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Annual financial statements
General principles
The current annual financial statements have been prepared
in accordance with the provisions of the Austrian Banking Act
(Bankwesengesetz – BWG) and the Austrian Commercial Code
(Unternehmensgesetzbuch – UGB). The annual financial state-
ments were compiled in accordance with generally accepted
accounting principles and in compliance with the general re-
quirement to convey as accurate as possible a picture of the
company’s net assets, financial position and earning perfor-
mance. The annual financial statements were drawn up in com-
pliance 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 for-
eign 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 transac-
tions were converted at the forward rate on the balance sheet date.
Securities
Fixed-interest securities held as fixed assets are valued either ac-
cording 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 (Mündelsich-
erheitsverordnung), are valued according to the strict lower-value
principle.
Pursuant to Section 207 UGB, securities held for trading and in
the current assets are valued according to the strict lower-val-
ue principle. Current asset securities procured to cover compa-
ny issues are posted at market value. Securities issued by the
company and held as current assets will be reported at their re-
demption values.
Notes: Accounting policies
Loans, contingent liabilities and credit risks
Individual impairments or provisions are formed to cover all dis-
cernible credit risks. Draw-down charges are recognised in the in-
come statement in the year in which the credit is granted.
In item 4 (receivables from customers), we have made use of the
margin of appreciation pursuant to section 57, paragraph 1, of the
BWG.
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.