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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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11.03.2010
DVB Group once again posts solid results for 2009
DVB's clearly-defined business model, with a unique focus on global Transport
Finance, once again proved its mettle throughout 2009 - despite the global
turbulence on financial and transport markets. Based on preliminary, unaudited
figures, the Bank posted solid consolidated net income (after taxes) of EUR76.1
million, a 27.7% decline from the previous year's figure of EUR105.2 million.
Specifically, 2009 results comprised the following components:
Net interest income was up slightly, to EUR194.3 million - a positive
development, given the difficult market environment in 2009. Against this
background, the Bank originated new business in large-sized structured Transport
Finance exposures on a selective basis. New business volume amounted to EUR3.0
billion. DVB's interest rate margins for new transactions were able to include
the clearly higher funding costs prevailing throughout 2009: hence, the interest
margin on new business rose to an average of 343 basis points (up 157
year-on-year), thus also ensuring an adequate risk/return relationship.
The tense situation on international transport markets, particularly in maritime
shipping, burdened DVB's portfolios. Even though the Bank's risk management
teams responded with a variety of measures, allowance for credit losses had to
be increased to EUR72.2 million (2008: EUR16.5 million).
Whilst the commission rates on new business were higher year-on-year, commission
income in absolute terms did not match the previous year's record figure, on
account of lower new business volumes. Net fee and commission income declined by
7.3%, to EUR97.8million (2008: EUR105.5 million).
Two non-recurring negative effects, which together accounted for a burden of
EUR28.2million, need to be taken into account when assessing the decrease in
consolidated net profit. Firstly, DVB incurred additional refinancing costs of
EUR20.8million (2008: EUR28.0million) on account of prevailing money market
distortions. However, the Bank succeeded in virtually neutralising these effects
by the end of the year, through a variety of measures. Secondly, DVB recognised
an additional EUR7.4million write-down on a bond issued by an Icelandic bank,
following a EUR35.8million write-down the year before. DVB's motivation to
invest in such a bond issue was to maintain a liquidity reserve for payments.
General administrative expenses of EUR156.5million were unchanged year-on-year.
Staff expenses declined slightly by 2.1%, to EUR89.4million (2008:
EUR91.3million). At EUR62.7million, non-staff expenses were up 4.3% on the
previous year (2008: EUR60.1million).
At EUR19.1billion, the volume of business in 2009 was down 9.0% on the previous
year (2008: EUR21.0billion). DVB's total assets also declined slightly, to
EUR17.3billion on the reporting date (31 Dec 2008: EUR17.4billion). The Bank's
nominal customer lending for regulatory purposes (the aggregate of loans and
advances to customers, guarantees and indemnities, derivatives, and irrevocable
loan commitments) decreased by 6.5%, to EUR17.3billion (2008: EUR18.5billion).
Since the euro strengthened versus the US dollar towards the end of 2009, DVB's
customer lending in US dollar terms showed a lower rate of decline than in euro
terms (down 3.9% to USD24.9billion).
The core capital ratio in accordance with Basel II was 14.2% (2008: 13.9%), and
the total capital ratio 18.0% (2008: 18.2%).
The key strategic indicators which DVB Group uses to manage its business
reflected the challenging environment: return on equity before taxes was 9.4%
(2008: 13.1%), and the cost/income ratio stood at 49.6% (2008: 57.4%).
The Board of Managing Directors and Supervisory Board will propose to DVB Bank
SE's Annual General Meeting, which will be held on 9 June 2010, to pay an
unchanged dividend of EUR0.60 per notional no-par value share. With this
proposal, the Bank's executive bodies also wish to express their confidence in
DVB's performance going forward.
Frankfurt/Main, 11 March 2010
DVB Bank SE
THE BOARD OF MANAGING DIRECTORS
Wolfgang F. Driese Bertrand Grabowski Dagfinn Lunde
Further inquiry note:
Elisabeth Winter
Investor Relations
Tel: +49 (0)69-97504-329
E-Mail: elisabeth.winter@dvbbank.com
end of announcement euro adhoc
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issuer: DVB Bank SE
Platz der Republik 6
D-60325 Frankfurt am Main
phone: +49 (0)69 9750-40
FAX: +49 (0)69 9750-4444
mail: info@dvbbank.com
WWW: http://www.dvbbank.com
sector: Banking
ISIN: DE0008045501
indexes:
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stockmarkets: free trade: Stuttgart, Düsseldorf, regulated dealing/general standard:
Frankfurt
language: English
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