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Hypo Alpe-Adria-Bank International AG (Group) EUR M Group Annual Report 2013 Hypo Alpe Adria WorldReginfo - 15cab523-c1d0-4e4e-98e9-5558fe725b2c Key data based on the consolidated financial statements drawn up in accordance with IFRS Hypo Alpe-Adria-Bank International AG (Group) EUR m 2013 2012 2011 income statement 1.1.-31.12. 1.1.-31.12.* 1.1.-31.12.** Net interest income 423.5 597.9 753.3 Net fee and commission income 51.2 47.9 73.1 Impairment on financial instruments − at cost (risk provision) -1,362.1 -308.5 -229.8 Operating expenses (administrative expenses) -439.7 -441.7 -574.2 Operating result – prior to risk provisions on loans and advances -434.9 294.7 323.7 Operating result – after risk provisions on loans and advances -1,796.9 -13.9 93.9 Result before tax (from continued operations) -1,798.3 -13.9 94.8 Result after tax -1,843.4 8.3 69.3 Statement of financial position 31.12. 31.12. 31.12.** Loans and advances to customers 19,289.0 24,401.5 26,722.4 Liabilities to customers 6,120.9 8,405.9 8,201.1 Debt securities in issue and subordinated capital and hybrid capital 12,311.8 16,799.1 18,303.0 Equity (including non-controlling interests) 1,858.8 1,968.4 1,413.3 Total assets 26,218.6 33,803.7 35,132.5 Risk-weighted assets (banking book) 16,643.6 21,323.5 23,111.0 Key figures 1.1.-31.12. 1.1.-31.12.* 1.1.-31.12.** Cost/income ratio 143.2% 54.1% 63.9% Net interest income/Ø risk-weighted assets (banking book) 2.2% 2.7% 3.1% Risk/earnings ratio 321.6% 51.6% 30.5% Risk/Ø risk-weighted assets (banking book) 7.0% 1.4% 1.0% Bank-specific figures 31.12. 31.12. 31.12.** Own capital funds according to BWG 2,739.8 3,057.1 2,498.7 Own capital funds requirement according to BWG 1,473.8 1,883.2 2,048.9 Surplus capital/shortage 1,266.0 1,173.9 449.8 Core capital (Tier 1) 1,808.3 2,022.1 1,602.8 Tier 1 ratio – banking book 10.8% 9.5% 6.9% Tier 1 ratio – including market and operational risk 9.8% 8.6% 6.2% Own capital funds ratio - total (solvency ratio) 14.9% 13.0% 9.8% Moody's rating 31.12. 31.12. 31.12.** Long-term (liabilities not covered by statutory guarantee) withdrawn withdrawn withdrawn Long-term (liabilities covered by statutory guarantee) A1 A1 Aa3 Short-term withdrawn withdrawn withdrawn Bank Financial Strength Rating (BFSR) withdrawn withdrawn withdrawn Employees and locations 31.12. 31.12. 31.12.** Employees at closing date (Full Time Equivalent – FTE) 6,008 6,576 7,690 Employees average (FTE) 6,574 7,371 7,774 Number of locations 303 317 330 * Previous year’s figures were adjusted, see note (10) Adjustment of previous year’s figures. * * In the figures for 2011, Hypo Alpe-Adria Bank AG (Austria), which was sold on 19 December 2013 and therefore excluded from the scope of consolidation, was included in the operating result and was not reported separately as a discontinued operations in the income statement. WorldReginfo - 15cab523-c1d0-4e4e-98e9-5558fe725b2c Hypo Alpe Adria Table of Contents Group Annual Report 201 3 Letter from the Executive Board 2 Group Management report 3 General economic conditions 3 Overview of Hypo Alpe Adria 4 Significant events in the 2013 financial year 4 Economic development of the group 10 Analysis of non-financial key performance indicators 14 Internal control system (ICS) 17 Other disclosures 19 Research and development 19 Forecast report 20 Consolidated Financial Statements 22 I. Group statement of comprehensive income 26 II. Consolidated statement of financial position 28 III. Group statement of changes in equity 29 IV. Group statement of cash flows 30 V. Notes to the consolidated financial statements 32 Accounting policies and basis of consolidation 32 Notes to the income statement 66 Notes to the statement of financial position 79 Risk report 99 Supplementary information 142 Statement of all legal representatives 188 Auditors’ Report 189 Report of the Supervisory Board 192 Imprint 194 Group Annual Report 201 3 1 WorldReginfo - 15cab523-c1d0-4e4e-98e9-5558fe725b2c Hypo Alpe Adria Letter from the Executive Board Letter from the Executive Board Dear partners, up for the new structure of Hypo Alpe Adria in line with tried- Dear customers, and-tested international models. The fact that this central Dear staff! vision of a clear separation of the bank network earmarked for privatisation on the one hand, and an independent, taxpayer- For Hypo Alpe Adria, the first half of 2013 was dominated by owned wind down unit on the other, – a strategy pursued final discussions over the European Commission’s state-aid internally at the bank for considerable amount of time –, was investigation that began in 2009 while the bank was still under implemented can be seen as an affirmation of the fundamental the ownership of BayernLB. While Hypo Alpe Adria detailed work carried out at the bank over the last few years. the expectations for the imminent decision in Brussels in its However, at the same time, Hypo Alpe Adria completed one result as at 30 June 2013 to the greatest extent possible, this of the few successful bank transactions seen over the past few annual report reflects the facts of the final decision passed on years with the sale of Hypo Alpe-Adria-Bank AG (Austria) to an 3 September 2013 in full. The conclusion of the state-aid inves- international investor – despite the extremely problematic tigation was an external event with huge implications for Hypo climate. In spite of all the difficulties, a regional bank rich in Alpe-Adria-Bank International AG, with the imposed market history and tradition was given brand-new prospects far be- restrictions having major consequences on the operations of yond its previous boundaries of business and roughly 400 the bank’s subsidiaries and the detailed requirements regard- high-quality jobs were able to be saved. The SEE network, ing, for instance, the defined time frame affecting the entire increasingly liberated from its legacy burdens and equipped restructuring and wind-down strategy of the group. The bank with a solid capital structure, showed its potential for a profit- was able to avert the danger of an imminent dissolution of the able future in the 2013 financial year, especially considering group at year-end, however the regulations and measures led that negative one-off effects, market restrictions imposed to considerable upheaval and restrictions across the board. under competition law and unsettling public debate will soon Above all, the final order to sell the marketable bank units be a thing of the past. Improvements in terms of organisation, in Austria and South East Europe (SEE) by the end of 2013 and cost efficiency and employee and location quality implemented mid-2015 respectively, as well as the systematic winding-down over the past few years show that Hypo Alpe Adria is on firm and liquidation of other units, including the Italian bank sub- footing to continue the privatisation process. This process was sidiary, was reflected in the model calculations in the restruc- intensified further at the turn of the year, and a conclusion in turing plans, which were accounted for in the result through a the current financial year appears just as realistic as the option huge rise in risk provisions and significant impairment write- of retaining the network, including an Austrian controlling downs on Hypo Alpe Adria participations. The reported net holding company, in the event of a sale. loss for the year was within the range forecast for this scenario The Executive Board wishes to present these positive as- during the EU investigations, as was government aid required pects of business in their rightful place, despite the negative to fulfil capital requirements. These one-off external effects and painful events of the 2013 financial year. After all, they were exacerbated by the persistent, unfavourable economic represent the fruits of Hypo Alpe Adria employees’ labour and situation and associated defaults on payments in South and are the result of ongoing support from the government. All in South East Europe. This downturn was also responsible for the all, these positive factors led to a net reduction of risks for the chronically low benchmark interest rates in 2013. Other issues general public – primarily in the form of state-guaranteed included provisions for one-off local risks relating to foreign liabilities – from EUR 21 billion after the emergency nationali- currency loans in SEE and interest calculations for leasing sation to the current level of roughly EUR 13 billion. Even if we agreements in Italy that had been manipulated for years, a fact consider the recapitalisation from the bank’s owner during only uncovered by active investigation work by the governing this period, this equates to a net reduction of potential burdens body. of EUR 3.6 billion and is a testament to the decision in favour of While some operating banks deliberately pursued a strat- a systematic wind-down. The further winding-down of these egy of winding-down certain customer portfolios in order to unparalleled legacy burdens, together with the bank’s contri- optimise their risk and earnings structure, the full capacity to bution to the fair distribution of costs and the clarifications of seize existing market opportunities was limited by the regula- the reasons for the burdens’ existence, will continue to be a tions in the EU restructuring plan.
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