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Annual-Report-1997-English.Pdf 3115 AR97 Cover (E) 2/4/98 12:14 pm Page 2 UjljdjqAnnual jnxt nrepor 1997 tu jl1997 Jahresbericht 1997Rapport annuel 1997 Europäische Bank für BanqueEur europeanopéenne Bank Tdhjgtqcrbq ,fyr Wiederaufbau und pourfor la Reconstrreconstructionuction htrjycnherwbb b Entwicklung et le anddéveloppement Development hfpdbnbz 3115 AR97 Cover (E) 2/4/98 12:14 pm Page 3 Countries of operations at 31 December 1997 Albania Armenia Azerbaijan Belarus Bosnia and Herzegovina Bulgaria Croatia Czech Republic Estonia Former Yugoslav Republic of Macedonia Georgia Hungary Kazakhstan St Petersburg Kyrgyzstan Tallinn Latvia Riga Moscow Lithuania Vilnius Yekaterinburg Warsaw Minsk Moldova Prague Kiev Poland Bratislava Budapest Chisinau Romania Ljubljana Zagreb Bucharest Russian Federation Sofia Vladivostok Sarajevo Almaty Tbilisi Slovak Republic Skopje Bishkek Tirana Baku Tashkent Slovenia Ashghabat Dushanbe Tajikistan Turkmenistan Ukraine Uzbekistan EBRD local offices (see page 107 for addresses) 3115 AR97 Review (E) 2/4/98 11:46 am Page 1 The European Bank for Reconstruction and Development (EBRD) was established in 1991. It exists to foster the transition towards open market-oriented economies and to promote private and entrepreneurial initiative in the countries of central and eastern Europe and the Commonwealth of Independent States (CIS) committed to and applying the principles of multiparty democracy, pluralism and market economics. The EBRD seeks to help its 26 countries of operations to implement structural and sectoral economic reforms, promoting competition, privatisation and entrepreneurship, taking into account the particular needs of countries at different stages of transition. Through its investments it promotes private sector activity, the strengthening of financial institutions and legal systems, and the development of the infrastructure needed to support the private sector. The Bank applies sound banking and investment principles in all of its operations. In fulfilling its role as a catalyst of change, the Bank encourages co-financing and foreign direct investment from the private and public sectors, helps to mobilise domestic capital, and provides technical cooperation in relevant areas. It works in close cooperation with international financial institutions and other international and national organisations. In all of its activities, the Bank promotes environmentally sound and sustainable development. Contents 2 1997 highlights 19 Review of 1997 operations 49 Financial results and 4 Letter of transmittal Introduction Financial statements Financial institutions 5 Review of the year 96 Projects approved in 1997 Privatisation and restructuring Financial results 104 Governors Infrastructure Operational achievements 105 Directors Other key sectors Developments in the region Co-financing 106 Contacting the EBRD The EBRD’s response Technical assistance 108 Further information Institutional developments Project evaluation Future orientation 109 Guide for readers Procurement and contracting 12 Operational environment 40 Environment Trends in the transition process Trends in macroeconomic developments 43 Nuclear safety Accession to the European Union 46 Technical cooperation funds 3115 AR97 Review (E) 2/4/98 11:46 am Page 2 Principaux repères 1997 Eckdaten für 1997 Ytrjnjhst1997 highlightsjcyjdyst lfyyst pf 1997 ujl ❚❘ The doubling of the EBRD’s capital base ❚❘ The Bank’s general administrative expenses to ECU 20 billion became effective in April, were well within budget and slightly below the demonstrating the shareholders’ commitment 1996 level, excluding the effects of a small to the EBRD’s continuing contribution to the accounting change in 1997 to accrue bonuses. transition. ❚❘ As part of the Bank’s conservative provisioning ❚❘ At ECU 193.8 million, the EBRD’s operating policy, total provisions were increased by profit was almost double that for 1996, largely ECU 177.7 million, bringing total provisions due to equity sales and above-benchmark and reserves to ECU 508.0 million, or 11 per Treasury performance. cent of disbursed outstanding loans and equity investments. ❚❘ The EBRD exceeded its ECU 2.2 billion target for commitments, signing 108 projects with a ❚❘ First disbursements were made to projects in total value of ECU 2.3 billion. Bosnia and Herzegovina and Tajikistan, so that disbursements in all countries of operations ❚❘ Private sector commitments in 1997 were took place during the year. 76 per cent by volume and 86 per cent by number. This increased the private sector share ❚❘ The Bank expanded its nuclear safety role of the committed portfolio to 67 per cent, well by functioning as administrator of the ECU above the 60 per cent minimum requirement. 700 million Chernobyl Shelter Fund, which became operational in December 1997. ❚❘ Gross project disbursements were ECU 2.0 billion, 50 per cent higher than in 1996. ❚❘ New local offices were opened in Skopje Net disbursements, however, rose by only (FYR Macedonia), Tbilisi (Georgia), and 8 per cent, due to a high volume of prepay- Yekaterinburg (Russia), providing the Bank ments, particularly in the first three quarters with a local presence in all bar one of its of the year. 26 countries of operations. Annual approvals, commitments Cumulative funds to Cumulative approvals, commitments and disbursements be mobilised and disbursements at 31 December 1997 (ECU billion) at 31 December 1997 (ECU billion) at 31 December 1997 (ECU billion) 4 45 14 40 12 35 Approved 3 10 30 8 25 2 Committed 20 6 Approved 15 Committed Non-EBRD funds to be mobilised 4 1 (including co-financing) 10 Disbursed 2 5 Disbursed EBRD financing approved 0 0 0 1993 1994 1995 1996 1997 1993 1994 1995 1996 1997 1991 1992 1993 1994 1995 1996 1997 2 European Bank for Reconstruction and Development 3115 AR97 Review (E) 2/4/98 11:46 am Page 3 1997 highlights Financial results ECU million 1997 1996 1995 1994 1993 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Operating income 346.0 243.7 241.2 170.7 191.3 Expenses and depreciation 152.1 146.4 158.3 145.8 147.5 Operating profit before provisions 193.8 97.3 82.9 24.9 43.8 Provisions for losses 177.7 92.4 75.4 23.9 39.7 Profit for the period 16.1 4.9 7.5 1.0 4.1 Authorised capital 20,000 10,000 10,000 10,000 10,000 Paid-in capital 4,877 2,965 2,965 2,965 2,965 Capital instalments received (cumulative) 2,949 2,916 2,842 2,273 1,728 Total provisions and reserves 508 263 165 81 54 Total assets 13,495 10,964 8,728 7,528 7,036 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Operational results Reported figures 1 Number 1997 1996 1995 1994 1993 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– New projects approved 143 119 134 109 91 New projects committed 108 95 110 91 73 EBRD financing for year ECU million 1997 1996 1995 1994 1993 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– Approvals 4,014 2,827 2,855 2,409 2,276 Commitments 2,315 2,188 2,000 1,878 1,794 Net disbursements 1,250 1,162 988 591 435 Resource mobilisation ECU million 1997 1996 1995 1994 1993 –––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––– For approvals 7,535 4,673 6,084 4,501 5,439 For commitments 4,210 3,819 4,972 3,317 3,379 1 Figures for 1993-96 are as reported for those years. They do not reflect subsequent changes due, for example, to exchange rates, cancellations, syndications or restructuring. Cumulative approvals ECU 13.93 billion Financing that has been approved by the EBRD’s Board of Directors, reported net of cancellations. Approval does not always lead to signing. Cumulative commitments ECU 8.90 billion (net) ECU 10.26 billion (gross) Financing that has been signed following approval and for which a commitment is recognised. Net figures exclude cancellations and repayments. Cumulative disbursements ECU 4.58 billion (net) ECU 5.91 billion (gross) Financing that has been disbursed following the signing of a project. Net figures are for all disbursements to date less repayments. European Bank for Reconstruction and Development 3 3115 AR97 Review (E) 2/4/98 11:46 am Page 4 Begleitschreiben London, 10. März 1998 Lettre de transmission Letter ofLondr transmittales, le 10 mars 1998 GhtghjdjlbntLondon, 10 March 1998 kmyjt gbcmvj Kjyljy> 10 vfhnf 1998 ujlf To Governors In accordance with Article 35 of the Agreement In September 1997 Jacques de Larosière completed his Establishing the Bank and Section 11 of its By-Laws, official term of office as President of the EBRD and was the enclosed Annual Report of the Bank for 1997 is re-elected by the Board of Governors until 31 January submitted by the Board of Directors to the Board of 1998. For over four years President de Larosière made Governors. an enormous contribution to the EBRD and was instru- The Annual Report includes the approved and mental in restoring confidence in the institution. As well audited financial
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