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THE BANK FOR CORPORATES Notes 56 (43) DEFERRED TAX ASSETS AND LIABILITIES. Deferred tax assets and liabilities include taxes arising out of temporary differences between valuation according to IAS and amounts from the tax-based profit calculations of the Group enterprises. Deferred tax were related to the following items: Deferred tax assets Deferred tax liabilities in EUR m 31.12.2001 31.12.2000 31.12.2001 31.12.2000 Financial investments 19 6 21 8 Property and equipment 0 0 4 1 Leasing 0 0 0 0 Provisions for personnel expenses 4 4 0 0 Other provisions 0 0 0 0 Risk provisions 0 0 0 0 Trading portfolio 0 0 0 0 Other items 0 0 0 1 Tax losses carried forward 7 2 0 0 Aggregate 30 12 25 10 Net 5 2 No deferred tax items were formed for temporary differences in relation with investments of EUR 51.1 m in subsidiaries, since the requirements under IAS 12.39 were satisfied. (44) OTHER LIABILITIES. in EUR m 31.12.2001 31.12.2000 Trading liabilities 78 52 Deferred items 44 41 Leasing liabilities 0 0 Other liabilities 389 226 Dividend paid by Investkredit Bank <strong>AG</strong> 6 6 Aggregate 517 324 The negative fair values from derivative financial instruments in the trading portfolio are presented under trading liabilities. The deferred liabilities chiefly contain premiums from long-term loans and bonds as well as deferred items related to interest support for the TOP schemes. Other liabilities include EUR 9.5 m of tax debts (2000: EUR 10.4 m), most of which are deferrals arising out of a tax inspection. (45) SUBORDINATED CAPITAL. in EUR m 31.12.2001 31.12.2000 31.12.2001 thereof listed 31.12.2000 Profit participation rights capital 0 0 0 0 Supplementary capital 100 49 88 37 Other subordinated liabilities 191 148 190 148 Aggregate 291 197 278 185 The most important subordinated liabilities are: Nominal in EUR Interest Currency in m m rate Issuer/type EUR 45.0 45.0 7.000 % Investkredit-supplementary capital bond 2001 ATS 400.0 31.4 8.250 % Investkredit bond issue 1995-2005 ATS 300.0 23.2 6.500 % Investkredit bond issue 1997-2012 USD 20.0 23.2 5.250 % Subordinated Collared Floating Rate Notes 1994-2004 ATS 300.0 22.8 7.500 % Investkredit bond issue 1993-2005
Expenses related to all subordinated liabilities in the financial year amounted to EUR 14.7 m (2000: EUR 11.9 m). Claims of creditors to the repayment of these liabilities are subordinated in relation with other creditors and, in the event of bankruptcy or liquidation, may be paid back only after all non-subordinated creditors have been satisfied. (46) EQUITY. The share capital of EUR 46,000,110.00 is divided into 6,330,000 non par value shares. In the financial year, a share split-up of 1:10 was carried out. The shares are issued to bearer. With the approval of the Supervisory Board, the Board of Management is empowered to increase the share capital up to 23 May 2006 by issuing a maximum of 42,280 new non par value shares issued to bearer, in one or more operations and by at most EUR 3,072,487.60. During the financial year, Investkredit traded in its own shares for market-making reasons. As at 31 December 2001, Investkredit held 1,843 of its own shares in the carrying amount of EUR 0.1 m. Due to the minor significance, they were not deducted from equity but presented under Financial investments. The maximum number of own shares held in the financial year was 301,350. The consolidated own funds to be taken into account according to the Austrian Banking Act (§ 24) amounted to EUR 550.8 m as at 31 December 2001. The consolidated assessment basis (according to the banking book and the trading book) was EUR 5,281.2 m. This leads to a consolidated solvency ratio of 10.4% as compared with 9.9% in 2000. The consolidated Tier 1 capital ratio amounted to 6.8% as compared with 6.4%. The composition and development of the Investkredit Group’s own funds calculated according to the Austrian Banking Act are as follows: Assessment basis pursuant to § 22 (2) Banking Trading Total Pro- Compared Austrian Banking Act (in EUR m) book book 2001 portion to 2000 Risk-weighted assets Risk- and counterpart-weighted 4,305 4,305 84.2 % 3,402 off-balance-sheet transactions 589 589 11.5 % 471 Special off-balance-sheet transactions 219 219 4.3 % 175 Assessment basis, aggregate 5,112 5,112 100.0 % 4,048 Own funds requirement, Banking book1) 409 409 74.2 % 324 Own funds requirement, Trading book2) 14 14 2.5 % 18 Own funds requirement, Currency risk2) 1 1 0.1 % 0 Total = Required own funds 409 14 423 76.8 % 3) 342 Actual own funds Core capital 358 358 272 Supplementary capital Carrying amount of investments 212 212 163 (holdings of more than 10 %) -34 -34 -31 Own funds to be taken into account (Tier 1 and Tier 2) 537 0 537 404 Tier 3 14 14 18 Total own funds 537 14 551 100.0 % 421 Free own funds 128 23.2 % 79 1) 8 % of the assessment basis 2) According to capital adequacy regulations, standard procedure 3) Share in own funds Notes THE BANK FOR CORPORATES 57
Page 1 and 2:
THE BANK FOR CORPORATES. Annual Rep
Page 3 and 4:
CONTENTS. Investkredit at a glance.
Page 5 and 6:
INCOME DEVELOPMENT OF THE INVESTKRE
Page 7 and 8: LETTER FROM THE BOARD OF MANAGEMENT
Page 9 and 10: Letter from the Board of Management
Page 11 and 12: Board of Management. ALFRED REITER
Page 13 and 14: INVESTKREDIT SHARES. Investkredit s
Page 15 and 16: MANAGEMENT DISCUSSION. The members
Page 17 and 18: Management style allows for quick d
Page 19 and 20: Increase in business volume and ear
Page 21 and 22: Significantly improved capital rati
Page 23 and 24: Ensuring liquidity for corporate cu
Page 25 and 26: A euro financial market is emerging
Page 27 and 28: Deal structuring in the context of
Page 29 and 30: Competent consulting on aid-related
Page 31 and 32: Assistance in the acquisition and d
Page 33 and 34: Issuing focus on strengthening equi
Page 35 and 36: 60% of Austrian local authorities a
Page 37 and 38: Benefiting from advantages of Centr
Page 39 and 40: FINANCIAL STATEMENTS OF THE INVESTK
Page 41 and 42: STATEMENT OF CHANGES IN EQUITY. For
Page 43 and 44: Notes to the financial statements o
Page 45 and 46: (5) LOANS AND ADVANCES. Loans and a
Page 47 and 48: a fluctuation rate of 0% and assume
Page 49 and 50: (23) GENERAL ADMINISTRATIVE EXPENSE
Page 51 and 52: (32) RISK PROVISIONS. Risk provisio
Page 53 and 54: BWG- Investment Extent of investmen
Page 55 and 56: (36) PROPERTY AND EQUIPMENT. in EUR
Page 57: (42) PROVISIONS. in EUR m 31.12.200
Page 61 and 62: Local go- Real Disclosure in EUR m
Page 63 and 64: (51) SUBORDINATED ASSETS. The asset
Page 65 and 66: (58) FAIR VALUE BALANCE SHEET. Fair
Page 67 and 68: (65) INFORMATION ON EMOLUMENTS OF A
Page 69 and 70: Equity capital. Equity held by outs
Page 71 and 72: REPORT OF THE SUPERVISORY BOARD. In
Page 73 and 74: Cost-income ratio. Index of the cos
Page 75 and 76: Own funds to be taken into account.
Page 77 and 78: INVESTOR RELATIONS. Margot Binder P
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