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Wider perimeter, better diversification market leader in three countries, among the top three banks in five countries and among the five largest institutions in ten countries (see the chart on the next page). Economic growth in the CEE countries is disproportionately high, averaging between 5 % and 7 % p.a. Income growth in this region is even stronger. Based on rising standards of living, there is strong demand for loans and investment products, and the level of financial intermediation is increasing. Invested assets amount to 43 % of incomes, compared with 125 % in the euro area. Convergence and the resulting increase in wealth gives rise to considerable potential for growth. Using this potential will be the main task of Bank Austria Creditanstalt in its function as sub-holding company for CEE operations. � The business activities and geographic spread of operations of the new Group are now broader and better diversified in terms of business risk. This applies to both the loan portfolio and the composition of operating revenues. On the basis of its activities in many regions and many business areas, the Group can pursue targeted expansion (and capital allocation). Beyond its regional perimeter, UniCredit Group has a number of competitive strengths in those business areas which are supraregional in nature: in asset management, UniCredit’s excellent position with the Pioneer brand is highly complementary to BA-CA’s subsidiaries Capital Invest and AMG and HVB’s Three of Europe’s most prosperous regions … Bank Austria Creditanstalt: No. 1 in Austria with 393 branches and a market share of 18% HVB: No. 1 in Bavaria with 390 branches (57% of HVB’s German network) UniCredit: No. 1 in northern Italy with 2,281 branches (73% of UniCredit’s network in Italy) Per capita gross domestic product compared with the EU-15 average 111% 111% 128% 16 With UniCredit to the First Truly European Bank 117% Austria Northern Italy Bavaria Entire Group Activest and Nordinvest. In the investment banking sector and in business with multinational corporates, the Group has the required standing in global capital markets; it is also active in corporate investment banking and has expertise in structured products. Innovative ABS solutions make the bank a major institution active in the secondary market for credit risk. These strengths, currently spread over various parts of the Group, are to be bundled within the Group in order to use capital more efficiently and simplify processes. Another objective is to work towards setting up a joint IT infrastructure. Taking a best practice approach, the Group will use the best processes and innovative products for its customers. Managing complexity through divisional structure, local responsibility for results, and clear governance UniCredit operates as a multi-divisional universal bank and has reached a size, both regionally and in terms of business segments, which requires a clear and transparent management structure. One of the basic principles is clear responsibility for results of operating units within the guidelines of the divisions to which they belong. All banks within the new UniCredit Group pursue the Group’s objectives on the basis of common rules, control systems and shared values, across national borders. The divisional structure EU-15 average
as an organisational principle has priority in the new Group. The divisions set binding targets which apply to all regional units. Moreover, cost and revenue synergies need to be unlocked through best practice, by optimising capacity at product factories, and by rationalising overlapping or duplicate functions. The Group embraces diversity in the form of different languages, legal systems and cultures; this is a basic value of the European Union. Like Bank Austria Creditanstalt, UniCredit has attached great importance to regional diver- Regional diversity sity for many years. The Group is based on and supraregional strong brands which have developed in the divisions various home markets. It uses the wide variety of talents in the whole of Europe. The Group is aware that customer relationships are always personal and regional relationships. In this way the Group combines and benefits from the very best elements of centralisation and decentralisation. The business combination received approval from shareholders in a clear vote. On 12 June 2005, HVB and UniCredit announced that they would join forces and presented their vision of a truly European bank to the capital market. The business combination was carried out through several voluntary share exchange offers. By the time the exchange offer in Germany was completed on 18 November 2005, HypoVereins- … leader in the growth market in CEE Rank Market leader Market share in % by total assets 26% 1 1) 1 1 24% Top 3 Top 5 bank shareholders had accepted it for 93.93 % of all HVB shares. Holders of the majority of the free float of Bank Austria Creditanstalt shares also accepted the offer to exchange their BA-CA shares for UniCredit shares (77.72 % of the free float). UniCredit now holds, directly or indirectly through HypoVereinsbank, 94.98 % of BA-CA’s share capital. The UniCredit holding company is managed by a Board of Directors. The Board of Directors of the new bank has 24 members and its responsibilities include the new bank’s strategic orientation. On 18 November 2005, UniCredit’s Board of Directors appointed the Chief Executive Officer (CEO) and a Management Committee, which advises the CEO and implements management decisions taken by the CEO in coordination with the Management Committee. The Management Committee reports directly to the CEO. It comprises the Heads of the following Divisions: Retail Banking, Private Banking/Asset Management, Corporates/SMEs, Multinationals/Investment Banking, Central Eastern Europe, and Commercial Real Estate, as well as the Chief Financial Officer (CFO), the Chief Risk Officer (CRO) and the Heads of Global Banking Services, Human Resources, Integration and German Business. The Chairman of Bank Austria Creditanstalt’s Managing Board, Erich Hampel, is a member of the Management Committee and is responsible for the CEE Division. Croatia Bulgaria Poland Bosnia and Romania Turkey Slovakia Czech Serbia Slovenia Hungary Baltic Herzegovina Republic states Bank Austria Creditanstalt 21% 2 24% 3 9% 3 12% 2) UniCredit HVB n. a. about 10 n. a. Data are based on the most recent information; the computations for the market share of UniCredit and HVB may be based on different definitions of the underlying data. 1) HVB Splitska banka d.d. held for sale / 2) Including 50% of Yapı ve Kredi Bankasi / 3) Average of the market shares in Estonia, Latvia and Lithuania 4 10% 4 8% 5 6% 5 6% 7 6% 4% 3) 2% 1% Russia Ukraine With UniCredit to the First Truly European Bank 17 Management structure of the new Group
Page 1 and 2: Annual Report Bank Austria Creditan
Page 3 and 4: The Bank Austria Creditanstalt Shar
Page 5 and 6: Annual Report Bank Austria Creditan
Page 8 and 9: Highlights 2005 Awards 2005 1 Janua
Page 10 and 11: A word of thanks to our employees T
Page 12 and 13: 8 Letter from the CEO of the new Un
Page 14: 4 pages reserved for illustrations
Page 17: “As a member of UniCredit Group w
Page 21 and 22: We attach great importance to human
Page 23 and 24: International Markets Willi Hemetsb
Page 25 and 26: Growth in Austria slightly above EU
Page 27 and 28: � Net income up by 60 %. 21% incr
Page 29 and 30: The “sustainable” income compon
Page 31 and 32: Net trading result € m 2005 2004
Page 33 and 34: higher revenue without significant
Page 35 and 36: In 2005 our multi-year Fit for Sale
Page 37 and 38: from classic on-balance sheet produ
Page 39 and 40: Net fee and commission income in CE
Page 41 and 42: employees’ qualification levels a
Page 43 and 44: Outlook Global economic environment
Page 45 and 46: Outlook for Bank Austria Creditanst
Page 47 and 48: Other shareholders 0.2% Austria 0.9
Page 50 and 51: IPO targets met ahead of time Finan
Page 52 and 53: Austrian Customer Business Bank Aus
Page 54 and 55: Linking sales channels � Mix of s
Page 56 and 57: Lowering the proportion of lending
Page 58 and 59: Loans to private customers grow mor
Page 60 and 61: 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 112 and 113:
IFRSs applied Title Application App
Page 114 and 115:
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
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:
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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