Oldenburgische Landesbank Group Financial Report 2011 Oldenburgische Landesbank Group 2011 Financial Report
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OLB Finanzbericht 2011 (DE) – Umschlag (U4 – U2) – Format (offen): 453 mm x 297 mm, (Rücken: 13 mm) / Format (geschlossen): 220 mm x 297 mm – Druck: 1-farbig Euroskala (schwarz) + HKS 55 + Pantone 7535 (OLB-Beige) + UV Lack (partiell auf der Außenseite) – Veredelung: Hoch-Prägung (im OLB-Logo) Oldenburgische Landesbank Group Financial Report 2011 Oldenburgische Landesbank Group 2011 Financial Report www.olb.de U4 – Format: 220 mm x 297 mm Rücken: 13 mm U1 – Format: 220 mm x 297 mm OLB Finanzbericht 2011 (DE) – Umschlag (U2 – U3) – Format (offen): 453 mm x 297 mm, (Rücken: 13 mm) / Format (geschlossen): 220 mm x 297 mm – Druck: 1-farbig Euroskala (schwarz) + HKS 55 + Pantone 7535 (OLB-Beige) The Oldenburgische Landesbank Group at a Glance EUR m / / / / Change (%) Total assets ,. ,. Loans and advances to banks . ,. – . Loans and advances to customers ,. ,. Total lendings ,. ,. Amounts due to banks ,. ,. – . Amounts due to customers ,. ,. Securitized liabilities ,. ,. Equity . – . / / / / EUR m – / / – / / Change (%) Net interest income . Net commission income . – . Other operating income . – . Operating personnel expense . Office expense . – . Risk provisions . > Profit before taxes . – . Profit after taxes . – . / / / / Total distributions per no-par share (EUR) — . Cost-income ratio (%) . Aggregate capital ratio (%) . Employees , , Full-time equivalents , , Branches of Oldenburgische Landesbank AG Regional Bank Branches and specialized agencies of Allianz Bank 1 Net of risk provisions 2 Per proposed allocation of profits under the German Commercial Code (HGB) 3 Per Sec. 10a of the German Banking Act (KWG) U2 – Format: 220 mm x 297 mm Rücken: 13 mm U3 – Format: 220 mm x 297 mm Financial Report 2011 003 To Our Shareholders Our Shareholders To 025 Group Management Report 065 Consolidated Financial Statements 137 Additional Information 002 Contents Contents To Our Shareholders 003 Letter to Our Shareholders 004 The Share 006 Corporate Governance Report 008 Management Declaration per Sec. 289a of the German Commercial Code 014 Compensation Report 016 Group Management Report 025 Economic Conditions 026 Business Performance 027 Report of Anticipated Developments 040 Group Risk Report 043 Consolidated Financial Statements 065 Consolidated Income Statement 066 Consolidated Statement of Comprehensive Income 067 Consolidated Statement of Financial Position (Balance Sheet) 068 Statement of Changes in Consolidated Equity 070 Consolidated Cash Flow Statement 071 Notes to the Consolidated Financial Statements 072 Management’s Statement of Responsibility 134 Independent Auditors’ Opinion 135 Additional Information 137 Other Offices Held by Corporate Officers 138 Advisory Board 140 Managers 142 Report of the Supervisory Board 146 Branch Offices 150 OLB’s Business Territory 151 Glossary 152 Production Information 156 003 003 To Our Shareholders To Our Shareholders To Letter to Our Shareholders 004 The Share 006 Corporate Governance Report 008 Management Declaration per Sec. 289a of the German Commercial Code 014 Compensation Report 016 004 To Our Shareholders Letter to Our Shareholders Letter to Our Shareholders We have a busy financial year behind us, All the same, we are not satisfied with These reflect the impact of the crisis one that included an intensification of our results. Profits were substantially less situation specific to the shipping indus- the European government debt crisis, than for the prior year, so that we must try, in combination with a larger specific volatile financial markets, and substan- propose deferring payment of a dividend. loan loss provision. tial changes in the economic environ- The principal factor involved here was ment, especially in the energy sector. substantially higher risk provisions. For banks, regulatory requirements tightened further, with capital and liq- uidity still the main concerns. Amid these conditions, we closed out the year with a profit, and strengthened the Bank’s foundations even further. Our core capital ratio, at 8.5 percent, has already reached the level today that Basel III will not require until 2019. Our liquidity situation is comfortable. All of which will enable us to continue provid- ing the credit to support and promote our home region’s successful economic development. Dr. Achim Kassow Letter to Our Shareholders To Our Shareholders 005 Nevertheless, the Bank’s core is still What other tasks have we set ourselves? On the bottom line, all of this is also sound. We again increased operating The current 2012 year will focus espe- intended to pay off for our sharehold- income before risk provisions, par- cially on three projects. First, we want to ers. Assuming that conditions remain ticularly by maintaining strict control meet our customers’ needs even better, stable – especially in the shipping mar- over costs. Our client base and business and refine our advisory services to bet- kets – we will be able to improve our volume have also continued to grow – ter suit different customer groups and earnings substantially. a clear sign of our lasting attraction as expectations. Second, we will look more a reliable, professional partner for our closely at the evolution of partial port- Ladies and gentlemen, in closing, per- retail and corporate customers. And we folios in our risk management. And fi- mit me to add a personal word or two. will continue to cultivate and expand nally, we will streamline internal proce- The banking business is a business of this strong reputation in the future. dures even further, and provide optimal trust. And trust is something that must We believe it is especially important to support for the banking business at the be earned. We on the Bank’s manage- reinforce the trust that people and com- Allianz agencies with an uncomplicated ment team feel that our most important panies feel in “their” OLB, along with range of options. duty is to work consistently and sustain- our proximity to our customers. The ably to build that trust. My colleagues To Our Shareholders To foundation for our customers’ trust is and I look forward to having you with us laid by our staff in their work from day as we continue along this path at OLB. to day. This is our home, and it will re- main our home. Sincerely yours, Dr. Achim Kassow Spokesman of the Board 006 To Our Shareholders The Share The Share Performance of OLB stock The tsunami and nuclear power plant disaster in Japan, the rating downgrade of the United States, and the escalation of the debt crisis in the euro zone subjected the international stock markets to a number See Glossary, p. 155 of external shocks in 2011. In response, the DAX German stock index proved very volatile over the year, fluctuating nearly 2,500 points. An auspicious first half, with the DAX at roughly 7,500 at midyear, gave way in the second half to substantial price slumps, with lows close to the 5,000 mark in September. Despite a slight recovery at year’s end, the DAX closed out the year down 16 percent, just below 6,000, and was therefore unable to sustain its positive performance from the previous two years. Thus far, however, 2012 has proved substantially better for the index. At the time when this Annual Report was finalized (March 2012), the DAX was up more than 20 percent. German financial securities found the market events of 2011 equally unwelcome, and the stock prices See Glossary, p. 152 of German banks came more than proportionately under pressure. The CDAX Banks industry index, com prising the stock prices of private business banks, closed out the year down about 35 percent from where it had started. OLB stock was unable to escape this adverse trend. It opened the year trading at EUR 37.00, and closed it out at EUR 30.50, only slightly higher than the year’s low of EUR 28.50. At the preparation date of this Annual Report (March 2012), the price had decreased to EUR 27.50. OLB stock has performed better than the industry average in direct comparison with the performance of the banking index over the past five years; nevertheless, its value performance has been negative. Ownership structure Performance of OLB stock compared to CDAX Banks, 2007 – 2012 in % in % Allianz Deutschland AG 64.3 120 OLB-Beteiligungs- 100 25.3 gesellschaft mbH 80 Private investors, 60 including 40 10.4 staff shareholders 20 0 2007 2008 2009 2010 2011 2012 Through its own direct holdings and indirectly through OLB-Beteiligungsgesellschaft mbH, OLB stock (dividends offset) CDAX Banks Allianz Deutschland AG holds about 89.6 percent of Oldenburgische Landesbank AG. The Share To Our Shareholders 007 Ownership structure See chart, p. 006 left The ownership structure of Oldenburgische Landesbank AG comprises Allianz Deutschland AG (64.3 percent), OLBBeteiligungsgesellschaft mbH (25.3 percent), and private investors, including staff shareholders (10.4 percent). Allianz Deutschland AG is the majority shareholder of OLBBeteiligungs gesellschaft mbH, holding 98.8 percent; several longterm investors from northwestern Germany hold 1.2 percent (all figures are rounded). Oldenburgische Landesbank AG stock is traded on the regulated market of the Berlin, Hamburg and Hanover exchanges, and over the counter in Düsseldorf and Frankfurt, under German securities iden tification number (WKN) 808 600. The trading volume for OLB stock in 2011, at 134.6 thousand shares, was slightly higher than for the previous year (124.6 thousand). The principal trading floors, with nearly equal trading volumes, were the exchanges in Frankfurt and Hamburg. The number of shares issued is 23.3 million. Multiplied by the trading price per share, this yields a market capitalization of approxi mately EUR 640 million. As one of Germany’s most important secondline stocks, the stock of Oldenburgische Landesbank AG also plays a significant role at the regional level. For example, OLB stock is the only bank included in the Lower Saxony Stock Index, the NISAX20, under WKN 600788. This regional index, established by NORD / LB Norddeutsche Landesbank in May 2002, includes the 20 largest listed companies in the state of Lower Saxony.