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100 NOTES / BALANCE SHEET (46) Subordinated capital of which listed in EUR m 31.12.2004 31.12.2003 31.12.2004 31.12.2003 Profit participation rights capital 0 0 0 0 Supplementary capital 202 153 109 102 Other subordinated liabilities 343 250 185 187 Aggregate 545 402 294 290 Expenses related to subordinated liabilities in the financial year amounted to EUR 28.2 m (2003: EUR 22.7 m). Claims of creditors to the repayment of these liabilities are subordinated in relation to other creditors and, in the event of bankruptcy or liquidation, may be paid back only after all non-subordinated creditors have been satisfied. The most significant subordinated liabilities are: Face value in Interest Currency in m EUR m rate Issuer/type EUR 80 80.1 5.000% Kommunalkredit Tier Deposit 2004 – 2034 JPY 7,000 50.8 4.130% Financing by American Family Life Assurance Company of Columbus (AFLAC) EUR 50 50.0 3.892% Investkredit supplementary capital bond 2002 JPY 5,000 36.3 5.000% Kommunalkredit supplementary capital bond 2002 – 2032 JPY 5,000 36.2 3.850% Kommunalkredit supplementary capital bond 2004 – 2034 EUR 30 31.7 7.000% Investkredit supplementary capital bond 2001 ATS 300 23.2 6.500% Investkredit bond issue 1997 – 2012 ATS 300 22.8 7.500% Investkredit bond issue 1993 – 2005 ATS 200 15.7 8.250% Investkredit bond issue 1995 – 2005 (47) Equity and minority interests The authorised capital of EUR 46,000,110.00 is divided into 6,330,000 bearer shares. The Board of Management is empowered until 23 May 2006, with the approval of the Supervisory Board, to increase the authorised capital by a maximum of EUR 3,052,140.00 in one or several stages by the issue of up to 420,000 new bearer shares. Investkredit traded in its own shares during the financial year to smooth out movements in the share price. As at 31 December 2004 Investkredit’s portfolio held 8,133 of its own shares with a book value of EUR 0.9 m. Due to the insignificance of the figure, this was not shown as a reduction in equity but under financial assets. The maximum number of the company's own shares held by Investkredit during the financial year was 131,767. Minority interests are in the hands of the following partners: in EUR m 31.12.2004 31.12.2003 Dexia Crédit Local S.A., Paris 104 67 Holders of the hybrid tier 1 capital issue, Jersey 50 50 European Bank for Reconstruction and Development (EBRD), London 52 49 Other minority interests 61 40 Aggregate 267 206 Investkredit Bank AG is also the parent company of the banking group as defined in the Austrian Banking Act. Forty-three real estate companies that are consolidated under IFRS are not included in the Group under the Austrian Banking Act, whereas eight financial institutions that are not consolidated under IFRS (owing to their relative
NOTES / BALANCE SHEET insignificance) are included. A breakdown of and the changes in the Investkredit Group's own funds as determined under the Austrian Banking Act are given below: Assessment basis pursuant to § 22 (2) Banking Trading Total Proportion Compared Austrian Banking Act (in EUR m) book book 2004 to 2003 Risk-weighted assets Risk and counterpart-weighted 7,028 7,028 83.2% 5,660 off-balance-sheet transactions 911 911 10.8% 628 Special off-balance-sheet transactions 150 150 1.8% 165 Trading book 355 355 4.2% 302 Assessment basis, aggregate 8,089 355 8,444 100.0% 6,755 Own funds requirement, banking book 1) 647 647 71.6% 516 Own funds requirement, trading book 2) 28 28 3.1% 24 Own funds requirement, currency risk 2) 0 0 0.0% 0 Total = Required own funds 647 28 676 77.2% 3) 540 Actual own funds Paid up capital 46 46 46 Reserves 273 273 268 Minority interests in subsidiaries 155 155 119 Innovative instruments 102 102 102 Core capital (tier 1) 576 576 535 Supplementary own funds Carrying amount of investments 331 331 274 (holdings of more than 10%) -31 -31 -31 Own funds (tier 1 and tier 2) 876 0 876 778 Tier 3 28 28 22 Aggregate own funds 876 28 904 100.0% 799 Free own funds 228 25.2% 259 1) 8% of the assessment basis 2) Standard procedure according to capital adequacy requirements 3) Share in own funds This gives a consolidated own fund ratio (ratio of own funds to the assessment basis) of 10.7% compared to 11.8% in 2003. The consolidated core capital ratio is 6.8% compared to 7.9% in the previous year. Investkredit is preparing for the New Basel Capital Accord (“Basel II”). The aim in future is for the level of equity required to back credit risk to be based on an internal rating approach. For this, it is necessary to categorise loans > under portfolio categories > under external and internal ratings – as they have been since 1999 > under probability of default (PD) and > under loss given default (LGD) In future, equity will also have to be available to cover operational risk. Overall, the requirement for own funds at Investkredit should be about the same as it is today. 101
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120 110 100 90 80 70 60 50 40 30 20
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THE INVESTKREDIT GROUP The speciali
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04 CORPORATES LOCAL GOVERNMENT REAL
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STRATEGY AND SUCCESS FACTORS The di
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The main factors for business succe
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PERFORMANCE / LETTER FROM THE BOARD
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PERFORMANCE / LETTER FROM THE BOARD
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16 PERFORMANCE / INVESTKREDIT SHARE
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MANAGEMENT REPORT 2004 MARKET ENVIR
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DEVELOPMENT OF EARNINGS AND OF THE
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Investments in real estate and mode
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100% 90% 80% 70% 60% 50% 40% 30% 20
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members of supervisory boards not h
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Social responsibility and sustainab
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32 MANAGEMENT REPORT / CORPORATE CO
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includes four office buildings in P
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consolidation were below expectatio
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40 SEGMENT REPORTING / CORPORATES C
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“Together with financial investor
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vious year) was also noticeably and
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48 SEGMENT REPORTING / CORPORATES t
Page 55 and 56: “AIG/Lincoln Polska - a Polish br
Page 57: ness: High-quality documentation of
Page 60 and 61: 56 SEGMENT REPORTING / CORPORATES m
Page 63 and 64: LOCAL GOVERNMENT Structure The loca
Page 65 and 66: FACTORS OF INCREASED EARNINGS IN 20
Page 67: of the year, this was reinforced wi
Page 70 and 71: 66 SEGMENT REPORTING / REAL ESTATE
Page 76 and 77: 72 FINANCIAL STATEMENTS OF THE INVE
Page 78 and 79: 74 STATEMENT OF CHANGES IN EQUITY S
Page 80 and 81: 76 NOTES / ACCOUNTING AND VALUATION
Page 86 and 87: 82 NOTES / INCOME STATEMENT Notes t
Page 88 and 89: 84 NOTES / INCOME STATEMENT Segment
Page 90 and 91: 86 NOTES / INCOME STATEMENT (19) Ne
Page 92 and 93: 88 NOTES / INCOME STATEMENT (25) Ba
Page 94 and 95: 90 NOTES / BALANCE SHEET Notes to t
Page 96 and 97: 92 NOTES / BALANCE SHEET (35) Finan
Page 98 and 99: 94 NOTES / BALANCE SHEET Name and r
Page 100 and 101: 96 NOTES / BALANCE SHEET of EUR 6 m
Page 102 and 103: 98 NOTES / BALANCE SHEET (43) Provi
Page 106 and 107: 102 NOTES / OTHER DETAILS AND RISK
Page 118 and 119: 114 REPORT OF THE SUPERVISORY BOARD
Page 120 and 121: 116 GLOSSARY OF TECHNICAL TERMS ABS
Page 122 and 123: 118 GLOSSARY atives, sometimes a su
Page 124 and 125: 120 GLOSSARY HELD TO MATURITY Categ
Page 126 and 127: 122 GLOSSARY MITTELSTANDSBONDS Mitt
Page 128 and 129: 124 GLOSSARY SEGMENT REPORTING Term
Page 130 and 131: 126 CORPORATE COMMUNICATIONS SERVIC
Page 132 and 133: AUSTRIA • Frankfurt Investkredit
Page 134 and 135: www.investkredit.at www.investmezza
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