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In the Czech Republic we are pursuing a universal bank strategy. We are the fourth-largest bank in the country, with a market share of 5.3 %, and we are among the leading institutions in corporate banking. Based on this strong position, we focused on realigning retail customer business in 2005. The new communications strategy implemented in 2004 is bearing fruit. In the Rhodos image competition held in 2005, HVB Bank Czech Republic emerged as the bank with the best image. Net income before taxes for 2005 was CZK 2,349 m, up by 2 % on the previous year, despite lower interest rate levels and one-off costs. Most of the 15 % increase in net interest income came from favourable developments in margins and volumes in corporate customer business. Custody and securities business contributed substantially to the high level of net fee and commission income. Business structure and development Retail customers The “Manage for Profitability” project carried out in 2005 enabled us to realign Czech retail customer business with a view to enhancing profitability. Sustainable cost savings and efficiency enhancement are the cornerstones of this strategy. The branch network and mobile sales teams were reorganised. Efforts to streamline the sales organisation and rationalise Head Office support functions have produced tangible results. We have also streamlined our product range and adjusted it to meet market requirements better. Moreover, we have sharpened the focus on profitable customer segments and products such as credit cards. In June 2005 we introduced a new business model for business customers. With this campaign, HVB Bank Czech Republic is successfully appealing to managers and owners of mediumsized businesses in the country. This enables the bank to widen its customer base because most of its business with companies has so far been with large domestic and foreign corporate customers. Following the establishment of factoring companies in Hungary and Slovakia, we also became active in this business area in the Czech Republic by setting up HVB Factoring s.r.o. In the first year the company achieved a market share of 2 %, far exceeding expectations. 82 CEE Network of Bank Austria Creditanstalt in 2005 Corporate customers On the basis of improved margins and stable volume growth, we are among the top 3 banks in the Czech corporate banking sector, with a market share of about 14 %. In structured project and acquisition financing transactions, we are number 1 in the market. HVB Bank Czech Republic holds the leading position in commercial real estate finance in the country. In this very attractive business area, the bank’s market share is 30 %. The credit portfolio in commercial real estate finance, including housing development projects, is CZK 30 bn. Leasing With CAC Leasing a.s., the largest universal leasing company in the Czech Republic, we are market leader. In 2005, the company received several awards, including the “Golden Crown” for its universal leasing concept, www.hvb.cz which – according to the jury – best meets the financing needs of Czech companies. CAC Leasing also won the “Internet Effectiveness Award” for its Internet platform, which provides efficient links between car importers, car dealers and CAC Leasing. International payments In 2005 we concentrated the processing of international payments for CEE within a subsidiary newly established in Prague. The main reasons for selecting this location were availability of the required know-how and the best productivity levels within the CEE network, in addition to a government assistance programme for the establishment of providers of cross-border services. Banking Transaction Services s.r.o. commenced operations in July 2005. It currently processes international payments for our banking subsidiaries in Slovenia, Bosnia and Herzegovina, Croatia and the Czech Republic. Outlook In 2006 we will make preparations for the merger of HVB Bank Czech Republic and Živnostenská banka. To ensure sustainable growth, we have started a project in the corporate banking sector to identify and use opportunities to further increase business volume and profitability. A focus will be on intensifying services for small and medium-sized businesses (SMEs). In the retail banking segment, which after the realignment will make a significant contribution to results in the current year, we will concentrate on business customers and on the expansion of credit card business.
Slovakia – HVB Bank Slovakia € m 2005 2004 Total assets 2,010 1,638 Net income before taxes 21.0 20.1 ROE before taxes 10.4 % 11.9 % Cost/income ratio 52 % 51% Employees (full-time equiv.) 443 437 Offices 27 27 In 2005, Slovakia’s economy grew by 5.6 %, thereby again outperforming the other new EU member states. Bratislava There was a sharp decline in the general price increase, to a level of 2.7 % compared with 7.5 % in 2004. Economic growth was largely supported by private consumption; moreover, investments (car plants of PSA and Kia) and net exports showed rising trends. As in the previous year, private customer business accounted for a significant portion of lending growth, with particularly strong demand for housing loans. On the other hand, private customer deposits declined slightly. The recovery in business lending reflected the general upswing in corporate investments. At the end of November, Slovakia brought the date of entry into ERM II forward from mid-2006, a move which further strengthened the Slovak currency. Interest rate levels remained constant almost throughout 2005. From the beginning of March, the central bank’s key interest rate was 3 %. In an extremely difficult environment characterised by excess liquidity and narrowing margins, our banking subsidiary in Slovakia held its own in 2005. With a market www.hvb-bank.sk share of 5 % we are number 6 on the Slovak banking market. Net income before taxes was 1% higher than a year earlier, despite one-off costs relating to the forthcoming merger with Unibanka. Strict cost management helped to keep the cost/income ratio at 52 %. Business structure and development Retail customers We aim to enhance our market position in retail banking in Slovakia, too. Overall, private customer business developed very favourably in 2005. The number of customers rose by 36 % to 35,692 customers. We are expanding alternative sales channels to complement the branch network. Cooperation partners who are assigned to specific branches and operate under the name of HVB Bank Partner offer cashless services and loan products such as mortgage loans and HVB credit cards. Mortgage loans have become one of our most successful retail products. In 2005, the volume of mortgage loans outstanding increased by about 40 % to SKK 1,259 m. Some 40 % of our mortgage products are sold via alternative sales channels. On its website HVB Bank Slovakia offers various online application forms which, when completed by private or business customers, can be directly imported to the bank’s systems. This interactive function simplifies and accelerates the entire application process. The tool also offers assistance to customers, e.g. a loan calculator to find the most advantageous HVB product solution for business loans. Corporate customers With a market share of 13 %, we are among the leading banks in the Slovak corporate banking sector. In 2005 we again demonstrated our recognised structured financing expertise in the largest loan transaction in Slovakia to date: as Mandated Sole Lead Arranger we placed a syndicated loan amounting to SKK 15 bn for Slovakia’s national motorway company. The “Award for Excellence in Real Estate Commercial Banking in Slovakia” from Euromoney underlined our leading position in the area of commercial real estate finance in 2005. Favourable economic conditions in Slovakia are attracting increasing numbers of foreign investors, primarily companies in the automotive sector. In this environment, personal commitment, product quality and a focus on customer service have proved to be specific assets of our Group: the corporate finance specialists of the Korean Desk succeeded – not least because of their knowledge of the language – in acquiring the partial financing of the European manufacturing plant of Kia Motors Corporation. Our other Slovak subsidiaries also operated successfully in 2005. The factoring company which we established in the previous year broke even in the third quarter of 2005. And with CAC Leasing we are the leading universal provider of leasing services in Slovakia. Outlook 2006 will see the merger of HVB Bank Slovakia and Unibanka, creating the fourth-largest bank in the country with about 100 branches. Activities will concentrate on further enhancing the market presence, especially in business with small and medium-sized companies. In the retail customer segment, business volume and the customer base will be considerably expanded, with a focus on credit card business. CEE Network of Bank Austria Creditanstalt in 2005 83
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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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Page 47 and 48: Other shareholders 0.2% Austria 0.9
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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
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€ m 2005 2004 Negative fair value
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Emoluments of members of Bank Austr
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Most of the trading assets and trad
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Segment reporting € m Private SME
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€ m 2005 2005 2004 2004 Assets Li
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In the 2005 financial year, aggrega
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Market risk management encompasses
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VaR of the Bank Austria Creditansta
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Basis point values of the Bank Aust
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High-yield portfolio: composition o
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Market risk limit utilisation in CE
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Liquidity ratios of the Bank Austri
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Operational risk is defined as the
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experience in the past. Moreover, s
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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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