8/14/2019 Annual report 2007 Raiffeisen capital
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8/14/2019 Annual report 2007 Raiffeisen capital
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8/14/2019 Annual report 2007 Raiffeisen capital
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8/14/2019 Annual report 2007 Raiffeisen capital
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F\I^Z P]\^@]^\N# LIH\MP HBM I]ON\ CNHMN\POAZ\HAGGNAPNB @HZA]HC DHBHFNDNB]
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0:: g~bmp /n`c~mabf poncc g~bmp!# \@D dhbhfnp hppn}pig N^\ 0? laccaib /hp ig }on nbm ig <::6!# ab`c~mabfN^\ 87"7 laccaib ab |n}hac d~}~hc g~bmp" Ag ibn ab`c~mnp }onhmwapi|q dhbmh}np# \@D‑p hppn}p ~bmn| dhbhfndnb}hdi~b} }i iwn| N^\ =8 laccaib" ]on dh|en} poh|np h|n<7 zn| `nb} ab abp}a}~}aibhc g~bmp hbm pcafo}cq di|n }ohb<: zn| nb} ab |n}hac g~bmp" ]on l~pabnpp h|nhp h|n cnh|cqmncabnh}nm ib }on lhpap ig `~p}idn| lnbnga}; Gi| |n}hac`~p}idn|p# \haggnapnb EHF iggn|p h p}|~`}~|nm |hbfn igabwnp}dnb}p }oh} pqp}ndh}a`hccq iwn|p hcc ch|fn hppn}`chppnp" Pizoap}a`h}nm abwnp}dnb} bnnmp h|n hmma}aibhccqhmm|nppnm }o|i~fo pzn`ahc}q z|im~`}p /p~`o hp map`|n}ai$bh|q zi|}gicai dhbhfndnb} hbm g~bmp$ig$onmfn$g~bmp!"
Gi| abp}a}~}aibhc canb}p# \haggnapnb EHF iggn|p ~p}id$}haci|nm pic~}aibp" Ab}n|bh}aibhc canb}p h|n pn|wa`nm lq\haggnapnb Ab}n|bh}aibhc G~bm Hmwapi|q" \haggnapnb Addi$lacanb Ehza}hchbchfn$Fnpnccp`ohg} dhbhfnp }on iznb$nbm|nhc np}h}n g~bmp" \haggnapnb \npnh|`o# }on p~lpamah|qkiab}cq oncm va}o \[L# z|iwamnp oafocq x~hcaganm l~q$pamn|npnh|`o gi| nx~a}q g~bm dhbhfndnb}"
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bnv onhm igga`n ig \haggnapnb @hza}hc Dhbhfndnb}" Hg}n|n}nbpawn |nbiwh}aibp }oh} vn|n idzcn}nm ab ibcq hli~}nafo} dib}op# }on p}hgg ig hzz|iadh}ncq 0:: diwnm ab}i}on dimn|b bnv z|ndapnp"
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a}q" ]on di|babf$dnn}abf |iid gi| }on g~bm dhbhfn|p‑mhacq fh}on|abf ap nx~azznm va}o }on wn|q ch}np} d~c}adnmah}n`obicifq# gh`aca}h}abf ab}n|bhc hbm /ab nwnb}p p~`o hpwamni`ibgn|nb`np! n}n|bhc idd~ba`h}aib" ]on }izp}i|nq oicmp h |n`|nh}aib {ibn gnh}~|abf h gcii| nn|`apn|iid gi| fqdbhp}a`p i| dnma}h}aib# h |iid va}o h|mai$whp`~ch| ga}bnpp dh`oabnp# h dnma`hc hbm dhpphfn |iid#ci~bfn hbm |np}abf |iid" ]i onafo}nb }on pnbpn ig vncc$lnabf# }on nb}a|n igga`n idzcn ap mn`i|h}nm va}o vi|eplq qi~bf dimn|b H~p}|ahb h|}ap}p hbm ap `ib`nawnm va}o`h|ng~c |nfh|m }i gnbf$po~a z|ab`azcnp"
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va}o nx~a}q dhbmh}np gi| enq h``i~b}p# \@D hcpi fnbn|$h}nm wn|q pzn`ahcapnm ebivcnmfn# p~`o hp }o|i~fo }onch~b`o ig g~bmp caen \haggnapnb$N~|izh$Pdhcc@hz hbm\haggnapnb$]iz$Mawamnbmn$He}anb" ]on abpi~|`abf ig N~|i$znhb nx~a}q dhbhfndnb} vhp }on cifa`hc bn} p}nz gi|\@D ab h oidn dh|en} }oh} gi| h cibf }adn biv ohp lnnbN~|izn |h}on| }ohb k~p} H~p}|ah"
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Ab |n`nb} qnh|p# hlpic~}n |n}~|b ohp ln`idn }on }iz ab$wnp}dnb} }|nbm# hbm }oap }ondn vhp g~|}on| ndzohpapnm ab<::6" Gi| pnwn|hc qnh|p biv# h mnma`h}nm mnzh|}dnb} h}\haggnapnb @hza}hc Dhbhfndnb} ohp lnnb gi`~pabf ibhlpic~}n |n}~|b g~bmp }i dnn} }on nwn| f|nh}n| mndhbm
npzn`ahccq g|id abp}a}~}aibhc# l~} hcpi g|id z|awh}n `~p}i$dn|p" ]on dhab h}}|h`}aibp ig }onpn z|im~`}p gi| canb}ph|n z|ab`azhc z|i}n`}aib# oafo gcnalaca}q hbm }on ilkn`}awn }ifnbn|h}n zipa}awn |n}~|bp ab hcc dh|en} zohpnp" Oivnwn|#\@D minp bi} ab}n|z|n} hlpic~}n |n}~|b ibcq ab }on }|hma}ai$bhc pnbpn |nz|npnb}nm lq onmfn g~bmp# von|nlq zipa}awn|n}~|bp d~p} ln h`oanwnm |nfh|mcnpp ig dh|en} zohpn"\h}on|# bn} }i poi|}$}n|d libm z|im~`}p# \@D hcpi n$zhbmp }oap hzz|ih`o lq d~c}a$hppn}$`chpp zi|}gicaip" ]onfihc ap }i dhadapn |n}~|bp lq gcnalcq nzcia}abf izzi|}~$ba}anp va}oab h |ape l~mfn} mngabnm lq }on `canb}" ]oap cnwncig |ape }icn|hb`n mn}n|dabnm lq }on abwnp}i| d~p} hcvhqpln idzcanm va}o" Z|awh}n abwnp}i|p }ii h|n ab`|nhpabfcq
hlcn }i zh|}a`azh}n ab }on hlpic~}n |n}~|b }|nbm# von}on|}o|i~fo \haggnapnb$Onmfn$Mh`ogibmp /h g~bm$ig$onmfn$g~bmp! i| \haggnapnb$P}hlaca}í}pgibmp /h onmfn g~bm mn$pafbnm }i fnbn|h}n p}nhmq |n}~|bp!" H} \@D }on hlpic~}n|n}~|b pnfdnb} biv |nz|npnb}p g~bm hppn}p ig di|n }ohbN^\ = laccaib"
]\NBM AB HPPN]P BMN\ DHBHFNDNB]
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ab}n|bh}aibhc hbm bh}aibhc g~bm dh|en}" ]ohbep }i }onp~``nppg~c mawn|paga`h}aib ab }n|dp ig z|im~`}p hbm |nfaibp#\@D oncm a}p cnhm iwn| midnp}a` idzn}a}i|p hcdip} id$zcn}ncq p}nhmq" ]on dh|en} ibpicamh}aib vhp ~pnm }ig~|}on| dimn|bapn hbm maggn|nb}ah}n }on z|im~`} |hbfn hbmp}nz ~z l~pabnpp mnwncizdnb} nwnb di|n p}|ibfcq"
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Ab pza}n ig }on ~bghwi~|hlcn l~pabnpp nbwa|ibdnb}#\@D vhp hlcn }i dhab}hab a}p zipa}aib hp }on ~b`ib}np}nmdh|en} cnhmn| va}o h poh|n ig hcdip} ibn$x~h|}n| /<0"< zn|`nb}! ig }on dh|en}" ]oap vhp dhmn zippalcn ch|fncq lq }onf|ivabf gi|nafb l~pabnpp# voa`o ab <::6 h``i~b}nm gi|di|n }ohb 8> zn| nb} ig }i}hc hppn}p" Hp |n`nb}cq hp <::0}on gi|nafb idzibnb} vhp ibcq > zn| nb}"
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z|nwhacabf m~|abf }on qnh|# g~bm phcnp i~}pamn H~p}|ah vn|nliip}nm lq 8? zn| nb}" Lq }on nbm ig <::6# }on ab}n|bh}ai$bhc zi|}aib ig hppn}p ~bmn| dhbhfndnb} vhp hzz|iadh$}ncq N^\ 7"> laccaib /<::7; N^\ >"> laccaib!" Dhbhfndnb}`hzh`a}q vhp nzhbmnm }i |ngcn`} }on wafi|i~p f|iv}o abab}n|bh}aibhc l~pabnpp" Pab`n Pnz}ndln| <::6# @o|ap}hLn|blh`on| /=<! |nabgi|`np }on }iz dhbhfndnb} ig\haggnapnb Ab}n|bh}aibhc G~bm Hmwapi|q /\AGH!"
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H} z|npnb}# \@D g~bmp h|n hzz|iwnm gi| map}|al~}aib ab87 N~|iznhb i~b}|anp5 hmma}aibhccq# hzz|iwhc gi| Dhc}h#Pva}{n|chbm hbm }on Bn}on|chbmp ap ab }on vi|ep" ]onca`nbpabf ig \@D g~bmp ap hcpi zchbbnm gi| nafo} i}on|`i~b}|anp ‐ g|id Nhp}n|b N~|izn# }i Hpah# }i Pi~}o Hdn|a$`h" ]on }o|nn dip} adzi|}hb} dh|en}p h|n A}hcq# Fn|dhbqhbm @nb}|hc hbm Nhp}n|b N~|izn /@NN!" ]on fihc ig\haggnapnb @hza}hc Dhbhfndnb}# }ifn}on| va}o \haggnapnbAb}n|bh}aibhc# ap }i ln`idn }on cnhmabf g~bm z|iwamn| ab@NN" \apabf cawabf p}hbmh|mp# h f|ivabf n~|i i|anb}h}aib#mn`cababf ci`hc ab}n|np} |h}np hbm ab`|nhpabf bnnm gi| z|awh}n
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Map}|al~}aib h`}awa}anp ab gi|nafb dh|en}p maggn| di|n i| cnppvamncq g|id dh|en}abf ab H~p}|ah" Ab Vnp}n|b N~|izn#\@D‑p p}|h}nfq ap }i vi|e }ifn}on| va}o dhbq maggn|nb}gabhb`ahc abp}a}~}aibp# hp map}|al~}aib i|fhbaph}aibp ig }on|nx~a|nm x~hca}q h|n hc|nhmq hwhachlcn ab }oap |nfaib" AbNhp}n|b N~|izn# map}|al~}aib giccivp h padach| dimnc hp ab H~p}|ah# va}o \@D pnccabf a}p abwnp}dnb} g~bmp }o|i~fo }on
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h|n abwnp}abf h idlabnm }i}hc hdi~b} ab }on mi~lcn$mafa}laccaib |hbfn ab hacabf lhbep p~`o hp @a}af|i~z# LP hbm ab$wnp}dnb} lhbe Di|fhb P}hbcnq" Nzn|}p lncanwn }oh} <::?vacc ln }on qnh| ig gi|nafb fiwn|bdnb} abwnp}i|p h`x~a|abfoicmabfp ab N~|izn hbm }on PH" Hp vncc# ab <::6 }on ndn|$fabf dh|en}p‑ ~zvh|m }|nbm vhp bi} wn|q p}|ibfcq hggn`}nmlq }on P n`ibidq" H ib}ab~h}aib ig }oap mapnbfhfndnb}#m|awnb npzn`ahccq lq }on p}|ibfcq ab`|nhpabf midnp}a`mndhbm ab }onpn i~b}|anp hbm h |np~c}abf mn`|nhpn abmnznbmnb`n ib nzi|}p# vi~cm ln h oap}i|a` ga|p}" Hp }on`iicabf ig }on ^P n`ibidq z|if|nppnp# a} vacc ln`idnhzzh|nb} }i voh} mnf|nn ndn|fabf dh|en}p h`}~hccq h|nhlcn }i mn`i~zcn n`ibida`hccq g|id }on ^PH"
Von}on|# hbm }i voh} n}nb}# bi} ibcq }on ndn|fabf dh|$en}p‑ |nhc n`ibidq l~} hcpi }ona| hza}hc dh|en}p hbh`oanwn mn}h`odnb} g|id }on np}hlcaponm p}i`e n$`ohbfnp |ndhabp }i ln pnnb hp vncc" L|ihmcq pznheabf# hg$}n| pnwn|hc qnh|p ig p}|ibf fhabp# }on gi|n`hp} gi| fcilhcp}i`e dh|en}p gi| <::? ap cnpp |il~p}" H} }oap ziab} a} ap p}acc}ii piib }i z|nma`} va}o hbq ibgamnb`n voh} nggn`}p }ondi|}fhfn |apap /voa`o ap gh| g|id iwn|! hbm }on wn|q caencq|n`nppaib ab }on PH vacc ohwn ib }on vi|cm n`ibidq" ]on|nfaibp va}o }on lnp} z|ipzn`}p z|ilhlcq ib}ab~n }i ln}on ndn|fabf dh|en}p# bi}hlcq Ch}ab Hdn|a`h# @oabh# Abmahhbm Nhp}n|b N~|izn" ]on fcilhc hza}hc dh|en}p h|n h} hbq
|h}n z|a`abf ab h P |n`nppaib hbm# lnqibm a}# h fcilhc |az$zcn nggn`}" Nx~a}q hbm |nma} dh|en}p ab }on PH# N~|izn# Hpah hbm Ch}ab Hdn|a`h gncc ab }on ga|p} x~h|}n| ig <::?# abpidn hpnp poh|zcq" Ab cafo} ig hcc }oap# a} ap }o~p gh| g|id`n|}hab }oh} }on ‐ p}|~`}~|hccq p}|ibf ‐ n`ibida` f|iv}o abndn|fabf dh|en}p vacc |ndhab hp |il~p} hp a} ohp lnnb"
Iac z|a`np iznbnm }on qnh| <::? ib h pn|anp ig |n`i|moafop" ]on z|a`n zn| lh||nc ig V]A |~mn l|ien }on zpq`oi$cifa`hccq pafbaga`hb} 8::$micch| lh||an| ib }on pn`ibm }|hm$abf mhq ig }on qnh| hbm ch}n| |ipn }i iwn| ^PM 8<>"@ib}|al~}abf }i }onpn oafop vn|n }on vnhe Hdn|a`hb mic$
ch|# ghccabf z|im~`}aib lq adzi|}hb} p~zzcan|p caen \~ppahhbm Dna`i# hbm zica}a`hc }nbpaibp" M~|abf }on lhchb`n ig<::? hp vncc# }on z|a`n ig iac vacc |ndhab oafo /m~n npzn`a$hccq }i }on z|imafai~p }oa|p} gi| iac ab ndn|fabf dh|en}p!#l~} poi~cm p}hlacapn"]on f|ivabf mndhbm gi| `iddima}anp ig hcc eabmp ab }on}|hbpa}aib n`ibidanp poi~cm nbp~|n }oh} }on dh|en} gi|ficm# pacwn|# `izzn| hbm hf|a`~c}~|hc z|im~`}p p~`o hpvonh}# i|b hbm i`ih ib}ab~np }i liid"
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}i ~||nb} np}adh}np# }on ndn|fabf dh|en}p biv ib}|al~$}n di|n }ohb >: zn| nb} }i fcilhc n`ibida` f|iv}o" ]oapap m~n dip}cq }i ab`|nhpabf midnp}a` mndhbm# f|ivabfn`ibida` }anp ln}vnnb ndn|fabf dh|en}p }ondpncwnp#hbm p~p}habnm oafo nh|babfp f|iv}o ig idzhbanp ab}onpn |nfaibp" Ab <::? }on ndn|fabf dh|en}p vacc z|ilhlcqh``i~b} gi| }on caib‑p poh|n ig fcilhc n`ibida` f|iv}o"]on ibn mivbpamn gh`}i| |ndhabp }on |hzamcq |apabf abgch$}aib# voa`o ab @oabh hbm Abmah# gi| nhdzcn# ohp |nh`onm|i~focq 6 zn| nb}"Mnpza}n pafbp ig iwn|onh}abf ab @oabh# }on p}|ibf n`ibi$da` f|iv}o ap hz} }i ib}ab~n ab <::?"]on gi|n`hp} gi| Khzhb# lq `ib}|hp}# |ndhabp ch`ec~p}|n"
]on vnhe P n`ibidq o~|}p Khzhb hp vncc# voa`o pnbmphli~} <8 zn| nb} ig a}p nzi|}p }i }on ba}nm P}h}np" Hp}on|n ap wn|q ca}}cn ohb`n ig h p}|ibf za`e~z ab }on midnp$}a` n`ibidq# Khzhbnpn n`ibida` f|iv}o gi| }on qnh| apcaencq }i ln 8"> zn| nb} h} lnp}"
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