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2008 Annual Report

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2008 Annual Report 2008 Annual Report Our commitment is our strength 2008 was a year of significant challenges for the global economy, for the financial services industry and for our business. To date, our business model remains sound, and the outlook for our future operations is positive. We remain positive because we know that we can count on our greatest strength. It is our firm commitment – to our customers, to our people, to our investors, to the communities we serve, to our core values, to culture, to quality in everything we do, and to the sustainable suc- cess of our enterprise. Every day we renew that commitment through the efforts and expertise of more than 174,000 people in 22 countries. That is why this year’s Annual Report features the photo- graphs and words of UniCredit Group employees. No one can express our commitment more eloquently than the men and women who live it every day. They speak to you from our branches and offices across Europe. Each message is different. Each expresses what commitment means to them, to their customers, and to their colleagues every single working day. We feel that their words, their ideas truly capture the spirit of UniCredit Group – the spirit of commitment, our greatest strength. 2008 Annual Report Bank Austria at a Glance Income statement figures (€ m) 2008 2007 +/– Net interest income 5,367 3,936 36.3% Net fees and commissions 2,076 2,124 –2.2% Net trading, hedging and fair value loss/income –414 141 – Operating income 7,231 6,414 12.7% Operating expenses –3,935 –3,351 17.4% Operating profit 3,296 3,063 7.6% Profit before tax 1,505 2,740 –45.1% Consolidated profit 1,144 2,254 –49.2% Volume figures (€ m) 31 DEC. 2008 31 DEC. 2007 +/– Total assets 222,152 209,186 6.2% Loans and receivables with customers 131,973 115,216 14.5% Primary funds 127,761 119,699 6.7% Equity 14,237 15,332 –7.1% Risk-weighted assets (overall, Basel I) 131,981 117,993 11.9% Key performance indicators 2008 2007 Return on equity after tax (ROE) 7.8% 17.0% Cost/income ratio 54.4% 52.2% Risk/earnings ratio 18.8% 12.3% Provisioning charge/avg. lending volume (cost of risk) 0.80% 0.46% Marginal Economic Value Added € 1,091 m € 1,262 m Marginal RARORAC 12.5% 15.8% Total capital ratio (2008: Basel II, 2007: Basel I) 9.19% 11.16% Tier 1 capital ratio 6.82% 8.20% Tier 1 capital ratio without hybrid capital (Core Tier 1 capital ratio) 6.52% 7.86% Staff*) 31 DEC. 2008 31 DEC. 2007 +/– Bank Austria (full-time equivalent) 67,002 54,387 23.2% Central Eastern Europe business segment 56,058 43,648 28.4% Other business segments 10,944 10,739 1.9% Austria 10,175 9,953 2.2% *) Employees of companies accounted for under the proportionate consolidation method are included at 100% Offices*) 31 DEC. 2008 31 DEC. 2007 +/– Bank Austria 3,166 2,343 35.1% Central Eastern Europe business segment 2,824 1,977 42.8% Other business segments 342 366 –6.6% Austria 331 348 –4.9% *) Offices of companies accounted for under the proportionate consolidation method are included at 100%. From 2008 without representative offices. 2 2008 Annual Report · Bank Austria Contents Introduction 5 Preface by Alessandro Profumo 6 Preface by Erich Hampel 8 Strategy and Results 11 UniCredit Group Profile 12 Development and Strategy of Bank Austria 18 Management Board of UniCredit Bank Austria AG 26 Retail Division 28 Private Banking & Asset Management Division 31 Corporates Division 36 UniCredit Markets & Investment Banking 41 Central Eastern Europe Division 46 Global Banking Services Division 70 Human Resources and Corporate Sustainability 75 Human Resources 76 Responsible Management: Our Commitment to Sustainability 81 *) Consolidated Financial Statements: Management Report of the Group for 2008 87 Consolidated Financial Statements in accordance with IFRSs 121 Income statement 122 Balance sheet 123 Statement of changes in equity 124 Cash flow statement 125 Notes to the consolidated financial statements incl. risk report 127 Concluding Remarks of the Management Board 211 Report of the Auditors 212 Report of the Supervisory Board for 2008 214 Corporate Governance, Statement by Management, Supervisory Board and Management Board of UniCredit Bank Austria AG 217 Corporate Governance 218 Consolidated Financial Statements of the Bank Austria Group for 2008 Statement by Management 221 Supervisory Board and Management Board of UniCredit Bank Austria AG 222 Additional Information 225 Corporate Governance Report for the 2008 financial year of UniCredit Bank Austria AG 226 Office Network 232 Investor Relations 236 *) Part of the consolidated financial statements in accordance with IFRSs Bank Austria · 2008 Annual Report 3 “The secret of our “The network of our Group strength is quite simple: allows us to support our customers we do not follow with different specialised products. corporate values handed The values of the Integrity Charter down to us from a sheet differentiate our Group. Different of paper. languages, different cultures, We exemplify through our different working experiences, own lives what the sheet but one Group, one commitment of paper has to say!” and one way – straight forward! That is our strength.” Oliver Riedl Germany Christian Kiss Austria Introduction Preface by Alessandro Profumo 6 Preface by Erich Hampel 8 Bank Austria · 2008 Annual Report 5 Introduction Preface by Alessandro Profumo It is important to Ladies and Gentlemen, and meet their needs. This strong “ focus on customer needs has been The series of events that shook financial and will always be the driving force be- recognize that institutions around the globe over the hind our strategy. second half of the year was unique, the financial largely unmatched in scope and rapidity. Our Group operations in CEE continued to deliver good results, and the long- industry needs to This created an unprecedented lack of term strategic focus on this area is trust among financial operators that was unchanged. We cannot ignore the work in order to reflected in the huge liquidity drop in the repricing of risk on the markets, and interbank markets and in high market that some of the countries where the restore confidence volatility. Group is operating are ex periencing among all some difficulties. Notwithstanding that, „ It is important to recognize that the we are committed to the development financial industry needs to work in order of the CEE region and of all the nations stakeholders. to restore confidence among all stake- where the Group is present, including holders. Banks must rebuild their reputa- Austria. Europe is our home, and we tion, which was quickly compromised, trust in Europe and in its ability to and demonstrate to the markets that they weather this stormy environment are able to support the economy even in through coordination of efforts from moments of difficulty. different players. In this troubled environment, however, the I want to thank the Management Board operating performance of Bank Austria and the employees at Bank Austria and was even better than the record level of in the CEE banks, whose commitment the previous year. The bank focused on its helped the Group achieve these results core competencies and continued to de- in such difficult market conditions. liver high quality services to its Austrian and international customers, and it per- 2009 will be another challenging year fectly fulfilled its responsibilities for CEE for the banking sector. However, we business within UniCredit Group. are encouraged by Bank Austria and the Group’s achievements in 2008, not The divisional business model which was because they were easily achieved, but implemented in Austria in 2007 has pro- because they provide a reliable foun- duced good results: the bank is closer to dation on which to continue our impor- its customers and can better understand tant work in the months ahead of us. 6 2008 Annual Report · Bank Austria Our reputation remains central to our identity and to the sustainability of our mission as both a business and a civic institution. We are guided by the Group’s core values, which today more than ever are central to all aspects of our business. We are confident that our ad- herence to these standards will reinforce us, and that our commitment to a sus- tainable business model is the most certain path to long-term success and stability. Sincerely, Alessandro Profumo Chief Executive Officer of UniCredit, Chairman of the Supervisory Board of UniCredit Bank Austria AG Bank Austria · 2008 Annual Report 7 Introduction Preface by Erich Hampel We aim to Ladies and Gentlemen, The 2008 financial statements reflect both the “ operating performance in the financial year Bank Austria coped well in addressing the and the dramatic deterioration in the operating enhance our challenges in 2008, one of the most difficult environment in the final months of 2008. years in banking history. Operating profit rose As the financial market crisis escalated in the competitiveness by 8% to € 3.3 billion. middle of September, it became necessary to make loan loss provisions for banks for the by bundling The direct impacts of the crisis, in which our first time. But it was the abrupt downturn in results from trading activities turned nega- global economic activity in the fourth quarter product know- tive, were more than offset by increases in that created a new situation. These develop- other revenue components and continued ments had an adverse impact on international how of the entire cost discipline. assessments of the situation in CEE countries – whether this is justified or not. As a conse- UniCredit Group Operations in our core markets of Austria and quence, we had to make valuation adjust- Central and Eastern Europe made contribu- ments in respect of acquisitions in CEE, with internationally tions to this steady performance.
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