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as the identification of intangible assets, this results in a difference of € 178.7 m between the purchase price and the net assets of Banca Comerciala “Ion Tiriac” S.A.; the differential amount was allocated to goodwill for the time being. The price of the transaction reflects the intrinsic value of Banca Tiriac, the synergies that can be achieved and, above all, the potential of the Romanian market. Eksimbanka, Belgrade, Serbia and Montenegro, was merged with HVB Bank Serbia and Montenegro on 1 October 2005 and included in the group of consolidated companies as at the same date. Since then the new bank has operated under the name of “HVB Banka Srbija i Crna Gora A.D.”. The difference of € 24.9 m between acquisition cost and net assets of the merged bank was allocated to goodwill for the time being. At the end of December 2005, Hypo Stavebni Sporitelna, Prague, the mortgage bank of HVB Czech Republic, was included in the group of consolidated companies. Effects of changes in the group of consolidated companies Assets Consolidated Disposal of Additions of balance sheet consolidated consolidated € m at 31 Dec. 2004 subsidiaries subsidiaries Cash and balances with central banks 2,724 – 294 Trading assets 18,575 – 24 Loans and advances to, and <strong>pl</strong>acements with, banks 23,995 – 6 128 Loans and advances to customers 81,260 – 429 1,078 – Loan loss provisions – 3,305 2 – 29 Investments 17,316 – 46 727 Property and equipment 1,122 –111 65 Intangible assets 1,133 – 13 Other assets 3,761 – 25 67 TOTAL ASSETS 146,581 – 615 2,366 Liabilities and shareholders’ equity Consolidated Disposal of Additions of balance sheet consolidated consolidated € m at 31 Dec. 2004 subsidiaries subsidiaries Amounts owed to banks 39,927 – 459 253 Amounts owed to customers 57,856 –1 1,702 Liabilities evidenced by certificates 19,617 – 108 Trading liabilities 8,930 – – Provisions 4,000 – 9 14 Other liabilities 4,063 –18 47 Subordinated capital 5,291 – 10 Shareholders’ equity 6,898 –128 206 of which: minority interests 439 – 26 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 146,581 – 615 2,366 126 Business combinations and disposals
(4) Net interest income (5) Losses on loans and advances (6) Net fee and commission income (7) Net trading result Notes to the income statement € m Interest income from 2005 2004 loans and advances and money market transactions 4,140 3,921 bonds and other fixed-income securities 623 602 shares and other variable-yield securities 75 72 subsidiaries 93 61 companies accounted for under the equity method 86 67 other companies in which an equity interest is held 24 9 investment property Interest expenses for 24 30 deposits –1,752 –1,663 liabilities evidenced by certificates – 557 – 533 subordinated capital – 275 – 246 Results from leasing transactions 131 120 NET INTEREST INCOME 2,611 2,441 € m 2005 2004 Allocations to 1,156 918 provisions for loans and advances 1,087 865 provisions for contingent liabilities 69 53 Releases from – 683 – 553 provisions for loans and advances – 543 – 444 provisions for contingent liabilities – 140 – 109 Recoveries of loans and advances previously written off – 45 – 23 Direct write-offs of loans and advances 67 56 NET CHARGE FOR LOSSES ON LOANS AND ADVANCES 495 398 The risk/earnings ratio (losses on loans and advances as a percentage of net interest income) rose from 16.3 % to 18.9 %. Details are given in the risk report in note 42, in particular note 42e. € m 2005 2004 Securities and custodian business 401 294 Foreign trade/payment transactions 827 708 Lending business 164 162 Other services and advisory business 67 69 NET FEE AND COMMISSION INCOME 1,458 1,233 € m 2005 2004 Equity-related transactions 96 63 Interest-rate and currency-related transactions 141 170 NET TRADING RESULT 237 233 Notes to the income statement 127
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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
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Corporate finance, not just for lar
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International Markets (INM) The Int
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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 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 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
Page 166 and 167: The following tables show the capit
Page 168 and 169: Report of the Auditors We have audi
Page 170 and 171: 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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