Consolidated Accounts
Consolidated Statement of Financial Position as of 31 December 2010
Assets
| in millions of Euros | (Notes) | 31.12.2010 | 31.12.2009 |
|---|---|---|---|
| Cash reserves | (2) | 511 | 615 |
| Financial assets designated at fair value through profit or loss | (3) | 2,284 | 2,980 |
| Available-for-sale financial assets | (4) | 6,644 | 3,250 |
| Held-to-maturity investments | (5) | - | 6,560 |
| Assets held for trading | (6) | 1,927 | 1,753 |
| Loans and receivables | (7) | 26,173 | 24,879 |
Securities | 2,358 | - | |
Customers | 22,288 | 21,066 | |
Credit institutions | 1,527 | 3,813 | |
| Hedging derivatives | (20) | 55 | 33 |
| Tangible non-current assets | (10) | 219 | 287 |
| Intangible non-current assets | (11) | 229 | 266 |
| Other assets | (12) | 478 | 602 |
| Assets held for sale | (34) | 36 | - |
| Total assets | 38,556 | 41,225 |
Equity and liabilities
| in millions of Euros | (Notes) | 31.12.2010 | 31.12.2009 |
|---|---|---|---|
| Financial liabilities designated at fair value through profit or loss | (13) | 4,900 | 6,371 |
| Liabilities held for trading | (14) | 2,271 | 2,198 |
| Financial liabilities at amortised cost | (15) | 28,023 | 29,485 |
Customers | 21,733 | 22,674 | |
Credit institutions | 2,205 | 3,468 | |
Issued bonds, subordinated and supplementary capital | 4,085 | 3,343 | |
| Hedging derivatives | (20) | 40 | 60 |
| Provisions | (18) | 436 | 441 |
| Other obligations | (19) | 462 | 378 |
| Obligations in disposal groups held for sale | (34) | 38 | - |
| Equity | (21) | 2,016 | 1,919 |
| Non-controlling interests | 370 | 373 | |
| Total equity and liabilities | 38,556 | 41,225 |
Consolidated Profit or Loss Statement for the Financial Year 2010
| in millions of Euros | (Notes) | 2010 | 2009 |
|---|---|---|---|
| Net interest income | (22) | 649.9 | 564.3 |
| Net fee and commission income | (23) | 159.4 | 154.8 |
| Gains and losses on financial assets and liabilities | (24) | 167.1 | 325.5 |
| Other operating income and expenses | (25) | -4.4 | -29.9 |
| Administrative expenses | (26) | -544.5 | -527.7 |
| Depreciation and amortisation on tangible and intangible non-current assets | (27) | -73.8 | -80.4 |
| Provisions and impairment losses | (28) | -199.7 | -236.7 |
| Share of the profit or loss of associates accounted for using the equity method | (29) | -4.7 | -8.0 |
| Profit before tax | 149.3 | 221.7 | |
| Income taxes | (30) | -12.7 | -56.6 |
| Profit after tax | 136.6 | 165.1 | |
Thereof attributable to non-controlling interests | 14.8 | 195.1 | |
Thereof attributable to owners of the parent | 121.8 | -30.0 |
Under IFRS, the item Gains and losses on financial assets and liabilities also includes fair value adjustments of securities whose risk is borne by shareholders of non-controlling interests. In financial year 2010, valuation gains of EUR 11.2 million that have been shown in the item Gains and losses on financial assets and liabilities have been passed on to non-controlling interests in the item Profit attributable to non-controlling interests. In 2009, valuation gains in the amount of EUR 186.6 million have been included in the item Gains and losses on financial assets and liabilities. Excluding the valuation results borne by shareholders of non-controlling interests, the item Gains and losses on financial assets and liabilities would amount to EUR 155.9 million in 2010 (2009: EUR 138.9 million.). The item Profit before tax would amount to EUR 138.1 million (2009: EUR 35.1 million).
Consolidated Statement of Comprehensive Income for the Financial Year 2010
| in millions of Euros | (Notes) | 2010 | 2009 |
|---|---|---|---|
| Profit recognised in the Profit or Loss Statement | 136.6 | 165.1 | |
| Other comprehensive income | |||
Foreign exchange differences | 0.1 | - | |
AFS reserve | -0.2 | 60.8 | |
Actuarial gains (losses) on defined benefit pension plans | -6.7 | 10.4 | |
Share of other comprehensive income of associates accounted for using the | -2.5 | 2.6 | |
Deferred taxes on items recognised directly in equity | (30) | -3.5 | -17.8 |
| Income and expenses recognised directly in equity | -12.8 | 56.0 | |
| Total comprehensive income | 123.8 | 221.1 | |
Thereof attributable to non-controlling interests | 0.8 | 195.1 | |
Thereof attributable to owners of the parent | 123.0 | 26.0 |
Consolidated Statements of Changes in Equity for the Financial Year 2010
| in millions of Euros | Subscribed capital | Participation capital 1) | Capital reserves | Retained reserves 2) | AFS reserve | Foreign exchange differences | Actuarial gains/ losses 2) | Equity w/o non- controlling interests | Non controlling interests | Equity including non- controlling interests |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance as of 1.1.2009 | 250.0 | - | 1,042.4 | -144.1 | -30.1 | - | 19.6 | 1,137.8 | 188.5 | 1,326.3 |
| Transactions with owners | - | - | 205.0 | - | - | - | - | 205.0 | -10.6 | 194.4 |
Dividends to minority shareholders | - | - | - | - | - | - | - | - | -10.6 | -10.6 |
Owner's contribution | - | - | 205.0 | - | - | - | - | 205.0 | - | 205.0 |
| Issuance of participation capital | - | 550.0 | - | - | - | - | - | 550.0 | - | 550.0 |
| Total comprehensive income | - | - | - | -30.0 | 48.2 | - | 7.8 | 26.0 | 195.1 | 221.1 |
| Balance as of 31.12.2009 | 250.0 | 550.0 | 1,247.4 | -174.1 | 18.1 | - | 27.4 | 1,918.8 | 373.0 | 2,291.8 |
| Balance as of 1.1.20010 | 250.0 | 550.0 | 1,247.4 | -174.1 | 18.1 | - | 27.4 | 1,918.8 | 373.0 | 2,291.8 |
| Transactions with owners | - | - | - | - | - | - | - | - | -3.4 | -3.4 |
Dividends | - | - | - | - | - | - | - | - | -3.4 | -3.4 |
| Dividend on participation capital | - | - | - | -25.6 | - | - | - | -25.6 | - | -25.6 |
| Total comprehensive income | - | - | - | 121.8 | 6.1 | 0.1 | -5.0 | 123.0 | 0.8 | 123.8 |
| Balance as of 31.12.2010 | 250.0 | 550.0 | 1,247.4 | -77.9 | 24.2 | 0.1 | 22.4 | 2,016.2 | 370.4 | 2,386.6 |
1) Participation capital according to section 23 (4) BWG.
2) Retained reserves have been restated due to the change in the accounting method for acturial gains and losses for defined benefit plans as required by IFRS. Further details are presented in Note 1.
Cash Flow Statement
| in millions of Euros | 2010 | 2009 |
|---|---|---|
| I. Profit (loss) (after tax, before non-controlling interests) | 137 |
165 |
Non-cash items included in the profit (loss) and reconciliation to net cash from operating activities |
||
Depreciation, amortisation, impairment losses, write-ups |
216 | 330 |
Changes in provisions |
-4 | -21 |
Changes in other non-cash items |
-60 | 154 |
Proceeds from the sale of financial investments, tangible non-current assets, intangible non-current assets and subsidiaries |
-7 | -7 |
Other adjustments |
-531 | -562 |
| Subtotal | -249 | 59 |
Change in assets and liabilities arising from operating activities after corrections for non-cash items |
||
Loans and advances to customers and credit institutions |
-1,373 | 147 |
Other financial assets (not including investing activities) |
512 | 1,325 |
Other assets |
44 | -120 |
Payables to customers and credit institutions |
-2,519 | -16 |
Other financial liabilities (not including investing activities) |
-50 | -1,302 |
Other obligations |
115 | -26 |
Interest and dividend receipts |
1,391 | 1,691 |
Interest paid |
-806 | -1,121 |
Income taxes paid |
-20 | - |
| II. Net cash from operating activities | -2,955 | 637 |
Cash receipts from sales of |
||
Financial investments |
3,880 | 3,173 |
Tangible and intangible non-current assets |
29 | 63 |
Cash paid for |
||
Financial investments |
-776 | -4,773 |
Tangible and intangible non-current assets |
- | - |
Sale of subsidaries |
-28 | -23 |
Other changes |
- | - |
| III. Net cash used in investing activities | 3,105 | -1,560 |
Capital contributions |
- | 755 |
Dividends paid |
-3 | -11 |
Subordinated liabilities (including those designated at fair value through profit or loss) and other financing activities |
-251 | 77 |
| IV. Net cash from financing activities | -254 | 821 |
Cash and cash equivalents at end of previous period |
615 | 717 |
Net cash from operating activities |
-2,955 | 637 |
Net cash used in investing activities |
3,105 | -1,560 |
Net cash from financing activities |
-254 | 821 |
Effect of exchange rate changes |
- | - |
Cash and cash equivalents at end of period |
511 | 615 |
The Cash Flow Statement provides information about the current state and development of the Group's cash and cash equivalents as of the reporting date. It shows inflows and outflows of cash broken down by operational activities, investing activities and financing activities. The amount of cash and cash equivalents reported comprises cash on hand and balances at central banks.
The Cash Flow Statement is of low significance for BAWAG P.S.K. Group. It is not a substitute for liquidity or financial planning and is not used as a management instrument.
The Cash Flow Statement is of low significance for BAWAG P.S.K. Group. It is not a substitute for liquidity or financial planning and is not used as a management instrument.