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IFRSs applied Title Application Applied in BA-CA version of IAS 1 Presentation of Financial Statements x 1 Jan. 2005 IAS 2 Inventories IAS 7 Cash Flow Statements x 1 Jan. 2005 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors x 1 Jan. 2005 IAS 10 Events After the Balance Sheet Date x 1 Jan. 2005 IAS 11 Construction Contracts IAS 12 Income Taxes x 1 Jan. 2005 IAS 14 Segment Reporting x 1 Jan. 2005 IAS 16 Property, Plant and Equipment x 1 Jan. 2005 IAS 17 Leases x 1 Jan. 2005 IAS 18 Revenue x 1 Jan. 2005 IAS 19 Employee Benefits x 1 Jan. 2006 IAS 20 Accounting for Government Grants and Disclosure of Government Assistance IAS 21 The Effects of Changes in Foreign Exchange Rates x 1 Jan. 2005 IAS 23 Borrowing Costs x 1 Jan. 2005 IAS 24 Related Party Disclosures x 1 Jan. 2005 IAS 26 Accounting and Reporting by Retirement Benefit Plans x 1 Jan. 1988 IAS 27 Consolidated and Separate Financial Statements x 1 Jan. 2005 IAS 28 Investments in Associates x 1 Jan. 2005 IAS 29 Financial Reporting in Hyperinflationary Economies x 1 Jan. 2005 IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions x 1 Jan. 2005 IAS 31 Interests in Joint Ventures IAS 32 Financial Instruments: Disclosure and Presentation x 1 Jan. 2005 IAS 33 Earnings per Share x 1 Jan. 2005 IAS 34 Interim Financial Reporting x 1 Jan. 2005 IAS 36 Impairment of Assets x 1 Jan. 2005 IAS 37 Provisions, Contingent Liabilities and Contingent Assets x 1 Jan. 2005 IAS 38 Intangible Assets x 1 Jan. 2005 IAS 39 Financial Instruments: Recognition and Measurement x 1 Jan. 2005 IAS 40 Investment Property x 1 Jan. 2005 IAS 41 Agriculture IFRS 1 First-time Adoption of International Financial Reporting Standards IFRS 2 Share-based Payment IFRS 3 Business Combinations x 1 Jan. 2005 IFRS 4 Insurance Contracts IFRS 5 Non-current Assets Held for Sale and Discontinued Operations x 1 Jan. 2005 116 Significant accounting principles
Published IFRSs which have not yet become operative and have not yet been applied Changes in accounting principles for the 2005 financial statements We do not expect any effects to result from the application of IFRS 6 (Exploration and Evaluation of Mineral Resources) because it contains rules which are not relevant to our business. IFRS 7 amends the rules for disclosure of financial instruments and is effective for annual periods beginning on or after 1 January 2007. IFRS 7 supersedes IAS 30 and the disclosure requirements of IAS 32. As the presentation of BA-CA’s consolidated financial statements has so far been based on these two standards, the application of IFRS 7 will result in changes in financial reporting. A number of changes in IFRSs became effective on 1 January 2005. Most of the amendments and new rules are applicable retrospectively, as if the relevant accounting and valuation method had always been applied. Therefore the comparative figures for 2004 were adjusted. The following new rules are of major significance: – Minority interests are to be presented separately within shareholders’ equity. After inclusion of minority interests amounting to € 439 m, shareholders’ equity as at 31 December 2004 totalled € 6,898 m. – When financial assets or financial liabilities are recognised initially, they may be classified as “at fair value through profit or loss” if specific requirements are met. As a firsttime application effect, € 887 m was reclassified as “at fair value through profit or loss” as at 31 December 2004. – Reversals of previously recognised impairment losses on available-for-sale equity instruments are not permitted to be recognised in income, but are to be included in the available-for-sale reserve until the financial asset is sold. As a result of first-time application of this rule, reversals of impairment losses in the amount of € 10 m previously recognised in income were retrospectively reversed as at 31 December 2004. – Impairment losses resulting from inherent risks associated with financial assets which are measured at amortised cost (impairment losses incurred but not reported) were recognised. As a result of first-time application of this rule, the balance sheet item Loan loss provisions increased by € 110 m as at 1 January 2004, with no effect on income; this increase declined to € 89 m as at 31 December 2004. – The financial statements of companies accounted for under the equity method are now adjusted to uniform Group-wide accounting and valuation methods. Goodwill relating to investments in such companies is included in the item Investments. – Future goodwill is to be recorded in the currency of the foreign operation and translated at the closing rate. – Goodwill is not amortised. At least once a year, goodwill is tested for impairment and an impairment loss is recognised, if necessary. This change has been applied for the first time since the first quarter of 2005. – The new rules of IAS 19 (amended in 2004) for the recognition of defined-benefit pension and severance payment obligations become operative for periods beginning on or after 1 January 2006. The Bank Austria Creditanstalt Group has applied these rules since 1 January 2005 and has adopted the new alternative method permitted under IAS 19 of recognising actuarial gains and losses directly in equity. We have included the required information in the notes. The increase in the provision as at 31 December 2004 amounted to € 243.7 m, the item Other assets (deferred tax assets) rose by € 60.9 m and shareholders’ equity decreased by € 182.8 m. Significant accounting principles 117
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Annual Report Bank Austria Creditan
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The Bank Austria Creditanstalt Shar
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Annual Report Bank Austria Creditan
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Highlights 2005 Awards 2005 1 Janua
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A word of thanks to our employees T
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8 Letter from the CEO of the new Un
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4 pages reserved for illustrations
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“As a member of UniCredit Group w
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as an organisational principle has
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We attach great importance to human
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International Markets Willi Hemetsb
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Growth in Austria slightly above EU
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� Net income up by 60 %. 21% incr
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The “sustainable” income compon
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Net trading result € m 2005 2004
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higher revenue without significant
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In 2005 our multi-year Fit for Sale
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from classic on-balance sheet produ
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Net fee and commission income in CE
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employees’ qualification levels a
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Outlook Global economic environment
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Outlook for Bank Austria Creditanst
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Other shareholders 0.2% Austria 0.9
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IPO targets met ahead of time Finan
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Austrian Customer Business Bank Aus
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Linking sales channels � Mix of s
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Lowering the proportion of lending
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Loans to private customers grow mor
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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
Page 95 and 96: “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
Page 101 and 102: manager, the higher his classificat
Page 104 and 105: Consolidated Financial Statements i
Page 106 and 107: Income statement of the Bank Austri
Page 108 and 109: Statement of changes in shareholder
Page 110 and 111: Notes to the Consolidated Financial
Page 114 and 115: Income statement of the Bank Austri
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
Page 122 and 123: as the identification of intangible
Page 124 and 125: € m 2005 2004 Staff costs 1,491 1
Page 126 and 127: € m 2005 2004 Bonds and other fix
Page 128 and 129: Leasing business Total gross and ne
Page 130 and 131: Movements in investments in 2005
Page 132 and 133: In 2005, deferred taxes were partly
Page 134 and 135: Liabilities evidenced by certificat
Page 136 and 137: € m 2005 2004 Negative fair value
Page 138 and 139: Emoluments of members of Bank Austr
Page 140 and 141: Most of the trading assets and trad
Page 142 and 143: Segment reporting € m Private SME
Page 144 and 145: € m 2005 2005 2004 2004 Assets Li
Page 146 and 147: In the 2005 financial year, aggrega
Page 148 and 149: Market risk management encompasses
Page 150 and 151: VaR of the Bank Austria Creditansta
Page 152 and 153: Basis point values of the Bank Aust
Page 154 and 155: High-yield portfolio: composition o
Page 156 and 157: Market risk limit utilisation in CE
Page 158 and 159: Liquidity ratios of the Bank Austri
Page 160 and 161: Operational risk is defined as the
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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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Income statement of the Bank Austri
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Income Statement of our Consolidate
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Balance Sheets of our Consolidated
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Glossary Important concepts and ter
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General administrative expenses div
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In 1988, the Basel Capital Accord (
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Office Network of the Bank Austria
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Central and Eastern Europe Bosnia a
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Other Countries 196 Office Network
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Investor Relations Investor Relatio
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