Annual Financial Statements 2011 of Bank Austria

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Consolidated Financial Statements in accordance with IFRSs A – Accounting policies (CoNTINuED) Calculation of cost of equity The expected cash flows are discounted at the country-specific rate of cost of capital, which is determined on the basis of the long-term risk-free interest rate of the local currency, the debt risk premium and the UniCredit equity risk premium. • risk-free rate: Calculation is based on the historical average (6 years) of the 5-year swap rate in local currency. If no swap rate was available, the most liquid and comparable interbank rate (with a 3-month tenor) was used. • risk premium for debt: This is the country risk premium calculated as the historical average (6 years) of the 5-year credit default swap paid by the country (given the lack of time series in certain countries we considered a shorter time period or the asset swap spread of a benchmark government bond). • risk premium for equity: This is calculated using the option pricing model and is based on the historical volatility of the UniCredit share price. • terminal value cost of equity: The terminal value cost of equity of CGUs in the euro area was set at 10%. For CGUs which will join the euro area by 2018, the rate is 10.35%. The terminal value cost of equity for all other CGUs was set at 11.85%. Exceptions are Kazakhstan and Ukraine, where the terminal value cost of equity was set at 12%. It should also be noted that the parameters and the information used to test goodwill impairment are significantly influenced by the macroeconomic environment and market conditions, which can be subject to rapid unforeseeable changes, possibly leading to very different results as compared to those used for the 2011 consolidated financial statements. A sensitivity analysis was carried out for selected CEE CGUs (see table below; for CEE CGUs not included in the table, the results of the sensitivity analysis are not significant because there is no goodwill). This involved changing the cost of equity or the terminal value growth rate so that the fair value of the CGU equals the respective carrying amount. subsidiary chaNge iN Ke (perceNtage pOiNts) chaNge iN cagr (perceNtage pOiNts) Kazakhstan 0.25% –0.33% Ukraine n.m. n.m. 1) Turkey 1.30% –3.18% Serbia n.m. n.m. 1) Slovakia 0.64% –1.70% Russia 5.87% –15.72% Romania 2.81% –8.74% Hungary 6.21% –17.09% Czech Republic 1.97% –5.44% Bulgaria 10.29% n.m. 2) Bosnia 2.82% –7.96% Croatia 1.36% –3.43% 1) No significant result due to fair value close or equal to carrying amount. 2) In view of the high profitability, the results of the sensitivity analysis are not significant. Bank Austria · Annual Financial Statements 2011 86
Consolidated Financial Statements in accordance with IFRSs A – Accounting policies (CoNTINuED) A.7 – Group of consolidated companies and changes in the group of consolidated companies of the Bank Austria Group in 2011 Consolidated companies cOmpaNy city cOuNtry dOmicile iNterest iN % VOtiNg rights direct OWNership iNdirect OWNership tOtal tOtal UniCredit Bank Austria AG Vienna Austria AI Beteiligungs GmbH Vienna Austria 100.00 0.00 100.00 Alpine Cayman Islands Ltd. George Town Cayman Islands 100.00 0.00 100.00 Arany Penzügyi Lizing Zrt. Budapest Hungary 0.00 100.00 100.00 Artist Marketing Entertainment GmbH Vienna Austria 0.00 100.00 100.00 AS UniCredit Bank Latvia Riga Latvia 100.00 0.00 100.00 ATF Capital B.V. Rotterdam Netherlands 0.00 99.74 99.74 ATF Finance JSC Almaty Kazakhstan 0.00 99.74 99.74 ATF Inkassatsiya Ltd Almaty Kazakhstan 0.00 99.74 99.74 AWT Handels Gesellschaft m.b.H. Vienna Austria 0.00 100.00 100.00 AWT International Trade GmbH Vienna Austria 100.00 0.00 100.00 BA Alpine Holdings Inc. Wilmington USA 100.00 0.00 100.00 BA Betriebsobjekte GmbH Vienna Austria 100.00 0.00 100.00 BA Betriebsobjekte GmbH & Co Beta Vermietungs OG Vienna Austria 0.00 100.00 100.00 BA Betriebsobjekte Praha, spol.s.r.o. Prague Czech Republic 0.00 100.00 100.00 BA GVG-Holding GmbH Vienna Austria 100.00 0.00 100.00 BA Immo-Gewinnscheinfonds1 Vienna Austria 99.00 0.00 99.00 BA Private Equity GmbH Vienna Austria 100.00 0.00 100.00 BA-CA Finance II Limited George Town Cayman Islands 0.00 100.00 100.00 BA-CA Finance Limited George Town Cayman Islands 0.00 100.00 100.00 BA-CA Infrastructure Finance Advisory GmbH Vienna Austria 0.00 100.00 100.00 BA-CA Markets & Investment Beteiligung Ges.m.b.H. Vienna Austria 100.00 0.00 100.00 BA-CA Wien Mitte Holding GmbH Vienna Austria 100.00 0.00 100.00 Bank Austria Finanzservice GmbH Vienna Austria 100.00 0.00 100.00 Bank Austria Real Invest GmbH Vienna Austria 94.95 0.00 94.95 Bank Austria Real Invest Immobilien- Kapitalanlage GmbH Vienna Austria 0.00 94.95 94.95 Bank Austria Reals Invest Client Investment GmbH Vienna Austria 0.00 94.95 94.95 Bank Austria Wohnbaubank AG Vienna Austria 100.00 0.00 100.00 CABET-Holding AG Vienna Austria 100.00 0.00 100.00 CABO Beteiligungsgesellschaft m.b.H. Vienna Austria 0.00 100.00 100.00 Cafu Vermögensverwaltung GmbH & Co OG Vienna Austria 0.00 100.00 100.00 card complete Service Bank AG Vienna Austria 50.10 0.00 50.10 Cards & Systems EDV-Dienstleistungs GmbH Vienna Austria 52.00 3.50 55.50 CBD International Sp.z.o.o. Warsaw Poland 0.00 100.00 100.00 CEAKSCH Verwaltungs G.m.b.H. Vienna Austria 0.00 100.00 100.00 Centar Kaptol doo Zagreb Croatia 0.00 84.47 84.47 Center Heinrich-Collin Straße1 Verm. GmbH u Co KEG Vienna Austria 0.00 79.34 79.34 46.53 DC Elektronische Zahlungssysteme GmbH Vienna Austria 0.00 50.10 50.10 Christoph Reisegger Gesellschaft m.b.H. Vienna Austria 0.00 99.00 99.00 100.00 CJSC Bank Sibir Omsk Russian Federation 0.00 100.00 100.00 Closed Joint Stock Company UniCredit Securities Moscow Russian Federation 0.00 100.00 100.00 DBC Sp.z.o.o. Warsaw Poland 0.00 100.00 100.00 Diners Club CEE Holding AG Vienna Austria 99.80 0.00 99.80 Diners Club CS s.r.o. Bratislava Slovakia 0.00 99.80 99.80 Diners Club Polska Sp.z.o.o. Warsaw Poland 0.00 99.80 99.80 DiRana Liegenschaftsverwertungsgesellschaft m.b.H. Vienna Austria 0.00 100.00 100.00 Domus Clean Reinigungs GmbH Vienna Austria 100.00 0.00 100.00 Domus Facility Management GmbH Vienna Austria 100.00 0.00 100.00 EK Mittelstandsfinanzierungs AG Vienna Austria 98.00 0.00 98.00 Europe Real-Estate Investment Fund Budapest Hungary 0.00 100.00 100.00 Bank Austria · Annual Financial Statements 2011 87
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Bank Austria at a Glance Income sta
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Management Report Management Report
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Investor Relations UniCredit Bank A
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Annual Financial Statements 2011 of Bank Austria

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