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Annual Report 2019 Starting on Page 159 Annual Report 2019 2 Welcome to the world of BKS Bank The digital transformation and globalisation are swiftly changing our world and creating enormous challenges – not only for our customers, but also for us. As a bank that cares about people and has strong regional roots, our principal aim is to ensure that our customers feel safe and secure. We welcome them to our bank warm-heartedly and work hard to earn their trust. For this reason, we only do what we are actually good at. And always strive to be better. We achieve this by understanding what people need and treating them as valuable and respected customers. Personal relation- ships are very important to us and help us offer not only excellent advice, services and products, but also create networks that foster common values as a way to better master future challenges. Only strong customer relationships and our regional roots give us the assurance and the possibility to contribute meaningfully to our local com- munities. In everything we do, we are always aware of our responsibility for society and the environment. 3 Table of Contents Table of Contents BKS BANK AT A GLANCE 6 PREFACE BY THE CHAIRWOMAN OF THE MANAGEMENT BOARD 7 CORPORATE GOVERNANCE REPORT 12 Corporate Governance at BKS Bank 14 Management and Supervisory Board 16 Remuneration Report 29 Diversity Concept and Measures to Promote Women 33 Compliance Management System 35 Independent Assessment of the Functionality of Risk Management 37 Accounting and Disclosure 38 Report of the Chairman of the Supervisory Board 39 INVESTOR RELATIONS 43 BKS Bank’s Shares 44 CORPORATE STRATEGY 51 About Us 52 Mission Statement 53 Our Achievements 54 Our Strategy 56 GROUP MANAGEMENT REPORT 63 Economic Environment 64 Management and Organisational Structure 66 Shareholders of BKS Bank AG 69 Markets of BKS Bank 72 Consolidated Companies and Equity Interests 76 Assets, Equity and Liabilities 80 Result of Operations 84 Segment Report 90 Consolidated Own Funds 100 Risk Management 102 Sustainability and Non-fnancial Performance Indicators 104 Outlook 112 4 Table of Contents CONSOLIDATED FINANCIAL STATEMENTS PURSUANT TO IFRS 115 Table of Contents - Notes 116 Consolidated Statement of Comprehensive Income for the Financial Year 2019 118 Consolidated Balance Sheet as at 31 December 2019 121 Consolidated Statement of Changes in Equity 122 Consolidated Statement of Cash Flows 123 Notes to the Consolidated Financial Statements of BKS Bank 124 Company’s Boards and Officers 190 Closing Remarks of the Management Board 191 Profit Distribution Proposal 192 Auditor’s Report 193 ADDITIONAL INFORMATION 199 Shareholder Structure of the 3 Banken Group 200 History of Our Company 201 Glossary 202 List of Abbreviation 207 Forward-looking Statements 210 Publication Details 210 Minimal deviations of the values in the tables and charts are due to rounding differences. This Annual Report is an unaudited translation from German into English. In the event of any discrepancies, the German version shall prevail. 5 BKS Bank at a Glance Three-year performance comparison INCOME STATEMENT in €m 2017 2018 2019 Net interest income 120.7 129.7 135.8 Impairment charges -26.7 -18.3 -18.6 Net fee and commission income 49.9 55.5 58.2 General administrative expenses -107.8 -114.6 -121.0 Profit for the year before tax 7 7.2 87.0 103.1 Profit for the year after tax 68.0 7 7.4 92.9 BALANCE SHEET in €m Total assets 7,579.5 8,434.9 8,857.6 Receivables from customers after impairment charges 5,313.2 5,918.0 6,288.1 Primary deposits 5,669.1 6,218.2 6,668.3 • thereof savings deposits 1,475.1 1,429.4 1,413.5 • thereof liabilities evidenced by paper incl. subordinated debt capital 712.6 750.7 854.4 Equity 1,046.5 1,210.7 1,301.5 Customer funds under management 14,150.7 14,518.4 18,548.0 • thereof on custody accounts 8,481.6 8,300.2 11,879.7 OWN FUNDS PURSUANT TO CRR in €m Total risk exposure amount 5,016.7 5,283.1 5,449.6 Own funds 701.6 779.2 881.4 • thereof common equity tier 1 (CET1) capital 614.5 593.7 629.6 • thereof total tier 1 capital (CET1 and AT1) 627.8 645.2 690.8 Tier 1 capital ratio (in %) 12.5 12.2 12.7 Total capital ratio (in %) 14.0 14.8 16.2 PERFORMANCE RATIOS Return on equity after tax 6.8 6.8 7.4 Return on assets after tax 0.9 1.0 1.1 Cost/income ratio (cost/income coefficient) 51.9 50.3 50.7 Risk/earnings ratio (credit risk/net interest income) 16.7 10.5 10.2 Non-performing loan ratio (NPL ratio) 3.5 3.31) 2.4 Net stable funding ratio (NSFR) 105.0 110.2 112.4 Liquidity coverage ratio (LCR) 145.2 137. 7 151.8 Leverage ratio 8.0 7.5 7.8 RESOURCES Average number of staff 928 932 962 Number of branches 63 63 63 THE BKS BANK’S SHARE Number of no-par ordinary shares (ISIN AT0000624705) 37,839,600 41,142,900 41,142,900 Number of no-par preference shares (ISIN AT0000624739) 1,800,000 1,800,000 1,800,000 High (ordinary/preference share) in € 18,5/17,8 19,8/18,2 17,2/ 17,0 Low (ordinary/preference share) in € 16.8/15.4 16.5/16.9 15.0/13.4 Close (ordinary/preference share) in € 17.8/ 17. 7 16.8/17.0 16.0/14.3 Market capitalization in €m as at 31 Dec. 705.3 721.8 684.0 Dividend per share in € 0.23 0.23 0.252) Price/earnings ratio, ordinary/preference share 10.4/10.3 9.2/9.3 7.4/6.7 1) The calculation method of the NPL ratio was changed effective as of 30 June 2019 to the risk dashboard calculation method of the European Banking Authority (EBA). The value as of 31 December 2018 was adjusted. 2) Proposal made to the 81st Annual General Meeting of BKS Bank AG on 6 May 2020 6 Preface by the Chairwoman of the Management Board 7 Preface by the Chairwoman of the Management Board Preface by the Chairwoman of the Management Board Dear Readers, In this Annual Report, we look back at a highly memorable year with numerous highlights to celebrate. Apart from the very positive development of business at BKS Bank, we were especially pleased about the State Award for Business Excellence 2019. We are the first bank in Austria to receive this honour. At the same time, the jury of Quality Austria conferred BKS Bank the status of “Global Role Model for Sustainability”. We were also very pleased about the distinction “Most Sustainable Bank” awarded by the magazine “Der Börsianer” and winning several national tests conducted by Österreichische Gesellschaft für Verbraucherstudien (Austrian Society for Consumer Studies). At the end of the year 2019, our customers gave us an excellent rating in a survey of customer satisfaction. On a scale of one to five, with one being the best grade, we achieved a very good overall satisfaction rating of 1.5. Our customers feel well served at our bank and assess our advisory services as excellent. We believe the high quality of advisory services provided by our staff is an important unique selling point. Customer surveys have shown quite clearly that the expert competence of our staff is a key asset and highly appreciated by our customers. Record earnings We are very pleased that this appreciation has also translated into a solid economic development for our bank. Consolidated net profit after tax for the year came to EUR 92.9 million (+20.0%), breaking a new record. Total assets rose by EUR 422.7 million to EUR 8.9 billion. The lending business also developed very positively. The volume of new lending was EUR 1.8 billion and the total lending volume was EUR 6.4 billion, showing that the anticipated economic slowdown did not discourage corporate spending to any relevant extent. Despite persistently low interest rates, the volume of primary deposits remained high and were EUR 6.7 billion (+7.2%) at the end of the year. We are especially pleased about the increase in customers, which went up to around 191,200 (16.4%). Most new customers came from the successful takeover of ALTA Invest, investicijske storitve d.d., a move that made us the largest investment services provider in Slovenia. Digital innovation We view our economic success as confirmation of our strategy: digitalisation and personal advisory services at our branches are the most promising channels for achieving success. The year 2019 can rightfully be referred to as the year of digital transformation. We launched a number of new digital products and solutions on the market, including a new BKS home loan product and digital onboarding. The basis of our digital world is an easy-to-use web interface. This platform makes it possible for us to communicate with our customers digitally and work together with them. MyNet and BizzNet now have a new authentication procedure with the BKS security app and many new functionalities such as the option to individually define overdraft limits. A unique digital solution for corporate and business banking customers, “Guarantee online” was also launched on the market. However, we have not yet reached the end of our digital journey and are preparing more innovations for 2020. 8 Preface by the Chairwoman of the Management Board Preface by the Chairwoman of the Management Board Sustainability The concepts of “sustainability” and “responsibility” are inseparably linked to the reputation of our bank today.
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