Introducción: La lógica y los usos del lenguaje cotidiano

Transactions offset between segments represent services rendered. Services by Oesterreichische Kontrollbank AG to subsidiaries are provided at cost. No reconciliation of the amounts for the reportable segments to the amounts recorded in the consolidated balance sheet and income statement is necessary, as the consolidation items are assigned directly to the segments.

The segment information is, generally speaking, based on the same accounting methods as the consolidated financial statements.

As the regional focus of the OeKB Group’s activities lies in Austria, a geographic segmentation is not considered meaningful and is omitted.

Total 2012

Amortised cost 2011

Fair value option 2011

Total 2011

EUR thousand Amortised

cost 2012

Fair value option 2012

Loans and advances and money market instruments 602,284 — 602,284 747,098 — 747,098

Fixed income securities — 14,501 14,501 — 20,240 20,240

Equity shares and other variable income securities — 5,452 5,452 — 5,216 5,216

Investments in unconsolidated subsidiaries

and other companies 1,588 — 1,588 1,671 — 1,671

Money market instruments and current accounts (26,537) — (26,537) (26,134) — (26,134)

Debt securities in issue (266,303) (234,811) (501,114) (329,194) (324,349) (653,543)

Interest income 603,872 19,953 623,825 748,769 25,456 774,225

Share of results of equity-accounted investees 9,330 — 9,330 7,144 — 7,144

Interest expense (292,840) (234,811) (527,651) (355,328) (324,349) (679,677)

Net interest income 311,032 (214,858) 96,174 393,441 (298,893) 94,548

OeKB EH Beteiligungs- und Management Group, a sub-group of companies which is accounted for under the equity method as a result of a joint venture agreement, had equity of EUR 125.3 million (2011: EUR 113.4 mil-lion) and profit for the year in 2012 of EUR 18.3 million (2011: EUR 14.1 milmil-lion). In the financial year, OeKB received a dividend of EUR 3,235,992.88 (2011: EUR 2,170,000) from OeKB EH Beteiligungs- und Management AG.

The sub-group operates primarily in the credit insurance sector. In 2012, with more than 2,374 insurance policies in force, the sub-group generated total premium income of EUR 78.9 million (2011: EUR 83.5 million).

The claims ratio (claims expenses as a percentage of premium income) was 38.4% in the financial year (2011: 39.0%).

The export guarantee activities represent services provided by OeKB on behalf of the Austrian government;

additional detail is provided in the Segmental information section of this report.

Credit operations 292 656

Securities services 25,164 24,714

Export guarantees 19,499 19,156

Energy clearing 2,326 2,242

Other services 2,330 3,308

EUR thousand 2012 2011

Total 49,611 50,076

(15) Impairment losses on loans and advances and other credit risk provisions

(16) Net fee and commission income

In the 2012 financial year an impairment loss of EUR 141,380 was recognised in respect of microcredits extended by OeKB.

CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH (CCP.A), which is operated as a joint venture with the Vienna Stock Exchange, had equity of EUR 147,161 at the year-end (2011: EUR 143,254) and registered a profit for the year of EUR 3,907 (2011: loss of EUR 108,446).

CCP.A acts as the central counterparty for the clearing and risk management of all CCP-eligible securities and derivatives transactions on the Vienna Stock Exchange and assumes or manages the settlement risk and default risk.

Staff costs 55,290 53,421

Salaries 36,745 36,291

Social security costs 7,778 8,239

Pension and other employee benefit costs 10,767 8,891

Other administrative expenses 22,579 22,397

Depreciation, amortisation and impairment of property and equipment and intangible assets 4,535 4,046

EUR thousand 2012 2011

Total 82,404 79,864

(17) Administrative expenses

Other operating income 7,691 7,878

Other operating expenses (1,463) (1,313)

EUR thousand 2012 2011

Total 6,228 6,565

(18) Net other operating income

The item “other operating income” relates largely to service fees received by OeKB from non-fully consolidated subsidiaries for providing outsourced services on their behalf.

The auditor’s remuneration is included in other administrative expenses and consisted of fees of EUR 353,000 (2011: EUR 348,000) for the audit of the Group’s annual accounts for 2012.

Net gain or loss on financial instruments represents gains and losses from the disposal and valuation of securities, interests in investments and other companies.

The gains from securities of EUR 31.4 million (2011: EUR 5.6 million) included realised gains of EUR 8.7 million on disposal of securities (2011: EUR 5.4 million). The losses from securities were EUR 2.3 million (2011:

EUR 14.9 million).

Foreign exchange differences and the fair-valued debt securities in issue and derivatives relate primarily to the Export Financing Scheme and are to be regarded as a single unit from an economic point of view. The strong fluctuations in both items were driven by exchange rate movements, particularly in the US dollar and Swiss franc, but largely offset each other as a result of the hedging function of the derivatives.

(19) Net gain or loss on financial instruments

Net gain or loss from measurement at fair value through profit or loss

Securities 29,094 (9,273)

Foreign exchange differences 189,155 (769,914)

Debt securities in issue and derivatives (189,217) 769,897

Net gain or loss on investments in unconsolidated companies (1,231) (4,081)

EUR thousand 2012 2011

Total 27,801 (13,371)

Net gain or loss on financial instruments

Subtotal 29,032 (9,290)

The actual taxes are calculated on the tax base for the financial year, at the local tax rates applicable to the individual Group companies. The taxation at the standard Austrian income tax rate is reconciled to the reported actual taxes as follows.

The change in fair values of financial liabilities resulted exclusively from changes in market interest rates.

The net loss on investments in unconsolidated companies arose from the write-down of the investment in Budapest Stock Exchange Ltd.

(20) Income tax and other taxes

Current tax (expense) (27,394) (21,986)

Deferred tax benefit 3,515 7,277

EUR thousand 2012 2011

Total income tax expense (23,879) (14,709)

Income tax

EUR thousand 2012 2011

Tax expense at Austrian standard corporate income tax rate of 25% 26,650 16,266

Tax effect of tax-exempt results of investees (2,730) (2,069)

Tax effect of other tax-exempt income (275) (223)

Tax effect of non-deductible expenses 319 1,032

Adjustment for prior years (2,252) (1,809)

Other tax effects 2,167 1,512

Income tax reconciliation

Profit before tax 106,599 65,062

Total income tax expense 23,879 14,709

The Executive Board will propose to the 67th Annual General Meeting on 29 May 2013 that the profit available for distribution recorded in the parent company financial statements for the year 2012 in the amount of EUR 30,283,314.25 be used to pay a dividend of EUR 22.75 per share and a special dividend of EUR 11.35 per share. The amount of the resulting total proposed dividend is EUR 30,008,000.00. This represents approxima-tely 23% of the participating ordinary share capital for 2012 of EUR 130,000,000.00. After payment of the Supervisory Board emoluments, the balance, amounting to EUR 5,068.25, is to be carried forward.

The dividend payment for the 2011 financial year, which was made in May 2012, amounted to EUR 22.75 per share or a total of EUR 20,020,000.00.

(21) Appropriation of profit

This item consists solely of cash and balances with central banks and corresponds to cash and cash equivalents reported in the cash flow statement.

EUR thousand

31 Dec. 2012 31 Dec. 2011 31 Dec. 2012 31 Dec. 2011

Domestic banks 2,481 5,718 22,115,263 25,977,176

Foreign banks 7,216 9,748 2,424,065 2,744,146

Total 9,697 15,466 24,539,328 28,721,322