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Income Statement 2010 – Page 2
2010
2009
EUR
EUR
EUR k
EUR k
IV. Operating result (carried forward)
42,388,363.51
41,327
11./12. Balance from provisions for receiv-
ables and allocations to provi-
sions for contingent liabilities, as
well as income from the reversal
of provisions for receivables and
from provisions for contingent
liabilities
-19,979,826.38
-24,107
13./14. Balance resulting from provisions
for securities that are valued like
financial investments, and for in-
vestments, as well as income from
provisions for securities that are
valued like financial investments,
and for investments
-4,780,500.68
-509
V. Earnings from ordinary business activities
17,628,036.45
16,711
15. Extraordinary income
0.00
0
of which:
withdrawals from the fund
for general bank risks
(0.00)
(0)
16. Extraordinary expenses
0.00
0
of which:
allocations to the fund
for general bank risks
(0.00)
(0)
17. Extraordinary result
(subtotal of items 15+16)
0.00
0
18. Income taxes
-2,256,761.17
-1,203
19. Other taxes, unless reported
in item 18
-414,054.63
-613
VI. Net profit
14,957,220.65
14,895
20. Movements in reserves
-7,311,844.29
-8,494
of which:
allocation to the liability reserves
(0.00)
(-250)
reversal from the liability reserves
(0.00)
(0)
VII. Net income
7,645,376.36
6,401
21. Profit brought forward
4,020.50
3
VIII. Profit for the year
7,649,396.86
6,404
Notes: Accounting and valuation principles
General principles
The annual financial statements were prepared in line with the
principles of orderly accounting, as well as the generally ac-
cepted standard that a true and fair view of the assets, financial
position and income situation of the company be provided. The
principle of completeness was observed during the preparation of
the annual financial statements.
The principle of individual valuation was observed during the
valuation of assets and debts and the going concern principle
was assumed.
The principle of prudence was observed insofar as only those
profits realised as at the balance sheet date were reported. All
identifiable risks and impending losses were taken into account.
Currency translation
The currencies of the member states in the European Monetary
Union were reported at the fixed conversion rate.
In accordance with Section 58 (1) BWG (Austrian Banking Act),
amounts in foreign currencies are converted at ECB reference
rates. If these are not published, such amounts are converted at
mean foreign exchange rates (RZB fixing).
Forward transactions are converted at the forward rate on the bal-
ance sheet date in accordance with Section 58 (2) BWG (Austrian
Banking Act).
Securities
Fixed-interest securities held as fixed assets were valued accord-
ing to the moderated lower of cost or market principle in accord-
ance with Section 56 (2) BWG (Austrian Banking Act). Other
securities held as fixed assets were valued according to the strict
lower of cost or market principle.
Securities serving as cover stock for trust funds were regarded
as fixed assets and valued according to the strict lower of cost or
market method in accordance with Section 2 (3) Austrian Trust
Fund Security Regulation.
Securities held as trading stock and as current assets were
valued according to the strict lower of cost or market method in
accordance with Section 207 UGB (Austrian Commercial Code).
Current asset securities acquired as cover for the bank's own
issues were valued at market value. The securities derived from
the bank's own issues held in current assets were reported at the
repayment amount.
Loans, contingent liabilities and credit risks
Specific provision for bad debts or provisions were made for iden-
tifiable risks with borrowers. Additional charges are recognised
as income in the year of granting the loan. A general provision for
bad debts is applied in the case of selected industry risks.
Investments
Investments are valued at cost of acquisition. Extraordinary
depreciation was applied where an impairment that is expected to
be permanent occurred as a consequence of continuing losses,
reduced equity and/or reduced income.
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