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Amended Annual Report Hypo Alpe-Adria-Group Hypo Alpe

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Amended Annual Report Hypo Alpe-Adria-Group Hypo Alpe 2004AMENDED ANNUAL REPORT HYPO ALPE-ADRIA-GROUP HYPO ALPE-ADRIA-BANK INTERNATIONAL AG AMENDED ANNUAL 2004 HYPO ALPE-ADRIA-GROUP HYPO ALPE-ADRIA-BANK INTERNATIONAL AG AMENDED ANNUAL 2004 HYPO ALPE-ADRIA-GROUP ALPE-ADRIA-BANK INTERNATIONAL 2004AMENDED ANNUAL REPORT 2004 HYPO ALPE-ADRIA-GROUP HYPO ALPE-ADRIA-BANK INTERNATIONAL AG Contents Letter from the Chairman of the Executive Board 2 Hypo Alpe-Adria-Group 5 Hypo Alpe-Adria-Bank International AG 33 Locations and addresses 58 LETTER FROM THE CHAIRMAN OF THE EXECUTIVE BOARD Dear customers, business associates, For an international financial institution which is a The newly prepared balance sheet for Hypo staff and shareholders, very successful issuer in the financial markets Alpe-Adria Group for 2004 now shows total and recently placed a EUR 500 million bond with assets of EUR 17.828 billion, an operating profit You have before you the amended and newly institutional investors, duly audited financial of EUR 268 million and a loss from ordinary audited annual financial statements of Hypo statements are an absolutely fundamental activities of EUR 99 million attributable to the Alpe-Adria Group and Hypo Alpe-Adria-Bank requirement for doing business. In preparing one-time effect of the negative swap values. International AG for financial 2004. Their amended financial statements we were therefore preparation became necessary because in under enormous time pressure – together with March 2006 the auditors appointed for financial our auditors – we have now completed this 2005, CONFIDA Revisionsgesellschaft m.b.H., immensely challenging task in a bare six weeks. Klagenfurt, and Deloitte Wirtschaftsprüfungs In the interests of a swift and mutually acceptable GmbH, Vienna, were unable to accept the solution and above all for the well-being of our accounting treatment of certain commercial Bank, we were compelled by lack of time to transactions by Hypo Alpe-Adria-Bank Inter- accept the point of view of the Austrian Financial national AG. The auditors for 2004, CONFIDA Market Authority and obliged to adopt the worst Wirtschaftstreuhandgesellschaft m.b.H., Vienna, possible accounting treatment from the Bank’s and Deloitte Wirtschaftsprüfungs GmbH, Vienna, point of view, which resulted in an accounting (as legal successor to DELOITTE TOUCHE loss. And this, despite the fact that both our TOHMATSU WirtschaftsprüfungsgmbH, Vienna), auditors had confirmed that it would have been therefore revoked their original Audit opinions of equally possible to opt for an accounting 14 March 2005 and 29 March 2005 for financial treatment that would have resulted in a profit from 2004. ordinary activities (POA) of EUR 68 million. 2 AMENDED ANNUAL REPORT 2004 With this one-time correction we have taken into We are well placed to meet the challenges of the account all the losses in the accounts for 2004, future – we are doing business in a region we and there is no possibility of further charges in know extremely well, and which has helped us to coming years. become international through our own efforts. Our success has to a great extent been based on Our present position is clear: on the basis of our the trust and loyalty of our staff, our customers past successes and our considerable financial and our business associates. I should like to offer strength we have had no problem in bringing this my thanks to all those who have given us the difficult situation under control. Financial 2006 is strength and the backing to enable us deal progressing splendidly and we are expecting positively with a difficult situation and to emerge profits for the year of some EUR 270 million. This from it unscathed. With your support, we shall means that the one-time loss will have been give even more convincing demonstrations of our compensated for by even higher profits. In strengths and do everything in our power to addition, our internal control system is being continue on our chosen path independently. comprehensively reinforced to ensure that nothing similar can ever happen again. Yours Wolfgang Kulterer Chairman of the Executive Board of Hypo Alpe-Adria Group AMENDED ANNUAL REPORT 2004 3 HYPO ALPE-ADRIA-GROUP Contents Amended group management report 2004 6 Amended consolidated balance sheet 10 Amended consolidated income statement 13 Notes to the amended consolidated financial statements 14 Amended consolidated group 26 Management bodies 27 Consolidated fixed assets movement schedule 28 Organisation chart 30 Auditors’ report and opinion 31 AMENDED ANNUAL REPORT 2004 5 HYPO ALPE-ADRIA-GROUP Amended group management report 2004 Hypo Alpe-Adria-Group The preparation of amended consolidated NEW ORGANISATION STRUCTURE The Province of Carinthia's guarantee with financial statements for 2004 became necessary FOR THE GROUP AS OF 2004 respect to the liabilities of Hypo Alpe-Adria-Bank because in March 2006 the auditors appointed Financial 2004 was characterised by continuing International AG and Hypo Alpe-Adria-Bank AG for financial 2005, CONFIDA Revisions- dynamic growth and the need to adapt the remains unaffected by the new structure. gesellschaft m.b.H. (FN 92680w), Klagenfurt, Group’s organisational structure. On 1 June 2004 and Deloitte Wirtschaftsprüfungs GmbH (FN the former parent company Hypo Alpe-Adria- IMPROVEMENT IN KEY FINANCIAL 36059d), Vienna, were unable to accept the Bank AG was split into an Austrian Hypo Alpe- PERFORMANCE INDICATORS accounting treatment of certain commercial Adria-Bank AG and Hypo Alpe-Adria-Bank In 2004 Hypo Alpe-Adria Bank was again among transactions by Hypo Alpe-Adria-Bank Inter- International AG, which is responsible for the the leading banks in the Alps to Adriatic region. national AG, Klagenfurt and Hypo Alpe-Adria- Group's international activities. The purpose was With over 4,000 staff and 200 branches in eight Bank AG, Klagenfurt, so that the auditors for to promote the Bank's independence, ensure its countries the Group posted impressive 2004, CONFIDA Wirtschaftstreuhandgesell- autonomy, improve its competitiveness in improvements in operating indicators. schaft m.b.H. (FN 105958x), Vienna, and Deloitte Europe's developing markets and make more Wirtschaftsprüfungs GmbH (FN 36059d), effective use of money and capital markets. The Vienna, (as legal successor to DELOITTE reorganisation has rationalised and streamlined TOUCHE TOHMATSU Wirtschaftsprüfungs- the Group’s structure, and simplifies the fair gmbH (FN 228039b), Vienna), in their letters of allocation of costs to subsidiaries. Hypo Alpe- 30 March 2006 and 3 April 2006 revoked their Adria Group’s three businesses – Banking, Audit opinion of 29 March 2005 for financial Leasing and Consultants – are now each under 2004. In May 2006 amended consolidated the umbrella of a controlling holding company. financial statements were prepared for financial The operating subsidiaries thus report to these 2004. For details, readers are referred to the holding companies directly. explanations in the Introduction to the notes. 6 AMENDED ANNUAL REPORT 2004 Its dynamic growth resulted in an increase in the Unaffected by this isolated incident in Treasury, 14,083.3 balance sheet total to EUR 17.8 billion, up 40.2% operating performance in 2004 was extremely compared with 2003, with customer deposits and 12,760.5 satisfactory. Operating income was up 28.4% to lending volumes increasing more or less equally, EUR 590.0 million was mainly attributable to the by more than 36%. On the assets side, lending 10,301.4 rise in net interest income by 23.24% to EUR 371.2 9,361.0 volumes in 2004 rose from EUR 9.4 billion to million, the increase in net income from fees and 7,851.5 EUR 12.8 billion, while liabilities in the form of 7,447.1 commissions of 59.7% to EUR 72.6 million and a customer deposits and own issues increased rise in income from securities and equity interest of from EUR 10.3 billion to EUR 14.1 billion. 24.7% to EUR 5.9 million. This had a favourable impact on the cost/income ratio, which at 54.6% was brought below the previous year’s level (2003: 56%). 17,828.6 2002 2003 2004 Growth in customer loans and deposits EUR m 12,714.2 9,820.9 Customer loans Deposits Following adjustment for the negative market values in the amended financial statements for 2002 2003 2004 2004, Group capital resources (equity funds) Total assets decreased by 16% from EUR 826.8 million to EUR Hypo Alpe-Adria-Group EUR m 694.7 million. This meant that at balance sheet date there was a shortfall of EUR 292.9 million on the capital requirements of EUR 987.6 million. As a result of the very satisfying improvement in profits in 2005 and the measures taken to improve funding, the statutory capital requirements were met towards the end of 2005. AMENDED ANNUAL REPORT 2004 7 As in earlier years, Hypo Alpe-Adria Group further MORE THAN 200 OFFICES IN THE STAFF TOPS 4,000 MARK improved its operating earnings power and posted ALPS TO ADRIATIC REGION Its dynamic growth has meant that Hypo Alpe- an increase in operating profit of 32.4% to a record Hypo Alpe-Adria Group, with its three strategic Adria Group has had to increase staffing levels EUR 267.9 million, in spite of higher expenses. business areas – banking, leasing and consultants across the Group. By 31 December 2004 the Following adjustment for the negative fair values – is active throughout the Alps to Adriatic region. At numbers had risen by 24.2% year-on-year, to 4,343 resulting from swaps transactions which are 31 December 2004, it had branches or offices at employees, an impressive demonstration of the disclosed in the income statement after operating more than 200 locations in Austria, Italy, Slovenia, truth of the Group’s motto, “Banking Business is profit, there was a loss from ordinary activities Croatia, Bosnia-Herzegovina, Serbia and People’s Business”.
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