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Loans and receivables are carried in the balance sheet at amortised cost before deduction of loan loss provisions and including accrued interest. Amounts of premiums and discounts are accounted for at amortised cost. Financial assets and financial liabilities held for trading Trading assets – securities held for trading and positive market values of derivative financial instruments – are recognised at their fair values. To determine fair values, market prices and quotes via Bloomberg, Reuters, Telerate, etc. are used. Where such prices or quotes are not available, values based on present value calculations or option pricing models are applied. Changes in the fair values of trading assets (including trading derivatives) are recognised in income. Netting of trading positions is performed only to the extent that there is an enforceable right to set-off and this reflects the expected future cash flows from the transaction. Trading liabilities This item includes negative fair values of derivative financial instruments held in the trading portfolio. To determine fair values, market prices and quotes via Bloomberg, Reuters, Telerate, etc. are used. Where such prices or quotes are not available, values based on present value calculations or option pricing models are applied. Changes in the fair values of trading liabilities (including trading derivatives) are recognised in income. Fair value option When financial assets and financial liabilities are recognised initially, they may be classified as financial assets and financial liabilities “at fair value through profit or loss”. Securities classified in this way are included in investments and in liabilities evidenced by certificates. Available-for-sale financial instruments are a separate category of financial instruments. To determine their fair values, market prices are used. Where such prices are not available, generally recognised valuation methods are used for determining fair values. Changes in fair values resulting from remeasurement are recognised in a component of shareholders’ equity (available-for-sale reserve) with no effect on income until the financial asset is disposed of. Impairment losses are recognised in income. Reversals of impairment losses on equity instruments are recognised in the available-for-sale reserve within equity; reversals of impairment losses on debt instruments are recognised in income. Shares in companies which are neither consolidated nor accounted for under the equity method are classified as available for sale. The category of held-to-maturity investments comprises holdings which already exist. The holdings are recognised at amortised cost. Cost is amortised to the repayable amount until maturity. A held-to-maturity investment is impaired within the meaning of IAS 39.63 if its carrying amount is greater than the present value of estimated future cash flows. Such an impairment is recognised in net income. 120 Significant accounting principles Financial instruments Financial assets and financial liabilities at fair value through profit or loss Available-for-sale financial instruments Held-to-maturity investments
Investment property Derivatives Leasing Land and buildings held as investment property to earn rental income and/or for capital appreciation are classified as investments and recognised at amortised cost. Rental income from investments is included in net interest income, as is interest paid on related funding. As a rule, buildings are depreciated over a period of 50 years. Derivatives are financial instruments which are designed by reference to an underlying instrument. Derivatives may be interest rate contracts, foreign exchange contracts, equityrelated and other instruments. Within the “other derivatives” category, the significance of credit derivatives has grown in the past years. Derivative transactions may be concluded over the counter (OTC), i.e. directly with the counterparty, or via exchanges. The exposure is reduced by a margin which must be deposited for exchange-traded contracts (futures and options) to absorb current price fluctuations. Derivatives are stated at their fair values. To determine fair values as at the transaction date, market prices and official quotes (Bloomberg, Telerate) are used. Where such prices or quotes are not available, recognised and tested models are used for determining current prices. In hedge accounting, Bank Austria Creditanstalt distinguishes between fair value hedges and cash flow hedges. In both cases, changes in the values of the hedged item and the hedging instrument are recognised in income in the same period. A fair value hedge provides protection against changes in the fair value of an asset or a liability. The hedging instrument is stated at its fair value, and any gains or losses on the hedging instrument are recognised in income. Gains or losses on the hedged item which are attributable to the hedged risk adjust the carrying amount of the hedged item and are recognised in income. To qualify for hedge accounting, hedges must be highly effective. The effectiveness of fair value hedges is measured on an ongoing basis. Cash flow hedges are used for protecting future (variable) cash flows. They hedge the exposure to variability in cash flows which result from assets or liabilities or from planned transactions and have an effect on income. Changes in the fair values of derivatives designated as hedging instruments are divided into a portion that is determined to be an effective hedge, and into an ineffective portion. The effective portion of any gain or loss on the heding instrument is included in the cash flow hedge reserve and recognised in income in the same period in which the change in the value of the hedged item is recognised in income. This neutralises the effect on income. The classification of leases is based on the extent to which risks and rewards incident to ownership of a leased asset lie with the lessor or the lessee. Accounting for leases as lessor: assets held under a finance lease (which transfers to the lessee substantially all the risks and rewards incident to ownership) are accounted for as receivables, stated as loans and advances at amounts equal to the net investment (present value). The recognition of interest income reflects a constant periodic rate of return on the net investment outstanding. In the case of operating leases, the risks and rewards incident to ownership are not transferred. The relevant assets are included in property and equipment and in investments (property) and measured according to the principles applied to such items. Lease income is recognised on a straight-line basis over the term of the agreement. Bank Austria Creditanstalt is mainly active as a lessor under finance leases. Significant accounting principles 121
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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
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Cards for young people Security - a
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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 112 and 113: IFRSs applied Title Application App
Page 114 and 115: Income statement of the Bank Austri
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
Page 162 and 163: experience in the past. Moreover, s
Page 164 and 165: 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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