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124 GLOSSARY SEGMENT REPORTING Term used in IFRS accounting. Disclosure of a company's assets and income classified by operational divisions (fields of business) and geographical characteristics (regions). SENIOR LOAN Bank liability (in the form of senior debt) that has to be serviced before junior debt, mezzanine capital and risk capital. SENIOR SECURED CREDIT FACILITIES Senior secured external financing transactions. SPREAD Interest premium, margin measured in basis points. STANDARD RISK COSTS Costs covering the expected losses from claims. Based on historical experience, they cover the loss from loan defaults to be expected within a year. Along with capital adequacy costs, they are a fixed component in calculating the margins on loans. STRUCTURED FINANCING The co-ordinated use of loan financing (combined with funding programmes and interest-rate and currency-management instruments), equity and mezzanine or securitised financing instruments. Optimisation of financing conditions from a tax and company law aspect. SUBORDINATED CAPITAL According to the Austrian Banking Act, this forms part of supplementary own funds (tier 2), economically situated between equity and external capital. In the event of loss, it ranks above equity. In order to be recognised under the Austrian Banking Act, it has to fulfil certain criteria relating to maturity and conditions. SUPPLEMENTARY CAPITAL According to the Austrian Banking Act, this forms part of supplementary own funds (tier 2), more similar to own funds than subordinated capital. In the event of loss, it is liable after equity. In order to be recognised under the Austrian Banking Act, it has to fulfil certain criteria relating to maturity and conditions; in particular, it may only be repaid after deduction of all net losses incurred before it matures. SWAP Exchange of payment flows. SYNDICATION A form of financing, above all for major international loans. The financing is undertaken by a syndicate of banks rather than a single bank. SYNDICATED LOAN Loan that is granted in portions shared by several banks. TIER 1 See core capital. TIER 2 Supplementary own funds. See own funds. TIER 3 Third-ranking funds for banks – liable short-term subordinated capital; only to be used to fulfil the capital adequacy requirements of the securities trading book and foreign currency exposure. TRADING BOOK Items of a bank’s proprietary trading in financial instruments that it holds for the purpose of resale or has taken over to make short-term use of existing or expected differences between purchase and selling prices or fluctuations in prices and interest rates. Items outside the trading book are reported in the banking book. TRADING RESULT Balance of earnings and expenses from a bank’s proprietary trading in securities, financial instruments (especially derivatives), foreign exchange and precious metals that are valued at prices (mark-to-market valuation). This item also includes that part of current interest, dividends and refinancing components that is to be attributed to trading activities.
UNDERWRITING The obligation on a lender or arranger to make a specific portion of a financing transaction available, regardless of whether or not it succeeds in placing a part of that portion with other lenders. VALUE-AT-RISK CONCEPT A term used by banks in credit risk management. Procedure for calculating potential losses arising from changes in market prices. Value at risk states the loss that will not be exceeded under normal market conditions on the assumption of previously determined probability (confidence level) within a defined liquidity period (for example, one day). VOLATILITY Indicator of the change in interest rates or prices over time, in mathematical terms the annualised standard deviation in interest rates and prices. GLOSSARY Further technical terms in German can be found in the glossary database at www.investkredit.at and in “Invest- Glossar”, Second Edition, published by MANZ, Vienna 2004. 125
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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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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 124 and 125: 120 GLOSSARY HELD TO MATURITY Categ
Page 126 and 127: 122 GLOSSARY MITTELSTANDSBONDS Mitt
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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