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In 1988, the Basel Capital Accord (Basel I) laid down regulatory standards for capital required to be held against banking transactions. These rules were reviewed by the Basel Committee on Banking Supervision. The purpose of the new capital adequacy framework is to differentiate more precisely between capital requirements for risks actually assumed by the bank, and to take account of the more recent developments on financial markets and of banks’ risk management processes. The new rules, while defining the capital adequacy requirements, call for a number of simple and more advanced approaches to measure credit risk and operational risk. Non-standardised transactions in financial instruments which do not take place on an exchange but directly between market participants. The payout ratio is the percentage of net income that is distributed to shareholders. The percentage distributed is determined mainly on the basis of the company’s self-financing needs and the return expected by shareholders. Primary funds comprise amounts owed to customers, liabilities evidenced by certificates, and subordinated capital. Primary funds are generally made available to a bank by nonbanks. The amount of primary funds is an indicator of the stability of the funding base. Evaluation of a financial instrument (issue rating) or a borrower (issuer rating) which is assigned by independent rating agencies such as Moody’s or Standard & Poor’s. Ratio of consolidated net income to average total assets in per cent. Net income after taxes less minority interests divided by average shareholders’ equity. An indicator of a company’s profitability. The higher the figure, the higher the profit generated on shareholders’ equity. Net income before taxes plus minority interests divided by average shareholders’ equity. An indicator of a company’s profitability. The higher the figure, the higher the profit generated on shareholders’ equity. Ratio of the net charge for losses on loans and advances to net interest income. It indicates the percentage of net interest income which is absorbed by the net charge for losses on loans and advances. See “Assessment basis as defined in the Austrian Banking Act”. SEE stands for South-East Europe. SEE is a part of CEE and in this Annual Report refers to the countries Croatia, Romania, Bulgaria, Bosnia and Herzegovina, and Serbia and Montenegro. Management approach in which value enhancement of the company is the main consideration in strategic and operational decisions. The basic idea behind this concept is that value is only created for shareholders if the return exceeds the cost of equity capital. 190 Glossary New Basel Capital Accord OTC transactions Payout ratio Primary funds Rating Return on assets (ROA) Return on equity (ROE) after taxes excluding minority interests Return on equity (ROE) before taxes including minority interests Risk/earnings ratio Risk-weighted assets SEE Shareholder value Solvency refers to the proportion of capital requirements based on (weighted) assets Solvency and off-balance sheet transactions to the net capital resources pursuant to the Austrian Banking Act.
Spot transaction Spread Swap Syndicated loans Tier 1 capital (core capital) Tier 1 capital ratio Total capital ratio Total shareholder return (TSR) Trading book Trading symbol Value at risk Value management Transaction in which conclusion, delivery and payment take place immediately. The difference between two different reference points, e.g. the markup on a reference rate. In a swap transaction, two parties exchange different payment flows. There are three basic types of swap transactions: single-currency swaps, cross-currency swaps, and combined single and cross-currency swaps. The parties exchange payment obligations, involving an exchange of fixed-rate interest for variable-rate interest payment obligations or an exchange of currencies. Large-volume loans granted by a syndicate of banks. Syndication spreads the credit risk among several banks. Paid-in capital and reserves plus differences arising on consolidation pursuant to the provisions of the Austrian Banking Act, less intangible assets. See the table on capital resources in note 49. Ratio of Tier 1 capital to the assessment basis (banking book). Pursuant to the provisions of the Austrian Banking Act based on the Basel Capital Accord (Basel I), the minimum Tier 1 capital ratio is 4 %. See the table on capital resources in note 49. Ratio of net capital resources to the assessment basis pursuant to the Austrian Banking Act in per cent. Pursuant to the provisions of the Austrian Banking Act based on the Basel Capital Accord (Basel I), the minimum total capital ratio is 8 %. See the table on capital resources in note 49. The return earned by the shareholder through price gains or price losses plus dividend payments. Securities trading book of the bank for which the capital requirement in respect of various risks pursuant to the Austrian Banking Act is to be calculated using a special method. Code assigned by an exchange or a trading system (e.g. Bloomberg or Reuters) to a security for identification purposes. Examples of the trading symbol of the BA-CA share: BACA (Vienna Stock Exchange); BACA AV (Bloomberg); BACA.VI (Reuters RIC). A method used for quantifying risk. Value at risk (VaR) measures potential future losses which will not be exceeded within a specified period and with a specified probability. Bank Austria Creditanstalt applies value management principles with a view to focusing its business at all levels within the bank on activities which create value in a sustainable fashion, and expanding these activities. The allocation of equity capital is to be optimised with the objective of achieving value-creating growth. While value management uses the return on equity as a control parameter, it also includes the cost of capital and (capital) growth as criteria to ascertain whether a single transaction, a business area or a business segment creates or destroys value. AVE / DAVE, the key control parameter for value management, provides transparency and supports the on-going decision-making processes. Constant monitoring of developments ensures a consistent performance orientation at all levels within the bank. Glossary 191
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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
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Accounting for leases as lessee: in
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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
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€ 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
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
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 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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