Bank Austria Creditanstalt Full year results of International Roadshow. March/April 2004
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1 Bank Austria Creditanstalt Full year results of 2003 International Roadshow March/April 2004
2 Bank Austria Creditanstalt BA-CA Investor Relations 2
3 Bank Austria Creditanstalt: centre of competence for Austria and CEE within HVB Group No. 1 Bank in Austria bn total assets 421 branches 13,380 employees Customers: 1.8 m Population: 8.1 m Countries joining the EU with May 2004 Note: Figures as of 31 December 2003; employees are based on FTE (full-time equivalent) 1 Including employees and branches of functional subsidiaries and other domestic subsidiaries 2 Including employees, branches and customers in Bosnia-Herzegovina (incl. Central Profit Banka) and Serbia and Montenegro that are not consolidated New EU No. 3 Bank in Poland 10 bn total assets 518 branches 11,115 employees Customers: 2.9 m Population: 39 m Broadest banking network in CEE 2 13 bn total assets 10 countries, Top 5 in key markets 372 branches 6,472 employees Customers: 1.1 m Population: 80 m BA-CA Investor Relations 3
4 Key financial highlights 2003 Consolidated financials Split of RWA 1 Total assets Loans to customers Shareholders' equity Tier 1 ratio Consolidated net income Return on equity after taxes Cost / income ratio Staff numbers (FTE) 1 Based on average RWA in Includes "Corporate Center" segment Outlets 31 Dec bn 76.0 bn 5.8 bn 7.8% H1 FY m 8.7% 69.9% 30,377 1,311 CEE 21% Austria 2 79% Split of net income before taxes 2003 CEE 23% 3 Austria 2 77% 3 Including amortisation of goodwill, funding costs and central costs of the CEE segment BA-CA Investor Relations 4
5 Strategic core initiatives for the years to come (1) Focus on boosting income Leverage experience to CEE Concentration on low-risk & profitable business segments Maintaining strict discipline in costs, capital and risks Optimise distribution channel mix in Austria Further increase of our mobile sales force Double the number of Finance centres from currently 20 to until 2005, Recruiting of 100 new top sales people for our branch network in 1H2004 Increase market share in the western federal provinces and defend dominant (>50%) market share within the Vienna region Adding value by leveraging our network to service customers across borders Systematic cross-selling across national borders Uniform customer service culture Intensify client relationships and product usage within network Realising existing customer potential Using data mining and up-to-date campaign management with success monitoring Focus on cross selling potential BA-CA Investor Relations 5
6 Austria benefits from a broad client base Segment MNCs >> 40 mm 1 Clients ~200 Gross Margin2 2 ~0.7% Large Cap > 40 mm 1 ~1,000 ~0.8% Mid Cap > 7 mm 1 ~3,500 ~1.2% Small Cap > 1.5 mm 1 ~7,000 ~1.8% Small business 1.5 mm 1 ~65,000 ~2.4% Retail customers ~1,770,000 n.a. ¹Turnover 2 Gross margin defined as interest spread plus loan related net commission income BA-CA Investor Relations 6
7 ...with a dominant market position in the domestic customer business Customer shares* in Austria 2003 Retail customers 17% Small enterprises 36% thereof high net 27% Midsize companies 64% worth individuals Business customers 23% Large-scale enterprises 81% Source: BA-CA Group market research *... % of 100 have a business relation with BA-CA Group BA-CA Investor Relations 7
8 Austrian retail and corporate business: improving net interest income and higher commission income in 2H Net interest income Net fee and commission income Austrian retail Austrian corporate Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 BA-CA Investor Relations 8
9 Strategic core initiatives for the years to come (2) Focus on boosting income Concentration on low-risk & profitable business segments Up-selling potential Shifting towards products with greater value added using methods such as pre-standardised product design and counselling in retail banking (mainly liabilities-side products) Reduces complexity and excess information Leverage experience to CEE Maintaining strict discipline in costs, capital and risks Profitability in lending to corporate customers Risk-adequate pricing in combination with balance sheet structure counselling Offer of marketable corporate finance products Stronger emphasis on loan portfolio management Turning to the secondary market to reduce RWA Increase of RWA in the most profitable areas CEE business with a strong focus on retail business Particulary growth in profitable Austrian business segments BA-CA Investor Relations 9
10 Continuous reduction of credit risk and risk weighted assets - further positive trend in credit risk charge... Credit risk 1 and risk weighted assets (in bn) Loans and advances to customers Loans and advances to banks, guarantees, undrawn commitments Assessment basis (banking book) % % % Risk earnings ratio and credit risk in % of RWA Net charge for losses on loans and advances in % of net interest income Net charge for losses on loans and advances in % of average risk weighted assets 29,7% 26,3% 23,3% 21,5% 79,8-9.9% 72,0-6.7% 67,2-2.4% 65,6 82,3 78,6 76,4 76,0 0.85% 0.93% 0.77% 0.70% 31/12/ /12/ /12/ /12/ Risk volume according to balance sheet item oriented - product category inclusive guarantees and undrawn commitments BA-CA Investor Relations 10
11 ...and a significant improvement in non-performing loans and coverage of unsecured NPLs Non-performin loans 1 (in bn) Total risk provisions in % of NPLs (unsecured) (in bn) Non performing loans Non performing loans (= doubtful / loss) (Cat. 9 and 10), unsecured thereof secured by collateral... thereof unsecured... Total risk provisions (incl. provision for off-balance sheet risks) Coverage +9%-points % % % 79% % % 77% 31/12/ /12/ /12/ /12/ NPLs are loans category 9 and 10( doubtful " / "loss ) BA-CA Investor Relations 11
12 Strategic core initiatives for the years to come (3) Focus on boosting income Leverage experience to CEE Concentration on low-risk & profitable business segments Maintaining strict discipline in costs, capital and risks CEE- strategy is centred around a 3-step approach Organic growth (Serbia Macedonia) 2. Selective retail expansion (Czech Rep., Slovakia, Hungary, Slovenia, Rumania Bosnia- Hercegovina) 3. Universal banking (Poland, Croatia, Bulgaria)...and based on: a one-stop-shop principle for international corporate customers on a CEE-wide basis, a common IT platform, creating a catalogue of network products cross-regional human resources management centralised risk standards and consistent standards through out our Banking Group BA-CA Investor Relations 12
13 Growing income in CEE Real GDP growth p.a. Bulgaria 5.3% Romania 5.2% Bosnia Slovakia 4.5% 4.3% Poland 9.5% #3 Croatia 4.1% Poland Czech Rep. Hungary Slovenia 4.0% 3.8% 3.8% 3.6% Czech Rep. 5.1% #4 New EU Slovakia 5.4% #5 Macedonia Serbia CEE 3.0% 2.6% 4.3% Slovenia 4.6% #8 Hungary 4.7% #6 Romania 3.5% #10 EU15 2.3% Countries with average growth rate of real GDP < 4 % > 4 % Croatia 9.1% #4 Bosnia 7.2% #3 Serbia 1.9% #17 Macedonia rep. office Bulgaria 6.7% #4 Market share in total assets and country ranking Source: BA-CA Economics Dept. BA-CA Investor Relations 13
14 Strategic focus in CEE is expected to lead to continued growth going forward Net income before taxes (in m subsidiaries only, excluding consolidation and central costs) BA-CA Investor Relations 14
15 Good financial performance in CEE: Consistent risk management and cost control... Development of the CEE Banking subsidiaries Risk Provisions (in m) Administrative Expenses (in m) % % % 663-7% Poland Region Hungary, Czech Republic, Slovakia, Slovenia Region South Eastern Europe BA-CA Investor Relations 15
16 ... leading to higher profitability but Poland is the key factor for our success in CEE Development of the CEE Banking subsidiaries Net profit before taxes (in m) Return on equity before taxes in % % % % % 19.1% % 16.4% 16.4% 11.7% 12.4% 14.4% % 9.4% 4.6% SEE HU, CZ, SK, SLO Poland CEE total Poland Region Hungary, Czech Republic, Slovakia, Slovenia Region South Eastern Europe BA-CA Investor Relations 16
17 CEE banking subsidiaries Net income before taxes and currency effects on the results for 2003 m 2003 Currency 2002 effect Change 2003/02 in % Poland Other CEE banking subsidiaries % +11% thereof: Hungary Czech Republic Slovakia Slovenia Croatia Romania Bulgaria % -1% -6% -12% +8% +22% CEE banking subsidiaries total % - excluding not consolidated subisidiaries in Serbia-Montenegro and Bosnia-Herzegovina; 2002: Splitska Banka pro-rata BA-CA Investor Relations 17
18 Strategic core initiatives for the years to come (4) Focus on boosting income Concentration on low-risk & profitable business segments Productivity increase Continuing with planned reduction of staffing levels (to 10,000 FTE) Increased use of performance incentives and performance controlling across markets Leverage experience to CEE Maintaining strict discipline in costs, capital and risks...on the one hand via reductions of complexity basically via three steps: Integration, Optimisation of processing and Outsourcing...and on the other hand, by implementing an efficient operating model. Integration of back office operations (e.g. securities settlement) Centralisation of activities and resources (e.g. global procurement) BA-CA Investor Relations 18
19 Bank Austria Creditanstalt Group Results for 2003 m Change in % Net interest income 2,176 2, % Losses on loans and advances % Net interest income after losses on loans and adv. 1,709 1, % Net fee and commission income 1,134 1, % Net trading result General administrative expenses 220-2, , % -1.0% Balance of other operating income and expenses 18-1 >100% Operating profit % Net income from investments >100% Amortisation of goodwill % Balance of other income and expenses % Net income before taxes % Taxes on income % Net income % Minority interests % Consolidated net income % 1 Including provision of 20m for restructuring measures BA-CA Investor Relations 19
20 Bank Austria Creditanstalt Group Currency effects on the results for 2003 m 2003 Change on 2002 in m Thereof currency effect in m Net interest income 2, Losses on loans and advances Net fee and commission income 1, Net trading result Operating revenues after loan losses General administrative expenses 3,063-2, Balance of other operating income and expenses Operating profit Net income from investments Amortisation of goodwill Balance of other income and expenses Net income before taxes Taxes on income Minority interests Consolidated net income Including provision of 20m for restructuring measures BA-CA Investor Relations 20
21 Overview of BA-CA business segments as of 31 December 2003 Austria CEE subsidiaries Corporate Center Retail Corporate International Markets CEE 1,304 1, % 30% 5% 27% 1% % 36% 10% 23% 3% 15% 40% 4% 17% 24% 23.6% 11.6% 35.4% 17.3% 79.2% 56.8% 76.1% 72.2% Operating revenues ( m) Contribution to BA-CA Group Net income before taxes ( m) Contribution to BA-CA Group Allocated equity in % ROE before taxes Cost / income ratio 1.8m retail and small business customers Strong retail franchise #1 in Vienna region #1 in private banking Leading asset manager in Austria 36,000 Corporate customers Leading corporate bank #1 in Export Finance #1 in Trade Finance #1 real estate finance player in Austria Market leader in Austria und CEE capital markets 4.0m customers Broadest network in the region #3 in Poland Other participations Service centres Reclassifications BA-CA Investor Relations 21
22 by segment 2003 Allocated equity and contribution to BA-CA Group in % Cost/Income-Ratio Cost/Income-Ratio in in ) % (2003) (2003) Allocated equity (avg.) BA-CA Group: 5,056m Operating revenues BA-CA Group: 3,548m % 40% 30% Private Customers Corporate Customers INM CEE BA-CA Group 27% 15% 17% 24% RoE RoE before before taxes taxes in in % (2003) Return on RWA 92 in basis points % 5% % Private Customers Corporate Customers International Markets CEE Corporate Center Private Customers Corporate Customers INM CEE BA-CA Group 1 based on a capital allocation of 6.2% of the average of RWA per segment BA-CA Investor Relations 22
23 CEE net income before taxes 2003: transition from banking subsidiaries' total to CEE segment change yoy change yoy change yoy +14% +24% +2% CEE banking subsidiaries total Goodwill FX hedge Central costs CEE segment before equity standardization Equity standardization CEE segment in m BA-CA Investor Relations 23
24 Key messages Roadshow 2003 promised & delivered Target/Plan 31/12/03 Reduction of RWA in coporate business by 1bn in bn 32.6bn Headcount reduction to 11,400 by year end ,410 Acquisitions have to be ROE accreative within Offer for Postabank 2 years within this range Turn around in Poland in 2003 LLP on RWA ~60 BP (mid-term target) Net income before taxes +19% 70BP (down from 77BP) on track CIR in Retail segment ~75% (mid-term target) 79% (down from 81%) on track BA-CA Investor Relations 24
25 For 2004 BA-CA expects an increase in net income before taxes of more than 15% to ~ 750 million. Net income before taxes in EUR m % ~750 Outlook 2004 Earnings Risk Cost e BA-CA Investor Relations 25
26 BA-CA medium-term targets Minimum target Risk/earnings ratio 26.3% 23.3% 21.5% < 20% Cost/income ratio 68.8% 69.3% 69.9% < 63% CEE contribution to profit before tax 24.7% 29.4% 23.3% > 38% Tier 1 ratio 7.8% 6.8% 7.8% > 7% ROE after taxes 10.2% 6.5% 8.7% > 13% Average equity in m 4,745 4,742 5,056 BA-CA Investor Relations 26
27 Appendix BA-CA Investor Relations 27
28 Balance sheet of the Bank Austria Creditanstalt Group Assets ( bn) Liabilities and shareholders equity ( bn) 31/12/03 31/12/02 31/12/01 31/12/03 31/12/02 31/12/01 Cash and bal. with centr. banks Amounts owed to banks Trading assets Amounts owed to customers Loans and advances to banks Liabilities evidenced by certificates Loans and advanc. to custom Trading liabilities Loan loss provisions Provisions Investments Other liabilities Property and equipment Subordinated capital Intangible assets Minority interests Other assets Shareholders equity Total assets Total liabilities and shareholders equity Appendix BA-CA Investor Relations 28
29 Segment reporting 2003 Retail Corporate INM CEE Corporate Center BA-CA Group in m ¾ ¾ ¾ Net interest income ,176 2,307 Losses on loans and advances Net fee and commission income Net trading result General administrative expenses Balance of other oper. inc./exp. Operating profit Net income from investments Amortisation of goodwill Balance of other income/exp. Net income before taxes Ø Risk weighted assets (RWA) ØEquity ROE before taxes Cost / income ratio Risk/Earnings-Ratio ,134 1, ,033-1, ,479-2, ,908 11,933 32,641 35,315 3,076 4,309 14,034 13,100 6,004 6,772 67,664 71, ,024 2, , ,056 4, % 20.0% 11.6% 8.3% 35.4% 23.8% 17.3% 18.3% 12.8% 10.6% 79.2% 80.9% 56.8% 52.5% 76.1% 62.5% 72.2% 72.6% 69.9% 69.3% 18.2% 12.1% 29.3% 44.5% 0.2% 5.5% 17.0% 15.7% 21.5% 23.3% Appendix BA-CA Investor Relations 29
30 Income statement of Bank Austria Creditanstalt Group by quarter in m ¼ 2001 Q Q Q Q Q Q Q Q Net interest income Losses on loans and advances Net fee and commission income Net trading result General administrative expenses Bal. of other op. income and exp Operating profit Net income from investments Amortisation of goodwill Balance of other income and exp Net income before taxes Taxes on income Minority interests Consolidated net income incl. 20 m provision for restructuring measures Appendix BA-CA Investor Relations 30
31 Breakdown of key financials by region 2003 Austria 1 CEE Corporate Center BA-CA Group million Operating revenues 2 2,547 2, ,548 3,612 Losses on loans and advances General administrative expenses -1,771-1, ,479-2,503 Operating profit Net income before taxes Cost/income ratio 69.5% 67.9% 72.2% 72.6% 69.9% 69.3% RoE before taxes 16.2% 12.3% 17.3% 18.3% 12.8% 10.6% RWA (avg.) 47,625 51,557 14,034 13,100 6,004 6,772 67,664 71,429 Allocated equity 3 (avg.) 2,953 3, , ,056 4,742 1 Austria includes Retail, Corporate Business and International Markets 2 Operating revenues = Net interest income + net fee and commission income + net trading result + balance of other operating income and expenses 3 : allocated equity equal to 6.2% of average RWA Appendix BA-CA Investor Relations 31
32 Financial key figures CEE 2003 Net Net income income before before taxes taxes Cost/Income-Ratio Cost/Income-Ratio (2003) (2003) other CEE-subsidiaries 2 17% Poland 43% 66% 56% 51% 61% 56% 61% 72% Croatia¹ 12% Poland Czech R e public Hungary Croatia Other CEEs ubs idiaries 2 CEEs ubs idiaries in total CEE Segment in total 3 Return Return on on equity equity before before taxes taxes (2003)4 4 Hungary 13% Czech Republic 15% CEE subsidiaries¹ Total: 321 m Average equity / Average risk weighted assets: 22% 15% 16% 12% 15% 17% 6% 11,7% 17,0% 17,9% 15,7% 17,2% 14,4% 17,3% 1 excl. not consolidated subsidiaries in Bosnia-Herzegovina and Serbia 2 Slovakia, Slovenia, Bulgaria und Romania 3 after central costs and consolidation 4 actual equity for countries Poland Czech Republic Hungary Croatia Other CEEs ubs 2 idiaries CEE s ubs idiaries in to tal CEE Segment in total3 Appendix BA-CA Investor Relations 32
33 Financial overview of CEE operations in million Poland Region CZ, SK, H, SLO Region SEE 1 CEE bank subsidiaries total 2 CEE bank subsidiaries total 3 CEE bank subsidiaries total 3 Net interest income Losses on loans and advances Net fee and commission income Net trading result General administrative expenses Other operating result Operating profit Net income before taxes RWA (avg.) 4,962 5,580 2,230 12,773 11,787 12,230 Shareholders equity (avg.) 1, ,229 2,266 2,228 Shareholders equity / RWA 22% 15% 12% 17% 19% 18% Cost/income ratio 66.1% 54.0% 58.9% 61.1% 61.6% 63.4% ROE before taxes 11.7% 16.4% 19.1% 14.4% 12.4% 9.4% 1 Subsidiaries in Bulgaria, Croatia and Romania 2 Excluding not consolidated subsidiaries in Yugoslavia and Bosnia 3 Excluding not consolidated subsidiaries in Yugoslavia, Bosnia and Bulgaria Appendix BA-CA Investor Relations 33
34 Overview CEE banking subsidiaries 2003 Market share of loans 1) Market share of deposits Number of customers in '000 Market share of total assets Country ranking Poland 9.7% 10.0% 2, % 3 Czech Republic 9.7% 5.8% % 4 Hungary 7.1% 5.5% % 6 Slovakia 9.0% 3.0% % 5 Slovenia 4.9% 2.8% % 8 Croatia n.a. n.a % 4 Bulgaria 8.9% 6.8% % 4 Romania 4.1% 2.4% % 10 Bosnia 2) 3.0% 10.3% % 3 Serbia-Montenegro n.a. n.a % 17 1) excl. a couple of loans accounted for in Vienna 2) incl. Central Profit Banka Appendix BA-CA Investor Relations 34
35 Key figures of CEE banking subsidiaries 2003 in m in m in m Ø Total Net income Ø RWA assets bef. taxes ROE bef. taxes ROE after taxes C/I- Ratio Full time equivalent Employees Offices Poland Hungary Czech Republic Slovakia Slovenia Splitska Banka Romania Biochim Serbia/Montenegro Bosnia/Herzegovina 9,608 2,372 3,929 1, , ,962 1,739 2, , % 17.9% 17.0% 12.5% 15.7% 15.7% 47.2% 17.2% 17.1% -37.7% 7.1% 15.1% 11.6% 10.0% 9.8% 12.8% 42.4% 12.5% 17.1% -37.7% 66% 51% 56% 53% 60% 61% 43% 64% 73% 228% 11,115 1,043 1, , , Appendix BA-CA Investor Relations 35
36 Net interest income and net fee income show sustainable improvements in 2003 full-year trading result satisfactory Net interest income Net fee and commission income Net trading result Net interest margin (=net interest income in % of average risk weighted assets) % 3.24% 3.31% 3.43% Average growth rate per quarter +2.9% Average growth rate per quarter +3.1% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in EUR m Appendix BA-CA Investor Relations 36
37 Net interest income and margin on risk weighted assets. Net interest margin (=net interest income in % of average risk weighted assets) NII (Austrian retail) NII (Austrian corporates) NII (CEE) 196 6,83% 180 6,13% 197 6,60% 192 6,16% ,14% 132 3,89% ,53% 3,55% 2,09% 2,33% 2,48% 2,62% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Appendix BA-CA Investor Relations 37
38 Development of net fee and commission income Net fee and commission income in m Net fee and commission income in % 1,061 1,076 1, % 13% 23% 3% 3% 14% 15% 21% 22% Other services and advisory business 57% 62% 60% Lending business Securities and custodian business Foreign trade / payment transactions Appendix BA-CA Investor Relations 38
39 Development of net trading result Development of net trading result in m Development of net trading result in % % 18% 40% Equity-related transactions 82% 60% Interest-rate and currency-related transactions % Appendix BA-CA Investor Relations 39
40 BA-CA Group risk structure by credit rating Total credit exposure by internal risk classification % (31/12/03) 3.5% Doubtful 1.1% Substandard 4.8% Management attention 90.6% Low risk Total volume: bn Total credit exposure by industrial sectors in bn Banking and insurance Public administration Consumers Real estate Trade Corporate services Other financial services Transport and communication Metal- and machine industry Energy and water supply Construction Other real assets Petroleum, synthetics Glass, ceramics, clay Paper, publishing, print, rep. med. Food Vehicle construction Tourism Agriculture and forestry, mining Total 2003 in % thereof unsecured in % Low risk % % Mgmt attent % % % % Substand. Doubtful % % Total % % Appendix BA-CA Investor Relations 40
41 BA-CA Group risk structure by region Risk structure by region as of 31/12/03 in % (Domicil of borrower) Risk structure by classification as of 31/12/03 in bn 50.2% Austria BACA Group without CEE bn Total exposure thereof unsecured 25.7% Western Europe % CEE 3.9% North America 1.6% RoW Low Risk Risk classification Management attention Substandard Doubtful/Loss (1-5) (6-7) (8) (9-10) CEE 26.3 bn Total volume: bn Low Risk Management attention Substandard Doubtful/Loss Appendix BA-CA Investor Relations 41
42 The integration of BA and CA allowed for significant efficiency improvements and expense reductions Headcount Austria (FTE) Branches Austria 2 Expenses Austria ( million) 3 14,217 13,613 13, % p.a % p.a. 1 1,598 1, % p.a. 1 1,703 1,718 1,644 1,626 12,636 11, , Average growth rate between 1998 and Only BA-CA AG excluding branches of domestic subsidiaries 3 Administrative expenses of BA-CA AG including subsidiaries that support BA-CA s core banking business (excl. Schoellerbank) without restructuring provision of 20m Appendix BA-CA Investor Relations 42
43 Risk weighted assets of BA-CA Group Risk-weighted assets in bn BA-CA Group without CEE -6.7% +10.1% -10.0% % -6.1% CEE % Strong growth in CEE business in the last two years: an increase of + 2.9bn in risk weighted assets or more than +24% Reduction in RWA in the remaining business of BA- CA Group (mainly Austrian business): bnor a reduction of more than -15% since December /12/ /12/ /12/2003 Appendix BA-CA Investor Relations 43
44 Corporate income tax rates 2003/2004 in Austria & CEE Country Year 2003 Year 2004e Austria 34.0% 25.0% Poland % 19.0% Czech. Rep % 28.0% Slovakia % 19.0% Hungary % 16.0% Slovenia % = 25.0% Croatia 20.0% = 20.0% Romania 25.0% = 25.0% Bulgaria 23.5% 19.5% Serbia and Montenegro 14.0% = 14.0% Bosnia-Herzegovina 30.0% = 30.0% 1 EU accession country Appendix BA-CA Investor Relations 44
45 Development of Euro exchange rates in CEE January 2002 December Poland Hungary Czech Republic PLN HUF M -14% 24M -26% M -10% 24M -7% CZK M -3% 24M -1% Slovakia Slovenia Croatia SKK SIT M +1% M -3% 24M +4% M -8% HRK M -2% 24M -4% ,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000 42,000 Romania Bulgaria Serbia & Montenegro ROL 41,158 BGN YUM M -15% 24M -32% M 0% 24M 0% M -9% 24M -15% Appendix BA-CA Investor Relations 45
46 Investor Relations contacts Bank Austria Creditanstalt Investor Relations (8420) Vordere Zollamtsstraße Vienna Austria Tel: +43 (0) Fax: +43 (0) IR@ba-ca.com Internet: 4 Harald Triplat (Head of IR) Tel: +43 (0) Harald.Triplat@ba-ca.com 4 Gerhard Smoley (Deputy Head of IR) Tel: +43 (0) Gerhard.Smoley@ba-ca.com 4 Michael Bauer Tel: +43 (0) Michael.Bauer@ba-ca.com BA-CA Investor Relations 46
47 Statements made in this publication regarding our intentions, expectations, beliefs or predictions are forward-looking statements. They are based on informations, plans, estimates and projections available to us when we made the publication available publicly and therefore we undertake no obligation to update any of our statements because of new informations or future events. There are many important factors, which could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include conditions in the financial markets from which we derive a substantial portion of our trading revenues, governmental and regulatory trends and legislative developments, competitive pressures, potential defaults of borrowers or trading counterparties, reliability of our risk management policies, procedures and methods, management changes and changes to our business group. BA-CA Investor Relations 47
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