ANNUAL REPORT 2013 MANAGEMENT COMMENTARY & FINANCIAL STATEMENTS ANNUAL REPORT 2013 1 Contacts Søren Høgenhaven, CEO, Managing director Johnny Munk, Managing director Jens Bloch Behrendt, CFO Address KommuneKredit Kultorvet 16 DK-1175 Copenhagen K Telephone +45 33 11 15 12
[email protected] www.kommunekredit.dk CVR no. 22 12 86 12 Announcement date: 7 March 2014 The annual report comprises 60 pages The photos depict energy saving projects in Danish municipalities and regions that KommuneKredit has financed. The English text is a translation of the original Danish text. The original Danish text is the gov- erning text for all purposes, and in case of any discrepancy, the Danish wording will be applicable. 2 ANNUAL REPORT 2013 CONTENTS KommuneKredit in brief . 4 Financial summary for KommuneKredit . 5 Management commentary Operating review . 6 Local governments and the economy . 11 Organisation and management . 14 Risk management . .17 . Financial statements Statement of comprehensive income . 20 Statement of financial position . 21 Statement of changes in equity . 22 . Statement of cash flows . 23 List of notes . 24 Statements . 53 . Management . 56. Managerial posts . 57 ANNUAL REPORT 2013 3 KommuneKREDIT IN BRIEF KommuneKredit has the same credit rating as that of the Kingdom of Denmark which is the highest international credit rating A Board of Directors is responsible for the general management KOMMUNEKREDIT of KommuneKredit . The Board of Directors has ten members, IN BRIEF of which eight are appointed by the municipalities and two by the regions . A Management consisting of one chief executive officer and one managing director is responsible for the dayto day management .