Annual Report 2005
Total Page:16
File Type:pdf, Size:1020Kb
Annual Report 2005 CONTENTS. Managing Directors, General Manager and Directors of KfW Bankengruppe. 4 Key Figures of KfW Bankengruppe. 5 Report of the Board of Supervisory Directors. 6 Board of Supervisory Directors. 8 Letter from the Board of Managing Directors. 9 KfW Bankengruppe in 2005. 13 Survey of the most important events. 13 KfW's Business Units. 38 Investment Finance – KfW Mittelstandsbank and KfW Förderbank. 38 International Project and Export Finance – KfW IPEX-Bank. 54 Promotion of Developing Countries – KfW Entwicklungsbank and DEG. 62 Advisory and Other Services. 75 Funding. 84 Activities in Our Central Departments – Information Technology and 90 The Men and Women on Our Staff. The Situation of KfW and KfW Bankengruppe. 98 Financial Statements 2005. 120 Annex and Group Annex. 129 KfW Organisation Chart. 156 Imprint. 157 Illustrations. 158 3 MANAGING DIRECTORS, GENERAL MANAGER AND DIRECTORS OF KFW BANKENGRUPPE. THE BOARD OF MANAGING DIRECTORS. Dr. Peter Fleischer Dr. Peter Klaus Wolfgang Kroh Detlef Leinberger Ingrid Matthäus-Maier Hans W. Reich (Chairman) GENERAL MANAGER. Dr. Günther Bräunig DIRECTORS. Dr. Stefan Breuer Klaus Klüber Wolfgang Roßmeißl Dr. Frank Czichowski Werner Möller Dr. Jürgen Schneider Werner Genter Dr. Hanns-Peter Neuhoff Dr. Bernd Schreiber Dr. Dieter Glüder Klaus Neumann Dietrich Suhlrie Dr. Volker Groß Werner Oerter Klaus Weirich Rainer Hartje Christiane Orlowski Bruno Wenn Dr. Norbert Kloppenburg Ludolf Rischmüller Dr. Christian Zacherl BOARD OF MANAGING DIRECTORS OF KFW IPEX-BANK. Michael Ebert Heinrich Heims Dr. Peter Klaus (Chairman) Christian Murach The business areas of project and corporate finance in Germany and international project and exportfinance were regrouped into KfW IPEX-Bank. Since January 1, 2004 KfW IPEX Bank has operated as a legally de- pendent ’bank within the bank‘. As from the year 2008 it will be a legally independent subsidiary of KfW Bankengruppe and will be subject to the German Banking Act (KWG) and to banking supervisory regulations. BOARD OF MANAGEMENT OF DEG – DEUTSCHE INVESTITIONS- UND ENTWICKLUNGSGESELLSCHAFT MBH. Johannes-Jürgen Bernsen Dr. Michael Bornmann Dr. Winfried Polte (Chairman) DEG was founded in 1962 and has been a 100% subsidiary of KfW Bankengruppe since 2001. DEG is one of the largest European development finance institutions for long-term project and corporate financing. For over 40 years DEG has financed investments by private companies in developing and transition countries. 4 KEY FIGURES FOR KFW BANKENGRUPPE. Key Figures for KfW Bankengruppe EUR million 2003 2004 2005 I. KfW Mittelstandsbank 13,796.7 13,971.2 15,520.1 Loan financing 9,013.0 9,269.9 10,673.7 of which: Unternehmerkredit 4,694.3 5,740.6 4,769.4 of which: Global loans to trade and industry 3,211.2 2,764.8 5,353.1 Mezzanine financing 988.1 618.8 583.1 Equity finance 311.1 344.1 300.1 Securitisations 3,484.4 3,738.4 3,963.2 II. KfW Förderbank 44,851.5 34,468.9 38,687.5 Housing investments 15,442.2 11,929.5 10,903.6 of which: Global loans to the housing industry 3,670.0 2,887.0 2,008.0 Education 777.9 811.6 875.0 Municipal infrastructure 4,682.7 4,195.3 2,770.4 Environmental protection investments 4,020.8 2,165.5 4,241.6 Global credit lines for promotional institutions in the federal states 1,529.1 3,936.5 3,625.2 Securitisations 18,398.8 11,430.6 16,271.7 Investment finance in Germany and Europe 58,648.2 48,440.1 54,207.6 III. KfW IPEX-Bank 11,526.7 11,914.7 12,148.1 Industry, telecommunications 3,713.8 5,180.4 4,939.8 Power, renewables and water 1,864.9 1,224.2 1,224.8 Transport and transport infrastructure 5,814.6 5,240.4 5,558.0 Other (AKA export loans, grants) 133.3 269.7 425.5 IV. KfW Entwicklungsbank 1,594.1 1,943.9 1,899.7 Budget funds 1,084.8 1,304.5 1,233.0 KfW funds 432.1 620.9 582.6 Other donors' funds 77.2 18.5 84.1 V. DEG 505.9 562.8 671.8 Total financing volume 72,274.9 62,861.5 68,927.2 Business volume 402,341 426,484 454,201 Balance sheet total 313,894 328,596 341,143 Capital and reserves 9,939 11,655 13,599 Net income for the year 247 368 625 Employees 3,670 3,697 3,740 Differences in the totals are due to rounding. 5 REPORT OF THE BOARD OF SUPERVISORY DIRECTORS. Michael Glos Federal Minister of Economics and Technology The Board of Supervisory Directors has continu- nancing and the state of preparations for the ally supervised the conduct of KfW’s business and KfW student loan. the administration of its assets. For this purpose, The risk report, which was redesigned in 2004, in particular to take decisions on the provision showed that the risk position of KfW Banken- of financing and the issuing of guarantees pur- gruppe was robust and had improved on the year. suant to the conditions set forth in the Law and The Loan Approvals Committee concerned it- the By-Laws, several meetings of the Board of self primarily with the commitments that have Supervisory Directors and of its committees were to be presented under the Law and By-Laws. In held during the year under review. this connection, the Board of Directors reported In these meetings the Board of Managing on programme developments and product designs Directors gave up-to-the-minute reports on the such as the ERP Innovation Programme, which has development and outlook in the different busi- been restructured as a mezzanine financing pro- ness areas. This included regular reports about the gramme. In the field of Financial Cooperation, development of the Group’s assets and earnings. KfW’s Special Facility for Renewable Energies The Board of Directors informed the Board of and Energy Efficiency was explained. Informa- Supervisory Directors about the introduction of tion about the work on establishing KfW IPEX- risk-adjusted interest rates in the commercial loan Bank and the state of integration of Movesta programmes and the development of a standard Lease and Finance GmbH was also given. loan. In addition to the continuation of the The Advisory Council for Promotional Meas- lending programmes, it explained new products ures in Eastern Germany shed light on the de- and initiatives specifically designed for small and mographic development and the innovation medium-sized enterprises. These include, for ex- system in eastern Germany and discussed solu- ample, the high-tech start-up fund and the trans- tion strategies focusing on qualifications, edu- fer of research by financing spin-offs. The Board cation and technology transfer. of Supervisory Directors also presented microfi- 6 As was agreed, in my capacity as Federal Minister PwC Deutsche Revision AG, Frankfurt am Main, of Economics and Technology I have assumed who were appointed auditors by the Supervisory the position of chairman of the Board of Super- Authority following the proposal by the Board visory Directors for 2006. of Supervisory Directors, have examined and un- During the period under review, Hans Eichel, conditionally confirmed the Annual Financial Wolfgang Clement, Dietrich Austermann, Dr. Statements drawn up by the Board of Managing Rolf-E. Breuer, Joschka Fischer, Dr. Rolf-Jürgen Directors as of December 31, 2005. The Board Freyberg, Renate Künast, Waltraud Lehn, Dr. of Supervisory Directors approved the Annual Michael Rogowski, Dr. Ralf Stegner, Dr. Manfred Financial Statements in accordance with section Stolpe and Jürgen Trittin resigned from the Board 9 (2) of the KfW Law at its meeting on March of Supervisory Directors. The Board of Supervi- 31, 2006. sory Directors would like to thank these former members for their cooperation and their valuable Frankfurt am Main, March 31, 2006 commitment to the concerns of the bank. New members are Michael Glos (Chairman), Peer Stein- THE BOARD OF SUPERVISORY DIRECTORS brück (Deputy Chairman), Dietrich Austermann, Sigmar Gabriel, Jürgen Koppelin, Oskar Lafontaine, Franz-Josef Möllenberg, Klaus-Peter Müller, Horst Seehofer, Dr. Frank-Walter Steinmeier, Jürgen R. Thumann and Wolfgang Tiefensee. With effect from 1 October 2006, the Board of Supervisory Directors appointed Dr. Günther Bräu- nig to the KfW Board of Managing Directors. Chairman 7 BOARD OF SUPERVISORY DIRECTORS. DUTIES OF THE BOARD OF SUPERVISORY DIRECTORS. The Board of Supervisory Directors supervises the conduct of the bank’s business and the administration of its assets. It approves the larger loans and the Annual Financial Statements. The Board of Supervisory Directors consists of 37 members. The Chairman is the Federal Minister of Economics and Technology and the Deputy Chairman is the Federal Minister of Finance. Michael Glos Rüdiger Dorn Waltraud Lehn Hanns-Eberhard Schleyer Federal Minister of Economics and President Haus & Grund Deutschland Member of the German Bundestag Secretary-General of the Zentral- Technology Representative of the Housing Industry (Federal Parliament) verband des Deutschen Handwerks (since November 22, 2005) Member appointed by the Bundestag Representative of the Crafts Chairman Prof. Dr. Kurt Faltlhauser (until December 31, 2005) (since January 1, 2006) Minister of Finance of the Bavarian Horst Seehofer Deputy Chairman State Ministry of Finance Prof. Dr. Wolfgang Methling Federal Minister of Food, Agriculture (from November 29 until Member appointed by the Bundesrat Minister for the Environment of the and Consumer Protection December 31, 2005) (Upper House) State of Mecklenburg-West Pomerania (since November 22, 2005) Member appointed by the Bundesrat Peer Steinbrück Joschka Fischer (Upper House) Michael Sommer Federal Minister of Finance Federal Minister of Foreign Affairs Chairman of the Deutscher Gewerk- (since November 22, 2005) (until November 21, 2005) Dr.