are complied with. The documentary letters of credit are collateralized depending on the creditworthiness of the customer and on the same basis as guarantees or loans. The primary purpose of unused credit facilities (loan commitments) is to ensure that funds are available to a customer as required. Commitments to grant loans issued by the Bank represent issued loan commitments and the unused part of approved overdraft loans. The risk associated with off-balance-sheet financial commitments and contingent liabilities is assessed similarly as for loans to customers taking into account the financial position and activities of the entity to which the Bank issued the guarantee and taking into account the collateral obtained. INTEREST INCOME AND INTEREST EXPENSE Interest income and interest expense are recognized in the income statement using the effective interest method. As long as the Bank did not apply program solution for recognizing fees for corporate loans using effective interest method, those fees are accrued linearly. IMPAIRMENT LOSSES ON LOANS AND RECEIVABLES The Bank assesses at each reporting date whether there is any indication that loan or receivable may be impaired. If such indication exists, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the asset’s original effective interest rate. The amount of the loss is recognized in profit or loss. FEE AND COMMISSION INCOME AND EXPENSE Fees and commissions are in principle recognized upon completion of the underlying transaction. Fees and commissions charged for longer periods are being accrued. TAXATION Taxes are calculated in accordance with the Corporate Income Tax regulations. Generally, the taxable profit is based on the profit or loss recognized in the income statement prepared pursuant to the IFRS. It is adjusted for tax purposes as follows from the tax regulations. Tax expense (tax income) comprises current tax expense (current tax income) and deferred tax expense (deferred tax income). The current corporate income tax rate is 22 % (23 % in the year Financial Statements Summary of Accounting Policies 2007), for deferred taxes 21 % (22 % in the year 2007) was used, which is the corporate income tax in 2009. Deferred taxes are provided for temporary differences arising between the tax bases of assets and liabilities and their carrying amount on the balance sheet. Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of deductible temporary differences, the carry-forward of unused tax losses and the carry-forward of unused tax credits. The Bank is subject to various indirect operating taxes. These are included as a component of administrative expenses. FIDUCIARY ACTIVITIES Assets managed by the Bank in its capacity as a nominee, trustee or agent are not assets of the Bank and are accordingly not included in these financial statements. SEGMENT REPORTING The Bank did not decide to disclose segment information as its equity is not publicly traded and it is not in the process of issuing equity or debt securities in public securities markets. REGULATORY REQUIREMENTS The Bank is subject to the regulatory requirements of the Bank of Slovenia. These regulations include limits and other restrictions pertaining to minimum capital adequacy requirements, the classification of loans and off-balance-sheet commitments and provisioning to cover credit risk, liquidity, interest rate, and foreign currency position. As of 31st December 2008, the Bank was in compliance with all regulatory requirements. RELATED PARTIES Related parties are those counterparties that represent: • Enterprises that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control by, the reporting enterprise; • Key management personnel, that is, those persons having the authority and responsibility for planning, directing and controlling the activities of the Group, including directors and officers of the Bank and close members of the families of such individuals; • Enterprises in which a substantial interest in the voting power is owned directly or indirectly by any person described above or over which such a person is able to exercise a significant influence. This includes enterprises owned by directors or major shareholders of the Bank and enterprises that have a member of key management in common with the Bank. In considering each possible related-party relationship, attention is directed to the substance of the relationship and not merely the legal form. Notes on the Balance Sheet Note 1: Cash and cash balances with central banks European Central Bank (ECB) requires credit institutions established in participating Member States to hold minimum reserves, which are to be held on accounts with the ECB and participating national central banks. Liabilities owed to any other credit institution and participating national central bank and liabilities owed to ECB shall be excluded from the reserve base. A reserve ratio of 2 % shall apply to the following liability categories: -Overnight deposits; - Deposits with an agreed maturity up to two years; - Deposits redeemable at notice up to two years; -Debt securities issued with an agreed maturity up to two years. A reserve ratio of 0 % shall apply to the following liability categories: - Deposits with agreed maturity over two years; - Deposits redeemable at notice over two years; -Repos; -Debt securities issued with an agreed maturity over two years; An allowance of 100,000 euros, to be deducted from the amount of the minimum reserves, is granted. The Bank’s minimum reserve calculated based on volumes as of 31st October 2008 amounts to 11,952,480 euros. The Bank has to hold it in the period from 10th December 2008 till 20th January 2009. Note 2: Financial assets held for trading EUR 1,000 Debt instruments 31. 12. 2008 28,252 31. 12. 2007 135,007 Bonds, Republic of Slovenia 23,532 100,717 Bonds, central government units 4,109 - Bonds, banks 611 30,069 Bonds, corporates - 4,221 Derivatives held for trading 116,322 54,256 Forwards 5,324 1,532 Options 64,903 27,602 SwapsTotal 46,095 144,574 25,122 189,263 Financial assets held for trading are measured at their fair value. Fair value is quoted price in an active market; if the market for a financial instrument is not active, the Bank establishes fair value by using a valuation technique. The Slovenian bond market is characterized by rather low liquidity and low issue volumes. Consequently, the market value as quoted on the stock exchange regularly doesn’t reflect the fair value of a bond. Therefore, fair value of the majority of bonds in the Bank’s trading portfolio is measured by valuation model. Fair value of currency derivatives is their market price in the front-end system Wall Street, fair value of interest derivatives is market price in the front-end system OPUS. Fair value of equity and commodity derivatives is provided by Bayerische Hypo- und Vereinsbank AG, München. Notional values of derivatives are disclosed in Note 43. Financial Statements Notes on the Financial Statements Debt instruments Effect of reclassifications out of financial assets held for trading Pursuant to these amendments of IAS 39 and IFRS 7, issued in October 2008, the Bank reclassified certain financial assets out of trading assets to available-for-sale financial assets and to held to maturity financial assets. The Bank realised that due to current market situation it will not sell them in the near term. Reclassifications were made at fair value at the date of reclassification, 1st December 2008. EUR 1,000 Balance at 1. 1. 2008 135,007 2007 93,290 Increases 619,066 240,421 Purchase 614,163 240,125 Positive changes in fair value 4,903 296 Decreases (725,821) (198,704) Sales / Redemption (597,542) (195,900) Reclassification to available-for-sale financial assets (95,531) - Reclassification to held-to-maturity financial assets (29,640) - Negative changes in fair value Balance at 31. 12. (3,108) 28,252 (2,804) 135,007 If the Bank would not have made reclassifications of financial assets, its Statement of Income would differ in the following position in the following amount: Note 3: Financial assets designated at fair value through profit or loss EUR 1,000 Balance at 1. 1. 2008 20,444 2007 30,359 Increases 2,081 1,178 New loans 1,400 1,137 Positive changes in fair value 564 41 Exchange rate differences 117 - Decreases (5,795) (11,093) Redemption (5,792) (11,055) Exchange rate differences (3) (38) Balance at 31. 12. 16,730 20,444 Note 4: Available-for-sale financial assets Available-for-sale financial assets are measured at their fair value. Fair value is quoted price in an active market; if the market for a financial instrument is not active, the Bank establishes fair value by using a valuation technique. The Slovenian bond market is characterized by rather low liquidity and low issue volumes. Consequently, the market value as quoted on the stock exchange regularly doesn’t reflect the fair value of a bond. Therefore, fair value of the majority of bonds in the Bank’s available-for-sale portfolio is measured by valuation model. Loans designated at fair value through profit or loss bear fixed interest rate and are hedged to reference interest rate by interest rate Equity instruments swap. Interest rate swap is recognized at fair value, therefore is also a loan designated at fair value through profit or loss. EUR 1,000 Balance at 1. 1. 2008 350 2007 400 Increases 1,204 1 Positive changes in fair value and exchange rate differences 1,204 1 Decreases (1,272) (51) Sales (1,272) (9) Negative changes in fair value - (42) Balance at 31. 12. 282 350 Financial Statements Notes on the Financial Statements Debt instruments EUR 1,000 Balance at 1. 1. 2008 1,818 2007 863 Valuation 1,680 261 Accrued interest 138 602 Increases 506 955 Valuation (110) 1,419 Accrued interest 616 (464) Balance at 31. 12. 2,324 1,818 Valuation 1,570 1,680 Accrued interest 754 138 EUR 1,000 Balance at 1. 1. 2008 115,027 2007 157,458 Increases 121,756 11,719 Purchase 22,968 11,690 Reclassification from financial assets held for trading 95,530 - Positive changes in fair value 3,258 29 Decreases (19,676) (54,150) Sales / Redemption (19,561) (53,306) Negative changes in fair value (115) (844) Balance at 31. 12. 217,107 115,027 Note 6: Loans and receivables Loans and receivables to banks Note 5: Derivatives -hedge accounting Hedging derivatives are valued at fair value, which is a market price in the front-end system OPUS. EUR 1,000 Balance at 1. 1. 2008 148,163 2007 378,781 Increases 45,456,413 37,290,945 New loans 45,376,268 37,284,265 Exchange rate differences 80,145 6,680 Decreases (45,315,129) (37,521,563) Redemption (45,239,170) (37,512,039) Exchange rate differences (75,959) (9,524) Balance at 31. 12. 289,447 148,163 Loans and receivables to customers Loans to corporates include loans to sole traders. The balance of loans to the employees on 31st December 2008 amounts to 15,785 thousand euros and 12,343 thousand euros on 31st December 2007. The amount excludes loans to the management, which are disclosed in Note 46. In Financial Statements on 31st December 2007, claims to customers deriving from closed transaction accounts in total amount to 2,204 thousand euros and their impairment in total amounts to 2,159 thousand euros used to be reported among “Other assets”. In 2008, the Bank began to recognise them among “Loans and receivables”. In order to assure comparative amounts with data for 2008, the Bank restated those claims and their impairment also in balance on 31st December 2007 to the position “Loans and receivables to customers”. Impairment EUR 1,000 Balance at 1. 1. 2008 1,613,610 2007 1,278,764 Increases 3,254,970 2,429,121 New loans 2,694,653 2,342,464 Transfer from "Other assets" - 2,204 Exchange rate differences 560,317 84,453 Decreases (2,778,651) (2,094,275) Redemption (2,270,269) (2,000,770) Direct write-offs (13) (160) Exchange rate differences (508,369) (93,345) Balance at 31. 12. 2,089,929 1,613,610 EUR 1,000 Balance at 1. 1. 2008 (18,340) 2007 (12,144) Increases (20,347) (10,734) Transfer from "Other assets" - (2,159) Decreases 13,216 6,697 Balance at 31. 12. (25,471) (18,340) Financial Statements Notes on the Financial Statements Note 7: Note 8: Held-to-maturity financial assets Non-current assets held for sale EUR 1,000 Balance at 1. 1. 2008 - 2007 188,414 Increases 29,721 682 Reclassification from financial assets held for trading 29,640 - Purchase 77 682 Positive changes in fair value 4 - Decreases - (189,096) Sales / Redemption -29,721 (189,096) - Balance at 31. 12. Within balance of non-current assets held for sale, on 31st December 2008 the Bank recognized property, plant and equipment received as payment of claims, which it holds for sale. EUR 1,000 31. 12. 2008 31. 12. 2007 Listed 29,721 - Bonds, banks 29,721 - Total 29,721 - Note 9: Property, plant and equipment Financial Statements Notes on the Financial Statements Note 10: Note 11: Intangible assets Tax assets EUR 1,000 Current tax assets 31. 12. 2008 - 31. 12. 2007 4,753 Deferred tax assets 2,030 3,482 Assets / Liabilities held for trading 678 2,690 Loans to banks and loans to customers 43 167 Available-for-sale financial assets - 30 Property, plant and equipment, Intangible assets 28 37 Provisions for severance and jubilee salaries 140 66 Fair value reserves, Cash flow hedge 1,103 - Fair value reserves, Available-for­sale financial assetsTotal 38 2,030 492 8,235 EUR 1,000 Deferred tax assets 31. 12. 2008 2,030 31. 12. 2007 3,482 Effect in 2008 (1,452) Balancing equity 1,141 492 649 Balancing Statement of Income 889 2,990 (2,101) Deferred tax liabilities (disclosed in Note 18) 229 2,915 (2,686) Balancing equity 229 350 (121) Balancing Statement of Income - 2,565 (2,565) Net deferred tax assets / Liabilities 1,801 567 1,234 Balancing equity 912 142 770 Balancing Statement of Income 889 425 464 Note 12: Note 13: Other assets Deposits from central banks EUR 1,000 Claims arising from settlement of securities 31. 12. 2008 43,897 31. 12. 2007 1,957 Other claims arising from settlement of transactions 3,442 1,998 Claims arising from post-financing transactions 14,289 5,727 Deferred expenses and accrued income 566 550 Claims for fees 419 510 Impairment on claims for fees (13) (11) Given advances 22 60 Tangible fixed assets received as payment of claims - 1,920 Other assets 63 190 Impairment on other assetsTotal (21) 62,664 (22) 12,879 In Financial Statements on 31st December 2007, claims to customers deriving from closed transaction accounts in total amount to 2,204 thousand euros and their impairment in total amounts to 2,159 thousand euros used to be reported among “Other assets”. In 2008, the Bank began to recognise them among “Loans and receivables”. In order to assure comparative amounts with data for 2008, the Bank restated those claims and their impairment also in balance on 31st December 2007 to the position “Loans and receivables to customers”. Claims arising from settlement of securities include claims arising from sale of securities from buy and sell-back transaction with sister company made at an arm’s length in amount of 43,752 thousand euros. The Bank pledged purchased bonds with the Bank of Slovenia for received deposit. Note 14: Financial liabilities held for trading Financial Statements Notes on the Financial Statements Note 15: Derivatives -hedge accounting EUR 1,000 Balance at 1. 1. 2008 91 2007 667 Valuation 89 7 Accrued interest 2 660 Increases 6,851 (576) Valuation 6,732 82 Accrued interest 119 (658) Balance at 31. 12. 6,942 91 Valuation 6,821 89 Accrued interest 121 2 EUR 1,000 Balance at 1. 1. 2008 948,099 2007 1,129,312 Increases 10,772,032 5,201,599 New deposits 10,449,724 5,171,675 Exchange rate differences 322,308 29,924 Decreases (10,452,964) (5,382,812) Repayments (10,159,369) (5,350,830) Exchange rate differences (293,595) (31,982) Balance at 31. 12. 1,267,167 948,099 Loans from banks Note 16: Financial liabilities measured at amortised cost Deposits from banks EUR 1,000 Balance at 1. 1. 2008 234,612 2007 276,427 Increases 1,953,262 1,306,796 New loans 1,739,831 1,262,015 Exchange rate differences 213,431 44,781 Decreases (1,747,154) (1,348,611) Repayments (1,554,331) (1,298,213) Exchange rate differences (192,823) (50,398) Balance at 31. 12. 440,720 234,612 Deposits from customers Subordinated liabilities On demand EUR 1,000 31. 12. 2008 238,397 31. 12. 2007 309,220 Corporates 129,406 119,961 Financial institutions 2,033 3,519 Public sector 8,307 7,103 Private customers 73,522 81,482 Non-residents 25,129 97,155 Short-term deposits 342,542 330,081 Corporates 125,687 178,264 Financial institutions 22,908 26,244 Public sector 79,515 6,180 Private customers 98,377 108,980 Non-residents 16,055 10,413 Long-term deposits 61,348 82,238 Corporates 1,771 9,407 Financial institutions 7,255 5,140 Public sector 1,461 1,656 Private customers 46,925 60,847 Non-residentsTotal 3,936 642,287 5,188 721,539 Deposits from corporates also include deposits from sole traders. EUR 1,000 Balance at 1. 1. 2008 721,539 2007 594,162 Increases 35,076,690 31,878,354 New deposits 35,052,313 31,863,124 Exchange rate differences 24,377 15,230 Decreases (35,155,942) (31,750,977) Repayments (35,125,729) (31,732,582) Exchange rate differences (30,213) (18,395) Balance at 31. 12. 642,287 721,539 In April 2008, the Bank signed a subordinated loan facility agreement for ten years with Bank Austria Creditanstalt AG, Vienna in amount of 20,000 thousands euros. The whole facility amount was drawn down. The loan interest rate is Euribor +1.1 %. Note 17: Provisions Financial Statements Notes on the Financial Statements Note 19: Other liabilities EUR 1,000 Liabilities arising from settlement of securities 31. 12. 2008 7,119 31. 12. 2007 63 Other liabilities arising from settlement of transactions 3,140 5,088 Accrued expenses and deferred income 5,962 2,444 Liabilities to suppliers 2,441 1,365 Liabilities arising from gross salaries 1,133 922 Liabilities for taxes and contributions 365 266 Liabilities for fees 70 70 Other liabilitiesTotal 917 21,147 88 10,306 Note 18: Tax liabilities The accrued expenses on 31st December 2008 also include accruals in the amount of 75 thousand euros for stock options of UniCredit S.p.A. (39 thousand euros on 31st December 2007). Note 20: Share capital EUR 1,000 Current tax liabilities 31. 12. 2008 2,256 31. 12. 2007 - Deferred tax liabilities 229 2,915 Assets /Liabilities held for trading - 86 Loans to banks and loans to customers - 59 Available-for-sale financial assets - 124 Other assets / Other liabilities - 2,296 Fair value reserves, Cash flow hedge - 350 Fair value reserves, Available-for-sale financial assetsTotal 229 2,485 -2,915 The Bank’s share capital on 31st December 2008 amounts to 16,258,321.26 euros and is comprised of 3,898,878 pieces of ordinary non-par-value shares, which are fully paid. Each non-par­value share entitles its holder to one vote when concluding decisions at the Bank’s General Meeting of Shareholders, to share in profit (dividend) and to appropriate share in remaining assets after the Bank’s liquidation or bankruptcy. The Bank has not paid out dividends for years 2008 and 2007. Note 21: Fair value reserves, Available-for-sale financial assets Share premium EUR 1,000 Balance at 1. 1. 2008 (1,743) 2007 (2,262) thereof deferred taxes 493 (65) Increases 2,462 951 thereof deferred taxes (683) 406 Decreases - (432) thereof deferred taxes - 152 Balance at 31. 12. 719 (1,743) thereof deferred taxes (190) 493 Note 22: Fair value reserves Note 23: Retained earnings Fair value reserves, Cash flow hedge1,241 Fair value reserves, Available-for-sale financial assets Total Fair value reserves, Cash flow hedge 78,383 EUR 1,000 Balance at 1. 1. 2008 1,241 2007 194 thereof deferred taxes (350) (60) Increases - 1,047 thereof deferred taxes - (290) Decreases (5,389) - thereof deferred taxes 1,453 - Balance at 31. 12. (4,148) 1,241 thereof deferred taxes 1,103 (350) Note 24: Net profit for the year Earning per share EUR 1,000 (1) Net profit for the year 31. 12. 2008 18,484 31. 12. 2007 15,181 (2) Number of shares 3,898,878 3,898,878 (3) Earning per share in euros (1) / (2) 4.74 3.89 Basic and diluted earnings per share are the same as the Bank has no dilutive instruments. Financial Statements Notes on the Financial Statements Notes on the Statement of Income Note 27: Dividend income Note 25: Interest income EUR 1,000 Interest on deposits placed with the Central Bank 2008 551 2007 493 Interest on financial assets held for trading 21,275 27,257 Interest on financial assets designated at fair value through profit or loss 1,400 1,174 Interest on derivatives used for hedging 5,745 2,599 Interest on financial assets available for sale 4,680 4,935 Interest on loans and receivables 112,022 77,721 to banks 6,254 5,135 to customers 105,768 72,586 Interest on financial assets held to maturity 296 682 Other interest incomeTotal 517 146,486 253 115,114 Note 28: Fee and commission income Interest income on impaired financial assets amounts to 2,002 thousand euros in 2008 (in 2007 2,496 thousand euros). Note 26: Interest expense EUR 1,000 Interest on financial liabilities held for trading 2008 15,630 2007 22,143 Interest on derivatives used for hedging 4,428 2,530 Interest on received deposits and loans: 81,193 54,691 paid to banks 64,627 39,892 paid to customers 16,566 14,799 Other interest expensesTotal 118 101,369 -79,364 Fees for banking services 1,145 Fees for carrying out agency and commission 143 operations Fees for securities business 867 Fees for performing payment operations 262 Fees paid on other services 917 Total 3,334 Note 31: Gains and losses on financial assets and liabilities held for trading Net gains on securities trading (2,440) Net gains on purchase and sale of foreign 529 currencies Net gains on derivatives 8,945 Net gains on other financial assets held for (46) trading Total 6,988 In 2007, the Bank was recognizing among “Fees paid on other services” the fees paid for derivatives in total amount of 14,269 thousand euros, which are in 2008 recognized as “Gains and losses on financial assets and liabilities held for trading”. In order to assure comparative amounts with data for 2008, the Bank restated premiums in figures shown above also for the year 2007. Note 30: Realised gains and losses on financial assets and liabilities not measured at fair value through profit or loss Within “Realised gains on avabilable-for-sale financial assets”, the Bank recognized gain realized with sale of its equity investment into Ljubljanska borza, d. d., (Ljubljana Stock Exchange) in amount of 1,198 thousand euros. Net gains on derivatives for 2007 are adjusted for restatement effect in amount of 2,733 thousand euros, as described in Notes 28 and 29. Note 32: Gains and losses on financial assets and liabilities designated at fair value through profit or loss Note 33: Exchange differences Financial Statements Notes on the Financial Statements Note 34: Gains and losses on derecognition of assets other than held for sale Note 35: Other operating net income EUR 1,000 Gains 2008 406 2007 379 Gains on release of accrued expense 302 67 Gains on operational risk 59 17 Other gains 45 295 Losses (196) (186) Memberships (101) (101) Losses from operational risk (55) (50) Other lossesTotal (40) 210 (35) 193 Note 36: Administrative costs Staff costs In 2008, the expense of equity-settled share options and performance shares is 36 thousand euros (39 thousand euros in 2007). UniCredit Group established a medium/long-term share option and performance shares program, granting equity instruments by UniCredit Italiano S.p.A. to selected managers and employees of the various Group subsidiaries. In compliance with the IFRS, the subsidiaries, whose employees have been granted equity instruments issued by the parent company, must pay the latter for the allocation granted to their employees. Fair value calculation criteria for equity settled Stock Options: The fair value has been measured by applying the Hull and White model. The model is based on trinomial tree price distribution using the Boyle’s algorithm and estimates the early exercise probability on the basis of a deterministic model connected to reaching a Market Share Value equals to an exercise price-multiple and probability beneficiary’s early exit after the end of the vesting period. Vesting dates of the equity-share-based payments in euros: Vesting date 18th November 2005 Employees entitled 1 EUR 1,000 Value 31. 12. 2008 46 13th June 2006 1 15 12th June 2007 1 10 25th June 2008 Total 2 4 75 Other administrative costs Note 37: Depreciation EUR 1,000 Operating leasehold on premises 2008 1,902 2007 1,706 IT services 2,205 2,176 Communication 1,332 1,223 Consulting and auditing services 1,591 1,484 Other outsourced services 1,428 1,292 Marketing 2,796 2,937 Training 638 336 Material costs 615 589 Costs of fixed assets maintenance 491 393 Insurance 458 506 Travel costs 243 234 Other costsTotal 667 14,366 543 13,419 Note 38: Provisions Consulting and auditing services include the audit of the financial statements for 2008 in the amount of 70 thousand euros provided by KPMG Slovenija, podjetje za revidiranje, d.o.o. The audit of subordinated debt, performed by the same audit company, is included as two thousand euros expense. The independent audit opinion on the Bank’s internal audit department performed by Deloitte revizija d.o.o. costed 32 thousand euros, consulting on balance scorecard and tax advisory performed by Deloitte d.o.o. in total 26 thousand euros and expense of tax advisory by Ernst & Young Svetovanje d.o.o. in the amount of four thousand euros. The Bank rents a number of branches and office premises. Rental contracts usually run for up to 15 years with the option to renew or cancel them. The minimum future obligations for rental payments less than one year amount to 2,101 thousand euros (in 2007 1,045 thousand euros). The Bank does not have any minimum future obligations for rental payments for more than one year. Financial Statements Notes on the Financial Statements Note 39: Note 41: Impairment Tax expense with explanation of effective tax rate EUR 1,000 Impairment of available-for-sale financial assets 2008 - 2007 12 Impairment of financial assets, measured at cost 6,870 4,642 Increase 17,363 11,462 Loans 17,308 10,734 Fees 17 12 Other assets 38 716 Decrease (10,493) (6,820) Loans (10,460) (6,697) Fees (16) (15) Other assetsTotal (17) 6,870 (108) 4,654 Note 40: Profit or loss from non-current assets Notes to the Cash Flow Statement held for sale Note 42: Cash and cash equivalents EUR 1,000 Cash 31. 12. 2008 12,633 31. 12. 2007 9,224 Minimum reserve with the Central Bank 29,269 18,529 Financial assets held for trading 23,532 100,718 Available-for-sale financial assets 95,197 9,724 Loans to banks with maturity up to 3 months 229,886 91,855 Total 390,517 230,050 Financial assets held for trading and available-for-sale financial assets comprise the Republic of Slovenia bonds. EUR 1,000 Financial guarantees 31. 12. 2008 59,860 31. 12. 2007 88,868 Non-financial guarantees 85,311 46,408 Committed credit and overdraft lines 241,851 410,714 Creditors on spot business 39,612 36,945 Uncovered documentary letters of credit - nostro 3,589 3,547 Covered documentary letters of credit - nostro 2,264 745 Securities pledged with the Bank of Slovenia 200,712 - Lended securities 55 - Notional amount of derivativesTotal 4,693,960 5,327,214 5,178,380 5,765,607 Notes to the Off-Balance Sheet Items Derivatives Note 43: Off-balance sheet items Fair value of all derivatives is their market price. Forwards and futures EUR 1,000 31. 12. 2008 186,492 31. 12. 2007 129,928 Interest options 713,305 953,243 Currency options 987,227 1,488,655 Commodity options 725 - Interest swaps: 2,788,359 2,597,194 held for trading 2,571,513 2,427,631 held for hedging 216,846 169,563 Commodity swapsTotal 17,852 4,693,960 9,360 5,178,380 Guarantees EUR 1,000 Balance at 1. 1. 2008 135,276 2007 141,041 Increases 136,678 131,579 Issued guarantees 105,952 131,579 Exchange rate differences 30,726 - Decreases (126,783) (137,344) Redemption (226) (84) Switched-off guarantees (96,285) (134,863) Exchange rate differences (30,272) (2,397) Balance at 31. 12. 145,171 135,276 Financial Statements Notes on the Financial Statements Note 44: Note 45: Fiduciary activities Agency services EUR 1,000 Cash from clients for brokerage with financial instruments 31. 12. 2008 3,533 31. 12. 2007 18,363 Receivables from brokerage business with financial instruments 7,942 109 Receivables from managing financial instruments 809 - Receivables from custody business 887,137 1,220,089 Receivables with the Central Securities Clearing Corporation for sold financial instruments 810 4 Receivables from settlement business 7,327 100 Cash of customers from other fiduciary activities 16 15 Receivables from other businesses on behalf and for account of third partiesTotal assetsLiabilities to customers from money and financial instruments 121,350 1,028,924 892,890 97,546 1,336,226 1,238,453 Liabilities to the Central Securities Clearing Corporation for financial instruments bought 7,327 100 Liabilities to bank for commissions, expenses, etc. 13 11 Liabilities from settlement business 7,327 100 Liabilities from other businesses on behalf and for account of third partiesTotal liabilities 121,367 1,028,924 97,562 1,336,226 EUR 1,000 Liabilities of settlement account or transaction accounts for clients' funds 31. 12. 2008 896,698 31. 12. 2007 1,220,202 from financial instruments 895,888 1,220,198 to the Central Securities Clearing Corporation or to bank's settlement account for sold financial instruments 810 4 Cash from clients 3,533 18,363 on settlement account for clients' funds 2,098 16,524 on banks' transaction accounts Total assets Liabilities of settlement account or transaction accounts for clients' funds 1,435 900,231 900,231 1,839 1,238,565 1,238,565 to clients from cash and financial instruments 892,891 1,238,454 to the Central Securities Clearing Corporation or to bank's settlement account for financial instruments bought 7,327 100 to bank or settlement account for commissions, expenses, etc. Total liabilities Off-balance-sheet record 13 900,231 895,888 11 1,238,565 1,220,198 Financial instruments, separated by services 895,888 1,220,198 Reception, intermediary, and execution of orders 7,942 109 Managing financial instruments 809 - Custody business 887,137 1,220,089 Income and expenses from fees related to investment services and businesses EUR 1,000 Income from fees (commissions related to investment and subsidiary investment services and businesses for clients) 31. 12. 2008 4,728 31. 12. 2007 4,475 Reception, intermediary, and execution of orders 1,193 2,038 Conduction of initial public offering and subsequent sales without obligation to buy 1,490 339 Custody and related services 2,045 2,098 Expenses from fees (commissions) related to investment and auxiliary investments services and businesses for clients 665 994 Fees related to the Central Securities Clearing Corporation and to similar organizations 306 564 Fees related to the stock exchange and similar organizations 359 430 Note 46: Related parties The Bank is a subsidiary of UniCredit Bank Austria AG Vienna, incorporated in Austria, which owns 99.99 % of the Bank’s shares. The remaining shares are owned by the Slovenian legal entities and private individuals. The ultimate parent of the Group is UniCredit S.p.A., Italy. The Bank enters into a number of banking transactions with other members of the UniCredit Group, which includes granted and received loans and deposits, buying and selling foreign currency as well as derivatives. The volumes of related-party transactions and related income and expenses are stated as follows: Balance Sheet EUR 1,000 Loans 31. 12. 2008 232,515 31. 12. 2007 68,903 Management Board 197 186 Parent company 3,507 68,154 Other companies within the UniCredit Group 228,811 563 Derivatives 14,608 31,251 Parent company - 20,617 Other companies within the UniCredit Group 14,608 10,634 Other assets 44,346 32 Parent company 19 28 Other companies within the UniCredit GroupTotal assetsFinancial liabilities measured at amortised cost 44,327 291,469 1,635,232 4 100,186 1,097,465 Management Board 326 222 Parent company 501,491 1,096,410 Other companies within the UniCredit Group 1,133,415 833 Derivatives 97,958 22,835 Parent company - 9,585 Other companies within the UniCredit Group 97,958 13,250 Other liabilities 3,199 121 Parent company 1,952 11 Other companies within the UniCredit GroupTotal liabilities 1,247 1,736,389 110 1,120,421 Loans to the management are fully collateralized by mortgage. They are concluded in line with the Bank’s lending policy. Loans to banks within the Group include demand deposits, time deposits and loans to banks. They are unsecured and carry partially variable and partially fixed interest rates. Financial Statements Notes on the Financial Statements Statement of Income Remuneration paid EUR 1,000 Interest income 2008 18,558 2007 22,142 Management Board 11 6 Parent company 6,622 18,664 Other companies within the UniCredit Group 11,925 3,472 Interest expense 67,411 58,837 Management Board 9 8 Parent company 47,448 55,623 Other companies within the UniCredit Group 19,954 3,206 Fee and commission income 2,380 1,033 Parent company 523 727 Other companies within the UniCredit Group 1,857 306 Fee and commission expenses 302 45 Parent company 5 28 Other companies within the UniCredit Group 297 17 Administrative costs 1,938 1,135 Other companies within the UniCredit Group 1,938 1,135 EUR 1,000 Remuneration paid to the Management Board 2008 509 2007 383 Salaries and other short-term benefits 509 383 Remuneration paid to the Supervisory Board members - - Remuneration paid to other employees with an individual contract 612 581 Salaries and other short-term benefits 612 581 Total 1,121 964 Number of the Management Board members 4 3 Number of the Supervisory Board members 5 5 Number of other employees with an individual contract 6 9 In 2008, there were on average seven employees with an individual contract. Events after the reporting period The Bank’s Management Board would like to focus the attention that a few companies asked for restructuring of their loans due to cash flow problems at the beginning of 2009. These were mainly production and export oriented companies as well as local financial holdings. In such cases, UniCredit Banka Slovenija d.d. takes the lead in the restructuring negotiations in order to finalize new collateralized loan agreements by the end of agreed standstill periods. The Management is aware of such problematic situations and will be focused on them. Legal disputes As of the balance sheet date, UniCredit Banka Slovenija d.d. was not involved in any material claims and legal proceedings. Statement of material effect on the financial statement UniCredit Banka Slovenija d.d., as a member of UniCredit Group, enters into several business transactions with related parties from the Group. Such transactions are conducted at normal market conditions and have no negative impact on presented financial statements. In line with 545th paragraph of the Companies Act, we declare that in the years 2008 and 2007 there were no harmful transactions or other actions done, which would in any way impair the Bank. Dr. France Arhar Dr. Heribert Fernau Mag. Stefan Vavti Janko Medja, MBA Member of the Management Board Risk Report Overall Risk Management In the field of risk management, UniCredit Banka Slovenija d.d. works closely with the Risk Control and Risk Management units of UniCredit Bank Austria AG in Vienna and of course also supports the UniCredit Group’s efforts to establish uniform Group-wide risk management and control procedures. UniCredit Banka Slovenija d.d. identifies, measures, monitors, and manages the following categories of risk, which are in line with the Group’s risk point of view: • Market risk (foreign exchange, interest rate, and equity trading risk); • Liquidity risk; • Credit risk including counterparty risk; • Operational risk; • Business risk; • Real estate risk; • Risks arising from the Bank's shareholdings and equity interests. All risk management activities of UniCredit Banka Slovenija d.d. are combined within two divisions, which are both independent from the business units up to the Management Board level: • The Credit Risk Management division deals with the assessment of the clients’ rating, is responsible for the valuation of collateral and the treatment of problem loans in the work-out process and is in charge of running the credit committees. • The Finance and Market Risk division on the other hand covers the areas of market, liquidity and operational risk management as well as the calculation of economic capital. The Finance and Market Risk division is also in charge of the ICAAP process, which includes the capital management, and in charge of running the Asset/Liability Committee (ALCO) and the operational risk committee. The Asset/Liability Committee (ALCO) is the overall risk management committee of UniCredit Banka Slovenija d.d. ALCO determines the principles of risk management in the overall bank risk policy and validates on a regular basis the Bank’s risk map. It approves the establishment of limits for all relevant risks and the risk control procedures. ALCO is responsible for the management of balance-sheet structural positions, controls liquidity and interest rate risk, and deals with cross-divisional risk management issues arising between sales units and the overall bank management. ALCO gets informed on the development of the credit portfolio as well as the economic capital. For the approval of customer exposures, the Bank uses a two-level credit committee structure, whereas the (potential) exposure amount of the client or the client group is decisive which level of credit committee is responsible for taking the approval decision. In both credit committees, representatives of the Risk Management and Sales divisions are present. Credit committee sessions are held two times per week. Procedures are prescribed and written down in guidelines. Lower exposures and exposures toward private individual clients are organized in the Bank via individual approval right delegated by the highest level Credit Committee of the Bank. OPERATIONAL RISK COMMITTEE The Operational Risk Committee was established in the last quarter of 2008 in order to secure adequate and sound operational risk management. It is responsible for effective supervision over operational risk exposure and for verifying that the operational risk measurement and control system is closely integrated in the day-to­day risk management process of the Bank. CURRENT STATUS OF BASEL II IMPLEMENTATION AT UNICREDIT BANKA SLOVENIJA D.D. The application of Basel II for the calculation of the capital requirement became mandatory in Slovenia as of 1st January 2008. For credit, market, and operational risk, the Bank currently applies the standardized approach. Basel II and the application of more advanced models in line with the internal risk management approaches is seen as a priority within UniCredit Group. Consequently, UniCredit Banka Slovenija d.d. has started the preparations on the advanced measurement approach (AMA) for operational risk and deems itself AMA ready as of 31st December 2008. The Bank hopes to receive the approval by the local authorities for calculating the capital requirement for operational risk under the AMA approach in 2009. For the calculation of the capital requirement for credit risk, the Bank has significantly intensified its efforts in 2008 and intends to apply the IRB-foundation approach for corporate business in 2010. The IRB advanced approach shall be applied for retail business in 2012 and for corporate business in 2013. RISK TAKING In the state-of-the-art banking business set-up, client business has to be treated free of interest rate, FX, and liquidity risk. As a consequence, it is necessary to determine a clear pricing basis for customer loans and deposits, in order to enable a clear separation of client business benefit from the internal funds management function of the Bank. The market and liquidity risks are transferred via a market-based fund transfer pricing system to the risk taking units. This makes it possible to attribute market and liquidity risk and contribution margins to the Bank's business divisions in line with the principle of causation. Within the Bank, the Markets division is the only unit that has the responsibility to manage market risks. The liquidity risk is managed by the ALM department which reports directly to the CFO. The Markets division and ALM are accountable for optimizing the Bank’s overall maturity structure and the return on it. Market Risk UniCredit Banka Slovenija d.d. takes on exposures to market risks, which is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risks arise from open positions in interest rate, currency, credit spread, and equity products. All of these are exposed to general and specific market movements and changes in the level of volatility of market rates or prices such as interest rates, credit spreads, foreign exchange rates and equity prices. MARKET RISK MANAGEMENT TECHNIQUES Market risk management encompasses all activities in connection with the Banks’ treasury operations and management of the balance sheet structure. Risk positions are aggregated at least daily, analyzed by the independent market risk management unit and compared with the risk limits set by the ALCO committee. At UniCredit Banka Slovenija d.d., market risk management includes ongoing reporting on the risk position, limit utilization, and the daily presentation of results of treasury operations. The ALCO sets the risk limits for the Bank’s market risk activities at least once a year in close cooperation with the respective units at UniCredit Bank Austria AG, Vienna. The entire set of rules for treasury operations and market risk management is laid down in the INM Rulebook and is divided into three parts (General Part, Specific Part and Unit Parts). Only authorized risk-takers are permitted to enter into risk positions. UniCredit Banka Slovenija d.d. uses for its market risk management the ‘NORISK’ risk model which was developed by the Strategic Risk Management unit of UniCredit Bank Austria AG, Vienna and has been used for several years by UniCredit Banka Slovenija d.d. Several years ago, the variance-covariance approach of the system was extended to include a simulation approach. Ongoing refinement work which is done by the abovementioned Strategic Risk Management unit in Vienna which includes reviewing the model as part of back-testing procedures, integrating new products and adjusting the system to general market developments. In this context, at UniCredit Banka Slovenija d.d., a product introduction process has been established in which the risk management unit plays a decisive role in approving new products together with the sales units. Based on aggregated data, the ‘NORISK’ risk management system provides the major risk parameters for treasury operations once a day. The principal tool used to measure and control market risk exposures is Value at Risk (VaR). VaR is the estimated loss that will arise on a specific portfolio over a specified period of time (holding period) from an adverse market movement with a specified probability (confidence level). VaR for internal risk measurement is based on a one-day holding period and a confidence interval of 99 %. Besides VaR, the present value of the basis point (pvbp) is calculated. Basis point limits per currency and maturity band, basis point sums per currency and/or per maturity segment (total of absolute basis point values) are used for risk management. Other factors of equal importance are stress-oriented volume and position limits. Additional elements of the limit system are loss-warning level limits. Monitoring income trends by means of stop-loss limits provide an early indication of any accumulation of position losses. Regular stress scenario calculations complement the information provided to ALCO and the Management Board. Such stress scenarios are based on assumptions of extreme movements in individual market risk parameters. UniCredit Banka Slovenija d.d. analyses the effect of these fluctuations and a liquidity disruption in specific products and risk factors on the Bank's results and net asset position. These assumptions of extreme movements are dependent on currency and liquidity and are set by the Bank in close cooperation with the Strategic Risk Management unit of UniCredit Bank Austria AG, Vienna on a discretionary basis. The results of these stress tests are taken into account in establishing and reviewing limits. In addition to the risk model results, income data from market risk activities are also determined and communicated on a daily basis. Risk Report Risk Repor t These data are presented over time and compared with current budget figures. Reporting covers the components reflected in IFRS-based net income and the marking to market of all investment positions regardless of their recognition in the IFRS-based financial statements (‘total return’). In order to check the market conformity of deals, UniCredit Banka Slovenija d.d. uses the ‘MARCONIS’ system, which was developed by UniCredit Bank Austria AG, Vienna. ‘MARCONIS’ reviews completely and systematically the market conformity of each treasury transaction. Both in 2008 and in 2007, there were no deals concluded which were finally classified as not market conform. VaR of UniCredit Banka Slovenija d.d., 2007-2008 INTEREST RATE, FOREIGN EXCHANGE, EQUITY AND SPREAD RISK The results of the internal model based on VaR (one day, confidence interval of 99 %) for 2008 are higher than the previous year's results. The main reason for this is the fact that the credit spread risk out of the increased volatility showed significantly higher values than in 2007. The credit spread widening in the bond market is reflected in higher VAR exposures. The VaR table below includes the interest, FX, equity and spread positions of the Bank. Annual max, min, average Absolute average 2,015 12,786 2,124 16,988 Interest rate basis point shift for 2007 Currency Up to 1 month 1 month 3 months 1 year Over 5 years Total to 3 months to 1 year to 5 years CHF 17 575 13 (18) 0 586 EUR (1,157) (10,173) 6,458 (8,574) 14,040 594 USD 111 22 302 1,735 0 2,170 Total 1,305 10,812 6,773 10,327 14,040 3,412 Absolute average 810 17,283 1,425 19,545 Annual Annual maximum minimum 2,834 (2,044) 44,947 (29,038) 2,209 807 46,004 1,325 Spread basis point value for 2008 Maturity Total Spread basis point value for 2007 Maturity Up to 6 months 6 months 2 years Over 7 years Total Annual Annual Absolute to 2 years to 7 years maximum minimum average Total (688) (9,954) (64,037) (52,561) 127,239 131,347 126,043 129,521 The majority of the Bank’s security portfolio classified as trading, available for sale and held to maturity are bonds from first-class issuers. The Bank regularly monitors the situation on the financial market and estimates the credit rating of the issuer. Basel II establishes for the first time a relation between “interest rate risk in the banking book” and the Bank's capital by comparing a change in the market value of the banking book after a 2 % interest rate shock with the Bank's net capital resources. In the event that such an interest rate shock absorbs more than 20 % of the Bank's net capital resources, the Bank’s supervisory authority could require the Bank to take measures in order to reduce risk. A 2 % interest rate shock at year end would absorb about 3.8 % of the Bank’s net capital resources; this calculation also includes the current investment of equity capital as an open risk position. This means that the figure for UniCredit Banka Slovenija d.d. is far below the outlier level of 20 %. Besides VaR, FX positioning is also monitored by each currency on aggregated position level. Larger positions were only held in major currencies. Open FX position in major currencies in 2008: EUR 1,000 Currency AUD max. short (15) max. long 57 CAD (2) 122 CHF (3,385) 2,701 GBP (611) 2,605 JPY (3,960) 4,020 USD (3,029) 4,565 Open FX position in major currencies in 2007: EUR 1,000 AUD (587) 630 CAD (696) 114 CHF (4,969) 1,527 GBP (2,672) 2,423 JPY (3,687) 4,077 USD (5,067) 19,625 Risk Report Risk Repor t Risk Report Risk Repor t Financial Derivatives Derivatives are classified as interest rate contracts, foreign exchange contracts or securities related transactions according to the underlying financial instrument. The breakdown of transactions by the remaining period to maturity and the classification of instruments as interest rate and foreign exchange contracts follows international recommendations. In all categories of transactions, a distinction is made between over-the­counter (OTC) and exchange-traded contracts. UniCredit Banka Slovenija d.d. started in 2008 to deal in exchange traded products as futures were implemented as approved products. UniCredit Banka Slovenija d.d. is a business partner in plain-vanilla and structured transactions for corporate customers and closes the risk positions opened which exceed available market risk limits with specialized trading desks within UniCredit Group. UniCredit Banka Slovenija d.d. also uses derivatives to optimize its balance sheet structure. For portfolio management and risk management purposes, contracts are valued at current prices using recognized and tested models. Market values show the contract values as at the balance sheet date, while positive market values of OTC contracts indicate the current default risk arising from the relevant activity. Risk Report Risk Repor t Liquidity Risk Liquidity risk is the risk that the Bank is unable to meet its payment obligations associated with its financial liabilities when they fall due and to replace funds when they are withdrawn. The consequence may be the failure to meet obligations to repay depositors and fulfil commitments to lend. UniCredit Banka Slovenija d.d. deals with liquidity risk as a central risk in banking business by introducing and monitoring short-term and medium-term liquidity limits. In this context, the liquidity situation for the next few days and also for longer periods is analyzed against a standard scenario and against scenarios of a general and a bank-specific liquidity crisis. The degree of liquidity of customer positions and proprietary positions is analyzed on an ongoing basis. Procedures, responsibilities and reporting lines in this area have been laid down in the liquidity policy and include a contingency plan in the event of a liquidity crisis. Besides the primary resources available to the Bank, UniCredit Banka Slovenija d.d. funds itself in the liquidity centre at UniCredit Bank Austria AG, Vienna at the liquidity costs of UniCredit Group. Current management of the Bank's customer business takes account of liquidity costs. The applicable alternative costs are debited or, on the basis of an opportunity approach, credited to the various products on the assets side and the liabilities side which have an effect on liquidity. In the current controlling process, this ensures the proper pricing of our business. Risk Report Risk Repor t Risk Report Risk Repor t Credit Risk Credit risk is the risk that counterparty will cause a financial loss for the Bank by failing to keep its obligations. Credit risk is a significant risk for the Bank's business, therefore, management carefully manages its exposure to credit risk. The credit risk the Bank is exposed to is a result of lending activities (loans, advances, guarantees) and derivatives sales (positive market value of a transaction). Credit risk management is centralized for the entire Corporate and Business Client segment, while partially decentralized in the Retail segment. Credit Risk Controlling reports to Credit Risk Management and is centralized in a special department and responsible for preparation of regularly reports and portfolio analysis. Credit risk management reports to the member of the Management Board responsible for risk. UniCredit Banka Slovenija d.d. follows the regulation for Basel II standardized approach for the calculation of capital requirements for credit risk from 1st January 2008. During the year 2008, many activities related to the implementation of the Internal ratings-based approach (IRB approach) were also conducted. The use test period for the Foundation IRB approach for Non-Retail segment will start from 1st January 2009 and the Bank at the overall level will shift to the Foundation IRB approach for Non-Retail segments on a Partial use basis in 2010. The regular quarterly reporting of the progress of the Basel II IRB activities is prepared for the Bank of Slovenia. In order to follow the regulatory requirements and to provide better risk management influenced by the turmoil on the financial markets in the last quarter of 2008, UniCredit Banka Slovenija d.d. prepared a few Stress Test Scenarios for Credit Risk considering the worsening of the quality of loan portfolio and decreasing of credit activity. CREDIT RISK MEASUREMENTS In measuring credit risk, corporate customers and business clients are assessed with a rating that reflects the probability of default. In addition to rating, exposure as well as repayment potential is also assessed based on the available cash flow projection. The Bank assesses the probability of default as mentioned for all corporate and business clients based on a system developed for the Group needs but calibrated on local circumstances. Rating is a result of financial data and qualitative factors and warning signals. The Bank is using ten major rating classifications with additional sub-classifications. In total, there are 28 different rating classes, starting at 1 and finishing with rating 10. For reporting to national bank, the Bank uses a mapping system presented in Table 1. Table 1: Bank's rating structure and mapping to national bank rating system Rating class 1 Classification of exposure Performing National bank classification A 2 Performing A 3 Performing A 4 Performing A 5 Performing A 6 Performing A 7 Performing B 8 Non Performing C 9 Non Performing D 10 Non Performing E The Bank is creating impairments based on evidences that a customer is in delay as well as other available information that might have impact on received repayments to the Bank. The portfolio is checked on a monthly basis by the Credit Risk Controlling department. In such cases, the Bank prepares expected cash flow calculation and assesses needed impairments. RISK LIMIT CONTROL AND MITIGATION POLICIES The Bank manages limits and controls concentration of credit risk whenever they are identified, in particular, to individual clients and groups of related clients. The Bank uses, in the corporate segment, the system of individual approval of any exposure, while in the business client segment and in retail also a scoring tool is partially used for some credit risk products. Approvals are based on cash flow capability of clients to repay loans or other credit risk exposures. The approval process is defined with the Bank’s decree and delegated approval rights are implemented. Each exposure in corporate and business segment sector is regularly, at least once per year, checked and monitored via annual reviews. In addition to this, the Bank has established the Credit Risk Controlling department that is responsible for monthly monitoring of the whole portfolio segmented on different levels. Such analyses are the basis for further decisions about general credit policy of the Bank. COUNTERPARTY RISK Credit risk is generally defined as risk of non-performance of counterparts on repaying principal, interest, and/or miscellaneous payments related to obligations out of properties of the transactions. Counterparty credit risk arises when transactions in treasury or security instruments with respect to a counterparty are done. For the purposes of credit risk management, UniCredit Banka Slovenija d.d. has been using a new counterparty credit risk model since 2006. The model is based on the simulation approach. The exposure of any individual counterparty is evaluated by running a path simulation of its portfolio based on the individual products contained therein. The future present value of the whole portfolio is calculated based on scenarios representing volatilities and correlations of a three-year time series of risk factors. The limit utilization is the maximum of the 97.5 % quantiles of each grid point. PORTFOLIO ANALYSIS As of the end of December 2008, the total Bank’s loan outstanding portfolio including banks and customers amounted to 2,353 million euros, which represents an increase of 35 % compared to December 2007. The structure of portfolio by industrial sectors shows a satisfactory diversification. Public Institutions (6%) Financial Institutions (6%) Individuals (24%) Banks (13%) Small business (4%) Corporate (47%) Automotive Banks Chemicals, (3.55%) (3.36%) Transport, Travel Pharma, Healthcare (11.31%) Construction, Wood Other (5.88%) (11.51%) Consumer goods (10.36%) Energy (waste management) (4.74%) Fin. institution & Insurance (8.35%) (3.65%) Holding (7.94%) (8.68%) COLLATERAL In order to mitigate credit risk, the Bank is taking collateral in order to secure risk exposure. The Bank has implemented a collateral guideline that defines appropriate types of collateral. In general, collateral types for loans and other credit risk exposures can be segmented in: • Mortgages over residential and business properties; • Pledge over movables and cash deposits; • Charges over financial instruments such as bonds and shares. Long term loans and other credit risk exposure are in general secured. According to collateral guidelines, also collaterals in the corporate and business clients segment are subject of at least an annual reviewing process. Such approach gives the Bank a better view of the current status and actual value of collateral. Risk Report Risk Repor t Table 2: Bank’s total exposure to customers (including on and- off-balance) according to rating structure and collateral in Million EUR As of 31st December 2008, the Bank is recognizing 22.8 million euros of unprovided, overdue liabilities. The system the Bank is using is able to start to monitor delays immediately after maturity. The mentioned amount did not result in activation in any of the default events. ImpAIRmEnT And pROvIsIOnIng pOLICIEs The Bank has a defined procedure and internal policy about the monitoring of portfolio as well as for creation of impairments. Internal policy also is in line with strict regulation by the national bank. The Bank has a support system to create impairment on a client or even for each single deal. The Bank implements a so called “default event” on the client level if any client is in delay for more than 90 days with payment to the Bank. Consequence of such action is downgrade of the client and creation of impairment on the client or transaction level, depending on the situation. This procedure is prescribed by guidelines. The responsibility for the portfolio monitoring is with the Credit Risk Control department, checking the whole portfolio at least on a monthly basis. According to guidelines, the Bank has five different impairment classes for the retail segment and 29 different impairment classes for the corporate and business classes. Calculation of needed impairment is prepared on the basis of past experience with the client and expected future cash flow from the client. The collateral available for the Bank is taken into discount cash flows calculation only when the exposure matures and is not repaid by the client or when the Bank cancels exposure due to broken contractual clauses. The Bank’s criteria for creation of impairments are the following: • Delay in contractually agreed payments of principal, interest and/ or other fees; • Cash flow difficulties; • Breach of loan covenants or conditions; • Bankruptcy or any other legal proceedings that can result in loss for the Bank; • Information that might have impact on received repayments to the Bank. In addition to this, the Bank is using two status for clients that are in delay of payments to the Bank. The so called “watch loan” status means that the client is still performing but is repaying liabilities with delay. In such cases, the Work-out department, organized within the Credit Risk Management division, is involved in direct activity with such clients. The other status is the so called “Work-out” status. This status means that the contract with the client is cancelled and the Work-out department is responsible for recovery or restructuring of exposure of the client. Table 3: Bank’s exposure according to rating structure and created impairments Operational Risk Operational risk is defined as risk resulting from inadequate or failed internal processes, incorrect behaviour of people, inadequate or failed internal systems, or external events. The definition includes legal risk, but it excludes strategic and reputation risk. By the end of 2008, UniCredit Banka Slovenija d.d. completed the preparation for the advanced measurement approach. The operational risk management system includes policies and procedures to control, measure and mitigate the operational risks. The state-of-the­art operational risk management framework consists of the following activities: • Loss data collection and accounting reconciliation; • Scenario analysis and risk mitigation; • Risk indicators and early warning system. The Bank collects all losses and profits related to operational risk events above 100 euros and all potential losses above 10,000 euros. In line with the ORX standards, the operational risk events are allocated to the following seven categories: • Internal fraud; • External fraud; • Employment practices and workplace safety; • Clients, products and business practices; • Damage to physical assets; • Business disruption and system failures; • Execution, delivery and process. Operational risk losses get regularly reconciled with the Bank’s profit and loss statement in order to ensure completeness of the collected operational risk losses. Scenario analysis estimates the operational risk exposure of UniCredit Banka Slovenija d.d. to big-impact and low-probability events. The scenarios are defined by analyzing internal losses, external events deemed relevant, key operational risk indicators' trend, processes, products and event types. The experience of process managers and operational risk managers as well as suggestions from internal audit and the Bank’s management is taken into consideration. Once scenarios are identified, the Operational Risk Management function interviews the relevant process owners. Results, in terms of worst case scenarios, critical processes, mitigation proposals or impacts on capital at risk, are described in specific scenario reports produced by the Banks’ Operational Risk Management function. Risk indicators are numerical variables whose trend is linked to the processes’ operational risk exposure. Risk indicators are ratios or data reflecting the operational risk profile: the value of an indicator should be correlated to changes in risk levels. Monitoring operational risk using indicators will give the Operational Risk Management function, process owners and persons directly in charge of the risk management early warning signals. The selection process of indicators involves Operational Risk Management function and process owners and is based on internal loss data, external events, scenario analysis, experts’ suggestion of processes and internal audit, business environment and internal control factors and Risk mapping activity. Legal Risks Legal and compliance risks represent risks of loss of earnings arising from violations or non compliance with laws, rules, regulations, agreements, prescribed practices, or ethical standards. Provisions have been made for pending legal risks in line with the estimated probability of costs arising from litigation. Business Risk Business risk is defined as adverse, unexpected change in business volume and/or margins that cannot be attributed to other risk types, resulting in fluctuations of revenues and costs, not considering extraordinary items. The changes in business volume result from unexpected development of market trend, unexpected customer behaviour or new market participants/products. The calculation of business risk is based on an earnings-at-risk model using historical time series of revenues and costs. Business risk measurement thus measures the influence of external factors on decline in profits and effect on market value. As part of the general income and cost management, the operational management of business risk is the responsibility of individual business units. Risks Arising from the Bank's Shareholdings and Equity Interests UniCredit Banka Slovenija d.d. is not actively making long-term investments in shares on its own account for the purpose of realizing short-term trading or long-term substantial value increases. The Risk Report Risk Repor t shareholdings of the Bank are either closely related to the Bank’s business (SWIFT; Bankart etc.) or the result of restructuring attempts. Hence, UniCredit Banka Slovenija d.d. sees no need for an active risk management approach. Real Estate Risk UniCredit Banka Slovenija d.d. only has a minor exposure in real estate financing and does not invest in real estate itself. Information According to Pillar 3 In line with the regulation on the Pillar 3 and the fact that UniCredit Banka Slovenija d.d. is consolidated into UniCredit Group, the Bank has to disclose the following information on capital management, available funds and capital requirements for different risk categories. Capital Management Within the Internal Capital Adequacy Assessment Process (ICAAP), UniCredit Banka Slovenija d.d. focuses on the economic view of matching the economic capital (capital demand) with the risk-taking capacity (shareholder’s equity) in line with Pillar II of the new Basel accord. The economic capital is calculated retrospectively on a quarterly basis but it is also monitored within the yearly planning process. As both capital demand and capital supply evolve over time, the Bank ensures that on the one side capital demand - mainly driven by business plans and by risk-profile forecasts in combination with macro-economic scenarios - does not exceed capital supply and on the other side the capital supply - mainly influenced by planned capital transactions and expected profits - is kept at a level to cover the calculated risks at all times. Economic capital is intended to reflect the Bank's specific risk profile in a comprehensive and consistent way. With the exception of liquidity risk, economic capital is calculated using uniform value­at-risk methods across all types of risk which were mentioned in this risk report. A specific factor taken into account in the required risk capital is business risk, which reflects the influence of external factors such as consumer behaviour or competitive situation on the market value of business divisions or subsidiaries. Unexpected losses over a period of one year are calculated with a confidence level of 99.95 %. The overall responsibility for identification of risks and assessment of risk level is with the ALCO. Besides the economic view, the Bank has to comply with the regulatory requirements set by Basel II and the Slovenian legislation. Here, the regulatory capital for credit risk, market risk and operational risk accounts for the capital demand, while balance-sheet capital (Tier 1, Tier 2 and Tier 3) constitutes the capital supply side. Capital adequacy is monitored continuously by the Bank’s management and filed with the Bank of Slovenia on a quarterly basis. The Bank of Slovenia requires each bank to maintain a ratio of total regulatory capital to the risk weighted asset (the capital adequacy ratio) at or above the internationally agreed minimum of 8 %. The table below summarizes the composition of the regulatory capital and the capital adequacy ratio for the year ended on 31st December 2008. As Basel II was only introduced on 1st January 2008, there are no comparison figures available. The solvency ratio as of 31st December 2007 amounted to 8.46 %. Own funds and capital requirements 31. 12. 2008 EUR 1,000 Total own funds for solvency purposes 178,583 Original own funds 158,583 Paid up capital 16,258 Share premium 61,885 Reserves 95,216 (-) Other deductions from Original own funds (14,776) (-) Intangible assets (10,004) (-) Other country specific deductions to Original own funds (4,772) Difference between the reported impairments and provisions according to IFRS and the regulation on loss assessment 600 Other valuation differences 4,172 Additional own funds 20,000 Subordinated loan capital 20,000 Memorandum item: Own funds relevant for limits to large exposures when additional capital to cover market risks is not used AND for limits to qualifying participating interests 178,583 Total original own funds for general solvency purposes 158,583 Total additional own funds for general solvency purposes 20,000 Gross amount of subordinated loan capital 20,000 Minimum initial capital required Capital requirements 5,000 149,671 Total capital requirements for credit, counterpary credit, dilution and delivery risks 140,434 Standardised approach (SA) 140,434 SA exposure classes excluding securitization positions 140,434 Central governments or central banks - Regional governments or local authorities 659 Administrative bodies and non-commercial undertakings 2,947 Institutions 7,391 Corporates 78,435 Retail 40,811 Secured by real estate property 2,038 Past due items 2,899 Items belongning to regulatory high-risk categories 3,488 Other items 1,766 Settlement risk - Total capital requirements for position, foreign exchange and commodity risks 1,822 Position, foreign exchange and commodity risks under standardised approaches (SA) 1,822 Traded debt instruments 1,822 Equity - Foreign Exchange - Commodities - Position, foreign exchange and commodity risks under internal models (IM) - Total capital requirements for operational risks (OpR ) 6,826 OpR Standardised (STA) / Alternative Standardised (ASA) approaches 6,826 Other and transitional capital requirements 589 Other country specific own funds requirements Surplus (+) / Deficit (-) of own funds 589 28,912 Solvency ratio (%) 9.55% Graphic development and Composition: Mercurio S.r.l. Studi di promozione pubblicitaria - Milan Publisher: UniCredit Banka Slovenija d.d. Šmartinska 140, 1000 Ljubljana tel: (+386) 1 5876 600 fax: (+386) 1 5876 684 e-mail: info@unicreditgroup.si Printed: Tiskarna Schwarz Printed on certified recycled chlorine-free paper.