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RZB 2006 Consolidated Financial Statements OAO “Impexbank” (Impexbank) OAO “Impexbank”, Moscow, was consolidated in the Group for the first time on 1 May 2006. The contract to purchase 100 per cent of the shares in Impexbank was signed on 31 January 2006. The approvals required for the acquisition were obtained from the Central Bank of Russia and antitrust authorities in Russia and in Austria by April 2006, the closing took place on 28 April 2006. The total purchase price for OAO “Impexbank” amounted to USD 563,200 thousand. As of the acquisition date, Impexbank had a balance sheet total of € 1,664,443 thousand, and its equity was € 155,743 thousand. Due to the takeover of Impexbank, OOO “Vneshleasing“, Moscow, a company operating in equipment leasing, was also consolidated for the first time as of 1 May 2006. The company reported a balance sheet total of € 34,155 thousand and equity of € 2,496 thousand at the acquisition date. In the context of allocating the purchase price pursuant to IFRS 3, the Impexbank brand and the existing customer base in the retail segment were identified as intangible fixed assets separately shown in the balance sheet. The value of the brand amounted to € 5,286 thousand as of 1 May 2006. The future business strategy is geared to integrating the customer structure of Impexbank into that of the Raiffeisen International Group, which will lead to a corresponding change of the current customer base. The acquisition cost of the existing customer base in the retail segment totalled € 12,158 thousand as of 1 May 2006. The amortisation period was set at five years. eBanka a.s. (eBanka) eBanka a.s., Prague, was included in the consolidated financial accounts as of 1 November 2006 for the first time. The contract to purchase 100 per cent of the shares in eBanka which operates in the retail business was signed in July 2006. The deal closed at the end of October 2006. The purchase price for the acquisition of eBanka was € 130,000 thousand. As of the acquisition date, the balance sheet total of eBanka amounted to € 704,006 thousand, and its equity was € 54,420 thousand. In the context of allocating the purchase price pursuant to IFRS 3, intangible fixed assets were identified as follows: The value of the eBanka brand was € 4,191 thousand as of 1 November 2006. The acquisition cost of the existing customer base in the retail segment came to € 4,683 thousand. The existing customer base is amortised over five years. Other included units Some new companies were founded in the leasing business: Raiffeisen-Leasing sh.a., Tirana, and LLC “Raiffeisen Leasing Aval“, Kiev, will focus at first on movables and motor vehicle leasing. Two other new companies were founded, both leasing specialists in Serbia: Raiffeisen Rent doo, Belgrade, will engage in operating leasing, and RLOL ESTATE 1 d.o.o., Belgrade, is active in real estate leasing. In Poland, Vela SP z o.o, Warsaw, was founded in connection with a securitisation deal for Polish leasing receivables. In the financial year eight newly founded project companies of Raiffeisen-Leasing Real-Estate s.r.o., Prague, were included for the first time. These companies operate in project finance leasing of real estate. Raiffeisen Real Estate Management Zrt., Budapest, has been operating on the Hungarian market for several years in property development and exploitation. Because of its rising importance, the company together with its projects spun off as subsidiaries was consolidated for the first time in 2006. The business volume of this group amounts to € 124,248 thousand. Interview Management Report Segment Reports Financial Statements Glossary Contacts www.rzb.at 157
Notes RZB 2006 158 During the financial year 2006, 21 leasing companies of Raiffeisen-Leasing Gesellschaft m.b.H., Vienna, operating in real estate projects, were consolidated for the first time. They are newly founded companies and companies which started business in 2006, respectively. In April 2006, two companies were founded in Jersey, RI Finance (Jersey) Limited, St. Helier, and RZB Finance Jersey IV Ltd., St. Helier. New hybrid Tier 1 capital amounting to € 500,000 thousand was made available to the Group. Mergers In the financial year, RLRE Zeus Property, s.r.o., Prague, was merged with RLRE Orion Property s.r.o., Prague, due to the strong economic involvements in a real estate project. Excluded units JSCB Raiffeisenbank Ukraine (RBUA) In the financial year, a 100 per cent share in JSCB Raiffeisenbank Ukraine, Kiev, was sold to the Hungarian OTP Bank Zrt., Budapest. At the time of deconsolidation, RBUA reported a balance sheet total of € 1,591,567 thousand and had 42 business outlets. The selling price totalled € 650,000 thousand. The transaction closed in November 2006 and RZB realised gains on the disposal of group assets of € 486,479 thousand as of 1 November 2006, the date of deconsolidation. Premier Outlet Center Kft. (POC), POCM Kft. In December 2006, a 40.6 per cent shareholding in Premier Outlet Center Kft., Budapest, was sold to AVIVA Central European Property Fund (Morley Fund Management). The selling price totalled € 16,957 thousand for the 40.6 per cent shareholding in POC. The income from the disposal of group assets as of 31 December 2006 amounted to € 16,484 thousand. A real estate management subsidiary, POCM Kft., Budapest, was sold together with POC. SCTO Fogarasi UT Kft. In December 2006, Raiffeisen Ingatlan Vagyonkezelö Kft. sold its 75.3 per cent share in SCTO Fogarasi UT Kft. to OROC Group, Endurance Asset S.a.r.l, Luxembourg. The selling price for this shareholding came to € 3,709 thousand and income from disposal of group assets was € 3,591 thousand. Raiffeisen-Leasing ALPHA d.o.o. End of September 2006, Raiffeisen-Leasing Gesellschaft m.b.H., (RLGMBH) Vienna, sold its share of 100 per cent in Raiffeisen-Leasing ALPHA d.o.o., Ljubljana, to Immoeast AG, Vienna. The selling price was € 15,570 thousand. The income from disposal of group assets amounted to € 5,960 thousand. www.rzb.at Preface Managing Board Supervisory Board’s Report Overview of RZB Raiffeisen Banking Group
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Central and Eastern Europe à la ca
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Summary of key data RZB Group 2006
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