BANKING JULY 22, 2014 Oesterreichische Kontrollbank AG COMPANY PROFILE Vienna, Austria Company Overview Table of Contents: COMPANY OVERVIEW FINANCIAL HIGHLIGHTS (AS REPORTED) BUSINESS ACTIVITIES DISTRIBUTION CAPACITY AND MARKET SHARE OWNERSHIP AND STRUCTURE Ownership Structure Subsidiaries COMPANY MANAGEMENT COMPANY HISTORY PEER GROUP RELATED WEBSITES AND INFORMATION SOURCES MOODY’S RELATED RESEARCH 1 2 2 4 5 5 5 6 7 8 8 8 Analyst Contacts: FRANKFURT Oesterreichische Kontrollbank AG (OeKB) is a Vienna-based bank that provides specialised financial services related to exports, as well as capital market, energy market and information services, to companies, financial institutions and the Austrian government. OeKB is an Austrian public limited company. As of 31 December 2013, Italy’s UniCredit Group indirectly owned a 49.15% stake in the bank – through CABET-Holding-GmbH, UniCredit Bank Austria AG and Schoellerbank Aktiengesellschaft. OeKB was established in 1946 to provide specialised banking services to Austrian companies. Since 1950, the bank has acted as the sole agent of the Austrian government for the administration of guarantees issued by the Republic of Austria. In the early 1960s, the bank began conducting its export financing business. As of 31 December 2013, the bank reported total consolidated assets of €29.0 billion. Source: Company reports, Moody’s research +49.69.70730.700 Andrea Wehmeier +49.69.70730.782 Vice President - Senior Analyst [email protected] Maximilian Denkmann +49.69.70730.930 Associate Analyst [email protected] Carola Schuler +49.69.70730.766 Managing Director - Banking [email protected] This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody’s Credit Opinion on this company, please [Click here]. BANKING Financial Highlights (as Reported) Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generated ratios on Oesterreichische Kontrollbank AG, please see <Oesterreichische Kontrollbank AG page on moodys.com>. EXHIBIT 1 Latest Full-Year Results Oesterreichische Kontrollbank AG (in € Million) 31-Dec-13 31-Dec-12 31-Dec-11 % Change 13/12 % Change 12/11 Total Assets 28,964 32,768 37,978 (11.61) (13.72) Total Shareholders’ Equity 684 662 599 3.40 10.44 Shareholders’ Equity excluding Minority Interest 680 658 595 3.41 10.48 Total Own Funds 552 521 490 5.86 6.27 158.7 113.8 Net Income 55 85 50 (35.15) 68.57 Net Income Attributable to Equity Holders 55 85 50 (35.25) 68.70 Tier 1 Ratio (%) 122.8 4,490 bps (900) bps Notes: 1) All data presented on consolidated basis 2) "Shareholders’ Equity excluding Minority Interest" is calculated by deducting "Minority Interest" from "Total Shareholders’ Equity" 3) "Tier 1 Ratio" is reported by the bank only up to one decimal place Source: Company reports Business Activities OeKB provides companies, financial institutions and the Austrian government with a range of specialised export, capital market, energy market and information services. The bank organises its activities into the following three business segments: Export Services; Capital Market Services; and Other Services. In the financial year ended 31 December 2013 (2013), the largest contributor to the bank’s operating profit was the Export Services segment. Export Services: This segment, which in 2013 accounted for 70.2% of the bank’s operating profit, manages guarantees issued by OeKB as the agent of the Republic of Austria, pursuant to the Export Guarantees Act and the bank’s export financing scheme. Export financing includes export acceptance credits as well as refinancing facilities provided to banks, which in turn extend credits to both Austrian exporters and foreign buyers (or their banks) for the sale and purchase, respectively, of Austrian goods and services, or for equity investments in foreign countries by Austrian enterprises. The segment also includes OeKB’s investment in its subsidiary Osterreichischer Exportfonds GmbH, which provides export financing services to small and medium-sized Austrian companies. As of 31 December 2013, this segment reported total assets of €27.5 billion. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. 2 JULY 22, 2014 Capital Market Services: This segment comprises the bank’s capital market services, together with those provided by OeKB as the Central Securities Depository Austria and clearing services for the energy market. COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING This segment’s capital market activities include: » Acting as an agent in the organisation and administration of domestic bond issues, particularly bond offerings by the Republic of Austria » Acting as a paying agent for bond issues » Providing financial data products and services, including the new-issue calendar for government bonds, background information such as annual reports of domestic public companies and the International Securities Identification Numbers directory, transaction-specific events, and tax data on equities, mutual funds and derivatives » Serving as a notification office under the Capital Markets Act, whereby OeKB acts as a depository for prospectuses to be issued in compliance with the Capital Markets Act, the Investment Fund Act, the Real Estate Investment Fund Act and the Alternative Investment Fund Managers Act » Acting as a clearing house for the Vienna Stock Exchange, and as the central counterparty for all transactions concluded on the exchange, through the bank’s 50% owned subsidiary, CCP Austria Abwicklungsstelle fur Boersengeschafte GmbH » Assisting in the settlement of over-the-counter securities transactions This segment’s energy market activities include: » Providing financial clearing and risk management services to the power and gas balancing energy market » Acting as an energy and environment exchange member through the bank’s 8.06% owned affiliate EXAA Abwicklungsstelle für Energieprodukte AG » Providing CO2 emission trading services, including support in buying/selling of EU Allowances and Certified Emission Reductions » Offering financial clearing and settlement services within the framework of eco-electricity administration through its affiliate OeMAG Abwicklungsstelle fuer Oekostrom AG As of 31 December 2013, this segment reported total assets of €13.3 million, and accounted for 9.0% of the bank’s operating profit in 2013. Other Services: This segment comprises the bank’s information and research services, its own-account investment portfolio and investments, the activities of the OeKB Group in private sector credit insurance, and Oesterreichische Entwicklungsbank AG. As of 31 December 2013, this segment reported total assets of €1.4 billion, and accounted for 20.8% of the bank’s operating profit in 2013. Source: Company reports 3 JULY 22, 2014 COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING EXHIBIT 2 Business Segment (% of Operating Profit, consolidated, for 2013) Other Services 20.8% Capital Market Services 9.0% Export Services 70.2% Source: Company reports EXHIBIT 3 Net Profit* per Business Segment (consolidated, in € Million) 2011 2012 2013 60 44 43 40 35 32 20 16 3 3 4 4 0 Export Services Capital Market Services Other Services Note: * “Net Profit” represents “Net Profit Attributable to Equity Holders” Source: Company reports Distribution Capacity and Market Share As of 31 December 2013, OeKB reported outstanding guarantees worth €31.5 billion, mainly in Europe (excluding the EU-27), and in Asia and the Middle East. OeKB provides financial data services through its internet platform, Profitweb. Source: Company reports 4 JULY 22, 2014 COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING Ownership and Structure OeKB is a public limited company with share capital of €130 million and 880,000 shares outstanding, held mainly by several Austrian commercial banks. These are registered ordinary shares not listed on the Vienna Stock Exchange. OeKB shares may only be transferred with the consent of its Board of Supervisory Directors. As of 31 December 2013, Italy’s UniCredit Group – indirectly through CABET-Holding-GmbH, UniCredit Bank Austria AG and Schoellerbank Aktiengesellschaft – collectively owned a 49.15% stake in OeKB. Source: Company reports Ownership Structure As of 31 December 2013, the bank’s shareholding structure was as follows: EXHIBIT 4 Oesterreichische Kontrollbank AG Shareholder Place of Incorporation Number of Shares % Held CABET-Holding-GmbH (UniCredit Bank Austria Group) Vienna 217,800 24.750 UniCredit Bank Austria AG Vienna 142,032 16.140 Erste Bank der oesterreichischen Sparkassen AG Vienna 113,432 12.890 Schoellerbank Aktiengesellschaft Vienna 72,688 8.260 AVZ Finanz-Holding GmbH Vienna 72,600 8.250 Raiffeisen Zentralbank Österreich Aktiengesellschaft Vienna 71,456 8.120 BAWAG P.S.K. Bank fur Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft Vienna 44,792 5.090 Raiffeisen OeKB Beteiligungsgesellschaft mbH Vienna 44,000 5.000 Oberbank AG Linz 34,224 3.890 Bank für Tirol und Vorarlberg Aktiengesellschaft Innsbruck 26,888 3.055 BKS Bank AG Klagenfurt 26,888 3.055 Österreichische Volksbanken-Aktiengesellschaft Vienna 13,200 1.500 880,000 100.000 Total Source: Company reports Subsidiaries OeKB has ownership interests in companies engaged in the fields of credit insurance, export and investment finance, capital market infrastructure, the energy market and specialised software. As of 31 December 2013, the bank’s directly and indirectly owned subsidiaries were as follows: EXHIBIT 5 Oesterreichische Kontrollbank AG Company Registered Office % Held Oesterreichische Entwicklungsbank AG Vienna 100.00 Österreichischer Exportfonds GmbH Vienna 70.00 Fully Consolidated Companies 5 JULY 22, 2014 COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING EXHIBIT 5 Oesterreichische Kontrollbank AG Company Registered Office % Held Equity-Accounted Investees (Joint Ventures) OeKB EH Beteiligungs- und Management AG Vienna 51.00 OeKB Versicherung Aktiengesellschaft Vienna 51.00 PRISMA Kreditversicherungs- Aktiengesellschaft Vienna 51.00 PRISMA Risikoservice GmbH Vienna 51.00 PRISMA Risk Services D.O.O. Belgrade 51.00 CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH Vienna 50.00 OeKB Business Services GmbH Vienna 100.00 OeKB Zentraleuropa Holding GmbH Vienna 100.00 AGCS Gas Clearing and Settlement AG Vienna 20.00 APCS Power Clearing and Settlement AG Vienna 17.00 CISMO Clearing Integrated Services and Market Operations GmbH Vienna 18.50 Einlagensicherung der Banken und Bankiers Gesellschaft m.b.H. Vienna 0.10 EXAA Abwicklungsstelle für Energieprodukte AG Vienna 8.06 Garage Am Hof Gesellschaft m.b.H. Vienna 2.00 OeMAG Abwicklungsstelle für Ökostrom AG Vienna 12.60 CEESEG Aktiengesellschaft (former Wiener Börse AG) Vienna 6.60 Budapest Stock Exchange Ltd. Budapest Unconsolidated subsidiaries, held at amortised cost Investments in other unconsolidated companies, held at amortised cost 18.35 Source: Company reports, Moody’s research Company Management Board of Executive Directors Current Titles Angelika SommerHemetsberger OeKB: Member of the Board of Executive Directors Rudolf Scholten OeKB: Member of the Board of Executive Directors As of 2 July 2014 6 JULY 22, 2014 Supervisory Board Affiliation Committees Erich Hampel OeKB: Chairman of the Supervisory Board Audit Committee (C), Nomination Committee (C), Compensation Committee, Risk Committee (C) Walter Rothensteiner OeKB: First Vice Chairman of the Supervisory Board; Raiffeisen Zentralbank Oesterreich Aktiengesellschaft: General Manager and Chairman of the Board of the Executive Directors Audit Committee, Risk Committee, Compensation Committee, Nomination Committee Franz Hochstrasser OeKB: Second Vice Chairman of the Supervisory Board; Erste Group Bank AG: Deputy General Manager and ViceChairman of the Board of the Executive Directors Compensation Committee COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING Supervisory Board Affiliation Committees Helmut Bernkopf OeKB: Member of the Supervisory Board; UniCredit Bank Austria AG: Director and Member of the Board of Executive Directors N/A Peter Bosek OeKB: Member of the Supervisory Board; Erste Bank der oesterreichischen Sparkassen AG: Director and Member of the Board of the Executive Directors N/A Michael Glaser OeKB: Member of the Supervisory Board; UniCredit Bank Austria AG: Director N/A Matthias Heinrich OeKB: Member of the Supervisory Board; Raiffeisen-Landesbank Steiermark AG: Director and Member of the Board of Executive Directors N/A Dieter Hengl OeKB: Member of the Supervisory Board; UniCredit Bank Austria AG: Director and Member of the Board of the Executive Directors N/A Herbert Messinger OeKB: Member of the Supervisory Board N/A Christoph Raninger OeKB: Member of the Supervisory Board; Österreichische Volksbanken-AG: Director and Member of the Board of Management N/A Karl Sevelda OeKB: Member of the Supervisory Board; Raiffeisen Bank International AG: General Manager and Chairman of the Board of the Executive Directors N/A Herta Stockbauer OeKB: Member of the Supervisory Board; BKS Bank AG: Director and Member of the Board of Executive Directors N/A Herbert Tempsch OeKB: Member of the Supervisory Board N/A Robert Zadrazil OeKB: Member of the Supervisory Board; UniCredit Bank Austria AG: Director and Member of the Board of the Executive Directors N/A Franz Zwickl OeKB: Member of the Supervisory Board N/A Government Commissioners pursuant to Article 76 Austrian Banking Act* Harald Waiglein Austrian Ministry of Finance: Commissioner N/A Johann Kinast Austrian Ministry of Finance: Deputy Commissioner N/A (C) = Chairman As of 21 May 2014 *As of 31 Dec 2013 Source: Company reports Company History OeKB was established in 1946 to provide Austrian businesses with specialised banking services outside the scope of routine commercial banking functions. Since 1950, the bank has acted as the sole agent of the Austrian government for the administration of the Republic of Austria’s guarantees. In the early 1960s, OeKB began conducting its export financing business. Source: Company data 7 JULY 22, 2014 COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING Peer Group » Swedish Export Credit Corporation » Czech Export Bank, a.s. Related Websites and Information Sources For additional information, please see: » the company’s website: www.oekb.at » the regulator’s website: www.oenb.at/en MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party. Moody’s Related Research Credit Opinion: » Oesterreichische Kontrollbank AG Banking Statistics: » Oesterreichische Kontrollbank AG, December 2012 (147940) Announcement: » Moody's: Austria's banking system outlook remains negative, May 2014 Rating Actions: » Moody's downgrades Austrian banks following change in systemic support assumptions, June 2014 » Moody's changes outlooks to stable from negative on five Austrian banking groups following sovereign and sub-sovereigns actions; affirms ratings, March 2014 To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients. 8 JULY 22, 2014 COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG BANKING Report Number: 173188 Authors Maximilian Denkmann Andrea Wehmeier Editor Karen Wong Production Specialist Kerstin Thoma © 2014 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. (“MIS”) AND ITS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY’S (“MOODY’S PUBLICATIONS”) MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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