4 Human resources
2 Notes to the balance sheet
To highlight the overall trends in the balance sheet of OeKB AG in the 2012 financial year, a condensed balance sheet, divided into two sections, is presented in the accompanying table for the last three years.
The decrease visible in the table of about EUR 4.6 billion (14.2%) in total assets compared with the prior year, to a new balance of EUR 27.6 billion, was attributable largely to a reduction in lending under the Export Financing Scheme, with loans and advances to banks easing by approximately EUR 4.4 billion to a new total of EUR 25.0 billion.
2.1 Financial position
Assets EUR thousand
Cash and balances at central banks Treasury bills and similar securities Loans and advances to:
Banks Customers Securities
Interests in subsidiaries and other investees
Property and equipment and intangibles Other assets
Treasury bills and similar securities Loans and advances to:
Banks Customers Bonds and other fixed income securities Other assets
Prepayments and accrued income
Deposits from:
Banks Customers Equity
Employee benefit provisions Profit available for distribution Other liabilities
Deposits from:
Banks Customers Debt securities in issue Sundry liabilities
Accruals and deferred items Provisions
586,150 — 461,988 78.8 124,162
54,674 + 7,213 13.2 61,887
101,704 + 339,688 334.0 441,392
7,097 — 1,431 20.2 5,666
376,816 — 59,858 15.9 316,958
47,917 — 1,231 2.6 46,686
31,271 + 1,943 6.2 33,214
100,055 + 8,825 8.8 108,880
456,479 + 14,494 3.2 470,973
29,377,196 — 4,400,291 15.0 24,976,905
543,003 — 76,626 14.1 466,377
405,852 + 79,668 19.6 485,520
8,424 — 8,378 99.5 46
41,909 — 14,087 33.6 27,822
670,487 — 229,082 34.2 441,405
83,685 + 12,787 15.3 96,472
371,136 + 29,181 7.9 400,317
105,992 + 5,220 4.9 111,212
20,292 + 9,991 49.2 30,283
54,092 + 5,064 9.4 59,156
302,816 + 978,587 323.2 1,281,403
513,754 + 31,384 6.1 545,138
29,073,805 — 5,566,897 19.1 23,506,908
5,675 + 28,494 502.1 34,169
90,210 — 3,819 4.2 86,391
846,603 + 127,031 15.0 973,634
II. Export financing account 30,213,162 30,832,863 — 4,405,220 14.3 26,427,643 Financial position
I. Own account 803,935 1,305,684 — 166,839 12.8 1,138,845
Total assets 31,017,097 32,138,547 — 4,572,059 14.2 27,566,488
Liabilities and equity EUR thousand 31 Dec. 2010 31 Dec. 2011 +_ Change in % 31 Dec. 2012
I. Own account 803,935 1,305,684 — 166,839 12.8 1,138,845
II. Export financing account 30,213,162 30,832,863 — 4,405,220 14.3 26,427,643
Total liabilities and equity 31,017,097 32,138,547 — 4,572,059 14.2 27,566,488
The decrease of EUR 0.2 billion in the own-account portion of the balance sheet resulted chiefly from the decrease in OeKB’s credit balance with Oesterreichische Nationalbank (the Austrian central bank) and a contraction in the holdings of securities. The change in deposits from banks also reflects this latter factor.
The item land and buildings included land valued at EUR 4,398,853.90. Of the securities held, securities in the amount of EUR 43,727,921.50 are maturing in 2013.
For the purposes of section 64(1)10 and 11 Banking Act, the analysis of securities holdings is as follows:
2.2 I. Own-account section of the balance sheet
As a disclosure under section 208(3) Commercial Code in conjunction with section 56 Banking Act, the difference between the market value and carrying amount of securities held as current assets was EUR 13,211,504.43. For the entire investment portfolio, the difference between market value and carrying amount was a total of EUR 73,652,360.00.
While interests in subsidiaries and other investees by their nature represent non-current assets, the Executive Board has adopted rules for the other securities categories to the effect that the classification of securities to non-current assets is made on the basis of, among other factors, maturity and the relationship between cost and face amount. As at 31 December 2012, like one year earlier, all securities holdings were classified as current assets; OeKB does not hold a trading portfolio and therefore has no trading book. The asset items contained no subordinated assets.
The government bonds of the Republic of Greece held within securities at 31 December 2011 (at a carrying amount equalling their priormarket value of EUR 4.8 million) were exchanged in 2012 under the Private Sector Involvement (PSI) agreement for new securities that were subsequently sold by tender. In total, this resulted in net disposal proceeds of EUR 1.4 million.
The item “other assets” in the condensed balance sheet consists mainly of prepayments and accrued income and other receivables, including accounts receivable from subsidiaries. The increase of 8.8% compared to the prior year was attributable to a rise in deferred tax assets. The increase in the item “other liabilities” (which consists primarily of sundry liabilities, accruals and deferred items, and provisions) stemmed both from higher sundry liabilities and higher tax provisions.
Prepayments and accrued income included deferred tax assets under section 198(10) Commercial Code in the amount of EUR 102,681,007.41 (2011: EUR 94,084,512.26).
In accordance with section 3(2)1 Banking Act, OeKB is exempt from the special liquidity requirements set out
Treasury bills and similar securities eligible for rediscount at the central bank
Bonds and other fixed income securities
Equity shares and other variable income securities
EUR Admitted to trading
on exchange and listed
Of which securities held as non-current assets
61,887,638.95 141,756,131.93 2,091,797.82
0.00 0.00 0.00
Oesterreichische Entwicklungsbank AG, Vienna CI x 100.00 31 Dec. 2012 7,408 902
„Österreichischer Exportfonds“ GmbH, Vienna CI x 70.00 31 Dec. 2012 10,554 465
OeKB EH Beteiligungs- und Management AG, Vienna OC x 51.00 31 Dec. 2012 97,533 14,162
OeKB Versicherung Aktiengesellschaft, Vienna OC x 51.00 31 Dec. 2012 37,856 2,607
PRISMA Kreditversicherungs-Aktiengesellschaft, Vienna OC x 51.00 31 Dec. 2012 52,639 13,996
PRISMA Risikoservice GmbH, Vienna OC x 51.00 31 Dec. 2012 12,525 2,956
PRISMA Risk Services d.o.o., Belgrade OC x 51.00 31 Dec. 2012 471 17
CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH, Vienna OC x 50.00 31 Dec. 2012 147 4
OeKB Business Services GmbH, Vienna OC x 100.00 31 Dec. 2012 2,247 52
OeKB Zentraleuropa Holding GmbH, Vienna OC x 100.00 31 Dec. 2012 4,516 28
AGCS Gas Clearing and Settlement AG, Vienna OC x 20.00 31 Dec. 2011 3,214 183
APCS Power Clearing and Settlement AG, Vienna OC x 17.00 31 Dec. 2011 2,494 287
CISMO Clearing Integrated Services and Market Operations GmbH, Vienna OC x 18.4999 31 Dec. 2011 3,329 2,529
ECRA Emission Certificate Registry Austria GmbH, Vienna OC x 12.50 31 Dec. 2011 286 4
Einlagensicherung der Banken und Bankiers Gesellschaft m.b.H., Vienna OC x 0.10 31 Dec. 2011 77 0
EXAA Abwicklungsstelle für Energieprodukte AG, Vienna OC x 8.06 31 Dec. 2011 2,424 739
„Garage Am Hof“ Gesellschaft m.b.H., Vienna OC x 2.00 31 Dec. 2011 4,316 1,129
OeMAG Abwicklungsstelle für Ökostrom AG, Vienna OC x 12.60 31 Dec. 2011 5,470 424
CEESEG Aktiengesellschaft (former Wiener Börse AG), Vienna OC x 6.6046 31 Dec. 2011 310,024 12,890
Budapest Stock Exchange Ltd., Budapest OC x 18.35 31 Dec. 2011 17,346 3,575
Link-up Capital Markets S.L., Spain OC x 5.12 31 Dec. 2011 6,258 (2,355)
Banking Act category 1
Directly held
Indirectly held Type of investment
in % Share-holding
Financial information
Reporting date of latest annual accounts
Equity as defined in sec. 224(3) UGB 2, in EUR thousand
Profit for the year, EUR thousand
Other investees Subsidiaries
Companies wholly or partly owned by OeKB AG Company name and registered office
Credit Institution/
Other Company
1“Other Company” (OC) refers to companies that are neither Credit Institutions nor Financial Institutions by the definitions of the Austrian Banking Act.
2“UGB” refers to the Austrian Commercial Code.
In 2012 the total assets associated with export financing decreased by about EUR 4.4 billion from one year earlier, a decrease of 14.3%.
In the year under review, EUR 6.8 billion was used for the disbursement of export loans. EUR 10.4 billion was received under loan repayments. At the end of the year, export finance loans and advances outstanding had thus decreased by EUR 3.6 billion. The export financing loan book comprised a total of about 3,200 credits at the year end.
New borrowings in 2012 amounted to EUR 55.4 billion, and OeKB repaid EUR 59.0 billion on debts (both new borrowings and the serviced existing debt instruments were denominated in euros and foreign currencies).
At 31 December 2012, OeKB had access to EUR 4.3 billion of overnight funds under the ECB's marginal lending facility.
In the reporting period, as in the prior year, most of the debt securities were issued abroad. The amount of export finance lending was increased by 21% compared to the prior year.
The securities holdings totalling EUR 956,492,513.00 are all classified as current assets. All are admitted to trading on a stock exchange and are listed. The aggregate carrying amount of these securities exceeded their market value by EUR 40,721,211.69. There are no maturities in 2013.
2.3 II. Export finance section of the balance sheet
The transactions overseen by OeKB as trustee represent neither financial nor legal exposure for the Bank.
They are recognised in the balance sheet within the following items:
Own account:
Fiduciary assets: EUR 990,085.46 within loans and advances to customers
Fiduciary liabilities: EUR 990,085.46 within deposits from banks with agreed maturity or notice period.
Export financing account:
Fiduciary assets: EUR 13,265,520.40 within loans and advances to banks
Fiduciary liabilities: EUR 13,265,520.40 within deposits from customers with agreed maturity or notice period.
2.4 Fiduciary assets and liabilities
26,046 2024 a) Issued in euros
Euros
b) Issued in foreign currency US dollars
c) Interest expense accrual, and redemption payments in the course of transmission to security holders
Commercial paper
EUR 12,995,000 12,995,000 2017
USD 12,350,000 8,768,387 2017
JPY 80,000,000 619,893 2014
CHF 6,520,000 4,188,871 2036
GBP 450,000 537,122 2028
AUD 850,000 552,120 2018
NOK 1,500,000 146,823 2021
14,813,216 27,808,216
222,403 7,288,164
EUR 10,274,000 10,274,000 2017
USD 12,600,000 8,597,753 2017
JPY 80,000,000 619,893 2014
CHF 6,920,000 4,454,668 2036
GBP 150,000 177,278 2028
AUD 850,000 552,120 2018
NOK 1,500,000 146,823 2021
14,548,535 Austrian lenders in euros
in foreign currencies
Foreign lenders in euros
in foreign currencies
Of which contractual maturities in the subsequent year Of which bonds
Debt securities in issue and other liabilities in connection with the Export Financing Scheme
I. Debt securities in issue 35,318,7831 29,032,309 1
1 For a portion of these borrowings, related positions existed in swaps.
Of its debt securities in issue, OeKB held EUR 6,265 million itself at the end of 2011 and EUR 5,617 million at the end of 2012.
2 Open market operation of the ECB: EUR 800 million.
II. Other liabilities in connection with export financing 28,821 828,530
Amounts issued (nominal value) in currency units thousand
Maturity Amounts issued (nominal value) in currency units thousand
Total long-term debt: I. a) + b) + II. 27,837,037 25,651,065
2.5 Supplementary information regarding the balance sheet — Liabilities in connection with the Export Financing Scheme
Provisions
The provision recognised in connection with export financing (EUR 973.6 million) consisted entirely of an interest rate stabilisation provision to stabilise interest rates on export lending facilities.
Under the provisions unrelated to export finance, “other provisions” pertained primarily to risks in relation to various software projects and general business risks (EUR 28.5 million).
Non-current intangible assets Property and equipment
Interests in investees other than subsidiaries Interests in subsidiaries
3,254,369.21 655,162.50 134.40 2,852,533.31 1,056,864.00 798,028.00 396,326.50
100,488,185.18 11,848,640.08 6,519,069.43 73,660,898.40 32,156,857.43 30,472,427.81 4,119,498.24 103,742,554.39 12,503,802.58 6,519,203.83 76,513,431.71 33,213,721.43 31,270,455.81 4,515,824.74
27,055,684.96 0.00 0.00 9,010,602.56 18,045,082.40 19,276,533.84 1,231,451.44
28,640,658.36 0.00 0.00 0.01 28,640,658.35 28,640,658.35 0.00
Cost at 1 January 2012
EUR Additions 1
in 2012
Disposals 1 in 2012
Accumulated depreciation and amortisation
Net book value at 31 Dec.
2012
Net book value at 31 Dec.
2011
Depreciation and amortisation in 2012
Non-current assets in 2012
Land and buildings
Fixtures, fittings and equipment Securities
2,156,926.00 0.00 284,073.00 1,872,853.00
299,583.00 0.00 44,855.00 254,728.00
3,012,746.27 0.00 0.00 3,012,746.27
At 1 January 2012 Additions in 2012 Releases in 2012 EUR
Valuation reserves
At 31 December 2012 Total 159,438,897.71 12,503,802.58 6,519,203.83 85,524,034.28 79,899,462.18 79,187,648.00 5,747,276.18
Total 5,469,255.27 0.00 328,928.00 5,140,327.27
1
Including reclassifications.
OeKB’s regulatory capital as defined in the Banking Act is shown in the table below.
Pursuant to section 3(1)7 Banking Act, transactions in connection with the Export Financing Scheme are exempted from the administrative regulations of sections 22 to 22q and 25 to 27 Banking Act.
In the year under review, no transfer to the liability reserve was required. The valuation reserves under section 12 Austrian Income Tax Act (EStG, “Income Tax Act”) resulting from special depreciation under sections 8 and 122 Income Tax Act 1972 were drawn down through use for their intended purpose. EUR 29.5 million was transferred to the uncommitted reserve.