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Annual Report 2012 Contents Annual Report 2012 Contents U3 Key figures at a glance Group management report 40 – 159 U4 Events 2012 41 Strategy and structure The Company 01 – 33 44 Shipping Finance 60 Aviation Finance 01 Mission Statement 78 Land Transport Finance 02 About us 94 Important deals 2012 08 Letter to our shareholders and business partners 96 Financial Institutions 11 The Board of Managing Directors 101 Investment Management 12 Report of the Supervisory Board 108 ITF International Transport Finance Suisse AG 17 The Supervisory Board 110 Financial position and performance 18 Corporate Governance Report 2012 125 Remuneration report 26 Employees and sustainability 129 Non-financial performance indicators 131 Report on material events after the reporting date Financial and equity markets 34 – 39 132 Report on opportunities and risks 155 Report on expected developments for 2013 34 Financial markets and DVB’s financial markets activities 158 Explanatory disclosures under takeover law 36 Equity markets and the DVB share 159 Report of the Board of Managing Directors 39 Financial calendar 2013 on relations with affiliated companies Consolidated financial statements 160 – 216 161 Income statement 161 Appropriation of profits 162 Statement of comprehensive income 163 Statement of financial position 164 Statement of changes in equity 165 Cash flow statement 166 Segment report 167 Notes Audit opinion 217 Further information 218 – 228 218 DVB worldwide 220 Key words 222 Glossary 226 Abbreviations 228 Imprint Symbols Reference to the internet Legal notice Further information DVB Bank SE | Group Annual Report 2012 Key figures at a glance 1 Jan 2012– 1 Jan 2011– € mn 31 Dec 2012 31 Dec 2011 % Earnings data Net interest income 230.0 258.3 –11.0 Allowance for credit losses –70.7 –59.2 19.4 Net interest income after allowance for credit losses 159.3 199.1 –20.0 Net fee and commission income 130.7 116.2 12.5 Results from investments in companies accounted for using the equity method 8.5 0.1 – Net other operating income/expenses 42.7 17.3 – Income 341.2 332.7 2.6 General administrative expenses –184.0 –189.4 –2.9 Consolidated net income before IAS 39 and taxes 157.2 143.3 9.7 Net income from financial instruments in accordance with IAS 39 –15.8 4.4 – Consolidated net income before taxes 141.4 147.7 –4.3 Key financial indicators (%) Return on equity (before taxes) 12.9 14.0 –1.1 pp Cost/income ratio 46.5 47.8 –1.3 pp € mn 31 Dec 2012 31 Dec 2011 % Key items from the statement of financial position Business volume 25,117.9 23,919.8 5.0 Customer lending volume 22,146.9 21,706.4 2.0 Total assets 23,804.8 22,031.0 8.1 Loans and advances to customers 19,908.3 18,739.0 6.2 Deposits from customers 5,172.9 4,460.3 16.0 Securitised liabilities 11,391.4 9,830.1 15.9 Subordinated liabilities 411.8 400.6 2.8 Equity 1,328.9 1,210.0 9.8 Own funds in accordance with the German Banking Act Tier 1 capital 1,236.0 1,178.8 4.9 Tier 2 and tier 3 capital 201.1 125.6 60.1 Total 1,437.1 1,304.4 10.2 Capital ratios in accordance with the German Banking Act (%) Basel II Tier 1 ratio 20.3 19.7 0.6 pp Total capital ratio 23.6 21.8 1.8 pp Ratings 2012 2011 2010 Standard & Poor’s Long-term counterparty credit rating A+ A+ A Short-term credit rating A-1 A-1 A-1 Outlook stable stable negative 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 2012 Events 2012 11–12 January 24 April Annual DVB client event at the Swissôtel The Stamford, in 11th DVB Bank Breakfast Meeting in Hamburg – Mr Ronald Singapore and meetings with the press – DVB’s members of the Widdows, CEO of Rickmers Holding and Rickmers Line spoke to Board of Managing Directors, Messrs Wolfgang Driese, Dagfinn around 60 shipping industry representatives about the difficult Lunde and Bertrand Grabowski, together with DVB colleagues, market conditions in the container sector. welcomed 168 guests from various Asian nations, representing the shipping and aviation industries. During the course of the 14 May event, our members of the Board of Managing Directors met with Successful placement of our debut €500 million senior unsecured daily and trade press journalists to discuss developments on the benchmark bond – a second issue followed on 24 August. Thanks financial and transport markets. to enormous demand from a variety of investors, both issues benefited from an oversubscribed, highly diversified order book. With these placements, we succeeded in building a benchmark yield curve, whilst broadening our investor base. 13 June Ordinary Annual General Meeting in Frankfurt/Main – with 96.69% of DVB’s share capital represented, shareholders passed all proposed resolutions, including a resolution to pay a dividend of €0.60 per share. 8 March Annual Accounts Press and Analysts’ Conference – Messrs Driese and Lunde presented the consolidated results for 2011. 20–21 September 19th ISTAT Europe Conference in Rome – Mr Bertrand Grabowski moderated the “Aircraft Finance Panel” consisting of high-ranking aviation industry and bank representatives. 9 March Breakfast meeting with journalists in London – DVB’s three 9 October members of the Board of Managing Directors presented DVB, Annual client reception at the Mandarin Oriental Hotel in answering questions regarding trends on the shipping, aviation New York City – Messrs Driese, Lunde and Grabowski welcomed and land transport markets. 214 guests from the shipping, aviation, and land transport industries. 4 April Sale of a stake in DVB’s wholly-owned subsidiary TES Holdings 27 November (TES) – DVB, Mitsubishi Corporation and Development Bank of Business meetings in Curaçao – Mr Driese, Mr Lunde Japan (DBJ) entered into an agreement by which Mitsubishi and three further DVB representatives met Prime Minister would acquire 35.0% and DBJ 25.0% of TES’s capital from DVB. Stanley Betrian. DVB remains the largest stakeholder with 40% of the shares. The sale was closed in June, after antitrust approvals were granted. 11 April Annual client reception in Norway – Messrs Driese and Lunde, together with additional DVB representatives, welcomed around 175 guests to the Shippungklubben in Oslo. Guest speaker Prof Øystein Noreng from the Norwegian School of Business presented the topic "Oil market – fundamentals and price risk“. DVB Bank SE | Group Annual Report 2012 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 2012 Photographer Linda Slingerland, Operations & Premises, Rotterdam DVB Bank SE | Group Annual Report 2012 Shipping Finance – specific sector expertise The market situation remained tense in numerous international maritime shipping segments throughout 2012. Prevailing high levels of excess capacity, combined with low freight and time charter rates, dominated the three key segments of container, crude oil and bulk shipping in particular. Yet despite these troubled waters, our Shipping Finance team once again supported our clients successfully in the sectors we cover with valuable expertise concerning different vessel types, value-creation chains, freight flows and networks. Thanks to our specialist, sector-specific know-how, we are in a position to anticipate trends on shipping markets ahead of our competitors. This means that we can support our clients in an optimum manner with customised financing solutions, adapt our risk management to changed market conditions, and act as a reliable partner to the shipping industry for the long term. Our shipping finance expertise once again enabled us to generate sound financial results in 2012. Moreover, we won accolades from renowned industry magazines: two from Marine Money and one from Lloyd’s List. DVB Bank SE | Group Annual Report 2012 Photographer Bert van Leeuwen, Head of Aviation Research, Rotterdam DVB Bank SE | Group Annual Report 2012 Aviation Finance – integrated platform solutions After a few turbulent years, the aviation market calmed down to some extent during 2012. Air passenger transport in particular benefited from strong demand, albeit with some regional divergence in terms of growth rates. The air freight market, however, showed some weakness in view of slowing growth in global trade and a shift in freight volumes to other means of transport. As a leading arranger, underwriter and provider of asset-based finance to the aviation industry, during 2012 our Aviation Finance team was once again active in a market suffering from financing shortages on the part of commercial banks. Our team supported aviation clients around the globe with intelligent and customised solutions provided through our innovative Aviation platform. This integrated approach to business at the interface between “money and metal” goes far beyond the traditional range of banking; moreover, it benefits from our seasoned team of experts and profound research capabilities. Thanks to this, we were once again able to serve a highly diversified client base throughout 2012, with an attractive financing mix for new and used aircraft – which the renowned industry magazine Air Finance Journal honoured with three awards. DVB Bank SE | Group Annual Report 2012 Photographer Wouter Radstake, Head of Land Transport Research, Frankfurt/Main DVB Bank SE | Group Annual Report 2012 Land Transport Finance – consistent client franchise Land transport markets continued to be characterised by volatility during 2012, particularly in Europe and North America.
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