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120 GLOSSARY HELD TO MATURITY Category of securities that are assigned to fixed assets under IFRS and held until they fall due. HYBRID CAPITAL Fully paid-in supplementary capital, subordinated capital, profit-sharing rights as well as a certain amount of core capital, such as, for example, capital contributions by dormant partners. In the case of banks, the capital of a subsidiary that meets certain criteria and, for capital adequacy purposes, may be counted as part of a banking group's core capital. IFRS International Financial Reporting Standards. Since May 2002, IFRS has been the overall term covering both the previous IAS as well as the newly issued IFRS. Together with the existing IAS and the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), these standards form a regulatory framework for international accounting. IMPAIRMENT TEST Systematic method for checking necessary unscheduled depreciation of assets/groups of assets. This method became known in connection with the amortisation of goodwill. The cash value of future cash flows of assets/groups of assets are checked regularly, or for a particular reason, to see if the value assigned to them is sustainable. If necessary these assets/ groups of assets are written down to the lower attributable value. INTEREST-RATE AND CURRENCY-MANAGEMENT INSTRUMENTS Derivative financial instruments that are used to actively manage interest-rate and currency risks (such as interest-rate swaps, currency swaps, Forward Rate Agreements, floors, swaptions, foreign exchange options, etc.). INTEREST-RATE OPTION The right to receive or pay a specified rate of interest at a specified time. INTEREST-RATE RISK Risk of a reduction in revenue or an increase in costs and a loss in value resulting from a change in interest rates. INTEREST-RATE SWAP Agreement between two contracting parties to exchange interest payments in the same currency over a specified period (without movement of funds). INTERNAL FINANCING Financing by binding a company's own funds and holding back distributable but undistributed profits. INTERNAL RATING Rating of a corporate by a bank claiming to a qualitatively comparable rating to the established rating agencies. INVESTMENT GRADE AAA (S&P, Fitch Ratings)/Aaa (Moody's) to BBB- (S&P, Fitch Ratings)/Baa3 (Moody's). The default risk is low in this range. INVESTMENT LOANS Medium- and long-term loans to finance tangible and intangible investments. JOINT LEAD MANAGER See lead manager. JOINT MANDATED LEAD ARRANGER See arranger. KfW Kreditanstalt für Wiederaufbau, Frankfurt. The fields of business of KfW, Germany’s subsidy bank, include investment finance, export and project finance, financial co-operation with developing countries as well as consulting and other services. By providing refinancing funds at favourable terms, KfW, as well as subsidising German business, also supports loans to medium-sized companies in other European countries, including Austria, via, amongst others, Investkredit.
KYOTO PROTOCOL Protocol to the Framework Convention on Climate Control (UNFCCC) that was agreed 1997 at the Third Conference of the Parties (COP 3). This agreement contains, above all, the obligation under international law on the countries listed in Annex B to the Protocol to reduce their emissions of greenhouse gases by an aggregate of at least 5.2% compared to the base year 1990/1995. LBO Leveraged Buy-out. Acquisition of a company by means of a new company specially set up for this purpose, using more than 50% external financing. LEAD MANAGER Financial institution that takes on the organisation of a financing or a transaction by a syndicate and coordinates the financing partners and/or investors. LIQUIDITY RISK This describes the danger of not being able to free funds tied up in an investment at any time of the investor's choosing. Special attention has to be paid to the liquidity risk in the case of funds invested in developing markets or shares with narrow markets. LOAN FINANCING External financing of a company by means of the issue of bonds, bank loans and/or trade finance. MACROHEDGE Securing a portfolio of financial instruments, as a rule, by several derivatives. MANAGEMENT BUY-IN (MBI) Acquisition of a company by external management with the support of a bank providing finance and usually one financial investor. MANAGEMENT BUY-OUT (MBO) Acquisition of a company by existing management, usually with the support of an investor. MANDATED LEAD ARRANGER See arranger. MARGIN Interest-rate spread. The premium on top of the “base rate” that is usually expressed in so-called “basis points” and covers the bank's standard risks, costs of own funds, liquidity and other costs. MARKET CAPITALISATION Corporate value expressed in terms of the prevailing aggregate value of outstanding shares. MARK-TO-MARKET VALUATION Valuation of financial instruments at current market prices regardless of acquisition costs and taking unrealised gains into account. MARKET RISK The danger of losses in value caused by unexpected changes in market prices (interest, share prices, exchange rates, prices of goods) before the affected positions can be closed out or hedged. MEDIUM TERM NOTES (MTN) Medium-term notes. GLOSSARY M&A (MERGERS & ACQUISITIONS) The business of buying, selling and merging companies – a synonym for advisory activities relating to the transfer of whole companies or shares in companies as well as parts of businesses and subsidiaries. MEZZANINE FINANCING Chiefly subordinated financing that takes functions similar to equity. Mezzanine capital occupies a position between equity and borrowing in the financing structure. MICROHEDGE Securing a financial instrument with a derivative. MID-CAP-SEGMENT In Germany this refers to medium-sized transaction volumes. 121
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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
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“AIG/Lincoln Polska - a Polish br
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ness: High-quality documentation of
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56 SEGMENT REPORTING / CORPORATES m
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LOCAL GOVERNMENT Structure The loca
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FACTORS OF INCREASED EARNINGS IN 20
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of the year, this was reinforced wi
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66 SEGMENT REPORTING / REAL ESTATE
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68 SEGMENT REPORTING / REAL ESTATE
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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 104 and 105: 100 NOTES / BALANCE SHEET (46) Subo
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 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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