Notes on the asset, financial and earnings situation


The balance sheet total in 2015 comes to EUR 6,288.1 million, which is a reduction of -176.6 million compared to the previous year.

Receivables from banks fell by EUR 53.6 million or 2.1 percent compared to the previous year. The foreign currency component (mainly in CHF) amounts to EUR 1,191.4 million or 48 percent of receivables (previous year EUR 1,389.2 million or 52 percent). Receivables from Raiffeisen Banking Group Vorarlberg, consisting mainly of foreign currency, amount to EUR 1,676.2 million (previous year EUR 1,675.0 million). Receivables from the central institute of Raiffeisen Zentralbank Österreich AG and Raiffeisen Bank International AG amount to EUR 567.5 million (EUR previous year 628.2 million).

Receivables from customers could be increased by EUR 69.2 million or 5.4 percent to EUR 1,350.2 million, mainly due to higher lending to corporate customers. The foreign currency component under this item amounts to 17 percent or EUR 224.5 million (previous year 19 percent or EUR 237.3 million).

The portfolio of securities fell by EUR 157.0 million to EUR 2,190.3 million. 98 percent of the portfolio, which is EUR 2,146.1 million, is debt certificates and other fixed-interest securities and contains tenderable securities in the amount of EUR 2,138.4 million.


Liabilities to banks recorded only a minor change and amount to EUR 3,576.1 million. Liabilities in foreign currency amount to 18 percent or EUR 656.0 million (previous year 11 percent or EUR 396.7 million). 28 percent or EUR 991.6 million of the liabilities consists of liabilities due to RBGV, 3 percent or EUR 111.2 million thereof are due to Raiffeisen Zentralbank Österreich AG or Raiffeisen Bank International AG and 7 percent or EUR 268.7 million are due to the remaining Raiffeisen organisation in Austria.

Liabilities to customers fell by EUR 28.7 million to EUR 897.5 million. This item includes savings deposits of EUR 70.0 million (previous year EUR 78.8 million), fixed-term deposits of EUR 549.8 million (previous year EUR 605.0 million) and demand deposits. The decline in liabilities resulted mainly from the disposal of short-term deposits.

Due to the lower refinancing requirement on the assets side, securitised liabilities fell by EUR 160.5 million to EUR 1,435.8 million. They contain the issued own emissions such as bank bonds and registered bonds. The portion of covered emissions amounts to 23 percent or EUR 335.0 million (previous year 25 percent or EUR 396.0 million).

Compared to the previous year, provisions increased by EUR 2.0 million to EUR 27.0 million, due to the allocation of provisions for taxes and the allocation of provisions for contingent liabilities.

Equity as disclosed in the balance sheet amounts to EUR 296.3 million in 2015. The net profit contained in this item amounts to EUR 21.7 million (previous year EUR 16.7 million). Compared to the previous year this resulted in an increase of EUR 6.7 million.

Earnings situation 2015

Net interest income rose by EUR 1.9 million or 6.3 percent to EUR 32.3 million. This additional yield results mainly from expansion in volume and margin improvements in the customer business. The share of RLB Vorarlberg’s own customer business in the total net interest income in 2015 amounts to 46 percent (previous year 42 percent). This share has continuously been rising over the past years and reflects the successful implementation of our strategy in the fields of institutional and private clients.

The item income from securities and shareholdings in the profit and loss account includes income from funds and other non-fixed interest securities in the amount of EUR 1.4 million and dividend income from shareholdings in the amount of EUR 1.5 million (previous year EUR 14.7 million). The decline in income from shareholdings in the amount of EUR 13.3 million is mainly due to the outstanding dividend payment from Raiffeisen Zentralbank AG (previous year dividend EUR 10.9 million).

The commissions result in the amount of EUR 10.2 million remained at the same level as in the previous year. The development in the securities business is pleasing, as commissions in 2015 rose by EUR 0.4 million. On the other hand, there was a declining development, primarily in the other brokerage commissions.

The other operating income amounts to EUR 14.4 million, i.e. an increase of EUR 3.0 million or 26.3 percent. A major influencing factor for this increase are the one-off effects from the closing results of stand-alone derivatives and functional units. The service income from servicing, supporting and consulting of Raiffeisen banking group Vorarlberg fell by EUR 0.3 million compared to 2014. The cost reimbursement from the Raiffeisen sector Austria as well as income from renting and leasing of real estate could all be increased compared to the previous year.

In total, the operating income declined by EUR 8.1 million or 11.7 percent.

The personnel expenditure fell by EUR 0.3 million or 1.3 percent compared to the previous year.  The decline resulted primarily from a one-off effect due to a change in the methods of calculation of pension provisions made in 2015. That was opposed by an increase in costs resulting from the annual salary adjustments under the collective agreements. There was a slight decline in the average number of personnel (weighted according to the employment level) compared to the previous year.

The material expenditure and the valuation adjustments for tangible fixed assets slightly declined and amount to EUR 12.5 million in total. The other operating expenses increased by EUR 1.9 million compared to the previous year. This increase resulted from contributions to the EU bank settlement fund and to the EU deposit guarantee in the amount of EUR 2.1 million, which were payable for the first time in 2015.

Compared to the previous year, the operating expenditure increased by EUR 1.2 million or 3.0 percent in total.

The operating result amounts to EUR 19.8 million and is, due to the outstanding dividend from Raiffeisen Zentralbank AG, EUR 9.2 million lower than the excellent result in the previous year.

The valuation result from the items receivables and securities classified as current assets in 2015 amounts to EUR 13.6 million and is EUR 1.1 million higher than in the previous year. With regard to the provision for losses on loans, the actually identifiable risks of Raiffeisenlandesbank Vorarlberg were valued and allocated. In 2015, the provisions for loan risks totalled EUR 13.1 million. This figure contains – again, as a precautionary measure – a voluntary flat rate provision for future special risks of the loan business pursuant to Section 57, para 1 of the BWG, amounting to EUR 9.0 million.

The valuation and sales result from securities and shareholdings amounted to a total result of EUR 27.9 million in 2015. The significant increase of EUR 21.0 million resulted from a one-off effect in 2015 due to the sale of shares in companies active in the same sector within the scope of the “Zukunft Plus” Raiffeisen industry project.

The result from ordinary business activity was EUR 34.1 million due to the changes in the operating result and effects in the valuation result already outlined, which thus amounts to an increase of EUR 10.6 million compared to the previous year.

The ordinary business activity minus taxes from corporate income in the amount of EUR 10.1 million less stability fee (Austrian bank levy) in the amount of EUR 6.1 million results in a net profit of EUR 17.9 million for the year 2015. 

A total of EUR 1.8 million of the achieved net profit for the year will be added to the equity. The balance sheet disclosed profit, which will be used according to the proposed profit distribution, amounts to EUR 21.7 million, including the profit carried forward from the previous year.

Proposed profit distribution

The Board of Directors proposes to the Supervisory Board and the General Meeting, that the balance sheet profit for 2015, which amounts to EUR 21,656,738.11, should be used as follows:

9,418,243.15     for distribution of a profit share of 42.60 percent of the shares paid up as at
31.12.2015 amounting to EUR 22,108,552.00

2,679,212.83     for distribution of a profit share of 42.60 percent of the participation certificates paid up as at 31.12.2015 amounting to EUR 6,289,232.00

9,559,282.13     Balance carried forward to the new account. The Board of Directors is authorized to use this profit carried forward to strengthen equity funding by transfer to the free reserves.

Financial performance indicators


in EUR million




in %

Common Equity Tier 1 capital under part 2 of CRR 575/2013





Tier 1 capital under part 2 of CRR 575/2013





Total capital under part 2 of CRR 575/2013










Risk-weighted assets (credit risk)





Total risk amount










Tier 1 capital ratio 



0.8 PP


Total capital ratio



0.9 PP


Leverage ratio



0.1 PP


RLBV’s eligible own funds pursuant to part 2 of the Regulation (EU) (CRR) no. 575/2013 amount to EUR 340.0 million in the annual accounts of 2015. This compares with a supervisory own funds requirement of EUR 162.7 million in accordance with Art. 92 of Regulation (EU) no. 575/2013, so that the company has a surplus of approx. EUR 177.3 million on the reporting date.

The risk-weighted assets, which are also contained in the total risk amount, are reduced by EUR 123.9 million to EUR 2,033.5 million. Despite the increase in loans, RLBV succeeded in reducing the risk-weighted assets, which had a positive effect on the equity requirement. 

The equity ratios pursuant to part 2 of the Regulation (EU) no. 575/2013 show a very positive development. The “Common Equity Tier 1 capital ratio” and the “Tier 1 capital ratio” amount to 13.3 percent. Raiffeisenlandesbank Vorarlberg is, in view of the disclosed Tier 1 capital ratio, ideally positioned for the challenges that lie ahead. The minimum ratio of Tier 1 capital of 6.0 percent, legally required in CRR 575/2013, is significantly exceeded. The same holds true for the total capital ratio, which amounts to 16.7 percent. The company is also able to significantly exceed the total capital requirement of 8.0 percent.

Performance indicators

in EUR million




Cost/income ratio (CIR)



9.6 PP

Return on equity (ROE) before tax



3.4 PP

The cost/income ratio – that is, the operating expenditure in relation to the operating income – was 67.6 percent in the financial year 2015.

The return on equity before tax – the equity yield rate with regard to the balance sheet equity provided on 1.1.2015 – amounts to 12.5 percent.

Balance Sheet as at 31.12.2015

    EUR Previous year in KEUR  
1. Cash in hand, cash balances with central
banks and postal check offices
  6.217.143,97   8.997
Debt securities from public bodies and bills
eligible for refinancing with the central
  812.397.732,79   832.244
  a) Debt securities from public bodies and similar
812.397.732,79   832.244  
  b) Bills eligible for refinancing with central banks  0,00   0  
3. Receivables from banks   2.484.680.513,39   2.538.307
  a) payable daily 499.792.023,64   518.829  
  b) other receivables 1.984.888.489,75   2.019.478  
4. Receivables from customers   1.350.223.087,88   1.281.026
5. Debt certificates and other
fixed-interest securities
  1.333.727.948,28   1.472.376
  a) from public issuers 0,00   0  
  b) from other issuers 1.333.727.948,28   1.472.376  
  own debt certificates 0,00   0  
6. Stocks and other non-fixed interest
  44.159.534,85   42.719
7. Shareholdings   179.070.191,20   188.852
  in banks 24.480.489,62   29.392  
8. Shareholdings in associated undertakings   7.781.786,74   7.289
  in banks 0,00   0  
9. Intangible fixed assets   107.262,42   257
10. Tangible fixed assets:   30.088.015,62   30.627
  land and buildings used by the bank for its
own activities
12.929.306,25   13.266  
11. Own stocks or shares, as well as shares
in a controlling or majority holding company
  0,00   0
  nominal value  0,00   0  
12. Other assets   38.086.495,47   60.309
13. Subscribed capital, called in
but not yet paid up
  0,00   0
14. Prepaid expenses   1.568.817,55   1.682
TOTAL ASSETS,16   6.464.692


    EUR   Previous year in KEUR  
1. Liabilities to banks   3.576.056.212,38   3.577.293
  a) payable daily,74   961.989  
  b) with agreed term or notice period 2.420.011.741,64   2.615.303  
2. Liabilities to customers   897.495.733,17   926.221
  a) Savings deposits 70.024.291,87   78.772  
  aa) payable daily 0,00   0  
  bb) with agreed term or notice period 70.024.291,87   78.772  
  b) Other liabilities 827.471.441,30   847.449  
  aa) payable daily 277.639.847,24   242.457  
  bb) with agreed term or notice period 549.831.594,06   604.991  
3. Securitised liabilities   1.435.848.140,09   1.596.316
  a) negotiated debt certificates 490.964.404,92   745.300  
  b) other securitised liabilities 944.883.735,17   851.016  
4. Other liabilities   52.121.856,38   47.436
5. Deferred income   3.261.302,58   2.891
6. Provisions   26.987.792,40   24.963
  a) Provisions for severance payments 4.571.279,75   4.893  
  b) Provisions for pensions 7.380.072,48   7.979  
  c) Tax provisions 4.740.805,79   152  
  d) other provisions 10.295.634,38   11.938  
6. A fund for general banking risks   0,00   0
7. Tier 2 capital pursuant to part 2 title I chapter 4 of regulation (EU) no. 575/2013   0,00   0
8. Additional Tier 1 capital pursuant to part 2 title I chapter 3 of regulation (EU)
no. 575/2013
  0,00   0
8a. Compulsory convertible bond pursuant to Section 26 BWG   0,00   0
8b. Non-voting instruments pursuant to Section 26a BWG   55.832.667,68   55.832
9. Subscribed capital   22.108.712,00   22.108
10. Capital reserves    19.383.078,32   19.383
  a) Appropriated 19.383.078,32   19.383  
  b) Unappropriated 0,00   0  
11. Revenue reserves   137.274.248,07   134.113
  a) Legal reserve 0,00   0  
  b) Statutory reserves 5.004.550,24   5.004  
  c) Other reserves 132.269.697,83   129.109  
12. Liability reserve pursuant to Section 57 para 5 BWG   35.006.202,28   35.006
13. Balance sheet profit/balance sheet loss   21.656.738,11   16.674
14. Untaxed reserves   5.075.846,70   6.451
  a) Valuation reserve due to special depreciations 5.075.846,70   6.451  
  b) miscellaneous untaxed reserves 0,00   0  
  aa) Investment reserve pursuant to Section 9 EStG 1988 0,00   0  
  bb) Investment tax credit pursuant to Section 10 EStG 1988 0,00   0  
  cc) Rent reserve pursuant to Section 11 EStG 1988 0,00   0  
  dd) Transfer reserve pursuant to Section 12 EStG 1988 0,00   0  
TOTAL LIABILITIES,16   6.464.692

Below the line memo items

    EUR Previous year in KEUR  
1. Assets held abroad   1.642.975.303,94   1.545.392
1. Contingent liabilities   177.204.838,80   154.514
  a) Accepted bills and endorsement liabilities from passed on bills 0,00   0  
  b) Guarantee liabilities and liability from
    furnishing collaterals
177.188.888,80   154.475  
2. Loan risks   325.087.799,27   353.647
  Liabilities from pension transactions 0,00   0  
3. Liabilities from trust transactions   0,00   0
4. Eligible own funds pursuant to part 2
of regulation (EU) no. 575/2013
  339.976.233,01   340.391
  Tier 2 capital pursuant to part 2 title I chapter 4
of regulation (EU) no. 575/2013
69.013.838,64   69.739  
5. Own funds requirements pursuant to Art. 92 of regulation (EU) no. 575/2013   2.033.506.623,91   2.157.414
  Own funds requirements pursuant to Art. 92 para
1 items a to c of regulation (EU) no. 575/2013
  a) Common equity Tier 1 capital ration in % 13,32   12,55  
  b) Tier 1 capital ratio in % 13,32   12,55  
  c) Total capital ratio in % 16,72   15,78  
6. Foreign liabilities   2.791.192.205,82   2.305.763

Profit and Loss Account

    EUR Previous year in KEUR
1. Interest and similar income   92.307.547,40   102.766
  from fixed-interest securities 48.653.833,03   60.185  
2. Interest and similar expenditure   60.002.648,65-   72.392-
I. NET INTEREST INCOME   32.304.898,75   30.374
3. Income from securities and shareholdings   2.887.710,04   16.187
  a) Income from stocks, other participating rights
    and non-fixed interest securities
1.349.997,41   1.476  
  b) Income from shareholdings 1.537.712,63   12.810  
  c) Income from shares in associated
0,00   1.900  
4. Commission income   24.055.832,75   20.731
5. Commission expenditure   13.809.601,39-   10.534-
6. Income/expenditure from financial transactions   1.269.120,03   1.055
7. Other operating income   14.384.094,02   11.373
II. OPERATING INCOME   61.092.054,20   69.187
8. General administrative expenditure   34.541.538,38-   35.011-
  a) Personnel expenditure 23.442.937,34-   23.743-  
  aa) Wages and salaries 17.804.407,61-   17.555-  
  bb) Expenditure for statutory required
      social security contributions as well as mandatory levies and contributions dependent
      on wages and salaries
4.572.442,37-   4.471-  
  cc) Other social security expenditure 259.814,68-   329-  
  dd) Expenditure on pensions and
     other benefits
1.227.760,31-   1.218-  
  ee) Allocation of pension provisions 599.852,84   476  
  ff)  Expenditure on severance payments and
     payments to the company's
     employee provision fund
178.365,21-   645-  
  b) Other administrative expenditure
    (material expenditure)
11.098.601,04-   11.267-  
9. Valuation adjustment to the assets contained in asset items 9 and 10   1.395.020,99-   1.615-
10. Other operating expenditure   5.381.631,12-   3.520-
III. OPERATING EXPENDITURE   41.318.190,49-   40.146-
IV. OPERATING RESULT   19.773.863,71   29.041
    EUR Previous year in KEUR
IV. OPERATING RESULT - amount carried forward   19.773.863,71   29.041
Balance from valuation adjustments to receivables and additions to provisions for contingent liabilities and allocations for loan risks as well as income from the reversal of valuation adjustments to receivables and provisions
for contingent liabilities and loan risks
  13.614.436,74-   12.456-
Balance from valuation adjustments to securities that are valued like financial investments as well as to shareholdings and income from valuation adjustments to securities that are valued like financial investments as well as to shareholdings   27.917.132,91   6.879
15. Extraordinary income   0,00   124
  Withdrawals from the fund for general banking risks 0,00   0  
16. Extraordinary expenditure   0,00   0
  Allocations to fund for general banking risks 0,00   0  
17. Extraordinary result   0,00   124
  (Subtotal of items 15 and 16)        
18. Taxes on income   10.109.728,74-   0
19. Other taxes, insofar as not to allocated in item 18   6.095.831,41-   5.628-
20. Reserve variations   1.785.312,26-   6.343-
  Allocation of liability reserve 0,00   0  
  Cancellation of liability reserve 0,00   0  
VII. ANNUAL PROFIT/ANNUAL LOSS   16.085.687,47   11.615
21. Retained profits brought forward/accumulated losses brought forward   5.571.050,64   5.059