Annual Report 2012 - Raiffeisen Bausparkasse

Annual Report 2012 - Raiffeisen Bausparkasse

Annual Report
2012
1
Contents
Editorial
3
The Supervisory Board · State Commissioners ·
The Managing Board
4
Raiffeisen Bausparkasse in 2012
5
Raiffeisen Bausparkasse’s Equity Investments ·
Addresses
9
Slovakia
10
The Czech Republic
10
Croatia
11
Romania
11
Consolidated Financial Statements
13
Consolidated Balance Sheet
at December 31, 2012
14
Consolidated Income Statement
for the 2012 Financial Year
16
Extracts from the Notes to the
Consolidated Financial Statements
18
Disclosure of Equity Investments
20
Extracts from the Group Management Report
21
Publication Details
24
2
3
Editorial
The Bauspar System Is On
The Upswing Again
After a very promising start to the year 2012, we
received the surprising news in February that the
state building society premium subsidy was to be
cut. The weeks that followed were dominated by
debate about the Bauspar subsidy, and it caused
massive uncertainty among our customers. This
subdued demand even after the halving of the
subsidy that took place as of April 1.
However, Raiffeisen Bausparkasse was able to
restore confidence in the Bauspar system and stabilize new business by rapidly introducing new products and carrying out a communication offensive.
According to recent surveys, Bauspar saving is still
one of the two most popular saving variants alongside classical Sparbuch passbook accounts, not
least thanks to Raiffeisen Bausparkasse’s efforts.
Despite the cut in the premium subsidy, Bauspar saving scores with security conscious Austrians as a reliable and stable way of saving, and it has successfully maintained its position as a popular classic
form of investment.
Thanks to our combined efforts and with the vigorous support of the employees of the Raiffeisen Banking Group and Raiffeisen Bausparkasse — to whom
we wish to extend our warm thanks here — we
were able to achieve our targets in the 2012 financial year despite all the difficulties.
Manfred Url
Johann Ertl
Raiffeisen Bausparkasse concluded a total of
290,400 new Bauspar contracts, having convinced not only its existing customers but also many
new customers of the merits of the Bauspar system.
As a result, a balance of deposits and loans was
maintained in 2012, making it possible to lend just
over a billion euros for residential construction in
Austria and, therefore, to secure Raiffeisen Bausparkasse’s market leadership.
The years to come will also repeatedly present us
with new challenges, but we are confident that our
employees’ commitment and know-how will enable
us to take them in our stride.
Manfred Url, CEO
Johann Ertl, Director
Vienna
June 2013
4
The Supervisory Board
State Commissioners
The Managing Board
The Supervisory Board
Elected Members:
Chairman
Walter ROTHENSTEINER, Vienna (to March 28, 2012)
Johannes SCHUSTER, Vienna (from March 28, 2012)
1st Deputy Chairman
Ludwig SCHARINGER, Linz (to March 28, 2012)
Michaela KEPLINGER-MITTERLEHNER, Linz (from March 28, 2012)
2nd Deputy Chairman
Erwin HAMESEDER, Vienna (to March 28, 2012)
Georg KRAFT-KINZ, Vienna (from March 28, 2012)
Bernd FÄRBER, Bregenz (from March 28, 2012)
Peter GAUPER, Klagenfurt (to March 28, 2012)
Wilfried HOPFNER, Bregenz (to March 28, 2012)
Rudolf KÖNIGHOFER, Eisenstadt (from March 28, 2012)
Markus MAIR, Graz (to September 18, 2012)
Julius MARHOLD, Eisenstadt (to March 28, 2012)
Reinhard MAYR, Innsbruck (from March 28, 2012)
Georg MESSNER, Klagenfurt (from March 28, 2012)
Günther REIBERSDORFER, Salzburg (to March 28, 2012)
Martin SCHALLER, Graz (from November 14, 2012)
Johann SCHINWALD, Salzburg (from March 28, 2012)
Hannes SCHMID, Innsbruck (to March 28, 2012)
Rainer STELZER, Graz (from September 18, 2012, to November 14, 2012)
Works Council
Delegates
Xenophon AGATSIOTIS (to June 6, 2012)
Gabriele ARZBERGER
Erwin HAIDER
Gerlinde HERZOG
Ulrike KERSCHBAUMER-JUNG (to October 30, 2012)
Monika LEHNER (from June 11, 2012)
State Commissioners
Gerhard POPP
Markus KROIHER
The Managing Board
Manfred URL, CEO
Johann ERTL
5
Raiffeisen
Bausparkasse
In 2012
Cut In The Premium Subsidy
Brings Turbulent Times
Bauspar saving above, even, the traditional Sparbuch passbook account. This puts Bauspar saving
in first place well ahead of any other way of saving, confirming its position as a favourite means of
investment.
2012 was overshadowed by the cut in the state
building society premium subsidy, which had a profound impact on the tried and tested Bauspar system. The public Bauspar subsidy became a topic of
discussion in February within the context of the government’s austerity package. Despite intensive
efforts by Austria’s Bausparkasse building societies,
the result was a halving of this subsidy.
Motivating Customers To
Save Regularly
As of April 1, 2012, it was cut from between 3
and 8 per cent to between 1.5 and 4 per cent of
the maximum annual deposit amount that qualifies
for a subsidy. As a result, the first half of 2012 was
a period of customer uncertainty, visibly reducing
demand.
Research carried out by the market-agent.com institute in September 2012 substantiated the Bauspar
system’s unbroken popularity. The respondents said
that being able to regularly put money into their savings is one of the main arguments in favour of taking out a Bauspar contract. The state building
society premium subsidy, the security this way of
saving provides and the product’s easy intelligibility
were also still reasons for doing so.
Going Into The Offensive
With New Products
New Savings Contracts
(6-Year Comparison)
290,417
317,090
275,703
287,882
313,996
296,205
321,292
324,782
306,420
250,000
301,148
300,000
308,394
350,000
297,957
Nonetheless, thanks to rapid countermeasures, Raiffeisen Bausparkasse managed to restore customer
confidence in the Bauspar system, which has been
proving its worth as a classic and popular form of
saving for decades. It was soon possible to reassure customers of the merits of the Bauspar system
by amending existing tariffs and introducing a
mixed-rate tariff that offers customers a fixed rate for
three years. Thanks to these product improvements
and an accompanying communication offensive,
Raiffeisen Bausparkasse was able to safeguard the
Bauspar system’s excellent reputation and its leading role in the Austrian savings and loan landscape.
200,000
150,000
100,000
Leadership Position Defended
50,000
This has also been borne out by the results of the
latest saving and investment sentiment barometer
survey. When asked their favourite form of saving,
42 per cent of the Austrian respondents named
0
2001/ 2002/ 2003/ 2004/ 2005/ 2006/
2007 2008 2009 2010 2011 2012
6
Raiffeisen Bausparkasse also had a successful 2012
financial year in the loans market. Disbursements of
residential construction loans passed the billion euro
mark again, totalling €1,007 million. This was a
repeat of the outstanding totals recorded in previous
years. Consequently, as in 2011, the brisk demand
for stable, low interest rate Bauspar loans made
Raiffeisen Bausparkasse the leading Austrian Bausparkasse building society in the loans segment as
well with a market share of 32.8 per cent.
€ in millions
5,000
4,000
4,000
3,000
3,000
2,000
2,000
1,000
1,000
0
5,501
6,000
5,517
5,876
5,643
5,561
5,000
5,350
6,000
6,306
Deposit Balances
€ in millions
6,151
Loan Portfolio
6,268
It was also possible to maintain a balance of
deposits and loans during the 2012 financial year.
This guarantees that Raiffeisen Bausparkasse will
continue to have sufficient liquid funds to rapidly
satisfy customers’ loan requirements. The Bauspar
deposit balances that provide the funding basis for
interest rate protected Bauspar loans totalled
The Foremost Provider Of
Residential Construction Loans
6,164
Maintaining A Balance
Raiffeisen Bausparkasse was likewise the clear market leader in the Austrian Bausparkasse building
society segment in terms of Bauspar accounts under
management. Loan agreements and savings contracts made up an impressive total of 1,828,549
Bauspar building society accounts. Despite a marginal drop compared with 2011, this gave Raiffeisen Bausparkasse a market share of 33.4 per
cent and, as a result, the market leader position.
5,996
Following initial turbulence in the first half of the
financial year, product innovations produced the
desired results from the summer. As a result, Raiffeisen Bausparkasse caught up impressively in the
second half. It came very close to its original target
of 293,000 new Bauspar contracts, concluding a
total of 290,417 new contracts and reaching an
imposing market share of 32 per cent in the Austrian Bausparkasse building society segment. Comparing the volume of new business in 2012 with
new business in the appropriate comparison year,
namely 2006, this translates into a big increase of
5.3 per cent, underscoring that success. This shows
that it proved possible not just to re-acquire the overwhelming majority of customers as Bauspar savers
when their old contracts matured but also to convince many new customers of the advantages of the
Bauspar system.
€6.3 billion at the end of 2012, or 1.7 per cent
more than at the end of the previous year (market
share of 31.4 per cent). At the same time, the loan
portfolio also grew, likewise totalling €6.3 billion at
December 31, 2012 (market share of 32.7 per
cent). This was 2.5 per cent more than at the end
of the 2011 financial year.
5,811
The Bauspar System Rallies
In The Second Half
0
2007
2008 2009 2010
2011
2012
2007
2008 2009 2010
2011
2012
7
There was still a definite trend towards renovating
existing properties. Breaking down loan offers during 2012 into their intended purpose, the renovation, improvement and conversion segment was
clearly the biggest, accounting for 38.8 per cent
of all offers. Meanwhile, property purchasing and
new construction were slightly down on the 2011
financial year, accounting for 24.6 per cent and
22.6 per cent of the total, respectively. Various
other loan offers, including offers for loan conversions, education and health care, accounted for a
total of 14 per cent of all the loan offers made during 2012.
Fantastic Interest Rates
Stimulate Demand
A spring campaign (part of the central Raiffeisen
‘building and living’ advertising focus) made a key
contribution to the strong development of Raiffeisen
Bausparkasse’s lending operations. The HammerBausparfinanzierung fantastic Bauspar loans campaign offered customers who were planning to
build or renovate properties a limited allotment of
€120 million with particularly attractive terms and
conditions. Because of lively demand, this allocation was quickly exhausted. Raiffeisen Bausparkasse again delighted prospective developers with
its special terms and conditions for new loans
secured in the land register, meeting their need for a
low rate and, at the same time, absolutely reliable
Loan Disbursements
Not-for-profit building associations, developers and
local authorities continued to place increasing
reliance on this tried and tested mix of attractive
terms and conditions and long-term calculability
during the 2012 financial year. Raiffeisen Bausparkasse provided funds totalling €260.1 million for
residential construction and local authority projects
across Austria. This was not just the second highest
amount ever recorded by Raiffeisen Bausparkasse
in the large loans segment. It also exceeded the
planned total of €150 million by an impressive
73 per cent. This segment therefore made a
significant contribution to Raiffeisen Bausparkasse’s
good business results, accounting for roughly a
quarter of its total lending.
Electronic Applications Prove
Their Worth
985
900
953
987
1,000
A Quarter Of A Billion Euros
Of Loans For Major Projects
1,007
1,120
1,100
1,139
€ in millions
long-term loan variant. This product was rounded
off by the interest ceiling of 6 per cent that is included free of charge within the Bauspar system. In
addition, Raiffeisen Bausparkasse provided customers with a raft of free service tools in the Internet
and skilled advice was provided at Raiffeisen
banks, making made-to-measure loan solutions possible.
800
700
Electronic loan applications were another of last
year’s success stories. Today, two thirds of all loan
applications submitted to Raiffeisen Bausparkasse
are already arriving electronically via a Raiffeisen
bank. By eliminating mail, this procedure makes
loan application processing much faster, offering
both customers and the Raiffeisen banks a better
service.
600
500
400
300
200
100
0
2007
2008 2009 2010
2011
2012
8
The ‘Renovation Cheque’:
Making It Easier To Meet
Climate Goals
The Highest Level Of Customer
Loyalty
Austria’s Bausparkasse building societies were
again reliable partners to the federal government,
whose ‘Renovation Cheque’ scheme was now in its
third edition. As in previous years, the Austrian Bausparkasse building societies administered the ‘Renovation Cheque’ applications free of charge. At the
same time, Raiffeisen Bausparkasse accounted for
the lion’s share of all the applications submitted in
Austria, namely over 40 per cent. Raiffeisen Bausparkasse thus continued to underscore its role as a
service hub and centre of excellence for its many
customers.
Subsidies totalling €53.2 million were paid out to
help with 15,500 thermal renovations of privately
owned residential properties, resulting in a total
loan portfolio of €506 million. Besides benefiting
homeowners and the environment, this was also
good for the Austrian economy because it created
and maintained jobs. This made the ‘Renovation
Cheque’ an indispensable instrument in the attainment of climate goals.
Thanks to the support of the Bausparkasse building
societies, this drive by the Austrian Ministry of Economics and Life — the Wirtschafts- und Lebensministerium — will be repeated in 2013 and will go on
creating an incentive to tackle renovation projects
for the general good.
For the fourth time in four years, Raiffeisen Bausparkasse received the best possible rating for customer
orientation, namely ‘Excellent’, in the Recommender
Awards. These coveted awards are given to the
financial service providers that stand out because of
their customers’ special willingness to recommend
them to others. Raiffeisen Bausparkasse has always
received top marks since the first awards in 2009,
evidencing the high continuity of its advisory services. This is an important demonstration of customer
confidence and, at the same time, an incentive for
the future.
Outlook For 2013
Raiffeisen Bausparkasse plans to continue to stimulate residential construction during 2013, acting as
a motor of the Austrian construction industry. In order
to offer prospective developers attractive loan terms
and conditions, Raiffeisen Bausparkasse has made
allowance for the persistently low interest rates by
cutting the minimum interest rate on new Bauspar
loans secured in the land register as of the beginning of this year. In addition, it set aside €100 million for loans with particularly favourable terms and
conditions during its spring offensive. Raiffeisen Bausparkasse is particularly attentive to the needs of its
Bauspar savers. Throughout 2013, its attractive line
of products will again ensure that Bauspar saving
loses nothing of its appeal in the future.
Assets
Loan Offers
€ in millions
by Purpose
7,542
7,412
6,897
6,550
6,000
6,238
7,000
7,156
8,000
5,000
4,000
3,000
2,000
1,000
0
2007
2008 2009 2010
2011
2012
■ Renovations and improvements, including
extensions and conversions: 38.8%
■ Property purchasing: 24.6%
New construction: 22.6%
■ Sundry loans: 14.0%
9
Raiffeisen
Bausparkasse’s
Equity
Investments
The Bauspar Building Society
System Is Doing Well In The
CEE Region
The Bauspar concept has also proven its worth in
the markets of Raiffeisen Bausparkasse’s foreign subsidiaries in Slovakia, the Czech Republic, Croatia
and Romania. People living there have responded
warmly to the attractive state support that is provided in the form of the building society premium
subsidy in combination with low interest rate loans.
In all, the four subsidiaries in the CEE region concluded some 377,000 new Bauspar contracts during the 2012 financial year, giving them a total
portfolio of 2.3 million Bauspar accounts.
Addresses
ˇ a.s.
Prvá stavebná sporitel’na,
Bajkalská 30, P.O.Box 48
SK 829 48 Bratislava 25
Phone: +421-2-5823 1111
Managing Board:
Imrich Béreš
Herbert Pfeiffer
Erich Feix
ˇ
Raiffeisen stavební sporitelna,
a.s.
Konevova
2747/99
ˇ
CZ 130 45 Prague 3
Phone: +420-2-7103 1111
Managing Board:
Jan Jeníček
Hans-Dieter Funke
Roman Hurych
Raiffeisen stambena ˇstedionica d.d.
Radnička cesta 47
HR 10 000 Zagreb
Phone: +385-1-600 6100
Managing Board:
Hans-Christian Vallant
Franjo Franjić
¸ S.A.
Raiffeisen Banca pentru Locuinte,
6A Dimitrie Pompeiu Blvd, I bis Floor
RO Bucharest 2, Code 020337
Phone: +402-1-203 1960
Managing Board:
Aurelia Cionga
Stelian Stanga
10
Slovakia:
A 20-Year Success Story
Raiffeisen Bausparkasse holds a stake of 32.5 per
cent in Prvá stavebná sporitel’ňa a.s. (PSS) in Slovakia. It has now enjoyed over two decades of success in the Slovakian Bauspar building society
market. Since being founded in 1992, this company has helped finance the purchasing, building
or renovation of over half a million owner-occupied
homes in a country with a population of 5.4 million. Satisfied customers have concluded some four
million Bauspar contracts with PSS over the past 20
years. Today, every sixth Slovakian has a Bauspar
contract with PSS. It is the country’s foremost financier of residential construction. It has approximately
400 employees and a market share of 85 per cent,
making it the clear leader among Slovakia’s three
Bausparkasse building societies. Prvá stavebná
sporitel’ňa a.s. can also be pleased with its financial year on the occasion of its 20th anniversary
given how difficult political conditions were. For
instance, thanks to PSS customers’ eagerness to
save, Bauspar deposit balances increased significantly despite the introduction of a bank tax. As a
result, Bauspar deposit balances came to nearly
€2 billion at the end of the year, which was more
than 5 per cent up on the same day of 2011. The
loan portfolio also grew, increasing by roughly
€110 million to €1.9 billion.
PSS thus continued to assert and
reinforce its market leadership in
the Slovakian building society
market in 2012.
The Bauspar system was also the subject of political
debate in the Czech Republic during 2012, when
the cut in the building society premium subsidy
decided in 2011 was still having after effects. This
market — which was already highly competitive —
shrank again compared with 2011 as a result.
Nonetheless, even in this difficult setting, Raiffeisen
stavební spořitelna, a.s. (RSTS) succeeded in bucking the trend with the help of remedial measures like
extending its product portfolio. Consequently, Bauspar deposit balances actually increased by 2 per
cent to about Kč76.1 billion (roughly €3 billion)
during the 2012 financial year.
Lending operations also developed satisfactorily.
Although competition from the mortgage banks in
the lending market was still very tough, RSTS was
able to sustain its portfolio of Bauspar and bridging loans at the already high level of about
Kč37.1 billion (roughly €1.5 billion) recorded at
the end of 2011.
Czech Republic:
Deposit Balances
Slovakia:
Deposit Balances € in millions
Kč in millions
76,067
74,590
1,992
75,089
1,792
1,890
60,000
40,000
1,000
800
41,375
50,000
1,310
1,400
70,000
72,171
1,615
1,600
1,667
1,800
74,313
80,000
2,000
1,200
Czech Republic:
Developing Well In A
Difficult Market Environment
30,000
600
20,000
400
10,000
200
0
0
2007
2008 2009 2010
2011
2012
2007
2008 2009 2010
2011
2012
11
Croatia:
A Successful Lender
Conditions in the Croatian Bauspar market remained tough during the financial year under
review. There was a great deal of political controversy about the Bauspar system, and the authorities
paid out the building society premium subsidy late
again, increasing customer uncertainty even more.
Nonetheless, Raiffeisen stambena štedionica d.d.
(RSS) stood its ground in 2012. Thanks to an attractive product line, its performance in the loans segment was convincing and its credit operations
continued to grow. The volume of RSS’s loan portfolio had reached a record high of about HRK866
million (roughly €115 million) by the end of 2012,
which translates into an increase of 5 per cent compared with the end of the previous year. As for new
business, the company concluded some 29,000
new savings agreements, building on its performance in 2011. Bauspar deposit balances levelled
out at about HRK1.4 billion (roughly €189 million).
Raiffeisen Banca pentru Locuint˛e, S.A. (RBL) can
look back on a good 2012 financial year, during
which it acquired roughly 49,300 new Bauspar
contracts. This represented a substantial increase in
the volume of new business, which was an impressive 49 per cent up on 2011. This growth underlines the confidence that Romanians have in the
Bauspar system — despite the fact that the responsible ministry regularly pays out the building society
premium subsidy late. RBL also continued to
strengthen its position in the Romanian market in all
its other business segments. Deposit balances
increased to about RON262 million (roughly €59
million), which was approximately 10 per cent up
on the previous year. At the same time, loan disbursements increased by 7 per cent to about
RON54 million (roughly €12 million). The contract
portfolio grew to 180,101 contracts, which was
19 per cent up on the end of 2011.
200,000
100,000
100,000
75,000
75,000
50,000
50,000
25,000
25,000
0
151,201
125,000
136,741
125,000
130,592
150,000
97,209
150,000
180,101
175,000
108,566
208,336
33
206,219
209,881
Romania:
Contract Portfolio
205,545
175,000
201,165
200,000
208,285
Croatia:
Contract Portfolio
Romania:
Outstanding Volume Of New
Business
0
2007
2008 2009 2010
2011
2012
2007
2008 2009 2010
2011
2012
12
13
Consolidated Financial
Statements
14
Consolidated Balance Sheet
at December 31, 2012
Assets
December 31, 2012
€
52,180,300.89
€
1. Cash and balances with central banks
2. Debt instruments issued by public bodies that
are eligible for refinancing with the central bank
Treasury bills and similar securities
1,314,604,272.85
3. Receivables from other banks
a) Receivable on demand
20,610,514.99
b) Other receivables
777,177,079.99
797,787,594.98
4. Mortgage-backed loans
4,358,637,276.81
a) Bauspar loans
b) Mortgage-backed
bridging loans
1,217,006,665.14
c) Other mortgage-backed loans
644,880,346.35 6,220,524,288.30
5. Other loans
226,955,966.79
a) Bauspar loans
b) Bridging loans backed by
Bauspar savings deposit balances
less deposit balances registered as
collateral for bridging loans
295,559,494.44
c) Other loans
755,095,717.94 1,277,611,179.17
6. Bonds and other fixed-interest
securities
a) Issued by public sector entities
49,025,130.41
b) Issued by other borrowers
(Of which own issuances: €0.00;
previous year: €0 thousand)
632,615,359.36
681,640,489.77
7. Shares and other variable-yield securities
229,497,713.66
8. Equity investments
a) In associates accounted for
using the equity method
89,441,105.98
b) In other entities
233,691.43
89,674,797.41
9. Investments in subsidiaries
In other group companies
475,038.78
10. Intangible non-current assets (Of which goodwill within
the meaning of § 254 (3) UGB (Austrian enterprises
code): €0.00; previous year: €0 thousand)
3,343,427.54
11. Property, plant and equipment (Of which land and buildings
used by the Bank within the scope of its own activities:
€13,790,161.82; previous year: €13,869 thousand)
15,919,202.27
12. Other assets
121,093,845.25
13. Prepaid expenses
1,718,442.67
10,806,070,593.54
Off-balance sheet items
1. Foreign assets
3,465,583,681.58
December 31, 2011
€k
€k
59,933
1,290,454
26,223
578,051
604,274
4,227,928
1,266,464
480,308
5,974,700
209,484
283,305
817,090
1,309,879
48,251
634,162
88,891
233
682,413
385,349
89,124
475
5,400
15,938
134,043
2,408
10,554,390
3,397,629
15
Equity and Liabilities
€
1. Payables to other banks
a) Payable on demand
128,597,393.45
b) With agreed maturities or
notice periods
869,925,797.90
2. Payables to customers
Bauspar deposit balances less deposit balances
registered as collateral for bridging loans
3. Other liabilities
4. Deferred income
5. Provisions
a) Provisions for post-employment
benefits
6,609,400.00
b) Provisions for termination benefits
6,207,200.00
c) Provisions for taxes
8,777,880.19
d) Other provisions
20,683,486.06
6. Consolidated profit
7. Supplementary capital
8. Subscribed capital
9. Capital reserves
a) Appropriated
62,245.08
b) Unappropriated
8,029,584.92
10. Retained earnings
a) Statutory reserve
6,976,600.00
b) Reserve pursuant to the Satzung
(Articles of Association)
10,523,400.00
c) Other reserves
271,810,806.94
d) Exchange differences
36,285,435.14
e) Goodwill arising from the
elimination of the carrying amount
of the Group’s investment in each
subsidiary and the Group’s portion
of the equity of each subsidiary (43,832,101.49)
f) Negative Goodwill arising from the
elimination of the carrying amount
of the Group’s investment in each
subsidiary and the Group’s portion
of the equity of each subsidiary
8,577,382.93
11. Minority interests
12. Liability reserve (Haftrücklage) under
§ 23 (6) BWG (Austrian banking act)
Off-balance sheet items
1. Contingent liabilities under guarantees
2. Commitments
3. Eligible own funds pursuant to § 23 BWG
4. Own funds requirement under § 22 BWG
5. Foreign liabilities
December 31, 2012
€
December 31, 2011
€k
€k
121,394
998,523,191.35
922,839
9,138,434,733.98
82,590,646.42
790,728.74
42,277,966.25
17,797,897.66
105,000,000.00
35,000,000.00
8,091,830.00
1,044,233
8,861,270
89,816
4,248
6,899
5,470
1,274
15,123
62
8,030
28,766
7,505
145,000
35,000
8,092
6,977
10,523
229,400
33,007
(43,832)
290,341,523.52
17,373,575.62
8,577
244,652
15,960
69,848,500.00
69,848
10,806,070,593.54
10,554,390
31,085.77
708,769,388.79
462,728,545.94
367,137,361.87
3,124,220,061.41
31
839,233
463,715
381,425
3,014,082
16
Consolidated Income Statement
for the 2012 Financial Year
€
1. Interest income and similar income
Of which:
a) Income from Bauspar loans
b) Income from fixed-interest securities
2. Interest expense and similar charges
Of which:
On Bauspar deposit balances
I. NET INTEREST INCOME
3. Income from securities and equity investments
a) Income from variable-yield securities
b) Income from investments in other entities
c) Income from investments in subsidiaries
d) Income from investments in associates
accounted for using the equity method
4. Other operating income
II. OPERATING INCOME
5. General administrative expenses
a) Staff costs
aa) Wages and salaries
ab) Statutory social security contributions,
payroll-related taxes and additional
compulsory contributions
ac) Fringe benefits
ad) Old-age benefits and support
ae) Change in the provision for
post-employment benefits
af) Termination benefits and payments
to corporate benefit funds
2012
€
379,100,798.68
2011
€k
369,878
(229,310,053.01)
160,246
61,141
(221,056)
176,801,246.69
54,953,866.43
161,461,686.50
149,790,745.67
18,648,959.97
7,902,091.53
5,709.38
200,000.00
10,541,159.06
62,077,062.08
230,516,767.72
(136,752,696.43)
157,954
148,822
23,354
13,084
6
200
10,064
63,818
235,994
(137,231)
25,299,221.11
24,774
6,957,399.40
679,280.85
3,004,546.30
7,175
808
2,256
(289,600.00)
(505)
1,342,758.78
36,993,606.44
994
35,502
b) Other administrative expenses
(operating expenditure)
99,759,089.99
6. Impairment allowances on assets
recognized in items 10 and 11
7. Other operating expenses
III. OPERATING EXPENSES
IV. PROFIT FROM OPERATIONS (balance carried forward)
101,729
(5,177,401.29)
(2,461,371.95)
(144,391,469.67)
86,125,298.05
(4,814)
(3,618)
(145,663)
90,331
17
IV. PROFIT FROM OPERATIONS (balance brought forward)
8. Realized and unrealized gains and losses on
receivables and securities and provisions made
for commitments
9. Realized and unrealized gains and losses on
securities classified as financial investments and
on equity investments and investments in subsidiaries
V. PROFIT FROM ORDINARY ACTIVITIES
10. Income tax
11. Other taxes (not included in item 10)
VI. PROFIT FOR THE YEAR
12. Minority interests in profit
13. Exchange differences
14. Change in reserves
15. Retained profit brought forward
VII. CONSOLIDATED PROFIT
2012
€
86,125,298.05
2011
€k
90,331
(7,007,136.29)
(21,044)
(2,416,446.29)
76,701,715.47
(14,490,891.76)
(247,044.27)
61,963,779.44
(2,230,048.63)
(5,789.59)
(42,435,234.76)
505,191.20
17,797,897.66
(16,646)
52,641
(5,305)
(218)
47,118
(2,666)
(1,273)
(35,901)
227
7,505
The Managing Board
Manfred Url
CEO
Johann Ertl
Director
18
Extracts from the Notes to the
Consolidated Financial
Statements
Other receivables from other banks is made up of fixed-rate deposits with the following maturities:
Up to 3 months
From 3 months to 1 year
From 1 to 5 years
Over 5 years
December 31, 2012
€k
510,773
0
200,286
66,118
777,177
December 31, 2011
€k
265,185
52,075
185,652
75,139
578,051
The mortgage-backed loans and other loans had the following maturities:
Receivable on demand
Up to 3 months
From 3 months to 1 year
From 1 to 5 years
Over 5 years
December 31, 2012
€k
21,341
194,165
572,276
2,070,561
4,639,792
7,498,135
December 31, 2011
€k
22,782
171,464
564,844
2,072,446
4,453,043
7,284,579
Other loans includes receivables from subsidiaries in the amount of €2,867 thousand (2011:
€41,431 thousand).
The balance sheet value of listed bonds and other fixed-interest securities did not include any bonds
issued by the Group (2011: €0 thousand).
€1,294,794 thousand (2011: €1,072,744 thousand) of treasury bills and similar securities, which
totalled €1,314,604 thousand (2011: €1,290,454 thousand), was measured as non-current assets in
accordance with § 56 (1) BWG; €555,279 thousand (2011: €534,138 thousand) of bonds and
other fixed-interest securities totalling €681,641 thousand (2011: €682,413 thousand) was thus
measured; and €106,874 thousand (2011: €149,813 thousand) of shares and other variable-yield
securities totalling €229,498 thousand (2011: €385,349 thousand) was thus measured.
Shares and other variable-yield securities consists solely of investment fund shares.
19
Payables to other banks includes payables under credits granted to refinance loans with the following
maturities:
December 31, 2012
€k
December 31, 2011
€k
33,000
20,055
69,002
747,869
869,926
93,136
5,100
40,157
784,446
922,839
December 31, 2012
€k
December 31, 2011
€k
444,588
1,938,371
2,021,588
4,309,114
424,774
9,138,435
402,995
1,767,013
1,940,672
4,181,156
569,434
8,861,270
Up to 3 months
From 3 months to 1 year
From 1 to 5 years
Over 5 years
Payables to customers had the following maturities:
Payable on demand
Up to 3 months
From 3 months to 1 year
From 1 to 5 years
Over 5 years
The bonds that were issued in 2004, 2005 and 2007 constitute supplementary capital for the purposes
of § 23 (7) BWG or subordinated debt capital within the meaning of § 23 (14) 5 BWG.
Interest income and similar income and other operating income broke down as follows by geographical
market:
Interest income and similar income
Other operating income
Austria
2012
€k
CEECs
2012
€k
Austria
2011
€k
CEECs
2011
€k
250,277
128,824
233,458
136,421
34,073
28,004
35,216
28,602
Other operating income comprised mainly fees and other income from building society operations in the
amount of €57,688 thousand (2011: €59,779 thousand).
Outlay on supplementary capital and subordinated debt capital came to €6,147 thousand (2011:
€7,368 thousand).
20
Disclosure of Equity Investments
Pursuant to § 265 (2) UGB (Austrian enterprises code)
Nominal
Capital
Equity Interest
held at
Dec. 31, 2012
Consolidated entities
Raiffeisen stavební spořitelna, a.s., Prague
Raiffeisen stambena štedioníca d.d., Zagreb
Raiffeisen Bausparkassen Holding GmbH, Vienna
Koněvova s.r.o., Prague
CZK
HRK
EUR
CZK
650,000,000.00
180,000,000.00
10,000,000.00
10,000,000.00
90.00%
100.00%
100.00%
90.00%
Associates
Accounted for using the equity method
Prvá stavebná sporitel’ňa, a.s., Bratislava
Raiffeisen Banca pentru Locuinţ e, S.A., Bucharest
Raiffeisen Wohnbaubank AG, Vienna
Raiffeisen Wohnbauleasing Ges.m.b.H., Vienna
EUR
RON
EUR
EUR
66,500,000.00
131,074,560.00
5,100,000.00
36,400.00
32.50%
33.35%
25.00%
50.00%
EUR
EUR
37,000.00
36,336.42
100.00%
100.00%
EUR
EUR
CZK
EUR
35,000.00
35,000.00
1,000,000.00
6,638.78
50.00%
100.00%
90.00%
100.00%
Non-consolidated entities
Non-consolidated on the grounds of immateriality
in accordance with § 249 (2) UGB
RBM Wohnbau Ges.m.b.H., Vienna
RGS Wohnbau Gesellschaft m.b.H., Vienna
Raiffeisen-Wohnbauleasing Österreich GmbH,
Vienna
RBM Rosenhügel Projekt GmbH, Vienna
Raiffeisen finaňcní poradenství s.r.o., Prague
Dobré Bývanie s.r.o., Bratislava
21
Extracts from the
Group Management Report
General Remarks
The Group was created in 1998 when we acquired a 75 per cent majority of the shares in Raiffeisen
stavebni sporitel’ňa, a.s., Prague. Another 15 per cent of the shares were acquired in 2008, giving Raiffeisen Bausparkasse a 90 per cent stake in Raiffeisen stavebni sporitel’ňa, a.s. Other important Group
members include Prva stavebna sporitel’ňa, a.s., Bratislava, in which we hold a stake of 32.5 per cent,
and Raiffeisen Banca pentru Locuint˛e, S.A., Bucharest, in which we hold a stake of 33.35 per cent. In
December 2009, Raiffeisen Banca pentru Locuint˛e, S.A., Bucharest, was merged with HVB Banca pentru
Locuint˛e, S.A., Bucharest, in which we had acquired a stake of 33.35 per cent in 2009. A capital
increase took place at Raiffeisen stambena stedionica d.d., Zagreb, in 2008, increasing Raiffeisen Bausparkasse’s stake to 100 per cent. We refer you to the section of the Notes on equity investments regarding the scope of consolidation.
Business Performance in 2012
The Raiffeisen Bausparkassen Group had a very good year overall in 2012, when its key performance
indicators in the savings and loan segments strengthened compared with 2011. Given that the building
society premium subsidy in Austria was unexpectedly cut by 50 per cent in 2012 as part of the austerity
package, this was very satisfactory. Discussion in the Austrian media unnerved customers, and this weakened demand. However, the rapid introduction of new products and a communication offensive enabled
us to stabilize new business and maintain the Bauspar building society system’s outstanding position in the
Austrian savings and loan landscape. The Group’s assets were up on the end of the previous year, growing from €10.6 billion to €10.8 billion. Savings deposit balances grew to €9.1 billion (year-end 2011:
€8.9 billion), while the loan portfolio grew from €7.3 billion to €7.5 billion.
Despite the cut in the building society premium subsidy, Group parent Raiffeisen Bausparkasse Gesellschaft m.b.H. nearly achieved its target of 293,000 new contracts, selling some 290,400 new contracts
(2011: 317,000 new contracts) and recording a market share of 32.0 per cent (2011: 32.4 per cent).
On the loans side of the account, loan disbursements for residential construction came to €1,007.4 million
in 2012 (2011: €1,119.5 million), enabling us to secure our market leadership with a market share
of 32.8 per cent (2011: 32.4 per cent). Bauspar savings deposit balances (including deposit balances
registered as collateral for bridging loans) were 1.7 per cent up on the end of 2011 to a total of €6.3
billion (year-end 2011: €6.2 billion), resulting in a market share of 31.4 per cent (2011: 32.0 per cent).
The loan portfolio exceeded the already high total recorded at the end of 2011, coming to €6.3 billion
(year-end 2011: €6.2 billion). This gave Raiffeisen Bausparkasse a market share of roughly 32.7 per cent
(2011: 32.9 per cent).
Prvá stavebná sporitel’ňa, a.s., Bratislava, concluded roughly 163,000 new contracts in 2012, which
was more than the total recorded in the previous year (2011: approximately 160,000 new contracts).
Aggregate deposit balances increased from €1.9 billion to €2.0 billion. Bauspar loans in the portfolio
totalled €385.4 million (year-end 2011: €388.1 million). The portfolio of bridging loans grew from
€1.4 billion to €1.6 billion.
22
The portfolio of savings contracts at Raiffeisen stavební spořitelna, a.s., Prague, shrank by 2.8 per cent
to roughly 735,000 contracts (year-end 2011: roughly 756,000 contracts). However, the number of new
contracts was 16.4 per cent up on the previous year to approximately 135,000 contracts. Deposit balances increased from €2.9 billion to €3.0 billion. The number of bridging loans in the loan portfolio fell
slightly to roughly 51,000 (year-end 2011: roughly 53,000 loans). The number of Bauspar loans in the
portfolio was still at the same high level as at the end of the previous year, coming to approximately
59,000.
The number of new contracts at Raiffeisen stambena štedionica d.d., Zagreb, was at the same level as
in 2011, at roughly 29,000. So too were deposit balances, which came to HRK1.4 billion. As at the
end of 2011, the company had some 12,000 Bauspar loans in its portfolio. The portfolio of bridging
loans grew from roughly 5,000 loans to roughly 6,000 loans.
In Romania, Raiffeisen Banca pentru Locuint¸e, S.A., Bucharest, developed consistently well. On the
deposits side of the account, the number of new contracts increased by 49.2 per cent to roughly 49,000
(2011: roughly 33,000 contracts), and the portfolio of savings contracts grew by 19.4 per cent to
177,000 (year-end 2011: roughly 148,000 contracts). As at the end of 2011, the company had some
3,000 Bauspar loans in its portfolio.
Raiffeisen Bausparkasse’s Environmental Initiative
Raiffeisen Bausparkasse has for a long time been taking a host of measures to encourage its customers to
save energy and, as a result, to do more to protect the environment. Sustainability, climate protection,
energy efficiency and the use of renewable resources are strategically important to Raiffeisen Bausparkasse
as a member of the Raiffeisen Klimaschutz climate protection initiative. Apart from significantly reducing
running costs, the thermal renovation of existing buildings primarily helps reduce the greenhouse gases
caused by room heating. During 2012, Raiffeisen Bausparkasse continued to make offset payments for its
CO2 emissions so as to support sustainable climate protection.
Fostering the Workforce
Our focus in 2012 was on health promotion. Many staff members took advantage of the offerings of the
Uniqa Vital Trucks to have a fitness profile done. In addition, the staff of Raiffeisen Bausparkasse continued
to have access to an extensive training programme during 2012. Alongside professional courses, the personality development modules were also very popular. Training was carried out by both in-house and external lecturers. This is how we ensure that our customers are given the very best advice.
23
The Business Outlook for 2013
Within Austria, persistently low interest rates are a challenge for Raiffeisen Bausparkasse’s business operations. Raiffeisen Bausparkasse launched a new tariff with attractive terms and conditions back in 2012 to
cushion the negative impact on customers of the 50 per cent cut in the building society premium subsidy.
The number of new contracts acquired in 2012 confirmed the success of this new tariff. In future, we will
continue to take appropriate measures and carry out sales promotions to ensure that our savings and loan
operations remain competitive. A satisfactory operating profit is expected in 2013.
We believe that we will conclude roughly 353,000 new contracts in the CEE Region during 2013.
24
Address
Raiffeisen Bausparkasse Gesellschaft m.b.H.
Wiedner Hauptstrasse 94, 1050 Vienna, Austria
Phone: +43-1-54646-0
Internet: http://www.bausparen.at
Publisher: Raiffeisen Bausparkasse Gesellschaft m.b.H.
Editor: Doris Kornitzer · Both at: Wiedner Hauptstrasse 94, 1050 Vienna, Austria
Photography: Johannes Ifkovits
Translation: Adrian Weisweiller BA (Oxford), MA (Oxford), London
Manufactured by: Druckerei Odysseus, 2325 Himberg, Austria
28-0513-0,3-OD