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Annual Report 2003ALFA Annual Report 2003

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Annual Report 2003ALFA Annual Report 2003 AA LL FF AA GG RR OO 2003 UU PP AA nn nn uu aa ll RR ee pp oo rr tt 22 00 00 33 ALFA GROUP Annual Report ALFA GROUP Annual Report 2003 ALFAALFA GROUPGROUP AnnualAnnual ReportReport 20032003 ContentsContents 8 Statement by the Chairman of the Supervisory Board of Directors of Alfa Group 10 Supervisory Board of Directors 12 Alfa Group’s Corporate Centre 15 Alfa Group’s Investment Philosophy 19 Alfa Group Financial Highlights 20 Financial Review and Strategic Development of the Group 24 Alfa Group’s Principal Holdings 27 ● Financial Services – Alfa Bank; AlfaStrakhovanie Insurance Group 39 ● Oil & Gas Production – TNK-BP 45 ● Commodities Trading – Alfa-Eco Group 51 ● Retail Trade – Trade House Perekriostok 55 ● Telecommunications – Alfa Telecom (includes: Golden Telecom, Inc; VimpelCom; Kyivstar, MegaFon) 63 ● Technology – Russian Technologies 66 Serving Our Communities 70 Contact Information 73 Consolidated Financial Statements and Report of the Auditors As one of the leading financial-industrial groups in Russia, and as one of the largest investors into emerging markets in the world, Alfa Group, its companies, and its people are recognised by presti- gious independent organisations and the media as leaders in their 5 industries. Following is a selection of some of this recognition: ■ 3RD ALL RUSSIAN COMPETITION “RUSSIAN “200 Most Professional Financial Officers, Top 20” (No.3) ■ CLUB OF CHIEF EDITORS OF REGIONAL ORGANIZATION WITH HIGH SOCIAL EFFICIENCY” Josef Bakaleinik, Chief Financial Officer at TNK-BP; (No.8) NEWSPAPERS OAO “Volga” (managed by Alfa-Eco): “Best Company in Teijo Panko, Chief Financial Officer at Alfa Bank (2003) Alexander Gafin, Director for Public Relations: Medal “Fourth Paper and Pulp Industry” (2002) “200 Most Professional IT Directors, Top 20” (No.8) Andrey Authority. For Contribution to the Press” (2003) Kuznetsov, Director of Information Technology at VimpelCom ■ 3RD ANNUAL NATIONAL AWARD IN MEDIA- (2003) ■ COMPANION MAGAZINE BUSINESS “MEDIA-MANAGER OF RUSSIA – 2003” “200 Most Professional HR Directors, Top 20” (No.10) Marina Igor Litovchenko, President of Kyivstar Company: “Best Alexander Gafin, Director for Public Relations: Malykhina, HR Director at Alfa Bank (2003) Manager - Тelecommunications” (2003) 1st Place, “PR–Industry” (2003) “Industrial & Regional Leaders” (No.4) Alexander Kosiyanenko, Chief Executive Officer at Perekriostok – ■ CREATIVE & CREATIVITY MAGAZINE ■ 10TH INTERNATIONAL EXHIBITION Trading Sector; (No.1) Peter Aven, President of Alfa Bank – Alfa Bank Express: 1st place, “Creative Company” (2003) “PRODEXPO-2003” Financial Sector; (No.10) Rushan Khvesyuk, Chairman of the Trade House of P.A. Smirnov’s Descendants (managed by Executive Board of Alfa Bank – Financial Sector (2003) ■ EFFIE AWARDS/BRAND OF THE YEAR Alfa-Eco): Gold Medal for Smirnov Vodka No. 21; Silver Medal VimpelCom, BeeLine GSM: “Highly Technological Services” for Liqueur “Mozzevelovaya” and “Klyukvennaya”; Bronze ■ THE BANKER MAGAZINE (2000, 2002, 2003) Medal for Liqueur “Limonnichek” and “Perzovaya”(2003) Alfa Bank: “Bank of the Year – Russia” (2000); “1000 Best TNK: “TNK Petrol Stations” (2002) Banks in the World” (2002) Alfa Bank Express: “Banks” (2003) ■ ALL RUSSIAN COMPETITION “GOLDEN Perekriostok: “Trading Chains and Centers” (2002, 2003) WEB-SITE” ■ BUSINESS WEEK MAGAZINE Golden Telecom: 1st Place, “Corporate Web-Site” (2002) Mikhail Fridman, Chairman of the Supervisory Board of ■ EMERGING MARKETS INVESTOR MAGAZINE Directors of Alfa Group: “The Stars of Europe – 25 Alfa Bank: “Best Domestic Bank in Russia” (2001) ■ ASSOCIATION OF MANAGERS AND Leaders” (2003) KOMMERSANT PUBLISHING HOUSE VimpelCom: 1st Place, “Best Telecommunication Company ■ EMERGING MARKETS NEWSPAPER “Business Leaders in Russia” (No.6) Mikhail Fridman, in the World and Best IT Company in Russia” (2002) Alfa Bank: “Best Trade Finance Bank in Russia and the CIS”, Chairman of the Supervisory Board of Directors of Alfa Group “Best Correspondent Bank in Russia and the CIS” (2004) - Inter-industrial Groups; (No.8) Peter Aven, President of Alfa ■ CANNES LIONS Bank - Financial Sector; (No.17) German Khan, Executive AlfaStrakhovanie: 1st Place, “Best Creative Idea for a Director of TNK-BP – Oil Sector (2003) Television Commercial” (2001) ■ EUROMONEY MAGAZINE ■ FORTUNE MAGAZINE ■ INTERNATIONAL ASSOCIATION Alfa Bank: “Highly Recommended Bank – Russia” (2000), Mikhail Fridman, Chairman of the Supervisory Board of OF BUSINESS COMMUNICATIONS Best Bank in Russia” (2002) Directors of Alfa Group: “Most Powerful People in Perekriostok: 1st Place, “Golden Net – Foodstuffs” TNK-BP: “Best Borrower of the Year” (2003) Business - Europe’s Power 25” (2004) (2002, 2003) TNK: 1st Place, “Golden Net – Petrol Stations” (2002) ■ EUROMONEY’S CENTRAL EUROPEAN ■ GENEVA INSTITUTE OF BUSINESS AND TNK-BP: 1st Place, “Golden Net – Petrol Stations” (2004) MAGAZINE MANAGEMENT ET AL Alfa Bank: “Best Bank in Russia” (1997, 1998, 1999, 2000, OAO “Volga” (Managed by Alfa-Eco): “Gold Medal for ■ INTERNATIONAL BEVERAGE INDUSTRY 2002) Irreproachable Business Reputation” (2002) FORUM Alfa-Eco: Gold Medal for 1700 Cognac; Bronze Medals for ■ EUROPEAN MARKET RESEARCH CENTRE ■ GLOBAL FINANCE MAGAZINE Smirnov Vodka and Armina 5 Star Brandy (2001) (EMRC) Alfa Bank: “Best Russian Domestic Bank” (1999, 2000, Igor Litovchenko, President of Kyivstar: Award “For out- 2001, 2002, 2003) ■ INTERNATIONAL EXHIBITION (ECOPRODEXPO) standing marketing achievements of Kyivstar and for inno- Alfa Bank: “Best Russian Trade Finance Bank” (2001, Perekriostok: Grand Prix – “Supermarket of the 21st vative policy” (2003) 2002, 2003, 2004) Century” (2003) Alfa Bank: “Best M&A Advisor” (2003, 2004) ■ EXPERT MAGAZINE Alfa Bank: “Best Foreign Exchange Provider ■ INVEST-GAZETA (Awards for Best Annual Reports) in Russia” (2004) Kyivstar: “ Most Dynamic Ukrainian Company” (2003) Alfa Group: “Internet Presentation” (2001 - Nominee; 2002 Alfa Bank: “Best Retail Bank in Russia” (2004) - Winner), “Richness of Information” (2002 - Nominee), ■ IR MAGAZINE AWARDS “Classic Genre” (2002 – Nominee), “Design and Printing” ■ INSTITUTE OF CORPORATE GOVERNANCE VimpelCom: “Best Corporate Governance Award”; (2003 - Winner) VimpelCom: Highest Overall Corporate Governance Rating “Best Investment Community Meetings and Roadshows”; Alfa Bank: “Classic Genre” (2000 - Winner), “Internet for a Russian Company (2000, 2001, 2002) “Grand Prix for Best Overall Investor Relations – Large Presentation” (2000 - Winner; 2002, 2003 - Nominee), Cap” (2003) Richness of Information” (2000, 2001 - Winner; ■ INSTITUTE OF ECONOMIC STRATEGY AND 2002, 2003 - Nominee), “Design and Printing” ECONOMIC STRATEGY MAGAZINE ■ JP MORGAN CHASE BANK (2001 - Nominee) Mikhail Fridman, Chairman of the Supervisory Board of Alfa Bank: “Best Bank in Terms of the Quality of US Dollar Alfa-Eco: “Design and Printing” (2002, 2003 - Nominee) Directors of Alfa Group: 1st Place, “Most Strategic Clearing” - Quality Recognition Award (2003) Managers” (2004) ■ EXPERT MAGAZINE Alfa Bank: 1st Place, “Leading Russian Companies” (2002) ■ KOMPANIYA MAGAZINE Alfa Bank: “Best Reputation Among Commercial Banks” AlfaStrakhovanie: 3rd Place, “Leading Russian Insurance TNK: “Best Fuel and Energy Company” (2000) (2002, 2003) Companies” (2002) TNK-BP: “Deal of the Year” (2003) Alfa Group Consortium: 1st Place, “100 Leading VimpelCom: “Best Telecommunications Company” (2001) ■ FINANCIAL TIMES Companies with the Highest Rating Status AAA and Alex Knaster, CEO of Alfa Bank: “Best Manager – Finance Mikhail Fridman, Chairman of the Supervisory Board of Maximum Strategic Level 88.0” (2004) Sector” (2000) Directors of Alfa Group: “Leaders of the New Europe” (2004) ■ FINANCIAL TIMES – ENERGY TNK: “World’s Best Oil and Gas Company” (2000) ■ MOSCOW INTERNATIONAL ADVERTISING ■ ROSBUSINESSCONSULTING ET AL FESTIVAL VimpelCom: “Best Service Company” (1999) Alfa Bank: 1st Place, “TV-Advertising” (2002) Perekriostok: National Award “Company of the Year - Consumers’ Services for Population”, “For Corporate ■ MOSCOW INTERNATIONAL CURRENCY Governance” (2003) ASSOCIATION Lev Khasis, Chairman of the Board of Directors of Alfa Bank: Best Currency Dealing – Russia (2002) Perekriostok: National Award “Person of the Year - Manager of Retail Business” (2002), “Person of the Year – ■ NATIONAL ASSOCIATION OF STOCK Entrepreneur” (2003) MARKETS PARTICIPANTS (NAUFOR) STOCK MARKET ELITE AWARDS ■ RUSSIADEAL LEAGUE Alfa Bank: “Best Credit Institution” (2001, 2002); Alfa Bank: “Leading Financial Consultant of Investment “Best Trading Institution” (2002); “Best Institution Banking Services on Russian Market” (2003) in Bond Market” (2002) ■ RUSSIAN MOBILE MAGAZINE ■ NATIONAL TRADE ASSOCIATION VimpelCom: “Best Cellular Operator. Choice of the Editors” Perekriostok: “Best Trading Chain” (2001); “Best Chain in (2003) Central Region” (2002) ■ STATE COMMISSION OF THE RUSSIAN ■ OIL & GAS INVESTOR MAGAZINE FEDERATION FOR TELECOMMUNICATIONS TNK: “Prize for Great Achievements in Corporate AND INFORMATION TECHNOLOGIES Governance” (2002) Alexander Vinogradov, President and CEO of Golden Telecom: Title “Master of Communications” (2003) ■ OPERATIONAL RISK MAGAZINE Alfa Bank: Operational Risk Achievement Award for ■ ST. PETERSBURG FAIR OF WINE & VODKA “Operational Risk Framework at a Financial Institution in an Trade House of P.A. Smirnov’s Descendants (managed by Emerging Market” (2004) Alfa-Eco): Gold Medal for Smirnov Vodka No.21, Liqueur “Sukharnichek” and “Brusnichnaya” ■ ORGANIZING COMMITTEE OF THE Alfa-Eco: Gold Medal for Gyumri Cognac;
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