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2015 Financial Report 20142015 Financial Report print: QH-AB-16-001-EN-C ISBN 978-92-861-2704-5 ISSN 1725-3446 doi:10.2867/356863 © EIB 04/2016 © EIB GraphicTeam digital: QH-AB-16-001-EN-N ISBN 978-92-861-2703-8 ISSN 2363-3689 doi:10.2867/3848 Table of contents © University of Lincoln 2 Highlights 2015 4 Preface 12 Borrowing activities in 2015 16 Treasury activities in 2015 18 EIB Statutory Bodies 22 Audit and control 25 EIB 25 Financial Statements 81 Independent Auditor’s Report 82 Statement by the Audit Committee 83 EIB Group (EU Directives) 83 Financial Statements 142 Independent Auditor’s Report 143 Statement by the Audit Committee 145 EIB Group (IFRS) 145 Financial Statements 230 Independent Auditor’s Report 231 Statement by the Audit Committee EIB statutory results (EUR million) The Bank has recorded 2 740 2 757 2 515 2 626 surpluses in its statutory 2 292 accounts in each year of its exist ence. 2011 2012 2013 2014 2015 Overview (EUR million) 31.12.2015 31.12.2014 Outstandings Loans disbursed 457 655 449 865 Loans to be disbursed 105 985 99 426 Financing from budgetary resources 14 264 13 777 Borrowings 469 255 453 453 Own funds 63 323 60 566 Balance sheet total 570 617 542 372 Net profit for year 2 757 2 626 Subscribed capital 243 284 243 284 of which called up 21 699 21 699 Own funds composition (EUR million) 2 757 2 626 Own funds of 38 867 36 241 EUR 63 billion represent more than 11% of Profit for the financial year the balance sheet total Reserves 21 699 21 699 Called-up capital 31/12/2015 31/12/2014 2 Financial Report 2015 Capital adequacy (CAD) ratio* Ratio development driven by the implementation of the Bank Resolution 23.9% 26.0% and Recovery Directive and by new business 31/12/2015 31/12/2014 * Computed under Basel III and based on Bank's standalone financial statements. Financing activity 8 999 in 2015 7 830 (EUR million) 4 968 Highlights 84 970 Outside EU 69 691 European Union 2015 57 406 Approved Signed Disbursed Signatures by country in 2015 Total EU 90% EFTA, candidate and potential candidate countries 4% Eastern Europe, Southern Caucasus, Russia 2% Mediterranean countries 2% ACP-OCT States, South Africa 1% Asia and Latin America 1% 2015 Financi al Report 3 Preface © University of Lincoln Highlights of financial developments at the EIB in 2015 Overview In early 2015, the EIB delivered on its commitment – ena- flects the Bank’s prudent risk management policies and bled by the EUR 10bn capital increase – of EUR 60bn of in- sound project due diligence. Payments overdue for more cremental financing for viable projects over 2013-2015. than 90 days amounted to just EUR 105.4m, and specific The capital increase had been approved unanimously by pr ovisions on loans recorded at year-end were EUR 632.7m shar eholders at the end of 2012, reinforcing the EIB’s fi- (end-2014: EUR 483.1m). nancial strength and demonstrating the importance at- tached to the Bank by its shareholders. In total, EUR 77.5bn Total treasury assets increased to EUR 78bn at year-end of new operations1 were signed in 2015 (2014: EUR 77.0bn), (2014: EUR 65.6bn). The Bank’s liquidity management re- as the EIB achieved additional targeted lending volumes. mains prudent, covering 60% of total projected net cash outflows for 2016 (compared with 69% at year-end 2014). In 2015, the Bank’s profitability showed solidity, with incre- This, alongside the Bank’s access to the Eurosystem refi- mental growth of the annual net surplus to EUR 2.76bn nancing facility, provides a substantial liquidity cushion. (EUR 2.63bn in 2014). The annual surplus is entirely re- tained, thus contributing to the growth of the EIB’s own The EIB raised EUR 62.4bn in the capital markets to finance funds and the Bank’s financing capacity. With own funds its lending activities, similar to the amounts raised in 2014 reaching EUR 63.3bn in 2015, the leverage2 ratio improved (end-2014: EUR 61.6bn). This was achieved with the target- marginal ly from 779% in 2014 to 776% in 2015. The EIB’s ed maturity profile (average maturity of 6.4 years). After capitalisation and leverage both remained at significantly completion of the targeted funding programme of impr oved levels compared to those obtaining prior to the capital injection approved in 2012. Still, the CET1 capital ratio declined from 26.0% to 23.9% at end-2015, mainly 1 due to the BRRD3 implementation in EU jurisdictions and Includes all resources, loans, equities and guarantees. 2 Leverage is computed as gross debt (long and short-term) divided by adjusted to new business. shareholders’ equity (own funds less the EIB’s participation in the EIF’s capital). 3 Bank Resolution and Recovery Directive. 4 The quality of the EIB’s loan portfolio remains high, with 4 Data on the loan portfolio provided in the Preface apply (unless otherwise stated) impair ed loans representing only 0.3% of the total loan to what is termed the “risk portfolio” in the Financial Report, which excludes the portion of the portfolio outside the EU that benefits from a global guarantee from portfolio, a slight increase (in overall terms) compared to the EU or Member States (refer to Note U of the statutory financial statements for the previous year (0.2% in 2014). The low ratio largely re- more details). 4 Financial Report 2015 Preface EUR 60bn in October, the Bank partially pre-funded 2016 ing margin and positive results on venture capital requir ements. The EIB retained its strong credit standing, operations. The EIB generates profits from large volumes and EFSI (European Fund for Strategic Investments) has of loans financed at low margins, and has historically not been a cause of material credit concerns in reports by shown a steady improvement in results supported by in- le ading analysts. cr easing outstanding loan volumes. At year-end 2015, to- tal assets stood at EUR 570.6bn (2014: EUR 542.4bn), incr easing by about EUR 28.2bn. The main drivers of the asset growth were an increase in the treasury portfolios, 1. EIB delivers solid financial results and an increase in the net volume of loans disbursed, which grew from EUR 449.9bn in 2014 to EUR 457.7bn in The Bank has recorded a surplus in its statutory accounts5 2015 (+1.7%). every year since its foundation in 1958. In 2015, the net surplus after provisions increased to EUR 2.76bn as com- par ed to the previous year, due to an increase in the lend- 5 Prepared in accordance with EU Accounting Directives. Evolution of the net result and total assets* (EUR million) Total assets Net result 2 626 2 757 3 000 800 000 2 740 2 515 700 000 2 500 2 292 600 000 2 000 500 000 1 500 400 000 570 617 542 372 508 127 512 203 300 000 1 000 471 848 200 000 500 100 000 0 0 2011 2012 2013 2014 2015 * The net result for 2012 included EUR 210m in exceptional income. The Group results reported under IFRS are affected by the 1.1. High level of own funds fair valuation of financial instruments and therefore in- clude the spread fluctuations in the market and are sub- The Bank’s consistent profitability has enabled the build- ject to volatility. The Bank does not expect to realise these up of substantial reserves. In 2015, own funds increased, gains and losses, since the financial instruments are typi- thanks to the contribution of the annual surplus, to cal ly held until maturity. EUR 63.3bn (EUR 60.6bn at end-2014). 2015 Financi al Report 5 Own funds composition as at 31 December 2015 Own funds in EUR ‘000 31/12/2015 31/12/2014 Subscribed capital – Subscribed 243 284 155 243 284 155 – Uncalled -221 585 020 -221 585 020 21 699 135 21 699 135 Reserves a) reserve fund 24 328 415 24 328 415 b) additional reserve 5 286 377 2 676 782 c) special activities reserve 5 933 881 6 030 722 d) general loan reserve 3 318 610 3 205 513 38 867 283 36 241 432 Profit for the financial year 2 756 914 2 625 851 Total own funds 63 323 332 60 566 418 It was decided that the surplus for the year be appropriat- out in the EIB’s Statute6 (an irrevocable, unconditional obli- ed as follows: gation). This legal obligation derives from an EU Treaty, i) reserve fund nil which supersedes national law. The callable capital (which ii) additional reserve EUR 1 927.9m is not considered in the own funds or for Basel III capital ad- iii) special activities reserve EUR 842.2m equacy purposes) amounts to EUR 221.6bn and represents iv) general loan reserve EUR -13.2m . a buffer equivalent to roughly half of the Bank’s borrowings. 1.2. Capital adequacy ratio development At end-December 2015 the Bank’s CET1 ratio stood at 23.9% 2. Lending activities (2014: 26.0%). The ratio decreased compared to the prior year, driven by regulatory changes and the growth in the 2.1. New signatures in 2015 size of the Bank’s portfolio, which were only partly offset by an increase in own funds (due to the contribution of the an- The EIB’s mission is to finance viable projects that promote nual net surplus and the final tranche of the capital increase) the achievement of the EU’s policy objectives within all and improvements in the credit quality of the loan stock.
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