und Hypothekenbank Aktiengesellschaft - Hypo Landesbank ...

Weitere Magazine

Empfehlungen

Info

million, representing a 5.5 % increase compared to the end of the prior year. As at 31 December 2003, EUR 220.2 million are shown as supplementary elements (tier 2), resulting in accountable own funds of EUR 518.9 million (plus 14.6 %) after deductions. Based on required own funds of EUR 391.8 million, surplus cover amounts to EUR 127.1 million. At 10.6 %, the Bank's solvability benchmark is again clearly above the legally required 8 % minimum. The quotation of the Hypo-Landesbank share has remained stable in the preceding business year. Dividends totalling EUR 5.6 million were distributed in the reporting year to the shareholders, Vorarlberger Landesbank-Holding and Austria Beteiligungsgesellschaft mbH (Landesbank Baden-Württemberg and L-Bank Staatsbank für Baden-Württemberg Förderbank), as well as to holders of Landesbank shares. Earnings position Our interest income was up 2.1 % to EUR 76.0 million. For the first time after more than two years, the trend of business not affected by interest rates (commission and results from financial transactions, etc.) is reversed this year. Commission could be raised by 15.6 % to EUR 19.5 million. Results from financial transactions rose by 59.5 % to EUR 4.7 million. Operating income increased in total by 3.4 % to EUR 109.1 million on prior year. Personnel expenses rose only by 3.7 % to EUR 27.7 million in the reporting year due to the Bank's consistent personnel policy and an analysis of functions. Material expenses stagnated at EUR 19.6 million in the reporting year due to cost cuts. Operating expenses thus increased in total by only 1.3 % to EUR 51.7 million. Operating expenses compared to operating income result in an operating income of EUR 57.4 million, representing an increase of EUR 2.9 million or 5.4 % on prior year levels. The operating income achieved is very satisfactory given the instable economic environment in the first nine months of the reporting year. The preceding business year showed a 47.4 % (prior year: 48.3 %) cost-income ratio. Ordinary business results could be increased by EUR 12.2 million to EUR 28.3 million in the reporting year. Net income after extraordinary items and taxes amounts to EUR 21.0 million (prior year: 10.8 million). Risk management Risk management activities of Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft comprise the identification, measuring, monitoring, and control of all risks arising from the banking business. The managing board lays down risk policies, the principles of risk management, determines limits as well as monitoring procedures. Risk management activities are carried out by the Credit Risk Management, Treasury, Controlling and Internal Audit divisions. These divisions act independently of the operative business units. Risk management guidelines are compiled in the risk-management manual, which is revised annually and contains clearly defined responsibilities. The Bank thus lives up to its role as a responsible Landesbank. Credit risk and default risk In 2003, the organization of front-office and back-office activities was separated. The Credit Risk Management Corporate Services and Credit Risk Management Private Services groups are responsible for the operative control of credit risk and default risk. They are directly subordinated and report to the managing board. In 2004, the front-office and back-office activities/risk management were separated also on senior management level. Lending powers and competencies are only entrusted to experienced, properly trained experts and are tiered depending on the amount exposed and collateralisation. The Internal Audit Department assesses the compliance with these guidelines. The approval of new transactions and the monitoring of existing credit lines are always double-checked. The branches will carry out an initial appraisal according to the scope of their competence. The credit departments evaluate each loan commitment and grant second-level approval – unless it lies within the branch office's competence. Aside from the applicant's general credit standing and credit-worthiness, decisions are made on the basis of the customer rating or customer scoring for corporate customers as well as an economic acceptability 46/47 Financial statements as at 31 December 2003
calculation for private customers. Conditions for new lendings are already increasingly based on credit standing and risks. In preparation of Basel II, a new corporate customer rating system was introduced in 2003 which complies with regulatory requirements. The previous scoring model applied to private customers will also be optimized with respect to Basel II. Our credit portfolio is widely spread and focuses on municipal financing. The portfolio is also widely spread on a regional basis due to our branches in Vorarlberg, Vienna, Graz and Wels; in addition, we are engaged in selected syndicate financing and factoring. We furthermore place emphasis identifying risks early. We do so by periodically monitoring the economic situation through a central agency. The account management is monitored by the branches. In the balance sheet, risks are provided for by making value adjustments to these exposures, established according to the principle of prudence. Derivatives transactions are only concluded as hedging transactions and to control the Bank's loans. The supervisory board annually approves bank limits for swap and investment partners. The bank register allows investments in debt securities only in certain listed instruments with a minimum rating of A- (Standard & Poor’s) and subject to certain volume limits. The average issuer's rating is AA- . Stock price risk We do not keep a "large trading book" and do not carry out the related trading activities. We control our equity portfolio in accordance with the managing board's assessment of the market. Exchange rate risk We avoid the exchange rate risk inherent in own funds. Outstanding currency positions in the bank register are subject to limits for the respective currencies, the observance of which is measured daily, and in case the limit is exceeded, appropriate hedging transactions are carried out. In 2003, outstanding foreign currency positions required on average own funds of EUR 0.6 million. Interest rate risk We measure the interest rate risk on a monthly basis, using gap and present value analyses, and we calculate the value at risk with a probability of 99 % and a retention period of 30 days for the currencies EUR, CHF, JPY and USD. Decisions on the management of the balance sheet structure are taken by the ALM committee, which meets regularly, while control and hedging measures are carried out by the Treasury department. Our aim is to keep the interest rate risk permanently low. For a parallel shift of 200 base points and measuring based on the interest rate statistics issued by the Austrian National Bank, the interest rate risk was on average EUR 11.2 million per year. Liquidity risk Our objective is to guarantee the necessary liquidity for the Bank at any time. In the long run,
Seite 1 und 2: Ihr Geld verdient Leistung. Geschä
Seite 3 und 4: Dkfm. Dr. Jodok Simma Vorstandsvors
Seite 5 und 6: Beirat Dr. Herbert Sausgruber Lande
Seite 7 und 8: Die Vorarlberger Landes- und Hypoth
Seite 9 und 10: Bilanzsumme (in Mio EURO) 1998 3.73
Seite 11 und 12: Ausleihungen (in Mio EURO) Spareinl
Seite 13 und 14: Kunden das Anlegen am Aktienmarkt m
Seite 15 und 16: und Forderungsankäufe erweitert wi
Seite 17 und 18: Mitarbeiterinnen und Mitarbeiter Di
Seite 19 und 20: Organisation und Informatik In den
Seite 21 und 22: Werbung und Marketing Unternehmer-F
Seite 23 und 24: 1. 2. 3. 4. 5. 6. 7. 8. 9. Aktiva K
Seite 25 und 26: 10. 11. 12. 13. 14. 1. Aktiva Über
Seite 27 und 28: 1. 2. I. 3. 4. 5. 6. 7. II. 8. 9. 1
Seite 29 und 30: Die Vorarlberger Landes- und Hypoth
Seite 31 und 32: c) Beteiligungen Die Bank war zum J
Seite 33 und 34: d) Anlagenspiegel Anschaffungs- bzw
Seite 35 und 36: j) Unversteuerte Rücklagen Die im
Seite 37 und 38: Zum Bilanzstichtag waren folgende T
Seite 39 und 40: d) Mitglieder des Vorstandes und de
Seite 41 und 42: Bericht des Aufsichtsrates Die Gesc
Seite 43 und 44: Lendings (in million EURO) Savings
Seite 45: international business. The Pfandbr
Seite 50 und 51: 50/51
Seite 52 und 53: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Seite 54 und 55: 12. 13. 14. 1. 2. 3. 4. 5. 6. LIABI
Seite 56: III. IV. 11. 12. 13. 14. V. 15. 16.
Seite 59 und 60: Für 2004 wird damit gerechnet, das
Seite 61 und 62: 1. 2. 3. 4. 5. 6. 7. 8. 9. Aktiva K
Seite 63 und 64: 10. 11. 12. 13. 14. 1. Aktiva Über
Seite 65 und 66: 1. 2. I. 3. 4. 5. 6. 7. II. 8. 9. 1
Seite 68 und 69: Der Bankkonzernabschluss der Vorarl
Seite 70: II. Konsolidierungs-, Bilanzierungs
Seite 73 und 74: Der Grundwert (Buchwert) der bebaut
Seite 75: 76/77 Bestätigungsvermerk Bestäti
Seite 78: Vorarlberger Landes- und Hypotheken

und Hypothekenbank Aktiengesellschaft - Hypo Landesbank ...

Sie wollen auch ein ePaper? Erhöhen Sie die Reichweite Ihrer Titel.

Template löschen?

Als Template speichern?