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A word of thanks to our employees The commitment and professionalism of our employees helped achieve the strong performance in 2005 and is decisive for the consistent implementation of our plans. All regions and all business areas performed well, built up business and further developed existing structures in flexible ways. The Managing Board thanks all the employees of the BA-CA Group for their dedication. It also thanks the Employees’ Council for its consent to the structural changes and modernisation through pragmatic solutions. The proven readiness of all employees to support and further promote changes in the banking business gives our bank an essential competitive advantage in view of the tasks that lie ahead of us. Let us all set to work with confidence and enthusiasm in order to take advantage of our great potential. 6 Preface
To our shareholders, customers and business partners Ladies and Gentlemen, Erich Hampel, Chairman of the Managing Board of Bank Austria Creditanstalt AG In 2005, Bank Austria Creditanstalt achieved the best results in the bank’s history. This success confirms that we have been moving in the right direction over the past years. Consolidation, targeted growth and the move on to the European playing field have paid off. In the new UniCredit Group we have assumed an essential role as sub-holding company for operations in Central and Eastern Europe. This stands for continuity in our development – we are now playing in the top league of the European banking industry. � Net income before taxes for 2005 amounted to € 1,301 m, exceeding the target of € 1 bn which we set ourselves a year ago. The increase over the figure for 2004 is more than one-half (52 %). A substantial contribution to this result came from our successful banking subsidiaries in CEE, which continued to pursue growth in their countries. In Austria, a mature and overbanked market, we also achieved volume growth and improved the earnings position. The implementation of our new business model is almost complete; this will enable us to improve profitability in business with small and mediumsized companies, too. We reinvested a large part of one-off income generated during the year to improve the structure of our Austrian business and we also used part of this income to make provisions for planned integration projects. � The formation of the new UniCredit Group is another big step forward for Bank Austria Creditanstalt in its long development into a bank of European stature. As a member of Europe’s fourth-largest bank, we can offer customers in our markets the status of a major international bank and we can also make better use of our international business expertise. The large Group benefits from mutual network advantages and can achieve economies of scale in businesses where size is an advantage. Within the CEE Division of UniCredit Group we will be responsible for further developing operations in 24 countries. In doing so we can draw on integration experience which we have gained in numerous mergers of CEE subsidiaries of HVB and BA-CA in the past years. And we will also prove our own ability to integrate into the Group. Bank Austria Creditanstalt and UniCredit complement each other perfectly in terms of culture, geography and business profile. Our structures are very similar, and we have identical objectives and values. Predecessor institutions in our bank’s 150-year history successfully operated European networks, and we can still find traces of them today. From the very beginning, Bank Austria Creditanstalt has seen its mission as making a contribution to European integration by serving its customers. Let us combine strong cross-regional structures with regional diversity, let us use the opportunity to become a truly European bank! Yours sincerely, Erich Hampel Preface 7
Page 1 and 2: Annual Report Bank Austria Creditan
Page 3 and 4: The Bank Austria Creditanstalt Shar
Page 5 and 6: Annual Report Bank Austria Creditan
Page 8 and 9: Highlights 2005 Awards 2005 1 Janua
Page 12 and 13: 8 Letter from the CEO of the new Un
Page 14: 4 pages reserved for illustrations
Page 17 and 18: “As a member of UniCredit Group w
Page 19 and 20: as an organisational principle has
Page 21 and 22: We attach great importance to human
Page 23 and 24: International Markets Willi Hemetsb
Page 25 and 26: Growth in Austria slightly above EU
Page 27 and 28: � Net income up by 60 %. 21% incr
Page 29 and 30: The “sustainable” income compon
Page 31 and 32: Net trading result € m 2005 2004
Page 33 and 34: higher revenue without significant
Page 35 and 36: In 2005 our multi-year Fit for Sale
Page 37 and 38: from classic on-balance sheet produ
Page 39 and 40: Net fee and commission income in CE
Page 41 and 42: employees’ qualification levels a
Page 43 and 44: Outlook Global economic environment
Page 45 and 46: Outlook for Bank Austria Creditanst
Page 47 and 48: Other shareholders 0.2% Austria 0.9
Page 50 and 51: IPO targets met ahead of time Finan
Page 52 and 53: Austrian Customer Business Bank Aus
Page 54 and 55: Linking sales channels � Mix of s
Page 56 and 57: Lowering the proportion of lending
Page 58 and 59: Loans to private customers grow mor
Page 60 and 61:
Flexible products for closing the p
Page 62 and 63:
Cards for young people Security - a
Page 64 and 65:
Network bank for international corp
Page 66 and 67:
Corporate finance, not just for lar
Page 68 and 69:
International Markets (INM) The Int
Page 70 and 71:
Record year on the Vienna Stock Exc
Page 72:
4 pages reserved for illustrations
Page 75 and 76:
“The upswing experienced by the C
Page 77 and 78:
In the retail/private customers seg
Page 79 and 80:
Our efforts to offer products meeti
Page 81 and 82:
Slovakia - HVB Bank Slovakia € m
Page 83 and 84:
Outlook With the planned expansion
Page 85 and 86:
International Markets Business deve
Page 87 and 88:
Following the big success of the pr
Page 89 and 90:
Acquisition of Eksimbanka By acquir
Page 91 and 92:
“As a bank with growing business
Page 93 and 94:
Risk structure by region and busine
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“The higher the level of standard
Page 97 and 98:
Basel II The roll-out of the module
Page 99 and 100:
“Today we expect our bank employe
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manager, the higher his classificat
Page 104 and 105:
Consolidated Financial Statements i
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Income statement of the Bank Austri
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Statement of changes in shareholder
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Notes to the Consolidated Financial
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IFRSs applied Title Application App
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Page 116 and 117:
Loans and receivables are carried i
Page 118 and 119:
Accounting for leases as lessee: in
Page 120 and 121:
The present value of pension obliga
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as the identification of intangible
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€ m 2005 2004 Staff costs 1,491 1
Page 126 and 127:
€ m 2005 2004 Bonds and other fix
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Leasing business Total gross and ne
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Movements in investments in 2005
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In 2005, deferred taxes were partly
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Liabilities evidenced by certificat
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€ m 2005 2004 Negative fair value
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Emoluments of members of Bank Austr
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Most of the trading assets and trad
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Segment reporting € m Private SME
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€ m 2005 2005 2004 2004 Assets Li
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In the 2005 financial year, aggrega
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Market risk management encompasses
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VaR of the Bank Austria Creditansta
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Basis point values of the Bank Aust
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High-yield portfolio: composition o
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Market risk limit utilisation in CE
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Liquidity ratios of the Bank Austri
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Operational risk is defined as the
Page 162 and 163:
experience in the past. Moreover, s
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Total volume of outstanding financi
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The following tables show the capit
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Report of the Auditors We have audi
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Report of the Supervisory Board In
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Corporate Governance Bank Austria C
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Supervisory Board and Managing Boar
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Page 178 and 179:
Income Statement of our Consolidate
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Balance Sheets of our Consolidated
Page 182 and 183:
Glossary Important concepts and ter
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General administrative expenses div
Page 186 and 187:
In 1988, the Basel Capital Accord (
Page 188 and 189:
Office Network of the Bank Austria
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Central and Eastern Europe Bosnia a
Page 192 and 193:
Other Countries 196 Office Network
Page 194:
Investor Relations Investor Relatio
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