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Annual Report 2007 Report Annual 2

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Annual Report 2007 Report Annual 2 Review & Financial statements 2007 statements & Financial Review annual report 2007 2 Contents 3 KommuneKredit in brief 4 Board of directors and management 5 Financial summary 6 Management’s review 14 Risk management 17 Statements 20 Accounting policies 28 Income statement 29 Balance sheet 30 Equity statement 31 Cash flow statement 32 Notes to the income statement 34 Notes to the balance sheet 41 Notes to risk management 45 Other notes KommuneKredit in brief 3 KommuneKredit in brief KommuneKredit > KommuneKredit KommuneKredit is an association with the objec- municipalities and two are appointed by the regions. tive to provide loans and finance leases to Danish The day-to-day management is executed by a munici­­palities, regions and companies/institutions Management consisting of two managing directors. against full municipal guarantee. KommuneKredit operates under a special act and is under supervision KommuneKredit’s lending is financed by the issue of by the Ministry of Social Welfare. securities in the Danish and international capital markets. KommuneKredit is the financing company of the municipalities and regions and solely exists for the KommuneKredit is rated by Moody’s Investors Service good of its customers. Thus the business concept of and Standard and Poor’s. KommuneKredit’s long- KommuneKredit is very simple: term rating is Aaa/AAA and the short-term rating is P-1/A-1+ which is the same rating as that of the • To provide the cheapest possible financing for the Kingdom of Denmark. municipal sector. • To provide the products requested by the customers. KommuneKredit has established Kommune Leasing • To provide high-quality service. A/S as a wholly-owned subsidiary. The members are municipalities and regions that KommuneKredit is a modern service organisation have outstanding loans, or outstanding loan guaran- based on committed employees and modern tees to semi-municipal institutions. The members technology. The core values of KommuneKredit are: are jointly and severally liable for KommuneKredit’s obligations. All municipalities and all regions are • The customer in focus members of KommuneKredit. • Job satisfaction and welfare • Quality in work The management of KommuneKredit is executed • Openness and positive working relationship by a Board of Directors. The Board of Directors has • Delegation and responsibility ten members of which eight are appointed by the Board of Directors and Management 4 Board of Directors Kaj Petersen, Mayor, Guldborgsund, Chairman Erik Fabrin, Mayor, Rudersdal, Vice-chairman Kristian Ebbensgaard, Regional Council Chairman, Region Zealand Vibeke Storm Rasmussen, Regional Council Chairman, Region Copenhagen Hans Toft, Mayor, Gentofte Henrik Zimino, Mayor, Taarnby Henning G. Jensen, Mayor, Aalborg Anker Boye, Alderman, Odense Lars Krarup, Mayor, Herning Mariann Nørgaard, Alderman, Aalborg Management Søren Høgenhaven, Managing Director, Chief Executive Officer Johnny Munk, Managing Director Lending Johnny Munk, Managing Director Funding Eske Hansen, Senior Vice President, Head of Funding Jette Moldrup, Senior Vice President, Head of Treasury Finance Jens Bloch Behrendt, Chief Financial Officer Risk Management and Support Morten Søtofte, Senior Vice President, Head of Risk Management and Support Kommune Leasing A/S Frank Hammer-Hansen, Director Auditors KPMG C. Jespersen, appointed by the Board of Directors Emil le Maire, former Prefect, appointed by the Ministry of Social Welfare Financial summary 5 Financial summary Financial The Group consists of KommuneKredit and its 100 percent owned subsidiary, Kommune Leasing A/S. (DKK m) 2007 2006 2005 2004 2003 IFRS IFRS Previous accounting policies Lending, nominal values > KommuneKredit Bond loans 5,569.5 4,686.9 5,776.7 3,267.0 4,059.4 Tailor-made loans etc. 22,204.5 16,993.4 15,426.1 12,486.5 15,169.4 Total gross lending 27,774.0 21,680.3 21,202.8 15,753.5 19,228.8 Conversions/refinancings 12,066.7 8,224.2 7,400.6 2,139.5 4,855.4 Total net lending 15,707.3 13,456.1 13,802.2 13,614.0 14,373.4 Leasing Gross lending 837.5 875.7 594.5 630.9 615.1 Instalments and repayments 758.6 708.2 606.6 561.4 479.5 Net lending 78.9 167.5 -12.1 69.5 135.6 Key figures Net interest income 274.1 213.3 217.5 193.3 211.6 Staff costs and administrative expenses 59.0 66.3 58.4 57.7 57.0 Value adjustments of securities etc. -2.0 6.8 -26.8 -5.7 -1.3 Profit before tax 209.1 149.8 122.2 130.3 132.4 Tax on the profit for the year 24.1 40.9 6.4 40.7 39.5 Profit for the year 185.0 108.9 115.8 89.6 92.9 Lending 90,703.3 86,158.8 80,408.2 75,178.1 70,449.3 Funding 105,403.1 92,167.3 83,347.8 77,052.7 73,107.5 Equity 3,929.2 3,737.6 3,636.6 3,505.0 3,456.2 Total assets 117,772.3 102,757.5 93,408.9 82,686.5 80,311.0 Number of employees 44 45 46 45 44 Lending by category 1997-2007 Balance sheet and equity, 1997-2007 30 DKK billion 125 Balance sheet total in DKK billion Equity in DKK billion 5 25 100 4 20 15 75 3 10 50 2 5 0 25 1 97 98 99 00 01 02 03 04 05 06 07 97 98 99 00 01 02 03 04 05 06 07 Bond loans Net lending Balance sheet total Tailor-made loans Equity Management’s Review 6 Another record year for KommuneKredit As a consequence of the joint and several liability 2007 was another record year for KommuneKredit. of the municipalities and regions and their strong Gross lending increased from DKK 21.7 billion in position in the Danish economy, KommuneKredit en- 2006 to DKK 27.8 billion in 2007. Growth in gross joys the highest international credit rating, which lending is primarily attributable to the loan con- enables KommuneKredit to raise funding at favoura- version activities in connection with the local ble conditions. goverment reform. KommuneKredit also has a low cost level and conse- The merged municipalities had a very large number quently is able to relend raised funding at a low mar- of loans as a result of the agreements made be- gin. Moreover, KommuneKredit has over time tai- tween the goverment and the different local authori- lored its loan products to the needs of the borrowers. ties following the local goverment reform. During 2007, a considerable portion of these loans were con- At the beginning of 2007, the Ministry of the Interior verted to smaller and more manageable loan portfo- and Health authorised KommuneKredit to raise lios that comply with the financial strategy of the funding without immediate relending (mismatch) new municipalities. in order to reduce the liquidity risk through larger liquidity reserves. As a result of the increase of the Net lending increased from DKK 13.5 billion in 2006 mismatch threshold, KommuneKredit in 2007 in- to DKK 15.7 billion in 2007 which among other things creased its activities in the international capital was attributable to an increased market share for markets and among other things carried out its loans to the regions. Moreover, under the agreement largest strategic benchmark issue of EUR 1 billion. for 2007 entered into between the National Associa- tion of Local Authorities (KL) and the Central Govern- The financial turmoil in the summer of 2007 has ment, an extra loan pool of DKK 1.5 billion was made only had a limited effect on the Danish financial for one-off expenses relating to the local goverment market. Accordingly, in its Monetary Review for the reform. Fourth Quarter of 2007, Danmarks Nationalbank states that the financial turmoil has not entailed a need for 7 Management’s Review Management’s > KommuneKredit extraordinary liquidity allocations in Denmark. Thus, agreements entered into between the State, coun- according to Danmarks Nationalbank, the interna- ties and municipalities. Under these agreements, the tional financial turmoil does not seem to have had a State took over loans from the counties amounting restraining impact on Danish interbank lending in to approximately DKK 500 million. The majority of DKK at the short end of the money market. Kom- these loans were repaid in 2007, and the remaining muneKredit has had no problems issuing securities loans will be repaid in the course of 2008. Municipal on Danish and foreign capital markets. On the con- borrowing accounted for 69 percent of total lending trary, owing to the increased demand of investors for against 53 percent in 2006. The increase in municipal safe securities, KommuneKredit was able to issue borrowing is attributable to the large number of loan considerably higher amounts, and prices of especially conversions as a result of the local goverment reform. short-term securities increased substantially. The regions accounted for 24 percent of total lending. In 2007, KommuneKredit’s wholly-owned subsidiary Lending to municipality-guaranteed enterprises and – Kommune Leasing A/S – saw an increasing inflow of institutions decreased from 15 percent in 2006 to 7 new lease assets of DKK 78.9 million against 2006. The percent in 2007. increase was mainly caused by an increase in car leases. Tailor-made loans accounted for 80 percent and The Group’s profit before tax was DKK 209.1 million bond loans for 20 percent of total lending. Most against DKK 149.8 million in 2006. The year saw a bond loans have been raised to finance municipal profit of DKK 185.0 million against DKK 108.9 million housing for elderly. Loans in foreign currency in 2006. The profit for the year is transferred to equity.
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