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Annual Financial Statements and Management Reports Is in Line with Accounting Standards Landesbank Berlin AG | Berliner Sparkasse 2020 Annual Financial Statements and Management Report The English language version of this report is being provided for convenience for foreign readers. Although this translation has been prepared by a professional translator, it may contain errors or inaccuracies for which Landesbank Berlin AG is not liable. Only the original German version of this document is authoritative and binding. Management Report 2 of 147 Contents MANAGEMENT REPORT A. BASIC PRINCIPLES ................................................................................ 3 B. ECONOMIC REPORT ............................................................................ 13 C. ACCOUNTING-RELATED INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM .................................................... 27 D. RISK REPORT ....................................................................................... 29 E. SUPPLEMENTARY REPORT ................................................................ 66 F. OPPORTUNITIES AND FORECAST REPORT...................................... 67 BALANCE SHEET ........................................................................................ 76 INCOME STATEMENT ................................................................................. 78 STATEMENT OF CHANGES IN EQUITY ..................................................... 80 CASH FLOW STATEMENT .......................................................................... 81 NOTES .......................................................................................................... 83 INDEPENDENT AUDITOR'S CERTIFICATE .............................................. 131 REPORT OF THE SUPERVISORY BOARD OF LANDESBANK BERLIN AG ................................................................. 144 Management Report 3 of 147 A. Basic Principles 1. Organisation and structure Landesbank Berlin AG (LBB) is a non-listed joint stock company [Aktiengesellschaft] and a credit institution within the meaning of the German Banking Act (KWG). It is the governmentally appointed sponsor of Berliner Sparkasse (BSK) and according to the Berlin Savings Bank Act [Berliner Sparkassengesetz] it is deemed an own savings banks association. The Berlin Savings Banks Association is a member of the German Savings Bank Association [Deutscher Sparkassen- und Giroverband] (DSGV) and therefore one of 12 regional savings banks associations. It represents the interests of LBB/BSK within the Sparkasse Financial Group and with regards to the state of Berlin. The BSK is a public institution with partial legal capacities and is managed as a branch of LBB. This management report refers to Landesbank Berlin AG including the Berliner Sparkasse hence the designation Landesbank Berlin AG / Berliner Sparkasse (LBB/BSK) is used below. Section 2 (1) of the Berlin Savings Bank Act defines the public services that the Berliner Sparkasse, which was founded in 1818, is expected to provide: “The Berliner Sparkasse is responsible for promoting saving and satisfying local borrowing requirements, in particular those of small and medium-sized enterprises and of the economically weaker groups of the population.” With regard to the principles of business policy, Section 4 of the Berlin Savings Bank Act is decisive: “The business of the Berliner Sparkasse is to be managed according to commercial principles, taking general economic aspects into account.” In this sense, the Berliner Sparkasse acts and carries out its work with the aim of fulfilling its public service mandate at all times. The focus of its business activity is placed on the needs of the customers. The Berliner Sparkasse regularly adjusts its products and services to the current market conditions. For the first time, LBB/BSK is conducting business with private, as well as business, commercial and corporate customers in Berlin in what is now a joint Business Division for Private and Corporate Customers. The nationwide credit card business is conducted under the "LBB" brand (DirektBankService Business Division). The commercial real estate financing (Commercial Real Estate Financing Business Division) is also focused on regional business with housing associations, professional investors, investment companies, real estate companies [Immobilien AGs], project developers, property developers and wealthy private customers in Berlin. Management Report 4 of 147 The Treasury and Corporate Customers Business Division, which was extended with corporate customers, is arranged in a manner typical of savings banks, with the core functions of hedging and refinancing for customer business, liquidity management, “Depot A” with credit substitution business within the scope of classical asset allocation and strategic deadline transformation. On the other hand, it also conducts business with corporate customers and public-sector institutions. The central divisions and back office units provide additional services such as compliance, loans, finance, risk controlling, organisation and productivity management, corporate development, risk supervision and law, as well as auditing. LBB/BSK is a member of the Sparkasse Financial Group's institution protection scheme, which is officially recognised as a deposit protection scheme. The most important task of the protection scheme is to provide an institutional guarantee. The aim is to ensure the continued existence of each member so that the institutes’ commercial relationships with their customers can continue as contractually agreed. The Sparkasse Financial Group's protection scheme also fulfils the statutory deposit protection requirements. Management Report 5 of 147 LBB/BSK in the group of companies as at 31 December 2020* Regionalverbandsgesellschaft der S-Finanzgruppe mbH General partner Erwerbsgesellschaft der S-Finanzgruppe mbH & Co. KG General partner Beteiligungsgesellschaft der 89.37% S-Finanzgruppe mbH & Co. KG 10.63% Landesbank Berlin Holding AG 100% 100% Landesbank Berlin AG / Other participating Berlin Hyp AG Berliner Sparkasse interests S-Servicepartner Berlin 66.67% GmbH (70%) S-Kreditpartner LBB Grundstücksgesell- GmbH schaft mbH (100%) ... * The presentation is limited to the essential participating interests and associated companies. 2. Supervision and regulatory provisions LBB/BSK is as the group of Erwerbsgesellschaft der S-Finanzgruppe mbH & Co. KG (S- Erwerbsgesellschafts-Group) on the whole - subject to direct supervision by the European Central Bank (ECB). Ongoing monitoring is performed by what is known as the “Joint Supervisory Team”, which is made up of employees from the ECB, the Federal Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank and coordinated by the ECB. As at 31 December 2020, the CET1 capital ratio in LBB/BSK amounted to 16,6 %. The capital ratio of LBB/BSK profited substantially from the use of internal models, which are recognised under supervisory law (IRBA - internal ratings based approach, AMA – advanced measurement approach). Due to the finalisation of the package reforming the regulatory framework for banks, as agreed by the Basel Committee on Banking Supervision in December 2017 — frequently also referred to as “Basel IV” — capital benefits from the Management Report 6 of 147 application of internal models are expected to be limited or dispensed with completely in future. Changes to the standardised approach to credit risk are also expected to lead to higher capital requirements. LBB/BSK will take suitable measures in a timely manner to maintain the capital ratios in order to counter this effect. 3. Business activity The financial year 2020 was dominated by the Covid-19 pandemic. Since the beginning of March, LBB/BSK has been following the recommendations of the Federal Government, the federal crisis team, the Robert Koch Institute (RKI), the Berlin State Government and other public institutions. With regard to occupational health and safety guidelines, LBB/BSK has adapted its working environments to the measures specified by the Federal Ministry of Labour and Social Affairs. Starting on March 6, 2020, LBB/BSK's crisis team decided on extensive measures in its meetings to protect employees and customers, slow down the spread of the Corona virus, and at the same time ensure the maintenance of the banking infrastructure. For example, 54 retail banking centres were temporarily unavailable during the first lockdown. Other contact options, such as online banking, telephony, email or chat, were reinforced. All corporate centres, ATMs and self-service centres were fully available throughout the entire period. In the second lockdown, four retail centres were closed and opening hours were reduced at all others. For corporate customers, who suffered from the economic consequences of the Corona crisis, even to the point of jeopardizing their existence, LBB/BSK offered repayment suspensions for current corporate loans that went beyond the measures created by the Federal and State Governments. In addition, LBB/BSK reviewed and approved a large number of applications for Corona assistance for Kreditanstalt für Wiederaufbau and Berliner Bürgschaftsbank. Private customers were able to apply to LBB/BSK for a suspension of interest and principal payments on their consumer loans from 01 April 2020. This statutory moratorium expired on 30 June 2020. Subsequently, there was the savings banks' private moratorium on consumer financing until 30 September 2020. During this period, customers were able to agree repayment suspensions of up to nine months for consumer loans
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