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2013 Contents Annual Report 2013 Contents U3 Key figures at a glance Group management report 40 – 179 U4 Events 2013 41 Stragey and commercial management system The Company 01 – 33 48 Shipping Finance 62 Aviation Finance 01 Mission Statement 82 Offshore Finance 02 About us 96 Land Transport Finance 10 Letter to our shareholders and business partners 110 Important deals 2013 13 The Board of Managing Directors 112 Financial Institutions 14 Report of the Supervisory Board 116 Investment Management 19 The Supervisory Board 124 ITF International Transport Finance Suisse AG 20 Corporate Governance Report 2013 126 Financial position and performance 30 Our employees 142 Remuneration 144 Non-financial performance indicators/sustainability Financial and equity markets 34 – 39 151 Report on material events after the reporting date 152 Report on opportunities and risks 34 Financial markets and DVB’s financial markets activities 176 Report on expected developments for 2014 36 Equity markets and the DVB share 179 Explanatory disclosures under takeover law 39 Financial calendar 2014 179 Report of the Board of Managing Directors on relations with affiliated companies Consolidated financial statements 180 – 240 181 Income statement 181 Appropriation of profits 182 Statement of comprehensive income 183 Statement of financial position 184 Statement of changes in equity 185 Cash flow statement 186 Segment report 187 Notes Audit opinion 241 Further information 242 – 252 242 DVB worldwide 244 Key words 246 Glossary 250 Abbreviations 252 Imprint Symbols Reference to the internet Legal notice Further information DVB Bank SE | Group Annual Report 2013 Key figures at a glance € mn 2013 2012 % Earnings data Net interest income 241.8 230.0 5.1 Allowance for credit losses –87.1 –70.7 23.2 Net interest income after allowance for credit losses 154.7 159.3 –2.9 Net fee and commission income 128.7 130.7 –1.5 Results from investments in companies accounted for using the equity method 5.1 8.5 –40.0 Net other operating income/expenses –4.1 42.7 – Net income 284.4 341.2 –16.6 General administrative expenses –178.8 –184.0 –2.8 Consolidated net income before IAS 39 and taxes 105.6 157.2 –32.8 Net result from financial instruments in accordance with IAS 39 18.2 –15.8 – Consolidated net income before taxes 123.8 141.4 –12.4 Key financial indicators (%) Return on equity (before taxes) 10.3 12.9 –2.6 pp Cost/income ratio 45.9 46.5 –0.6 pp Key items from the statement of financial position Business volume 24,576.3 25,117.9 –2.2 Customer lending volume 20,757.6 22,146.9 –6.3 Total assets 23,363.1 23,804.8 –1.9 Loans and advances to customers 18,896.9 19,908.3 –5.1 Deposits from customers 6,113.6 5,172.9 18.2 Securitised liabilities 11,134.5 11,391.4 –2.3 Subordinated liabilities 363.7 411.8 –11.7 Equity 1,398.9 1,328.9 5.3 Own funds in accordance with the German Banking Act Tier 1 capital 1,193.3 1,236.0 –3.5 Tier 2 and tier 3 capital 163.6 201.1 –18.6 Total 1,356.9 1,437.1 –5.6 Capital ratios in accordance with the German Banking Act (%) Tier 1 ratio (Basel II) 19.6 20.3 –0.7 Total capital ratio (Basel II) 22.2 23.6 –1.4 Staff by business division Transport Finance/Investment Management 302 305 –1.0 Service areas 213 199 7.0 LogPay Financial Services 52 54 –3.7 Total active staff 567 558 1.6 Ratings 2013 2012 2011 Standard & Poor’s Long-term counterparty credit rating A+ A+ A+ Short-term credit rating A-1 A-1 A-1 Outlook stable stable stable Fitch Ratings1) Long-term issuer default rating A+ A+ A+ Short-term issuer default rating F1+ F1+ F1+ 1) Within the scope of the German Co-operative Financial Services Network’s rating DVB Bank SE | Group Annual Report 2013 Events 2013 17 January 22 May Annual DVB client event in Singapore – the members of DVB’s Placement of DVB’s third senior unsecured benchmark bond – Board of Managing Directors, Messrs Wolfgang Driese, Bertrand with this five-year, €500 million bond, DVB underscored its Grabowski and Dagfinn Lunde, and numerous DVB staff members strong position on the capital markets whilst diversifying its welcomed more than 220 guests from various Asian nations. international investor base. The fourth €500 million benchmark issue, a seven-year bond, followed suit in November. 4 March Client reception in Dubai – Dagfinn Lunde and Geir Sjurseth, Head 13 June of the Offshore Finance division, welcomed more than 60 inter- Ordinary Shareholders’ Meeting at the Hermann Josef Abs Saal national clients. Offshore Research informed about “The Offshore in Frankfurt/Main – with 96.69% of capital represented at the Supply Market – A Regional Focus”. meeting, shareholders approved all proposed resolutions with a majority close to 100% (including a dividend of €0.60 per no-par 7 March value share). Annual Accounts Press and Analysts’ Conference – Messrs Driese and Lunde presented the consolidated financial statements for 18 June 2012 and outlined the situation on the international transport “The History of DVB Bank 1923–2013” – published by DVB on markets. the occasion of its 90-year anniversary. This look at the Bank’s history is available in a printed version, as well as in PDF and e-paper format, in German and English. “The History of DVB Bank 1923–2013” is available on our website www.dvbbank.com > About us > Company history. 1 July Mr Ralf Bedranowsky joined DVB’s Board of Managing Directors – he came from Deutsche Bank, where he was responsible, as 20 – 21 March Global Head of Deutsche Shipping, for the bank’s global shipping CAPA Aviation Finance Summit (Asia) in Singapore – Mr Grabowski finance activities, as well as for related investment banking moderated a panel discussion entitled “The economic life of an activity and wealth management. aircraft, depreciation policies and value retention. Are we getting the picture?” 7 November Client Account – as a new service, DVB began offering its 3 April Transport Finance clients the possibility of accessing their Client reception in Oslo – Offshore Finance presented the latest accounts via an online portal, anytime, anywhere. developments on offshore markets. 18 April DVB client event in Hamburg – Shipping Research spoke to more than 100 guests about factors influencing supply and demand in the container segment, as well as expected adjustments to market structure. DVB Bank SE | Group Annual Report 2013 UNTERNEHMEN FINANZ- UND AKTIENMÄRKTE KONZERNLAGEBERICHT KONZERNABSCHLUSS Anhang 1 The leading specialist in international transport finance At DVB, we make deals work. This means striving to seek and develop intelligent and appropriate solutions that meet and even exceed our clients’ needs and expectations. We go the extra mile to constantly and thoroughly research and study our industry. Often, this leads us to challenge conventional wisdom when offering our focused range of financing services. DVB Bank SE | Group Annual Report 2013 Shipping Finance – Specific sector expertise Our dedicated and sector-focused expertise brought about deep insight and a wide market-coverage. The constrained activity of traditional shipping lenders presented good opportunities for Shipping Finance in 2013 to fill the void and win attractive risk-reward transactions with customers that were previously out of reach, in terms of pricing. Thus, in spite of continuous oversupply, low freight and time charter rates in some segments of the maritime shipping industry, DVB’s Shipping Finance has once again been able to support its clients with 85 selected new transactions totalling €2.0 billion. Our unique sector coverage, in-depth market expertise, and engrained risk management helped to maintain a solid financial performance in 2013. © Photographer: Herman Ijsseling, Flying Focus, Bussum, The Netherlands DVB Bank SE | Group Annual Report 2013 DVB Bank SE | Group Annual Report 2013 Aviation Finance – Integrated platform solutions In a year of abundant liquidity for aircraft assets, right across the capital spectrum, our Aviation Finance has demonstrated an excellent performance. Our continued leadership in the market has been in evidence via the breadth of our cross-platform commercial activities and through the recognised work and contributions of Aviation Research. We finished the year having completed 48 new structured lending transactions with a volume of €1.8 billion comprising a good mix of new and used aircraft financings for a diversified group of clients in terms of geographic location and credit standing. Our activities have been recognised with two prestigious industry awards – the “Used Aircraft Deal of the Year 2012” by Air Finance Journal and “Aviation 100 Equity Deal of the Year” by Airline Economics/Aviation News. © Photographer: Sebastian Lukasiewicz, Warsaw, Poland DVB Bank SE | Group Annual Report 2013 DVB Bank SE | Group Annual Report 2013 Offshore Finance – Highly specialised industry The offshore and energy industries are driven by distinct demand drivers compared to the shipping industry. Taking account of these structural differences, DVB established a separate Offshore Finance division at the beginning of 2013. The Bank bundled its expertise to continue financing highly specialised offshore equipment integral to offshore drilling, exploration, production and field maintenance. During the year, the market con- tinued to do well, backed by a high level of oil majors’ exploration and production spending. Coupled with an increased debt and equity demand, our clients had diverse measures of raising capital at hand allowing DVB to offer a variety of structured debt financings, advisory and capital market services. The team closed 24 new transactions totalling €508,3 million. © Photographer: Petroserv S.A., Rio de Janeiro, Brazil DVB Bank SE | Group Annual Report 2013 DVB Bank SE | Group Annual Report 2013 Land Transport Finance – Consistent client franchise In a market environment that continued to be characterised by uncertainty and economic conditions – which were not always positive – our Land Transport Finance division was active throughout 2013 on our target markets: Europe, North America and Australia.
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