Balance sheet 2012: KfW IPEX-Bank holds steady course
- Increase in new commitments in original credit business to EUR 12.9 billion
- Contribution to ensuring KfW’s promotional capacity: Subsidiary KfW IPEX-Bank generates EUR 298 million of KfW’s consolidated earnings
- Operating income of KfW IPEX-Bank GmbH of EUR 264 million at prior-year level
- Bank anticipates new commitments in 2013 to match previous year’s volume
23-4-2013 — /europawire.eu/ — Today (18.04.2013) in Frankfurt am Main KfW IPEX-Bank presented its figures for the past financial year: The specialist financier was able to increase the volume of new commitments in its original credit business by EUR 1.4 billion in 2012 over the previous year to EUR 12.9 billion. In addition, new commitments totalling EUR 0.5 billion were provided for refinancing banks under CIRR ship financing, agency business it conducts for the Federal Republic of Germany. Despite a difficult market environment, KfW IPEX-Bank generated a total commitment level of EUR 13.4 billion, matching that of the previous year (2011: EUR 13.4 billion).
The operating result of the Export and Project Finance business area of KfW – for which KfW IPEX-Bank is responsible – reached EUR 646 million in 2012, slightly higher year-on-year (2011: EUR 603 million). It mainly comprised net interest and commission income less administrative expenses. The crisis in merchant shipping put exceptionally high pressure on the valuation result during the year under review, as a result of which the profit from operating activities came in at EUR 307 million. The Export and Project Finance business area generated EUR 298 million of KfW’s group earnings, defying adverse conditions to underline its role as a key contributor to the consolidated earnings of KfW Bankengruppe and an active player in ensuring KfW’s promotional capacity in the long term.
KfW IPEX-Bank GmbH, which is legally independent and balances its own accounts, conducts all export and project finance market activities only. It was hit somewhat harder by the merchant shipping crisis than the business area overall: At EUR 264 million, its operating income remained on par with the previous year (2011: EUR 258 million), yet it was nearly completely offset by the required risk provisions, as a result of which the bank posted only slightly positive operating income before taxes of EUR 20 million for the 2012 financial year.
In its foreword to the 2012 Annual Report presented today including the annual financial statements, the Management Board said: “For KfW IPEX-Bank, and for many of our customers, 2012 was a challenging year. Yet it is precisely because of this persistently challenging environment that we have pushed ahead with our strategy of helping German and European export companies to compete in the global marketplace and supporting them in our role as an effective project and export financier. And our active management of existing loans meant that we were able to work with our customers, where necessary, to develop solutions which created viable prospects for all parties”.
Strengthening and building on this market position in an environment that continues to be economically challenging and competitive is the aim of KfW IPEX-Bank, as described in its 2012 Annual Report. Its business activities remain focussed on providing medium- and long-term financing to support the export industry, granting loans for environmental and climate protection projects, and financing transport and infrastructure projects as well as projects to secure Germany’s supply of raw materials.
KfW IPEX-Bank plans to generate the same volume of new commitments in 2013 as in the previous year.
2012 Annual Report
In the Annual Report published today at http://www.kfw-ipex-bank.de you will also find the 2012 Corporate Governance Report, which KfW IPEX-Bank, as part of KfW Bankengruppe, has voluntarily committed itself to publishing.
|Balance sheet key figures||2012
EUR in billions
EUR in billions
|Volume of lending||29,1||29,4|
|Irrevocable loan commitments||5,9||5,5|
|Assets held in trust||23,0||22,6|
|Volume of business
(total assets, contingent liabilities and irrevocable loan commitments)
|Equity ratio (%)||6,7||5,6|
|Results||EUR in millions||EUR in millions|
|Operating income before risk provisions/valuations||264||258|
|Risk provisions and valuation||-244||-34|
|Result of Export and Project Finance business area
(segment report consolidated financial statements of KfW Bankengruppe)
|Number of employees (including Management Board)||558||531|
About KfW IPEX-Bank
Within KfW Bankengruppe, KfW IPEX-Bank GmbH is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to KfW Bankengruppe. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank GmbH operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of KfW Bankengruppe. It has around 560 employees and is represented in the key economic and financial centres around the globe.
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