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28 MANAGEMENT REPORT / RESPONSIBILITY long-term with an average period of employment of more than six years are evidence of its attraction as an employer. It is a fundamental concern of Investkredit that its employees are able to release their individual development potential in implementing innovative services. The personal and RESPECTFUL respectful support given to COLLABORATION customers by the Group’s relationship managers and specialists is very important. The quality of the range of services is also a function of the close co-operation between the Investkredit Group in Vienna and its European branch offices. Management culture with short lines of decision The niche strategy with specialist solutions for a European core market confronts management with new challenges time and again. In September 2004, Investkredit ran a twoday seminar with external consultants for more than 40 managers on the subject of “Specialisation’s Strength – How Quality Management leads to Strong Profits”. The Bank executives’ principles of conduct include dealing transparently with management information. Quick decision making processes in changing markets lies at the heart of the Investkredit Group’s management culture. QUALITY AND TRANS- PARENCY – TWO CORNER- STONES OF MANAGEMENT An extensive management information system provides the basis for fine-tuning and ongoing decisions. The expanded management team meets monthly to discuss operational developments in the various business areas. At the monthly “Bank Steering Meeting” those in charge of the operating fields of business decide on asset and liability management and risk management issues. The Asset Liability Committee (ALCO) is the central element in the risk management process at Kommunalkredit. At the regular ALCO meetings, the Board of Management is informed about the Bank’s overall risk situation; all significant general requirements relevant to risk are defined; and limits are allocated and monitored. The Asset Liability Committee is responsible for optimising the overall risk positions in respect of market assessment, and agreeing on risk exposure in response to the Bank’s ability to bear risk. ALCO’s management aim is to optimise the economic value of equity and net interest income. Staff development as a factor in competitiveness Integrating the new branch offices into the banking group’s organisational culture presents an intercultural challenge. The aim of staff development is for the quality standards and processes to be respected regardless of location. The regular inhouse “International Day” in Vienna provides an opportunity for exchange on technical and organisational cultural issues. The main focus of training in the year under review was on advanced technical aspects of financing and risk management. External experts also assist with the Bank's internal programme. Overriding everything, the issue of “knowledge management” is seen as crucial. In the year under review, internal seminars supported by external systemic management consultants were held to strengthen the collaboration between departments. Generous amounts were included in the budgets for developing technical and personalityoriented qualifications in the year under review: The Investkredit Group spent around EUR 1.0 m on internal and external seminars and workshops. This is equivalent to an average amount of EUR 2,100 per employee. Experts from all of the Investkredit Group’s fields of business also speak at technical events, seminars and conferences at home and abroad. A number of employees also worked as lecturers on financial topics at universities and technical colleges.
Social responsibility and sustainability Business success in tune with social responsibility Sustainability means connecting Investkredit’s business aims with the demands of society. It also means dealing in a responsible manner with the environment. For banks, environmental awareness involves being sparing in the use and disposal of the resources involved in their operations. This self-image is an integral part of local, regional and global business activities. Sustainability is therefore to be seen as a long-term SUSTAINABILITY – strategy with the aim of creat- PART OF INVESTKREDIT’S ing value in an optimal man- SELF-IMAGE ner. For Investkredit as a specialist bank for long-term financing, sustainable business has always formed a substantial part of its identity and its business activity. Long-term orientation means actively facing up to the risks and opportunities for customers in a rapidly changing environment. Sustainability finds its expression in the strategic direction of the Group’s business activities and its financial success in recent years. Management and the entire staff support this attitude and their personal commitment creates additional potential for realising sustainable value added. In concrete terms this attitude means that, in making its business decisions, Investkredit also looks at how its customers and partners view sustainability. Moreover, Investkredit has traditionally always been committed to issues relating to saving the environment and resources. One example of this is Kommunalkredit’s long-term work as manager of Austria’s environmental support schemes. Investkredit’s commitment to the implementation of the Kyoto Protocol on CO2 reduction also conforms to this self-image. Promoting alternative sources of energy, such as wind power projects, plays an important role in financing. In fixing country limits, the Bank pays attention to respect for human rights. MANAGEMENT REPORT / RESPONSIBILITY Corporate Social Responsibility – the Investkredit Group as a dedicated member of society In the year under review, the Investkredit Group spent in total around EUR 0.5 m for social sponsoring. In so doing, it supported more than 100 projects and activities in the social field. In terms of a responsible corporate philosophy, the specialist banking group is aware of its duties towards society. It does not see this as an obligation but part of its basic attitude. > The main responsibility is to stakeholders (such as owners, business partners, financial market partners, customers, authorities and employees) and is lived in a respectful manner. > Responsibility also implies giving respect to those people who feel pushed to the edge of our society. Investkredit’s social sponsoring concept has two aims in mind: > supporting projects that are initiated by social institutions but of which the public is not yet sufficiently aware and > promoting the aims of organisations in urgent and current need of every additional support. Investkredit is also concerned not just to put partnerships between business and non-profit making organisations on a sound financial footing but, above all, to promote them by jointly developing and implementing ideas. In concrete terms, Investkredit’s social commitment extended in the year under review from the support of healthcare and welfare establishments in Austria INVESTKREDIT’S COMMITMENT TO (such as projects like the SOCIAL RESPONSIBILITY “Möwe” Children’s Refuge, the “Gruft” Centre for the Homeless, the Caritas “Am Himmel” Children’s Home, the Austrian Autistic Charity, the “Haus der Künstler”, a 29
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80 NOTES / ACCOUNTING AND VALUATION
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96 NOTES / BALANCE SHEET of EUR 6 m
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98 NOTES / BALANCE SHEET (43) Provi
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100 NOTES / BALANCE SHEET (46) Subo
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102 NOTES / OTHER DETAILS AND RISK
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114 REPORT OF THE SUPERVISORY BOARD
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116 GLOSSARY OF TECHNICAL TERMS ABS
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118 GLOSSARY atives, sometimes a su
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120 GLOSSARY HELD TO MATURITY Categ
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122 GLOSSARY MITTELSTANDSBONDS Mitt
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124 GLOSSARY SEGMENT REPORTING Term
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126 CORPORATE COMMUNICATIONS SERVIC
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AUSTRIA • Frankfurt Investkredit
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www.investkredit.at www.investmezza
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