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Report of the Auditors We have audited the consolidated financial statements of Bank Austria Creditanstalt AG Auditors’ report for the financial year beginning on 1 January 2005 and ending on 31 December 2005. The consolidated financial statements comprise the balance sheet at 31 December 2005, the income statement, the statement of changes in shareholders’ equity, the cash flow statement and the notes to the consolidated financial statements for the financial year beginning on 1 January 2005 and ending on 31 December 2005. The preparation and content of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) published by the International Accounting Standards Board as adopted by the European Union, and the preparation of the management report of the Group in accordance with the provisions of the Austrian Commercial Code, are the responsibility of the legal representatives of the parent company. Our responsibility is to express an opinion on the consolidated financial statements based on our audit and to state whether the management report of the Group is consistent with the consolidated financial statements. We conducted our audit in accordance with legal provisions applicable in Austria and with Austrian generally accepted auditing principles and in accordance with International Standards on Auditing (ISA) published by the International Auditing and Assurance Standards Board (IAASB). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement, and to make a statement as to whether the management report of the Group is consistent with the consolidated financial statements. In planning the audit procedures, we considered our knowledge of the business and of the economic and legal environment in which the Group operates as well as expectations of possible errors. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles applied and significant estimates made by the legal representatives, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Without qualifying our opinion, we draw attention to note 1 to the consolidated financial statements, in which the loss of Bank Austria Creditanstalt AG’s voting rights in Bank BPH S.A. as a result of the acquisition of HVB Group by UniCredit S.p.A. is explained. 172 Report of the Auditors
Our audit did not give rise to any objections. In our opinion, based on the findings of the audit, the consolidated financial statements comply with the legal provisions and give a true and fair view of the financial position of the Group as at 31 December 2005 and of the results of its operations and its cash flows for the financial year beginning on 1 January 2005 and ending on 31 December 2005, in accordance with International Financial Reporting Standards (IFRSs) published by the International Accounting Standards Board as adopted by the European Union. The management report of the Group is consistent with the consolidated financial statements. Vienna, 27 February 2006 Savings Bank Auditing Association Auditing Board (Bank Auditors) Erich Kandler Friedrich O. Hief KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft Gottwald Kranebitter Kurt Eder Österreichische Wirtschaftsberatung GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft Philip Göth Peter Bitzyk Report of the Auditors 173
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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
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4 pages reserved for illustrations
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“The upswing experienced by the C
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In the retail/private customers seg
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Our efforts to offer products meeti
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Slovakia - HVB Bank Slovakia € m
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Outlook With the planned expansion
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International Markets Business deve
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Following the big success of the pr
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Acquisition of Eksimbanka By acquir
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“As a bank with growing business
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Risk structure by region and busine
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“The higher the level of standard
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Basel II The roll-out of the module
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“Today we expect our bank employe
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manager, the higher his classificat
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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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Income statement of the Bank Austri
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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
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 170 and 171: Report of the Supervisory Board In
Page 172 and 173: Corporate Governance Bank Austria C
Page 174 and 175: Supervisory Board and Managing Boar
Page 176 and 177: Income statement of the Bank Austri
Page 178 and 179: Income Statement of our Consolidate
Page 180 and 181: Balance Sheets of our Consolidated
Page 182 and 183: Glossary Important concepts and ter
Page 184 and 185: General administrative expenses div
Page 186 and 187: In 1988, the Basel Capital Accord (
Page 188 and 189: Office Network of the Bank Austria
Page 190 and 191: 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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