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In 2006, Bank Austria Creditanstalt achieved the best results in its history, with consolidated profit exceeding € 3 bn. The bank also created the conditions enabling it to use the business potential resulting from its expanded role within UniCredit Group in the coming years and translating it into sustained value creation.
The financial statements for 2006 reflect the integration in UniCredit Group in several respects: in Austria, we adjusted the business segments to the Group structure, with the overall size remaining largely unchanged. This involved not only a change in definitions but a refinement of customer segmentation in order to apply the Group’s common business model. To meet the resulting need for adjustment, we have made restructuring provisions shown in the income statement as integration costs. In Central and Eastern Europe (CEE) we took major steps in 2006 on our way to assuming the sub-holding company function within UniCredit Group. Some of the planned changes in the group of consolidated companies, i.e. the sale and transfer of equity interests which became necessary, took place in 2006; decisions have already been made in regard to the key changes, primarily the expansion of the regional perimeter, but this can only be implemented from 2007 onwards.
This means that one-off effects in the balance sheet and in the income statement result from both of our core markets – Austria and CEE. Moreover, the underlying operating performance in all major areas of our core business – more specifically, in the Austrian customer segments, in Markets & Investment Banking and in Central and Eastern Europe (CEE) – has shown a steady improvement.
Consolidated profit for 2006 was € 3,022 m, more than triple the figure for the previous year: this corresponds to € 20.56 per share (2005: € 6.56). Profit before tax reached € 3,272 m, up from € 1,301 m for 2005. The 2006 figure includes one-off capital gains of € 2,267 m, compared with gains of about € 253 m realised on the sale of equity interests in 2005.