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Annual Report 2007 Annual Report2007 European Investment Bank Group •European Investment Bank Group •European Investment Bank Group •European Investment Bank Group Volume II Financial Report Annual Report2007 European Investment Bank Group • European Investment Bank Group • European Investment Bank Group • European Investment Bank Group Volume II Financial Report The EIB Group’s 2007 Annual Report consists of three separate volumes: -the Activityand Corporate ResponsibilityReport, presenting the EIB Group’s activityoverthe past year and futurepros- pects; -the Financial Report, presenting the financial statements of the EIB Group,the EIB,the Cotonou InvestmentFacility, the FEMIP Trust Fund and the EIF,along with the relatedexplana- tory annexes; -the Statistical Report, presenting in list form the projects financed and borrowings undertaken by the EIB in 2007, together with alist of the EIF’sprojects.Italso includes sum- marytables forthe year and over the last fiveyears. TheAnnual Reportisalso available on the Bank’s website www.eib.org/report. EIB Group 2 Financial Report2007 EIB Group: keystatutoryfigures European InvestmentBank Activityin2007 (EUR m) Signatures 47 820 European Union 41 431 Partner countries 6389 Projects approved 56 455 European Union 48 664 Partner countries 7791 Disbursements 43 420 From the Bank’s resources38852 From budgetaryresources4568 Resourcesraised (beforeswaps) 54 725(*) Communitycurrencies 32 835 Non-Communitycurrencies 21 890 Situation as at 31.12.2007 Outstandings Loans from the Bank’s resources324 753 Guarantees provided 165 Financing from budgetaryresources1785 Short, medium and long-termborrowings 254 221 Ownfunds 33 437 Balancesheet total 301 854 Net profit foryear 1633 Subscribed capital 164 808 of which paid in and to be paid in 8240 European InvestmentFund Activityin2007 Signatures 1918 Venturecapital 521 Guarantees 1397 Situation as at 31.12.2007 Portfolio 15 971 Venturecapital 4388 Guarantees 11 584 (*) Resourcesraised under Ownfunds 965 the global borrowing Balancesheet total 1074 authorisation given by the Board Net profit foryear 50 of Directors for 2007, including ’pre-funding’ofEUR 77 million Subscribed capital 2770 completed in 2006 for 2007. of which paid in 554 Financial Report2007 3 EIB Group Contents Message from the President4 EIB StatutoryBodies 6 EIB Financing Activity8 EIB Borrowing Activity10 EIB TreasuryActivity15 EIF StatutoryBodies 17 EIF Activity18 Audit and Control20 EIB Group 23 ConsolidatedResults forthe Year 25 Financial Statements 26 IndependentAuditor’s Report95 Statementbythe Audit Committee 96 EIB 97 Results forthe Year 99 Financial Statements 100 IndependentAuditor’s Report147 Statementbythe Audit Committee 148 InvestmentFacility149 Financial Statements 150 IndependentAuditor’s Report166 Statementbythe Audit Committee 167 FEMIP Trust Fund 169 Financial Statements 170 IndependentAuditor’s Report177 Statementbythe Audit Committee 178 EIF 179 IndependentAuditor’s Report180 Statementbythe Audit Board181 Financial Statements 182 Addresses 227 EIB Group 4 Financial Report2007 Message from the President Introducing the 2006 annual reportlast year,Iempha- and partner countries reached morethan EUR 6bn. In sised that2007 would be acritical year forthe European Turkey,the WesternBalkans and the Mediterranean part- InvestmentBank in the implementation of its new strat- ner countries,the European InvestmentBank is todaythe egy of taking morerisk formorevalue added.Ambitious most activeinternational financial institution. lending targets were set in the COP(CorporateOpera- tional Plan), notably as regards the use of the SFF (Struc- To supportthis lending,the EIB raised nearly EUR 55bn tured FinanceFacility). These targets were met and,in on the international capital markets – significantly more some cases,exceeded.For instance, the level of signa- than the EUR 48bn raised in 2006 – through 236 bond tures under the SFF reached morethan EUR 1.5bn, an issues in 23 currencies.The European InvestmentBank almost fivefold increase on 2006; at the same time,the remains one of the largest capital market issuers,and its EIB quadrupled its supportfor clean energy sources, sign- abilitytotap these markets has held up strongly in the ing loans of morethan EUR 2bn forrenewable energy faceofthe financial turbulencesincemid-2007. Quite projects.Anumber of new initiatives became operation- clearly,investors have been reassured by the EIB’s pru- al in partnership with the European Commission, in dentrisk managementpolicies and its first-class credit particular the RSFF (Risk Sharing FinanceFacilityfor Re- rating,underpinned by the qualityofthe Bank’s share- search). holders. Outside the EU,agood startwas made in implementing Such results areatestimonytothe hardworkand profes- thenew external mandate granted by the EU Council for sionalism of its staff.They arealso agauge of the confi- the period 2007-2013. Although the corresponding Guar- denceofboth the shareholders and the Commission in anteeAgreementwith the Commission wassigned only the Bank’s abilitytodeliver on key EU policies and gener- in August,signatures in the enlargement, neighbouring atevalue added through its operations. Financial Report2007 5 EIB Group cohesion of the European Union, during its fifty years of However, the Member States’and Commission’s trust brings operations it has gained significantexperienceinfinancing additional responsibilities and challenges,asisevident investmentprojects across awide range of sectors.Ithas from the 2008-10 COPapproved by the Bank’s Board. The supportedthe Union’s most importantachievements,fos- EIB will be expectedtocontinuetodeliver on its commit- tering Europe’s economic growth; it has taken up the chal- ments in the fields of convergence, transport(with arein- lenge of six enlargements,increasing its capital from one forced focus on priorityTEN projects), energy (especially billion units of accounttoEUR 164.8bn; and it playeda renewable energy and energy efficiency), the environment, major role in the run-up to the euro, launching initiatives the knowledge economy(i2i) and SME financing. thatpaved the wayfor the transition to asingle currency. Concerning this last area, following aconsultation pro- Fiftyyears afterthe Treaty of Rome,the European adven- cess with its banking partners,public authorities and SME tureisonly just beginning.Itisnow vital to embracethe associations,the EIB Group is currently looking at ways in challenges of the 21st century: the environmental chal- which it can boost this supportstill further. lenge,and the fightagainst climate change; the scien- tific and industrial challenge to ensureEurope’s position TheEIB will also pursue its efforts to increase transpar- as amajor economic power; and the challenge of world encyand engage fully with civil society. In 2007, the Bank solidarity, combating povertyinother parts of the world. concluded its second formal public consultation exercise, TheEIB is eager to help Europe facethese challenges. on its anti-fraud and anti-corruption policy. In 2008, a thirdconsultation has been launched,this time on the Bank’s environmental and social rules forlending. Philippe Maystadt Presidentofthe European InvestmentBank Group TheEuropean InvestmentBank can nowlook back on 50 years of activity. Setupin1958 to contributetothe inte- gration, balanced developmentand economic and social EIB Group 6 Financial Report2007 EIB StatutoryBodies Thecomposition of the Bank’s statutorybodies,the curricula vitae of their members and additional information on the remuneration arrangements areregularly updatedand posted on the EIB’s website: www.eib.org. BoardofGovernors Chairman Tommaso PADOA-SCHIOPPA(Italy) Belgium Didier REYNDERS Ministredes Finances Bulgaria Plamen ORESHARSKI Minister forFinance Czech Republic MiroslavKALOUSEK Ministr financí Denmark Bendt BENDTSEN Økonomi- og erhvervsminister Germany Peer STEINBRÜCK Bundesminister der Finanzen Estonia IvariPADAR Rahandusminister Greece Georgios ALOGOSKOUFIS Minister of Economyand Finance Spain PedroSOLBES MIRA Vicepresidente Segundo del Gobierno yMinistrodeEconomíayHacienda France Christine LAGARDE Ministredel’Économie,del’industrie et de l’emploi Ireland Brian COWEN Minister forFinance Italy Tommaso PADOA-SCHIOPPAMinistrodell’Economia edelle Finanze Cyprus Charilaos STAVRAKIS Minister of Finance Latvia Atis SLAKTERIS Finanšu ministrs Lithuania Rimantas ŠADŽIUS Finansų ministras Luxembourg Jean-Claude JUNCKER Premier Ministre, Ministred’État, Ministredes Finances Hungary János VERES Pénzügyminiszter Malta LawrenceGONZI Prim Ministru Netherlands Wouter BOS Minister vanFinanciën Austria Wilhelm MOLTERER Bundesminister fürFinanzen Poland Jacek ROSTOWSKI MinistraFinansów Portugal Fernando TEIXEIRADOS SANTOS MinistrodeEstado edas Finanças Romania Varujan VOSGANIAN Ministrul Finanţelor Publice Slovenia Andrej BAJUK Minister za finance Slovakia Ján POČIATEK Minister financií Finland Mari KIVINIEMI Hallinto-jakuntaministeri Sweden Anders BORGFinansminister United Kingdom Alistair DARLING Chancellor of the Exchequer Audit Committee Chairman Maurizio DALLOCCHIO Dean, SDABocconi School of Management, Holder of Lehman Brothers Chair of CorporateFinance, Bocconi University, Milan Members Constantinos KARMIOS Chief Accountant, Treasuryofthe Republic of Cyprus,Cyprus Ortwin KLAPPER Former Chief ExecutiveOfficer of Bank Austria Creditanstalt Leasing Group,Managing DirectorofMizuho Corp.Bank-BA Investment Consulting,Chairman of the Multilease Association, Brussels/Bratislava Observers Nikolaos PHILIPPAS AssistantProfessor
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