Contents. Letter from the CEO 4 Elite Report Operational Review 8 The bank at a glance 8

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1 2011 Annual Report

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3 2011 Annual Report

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5 Contents Letter from the CEO 4 Elite Report Operational Review 8 The bank at a glance 8 Annual Financial Statements 10 Status Report 11 Balance Sheet 12 Income Statement 14 Schoellerbank AG management bodies 16 Adresses 17 Schoellerbank 2011 Annual Report 3

6 Letter from the CEO Dear Ladies and Gentlemen This time last year I wrote that we had a calm outlook on the challenges of 2011, and that our investment principle Invest, don t speculate would navigate us through any tempestuous market phases. The result: our uncompromising quality orientation yet again proved itself in What happened? A rainy stock exchange summer brought massive markdowns in August in Europe, in particular. Further, investors only found their desired stability in fixed-interest securities with the issuers of first standing in Europe s core area. Our customers, however, were in a strong position in this environment, as our asset management mandates have always concentrated on first-class issuers and shareholdings. While other banks were put under pressure to correct their positions, we were already able to utilise distortions in financial markets to position your portfolios for tomorrow s opportunities. The right investment moves and subsequent good results are something that you, as our customer, and we enjoy but it s not just about facts and figures for us: the most important criterion is and always will be your satisfaction with our bank. The latest survey on this topic carried out by an international consulting firm found that 98% of our customers are willing to recommend us to others Schoellerbank s results are classed as exceptional. That is, without doubt, the best reward we could wish for. We are often asked what the secrets of our success are. One of the reasons is definitely the way our advisers work with the customers. Firstly, most of our advisers stay with us for 10 to 20 years and some for an even longer period so the advice we provide can definitely be termed intergenerational. Secondly, they are not only advisers, but also information managers. Regular contact and respectful communication lead to a deeper understanding of the relationship between customer and bank and ultimately build trust. We are pleased that, in spite of all the market turbulences in 2011, Schoellerbank was able to follow on the success of the good year of 2010 in doing so, we reached the goal we d set ourselves. In addition, our bank s equity base exceeds the legal requirements by far, as it has done in the past years. We were also consistent in the Elite Report: of the 349 tested asset managers in Germany, Switzerland, Austria, Liechtenstein and Luxembourg, Schoellerbank came in fourth, just one point down on the three first-place winners, and was named the best private bank in Austria. The summa cum laude distinction will again inspire us to fulfil and exceed your expectations. Simply put, we expect 2012 to be no different from 2011 there will again be ups and downs on the markets. This is why Schoellerbank s tried and tested rules of the game still apply: Performance is important, but it is ten times more important to avoid mistakes that have an adverse effect on assets. This is the guiding principle we follow for the benefit of our customers. We would like to thank you for the trust you continue to place in our bank. Yours sincerely, Robert Zadrazil Annual Report Schoellerbank

7 Robert Zadrazil Chairman of the Management Board Mag. Heinz Mayer Member of the Management Board Robert Wieselmayer Member of the Management Board Schoellerbank 2011 Annual Report 5

8 Elite Report 2012 Bank tests and awards The independent Elite Report 2012 testers examined 349 asset managers in the German-speaking countries. Once again, Schoellerbank was distinguished as the best private bank in Austria and received the summa cum laude distinction. Elite Report, which is published by the renowned daily paper Handelsblatt, is the largest and most comprehensive industry test of asset managers in the German-speaking area. Depending on the score achieved, the distinctions cum laude, magna cum laude and summa cum laude are awarded. It is now the ninth year that the Elite Report testers have taken a close look at asset managers. The result for 2012: Of the 349 asset managers tested in Germany, Switzerland, Austria, Liechtenstein and Luxembourg, Schoellerbank was named one of the leading asset managers and also the best private bank in Austria. The Elite Asset Managers The main topics considered in the tests were asset preservation and dependability. To assess them, 43 different criteria were examined in detail: In order to rank among the elite, the consultation quality, care, personal suitability and professional intelligence as well as the assumption of responsibility and asset protection must be outstanding. Among the 49 banks distinguished, 28 are from Germany, 12 from Switzerland, six from Austria and three from Liechtenstein. Together, they represent a small community of excellence the Elite Asset Managers in the German-speaking area Overall, only one in seven asset managers is recommendable. Katja Hessel, state secretary to the Bavarian Ministry of Finance, and the editor-in-chief of Elite Report, handed over the Elite awards. Seven times summa cum laude Schoellerbank AG was distinguished as the best bank in Austria and one of the five best banks in the entire German-speaking area and received the highest accolade, summa cum laude, for the seventh consecutive time. Taking an integral view of the participating asset managers, the testers were impressed by Schoellerbank s accurate and systematic advice. Our trademark: Invest, don t speculate The assessment of the independent Elite Report acknowledges our good work. The fact that we have been among the best asset managers in the German-speaking area for years now demonstrates that the high quality standards are consistently put into practice by our entire team in the interest of our customers. Persistently profitable investments require a consistent long-term strategy. This simple principle has proved true over the many decades of Schoellerbank s experience. The knowhow and discipline of our experts has prevented them from making any disastrous mistakes in the past. With their help, customers were also able to seize opportunities on the market without taking unpredictable risks. It is all about secure and profitable investments, not speculation. This investment philosophy is Schoellerbank s trademark Annual Report Schoellerbank

9 The pyramid of winners 2012, ranked by points scored summa cum laude: Berenberg Bank (DE + CH + AT) BHF-BANK (DE + CH) Haspa Hamburger Sparkasse (DE) Centrum Bank (LI + CH) Schoellerbank (AT) Bremer Landesbank (DE) Metzler seel. Sohn & Co. (DE) HSBC Trinkaus & Burkhardt AG (DE) Fürst Fugger Privatbank (DE) Wilhelm von Finck DFO AG (DE) Merck Finck & Co. (DE) DONNER & REUSCHEL (DE) Bethmann Bank AG (DE) Pictet & Cie. (CH + DE) DJE Kapital AG (DE + CH + LU) PSM Vermögensverwaltung (DE) Bankhaus Jungholz (AT + CH) Maerki Baumann & Co. AG (CH) Weberbank (DE) Bank Sarasin (CH + DE) Volksbank Vorarlberg (AT + CH + LI) Clariden Leu (CH) Huber, Reuss & Kollegen (DE) Wergen & Partner (CH) Fürstlich Castell sche Bank (DE) Bankhaus Herzogpark (DE) Hypo Landesbank Vorarlberg (AT) VP Bank (LI + DE + CH + LU) LGT Bank in Liechtenstein (LI + CH + AT) FIDUKA Depotverwaltung (DE) magna cum laude: Zschaber, Dr. M. C., V.M.Z. (DE) Sal. Oppenheim jr. & Cie. (DE) bestadvice Private Vermögen (DE) Bank Schilling (DE) Lombard Odier Darier Hentsch & Cie. (CH) VALUE-HOLDINGS (DE) Wegelin & Co. (CH) Grossbötzl, Schmitz & Partner (DE) Bankhaus Lampe (DE) Bank Julius Bär (CH + DE) Basler Kantonalbank (CH) cum laude: Bank von Roll AG (CH) SÜDWESTBANK (DE) Bank SYZ & CO AG (CH) Raiffeisen Salzburg Private Bkg. (AT) satis bene: IBB Internat. Bankhs. Bodensee (DE) UBS (CH + DE) Tiroler Sparkasse (AT) Bankhaus Bauer AG (DE) The best test results of the 349 participants Score table: Berenberg Bank 500 BHF-Bank 500 Haspa Hamburger Sparkasse 500 Centrum Bank 499 Schoellerbank 499 Schoellerbank 2011 Annual Report 7

10 Private Banking Operational review 2011 The bank at a glance A strong bond customer, adviser, asset manager For Schoellerbank as a private bank, the issue of sustainability encompasses the style of its investment decisions, as well as the creation of long-term customer relationships and, furthermore, close interaction between the advisers and the experts in asset management. Private banking is a business that rests on the trust built up in personal relationships that arise from honesty, transparency and reliability. Schoellerbank s core value we get our bearings only by our customers needs illustrates the high priority Schoellerbank attaches to customer orientation in the form of long-term partnerships. The resulting responsibility is also a significant aspect of the concept of sustainability. Focus on the customer asset preservation without compromise Schoellerbank, one of Austria s oldest and largest private banks, advises about 24,000 customers not only in the bank s home country; also many high-income private customers from Germany have trusted in our banking institute for many years. We support these customers in all matters, including the handing over of businesses. Naturally, Schoellerbank also provides the necessary tax-related documentation for Germany. Our top priority is the unequivocal safety of assets. For Schoellerbank, the basis and fundamental component of any customer relationship is advice that is geared towards the customer s needs. The aim is to define the individual framework conditions for the investment strategy to suit the customer s needs. The core element of solid investments is a well-tried investment process. In accordance with Schoellerbank s principle invest, don t speculate, the quintessence of the investment process is the strict quality orientation and a long-term investment horizon, thereby aiming primarily at the preservation of assets. We are pleased to say that we managed to get through the past months and years with a good performance. The highly qualified adviser as an information manager and counsel Especially in difficult market phases, we actively inform our customers and explain which influences markets are exposed to, and how this may affect the investments included in their portfolio. In this case the advisers act as information managers on the one hand, and as counsels regarding possible changes in the deposit on the other. Given the complexity of the matter, customers of a private bank such as Schoellerbank can always rest assured that their contact person is highly qualified. We have always set great store by meeting this requirement, or even exceeding it with our great commitment and proactive approach. Schoellerbank s promise with regard to the high training standards of its advisers also applies to its financial planners (CFP). Financial planners undergo an intensive, internationally recognised training, they sign a code of honour that is valid worldwide, their advice is objective and they are not bound to any particular product. Another of Schoellerbank s characteristics is the close relationship between the bank s advisers and asset managers. After intensive discussions with the customers about their targets and risk tolerance, the advisers put the responsibility for the investments in the hands our experts in the asset management division. In many banks this is where the communication ends not at Schoellerbank! The advisers also take part in the asset management expert s strategy talks. In this way, they can bring their customers opinions or enquiries to the table and deal with them directly. This process is an ongoing one: Week after week, the strategy is discussed thoroughly, then the advisers contact their customers and inform them of the results. Successful asset management, even in years of crisis Schoellerbank, established in 1833 and hence one of the private banks with the longest histories in the German-speaking world, pursues a long-term policy in asset management. Our institution s conservative approach to investment is reflected in its long-term orientation, which helps minimise the influence of short-term and often loss-making trends. We also make a point of consistently avoiding credit risks. Our principle is: Performance is important, but it is ten times more important to avoid mistakes that have an adverse effect on assets. Another success factor of our asset management is a broad diversification of asset investment grades. All these principles follow the policy guidelines of transparency and objectivity and each step is comprehensible. Our success proves us right: In 2008, to date the most severe crisis year in recent history, the individual asset management clearly achieved a positive annual result above the benchmark, despite the fact that some bond markets were collapsing. Asset management with an addition of shares of up to a third kept losses to a minimum. The three-year comparison shows rather attractive performance figures for bond-based asset management as well as for asset management with a maximum addition of shares of one third. With the debt crisis in Europe and the United States, the new crisis year of 2011 has brought us another severe burden. The great insecurity of investors lead to periods of high volatility in the money and capital markets. Nevertheless, Schoellerbank s asset managers results were respectable: In 2011, they achieved a positive result Annual Report Schoellerbank

11 with bonds as well as with the variant that comprises an addition of one third of shares. And finally: At Schoellerbank, sustainability is not a mere buzzword; it is our guiding principle. We shape our activities in accordance with this principle by creating long-term partnerships with our customers that are defined by mutual esteem. Highest rating in customer satisfaction assessment The UniCredit Group assesses customer satisfaction also in its private banking division, which operates in Italy, Germany and Austria, as well as in Poland and the remaining CEE countries that have UniCredit representations. The TRI*M Index (Measure, Manage, Monitor) of TNS Global Research, is referred to as one of the key instruments for the assessment of customer satisfaction and customer loyalty. In addition, the CSI (Customer Satisfaction Index) and the CAI (Customer Advisory Index) analyse the satisfaction by looking at the quality drivers comprehensive and thorough advice, proactive service, close cooperation with and personal relationship to the adviser, as well as excellent offer of products and services. TNS describes Schoellerbank s results as exceptionally good. Managed assets rise to about 7.4bn euros At the end of 2011 Schoellerbank had 23,700 private customers, corporate customers and institutional investors. Furthermore, 20,100 savings accounts were managed by the bank. The assets managed for customers amounted to 7.36bn euros per 31st December 2011, an increase of 230m euros on the 7.13bn euros of the previous year. Schoellerbank represented across Austria With 13 locations (two in Vienna, three in Salzburg, and one each in Linz, Wels, Innsbruck, Bregenz, St. Pölten, Graz, Klagenfurt, Villach), Schoellerbank is the only and largest private bank that has representations all over Austria. It is a 100% subsidiary of UniCredit Bank Austria part of the Private Banking division of the UniCredit group. In the 2011 business year there were no branch offices. The staff A total of 326 staff (51 of which work part time and 275 full time) work at Schoellerbank, which offers its employees targeted development programmes, either in their professional or management careers. These opportunities are available throughout Austria as well as internationally, in all countries where UniCredit is present. The bank attaches great importance to long-term employee retention and makes available the group s wide-ranging training programme, which is in tune with the company objectives as well as with the Integrity Charter and is also geared towards the individual personnel development objectives defined for each employee. Leadership by objectives has been implemented for years, with each annual appraisal interview. In this way, employees are given clear guidelines as to the performance expected of them and how achieving their targets by the end of the year is rewarded financially or in the form of career advancement. Performance-based remuneration ensures that top performance is rewarded accordingly. As Schoellerbank is member of a group, its employees may participate in Europe-wide programmes that promote young talents and further develop managers. HR tools are uniform across the group thus facilitating the mobility of employees who are interested in international deployment. The Global Job Model is a new HR system that was implemented last year. It is a group-wide system that describes all positions and jobs within our company and describes and categorises them in a consistent way. It provides the basis for transparency in human resources management and establishes a uniform career system, comparable financial incentives and individual development possibilities. Schoellerbank 2011 Annual Report 9

12 Annual Financial Statements 2011 Annual Financial Statements 10 Status Report 11 Balance Sheet 12 Income Statement 14 Information pursuant to section 281 Austrian Business Code (UGB) The financial and other information in the section that follows is presented in summarised form, and not in accordance with statutory requirements. The financial statements for the year ended 31 December 2011 in accordance with the Austrian Business Code (UGB) and the Austrian Banking Act (BWG) were granted an unqualified opinion by the external auditors. The financial statements for the year ended 31 December 2011 were filed in the commercial register of the Commercial Court of Vienna under the number m and published in the Official Gazette in the Wiener Zeitung of 11 May The figures presented are in accordance with IFRS (International Financial Reporting Standards) Annual Report Schoellerbank

13 Status report Annual accounts Earnings statement The balance sheet total increased from 2.0bn euros to about 2.4bn euros on the previous year. The assets show a rise of 850.0m euros in receivables from banking institutions. Receivables from customers amount to 178,0m euros (previous year: 180,4m euros), thereby remaining stable in comparison with the previous year. Furthermore, securities positions in the books are valued per the balance sheet date with a total amount of 475.6m euros (previous year: 966.4m euros), the reduction concerns redemptions and sales we decided against purchases in the 2011 business year. The increase in capital participations to 20.6m euros (previous year: 20.4m euros) is the result of a revaluation of a company. The position of participations includes one new participation; the balance-sheet value, however, has changed only slightly. In addition, our balance sheet shows tangible assets of 12.6m euros in value (previous year: 13.6m euros). The balance of other assets is 16.6m euros (previous year: 14.6m euros). The higher balance sheet total is reflected in particular in equity and liabilities in current deposits and other accounts (sight and term deposits); owing to the influx of customer account deposits, this position increased to 2,200.4m euros (previous year: 1,809.4m euros), which equals a growth of 391.0m euros. There was a reduction in liabilities to banking institutions by 5.8m euros to 35.1m euros (previous year: 40.9m Euros). Securitised liabilities by certificates show a decrease of 17.5m euros and now stand at 5.3m euros (previous year: 22.8m euros). The decrease of securitised liabilities can be attributed to the fact that we successfully promoted the distribution of securities issues for account of others, but structured by us. The position of provisions is 38.1m euros (previous year: 38.3m euros). Other liabilities show an increase of 0.2m euros and now stand at 16.7m euros (previous year: 16.5m euros). The reported equity capital is 114.1m euros and 97.1m euros after deducting the proposed capital gain distribution. In the 2011business year the net interest yield improved and reached 17.8m euros (previous year: 9.7m euros). The operating income decreased to 67.7m euros (previous year: 68.6m euros). The decrease on the previous year is due to the developments on the financial markets, which resulted in a clear reduction in commission income from securities dealings. In addition, other operating income dropped by 0.3m euros to 1.9m euros (previous year: 2.2m euros). In 2011, administrative expenses went down slightly to 47.3m euros (previous year: 47.4m euros). The largest portion of operating costs can be attributed to administrative expenses, which are chiefly made up of labour costs (in total about 70% of operating costs). Consistent crisis management enabled us to maintain operating expenditures at 13.9m euros in 2011 the same level as the previous year. The path of location and investment optimisation that we took in the past few years was continued in It has proven itself and has lead to a further reduction of the reserve for amortisation, which amounted to 1.7m euros (previous year: 2.0m euros). The result before taxes 2011 shows an improvement of 2.0% on the previous year and amounts to 20.1m euros (previous year: 19.7m euros). There are no extraordinary results for the 2011 business year. After deduction 4.4m euros in taxes (previous year 4.4m euros), the annual net profit is 15.7m euros (previous year: 15.3m euros). Taking into account retained earnings, the profit and loss account shows a balance sheet profit of 15.7m euros (previous year 15.3m euros). Schoellerbank AG s equity capital requirements under Section 22 Bankwesengesetz (BWG - Austrian Banking Act) amount to 27.6m euros. Schoellerbank possesses actual creditable equity capital of 87.2m euros. The capital ratio is 25.27%. Schoellerbank 2011 Annual Report 11

14 Annual financial statement Balance sheet as at 31 December 2011 Assets EUR EUR 1. Cash and cash equivalents 31,936, ,856, Trading book 4,118, ,604, Financial assets at fair value 5,395, ,835, Financial assets at carrying value 475,572, ,387, Receivables from banks 1,629,033, ,967, Receivables from customers 178,047, ,437, Derivatives (hedges) 463, ,706, Investments 20,565, ,377, Property, plant and equipment 12,555, ,577, Intangible assets 364, , Taxes refundable (incl. deferred taxes) 13,080, ,229, Other assets 16,604, ,563, ,387,737, ,036,902, Annual Report Schoellerbank

15 Equity and liabilities EUR EUR 1. Liabilities to banks 35,155, ,941, Liabilities to customers 2,200,411, ,809,446, Own issues 5,297, ,828, Trading liabilities 1,408, ,000, Derivatives (hedges) Tax liabilities (incl. deferred taxes) 6,516, ,326, Other liabilities 16,674, ,527, Provisions 38,112, ,267, Revaluation reserve 30,024, ,165, Reserves 32,836, ,789, Capital reserves 45,626, ,626, Share capital 20,000, ,000, Net profit for the year 15,722, ,312, ,387,737, ,036,902, Schoellerbank 2011 Annual Report 13

16 Annual financial statement Income statement for the year ended 31 December EUR EUR 1. Interest and similar income 49,997, ,040, Interest and similar expense 32,148, ,333, Net interest income 17,849, ,706, Commission and fee income 49,115, ,361, Commission and fee expense 2,420, ,421, Net commission income 46,695, ,939, Dividends and similar income 1,956, ,106, Trading income 1,328, ,716, Gains/Losses on financial assets and loans 88, , Gains/Losses on write-ups and writedowns of financial assets and loans 5, , Total operating income 67,746, ,593, Staff costs 33,321, ,438, Other administrative expense 13,932, ,935, Total administrative expense 47,253, ,374, Depreciation of property, plant and equipment 1,431, ,660, Amortisation of intangible assets 241, , Total depreciation and amortisation 1,672, ,955, Other operating expense 777, ,633, Other operating income 1,914, ,161, Net operating expense / income 1,136, , Gains on disposal or write-ups of investments 188, , Gains/Losses on revaluation of other assets , Profit before tax 20,145, ,748, Tax expense (incl. deferred taxes) 4,422, ,436, Net profit for year 15,722, ,312, Annual Report Schoellerbank

17 Profit appropriation The following proposal will be submitted to the Annual General Meeting on 19 March 2012: To make a resolution on the payment of 17.0m euros to our shareholder this equals a dividend of 85.0% on the issued capital of EUR 20.0m euros and to carry forward the rest to new account. Vienna, 3 February 2012 The Management Board of Schoellerbank Aktiengesellschaft Robert Zadrazil Mag. Heinz Mayer Robert Wieselmayer Schoellerbank 2011 Annual Report 15

18 Management bodies of Schoellerbank AG Status as per 31 December 2011 Management Board Robert Zadrazil, Chairman Mag. Heinz Mayer Robert Wieselmayer Supervisory Board Mag. Helmut Bernkopf Chairman Global Head of Private Banking der UniCredit, Mailand Willibald Cernko First Deputy Chair Chairman Management Board UniCredit Bank Austria AG, Wien Jürgen Danzmayr Second Deputy Chair Head of Private Banking Deutschland, UniCredit Bank AG, München Dr. Cornelius Grupp Managing Director of CAG Holding GmbH Marktl, Niederösterreich Mag. Dr. Heinrich Dieter Kiener Managing Partner of Stieglbrauerei zu Salzburg, Salzburg Changes in Schoellerbank AG managing bodies in 2011 Management board Robert Wieselmayer, since 1 December 2011 Supervisory Board Mag. Helmut Bernkopf, Chairman, since 23 November 2011 Andreas Wölfer, Chairman, until 1 June 2011 Willibald Cernko, First Deputy Chairman, since 23 November 2011 Mag. Helene Buffin, First Deputy Chairman, until 22 November 2011, Member, since 23 November 2011 Dr. Ruth Iwonski-Bozo, Member, until 10 November 2011 Mag. Helene Buffin Global Head of Private Banking Planning and Controlling der UniCredit, Mailand Delegated by the Works Council Reinhard Czettel Christian Fegg Rudolf Gschaider State commissioners Oberrat Dr. Friedrich Stanzel Mag. Ottilie Hebein Deputy state commissioner Annual Report Schoellerbank

19 Addresses VIENNA Palais Rothschild Renngasse 3, A-1010 Vienna Tel. +43 / 1 / Gonzagagasse 19, A-1010 Vienna Tel. +43 / 1 / SALZBURG Makartplatz 3, A-5027 Salzburg Tel. +43 / 662 / Schwarzstrasse 32, A-5027 Salzburg Tel. +43 / 662 / and Sterneckstrasse 7, A-5027 Salzburg Tel. +43 / 662 / ST. PÖLTEN Palais am Riemerplatz 1, A-3100 St. Pölten Tel. +43 / 2742 / LINZ Schillerstrasse 5, A-4020 Linz Tel. +43 / 732 / GRAZ Am Eisernen Tor 3, A-8010 Graz Tel. +43 / 316 / KLAGENFURT Palais Goëss Alter Platz 30, A-9020 Klagenfurt Tel. +43 / 463 / VILLACH Altes Stadtpalais Hauptplatz 7, A-9500 Villach Tel. +43 / 4242 / CORPORATE CUSTOMERS Schwarzstrasse 32, A-5024 Salzburg Tel. +43 / 662 / INTERNET info@schoellerbank.at WELS Schmidtgasse 18, A-4600 Wels Tel. +43 / 7242 / INNSBRUCK Museumstrasse 5, A-6021 Innsbruck Tel. +43 / 512 / BREGENZ Montfortstrasse 3, A-6900 Bregenz Tel. +43 / 5574 / Published by: Schoellerbank Aktiengesellschaft Renngasse 3, A-1010 Vienna Editor: Rolf Reisinger Schoellerbank Communications and PR Schwarzstrasse 32, A-5027 Salzburg Photographs: Management Board: Michael Sazel, Doris Kucera Basisdesign: Mercurio S.r.L., Mailand Graphics: Printed by: Roser, Salzburg This paper is made of chlorine-free pulp and with acid-free raw materials. Non-ageing according to ISO 9706 Schoellerbank Aktiengesellschaft, 2012 Schoellerbank 2011 Annual Report 17

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