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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
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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
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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
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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
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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
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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
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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
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Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or
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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.
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JULY 22, 2014
COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG
BANKING
Report Number: 173188
Authors
Maximilian Denkmann
Andrea Wehmeier
Editor
Karen Wong
Production Specialist
Kerstin Thoma
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COMPANY PROFILE: OESTERREICHISCHE KONTROLLBANK AG

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