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General principles
The current annual financial statements have been prepared in
accordance with the provisions of the Austrian Banking Act (
Bank-
wesengesetz
– BWG) and the Austrian Commercial Code
(
Unternehmensgesetzbuch
– UGB). The annual financial statements
were compiled in accordance with generally accepted accounting
principles and in compliance with the general requirement to convey
as accurate as possible a picture of the company’s net assets,
financial position and earning performance. The annual financial
statements were drawn up in compliance with the principle of
completeness.
When valuing individual assets and debts, we complied with the
principle of individual valuation and acted on the assumption of the
continued existence of the company.
We applied the prudence concept in that only those profits realised
by the balance sheet date are reported. All discernible risks and
impending losses have been taken into account.
Currency conversion
Pursuant to Section 58 paragraph 1 of the BWG, amounts in
foreign currencies were converted at the ECB reference rates or,
if these were not published, at the mean currency exchange rate
(RZB fixing).
Pursuant to Section 58 paragraph 2 of the BWG, forward
transactions were converted at the forward rate on the balance
sheet date.
Securities
Fixed-interest securities held as fixed assets are valued either
according to the diluted lower-value principle or pursuant to
Section 56 paragraph 2 of the BWG. Other securities held as fixed
assets are valued according to the strict lower-value principle.
Securities forming the cover fund for trust fund monies are fixed
assets and, pursuant to Section 2 paragraph 3 of the Austrian
regulation on the protection of money held in trust (
Mündelsicher-
heitsverordnung
), are valued according to the strict lower-value
principle.
Pursuant to Section 207 of the UGB, securities held for trading and in
the current assets are valued according to the strict lower-value
principle. Current asset securities procured to cover company issues
are posted at market value. Securities issued by the company and
held as current assets will be reported at their redemption values.
Notes:
Accounting policies
Loans, contingent liabilities and credit risks
Individual impairments or provisions were formed to cover all
discernible credit risks. For the first time this year, this was done
only in the event of a default. In the case of non-defaulted receivables
from customers, we availed ourselves of the option of applying a
portfolio impairment in line with the discretion allowed under
Section 57 paragraph 1 of the BWG for item 4 ‘Receivables from
customers’. Drawdown charges are recognised in the income
statement in the year in which the credit is granted.
Investments
Investments are valued at their costs of acquisition. Non-scheduled
depreciation is applied if, due to sustained losses, reduced equity
and/or reduced earning power, a loss of value has occurred that is
expected to be permanent.
Property, plant and equipment and intangible
fixed assets
Pursuant to Section 55 paragraph 1 of the BWG in conjunction
with Section 204 of the UGB, property, plant and equipment are
valued at their costs of acquisition or manufacture less scheduled
depreciation.
Additions during the first half of the financial year will be subject to
the full annual depreciation rate, and additions during the second
half year to half of said rate.
Low-value assets are fully written off in their years of acquisition.
The useful lives on which the scheduled depreciation is based
range from five to 67 years in the case of immobile assets and
three to 20 years in the case of mobile assets.
Non-scheduled depreciation is undertaken in the event of probable
long-term losses of value.
Annual financial statements