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Eurohypo Group Annual Report 2008 Eurohypo the Leading Specialist Bank for Real Estate and Public Finance

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Eurohypo Group Annual Report 2008 Eurohypo the Leading Specialist Bank for Real Estate and Public Finance EUROHYPO GROUP ANNUAL REPORT 2008 EUROHYPO THE LEADING SPECIALIST BANK FOR REAL ESTATE AND PUBLIC FINANCE MULTI-AWARD WINNER In 2008, Eurohypo was honored for the third year in a row with the “Real Estate Award for Excel- lence” sponsored by the trade publication Euromoney Liquid Real Estate. We were No.1 in the category of “Best Global Com- mercial Bank in Real Estate”. For the fourth year in a row, we were declared “Best Commercial Bank in Real Estate in Germany”; the English magazine Property Week Global named us “Funding Partner of the Year” for the second time. OPERNTURM Frankfurt · The 169 meter high office tower on the west side of the Opera Square will be finished in 2009. It offers in its 42 floors 67,000 square meters of effective surface area. Among other things the headquarters of UBS for Ger- many will be moving in there. The Opernturm will be gold- certified under the US environ- mental standard LEED – as one of the first new multi-storey office buildings in Europe. O2 WORLD Berlin · O2 World, located at Berlin’s Ostbahnhof station, has room for up to 17,000 people (seated and standing), 59 entertainment suites and conference suites, making it one of Europe’s largest and most sophisticated multipur- pose arenas. The space can be converted in just a few hours from an ice hockey arena to a festive concert hall. The multipurpose arena is owned and operated by Anschutz Entertainment Group. ONE HYDE PARK London · The residential development project of exceptional standard in the excellent location at Hyde Park in London is to be completed in 2010. In 4 pavi- lions a total of 80 flats will be erected, which offer a complete view of Hyde Park. JAPAN ICEBERG Tokyo · The eight storey high business building offers 4,000 square meters of effective surface area. The avant-garde architecture is used as a tenant by, among others, AUDI for the “AUDI Forum Tokyo“. 15 report management 63 bodiesandboards management 12 marketcommunication capital 8 board ofthesupervisory report 6 directors ofmanaging theboard 2 ourstakeholders to letter ( cmc 15 economicperformance Overall 65 39 36 34 30 29 26 Businessdevelopment 22 18 Businessdevelopmentandstrategy 68 66 Germany Board Advisory 64 Committees Board Supervisory 63 63 60 Risk Repor Gr Our Employees and financialposition Development ofincome Business developmentRetailBanking Public Finance/Treasury RealEstate Commercial Business development Advisor T Boar Super andForecast Report Supplementary ) rustees 24 Banking Corporate 23 Banking Corporate 32 30 27 Funding 2 2 oup Structur 5 Banking Corporate 2 BankingGermany Corporate d Continental Europe andLatinAmerica Continental Europe Core/Non-Core Financial positionandnetassets Income visor of ManagingDir y Boar y t Boar d e International and Corporate Investments and Corporate d ector U U SA K s 158 aglance at 143 28 undersection information 142 report auditors’ 69 of the pfandbrief act of thepfandbrief s consolid 158 Addresses 141 138 137 Managementbodies 134 Board, Mandates–Supervisory 160 t 76 74 Cashflowstatement 72 71 70 70 Incomestatement a tements –eurohypogroup Management Board Management Board Responsibility Statementbythe andSpecialpurposevehicles interests List ofaffiliatedcompanies,P Management Boar Notes and reserves Statement ofchangesincapital Balance sheet Appr Glossar opriation ofpr a y ted financial d, Staff ofit articipating Contents 1 At a glance § 28 PfandbriefGS Auditors’ Report Financial Statements Management Bodies Management Report CMC Supervisory Board Board of Managing Directors Letter to our Stakeholders 2 Letter to our Stakeholders We can look back at a financial year which brought challenges unlike anything ever experienced in the six years of Eurohypo’s existence. The financial crisis sharpened in September 2008, triggering massive upheavals in the financial markets which in turn sparked a global economic downturn and caused commercial property markets to tumble. At the same time, the cost of borrowing soared, risk premiums mounted, investors made themselves scarce and real estate prices fell. All this made conditions very tough for Eurohypo in the year under review and our results were corre- spondingly disappointing. core business remains stable Eurohypo’s core business of commercial real estate finance did put in a relatively stable performance despite the adverse market conditions. Were it not for valuation adjustments on our US investment portfolio, which contains securities backed by subprime retail mortgage assets, we would have posted a positive operating result in CRE (Commercial Real Estate) despite significantly increased loan loss provisions. Key financials such as net interest and net commission income remained stable. Our very cautious approach to granting credit notwithstanding, we recorded new busi- ness totalling € 13.7 billion (€ 36.8 billion). The German market proved particularly resilient, and we acquired 39% of all new business there. Our strong position in the real estate finance segment was affirmed by “Euromoney” magazine, which again awarded Eurohypo the title of Best Global Commercial Bank in Real Estate. We also won the title of best real estate bank in Germany for the fourth consecutive year. In order to strengthen our position going forward, Eurohypo has been pro- active in responding to the changing market conditions. By end-2008, the Board of Managing Directors had already launched a project to reposition the bank in the commercial real estate segment. In particular, we are looking at which markets and financial solutions will allow us to earn strong long-term risk-adjusted returns. We will begin to implement the conclusions of the project and adjust our business organization accordingly in the first half of 2009, thereby assuring our bank’s future. Public finance, the second core business at Eurohypo, is also set for a reorgani- zation. Eurohypo successfully completed the merger of the former Hypothekenbank loss of postedanettrading was particularlyevidentinthepublicfinancesegment.We this pressure; downwards The acquisitionoftheEssenHypportfolioalsocreated incontinentalEurope. estatetransactions real tocommercial particularly inrelation ( wer net commissionincomewasup1 in Essen million ( yearatatotalof€ incomewasalmostonaparwiththeprevious interest 1,149 example,net elements.For someencouraging are estatemarkets,butthere real eventsonthe financialand reflects Group The incomestatementfortheEurohypo disappointing results fr incomeandresults particularlynettrading Essen Hypportfolioimpactedresults, income performedwell,theeffectsoffinancialcrisisandacquisition the against € Althoughcertainkeyindicatorssuchasnetinterest 20.2billionin2007. billion ately cautiousaboutacceptingnewbusiness.Newbusinesstotalled€ 4.1 hasbeen onthecapitalmarkets,Eurohypo andwideningspreads reduction deliber- assets.Giventhisnecessaryportfolio theadditionofEssenHyp’s from cant increase thepublicfinanceportfoliofollowingsignifi- being madewithplanstoreduce write-downs onIcelandicsecurities,of€ –622 million(€ –9 million). (€ +588 million)for2008. assets, whichincludedadjustmentsinthe financial from aresult werecorded defaultswaps.Similarly, swaps andcredit valuationanddisposallossesonderivativeinstrumentssuchastotalreturn rable expenses previous year. abletocutadministrative strictcostmanagementwewere Through € ofsubstantialportfolio andspecificvaluationallowances, 259million)asaresult om financialassets. e All thesefactorslessenedtheimpactoffinancialandeconomiccrisis,but All ofthesefactorscontributedtothenegativepr unable to offset it completely. The loan loss provisions rose to€ rose Theloanlossprovisions unable tooffsetitcompletely. 858million € € AG – to € 460million(€ ofEssenHyp. 542million)evenwiththeintegration 1,179 million). Although we deliberately limitednewbusinessapprovals, million).Althoughwedeliberately 1,179 810 million( (Essen Hyp) without any problems on18August2008.Headwayisalso (Essen Hyp)withoutanyproblems € – 11 million), largely asaconsequenceoftheconside- 11 million),largely 1 % at € RMBS 251 millionagainsttheimpr securities portfoliointhe e-tax r esult of€ –1,409 million essive US and Letter toourStakeholders 3 Management Bodies Management Report CMC Supervisory Board Board of Managing Directors Letter to our Stakeholders 4 Letter to our Stakeholders solid reputation in funding and syndication As a wholly owned subsidiary of Commerzbank Group, Eurohypo has access to funding opportunities provided by the parent company. As the sole issuer of Pfandbriefe in the Commerzbank Group, we placed Pfand- briefe volumes totalling € 13.2 billion. Eurohypo remains the leading German issuer of Jumbo-Pfandbriefe: we have a 8% market share on the global jumbo covered bond market. Eurohypo was also able to assert its leading position on the syndication mar- ket. Despite the continued shortage of liquidity in the exit channels, we syndicated a total volume of € 3.4 billion (€ 7.7 billion) to German and foreign banks. This makes Eurohypo the European leader in terms of the value and number of syndi- cated loans in the real estate sector and second worldwide. cooperation with commerzbank On 25 July 2008, shares held by the remaining minority shareholders were trans- ferred to Commerzbank Inlandsbanken Holding GmbH (squeeze-out). Eurohypo shares were delisted from the stock exchange shortly afterwards. This move was strategically valuable, as we can now fully exploit synergies across the Group – for example by using the global network of branches and sharing the know-how of all Commerzbank Group
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