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1Interim Statement –Nine-Month Results2012                 DVB Group Interim Management Statement during the second half o...
Substantial events and deals                                  2   DVB Bank Group: Sound operating performance             ...
Substantial events and deals                                  3   Net income from financial instruments in accordance with...
Condensed income statement (IFRS)                                         4                                               ...
Statement of financial position (IFRS)                                     5Assets (€ mn)                                 ...
6                                              DVB Bank SE                                        Investor Relations      ...
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Nine-month results 2012 - Interim Management Statement during the second half of 2012

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Sound operating performance during the first nine months of 2012 – Total income up 6.2%

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Nine-month results 2012 - Interim Management Statement during the second half of 2012

  1. 1. 1Interim Statement –Nine-Month Results2012 DVB Group Interim Management Statement during the second half of 2012
  2. 2. Substantial events and deals 2 DVB Bank Group: Sound operating performance released, and charge-offs amounted to €29.9 million. These net during the first nine months of 2012 – figures included the following key items: Total income up 6.2%, to €262.7 million • €81.9 million was recognised and €31.0 million released in Shipping Finance; DVB successfully conducted its international Transport Finance • €15.2 million was recognised and €21.4 million activities during the first nine months of 2012. Consolidated released in Aviation Finance; net income before IAS 39 and taxes rose to €125.6 million – a • €7.3 million was recognised and €1.3 million remarkable 7.8% year-on-year increase. Once again, the volatile released in Investment Management. net result from financial instruments in accordance with IAS 39 weighed on income before taxes which – as a result – declined by Accordingly, total allowance for credit losses (comprising specific 2.0%, to €104.3 million.  allowance for credit losses, portfolio-based allowances for credit losses, and provisions) rose to €171.5 million, up 15.2% from Total income (comprising net interest income after allowance year-end 2011 (€148.9 million). for credit losses, net fee and commission income, results from investments in companies accounted for using the equity method, Net fee and commission income of €90.8 million (9m 2011: €76.1 and net other operating income/expenses) rose by 6.2 %, from million) exceeded the previous year’s high level by a remarkable €247.4 million to €262.7 million. 19.3%; the net figure primarily includes fees and commissions from new Transport Finance business, and asset management and Net interest income grew by 2.2%, to €185.2 million. Interest advisory fees. income rose by 18.8%, from €636.4 million to €756.3 million. New Transport Finance business totalled 93 transactions in the year Net other operating income/expenses rose from €11.8 million to to 30 September 2012, with an aggregate volume of €2.8 billion €42.3 million. Net other operating income of €53.1 million also (9m 2011: 109 transactions with a volume of €3.3 billion). When includes the proceeds from the sale of shareholdings. On 14 originating new business, DVB consciously targeted exposures June 2012, the Bank sold a 60% stake in TES Holdings Ltd, the which are attractive in terms of their risk/return characteristics. British aero engine specialist headquartered in Bridgend, Wales, Accordingly, the average interest margin on new Transport to two Japanese investors. The two new partners – Mitsubishi Finance business rose from 297 to 357 basis points. Corporation, and Development Bank of Japan, Inc. – acquired 35% and 25%, respectively. DVB Holding GmbH remains the Against the background of the renewed escalation of the crisis largest shareholder, with a share of 40%. affecting certain maritime shipping subsectors, the Bank carried out an even more cautious assessment of its lending portfolio General administrative expenses were up 4.7%, to €137.1 million. during the third quarter. As a result, net allowance for credit Staff expenses were up by 6.2%, to €75.9 million. DVB employed losses increased to €53.3 million (9m 2011: €19.2 million) – an a total of 560 staff as at 30 September 2012, an increase of 16 amount that is expected to be sufficient from today’s perspective. compared to the end of the first nine months of 2011 (544 employ- DVB does not anticipate allowance for credit losses for the full ees). Higher bank levy charges and contributions to the deposit year 2012 to materially exceed the previous year’s figure of €59.2 insurance scheme, meant that non-staff expenses (including million. depreciation, amortisation and write-downs) rose by €1.8 million, to €61.2 million. Specifically, new allowance recognised for credit losses (as at 30 September 2012) totalled €110.0 million; a net €57.1 million was Consolidated net income before IAS 39 and taxes (€ mn), as at 30 September 150 131.6 125.6 116.3 116.5 100 71.6 50 0 2008 2009 2010 2011 2012 DVB Group Interim Management Statement during the second half of 2012
  3. 3. Substantial events and deals 3 Net income from financial instruments in accordance with IAS 39 (9m 2011: 13.8%). DVB lowered its cost/income ratio by 4.6 (comprising net trading income, the hedge result, the result from percentage points, to 46.5% (9m 2011: 51.1%). the application of the fair value option, the result from derivatives entered into without intention to trade, and net income from Calculated in accordance with Basel II, DVB’s capital ratios investment securities) changed from €–10.1 million to €–21.3 mil- developed as follows: the tier 1 ratio declined slightly, by 0.2 lion. Once again, the IAS 39 result reflects the level of volatility percentage points, to 19.5%, reflecting a higher level of risk- on foreign exchange and interest rate markets. weighted assets. At the same time, the total capital ratio was up slightly, to 22.6%: the slight 0.8 percentage-point increase Burdened by this result from IAS 39, consolidated net income from the year-end 2011 (31 December 2011: 21.8%) reflected the before taxes declined by 2.0%, to €104.3 million (9m 2011: €106.4 issuance of US$180 million in subordinated capital. million), whilst consolidated net income after taxes rose by 13.2%, to €95.8 million (9m 2011: €84.6 million).   Earnings forecast DVB’s total assets rose by 10.0%, from €22.0 billion to €24.2 billion. DVB’s nominal volume of customer lending (the aggregate The market environment remains very difficult indeed in some of loans and advances to customers, guarantees and indemnities, areas of maritime shipping. Despite the negative business irrevocable loan commitments, and derivatives) was unchanged framework in some sectors, and weaker growth rates of the year-on-year in euro terms, at €21.7 billion, and also in US dollar world economy, the Bank expects to achieve fully satisfactory terms, at US$28.1 billion.  results for the 2012 business year. These are not expected to materially diverge from the previous year’s figures. The distribution of customer lending (in euro terms) amongst the Bank’s business divisions is shown in the following graph:  Frankfurt/Main, November 2012 DVB’s key financial indicators developed as follows: Return on THE BOARD OF MANAGING DIRECTORS equity before taxes was 12.7% – down 1.1 percentage points Customer lending € bn US$ bn 30 Sep 2012 31 Dec 2011 % 30 Sep 2012 31 Dec 2011 % Shipping Finance 11.7 11.3 3.5 15.1 14.6 3.4 Aviation Finance 6.7 6.9 –2.9 8.7 9.0 –3.3 Land Transport Finance 1.6 1.6 0.0 2.1 2.1 0.0 Investment Management 0.6 0.7 –14.3 0.8 0.9 –11.1 ITF Suisse 0.8 0.9 –11.1 1.1 1.1 0.0 Business no longer in line with DVB’s strategy 0.3 0.3 0.0 0.3 0.4 –25.0 Total 21.7 21.7 0.0 28.1 28.1 0.0 Customer lending by business division Shipping Finance 53.9% (+1.8 pp) Aviation Finance 30.9% (−0.9 pp) Land Transport Finance 7.4% (0.0 pp) ITF Suisse 3.6% (−0.5 pp) Investment Management 2.8% (−0.4 pp) Business no longer in line with the Bank‘s strategy 1.4% (0.0 pp) DVB Group Interim Management Statement during the second half of 2012
  4. 4. Condensed income statement (IFRS) 4 1 Jan 2012– 1 Jan 2011–€ mn 30 Sep 2012 30 Sep 2011 %Net interest income 185.2 181.3 2.2Allowance for credit losses –53.3 –19.2 −Net interest income after allowance for credit losses 131.9 162.1 –18.6Net fee and commission income 90.8 76.1 19.3Results from investments in companies accounted for using the equity method –2.3 –2.6 –11.5General administrative expenses –137.1 –130.9 4.7Net other operating income/expenses 42.3 11.8 −Consolidated net income before IAS 39 and taxes 125.6 116.5 7.8Net result from financial instruments in accordance with IAS 39 –21.3 –10.1 −Consolidated net income before taxes 104.3 106.4 –2.0Income taxes –8.5 –21.8 –61.0Consolidated net income 95.8 84.6 13.2thereof: consolidated net income attributable to non-controlling interests –1.6 –0.9 77.8thereof: consolidated net income attributable to shareholders of DVB Bank SE 97.4 85.5 13.9 1 Jan 2012– 1 Jan 2011–Earnings per share (€) 30 Sep 2012 30 Sep 2011 %Basic earnings per share 2.11 1.85 14.1Diluted earnings per share 2.11 1.85 14.1 1 Jan 2012– 1 Jan 2011–Key ratios in accordance with IFRS (%) 30 Sep 2012 30 Sep 2011 ppCost/income ratio before IAS 39 43.4 49.1 –5.7Cost/income ratio 46.5 51.1 –4.6Return on equity before IAS 39 and taxes 15.3 15.1 0.2Return on equity before taxes 12.7 13.8 –1.1Return on equity after taxes 11.7 11.0 0.7 DVB Group Interim Management Statement during the second half of 2012
  5. 5. Statement of financial position (IFRS) 5Assets (€ mn) 30 Sep 2012 31 Dec 2011 %Cash and balances with the central bank 1,061.6 80.9 −Loans and advances to banks 537.9 491.8 9.4Loans and advances to customers 20,056.8 18,739.0 7.0Allowance for credit losses –171.3 –148.4 15.4Positive fair values of derivative hedging instruments 623.6 475.0 31.3Trading assets 217.3 287.8 –24.5Investment securities 501.1 484.7 3.4Investments in companies accounted for using the equity method 171.4 103.7 65.3Intangible assets 99.6 107.9 –7.7Property and equipment 958.2 1,244.6 –23.0Income tax assets 73.7 77.5 –4.9Other assets 56.3 86.5 –34.9Total 24,186.2 22,031.0 9.8Liabilities and equity (€ mn) 30 Sep 2012 31 Dec 2011 %Deposits from other banks 5,123.8 5,190.4 –1.3Deposits from customers 4,891.7 4,460.3 9.7Securitised liabilities 11,659.8 9,830.1 18.6Negative fair values of derivative hedging instruments 320.3 296.3 8.1Trading liabilities 281.3 373.4 –24.7Provisions 45.3 59.7 –24.1Income tax liabilities 45.9 73.7 –37.7Other liabilities 100.3 136.5 –26.5Subordinated liabilities 421.9 400.6 5.3Equity 1,295.9 1,210.0 7.1 Issued share capital 117.9 117.9 0.0 Capital reserve 331.4 331.7 –0.1 Retained earnings 739.2 740.8 –0.2 thereof: fund for general banking risks 82.4 82.4 0.0 Revaluation reserve 3.3 0.1 − Reserve from cash flow hedges 0.4 –11.1 − Currency translation reserve 4.1 –1.7 − Distributable profit 97.4 27.9 − Non-controlling interests 2.2 4.4 –50.0Total 24,186.2 22,031.0 9.8Customer lending volume (€ bn) 30 Sep 2012 31 Dec 2011 %Nominal customer lending volume 21.7 21.7 0.0Capital ratios – Basel II (%) 30 Sep 2012 31 Dec 2011 ppTier 1 ratio 19.5 19.7 –0.2Total capital ratio 22.6 21.8 0.8 DVB Group Interim Management Statement during the second half of 2012
  6. 6. 6 DVB Bank SE Investor Relations Elisabeth Winter Platz der Republik 6 60325 Frankfurt/Main, Germany Phone +49 69 9750 4329 Fax +49 69 9750 4850DVB Group Interim Management Statement during the second half of 2012

Sound operating performance during the first nine months of 2012 – Total income up 6.2%

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