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BANK FÜR TIROL UND VORARLBERG AG

(BTS)
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Bank für Tirol und Vorarlberg : Annual Report 2021

06/01/2021 | 09:48am EDT

BANK FÜR TIROL UND VORARLBERG AKTIENGESELLSCHAFT

ANNUAL REPORT 2020

Annua Report

Contents

Group

4

Preface from the Executive Board

20

History

6

Strategy 2030

22

Heads of BTV head office and markets

8

Highlights 2020

Management report

28

Economic environment

41

Report on the internal control system for the financial

31

Business development

reporting process

39

Compliance and anti-money laundering

43

Shares and shareholder structure

40

Non-financial report

45

Outlook

Consolidated financial statement

47

Consolidated financial statement 2020

201

Declaration by the statutory representatives

50

Balance sheet

202

Report from the independent auditors

51

Comprehensive income statement

208

Report from the Supervisory Board

52

Statement of changes in equity

53

Cash flow statement

211

Imprint

54

Annex BTV Group 2020

Important dates for BTV shareholders

Annual General Meeting

07/05/2021, 11:00 a.m., Stadtforum 1, Innsbruck (held virtually)

The dividend will be published on the BTV homepage and in the gazette

of the Wiener Zeitung the day after the Annual General Meeting.

Ex-dividend date

14/05/2021

Payment of dividend

18/05/2021

Interim Report as at 31/03/2021

Published on 28/05/2021 (www.btv.at)

Half-Year Financial Report as at 30/06/2021

Published on 27/08/2021 (www.btv.at)

Interim Report as at 30/09/2021

Published on 26/11/2021 (www.btv.at)

2 BTV Annual Report 2020

BTV Group at a glance

Profit and loss in EUR million

31/12/2020

31/12/2019

% change

Net interest income

130.9

139.9

-6.5%

Risk provisions in the credit business

-47.3

-0.9

>+100%

Net commission income

54.6

49.4

+10.4%

Revenue from companies valued at equity

30.2

53.0

-43.1%

Operating expenses

-187.1

-191.1

-2.1%

Other operating income

72.3

83.8

-13.8%

Annual net profit before tax

54.1

144.5

-62.5%

Group annual net profit

53.0

126.7

-58.2%

Balance sheet figures in EUR million

31/12/2020

31/12/2019

% change

Balance sheet total

13,969

12,549

+11.3%

Loans to customers after risk provisions

8,026

7,938

+1.1%

Primary funds

9,649

8,937

+8.0%

of which savings deposits

1,531

1,391

+10.1%

of which own issues

1,390

1,421

-2.2%

Equity

1,787

1,749

+2.1%

Managed deposits

16,438

15,717

+4.6%

Regulatory capital (CRR) in EUR million

31/12/2020

31/12/2019

% change

Total amount at risk

7,866

8,300

-5.2%

Capital

1,317

1,293

+1.9%

of which common equity (CET1)

1,086

1,087

-0.1%

of which total core capital (CET1 and AT1)

1,086

1,087

-0.1%

Common equity Tier 1 ratio

13.8%

13.1%

+0.7 pp

Core capital ratio

13.8%

13.1%

+0.7 pp

Equity ratio

16.7%

15.6%

+1.1 pp

Change in

Key indicators in pp

31/12/2020

31/12/2019

percentage points

Return on equity before tax (RoE)

3.1%

8.5%

-5.5 pp

Return on equity after tax

3.0%

7.5%

-4.5 pp

Cost/income ratio

64.8%

57.9%

+6.8 pp

Risk/earnings ratio

36.2%

0.7%

+35.5 pp

Number of resources

31/12/2020

31/12/2019

Change figure

Weighted average number of employees

1,414

1,455

-42

Number of branches

35

36

-1

Key indicators for BTV shares

31/12/2020

31/12/2019

Number of ordinary no par value shares

31,531,250

31,531,250

Number of preference shares

2,500,000

2,500,000

Highest price of ordinary/preference share in EUR

30.20/27.80

29.60/28.00

Lowest price of ordinary/preference share in EUR

26.80/24.80

23.80/21.80

Closing price of ordinary/preference share in EUR

30.20/27.20

29.00/26.60

Market capitalisation in EUR million

1,020

981

IFRS earnings per share in EUR

1.58

3.65

P/E ratio, ordinary share

19.1

7.9

P/E ratio, preference share

17.2

7.3

Group

Management Report

Consolidated Financial Statement

BTV Annual Report 20203

Preface from the Executive Board

Ladies and Gentlemen,

In 2020, in addition to many other important tasks, we faced two major issues. Number one was the COVID-19 crisis, which we have not yet left behind. When the pandemic reached Austria and the first lockdown was just around the corner, the immediate concerns were the safety and health of both our employees and our customers. The implemented measures have proven successful.

We found new ways to stay close to our customers despite "social distancing" and in doing so took care of the urgently needed liquidity. The funding and deferrals we provided for private individuals and companies amounted to EUR 437 million. The high level of customer focus at BTV is also reflected in the increase in primary funds of EUR 712 million, thereby increasing the level of managed deposits to EUR 16,438 million. Particularly in times of crisis, it is important to position yourself as a reliable partner. We are very pleased with the positive feedback we have received from our customers in this respect.

At the same time, our share price rose by +4.1% to EUR 30.20, continuing its reliable performance in 2020. The average over the past 5 years is +8.3% p.a.* It is a result that is not to be taken for granted in times like these and that confirms our work.

Our second major task in 2020 was implementation of our new BTV Strategy 2030. The design strategy is based on the motto "Future-ready. Values. Creativity." and encompasses the five action points of employees, customers, digitalisation, culture and organisation. To ensure that our strategy is put into practice and supported by all employees, we have developed it in a broad manner and conveyed it comprehensively right from the start.

Gerhard Burtscher

Chairman of the Executive Board

As many people as possible were involved and the results were communicated in a completely new format - the BTV Future Forum. This lets us make the strategy tangible for everyone, not with hard figures but instead with experiences that appeal to the head and heart.

In 2020, the attack by UniCredit on the independence of BTV and its two sister banks Oberbank AG and BKS Bank AG continued with undiminished vigour. We are therefore all the more pleased with the further victories that we were able to achieve this year - especially with two rulings from the high courts that fully confirmed the legal positions of BTV. We hope that this development will lead to a rethink on the part of UniCredit and we are ready to work together to develop a solution, provided that BTV and the 3 Banken Group remain independent.

There are not many who are sad to see the past year gone. But what happens next? The crisis still has its grip on us and, in addition to a lack of planning certainty, vaccinations for the population have also been slow to roll out. Until vaccination progresses satisfactorily and we can plan with certainty, the economic outlook is very challenging. Nevertheless, we remain confident and optimistic. As soon as there is sufficient immunisa- tion and planning certainty, the economy will recover rapidly; we are convinced of this. And we are expecting to be able to look back positively on the coming year together with our employees, customers, guests and partners.

We would like to take this opportunity to express particular gratitude to our employees. In difficult times, they have shown once again how much commitment and devotion they have. Whether working from home or increasing their workload - they overcame the challenges of 2020 with flying colours. Without them, the successes we have seen despite all the obstacles would not have been possible.

  • Source: Bloomberg, as at: 31 December 2020; BTV share performance over the last 5 years as at the reporting date: 31 December 2016: -0.43%, 31 December 2017: +10.73%, 31 December 2018: +5.36%, 31 December 2019: +23.17%, 31 December 2020: +4.14%; past performance does not guarantee future events or performance. The listed performance is reduced by entry and exit fees and ongoing costs of up to 1.48% p.a. With an assumed investment sum of EUR 10,000, this would be EUR 148.00 p.a. for
    the 5 years.

Chairman of the Executive Board Gerhard Burtscher

BTV Annual Report 20205

Disclaimer

BTV - Bank für Tirol und Vorarlberg AG published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 June 2021 13:48:00 UTC.


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Financials
Sales 2020 168 M 195 M 195 M
Net income 2020 53,7 M 62,3 M 62,3 M
Net Debt 2020 3 431 M 3 980 M 3 980 M
P/E ratio 2020 19,1x
Yield 2020 0,40%
Capitalization 1 081 M 1 254 M 1 253 M
EV / Sales 2019 15,2x
EV / Sales 2020 26,4x
Nbr of Employees 1 257
Free-Float 20,8%
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Managers and Directors
Gerhard Burtscher Chairman-Management Board
Manuela Bauer Head-Finance & Controlling
Franz Gasselsberger Chairman-Supervisory Board
Gregor Hofstätter-Pobst Chairman-Supervisory Board
Manfred Unterwurzacher Head-Compliance & Money Laundering Prevention