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HAA GB2015 E Finalversion 06

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HAA GB2015 E Finalversion 06 Group Annual Report 2015 Hypo Group Alpe Adria WorldReginfo - d6c4f1d5-c8df-4bd3-9c8d-fe65df2fcb6f Key data based on the consolidated financial statements drawn up in accordance with IFRS Hypo Group Alpe Adria AG (Group) EUR m 2015 2014 Income statement 1.1.-31.12. 1.1.-31.12. Net interest income 180.2 193.4 Net fee and commission income 52.1 58.8 Impairment of financial instruments - loans and receivables -318.1 -130.3 Operating expenses -237.0 -207.8 Operating result – prior to risk provisions on loans and advances -321.0 55.1 Operating result – after risk provisions on loans and advances -639.1 -75.3 Result after tax -675.1 -97.4 Statement of financial position 31.12. 31.12. Loans and advances to customers 4,156.0 5,159.8 Deposits of customers 3,915.3 3,998.7 Equity (including non-controlling interests) 752.6 1,228.9 Total assets 7,415.5 8,031.7 Risk-weighted assets (banking book) 5,315.4 n.a. Key figures 1.1.-31.12. 1.1.-31.12. Cost/income ratio n.a. 79.1% Net interest income/Ø risk-weighted assets (banking book) 3.8% 3.8% Risk/earnings ratio 176.6% 67.4% Risk/Ø risk-weighted assets (banking book) 6.9% 2.5% Bank-specific figures 31.12. 31.12. Own capital funds according to CRR 728.4 1,192 own funds requirements 425.2 474 Surplus Capital 303.1 718 Core capital (Tier 1) 728.4 1,192 Tier 1 ratio 13,7% 20,1% Own capital funds ratio 13,7% 20,1% Employees and locations 31.12. 31.12. Employees at closing date (Full Time Equivalent – FTE) 3,756 3,655 Employees average (FTE) 3,770 3,761 Number of locations 235 236 WorldReginfo - d6c4f1d5-c8df-4bd3-9c8d-fe65df2fcb6f Hypo Group Alpe Adria Table of Contents Group Annual Report 2015 Key data based on the consolidated financial statements drawn up in accordance with IFRS 2 Group Annual Report 2015 1 Group Management Report 2 1. Overview of Hypo Group Alpe Adria 2 2. General economic conditions 2 3. Significant events in the financial year 2015 2 4. Economic development of the Group 4 5. Analysis of non-financial key performance indicators 7 6. Internal control system for accounting procedures 8 7. Other disclosure 9 8. Research and development 9 9. Outlook 9 Consolidated Financial Statements 11 Consolidated Financial Statements 12 I. Group statement of comprehensive income 15 II. Consolidated statement of financial position 16 III. Group statement of changes in equity 17 IV. Group statement of cash flows 18 V. Notes to the consolidated financial statements 20 Company 20 Group accounting policies 20 Notes to the income statement 35 Notes to the consolidated statement of financial position 43 Risk Report 54 Supplementary information 89 Statement of all legal representatives 115 Auditor’s Report 116 Report of the Supervisory Board 118 Business development 118 Activities of the Supervisory Board 118 Separate financial statements for 2015 119 Supervisory Board’s Outlook for 2016 119 Imprint 121 Group Annual Report 201 5 1 WorldReginfo - d6c4f1d5-c8df-4bd3-9c8d-fe65df2fcb6f Hypo Alpe Adria Group Management Report Group Management Report 1. Overview of Hypo Group Alpe Adria main drag on headline GDP. The overall growth in 2015 of 0.8% was a small but important step forward after the se- Hypo Group Alpe Adria AG (‘Hypo Group Alpe Adria’, vere impact of floods in the year before which led to a de- ‘HGAA’) is a network of banks, headquartered in Austria, cline of the economy of 1.8%. with its core business in Slovenia, Croatia, Serbia, Bosnia and Herzegovina and Montenegro. At reporting date 31 In Bosnia and Herzegovina , GDP growth amounted to December 2015 HGAA was operating through six banks in 2.4% in 2015 with investments as the strongest growth five countries in the South-East European region, serving driver. GDP growth was also supported by higher domestic over 1.1 million clients with 3,756 employees. consumption and exports as the latter enjoyed strong tail- 2015 was a short fiscal year for HGAA as the carve-out winds amid easier access to the EU markets after the Stabili- from HETA Asset Resolution was completed on 1 April 2015 zation and Association Agreement came into force last in preparation of closing the sale to Advent International summer. Downside risks mainly stem from the domestic which took place in July 2015. political landscape. While the general lack of investment alternatives and favorable financial conditions allowed Bos- nia and Herzegovina to secure funding at lower yields, se- curing the IMF arrangement is crucial, as the Ministry of 2. General economic conditions Finance will not be able to increase T-bill stock indefinitely as banks run into the sovereign exposure limits. All levels of Economic recovery in the euro zone continued in 2015, the Government have recently signed the Reform Agenda as with a gross domestic product growth of 1.6%, with house- a prerequisite for the IMF stand-by agreement, and accord- hold consumption being the main growth driver in most of ing to the last information, IMF talks are focused on a new our countries of presence. The euro trade-weighted depreci- EUR 1 billion deal. ation has bolstered competitiveness, especially during the first half of 2015, which implies that net exports also under- Montenegro showed a GDP growth of 3.4% in 2015 ow- pinned the recovery. However, while most countries benefit ing to a solid first half performance, strong third quarter from plunging oil prices this year as well, the latter is also 2015 tourism results and decent industrial production as viewed as a sign of slowing global demand, especially in well as construction activity emerging markets like China, which can have negative spill- overs on the real economy and financial markets as well. 3. Significant events in the financial year Slovenian GDP rose 2.9% in 2015. Notwithstanding some slowdown in the second half of the year amid weaker 2015 demand from emerging markets, exports proved resilient due to both price and non-price competitiveness. Meanwhile, 3.1. Privatization and new ownership structure consumer spending is underpinned by a stronger labor market, consumer confidence, low oil prices and easier The year 2015 marked an important milestone for Hypo credit conditions. Downside risks include a short-lived re- Group Alpe Adria: the finalization of the privatization of the cession amid a larger-than-expected impact of the past Group by the Republic of Austria via its trustee FIMBAG slowdown in emerging market economies and tighter finan- (Finanzmarktaktiengesellschaft des Bundes) and following cial conditions in the event of renewed fiscal concerns the official approval by the European Commission, the Euro- across the EMU periphery. pean Central Bank (ECB) and the Austrian Financial Market Authority (FMA). After the successful Closing on 17 July Emerging from a multi-year recession, Croatian GDP 2015, AI Lake (Luxembourg) S.á.r.l., a holding company grew by 1.6% in 2015 thanks to export of services, lower oil owned by funds advised by Advent International and the imports and a pick-up in private consumption. Apart from European Bank for Reconstruction and Development exceptionally strong tourism activity, households’ spending (EBRD), became the new owner of Hypo Group Alpe Adria. was also supported by a number of one-offs; oil price slump, personal income tax cuts, the strongest real wage growth in Founded in 1984, Advent International is one of the eight years, temporary social benefits hikes and lower in largest and most experienced global private equity investors. terest rates. Investments were supported by more With offices on four continents, across North America, Eu- favorable financial conditions and pre-election infrastruc- rope, Latin America and Asia, the company has invested in ture works. more than 300 buyout transactions in 42 countries and actively managed EUR 27 billion in assets. The firm focuses Serbian recovery came sooner than expected thanks to on investments across five core sectors, including business strong export performance and investment activity, while and financial services; healthcare; industrial; retail, consum- private consumption, although recovering, still remains the er and leisure; and technology, media and telecom. 2 Group Annual Report 201 5 WorldReginfo - d6c4f1d5-c8df-4bd3-9c8d-fe65df2fcb6f Hypo Alpe Adria Group Management Report EBRD is a multilateral bank committed to the develop- On 22 September, the Worker’s Council of HGAA ap- ment of market-oriented economies and the promotion of pointed Horst Floriantschitz, Christian Lobner and Saša private and entrepreneurial initiative in more than 30 coun- Nedić as their representatives to the Supervisory Board of tries. The Bank is owned by 65 countries, the EU and the HGAA. European Investment Bank. Since its foundation in 1991, EBRD has invested more than EUR 100 billion in support of 3.3. New Business Strategy prosperous economies based on a flourishing private sector, a sound banking sector, modern infrastructure and efficient In the second half 2015, the new management defined use of energy. As an investor the EBRD promotes innovation, the business strategy based on the new owners’ guidance to growth and transparency. re-establish the Group in the market, following years of restrained business activity imposed by the European Com- Both Advent International and EBRD have a strong track mission in the context of a state-aid proceeding on the pre- record of committing capital in the financial services sector vious owner. The strategy focuses predominantly on private as well as regionally in Central and South-Eastern Europe. individuals and SME clients to support them in achieving Both owners have ambitious plans with a goal of establish- their financial goals.
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