Bank Austria Hypothekenpfandbriefe (Mortgage Bonds) November 2014
Agenda UniCredit / Bank Austria: Overview Mortgage Bond of Bank Austria Austrian Legal Framework Pfandbriefe 2
Agenda UniCredit / Bank Austria: Overview UniCredit Bank Austria Mortgage Bond of Bank Austria Austrian Legal Framework Pfandbriefe 3
UniCredit at a glance A clear international profile based on a strong European identity UniCredit Highlights Shareholder Structure 1) Strong local roots in almost 20 countries ~ 130,000 employees ~ 8,000 branches ~ 32 mn customers in Europe One of the most important banks in Europe with total assets of ~ 860 bn One of the 28 Global Systemically Important Banks ( G-SIBs ) worldwide Retail, miscellaneous and unidentified Investors Stable Shareholders 24.3% 27.4% 48.3% Institutional Shareholders 4 Market capitalization of ~ 30 bn Capital increase of 7.5 bn in 2012, with strong response from all investor clusters Common Equity Tier 1 (CET1) Ratio at 10.6% and Total Capital Ratio at 14.8% (both according to Basel 3 phase-in rules) as of 30 September 2014 Main shareholders: Stable shareholders, e.g. Foundations Institutional investors Retail investors 1) Based on latest available data. Source: Sodali *) Including unidentified shares owned by the Group and Cashes
Agenda UniCredit / Bank Austria: Overview UniCredit Bank Austria Mortgage Bond of Bank Austria Austrian Legal Framework Pfandbriefe 5
Bank Austria at a Glance Solid capital base (10.9% CET1 Ratio) ~ 1.7 mn Customers in Austria ~ 18% Customer Share Retail Segment Member of UniCredit Bank Austria - strong in Austria and CEE 7 of 10 Large Corporates have business relations Presence in 13 CEE Countries ~1,700 Outlets in A & CEE *) ~36,000 FTE in A & CEE *) 6 *) excl. a further 1,000 branches and ~18,000 FTE of the Turkish Joint Venture CEE = Central and Eastern Europe FTE = Full-Time Equivalent (As of 30 September 2014)
P&L of Bank Austria 9M14 Increase of net profit mainly due to lower Net Write-Downs of Loans 1-9/ 1-9/ ( mn) 2014 2013 y/y 3Q14 2Q14 3Q13 q/q y/y Operating Income 4,461 4,788-6.8% 1,554 1,531 1,747 1.5% -11.0% Operating Costs -2,471-2,492-0.9% -814-822 -813-0.9% 0.1% Operating Profit 1,990 2,296-13.3% 740 710 934 4.3% -20.7% Net Write-Downs of Loans -501-777 -35.5% -169-142 -263 18.9% -35.7% Net Operating Profit 1,489 1,519-2.0% 571 568 671 0.6% -14.9% Non-Operating Items -67-158 -57.7% -84-53 -53 58.3% 58.8% Profit Before Tax 1,423 1,362 4.5% 487 515 618-5.3% -21.2% Income Tax -200-183 9.2% -73-63 -66 16.7% 11.2% Group Net Profit 1,192 1,125 6.0% 416 426 547-2.2% -24.0% Cost / Income Ratio - excl. bank levies (in %) 52.5% 49.7% 281 bp 50.1% 51.3% 44.9% -115 bp 520 bp 7 Operating income y/y down by 7%, mainly due to lower equity contribution from Turkey (due to sale of Sigorta insurance in 3Q13) and decreased trading income Costs slightly lower, both vs. 9M13 and 2Q14, driven by strict cost management and despite further increase in Austrian bank levy Net write-downs of loans significantly lower (-36%, both y/y and q/q), decrease both in Austria and in CEE Strong increase of Group Net Profit to 1,192 mn (+6% vs. 9M13), mainly due to favorable development of net writedowns of loans and despite high one-off profit in 9M13 (sale of Sigorta) Note: Non-operating items include provisions for risks and charges, profit from investments and integration costs
Net Operating Profit Details BA Group Despite Sigorta sale in 2013, only slightly below prior year, mainly due to lower LLPs and costs Net Operating Profit Composition ( mn) Share of Divisions *) Net Operating Profit by region (%) Operating income Costs LLP 1,519-2% 1,489 Austria 25% 671 568 571 1,747 1,531 1,554 4,788 4,461 75% CEE *) without Corporate Center NOP down by 2% y/y -813-822 -814-2,492-2,471 Reduction of revenues y/y due to lower contribution from Turkey (sale of Sigorta insurance in 3Q13), 8-263 3Q13-142 -169 2Q14 3Q14-777 1-9/2013-501 1-9/2014 decreased trading income and currency effects Y/y, decrease in costs despite higher bank levies in Austria, due to strict cost control and currency effects LLP requirements strongly decreased y/y (both in Austria and in CEE)
Balance Sheet structure (as at 30 September 2014) Loans and receivables with banks Balance Sheet ( mn) Change vs. 31 December 2013 189,483 (100%) 29,469 (16%) 189,483 (100%) 25,593 (14%) Deposits from banks Balance sheet 178 +6.5% 189 ( bn) Loans to customers 114 +0.8% 115 Loans and receivables with customers 115,167 (61%) 99,914 (53%) Deposits from customers 12/13 09/14 12/13 09/14 Other Financial Assets Other Assets 31,140 (16%) 13,706 (7%) 30,623 (16%) 17,195 (9%) 16,157 (9%) Debt securities in issue Other Liabilities Equity Deposits from customers +3.4% Securities in issue +12.2% 97 100 27 31 Assets Liabilities 12/13 09/14 12/13 09/14 9 Balance sheet development (+6.5%% vs. year end) partly driven by strong deposit growth and issuance activities Classical commercial bank - loans and primary funds (customer deposits + debt securities in issue) well balanced and representing a high share in the balance sheet Debt securities in issue up by 3.3 bn (4 covered bond issues totaling 2 bn and 3 Tier 2 issues in a total of 1.5 bn) Solid capital base of 16 bn, up by 1.1 bn vs. YE13, mainly due to the current profit As from 2014, Turkey (Yapi Kredi) is consolidated at equity and therefore only included as participation; year-end 2013 adjusted accordingly to enable comparisons Shareholders equity 15 12/13 +7.4% 16 09/14 Leverage ratio 1) (quarterly average) n.a. 5.86% 12/13 09/14 1) starting from 2014, according to Basel 3 phase-in
Loan and Deposit Volumes Loans more than covered by deposits and debt securities in issue Loans to Customers 1) ( mn) Deposits from Customers 1) ( mn) CEE CEE Austria 117,190 114,759-2% 113,224 115,304 0% 115,167 Austria 91,618 96,486 9% 95,730 95,842 +4% 99,914 58,127 56,436 54,606 57,091 57,737 43,139 46,680 44,672 45,417 46,935 48,478 49,806 51,057 50,425 52,978 59,063 58,323 58,619 58,213 57,430 3Q13 4Q13 1Q14 2Q14 3Q14 3Q13 4Q13 1Q14 2Q14 3Q14 Loans/Direct Funding Ratio 88% 93% 91% 92% 88% 10 Loans to customers -2% y/y due to decrease in Austria and currency devaluation in CEE, q/q flat Deposits from customers +9% y/y, with growth in CEE being mitigated by currency devaluation. In Austria, y/y increase by 4.5 bn. Significant increase q/q (+4%) both in Austria (re/ some large short-term tickets) and CEE (in particular corporate business) Loans more than covered by deposits and debt securities in issue, Loans/Direct Funding Ratio on an excellent level of 88% 1) All figures recast (excl. Turkey and Ukraine)
Volumes in CEE Good business development, impact from currency movements Customers loans / Primary funds ( bn) 1) Regional Breakdown Customer loans Primary funds Customer loans ( bn) - September 14 CEE 58 58.1 57.1 57.7 o/w 46.0 48.4 50.1 Russia 14 CZ/SK 12 Croatia 9 Bulgaria 5 Romania 5 Hungary 3 Primary funds ( bn) - September 14 1) CEE 50 o/w 3Q13 2Q14 3Q14 Russia 13 11 Loans to customers: increase in 3Q14, mainly due to Russia Primary funds: Increase y/y by 4 bn, despite currency devaluations. Deposit growth in almost all countries, in particular in Russia and Bulgaria 1) Primary funds = Deposits from customers + Debt securities in issue CZ/SK 12 Croatia 9 Bulgaria 5 Romania 3 Hungary 3
Capital position and RWA Sound capital ratios Capital Ratios Total CAR 12.5% 13.5% 1) 13.8% Common Equity Tier 1 (CET1) ratio stands at solid 10.9% and Total Capital ratio at 13.8% (both according to Basel 3 phase-in and IFRS) Tier 1 10.9% 11.6% 10.9% Safe capital base as Bank Austria unlike its main competitors did not take up state capital CET1 10.6% 2012 11.3% 2013 10.9% 3Q14 B3 phase-in RWA development in 9M14 influenced by implementation of the CRR (leading to higher market risk RWA in 2014), volume growth in CEE and switch to IFRS. Decrease in 2013 includes sale of Kazakh subsidiary Regulatory Capital ( bn) Risk-Weighted Assets ( bn) Total Capital Additional Tier 1 CET1 16.2 0.3 13.8 16.0 0.3 13.4 1) 17.4 0.0 13.7 Total RWA Market risk CVA charge Operational risk Credit risk 130.1 2.5 12.6 114.9 118.5 2.1 12.8 103.6 1) 125.7 3.6 0.7 12.0 109.4 12 2012 2013 3Q14 B3 phase-in 1) Starting with 2014, figures in accordance with Basel 3/CRR and since 3Q14 based on IFRS; transitional adjustments (phase-in) only relevant for capital, not for RWA 2012 2013 3Q14 B3
Rating Overview Moody's S&P Fitch Short Term Long Term Subordinated 1) Short Term Long Term Subordinated 1) Short Term Long Term Subordinated 1) P-2 Baa2 Ba2 A-2 BBB+ BB+ - - - Bank Austria 2) Negative outlook Negative outlook UniCredit S.p.A. P-2 Baa2 Ba2 A-2 BBB BB+ F2 BBB+ BBB Negative outlook Negative outlook Negative outlook Moody's S&P Fitch Bank Austria - Public Sector Covered Bond Bank Austria - Mortgage Covered Bond Aaa - - Aa1 - - (as of 12 November 2014) 1) Subordinated (Lower Tier II) 13 2) Securities issued before 31 Dec. 2001 which benefit from a secondary liability by the City of Vienna (grandfathered debt) are also rated as shown above, with the exception of Baa1 by Moody s for the relevant senior debt
Agenda UniCredit / Bank Austria: Overview Mortgage Bond of Bank Austria Austrian Legal Framework Pfandbriefe 14
Executive Summary Bank Austria Mortgage Cover Pool New Aa1 rating by Moody s Bank Austria decided to streamline its Mortgage Cover Pool targeting a simple and transparent pool composition: focus on Austrian mortgages only change to whole loan reporting instead of collateral volume Benefit: pure Austrian risk offer to our investor base no blending of risk, diversification to be decided by investor simple pricing logic Non-Austrian mortgages to be channeled into specific collateralized structure with focus on CEE ECBC Covered Bond Label has been granted to the BA Mortgage Cover Pool 15
Bank Austria s Whole Loan Approach Whole Loan Approach and its Benefits for Investors According to the Austrian Mortgage Banking Act (HypBG), the maximum coverage volume of Beleihungswert is 60% (maximum current outstanding of the loan) Scenario I: Split Loan Approach = Minimum Approach Value of Mortgage Loan Volume split Value to cover issued Pfandbriefe 100 100 = 60 + 40 60 & Not in Cover Pool Loan in Cover Pool 60 = Maximum Pfandbrief volume issued according to HypBG For optimization of its collateral value loans are split into 2 parts: 1) included in cover pool and 2) not included in cover pool Scenario II = Approach of Bank Austria = Whole Loan Approach 16 Value of Mortgage & Loan Volume Value to cover issued Pfandbriefe 100 100 100 Loan in Cover Pool 40 = Additional Pool volume 60 = Maximum Pfandbrief volume issued according to HypBG The whole loan and not only its legally assigned value is included in the cover pool to collateralize BA s issued Mortgage Pfandbriefe. Thus, investors benefit from collateralization above legal requirement in BA s cover pool.
Mortgage Cover Pool Parameters of the Cover Pool and Issues Total Value of the Cover Pool as of 30 September 2014 in EUR equivalent: 8,152 mn thereof in EUR: 6,387 mn thereof in CHF: 1,657 mn thereof substitute cover in EUR: 108 mn Parameters of Cover Pool Weighted Average Life (in years incl. Amortization) 9.1 Contracted Weighted Average Life (in years) 13.6 Average Seasoning (in years) 6.5 Total Number of Loans 25,775 Total Number of Debtors 24,073 Total Number of Mortgages 25,775 Average Volume of Loans (in EUR) 312,100 Stake of 10 Biggest Loans 11.6% Stake of 10 Biggest Debtors 18.0% Stake of Bullet Loans 34.4% Stake of Fixed Interest Loans 13.6% Amount of Loans 90 Days Overdue 0 Average Interest Rate 1.7% Moody s Rating: Aa1 Nominal / Present Value Over-Collateralisation *) : 65.9% / 70.6% Total Value of Issued Mortgage Pfandbriefe as of 30 September 2014 in EUR: 4,914 mn Total Value of Sold Mortgage Pfandbriefe as of 30 September 2014 in EUR: 3,564 mn Parameters of Issues: Total Number 109 Average Maturity (in years) 5.1 Average Volume (in EUR) 45,085,644 17 *) Austrian Mortgage Banking Act requires a nominal over-collateralization of 2%. The basis for its calculation is a cover pool value reduced by legally defined haircuts. Taking these haircuts into consideration, the cover pool value amounts to EUR 5,419 mn, thus the overcollateralization is 10.3%. Additionally, in its Articles of Association, UniCredit Bank Austria commits itself to an over-collateralization on a present value basis.
Mortgage Cover Pool Maturity Structure of Cover Pool and Issues Maturity of Assets in the Cover Pool in mn EUR in % Maturity up to 12 months 437 5.4% Maturity 12-60 months 1,199 14.7% thereof Maturity 12-36 months 758 9.3% thereof Maturity 36-60 months 441 5.4% Maturity 60-120 months 1,512 18.6% Maturity longer than 120 months 5,003 61.4% Total 8,152 100.0% Maturity of Issued Covered Bonds in mn EUR in % Maturity up to 12 months 901 18.3% Maturity 12-60 months 1,328 27.0% thereof Maturity 12-36 months 421 8.6% thereof Maturity 36-60 months 907 18.5% Maturity 60-120 months 2,211 45.0% Maturity longer than 120 months 475 9.7% Total 4,914 100.0% 18
Mortgage Cover Pool Assets Volume Breakdown Volume Breakdown by Size of Loans in mn EUR Number below 300,000 2,754 22,955 thereof under 100,000 572 10,252 thereof 100,000-300,000 2,182 12,703 300,000-5,000,000 2,358 2,656 thereof 300,000-500,000 509 1,390 thereof 500,000-1,000,000 403 579 thereof 1,000,000-5,000,000 1,445 687 above 5,000,000 3,040 164 Total 8,152 25,775 19
Mortgage Cover Pool Regional Breakdown *) of Mortgages in Austria 20 *) Without substitute cover (consists of bonds)
Mortgage Cover Pool Breakdown *) by Type of Use Mortgages Breakdown by Type of Use in mn EUR Number Residential 3,163 22,190 Residential subsidized 1,732 2,037 Residential used for business purposes 379 989 Commercial 2,771 559 thereof Office 1,235 114 thereof Trade 723 56 thereof Tourism 190 76 thereof Agriculture 11 57 thereof mixed Use / Others 611 256 Total 8,044 25,775 21 *) Without substitute cover (consists of bonds)
Mortgage Cover Pool Breakdown *) by Type of Use Bank Austria s Mortgage Cover Pool Value accounts for 8,044 mn as of 30 September 2014 (without substitute cover) All mortgages in cover pool are located in Austria The main concentration is in the City of Vienna 38.7% and the state of Lower Austria 25.9% Breakdown of cover pool by type of use: 65.6% residential real estate (thereof 21.5% subsidized) 34.4% commercial real estate, divides as follows: Office 15.4% Trade 9.0% Tourism 2.4% Other / Mixed use 7.6% 22 *) all percent Values are respective cover pool value without substitute cover
Agenda UniCredit / Bank Austria: Overview Mortgage Bond of Bank Austria Austrian Legal Framework Pfandbriefe 23
Austrian Legal Framework Mortgage and Public Sector Pfandbriefe Austrian Covered Bonds Pfandbriefe Fundierte Schuldverschreibungen Hypothekenbankgesetz (Mortgage Banking Act 1899) Pfandbriefgesetz (Pfandbrief Law 1938) Law of 1905 Bank Austria 24 Remark: Austrian Mortgage Pfandbriefe also follow the same legal regulation as Public Sector Pfandbriefe
Comparison Austria vs. Germany Criteria of Pfandbrief law / Hypothekenbankgesetz Austria Germany Pfandbrief law in place YES YES Mortgage and public sector collateral assets in separate pools YES YES Cover register YES YES Collateral assets limited to Europe YES X Legally required minimum overcollateralization YES YES Cover pool monitoring (Trustee) YES YES Special proceedings in case of insolvency Pfandbriefe remain outstanding in case of issuer s bankruptcy YES YES YES YES NPV matching YES* YES Austrian Hypothekenbankgesetz was initially based on the German legislation Important changes to the German "Pfandbrief" - legislation were followed by the Austrian "Hypothekenbankgesetz", which continues to reflect the principal features of the German "Pfandbriefgesetz Main differences in the current version are: German law also allows collateral assets from non-european countries German law includes compulsory NPVmatching, whereas in Austria a voluntary commitment is foreseen to be stipulated in the articles of association. Bank Austria, accordingly, included such clause in its articles of association 25 * if included in the Articles of Association of the respective credit institution
Your Contacts CFO Finance UniCredit Bank Austria AG CFO Planning & Controlling Austria UniCredit Bank Austria AG Martin Klauzer Head of Finance Tel. +43 (0) 50505 82511 martin.klauzer@unicreditgroup.at Günther Stromenger Head of Corporate Relations Tel. +43 (0) 50505 57232 guenther.stromenger@unicreditgroup.at Thomas Ruzek Head of Strategic Funding Tel. +43 (0) 50505 82560 thomas.ruzek@unicreditgroup.at Gabriele Wiebogen Head of Long Term Funding Tel. +43 (0) 50505 82337 gabriele.wiebogen@unicreditgroup.at 26 Werner Leitner Head of Cover Pool Management Tel. +43 (0) 50505 82647 werner.leitner@unicreditgroup.at Impressum UniCredit Bank Austria AG CFO Finance A-1010 Vienna, Schottengasse 6-8
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