trust.

Transcription

trust.

TRUST.
business report 2013
the btv Group at a glance
income
31.12.2013
31.12.2012*
change
in %
175.7
–46.9
45.3
–96.0
82.1
64.4
164.3
–39.9
42.3
–92.8
70.1
60.7
+6.9 %
+17.4 %
+7.0 %
+3.4 %
+17.1 %
+6.1 %
31.12.2013
31.12.2012
change
in %
9,589
6,197
6,716
1,176
1,288
9,496
6,193
6,583
1,273
1,188
+1.0 %
+0.1 %
+2.0 %
–7.6 %
+8.5 %
913
11,546
846
11,369
+8.0 %
+1.6 %
31.12.2013
31.12.2012
change
in %
6,055
964
867
5,992
995
806
+1.1 %
–3.1 %
+7.5 %
in eur ‚000‘000
net interest income
loan loss provisions in credit transactions
net commission income
operating expenses
Annual net profit before tax
Group net profit for the year
balance sheet
in eur ‚000‘000
total assets
loans and advances to customers after loan loss provisions
Primary funds
– of which savings deposits
– of which securitised debt including subordinated capital
Equity
managed deposits
eQuitY (under austrian laW - bWG)
in eur ‚000‘000
risk-weighted assets
own funds
– of which core capital (tier 1)
surplus own funds
core capital ratio
total capital ratio
comPanies
480
13.33 %
15.93 %
516
–7.0 %
12.45 % +0.88 %-Pkt.
16.61 % –0.68 %-Pkt.
31.12.2013
31.12.2012*
change
in %-pp
9.34 %
7.32 %
43.3 %
26.7 %
8.69 %
7.52 %
44.2 %
24.3 %
+0.65 %-pp
–0.20 %-pp
–0.9 %-pp
+2.4 %-pp
31.12.2013
31.12.2012
change
number
766
37
779
37
–13
+0
31.12.2013
31.12.2012*
22,500,000
2,500,000
19.50/16.60
17.30/15.45
19.50/16.50
480
2.58
7.6
6.4
22,500,000
2,500,000
21.00/17.50
15.80/14.00
17.00/15.50
421
2.44
7.0
6.4
percentage points
Return on equity before tax (RoE)
Return on equity after tax
cost/income ratio
risk/earnings ratio
resources
number
Weighted average number of employees (white collar)
number of branches
KeY indicators for btv shares
Number of ordinary no par value shares
number of preference no par value shares
Top price of ordinary/preference share in EUR
Bottom price of ordinary/preference share in EUR
Closing price of ordinary/preference share in EUR
market capitalisation in eur ‚000‘000
ifrs ePs in eur
P/E ratio, ordinary share
P/e ratio, preference share
* values per 31.12.2012 are adapted, see table on page 54.
shareholder structure
btv shareholder structure bY size of holdinG
37,53 % cabo beteiligungsgesellschaft
m.b.h., vienna
13,59 %
bKs bank aG, Klagenfurt *)
13,22 %
13,60 %
oberbank aG, linz *)
Generali 3 banken holding aG, vienna *)
19,42 % Widely spread shareholdings
0,36 %
*)
2,28 %
btv Private foundation
Wüstenrot Wohnungswirtschaft
reg. Gen.m.b.h., salzburg *)
Shareholders who form part of the syndicate agreement.
btv shareholder structure bY votinG riGhts
41,70 % cabo beteiligungsgesellschaft
m.b.h., vienna
15,10 %
bKs bank aG, Klagenfurt *)
14,69 %
15,12 %
10,46 % Widely spread shareholdings
0,40 %
*)
btv Private foundation
oberbank aG, linz *)
Generali 3 banken holding aG, vienna *)
2,53 %
reg. Gen.m.b.h., salzburg *)
Shareholders who form part of the syndicate agreement.
dates for btv shareholders
annual General meeting
ex-dividend date
Dividend payment date
interim report up to 31.03.2014
14.05.2014, 10.00 a.m., stadtforum 1, innsbruck
the dividend will be published on the btv homepage and in the gazette of
the Wiener Zeitung on the day after the annual general meeting.
19.05.2014
22.05.2014
Published on 23.05.2014 (www.btv.at)
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Management report
GROUP ACCOUNTS
Contents
Contents
Letter from the Board
Introducing the BTV management
01
02
04
BTV head office and market chiefs
Milestones 2013
BTV Investors‘ symposium
06
08
10
12
14
16
17
18
18
Northern Italy
Southern Germany
BTV Leasing
BTV employees The BTV brand 19
19
20
21
22
24
25
35
Report on the internal control system
for the financial reporting process
Shares and shareholder structure
Outlook
36
38
40
42
44
45
46
47
48
48
Statement by the statutory representatives
according to the Stock Exchange Act Report from independent auditors
Report from the supervisory board
BTV Group - a 5-year overview
3 Banks shareholder structure
Overview of 3 Banken Group –
Group information
Imprint
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History and strategy
Retail clients
Corporate clients
Institutional clients and banks Vienna
Switzerland Group
Group
Economic environment
Business trends
Compliance and money laundering
Management report
Management report
Group accounts 2013
Balance sheet
Combined profit and loss account
Statement of change in equity
Cash flow statement
Annex BTV Group
Accounting and valuation principles
Group accounts
Group accounts
130
131
133
135
137
138
139
BTV Business Report 2013
|01
The positive surprises of our future
The crises of the past few years have left their mark - particularly in how they are perceived.
That‘s because the reality is better than we believe.
Never before were there so many opportunities.
And never before were they utilised so intensively
as today. A plea for more confidence and trust.
The Black Swan: As recently as Nassim Taleb‘s book of
the same name, the Black Swan stands for unexpected
events in our highly developed, highly inter-linked,
complex and global world. Events which very much
endanger and suddenly change the system of society.
Events which we cannot prepare ourselves for because
they are not foreseeable. Business leaders globally
have since been on the paradoxical search for methods
to identify these ominous black birds as early as possible and ideally eliminate them. SO FAR, SO GOOD.
BUT … where there is shade, there is also light. With
the likes of Fukushima and the global economic crisis,
the Lehman bankruptcy and civil war in North Africa,
we forget only all too often that there are positive
events too. Events which are hardly visible because
they bring about positive things. Events which are unexpected and improve our world quietly. Events from
cultural and technical processes for advancements that
make cooperative rationality and spontaneous learning
processes possible. Events that therefore make us better as a society. They receive much less attention yet
have enormous significance for COMPANIES and also
for COMPANY MANAGEMENT.
A great deal is actually unknown and a few things
are different to what we thought. For instance, the
economic development: Who would have thought
that half of the EU countries are better off today than
before the crisis? Or the Southern European countries: Who would have believed in a swift economic
recovery? Or the debt situation in Greece: Much
lower than originally disseminated. Or Germany‘s
‚economic miracle‘: registered the highest tax receipts
in the history and highs of the DAX. Poverty: going
back to 2013.
Who could have anticipated that? Probably hardly
anyone in German-speaking countries. That‘s because
Mag. Matthias Moncher
Peter Gaugg
the belief in pending disaster is about twice as high in
this country than in other cultures. Why? Because the
media work in this way and because the human psyche is obviously conditioned to be this way. The quiet,
small, everyday advancements are seemingly faded
out - drowned out by apocalyptic expectations.
What indicates that the probability of negative events
is increasing? Nothing! These are opportunities to
differentiate ourselves. That is because prosperity
is great enough to try new adventures and to search
for a new and better solutions. Continuing crises are
the best trainer for increasingly intelligent answers.
Certainty, democracy and prosperity all form a solid
basis that allow top performance to thrive.
Nowhere else can this be better documented than in
our own regions: in Tyrol and Vorarlberg, in Vienna,
in Southern Germany from Munich to Stuttgart, in
Switzerland from St. Gallen to Zürich and in Northern
Italy from Bolzano to Padua. In short: in BTV country.
A better breeding ground for the banking business
than in this cross-border four-country-region is not
imaginable. Of course, we are also increasingly confronted with changes. Changes that bring with them
the technical, economic and cultural advancement.
We use the opportunities and reinvent ourselves
again and again: our closeness to our customers, a
very flexible business model and the eschewal of an
ego show are the central themes of what we do, true
to our principle of ‚investing, not speculating‘.
The existence of BTV depends on this difference - that
we do some things in a more individual way than our
competitors. We demand a will to win and individuality, because our clients need it.
There is always a lot to do. And we are always extremely grateful to our customers for this. THANK
YOU for the trust you have placed in BTV.
Yours
Gerhard Burtscher
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Management report
Group accounts
02 |03
Introducing the BTV management
01
02
03
04
05
06
01 Member of the BTV Board
of Directors
02 Spokesman for the BTV
Board of Directors
Peter Gaugg
03 Member of the BTV Board
of Directors
Gerhard Burtscher
07
08
09
04 Service centre
Michael Draschl
05 Corporate audit
Richard Altstätter
06 Legal and corporate
investments
Dr Stefan Heidinger
07 Human resources
Mag. Ursula Randolf
08 Finance & controlling
Mario Pabst
10
11
12
09 Institutional clients and
banks* division
Mag. Rainer Gschnitzer*
10 Business area
Institutional clients
and banks*
Bernhard Huber
11 Marketing and
Communications
Mag. Matthias Ampferer
12 Credit management
Dr Norbert Erhart
13 Credit management
Mag. Robert Walcher*
13
14
15
16
14 Private clients division
Michael Perger*
15 Northern Italy Private
Mag. Manuele Lussu*
16 Corporate clients division
Mag. (FH) Karl Silly*
17 Corporate clients division
Mag. Robert Platter
17
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Management report
Group accounts
18
19
20
21
18Kitzbühel-München
Private**
Walter Schwinghammer
19Kitzbühel-München
Private**
Mag. Peter Kofler**
20Southern Germany
corporate
Dr Hansjörg Müller
21 Vienna corporate
Mag. Martina Pagitz
* as of 1 January 2014
* as of 1 February 2014
22
23
24
25
26
27
28
29
30
31
22 Vienna private
Josef Sebesta
26 Vorarlberg corporate
Mag. Michael Gebhard
30 BTV Leasing
Gerd Schwab
23Switzerland
Mag. Markus Scherer
27Tirol and Vorarlberg
Private
Mag. Stefan Nardin
31 BTV Leasing
Johannes Wukowitsch
24Tiroler Unterland corporate
Stephan Haas
25Tiroler Oberland and
Ausserfern companies
Michael Falkner
28Tirol and Vorarlberg
Private
Bernd Scheidweiler
32
33
32C3 Logistik
Mag. Elmar Schlattinger
33 3 Banks Insurance Brokers
Wilfried Suitner
29 Innsbruck corporate
Thomas Gapp
04|05
BTV head office and market chiefs
Chairman
Peter Gaugg
Gerhard Burtscher
BTV Stadtforum Headquarters
Retail clients
Michael Perger
Corporate clients
Mag. (FH) Karl Silly
Institutional clients
and banks
Mag. Rainer Gschnitzer
– branch business
Harald Gapp
– productive investment
Mag. Martin Mausser
– Asset management
Dr. Jürgen Brockhoff
–Direct supervision
Corporate Financing
Mag. Martin Krismer
–Direct supervision
Payment transactions
Rudolf Oberleiter
–D
irect supervision interest, currency
and liquidity management
Helmut Pfurtscheller
–Client account management
Mag. Bettina Lussu
Service centre
Michael Draschl
Finance & controlling
Mario Pabst
Corporate audit
Richard Altstätter
Marketing and
Communications
Mag. Matthias Ampferer
Human resources
Mag. Ursula Randolf
– Transaction of securities
Rafael Rossian
–Payment and commerce
Christine Schurl
Credit management
Mag. Robert Walcher
– Germany and Switzerland
Christoph Meister
–Austria and South Tyrol Corporate
MMMag. Johannes Öfner
–Private
Mag. Martin Schwabl
– Reorganisation management
Mag. Paul Jäger
Legal and corporate
investments
Dr Stefan Heidinger
Compliance and
Money laundering
Manfred Unterwurzacher
Mag. Martin Rohner
BTV Leasing
Gerd Schwab
Johannes Wukowitsch
3 Banks Insurance Brokers
Wilfried Suitner
–Human resources support
Friedrich Braito
Obmann
Central works council
Harald Gapp
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Management report
Group accounts
BTV‘s Markets
Tyrol and Vorarlberg Private
Mag. Stefan Nardin
Bernd Scheidweiler
– Innsbruck central
Claudia Kaufmann
– Innsbruck West
Mag. Carsten Ackermann
– Innsbruck East
Norbert Peer
– Hall
Kurt Moser
– Unterinntal and Zillertal
Robert Lang
– St. Johann
Markus Lanzinger
– Seefeld
Stefan Glas
– Tyrolean Oberland
Wilfried Gabl
– Ausserfern
Urs Schmid
–Bludenz
Patrik Lauermann
– Lake Constance
Christof Kogler
– Rhine Valley
Mag. Carmen Kresser-Wolf
–Montfort
Hubert Kotz
–Mobile housing construction Vorarlberg
Manfred Angermann
Expert team
Innsbruck corporate
Thomas Gapp
Tiroler Oberland and
Ausserfern companies
Michael Falkner
Tiroler Unterland corporate
Stephan Haas
–Key accounts and special financing
–Property, tourism and South Tyrol
Mag. Christoph Wenzl
–SMEs
Mag. Marco Natterer
–Imst
–Reutte
Andreas Wilhelm
– Co-support
Mag. Günter Mader
Vorarlberg corporate
Mag. Michael Gebhard
Vienna private
Josef Sebesta
Vienna corporate
Mag. Martina Pagitz
– Productive Investment Expert Team
–Liberal professions, Vienna
Jürgen Jungmayer
–Key accounts and special financing
–Real estate and project financing
Mag. Claus Widder
–Small and medium-sized companies 1
Walter Tacha
–Small and medium-sized companies 2
Mag. Nina Steinacher M.BC.
Kitzbühel-München Private
Mag. Peter Kofler
Southern Germany corporate
Dr Hansjörg Müller
–Kitzbühel
–Munich
–Augsburg
–Munich
Birgit Kratzer
–Augsburg
Certified banking administrator
(Dipl.-Bankbw.) Mark Weber
–Memmingen
Certified banking administrator
Gerhard Schuster (Dipl.-Bankbw.) (FH)
– Ravensburg
Andreas Kleiner
–Stuttgart
Stefan Fischer
Northern Italy Private
Mag. Manuele Lussu
Switzerland private
Mag. Markus Scherer
Switzerland corporate
Mag. Markus Scherer
–Support for productive investment Italy
–East Tyrol Private
Manfred Steurer
–Staad
–Staad
–Co-support
Mag. (FH) Markus Hämmerle
trust
– Productive Investment Expert Team
Dr. Peter Strele
– Professions Innsbruck
Edi Plattner
– Mobile housing construction Tyrol
Ludwig Grolich
– Co-support Stadtforum
Mag. Kerstin Schuchter
06|07
Milestones 2013
It is top performance that enables BTV to grow as a brand.
Thanks to the considerable trust of our clients and our extremely motivated employees,
we also succeeded in doing this in 2013.
January
February
March
April
May
June
7. BTV Three Kings
Concert
The Serbian pianist
Anika Vavic and
Daniel MüllerSchott, one of the
world‘s best cellists,
delighted more
than 200 guests.
2. BTV Ski Challenge
For the second time,
BTV invited its staff
to a joint skiing day
- including a team
competition.
Sonja Braas in
FO.KU.S
For the first time,
the German artist
who lives in New
York is exhibiting
her photos in
Austria: in FO.KU.S
of the BTV
Stadtforum.
Interlinking banking
partners
For the first time,
the BTV division of
Institutional Clients
and Banks is inviting
banking partners to
a networking and
specialist event in
Switzerland.
New BTV cards
New design, new
chip, more services
and security. For
the first time, BTV
is offering its clients
contactless payment
with their bank card.
BTV Dragon
boat race
The highlight for
corporate clients
and for the first time
also for employees:
the BTV dragon
boat race on Lake
Constance.
Strong funding
support service
For their corporate
BTV Four Countries clients in Germany,
Cash
BTV is scaling up its
BTV scored with the collaboration with
successful market
the funding agencies
launch of the new
KfW and LfA - and
Italian module for
are expanding the
cross border paybusiness volumes
ment transactions. significantly as a
result.
Strong strategic
liquidity
Active talent
The BTV division
management
Institutional
In order to promote
Clients and Banks
selected BTV talents,
increasingly backs
the bank is offering
covered bonds to
an integrated trainstrengthen the
ing and developstrategic liquidity.* ment programme.
Company succession
in tourism
BTV Investment
toninton
With a new adviser,
Navigator
Three full evenings BTV is offering
With the BTV apof musical enjoyexpertise and active
plication Navigator, ment at the BTV
support along with
investment clients Stadtforum: with the an exclusive series of
receive tailored
Wolfert Brederode events.
recommendations Quartet, Nils
for deals, which
Landgren & Johan
Plus 10% for primary
their BTV account
Norberg as well as
funds
manager is happy to Pekka Kuusisto &
BTV has succeeded
explain or impleOlli Mustonen.
in increasing the
ment any time.
total premiums for
Well insured
corporate client
15. BTV Marketing With its partner
business by around
Trophy
Generali, BTV is
10% in 2013.
BTV rewards the
backing individual,
top marketing
tailored insurance
talents amongst
solutions for its
pupils at business
clients.
academies in Tyrol
and Vorarlberg.
Boom in export
financing
For export-oriented
small to mediumsized businesses,
with around €30 million BTV remains
the first port of call
for newly revolving
export financing in
2013 in Western
Austria.
Clients make
provisions
BTV is pleased
about numerous
new orders for its
retirement planning
products.
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Management report
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July
August
September
October
November
December
New BTV Banking
App
With BTV‘s mobile
banking, customers can always keep
an eye on their
accounts and credit
card balances.
3-Banken Wohnbaubank AG
After only one year
of successful existence, more than
€12 million have
already flowed into
the creation of this
new living area.
New business area
For the benefit of
the sales division,
the merger of the
account handling
of institutional
clients, bank account handling
and money market
trading has been
initiated.
BTV Lienz
After a good
12 months of
construction, BTV
Lienz is opening
as the centrepiece
of a new building
complex at Südtiroler Platz in Lienz.
New BTV service
areas
BTV is adding to
its service areas
in all branches.
Consequently,
important banking
services can also be
dealt with outside
opening hours.
‚firstfive‘ award
The BTV asset
management is
once again counted
amongst the top
five asset administrators in the
balanced risk class
(60 months).**
Strongest bank in
Western Austria
Re. 4. BTV has once
again been named
the strongest bank
in Western Austria
by the Financial
Times Magazine
‚The Banker‘
(based on Core
Capital Tier 1).
SEPA-fit
BTV gives its
clients prompt and
active support to
organise the SEPA
implementation as
simply as possible.
Expanding the investment academy
For the account
handlers of the
asset investment
team, BTV has put
together a new
schedule of training.
BTV guarantor
Don‘t speculate,
invest: The new
BTV guarantor
offers guaranteed
capital plus professional investment
administration.
3. BTV Autumn
Academy
BTV is inviting
students to the
bank for a week to
gain insight into
the day-to-day
operations of the
company.
Dr Moser Going
Europe foundation
BTV has already
committed itself to
sponsoring a total
of 84 commercial
high school pupils
to participate in
training in another
European country.
7. BTV Property
Developer‘s Prize
At 7. BTV is selecting ten prize winners from Tirol and
Vorarlberg from
148 entries for its
Property Developer‘s Prize.
Special engineering
work corporate
For the first time,
BTV is publishing a
trade magazine for
corporate clients.
Mechanical engineering is kicking
off the series.
*As of 1 January 2014, the ‚Institutional Clients and Banks‘ division in operation.
** Awards and successes in the past do not guarantee success or continued growth in the future.
More information at: www.btv.at/auszeichnungen.
Top BTV asset
management
The asset managers have increased
the managed
volume (Strategic
and Premium asset
management)
by 20%.
Excellent
For the Feri
EuroRating and
the Austrian
Dachfonds Award,
3 Banken-Generali
Invest has secured
awards for its asset
administration.**
Corporate client securities trading
BTV increased the
volume of securities trading in 2013
by 10%.
An increase of 20%
is achieved from
Own Issues.
16,000 conference
guests
Almost 16,000
guests were welcomed by BTV at
numerous events.
08 |09
For the first time, BTV sent invitations to the investor symposium in Innsbruck and Hohenems.
Top-class presenters elucidate the financial world from diverse perspectives.
600 individuals interested in finance did not pass up
the opportunity of the first BTV Investor Symposium.
The perspectives of the three presenters could not
have been more diverse. A panel discussion, which
BTV chairman, Gerhard Burtscher, led, constituted
the crowning achievement.
ment-Gesellschaft m.b.H., discussed the prospects
for a successful financial investment. On the basis of
13 incisive theses, he highlighted the current market
situation and the respective implications.
The multi-award-winning fund manager Alois Wögerbauer, managing director of 3 Banken-Generali Invest-
Hanno Settele, ORF Correspondent in the United
States for many years, fascinated us with personal
insights into the world of American banking clients:
“In the United States, a bank adviser explains to you
in the same breath that you cannot get a credit card
but are welcome to buy a house instead.” Chin Meyer
by contrast confirmed that you can also laugh about
money. As the ‚Steuerfahnder‘ (character) by Siegmund
von Treiber, he enlightened us in his best cabaret-style
on the tax system in Austria, the financial crisis and a
proper risk awareness.
“Despite the economic
optimism, interest rates
will remain low for the
time being. Waiting for
higher interest rates is
currently leading to a loss
of purchasing power.”
Alois Wögerbauer,
Fund Manager
“Although the United
States appears to be very
far away, the financial
markets have a strong
influence on Europe.
They are often a step
ahead of us and always
likely to surprise.”
Hanno Settele, Journalist
Background information, common reflections about
the financial world and future recommendations for
action: that‘s what the participants of the 1st BTV
Investor Symposium at the start of November 2013
were waiting for. And they experienced all that over
two entertaining evenings.
“Even with a slight step
back many things appear
which we consider to be a
matter of course - absurd:
what is behind the crises?
Where did the money
go? Who has got it?”
Chin Meyer,
Financial cabaret artist
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Management report
GROUP ACCOUNTS
Group
Group
Retail clients
Corporate clients
Institutional clients and banks
Vienna
Switzerland
Northern Italy
Southern Germany
BTV Leasing
BTV employees
The BTV brand
10 |11
Bank for Tyrol and Vorarlberg And Southern Germany.
And Switzerland. And Northern Italy.
Over 109 years, BTV has grown from the regional bank to become BTV VIER LÄNDER BANK.
The history of the Bank für Tirol und Vorarlberg AG
began on the 8th of April 1904. On this day, the imperially and royally appointed Allgemeine Verkehrsbank
in Vienna received approval to set up a stock corporation from the Austrian interior ministry. The bank
bought the two banking houses “Payr & Sonvico”
in Innsbruck and “Ludwig Brettauer sel. Erben” in
Bregenz. The first directors of the new company were
the former company directors
Hans Sonvico and Ferdinand
“With a consistent, customerBrettauer. Entry into the comfocused strategy, BTV has succeeded
mercial register on the
in overcoming all of the crises the
18th August 1904 was then
global and financial economy.”
only a formality – the ‚Bank für
Tirol und Vorarlberg‘ was born.
BTV experienced strong business expansion in its
early years. Numerous branch openings in North and
South Tyrol and in Vorarlberg were the visible signs
of growth. BTV‘s reputation among the population
and in economic circles grew from year to year – BTV
quickly established a firm place for itself.
The wonder of the Inn
At the end of the First World War, the European
borders were redrawn and South Tyrol given to Italy:
whereupon BTV had to close its South Tyrolean
branches in 1922. Like Germany, Austria suffered
from galloping inflation which had fatal effects for the
Tyrolean and Vorarlberg economy. The population
stormed the banks to remove their savings deposits.
Unlike most of their competitors, BTV was able to pay
the savings deposits to its customers immediately
and survive these difficult times. BTV‘s company
philosophy, which still applies today – of not making
any risky speculations on financial markets – has
proven itself. Due to its conservative business policy,
BTV was the only regional joint stock bank to survive
the economic crisis and even emerged stronger from
the 20th century due to the targeted takeover of
domestic banks. The Austrian press recently hailed
BTV as the ‚Wonder from the Inn‘.
Economic boom
After the Second World War, gradual economic
stabilisation created the financial foundations for
reconstruction. By granting credit to regional companies, BTV specifically boosted the domestic economy
which was then experiencing the “golden” decades.
In 1952, new associates joined BTV in the form of the
Bank for Upper Austria and Salzburg and the Bank
for Carinthia and Styria. Today, Oberbank, BKS Bank
and BTV together form the 3 Bank Group. It stands
for a voluntary union oriented towards democratic
principles, which is more than ever considered an
important partner of the domestic economy. For all
three banks, this cooperation is a central component
of their autonomy and independence.
True customer proximity
The BTV branch network was greatly expanded under
the two executive boards of Dr Gerhard Moser and
Dr Otto Kaspar in the 1970s and 1980s of the 20th
century. With this step, BTV successfully made its endeavour “to be close to the customer” and “to expand
into the regions” a reality. The personal relationship
between the customer and employees was and is a
central success factor for BTV. Since 1986, BTV has
been the only Austrian regional bank to be quoted
on the Vienna Stock Exchange - ‚a giant leap for the
alpine inhabitants‘, in the eyes of the Tyrolean artist
Paul Flora, who has captured this important event for
BTV in his pictures.
European perspectives
Both BTV directors Peter Gaugg and MA. Matthias
Moncher has been giving the bank new impetus
since the latter half of the 1990s. Since 2013, as the
third member of the board, Gerhard Burtscher has
reinforced the proven management duo. Gerhard
Burtscher is responsible along with Peter Gaugg for
the client business, whilst Mag. Matthias Moncher
concentrates on the market consequences. BTV
is a market leader in corporate and private client
business in its key markets of Tyrol and Vorarlberg.
However, as one of the highest revenue banks of
Austria, BTV also utilises the opportunities provid-
ed by contemporary Europe. In 1989 the company
underwent an expansion to Vienna, and in 2004, its
100th. year of existence, it opened its first foreign
branch in Staad am Bodensee in Switzerland. BTV
was successfully launched onto the market in
Bavaria and Baden-Württemberg in 2006. With its
new brand name BTV VIER LÄNDER BANK (the Bank
of Four Countries), which was introduced in 2010,
BTV is demonstrating a pledge: namely, that its
commitment in all four countries is sustainable and
profitable. Thus, today BTV‘s heart is not only beating in Tyrol and Vorarlberg, but also passionately in
Vienna, Bavaria, Baden-Wuerttemberg, Switzerland
and Northern Italy.
In focus: BTV‘s clients
BTV‘s clients are at the heart of its strategy. Building on their needs and desires, customer-friendly
innovations are developed on an ongoing basis.
With entrepreneurial spirit, BTV focuses on aboveaverage performances, thus securing its long-term
autonomy. Because of the mergers in the banking
sector in past years, this autonomy has become
an extraordinary advantage which is becoming
ever rarer. BTV generates profits, has its outgoings
in hand and masters technology to reinforce and
further expand a good asset basis.
Approaching and listening to clients
BTV is a regional service provider specialised in handling money. This is apparent from solutions which
are individually tailored to the customer and first
and foremost from the highly qualified employees
who, with their specialist expertise, constitute BTV‘s
most important possession. The customer structure
primarily comprises family-owned medium-sized
companies and demanding private clients. Fulfilling
their needs and desires in the best possible way –
that is what is near and dear to BTV. BTV employees
therefore actively approach clients, not only to inform
them but also to discover their needs. BTV wants
to remain in business, not make business. Our task,
which we fulfil prudently and sustainably, is not to
maximise profit but to secure
“BTV‘s heart beats not only in Tyrol
BTV‘s autonomy. BTV‘s clients
and Vorarlberg today, but also in
benefit from this. especially in
Vienna, Southern Germany,
times like these.
Switzerland and Northern Italy.”
Offering tailored solutions
Whether it involves investment, financing or other
financial services – BTV‘s performance and above-average commitment impresses its clients. BTV‘s clients
value the tailored solutions and competent advice. As
well as its wide range of banking products, BTV subsidiaries, holdings and cooperations also provide other
bank-related services such as leasing or insurance.
Over 900 correspondent banks are available to BTV
for international transactions. BTV is also the official
representative in the German Chamber of Commerce
and the Switzerland-Austria-Liechtenstein Chamber
of Commerce in Tyrol and Vorarlberg – a service that
is very much appreciated by our export-oriented
corporate clients.
12 |13
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Retail clients
The search for a lucrative investment possibilities which are, at the same time, stable in value presents
a challenge for BTV clients. BTV provides forward-looking solutions.
The Bank für Tirol und Vorarlberg AG has expanded
in the past decade beyond the borders of its core
markets of Tyrol and Vorarlberg and evolved into
the BTV VIER LÄNDER BANK. The needs remain
the same: Highest quality, closeness to customers,
confidence and the responsible handling of clients‘
money determine the BTV strategies. Cross-border
opportunities must be utilised and the regional
anchoring ensures optimal solutions as well as
short and swift decision-making procedures. BTV‘s
independence and autonomy provide a considerable benefit: The account managers only offer
solutions which meet with clients‘ benefits and are
comprehensible.
Tried-and-tested principles lead to success –
BTV shaped by strategy
There is no patent formula – just as every individual
is different, the same applies to investments. Just as
very person has different personal circumstances, expectations and estimations of risk, they have one element in common: you always need to follow a certain
strategy to invest successfully. The BTV investment
strategy is in line with the needs
and requirements of clients
“Money earns respect. Only a person
and provides a wide range of
with the great sense of responsibility
investment forms, from flexible
gains the trust of the customers.
savings products and custody
BTV has been dedicated to this
accounts to asset management.
philosophy for almost 110 years.”
That‘s because the correct
combination must initially be
found and then consistently implemented. Continuous active management ensures success.
A pleasing development to BTV asset management
Despite a turbulent market environment, responsible asset management has resulted in a favourable
development of asset management accounts and
a substantial net surplus. BTV continues to rely
on transparent modules and high flexibility in the
weighting of particular investment classes in order
to ensure sustainable development for its clients.
Attractive mortgage bonds
After a successful start to 2012, an attractive mortgage bond was again set up in 2013. The funds
from the the proceeds of the issue are continuing
to flow to mortgage clients who are creating new
living spaces.
Profit-yielding investment products in the low
interest rate environment
The continuing low interest rates require creative
investment products to invest profitably and securely.
The creation of money market floaters with lower
interest limits enables investors to benefit from
increases in the interest rate while having a minimum
coupon in case of stagnating interest rates.
The BTV guarantee presents a promising innovation: For the first time, our clients can invest in a
professional investment management with guaranteed capital at the end of the maturity period. Here
the BTV motto ‚Speculating, not investing‘ is being
implemented.
The BTV Investment Navigator delivers an ideal
investment model as well as a personalised investment proposal based on individual attitude to risk.
The investor can benefit in this way from the expertise of the BTV asset management team without
surrendering the decision-making power.
With the fund plan, the client can invest on a
monthly basis in BTV asset management‘s philosophy. That‘s how an investment is expanded
through using a strategy.
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Management report
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Residential construction financing
Specialised, residential construction advisors
worked out individual financing concepts together
with their clients. In 2013, BTV was able to retain
new residential construction financing business at
pleasantly high levels.
The combined support of clients with financing
in foreign currencies continued to prove effective. Agreements were made with many clients to
reduce the foreign currency liability and therefore
the risk for our customers considerably.
More service, individuality and security in payment
transactions – more time for clients
In 2013, the service areas of the BTV branches were
equipped with the most up-to-date devices. With
them, BTV clients have the possibility to deal with
all the important bank services in the branches also
outside opening hours. Since July 2013, with the
BTV banking app a further modern access to information and services is available which raises us
above our competitors through its simple usability
and an excellent design.
The realignment of BTV‘s account packages allows
you to freely select the type and number of the accounts and cards included. This is unique in Austria
- a genuine unique selling point from BTV.
All of the cards issued by BTV were furnished with
new designs for easier discernibility as well as a chip. In
this way, customers in the BTV service area can access
several accounts using only one card (multi-account
function). At the same time, this investment increases
counterfeit protection and makes contact-free payment possible with an ATM card.
Focal points in 2014: Investing with BTV
BTV also positions itself in 2014 in all four markets
– Austria, Switzerland, Germany and Italy – clearly
as an investment bank. This widespread expertise is
underlined from top events to trends on the international financial markets as well as regional specialist
and networking events. In all its markets, BTV will
continue its marketing campaign
from a position of strength.
“Deal with another person‘s money
as carefully as you would your own.
More time for clients: From
Our customers benefit from this
2014, BTV will be reserving the
precept from BTV.”
afternoons exclusively for consultations. Independent of the
opening times, the account managers are very much
there for the customers.
New ATM sites in shopping centres, filling stations
and transport hubs provide people with money
directly there where they need it.
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Top-quality speakers and great topics shaped the
two BTV Investors‘ symposiums in Hohenems und
Innsbruck. Here and at numerous regional small
events, BTV client were offered the possibility of
lively and knowledgeable exchange of views and
dialogue with the Bank‘s board as well as the BTV
investment managers.
Corporate clients
The professional management of small to medium-sized, export-oriented and owner-run
companies is at the heart of BTV VIER LÄNDER BANK.
Influenced by a sustained profitable growth, during the course of the last ten years, a considered
expansion towards southern Germany, Switzerland
and South Tyrol was progressed and, as a result,
our expertise in cross-border business was further
strengthened and expanded.
Independent and autonomous financial partner in
four countries
The relationship with our corporate clients, the
understanding of their business models and prompt
decisions were key. As a universal bank, BTV supports
its small-to-medium sized corporate customers in
all the financial businesses relevant to them in the
strongest economic area of Europe. From Innsbruck
to Bregenz, Zurich, Stuttgart, Munich, Vienna and
to South Tyrol, BTV uses a wide network of partners
- accountants, local business promotion agencies,
national funding agencies in the field of investment
and foreign trade, chambers of
commerce and correspondent
“By the end of 2013, more than
banks. BTV advisors and
80 per cent of BTV clients are
experts also make their sectoralready using SEPA transfers.”
specific know-how available
to corporate customers for
consultancy services such as market analyses, market
building and expansion, as well as for the professional
support of businesses for urgent funding or setting
up cooperations. As the Tyrol and Vorarlberg
representative for the German Chamber of Commerce
in Austria (DHK) and the Switzerland-AustriaLiechtenstein Chamber of Commerce (HKSÖL),
international networks can be utilised in the interests
of BTV clients.
Highly qualified and experienced staff
BTV not only invests in the specialised further
education of experts, but also in the sector-specific
and regional training programmes for its corporate
customer advisors. Through the continuous further
training of BTV staff it is possible for them to recognise current developments and opportunities at an
early stage and to provide active input. This turns
the contact people at BTV into genuine ‚sparring
partners‘ for operative and strategic decisions. In
addition to advising on typical finance and invest-
ment instruments, we are on hand with help and
advice to answer any questions whatsoever regarding possibilities for enterprise investment, foreign
trade deals, company succession planning, company pension scheme, cross-border operations,
tailored structuring of financing and investment
instruments, interest and currency hedging as well
as cash management and leasing arrangements.
Thanks to the cooperation with large national and
international companies as well as with institutional market participants, new services can be
continuously developed and implemented.
Cross-border payment transactions
With BTV, Vier Länder-Cash offers BTV cross-border
payment transactions platform. BTV clients can
make transactions with this software from their
accounts in Austria, Germany, Switzerland and Italy
from a single user interface. One single contact
facilitates the management of all accounts in four
countries. With BTV Four Countries Cash, the cash
management system is not only cheaper but also
quicker and more efficient.
The standardisation in payment transactions
through SEPA and the implementation linked to it
preoccupies many corporate clients in particular
with an automated debit management as well as
direct debits.
BTV supports their clients actively in this crucial
phase so that they are prepared for the future. In
2013, numerous client appointments between
payment transaction experts with clients at their
premises in order to actively be able to react to
the specific client requirements and their specific
situation. The result can be seen: at the end of 2013,
more than 80 per cent of clients are already using
SEPA transfers. Furthermore, the majority of direct
debit users use the SEPA direct debit transaction or
are in the final project phase in this respect.
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Management report
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A strong network of national and international bank
partners creates a solid basis for the client business.
In Germany, the funding occurs through funding
agencies mainly through the awarding of lowcost fixed-interest loans. BTV is accredited with
the awarding of these funding loans both by the
government funding agency (KfW) as well as each
of the federal Länder, in which BTV operates
(LfA Förderbank Bayern und L-Bank) and is happy
to sponsor funding projects in Germany.
BTV export solutions
For decades, the BTV VIER LÄNDER BANK has placed
special value on service and support to exportoriented small to medium-sized countries. The broad
performance spectrum and the international network
in correspondent banks in international trade are
continually adjusted by BTV employees in line with
the needs of their corporate clients. Even in the past
business year, the new business in export financing and
international trade hedging developed very well.
Through the support of many companies, with
a lively foreign trade, BTV staff are thoroughly
familiar with the requirements of a wide range of
industries and markets. This is also the reason why
the BTV VIER LÄNDER BANK has the largest market
share in export financing to medium-sized businesses in Tyrol and Vorarlberg.*
The extension of networks to international banking partners was also a central concern of the BTV
Institutional Clients and Banks division in 2013. In
the same vein, the business area once again invited
bank partners to a networking and specialist event
in Vienna and for the first time also in Switzerland.
BTV maintains contacts with over 900 bank partners across the globe.
BTV clients therefore have the possibility of benefiting from financial services from many markets
– whether in payment transactions, financing or
interest and currency hedging. Our contacts and
networks with foreign partner banks are also helpful for clients who are expanding into new market
areas and are wanting to benefit from BTV‘s experience and know-how.
Group
BTV‘s support for private enterprise
For many years, BTV VIER LÄNDER BANK has been
offering small to medium-sized companies in
particular the best possible support and active
guidance when applying for enterprise investment.
Government, ‚Land‘ and other institutions (Austria
Wirtschaftsservice GmbH, Österreichische Hoteltreuhand, ERP-Fonds etc.) provide funds in Austria
under certain conditions – in the form of (interest-)
subsidies amongst other things.
Within the framework of the overall management of the
bank, the business area, Institutional Clients and Banks,
is primarily responsible for the
optional liquidity management.
Great flexibility due to a strong
Due to the demanding market
network of partners.”
environment, intensive contacts
with our monetary trading partners are the basis for sound liquidity management. The
management of Institutional Clients and Banks thereby
underpins the activities of the business area.
In the third quarter, the conceptual preparatory
work for the merger of Money Market Trading,
the Management of Institutional Clients and the
Management of Banks began and was also formally implemented on 1 January 2014. The aim of
the new orientation is to utilise synergies and to
continue to accelerate the sales orientation. Also
in 2013, we managed to further increase the active
visits to clients and money market trading partners
and therefore raise the number of bank partners
and clients. With this sales-oriented strategy, the
business area provides the BTV client and internal
business with even more flexibility.
In line with the market area of BTV in four countries –
Austria, Germany, Switzerland and Italy – the focus of
bank support lies in these markets. Furthermore, BTV
maintains relationships to banking partners in each
of all the regions which are or can be significant for
clients of BTV.
16 |17
Vienna
Switzerland
Branch:
• Albertinaplatz
Branch:
• Staad am Bodensee
BTV has been present in Vienna since 1989. It manages a location for private and corporate clients at
the heart of the federal capital. Its first-class advice
and true client proximity are what differentiate BTV
Vienna from its competitors. The personal commitment and the specialist competence of the employees are impressive – customers benefit from
BTV‘s independence, rapid decisions and tailored
solutions. BTV staff orient themselves to the various phases of the client‘s life; The service packages
grow to meet their requirements.
BTV has been present in the banking country of
Switzerland since 2004 with a full bank licence.
Employees who act in an entrepreneurial way with
four countries‘ expertise – over and above the Swiss
Banking Business they are also familiar with those in
Austria, Germany and Italy – enthuse their clients.
Integrated, solutions which are partially cross-border
offer the clients of BTV in Switzerland added value
which is crucial for the success of innovative and
future-oriented business activities.
Local Austrian private bank
BTV operates the traditional private bank business
in Vienna: They are distinguished by great commitment and a service culture. BTV‘s independence
leads to solutions where the focus is solely on the
client‘s requirements. Innovation, discretion and
continuity are top priority. Comprehensive knowledge of client requirements are crucial for the BTV
investment recommendations: Dimensions and
objectives are a matter of priority in our dealings
with client monies. An independent selection of
products and sound, individual advice feature in
every profile of BTV on the Vienna market.
Corporate client competence
BTV has over 109 years of experience and tradition
in the corporate client business as a commercial
bank. In Vienna, BTV offers the entire service bundle of the key market, where here too the focus is
on advising and supporting medium-sized companies. In addition to the traditional medium-sized
and large company business, in Vienna BTV has
specialised in the financing of property and company purchases and sales, as well as the financing
of aircraft and impresses with its expert know-how.
Together with the BTV advisors, the experts from
BTV Leasing offer one-stop solutions for the Vienna
market. From there or directly at the client‘s premises, BTV employees will liaise with the client to find
the optimum solutions for all issues concerning
corporate client business.
Comprehensive offer
In Switzerland, BTV concentrates on the corporate client and actively managed private client
segment. Experienced banking specialists from
Switzerland, Germany and Austria especially advise
owner-managed, export and growth-oriented
companies and high net worth private clients.
This combination ensures a cross-border transfer
of expertise and philosophy which contributes to
innovative financial solutions which are perfectly
tailored to clients‘ needs.
Optimum finance solutions
The performance spectrum of BTV Staad for
corporate clients is coordinated in a very targeted
way to the requirements of successful small to
medium-sized companies. It comprises solutions
for the operational settlement on Switzerland,
Austria and Germany as well as investment, growth
and export funding. The active management of
available liquidity profits, very flexible, four-country
compatible payment transfer instruments and the
active support of company successions round off
the BTV corporate client offering. A team of experienced securities and asset management experts
advise BTV‘s private clients in Switzerland and also
outside the normal bank opening hours where BTV
customers request it. In so doing a great deal of
importance is attached to a specific, discreet and
active management which is adjusted to the investment profile of the client.
Comprehensive export assistance
In representing the Chamber of Commerce for
Switzerland, Austria and Liechtenstein, BTV also
supports companies in international trade with a
broad service offering of network partners who
are specialised in cross-border solutions.
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Management report
Group accounts
Northern Italy
Southern Germany
Headquarters:
• Innsbruck (BTV Stadtforum)
• Lienz
Branches:
• Augsburg
• Memmingen
• Munich
A high degree of expertise and short distances –
this is how BTV convinces its Italian customers too.
Customer service takes place from the Stadtforum
in Innsbruck and from BTV Lienz.
BTV was successfully launched onto the market in
Bavaria and Baden-Württemberg in 2006. BTV now
has five sites with Augsburg, Memmingen, Munich,
Ravensburg/Weingarten and Stuttgart.
• Ravensburg/Weingarten
• Stuttgart
Service at the highest level
The focus on client service lies in the high-quality
investment consultancy and asset management.
With their special know-how and experience, BTV
investment experts are in a position to develop
specially tailored solutions for the respective requirements and objectives of the client.
* Awards and successes in the past do not guarantee future success or
continued growth. More information at: www.btv.at/auszeichnungen.
Group
Success factors employees and mobility
It is predominantly the employees who distinguish
BTV from its competitors. BTV employees possess
special know-how and understanding of business
models because they maintain personal relationships
with their clients and undertake ongoing training.
They ensure speedy transactions and quickly make
decisions on the spot. They thus combine their
Diversification through different legal systems
expert knowledge with the greatest service quality.
In the past few years, the lowest interest level led
Their interest is focused on client needs. This is also
to an increased need for the distribution of assets.
apparent from the BTV philosophy which is lived out
In addition to the diversification in various asset
in the concept of mobile sales: The branch network is
classes, BTV clients increasingly also rely on country
concentrated on selected conurbations in locations
distribution due to the
with good transport links. BTV advisors
economic and financial
visit clients at their premises.
“Four countries, one bank. It is
challenges of individual
invaluable to BTV clients,
countries. They thereby use
Client-oriented solutions
especially in payment transactions.”
the chance to divide their
BTV has 109 years of experience as an
assets up amongst several
independent, holistically thinking and
countries - each having a robust legal system.
acting financial partner. Its position with mediumsized, entrepreneur-led and growth-oriented compaTop consultancy in your mother tongue
nies is especially strong. As a reliable financial partner,
A special advantage of BTV in client support is the
BTV stands for client-oriented solutions. It also offers
fact that their investment experts are multilingual.
leasing via BTV Leasing Deutschland GmbH.
This is especially welcomed and valued by the Italian clients – in conjunction with the excellent adviSuccessful investment in focus
sory competence and flexibility of BTV advisors.
In the private client business, BTV also offers service bundles for exacting requirements. Thanks to
tailored investment strategies, demanding customers are very well cared for. The high level of expertise of BTV‘s asset management is proven not only
by robust fund performance in accordance with
the creed of ‚investing, not speculating‘ but also by
numerous international awards as well.*
18 |19
BTV Leasing
BTV Leasing offers tailored solutions – thanks to the four-country competence and
more than 25 years of experience.
BTV Leasing GmbH – a fully owned subsidiary of
the Bank für Tirol und Vorarlberg AG – is headquartered in Innsbruck. Since it was founded in 1988, it
has been offering its clients individual support and
assisting them with tailored solutions. BTV Leasing
has greatly expanded in past years. This is reflected
in the increase in the number of customers and the
total volume of business.
Increasing financial cushion
Free liquidity is a valuable asset in any company. Using
these for the pure ownership of a commodity binds up
liquidity in the company assets. Leasing of investment
goods increases the financial scope through intelligent
use of the security inherent to the leased item. Consequently, it broadens the scope
for investment planning. Leasing
“BTV Leasing also increased its busifacilitates Investments which
ness with new customers in 2013.”
preserve equity as it does not
increase the balance sheet total.
BTV Leasing features a high level of specialist knowhow in the field of investment financing and in addition
to the standardised leasing models, it also offers flexible and individual solutions. Models such as capacity
leasing or shift-use leasing enable financing variants
which are agreed with the particular customer. The
optimum leasing financing depends on several factors,
such as the use of the leased object, the replacement
cycle, as well as the additional side benefits in taxation
and balance sheet. The BTV Leasing experts help you
to make the right decisions in all matters.
Crossing borders
The BTV Leasing advisors are acquainted with
the particularities of the respective markets. The
product range extends from machines, production plants and cable cars via special solutions in
the aviation leasing field to commercial property.
Because of its competence in four countries, international solutions from a single source and with a
single contact partner are possible.
Subsidiaries in Switzerland and southern Germany
BTV has fulfilled the principle of regional roots closeness to the market and identification with the
region - by founding the two 100% affiliates BTV
Leasing Schweiz AG (2003) with registered office in
Staad and BTV Leasing Deutschland GmbH (2006)
with registered office in Augsburg. In the Tyrol
office, in Staad, Winterthur, Ravensburg, Munich,
Augsburg, Stuttgart and Vienna BTV Leasing staff
are now available to provide customers with their
personal dedication and specialist competence.
A year of success in 2013
Due to holding firm to strategic guidelines, it was
possible to further extend the customer base –
with habitually low risk costs. Through consistent
market analysis, the new business volumes were
able to be expanded significantly. The company
continued to expand in the attractive markets of
Germany and Switzerland. BTV Leasing has been
represented in Germany since 2012 in all principle
markets there.
Using synergies
A further success factor of BTV Leasing consists of
the cooperation with the BTV VIER LÄNDER BANK.
The mutual support, especially in sales, results in
lucrative business connections and comprehensive
service bundles, which represent clear added value
– both for the clients and also for BTV and BTV
Leasing itself.
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Management report
Group accounts
BTV employees
The success of a service provider depends to a considerable extent on the performances of its employees.
BTV therefore consistently invests in its employees.
The new upgrade to the Investment Academy
In 2013, BTV invested in the further development
of its Investment Academy. For investment advisers, a new training format was designed and
implemented for the first time: the advanced level
of the Investment Academy. Specialist knowledge
of the investment business, generation planning,
tax, legal matters – each from Four Countries‘
perspective – make up the key themed blocks. The
advanced level is always completed with a certification which serves ‚graduates‘ as proof of achievement and motivation.
Consulting for Co-advisers of corporate clients
As a bank with an entrepreneurial slant, BTV sets
great store by investing in the consulting training of their advisers and co-advisers for corporate
clients. In 2013, BTV placed increased emphasis on
further training of co-advisers in particular. In this
way, they not only ensure the best possible preparation for and follow-up on client appointments,
process applications independently and secure
the high application quality that way - they also
concentrate on possible cross-selling possibilities,
undertake the daily business in a profit and riskoptimised way and ask the right questions in the
sense of the best possible basis of information.
Consulting development:
Excellent in corporate client business
The key aim of the training course programme is to
understand the client‘s business model quickly and
comprehensively, to weigh up opportunities and
risks in the conversation with the client and process
them with precision in the decision-making process. BTV advisers think of themselves as sparring
partners, who work out the best solutions for the
client and BTV and convince through entrepreneurial thinking. In training its staff within its corporate
client business, BTV is increasingly emphasising its
excellent consulting expertise.
Promoting talent
The Talent Year 2013 comes with the slogan ‚Fit4BTV‘.
BTV‘s training and development programme focussed
on important communication capabilities: How do
I communicate clear expectations and goals? How
do I successfully bring conversations to an end? How
do I communicate controversial decisions? And how
do I motivate my staff? In addition the chosen ‚BTV
Talents‘ had the possibility to get to know the Swiss
market better, to further develop their overall understanding of the Bank as well as to be present at strategically significant appointments, for instance, within
the context of the initial meetings of the management
team regarding the BTV brand.
Group
Education and further training are of great importance to BTV – regardless of whether this involves
new or long-serving employees. Because of this,
BTV offers a large number of workshops, seminars
and training sessions to aid employees in their personal and professional development to help them
to be successful.
Staff survey
The desire for further development spurs on BTV.
This not only applies to business relationships but also
to the relationship with your own staff. It is particularly important to the BTV HR management team to
get a complete, realistic picture about the perception
of BTV as an employer in order
to be able to take the right steps
“We are employing
for further development. BTV
entrepreneurial employees.”
commissioned an independent, renowned institute to
gather, within the context of an online staff survey,
information about its attractiveness as an employer
against points such as credibility, respect, conviction,
team spirit and fairness and to compare it with other
companies. The enjoyment in their work and working
with line managers and colleagues was also surveyed.
Of course, the survey was carried out anonymously
The results are to be presented in 2014 and serve as a
significant basis for staff strategy for the coming years.
Trainer Day 2013 – Life stories
The Trainer Day 2013 took the BTV trainers to the
care home St. Johann. The residents reported about
their life, the trainers documented this in words and
pictures. An active and moving day - for trainers and
residents equally. The BTV staff presented their social
skills and creative results as part of an exhibition.
20 |21
The BTV brand
No strong brand without top performance.
BTV VIER LÄNDER BANK has alpine origins.
It offers customers from Tyrol, Vorarlberg, Vienna,
Switzerland, southern Germany and northern Italy
high-quality services. In doing so, we create value and
connect people. BTV understands its clients because
they cultivate close relationships
and speak the same language “It is our aim to become the best
a very entrepreneurial and open
connected entrepreneurial bank
language. The political and
in the most attractive economic
economic independence gives
area of Europe.”
it the freedom to go its own
way. The inner drive to continually improve ultimately
leads to success.
Employees as a differentiating characteristic
With a project team made up of BTV employees, the
core of the BTV brand was derived from historical and
current top achievements as well as additional elements of the new brand strategy. The decisive criterion of success for the implementation however remains
each individual employee of BTV. Each perception
which is made by clients, partners or other persons at
one of several hundred brand contact points to BTV
can be influenced to a great extent by the member of
staff. It is our goal to exceed the expectations at each
of these contact points and consequently enthuse people. This strengthens the BTV brand.
Our brand is an expression of our will
BTV has the goal of becoming the best connected
entrepreneurial bank in the most attractive economic
area in Europe. We focus on a very clearly defined
area. The most important principles in order to
achieve this goal? Acting in an entrepreneurial way,
getting connected in a systematic way, transferring
performance benefits, living an identity, continually
exceeding expectations, showing appreciation of your
colleagues and making clients fans. For everyday life
this all means that each employee contributes to the
success of the BTV brand due to a few simple rules.
Networking is the greatest lever
BTV employees guide their customers through the
cross-border market of BTV to potential partners
and the best investment opportunities. A person
who wants to be a good networker for his customers, thinks things through to the end and acts
fast. Being fully part of the BTV network delivers a
knowledge edge. In turn, this implies a competitive
advantage - and this strengthens BTV‘s profitability
in a sustainable way. BTV‘s seven key values - entrepreneurial, alpine origin, connecting, value-based,
committed to the customer, individual and with
a will to win - here too form the credibility framework for how employees behave.
Enthuse – set an example – inspire
BTV‘s managers keep their team together, bolster
them and lead them to top performance. Each employee knows what is expected. A prerequisite for
this is an open, clear form of communication.
Only a person who enjoys performing well can
demand this as well. The inner drive to constantly
improve oneself and to work out new solutions
with a lot of passion and courage is fundamental.
The recognition of the person within the employee
and their potential creates a basis for working together which is borne from appreciation and feeling connected. This is the ideal breeding ground
for profound, successful work within BTV.
Managers know that BTV‘s success is the result
of our joint-performance and show appreciation
towards their team members as a result. They put
everything into motivating them in the spirit of collective top performance.
TRUST
Group
Management report
GROUP ACCOUNTS
Management report
Management report
Business trends
Characteristics of the internal control and risk management system
Outlook
22 |23
Management report and notes on BTV Group business trends in 2013
Economic environment
During the course of the past year, a moderate path
to recovery for the global economy presented itself
despite obstacles. The central banks had the biggest
influence on the economic development in 2013,
maintaining their unconventional measures as well as
their low interest rate policy. The extremely expansive
monetary policy of the ECB as well as its statement
about doing everything possible to preserve the euro,
supported the weak upturn of the last six months in
the entire eurozone when viewed as a whole. The
recession, which had peaked at the turn of the year
2012/2013, was overcome towards the end of the
previous year. In 2013, in the BTV markets of Austria,
Germany and Switzerland, economic performance
also grew despite difficult conditions – these
countries are therefore the engine of the eurozone.
Robust export business propped up the economies in
these countries.
In the US, the economy presented itself as robust despite negatively influencing fiscal factors (fiscal cliff and
government shutdown). In many emerging countries,
economic growth slowed down significantly as these
countries suffered from extreme capital outflows and
weakening of currencies in 2013.
Interest rates
The European Central Bank reduced its base rate
twice in 2013 – for the first time in May, after
the economic indicators in the eurozone did not
point to a recovery. Although the economic data
improved afterwards, the ECB decided nevertheless on a further reduction to the base rate to the
historic low of 0.25%. A reduced rate of inflation is
seen as the main reason for this decision. The US
Central Bank ‚The Fed‘, whose base rate had already
been at the level of 0.25% since 2008, kept the
markets at bay in 2013 with its tapering project. In
spring, the American Central bank announced for
the first time that they would reduce the monthly
bond purchases provided the US economy continued to recover. During the course of the year, this
measure kept being pushed further back however.
Ultimately, due to the positive economic development, the Fed decided in December to reduce the
purchasing of securities from January 2014.
On the fixed interest securities market, the Fed‘s
announcement to gradually reduce the quantitative easing programme increased the yields from
10-year US government bonds up to a level of 3%
– a level which was last achieved in the summer of
2011. The yields from 10-year German federal gilts
also increased during the course of the year and
rose by 45 base points to 1.93%. In addition, in the
eurozone due to the assurance from the ECB to do
everything to preserve the euro, a convergence of
yields from government bonds could be detected.
Currency markets
The exchange rate between euro and US dollar fluctuated in 2013 within a relatively small range of 10 cents
between EUR/USD 1.28 and 1.38. By the end of the
year, the euro recorded close to the annual high at
EUR/USD 1.38 meaning that it was about 5% higher
than at the start of the year. The exchange rates were
again shaped, as in the past few years, by the euro debt
crisis and the central bank policies of the European
Central Bank and the Fed.
The EUR/CHF rate of exchange continued between
the poles of the minimum rate of the SNB, sound
Swiss economic data as well as decreasing uncertainty in the eurozone. By the end of the year, the
euro was listed at 1.2276 to the Swiss franc and
therefore about roughly 2% higher than at the start
of the year. The Japanese Yen, by contrast, further
weakened against the euro and lost around 27%
during the course of the year (closing rate: 144.72).
Equity markets
The equity markets in the developed countries
performed in a very pleasing way in 2013. The stock
exchanges were characterised, on the one hand,
by the improving economic indicators and, on the
other hand, by the uncertainty of investors as to
when the Fed will scale down its monthly bond
purchasing programme. By mid May, an exchange
rate rally with a new all-time high was observed
in the most important share indexes such as the
S&P 500, the Dow Jones and the Dax. After the Fed
however announced in June 2013 that it wanted
to reduce its quantitative easing programme,
trust
Group
Management report
Group accounts
Almost all major financial centres showed a positive
performance in the double-figure range. The Euro
Stoxx 50 gained 18%, the Swiss SMI 20%, the American Dow Jones 27% and the Japanese Nikkei even 57%.
Only the Vienna share index ATX lagged behind after
a strong previous year of +6%.
Business trends
IFRS Group accounts
The BTV Group accounts have been drawn up
according to IFRS regulations as well as the interpretations by the International Financial Reporting
Interpretations Committee (IFRIC) as exempting
consolidated financial statements as defined by
section 59a of the Austrian Banking Act (BWG) in
conjunction with section 245a of the Austrian Commercial Code (UGB). When preparing these financial statements, all standards which were required
for the financial years were applied. The notes
starting on page 48 provide an overview of the
standards as well as the accounting principles. In
2013 diverse new and modified standards applied
(see pages 54/55) whereby the retrospective application of IAS 19 for the financial years 2012 and
2013 as well as the prospective application of IFRS
13 brought about a considerable impact.
Detailed explanations about risk management as
well as descriptions of the relevant risks and uncertainties to which the company is exposed can be
found in the risk report starting on page 82.
Analysis of business performance
The business activity of the BTV Group is analysed
below having taken into account the financial and
non-financial performance indicators which are
most important for business activity:
Profit trend
The conservative, value-oriented business policy of
Bank für Tirol und Vorarlberg AG paid dividend again
in 2013. Also in difficult times, BTV operates with its
clear values successfully, reliably and with a long-term
perspective, faithfully in line with its slogan ‚investing,
not speculating‘ - as a visible result BTV counts among
the safest banks in Austria. The client is at the centre
of the activity once again reflected in the operational
client business - the basis for the excellent annual
result. With an annual profit before tax of €82.1 million, the previous year‘s result was exceeded by
+17.1%, while the overall result of the Austrian banking
market was more than halved in the same period.
In particular, the small to medium-sized corporate
client business in western Austria, Vienna, southern
Germany, eastern Switzerland and South Tyrol as well
as the multi-award-winning asset management were
the driving force behind the best financial year in the
109-year history of BTV.
The main components of the results of 2013 can be
seen as follows:
the profit from interest rates increased due to the
operational strength within the client business by
6.9% to €175.7 million. The loss provisions in the
credit business increased in particular due to the
allocated portfolio value corrections by 17.4% to
€46.9 million, the net commission income increased
significantly by +7.0%. The trading income contributed
€1.0 million to the results. The administrative costs
were €96.0 million meaning the cost-income ratio
improved to 43.3%. Other operating profits amounted
to -€2.3 million and the total profit arising from
financial assets was €5.3 million.
Breakdown of changes in profit in 2013
Net interest income
Provision for risks
Net commission income
Trading income
Operating expenses
Other operating profit
Income from financial assets
Management report
provided the economy continued to brighten and
the unemployment rate fell, there was a brief fall
in the equity markets. In the last 6 months of 2013,
optimism prevailed on the stock exchanges in
developed countries, however, brought on by the
continuing economic recovery, the robust demand
from companies and consumers as well as the
resultant prospect for increased company profits.
in €‘000
+11,416
–6,942
+2,969
–2,211
–3,190
+151
+9,828
+12,021
+3,685
24 |25
Change in operating income 2009-2013 Amounts in € million
200.0
4.5
150.0
40.3
131.4
2.8
0.6
3.2
42.5
42.3
164.6
164.3
2011
2012
1.0
45.3
43.3
146.6
175.7
100.0
50.0
0.0
2009
Net interest income
2010
Net interest income
The driver for the significant increase in the annual
result for 2013 was interest income. The robust client business and the improved margin were able to
overcompensate for the lower coupons from fixed
interest securities as well as the declining results from
dividends and investments. Net interest income for
the period increased overall by €11.4 million or +6.9%
to €175.7 million. Interest income also includes income from businesses valued at equity whose results
showed a fall of €1.0 million to €24.5 million.
2013
Trading income
Risk provisions
Loss provisions for credit business represent the balance of inflows and releases of loss provisions, including direct write-downs on receivables. To these are
added proceeds from receivables which had already
been written down. Loss provision requirements for
the credit business rose during 2013 by € 6.9 million or
17.4%, to € 46.9 million. This includes the premium for
loan default insurance for BTV, as well as the newly established portfolio value corrections. By segments, the
loss provisions were divided into the corporate client
business with €41.2 million and the private client business with €5.8 million and €0.1 million are allocated to
institutional clients and banks.
trust
Group
Management report
Group accounts
The overall net commission income saw a total increase
of €3.0 million or +7.0%, to €45.3 million. The driver
for growth herein was the securities business with an
increase of €3.1 million or +16.7% to €21.6 million.
Payment transactions represented the second largest
commission item. It grew by €0.5 million or +4.0% to
€13.1 million. Other services business also managed
to increase (€0.7 million). Currency, foreign exchange
and precious metal businesses (€1.2 million to
€3.1 million) as well as the credit business (-€0.2 million to €5.7 million) developed negatively.
Change in net commission income 2009-2013 Amounts in € million
50.0
40.0
30.0
6.5
3.0
13.4
6.9
3.2
6.3
3.5
6.9
13.5
14.1
12.6
19.7
18.6
18.5
2010
2011
2012
4.3
20.0
17.4
7.5
3.1
13.1
21.6
10.0
0.0
Securities
2009
Currency, foreign exchange and precious metal businesses
2013
Credit and other business
Management report
Trading income
Trading results were down on the previous year.
This went down by €2.2 million to €1.0 million.
The main reasons for this were profits reduced by
€1.3 million from hedging businesses and lower gains
from the securities business (– € 0.7 million). The
result from currency and foreign exchange business
amounted to €0.9 million (– €0.2 million).
26 |27
Operating expenses
Operating expenses (personnel, expenditure on
material, amortisation and depreciation) increased
by €3.2 million or +3.4% in the reporting period to
€96.0 million.
A relevant part of this is staff costs which increased
moderately by 1.5% to €60.4 million. Increasing costs
compared to the previous year were especially due
to increased wages and salaries by €0.4 million which
grew due to the results of the collective bargaining
negotiations in 2013 (collective agreement salaries
on average up 2.55%). On the other hand, the average
staff level regarding employees in the reporting year
fell by 13 to 766 personnel years.
For material costs of the BTV Group, especially the
IT centres were the cost drivers compared to the
previous years. Materials costs increased overall by
€2.0 million or 7.6% versus the previous year. Depreciation increased by 3.9% to €6.9 million. Compared
with 31 December 2012, the number of BTV branches
remained constant at 37.
Given that no independent and planned research was
carried out, in order to uncover new scientific or technical knowledge, nor any development in preparation
for commercial production, as in the previous year
there were therefore no research and development
activities carried out in the meaning of section 243 (3)
line 3 of the Austrian Commercial Code (UGB).
For the social capital parameters, there was a change
in the calculated interest rate compared to last year.
Due to the decreasing interest rates on the capital
market, this was reduced by 0.375% points to 3.5%.
Within the calculation parameters collective bargaining and career, there was no change - they continue to
amount to 2.75% and 0.5% in the reporting year.
Change in operating expenses 2009-2013
Amounts in € million
100.0
7.9
80.0
60.0
7.2
6.7
6.6
6.8
28.8
26.4
26.4
26.6
26.7
60.3
57.8
61.0
59.5
60.4
2009
2010
2011
2012
2013
40.0
20.0
0.0
Staff costs
Material costs
Depreciation
trust
Group
Management report
Group accounts
The result for other operating profit improved by
€0.2 million to - €2.3 million. At this position, the levy
in accordance with the Investment Stability Law is
also accounted for - this amounted to €3.9 million in
2013 unchanged versus the previous year.
Income from financial assets
In 2013, the income from financial assets was up
€9.8 million on the previous year. The increase is due,
on the one hand, to the special effects of the previous year: In 2012, sales losses due to risk reduction
measures in the securities portfolio depressed the
result, in the previous year sales profits from stakes
in companies occurred. On the other hand, the credit
spreads have also relaxed slightly. In total, the result
from financial assets were up €5.3 million, compared
with -€4.5 million the previous year.
Taxes on earnings and profit
Besides the ongoing effect of corporation tax, the
amounts recorded at ‚Taxes on income and profit‘
relate primarily to the latent taxes to be paid on accruals and prepayment adjustments, in accordance
with IFRS. Tax expenses for 2013 for the BTV Group
are calculated at €8.3 million or 88.6% higher at
€17.7 million. The effective tax rate was thus 21.6%.
Annual pre-tax profit and group net profit for the year
To sum up, BTV‘s robust operating business as well
as the good result from financial assets therefore
resulted in a pre-tax surplus of €12 million or 17.1%
higher at €82.1 million. After tax, group income for
the year was €64.4 million. Thus, BTV achieved the
best results in its existence.
Change in annual net profits pre-tax 2009-2013
82.1
75.0
61.8
50.0
Management report
64.7
70.1
51.3
25.0
0.0
2009
2010
2011
2012
2013
Annual net profits pre-tax
28 |29
Earnings per share
The significantly higher group net profit for the
year in particular resulted in a increased profit per
share of 5.7%. This increased from €2.44 in the
previous year to €2.58.
For the financial year 2013, the Board of Directors
will propose an unchanged dividend (from previous year) of €0.30 per share at the annual general
meeting.
Change in earnings per share 2009 - 2013 Values in €
2.50
2.44
2.00
1.92
1.98
2.58
2.16
1.50
1.00
0.50
0.0
2009
Earnings per share
2010
2011
2012
2013
trust
Group
Management report
Group accounts
Change in assets
Total assets at 31 December 2013 were €9,589 million,
up €92 million or 1.0% above the comparative figure
for year end 2012.
Cash reserves increased by €120 million in particular
due to higher credit with central banks to €230 million.
Loans to credit institutions in contrast fell by €145 million to €322 million compared to the previous year. BTV
held back from the inter-bank market during the year.
Despite the weak economic development during
2013 and the resulting restrained demand for credit,
the ‚loans to clients‘ item increased by €17 million
to €6,405 million. Within the segments, the lending
volume to corporate customers increased by €133 million and by €15 million to institutional customers,
while loans to private customers reduced by €131 million. Split according to domestic and foreign, loans to
domestic customers fell by €28 million to €4,306 million, while loans to foreign customers increased by
€45 million to €2,099 million.
Changes to significant balance sheet
items in 2013
Total assets
Loans to clients
Loans to credit institutions
Financial assets including holdings
Liabilities to credit institutions
Primary investments including Supplementary capital
Equity
in € million
+92
+17
–145
+158
–60
+133
+68
As far as loss provisions were concerned, the allocations during 2013 markedly exceeded the write-downs
and consumptions, in particular due to the allocation of portfolio valuation adjustments. Loan-loss
provisions increased overall by €13 million or 6.5%
to €207 million. For risk management objectives,
methods and declarations regarding existing default
and market risks, please see the detailed risk report
starting on page 82.
Financial assets and interests, including trading assets
rose, compared to the previous year by €158 million
to €2,614 million. The increase occurred in particular
in fixed-interest securities. Regarding the reinvestment of expiring securities, fixed interest medium and
longer term securities with excellent credit ratings
were purchased, which may be used for tender and
repo transactions. The book value of the at-equity valued interests as well as the available-for-sale holdings
increased overall by €57 million to €532 million.
Management report
Balance sheet performance
In its decisions, BTV always remains true to its
motto of ‚investing not speculating‘. Since it was
founded in 1904, BTV has always developed successfully even in times of crisis with this philosophy
– both the Bank and its clients benefit from this.
The conservative principles with which BTV has
proven to be a safe haven for its clients become
visible in the further increased customer deposits.
Change in balance sheet assets 2009-2013
9,000
296
2,319
221
2,490
6,000
5,940
247
2,472
6,214
2,456
248
2,614
6,387
6,405
186
5,559
3,000
0.0
291
235
282
467
322
2009
2010
2011
2012
2013
Loans KI
Loans to customers
Financial assets including holdings
Other Assets
30 |31
Change in liabilities
Primary funds formed the basis of the refinancing:
In total, BTV‘s clients as at 31 December 2013 invested in primary funds to the tune of €6,716 million.
The pleasing increase (of €133 million or +2.0% versus
year end 2012) primarily resulted from securitised
liabilities (€132 million), liabilities to customers
(savings and account deposits) managed to make
an overall gain of €32 million to €5.428 million.
Subordinated capital developed negatively (down
€31 million) to € 408 million. The managed client
deposits were at €11,546 million at the end of
December 2013 – this constitutes an increase of
€177 million compared to year end 2012 or 1.6%.
The loan deposit ratio of client loans by loan-loss
provisions to primary funds was 92.3% so that, in
accordance with strategy, the customer credit business is refinanced with primary funds. BTV‘s liquidity
therefore stands on a very stable foundation. The
liabilities to credit institutions reduced by €60 million
or 3.3% to €1,753 million by annual comparison.
Balance sheet equity (including group annual profit)
increased by 8.0% or €68 million to €913 million.
This increase primarily resulted from the profit of the
financial year 2013 (€64.4 million).
Change in balance sheet liabilities 2009-2013 Amounts in € million
10,500
924
986
1,101
1,120
1,287
1,255
1,188
1,288
1,275
5,428
4,881
5,373
5,395
4,984
1,795
1,601
1,812
1,753
2010
2011
2012
2013
782
7,000
3,500
1,424
0.0
2009
Liabilities KI
securities Clients
Securitised debt and subordinated capital
Equity and other assets Liabilities
trust
Group
Management report
Group accounts
Qualifying capital as per the Banking Act (BWG)
As at 31 December 2013, the credit institution group‘s
qualifying net equity under the BWG (Austria‘s Banking Act) was €964 million meaning that the statutory
minimum requirement (€484 million) was exceeded
by around twice as much. The attributable equity cap-
ital fell in 2013 overall by roughly €31 million, mainly
due to a reduction in the portfolio in supplementary
capital. Risk-weighted assets (RWA) remained during
the course of the year with a change down of 0.2%
almost steady at €5,652 million.
Change in capital 2009 - 2013
1,000
935
800
667
995
964
2012
2013
853
333
0
2010
2011
Qualifying Equity
On 31 December 2013, the core capital of the credit
institution group as per BWG amounted to €867 million and therefore €61 million or 7.5% above that of
the previous year. The core capital ratio calculated
from this - in relation to the overall risk, 50% of the
deductible items under Section 23 para 13 BWG were
deducted, the previous year‘s values have been ad-
justed - in the amount of 13.33% is 0.88 percentage
points above the comparative figure for year end 2012
(12.45%). The equity ratio (also related to the total
risk) amounted to 15.93%, significantly exceeding the
legally required minimum value of 8%. At the end of
2013, the equity surplus amounted to €480 million.
Management report
2009
Change in core capital ratio 2009 - 2013
Values in %
14.00%
12.45%
10.50%
13.33%
11.22%
8.89%
7.00%
7.89%
3.50%
0.00%
2009
2010
2011
2012
2013
Core capital ratio
32 |33
Key indicators
The cost-income ratio for the reporting year was
43.3% (previous year: 44.2%), the risk/earnings
ratio was 26.7% (previous year: 24.3%). The return
on equity (RoE) on the basis of the pre-tax annual
net profit increased to 9.3% at the end of the year
(previous year: 8.7%).
Key Indicators in %
RoE before tax
RoE after tax
Cost/income ratio
Risk/earnings ratio
Core capital ratio
Equity ratio
9.3%
7.3%
43.3%
26.7%
13.33%
15.93%
Change in cost/income ratio 2009 - 2013 Values in %
60.0%
53.7%
40.0%
47.2%
45.6%
44.2%
43.3%
2010
2011
2012
2013
20.0%
0.0%
2009
Cost/income ratio
Events after the financial statement date
With the resolution of the voting trust agreement
on 15 January 2014 (effective 1 January 2014), 15%
of the voting rights in VoMoNoSi Beteiligungs AG
flowed back to the BTV Group. Consequently, the
company is included in the full scope of consolidation of the BTV Group in future. The resolution of
the voting trust agreement is to be seen as an element in the implementation of the overall strategy.
36 % of the shares in VoMoNoSi Beteiligungs AG
will continue to be held by third parties as before.
As already publicised in the interim report on 30 June
2013, BTV will establish a 24.99% holding interest
in Moser Holding AG. By the time the approval to
publish the group financial statements was given by
the Board of Directors to the Supervisory Board on
5 March 2014, the transaction had still not been put
through. The board assumes that the purchase will
take place in March 2014.
Otherwise between the end of the financial year
and the creation and approval of the financial
statement by the auditors, there were no significant events relating to the business.
trust
Group
Management report
Group accounts
Money laundering
BTV‘s goal is to prevent any form of money laundering or the financing of terrorism within its business activities. For this purpose, various procedures
and systems are set up within BTV in order to
uncover unusual transactions and business cases,
and to pass these on the money laundering reporting authority if money laundering is suspected.
The daily embargo examination which is also supported by the system, as well as the examination
of existing and new business relationships with
politically prominent persons (PEP) were carried
out according to the legal regulations.
Over 420 employees received training during the
reporting period on the issues of money laundering and the financing of terrorism, with a focus on
creating understanding of risky transactions and
business cases, as well as the individual employee‘s
responsibility for preventing money laundering
and financing of terrorism.
Management report
Compliance
At the Bank für Tirol und Vorarlberg Aktiengesellschaft
(BTV), employees undertake on joining to comply
with the provisions of BTV‘s compliance code. These
rules are based on the Standard Compliance Code of
the Austrian banking industry, the regulations of the
Emittenten-Compliance-Verordnung [Issuers Compliance Ordinance] (ECV 2007) and the Compliance
Regulations of the Securities Supervision Act (WAG
2007). The objective of these regulations is not only
the prevention of insider trading, market manipulation
or avoidance of conflicts of interest, but the prevention or minimisation of all compliance-relevant risks,
which could result from the non-compliance with
laws, regulations, non-statutory recommendations or
internal guidelines. Internal procedures and measures
for compliance with these rules, which are regularly
checked and documented, have been defined by company compliance officers, with no infringements being
ascertained during the reporting period. In 2013 over
100 employees, primarily in the sales department, received training in order to ensure full compliance with
the regulations of the Compliance Rules and the MiFID.
34 |35
Reporting on the significant features of the internal control and
risk management system with regard to the accounting process.
As required by section 243a para 2 of the Austrian
Commercial Code (UGB), the most important
characteristics of BTV‘s internal control and risk
management system with regard to the accounting process are cited below.
BTV‘s Board of Directors is responsible for the
implementation and organisation of an internal
control and risk management system corresponding to the requirements of the group, in relation
to the accounting process. This report provides an
overview of how the internal controls are regulated
in relation to the accounting process.
The following explanations follow an opinion for
the Austrian Financial Reporting and Auditing
Committee (AFRAC) on drawing up the management report required by Sections 243, 243a and
267 of the Commercial Code (UGB) of June 2009
and also the tasks of the Audit Committee as laid
down in Section 63a of the Banking Act (BWG).
The description of the significant characteristics is
structured pursuant to the framework concept of
the Committee of Sponsoring Organisations of the
Treadway Commission (COSO).
Accounting (bookkeeping and preparing of the
accounts) and its associated processes, as well as
the associated risk management, fall within the
Finance and Controlling area (Accounting and Reporting Team and Risk Controlling Team). Regular
and legally prescribed checks are carried out by the
Internal department.
The primary tasks of the internal control system
and of the risk management system are to inspect
all accounting-related processes and to identify,
analyse and constantly monitor the risks affecting
the correctness and reliability of the bookkeeping,
and where necessary, to adopt measures to ensure
that the company‘s goals can be achieved.
Control environment
In addition to compliance with legal provisions in
Austria, Germany and Switzerland, the principles of
conduct defined by BTV are given priority. Emphasis is
also placed on observing BTV‘s corporate governance
principles and on the implementation of its standards.
For the overall control environment, descriptions
of jobs with their associated competences and
allocated areas of responsibility exist for the entire
department, with corresponding training pyramids
for the optimal further development of employee
expertise. In this way, it is also possible for innovations to be included in the accounting process
in a proper and timely fashion. The department
employees have the necessary knowledge and
experience at their disposal to work in accordance
with their remits.
In order to comply with the prescribed legal provisions and relevant accounting standards, within BTV,
accounting processes (IFRS, UGB), in particular key
processes, are supported by numerous guidelines,
manuals, working aids and written instructions in the
Finance and Controlling departments. These are regularly checked and updated where necessary.
Risk assessment
A catalogue of risks has been developed covering the most significant typical company business
processes in accounting, with the identification of
the most important risk areas. These are monitored
with controls on an ongoing basis or reviewed and,
where necessary, evaluated. Internal controls may
provide an adequate degree of certainty of meeting these objectives, but no absolute guarantee.
The possibility of mistakes when performing activities, or errors when estimating or applying scope
for discretion evidently exists.
trust
Group
Management report
Group accounts
Control measures
These activities include systemic controls, which have
been defined by BTV and the IT providers (SAP, GAD,
GEOS Nostro, Finanz-Logistik AG, PriBaSys AG with
the program Finnova), as well as manual controls such
as plausibility checks, the four-eyes principle (partly
with the involvement of the regional manager or the
section manager) or job rotation within the division.
As a supplementary safeguard of security within the
systems, sensitive activities within BTV are protected
through restrictive management of IT authorisations.
These comprehensive control measures are backed
up by internal handbooks, working aids, checklists,
process descriptions and job descriptions with
their associated areas of responsibility. In addition
reconciliations and validation checks on the data
are carried out on a continuous basis between the
accounting and reporting teams on the one hand, and
the risk controlling team on the other. This guarantees
the accuracy and compliance of the data used in the
risk reports and legal publications.
Information and communication
Timely and comprehensive reports on the most
significant accounting processes and group activities,
are drawn up for the Board of Directors (in the form
of monthly financial reports), for the Supervisory
Board and Audit Committee, as well as for the BTV
shareholders (quarterly financial reporting) with
explanations as needed.
Supervisory measures
The supervision of the accounting process was
guaranteed on the one hand, by the functional
internal control system which is regularly updated
(IKS), and on the other, by the independent internal
auditing department of BTV (which reports directly
to BTV‘s Board of Directors).
The head of department, as well as the responsible
team leaders, carry out a supporting supervisory and
oversight function for the accounting processes.
Additional supervisory measures to guarantee the
reliability and correctness of the accounting process
and its associated reporting are executed by the
legally designated auditors of the group annual
financial statements and the mandatorily appointed
Audit Committee.
Management report
Because of this, it is not possible to provide an unlimited guarantee that errors in the annual financial
statements will be detected or prevented. In order
to minimise the risk of a misjudgement, selective
use is made of external experts and publicly accessible sources are taken into account.
36 |37
BTV is autonomous and independent.
The share capital of the Bank für Tirol und Vorarlberg
Aktiengesellschaft (BTV) amounts to €50.0 million and
is divided into 22.5 million no par value ordinary shares,
and into 2.5 million no par value, non-voting preference
shares, with a minimum dividend of 6% of the proportional amount of share capital, paid in arrears.
The shareholders Oberbank AG, BKS Bank AG,
Generali 3 Banken Holding AG and Wüstenrot W
ohnungswirtschaft reg. Gen.m.b.H. form a syndicate,
with the purpose of preserving the autonomy of BTV,
it being in the interests of the syndicate partners for
BTV to continue to develop as an earnings- and profitoriented company. In order to realise this objective,
the syndicate partners have agreed on joint exercise of
their corporate rights associated with their shareholdings and of their pre-emptive rights.
BTV shareholder structure by size of holding
37.53%
CABO Beteiligungsgesellschaft
m.b.H., Vienna
13.59%
BKS Bank AG, Klagenfurt *)
13.22%
13.60%
19.42 %
Widely spread shareholdings
0.36 %
BTV Private Foundation
*) Shareholders who form part of the syndicate agreement.
Oberbank AG, Linz *)
Generali 3 Banken Holding AG, Vienna *)
2.28%
Wüstenrot Wohnungswirtschaft reg.
Gen.m.b.H., Salzburg *)
trust
Group
Management report
Group accounts
Under the form of the BTV Private Foundation BTV
employees have a stake in the company. The Board
of Directors, the Foundation‘s Advisory Board and its
auditors constitute
the executive bodies of the BTV Private Foundation.
The exclusive purpose of BTV Privatstiftung is to pass
on, directly and in full, income from holdings in BTV or
affiliated group companies. This provides a collective
opportunity for active involvement by the staff of BTV
both in shaping the company and in its success.
BTV is permitted to purchase its own shares for
the purposes of securities trading, as well as for its
own employees, managers, members of the Board
of Directors as well as the Supervisory Board by 16
November 2015, with the proviso that the trading
portfolio of shares acquired for this purpose may
not exceed 5% of the share capital at the end of
any day. On the basis of these decisions, shares
may only be purchased if the equivalent per share
does not differ either positively or negatively by
more than 20% from the average of the official BTV
share price on the Vienna stock exchange during
the three trading sessions preceding the purchase.
BTV Shareholder structure by VOTING RIGHTS
CABO Beteiligungsgesellschaft
m.b.H., Vienna
15.10 %
14.69 %
15.12%
10.46 %
0.40 %
Management report
41.70 %
Generali 3 Banken Holding AG, Vienna *)
2.53 %
reg. Gen.m.b.H., Salzburg *)
38 |39
Outlook
After around two years of recession in the eurozone, a slight upturn provided better prospects in
the past few months. The central banks supported
the growth based on the continuing expected
low rate of inflation. In particular in BTV‘s markets which counted among the best developed
economic areas in Europe growth was supposed
to remain robust as a result. The turmoils of the financial markets of many of the emerging countries
nevertheless present a risk for the gradual economic recovery in the euro area. Weaker exports could
endanger the euro economy as well as a lack of
domestic demand and delayed structural reforms
in several of the member states of the currency union. If the situation in the emerging markets were
to grow into a prolonged crisis, this could cloud
the situation for the euro zone as well. In this case
it is expected that the ECB would act and instigate
measures to stimulate the economy.
Low inflation continues to make for historically low
interest rates in Europe and the US. To some extent,
the confidence of the financial markets has been
restored and the risk of a renewed escalation of the
debt crisis has reduced through this but has not
however been averted. The possibility of deflation,
i.e. a spiral of falling prices, in which consumers and
companies in expectation of additional falls enter a
buying and investment strike, is estimated as small
within BTV‘s budget basis scenario.
This environment facilitates BTV to continue its
successful growth strategy, whose cornerstones are
the market development of the expansion markets
of Vienna, Bavaria, Baden-Württemberg, Eastern
Switzerland as well as South Tyrol and Veneto (from
Innsbruck). In Tyrol and Vorarlberg, BTV is already
the market leader in the main target groups. Here,
this position must be consolidated and further
market shares must be gained. In the client business area which is hugely important to BTV, the
emphasis is on organic increases to client loans,
primary funds and investment volumes. There will
be no change to the strategically pursued principle
of entirely refinancing customer loans by means of
primary funds.
Due to the higher budgeted volumes, the interest
balance as BTV‘s most important pillar of revenue
is tending to continue to grow despite negative
structural income. In the commission business, the
focus is continuing the expansion of the securities
business. The administration costs will increase
moderately. The costs for the risk profiling are
expected in comparison with 2013 to be slightly
negative. In sum, these factors are supposed to
lead, if the conditions described come to the fore in
2014, to the annual profit before tax to be at least
at the same level as in the current reporting year.
Innsbruck, 5. March 2014
The Board of Directors
Peter Gaugg
Board Spokesperson
Member of the Board
Gerhard Burtscher
Member of the Board
Spokesperson for the Board of
Directors with responsibility for
corporate client business in
Vorarlberg, Innsbruck, South Tyrol
and Vienna; Corporate and private
customer business Southern
Germany; Corporate audit, Human
resources, Marketing & Communications divisions; Compliance and
money laundering.
Member of the Board of Directors
with responsibility for risk, process,
IT and cost management; The
departments for finance and
controlling, legal matters and
investments and group audit;
Compliance and money laundering.
Member of the Board, responsible
for private client business in Tyrol,
Vorarlberg, Vienna and Italy;
Corporate client business in Tiroler
Oberland and Unterland;
Corporate and private customer
business in Switzerland;
Institutional Clients and Banks,
Corporate audit; Compliance and
money laundering.
TRUST
Group
Management report
GROUP ACCOUNTS
Group accounts
Group accounts 2013
Balance sheet
Combined profit and loss account
Cash flow statement
BTV Group: notes 2013
Group accounts
Report from independent auditors
40 |41
Group final accounts 2013 under International Financial Reporting Standards
(IFRS)
Group final accounts as at 31 December 2013
44 | Balance Sheet - Assets
44 | Balance Sheet - Liabilities
45 | Combined profit and loss account
77 Balance sheet – Assets
77 | Balance sheet – Liabilities
48 | Accounting and valuation
principles
56 | Cash reserves 1
56 | Loans to Credit Institutions 2
56 | Loans to clients 3
56 | Lifetime to Maturity Breakdown
Finance-Lease Loans3a
57 | Risk provision 4
57 | Trading assets 5
58 | Financial Assets – at fair value
through profit or loss 6
58 | Financial assets – available
for sale 7
59 | Financial assets – held to
maturity 8
59 | Holdings in at-equity valued
companies 9
60 | Fixed Asset Overview 10
62 | Intangible fixed assets 10a
62 | Fixed Assets 10b
62 | Fixed Assets
Held as Financial Investment 10c
62 | Life to Maturity Classification
Operating Lease Contracts 10d
63 | Tax refunds 11
63 | Latent tax refunds 11a
63 | Other Assets 12
64 | Liabilities to Credit
Institutions 13
64 | Liabilities to Customers 14
64 | Securitised Liabilities 15
65 | Trading liabilities 16
65 | Reserves 17
66 | Personnel provisions
for performance after
termination of the working
relationship: Performanceoriented plans17a
66 | Other long-term personnel
reserves 17b
67 | Overview of long-term
personnel reserves 17c
67 | Actuarial assumptions 17d
67 | Sensitivity analysis 17e
68 | Due date of benefits
expected to be paid out 17f
68 | Other reserves 17g
68 | Tax due 18
68 | Deferred tax owed 18a
69 | Other Liabilities 19
69 | Tier 2 Capital 20
69 | Share Capital 21
70 | Consolidated Equity of
the BTV CI-Group 21a
77 | Details of the profit and loss
account and segment and
risk reporting
71 | Interest income 22
72 | Loan loss provisions 23
72 | Net commission income 24
72 | Trading income 25
72 | Operating expenses 26
73 | Auditor expense 26a
73 | Number of employees 26b
73 | Other operating profit 27
73 | Income from financial
assets – at fair value
through profit or loss 28
74 | Income from financial
assets – available for sale 29
74 | Income from financial assets
– held to maturity 30
74 | Taxes on earnings and
profit 31
75 | Taxes: Reconciliation
calculation 31a
75 | Earnings per share
(common and preference
shares) 32
75 | Application of profits 33
76 | Segment reporting 34
82 | Risk reporting 35
Board of Directors/Auditors/Supervisory Board
130 |Statements by the
statutory representatives
131 |Report from independent
auditors
135 | BTV Group - a 5-year
overview
3 Banken Group
137 | 3 Banken Group
shareholder structure
138|Overview of 3 Banken
Group – Group information
133 |Report from the
supervisory board
trust
Group
Management report
Group accounts
47 | Cash flow statement
114 | Miscellaneous and supplementary
Notes to the Balance Sheet - Assets
77 | Notes to the Balance Sheet Other and supplementary
notes
114 | Other Notes 36
115 | Notes relating to offsetting
of financial instruments 36a
115 | Comfort letters 37
116 | Notes on transactions with
closely related persons 38
116 | Emoluments and loans to
members of the Board of
Directors and Supervisory
Board 38a
116 | Loans and liabilities to affiliated
non-consolidated companies
and stakeholdings 38b
117 | Loans and liabilities to
associated companies and
stakeholdings 38c
117 | Shares in at-equity valued
companies 38d
117 | The associated companies
valued at continued
purchasing costs 38e
118 | Total volume of not yet
unwound derivative financial
products 39
121 | Fair Value Hierarchy of
Financial Instruments 40
124 | Fair Value of financial instruments which are not valued
at the fair market value 41
125 | Fair Value hierarchy of financial
instruments which are not
valued at the fair market
value 42
126 | Life to maturity breakdown 43
127 | Organs of BTV AG 44
128 | Representation of share
holdings 45
Group accounts
46 | Statement of Changes
to Equity
42 |43
Balance Sheet at 31 December 2013
Assets
in €‘000
Cash reserve 1 [Reference to Notes]
Loans to Credit Institutions 2
Loans to Customers 3
Risk provisions 4
Trading assets 5
Financial assets – at fair value through profit or loss 6
Financial assets – available for sale 7
Financial assets – held to maturity 8
Shares in at-equity valued companies 9
Intangible fixed assets 10a
Property, plant and equipment 10b
Properties held as financial investments 10c
Tax refunds 11
Other Assets 12
Total assets
Liabilities
in €‘000
Liabilities to Credit Institutions 13
Liabilities to customers 14
Securitised debt 15
Trading Liabilities 16
Reserves 17
Tax debts 18
Other Liabilities 19
Subordinated capital 20
Equity 21
Total liabilities
31 December 31 December
2013
2012
Change Change in %
absolute
229.545
321,850
6,404,543
–207,146
27,208
155,223
1,251,189
846,262
333,672
51
85,364
46,754
224
93,786
109,068
467,009
6,387,467
–194,492
35,326
203,267
1,111,313
787,509
318,589
34
83,797
49,286
4,051
134,149
+120,477
–145,159
+17,076
–12,654
–8,118
–48,044
+139,876
+58,753
+15,083
+17
+1,567
–2,532
–3,827
–40,363
>+100.0%
–31.1%
0.3%
6.5%
–23.0%
–23.6%
12.6%
7.5%
4.7%
50.0%
1.9%
–5.1%
–94.5%
–30.1%
9,588,525
9,496,373
+92,152
1.0%
2013
2012
Change Change in %
absolute
1,752,704
5,427,569
880,491
21,443
69,601
15,030
100,781
407,841
913,065
1,812,496
5,395,099
748,545
30,954
69,235
12,081
143,219
439,220
845,524
–59,792
+32,470
+131,946
–9,511
+366
+2,949
–42,438
–31,379
+67,541
–3.3%
0.6%
17.6%
–30.7%
0.5%
24.4%
–29.6%
–7.1%
8.0%
9,588,525
9,496,373
+92,152
1.0%
trust
Group
Management report
Group accounts
Combined profit and loss account as at 31 December 2013
2013
2012*
Interest and similar income
Interest and similar expenses
Income from at-equity valued companies
Net interest income 22
241,811
–90,626
24,524
175,709
237,580
–98,812
25,525
164,293
4,231
8,186
–1,001
+11,416
1.8%
–8.3%
–3.9%
6.9%
Loan loss provisions for credit transactions 23
Commission income
Commission expenses
Net commission income 24
–46,884
51,254
–5,975
45,279
–39,942
50,953
–8,643
42,310
–6,942
+301
+2.668
+2,969
17.4%
0.6%
–30.9%
7.0%
Trading income 25
Operating expenses 26
Other operating profit 27
Income from financial assets – at fair value through
profit or loss 28
Profit arising from financial assets – available for sale 29
Profit arising from financial assets – held to maturity 30
1,001
–96,027
–2,272
2,518
3,212
–92,837
–2,423
7,760
–2,211
–3,190
+151
–5,242
–68.8%
3.4%
–6.2%
–67.6%
2,815
–23
82,116
–8,521
–3,757
70,095
11,336
3,734
+12,021
>+100.0%
–99.4%
17.1%
Taxes on earnings and profit 31
–17,748
–9,412
–8,336
+88.6%
of which equity proportion
of which minority portion
64,368
64,368
0
60,683
60,683
0
+3,685
+3,685
0
6.1%
6.1%
0.0%
2013
2012*
Revaluation from performance-oriented pension plans
Changes in at-equity valued companies recognised directly in equity
Profits/losses with regard to deferred taxes, applied directly against equity
Total headings which could subsequently not be allocated into profit or loss
64,368
–2,724
–2,787
679
–4,832
60,683
–3,103
–1,403
776
–3,730
Unrealised profit/loss on assets retained for disposal (AfS reserve)
Unrealised profits/losses from adjustments due to currency conversions
Profits/losses with regard to deferred taxes, applied directly against equity
Total of the items which can subsequently be allocated to profit or loss
25,264
–3,201
–196
–6,159
15,708
37,271
688
–122
–10,326
27,511
Sum other comprehensive income
10,876
23,781
Overall profit for the financial year
of which equity proportion
of which minority portion
75,244
75,244
0
84,464
84,464
0
Profit and loss account
in €‘000
Additional overall profit
Change Change in %
absolute
* 2012 adjusted, see table ‚corrections IAS 19‘ on page 54.
Group accounts
in €‘000
44 |45
Subscribed
capital
Reserves
Retained
earnings
AfS
reserve
Actuarial
profit/loss
Equity
50,000
0
50,000
0
0
0
0
0
59,790
0
59,790
0
0
0
+1,145
0
595,128
+9,199
604,327
0
+50,296
–7,500
0
24
62,473
0
62,473
0
+37,271
0
0
0
0
–9,199
–9,199
0
–3,103
0
0
0
767,391
0
767,391
0
+84,464
–7,500
+1,145
24
50,000
60,935
647,147
99,745
–12,302
845,524
Subscribed
capital
Reserves
Retained
earnings
AfS
reserve
Actuarial
profit/loss
Equity
Equity at 1 January 2013
Capital increases
Distributions
Own shares
Other changes with a neutral effect
on results
50,000
0
0
0
0
0
60,935
0
0
0
–228
0
647,147
0
+52,704
–7,500
0
+25
99,745
0
+25,264
0
0
0
–12,302
0
–2,724
0
0
0
845,524
0
+75,244
–7,500
–228
+25
Equity at 31 December 2013
50,000
60,707
692,376
125,008
–15,026
913,065
in €‘000
Retrospective adjustment IAS 19
Equity at 1 January 2012
Capital increases
Distributions
Own shares
Other changes with a neutral effect
on results
in €‘000
KEY FIGURES
Earnings per Share in € 32
RoE before tax
RoE after tax
Cost/income ratio
Risk/earnings ratio
31 December 2013
31 December 2012
2.58
9.34%
7.32%
43.3%
26.7%
2.44
8.69%
7.52%
44.2%
24.3%
trust
Group
Management report
Group accounts
Cash flow statement as of 31 December 2013
in €‘000
31 December 2013 31 December 2012
Annual Profit
Non-cash items in annual profit and reconciliations
to cashflow from operating activities
– Depreciation/revaluation of fixed assets/financial assets/other working capital
– Increase/reduction in reserves and provisions for risks
– Profits/losses from sale of financial and fixed assets
– Adjustments for other non-cash items
Sub-total
64,368
60,683
10,305
50,757
–6,140
–33,596
85,694
–3,230
42,485
2,144
–16,013
86,069
Changes to assets and liabilities from operating
activities after correction for non-cash components:
– Loans to credit institutions
– Loans to customers
– Trading assets
– Other working capital
– Other assets from operating activities
– Liabilities to credit institutions
– Liabilities to customers
– Securitised liabilities
– Other liabilities from operating activities
Operating cash flow
192,441
–69,936
–2,980
–98,772
11,138
–33,796
30,511
132,565
–18,237
228,628
–96,754
–178,714
7,310
–91,161
3,169
194,277
15,968
–52,923
187
–112,572
496
138,449
499
289,868
–7,744
–204,240
–73,039
–7,520
–184,333
98,514
Dividend payments
Subordinated liabilities and other financing activities
Financing cash flow
–7,500
–27,612
–35,112
–7,500
–43,252
–50,752
Cash position at the end of the previous period
109,068
173,880
Operating cash flow
Investment cash flow
Financing cash flow
Cash position at the end of the period
228,628
–73,039
–35,112
229.545
–112,574
98,514
–50,752
109,068
240,569
25,766
–90,626
–24,724
236,754
26,450
–98,812
–10,182
Funds inflow from sales of
– Fixed assets and intangible assets
– Financial assets
Funds outflow through investment in
– fixed assets
– Financial assets
Investment cash flow
Interest received
Dividends received
Interest paid
Payment of tax on income
Group accounts
Cash flow statement
46 |47
BTV Group: notes 2013
The Group accounts of the ‚Bank für Tirol und
Vorarlberg AG (BTV AG)‘ have been drawn up according to IFRS regulations and the interpretations
by the International Financial Reporting Interpretations Committee (IFRIC) as these are to be applied
in the European Union. In establishing the present
financial statements, all standards which were
required for this financial year were applied.
The accounting and valuation methods applied
uniformly across the group comply with the
standards for European balance sheets, so that the
informative value of these group financial statements equates to those pursuant to the provisions
of the Austrian Commercial Code (UGB), in conjunction with the provisions of the Austrian Banking Act
(BWG). The additional information required pursuant to Austrian legislation is included in the Annex.
The approval to publish the group financial statements
was given by the Board of Directors to the Supervisory
Board on 5 March 2014 The approval for publication
of the Group Financial Statements by the Supervisory
Board is planned for 25 March 2014
fully consolidated companies
BTV Leasing Gesellschaft m.b.H., Innsbruck
BTV Real-Leasing Gesellschaft m.b.H., Vienna
BTV Real-Leasing I Gesellschaft m.b.H., Innsbruck
BTV Real-Leasing II Gesellschaft m.b.H., Innsbruck
BTV Real-Leasing III Nachfolge GmbH & Co KG, Innsbruck
BTV Real-Leasing IV Gesellschaft m.b.H., Innsbruck
Gewerbegebiet Hall Immobilien GmbH, Innsbruck
BTV Anlagenleasing 1 GmbH, Innsbruck
BTV Anlagenleasing 3 Gesellschaft m.b.H., Innsbruck
BTV Leasing Deutschland GmbH, Augsburg
BTV Leasing Schweiz AG, Staad
MPR Holding GmbH, Innsbruck
BTV Hybrid I GmbH, Innsbruck
BTV Hybrid II GmbH, Innsbruck
Principles of consolidation and scope of consolidation
All significant subsidiaries which are under the
financial control of the Bank für Tirol und Vorarlberg
AG (BTV) are fully consolidated in the group financial
statements, pursuant to IAS 27. The consolidation of
equity is carried out pursuant to the principles of
IFRS 3, within the context of the acquisition method,
by offsetting the acquisition costs against the identified assets and liabilities allocated to the parent
company on a proportional basis. The assets and
liabilities of the subsidiaries are stated at their respective fair market values at the time of acquisition. The
difference between the acquisition costs and the net
asset recorded at fair value is capitalised as goodwill. The capitalised goodwill is subject to an annual
impairment test pursuant to the provisions of IFRS 3,
in connection with IAS 36 and IAS 38. Subsidiaries of
lesser significance for the asset, financial and income
situation of the group are not fully consolidated.
In addition to BTV, the full scope of consolidation
includes the following holdings:
Share in %
Voting rights in %
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.99%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.99%
100.00%
100.00%
100.00%
In the financial year 2013, there were no changes to
the scope of full consolidation. Only ‚BTV Mobilien
Leasing Gesellschaft m.b.H.‘ changed its name to
‚Gewerbegebiet Hall Immobilien GmbH‘.
In accordance with their divergent financial year,
the leasing companies are included in the group
financial statements on the reporting date of 30
September. The remaining fully consolidated companies were consolidated using the reporting date
of 31 December.
Significant holdings over which BTV has a major
influence are recorded by the equity method. As a
rule, a share of the voting rights of between 20%
and 50% is considered to be a significant influence
(‚associated company). According to the equity
method, holdings in associated companies are
included in the financial statements at acquisition
cost plus any changes in the group‘s share of the
net assets of the associated company after the
initial consolidation.
The following holdings were included using the
equity method:
at equity consolidated companies
Share in %
Voting rights in %
BKS Bank AG, Klagenfurt
Oberbank AG, Linz
ALPENLÄNDISCHE GARANTIE-GESELLSCHAFT M.B.H., Linz
Drei-Banken Versicherungs-Aktiengesellschaft, Linz
VoMoNoSi Beteiligungs AG, Innsbruck
18.90%
13.95%
25.00%
20.00%
64.00%
19.65%
18.51%
25.00%
20.00%
49.00%
The holdings in Oberbank AG and BKS Bank AG
have been included in the group financial statements for the following reasons, despite the fact
that they are below the 20% holding threshold:
expenses and income internal to the group are eliminated except where they are not of insignificance. An
interim net profit elimination has been waived, since
material interim net profit figures were not available.
For the holding in the Oberbank AG, there is a
syndication contract between BTV, the BKS Bank
AG and the Wüstenrot Wohnungswirtschaft reg.
Gen.m.b.H. For the holding in the BKS Bank AG,
there is a syndication contract between BTV, the
Oberbank AG and the Generali 3 Banken Holding AG.
The purpose of each of these syndication contracts is
the maintenance of the independence of the bank. In
this way, for both of the cited companies, there is the
possibility of exercising a significant influence.
With the resolution of the voting trust agreement on
15 January 2014 (effective 1 January 2014), 15% of the
voting rights in VoMoNoSi Beteiligungs AG flowed
back to the BTV Group. Consequently, the company is
included in the full scope of consolidation of the BTV
Group in future. The resolution of the voting trust
agreement is to be seen as an element in the implementation of the overall strategy. 36 % of the shares in
VoMoNoSi Beteiligungs AG will continue to be held
by third parties as before.
The associated companies are each taken into account with the reporting date 30 September to
enable a timely drawing up of the annual financial
statements. The ALPENLÄNDISCHE GARANTIEGESELLSCHAFT M.B.H. is included with a reporting
date of 31 December. Group internal and liabilities,
As already publicised in the interim report on 30 June
2013, BTV will establish a 24.99% holding interest
in Moser Holding AG. By the time the approval to
publish the group financial statements was given by
the Board of Directors to the Supervisory Board on
5 March 2014, the transaction had still not been put
Group accounts
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48 |49
through. The board assumes that the purchase will
take place in March 2014.
Valuation principles
Spot transactions in financial assets were recorded
or closed out on the settlement day.
BTV‘s consolidated financial statements are drawn
up in euros (€), as the functional currency of the
group. Unless otherwise indicated, all amounts are
indicated in €‘000). Rounding differences are possible in the following tables.
Currency conversion
Assets and liabilities denominated in foreign
currencies as well as non-completed foreign currency cash transactions are converted at the ECB
reference rate on the balance sheet date. Forward
currency transactions are converted at current
forward rates valid for their maturity. The conversion of the annual financial statements of the Swiss
branches is performed according to the functional
conversion method. Conversion differences of the
previous years‘ results are taken to equity. Alongside financial instruments in the functional currency there are primarily financial instruments in Swiss
francs, US dollars and Japanese yen.
Cash reserves
Petty cash and the credit with central bank are
included in the cash reserves.
Receivables
Loans to credit institutions and customers with
fixed or determinable payment are balanced with
the carried over acquisition costs. Where direct
write-downs have been made, these have reduced
the receivables. Value adjustments are shown
openly as loan loss provisions.
Risk provisions
The particular risks of the banking business are recognised by BTV through the creation of value adjustments and reserves as appropriate. For creditworthiness risks group-wide standard assessment criteria are
applied and provided for by provision of securities.
The total amount of risk provisions is, when it relates
to balance sheet receivables, shown explicitly as a
reduction on the asset side of the balance sheet, after
the loans to credit institutions and loans to customers.
Risk provisions for off-balance sheet transactions (in
particular completion guarantees) are held in the item
“reserves”. Loan loss provision for receivables includes
individual adjustments for receivables for which an
impairment has already been applied. In addition to
the adjustment of individual values, this item also
includes adjustments to the portfolio, which at the
balance sheet date formed losses to the loan portfolio, which had already occurred, but had not yet been
identified, whose amount is based on the probability
of default and the losses to the loan portfolio which
have not been provided for elsewhere. In determining
the portfolio impairment, the economic environment
and current events are considered.
Trading assets
Under trading assets are shown the financial assets
held for trade. These assets are mainly used to gain
profits from short-term price movements or trading margins. Trading assets are valued at fair value
and impact the P&L. The Trading Assets position
also includes positive market values of derivatives which are classified in the fair value option.
Valuation is also carried out at fair value where this
affects earnings.
Financial assets - at fair value through profit or loss
For securities and structured products with embedded derivatives which would otherwise require separation the Fair Value option is applied following IAS
39. All realised and unrealised valuation gains from
the fair value option are shown in the income statement in the position “Income from financial assets - at
fair value through profit or loss”. Interest and dividend
income from the fair value option is shown under net
interest income.
Financial assets - available for sale
Securities which are assigned to the available-for-sale
portfolio, and holdings in non-consolidated companies are shown in the item “Financial Assets – available for sale”. Changes in the fair value of securities
in the available-for-sale portfolio, which arise from
valuation, are held in the capital, with no effect on the
P&L until the asset is transferred out. The relevant
actual value of investments in equity instruments (e.
g. shares in limited companies) is determined on the
basis of a stock exchange price or on the basis of recognised valuation models. As far as these asset values
are overall of minor relevance for the asset, finance
and income situation of the Group, they will be valued
at purchasing costs (at cost).
Exceptional depreciation based on impairments are
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Management report
Group accounts
Financial assets – held to maturity
This balance sheet item includes the bonds and
other fixed interest securities which are intended
to be held long-term or until their maturity date,
provided that they have a maturity date. These
elements are assigned to the held-to-maturity
portfolio. The valuation is according to the carried
over acquisition costs, whereby any obligations or
discount is resolved on the basis of the effective
interest rate method up to maturity.
Shares in at-equity valued companies
This item records the holdings in those associated
companies which are included according to the
equity method.
Derivatives
Financial derivatives are shown in the balance
sheet at their fair values, and any changes in value
are immediately taken to the P&L.
To the extent that hedge accounting is applied at BTV,
as defined in IAS 39, it is used to cover the income
from interest rates and the market risk. As measures
to minimise interest rate change risk and to reduce the
market risk mainly fair value hedges are applied. The
fair value hedge transactions are offset by swapping
fixed interest deals in transactions linked to the money
markets. In particular, this applies to the portion of
own issues as well as securities in the AfS portfolio. For
the fair value hedge accounting mainly interest rate
swaps are used.
If the fair value option under IAS 39 is applied, then
the derivative financial instruments are being used
to avoid or remove valuation mismatches between
initial value and the valuation of assets and liabilities. Derivatives are valued using fair value with a
P&L impact.
Financial guarantees
The accounting for financial guarantees follow IAS
39. For their presentation in the balance sheet the
net principle is applied. This method nets off the
premium cash value and the commitment cash
value from the financial guarantee.
Intangible fixed assets
This item includes rental leases. The valuation is
done at acquisition costs, reduced by regular depreciation. The scheduled depreciation applied is
straight line based on the estimated useful life. The
useful life is 20 years.
Property, plant and equipment
Fixed assets - land and buildings, as well as production and business fittings are presented at acquisition or production cost, minus scheduled linear
depreciation corresponding to the expected useful
life. The useful life for buildings is between 33 1/3
and 40 years, and for production and business fittings between 4 and 10 years.
Properties held as financial investments
Land and buildings as well as fittings in rented properties, which the BTV Group holds as long-term financial
investments for the purpose of achieving rental
income and capital value increases are accounted for
at the purchase and production costs, reduced by
scheduled linear depreciations corresponding to their
expected length of use. For buildings, the useful life is
50 years, for fittings in rented property, the useful life
is determined according to the duration of rental. The
corresponding rental contracts are shown in the P&L
item “Other business revenues”.
Leasing
The leasing agreements which exist within the BTV
Group are mainly classified as ‚Finance leases”, according which all the risks and benefits linked to the lease
capital are transferred to the lessee. According to IAS
17 the lessor shows a receivable against the lessee to
the value of the cash value of the contractually agreed
payments and taking into account any residual value.
In the case of ‚Operating lease‘ agreements (in which
case the risks and benefits linked to the property remain with the lessor) the object of the lease is shown
by the lessor under the heading “Properties held as
financial investments” and depreciation is applied
using the rules for the relevant class of asset. Lease
payments are collected on the P&L according to the
transfer of use.
Group accounts
taken into the P&L under the item “Income from
financial assets - available for sale”.
50 |51
Liabilities
Liabilities to customers or credit institutions as well
as securitised debts are valued at their repayment
or nominal value. Nominal value. The amount of
the securitised liabilities is reduced by the acquisition cost of the issues held in the object.
Securitised debts and subordinate capital loans,
which have been secured with derivative financial
instruments in the context of interest risk control
are either assigned to the fair-value-option valuation category, or hedge accounting is applied.
All valuation gains from the fair value option are
shown in the income statement in the item “Income
from financial assets - at fair value through profit or
loss”.
Trading liabilities
In trading liabilities the negative market values of
derivatives in the trading portfolio or from the fair
value option are recorded. Valuation is carried out at
fair value.
Reserves and provisions
Long-term reserves for staff (pension, redundancy,
anniversary payments and death payment commitments) are shown as per IAS 19 using the projected
unit credit method. Future commitments are
valued on the basis of actuarial assessments, which
not only take into account the pensions which are
known at the date of balance sheet, but also the
expected future rates of increase.
Other reserves are created as required by IAS 37, if
the company has existing legal or factual liabilities,
which result from historical transactions or events,
for which it is likely that to meet the commitment
an outflow of economically productive resources
is required, and a realistic estimation of the value
of the liability is possible. Reserves are subject
to annual review and recalculation. This includes
uncertainties in estimation which may lead to
adjustments the following year.
Tax claims and tax debts
Claims and liabilities relating to income tax are presented in the items “Tax claims” or “Tax debts”.
For the calculation of deferred taxes, the balance
sheet-related temporary concept is applied, which
compares the valuations of assets and liabilities with
the valuations which apply for taxation of the relevant
group company. Differences between these two
valuations lead to temporary differences, for which
deferred tax claims or liabilities must be shown in the
balance sheet. Current income tax claims and liabilities
are set at the tax values which are expected to be settled with the respective tax authorities.
Deferred tax assets on unused tax loss carryforwards are presented in the balance sheet when
it is likely that in the future, taxable profits of a
corresponding amount will accrue. Deferred taxes
are not discounted. The option of group taxation is
used by BTV in its capacity as the parent company.
Genuine repurchase agreements
Genuine repurchase agreements are agreements
whereby financial assets are transferred against
the payment of an amount and where it is agreed
at the same time that the financial assets must be
returned to their owner at a later stage against the
payment to the transferor of an amount defined in
advance. The financial assets in question continue
to remain in the balance sheet of the BTV Group.
These are valued using the relevant presentation
rules for the respective balance sheet item. The
liquidity obtained from the pension transactions
was classified as liabilities to credit institutions or
liabilities to customers.
Net interest income
The net interest income includes revenue and expenses which represent compensation for the provision of capital. In addition in this heading there
are also the income from shares and other bonds
as well as other variable interest securities, so long
as it is not income and expenses from securities
or derivatives, which are to be classified as trading
assets or trading liabilities. Also income from holdings and from stakes in associated companies - provided they are not consolidated because of their
smaller size - are also shown in this heading. This
item also includes income from at-equity valued
companies.
Interest income and expenses are delimited and recorded on an accrual basis. Income from investments
is recorded when the legal claim to payment arises.
Loan-loss provisions in the credit business
The heading “Loan loss provision” includes increases
to impairments and reserves or income from the cancellation of impairments and reserves as well as direct
write-offs and later receipts of already written-down
liabilities in connection with credit transactions.
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Management report
Group accounts
Trading income
This heading includes profits and losses realised
from the sale of securities, derivatives and other
financial instruments from the trading portfolio,
unrealised valuation gains and losses from the market valuation of securities, derivatives and other
financial instruments from the trading portfolio,
interest income and dividend receipts from the
trading portfolio as well as refinancing costs for
these financial assets.
Operating expenses
In the operating expenses are included staff costs,
material costs as well as scheduled depreciation of
fixed assets, amortisation of intangible assets and
of properties held as financial investments for the
reporting period.
In the staff costs are included wages and salaries,
variable salary elements, legally required and
voluntary social costs, staff-related taxes and levies
as well as expenses (including changes to reserves)
for redundancies, pensions, anniversary payments
and death benefits.
Under material costs are, alongside IT costs, the office
building costs and the costs for running the office,
the costs for advertising and marketing and legal and
consultancy costs and other administrative costs.
In other operating profit are shown all the revenues
and costs of the BTV Group which are not attributable to current business activities. This includes
in particular the profits from the renting or sale of
properties maintained as financial investments and
other fixed assets, cost of sales and revenues for
non-banking activities, such as insurance.
Furthermore, in addition to expenses for other
taxes and levies, this item also included expenses
for the increase in reserves as well as income from
the liquidation of other reserves.
Profit arising from financial assets – at fair value
through profit or loss
Under this item is shown the income from the
revaluation or sale of securities, derivatives, loans
and own issues in the fair value portfolio.
Profit arising from financial assets – available for sale
Revenue from sales and impairments of securities and
holdings in the available-for-sale portfolio are posted
here.
Profit arising from financial assets – held to maturity
This item includes the income from sales and impairments of securities within the held-to-maturity
portfolio.
Taxes on earnings
Current and deferred taxes on income are recorded
under this item.
Discretionary decisions, assumptions and estimates
In drawing up the BTV group financial statements,
values are determined on the basis of discretionary
decisions, as well as through the use of assumptions and estimates. The associated uncertainties
may lead in future reporting periods to additional
income or expenses or make it necessary to adjust
the book value in the balance sheet. The management estimates and assumptions used are based
on historical experience and other factors such as
planning and likely expectations and predictions of
future events, based on current assessments, and
this is with the objective of providing meaningful
information on the asset, financial and earnings
situation of the company.
Areas of application for assumptions and estimates
lie in the determination and balancing of loan loss
provisions in the loan business, in impairment assumptions for the available-for-sale or held-to-maturity portfolio and in the formation of long-term
payroll reserves and other reserves. Uncertainties
in estimates also arise in determining fair values on
the basis of valuation models for financial assets
and liabilities, if no quoted market price is available. Assumptions are also required in determining
deferred tax assets, with regard to the expected
date of occurrence and the amount of future taxable income as well as for future tax planning. The
specification of the expected useful life of tangible
assets is also based on an estimate.
Group accounts
The commission income is the balance of the
revenues and expenses from services provisions.
Above all, these include income and expenses for
services arising from payment handling, securities
transactions, credit transactions as well as from foreign exchange, foreign cash and precious metals
business, and other miscellaneous services.
52 |53
Disclosure regulations
The disclosure of the BTV Group (Basel II - Column
III) can be found online at www.btv.at in the menu
item “Company > Investor Relations > Informationen
according to Offenlegungsverordnung [Disclosure
Ordinance] (OffV)”.
Use of modified/new IFRS/IAS standards
The table on page 55 shows published or modified
standards and interpretations at the balance sheet
date, which were applied for the first time during
the reporting period. The prospective application
of IFRS 13 and the retrospective application of IAS
19 have a considerable impact.
Due to the first time application of IFRS 13, the Notes
Information have been extended to Fair Value.
As a result of the changes to IAS 19, the actuarial
gains and losses from performance-oriented plans
are no longer presented in the profit and loss as
before, but within the other results in the equity
section. The adjustments for 2012 and the effects
on 2013 are illustrated in the table below.
CORRECTIONS IAS 19 in €‘000
Operating expenses
EPS (Earnings per share) in €
Diluted earnings per share in €
Profits/losses with regard to latent taxes, which were applied directly against equity
Revaluation from performance-oriented pension plans
Sum of income and expenses recorded directly under equity
Within the balance sheet, only transfers within the
equity take place so that the presentation of the
2013
2012
+1,021
+2,724
–679
+3,066
–99
+3,103
–776
+2,228
0.13
0.13
0.09
0.09
679
–1,021
–2,724
–3,066
776
99
–3,103
–2,228
0
0
adjusted accounts at 1 January 2012 was waived.
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Group accounts
Standard/Interpretation
IAS 1 – Amendments
IFRS 1 – Amendments
IFRS 13
IFRIC 20
Name
Presentation of Items of Other
Comprehensive Income
Deferred tax: Recovery of Underlying Assets
Employee Benefits
Severe hyperinflation and removal of fixed
dates for first-time adopters
Government Loans
Disclosures – Offsetting Financial Assets
and Financial Liabilities
Fair Value Measurement
Stripping Costs in the Production Phase
of a Surface Mine
Improvements to IFRSs (May 2012)
The next table shows newly published or modified
standards and interpretations on the balance sheet
date which came into effect through the IASB or in
part through the EU endorsement procedure but
Standard/Interpretation
To be applied for
Already
financial years from
adopted by EU
1 July 2012
Yes
1 January 2013
1 January 2013
1 January 2013
Yes
Yes
Yes
1 January 2013
1 January 2013
Yes
Yes
1 January 2013
1 January 2013
Yes
Yes
1 July 2012
Yes
application of which is not yet mandatory. These
have not been applied to these consolidated financial statements.
Name
To be applied for
Already
IFRS 10
IFRS 11
IFRS 12
IFRS 10, IFRS 12 and IAS 27 –
Amendments
IFRS 10, IFRS 11 and IFRS 12 –
Amendments
IFRIC 21
IFRS 9
Separate Financial Statements
Investments in Associates and Joint Ventures
Offsetting Financial Assets and
Financial Liabilities
Consolidated Financial Statements
Joint Arrangements
Disclosures of Interests in Other Entities
Investment Entities
1 January 2014
1 January 2014
1 January 2014
Yes
Yes
Yes
1 January 2014
1 January 2014
1 January 2014
1 January 2014
Yes
Yes
Yes
Yes
Transition Guidance
1 January 2014
Yes
Recoverable Amount Disclosures for
Non-Financial Assets
Novation of Derivatives and Continuation
of Hedge Accounting
Levies
Financial Instruments
1 January 2014
No
1 January 2014
No
1 January 2014
1 January 2018
No
No
Insofar as BTV has already investigated the remaining standards and interpretations, no significant
changes in terms or materiality are expected in future consolidated financial statements. The new financial reporting regulations IFRS 10 ‚Consolidated
Financial Statements‘ IFRS 11 ‚Joint Arrangements‘
as well as IFRS 12 ‚Disclosures of Interests in Other
Group accounts
financial years from adopted by EU
Entities‘ have no impact on the scope of consolidation of the BTV Group and therefore no significant
effects on the group accounts. The impact of IFRS
9 on the BTV Group are further investigated after
final publication, a reliable statement regarding its
influence on future consolidated financial statements is not possible from today‘s perspective.
54 |55
Balance sheet – Assets
1 Cash reserve
2013
2012
41,426
39,340
188,119
69,728
in €‘000
Petty cash balance
Credit with central bank
Cash reserves
229.545
2013
2012
134,817
165,138
187,033
301,871
2 Loans to credit institutions in €‘000
Loans to domestic credit institutions
Loans to foreign credit institutions
3 loans to clients
321,850
Loans to Austrian clients
Loans to foreign clients
Loans to clients
3a Lifetime to maturity breakdown finance lease
loans in €‘000
Gross investment value
Unrealised financial revenue
Net investment value
467,009
2013
2012
4,306,350
4,334,783
2,098,193
2,052,684
in €‘000
Loans to customers include finance-lease contracts with a net investment value in the amount of
€624,180,000 (previous year: €622,044,000). The
corresponding gross investment value of these leasing
contracts amounts to €693,194,000 (previous year:
€684,525,000), the associated unrealised financial
revenue amounted to €69,014,000 (previous year:
109,068
6,404,543
6,387,467
€62,481,000). The residual value of the total lease
assets are guaranteed both in the current and previous
financial years. On the balance sheet date, there were
value adjustments for unrecoverable leasing receivables in the amount of €10,719,000 (previous year:
€15,589,000).
< 1 year
1 – 5 years
> 5 years
Total
154,732
13,289
141,443
332,152
37,477
294,675
206,310
18,248
188,062
693,194
69,014
624,180
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Management report
Group accounts
Opening balance of credit transactions at 1 January
– Releases
+ Allocation
– Application
(+/–) Changes arising from currency differences
Loan-loss provision for credit transactions at 31 December
Opening balance commitments at 1 January
– Releases
+ Allocation
– Application
(+/–) Changes arising from currency differences
Reserves Performance Guarantees at 31/12.
Overall Total Risk Provisions at 31/12.
5 trading assets in €‘000
Debenture bonds and other fixed-interest securities
Equities and other variable-interest securities
Positive market values arising from derivative transactions – Trading
Currency related trades
Interest related trades
Other trades
Positive market values arising from derivative transactions – Fair value option
Other trades
Trading assets
2013
2012
194,492
–6,893
45,220
–25,662
–11
207,146
183,941
–5,773
39,502
–23,184
6
194,492
1,107
–74
519
0
0
1,552
383
–97
821
0
0
1,107
208,698
195,599
2013
2012
0
0
0
0
2,451
6,023
1,419
1,905
1,032
4,118
0
0
32,875
21,185
0
0
32,875
21,185
0
0
27,208
35,326
Group accounts
4 risk provisions in €‘000
56 |57
6 financial assets – at fair value through profit or loss in €‘000
Listed
Unlisted
Listed
Unlisted
7 financial assets – available for sale in thousand €
Listed
Unlisted
Listed
Unlisted
Other shareholdings
Credit institutions
Non-credit institutions
Other affiliated shareholdings
2013
2012
193,363
145,773
193,363
145,773
0
0
9,904
9,450
9,046
9,149
858
301
155,223
203,267
2013
2012
885,885
980,290
820,199
975,154
65,686
5,136
69,412
72,835
6,433
10,411
62,979
62,424
27,889
30,335
10,043
10,018
17,846
20,317
167,729
128,127
1,251,189
1,111,313
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Management report
Group accounts
Listed
Unlisted
9 holdings in at-equity valued companies in €‘000
Credit institutions
Non-credit institutions
The fair value of the shares in at-equity valued
companies amounted to €306,849 in ‚000
(previous year: €305,289,000).
2013
2012
787,509
846,262
762,545
846,262
24,964
0
846,262
787,509
2013
2012
329,656
312,998
4,016
5,591
333,672
318,589
In case of indicators which could possibly show a
possible reduction in value, the equity book value
was subjected to an impairment test in accordance
with IAS 36. The test was performed with the use of
a valuation procedure on the basis of future financial surpluses. Currently, no need for a devaluation
results from this.
Group accounts
8 financial assets – held to maturity in €‘000
58 |59
10 Fixed Asset Overview – 31 December 2013
in €‘000
Land and buildings
Production and business fittings
Properties held as financial investments (IAS 40)
Other shareholdings
Holdings valued at-equity
Total
Fixed Asset Overview – 31 December 2012
in €‘000
Land and buildings
Properties held as financial investments (IAS 40)
Other shareholdings
Holdings valued at-equity
Total
Acquis. value
1 January 2013
Additions
Disposals
7,467
95,783
47,274
68,947
37,129
128,127
318,589
55
2,638
4,951
417
2,689
39,602
16,755
0
–1,084
–8,117
–2,700
–243
0
–1,672
703,316
67,106
–13,816
Acquis. value
1 January 2012
Additions
Disposals
7,466
92,642
48,338
67,416
33,178
116,274
297,425
1
1,574
2,911
3,494
3,951
11,888
21,164
0
–399
–3,994
–60
0
–35
0
662,739
44,984
–4,487
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Management report
Group accounts
Group
transfers
0
–5
5
0
0
0
0
0
0
0
0
0
0
0
0
0
Reclassification
Group
transfers
0
1,965
0
–1,965
0
0
0
0
0
0
0
0
0
0
0
0
changes to Acquis. value Accumulated
Book value
currency 31 December depreciation 31 December
exchange rates
2013
2013
0
51
7,522
–7,472
0
97,332
–23,628
73,704
–44
44,069
–32,409
11,660
–110
66,554
–19,800
46,754
0
39,575
–9,239
30,335
0
0
167,729
167,729
0
0
333,672
333,672
–154
756,453
changes to Acquis. value
currency 31 December
exchange rates
2012
0
7,467
0
95,783
18
47,274
62
68,947
0
37,129
0
128,127
0
318,589
81
703,316
–38
–2,029
–3,370
–1,424
0
0
0
Book value
31 December
2012
34
73,595
10,202
49,286
27,889
128,127
318,589
663,905
–6,862
607,724
Accumulated
Book value
depreciation 31 December
2012
–7,433
34
–22,188
73,595
–37,071
10,202
–19,661
49,286
–9,239
27,889
0
128,127
0
318,589
Depreciation
–191
–1,961
–2,948
–1,503
–6,001
0
0
Book value
31 December
2011
224
73,688
11,073
47,779
29,940
116,274
297,425
–12,604
576,402
–92,548
–95,593
607,724
Depreciation
Group accounts
Reclassification
60 |61
2013
2012
51
34
10a Intangible fixed assets in €‘000
51
2013
2012
73,704
73,595
11,660
10,202
10b Property, plant and equipment in Tsd. €
Land and buildings
Property, plant and equipment
Properties at fair value amounted to €86,158,000
85,364
2013
2012
46,754
49,286
10d remaining life to maturity breakdown
operating lease contracts i in €‘000
Future minimum leasing payments
Under the item ‚Properties held as financial
investments‘, book values from operating lease
contracts are included at a total of €14,648,000
(previous year: €14,919,000. The fair value amounts
83,797
In the reporting period, no borrowing capital costs
were capitalised (previous year: €30,000). An interest rate of 2.18% applied in the previous year.
10c properties held as financial investments in €‘000
Fair value of the properties held as financial investments amounted to € 54,469,000 (previous year:
€58,070,000). The determination of fair value was
achieved by use of revenue value calculations for
which the agreed rents provided the basis.
34
46,754
49,286
The rental income in the reporting year amount to
€3,285,000 (previous year: €3,292,000), the expenses relating to achieving the rental income totalled
including depreciation €2,364,000 (previous year:
€2,521,000).
< 1 year
1 – 5 years
> 5 years
Total
698
2,791
11,240
14,729
to €14,929,000 (previous year: €15,039,000). For
conditional rental payments there was no income
during the reporting year.
trust
Group
Management report
Group accounts
Current tax refunds
Deferred tax refunds
Tax refunds
11a latent tax refunds in €‘000
Long-term payroll reserves
Hedge Accounting and Derivatives
Provision for risks
Revaluation Finance Leasing and Other
Other latent tax refunds and tax debts abroad
Deferred tax refunds
12 other assets in €‘000
Positive market values from derivatives trades
Other assets
Other assets
2013
2012
1
4
223
4,047
224
4,051
2013
2012
0
3,764
0
–14,075
0
–951
0
5,478
0
–4,503
0
14,555
–221
–1,455
0
1,678
223
4,047
2013
2012
50,193
70,169
43,593
63,980
93,786
134,149
Group accounts
11 Tax refunds in Tsd. €
62 |63
Balance sheet – Liabilities
13 Liabilities to credit institutions in €‘000
Austrian credit institutions
Foreign credit institutions
14 Liabilities to clients
in €‘000
2013
2012
679,439
853,664
1,073,265
958,832
1,752,704
1,812,496
2013
2012
Savings deposits
Austrian
Foreign
Sub-total savings deposits
1,039,940
135,843
1,175,783
1,134,416
138,477
1,272,893
Other deposits
Austrian
Foreign
Sub-total other deposits
3,081,270
1,170,516
4,251,786
2,940,130
1,182,076
4,122,206
5,427,569
5,395,099
Liabilities to clients
15 securitised liabilities in €‘000
Debentures
Domestic bonds
2013
2012
681,527
556,147
198,964
192,398
Securitised debt
880,491
748,545
of which fair value
401,711
395,467
The redemption amount for the securitised debts,
for which the fair value option was exercised totalled €396,406,000 (previous year: €382.760,000).
The difference between the fair value of the se-
curitised liabilities for which the fair value option
was exercised and their repayment amount totals
€5,305,000 (previous year: €12,707,000).
trust
Group
Management report
Group accounts
in €‘000.
Negative market values arising from derivative transactions – Trading
Negative market values arising from derivative transactions – Fair value option
Trading liabilities
17 reserves
in €‘000
Other reserves and provisions
Reserves and provisions
Pensions reserves
The benefits and entitlements are based on the
collective bargaining agreement regarding the
revision of pensions rights. The area of application covers all BTV employees employed in Austria
who are covered by the collective bargaining
agreement for banks and bankers and who joined
before 1 January 2002. The collective bargaining
agreement governs benefits and entitlements to
occupational disability and accident insurance, old
age pension and early retirement pension, administrative pension, social contributions and care
allowance contribution.
For the surviving dependants, regulations are
included about pensions for surviving dependants
in the form of widow, widower and orphan pension, care allowance contribution, widow/widower
settlement and quarter of the death.
In the calculation of the reserves, the entitlements
are also included in addition to the benefits. At
January 2000 entitlements to old age and early
retirement pension including benefits to surviving
dependents based on this were transferred over to
the VBV pension fund.
2013
2012
1,787
11,959
7,182
1,082
8,969
10,877
18,995
12,474
0
0
18,995
12,474
21,443
30,954
2013
2012
65,590
63,939
4,011
5,296
69,601
69,235
Severance pay provisions
For all employees of BTV and Austria whose working relationship began before 1 January 2003,
there is in accordance with the regulations of the
employment law or severance pay law for workers
a claim for severance,which will be paid out in the
case of respective reasons for termination. For all
other working relationships, BTV pays contributions into the corporate pension insurance fund
according to the regulations of the BMSVG.
Furthermore, in accordance with the collective bargaining agreement for banks and bankers, there exist
a claim for two additional months‘ pay as severance
payment if the working relationship lasted more than
5 years and was terminated by the employer or more
than 15 years and is terminated due to an old-age
pension or a disability pension being taken. In contrast
to the legal severance, this collective-bargaining claim
exists as well for working relationships which began
after 31 December 2002 or will begin in the future.
In addition, in accordance with the regulations of the
collective bargaining agreement for pension fund for
permanent employees who joined after 31 December
1996, there is an additional entitlement for 3 months‘
pay (20 years of service) or 4 months‘ pay (25 years of
service) if the employer gives notice.
Group accounts
16 Trading liabilities
For employees in Germany and in Switzerland,
there is no obligation to build up pension or severance reserves.
64 |65
17a Staff reserves for benefits after termination of the
working relationship: performance-oriented plans in €‘000
Old-age pension severance reserves as at 1 January 2012
Reserves for
pensions.
severance
reserves
Total
40,088
15,223
55,311
1,480
198
638
705
2,118
903
0
0
0
Income recorded for the period.
Interest charge
Period of service cost
Included in the other results
Actuarial Profit (–)/Loss (+)
from changes to the demographic assumptions
from changes to financial assumptions
Miscellaneous
payments from these obligations
2,650
453
3,103
–3,386
–1,613
–4,999
Old-age pension and severance reserves as that 31 December 2012
41,030
15,406
56,436
1,338
231
576
705
1,914
936
0
0
0
Interest charge
Included in the other results
from changes to the demographic assumptions
from changes to financial assumptions
Miscellaneous
2,228
496
2,724
–3,026
–1,199
–4,225
Old-age pension and severance reserves as that 31 December 2013
41,801
15,984
57,785
17b Other long-term personnel reserves in €‘000
Anniversary
reserves
Other staff
reserves
Total
Other long-term staff reserves as at 1 January 2012
4,819
2,442
7,261
197
336
–103
105
0
56
302
336
–47
–316
–33
–349
4,933
2,570
7,503
178
332
–18
98
0
155
276
332
137
–362
–81
–443
5,063
2,742
7,805
Interest charge
Miscellaneous
Other long-term personnel reserves as at 31 December 2012
Interest charge
Miscellaneous
Other long-term personnel reserves as at 31 December 2013
trust
Group
Management report
Group accounts
The expense contained in the profit and loss account for severance, pensions, anniversary payments and other personnel reserves is shown in
personnel expenses, with the exception of interest
expense, which is presented in the interest results.
31 December 31 December 31 December 31 December 31 December
2013
2012
2011
2010
2009
Pension reserves
Redundancy reserves
Anniversary reserves
Other payroll reserves
Total
41,801
15,984
5,063
2,742
41,030
15,406
4,933
2,570
40,088
15,223
4,819
2,442
39,044
14,790
4,637
2,162
40,840
14,799
4,524
2,162
65,590
63,939
62,572
60,633
62,326
The weighted average term of the defined contractual obligations (duration) is 12.49 years in
the reporting year for severance payments, 13.46
years for pensions obligations and 20.66 years for
quarters of death.
No contributions to the plan are expected for the
next reporting periods.
The evaluation of the existing personnel reserves
is based on assumptions regarding the calculated
interest rate, the retirement age, the life expectancy, the fluctuation rate and the future salary
developments.
In the calculations, the current regulations for the
gradual alignment of the retirement age for men
and women to 65 were taken on board.
17d Actuarial assumptions
Financial assumptions
Rate for the discount
Pay increase
Increase the old-age pension
Discount for employee turnover
Demographic assumptions
Age for pension entitlement: female employees
Age for pension entitlement: male employees
mortality table
In the case of a change of the calculated interest rate
by +/– 1.00 percentage points, a change of +/– 0.50
percentage points for pay increases as well as a change
17e Sensitivity analysis
2013
2012
3.50%
3.25%
2.75%
0
3.875%
3.25%
2.75%
0
65 years
65 years
AVÖ 2008
65 years
65 years
AVÖ 2008
Group accounts
17c Overview long-term personnel
reserves 2009–2013 in €‘000
Actuarial profit and loss for severance and old-age
pensions are shown in the other result and are
based entirely on adjustments and changes to
actuarial assumptions according to experience.
of +/– 0.50 percentage points for pension increases,
the contributions to the reserves would develop as
follows if all other parameters remain the same:
Calculated interest rate
Pay increase
Pension increases
in €‘000
Severances
Pensions
–1.00%
17,934
47,822
1.00%
14,059
37,000
–0.50%
14,899
40,820
0.50%
16,831
42,863
–0.50%
0
40,321
0.50%
0
43,387
66 |67
The maturity profile of the expected benefit payments from the staff reserves formed looks as fol-
lows for the reporting years 2014 to 2018:
17f Maturity profile of the
expected benefit payments in €‘000
2014
2015
2016
2017
2018
Total
664
2,760
368
2,698
322
2,545
469
2,354
874
2,154
2,697
12,511
Currency Additions Consumption
conversion
Reductions
Severances
Pensions
17g Other reserves
in €‘000
Other reserves
and provisions
Other reserves
and provisions
Position
31 December
2012
5,296
5,296
–7
720
–1,874
–120
–7
720
–1,874
–120
The other reserves have been created as required by
IAS 37 for legal or actual obligations of the group. In
BTV this balance sheet item mainly includes reserves
for off-balance sheet Guarantees and other liabili-
18 Tax debts in €‘000
Current tax owed
Deferred tax owed
Tax debts
18a latent tax obligations in €‘000
Hedge Accounting and Derivatives
Provision for risks
Deferred tax bring forward losses
Revaluation Finance Leasing and Other
Other latent tax refunds and tax debts abroad
Deferred tax owed
ReclassifiPosition
cation 31 December
2013
–4
4,011
–4
4,011
ties, legal cases as well as for taxes and levies. The
consumption of reserves in the current year can be
expected with a high degree of probability.
2013
2012
9,878
1,399
5,152
10,682
15,030
12,081
2013
2012
0
–2,097
22,699
3,458
775
0
0
–6,209
0
3,541
0
–19,257
0
0
3,929
5,239
1,771
1,985
5,152
10,682
trust
Group
Management report
Group accounts
Negative market values from derivatives trades
Other liabilities
Other liabilities
20 subordinated capital in €‘000
Supplementary capital
Hybrid capital
Subordinated capital
of which fair value
The supplementary capital shown among subordinated capital shows maturities during the financial
years 2014-2030 and coupons of between 0.528%
and 6.500% (previous year: 0.496% and 5.750%).
In the reporting year, no subordinated supplementary capital in accordance with section 45 (4) BWG
was issued (previous year: €3,000,000 with maturity
in 2020). In the reporting year, €27,500,000 (previous year: €45,350,000) listed supplementary capital
was repaid.
An early redemption of the bonds by the bank or
the lender is not possible. Interest can only be paid,
if they are covered by the annual profit as defined
by company law before assignments to reserves.
Repayment on maturity is only possible on proportional deduction for the losses which occurred
during the lifetime. For subordinated capital which
was issued after 01/01/2010, the interest is only to
be paid out, if this is covered by disposable profits
(Section 23 para 7 line 2 BWG)
2013
2012
41,440
74,400
59,341
68,819
100,781
143,219
2013
2012
326,798
358,215
81,043
81,005
407,841
439,220
153,085
162,082
The overall expense for subordinated liabilities in
the year under review was €8,797,000 (previous
year: €10,536,000).
In the financial year 2014, issued supplementary
capital with a total nominal amount of €70,588,000
(previous year: €27,500,000) will fall due.
The repayment amount for the subordinated
capital for which the fair value option was exercised amounted to €137,804,000 (previous year:
€141,912,000). The differential amount between
the fair value of the subordinate capital for which
the fair value option was exercised and the repayment amount totals €15,281,000 (previous year:
€20,170,000).
During the reporting year for the BTV Group, no hybrid loan was issued (previous year: €0). Overall interest paid for the hybrid loans amounted to € 5,199,000
Group accounts
19 other liabilities in €‘000
21 equity
On 31st December 2013 the issued capital totals
€50.0 million (previous year: €50.0 million). The
share capital is represented by 22,500,000 (previous year: 22,500,000) – bearer – voting individual
shares (common shares). In addition 2,500,000 (previous year: 2,500,000) – bearer – non-voting shares
(preference shares) were issued, with a minimum
dividend of 6% attached (in the event of dividends
being suspended, to be paid retrospectively). The
book value of the shares held by the company was
€571,000 on the balance sheet date (previous year:
€343,000). The capital reserves include premium
values from the share issues. In the capital reserves
both retained earnings as well as income and expenses with no effect on profits were accounted.
68 |69
development of the shares in circulation
in shares
Issued shares in circulation 01/01.
Purchase of own shares
Sale of own shares
Issued shares in circulation 31/12
plus own shares in Group portfolio
Shares issued 31/12
2013
2012
24,978,583
–14,759
1,045
24,964,869
35,131
25,000,000
24,921,868
–5,340
62,055
24,978,583
21,417
25,000,000
The equity shown for BTV credit institution group
according to the provisions of the Austrian Banking
Act (BWG) is made up as follows:
21a consolidated equity of the BTV CI Group
in € million
Share capital
Treasury shares held in portfolio
Visible reserves
Difference from consolidations under Section 24 para. 2, line 2, 4 of Banking Act (BWG)
Hybrid capital
Intangible assets
Core capital (Tier 1)
Qualifying supplementary capital – bonds
Other supplementary capital
Subordinated bonds (supplementary capital with less than 3 years to maturity)
Supplementary capital (Tier 2)
2013
2012
50.0
50.0
–0.6
–0.3
556.0
512.3
180.3
163.0
81.0
81.0
–0.1
–0.0
866.7
806.0
109.0
42.0
66.1
217.1
194.6
31.7
82.5
308.8
–119.5
0.0
–119.5
–119.5
0.0
–119.5
Qualifying equity (excluding Tier 3)
964.3
995.3
Equity applied under Section 23 para. 14 line 7 BWG (Tier 3)
Qualifying equity under Section 23 para. 14 BWG
0.1
964.4
0.1
995.4
6,055.4
5,992.1
452.2
0.1
32.2
484.4
480.0
453.2
0.1
26.1
479.4
516.0
13.33%
15.93%
12.45%
16.61%
Deduction of CI/FI holdings more than 10% shareholding
Deduction holding CI/FI less than 10% holding
Deductions from core capital and supplementary equity
Risk-adjusted assessment basis under Section 22
Equity requirement credit risk under Section 22 para. 2 BWG
Equity requirement for trading book under Section 22o para. 2 BWG
Equity requirement for operational risk under Section 22k BWG
Total equity requirements
Surplus equity
Core capital ratio in %
Total capital ratio in %
The core capital ratio is the quotient from core
capital (Tier 1) less 50% of the deductions in
accordance with Section 23 (13) BWG and riskweighted assessment basis of the credit, market
and operational risk. The equity ratio is calculated
as the quotient of qualifying equity under section
23 para. 14 BWG and the risk-weighted assessment
basis of the credit, market and operational risk. In
2013, for the first time, also the market and operational risk was considered in the assessment basis
for the quota calculation and the previous year‘s
values were adjusted.
trust
Group
Management report
Group accounts
Information on overall income statement and segment reports
2013
2012
Interest and similar income from
Lending and money market transactions with credit institutions
Lending and money market transactions with clients
Debenture bonds and fixed-interest securities
Equities and variable-rate securities
Other shareholdings
Other transactions
Sub-total interest and similar income
8,360
152,288
49,441
1,241
1,242
29,239
241,811
14,835
157,991
54,939
1,460
826
7,529
237,580
Interest and similar expenses on
Credit institutions deposits
Customer deposits
Securitised debt
Other trades
Sub-total interest and similar expenses
–9,871
–31,225
–3,161
–13,348
–33,021
–90,626
–18,323
–47,985
–7,075
–15,162
–10,267
–98,812
24,524
25,525
175,709
164,293
22 Interest income in €‘000
Net interest income
The interest income for financial assets for which
valuation is not carried out at fair value amounts to
€263,677,000 (previous year: €258,656,000).
The corresponding interest costs for financial
liabilities amounts to €84,509,000
For impaired financial assets, an accumulated
interest in the amount of €1,742,000
(previous year: €2,940,000) was collected.
Group accounts
70 |71
2013
2012
Allocation of on-balance sheet provision
Allocation of off-balance sheet provision
Loan loss insurance premiums
Release of on-balance sheet provisions
Release of off-balance sheet provisions
Direct amortisation
Income from amortised receivables
–45,220
–519
–4,405
6,893
74
–3,965
258
–39,502
–821
–4,437
5,773
97
–1,432
380
–46,884
–39,942
2013
2012
Credit transaction
Securities trading
Currency, foreign exchange and precious metals trading
Other services business
5,703
13,108
21,601
3,094
1,773
5,873
12,604
18,508
4,254
1,071
45,279
42,310
2013
2012
–295
388
908
998
1,072
1,142
1,001
3,212
2013
2012
Payroll
thereof salaries and wages
thereof legal social contributions
thereof other personnel costs
thereof expenditures for long-term personnel deferrals
Materials
Amortisation
–60,401
–44,721
–12,424
–2,004
–1,252
–28,764
–6,862
–59,491
–44,333
–12,211
–1,827
–1,120
–26,743
–6,603
Operating expenses
–96,027
–92,837
23 risk provisions in credit transactions in €‘000
The allocations to and write backs from provisions
for off-balance sheet loan risks are contained in the
above figures.
24 net commission income in €‘000
25 trading income
in €‘000
Income from derivatives
Income from securities
Income from foreign exchange and notes and coins transactions
Trading income
26 operating expenses in €‘000
The personnel expenditure includes expenses for
contribution-oriented pension plans in the amount
of €1,432,000 (previous year: €1,379,000).
trust
Group
Management report
Group accounts
The costs invoiced by the auditors of the Group
(KPMG Austria GmbH Auditor and Accounting
company) for the audit of the individual and group
financial statements as well as other services
rendered amounted to (incl. VAT):
2013
2012
Audit of year end accounts company and group
Tax advisory services
Other services
310
65
29
255
0
39
Auditor expenses
404
294
2013
2012
White collar
Blue collar
766
27
779
26
Payroll
793
805
26a auditing expenses in €‘000
26b average number of employees, weighted according to personnel years
In addition, in the reporting year, an average of 26
employees (previous year: 28 employees) were sent
to closely related companies. These are not taken
into account in the table above.
2013
2012
Other operating income
Other operating expenses
Hedge accounting income
6,102
–8,341
–33
7,506
–10,061
132
–2,272
–2,423
28 Income from financial assets – at fair value through
profit or loss in €‘000
2013
2012
Profit arising from financial assets – at fair value through profit or loss
2,518
7,760
Profit arising from financial assets – at fair value through profit or loss
2,518
7,760
27 other operating income
in €‘000
Group accounts
The total amount of taxes on income which apply to
Other Income totalled € 0 in 2013. (previous year: €0).
72 |73
2013
2012
2,815
–8,521
2,815
–8,521
29 profit from financial assets – available for sale in €‘000
From the sales of available financial assets in the
reporting period in area of fixed interest and nonfixed interest securities a total loss to the tune of €
10,953,000 (previous year: gain € 34,745,000) was
recorded directly within equity.
In the reporting period, a total profit from other investments and other associated investments in the
amount of €38,975,000 (previous year: €5,112,000)
was recorded directly within equity.
In addition, in the reporting year, due to sales or
repayments from the AfS assessment reserves
€2,758,000 profit (previous year: loss €226,000) was
booked in the profit and loss item “Income from financial assets - available for sale”. In addition, this result
item in the financial year 2013 includes permanent
write-downs (impairments) to the value of € 107,000
2013
2012
–23
–3,757
–23
–3,757
2013
2012
Current tax expense
Tax provision cost (-)/income (+)
–24,724
6,976
–10,182
770
–17,748
–9,412
30 income from financial assets – held to maturity in €‘000
31 taxes on income and profits in €‘000
The taxes on income include the individual group
companies on the basis of calculated taxable results
from current income taxes, income tax corrections for
previous years and changes to the tax provisions.
trust
Group
Management report
Group accounts
31a tax: reconciliation calculation in €‘000
Calculated tax expense
Tax reduction due to tax-exempt revenue from holdings and other tax-exempt revenues
Tax increase from non-deductible expenses
Other
Tax expense for other periods
Tax exemption at-equity revenues
The position ‚other‘ comprises essentially the tax
assessment and tax reductions from the leasing busi-
2012
82,116
–20,529
1,404
70,095
–17,524
967
–512
5,900
–9,231
5,220
–54
–1,510
3,241
5,468
–17,748
–9,412
ness. The ‚tax expenses not relating to the period‘
contains taxes on income from previous periods
32 earnings per share (common and preference shares)
Equities (ordinary and preference shares)
Average float (ordinary and preference shares)
Group net profit for the year in €‘000
EPS (Earnings per share) in €
Diluted earnings per share in € (ordinary and preference shares)
Dividend per share in €
The diluted earnings per share are the same as the undiluted earnings per share as no financial instruments
with diluting effect were issued. These means that
2013
2013
2012
25,000,000
24,971,930
64,368
2.58
2.58
0.30
25,000,000
24,920,236
60,683
2.44
2.44
0.30
there is no difference between the values “earnings
per share” and “diluted earnings per share”.
33 application of profits
The Board of Directors will recommend to the Annual
General Meeting that for the financial year 2012 a
dividend of €0.30 per share (previous year: €0.30) be
paid out. The payment requires therefore a total of
€7,500,000 (previous year: €7,500,000). The remaining
profit is to be carried forward as per Section 65 para 5
of the Shares Act (Aktiengesetz).
Group accounts
The distributable profits are determined from the
financial statements of BTV AG. The net earnings for
the financial year 2013 amounted to €15,167,000 (previous year: €20,663,000). After increase of reserves of
€43,600,000 (previous year: €13,100,000) and adding
back the profits carried forward there is an available
sum of €7,619,000 (previous year: €7,599,000).
74 |75
34 segment reporting
Segment reporting is provided by BTV Group as
required by the information and valuation rules of
IFRS accounting. Segment information is based on
what is known as the “Management Approach”. This
requires segment information to be presented according to internal reporting as it is regularly used by
the company‘s key decision-makers for decisions on
allocation of resources to the segments and to assess
their performance. The qualitative and quantitative
thresholds defined in IFRS 8 are met by this segment
reporting.
The business areas are managed as independent
businesses with their own capital and P&L responsibility. Segment reporting is based on internal
divisional accounting, which reflects the structure
of management responsibilities within BTV in
2013. These internal reports are supplied monthly
to the Board of Directors and are almost totally
automated by preparatory systems and automatic
interfaces. This guarantees that up-to-date data is
used for both internal and external reporting as the
information in accounting uses the same base data
and information is agreed for the reports between
Controlling and the accounting and reporting
departments. This also means that there is mutual
checking by the two teams.
The criterion for the separation of business areas
is primarily the responsibility for looking after
clients. Changes in this responsibility can also lead
to changes in attribution to a segment during the
course of a year. The effects of this must be taken
into account when comparing with unadjusted
previous years‘ values.
In 2013, the following business areas are defined
within BTV:
The corporate client business area is responsible
for small, medium and large business clients, and
tax consultants. In addition, the leasing subsidiary‘s
business is wholly allocated to this area.
The retail client business area is responsible for the
retail clients, freelance professionals and microcompanies market segments. The institutional clients and banks division mainly shows the treasury
and trading activities as well as BTV‘s investment
income.
Alongside these three business areas, as part of
the segment reporting there is a ‚other‘ heading.
The ‚other‘ item includes the results from central
cost centres providing services across BTV, such as
Finance and Controlling, Legal and Investments,
Marketing and Communication, Group Auditing
etc. In addition the effects of consolidation are assigned to this segment.
trust
Group
Management report
Group accounts
Corporate client segment
The operating interest income has been the main
driver of growth in the corporate client segment during 2013. The increased average volume in the financing business and expanded margins lead to an increase
in net interest income compared to the previous year
by €12.6 million or 12.9% to €110.0 million.
Another factor determining income is the established
risk provision: In comparison with 2012, this increased
predominantly because of newly allocated portfolio
valuation adjustments by € 9.5 million to €41.2 million.
Compared to the previous year, net commission
income in the corporate customer segment grew
moderately by € 0.1 million to €17.4 million. This
increase is primarily due to increased income from
the payment transaction segment. Consequently,
in this segment 38% (previous year: 41%) of the
overall commission income at BTV is generated.
Operating expenses at €37.5 million were €1.6 million
above the 2012 value. Other operating profit amounted to €2.1 million (previous year: €2.5 million).
In total, this lead to an annual profit before tax increase by €1.2 million to € 50.9 million outperforming the previous year‘s value by 2.4%. After tax the
income increased by €0.2 million to €37.5 million.
The segment loans grew due to robust new business
by €72 million to €5,171 million. The segment liabilities increased from €1,553 million to €1,641 million.
The cost/income ratio fell pleasingly to 29.4%.
The return on equity increased to 15.0%.
Change in net operating interest income for corporate customer segment 2009 - 2013 Amounts in € million
120.0
110.0
80.0
79.2
86.0
92.0
97.4
40.0
0.0
2009
2010
2011
2012
2013
Group accounts
Operating net interest income
76 |77
Retail client segment
Private client business forms the second pillar of
BTV‘s business success.
Here the reduced volume in client receivables is putting pressure on interest income. During the course of
2013, operating interest income managed nevertheless to improve at €37.7 million by €1.0 million or 2.7%
compared to the previous year.
What was pleasing was the trend in commission
income which represents the second important
element in retail earnings in the commission business: At €27.4 million, the balance was €2.9 million
or 11.9% higher compared to the previous year,
primarily driven by the robust securities business.
Pre-tax profit for this segment increased overall by
€3.0 million or 35.5% to €11.3 million. After tax, the
surplus increased from €6.3 million to €8.5 million.
The segment liabilities fell by €84 million to
€1,387 million despite the robust new business due
to high amortisations. The liabilities for the segment
fell from €2,289 million to €2,185 million.
Return on equity improved significantly from 12.5%
to 20.5%. The cost/income ratio is now 74.7%
(previous year: 78.4%).
The retail client segment is typically highly cost
intensive because of the high staff and premises resources required. However, this segment was able
to keep its costs under control: Operating expenses
rose during the course of 2013 by €0.6 million or
1.3% to €48.6 million. In addition, loan-loss provisions for credit transactions remained under control - they increased by €0.3 million to €5.8 million.
Change in operating expenses for the private client segment 2009 - 2013 Amounts in € million
60.0
51.1
40.0
47.7
48.6
48.0
48.6
2010
2011
2012
2013
20.0
0.0
2009
Operating expenses
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Management report
Group accounts
Institutional Clients and Banks Segment
The segment Institutional Clients and Banks had
a very good financial year 2013 whereby the annual profit before tax in this segment increased by
€8.0 million or 32.7% to €32.5 million.
The main reason for this pleasing development was
the result from financial assets. At € 5.3 million, the
overall figure was €9.8 million above the previous year.
The net interest income in the Institutional Clients
and Banks division by contrast fell in comparison
with the previous year from €.4.6 million to €3.4
million. The interest curve in comparison with
the previous year did not allow for any increase in
return from interest rate structure business.
The success from at-equity valued companies tapered
off due to investment income from the scope of consolidation by €1.0 million to € 24.5 million.
Loan-loss provisions in the credit business fell by
€2.9 million during the course of the year. Fallen
trading profit had a negative impact on the business
success of the segment (-€2.2 million to €1.0 million), nevertheless the Group net profit for the year
after tax increased overall by €5.7 million or 22.8 % to
€30.9 million.
Change in TRADING INCOME segment institutional clients and banks 2009–2013 Amounts in € million
5.0
4.0
4.5
3.0
3.2
2.8
2.0
1.0
0.0
1.0
0.6
2009
2010
2011
2012
2013
Trading income
Marketing & Communication, Group Audit, etc. are
reported. In addition the effects of consolidation and
in other corporate profit the Austrian stability tax are
assigned to this segment.
Group accounts
Miscellaneous segment
Alongside these three business areas under the
item “Miscellaneous” the results from central cost
centres providing services across BTV, such as
Finance & Controlling, Legal and Investments,
78 |79
Segment reporting
Year
Corporate
clients
Retail
clients
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
110,047
97,440
0
0
–41,183
–31,674
17,366
17,261
0
0
–37,499
–35,868
2,122
2,496
0
0
50,853
49,655
–13,381
–12,410
37,472
37,245
5,170,730
5,098,599
1,641,335
1,553,374
4,232,348
4,194,988
338,588
335,599
29.4%
31.3%
15.0%
14.8%
37,749
36,772
0
0
–5,756
–5,473
27,394
24,472
0
0
–48,639
–48,003
596
604
0
0
11,344
8,372
–2,836
–2,093
8,508
6,279
1,386,769
1,471,017
2,185,248
2,288,598
693,210
839,815
55,457
67,185
74.7%
78.4%
20.5%
12.5%
in €‘000
Net interest income
Income from at-equity
valued companies
Loan-loss provisions in the
credit business
Trading income
Operating expenses
Profit arising from financial assets
Segment loans
Segment liabilities
Ø Assessment basis under
Section 22 BWG
Ø Allocated equity
Cost/Income ratio in %
RoE (based on annual profit
before tax) in %
Institutional
clients and
banks
3,389
4,556
24,524
25,525
55
–2,795
519
577
1,001
3,212
–2,310
–2,224
–32
132
5,310
–4,518
32,455
24,465
–1,595
669
30,860
25,134
2,368,011
2,409,247
4,663,465
4,584,342
680,753
776,452
54,460
62,116
7.8%
6.6%
59.6%
39.4%
Other
Total
0
0
0
0
0
0
0
0
0
0
–7,579
–6,742
–4,958
–5,655
0
0
–12,536
–12,397
64
4,422
–12,472
–7,975
0
0
0
0
52,100
60,146
430,790
341,557
151,185
138,768
24,524
25,525
–46,884
–39,942
45,279
42,310
1,001
3,212
–96,027
–92,837
–2,272
–2,423
5,310
–4,518
82,116
70,095
–17,748
–9,412
64,368
60,683
8,925,510
8,978,863
8,490,048
8,426,314
5,658,411
5,871,401
879,295
806,457
43.3%
44.2%
9.3%
8.7%
trust
Group
Management report
Group accounts
The segment receivables include the entries for loans
and advances to banks, loans and advances to clients,
trading assets and all fixed-interest securities, guarantees and liabilities. The entries for liabilities to banks,
liabilities to clients, trading liabilities, securitised debt,
trading liabilities and subordinated capital are allocated
to the liabilities segment.
The success of the business field concerned is
measured by the before-tax annual net profit generated by that segment.
The return on equity is calculated by the ratio of
the annual net profit before tax to equity. The
capital allocation is made according to regulatory
requirements. The equity is allocated in proportion
to the equity requirements of the business areas,
and shown in the net interest income as profit from
equity deployed with the corresponding reference
interest rate for long-term deployments.
The cost/income ratio is worked out as a quotient
arising from the administrative expenditure and the
sum arising from the net interest income including the
income of at-equity valued companies, the net commission income and the trading income.
The presentation and valuation methods of the
segments for which reporting is mandatory correspond to the presentation guidelines for the group
financial statements described in the Notes.
Group accounts
The net interest income is allocated according to the
market interest method. Costs are imputed to the
correct segment on the basis of origin. Costs not
directly imputable are shown under “Other”.
80 |81
35 Risk reporting
As part of the risk report, a qualitative and quantitative disclosure is made of the ICAAP (Internal
Capital Adequacy Assessment Process) at BTV. This
disclosure includes the global banking level as well
as the individual risk categories.
BTV‘s risk categories were determined as follows:
Risk capability
Credit risk
Risk of default by other party
Equity investment risk
Credit concentration risk
Risks from credit risk reducing techniques
Market risk
Risk of a change in interest rates
Currency risk
Share price risk
Credit spread risk
Liquidity risk
Operational risk
Macroeconomic risk
Other risks
Strategic risk
Reputation risk
Capital risk
Profit or business risk
Model risk
BTV‘s global bank risk is defined as the sum of credit,
market, liquidity, operational, macroeconomic and
other risks. This states the likelihood of BTV continuing to be in a position to meet the risk capability
requirements within a foreseeable time horizon. For
this, the quantified risk is compared to the capital
available for risk-covering and the defined limit.
Within BTV, risk is understood to mean the risk of
a negative divergence from an expected result. The
conscious and selective assumption of risks and their
appropriate management represents a core banking
function and hence a core function of BTV too. The
aim is to achieve a balanced ratio between risk and
profit, in order to make a sustainable contribution to
the positive development of the company.
Because of the operational necessity of being able to
continue to meet the risk capability requirement and
to maintain a balance between risk and profit, BTV has
developed a risk strategy. This risk strategy is characterised by a conservative approach to operational
banking risks, resulting from the demands of a clientoriented focus in banking business and the attitude
towards the legal requirements.
Therefore a control loop has been implemented
within BTV, which ensures that all risks within the
group are identified, quantified, aggregated and
actively managed. The individual risk definitions
and management mechanisms applied as part of
this control circuit are described in detail below.
Credit risk
At BTV credit risk is broken down as follows:
• Risk of default by other party
• Equity investment risk
• Credit concentration risk
• Risks from credit risk reducing techniques
The securitisation risk is of no relevance, since BTV
has no securitisation positions in its asset portfolio.
Under this heading BTV looks at the total or partial
default of a counterparty and the resultant loss
of the income due or loss of the capital invested.
Particular importance is attached to the monitoring of party default risk, being the most important
type of risk for BTV.
Management of counterparty default risk
The credit management department is responsible for
risk management of its loan book as well as for assessing the creditworthiness of clients. This department is
also responsible for overall management, restructuring
management, management of loan commitments in
default, drawing up of financial statements and company analyses, as well as collection and evaluation of
sector information. Knowing our customers well is particularly important for BTV. This is reflected strongly in
the loan management area. Regular meetings between
the customers and credit managers from BTV are just
as self-evident as at least annual borrower reviews.
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Group accounts
Businesses with concessions
Here, it concerns transactions in which the borrower, who has been under financial pressure has been
given through one or more measures the opportunity to pay off his liabilities within the framework
of his current economic situation. As soon as one
transaction of a client qualifies as a transaction with
a concession, all of the client‘s transactions receive
the same status.
Types of concessions
Depending on the measures taken, the following
types of concessions are distinguished at BTV:
Concessions concerning capital repayment:
• The credit period is extended.
• Arrears are capitalised.
• Redemption payments are temporarily put on hold.
• Loans are waived in part or as a whole.
• Repayment vehicles are temporarily put on hold.
• Loans due for repayment are converted into
amortising loans.
Concessions concerning the interest payments to
be made:
• Interest payments are temporarily put on hold.
• Favourable rates of interest are agreed in order
to reduce the burden of interest.
The measures listed are applied in both an individual as well as combined way.
Risks
All of the measures mentioned above generally reduce the risk of the borrower defaulting. If however
the agreements made are not adhered to on the
part of the client, there is the risk of a reduced quota of collectability due to the delay of the default or
the delay in a possible termination of the loan.
Risk management and risk control
The internal regulations of BTV provide that concessions are only to be granted if, on the basis of
the available data, documents and information,
a proper repayment is ensured. The approval is
made through the decision-making channels. The
agreements made with the borrower are always to
be documented in writing. If there is interference
in existing contracts, the changed or new contracts
have to be agreed to by the borrower as well as all
the co-borrowers and issuers of securities.
The control is carried out by the credit management department by means of existing control
systems such as, for instance, lists for overdrafts
and credit limits. Other agreements made with
the client are controlled separately through the
relevant responsible person for the market.
Accounting policies and valuation methods
Concessions to borrowers fundamentally do not
lead directly to a loan loss provision, a reserve or a
derecognition of the receivable.
Group accounts
The main defined goals for the management of the
borrower‘s default risk have been defined as the
long-term optimisation of the lending business with
regard to the risk/return ratio, and in the short term,
the achievement of the credit risk objectives budgeted
for in the individual client segments. At individual
level, risk management techniques include assessment
of creditworthiness when granting loans, the acceptance of collateral, ongoing monitoring of account
management and scheduled reviews of ratings and the
soundness of collateral. Loan loss provision is carefully
formed, taking into consideration existing collateral,
for default risks identified and quantified during the
financial year.
Other types of concessions:
• Complying with binding obligations (covenants)
on the part of the borrower is temporarily relaxed.
• Securities are released.
• Additional borrowers are adopted into the credit
relationship.
If the agreed measures are not complied with, the
client is submitted to a renewed and timely credit
check. Within the context of this check, a change
of the borrower‘s rating to default as well as the
formation of a loan loss provision or a reserve will
be evaluated.
82 |83
If, within a credit commitment, a credit default is to be
expected, a loan loss provision or a reserve is created
for the part that is probably not recoverable.
Depending on the specific degree of knowledge or also
the expectations regarding the point in time of the
potential default, BTV gradually builds up the loan loss
provision or the reserve. At the first stage, however on
a regular basis risk provision takes place to the extent
of at least 30% of the expected default.
Generally, entire or partial write-offs of claims take
place only with clients who have already defaulted and
after assessment through the reorganisation management. Provided a borrower in a difficult financial
position can cover a proportion of his obligations, in
individual cases a release of existing claims can take
place also for clients who have not defaulted.
Probation period
After the agreed concessions formally come into
effect, a three-month observation period starts.
Provided the agreements that were made are
complied with during the observation period, the
borrower is then managed as a client with concessions on probation. This status remains for two
years. After the two years‘ probationary period has
been completed and all of the criteria listed below
have been cumulatively fulfilled, the client is again
managed as a client without concessions:
• The client is within the living rating area.
• According to the assessment of the commercial
situation, the borrower can repay the claims.
• Within the probationary period, the payment
obligations are fulfilled properly.
• Currently, the total position of the borrower is
less than 30 days overdue.
Equity investment risks (shareholder risks) are defined within BTV as the potential losses from equity
furnished, non-payment of dividends, partial writedowns, losses on disposals, reduction of hidden
reserves, liability risks (e.g. g. letters of comfort), or
profit transfer agreements (assumption of losses).
Within BTV, credit risk concentration is defined as the
risks which arise from un uneven distribution of business partners in loan or other business relationships,
the formation of geographical or sector-specific business clusters and foreign currency financing or other
concentrations, which may generate losses that are
large enough to threaten BTV‘s continued existence.
Risks from credit risk reducing techniques
This is understood to mean the risk that the credit
risk reducing techniques implemented by BTV are
less effective than expected.
Market risk
Under market risk BTV understands the potential
loss which can arise due to changes in prices and
interest rates in financial markets for all the positions of the bank and its trading book. The market
risk is made up of interest risk, currency risk, share
price risk and credit-spread risk types.
Control of market risks
Management of market risks is undertaken centrally
in the Institutional Clients and Banks business area of
BTV. Both the periodical and net asset value effects of
asset/liability management are taken into consideration to this end. As central auxiliary conditions, the
impacts of the management measures on invoicing
according to IFRS and UGB and the clauses relating to
supervisory law are taken into consideration.
At BTV, management measures include the identification of commitment incongruities and their adjustment, the ongoing monitoring of credit spreads in the
security nostro, the assurance of the effectiveness of
hedge relationships, the separation of income components using a transfer price system and the assurance
of risk-bearing ability at all times.
Interest rate risk
Interest rate risk has a twofold impact. On the one
hand there is the risk of reduced net asset values
due to the changes of market rates in the interest
register. On the other hand, there is a risk that the
expected interest revenue will not be achieved due
to a change in interest rates.
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Group accounts
• Interest rate adjustment risk: This risk arises
from setting of interest rates, which can lead to
inconsistencies in the fixed interest rates and a
potential reduction in the net interest margin.
• Interest curve risk: This risk arises from changes
in the yield curve (position, steepness, convexity), which on the one hand affect the net present
value of interest rate-sensitive positions, and on
the other hand influence the structural contribution to the net interest margin.
• Basis risk: This risk arises from the different rate
sensitivities of asset and liability positions to
interest rate movements.
• Non-linear risks from derivative positions and
embedded options.
While the first three categories of interest risk arise
from traditional banking activity and are monitored, the fourth type of risk mainly arises in the
case of transactions involving options.
Currency risk
BTV defines currency risk as the danger that the
profit which is obtained from transactions which
require conversion from one currency to another,
deviates negatively from the expected result.
Share price risk
Within BTV, share price risk is understood to be
price fluctuations in equities and equity funds.
Credit spread risk
The credit spread represents a risk premium for
investments which include loan and liquidity risks.
The credit spread is defined as the difference in returns from an asset and a risk-free reference bond.
Credit spread risk in BTV is reflected in fluctuations
in the net value of bond portfolios, which cannot
be attributed to interest rate changes.
Liquidity risk
Within liquidity risk, BTV distinguishes between
liquidity risk in the narrower and in the broader sense.
Liquidity risk in the narrower sense (insolvency risk
or funding liquidity risk) is defined as the danger that
BTV is no longer able to meet its current and future
payment liabilities either in full or by the established
deadlines. This can occur due to short-term liquidity
bottle-necks such as e. g. delayed arrival of expected
payments, unexpected withdrawal of deposits and
drawdowns on approved lines of credit.
Within BTV, liquidity risk in the narrower sense essentially consists of management of the following risks:
• Due date risk as the risk of an unscheduled
extension to the capital commitment period of
lending operations due to behaviour which is not
contractually compliant.
• Withdrawal risk, which is the danger arising from
unexpected drawdown of lending commitments
or the unexpected withdrawal of deposits.
Liquidity risk in the broader sense essentially is risk
within the structural liquidity, and describes the
effects on earnings of sub-optimal availability of
liquidity. Within BTV, this category is a part of the
management of assets and liabilities and consists
of refinancing risk and market liquidity risk:
• Refinancing risk is the danger that additional
refinancing can only be obtained at higher market interest rates. This describes the situations in
which only insufficient liquidity can be obtained
under the expected conditions. The maturity
mismatches which are deliberately contracted
from the point of view of profitability, entail the
danger that purchasing conditions will become
more expensive. This situation can arise either
due to disturbance in the interbank market or
due to a reduction in the credit rating of BTV.
On the basis of the money-at-risk approach, this
risk thus corresponds to the costs which would
have to be borne by the bank in the event of an
unspecified negative scenario occurring, in order
to exclude this risk, i.e. in order to close out the
existing maturity mismatches (sale of realisable
assets or assumption of long-term refinancing).
• Market liquidity risk is the danger, contingent
on extraordinary events, that assets may only be
realised at discounts in the market.
Group accounts
Types of interest rate risk
Within BTV, the different forms of interest rate risk
are broken down as follows:
84 |85
Management of liquidity risk
BTV‘s liquidity risk management is used to guarantee adequate liquidity at all times, so that the bank
is able to meet its payment liabilities.
The Institutional Clients and Banks department is
responsible for short-term liquidity risk management. The primary task of short-term liquidity risk
management is to identify and manage the optional liquidity risk position. This management is based
on an analysis of daily payments and the planning
of expected cash flows, as well as demand-related
money market trading, taking into account the
liquidity buffer and access to central bank facilities.
Monitoring of the long-term liquidity risk is carried
out by BTV bank management and consists of the
following points:
• Optimisation of the refinancing structure with
minimisation of refinancing costs
• Sufficient provision of primary funds
• Diversification of sources of refinancing
• Optimisation of the liquidity buffer
• Clear investment strategy for tenderable securities on the bank‘s books
• Compliance with legal supervisory regulations in
association with the regulations of the Banking
Act, the Liquidity Management Ordinance and
with the Basel III guidelines
Operational risk
Operational risk is defined as the danger of losses
due to the failure of internal processes, procedures,
systems and individuals, or as a result of external
events. This definition includes legal risk, but excludes strategic risk and reputation risk.
In principle, unlike market and credit risks, operational risks are not dependent on profit. This means
that there is no risk/return relationship.
Macroeconomic risk
Risk are described as macroeconomic risks if they
result from unfavourable changes in the economic
development as a whole in the markets in which
BTV transacts business.
These risks lie outside the sphere of influence of
BTV, the sensitivity of client groups, sectors and
markets versus negative economic changes as
a whole is however expresses itself to different
degrees and is taken into account in the direction
of the business. From this perspective, an internal
closeness to the strategic risks is also the case.
Other risks
BTV understands “other risks” to cover the following
types of risk:
• Strategic risk
• Reputation risk
• Capital risk
• Profit or business risk
• Model risk
BTV defines these types of risk as follows:
As far as BTV is concerned, strategic risk arises
from the negative effects on equity and revenue of
business policy decisions, changes in the economic
environment, failure to implement or inadequate
implementation of decisions or a failure to adapt to
changes in the economic environment.
Reputation risk describes the negative consequences
which may arise from a negative divergence in BTV‘s
reputation from the expected level. Reputation is understood to be the standing of BTV with regard to its
competence, integrity and trustworthiness resulting
from the perceptions of public stakeholders (shareholders, employees, customers, etc.).
Capital risk arises from the inadequate availability
of risk cover capital.
The earnings and business risk arises from inadequate diversification of the earnings structure or
from the inability to achieve an adequate and lasting level of profitability.
The model risk is the risk that a model generates
incorrect results and therefore incorrect steering
impulses are given. The production of incorrect
results can be due to the fact that the model was
incorrectly designed, or is unsuitable for the selected application. The model may also have been
used incorrectly, or the incorrect input data were
used for a model. It is also possible that a model is
no longer valid or is inconsistent.
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Management report
Group accounts
Structure and organisation of risk management
Within the framework of risk management, the
supervisory board of BTV has the responsibility for
monitoring the risk management system. The realisation of this supervisory role is essentially carried
out through the reports listed below:
• Risk reporting of the Group Management Board
within the framework of the preparing sessions
of the auditing committee and within the plenum of the Supervisory Board.
• Annual ICAAP report to the audit committee
• On-going reports by the Group Audit to the audits undertaken with different areas of emphasis
• Annual report of the auditor about the functional
capacity of the risk management system to the
Chairman of the Supervisory Board
At present the APM meeting is held on a monthly
basis, one week before the BTV Bank Management.
It comprises the divisional board members and the
heads of the business areas Institutional Clients
and Banks as well as Finance and Controlling. The
main responsibility of the APM meeting includes
decisions with regard to investment activities in the
bank register, the development of hedging strategies as well as the analysis of the interest income
components. Furthermore, a thorough analysis of
the liquidity situation as well as BTV‘s refinancing
costs takes place.
At present the BTV Bank Management meets monthly.
It consists of the Group Board of Directors and the
heads of Finance and Controlling, Credit Management
as well as Corporate Clients and Private Clients and/or
Institutional Clients and Banks. The Controlling team
leader is responsible for chairing this meeting. The
principal responsibility of BTV Bank Management covers management of the balance sheet structure from
the perspective of risk/return, as well as management
of credit, market, liquidity risk as well as operational
and macroeconomic risk. Strategic, reputation, capital
and business risk, as well as model risks are combined
in the “other risks” risk category and are also discussed
within the context of BTV Bank Management.
Risk Controlling is responsible for providing
independent and neutral reporting of risks within
BTV for management and guidance decisions. The
core tasks of Risk Controlling are the measurement, analysis, monitoring and reporting of risks,
as well as advising managers within the corporate
divisions and processes. Through these core tasks,
Risk Controlling provides an important supportive
business management service to the management
for risk-oriented planning and management.
As an autonomous supervisory body, BTV‘s group
audit audits the effectiveness and appropriateness
of overall risk management and thereby also supplements the role of representatives of regulatory
bodies and owners.
The compliance function monitors all legal regulations and internal guidelines relating to financial
services according to the Securities Supervision Act
(WAG). The supervision of employee and customer
transactions is intended to secure confidence in the
capital markets, whereby compliance contributes
directly to the protection of the reputation of BTV.
The anti-money laundering department has the task of
preventing money laundering and financing of terrorism within BTV. On the basis of the legally prescribed
risk analysis, measures and guidelines are defined to
prevent the channelling of illegally obtained assets into
the legal financial system. In case of evidence of money
laundering or the financing of terrorism, the money
laundering officer must inform the Federal Ministry
of the Interior. Both the compliance function and the
money laundering officer report directly to the full
Board of Directors.
Group accounts
The central responsibility for risk management
lies with all the Directors. It decides on risk policy,
approves the basic principles of risk management,
determines limits for all of the relevant risks for BTV
and defines the procedures for risk monitoring. The
central steering committees are the APM meeting
and the BTV Bank Management.
Within BTV, the functions of risk control, group
audit and the compliance/money laundering function are organised so as to be independent of each
other. This guarantees that these organisational
units can execute their tasks in an appropriate
manner within the framework of an effective internal control system.
86 |87
Risk measurement procedures
The requirements which apply to a quantitative risk
management system, which arise from the 2nd pillar
(ICAAP) of Basel II and Basel III as well as from commercial needs, are covered within BTV mainly by the
risk capacity calculation. With the help of this calculation, BTV determines the extent to which it is able to
absorb unexpected losses.
In calculating risk capacity, BTV assumes two viewpoints - the going concern and the perspective of
liquidation. From the perspective of a going concern,
the continued existence of a regular ongoing concern
is to be assured. Furthermore, BTV has built an early
warning stage into its going-concern approach. The
aim of the protection at the early warning stage is to
be able to ensure that smaller, high-probability risks
can be absorbed, without needing to change the type
and extent of business activity, or the risk strategy.
Furthermore, triggering of the early warning stage has
the effect of implementing corresponding measures.
From the liquidation point of view, the BTV protection
aim is to secure the claims of outside financial backers
(e.g. holders of bonds, savings deposits, etc.). The
determination of the risk and the risk cover capital
is carried out by various methods, using the goingconcern and liquidation approach. This occurs against
the background of the differing protection aims of the
two approaches. The risk capacity requirement must
be fulfilled for both approaches in a normal as well as a
stress situation.
In the liquidation approach, qualifying equity is
essentially defined as internal capital (risk cover
capital). In the going-concern approach, the risk
cover capital essentially consists of the expected
net profits for the financial year, the hidden
reserves and the core capital surplus. At BTV, the
core income capital is defined as the surplus of core
capital beyond the internally defined minimum
core capital ratio.
In order to measure the risks within the context of
ICAAP, the following processes and parameters are
applied:
interest rate risk
liquidation approach
going-concern approach
Confidence interval
Probability horizon
Internal capital
(Risk cover capital)
99.9%
250 days
in a broader sense
qualifying equity
95.0%
30/250 days
expected annual net profit,
hidden reserves and core
capital surplus
Credit risk
Market risk
Interest rate risk
Currency risk
Share price risk
Credit spread risk
Liquidity risk
Operational risk
Macroeconomic risk
Other risks
IRB approach
IRB-PD/LGD approach
IRB Granularity Adjustment
Diversification across market risks considered
VaR (historical simulation)
Structural liquidity risk
Structural liquidity risk
(GuV risk)
(Cash value risk)
Standard approach
VaR approach
macroeconomic risk
macroeconomic risk
Extreme scenario
Extreme scenario
10% buffer
10% buffer
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Furthermore, limits are defined for each risk category
(credit, investment, credit concentration, market,
liquidity, operational and macroeconomic risk) in
total, as well as for controlling units (corporate clients,
private clients, institutional clients and banks) within
the credit risk and for detailed risk categories within
market risk. The other risks which are not quantifiable
are taken into account by means of a buffer in the risk
bearing capacity calculation.
Market risk
For risk measurement purposes at the overall bank
level, BTV quantifies the value-at-risk for the risk
categories of interest, currency, share price and
credit spread risk with regard to the liquidation approach, on the basis of a confidence level of 99.9%
and a retention period of 250 days. The value at risk
(VaR) is the loss which on the basis of a given probability, will not be exceeded over a defined period.
Credit risk
BTV uses the IRB basic approach to quantify the
counterparty default and the investment risk in the
risk-bearing capacity calculation.
Value at Risk is calculated on the basis of a historic simulation method. The basis for the market
parameters used are historical time series from the
last 3 years. Diversification effects between the
individual market risk classes are already implicitly
included in the data histories and are accounted for
separately.
The risk from high credit volumes is integrated into
ICAAP at BTV in two respects:
• Model to quantify the risk from high credit
volumes (IRB Granularity Adjustment)
• Stress test to analyse the risk in relation to
high credit volumes
With regards to risks from credit risk reducing techniques as well as credit concentration risks, which
are not related to high credit volumes with individual clients or commercial entities, no quantifying of
the risk takes place. They are considered within the
buffer of the risk bearing capacity.
The management of credit risk at portfolio level is
primarily based on internal ratings, classes by size, sectors, currencies and countries. Besides the risk bearing
capacity calculation, the credit risk reporting system
and here above all, the continually produced BTV
credit risk report, represent a central management and
monitoring instrument for decision makers.
Interest rate risk
In the context of the ICAAP, the risk capital is compared with the potential risk according to the VaR
model, and is therefore limited.
BTV’s interest risk is herewith also part of reporting in the course of the management of assets
and liabilities. A basis point value limit is used for
each maturation band. The basis point value is
the change in value of the interest portfolio which
results from an increase of the interest by one basis
point. However, as the interest scenario in the VaR
model includes a change in the interest rate of
several basis points, the scenario is also used in the
basis point value limitation. This ensures the operational implementation of the VaR limit from the
ICAAP in the management of the interest register.
The basis for this is the entire interest-sensitive
BTV portfolio, which is shown in the interest rate
gap analysis. In the gap analysis, all BTV‘s interestrate sensitive assets and liabilities and derivative
transactions are compared on the basis of reporting dates and the maturity structure broken down
into periods.
Group accounts
The probability of default represents the central
parameter for calculating credit risk in this approach. This is derived from internal bank ratings.
For corporate and retail clients, as well as for banks
and property project financing, rating systems
are used which spread the credit risks over a scale
with 13 available levels. The rating forms the basis
for the calculation of credit risks and provides the
framework for a risk-based calculation of terms, as
well as for the early identification of problem cases.
The price calculation in the lending business is
based on this and is carried out taking into consideration ratings-based risk premiums.
Currency risk
The quantifying of the foreign currency risk is also
carried out on the basis of a historical value-at-risk approach. The measurement of the foreign currency risk
at overall bank level is carried out on a monthly basis in
the course of drafting of the ICAAP.
88 |89
Share price risk
The quantifying of the share price risk is carried out
on the basis of a historical value-at-risk approach.
In which individual shares are directly assigned
to the respective rate histories. Share price risk at
overall bank level is measured on a monthly basis.
Credit spread risk
The quantifying of the credit spread risk is carried
out on the basis of a historical value-at-risk approach.
The credit default swap spread serves as a basis for
calculating the credit spreads per issuer. In the case
of non-tradable credit default swaps, the asset value is
allocated to a CDS sector. The credit spread risks are
measured on a monthly basis.
Liquidity risk
The measurement of liquidity risks begins with
the drawing up of a liquidity maturity statement,
in which all balance sheet, off-balance sheet and
derivative transactions are classified by maturity
intervals. For positions with an indeterminate
capital commitment, care is taken to ensure that
the liquidity assumptions correspond as closely
as possible to actual client behaviour. For this
purpose maturity profiles are estimated based on
historical data and using statistical methods. In addition assumptions are modelled for the drawdown
on unused credit and the take-up of guarantees.
Securities and credits suitable for central banks
within the liquidity buffer (under consideration of
a relevant haircut) are treated as assets that can be
liquidated at any time.
For the determination of the liquidity risk, the risk
premiums of a pool of reference banks are analysed in comparison with best-rated government
bonds and the volatilities for the individual maturities are calculated on the basis of the fluctuations
in these premiums. The multiplication of these
credit spread volatilities with the cumulative liquidity gaps gives the liquidity risk over the period.
The drivers of the risk are therefore the amount
and the distribution of the liquidity gaps as well
as the fluctuations in the risk premiums in the
individual terms.
Alongside the integration of the liquidity risk as a
risk to earnings in ICAAP, the liquidity risk situation
at group level is monitored daily. For this the net financing gap (capital inflows minus capital outflows
plus liquidity buffer) is assigned limits which are
time-dependent, which influences the mediumterm liquidity requirement. The cumulative net
financing gap indicates from what moment in time
the liquidity buffer is exhausted by the net capital
outflows. And dependencies on large capital suppliers (whether in the banking or in the customer
area) are shown in the liquidity report and confined
by applying the limits.
Operational risk
In BTV a risk management process has been developed, which applies both for qualitative and quantitative methods. For losses which have already occurred, a loss database exists which collects details
of all cases of losses. After analysis of the losses,
suitable measures are taken to minimise the risk
of loss in future. This approach is complemented
by the implementation of self-assessments where
all areas and processes are checked for possible
operational risks. These risks are assessed through
interviews, and if necessary, internal processes and
systems are then adapted.
Under the liquidation approach the operational
risk is measured using the standard approach. In
the going-concern approach, the 95% confidence
interval of the previously sustained losses in the
loss database are used.
Macroeconomic risk
The macro-economic risk manifests itself in the
negative change for BTV within the market environment and its implications for the significant risk
drivers. Consequently, the quantifying takes place
by means of a macroeconomic stress test which
contains the significant changes in the parameters
of an economic downturn. Herein the maintaining
of the risk-bearing capacity in the case of stress is
now calculated implicitly.
Other risks
Other risks are considered within the risk capacity
calculation through the buffer.
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Risk reporting system
The following explanations relate to the extent and
type of BTV‘s risk reporting system.
The measurement of overall bank risk and of individual risk categories is carried out on a monthly basis.
The short-term liquidity risk as well as the individual
market risks in the trading book are measured daily.
Operational risk is quantified on an annual basis. In
addition, an ad hoc report is drawn up in so far as this
is necessary. Within BTV Bank Management, a report
is given on the current utilisation levels and limiting
of overall bank risk, as well as of the individual risk
categories, together with definition and monitoring of
control measures.
BTV is subject to an internal limit on utilisation of
overall risk as a percentage of risk cover capital of
90%, with this amounting at year-end to 65.4
(€ 666.4 million). The highest level of usage was
in July 2013.
Total bank risk - liquidation approach
Values in %
1,200
90.0%
800
60.0%
400
0
30.0%
Jan 13
Feb 13
March 13 April 13
May 13
June 13
Qualifying RCC / Absolute limit
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
0.0%
Utilisation in € million
Group accounts
Limit as % of RCC (right-hand scale) Utilisation as % of RCC (right-hand scale)
RCC = risk cover capital
Total bank risk - liquidation approach
Utilisation in % of risk cover capital
The above presentation is essentially characterised by the changes to the design of the ICAAP
which was taken into consideration in June this
year for the first time. The new legal supervisory
regulations were hereby implemented and the
quantifying of the risks extended by the credit
Maximum
Average
Year-end
679.9
67.6%
610.2
61.8%
666.4
65.4%
concentration risk, the credit spread risk and the
macroeconomic risk. At the same time, due to the
consideration of these additional risk categories
in the quantifying, the buffer for other risks was
reduced to 10% of the risk cover capital.
90 |91
Credit risk
The illustrations below show the risks in comparison
with the allocated risk cover capital and the set limit
for the counterparty default and equity investment
risk as well as the credit concentration risk.
As can be seen from the illustrations below, the limit
in all the partial risk categories of the credit risk was
maintained. In addition, a buffer for the applied limit
was available at all times.
Counterparty default - liquidity approach
Values in %
60.0%
600
40.0%
300
20.0%
0
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
0.0%
Counterparty default risk - liquidity approach
In June a decline in the use of the counterpart
default risk could be recognised. This decline is
in relation to the implemented further development of the core calculations for the quantifying of
the credit risk for the purposes of the risk-bearing
capacity. This further development resulted in the
counterparty default risk and the investment risk
Maximum
Average
Year-end
417.1
43.3%
396.7
40.3%
416.2
40.9%
now being viewed separately from one another
and no longer being subsumed under the category
of credit risk. This also led to a reallocation of the
risk cover capital which is set out in the illustration
above by means of a reduction of the limit. In the
particular case, the limit was reduced measured in
% of the risk cover capital from 61.5% to 50.5%.
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Investment risk - liquidity approach
Values in %
50
4.0%
40
3.0%
30
2.0%
20
1.0%
10
0
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
0.0%
As already mentioned above a further development of the core calculations for the quantifying of
the credit risk for the purposes of the risk-bearing
capacity which led to the fact that the counterparty default risk and investment risk were now
viewed separately from one another and were no
Maximum
Average
Year-end
24.3
2.4%
22.8
2.3%
24.3
2.4%
longer subsumed under the category of credit risk.
Set against this background, the measuring and description of the investment risk as its own category
within the credit risk began from June 2013. The investment risk is limited with a limit on the amount
of 3% of the risk cover capital.
Group accounts
INVESTMENT RISK - liquidity approach
92 |93
Credit concentration risk – liquidation approach
Values in %
40
3.0%
30
2.0%
20
1.0%
10
0
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
0.0%
Credit concentration risk – liquidation approach
In addition to the further development of the the
core calculations for the quantifying of the credit
risk for the purposes of the risk-bearing capacity,
the development of core calculations for the quantifying of the credit concentration risk which exists
Maximum
Average
Year-end
16.8
1.6%
14.8
1.5%
16.8
1.6%
in the shape of high credit volumes with individual
clients or commercial entities. The measurement of
this risk began in June 2013 as well. The credit concentration risk is limited with a limit in the amount
of 2% of the risk cover capital.
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Group accounts
Credit risk - overview
The credit risk volume is made up from the balance
sheet items “Loans to credit institutions”, “Loans to
customers”, all fixed interest securities as well as securities and guarantees (gross presentation). As required
by the guidelines in IAS 39 payment guarantees to
development banks and letters of credit are not taken
into consideration in the credit risk volume.
The total loan volume of BTV fell year on year by
€53.4 million or 0.6% to €8.926 million. The amount
of bad debt could be reduced by €53.9 million
or 16.8%.
Creditworthiness structure overall in €‘000
Due date
Data
31 December Total drawn
% share
2013
Risk provisions
Percentage of cover
Share in %
2012
Provision for risks
Percentage of cover
in draw down vs. previous year
Change
drawn down as % of previous year
of loan loss provisions to previous year
of loan loss provisions to previous year in %
Creditworthiness structure, domestic and Foreign
The presentation is based on the country of origin
of the borrower or issuer.
No visible risk
of default
With
comment
7,733,160
86.6%
45,889
0.6%
7,687,444
85.6%
36,203
0.5%
45,715
0.6%
9,686
26.8%
820,265
9.2%
22,933
2.8%
875,466
9.8%
16,081
1.8%
–55,201
-6.3%
6,853
42.6%
High risk Problematic
of default
104,712
1.2%
11,488
11.0%
94,667
1.1%
7,619
8.0%
10,045
10.6%
3,870
50.8%
Total
267,373 8,925,510
3.0%
100.0%
127,475 207,787
47.7%
2.3%
321,285 8,978,863
3.6%
100.0%
135,696 195,599
42.2%
2.2%
–53,912 –53,352
–16.8%
–0.6%
–8,220
12,188
–6.1%
6.2%
In Austria, the overall credit risk volume fell by
€54.0 million or 1.0%, relative to the previous year.
The international proportion of the credit risk volume increased by €0.6 million.
Creditworthiness structure, domestic in €‘000
Data
% share
2013
Risk provisions
Percentage of cover
Share in %
2012
Provision for risks
Percentage of cover
Change
No visible risk
With
of default comment
4,524,408
83.5%
23,846
0.5%
4,535,920
82.8%
16,223
0.4%
–11,512
–0.3%
7,623
47.0%
628,343
11.6%
16,438
2.6%
649,489
11.9%
10,342
1.6%
–21,145
–3.3%
6,095
58.9%
High risk of Problematic
default
59,532
1.1%
6,982
11.7%
58,187
1.1%
4,566
7.8%
1,345
2.3%
2,416
52.9%
Total
204,422 5,416,706
3.8% 100.0%
100,966 148,231
49.4%
2.7%
227,074 5,470,670
4.2% 100.0%
102,144 133,275
45.0%
2.4%
–22,652 –53,964
–10.0%
–1.0%
–1,178 14,956
–1.2%
11.2%
Group accounts
Due date
94 |95
Creditworthiness foreign in €‘000
Due date
Data
No visible risk
of default
With
comment
3,208,751
91.4%
22,044
0.7%
3,151,524
89.9%
19,980
0.6%
57,227
1.8%
2,063
10.3%
191,922
5.5%
6,496
3.4%
225,977
6.4%
5,739
2.5%
–34,056
–15.1%
757
13.2%
% share
2013
Risk provisions
Percentage of cover
Share in %
2012
Provision for risks
Percentage of cover
Change
Creditworthiness structure of credit risk by country
Around 60.7% of the credit risk volume related to domestic borrowers. 19.2% is accounted for by German
and 6.2% by Swiss borrowers. The remaining 14.0 %
is distributed as follows: Ireland, Italy, Spain and Hungary account for 2.0 percentage points. There are currently no receivables owed by Greek and Portuguese
debtors. The remaining 12.0 % points are distributed
between borrowers in the United States, France and
other countries.
of default
45,180
1.3%
4,506
10.0%
36,480
1.0%
3,053
8.4%
8,700
23.8%
1,454
47.6%
Total
62,951 3,508,804
1.8%
100.0%
26,510
59,556
42.1%
1.7%
94,211 3,508,192
2.7%
100.0%
33,552
62,324
35.6%
1.8%
–31,260
611
–33.2%
0.0%
–7,042
–2,768
–21.0%
–4.4%
Change in COUNTRY structure credit risk in %
15.7
7.6
18.6
15.0
8.6
18.4
13.4
8.4
18.8
12.4
7.7
19.0
13.9
6.2
19.2
58.1
58.0
59.4
60.9
60.7
2009
2010
2011
2012
2013
Austria
Germany
Switzerland
Miscellaneous
Creditworthiness structure by country in €‘000
Countries
Austria
Germany
Switzerland
USA
Italy
France
Ireland
Hungary
Spain
Greece
Portugal
Miscellaneous
Total
No visible risk
of default
With
comment
4,524,408
1,513,877
478,306
192,585
146,895
149,896
13,750
1,964
241
0
0
711,239
628,343
129,297
36,532
5,914
10,007
447
0
0
0
0
0
9,724
59,532
26,202
15,957
0
444
238
0
0
0
0
0
2,338
7,733,160
820,265
104,712
High risk of Problematic
default
Total
Share in %
204,422
42,564
19,172
161
508
0
0
49
165
0
0
332
5,416,706
1,711,939
549,968
198,660
157,854
150,581
13,750
2,013
406
0
0
723,633
60.7%
19.2%
6.2%
2.2%
1.8%
1.7%
0.2%
0.0%
0.0%
0.0%
0.0%
8.0%
267,373
8,925,510
100.0%
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Management report
Group accounts
Creditworthiness by sector of selected countries
The following table illustrates the volume of receivables owed by debtors in the countries of Italy, Ireland,
Hungary, and Spain ordered by sectors. There are
currently no receivables owed by Greek and Portuguese debtors. Against the backdrop of recent trends
on the financial markets the loan, insurance and public
authority sectors have been highlighted.
Accordingly, the loan and insurance sector accounts for €55.8 million. The credit risk illustrated
for Ireland is essentially accounted for by a US
group, the financial services subsidiary of which is
headquartered in Ireland.
Creditworthiness structure by sector of selected countries in €‘000
Sectors
Italy
Loans and
Insurance
Public sector
Remaining sectors
Total
Ireland Hungary
Spain
Greece Portugal
Total
42,153
13,662
1
0
0
0
55,816
0
115,701
0
87
0
2,012
0
406
0
0
0
0
0
118,206
157,854
13,749
2,013
406
0
0
174,022
Creditworthiness structure of credit risk by sector
The sectoral focus points are like last year in the
loan and insurance business, retail clients and
production of physical goods. In terms of proportional weight these are followed by the property
management, services, public, trade, tourism and
construction sectors. The relative share of the other
sectors has reduced in comparison with the previous year and is now at 6.5%.
All sectors together
Loans and Insurance
Private
Physical goods manufacture
Property management
Services
Public sector
Trade
Tourism
Construction
Cable cars
Transport and communications
Energy-/Water utilities
Miscellaneous
Total
No visible risk
of default
With
comment
of default
1,679,409
1,085,333
1,064,595
825,373
676,920
795,306
510,093
330,202
273,089
256,891
137,168
62,537
36,245
735
84,127
88,160
231,659
148,864
156
38,208
134,132
52,736
4,999
21,274
2,789
12,425
50
30,017
4,365
10,908
20,299
0
4,861
5,777
2,740
0
6,451
32
19,213
7,733,160
820,265
104,712
Total
Share in %
458
66,790
40,735
15,310
47,992
74
41,549
29,044
14,891
1,382
3,002
3,887
2,258
1,680,652
1,266,268
1,197,854
1,083,251
894,075
795,537
594,710
499,156
343,455
263,272
167,895
69,244
70,141
18.8%
14.2%
13.4%
12.1%
10.0%
8.9%
6.7%
5.6%
3.8%
2.9%
1.9%
0.8%
0.9%
267,373
8,925,510
100.0%
Group accounts
Creditworthiness by sector total in €‘000
96 |97
In comparison with the previous year, relative decline
is to be recorded within private clients as well as in the
sectors of physical goods manufacture, construction,
cable cars as well as transport and communications.
By contrast, the relative share of the credit volumes in
the sectors of real estate, services, public sector, trade
and tourism increased.
Creditworthiness by sector, domestic in €‘000
Domestic sectors
Private
Property management
Services
Public sector
Loans and Insurance
Tourism
Trade
Construction
Cable cars
Miscellaneous
Total
No visible risk
of default
With
comment
of default
798,413
652,379
546,060
549,114
407,740
425,994
255,750
301,636
203,163
254,377
80,007
13,650
36,126
62,451
157,820
118,656
156
54,479
735
117,091
31,483
51,268
4,999
18,512
2,476
8,217
17,590
5,969
6,828
0
3,534
34
4,827
3,874
2,740
0
6,451
32
7,654
4,524,408
628,343
59,532
Total
Share in %
40,486
15,277
33,825
0
30,340
458
27.797
36,288
11,117
1,382
1,512
3,887
2,053
918,940
831,444
705,369
549,271
496,093
427,222
405,466
373,281
268,287
260,758
106,481
20,044
54,050
17.0%
15.3%
13.0%
10.1%
9.2%
7.9%
7.5%
6.9%
5.0%
4.8%
2.0%
0.4%
0.9%
204,422
5,416,706
100.0%
of default
Total
Share in %
Creditworthiness structure by sector, foreign in €‘000
Foreign sectors
Loans and Insurance
Private
Property management
Public sector
Trade
Services
Tourism
Construction
Cable cars
Miscellaneous
Total
No visible risk
of default
With
comment
1,253,414
656,855
286,920
172,994
246,192
208,457
130,860
74,452
69,926
57,161
48,887
2,514
119
0
33,680
21,677
73,839
0
6,725
30,209
17,041
1,468
2,762
313
0
4,208
16
831
12,426
4,940
0
987
13,470
950
0
0
0
0
11,560
0
10,395
26,304
33
74
5,261
14,167
1,247
3,774
1,491
0
0
204
1,253,430
701,762
347,327
251,807
246,266
221,429
188,707
93,690
75,169
61,414
49,200
2,514
16,091
35.7%
20.0%
9.9%
7.2%
7.0%
6.3%
5.4%
2.7%
2.1%
1.8%
1.4%
0.1%
0.5%
3,208,751
191,922
45,180
62,951
3,508,804
100.0%
trust
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Management report
Group accounts
Creditworthiness structure of credit risk by type
of business
The share of corporate business clients in the total
credit risk volume is 58.0%. Private customers
represent a share of 15.5%, the other 26.5% relate
to institutional clients and banks.
Creditworthiness structure by type of business in €‘000
Types of
business
Data
Corporate
clients
Total drawn
Share in %
Provision for risks
Percentage of cover
Total drawn
Share in %
Provision for risks
Percentage of cover
Total drawn
Share in %
Provision for risks
Percentage of cover
Retail clients
Institutional
clients and
banks
Total
Total drawn
Share in %
Provision for risks
Percentage of cover
No visible risk
of default
With
comment
4,202,446
81.3%
32,119
0.8%
1,164,910
84.0%
7,293
0.6%
2,365,803
99.9%
6,477
0.3%
700,884
13.6%
19,399
2.8%
118,581
8.6%
3,534
3.0%
799
0.0%
0
0.0%
71,124
1.4%
7,137
10.0%
32,179
2.3%
4,351
13.5%
1,409
0.1%
0
0.0%
196,275
3.8%
94,563
48.2%
71,099
5.1%
32,913
46.3%
0
0.0%
0
0.0%
5,170,730
100.0%
153,219
3.0%
1,386,769
100.0%
48,091
3.5%
2,368,011
100.0%
6,477
0.3%
7,733,160
86.6%
45,889
0.6%
820,265
9.2%
22,933
2.8%
104,712
1.2%
11,488
11.0%
267,373
3.0%
127,475
47.7%
8,925,510
100.0%
207,787
2.3%
Creditworthiness structure of credit risk by currency
85.7% (previous year: 82.1 %) of the credit risk volume
related to loans in euros. 12.8% were accounted for
of default
Total
by Swiss Francs (previous year: 15.4 %), the remaining
currencies account for 1.5% (previous year: 2.5%) of
the volume of receivables.
Currency
EUR
CHF
CHF with Swiss customers
USD
JPY
Miscellaneous
Total
No visible risk
of default
With
comment
of default
6,631,635
642,257
341,067
81,217
25,249
11,735
708,384
72,213
32,418
3,760
3,102
388
65,725
23,250
15,721
17
0
0
7,733,160
820,265
104,712
Total
Share in %
246,021
6,300
14,904
34
115
0
7,651,765
744,021
404,109
85,027
28,465
12,123
85.7%
8.3%
4.5%
1.0%
0.3%
0.2%
267,373
8,925,510
100.0%
Group accounts
Creditworthiness structure by currency in €‘000
98 |99
Creditworthiness structure of overdue loans
The following charts show a breakdown of overdue,
but not written-down financial debts by the number of
days overdue and the risk-class assigned.
That means the borrower is in arrears in relation to
payment or interest or repayment of capital. According to BTV estimates - where the debtors or the available securities are assessed - it is however not correct
to establish individual value adjustments.
Creditworthiness structure by overdue debts in €‘000
Due date
Due date
31 December 2013
31-60 days
61-90 days
Total 31 December 2013
31 December 2012
31-60 days
61-90 days
Total 31 December 2012
Collateral received
BTV has received collateral in the form of mortgages,
shares and other securities and other assets.
In particular for higher risk classes we ensure that
with a reduction in the level of quality of borrower
No visible risk
of default
With
comment
High risk
of default
Total
2,518
556
1,377
366
452
869
4,346
1,790
3,074
1,743
1,321
6,137
2,618
316
1,229
2,789
3,238
983
7,084
4,087
2,934
4,018
4,220
11,172
creditworthiness the amount of the collateralisation
increases. The lower level of securities in the creditworthiness class ‚bad debt‘ (this category contains clients who have defaulted) is due to securities already
having been used.
Collateral received in €‘000
Dimension
Total drawn
Land register collateral
Collateral securities
Collateral securities
Collateral in %
No visible risk
of default
With
comment
of default
7,733,160
1,468,800
161,099
594,762
820,265
302,988
33,161
164,711
104,712
41,845
5,697
21,728
267,373
59,965
577
20,248
8,925,510
1,873,597
200,534
801,449
28.8%
61.1%
66.2%
30.2%
32.2%
Total
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Management report
Group accounts
Risk structure of businesses with concessions
according to credit quality
The table below illustrates businesses with concessions structured according to their credit quality.
The credit quality is differentiated hereby as follows:
In addition for each credit quality, the extent to which
the risk provision has been built up is illustrated or the
extent of the securities available. Within the risk provisions illustrated in the first three credit rating levels,
it concerns portfolio valuation adjustments. The risk
provisions shown in the category “bad debt” are value
adjustments or reserves.
• Not value-adjusted and not bad debt
• Not value-adjusted and bad debt
• Value-adjusted and bad debt
Risk structure of businesses with concessions according to credit quality in €‘000
Values
Not value adjusted
and not bad debt
Total drawn
Provision for risks
Shares/other Securities
Total drawn
Provision for risks
Total drawn
Provision for risks
Total drawn
Provision for risks
Not value-adjusted
and bad debt
Value-adjusted and
bad debt
Total
No visible risk
of default
With
comment
52,254
412
22,650
0
0
0
0
0
0
52,254
412
22,650
13,003
468
8,377
0
0
0
0
0
0
13,003
468
8,377
according to type and number/client
The following table shows the volume of loans affected by concessions dependent on the type of concessions agreed. Furthermore a breakdown according
to the number of concessions granted per borrower
within the reporting period is presented. The type of
of default
Total
0
0
0
351
0
269
20,136
6,340
6,359
20,487
6,340
6,628
71,304
1,680
32,686
351
0
269
20,136
6,340
6,359
91,792
8,020
39,314
6,047
800
1,659
0
0
0
0
0
0
6,047
800
1,659
capital repayment was adjusted for the largest section
of the volumes affected by concessions.. It hereby
concerns a volume of loans to the tune of €77.6 million
or 84.6%. With regard to €14.1 million or 15.4% there
was a reduction of the interest payments to be made.
Risk structure of businesses with concessions according to type and number/client in €‘000.
Type of concession
Number of
concessions/client
No visible risk
of default
With
comment
High risk
of default
Problematic
Total
Capital repayment
was adjusted
1
2
3
1
50,834
1,420
0
0
11,242
1,609
0
152
6,007
40
0
0
5,160
0
1,377
13,951
73,242
3,069
1,377
14,103
52,254
13,003
6,047
20,487
91,792
Interest payment to be
made was reduced
Total
Group accounts
Credit quality
BTV Business Report 2013 100 |101
according to segments
Concessions the were particularly made regarding
loans to corporate clients.
Risk structure of businesses with concessions according to segments in €‘000.
Segment
No visible risk
of default
With
comment
Corporate clients
Retail clients
37,826
14,428
9,717
3,286
5,586
461
19,842
645
72,970
18,821
Total
52,254
13,003
6,047
20,487
91,792
according to economic sectors
The volume of loans affected by concessions is distrib-
of default
Total
uted equally across the economic sectors.
A concentration in concessions in specific economic
sectors cannot be recognised.
Risk structure of businesses with concessions according to economic sectors in €‘000.
No visible risk
of default
With
comment
Services
Tourism
Private
Property management
Construction
Trade
Loans and Insurance
Miscellaneous
20,475
10,056
11,987
1,448
6,925
567
89
686
22
0
1,511
5,508
2,574
448
1,248
159
1,555
0
0
0
2,787
2,093
442
0
1
0
119
586
0
19
1,514
693
645
13,555
462
3,253
364
0
0
0
26,287
18,349
15,649
15,450
8,637
3,979
2,127
1,272
22
19
Total
52,254
13,003
6,047
20,487
91,792
Sector
according to country
The following table shows the risk structure of business transactions with concessions sorted by country.
The largest part of the volume, with a volume of loans
of default
Total
amounting to € 71.0 million or 77.4%, concerns borrowers from Austria. Furthermore concessions were
made to borrowers in Germany, Switzerland, Italy, the
United States and other countries.
Risk structure of businesses with concessions according to country in €‘000.
No visible risk
of default
With
comment
Austria
Germany
Switzerland
Italy
USA
Miscellaneous
39,332
12,177
745
0
0
0
10,219
1,078
1,547
159
0
0
3,982
0
0
46
0
2,019
17,473
2,864
0
0
150
0
71,006
16,119
2,293
205
150
2,019
Total
52,254
13,003
6,047
20,487
91,792
Country
of default
Total
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according to segments
Businesses, where concessions were made, generated
income from interest to the tune of € 2.2 million in
the financial year 2013.
Risk structure of businesses with concessions according to segments in €‘000.
Segment
No visible risk
of default
With
comment
737
268
255
74
246
12
577
8
1,815
362
1,005
329
258
585
2,177
Corporate clients
Retail clients
Total
Risk structure for derivatives according to segments
The value of receivables from derivatives is calculated
according to Section 234 SolvaV (market valuation
method) after consideration of netting framework
agreements and cash collateral. This results in receiva-
of default
Total
bles from derivatives in the amount of €62.5 million.
€18.8 million or 30.1% of this is related to loans to
credit institutions. The loans to corporate clients total
€43.3 million or 69.2% and €0.4 million or 0.7%
to private clients.
Risk structure of derivatives according to segments in €‘000
Segment
No visible risk
of default
With
comment
Corporate clients
Private
33,510
338
18,833
9,396
0
0
262
71
0
89
0
0
43,256
409
18,833
Total
52,681
9,396
333
89
62,498
Risk structure of derivatives according to segments
and currency
Around 72.2% of the volume amounts to loans
of default
Total
which are denominated in EUR. 23.2% originate
from CHF transactions, the remaining 4.6 % relate
to USD and other currencies.
Risk structure of derivatives according to segments and currencies in €‘000
Currency
Corporate
clients
EUR
CHF
USD
JPY
Miscellaneous
EUR
CHF
EUR
USD
CHF
Miscellaneous
Private
Institutional
clients and
banks
Total
No visible risk
of default
With
comment
of default
24,349
8,766
144
131
120
178
160
16,245
1,918
93
577
3,996
5,400
0
0
0
0
0
0
0
0
0
262
0
0
0
0
71
0
0
0
0
0
89
0
0
0
0
0
0
0
0
0
0
28,696
14,165
144
131
120
249
160
16,245
1,918
93
577
52,681
9,396
333
89
62,498
Total
Group accounts
Segment
Risk structure of derivatives by country
56.5% of loans come from counterparties in
Austria. A further 27.0% relate to German partners.
The remainder is distributed among clients in
Switzerland, the United States, France and other
countries. There are no credit risks from derivatives
with regard to Greece, Ireland, Italy, Portugal, Spain
and Hungary.
Risk structure of derivatives by country in €‘000
No visible risk
of default
With
comment
Austria
Germany
Switzerland
USA
France
Miscellaneous
27,122
15,436
3,476
1,204
916
4,527
7,876
1,371
0
149
0
0
251
82
0
0
0
0
89
0
0
0
0
0
35,338
16,889
3,476
1,353
916
4,527
Total
52,681
9,396
333
89
62,498
Country
Risk structure of derivatives by transaction type
63.2% of loans relate to interest swaps, 32.4%
to currency derivatives and 4.4% to interest rate
of default
Total
options. Currently there is no credit risk in relation to
derivatives on asset values.
Risk structure of derivatives by transaction type in €‘000
No visible risk
of default
With
comment
Interest swaps
Currency swaps
Foreign exchange futures
Interest options
34,439
9,056
6,775
2,411
4,649
4,465
0
281
333
0
0
0
47
0
0
42
39,469
13,521
6,775
2,734
Total
52,681
9,396
333
89
62,498
Transaction type
of default
Total
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Market risk
The following diagram shows the utilisation of market risk limits at global banking level. Risk capital
is assigned to each of the risk types of interest risk,
currency exchange rate risk, equity price risk and
credit spread risk. The correlations which are inherent in the timelines have a risk-reducing effect.
For the interest risk, 15.5% of the respective risk
cover capital was allocated to risk capital, while for
the categories currency risk and equity price risk
a limit of 1.5% was allocated to each. The credit
spread risk was quantified for the first time on
30 June 2013 and a a limit of 8.0% was set. When
viewed as a whole, this results with regard to the
market risk in an increase of the exploitation as well
as the allocated risk cover capital.
market risk - liquidation approach
Values in %
24.0%
240
200
18.0%
160
12.0%
120
80
6.0%
40
0
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
0.0%
Maximum
Average
Year-end
151.4
15.1%
134.7
13.7%
124.9
12.3%
Group accounts
market risk - liquidation approach
Interest rate risk
The following diagram shows the utilisation of
interest risk limits on the global banking level. The
interest risk primarily results from the differences
in time periods in the assets/liabilities items in the
bank register.
A risk capital has been allocated in the amount of
15.5% of the total risk capital since 30 June 2013 to
this limit category. The utilisation slightly decreased during the course of 2013 primarily due to
the reduction of the duration of the bond portfolio.
interest rate risk - liquidation approach
Values in %
18.0%
200
160
12.0%
120
80
6.0%
40
0
0.0%
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
interest rate risk - liquidation approach
Maximum
Average
Year-end
129.1
13.0%
121.5
12.3%
103.4
10.2%
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Currency risk
The following illustration depicts the risk in comparison to the allocated risk-covering capital and the limit
set for this risk category. Here in particular the reduction of the allocated risk capital from 3.0% to 1.5% of
the risk cover capital is obvious. The utilisation remains at a constant level thereby which, in turn, takes
account of the low significance of this risk category in
the generation of income.
currency risk - liquidation approach
Values in %
40
3.0%
30
2.0%
20
1.0%
10
0
0.0%
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
Maximum
Average
Year-end
9.9
1.0%
7.7
0.8%
5.4
0.5%
Group accounts
currency risk - liquidation approach
Share price risk
The following illustration depicts the risk in comparison to the allocated risk-covering capital and the
limit set for this risk category. In this category too, the
reduction of the allocated risk capital is visible.
Here the total bank limit was reduced from 3.0% to
1.5% of the risk covering capital, as the generation
of income from the equity business does not count
amongst BTV‘s core activities.
Share price risk - liquidation approach
Values in %
40
3.0%
30
2.0%
20
1.0%
10
0
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
0.0%
Oct 13
Nov 13
Dec 13
Share price risk - liquidation approach
Maximum
Average
Year-end
10.7
1.1%
9.6
1.0%
10.5
1.0%
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Credit spread risk
Due to the developments in the financial markets
in the past few years, and the resultant requirements on the part of the supervisory authorities,
the credit spread risk has gained in significance
in the banking landscape. The maintenance of
a liquidity book and the associated exposure of
these assets in relation to the changes to the credit
spreads are of crucial significance for the income
of banks. From this perspective, since 30 June 2013
the credit spread risk is explicitly quantified and
limited to 8.0% of the risk covering capital. The
development of the utilisation has since shown
a stable picture, which, in turn, is due to a slight
relaxation of the financial markets in the last six
months of 2013.
Credit spread risk - liquidity approach
Values in %
10.0%
120
100
8.0%
80
6.0%
60
4.0%
40
2.0%
20
0
0.0%
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
Maximum
Average
Year-end
68.8
6.8%
65.3
6.5%
64.5
6.3%
Group accounts
Credit spread risk - liquidity approach
Liquidity risk
Through the new design of the ICAAP within BTV,
there were also changes in the calculation of the
liquidity risk.
Through factoring in the liquidity buffer costs the
utilisation has increased since 1 July 2013, however
never reaching more than 75.0% of the limit.
Liquidity risk - liquidation approach
Values in %
3.0%
40
30
2.0%
20
1.0%
10
0
0.0%
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
Liquidity risk - liquidation approach
Maximum
Average
Year-end
14.6
1.5%
9.8
1.0%
12.7
1.2%
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Operational risk
The calculation of the operational risk is made annually. Therefore, the absolute utilisation remains
constant throughout the year. The relative utilisation on the other hand varies depending on the
risk cover capital available at the time.
In order to guarantee a closed circuit process and
the quality of the implemented control loop - risk
identification, risk quantification and risk management - decision-makers are kept informed on a
continuous basis by a quarterly report on the trend
in operational risk (loss events incurred) and the
measures taken and their ongoing monitoring.
Operational risk – liquidation approach
Values in %
50
4.0%
40
3.0%
30
2.0%
20
1.0%
10
0
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
0.0%
Maximum
Average
Year-end
26.1
2.7%
26.1
2.6%
26.1
2.6%
Group accounts
operational risk – liquidation approach
Macroeconomic risk
The macroeconomic risk has been quantified since
30 June 2013 and is limited to 7.0% of the risk cover
capital. This primarily takes account of the development, that the risk-bearing capacity condition needs to
be maintained also in economically difficult periods
such as, for instance, during a strong economic
downturn. Herewith, the quantifying takes place on
a quarterly basis by means of the Group bank stress
tests carried out, which are also based on macroeconomic scenarios.
macroeconomic risks - liquidation approach
Values in %
8.0%
100
80
6.0%
60
4.0%
40
2.0%
20
0
0.0%
Jan 13
Feb 13
March 13 April 13
May 13
June 13
July 13
Aug 13
Sept 13
Oct 13
Nov 13
Dec 13
macroeconomic risk - liquidation approach
Maximum
Average
Year-end
51.1
5.1%
47.0
4.7%
45.4
4.5%
trust
Group
Management report
Group accounts
Further developments in 2013 and outlook for 2014
In particular, the following processes where further
developed and recently introduced:
• The reworking of the methods for calculating the
risk cover capitals (liquidation and going concern
approach).
• Development of a model to quantify the credit
concentration risk which is due to a high degree
of commitment to a specific customer or a commercial entity.
• Further development of the core calculations to
quantify the risk of the borrower defaulting and
investment risk.
• Expanding the process to quantify the market
risk. The historical value-at-risk model now also
takes into consideration credit spread risks for
BTV‘s assets in securities held on its own behalf.
• Integration of the macroeconomic risk as an individual risk category in the risk-bearing capability
calculation.
Furthermore, the focus of the overall Group banking
management was on the implementation of the package of measures from the regulations of supervisory
law through the Capital Requirement Regulation (CRR)
and the Capital Requirement Directive (CRD IV). It is
here in particular that the operationalisation of the
overall Group banking management with regard to
the new capital requirements as well as complying
with the liquidity core figures from Basel III should be
mentioned in this context.
Perspective for 2014
Investing, not speculating - that is always been
BTV‘s philosophy. This ideology is confirmed
through the success of the company. In view of
this, BTV will also continue in the financial year
2014 with its conservatively selected risk strategy
and is planning to expand the core capital.
BTV views the quality of its management instruments and its human capital as central success factors in this loop. Against this backdrop, the existing
management instruments will be further enhanced
in 2013 and the already high level of knowledge
reinforced by targeted top-class training.
Furthermore validations of the risk measuring systems
are planned. Within credit risk, validation of the rating
systems is being carried out here. This is being divided
up into a quantitative and qualitative section. The
qualitative validation, on the one hand, comprises all
validation processes in which statistical core values
(selectivity, stability and calibration) of the rating process are determined and interpreted using an empirical database. The qualitative validation, on the other
hand, has the task of ensuring the applicability and the
correct use of the quantitative methods in practice.
Within the market and liquidity risk, a validation of the
interest or capital commitment of products with nonspecific interest or capital commitments take place.
In 2014, in line with the developments in regulatory
law, the focus is based on a further development of
the stress test methodology. On the one hand, an
ICAAP budgeting is being undertaken for different
stress scenarios. On the other hand, we are working on the development of reserve stress tests in
which, starting with an insolvency case, those factors are investigated which could lead to such an
event. As a result, the management will be enabled
to filter those events which present significant risks
factors for BTV‘s business model.
Group accounts
Further developments in 2013
2013 was strongly characterised by the further
development of the management instruments.
BTV‘s ICAAP was especially at the heart of the development. Within the ICAAP, on the one hand, the
methods for calculating the risk cover capital were
refined (liquidation and going concern approach),
on the other hand, existing processes for quantifying the risks where further developed or new
processes were introduced to quantify the risks.
112 |113
Notes to the Balance Sheet - Other and supplementary notes
36 Other details
in €‘000
a) Non interest-bearing loans
Assets deposited as guarantees:
Loans to clients
b) Assets deposited as guarantees
2013
2012
147,223
153,747
2,006,389
31,590
960,596
2,998,575
1,914,903
45,348
818,475
2,778,726
11,671
221,610
118,674
351,955
12,930
58,750
162,345
234,025
8,900
42,328
20,560
71,788
8,900
47,583
21,923
78,406
Foreign currency volumes
Receivables
Liabilities
e) Foreign currency volumes
1,396,162
831,995
1,778,894
1,156,924
Foreign volumes:
Foreign assets
Foreign liabilities
f) Foreign volumes
3,509,411
2,119,290
3,505,820
2,160,146
Trust loans:
Loans to clients
Trust liabilities:
g) Trust business
61,173
61,173
61,773
41,036
20,737
56,539
56,539
56,539
34,264
22,275
h) Genuine repurchase agreements
871,125
867,585
225,239
1,097,790
1,323,029
256,523
832,496
1,089,019
Liabilities for which collateral was transferred:
Trust fund deposits
Bonds issued
c) Liabilities for which collateral was transferred
Subordinated assets:
Loans to clients
d) Subordinated assets
Performance guarantees and credit risks:
Performance guarantees
Credit risks
i) Performance bonds and credit risks
trust
Group
Management report
Group accounts
The European Investment Bank (EIB) refinanced
investment loans for clients amounting to
€5,238,000.
“Available for Sale”, €135,237,000 in the fair value
option and €860,403,000 were in the category “Held
to Maturity”. The associated liabilities are shown
under liabilities to credit institutions and liabilities
to customers. The utilisation on 31 December 2013
amounts to €871,125,000.
In the context of pension business, securities were
transferred to third parties. At 31 December 2013,
the total market value was €1,959,405,000.
Of which €963,765,000 were in the category
36a Fair value hierarchy of financial
instruments as at 31 December 2013
Financial
assets/debts
Effects from
settlement
agreements
Received/issued
securities in the
form of financial
instruments
Financial assets/
debts (net)
66,302
66,302
–24,181
–24,181
–3,059
–3,059
39,062
39,062
7,180,273
0
–1,071,136
6,109,137
64,152
7,244,425
–24,181
–24,181
–30,473
–1,101,609
9,498
6,118,635
Financial
assets/debts
Effects from
settlement
agreements
Received/issued
securities in the
form of financial
instruments
Financial assets/
debts (net)
105,374
105,374
–31,579
–31,579
–1,587
–1,587
72,208
72,208
7,207,596
0
–1,069,457
6,138,139
100,089
7,307,685
–31,579
–31,579
–46,141
–1,115,598
22,369
6,160,508
Trading assets - derivatives
Total debt
Liabilities to Credit institutes and client
deposits
Trading liabilities – Derivatives
Total liabilities
Information regarding offsetting
of financial instruments as at
31 December 2012 in €‘000
Trading assets - derivatives
Total debt
Liabilities to Credit institutes and client
deposits
Trading liabilities – Derivatives
Total liabilities
Group accounts
in €‘000
37 Comfort letters
BTV issued the following comfort letters:
For Miniaturpark Bodensee GmbH, a comfort letter
was issued in favour of the Liebenau foundation
for €299,000, as part of the leasing and service
contracts. It is not expected that this will be taken
up in the near future.
114 |115
38 notes on transactions with closely related persons
As part of normal business activity transactions are
concluded with closely related companies and per-
sons at normal market terms and conditions.
The scope of these transactions is shown below:
38a Emoluments and loans to members of the Board of Directors and the Supervisory Board
The loans and advances granted to the members of
the Board of Directors amounted to a total volume at
the end of 2013 of €350,000 (previous year: €87,000).
Loans of €42,194,000 are due from members of the
Supervisory Board (previous year: €42,692,000). The
interest rates and other conditions (maturity and collateral) are in line with the market. During the current
financial year, members of the Board of Directors
made loan repayments of (previous year: €69,000).
Members of the Supervisory Board made loan
repayments during 2013 of €48,000 (previous year:
€51,000). During the financial year 2013, loans were
granted to persons and companies close to members
of the Supervisory Board at normal market interest
rates and under normal market conditions.
In the reporting year, remuneration of the Board of
Directors amounted to €1,693,000 including severance pay (previous year: €1,338,000), the pension payments to former members of the Board of Directors
amounted to €589,000 (previous year: €570,000).
During the financial year, active members of the BTV
AG Supervisory Board received annual remuneration
for their positions in the amount of €200,000 (previous year: €190,000).
38b Receivables and liabilities to associated, non-consolidated
companies and holdings in €‘000
Loans to clients
Liabilities to customers
Total liabilities
In the context of the profit and loss account, there
are earnings of €275,000 (previous year: €415,000)
and expenses of €80,000 (previous year: €83,000)
2013
2012
0
8,215
8,215
0
3,270
3,270
0
18,531
18,531
0
10,006
10,006
were incurred for transactions with the parent
company and its associated companies.
trust
Group
Management report
Group accounts
38c Receivables and liabilities to associated,
companies and holdings in €‘000
2013
2012
Loans to clients
Liabilities to customers
105,125
35,897
141,022
80,172
36,204
116,376
Total liabilities
140,646
1,843
142,489
92,720
5,111
97,831
The fair value of of the companies listed on the stock
exchange, which are included according to the equity
method was €302 million on the reporting date
(previous year: €298 million). The temporary differences under IAS 12.87 on the reporting date amounted to €270 million (previous year: €253 million).
The number of shares held by associated companies was 6,702,625 (previous year: 6,702,625 shares).
38d The at-equity valued associated companies showed
the following values at the balance sheet date in €‘000
assets
Liabilities
Earnings
Profit/loss over the period
38e The associated companies valued at continued acquisition costs
showed values at the balance date of in €‘000
assets
Liabilities
Earnings
Profit/loss over the period
The last available yearly financial statement was
used as the basis for the calculation of the values
in tables 38d and 38e.
2013
2012
24,672,249
22,538,948
984,367
162,522
24,575,827
22,575,791
1,078,426
154,758
2013
2012
67,939
29,302
57,415
–276
65,900
26,297
52,495
1,438
Group accounts
In the context of the profit and loss account, there are
earnings of €1,207,000 (previous year: €1,763,000)
and expenses of €780,000 (previous year: € 1,015,000)
were accrued for transactions with the parent company and its associated companies.
39 Total volume of not yet transacted derivative financial products
Total volume of not yet transacted derivative financial products as at 31 December 2013:
in €‘000
Contract volume / residual terms
Interest swaps
Purchase
Sale
Interest rate options
Purchase
Sale
Interest rate contracts, total
< 1 year 1- 5 years
221,169 1,063,618
110,923
420,797
110,246
642,821
54,808
197,033
27,404
98,659
27,404
98,374
275,977 1,260,651
Currency swaps
Purchase
Sale
Foreign exchange futures
FX Swaps
Total currency exchange rate contracts
17,500
8,750
8,750
37,116
921,960
976,576
erivate trades relating to
D
securities and other derivatives
Purchase
Sale
Trades relating to securities
and other derivatives Total
Total bank register
positive negative
< 1 year
1,490 –1,486
0 –1,486
0
1,490
185
–185
183
–2
2
–183
1,675 –1,671
Market values
positive negative
1- 5 years
37,135 –35,197
4 –34,735
–462
37,131
407
–410
399
–6
8
–404
37,542 –35,607
positive negative
> 5 years
19,537 –5,344
118 –4,991
19,419
–353
1,078
–986
778
–198
300
–788
20,615 –6,330
> 5 years
482,666
97,443
385,223
131,760
65,880
65,880
614,426
Total
1,767,453
629,163
1,138,290
383,601
191,943
191,658
2,151,054
48,536
24,268
24,268
4,358
0
52,894
12,186
5,300
6,886
0
0
12,186
78,222
38,318
39,904
41,474
921,960
1,041,656
1,943
0
1,943
336
5,506
7,785
–1,909
–1,909
0
–1,006
–7,056
–9,971
7,674
0
7,674
3
0
7,677
–7,564
–7,564
0
–160
0
–7,724
1,291
0
1,291
0
0
1,291
–1,619
–1,619
0
0
0
–1,619
26,000
16,000
5,000
47,000
814
0
554
0
60
0
0
26,000
26,000
0
16,000
16,000
0
5,000
5,000
0
47,000
47,000
0
814
814
0
0
0
0
554
554
0
0
0
0
60
60
0
0
0
1,278,553 1,329,545
631,612
3,239,710 10,274 –11,642 45,773 –43,331 21,966
–7,949
Coupon swap options – trading book
Purchase
Sale
Coupon swap – trading book
Purchase
Sale
0
0
0
0
0
0
0
15,383
7,171
8,212
0
0
0
15,383
34,735
17,022
17,713
0
0
0
34,735
50,118
24,193
25,925
0
0
0
50,118
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
8
0
0
0
0
8
–11
0
–11
0
0
0
–11
303
303
0
0
0
0
303
–315
0
–315
0
0
0
–315
D
Purchase
Trades relating to securities and
other derivatives Total
Total trading book
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,383
34,735
50,118
0
0
8
–11
303
–315
Non-transacted derivatives
Total financial instruments
1,278,553 1,344,928
666,347 3,289,828 10,274 –11,642 45,781 –43,342 22,269 –8,264
trust
Group
Management report
Group accounts
Total volume of not yet transacted derivative financial products at 31/12/2012:
Interest swaps
Purchase
Sale
Interest rate options
Purchase
Sale
Currency swaps
Purchase
Sale
Foreign exchange futures 1
FX Swaps 1
Total currency exchange rate contracts
D
Purchase
Sale
Total bank register
Coupon swap options – trading book
Purchase
Sale
Coupon swap – trading book
Purchase
Sale
D
Purchase
Total trading book
Non-transacted derivatives
Total financial instruments
Contract volume / residual terms
< 1 year 1- 5 years
178,477 1,302,856
39,357
598,948
139,120
703,908
14,542
251,684
7,271
125,842
7,271
125,842
193,019 1,554,540
> 5 years
470,853
184,261
286,592
156,648
78,324
78,324
627,501
Total
1,952,187
822,567
1,129,620
422,874
211,437
211,437
2,375,061
positive negative
< 1 year
1,701
– 865
0
– 865
1,701
0
0
0
0
0
0
0
1,701
– 865
2,702 – 2,680
0 – 2,680
2,702
0
330 –1,003
3,177 –9,990
6,209 –13,673
18,500
0
18,500
46,308
1,524,529
1,589,337
47,500
0
47,500
7,464
0
54,964
24,933
11,660
13,273
0
0
24,933
90,933
11,660
79,273
53,772
1,524,529
1,669,234
23,461
51,300
0
74,761
389
20,100
3,361
23,461
0
51,300
51,300
0
0
0
20,100
54,661
74,761
298
91
389
1,805,817 1,660,804
652,434
4,119,055
Market values
positive negative
1- 5 years
56,824 – 53,336
0 – 53,335
56,824
– 1
1,198 – 1,185
1,116
– 70
82 – 1,115
58,022 – 54,521
positive negative
> 5 years
25,184 – 23,150
0 – 23,150
25,184
0
931
– 803
517
– 286
414
– 517
26,115 – 23,953
6,632
0
6,632
0
0
6,632
– 6,432
– 6,432
0
–224
0
–6,656
4,721
0
4,721
0
0
4,721
– 4,945
– 4,945
0
0
0
–4,945
0
1,674
0
0
0
0
0
0
0
1,674
1,674
0
0
0
0
0
0
0
0
0
8,299 –14,538 66,328 –61,177 30,836 –28,898
678
82
596
0
0
0
678
8,417
4,186
4,231
1,728
1,728
0
10,145
45,721
22,464
23,257
0
0
0
45,721
54,817
26,732
28,085
1,728
1,728
0
56,545
0
0
0
0
0
0
0
– 1
0
– 1
0
0
0
– 1
0
0
0
0
0
0
0
0
0
0
– 12
– 12
0
– 12
205
205
0
0
0
0
205
– 209
0
– 209
0
0
0
– 209
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
678
10,145
45,721
56,545
0
– 1
0
– 12
205
– 209
1,806,495 1,670,949
698,155 4,175,600
Group accounts
in €‘000
8,299 –14,539 66,328 –61,189 31,041 –29,107
1 Previous year‘s values adjusted
The trading volume is divided by the type of
underlying financial instrument into the categories
of interest rate, currency rate and security related
trades. The selected subdivision of the volumes
by time to maturity concords with international
recommendations, as does the classification into
interest rate, currency rate and security based
trades. At the end of 2013, BTV only had OTC (over
the counter) trades on its books.
The derivative instruments held for non-trading
purposes are mainly represented by interest
rate contracts primarily requested by customers.
Alongside interest swaps customers also asked for
cross-currency swaps and interest rate options.
BTV closes off these positions with back-to-back
transactions with other credit institutions and does
not carry any risk on its own book. BTV itself uses
primarily interest rate swaps to manage the overall
bank rate risk. For management of currency rate
risks BTV mainly uses foreign exchange futures and
Derivatives fair value (as part of fair value hedges)
in €‘000
Derivatives in fair value hedges
currency swaps. In the reporting year, the foreign
exchange futures and FX swaps are presented for
the first time separately and the comparative figures were adjusted. The securities-related transactions relate solely to issued structured investment
products. The options required for these were
bought in through third-party banks.
The group uses fair value hedge accounting predominantly through interest rate swaps, in order to hedge
against changes in the fair values of fixed-income
financial instruments due to movements in market
interest rates. The fair values of the hedging instruments are classified under assets in the other assets
and classified as liabilities in the other liabilities.
The following table shows the current fair market
value of derivatives, which are held as part of fair
value hedges:
Other
Assets 2013
12,461
Other Other Assets
liabilities
2012
2013
6,237
1,776
Other
liabilities
2012
9,958
trust
Group
Management report
Group accounts
40 fair value hierarchy of financial instruments which are valued at fair value
This hierarchy reflects the significance of the input data
used for the valuation and is classified as follows:
The allocation of certain financial instruments to the
categories requires a systematic assessment, especially
if the valuation is based on both observable as well as
unobservable market parameters. The instrument classification may also change over time in consideration
of changes to the market parameters.
Quoted prices in active markets (Level 1):
This category contains equity, corporate bonds and
government lending listed on major exchanges. The
fair value of financial instruments traded in active markets is calculated on the basis of quoted prices, in so
far as these represent prices applied within the context
of regular and current transactions.
For securities and other investments which are valued at fair value, the following valuation processes
are applied:
An active market must fulfil cumulatively the following conditions:
Level 2
Securities which are not traded in an active market
are valued by means of the discounted cash flow
method. This means that the future projected cash
flows are discounted by means of suitable discount
factors in order to calculate the fair value. The discount factors contain both the credit curve without
credit risk as well as the credit spreads which follow
the credit rating and the rank of the issuer. The interest curve for discounting contains hereby securities account, money-market futures and swap rates
as observable on the market. The calculation of the
credit spread follows a 3-step process:
• The products traded on the market are homogenous,
• normally willing contractual buyers and sellers
can be found any time and
• prices are available to the public.
A financial instrument is seen as listed on an active
market if its prices are available easily and regularly
from a stock exchange, a trader or broker, an industry group, a price service agency or a supervisory
authority and these prices represent actual and
regularly occurring market transactions.
Valuation procedure through observable parameters (Level 2):
This category includes OTC derivative contracts,
receivables and issued debt securities of the Group
classified at fair value.
Valuation procedures through significant unobservable parameters (Level 3):
The financial instruments in this category show
input parameters which are based on unobservable markets.
Level 1
The fair value is derived from the transaction prices
as traded on the stock exchange.
1) If there is for the issuer a bond of the same rank
and of the same remaining term which is actively
traded on the market, this credit spread is used.
2) if there is no comparable bond which is actively
traded on the market, the credit default swap
spread (CDS spread) with a similar term is applied.
3) If there is neither a comparable bond traded on
the market nor an actively traded CDS, then the
credit spread from a comparable issuer is applied
(level 3). This approach is currently not being used
at the BTV group.
Group accounts
The financial instruments reported at fair value are
classified at fair value in the three tier valuation
hierarchy as follows.
Level 3
The accompanying current values of the mentioned financial assets in the third stage where determined in accordance with generally recognised
valuation processes. Significant parameters are the
depreciation rate as well as long-term success and
capitalisation values with consideration of the experience of the management as well as knowledge
of the market conditions of the specific industry.
The issues are categorised at level 2 and the valuation takes place in accordance with the following
process:
Level 2
The own issues are not subject to active trade on
the capital market. Instead they are retail issues and
private placements. The valuation consequently
takes place by means of a discounted cash flow
valuation model. This is based on an interest curve
based on money market interest rates and swap
interest as well as BTV‘s credit spreads. The credit
spreads align themselves with the spreads that are
payable at the time for an interest rate hedging
transaction (interest spread on swap).
The derivatives are also categorised at level 2. The
following valuation processes are applied:
Level 2
Derivative financial instruments are divided into derivatives with a symmetrical payment profile as well as
derivatives with an asymmetrical payment profile.
At BTV, derivatives with a symmetrical payment
profile contain interest derivatives (interest swaps
and interest rate forwards) and foreign currency
derivatives (FX Swaps, cross currency swaps and
FX outright transactions). These derivatives are
calculated by means of the discounted cash flow
method which is based on money market interest
rates, money market futures-interest rates, swap
interest rates as well as basis spreads which can be
observed continually on the market.
At BTV, derivatives with an asymmetrical payment profile contain interest derivatives (caps and
floors). The calculation of the fair value occurs here
by means of the Black-76-Option price model. All
inputs are either completely directly observable
on the market (money market rates, money market
futures- interest rates as well as swap interest rates)
or derived from input factors observable on the
market (caps / floor volatilities implicitly deducted
from option prices).
The following tables show the fair value valuation
methods used in order to determine the fair value
of the balance sheet financial instruments.
trust
Group
Management report
Group accounts
Fair value hierarchy of financial instruments
which are valued at fair value as at
Prices listed
in active markets
Valuation
methods based
on market data
Valuation
methods not
based on
market data
Level 1
Level 2
Level 3
Financial assets stated at fair value
Trading portfolio securities
Positive market values from derivative financial instruments
Assets classified at fair value
Financial assets available for disposal
Overall financial assets classified at fair value
0
0
129,100
891,804
1,020,904
0
77,401
25,822
127,321
230,544
0
0
301
232,064
232,365
Financial liabilities stated at fair value
Negative market values from derivative financial instruments
Liabilities classified at fair value
Overall liabilities classified at fair value
0
0
0
62,883
554,796
617,679
0
0
0
Prices listed
in active markets
Valuation
methods based
on market data
Valuation
methods not
based on
market data
Fair value hierarchy of financial instruments
which are valued at fair value as at
Level 2
Level 3
0
0
149,297
872,072
1,021,369
0
105,495
53,969
83,225
242,689
0
0
0
0
0
Financial liabilities stated at fair value
Negative market values from derivative financial instruments
Liabilities classified at fair value
Overall liabilities classified at fair value
0
0
0
105,354
557,549
662,903
0
0
0
Group accounts
Level 1
Financial assets stated at fair value
Financial assets available for disposal
Overall financial assets classified at fair value
Pur- Sales, Transfer Transfer Currency December
Movements in level 3 of
December Success Success
2013
in
from chases repayfinancial instruments
2012 in profit
from conversion
ments Level 3 level 3
other
assessed at fair value in €‘000
and loss
operating
income
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
307
0
0
0
608
0
0
301
Financial assets available for
disposal
0
0
0
0
0 232,064
0
0
232,064
Overall financial assets
classified at fair value
0
307
0
0
0 232,672
0
0 232,365
Movements between level 1, level 2 and level 3
The proportion of assets at level 2 changed through
re-categorisation from level 1 to level 2 during 2013 by
€9,723,000. The reclassification is the result of a reduction in activities in certain markets.
In 2013, securities classified at fair value in the amount
of €608,000 as well as financial assets available for sale
in the amount of €232,064,000 were reclassified from
level 2 to level 3, as no corresponding comparative
values were available.
41 Fair Value of financial instruments, which are not valued at fair value
In the following table for each balance sheet item
the fair market value is compared to the book
value. The market value is the amount, which in
an active market could be raised from the sale of
a financial instrument or which would need to be
paid to make an equivalent purchase.
Assets
in €‘000
Cash reserves
Loans to clients
Liabilities
in €‘000
Securitised debt
For positions without a contractually fixed term
the relevant book value was applied. If no market
prices exist, then generally accepted valuation
models were applied, in particular analysis using
discounted cash flow and the option price model.
Fair value Book value
Fair value
Book value
31 December 31 December 31 December 31 December
2012
2013
2012
2013
229.545
229.545
109,068
109,068
323,088
321,850
470,595
467,009
6,881,828
6,404,543
6,893,801
6,387,467
875,006
846,262
835,193
787,509
Fair value Book value
Fair value
Book value
31 December 31 December 31 December 31 December
2012
2013
2012
2013
1,744,778
1,752,704
1,815,028
1,812,496
5,431,697
5,427,569
5,425,417
5,395,099
467,988
478,781
342,923
353,078
253,086
254,756
275,879
277,138
trust
Group
Management report
Group accounts
Level 1
For securities which were assigned to the accounting category ‚held to maturity‘ (HtM), the fair value
is calculated from the price created on the market.
Level 2
For securities which cannot be valued through prices
created on the market (mostly regarding securities traded on stock exchanges and on functioning
markets), the fear value is determined in accordance
with the discounted cash flow method. This means
that the future projected cash flows are discounted by
means of suitable discount factors in order to calculate
the fair value. In this case, adequate credit spreads per
bond issuer are flowing in. The credit spread is primarily derived for illiquid securities from credit default
swaps. If no credit default swap spread is available, the
calculation of the credit spread is made via comparable
financial instruments from comparable issuers available on the market. Furthermore, external valuations
by third parties are also taken into consideration which
however have indicative character at any rate.
Level 3
At level 3, the fair value calculation takes place via
models, whereby a part of the input parameters
contains data not observable on the market and,
42 Fair value hierarchy of financial instruments,
which are not valued at fear value as at
Financial assets not valued at fair value
Loans to clients
Financial assets held until maturity
Overall financial assets not valued at fair value
Financial liabilities not valued at fair value
Securitised debt
Overall liabilities not valued at fair value
consequently, are based on assumptions which are
made within the bank. This primarily effects nonsecuritised loans to customers and banks which are
valued ‚at cost‘. Herewith, for the fair value calculation the underlying credit spread per counter party
is normally not known and also cannot be derived
from the market.
Liabilities
Level 2
For liabilities which are not accounted for at fair
value, the fair value is determined according to
the discounted cash flow method. This means that
the future projected cash flows are discounted
by means of suitable discount factors in order to
calculate the fair value. In the case of securitised
liabilities, BTV‘s credit spread is used which orientates itself with the spreads of bond issues payable
at the time.
Level 3
In the same way as the non-securitised loans, the
non-securitised liabilities to customers and banks
are also components of level 3. These products are
also generally not valued at market value. The creation of a fair value also takes place by means of the
discounted cash flow method whereby the credit
spread remains disregarded here.
Prices listed
in active markets
Valuation
methods based
on market data
Valuation
methods not
based on
market data
0
0
829,821
829,821
0
0
45,186
45,186
323,088
6,881,828
0
7,204,916
0
0
0
0
0
0
0
467,988
253,086
721,074
1,744,778
5,431,697
0
0
7,176,475
Group accounts
assets
43 Term to maturity breakdown
Assets as at 31 December 2013
due daily
in €‘000
< 3 months 3 Month – 1
year
118,768
4,975
424,232
1,009,606
5,360
1,214
0
14,600
1- 5 years
> 5 years
Total
30,634
1,925,176
18,954
132,217
0
1,847,218
1,680
8,105
321,850
6,404,543
27,208
155,223
Loans to clients
Trading assets
Financial assets - at fair value
167,473
1,198,311
0
301
72,835
49,127
88,093
610,065
431,069
1,251,189
0
99,992
112,216
333,999
300,055
846,262
1,438,920
697,479
1,230,704
3,051,045
2,588,127
9,006,275
year
842,619
559,243
1- 5 years
> 5 years
Total
94,890
47,800
1,752,704
Total assets
Liabilities as at 31 December
2013 in €‘000
Securitised debt
Trading liabilities
Total liabilities
Assets as at 31 December 2012
due daily
208,152
2,992,862
0
0
0
1,219,764
32,854
4,378
20,320
591,604
75,169
4,232
86,475
535,333
538,661
11,657
209,651
88,006
233,807
1,176
91,395
5,427,569
880,491
21,443
407,841
3,201,014
2,119,935
1,316,723
1,390,192
462,184
8,490,048
year
116,921
79,837
408,752
920,615
937
2,196
0
3,086
1- 5 years
> 5 years
Total
40,364
1,946,414
28,760
176,214
0
2,250,535
3,433
23,109
467,009
6,387,467
35,326
203,267
due daily
in €‘000
Loans to clients
Trading assets
Financial assets - at fair value
229,888
861,151
0
858
59,651
36,089
70,777
546,211
398,584
1,111,313
0
33,036
119,734
401,067
233,672
787,509
1,151,548
596,994
1,194,986
3,139,030
2,909,333
8,991,891
due daily
< 3 months
1- 5 years
> 5 years
Total
469,834
952,615
3 Month –
1 year
42,622
276,858
70,567
1,812,496
2,590,634
0
0
0
1,522,226
57,905
10,199
4,899
867,329
193,497
1,312
26,095
377,131
432,230
18,054
314,608
37,778
64,913
1,388
93,618
5,395,099
748,545
30,954
439,220
3,060,468
2,547,844
1,130,855
1,418,881
268,264
8,426,314
Total assets
Liabilities as at
Securitised debt
Trading liabilities
Total liabilities
trust
Group
Management report
Group accounts
44 bodies of BTV AG
The following members of the Board of Directors and the Supervisory Board were active for BTV during 2013:
Chairman
Consul Peter Gaugg – Spokesman for the Board
Mag. Matthias Moncher, Member of the Board of Directors
Gerhard Burtscher, Member of the Board of Directors (from 1 June 2013)
Mag. Dietmar Strigl, Member of the Board of Directors (up to 31 May 2013)
Supervisory Board
Honorary Presidents
Honorary Chairman Dr Hermann Bell, Linz
Councillor of Commerce i. R. Dr Gerhard Moser (deceased 30 May 2013), Innsbruck
Dr Heinrich Treichl, Vienna
Chairman
Consul Kommerzialrat Chief Executive Dr Franz Gasselsberger, MBA, Linz
Deputy
Consul Kommerzialrat Chief Executive Business School Graduate Dr Heimo Johannes Penker, Klagenfurt
Employee representative
Harald Gapp, Chairman of the Central Works Council, Innsbruck
Alfred Fabro, Deputy Chairman of the Works Council, Wattens
Harald Praxmarer, Deputy Chairman of the Works Council, Neustift im Stubaital
Stefan Abenthung, Götzens
Birgit Fritsche, Nüziders
Bettina Lob, Vils
Group accounts
Members
Mag. Pascal Broschek, Fieberbrunn
Dipl.-Ing. Johannes Collini, Hohenems
Franz Josef Haslberger, Freising (D) (from 11 May 2012)
Univ.-Prof. Dr Waldemar Jud, Graz
Dr Dietrich Karner, Vienna
RA Dr Andreas König, Innsbruck
Consul General “Councillor of Commerce” Business School Graduate Dr Johann F. Kwizda, Vienna
Dr Edgar Oehler, Balgach (CH)
Director Karl Samstag, Vienna Councillor of Commerce
Hanno Ulmer, Wolfurt
Government commissioner
Government commissioner Privy councillor Dr Erwin Trawöger, Innsbruck
Deputy: Privy Councillor Dr Elisabeth Stocker, Innsbruck
45 presentation of holdings as at 31 December 2013
As at 31 December 2013, the company had holdings in at least 20% of the shares in the following
companies which are included in the Group accounts and are also insignificant as a whole:
name of company and registered office
a) Affiliated companies
1. Domestic financial institutions:
GS Liegenschaftsverwaltungs GmbH, Vomp
2. Other domestic companies:
BTV Beteiligungsholding GmbH, Innsbruck
BTV 2000 Beteiligungsverwaltungsgesellschaft
m.b.H., Innsbruck
Beteiligungsholding 3000 GmbH, Innsbruck
Beteiligungsverwaltung 4000 GmbH, Innsbruck
Stadtforum Tiefgaragenzufahrt GmbH, Innsbruck
Mayrhofner Bergbahnen Aktiengesellschaft, Mayrhofen
Freiraum I GmbH, Mayrhofen
KM Immobilienservice GmbH, Innsbruck
KM Immobilienprojekt IV GmbH, Innsbruck
Miniaturpark Bodensee GmbH, Meckenbeuren
PV Management GmbH, Innsbruck 5
C3 Logistik GmbH, Innsbruck
3. Other foreign companies:
AG für energiebewusstes Bauen AGEB, Staad
KM Beteiligungsinvest AG, Staad
Total
capital
holding
Direct
capital
holding
100.00%
Equity in Results
€ million 1 in €‘0002
Date of
conclusion
0.8
26 31 December 2013
992 30 November 2013
989 30 November 2013
100.00%
100.00%
100.00%
113.2
63.3
100.00%
100.00%
100.00%
50.52%
100.00%
7.4
4.3
0.0
60.3
39
239
–3
4,093
30 November 2013
30 November 2013
31 December 2013
30 November 2012
0.0
0.0
0.6
0.0
0.0
0.1
–37
–23
–3
789
–78
–69
30 November 2012
31 December 2012
31 December 2012
31 December 2012
31 October 2013
30 September 2013
50.52%
100.00%
100.00%
100.00%
100.00%
100.00%
50.00%
100.00%
100.00%
100.00%
0.2
24.6
34
30 June 2013
794 31 December 2012
trust
Group
Management report
Group accounts
name of company and registered office
b) Other companies
Other domestic companies:
Beteiligungsverwaltung Gesellschaft m.b.H., Linz
DREI-BANKEN-EDV Gesellschaft m.b.H., Linz
3-Banken Beteiligung Gesellschaft m.b.H., Linz
SHS Unternehmensberatung GmbH, Innsbruck
Sitzwohl in der Gilmschule GmbH, Innsbruck
Process Engineering SMT GmbH, Dornbirn
Montafoner Kristberg-Bahn Silbertal Gesellschaft
m.b.H., Silbertal
Total capital holding
Direct
capital
holding
30.00%
30.00%
30.00%
25.00%
25.71%
32.63%
20.64%
30.00%
30.00%
Equity in Results in
€ million 1
€‘0002
13.7
3.5
19.9
1.0
-0.1
0.1
0.5
Date of
conclusion
–64 31 December 2013
–1.422 31 December 2013
21 30 September 2013
43 30 September 2013
66
30 April 2013
1 Equity in the sense of Section 229 of the Austrian Commercial Code (UGB) plus untaxed reserves
2Annual profit/loss after taxes on income, before transfer to reserves or application of results, for fiscal entities
and non-limited companies annual profit before taxes.
Peter Gaugg
Board Spokesperson
Member of the Board
Gerhard Burtscher
Member of the Board
money laundering.
Member of the Board of
§Directors with responsibility
for risk, process, IT and cost
management; The departments
for finance and controlling, legal
matters and investments and
group audit; Compliance and
money laundering.
Oberland and Unterland; Corporate and private customer business
in Switzerland; Institutional Clients
and Banks, Corporate audit; Compliance and money laundering.
Group accounts
Declaration by the statutory representatives pursuant to Section 82 (4)
and 87 (1) BörseG (Stock Exchange Act)
We confirm that to the best of our knowledge the
group accounts, drawn up in accordance with the
statutory accounting standards provides a true
picture of the assets, financial and profit situation
of the group, that the management report presents
the course of business, the results of business activities and the situation of the group in a way which
provides a true and fair view of the assets, financial
and earnings situation of the group, and that the
management report discloses all significant risks
and uncertainties to which the group is exposed.
We confirm that to the best of our knowledge that
the accounts of the parent company, drawn up in
accordance with the statutory accounting standards provides a true picture of the assets, financial
and earnings situation of the company, that the
management report presents the course of business, the results of business activities and the situation of the company in a way which provides a true
and fair view of the assets, financial and earnings
situation of the company, and that the management report discloses all significant risks and
uncertainties to which the company is exposed.
Peter Gaugg
Board Spokesperson
Member of the Board
Gerhard Burtscher
Member of the Board
money laundering.
Member of the Board of Directors
with responsibility for risk, process,
IT and cost management; The
departments for finance and
controlling, legal matters and
investments and group audit;
Oberland and Unterland; Corporate and private customer business
in Switzerland; Institutional Clients
and Banks, Corporate audit;
trust
Group
Management report
Group accounts
Report from independent auditors
Report on Group Accounts
We have audited the attached group accounts for
Bank für Tirol und Vorarlberg AG Aktiengesellschaft,
Innsbruck,
Audited for the financial year from 1 January to
31 December 2013 including the underlying bookkeeping. This group financial statement includes
the group balance sheet on 31 December 2013, the
group profit and loss statement, the group cash flow
statement and the statement of changes in the group
equity for the financial year ending 31 December
2013, as well as the notes to the group accounts.
Legal representatives‘ responsibility for the group
accounts and the book-keeping
The legal representatives of the company are responsible for the maintenance of the books for the
group as well as for preparing the group accounts,
which are to reflect a true picture of the assets,
financial and earnings situation of the group, in
accordance with the International Financial Reporting Standards (IFRSs), as applied in the EU. This
responsibility includes: Design, implementation
and enforcement of an internal control system, as
required to support creation of the group accounts
which present a true picture of the assets, financial
and earnings situation of the group, so that these
are free of any material misrepresentations, whether due to deliberate or unintentional errors; the
choice and application of appropriate accounting
policies and valuation methods; the preparation
of estimates which appear suitable taking existing
circumstances into consideration.
Responsibility of the group auditors and description of the type and scope of the legal annual audit
Our responsibility consists of issuing an audit opinion
on these group financial statements on the basis of our
audit. We carried out our audit in accordance with the
legal provisions which apply in Austria and the International Standards on Auditing (ISAs) issued by the
International Auditing and Assurance Standards Board
(IAASB) of the International Federation of Accountants (IFAC). These principles require that we adhere
to professional standards and plan and carry out the
audit in such a manner that we have sufficient assurance to be able to form an opinion as to whether the
group financial statements are free from any material
misrepresentation.
An audit includes carrying out checks to provide
audit evidence of amounts and other information
provided in the group financial statements. The
choice of audit checks is governed by the duty of
judgement on the group account auditors taking
into account their assessment of the risk of material
misrepresentations being present, whether due to
deliberate or unintentional errors. In undertaking
this risk assessment, the group accounts auditor
must also take into consideration the internal control system, insofar as it affects the creation of the
group financial statements and the presentation of
a true picture of the assets, financial and earnings
situation of the group, in order to determine suitable audit checks to carry out appropriate to the
circumstances, but not in order to provide an audit
opinion on the effectiveness of the internal controls themselves within the group. The audit also
includes an opinion on the appropriateness of the
accounting policies and valuation methods applied
and all material assessments made by the legal representatives, as well as an evaluation of the overall
presentation of the group financial statements.
We believe that we obtained sufficient and suitable
verification with our audit, so that our audit provides a
reasonably sound basis for our audit opinion.
Group accounts
Audit Certificate
Audit opinion
Our audit did not lead to any objections. Based
on the results of our audit, in our judgement the
group financial statements are in accordance with
legal requirements and provide a true and fair view
of the assets and financial situation of the group as
at 31 December 2013 as well as the earnings position of the group and the group‘s cash flows for the
financial year from 1st January up to 31st December 2012 in accordance with International Financial
Reporting Standards (IFRSs), as applied in the EU.
Opinion on the Group Management Report
The group management report is to be audited according to the legal requirements as to whether it is
in accordance with the group financial statements and
whether the further information in the management
report does not provided a misleading picture of the
group situation. The audit certificate must also contain
an opinion as to whether the consolidated management report is consistent with the consolidated financial statements and whether the data are accurate,
pursuant to Section 243a UGB.
In our judgement the group management report is
consistent with the group financial statements. The
data are accurate, pursuant to Section 243a UGB.
KPMG Austria AG
Auditing and
tax advisory company
Mag. Ulrich Pawlowski
Auditor
Mag. Peter Humer, CIA
Auditor
trust
Group
Management report
Group accounts
Both the Working Committee and the Loans Committee of the Supervisory Board have continuously
monitored the business events which required its
approval. In addition, the auditing committee convened twice and has performed its legally required
audit and monitoring tasks to the fullest extent,
particularly in relation to the internal control system,
the risk management system, the accounting process
as well as the corporate governance report. The
remuneration committee met as planned on one
occasion and fully performed during the financial year
the duties assigned to it especially through the Banking
Act, especially the passing, auditing and controlling of
the principles of the remuneration policy as well as the
measuring of the variable remuneration of the Members of the Board. The nomination committee proposed to the plenum of the supervisory board within
the framework of a structured appointment process
the appointment of Mr Gerhard Burtscher as an
additional member of the board which was decided at
the meeting of the supervisory board on 21 March
2013. The meetings and decisions of the committees
of the supervisory board where reported to the
plenum of the supervisory board at the respective
subsequent meeting.
To sustainably ensure the professional and personal
suitability of the members of the supervisory board as
well as the management of BTV, the supervisory board
has decided on a Fit & Proper Policy and was able to to
ascertain during a reconciliation at the fourth session of
the supervisory board the fulfilment of the requirements set out therein by the members of the supervisory board. In implementing the Fit & Proper policy, in
addition to the information already provided within the
framework of the meetings of the supervisory board
and its committees, the members of the supervisory
board have now also at their disposal specialist options
for training and further professional development
provided through third party experts.
The auditor of the financial statements, KPMG Austria
AG Auditor and Accounting Company, Innsbruck, has
checked the book-keeping, the individual and the
group financial statements as well as the individual and
group management reports for the company. The audit
conformed to the legal requirements and did not give
rise to any objections. The financial statements are
accompanied by an unqualified opinion.
At its meeting on 21.03.2013 the Auditing Committee
examined the individual and group annual accounts
and the individual and group management report of
the company and also the Corporate Governance
report and recommended the findings from the annual
accounts to the full meeting of the Supervisory Board,
in which regard this was reported to the full meeting of
the Supervisory Board accordingly.
The Supervisory Board adopts the results of the audit,
declares that it is in agreement with the financial
statements presented by the Board of Directors
including management report and approves the
financial statements for 2012 for the company, which
are thereby established as required by Section 96 para
4 of the Share Act.
Group accounts
The Supervisory Board has carried out the tasks
required of it by the law and the company statutes
while adhering to the regulations of the current version
of the Austrian Code of Corporate Governance. The
Board of Directors reported regularly on the progress
of business and the situation of the company and the
group. In particular, the development of the economic
environment as well as the implementation of the
regulatory specification, emphasis on Basel III, were at
the centre and were comprehensively discussed and
debated at the meetings of the supervisory board and
its committees. During the financial year, the supervisory board convened each quarter, whereby the Board
of Directors has also been communicating outside the
sessions of the supervisory board and its committees
with the supervisory board in particular in relation to
significant events.
The Supervisory Board had available to it copies of the
Financial Statements and Management Report, drawn
up as required by the Austrian company legal requirements. The Financial Statements show at 31st December 2013 a true and fair picture of the capital and
financial situation of the Bank für Tirol und Vorarlberg
Aktiengesellschaft. A similar view for the time period
1st January up to 31 December 2013 is provided by the
attached comments on the earnings situation. The
audit carried out by KPMG Austria AG Auditing and
Accounting Company, Innsbruck, did not give rise to
any objections.
The recommendation of the Board of Directors to pay
out a dividend of €0.30 per share for the year 2012, i.e.
€7,500,000.00 and to carry forward the residual profit
is endorsed by the Supervisory Board.
Innsbruck, 25 March 2014
The Supervisory Board
Dr Franz Gasselsberger, MBA Chairman
trust
Group
Management report
Group accounts
2013
2012
2011
2010
2009
9,589
322
6,405
–207
155
9,496
467
6,387
–194
203
9,215
282
6,214
–184
203
8,887
235
5,940
–165
226
8,465
291
5,559
–174
176
1,251
846
334
1,753
5,428
880
408
913
6,716
4,830
1,111
788
319
1,812
5,395
749
439
846
6,583
4,786
1,034
909
297
1,601
5,373
776
479
767
6,628
4,343
1,005
965
277
1,795
4,881
804
483
676
6,168
4,521
867
1,012
253
1,424
4,984
803
473
612
6,260
4,049
2013
2012
2011
2010
2009
Net interest income
Trading income
Operating expenses
Profit arising from financial assets – at fair value
175.7
–46.9
45.3
1.0
–96.0
–2.3
2.5
164.3
–39.9
42.3
3.2
–92.8
–2.4
7.8
164.6
–37.1
42.5
0.6
–94.8
–1.2
–6.7
146.6
–42.1
43.3
2.8
–90.9
1.8
2.6
131.4
–44.5
40.3
4.5
–94.5
3.4
10.7
2.8
–8.5
–3.2
–1.2
0.1
–0.0
–3.8
0.0
–1.2
0.0
Dividend paid by BTV AG
82.1
64.4
7.5
70.1
60.7
7.5
64.7
53.5
7.5
61.8
49.2
7.5
51.3
47.8
7.5
BALANCE SHEET € million
Total assets
Loans to Credit Institutions
Loans to clients
Risk provisions
Financial assets
at fair value through profit or loss
Securitised debt
Equity
Primary funds
Volume of securities held in deposit for customers
Profit & Loss Statement in € million
Group accounts
equity as defined by BWG (Banking Act)
2013
2012
2011
2010
2009
6,055
964
13.33%
15.93%
480
5,992
995
12.45%
16.61%
516
6,387
935
11.22%
14.63%
424
6,038
853
8.89%
14.13%
370
5,758
800
7.89%
13.90%
340
2013
2012
2011
2010
2009
2.58
9.34%
7.32%
43.3%
26.7%
766
2.44
8.69%
7.52%
44.2%
24.3%
779
2.16
8.96%
7.42%
45.6%
22.5%
790
1.98
9.59%
7.63%
47.2%
28.7%
794
1.92
8.80%
8.20%
53.7%
33.8%
862
37
37
40
41
41
in € million
Risk-adjusted assessment basis*
Qualifying Equity
Core capital ratio in %*
Total capital ratio in %*
Surplus equity
company key indicators
Earnings per share in €*
Return on Equity before tax
Return on Equity after tax
Cost/income ratio
Risk/earnings ratio
Average weighted number of employees
(white collar)
Number of branches
* The basis for assessment and therefore also the calculation of the quotas were changed as can be seen on page
70. The values of the previous years where adjusted.
trust
Group
Management report
Group accounts
3 Banks shareholder structure
BTV Shareholder structure by VOTING RIGHTS
41.70 % CABO Beteiligungsgesellschaft
m.b.H., Vienna
15.10 %
14.69 %
15.12%
10.46 %
0.40 %
Generali 3 Banken Holding AG, Wien *)
2.53 %
oberbank by VOTING RIGHTS
m.b.H., Vienna
18.51%
18.51%
5.13 %
19.36 % Minor shareholders
3.74 % Employee holdings
2.21%
BTV AG, Innsbruck *)
Generali 3 Banken Holding AG, Vienna
m.b.H., Vienna
19.54 %
7.46 %
19.65 %
BTV AG, Innsbruck *)
UniCredit Bank Austria AG, Vienna
Group accounts
bks bank by VOTING RIGHTS
12.39 % Minor shareholders
0.33 %
BKS-Belegschaftsbeteiligungsprivatstiftung
7.88 %
Generali 3 Banken Holding AG, Vienna*)
3.11 %
reg. Gen.m.b.H., Salzburg
Overview of 3 Banken Group – Group information
BKS Bank
Profit and loss
in € million
Net interest income
Commission income
Operating expenses
Oberbank
BTV
2013
2012
2013
2012
2013
2012
146.2
–42.7
45.4
–100.8
45.5
40.6
143.1
–38.6
44.4
–100.8
49.9
43.1
335.6
–70.6
114.6
–231.0
141.7
122.4
312.9
–59.8
108.2
–225.9
135.8
111.2
175.7
–46.9
45.3
–96.0
82.1
64.4
164.3
–39.9
42.3
–92.8
70.1
60.7
6,743.8
4,874.2
4,597.5
1,741.2
813.9
6,654.4
4,794.2
4,362.4
1,797.9
816.6
17,570.9
11,317.1
12,250.4
3,352.1
2,224.4
17,675.1
10,877.0
11,607.9
3,380.1
2,208.8
9,588.5
6,197.4
6,715.9
1,175.8
1,288.3
9,496.4
6,193.0
6,582.9
1,272.9
1,187.8
714.2
11,383.4
6,785.9
688.3
10,674.9
6,312.5
1,421.0
22,787.5
10,537.1
1,342.4
21,558.0
9,950.1
913.1
11,545.8
4,829.9
845.5
11,368.8
4,785.9
4,423.3
707.6
662.5
353.8
326.8
13.92%
16.00%
4,457.9
709.5
630.7
352.9
325.8
13.10%
15.92%
10,734.0
1,824.8
1,320.6
965.8
898.1
12.30%
17.00%
10,481.9
1,762.5
1,245.4
922.8
857.9
11.88%
16.81%
6,055.4
964.4
866.7
512.1
479.9
13.33%
15.93%
5,992.1
995.4
806.0
542.1
516.0
12.45%
16.61%
6.49%
5.79%
54.3%
29.2%
7.48%
6.47%
54.1%
27.0%
10.31%
8.91%
52.1%
21.1%
10.59%
8.67%
53.6%
19.1%
9.34%
7.32%
43.3%
26.7%
8.69%
7.52%
44.2%
24.3%
910
930
2,001
2,020
766
779
56
55
150
147
37
37
Profit & Loss Statement in € million
Total assets
Loans and advances to clients after loan loss provisions
Primary funds
of which savings deposits
of which securitised debt including Subordinated
capital
Equity
Managed deposits
of which customer deposits
Equity as defined by BWG in € million
Measurement basis
Equity
of which core capital (Tier 1)
Surplus before operational risk
Surplus after operational risk
Core capital ratio
Total capital ratio
Company key indicators in %
Return on Equity before tax
Return on Equity after tax
Cost/income ratio
Risk/earnings ratio
Number
of resources
Weighted average payroll (white collar),
excluding subsidiaries
Number of branches
Imprint
Bank für Tirol und Vorarlberg AG Aktiengesellschaft
Stadtforum 1
6020 Innsbruck
T +43/5 05 333-0
F +43/5 05 333-1180
SWIFT/BIC: BTVAAT22
Routing no.: 16000
Data processing register: 0018902
Commercial register no.: 32.942w
Tax ID: ATU 317 12 304
[email protected]
www.btv.at
Notes
Any reference in the company reports to a person
(e.g. he, him) is intended to apply equally to women
and men.
In the BTV company report there may be slightly
differing values between tables or charts.
This report contains forward-looking statements relating to the future performance of BTV. These statements reflect estimates which have been made on the
basis of all information available to us on the reporting
date. Should the assumptions underlying such forward-looking statements prove incorrect, or should
risks materialise to an extent not anticipated, actual
results may vary from those expected at present.
Media owner (Publisher)
Bank für Tirol und Vorarlberg AG
Stadtforum 1
6020 Innsbruck
Design
BTV Marketing & Communication (page 1–22)
Mag. Barbara Riesner
BTV Finanzen & Controlling (pages 23–139)
MA Daniel Stöckl-Leitner
Mag. Hanna Meraner
MA (Ms) Reinhard Auer
Design
BTV Marketing & Communication
Mag. (FH) Nicola Dander
Photographs
Nicolò Degiorgis (pages 3–5)
Sonja Braas (page 8)
Lisa Mathis (pages 8 and 10)
Wolfgang C. Retter (page 9)
DMC 01 Consulting & Development GmbH
(design page 9, advertisement page 9)
Printing
Aristos Druckzentrum GmbH, Hall in Tirol
Final version
5. March 2014
STUTTGART
AUGSBURG
btv
vier
länder
banK
BADENWÜRTTEMBERG
BAYERN
WIEN
MÜNCHEN
MEMMINGEN
RAVENSBURG
WINTERTHUR
STAAD
KITZBÜHEL
BREGENZ
SCHWEIZ
VBG
INNSBRUCK
TIROL
SÜDTIROL
VENETO
adresses
vorarlberg
tiroler oberland
and außerfern
tiroler unterland
innsbruck stadt
innsbruck land/
osttirol
bludenz
Werdenbergerstraße 14
6700 bludenz
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6616
[email protected]
ehrwald
Kirchplatz 21 a
6632 ehrwald
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4785
[email protected]
innsbruck-dez
amraser-see-straße 56 a
6020 innsbruck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-3923
[email protected]
seefeld
Klosterstraße 397
6100 seefeld
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4253
[email protected]
bregenz
Kaiserstraße 33
6900 bregenz
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6025
[email protected]
imst
dr.-Pfeiffenberger-str. 18
6460 imst
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5125
[email protected]
Kirchbichl
firmenkunden
e3 Wirtschaftspark
Kirchbichl
europastraße 8
6322 Kirchbichl
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5425
[email protected]
innsbruck-hötting*
schneeburggasse 7
6020 innsbruck
völs
bahnhofstraße 38 a
6176 völs
t +43/(0)5 05 333-0
f +43/(0)5 05 333-3508
[email protected]
bregenz vorkloster
mariahilfstraße 45 a
6900 bregenz
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6117
[email protected]
landeck
malser straße 34
6500 landeck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5035
[email protected]
dornbirn
Klostergasse 8
6850 dornbirn
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6360
[email protected]
reutte
untermarkt 23
6600 reutte
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4675
[email protected]
feldkirch
bahnhofstraße 8
6800 feldkirch
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6513
[email protected]
sölden
dorfstraße 31
6450 sölden
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5225
[email protected]
Götzis
im buch 6
6840 Götzis
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6725
[email protected]
telfs
anton-auer-straße 2
6410 telfs
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4445
[email protected]
Wolfurt
unterlinden 23
6922 Wolfurt
t +43/(0)5 05 333-0
f +43/(0)5 05 333-6225
[email protected]
Kitzbühel
vorderstadt nr. 9
6370 Kitzbühel
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5673
[email protected]
Kufstein
oberer stadtplatz 4
6330 Kufstein
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5325
[email protected]
Mayrhofen
hauptstraße 440
6290 Mayrhofen
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4915
[email protected]
schwaz
innsbrucker straße 5
6130 schwaz
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4345
[email protected]
st. Johann in tirol
dechant-Wieshofer-str. 7
6380 st. Johann in tirol
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5525
[email protected]
Wörgl
bahnhofstraße 18
6300 Wörgl
t +43/(0)5 05 333-0
f +43/(0)5 05 333-5435
[email protected]
innsbruck-mitterweg
mitterweg 9
6020 innsbruck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4025
[email protected]
innsbruckOlympisches Dorf
schützenstraße 49
6020 innsbruck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-3750
[email protected]
innsbruck-sonnpark
amraser straße 54
6020 innsbruck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-3654
[email protected]
innsbruck-stadtforum
stadtforum 1
6020 innsbruck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-1662
[email protected]
innsbruck-Wilten*
leopoldstraße 31 a
6020 innsbruck
hall in tirol
stadtgraben 19
6060 hall in tirol
t +43/(0)5 05 333-0
f +43/(0)5 05 333-3250
[email protected]
*
Only BTV Service zone
lienz
südtiroler Platz 2
9900 lienz
t +43/(0)5 05 333-0
f +43/(0)5 05 333-4832
[email protected]
btv headquarters
innsbruck head office
stadtforum 1
6020 innsbruck
t +43/(0)5 05 333-0
f +43/(0)5 05 333-1180
www.btv.at
[email protected]
business area
Private clients
t +43/(0)5 05 333-1111
f +43/(0)5 05 333-1181
[email protected]
credit management
service center
t +43/(0)5 05 333-1361
t +43/(0)5 05 333-2101
[email protected] f +43/(0)5 05 333-1377
[email protected]
finance & controlling
t +43/(0)5 05 333-1430
marketing and
f +43/(0)5 05 333-1434
communikation
business area
t +43/(0)5 05 333-1403
institutional clients and banks [email protected]
f +43/(0)5 05 333-1408
t +43/(0)5 05 333-1204
corporate audit
[email protected]
f +43/(0)5 05 333-1206
t +43/(0)5 05 333-1534
[email protected]
f +43/(0)5 05 333-1540
[email protected]
vienna
Germany
switzerland
btv leasing
albertinaplatz
firmenkunden
tegetthoffstraße 7
1010 Wien
t +43/(0)5 05 333-8723
f +43/(0)5 05 333-8761
[email protected]
Bavaria
staad
hauptstrasse 19
9422 staad
t +41/71/85 810-10
f +41/71/85 810-11
(Privatkunden)
f +41/71/85 810-12
(firmenkunden)
[email protected]
btv stadtforum
6020 innsbruck
t +43/(0)5 05 333-2028
f +43/(0)5 05 333-8869
[email protected]
www.btv-leasing.com
albertinaplatz
Privatkunden
tegetthoffstraße 7
1010 Wien
t +43/(0)5 05 333-8744
f +43/(0)5 05 333-8763
[email protected]
business area
corporate clients
t +43/(0)5 05 333-1301
f +43/(0)5 05 333-1302
[email protected]
augsburg
nagahama-allee 75
86153 augsburg
t +49/821/59 980-8
f +49/821/59 980-7144
(Privatkunden)
f +49/821/59980-7111
(firmenkunden)
[email protected]
memmingen
flach villa
buxacher straße 1
87700 memmingen
t +49/8331/92 77-8
f +49/8331/92 77-7044
[email protected]
münchen
neuhauser straße 5
80331 münchen
t +49/89/255 44 730-8
f +49/89/255 44 730-7568
[email protected]
Baden-Württemberg
ravensburg /Weingarten
franz-beer-straße 111
88250 Weingarten
t +49/751/56 116-0
f +49/751/56 116-7244
[email protected]
stuttgart
industriestraße 4
70565 stuttgart (vaihingen)
t +49/711/787 803-8
f +49/711/787 803-7468
[email protected]
bregenz
Kaiserstraße 33
6900 bregenz
t +43/(0)5 05 333-6006
f +43/(0)5 05 333-6075
Wien albertinaplatz
tegetthoffstraße 7
1010 Wien
t +43/(0)5 05 333-8818
f +43/(0)5 05 333-8869
btv leasing schweiz aG
staad
hauptstrasse 19
9422 staad
t +41/71/85 810-74
f +41/71/85 810-12
Winterthur
zürcherstrasse 46
8400 Winterthur
t +41/52/20 40 450
f +41/52/20 40 452
human resources
t +43/(0)5 05 333-1464
f +43/(0)5 05 333-1465
[email protected]
legal and corporate
investments
t +43/(0)5 05 333-1501
f +43/(0)5 05 333-1508
[email protected]
btv leasing
deutschland Gmbh
Geschäftsstelle münchen
neuhauser straße 5
80331 münchen
t +49/89/255 44 730-7542
f +49/89/255 44 730-7541
augsburg
nagahama-allee 75
86153 augsburg
t +49/821/59 980-7170
f +49/821/59 980-7166
ravensburg /Weingarten
franz-beer-straße 111
88250 Weingarten
t +49/751/56 116-7231
f +49/751/56 116-7244
stuttgart
industriestraße 4
70565 stuttgart (vaihingen)
t +49/711/78 78 03-7450
f +49/711/78 78 03-7459

trust.

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