The Foundation for a Successful Future
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The foundation for a successful Annual Report 2015 Report Annual future. Europaplatz 1a, 4020 Linz Tel. +43 (0) 732/6596-0 Fax +43 (0) 732/6596-22739 Annual Report 2015 E-Mail: [email protected] Raiffeisen Landesbank Raiffeisen Landesbank Oberösterreich Oberösterreich www.rlbooe.at www.rlbooe.at Annual Report 2015 2 Annual Report 2015 Raiffeisen Banking Group Upper Austria Raiffeisenlandesbank Oberösterreich Group General information 3 Contents General information Foreword by Heinrich Schaller _____________________________________________________________________________ 5 The Managing Board of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft _________________________________ 8 Foreword by Jakob Auer __________________________________________________________________________________ 10 The Supervisory Board of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft ________________________________ 12 2015 in retrospect ________________________________________________________________________________________ 26 Sustainability management and corporate social responsibility _________________________________________________ 28 Raiffeisenlandesbank Oberösterreich Aktiengesellschaft Group Group management report ________________________________________________________________________________ 44 IFRS consolidated financial statements 2015 _________________________________________________________________ 62 Raiffeisenlandesbank Oberösterreich Aktiengesellschaft Management Report 2015 of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft ____________________________ 164 Annual financial statements 2015 of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft _______________________ 184 Statement of the Managing Board ____________________________________________________________ 206 Report of the Supervisory Board _____________________________________________________________ 207 Raiffeisen Banking Group Upper Austria Results 2015 (consolidated)________________________________________________________________________________ 208 Glossary _______________________________________________________________________________________________ 213 Imprint _________________________________________________________________________________________________ 214 4 Annual Report 2015 General information Foreword by Heinrich Schaller __________________________________________ 5 The Managing Board of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft 8 Foreword by Jakob Auer _______________________________________________ 10 The Supervisory Board of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft ___________________________________________________ 12 2015 in retrospect ____________________________________________________ 26 Sustainability management and corporate social responsibility _______________ 28 Raiffeisen Banking Group Upper Austria Raiffeisenlandesbank Oberösterreich Group General information 5 Foreword by Heinrich Schaller Successful strategy for strengths and customer focus Developing through our own strengths Raiffeisen Oberösterreich and cooperation Raiffeisenlandesbank Oberösterreich uses its capacity for Through working together with the Raiffeisen banks in Upper change to benefit its customers. A series of strategic mea- Austria, the Raiffeisenlandesbank Oberösterreich emphasises sures that have been introduced and implemented since 2012 cooperation instead of consolidation. The new ways of co- have shown encouraging results. In particular, they provide operating are already showing excellent results. The aim of a solid foundation for consistent growth in future. Raiffeisen- this cooperation is to produce efficiency savings in the various landesbank Oberösterreich develops these through its own departments that should form the basis of Raiffeisen Oberös- internal strengths and not through external capital increases. terreich maintaining or strengthening its position as a clear market leader. Outperforming our high standards Constantly working on efficiency savings The European Central Bank (ECB) sets particularly high stan- dards for the leading banks in Europe. In addition to the reg- Raiffeisenlandesbank Oberösterreich has also put in place a ulatory capital requirements, these institutions are bound to number of measures over the past year aimed at continuously comply with a SREP ratio and from 2016 they will also be sub- increasing efficiency. For example, in 2015, PRIVAT BANK ject to an additional national capital buffer. As the fourth-larg- and bankdirekt.at were integrated into Raiffeisenlandesbank est bank in Austria, Raiffeisenlandesbank Oberösterreich Oberösterreich and since then have been managed as their wants to exceed every high standard placed on it by the Euro- own business areas. This way, it is possible to avoid unnec- pean Union as a “significant” bank. This will be done in main- essary duplication while maintaining high levels of service. taining the overall high quality of service provision. Working on improving efforts, organisation and processes is not a one-off at Raiffeisenlandesbank Oberösterreich but a Creative force through a strong capital position constant. As a ECB-audited bank with a strong capital position, Raif- Further strengthening Tier 1 capital ratio feisenlandesbank Oberösterreich is a reliable, safe and strong partner for its customers. A further objective is to continue to Sustainable customer relationships and responsible handling increase efficiency and results in order to take our customer of resources helped produce excellent annual results for Raif- focus to the next level and develop and maintain a solid foun- feisenlandesbank Oberösterreich in 2015. As was the case in dation for our existing strong independence. previous years, operational business development remained positive and stable. 6 Annual Report 2015 Heinrich Schaller Raiffeisenlandesbank Oberösterreich proved itself to be strong, resilient and healthy during the bank check of the most important financial institutions in the euro zone. It is committed to showing its strength and stability in the future, meeting the highest international standards and, in particular, intensively supporting and advising clients. Raiffeisen Banking Group Upper Austria Raiffeisenlandesbank Oberösterreich Group General information 7 Foreword by Heinrich Schaller The key results in 2015 in summary The Group's Tier 1 capital ratio increased to 13.8 per cent Annual profit rose to EUR 318.4 million (+ 2.6 percentage points) ¬ The Raiffeisenlandesbank Oberösterreich Group's pre-tax Raiffeisenlandesbank Oberösterreich significantly improved its profit for the year rose to EUR 318.4 million (2014: EUR 40.7 equity capital base in 2015. million). For example, the probability of capitalised com- ¬ In the regulatory-relevant CRR group (banking group), we panies defaulting significantly improved in 2015, which led achieved a CET1 ratio (Common Equity Tier 1 = core Tier 1 to reversals in portfolio value adjustments from IFRS. Fur- capital) of 13.8 per cent (+ 2.6 percentage points) with Tier thermore, the results for companies accounted for under 1 capital of EUR 3.2 billion. the equity method improved by EUR 47.1 million compared ¬ In terms of the Austrian Commercial Code, Raiffeisenlandes- to 2014. Gains/losses on remeasurement of designated fi- bank Oberösterreich had, with Tier 1 capital of EUR 2.6 nancial instruments due to interest rate and spread effects billion, a CET1 ratio of 12.9 per cent. This represents an also had a positive impact on the result. increase of 1.3%. ¬ As such, both Raiffeisenlandesbank Oberösterreich AG, in Increases in the operating profit and accordance with the Austrian Commercial Code, as well as Group comprehensive income CRR (banking group), in accordance with IFRS, were clearly ¬ Raiffeisenlandesbank Oberösterreich Group reported an over the 8.5 per cent Tier 1 capital ratios required starting operating profit of EUR 281.5 million in 2015 according to in 2019 under Basel III capital requirements. They were also IFRS (+4.4 per cent) as well as comprehensive income of clearly over the ratio calculated using the required SREP EUR 213.2 million (2014: EUR 94.8 million). ratio and the additional capital buffer (from 2016). ¬ In 2015, Raiffeisenlandesbank Oberösterreich AG reported an operating profit of EUR 269.6 million (–6.1 per cent), Total assets of EUR 37.3 billion in accordance with the Austrian Commercial Code, and ¬ The Raiffeisenlandesbank Oberösterreich Group’s total a result from ordinary operations of EUR 135.6 million assets fell to EUR 37.3 billion from the figure of EUR 38.6 (+49.0 per cent), which took into account the integration billion recorded in 2014. This can be traced particularly to of the PRIVAT BANK Group into Raiffeisenlandesbank a fall in money market financing. This refers to short-term, Oberösterreich. high-volume financing deals for money market clients. ¬ According to the Austrian Commercial Code, Raiffeisen- landesbank Oberösterreich had total assets of EUR 30.3 billion (2014: EUR 30.5 billion). For short-term financing, we continued to be conscious of capital resources and cost efficiency. Heinrich Schaller Chairman of the Managing Board of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft 8 Annual Report 2015 Reinhard Schwendtbauer Stefan Sandberger Heinrich Schaller Michaela Keplinger-Mitterlehner Georg Starzer Markus Vockenhuber Raiffeisen Banking Group Upper Austria Raiffeisenlandesbank Oberösterreich Group General information 9 Managing Board Scope of responsibilities of the