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Key Figures of Kfw Group

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Key Figures of Kfw Group ∆Financial Report 2013 Key figures of KfW Group Promotional business volume 2013 2012 EUR in billions EUR in billions 72.5 73.4 Key figures of the income statement 2013 20121) EUR in millions EUR in millions Net interest income (before promotional activities) 2,997 3,522 Net commission income (before promotional activities) 280 248 Administrative expense (before promotional activities) 976 934 Operating result before valuation (before promotional activities) 2,302 2,836 Risk provisions for lending business –311 –155 Net gains/losses from hedge accounting and other financial instruments at fair value through profit or loss 138 308 Net gains/losses from securities and investments and from investments accounted for using the equity method 14 74 Operating result after valuation (before promotional activities) 2,143 3,062 Net other operating income –210 –13 Profit/loss from operating activities (before promotional activities) 1,933 3,049 Promotional activities (expense) 597 560 Taxes on income 63 75 Consolidated profit 1,273 2,413 Consolidated profit before IFRS effects from hedging 1,299 2,259 Cost/income ratio before promotional activities2) 29.8 % 24.8 % 1) Restatement of corresponding figures for the previous year in line with “Adjustments to corresponding figures for the previous year due to changes in accounting policies” in the notes to the consolidated financial statements. 2) Administrative expense (before promotional activities) in relation to adjusted income. Adjusted income is calculated from Net interest income and Net commission income (in each case before promotional activities). Key figures of the statement of financial position 31 Dec. 2013 31 Dec. 20121) EUR in billions EUR in billions Total assets 464.8 509.4 Volume of lending 432.0 434.7 Volume of business 545.4 585.2 Equity 20.5 18.2 Equity ratio 4.4 % 3.6 % Key regulatory figures 31 Dec. 2013 31 Dec. 2012 EUR in billions EUR in billions Risk position 96.0 109.2 Tier 1 capital 19.8 19.8 Regulatory capital 21.4 22.5 Tier 1 capital ratio 20.6 % 18.2 % Total capital ratio 22.3 % 20.6 % Employees of KfW Group2) 2013 2012 5,374 5,190 1) Restatement of corresponding figures for the previous year in line with “Adjustments to corresponding figures for the previous year due to changes in accounting policies” in the notes to the consolidated financial statements. 2) The average number of employees including temporary staff but without members of the Executive Board and trainees. Overview of KfW KfW is one of the world‘s leading promotional banks. With its decades of experience, KfW is dedicated to improving economic, social and environmental living conditions worldwide in accordance with its mandate from the German Federal Government and the federal states. In 2013 alone, it provided a promotional volume of EUR 72.5 billion. Of this total, 38 % was spent on climate and environmental protection measures. KfW has no retail branches and does not have any client deposits. It funds its promotional business activities almost exclusively in the international capital markets. To this end, KfW borrowed EUR 65.4 billion in 2013. KfW Group is represented in Germany with offices in Frankfurt, Berlin, Bonn and Cologne. It has 80 local and representative offices in its global network. ˚Responsible Banking ˚Contents Letter from the Executive Board 6 Executive Board, Directors and Managing Directors of KfW Group 11 Report of the Board of Supervisory Directors 12 Members and tasks of the Board of Supervisory Directors 14 Corporate Governance Report 16 Group management report 20 Basic information on KfW Group 22 Economic report 25 Sustainability report 36 Risk report 39 Forecast and opportunity report 62 Declaration of compliance 68 Consolidated financial statements 69 Consolidated statement of comprehensive income 72 Consolidated statement of financial position 74 Consolidated statement of changes in equity 75 Consolidated statement of cash flows 80 Notes 81 Attestations 181 Statement by the Executive Board 182 Auditor’s report 183 The figures in tables were calculated exactly and added up. Figures presented may not add to totals because of independent rounding. Actual zero amounts and amounts rounded to zero are presented as EUR 0 million. KfW Financial Report 2013 Contents | 5 Dear Readers, 2013 was a successful promotional year. The high demand for financing with help from KfW shows that our programmes are meeting the current needs of companies, municipalities and private clients to a high degree. However, last year is also tes­ timony to how demand is adjusting to reflect the financial and economic environment and to how KfW is performing its sub­ sidiary role. As in previous years, KfW Group witnessed strong demand for its financing products in 2013, making promotional commitments worth a total of EUR 72.5 billion (2012: EUR 73.4 billion). Focal areas of the bank’s activities remained promoting SMEs and climate and environmental protection, in particular supporting the Federal Government with the implementation of its energy turnaround targets. Among the financing products aimed at SMEs, there was parti cu­ larly high demand for the programmes to improve companies’ energy efficiency, the start­up and innovation programmes and general long­term investment financing. The demand for loans among companies, however, tapered off during the course of the year, a trend that also had an impact on the demand for commer­ cial promotional loans. All in all, this meant that at EUR 22.6 bil­ lion, commitments made to start­ups and SMEs were down slightly on the prior­year volume of EUR 24.1 billion. SMEs account for 47 % of domestic promotion. The group­wide financing measures in the field of climate and environmental protection accounted for a total commitment volume of EUR 27.8 billion (2012: EUR 29.2 billion). The associated group­wide environmental ratio of 38% (2012: 40%) falls within the target area. Municipal infra­ structure financing also showed encouraging development, with considerable growth of 22%. At EUR 20.5 billion, the foreign business volume was up by 4 % (2012: EUR 19.7 billion). This growth was driven by the Export and project finance business sector, by the business area KfW Development Bank and the subsidiary DEG. Results of the activities of the individual business sectors 2013 saw the Mittelstandsbank business sector achieve a new business volume of EUR 22.6 billion (2012: EUR 24.1 billion). The key promotional area start­ups and general corporate financing accounted for a total commitment volume of EUR 11.3 billion (2012: EUR 11.1 billion), largely due to the high demand for the “KfW Entrepreneur Loan”. In the focal area of environmental protection, the commitment volume was EUR 10.3 billion (2012: EUR 12.0 billion). This figure includes the “KfW Energy Efficiency Programme”, which showed very positive development with a volume of EUR 6 | KfW Financial Report 2013 Letter from the Executive Board 4.7 billion (2012: EUR 3.5 billion), whereas the commitment The commitment volume in the Promotion of developing and volume for KfW’s “Renewable Energies” programme was down transition countries business sector was EUR 6.7 billion in 2013 considerably to EUR 4.7 billion (2012: EUR 7.9 billion) due to (2012: EUR 6.2 billion). In a year­on­year comparison, the KfW changes in the overall conditions. Development Bank business area increased its commitments on behalf of the Federal Government by around EUR 350 million The new Kommunal­ und Privatkundenbank/Kreditinstitute busi­ to EUR 5.3 billion. The regional focus here was on Asia with ness sector, which was set up as part of the modernisation of EUR 1.7 billion (2012: EUR 1.6 billion), followed by sub­Saharan KfW, achieved a promotional volume of EUR 28.9 billion in 2013 Africa with EUR 1.2 billion (2012: EUR 870 million). In its (2012: EUR 29.3 billion). EUR 15.6 billion of this amount was strategic focal area of climate and environmental protection, attributable to the housing promotional area (2012: EUR 15.1 bil­ KfW Development Bank maintained its promotional activity at lion). Commitments worth a total of EUR 10.4 billion (2012: the high level of EUR 2.8 billion, as in 2012. The corresponding EUR 9.9 billion) were made in the energy­efficient construction environmental ratio was 53 %. KfW’s subsidiary DEG, which is and rehabilitation programme group. active in financing private enterprises in developing and emerg­ ing market countries, saw its financing volume increase again in Municipal infrastructure financing accounted for a total new com­ 2013 to almost EUR 1.5 billion (2012: EUR 1.3 billion). Around mitment volume of EUR 4.7 billion (2012: EUR 3.8 billion). Within EUR 326 million was made available in 2013 for investments in this context, particular promotional impetus was provided by the Africa, one of DEG’s strategic objectives (2012: EUR 235 million). “IKK – Investment Loans for Municipalities” and “IKU – Investment This new high was reached thanks to the large number of com­ Loans for Municipal Enterprises and Social Organisations” pro­ mitments made in the financial and infrastructure sectors. The grammes, as well as by the special programmes for day­care financing volume for investments to promote climate protection, expansion. Commitments in the promotional focus area of “Edu­ adapting to climate change and environmental protection cation and Social Development” totalled around EUR 2.6 billion amounted to EUR 649 million (2012: EUR 578 million). Financ­ (2012: EUR 2.3 billion). With a volume of EUR 1.4 billion (2012: ing for renewable energy projects was a focal point. EUR 1.1 billion), the “KfW Student Loan” showed particularly en­ couraging development, with the product expansion measures KfW raised EUR 65.4 billion in long­term funds to refinance its introduced in 2013 contributing to a marked increase in the promotional business on the international capital markets in commitment volume.
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