Page 8 - OeEB-AnnualReport_2013

Basic HTML Version

OeEB Annual Report 2013
8
Management report
funds not just from the Federal Ministry of Finance
but also from the Federal Ministry of the Environment,
under the Austrian fast-start financing initiative for
climate protection.
Disbursements to the project partners are made
incrementally for funds’ individual client companies in
the case of fund investments, and via capital increases
in the case of direct equity investments. The project
status and the general, financial and development
performance of the equity investments are regularly
documented. In selected equity projects, OeEB also
takes an active role on the respective supervisory
board or in a similar supervisory function.
Approximately EUR 15.3 million was paid out in 2013.
Other Activities segment
In 2013 the cooperation with other development banks
continued, particularly through the Neighbourhood
Investment Facility (NIF) of the European Commission
and the Western Balkans Investment Framework
(WBIF). OeEB is a member of the Financial Institutions
Group of the NIF and of the WBIF. In addition, OeEB
works through the EU-Africa Infrastructure Trust Fund
(EUAITF), which supports infrastructure projects in
Africa. These facilities are to generate financing
projects with co-financing from OeEB.
Financial results
The financial year under review closed with profit for
the year of EUR 2,023,894 (prior year: EUR 901,726).
After transfers to reserves and before distribution or
retention, unallocated profit for the year was EUR
206,128 (prior year: EUR 229,640).
Thanks to the higher project volume, operating income
rose significantly from the prior year’s EUR 6.41 million
to EUR 7.89 million. Major components of income
were net interest income and securities income, at a
combined total of about EUR 7.53 million (prior year:
EUR 5.82 million). Net fee and commission income
amounted to approximately EUR 0.29 million (prior
year: EUR 0.49 million). Fee and commission income
includes various fees from financings, fees for OeEB’s
management services rendered under the Advisory
Programmes and investment finance projects for the
Federal Ministry of Finance, and fees for development-
and foreign-trade-related consulting services to the
Ministry.
The operating expenses of about EUR 5.16 million
(prior year: EUR 4.31 million) reflected the bank’s
growth and consisted largely of staff costs of
EUR 3.27 million (prior year: EUR 2.62 million) and
other administrative expenses of EUR 1.87 million
(prior year: EUR 1.68 million).
The resulting operating profit in the financial year was
about EUR 2.73 million, up from EUR 2.10 million in
the prior year. After valuation effects and taxes, profit
for the year was approximately EUR 2.02 million
(prior year: EUR 0.90 million). In view of the good
result, EUR 1.82 million of this profit was transferred
to reserves (prior year: EUR 0.67 million), thus further
strengthening OeEB’s capability to generate future
growth.
At the year-end, profit available for distribution was
EUR 248,367 (prior year: EUR 271,239).