Annual Report 2009 - Bawag

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BAWAG P.S.K. Management Report 2009 The other operating income includes sales proceeds and other revenues not arising from our banking business. This item came to EUR 24 million in 2009, EUR 15 million more than in 2008. Administrative expenses fell considerably compared to 2008, by EUR 68 million or 12.3 per cent to EUR 486 million. This decrease can be attributed primarily to operting expenses. Staff costs were reduced by EUR 30 million or 8.8 per cent compared to the prior reporting period and totalled EUR 317 million. This significant decline is the result of lower restructuring costs in connection with post-employment benefit models, and the use of new actuarial tables in the prior year for the calculation of social capital requirements. Operating expenses fell by EUR 38 million or 18.2 per cent to EUR 169 million. Write-downs and other operating expenses were slightly lower than in the prior year. Allocations to credit risk provisions came in at EUR 74 million in the reporting period after a contribution was made by a grandparent company to cover expenses. As the situation on the credit and capital markets has normalised to some extent, the valuation and sales proceeds from securities improved considerably from minus EUR 116 million in 2008 to plus EUR 29 million in 2009. The valuation and sale proceeds from financial assets came in at minus EUR 555 million in the prior financial year because of one-off effects, and is not comparable with the result of minus EUR 85 million for the current reporting period. The tax income in the amount of EUR 13 million resulted from BAWAG P.S.K.’s role as the parent of a taxable group. In total, the Bank achieved a net profit before changes in reserves of EUR 79 million. 56
BAWAG P.S.K. Management Report 2009 Own funds pursuant to section 23 BWG in millions of Euros 31.12.2009 31.12.2008 Subscribed capital 800 250 Reserves and fund for general banking risks 954 1,007 Deductions -114 -132 Core capital (Tier I) 1,640 1,125 Core capital ratio 8.2 % 6.0 % Shareholdings pursuant to § 23 (13) BWG -51 -65 Eligible core capital (Tier I) 1,589 1,059 Additional items (Tier II) 1,234 842 Shareholdings pursuant to § 23 (13) BWG -51 -65 Eligible own funds 2,772 1,836 Own funds ratio 14.1 % 10.3 % Existing Tier III 67 55 Own funds 2,839 1,892 Required own funds 1,682 1,511 Excess own funds 1,157 381 57
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2009 ANNUAL REPORT Financial Statem
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CONTENTS Financial Statements as of
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Annual Report 2009 - Bawag

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