DVB Bank Group Corporate Presentation

Size: px
Start display at page:

Download "DVB Bank Group Corporate Presentation"

Transcription

1 DVB Bank Group Corporate Presentation Frankfurt/Main, August 2015 Slide 1

2 Preliminary remarks All statements made regarding net worth, financial position & results relate to DVB Bank Group. All amounts are disclosed in euro and on the basis of IFRS/IAS if not stated otherwise. Unless indicated otherwise, all financial data apply to 30 June 2015 and have been reviewed by auditors. Slide 2

3 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 3

4 DVB s mission statement The leading specialist in international transport finance At DVB, we make deals work. This means striving to seek and develop intelligent and appropriate solutions that meet and even exceed our clients needs and expectations. We go the extra mile to constantly and thoroughly research and study our industry. Often, this leads us to challenge conventional wisdom when offering our focused range of financing services. Corporate Presentation, August 2015 Key facts about DVB Slide 4

5 DVB s unique business model Structured Asset Financing Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Asset Management Client Account Risk Distribution Corporate Finance Solutions Private Equity Sourcing & Investments Loan Participations Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 5

6 DVB s business areas and products Business divisions Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Investment Management ITF Suisse Business areas Sector groups: Container, Car Carrier, Intermodal & Ferry Tanker Group Dry Bulk Passenger aircraft Freighter aircraft Aircraft engines Offshore support Rail rolling stock vessels (PSVs and AHTSs) Subsea & construction vessels Seismic vessels Accommodation units Offshore drilling equipment Floating production units (FPSOs) Fund management: Shipping & Intermodal Investment Management Aviation Investment Management Interbank market Products and services Structured Asset Financing Risk Distribution Corporate Finance Solutions Client Account Structured Asset Financing Risk Distribution Advisory Services Corporate Finance Solutions Aviation Asset Management Aero Engine Financing & Engine Asset Management Client Account Structured Asset Financing Risk Distribution Corporate Finance Solutions Client Account Structured Asset Financing Risk Distribution Corporate Finance Solutions Client Account Private Equity Sourcing & Investments Loan Participations (senior asset-based lending) Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 6

7 DVB s ten competitive strengths Business model clearly focused, distinctively specialised, cycle-neutral and international in scope Business policy conservative and sustainable Organisation transparent structures, swift information flow and prompt decision-making Human resources highly specialised and experienced Products & services customised and beyond the typical scope of banking Asset & Market Research sophisticated, renowned and award-winning Credit portfolio diversified by multiple criteria and categories Risk management consistent and forward-thinking Funding maturity-matched Own funds strong capital base Corporate Presentation, August 2015 Key facts about DVB Slide 7

8 DVB s SWOT analysis Strengths Unique business model with a clear focus, cycle-neutral business approach and global presence in all key transport markets Conservative and sustainable business policy Flat hierarchies, high degree of flexibility and lean decision-making Highly qualified and experienced staff Customised products and services, high level of client service and close contacts to manufacturers and leasing companies Extensive market and asset expertise Credit portfolio diversified by multiple criteria and categories Advanced risk management and pricing systems Maturity matched funding Strong capital base due to own funds Weaknesses Higher cost of liquidity in comparison with most competitors Direct correlation between our business and GDP growth Currently mono-product (senior secured loans) Relatively high sector exposure Global presence requires high staff resources High staff costs due to high levels of employee qualification No material client deposits Exposure to the euro/us dollar exchange rate, with an impact on growth and results Realisation of margins in line with risks taken Expansion of anti-cyclical Investment Management activities Building new client relationships Several new initiatives have been introduced to increase the product range in order to generate more cross selling Funding available through the extensive liquidity offered by the German Cooperative Financial Services Network Expanding the advisory and other services offered to clients, investors, and banks Boosting DVB s reputation as a reliable partner to the international transport industry Opportunities Distortions on the money and capital markets, in the broadest sense Decline in transport asset values, in various market segments High level of re- and prepayments negatively impacting the net interest margin Impact of the global financial markets crisis and the sovereign debt crisis in Europe Increasing debt levels in some industrial countries and emerging markets Unanticipated rise of the US dollar against the euro Further government support for DVB's direct competitors and increasing regulatory requirements Oil price volatility Threats Corporate Presentation, August 2015 Key facts about DVB Slide 8

9 Shipping Finance In-depth expertise (1) 1 Container, Car Carrier, Intermodal & Ferry Group (container vessels, container boxes, car carriers, reefers, ferries and RoRo s) 2 3 Tanker Group (crude oil and LNG 1) tankers as well as chemical, specialist, LPG 2), product and asphalt/bitumen tankers) Dry Bulk Group (dry cargo, combination and bulk carriers) 1) Liquefied Natural Gas, 2) Liquefied Petroleum Gas Corporate Presentation, August 2015 Key facts about DVB Slide 9

10 Shipping Finance In-depth expertise (2) Our mission statement: We support our shipping clients with customised financing solutions in the sectors we cover. Our in-depth know-how encompasses different vessel types, value-creation chains, freight flows and networks. Thus, we are in the position to anticipate trends on the shipping markets often ahead of our competitors. This means that we adapt our risk management to changed market conditions, and act as a reliable partner to the shipping industry for the long term through the cycles of the shipping markets. This approach and our commitment bring us closer to our clients. Our Shipping Finance portfolio is strongly diversified across sectors and geographic regions. We thoroughly analyse and continuously track the vessels financed from the yard to the scrapyard. We further ingrained risk management in the process, supported by the complete involvement of research and risk management throughout the life cycle of a loan. We like to take the performance to the next level and assure continued sustainable success. Corporate Presentation, August 2015 Key facts about DVB Slide 10

11 Aviation Finance Integrated platform solutions (1) Our cycle-neutral business model is in line with our mission statement: To be able, as a hybrid institution, at any period in time and at any point along the industry cycle, to provide our customers with the most efficient blend of capital and services. We feature a unique platform of Aviation Finance services and products employing specifically skilled individuals. We continually develop our asset-oriented lending practice to profitably expand our business. We are willing to assume residual value risks based on in-depth research and market/asset knowledge. We take a proactive approach to maintaining and growing our portfolio. We increase our efficiency further to stay ahead of our competitors. We like to ensure that our distinctive features are fully recognised and valued. Corporate Presentation, August 2015 Key facts about DVB Slide 11

12 Aviation Finance Integrated platform solutions (2) Structured Asset Financing Private Equity Sourcing & Investments Asset Management Advisory Services Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 12

13 Offshore Finance Highly specialised industry (2) Our mission statement: Through close relations with our clients and detailed knowledge of their specialised industry and equipment, we provide value added and integrated financial solutions to meet clients strategic needs to optimise debt and equity financings. The offshore industry is highly specialised so is DVB s Offshore Finance division. The team facilitates a unique industry focus and specialisation model which has earned us a high market reputation. Offshore Finance provides debt financing and financial solutions to our clients. We have been mandated to structure offshore transactions and we often act as agent on many syndicated loans to the offshore industry. As we maintain strategic relations with most our clients, we are able to discuss companyspecific strategic alternatives with them, offering added -value services like Advisory and M&A. Our clients within the offshore industry range from larger listed public corporations to medium-sized private companies, the majority of which is concentrated in the offshore hubs of Europe, the Americas, the Middle East and Asia. Clients and prospective clients are serviced from four different locations: Singapore, New York, Oslo and Hamburg. Corporate Presentation, August 2015 Key facts about DVB Slide 13

14 Land Transport Finance Consistent client franchise We have a clear mission statement: We highly value our client relationships. The goal is to increase our client franchise as the leading rail asset financing partner in our core regions. Based on our unique understanding of the market, focus, capacity to execute, and flexibility we offer added value by advising on intelligent asset finance solutions, and taking appropriate risk positions that capitalise on the cyclical nature of the underlying sectors. Corporate Presentation, August 2015 Key facts about DVB Slide 14

15 Investment Management Funds and equity sourcing Fund initiator, investment adviser and asset manager in the market for closed-end funds in the international transport sector Management function on behalf of third parties, but with material equity risk exposure to be assumed by DVB Shipping & Intermodal Investment Management: Development and holding of a diversified portfolio Aviation Investment Management: Opportunity-driven funds with short- to medium-term strategy Investors profit from DVB s asset know-how and strong market penetration. Corporate Presentation, August 2015 Key facts about DVB Slide 15

16 ITF Suisse Business model Senior asset-based lending in form of participations via interbank market S H I P P I N G A V I A T I O N L A N D T R A N S P O R T O F F S H O R E Asset & Market Research Corporate Presentation, August 2015 Key facts about DVB Slide 16

17 DVB s global coverage Oslo New York Amsterdam London Hamburg Frankfurt/Main Zurich Tokyo Curaçao Athens Singapore Shipping Finance Aviation Finance Offshore Finance Land Transport Finance AMERICA EUROPE ASIA/PACIFIC Corporate Presentation, August 2015 Key facts about DVB Slide 17

18 Operational legal structure (including subsidiaries, principal branches and representative offices) Subsidiaries of DVB (each 100%) Branches and representative offices of DVB DVB Holding (US) Inc., New York, USA DVB Capital Markets LLC, New York, USA DVB Transport (US) LLC, New York, USA DVB Bank America N.V., Willemstad, Curaçao DVB Group Merchant Bank (Asia) Ltd, Singapore DVB Transport Finance Ltd, London, United Kingdom DVB Transport Finance Ltd, Tokyo Branch, Japan DVB Holding GmbH, Frankfurt/Main, Germany DVB Bank SE, Amsterdam Branch, The Netherlands DVB Bank SE, London Branch, United Kingdom DVB Bank SE, Nordic Branch, Oslo, Norway DVB Bank SE, Singapore Branch, Singapore DVB Bank SE, Representative Office Greece, Athens, Greece DVB Bank SE, Hamburg Office, Germany ITF International Transport Finance Suisse AG, Zurich, Switzerland LogPay Financial Services GmbH, Eschborn, Germany LogPay Transport Services GmbH, Eschborn, Germany Corporate Presentation, August 2015 Key facts about DVB Slide 18

19 Two-tier management system Board of Managing Directors Management body Corporate strategy Controlling Risk management Compliance Preparation of the financial statements and management reports close co-operation to the benefit of the enterprise reports to advises, approves, controls, appoints, dismisses Supervising body Supervisory Board Examination, confirmation/approval of financial statements and resolutions Members: six shareholder representatives three employee representatives Credit and Risk Committee, Audit Committee, Nomination Committee, Remuneration Control Committee At least four scheduled meetings per year reports to formally approves of reports to formally approves of General Meeting Each share carries one vote. Resolutions on e. g. the profit appropriation, changes of the Memorandum and Articles of Association as well as legal transactions requiring approval Appointment of the shareholder representatives on the Supervisory Board and of the auditor Corporate Presentation, August 2015 Key facts about DVB Slide 19

20 Responsibilities of DVB s Board of Managing Directors Client areas in business divisions Client areas at affiliates Product/service areas Ralf Bedranowsky Shipping and Offshore Credit Shipping and Offshore Research Aviation Credit Aviation Research Land Transport Credit Land Transport Research Strategic Management and Restructuring ITF International Transport Finance Suisse AG LogPay Financial Services GmbH Group Compliance Office Group Human Resources Group Controlling Group Legal Group Corporate Communications Group Risk Management Bertrand Grabowski Aviation Finance Land Transport Finance Aviation Financial Consultancy Financial Institutions and Syndications Aviation Investment Management DVB Transport Finance Ltd TES Holdings Ltd 1) Group Audit Group Treasury Transaction & Loan Services L.H. (Bart) Veldhuizen Shipping Finance Offshore Finance Corporate Finance Shipping & Intermodal Investment Management Shipping Execution Management DVB Capital Markets LLC Business Process Support Group Finance Information Technology 1) 40% share of capital Corporate Presentation, August 2015 Key facts about DVB Slide 20

21 Current shareholder base Other shareholders 4.53% 95.47% Corporate Presentation, August 2015 Key facts about DVB Slide 21

22 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 22

23 Development of business areas and products 1997 Year Typical German commercial bank; small, unsustainable business model; no particular strength Product range: Central bank function for Sparda banks, domestic corporate lending business, freight management, securities trading, trading in foreign notes and coins/precious metals, payment transactions, various shareholdings e.g. ReiseBank Development 1998 Acquisition of LTCB s Shipping & Aviation portfolio Formation of 1 st foreign offices; outsourcing of non-core activities First external rating (S&P and Moody s) 1999 Establishment of International Rail Finance (Frankfurt/Main) Representative office Tokyo; Closure of nine domestic branches Acquisition of Nedship Bank 2000 Closing of remaining domestic branches Non-core domestic lending compiled in special exit unit Sale of DVB Processing GmbH Start of Corporate Finance 2001 Kick-off Internal Rating Model (Basel II) Establishment of Shipping Research Rail Finance Team (New York) 2002 Central bank function for Sparda banks Streamlining of head office operations Sale of shareholding in Union Asset Management Holding Formation of Container Box Unit in Shipping 2003 Establishment of Aviation Research Introduction risk-bearing concept Sale of ReiseBank Group 2004 Establishment of AERO Engine Finance Unit 2005 Establishment of Cruise Finance Unit in Shipping Year Development Establishment of DVB Capital Markets in New York Establishment of FPSO Unit in Shipping Establishment of Aviation Asset Management Establishment of Land Transport Research Withdrawal from the Transport Infrastructure segment Major share of TES Holdings Ltd Founding of ITF Suisse AG, Zurich Expansion of Investment Management activities with railway and cruise funds Merger of DVB Bank N.V. & DVB Bank AG and change of corporate name to DVB Bank SE Sectorisation in Shipping Establishment of Shipping Asset Management Merging Shipping & Intermodal Investment Management activities under SIIM Establishment of Financial Institutions Issuance of DVB s first ship covered bond Merger of Restructuring Unit Shipping & Shipping Asset Management into Restructuring & Asset Management (RAM) Prestigious investors found: sale of a 60% stake in TES Holdings Ltd to Japanese investors 2013 Offshore Finance and Client Account established 2014 Formation of Tanker Group in Shipping incorporating two former tanker segments ECB s Asset Quality Review and stress test passed. Good results with no requirement for adjustments on CET capital. Corporate Presentation, August 2015 Journey of success since 1997 Slide 23

24 Total assets and customer lending Total assets [ bn] % HGB 1) IFRS Dec 2014 Customer lending 2) [ bn] ,065% Dec ) German Commercial Code (HGB) 2) Aggregate of loans and advances to customers, guarantees and indemnities, irrevocable loan commitments and derivatives nominal volume Corporate Presentation, August 2015 Journey of success since 1997 Slide 24

25 Development of results (before IAS 39 and taxes) as at 31 December [ mn] % % Total income (before IAS 39) Consolidated net income before IAS 39 and taxes Corporate Presentation, August 2015 Journey of success since 1997 Slide 25

26 Operating profit/consolidated net income before taxes [ mn] Conversion completed +5,374% HGB 1) IFRS ) German Commercial Code (HGB) Corporate Presentation, August 2015 Journey of success since 1997 Slide 26

27 Business volume & consolidated net income [ bn] [ mn] Total assets Contingent liabilities Consolidated net income Corporate Presentation, August 2015 Journey of success since 1997 Slide 27

28 Share price performance [in ] DVB Dow Jones EURO STOXX Bank Index [in points] DVB share s last price: Dow Jones EURO STOXX Bank Index last price: points Corporate Presentation, August 2015 Journey of success since 1997 Slide 28

29 Payout ratio [ mn] [%] Distributable profit of DVB Bank SE Consolidated net income attributable to shareholders of DVB Transfer to retained earnings Payout ratio Corporate Presentation, August 2015 Journey of success since 1997 Slide 29

30 Market capitalisation and dividends Market capitalisation [ mn] 1, Dividends [ ] 1) ,40 1, ,123 1,213 1,162 1,162 1,113 1,127 1,143 1, ,20 1, , , , , , ,00 1) Previous years figures adjusted in order to reflect the 10-for-1 share split carried out on 15 November 2008 Corporate Presentation, August 2015 Journey of success since 1997 Slide 30

31 Rating development Dec 2011 Mar 2011 Jan 2009 Dec 2006 Aug 2006 Long-term counterparty credit rating A+ A A A A- Short-term credit rating A-1 A-1 A-1 A-1 A-2 Outlook stable stable negative stable positive 1) Mar 2015 Aug 2012 Jun 2009 Jan 2009 Long-term issuer default rating AA- A+ A+ A+ Short-term issuer default rating F1+ F1+ F1+ F1 Debt Issuance Programme: Long-term senior unsecured Short-term senior unsecured AA- F1+ A+ F1+ 1) Within the scope of the German Co-operative Financial Services Network s Rating Corporate Presentation, August 2015 Journey of success since 1997 Slide 31

32 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 32

33 DVB s success factors in Focussed asset financing bank 2 Well-diversified portfolio 3 4 Experienced personnel Strong capital, Basel III compliant Profitable throughout all cycles 5 Matched funding 6 Built on DVB s core risk management function Corporate Presentation, August 2015 Financials Slide 33

34 At a glance Income statement [IFRS] 1 Jan Jun Jan Jun 2014 % Net interest income 92.5 mn mn Allowance for credit losses mn mn 42.3 Net interest income after allowance for credit losses 52.8 mn 77.1 mn Net fee and commission income 52.3 mn 51.0 mn 2.5 Results from investments in companies accounted for using the equity method 3.1 mn 0.3 mn Net other operating income/expenses mn 2.3 mn Total income (before IAS 39) 71.4 mn mn General administrative expenses mn mn 0.6 Consolidated net income before IAS 39, bank levy, BVR 1) and taxes 16.8 mn 43.0 mn Net result from financial instruments in according with IAS mn 2.4 mn Consolidated net income before bank levy, BVR 1) and taxes 58.2 mn 45.4 mn 28.2 Consolidated net income before taxes 43.3 mn 41.4 mn 4.6 Consolidated net income (after taxes) 30.1 mn 31.7 mn ) National Association of German Co-operative Banks Corporate Presentation, August 2015 Financials Slide 34

35 Consolidated net income, as at 30 June ( million) Total income 1) General administrative expenses Net result from financial instruments in accordance with IAS 39 incl. result from investment securities Expenses for the bank levy and the BVR 2) Deposit Guarantee Scheme (half-year) Income taxes Consolidated net income Total income 1) General administrative expenses Net result from financial instruments in accordance with IAS 39 incl. result from investment securities Expenses for the bank levy and the BVR 2) Deposit Guarantee Scheme (half-year) Income taxes Consolidated net income 1) Composing net interest income after allowance for credit losses, net fee and comission income, result from investments in companies accounted for using the equity method and net other operating income/expences 2) National Association of German Co-operative Banks Unternehmenspräsentation, August 2015 Finanzkennzahlen Slide 35

36 Development of key ratios Return on equity before taxes [%] Cost/income ratio [%] Economic Value Added [ mn] Jun Jun Jun Jun Jun Jun 2014 Target value for 2015: 8-12% Target value for 2015: 48-52% Target value for 2015: Positive, single-digit million amount Corporate Presentation, August 2015 Financials Slide 36

37 Financial calender March March March May June June August November December 2015 Annual Accounts Press & Analyst Conference Publication of the single-entity Annual Report 2014 Publication of the German Group Annual Report 2014 Publication of the Interim Management Statement during the first half of 2015 (for the first three months ending 31 March 2015) Annual General Meeting at the Deutsche Nationalbibliothek, Adickesallee 1, Frankfurt/Main Dividend payment (ISIN: DE ) Publication of the Half-Yearly Financial Report 2015 Publication of the Interim Management Statement during the second half of 2015 (for the first nine months ending 30 September 2015) Publication of the 14 th Declaration of Compliance for 2015/2016 Corporate Presentation, August 2015 Financials Slide 37

38 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 38

39 New Transport Finance business Shipping Finance Aviation Finance Offshore Finance Land Transport Finance New business in Transport Finance 30 Jun 2015 New business in Transport Finance 30 Jun 2014 No. of new deals Underwriting 1,478.0 mn 1,533.0 mn mn mn 3,685.0 mn 2,291.9 mn Syndicated 60.0 mn 60.0 mn 56.7 mn Final take 1,418.0 mn 1,533.0 mn mn mn 3,625.0 mn 2,235.2 mn Avg. deal size 36.0 mn 36.5 mn 41.5 mn 37.0 mn 36.8 mn 29.4 mn Leading role 82.5% 75.2% 75.9% 59.8% 77.1% 86.1% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 39

40 Customer lending volume [ bn] 30 Jun Dec 2014 Shipping Finance Aviation Finance Offshore Finance Land Transport Finance ITF Suisse Investment Management Business no longer in line with DVB s strategy Total [US$ bn] 30 Jun Dec 2014 % % Aviation Finance 32.0% by business division Investment Management 2.4% ITF Suisse 4.3% Land Transport Finance 7.1% Offshore Finance 9.9% by region Business no longer in line with DVB s strategy 0.8% Shipping Finance 43.5% Shipping Finance Aviation Finance Offshore Finance Land Transport Finance ITF Suisse Investment Management Business no longer in line with DVB s strategy Total Middle East & Africa 4.3% South America 5.5% Asia 18.6% North America 22.1% Offshore 3.6% Australia & New Zealand 0.8% Europe 45.1% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 40

41 Shipping Finance portfolio (30 Jun 2015: 11.0 bn) Total lending volume by asset type Total lending volume by region Ferries, passenger vessels 2.3% Cruiser 2.4% Containerboxes 3.2% Car Carrier 4.1% Others 0.8% Tankers 44.7% thereof: 14.1% Crude oil tankers 11.5% Gas tankers 10.9% Product tankers 8.2% Chemical tankers Middle East & Africa 4.9% Offshore 4.4% Middle America & Caribes 2.6% Container carriers 17.7% North America 19.8% Europe 48.4% Bulk carriers 24.8% Asia & Australia 19.9% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 41

42 Aviation Finance portfolio (30 Jun 2015: 8.1 bn) Total lending volume by asset type Total lending volume by region Freighters 6.8% thereof: 6.2% Boeing 0.6% Airbus Regional jets 5.7% thereof: 5.1% Embraer 0.6% Bombardier 0.0% Airbus Turboprops 2.0% thereof: 1.6% ATR 0.4% Bombardier Narrowbody pax 53.2% thereof: 27.8% Boeing 25.4% Airbus South & Middle America 4.2% Middle East & Africa 5.5% Offshore 2.8% Australia & Oceania 1.0% Europe 36.3% Asia 24.4% Widebody pax 32.3% thereof: 16.5% Boeing 15.8% Airbus North America 25.8% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 42

43 Offshore Finance portfolio (30 Jun 2015: 2.5 bn) Total lending volume by asset type Total lending volume by region Seismic survey vessels 4.8% Multi-function service vessels 4.9% FPSOs 3.3% Others 8.6% Platform supply vessels 24.9% North America 7.0% Offshore 7.9% Middle East & Africa 0.6% Europe 51.9% Drillships 5.2% Asia 15.5% Offshore construction vessels 8.9% Rigs 15.0% Anchor handlers 24.4% Middle America & Caribes 17.1% Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 43

44 Land Transport Finance portfolio (30 Jun 2015: 1.8 bn) Total lending volume by asset type Total lending volume by region On road 10.2% thereof: 9.9% Container chassis 0.3% Tank containers Australia & Oceania 3.1% Middle America 1.4% North America 38.2% Europe 57.3% On rail 89.8% thereof: 58.5% Freight cars 19.2% Locomotives 11.0% Regional train sets 0.9% Passenger coaches 0.2% City/commuter traffic Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 44

45 Portfolio collateralisation Loan-to-value ratio (%) relation between drawn loans and the market value of the assets financed [%] Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 45

46 Instruments for sustainable dealing with credit risks Intensive DVB in-house research Close contact with clients Close monitoring of compliance with all lending agreements Quarterly portfolio stress tests Early Warning List Closely Monitored List Watch List Forecasting future market developments and asset values forms the basis of our portfolio strategy and individual deal decisions Increased visit frequency depending on risk situation e. g. specific covenants in the Shipping Finance contracts, like value maintenance clauses Identification of potentially higher risks in case the market environment continues to deteriorate Basis: changing asset values (specific haircuts) and counterparties creditworthiness (increase of probability of default) Early detection of increased risks of potential problem exposures Close monitoring of transactions that have to be restructured and/or of transactions with a potential or already existing need to recognise allowance for credit losses Corporate Presentation, August 2015 Transport Finance & Investment Management portfolios Slide 46

47 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 47

48 Length of client relationship by business division 2014 By business division [%] Total 10 to 15 years 9.7% 15 years and longer 5.7% Less than 1 year 8.4% 1 to 3 years 20.9% < 1 year 1 3 years 3 5 years 5 10 years years 15 years and longer 5 to 10 years 36.2% 3 to 5 years 19.1% Shipping Finance Offshore Finance Investment Management Aviation Finance Land Transport Finance Corporate Presentation, August 2015 Clients and accolades Slide 48

49 Deal of the Year 2014 Shipping Finance China Shipping Container Lines In September 2014, our Shipping Finance division structured and lead-arranged a US$191.2 million senior debt post-delivery financing facility for China Shipping Container Lines (CSCL), the seventh-largest container liner operator globally. The facility helped to finance 70% of two 19,000 TEU new building container vessels. It is 95% covered by K-sure with full repayment in twelve years. Whilst DVB acts as facility co-ordinator, arranger, facility agent and ECA agent in the transaction, we invited Credit Suisse to join as arranger and underwriter of 50% of the facility. The vessels themselves have an overall length of 400 metres each, and beam of 59 metres thus making them the largest container vessels ever built. They were ordered in 2013 at lower cost than CSCL s competitors and consume 20% less fuel than common 10,000 TEU container vessels currently afloat. The 19,000 TEU vessels provide CSCL and its alliance partners with the necessary assets to operate in the current, highly competitive market environment. This is the second high-profile transaction we lead-arranged for CSCL and the successful closing further strengthened our close relationship with CSCL and its parent company China Shipping Group. In addition, it enhances our sound track record as a leading shipping financier in Asia as we were mandated amidst strong competition from international banks. Corporate Presentation, August 2015 Clients and accolades Slide 49

50 Deal of the Year 2014 Aviation Finance Apollo In August 2014, DVB closed its third senior debt portfolio financing facility for Sciens Aviation Special Opportunities Investment Fund II (SASOF II), managed by Apollo. SASOF II s objective is to invest in aircraft and aircraft engines, primarily mid-/end-of-life equipment, with the intention to lease and eventually part-out these assets. The US$129.4 million financing was arranged and co-underwritten by DVB and Goldman Sachs on a 50:50 basis, and is secured by a pool of 13 aircraft consisting of Airbus A319s/A320s/A321s, A330s and Boeing s/800s on operating lease. DVB acted as Administrative Agent. Unlike the two earlier-term financings, this latest facility was structured as a short-term, twelve-month bridge, with a term-out option, which would give Apollo the flexibility to consider and pursue certain capital market refinancing options for some or all of the aircraft without incurring significant prepayment penalties. The three facilities arranged by DVB financed in total 35 aircraft, making us the largest lender to SASOF II. DVB is a natural financing partner for Apollo-managed funds, given their focus on mid-/end-of-life equipment, and in view of our ability (through the Aviation Asset Management team) to analyse and project the physical condition, maintenance cash position and any lessor contributions for each aircraft until lease maturity. Corporate Presentation, August 2015 Clients and accolades Slide 50

51 Deal of the Year 2014 Offshore Finance Songa Offshore In March 2014, DVB (as Agent) arranged a six-year senior loan agreement for Songa Offshore alongside a similar junior loan agreement, thus cementing a DVB structured transaction involving commercial, ECA and junior lenders. The purpose of the loans was to assist DVB s long-term client in part-financing the first two (of a series of four) new generation, harsh environment, semi-submersible drilling rigs, with estimated delivery during The rigs have already obtained long-term drilling charters with the Norwegian oil company Statoil (each drilling contract is eight-year firm with additional twelve years of options). The deal was very challenging to conclude, due to many moving parts. Yet it was ultimately brought together through equity contributions from the majority shareholder, increased charter rates by Statoil, a willingness by the commercial lenders to underwrite a larger loan amount than initially intended, alongside a continued push by DVB towards both ECA providers and the junior loan provider. The successful closing of the transaction has allowed Songa Offshore to continue its quest for change from being an owner/operator of primarily older drilling equipment to being the leading drilling operator and partner of Statoil on the Norwegian Continental Shelf. Corporate Presentation, August 2015 Clients and accolades Slide 51

52 Deal of the Year 2014 Land Transport Finance Florida East Coast Railway Florida East Coast Railway (FECR) is a 351-mile freight rail line located along the east coast of Florida and the exclusive rail provider for Port Miami, Port Everglades, and Port of Palm Beach. In January 2014, FECR entered into an agreement to purchase 24 GE ES44C4 Evolution Series Tier 3 locomotives from GE Transportation. DVB was able to provide the financing for this equipment in June. We closed the transaction in October 2014 as the sole arranger and lender in a fully amortising loan, that included three separate delivery dates prior to year-end. The GE ES44C4 is the latest Evolution Series locomotive offered by General Electric, providing lower maintenance costs and fuel savings. Furthermore, these locomotives are being built as LNGready, allowing optionality between the use of diesel or natural gas as fuel, further reducing costs for the railroad. FECR was the first railroad to be selected by the Federal Railroad Administration for testing of the LNG fuel, ahead of any Class I railroad. With this successful transaction, DVB once again proved its capacity to combine client relationship management with the assessment of a fleet of innovative assets, and its execution capability. Corporate Presentation, August 2015 Clients and accolades Slide 52

53 Deal of the Year 2014 Corporate Finance Jetscape DVB Corporate Finance (DVBCF) was a Joint Bookrunner on Jetscape Aviation Group Ltd s debut ABS issuance. Aviation Finance has had a long-standing deep relationship with Jetscape. The offering consisted of senior and subordinated classes of notes that relied solely on cash flows derived from rental and disposition proceeds of 21 aircraft ring-fenced in a newly formed, bankruptcy-remote special purpose entity. Placed into the US institutional 144A market, the transaction included a number of firsts, including the first aircraft ABS comprised solely of the Embraer E-Jet family of regional aircraft, and the first to include timetranched sequential pay senior securities together with a highyield subordinated tranche since before the financial crisis. The offering included two subclasses of single-a rated notes, a class of BBB-rated notes, and a subordinated BB rated class, with the investment grade notes benefiting from a liquidity facility from DVB to support the timely payment of interest. The deal successfully launched and priced in December This transaction represented a significant co-operation between Aviation Finance and DVBCF by providing an important client with a tailor-made integrated financing solution that combines loan and debt capital markets products. Corporate Presentation, August 2015 Clients and accolades Slide 53

54 Some important deals 2014 Shipping Finance Ace Tankers/Kotani SIIM invested in a fleet of 4 x modern 20,000 dwt chemical tankers Joint Venture Minnetonka Tankers II Minnetonka Tankers II Senior Secured Term Loan Facility 6 x medium-range product tankers US$117 million Arranger Ray Car Carriers Term Loan 2 x 6,700 CEU PCTCs US$104 million Arranger China Shipping Container Lines ECA-covered Term Loan 2 x 19,100 TEU container vessels US$191.2 million Facility Co-ordinator, Arranger, Facility Agent & ECA Agent Navig8 Product Tankers Financing for 8 x newbuilt LR2 product tankers US$58 million Co-Arranger VT Bulk Carriers Senior Secured Post-Delivery Financing 3 x newbuilt Handymaxes to be delivered in 2015 US$42 million Bilateral ENESEL Senior Secured Post-Delivery Facility 1 x 13,800 TEU container vessel on time charter to Evergreen US$81 million Arranger & Sole Lender Oceanus Financing for 4 x newbuilt LNG carriers US$96 million - DVB (Commercial Tranche) US$50 million - DZ BANK (Kexim Guaranteed Tranche) Arranger & Global Co-ordinator GasLog Partners Refinancing 5 x LNG tankers US$75 million Club Deal Pangaea Logistics Solutions Bilateral Post-Delivery Financing 1 x Ice Class 1A Panamax newbuilding 2014 bulker US$22.5 million Facility Agent, Security Agent & Sole Lender Gram Car Carriers Refinancing 14 x PCTCs of different sizes US$70 million Mandated Lead Arranger Pioneer Marine Senior Debt Facility 8 x Handysize bulk carriers US$72 million Mandated Lead Arranger, Agent & Security Trusee Corporate Presentation, August 2015 Clients and accolades Slide 54

55 Some important deals 2014 Aviation Finance AWAS Operating Lease Financing 1 x new A on lease to Air Asia X Arranger DVB s Aviation Investment Management DVB's Aviation Investment Management Investment Advisor to equity funds owning 106 commercial aircraft 160 engines 2 airline equity investments Philippine Airlines Remarketing Agent 8 x A x A x B Aircraft sold on behalf of client BoComm Leasing Operating Lease Financing 3 x B on lease to KLM and SAS Arranger Korean Air Term Loan Refinancing 5 x B x B /-400F 2 x B /-200ER Arranger of two 'repeat' facilities United Airlines Term Loan 1 x new B787-9 Arranger Cebu Pacific Air Finance Lease 4 x new A Arranger Korean Air Junior Debt Financing Portfolio of 6 x Boeing aircraft Arranger on behalf of a Korean financial institution Dragon Aviation Leasing Bridge Finance 1 x new B on lease to Air Europa Arranger LATAM Term Loan 4 x A Arranger DVB s Aviation Asset Management DVB's Aviation Asset Management 32 commercial aircraft sold/leased, 155 aircraft under management in 2014 Merx Aviation Finance Operating Lease Financing 1 x B LRF on lease to Lan Cargo Arranger Corporate Presentation, August 2015 Clients and accolades Slide 55

56 Some important deals 2014 Offshore Finance DOF Subsea Senior Secured Term Loan NOK550 million Arranger & Underwriter Songa Offshore Term Loan 2 x harsh water semi-sub drilling rigs US$86 million Mandated Lead Arranger Minsheng/Global Offshore Services Senior Term Loan 1 x PSV in a Sale-and-Lease-Back Transaction US$29.3 million Bilateral Toisa Term Loan to refinance 1 x offshore construction vessel 1 x well testing vessel US$91.7 million Bilateral Pacific Radiance Sale-and-Lease-Back Transaction 1 x offshore support vessel US$40 million Arranger Corporate Presentation, August 2015 Clients and accolades Slide 56

57 Some important deals 2014 Land Transport Finance Alpha Trains Project: Rosenheim Sale-and-Lease-Back Transaction 35 x Flirt train sets Arranger & Security Agent Florida East Coast Railway Senior Secured Term Loan 24 x new GE ES44C4 locomotives Arranger & Security Agent ELL European Locomotive Leasing Senior Secured Pre- & Post-Delivery Finance Modern e-locos Facility & Security Agent Touax Rail Finance Senior Secured Warehousing Facility Co-lead Arranger, Facility & Security Agent Corporate Presentation, August 2015 Clients and accolades Slide 57

58 Accolades Commercial Loan Deal of the Year Airfinance Journal May Rail Finance Innovator of the Year Rail Finance Deal of the Year Europe Global Transport Finance Dec 2014 Global Transport Finance Dec The Ship Finance Award 2013 Used Aircraft Deal of the Year 2012 Editor s Choice Award 2013 Navigator Gas Editor s Choice Award 2013 Sovcomflot Contribution to Ship Finance 2013 Seatrade Asia Jun 2013 Airfinance Journal Apr 2013 Marine Money Mar 2013 Marine Money Mar 2013 Marine Money Mar 2013 Corporate Presentation, August 2015 Clients and accolades Slide 58

59 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 59

60 Total capital (CRR) and capital ratios [ mn] 30 Jun , , Common equity tier 1 Additional tier 1 Tier 2 Modified available equity Capital ratios Basel III Common equity tier 1 ratio: 16.6% Total capital ratio: 23.3% Corporate Presentation, August 2015 Own funds and refinancing Slide 60

61 Refinancing activities 2014 DVB has emphasised matched-maturity funding for many years a goal the Bank consistently adhered to in 2014 as well. DVB continued to broaden its investor base throughout 2014, once again also raising funding outside the Volksbanken Raiffeisenbanken cooperative financial network. Funding consisted of the following amounts and instruments: Placement of promissory note loans in an aggregate amount of 1.2 billion Issuance of six bonds under the Debt Issuance Programme, with an aggregate nominal amount of million, comprising: a million senior unsecured benchmark bond, a 75.0 million subordinated bearer bond, and four bond issues of 50.0 million each Placement of a 75.0 million ship covered bond Placements of million in tier 2 capital 40.0 million with institutional investors 75.0 million with private investors (for the first time!) Corporate Presentation, August 2015 Own funds and refinancing Slide 61

62 Funding composition (30 Jun 2015: 22.7 billion) Products 1) Investors 2) Short-term funding 7.1% thereof: 5.0% Short-term deposits from clients/banks 2.1% Cash collateral Banks 10.8% Retail 2.2% Institutional investors 40.7% DZ BANK 40.1% Long-term funding 92.9% thereof: 51.1% Uncovered bearer debt securities 35.8% Promissory notes/long-term deposits 3.5% Subordinated liabilities 2.5% Ship covered bonds 1) Nominal volume Diversified, granular funding base Approx. 1,000 investors 2) Estimates Volksbanken Raiffeisenbanken co-operative financial network 6.2% Corporate Presentation, August 2015 Own funds and refinancing Slide 62

63 Topics 1 Key facts about DVB 2 Journey of success since Financials 4 Transport Finance & Investment Management portfolios 5 Clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 63

64 Macroeconomic environment (1) The recovery of the global economy continues to show a mixed picture in the industrial nations and emerging economies. The International Monetary Fund forecasts global economic growth of 3.3% in the year 2015 slightly below the previous year's level. Hence, economic growth remains inconsistent and is subject to certain risks: At present it is impossible to predict the impact of the interest rate turnaround in the US on asset prices in industrial countries, as well as on capital flows in major emerging economies. The current economic environment in China might also lead to serious burdens for the international financial sector: Chinese property prices are falling significantly. Chinese companies and regional public-sector entities are highly indebted. At the beginning of August 2015, a long rally has led to significant losses on Chinese equity markets. Greece's persistent financial troubles pose a lower risk to the European economy. The crude oil price (Brent Crude) hit a trough at the beginning of 2015: it slightly recovered during the first half of the year, moving in a range between US$55 and US$70 per barrel. Looking at the most recent oil market developments, there is no discernible trend towards higher prices. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 64

65 Macroeconomic environment (2) On the other hand, constructive trends are evident in the industrial nations: The US economy is likely to show positive momentum, with GDP growth projected to be 2.5% in In this context, domestic demand remains the biggest contributor to US GDP growth which is being supported by lower oil prices and continued low interest rate policy of the US Federal Reserve. Although interest rates are expected to rise in the medium term, the economy appears to have gained stability at present. Euro-zone GDP growth is projected to remain positive, albeit at a low level, with the 2015 growth rate forecast at 1.5%. This raises the risk of a drawn-out phase of weak growth and low inflation. The difficult political climate between various member countries, however, holds significant risks for the region's overall economic growth. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 65

66 Outlook 2015 Shipping markets (1) Demand growth will generally be positive, with a cyclic recovery expected to take hold in some key consuming markets but also with an expected slowdown in the previous decade s strong demand growth for dry bulk commodities. Oversupply remains the current key issue in most sectors, and additional newbuildings can weigh down the nascent recovery in fleet utilisation expected in some sectors within the next one or two years. Excess shipyard capacity remains a challenge. The structural oversupply will further impact ship values and charter rates within the three challenging sectors (container vessels, bulk ships and crude oil tankers) especially in the dry bulk sector. The tanker market is currently experiencing a temporary rebound benefitting from the low oil price which leads to stocking up of oil reserves and use of tankers as floating storage. This eventually results in a stronger demand for crude tankers than supported by fundamentals. Lower bunker costs can postpone scrapping of older, inefficient vessels and might prolong the supply overhang. The lack of private equity activity and bank financing in the second-hand market will stress market values for older tonnage. Defaults and consolidation of ship owners and charterers cannot be ruled out. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 66

67 Outlook 2015 Shipping markets (2) The global ship building capacity has reduced from its peak in 2012 due to the adverse shipping market condition. However, the drop is smaller than what is needed to secure a balanced demand/supply of building capacity. The capacity which has transferred from ship building to offshore building may behave as a type of swing capacity it swings to the market that provides better business and profit prospects. Hence given the deteriorating market fundamentals in the offshore market, it is an uncertainty to both shipping and offshore markets whether and when this swing capacity may move back to the ship building business and provide more available slots to the shipping market oddities. The order book coverage measured by the lead time (difference from contracting date to delivery date) is currently below 20 months compared to months in This eventually means that when expectations are for a rebound, orders can be placed to impact on the rebound at a relatively early time horizon thereby hindering the traditional cyclical nature of the shipping industry. The feature of the inflexibility of modern shipyard capacity is the reason that shipyards often drop their prices to encourage speculative counter-cyclical orders. Meanwhile liquid investors often take advantage of the bargains. This combination of demand-side opportunism and supply-side inflexibility tends to slow the market adjustment process, leading to lengthy shipbuilding cycles and prolonging shipping cycles. In terms of niche shipping sectors, mitigation to this ongoing overcapacity comes from: focus on owners, operators, commercial operations, i.e. access to cargo which can provide owners, operators, premiums in their earnings and can achieve full potential of specialised assets; focus on technical management as specialised assets built in established shipyards and operated by established shipmanagement companies can usually better withstand value depreciation; keeping a diversified portfolio which contains assets with both high and low volatility of earnings and values. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 67

68 Outlook 2015 Shipping markets (container vessels) Containerised trade growth is closely linked with growth of global gross domestic product (GDP), global trade and consumer demand. Container port volumes grew between three and four times of the global GDP in the period up to 2005, but since then the ratio has been volatile down to less than two times. Meanwhile, owners have displayed a continued interest in ordering new vessels with larger capacity, due to the benefit from economies of scale, attraction of more fuel-efficient ships and relatively low newbuilding prices. The total capacity ordered during the first half of 2015 is just under one million TEU, which is close to the total capacity ordered in Although the order book at 19% of the existing fleet seems reasonable, the order book for very large container ships (VLCS) accounts for 64% of the fleet, which compounds problems in the container segment. As overall containerised demand continues to lag fleet growth, charter rates remain under pressure for the overall container market. But with the order book concentrated on the VLCS, the supply-demand balance for the smaller segments is positive for the short- and medium-term. The cascading pressure on the smaller segments gives temporary relief for some sectors but the overall cascading end game questions the long-term supply-demand balance. Scrapping activity is unlikely to provide much relief as owners may delay their demolition plans due to low bunker prices and 2014 were record years as 192 vessels aggregating 439,000 TEU and 171 vessels aggregating 381,000 TEU in container capacity were demolished, respectively. However, in the first half of 2015 only 47 vessels aggregating 87,000 TEU were scrapped. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 68

69 Outlook 2015 Shipping markets (dry bulk carrier) The demand for dry bulk commodities is projected to be moderate in the coming years. The traditional demand drivers are changing as the Chinese economy is rebalancing and shifting towards a more consumption-driven growth. Demand growth from India is expected to support the dry bulk trade, however at a lower level. Dry bulk seaborne demand is expected to grow 1.0% in 2015 and reach 4.3 billion tonnes. Eco tonnage will continue to be delivered in larger numbers. Given the low oil price, it remains to be seen if they will be able to benefit from these eco features. Older non-eco vessels will be able to compete with the younger eco vessels due to lower breakeven costs, although the older non-eco vessels will incur additional retro-fit costs to comply with the upcoming environmental regulations. The Baltic Dry Index (BDI) hit a historical low level in February Slow growth in demand coupled with a rapidly expanding fleet led to the fall. The fundamental supply-demand balance remains extremely weak. Scrapping activity has accelerated in 2015 compared to last year and only a limited number of new orders has been placed. However, restocking of iron ore in China and seasonal respites in the second half of 2015 might positively impact market conditions, limiting the scrapping activity. Oversupply in the market, a massive order book and slowing demand will keep both asset values and earnings at low levels during Temporary and seasonal effects may cause freight rates to increase in the second half of Corporate Presentation, August 2015 Outlook and targets 2015 Slide 69

70 Outlook 2015 Shipping markets (crude oil tankers) Crude oil tanker demand is mainly driven by oil demand, supply capacity and geographical dislocation between refining location and production regions. As per the International Energy Agency, global oil demand is expected to increase by 1.2% in 2015 to 93.6 million barrels per day. Growth will come primarily from Asia, the Middle East and South America. Oil supply growth in 2015 is primarily expected to come from the US and the Middle East. In 2015, demand for crude tankers is benefitting from short-term effects. The low oil price is triggering stock building and opportunistic purchase of crude oil despite lower oil prices, continued oil production especially in the Middle East translates into additional volumes requiring transportation. Crude oil trade is thus expected to grow by more than 3% in 2015 versus 0.7% in Vessel demand is also inflated by speculation on the oil price which fuelled demand for floating storage, although as of mid-year 2015 this is progressively reversing as the oil price stabilises. Meanwhile, fleet growth is expected to be low in 2015 with a stable Aframax and Suezmax fleet, while the very large crude carrier (VLCC) fleet is forecast to increase by 2.4%. Moreover, delays in ports artificially reduce the available supply. With supply growth expected to be lower than demand growth in 2015, fleet utilisation is improving for all tankers, leading to an increase in earnings and values. A fundamental underlying fleet oversupply remains one of the challenges for the crude oil tanker market. Short-term effects described above vanish, earnings and values are expected to decrease and return to levels more in line with the underlying longer term supply and demand fundamentals. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 70

71 Outlook 2015 Aviation markets Demand perspectives for passenger transport remain very positive, while airfreight markets have recovered but do not show robust growth yet. Global airline results are strong and partly thanks to the low oil price may even reach record levels on an aggregated level. European flag carriers remain under pressure from expanding Middle Eastern long-haul competitors as well as European low-cost carriers. Some carriers are contemplating structural changes in their business model. The backlog for commercial jets has reached an unprecedented level. At 2014 production levels, the backlog is equivalent to almost nine years production. Now order intake during the first half of 2015 is still high albeit well below the (record) 2014 levels. A generation change in terms of aircraft technology is taking place over the full spectrum of jet categories. Eventually, this will result in replacement of current generation jets. Aircraft lessors control an increasing share of the global commercial jet fleet. They enjoy good popularity with the global investor community. Increasingly, professional lessors create joint ventures with investors to buy aircraft portfolios. This could signal that aircraft values are approaching a cyclical peak. In general, there is currently ample commercial financing available for new and increasingly also used aircraft. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 71

72 Outlook 2015 Offshore markets Offshore activity is highly reliant on exploration and production (E&P) spending, which in turn correlates to the level of oil and gas prices and availability of cash flows at the oil and gas producers level. The current lower oil price environment and cash flow issues tackled through cost cutting campaigns have a negative impact on the E&P spending. Based on current programmes, it is expected that E&P spending will decrease by 12% in Activities related to the early stages of an offshore field lifecycle such as seismic research and exploration will be the most affected. Demand for most offshore asset types is expected to decrease. Demand in regions with comparatively higher oil price breakevens such as the North Sea, West Africa or Brazil may be more affected than lower cost regions such as the Middle East. Meanwhile, supply is expected to increase significantly in 2015 for jack-up drilling units and platform supply vessels. Thanks to a lower order book, anchor handlers are to witness a slower fleet growth, while floaters are so far have benefitted from a strong scrapping activity so far. In order to mitigate the increasing oversupply risks, shipowners take supply adjustment measures, such as scrapping or idling of older units, as well as delaying of new deliveries. This trend is expected to continue into next year. Since the beginning of 2015, earnings and asset values continue to decrease as supply growth is outpacing demand growth. In the short term, the initiatives for supply adjustment measures will not be sufficient to match the lower demand. Hence, fleet utilisation is still expected to decrease. This will continue to put downward pressure on earnings and asset values, with older and less sophisticated units to be even more affected. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 72

73 Outlook 2015 Land Transport markets Demand perspectives for passenger and freight transport are positive in our three geographical areas. In order of increasing strength: Europe, Australia and North America. Transport prices, lease rates and utilisation rates increases can be expected across the board. US freight car backlog predominantly consists of cars for the booming oil industry, but recent orders show an uptick for most of the other car types as well. Envisaged regulatory changes for flammable liquid tank cars could distort the economics for a large part of the existing fleet. Coal markets are still depressed in US (tighter emission regulations) and Australia (lower growth in demand from Asia and Chinese import duties), but doing fine in Europe (more import due to mine closures). The largest iron ore mines and railroads will grow, the others decline or shut down. Locomotive and freight car demand is weak in Australia and Europe. Current fleets must be better utilised first. Only one main line freight diesel locomotive manufacturer will operate in the market in the US. Leasing companies continue to gain market share in Europe. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 73

74 Targets 2015 We keep on working intensely on reducing our risk positions in parts of our shipping lending business. We will further reinforce our new clients approach, particularly in our Shipping Finance division. We expect a significant contribution from our Investment Management activities. We focus on additional service offers for our clients, with a particular focus on the capital markets business. We continuously expand our funding sources, as well as funding tools and structures. Corporate Presentation, August 2015 Outlook and targets 2015 Slide 74

75 Topics 1 Key facts about DVB 2 DVB s journey of success since DVB Group s financials 4 Transport Finance & Investment Management portfolios 5 DVB s clients and accolades 6 Own funds and refinancing 7 Outlook and targets Appendices Slide 75

76 The Board of Managing Directors Ralf Bedranowsky CEO and Chairman of the Board of Managing Directors, Bank director RESPONSIBILITIES Client areas in business divisions Shipping & Offshore Credit Aviation Credit Land Transport Credit Shipping & Offshore Research Aviation Research Land Transport Research Strategic Management and Restructuring Client areas in affiliates ITF International Transport Finance Suisse AG LogPay Financial Services GmbH Product/service areas Group Compliance Office Group Controlling Group Corporate Communications Group Human Resources Group Legal Group Risk Management OFFICES HELD Chairman of the Supervisory Board DVB Bank America N.V., Willemstad, Curaçao Chairman of the Board of Directors DVB Holding (US) Inc., New York, USA DVB Transport (US) LLC, New York, USA DVB Group Merchant Bank (Asia) Ltd, Singapore ITF International Transport Finance Suisse AG, Zurich, Switzerland Member of the Board of Directors DVB Capital Markets LLC, New York, USA Member of the Advisory Board Hellmann Worldwide Logistics GmbH & Co KG, Osnabrück, Germany CURRICULUM VITAE Since CEO and Chairman of the Board of Managing Directors of DVB Bank SE Member of the Board of Managing Directors of DVB Bank SE Deutsche Bank AG, Global Head Deutsche Shipping, global responsibility for the business development and coverage of the shipping clients in ship financing and investment banking Landesbank Hessen Thüringen, Member of the Board of Managing Directors Deutsche Bank AG, from 2001 to 2004 Member of the Regional Management Board for Northern and Eastern Germany and Deputy Chairman of the Supervisory Board of Schiffshypothekenbank zu Lübeck AG Corporate Presentation, August 2015 Appendices Slide 76

77 The Board of Managing Directors Bertrand Grabowski Member of the Board of Managing Directors, Bank director RESPONSIBILITIES Client areas in business divisions Aviation Finance Aviation Financial Consultancy Aviation Investment Management Financial Institutions and Syndications Land Transport Finance Client areas in affiliates DVB Transport Finance Ltd TES Holdings Ltd (40% shareholding) Product/service areas Group Audit Group Treasury Transaction & Loan Services OFFICES HELD Chairman of the Board of Directors DVB Transport Finance Ltd, London, United Kingdom Member of the Board of Directors DVB Transport (US) LLC, New York, USA DVB Capital Markets LLC, New York, USA DVB Holding (US) Inc., New York, USA Non-executive director Bravo Passenger Solutions Pte. Ltd, Singapore CURRICULUM VITAE Since Member of the Board of Managing Directors of DVB Bank SE Citigroup London, Direktor Asset Finance Group Crédit Agricole Indosuez, New York, Head of Aerospace Group for the Americas and Branch Manager Crédit Agricole Indosuez, Tokyo, Head of Asian Aerospace Group and Branch Manager (as from 1995) Banque Indosuez, Paris, Director Aerospace Group Société Navale Delmas-Vieljeux, Paris, Vice President Finance & Treasury Agefaforia, Paris, Associate Ecole Supérieure des Sciences Economiques et Commerciales (ESSEC), Paris, MBA Corporate Presentation, August 2015 Appendices Slide 77

78 The Board of Managing Directors L.H. (Bart) Veldhuizen Member of the Board of Managing Directors, Bank director RESPONSIBILITIES Client areas in business divisions Shipping Finance Offshore Finance Corporate Finance Shipping & Intermodal Investment Management Shipping Execution Management Client areas in affiliates DVB Capital Markets LLC Product/service areas Business Process Support Group Finance Information Technology OFFICES HELD Chairman of the Board of Directors DVB Capital Markets LLC, New York, USA Member of the Board of Directors DVB Transport (US) LLC, New York, USA DVB Holding (US) Inc., New York, USA DVB Group Merchant Bank (Asia) Ltd, Singapore Non-executive Member of the Board and Chairman of the Compensation Committee Eagle Bulk Shipping Inc., New York, USA CURRICULUM VITAE Since April 2015 Since Member of the Board of Managing Directors of DVB Bank SE Eagle Bulk Shipping Inc., Non-executive Member of the Board and Chairman of the Compensation Committee Armi Investments Pte, Costamare MLP, Member of the Board Apollo Global Management, Senior Advisor Seadrill Partners LLC, Member of the Board Swaen Marine Ltd, sole director Golar LNG Partners LP, Member of the Board Lloyds Banking Group, Managing Director and Global Head of Shipping NIBC Bank, Shipping Coverage Banker Transport & Energy Smit Internationale, Member of the Management Team Singapore and Manager Greece Nedship Bank, Relationship Shipping Banker Van Ommeren Shipping, Management Trainee Erasmus University Rotterdam, The Netherlands, Master in Business Economics Corporate Presentation, August 2015 Appendices Slide 78

79 Employees at DVB 30 Jun 2015: 588 active employees 30 Jun 2014: 575 active employees LogPay Financial Services 57 Transport Finance/ Investment Management LogPay Financial Services 51 Transport Finance/ Investment Management Service areas Service areas Corporate Presentation, August 2015 Appendices Slide 79

80 Nationalities in DVB 588 active employees DVB Bank Group 304 active employees Transport Finance/ Investment Management Norwegian 2.7% Greek 3.6% US-American 4.7% Singaporean 6.5% 34 other nationalities 15.2% British 12.2% Dutch 12.9% German 42.2% 23 other nationalities 20.7% Norwegian 4.6% Greek 5.9% US-American 6.6% Singaporean 9.9% Dutch 19.4% British 16.4% German 16.5% Corporate Presentation, August 2015 Appendices Slide 80

81 Accolades Bank Debt Deal of the Year 2012 Editor s Choice Award 2012 Norskan Offshore Shipping Financier of the Year 2012 Rail Finance Innovator of the Year 2011 Bank of the Year International Transport Markets Sale/Leaseback Deal of the Year 2011 Predelivery Payment Deal of the Year 2011 North America Deal of the Year 2011 Leasing (East) Deal of the Year 2011 Securitization Deal of the Year 2011 Marine Money Offshore 2013 Marine Money Offshore 2013 Lloyd s List Dec 2012 Global Transport Finance Nov 2012 DealMakers Monthly Sep 2012 Airfinance Journal Apr 2012 Airfinance Journal Apr 2012 Airfinance Journal Apr 2012 Marine Money Mar 2012 Marine Money Mar 2012 Corporate Presentation, August 2015 Appendices Slide 81

82 Accolades Rail Finance Innovator of the Year Jane s Transport Finance Nov 2011 Editor s Choice of the Year West Marine Money Feb 2011 Editor s Choice of the Year Shipping Research Marine Money Feb 2011 Leasing Deal of the Year East Marine Money Feb 2011 Project Finance Deal of the Year Marine Money Feb 2011 Export Credit Deal of the Year West Marine Money Feb Asia Ship Finance Award 2010 Regional Jet Deal of the Year Shipping Debt Deal of the Year South America Shipping Leasing Deal of the Year European Rail Deal of the Year Aviation Research House of the Year Shipping Deal of the Year North America Award for Contribution to Ship Finance 2008 Aircraft Debt Deal of the Year North America Aircraft Debt Deal of the Year South America Americas Rail Deal of the Year Seatrade Asia Apr 2010 Airfinance Journal Apr 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2010 Jane s Transport Finance Nov 2009 Marine Money Feb 2009 Jane s Transport Finance Nov 2009 Jane s Transport Finance Nov 2009 Jane s Transport Finance Nov 2009 Corporate Presentation, August 2015 Appendices Slide 82

83 Accolades Rail Finance House of the Year US Rail Deal of the Year Aircraft Debt Deal of the Year Asia Aircraft Debt Deal of the Year Middle East Aircraft Capital Markets Award Best Shipping Finance Research PDP Deal of the Year Cargo Finance Deal of the Year Africa Deal of the Year Aircraft Debt Deal of the Year Africa Rail Finance House of the Year US Rail Deal of the Year Shipping Debt Deal of the Year Europe Restructuring Deal of the Year 2006 Best Shipping Finance Research Ship Finance Personality 2006 (Dagfinn Lunde) European Rail Deal of the Year M&A Deal of the Year 2005 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Jane s Transport Finance Nov 2008 Lloyd s Shipping Economist Nov 2008 Airfinance Journal Jan 2008 Airfinance Journal Jan 2008 Airfinance Journal Jan 2008 Jane's Transport Finance Jane's Transport Finance Jane's Transport Finance Jane's Transport Finance Marine Money Lloyd's Shipping Economist Lloyd's Shipping Economist Jane's Transport Finance Marine Money Corporate Presentation, August 2015 Appendices Slide 83

84 Accolades Best Shipping Finance Research Long Term Aircraft Finance Deal of the Year Middle East Road Finance Innovator Best Shipping Finance Research Shipping Equity Deal of the Year Most Innovative Shipping Finance Deal Best Ship Financier Most Professional Overall Finance Service to Shipping Aircraft Debt Deal of the Year Europe Lloyd's Shipping Economist Jane's Transport Finance Jane's Transport Finance Lloyd's Shipping Economist Jane's Transport Finance Lloyd's Shipping Economist Lloyd's List Maritime Asia Lloyd's Shipping Economist Jane's Transport Finance Best Overall Knowledge of the Tanker Sector Lloyd's Shipping Economist Most Innovative Ship Finance Institution Worldwide Lloyd's Shipping Economist Best Ship Financier Lloyd's List Maritime Asia Corporate Presentation, August 2015 Appendices Slide 84

85 Chronicle and logos / Foundation of Deutsche Verkehrs-Kredit-Bank AG (DVKB) in Berlin DVKB shares introduced to official trading on the FSE and BSE; Deutsche Bundesbahn retains 75.1% and a free float of 24.9% DG BANK takes a majority share of 50.1% in Deutsche Verkehrs-Bank AG (DVB) DVB s strategy focuses on the transportation industry Acquisition of the Global Aviation and Shipping Finance division of the Long-Term Credit Bank of Japan: DVB goes international Acquisition and integration of Nedship Bank N.V., closing of all German branches and establishment of Transport Finance divisions (Shipping, Aviation and Land Transport) Change of corporate name: DVB Bank AG Merger of DVB Bank N.V. into DVB Bank AG and new legal form: DVB Bank SE Corporate Presentation, August 2015 Appendices Slide 85

DVB Bank Group Investor Presentation

DVB Bank Group Investor Presentation DVB Bank Group Investor Presentation Frankfurt/Main, November 2015 Slide 1 Contents 01/ DVB Financials and outlook 4 Financial figures 8 Own funds and refinancing 10 Rating 11 Macroeconomic environment

More information

DVB Bank posts reasonable consolidated net income before taxes for the first quarter of 2016

DVB Bank posts reasonable consolidated net income before taxes for the first quarter of 2016 DVB Bank posts reasonable consolidated net income before taxes for the first quarter of 2016 Frankfurt/Main, 12 May 2016 During the first three months of 2016, DVB Bank SE (ISIN DE0008045501) generated

More information

Quarterly Statement Three-Month Results

Quarterly Statement Three-Month Results Quarterly Statement Three-Month Results 2016 Key events and transactions 2 DVB posts reasonable consolidated net income before taxes for the first quarter of 2016 During the first three months of 2016,

More information

Interim Statements Three-Month Results

Interim Statements Three-Month Results Interim Statements Three-Month Results 2015 Substantial events and deals 2 DVB Bank posts strong results for the first quarter of 2015 DVB more than doubled consolidated net income, from 33.9 million to

More information

With offices in the UK, Canada and France, MDT has developed a reputation for structuring and arranging financial solutions for clients worldwide.

With offices in the UK, Canada and France, MDT has developed a reputation for structuring and arranging financial solutions for clients worldwide. MDT is a financial services and investment firm specialising in arranging equity, debt, lease and structured finance for a broad range of clients involved in capital intensive projects and industries.

More information

The entry of Private Equity into Shipping a Lender s perspective. Energy, Commodities and Transportation October 2013

The entry of Private Equity into Shipping a Lender s perspective. Energy, Commodities and Transportation October 2013 The entry of Private Equity into Shipping a Lender s perspective Energy, Commodities and Transportation October 2013 ABN AMRO at a glance A leading Dutch bank with the majority of revenues generated by

More information

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights

FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER Highlights Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of. Frontline reports nine month results of

More information

NIBC Bank underlying net profit almost doubles to EUR 42 million in 2014

NIBC Bank underlying net profit almost doubles to EUR 42 million in 2014 PRESS RELEASE The Hague, 4 March 2015 NIBC Bank underlying net profit almost doubles to EUR 42 million in 2014 Continued underlying growth driven by strong demand from both corporate and consumer clients

More information

BTMU Capital Maritime Overview

BTMU Capital Maritime Overview The Power to Finance Your Business. BTMU Capital Maritime Overview May 2011 BTMU Capital Corporation General Overview A leading provider of leasing and structured asset-based financing and related financial

More information

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet

Press Release. Major Elements of the Consolidated Accounts. Balance Sheet Presse und Kommunikation MAIN TOWER Neue Mainzer Straße 52-58 60311 Frankfurt am Main www.helaba.de Tel.: +49 (0) 69 / 9132 2192 Wolfgang Kuß E-Mail: wolfgang.kuss@helaba.de Ursula-Brita Krück E-Mail:

More information

Boeing Capital Corporation. Current Aircraft Finance Market Outlook 2016. Copyright 2015 Boeing. All rights reserved.

Boeing Capital Corporation. Current Aircraft Finance Market Outlook 2016. Copyright 2015 Boeing. All rights reserved. Boeing Capital Corporation Current Aircraft Finance Market Outlook 2016 The 2016 Current Aircraft Finance Market Outlook forecasts continued strength in the primary aircraft finance sectors, with a growing

More information

Reports Results for First Quarter 2007 and Declares Quarterly Dividend

Reports Results for First Quarter 2007 and Declares Quarterly Dividend Ship Finance International Limited (NYSE: SFL) Reports Results for First Quarter and Declares Quarterly Dividend Ship Finance International Limited ( Ship Finance or the Company ) announces today the financial

More information

Overview of K-sure Ship Finance. The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens

Overview of K-sure Ship Finance. The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens Overview of K-sure Ship Finance The 16 th Annual Marine Money Greek Forum 15 th October 2014, Athens 1 2 3 4 5 6 ECA Overview Introduction of K-sure K-sure Ship Finance Program New Product : Capital Market

More information

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com

mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3

More information

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 7 Events after the balance sheet date 8 Income statement

More information

We also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA.

We also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA. Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1

More information

Understanding Fixed Income

Understanding Fixed Income Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding

More information

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit

More information

HAMBURGER HAFEN UND LOGISTIK AG

HAMBURGER HAFEN UND LOGISTIK AG HAMBURGER HAFEN UND LOGISTIK AG ANALYST CONFERENCE ON 2014 FINANCIAL YEAR RESULTS Hamburg, 30 March 2015 Hamburger Hafen und Logistik AG Agenda Business Development 2014 and Business Forecast 2015 Klaus-Dieter

More information

HAMBURGER HAFEN UND LOGISTIK AG

HAMBURGER HAFEN UND LOGISTIK AG HAMBURGER HAFEN UND LOGISTIK AG ANALYST CONFERENCE ON 2013 FINANCIAL YEAR RESULTS Hamburg, 27 March 2014 Hamburger Hafen und Logistik AG Agenda Chairman of the Executive Board Annual Financial Statements

More information

Cash Drivers and Enterprise Value

Cash Drivers and Enterprise Value Cash Drivers and Enterprise Value Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Gérard Adsuar Corporate Executive Finance & Treasury, EADS 1 1 Safe Harbour Statement Disclaimer This presentation

More information

Interim financial report for the period 1 January to 30 September 2011

Interim financial report for the period 1 January to 30 September 2011 Company announcement no. 11/ 18 November Page 1 of 9 Interim financial report for the period 1 January to 30 September Highlights Results improved in the third quarter with a gross profit of USD 8 million

More information

Sydbank s preliminary announcement of 2006 annual results

Sydbank s preliminary announcement of 2006 annual results Copenhagen Stock Exchange London Stock Exchange Bourse de Luxembourg Other stakeholders Stock Exchange Announcement No 01/07 Group Executive Management Peberlyk 4 PO Box 1038 DK-6200 Aabenraa Tel +45 74

More information

Is the global shipping industry heading for a new crisis?

Is the global shipping industry heading for a new crisis? Interview with Dagfinn Lunde Page 1 Is the global shipping industry heading for a new crisis Mr Dagfinn Lunde, Member of DVB s Board of Managing Directors responsible for Shipping Finance, was interviewed

More information

Current Aircraft Finance Market Outlook 2015

Current Aircraft Finance Market Outlook 2015 Boeing Capital Corporation Current Aircraft Finance Market Outlook 2015 Copyright 2014 Boeing. All rights reserved. T he Current Aircraft Finance Market Outlook for 2015 anticipates continued strength

More information

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012

Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Consolidated Nine-month Report of Baader Bank AG as of 30 September 2012 Overview of key figures EARNINGS 1 Jan. - 30 Sept. 2012 1 Jan. - 30 Sept. 2011 Change % Net interest income thou. 4.06 4.66-13.0

More information

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8%

Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% IR release 2 November 2015 Commerzbank: Operating profit improved after nine months of 2015 to EUR 1.5 bn CET 1 ratio increased to 10.8% Operating profit in Group in third quarter at EUR 429 m (Q3 2014:

More information

Priority Senior Secured Income Fund, Inc.

Priority Senior Secured Income Fund, Inc. Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed

More information

Ship Finance International Limited (NYSE: SFL) - Earnings Release. Reports second quarter results and quarterly dividend of $0.

Ship Finance International Limited (NYSE: SFL) - Earnings Release. Reports second quarter results and quarterly dividend of $0. Ship Finance International Limited (NYSE: SFL) - Earnings Release Reports second quarter results and quarterly dividend of $0.55 per share Ship Finance International Limited ( Ship Finance or the Company

More information

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7

APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015. Page 1 of 7 APPENDIX 4E ANNUAL REPORT THORN GROUP LIMITED ACN 072 507 147 YEAR ENDED 31 MARCH 2015 1 Details of the reporting period and the previous corresponding period Current period: 1 April 2014 to 31 March 2015

More information

Postbank Group Interim Management Statement as of September 30, 2013

Postbank Group Interim Management Statement as of September 30, 2013 Postbank Group Interim Management Statement as of September 30, 2013 Preliminary Remarks Macroeconomic Development Business Performance Preliminary Remarks This document is an interim management statement

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

01 March 2012. Manuela Better CEO. Alexander von Uslar CFO. Deutsche Pfandbriefbank AG, Munich. Manuscript the spoken word prevails.

01 March 2012. Manuela Better CEO. Alexander von Uslar CFO. Deutsche Pfandbriefbank AG, Munich. Manuscript the spoken word prevails. Press Briefing Results for 2011 01 March 2012 Manuela Better CEO Alexander von Uslar CFO Deutsche Pfandbriefbank AG, Munich Manuscript the spoken word prevails. 1. Introduction (Manuela Better) Good morning,

More information

FITCH COMPLETES COMMERCIAL FLEET LESSORS PEER REVIEW: AFFIRMS RATINGS; OUTLOOK STABLE

FITCH COMPLETES COMMERCIAL FLEET LESSORS PEER REVIEW: AFFIRMS RATINGS; OUTLOOK STABLE FITCH COMPLETES COMMERCIAL FLEET LESSORS PEER REVIEW: AFFIRMS RATINGS; OUTLOOK STABLE Fitch Ratings-Chicago-17 April 2014: Fitch Ratings has completed its peer review of two rated commercial fleet lessors,

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

BROSTRÖM AB (publ) Reg No 556005-1467

BROSTRÖM AB (publ) Reg No 556005-1467 Broström is one of the leading logistics companies for the oil and chemical industry, focusing on industrial product and chemical tanker shipping and marine services. Broström is based all over the world

More information

Roche Finance Europe B.V. - Financial Statements 2013

Roche Finance Europe B.V. - Financial Statements 2013 Roche Finance Europe B.V. - Financial Statements 2013 0 Financial Statements 2011 Roche Finance Europe B.V. Management Report 1. Review of the year ended 31 December 2013 General Roche Finance Europe B.V.,

More information

1. Supplemental explanation of FY2014 Q3 financial results

1. Supplemental explanation of FY2014 Q3 financial results February 2015 1. Supplemental explanation of FY2014 Q3 financial results Overall view Despite the favorable winds of a depreciating yen and lower bunker prices, we could not fully leverage these benefits,

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

TTS Group ASA. Presentation Q1 2013. Oslo May 15 th, 2013. Johannes D. Neteland Arild Apelthun

TTS Group ASA. Presentation Q1 2013. Oslo May 15 th, 2013. Johannes D. Neteland Arild Apelthun TTS Group ASA Presentation Q1 2013 Oslo May 15 th, 2013 Johannes D. Neteland Arild Apelthun Agenda 1 st quarter headlines Order intake and order backlog Business segments Market development 1 st quarter

More information

The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG

The Key to Mobility. Creating Value with Financial Services. Fixed Income Investor Update - December 2010. Volkswagen Financial Services AG The Key to Mobility Creating Value with Financial Services Fixed Income Investor Update - December 2010 Bernd Bode Head of Group Treasury and Investor Relations Volkswagen Financial Services Nils Allnoch

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Tipco Asphalt Public Company Limited (TASCO)

Tipco Asphalt Public Company Limited (TASCO) (TASCO) Q1/2015 Opportunity Day 4 th June 2015 1 Disclaimer This presentation material has been prepared solely for informational purposes only. TASCO is furnishing it solely for use by prospective investors

More information

Volkswagen Financial Services AG

Volkswagen Financial Services AG Volkswagen Financial Services AG Klaus-Dieter Schürmann Member of the Board of Management Morgan Stanley 7 th Annual European Automotive Conference 29 June 2004 2 Volkswagen Financial Services AG Introduction

More information

Operational data First quarter Full year 2010 2009 Change 2009

Operational data First quarter Full year 2010 2009 Change 2009 Press release 5 May 2010 Stronger results in volatile markets Operating and Financial Review Statoil's first quarter 2010 net operating income was NOK 39.6 billion, an 11% increase compared to NOK 35.5

More information

Financial Information

Financial Information Financial Information Solid results with in all key financial metrics of 23.6 bn, up 0.4% like-for like Adjusted EBITA margin up 0.3 pt on organic basis Net profit up +4% to 1.9 bn Record Free Cash Flow

More information

GECAS. Imagination at work.

GECAS. Imagination at work. GECAS Imagination at work. About us GE today GE Energy Aviation Home & Business Solutions Power & Water Healthcare GE Capital Oil & Gas Transportation Aviation Services Capital Americas Capital International

More information

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015

Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 Consolidated Quarterly Report of Baader Bank AG as at 31.03.2015 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS Q1 2015 Q1 2014 Change in % Net interest income EUR thousand -95 869 >-100.0 Current income

More information

Group Financial Review

Group Financial Review Management Discussion and Analysis of Financial Statements. Fifth consecutive year of record performance for the Group. Simplified Income Statement RM Million +/- RM Million % Net interest income 2,065.9

More information

Message from José Antonio Álvarez

Message from José Antonio Álvarez Message from José Antonio Álvarez 2014 was a year when the global economic situation improved, particularly in the developed economies, the hardest hit by the financial crisis. The financial situation

More information

Expertise that s our DNA and our branding!

Expertise that s our DNA and our branding! Investor Relations Newsletter 1/2014 Expertise that s our DNA and our branding! DVB s Aviation Finance is certainly different from other aviation banks. In the following interview Bertrand Grabowski, Member

More information

Pohjola Group. 31 March 2008

Pohjola Group. 31 March 2008 Pohjola Group 31 March 2008 Group business structure Strategy Interim report 31 March 2008 Pohjola Group Banking and Investment Services Non-life Insurance Acquisition synergies Prospects for 2008 Dividend

More information

Note 24 Financial Risk Management

Note 24 Financial Risk Management Note Financial Risk Management Risk management principles and process Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board

More information

Still battling the storm

Still battling the storm www.pwc.com Still battling the storm Global Shipping Benchmarking Analysis 2013 Table of contents Foreword 5 1. Market developments 6 1.1 General outlook 7 1.2 Characteristics of the market 9 1.3 Year

More information

Reliable Performance and Increasing Growth Hans-Peter Ring Chief Financial Officer EADS. North America Investor Forum New York 7 th October 2003

Reliable Performance and Increasing Growth Hans-Peter Ring Chief Financial Officer EADS. North America Investor Forum New York 7 th October 2003 Reliable Performance and Increasing Growth Hans-Peter Ring Chief Financial Officer EADS North America Investor Forum New York 7 th October 2003 1 1 Solid and Resilient Performance Financial Highlights

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Debt Policy. I. Purpose of the Debt Policy

Debt Policy. I. Purpose of the Debt Policy Debt Policy I. Purpose of the Debt Policy In support of its mission, (University) maintains a long term strategic plan. The strategic plan establishes University wide priorities as well as divisional programmatic

More information

Update on 2014 and strategic priorities. Morgan Stanley 11 th Annual European Financials Conference Torsten Hagen Jørgensen, Group CFO

Update on 2014 and strategic priorities. Morgan Stanley 11 th Annual European Financials Conference Torsten Hagen Jørgensen, Group CFO Update on 2014 and strategic priorities Morgan Stanley 11 th Annual European Financials Conference Torsten Hagen Jørgensen, Group CFO Disclaimer This presentation contains forward-looking statements that

More information

Agreement to Acquire 100% Ownership of Protective Life Corporation

Agreement to Acquire 100% Ownership of Protective Life Corporation [Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership

More information

Clear weather on the horizon?

Clear weather on the horizon? PwC annual Global Shipping Benchmarking Analysis Market Developments p / Sustainability p1 / Financial Performance review p17 / Companies covered by the analysis p Clear weather on the horizon? 3% of the

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

Airbus Group Achieves Record Revenues, EBIT* And Order Backlog In 2014

Airbus Group Achieves Record Revenues, EBIT* And Order Backlog In 2014 Airbus Group Achieves Record Revenues, EBIT* And Order Backlog In Revenues increase five percent to 60.7 billion Reported EBIT* up 54 percent to 4.0 billion with a 6.7% return on sales Earnings per share

More information

New Monetary Policy Challenges

New Monetary Policy Challenges New Monetary Policy Challenges 63 Journal of Central Banking Theory and Practice, 2013, 1, pp. 63-67 Received: 5 December 2012; accepted: 4 January 2013 UDC: 336.74 Alexey V. Ulyukaev * New Monetary Policy

More information

Announcement of Financial Results 1999. for. Den Danske Bank Group

Announcement of Financial Results 1999. for. Den Danske Bank Group Announcement of Financial Results 1999 for Den Danske Bank Group 2 Den Danske Bank Group Highlights Core earnings and net profit for the year (DKr million) 1999 1998 1997 1996 1995 Net interest income,

More information

Corporate Risk Management Advisory Services FX and interest rate solutions for clients

Corporate Risk Management Advisory Services FX and interest rate solutions for clients Corporate Risk Management Advisory Services FX and interest rate solutions for clients Risk Management: The UBS Warburg approach UBS Warburg has built an outstanding reputation in the management of foreign

More information

Standard Chartered today releases its Interim Management Statement for the third quarter of 2015.

Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Standard Chartered PLC Interim Management Statement 3 November 2015 Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Bill Winters, Group Chief Executive,

More information

Company Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015

Company Presentation VTG AG Connecting worlds. Analyst Conference April 14, 2015 Company Presentation VTG AG Connecting worlds Analyst Conference April 14, 2015 Table of content 1 Highlights 2014 2 Performance & Financials 2014 3 Update on Strategy 4 Outlook 2015 5 Appendix 1 Executive

More information

FITCH AFFIRMS NORWEGIAN SAVINGS BANKS

FITCH AFFIRMS NORWEGIAN SAVINGS BANKS FITCH AFFIRMS NORWEGIAN SAVINGS BANKS Fitch Ratings-London-04 November 2015: Fitch Ratings has affirmed SpareBank 1 Nord-Norge's (SNN) Long-term Issuer Default Rating (IDR) at 'A', SpareBank 1 SMN's (SMN),

More information

Investor Relations Release

Investor Relations Release Release 29 August 2011 BayernLB Interim Report 2011: Stable earnings trend in customer business continues in the second quarter Earnings before taxes of EUR 244 million in H1 2011 are generated entirely

More information

Offshore Finance it s all about oil & gas!

Offshore Finance it s all about oil & gas! Investor Relations Newsletter 3/2013 Offshore it s all about oil & gas! With effect from 1 January 2013, DVB separated its existing offshore financing activities in offshore drilling and production as

More information

SBERBANK GROUP S IFRS RESULTS. March 2015

SBERBANK GROUP S IFRS RESULTS. March 2015 SBERBANK GROUP S IFRS RESULTS 2014 March 2015 SUMMARY OF PERFORMANCE FOR 2014 STATEMENT OF PROFIT OR LOSS Net profit reached RUB 290.3bn (or RUB 13.45 per ordinary share), compared to RUB 362.0bn (or RUB

More information

Consolidated Half-Year Report of Baader Bank AG as at 30.06.2014

Consolidated Half-Year Report of Baader Bank AG as at 30.06.2014 Consolidated Half-Year Report of Baader Bank AG as at 30.06.2014 OVERVIEW OF KEY FIGURES RESULTS OF OPERATIONS 01.01-30.06.2014 01.01-30.06.2013 Change in % Net interest income thousand 1,017 1,991-48.9

More information

Citi Global Financial Conference Hong Kong, 19 November 2013

Citi Global Financial Conference Hong Kong, 19 November 2013 Citi Global Financial Conference Hong Kong, 19 November 2013 Hanse Ringström, Chairman SEB Asia Ulf Grunnesjö, Head of Investor Relations 1 SEB the Nordic corporate bank with a global reach Income distribution

More information

Quarterly Credit Conditions Survey Report

Quarterly Credit Conditions Survey Report Quarterly Credit Conditions Survey Report Contents March 2014 Quarter Prepared by the Monetary Analysis & Programming Department Research & Economic Programming Division List of Tables and Charts 2 Background

More information

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)

Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Consolidated Financial Results for the First Two Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges

More information

CARGO E-CHARTBOOK Q3 2014 OVERVIEW

CARGO E-CHARTBOOK Q3 2014 OVERVIEW CARGO E-CHARTBOOK Q 4 OVERVIEW Air freight volumes continue to show solid gains on a year ago, supported by economic improvements in some regions, but high jet fuel prices and overall weakness in yields

More information

DBS BANK (HONG KONG) LIMITED

DBS BANK (HONG KONG) LIMITED DBS BANK (HONG KONG) LIMITED INTERIM FINANCIAL DISCLOSURE STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2004 TABLE OF CONTENTS Page Unaudited consolidated profit and loss account 2 Unaudited consolidated

More information

General Government Debt

General Government Debt 2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines

More information

ING Bank N.V. Certificates Programme

ING Bank N.V. Certificates Programme FOURTH SUPPLEMENT DATED 9 MAY 2014 UNDER THE CERTIFICATES PROGRAMME ING Bank N.V. (Incorporated in The Netherlands with its statutory seat in Amsterdam) Certificates Programme This Supplement (the Supplement

More information

WGZ BANK copes with fallout from sovereign debt crisis

WGZ BANK copes with fallout from sovereign debt crisis Press release WGZ BANK copes with fallout from sovereign debt crisis WGZ BANK's 2011 operating profit is second highest in its history Negative impact of European sovereign debt crisis is completely absorbed

More information

GE Capital. Second quarter 2012 supplement

GE Capital. Second quarter 2012 supplement GE Capital Second quarter supplement Results are unaudited. This document contains forward-looking statements that is, statements related to future, not past, events. In this context, forward-looking statements

More information

FINANCIAL REPORT H1 2014

FINANCIAL REPORT H1 2014 FINANCIAL REPORT H1 2014 HIGH SPEED BY PASSION 02_Key Figures 03_Group Status Report 05_Consolidated Financial Statements 10_Notes 11_Declaration of the Legal Representatives 02 PANKL KEY FIGURES EARNING

More information

Third quarter results 2012

Third quarter results 2012 Q3 Third quarter results 2012 Fornebu, Øyvind Eriksen and Leif Borge 2012 Aker Solutions Slide 1 Agenda Q3 2012 Introduction Øyvind Eriksen Executive chairman Financials Leif Borge President & CFO Q&A

More information

J.P. Morgan Global High Yield & Leveraged Finance Conference. February 26, 2014

J.P. Morgan Global High Yield & Leveraged Finance Conference. February 26, 2014 J.P. Morgan Global High Yield & Leveraged Finance Conference February 26, 2014 Forward-Looking Statements Certain items in this presentation and other information we provide from time to time, may constitute

More information

Golden Ocean Group Limited Q3 2006 results December 1, 2006

Golden Ocean Group Limited Q3 2006 results December 1, 2006 Golden Ocean Group Limited Q3 2006 results December 1, 2006 PROFIT & LOSS 2005 2006 (in thousands of $) 2006 2005 2005 Jul-Sep Jul-Sep Jan - Sep Jan - Sep Jan - Dec Operating Revenues 26,265 66,431 Time

More information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

BMW Group Corporate and Governmental Affairs

BMW Group Corporate and Governmental Affairs BMW Group Corporate and Governmental Affairs Media Information 18 March 2009 - Check against delivery - Statement by Dr. Friedrich Eichiner Member of the Board of Management of BMW AG, Finance Annual Accounts

More information

Q1 RESULTS 2015 30 APRIL 2015. Harald Wilhelm I Chief Financial Officer

Q1 RESULTS 2015 30 APRIL 2015. Harald Wilhelm I Chief Financial Officer 1 Q1 RESULTS 2015 30 APRIL 2015 Harald Wilhelm I Chief Financial Officer SAFE HARBOUR STATEMENT 2 Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes,

More information

MISSION OF THE FARM CREDIT ADMINISTRATION

MISSION OF THE FARM CREDIT ADMINISTRATION Testimony of the Honorable Kenneth A. Spearman Chairman and Chief Executive Officer Farm Credit Administration Before the Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

QUARTERLY REPORT For the six months ended September 30, 2012 010_0774017502412.indd 2 2012/12/21 11:54:11

QUARTERLY REPORT For the six months ended September 30, 2012 010_0774017502412.indd 2 2012/12/21 11:54:11 QUARTERLY REPORT For the six months ended September 30, 2012 QUALITATIVE INFORMATION (1) Qualitative Information Relating to Consolidated Quarterly Operating Results During the first half of the fiscal

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Finnair Q3 Result 2012. 26 October 2012

Finnair Q3 Result 2012. 26 October 2012 Finnair Q3 Result 2012 26 October 2012 1 Content Market environment in Q3 Business performance and strategy execution Outlook Financials 2 Finnair Q3 Result, 26 October 2012 Market Environment The global

More information

Unaudited Financial Report

Unaudited Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Financial Report Quarter I - 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Amadeus FiRe Group Financial

More information

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years.

Halma has a very long record of growing its dividend, increasing it by 5% or more for every one of the last 35 years. Financial Review Long-term model delivering widespread growth This is another set of record results with widespread growth in all sectors and all regions. High returns were maintained and good cash generation

More information

Liquidity and Funding Resources

Liquidity and Funding Resources 112 Allianz Group Annual Report Liquidity and Funding Resources Organization The liquidity management of the Allianz Group is based on policies and guidelines approved by the Board of Management of Allianz

More information

CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004

CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004 CHIYODA CORPORATION Financial Results for Fiscal 2004 Third Quarter Ended December 31, 2004 This document has been prepared as a guide to non-japanese investors and contains forwardlooking statements that

More information

Financial Markets, Lessors and Impacts on Aerospace Finance

Financial Markets, Lessors and Impacts on Aerospace Finance Financial Markets, Lessors and Impacts on Aerospace Finance Presentation to ITA Conference 2009 Nick Pastushan Chief Investment Officer Transportation Finance CIT September 15, 2009 CIT Commercial Segments

More information