dvb's half-yearly financial report 2013

2013

Half-Yearly Financial Report as at 30 June

DVB Bank SE | Half-Yearly Financial Report 2013

2Contents

Further information 27 – 29

27 DVB worldwide

29 Financial calendar

29 Imprint

03 Key figures at a glance

Interim management report 04 – 09

05 Report on assets, liabilities, financial position, and profit or loss

08 Report on forecasts and other statements on expected developments

09 Report on opportunities and risks

09 Report on major related party transactions

Interim financial statements 10 – 25

11 Condensed income statement

11 Earnings per share

11 Condensed statement of comprehensive income

12 Statement of financial position

13 Condensed statement of changes in equity

13 Condensed cash flow statement

14 Segment report

15 Notes

Review report 26

Legal notice

Further information

Symbols


3Key figures at a glance

€ mn

1 Jan 2013– 30 Jun 2013

1 Jan 2012– 30 Jun 2012

%

Earnings data

Net interest income 116.2 112.5 3.3

Allowance for credit losses –28.4 –27.3 4.0

Net interest income after allowance for credit losses 87.8 85.2 3.1

Net fee and commission income 55.7 54.6 2.0

Results from investments in companies accounted for using the equity method –0.5 0.2 –

Net other operating income/expenses 6.5 43.9 –85.2

Net income 149.5 183.9 –18.7

General administrative expenses –86.2 –92.8 –7.1

Consolidated net income before IAS 39 and taxes 63.3 91.1 –30.5

Net result from financial instruments in accordance with IAS 39 3.1 –20.3 –

Consolidated net income before taxes 66.4 70.8 –6.2

Key financial indicators (%)

Return on equity before taxes 11.0 12.8 –1.8 pp

Cost/income ratio 47.6 48.6 –1.0 pp

€ mn 30 Jun 2013 31 Dec 2012 %

Key items from the statement of financial position

Business volume 25,629.9 25,117.9 2.0

Customer lending volume 21,581.4 22,146.9 –2.6

Total assets 24,588.6 23,804.8 3.3

Loans and advances to customers 19,678.9 19,908.3 –1.2

Deposits from customers 5,791.1 5,172.9 12.0

Securitised liabilities 12,150.4 11,391.4 6.7

Subordinated liabilities 378.7 411.8 –8.0

Equity 1,353.4 1,328.9 1.8

Own funds in accordance with the German Banking Act

Tier 1 capital 1,230.0 1,236.0 –0.5

Tier 2 and tier 3 capital 189.0 201.1 –6.0

Total 1,419.0 1,437.1 –1.3

Capital ratios in accordance with the German Banking Act (%)

Basel II

Tier 1 ratio 19.8 20.3 –0.5 pp

Total capital ratio 22.9 23.6 –0.7 pp

Ratings 2013 2012 2011

Standard & Poor‘s

Long-term counterparty credit rating A+ A+ A+

Short-term credit rating A-1 A-1 A-1

Outlook stable stable stable

Fitch Ratings1)

Long-term issuer default rating A+ A+ A+

Short-term issuer default rating F1+ F1+ F1+

1) Within the scope of the German Co-operative Financial Services Network‘s rating

IntERIm mAnAGEmEnt REPOR t INTERIm F INANCIAL STATEmENTS RE VIE W REpORT FuRTHER INFORmATION

Interim management report

05 Report on assets, liabilities, financial position, and profit or loss

08 Report on forecasts, and other statements on expected developments

09 Report on opportunities and risks

09 Report on major related party transactions

€ mn175

150

125

100

75

50

25

0

–25

86.7

61.3

50.9

6.4

2009

109.5

59.0

41.3

–1.3

2010

112.2

74.9

53.5

6.2

2011

112.5

70.8

54.6

43.9

2012

116.2

66.4

55.7

6.5

2013

Net interest income Net fee and commission income Net other operating income/expenses Consolidated net income before taxes

Development of results, as at 30 June


5


The individual items of the half-yearly financial statements developed as follows:

At €149.5 million, total net income for the first six months of 2013 (comprising net interest income after allowance for credit losses, net fee and commission income, result from investments in companies accounted for using the equity method, and net other operating income/expenses) was down by 18.7% year-on-year (H1 2012: €183.9 million).

Net interest income of €116.2 million increased by 3.3% year-on-year (H1 2012: €112.5 million).

Income from the lending business was up 6.1%, to €387.3 million (H1 2012: €365.0 million). DVB originated 71 new transactions, with an aggregate volume of €1.8 billion (H1 2012: 63 new transactions with a total volume of €2.2 billion). The average interest margin on new business originated by DVB’s four Trans-port Finance divisions narrowed to 312 basis points (H1 2012: 356 basis points). This mirrored a significant reduction in one of the Bank’s cost components: funding costs. Interest income from finance leases totalled €12.7 million (H1 2012: €25.8 million), whilst current income from operating leases was down 24.2%, to €68.6 million. Accordingly, total interest income declined by 3.3%, from €487.8 million to €471.9 million.

Interest expenses fell by 5.2%, to €355.7 million (H1 2012: €375.3 million), mainly on account of lower funding costs.

DVB continued to successfully provide financing solutions and advisory services to its clients in the international transport sector during the first half of 2013, despite the prevailing difficult situation in individual submarkets of international maritime shipping. Consolidated net income before taxes for the first half of 2013 was 6.2% lower than in the previous year (H1 2012: €70.8 million). The year-on-year change was due to a non-recur-ring effect in the first half of 2012: namely, the sale of a stake in the British aero engine specialist TES Holdings Ltd, Bridgend, Wales, to two Japanese investors.

Report on assets, liabilities, financial position, and profit or loss

The present interim management report and condensed consolidated financial statements of DVB Group as at 30 June 2013 were subject to a review pursuant to section 37w (5) of the German Securities Trading Act (WpHG). The half-yearly financial report comprises the condensed interim financial statements and the interim management report of DVB Group.

Consolidated net income before taxes, as at 30 June

€ mn90

75

60

45

30

15

0

61.3

2009

59.0

2010

74.9

2011

70.8

2012

66.4

2013


6


General administrative expenses decreased by 7.1%, to €86.2 million. Staff expenses rose by 2.5%, to €53.6 million. Together with its Logpay Financial Services GmbH subsidiary, DVB employed a total of 562 staff as at 30 June 2013, a decrease of three compared to the end of the first half of 2012 (565 employees). DVB lowered non-staff expenses (including depreciation, amortisation and write-downs) by 19.5%, to €32.6 million.

Accordingly, consolidated net income before IAS 39 and taxes amounted to €63.3 million (H1 2012: €91.1 million).

The net result from financial instruments in accordance with IAS 39 (comprising the trading result, the hedge result, the result from the application of the fair value option, the result from derivatives entered into without intention to trade, and the result from investment securities) once again especially reflected the high volatility levels on foreign exchange and interest rate markets. During the first half of 2013 the net figure was positive, at €3.1 million, after a negative balance of €20.3 million during the same period of 2012.

Reflecting the non-recurring effect in the year 2012, consoli-dated net income before taxes was down 6.2% year-on-year, to €66.4 million (H1 2012: €70.8 million), whilst consolidated net income after taxes went down 11.3%, to €57.9 million (H1 2012: €65.3 million).

Net allowance for credit losses amounted to €–28.4 million in the first half of 2013 (H1 2012: €–27.3 million). Specifically, new allowances recognised for credit losses amounted to €51.3 million (of which €41.1 million was accounted for by Shipping Finance), whilst €29.1 million was reversed (Shipping Finance: €21.3 million).

Total allowance for credit losses (comprising specific allowance for credit losses, portfolio-based allowances for credit losses, and provisions) rose to €164.9 million, up 10.3% from year-end 2012 (€149.5 million).

Net interest income after allowance for credit losses increased by 3.1%, from €85.2 million to €87.8 million.

Net fee and commission income, which primarily includes fees and commissions from new Transport Finance business, and asset management and advisory fees, grew to €55.7 million, up 2.0% year-on-year (H1 2012: €54.6 million).

Net other operating income/expenses declined from €43.9 million to €6.5 million. The significant decline was due to a non-recurring effect in the previous year: the net figure for the first half of 2012 included proceeds from the sale of a stake in a subsidiary, as mentioned above.


Allowance for credit losses by business division, as at 30 June 2013 (€ mn)

Additions

Reversals

Direct write-offs

Recoveries on loans and

advances previously written off

total

Shipping Finance –26.4 4.7 0.0 0.4 –21.3

Aviation Finance –5.1 3.4 – – –1.7

Offshore Finance – – – – –

Land Transport Finance –0.1 0.1 –6.5 – –6.5

Investment management –0.7 0.2 – – –0.5

ITF Suisse – – – – –

Business no longer in line with DVB’s strategy – – – 0.0 0.0

Other – – –0.1 0.0 –0.1

total specific allowance for credit losses –32.3 8.4 –6.6 0.4 –30.1

Shipping Finance –14.6 16.6 – – 2.0

Aviation Finance –1.6 2.7 – – 1.1

Offshore Finance – – – – –

Land Transport Finance –0.2 0.2 – – 0.0

Investment management – – – – –

ITF Suisse –2.6 1.2 – – –1.4

Business no longer in line with DVB’s strategy – – – – –

Other – – – – –

total portfolio-based allowance for credit losses –19.0 20.7 0.0 0.0 1.7

total allowance as at 30 June 2013 –51.3 29.1 –6.6 0.4 –28.4

total allowance as at 30 June 2012 –85.1 58.3 –4.2 3.7 –27.3


7



DVB reported a 3.4% increase in total assets to €24.6 billion on the reporting date of 30 June 2013 (31 Dec 2012: €23.8 billion). The nominal volume of customer lending (the aggregate of loans and advances to customers, guarantees and indemnities, irrevo-cable loan commitments, and derivatives) was down 2.7%, to €21.6 billion. In uS dollar terms, customer lending decreased by 3.4%, to uS$28.2 billion.

The Bank separated its existing financing activities of the Offshore Drilling and production Group as well as the Offshore Support Group from Shipping Finance, to establish a fourth division – Offshore Finance – alongside its existing shipping, aviation and land transport financings. This structural change further enhances visibility of the breadth and variety of DVB’s financing activities. Customer lending as at 30 June 2013 is broken down as shown in the following chart:

DVB’s key financial indicators developed as follows:

Return on equity before taxes (ROE) was 11.0% – down 1.8 per-centage points (H1 2012: 12.8%). The cost/income ratio (CIR) declined by 1.0 percentage point, to 47.6% (H1 2012: 48.6%).

The ROE was calculated as follows: consolidated net income before taxes (excluding consolidated net income attributable to non-controlling interests) of €66.4 million was divided by the pro-rata total of the weighted capital of €1,207.2 million (€603.6 million for the period), which comprises the issued share capital, capital reserve and retained earnings – before consolidated net income for the period, and excluding existing actuarial gains and losses, the fund for general banking risks and non-controlling interests.

The CIR is calculated as follows: the general administrative expenses figure of €86.2 million was divided by €181.0 million (the total of net interest income, net fee and commission income, the net result from financial instruments in accordance with IAS 39, result from investments in companies accounted for using the equity method and net other operating income/expenses).

Calculated in accordance with Basel II, DVB’s tier 1 ratio changed slightly, to 19.8% (31 December 2012: 20.3%), due to the stronger uS dollar exchange rate. The total capital ratio in accordance with Basel II decreased to 22.9% (31 December 2012: 23.6%).

Development of the customer lending volume

€ bn US$ bn30 Jun 2013 31 Dec 2012 Change

(%)30 Jun 2013 31 Dec 2012 Change

(%)

Shipping Finance 9.4 9.4 0.0 12.2 12.4 –1.6

Aviation Finance 6.5 6.9 –5.8 8.5 9.1 –6.6

Offshore Finance 2.4 2.5 –4.0 3.2 3.3 –3.0

Land Transport Finance 1.6 1.7 –5.9 2.1 2.2 –4.5

Investment management 0.5 0.6 –16.7 0.7 0.8 –12.5

ITF Suisse 0.9 0.9 0.0 1.2 1.1 9.1

Business no longer in line with DVB’s strategy 0.3 0.2 50.0 0.3 0.3 0.0

total 21.6 22.2 –2.7 28.2 29.2 –3.4

Shipping Finance 43.5% (+ 1.2 pp)

Aviation Finance 30.1% (– 1.0 pp)

Offshore Finance 11.1% (– 0.2 pp)

Land transport Finance 7.4% (– 0.3 pp)

ItF Suisse 4.2% (+ 0.2 pp)

Investment management 2.3% (– 0.4 pp)

Business no longer in line with DVB’s strategy 1.4% (+ 0.5 pp)

Distribution of the customer lending volume, as at 30 June 2013


8


Report on forecasts and other statements on expected developments

There are no new insights that would indicate any material changes to the forecasts regarding the development of transport markets, the Transport Finance and Investment management portfolios, or to the financial outlook as set out in the group management report on pages 57–59, 75–77, 91–93, 99–100, 104, 107, 109 and 155–157 of the Annual Report 2012.

This half-yearly financial report contains forward-looking statements, including statements concerning the future development of DVB.

As usual, any assessments and forecasts contained herein will always be subject to the risk of erroneous perception or judgement errors, and may thus turn out to be incorrect. By their very nature, any deliberations regarding developments or events in the future are based on conjecture rather than precise predictions. Actual future developments may there-fore diverge from expectations, not least as a result of fluc-tuations in capital market prices, exchange rates or interest rates, or similar causes of uncertainty; or due to fundamental changes in the economic environment.

Although we believe the forward-looking statements to be realistic, DVB cannot accept any responsibility that they will actually materialise, for the reasons outlined above.


9


Report on opportunities and risks

No risks which would jeopardise DVB’s continued existence are expected to materialise during the remainder of the 2013 financial year. please refer to the report on opportunities and risks on pages 132–154 of the Annual Report 2012, which contains detailed information regarding risk management principles and organi-sation, DVB’s risk-bearing capacity and risk capital, and on the different types of risk.

DVB introduced a credit portfolio model on 1 January 2013 that facilitates the enhanced mapping of migration risks and risk concentrations in the lending business. The Bank uses this model to determine its risk capital requirements (economic capital adequacy) within the framework of its overall management.

Opportunities available to DVB during the second half of 2013 are outlined below, as well as risks DVB is exposed to.

Global economic developments – and hence, the transport markets – remain exposed to risks. Whilst the uS economy is showing a slight improvement, Europe continues to face persistent problems. Economic growth in China, as well as in other emerging or growth markets, is expected to slow during the second half of the year. Accordingly, the mixed picture in international transport markets is set to prevail. Given existing excess supply in some maritime shipping segments, the challeng-ing conditions in the shipping industry are expected to remain in place. The outlook for aviation is more positive, given a 4.3% increase in passenger demand during the first five months of the year (according to the International Air Transport Association). New orders for more fuel-efficient aircraft types and engines, worth a total of uS$150 billion, were placed during the inter-national air show at Le Bourget in June 2013. Delivery of the planes and engines will be spread across several years.

Especially in an environment characterised by volatility and uncertainty, DVB is a reliable partner to its clients, providing tailor-made financial transactions as well as equity-based solu-tions via funds advised by the Bank. DVB will continue to adhere to its risk-aware, selective approach to lending throughout the second half of 2013. In this context, the Bank will continue to closely monitor all its credit exposures, in order to recognise any problems at an early stage, and to be able to find a solution. For its Shipping Finance portfolio, the Bank has entrusted a team of experts with this task – the Strategic management and Restructuring team established on 1 January 2013. The develop-ments in the maritime shipping industry outlined above will continue to command DVB’s full attention and expertise during the second half of the year.

Even with the sovereign debt crises in the European union and the united States continuing to burden investor confidence, DVB successfully placed an additional €500 million, five-year benchmark senior unsecured bond on 21 may 2013, thus further diversifying its national and international investor base. The Bank plans to expand its benchmark curve. Furthermore, DVB continues to benefit from its affiliation with the highly liquid German Cooperative Financial Services Network.

Trend outlook and summary

Looking ahead to business performance during the second half of 2013, DVB anticipates new business, interest margins achiev-able and commission income to be in line with the results for the first six months, despite the fact that the situation in some maritime shipping segments remains challenging. The manifold regulatory requirements will impact DVB’s costs, and possibly also the Bank’s structure.

Report on major related party transactions

Full reference is made in this respect to the information provided on page 215, note 61.4 of the Annual Report 2012. As part of DVB’s funding operations, the Bank’s securitised liabilities vis-à-vis DZ BANK AG were virtually unchanged as at 30 June 2013, at €9,657.6 million (31 December 2012: €9,647.0 million). Other than this, there were no material changes to related party transactions during the first half of 2013 which might have materially affected the financial position or financial performance of DVB Group.

INTERIm mANAGEmENT REpORT IntERIm FInAnCIAL StAtEmEntS RE VIE W REpORT FuRTHER INFORmATION

Interim financial statements

11 Condensed income statement

11 Earnings per share1)

11 Condensed statement of comprehensive income

12 Statement of financial position

13 Condensed statement of changes in equity

13 Condensed cash flow statement

14 Segment report1)

15 – 25 Notes

1) These tables are part of the Notes.

€ mn180

160

140

120

100

80

60

40

20

0

2009 2010 2011 2012 2013

Shipping Finance Aviation Finance Offshore Finance Land Transport Finance Total Transport Finance results

1) Before IAS 39 and before allocation of general costs

Transport Finance results1) as at 30 June

40.3

59.1 60.9

29.0

46.651.7 52.155.7 57.2 56.7

12.8 12.214.0 18.3

29.7

8.1 8.3 10.8 9.9 10.6

112.9

131.7

141.4

114.4

143.6


11


Condensed income statement

€ mn

note

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Condensed income statement

Net interest income (3) 116.2 112.5 3.3

Allowance for credit losses (4) –28.4 –27.3 4.0

Net interest income after allowance for credit losses 87.8 85.2 3.1

Net fee and commission income (5) 55.7 54.6 2.0

Result from investments in companies accounted for using the equity method –0.5 0.2 –

General administrative expenses (6) –86.2 –92.8 –7.1

Net other operating income/expenses (7) 6.5 43.9 –85.2

Consolidated net income before IAS 39 and taxes 63.3 91.1 –30.5

Net result from financial instruments in accordance with IAS 39 (8) 3.1 –20.3 –

Consolidated net income before taxes 66.4 70.8 –6.2

Income taxes –8.5 –5.5 54.5

Consolidated net income 57.9 65.3 –11.3

thereof: consolidated net income attributable to non-controlling interests 0.1 0.0 –

thereof: consolidated net income attributable to shareholders of DVB Bank SE 57.8 65.3 –11.5

Earnings per share

Average number of ordinary shares issued 46,083,415 46,112,494 –0.1

Basic earnings per share (€ ) 1.25 1.42 –12.0

Diluted earnings per share (€ ) 1.25 1.42 –12.0

Condensed statement of comprehensive income

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 20121)

%

Consolidated net income 57.9 65.3 –11.3

Items of other comprehensive income that are recognised subsequently in profit or loss: –3.4 10.0 –

Revaluation of AfS financial instruments 3.2 3.1 3.2

thereof: changes in fair value 3.4 3.6 –5.6

thereof: reclassifications to the income statement –0.2 –0.5 –60.0

Cash flow hedges –5.0 1.3 –

thereof: changes in fair value –3.3 –4.5 26.7

thereof: reclassifications to the income statement –1.7 5.8 –

Net investment hedges –2.2 – –

thereof: changes in fair value –2.5 – –

thereof: reclassifications to the income statement 0.3 – –

Currency translation –0.4 5.6 –

Deferred taxes 1.0 0.0 –

Items of other comprehensive income that are not recognised subsequently in profit or loss: 0.0 –1.7 –

Actuarial gains and losses – –2.5 –

Deferred taxes 0.0 0.8 –

total comprehensive income 54.5 73.6 –26.0

thereof: total comprehensive income attributable to non-controlling interests 0.1 0.0 –

thereof: total comprehensive income attributable to shareholders of DVB Bank SE 54.4 73.6 –26.1

1) The presentation of the statement of comprehensive income was adjusted in line with the amendments to IAS 1 (see note 1); therefore, the figures for 2012 deviate partially from the presentation in the 2012 half-yearly financial report.


12


Statement of financial position

Assets (€ mn) note 30 Jun 2013 31 Dec 2012 %

Cash and balances with the central bank 2,104.7 869.6 –

Loans and advances to banks (9) 560.6 469.6 19.4

Loans and advances to customers (10) 19,678.9 19,908.3 –1.2

Allowance for credit losses (11) –164.7 –149.3 10.3

positive fair values of derivative hedging instruments 590.0 711.0 –17.0

Trading assets 153.3 195.1 –21.4

Investment securities (12) 468.5 476.5 –1.7

Investments in companies accounted for using the equity method (13) 188.7 191.2 –1.3

Intangible assets (14) 101.6 100.0 1.6

property and equipment (15) 792.7 929.1 –14.7

Income tax assets 76.5 71.6 6.8

Other assets (16) 37.8 32.1 17.8

total 24,588.6 23,804.8 3.3

Liabilities and equity (€ mn) note 30 Jun 2013 31 Dec 2012 %

Deposits from other banks (17) 4,264.8 4,785.6 –10.9

Deposits from customers (18) 5,791.1 5,172.9 12.0

Securitised liabilities (19) 12,150.4 11,391.4 6.7

Negative fair values of derivative hedging instruments 272.4 297.1 –8.3

Trading liabilities 185.3 218.5 –15.2

provisions (20) 45.5 59.3 –23.3

Income tax liabilities 63.9 61.3 4.2

Other liabilities (21) 83.1 78.0 6.5

Subordinated liabilities (22) 378.7 411.8 –8.0

Equity (23) 1,353.4 1,328.9 1.8

Issued share capital 117.6 117.9 –0.3

Capital reserve 329.7 331.3 –0.5

Retained earnings 836.1 836.1 0.0

thereof: fund for general banking risks 82.4 82.4 0.0

Revaluation reserve 6.0 3.8 57.9

Reserve from cash flow hedges 3.0 6.3 –52.4

Reserve from net investment hedges –2.7 –1.2 –

Currency translation reserve 4.3 4.7 –8.5

Distributable profit 57.8 27.9 –

Non-controlling interests 1.6 2.1 –23.8

total 24,588.6 23,804.8 3.3


13


Condensed statement of changes in equity

Condensed cash flow statement

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Equity as at 1 Jan 1,328.9 1,210.0 9.8

Consolidated net income attributable to shareholders of DVB Bank SE 57.8 65.3 –11.5

Other comprehensive income –3.4 8.3 –

Dividend payment –27.9 –27.9 0.0

Changes in treasury shares –1.8 –0.2 –

Changes in consolidated group and other changes –0.2 –1.0 –80.0

Equity as at 30 June 1,353.4 1,254.5 7.9

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Cash flow from operating activities 1,193.2 –176.4 –

Cash flow from investing activities 49.4 71.2 –30.6

Cash flow from financing activities –15.9 67.6 –

net change in cash and cash equivalents 1,226.7 –37.6 –

Cash and cash equivalents at beginning of period 878.0 80.9 –

Cash and cash equivalents at end of period 2,104.7 43.3 –


14


Segment report1)

Group

Shipping Finance2)

Aviation Finance

Offshore Finance

Land transport

Finance

Investment management

treasury

Other

Recon- ciliation/

consolidation

€ mn 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012 6/2013 6/2012

Net interest

income 116.2 112.5 52.0 35.0 43.4 37.3 14.6 12.5 7.8 8.1 –1.7 12.1 5.5 4.1 3.8 5.5 –9.2 –1.9

Allowance for

credit losses –28.4 –27.3 –21.3 –23.1 –0.7 2.0 1.2 –0.2 0.0 –0.1 –0.5 –3.0 0.0 0.0 –8.0 –1.1 0.8 –1.7

Net interest

income after

allowance for

credit losses 87.8 85.2 30.7 11.8 42.7 39.3 15.8 12.3 7.8 7.9 –2.2 9.0 5.5 4.1 –4.2 4.4 –8.4 –3.6

Net fee and

commission

income 55.7 54.6 18.3 20.2 14.1 17.8 13.9 6.0 2.8 2.0 2.4 –2.7 –0.1 –0.1 6.6 8.8 –2.3 2.5

Result from

investments

in companies

accounted for

using the

equity method –0.5 0.2 – – – – – – – – –0.4 0.5 – – – – –0.1 –0.3

Net other

operating

income/expenses 6.5 43.9 –2.4 –3.1 –0.1 0.1 0.0 0.0 0.0 0.0 7.5 1.8 0.0 0.0 1.2 43.2 0.2 1.9

net income 149.5 183.9 46.6 29.0 56.7 57.2 29.7 18.3 10.6 9.9 7.3 8.7 5.4 4.0 3.6 56.4 –10.6 0.5

Staff expenses –53.6 –52.3 –15.4 –13.1 –7.8 –6.2 –2.0 –2.6 –1.3 –1.2 –5.6 –5.2 –0.6 –0.6 –16.8 –20.6 –4.0 –2.8

Non-staff

expenses –30.6 –38.0 –4.3 –3.6 –2.4 –1.5 –0.7 –0.7 –0.3 –0.3 –2.5 –3.2 –0.3 –0.3 –13.4 –16.0 –6.7 –12.6

Depreciation,

amortisation,

impairment and

write-ups –2.0 –2.5 0.0 0.0 –0.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 –1.9 –2.3 0.6 –0.2

General

administrative

expenses –86.2 –92.8 –19.7 –16.7 –10.9 –7.8 –2.7 –3.3 –1.6 –1.4 –8.1 –8.4 –0.9 –0.9 –32.1 –38.9 –10.1 –15.6

Consolidated

net income

before IAS 39

and taxes 63.3 91.1 26.9 12.3 45.8 49.5 27.0 15.0 9.0 8.5 –0.8 0.3 4.5 3.1 –28.5 17.5 –20.7 –15.1

Net result

from financial

instruments

in accordance

with IAS 39 3.1 –20.3 –0.3 –0.7 0.0 0.0 0.1 0.0 0.0 0.0 17.4 –1.9 –14.8 –17.7 0.0 0.0 0.7 0.0

Consolidated

net income

before taxes 66.4 70.8 26.6 11.6 45.8 49.5 27.1 15.0 9.0 8.5 16.6 –1.6 –10.3 –14.6 –28.5 17.5 –20.0 –15.1

Cost/

income ratio3) 47.6% 48.6% 29.1% 32.4% 18.9% 14.0% 9.4% 17.8% 15.4% 14.2% 32.1% 85.2% – – – – – –

Return

on equity4) 11.0% 12.8% 12.4% 3.9% 42.4% 47.9% 312.7% 69.6% 52.3% 50.8% 14.7% –1.3% – – – – – –

Risk-weighted

assets in

accordance

with Basel I

(average) 21,704.0 21,086.0 9,038.0 8,516.0 6,487.0 6,522.0 2,320.0 2,237.0 1,521.0 1,530.0 545.0 635.0 591.0 532.0 1,120.0 1,112.0 82.0 2.0

1) Before allocation of general costs 2) The comparative figures for 2012 differ from those stated in the 2012 half-yearly financial report due to the separation of the offshore financing business from the Shipping Finance division,

to form a separate Offshore Finance division.3) Excluding allowance for credit losses4) Before taxes


Notes 15


The structure of the statement of comprehensive income has been modified by the amendments to IAS 1. In accordance with these amendments, items of other comprehensive income that are recognised subsequently in profit or loss are presented separately from items of other comprehensive income that are not recog-nised subsequently in profit or loss.

The amendments to IAS 19 eliminate the options for recognising actuarial gains and losses and prescribe that remeasurement amounts be recognised in other comprehensive income. In addition to the service cost, net interest income/cost on the net defined benefit asset or the net defined benefit liability has to be recog-nised in the income statement as well.

The amendments to IFRS 7 require enhanced disclosures on netting options for financial instruments and the underlying arrangements.

The application of the amended accounting standards does not have any material consequences for DVB Bank SE’s consolidated interim financial statements.

In the period under review, DVB entered into two securities repurchase agreements as lender. These agreements are genuine repurchase agreements, where the securities are carried in the balance sheet of the borrower and a corresponding receivable is reported only.

Currency translation differences related to companies with a different functional currency are recognised directly in equity, in the currency translation reserve. In total, 22 companies accounted for using the equity method have a different functional currency (31 December 2012: 23 companies).

To the extent that estimates are necessary for recognition and measurement, these were made in accordance with the relevant standards. The basis for these estimates is continuously reviewed and adjusted, if necessary, taking into account historical experi-ence as well as changed expectations with regard to future developments.

General notes

1 Summary of material accounting policies applied

The present interim financial statements for the period ended 30 June 2013 have been prepared in accordance with the Inter-national Financial Reporting Standards (IFRS), as adopted by the European union. They also comply with the requirements for interim financial reporting set out in section 37w of the German Securities Trading Act (WpHG).

The present interim consolidated financial statements are pre-sented in the form of condensed interim financial statements in accordance with IAS 34. The accounting policies applied therein are in line with those applied for the consolidated financial state-ments as at 31 December 2012, with the following exceptions.

The Bank separated its existing financing activities of the Offshore Drilling and production Group as well as the Offshore Support Group from Shipping Finance, to establish a fourth business division, Offshore Finance, alongside its existing financings in shipping, aviation and land transport. This structural change further enhances visibility of the breadth and variety of DVB‘s financing activities. For this reason, the segment report presen-tation differs from the 2012 half-yearly financial report.

The following amendments to accounting standards and new interpretations have been taken into account for the first time in the interim financial statements:

• IFRS13–FairValueMeasurement• AmendmentstoIAS1–PresentationofFinancial

Statements• AmendmentstoIAS19–EmployeeBenefits• AmendmentstoIFRS7–FinancialInstruments:Disclosures

IFRS 13 governs the determination of the fair value for all IFRSs on a uniform basis. pursuant to IFRS 13, the fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.


Notes 16


In addition, six companies are in dissolution and are no longer included in the scope of consolidation:

• BuzzardAircraftLeasingLtd,Dublin,Ireland• FalconAircraftLeasingLtd,Dublin,Ireland• NomacAircraftLeasing(Ireland)Ltd,Dublin,Ireland• SharkAircraftLeasing(Ireland)Ltd,Dublin,Ireland• WaspsAircraftLeasing(Ireland)Ltd,Dublin,Ireland• WaspsAircraftLeasingLtd,GeorgeTown,CaymanIslands

The following companies accounted for using the equity method are no longer included in the scope of consolidation:

• BellaAircraftLeasing1Ltd,Shannon,Ireland• BoveyOffshoreLtd,Singapore• MSN223LeasingLtd,GeorgeTown,CaymanIslands• RapidAircraftLeasingLtd,GeorgeTown,CaymanIslands• UllswaterSubseaDIS,Oslo,Norway

2 Group of consolidated companies

The group of consolidated companies changed as a result of the establishment of the following, fully consolidated companies:

• IvanhoeShippingOpcoLLC,Majuro,MarshallIslands• GlenMoreOpcoLLC,Majuro,MarshallIslands• GlenSheeOpcoLLC,Majuro,MarshallIslands• GlenShielOpcoLLC,Majuro,MarshallIslands• GreatGlenOpcoLLC,Majuro,MarshallIslands• WaverleyShippingOpcoLLC,Majuro,MarshallIslands

The following newly-established companies were included in the group of consolidated companies using the equity method:

• MONEnginePartsInc.,Newark,USA

The following companies are no longer included in the scope of consolidation:

• AlRubbanNFCShippingFundIVLLC,Majuro, marshall Islands

• BukitTimahCharteringPteLtd,Singapore• BukitTimahShippingLLC,Majuro,MarshallIslands• BukitTimahShippingPteLtd,Singapore• MountAbuOffshorePteLtd,Singapore• MountBenomLtd,Labuan,Malaysia• MountErskineShippingPteLtd,Singapore• MountLawuLLC,Majuro,MarshallIslands• NFCShippingFundVLLC,Majuro,MarshallIslands• NFCShippingFundVILLC,Majuro,MarshallIslands• NFCShippingFundVIILLC,Majuro,MarshallIslands• UllswaterOffshoreLLC,Majuro,MarshallIslands


Notes 17


5 Net fee and commission income

6 General administrative expenses

7 Net other operating income/expenses

The other operating income generated in the previous year is largely due to the sale of shares in TES Holdings Ltd, Bridgend, Wales, united Kingdom. For further information, please refer to the report on assets, liabilities, financial position, and profit or loss (interim management report, page 6).

Selected notes to the income statement

3 Net interest income

4 Allowance for credit losses

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Interest income

from lending and money

market transactions 387.3 365.0 6.1

from bonds and other

fixed-income securities 2.7 5.5 –50.9

from finance leases 12.7 25.8 –50.8

Current income

from operating leases 68.6 90.5 –24.2

from equity investments

and other

investment securities 0.6 1.0 –40.0

Interest income 471.9 487.8 –3.3

Interest expenses

for deposits –151.1 –154.7 –2.3

for securitised liabilities –141.0 –133.3 5.8

for subordinated liabilities –8.0 –6.6 21.2

from operating leases –55.6 –80.7 –31.1

Interest expenses –355.7 –375.3 –5.2

net interest income 116.2 112.5 3.3

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Additions –51.3 –85.1 –39.7

Reversals 29.1 58.3 –50.1

Direct write-offs –6.6 –4.2 57.1

Recoveries on loans

and advances previously

written off 0.4 3.7 –89.2

total –28.4 –27.3 4.0

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Fee and

commission income

from guarantees

and indemnities 1.8 2.4 –25.0

from the lending business 44.6 47.9 –6.9

Other fee and

commission income 11.9 10.7 11.2

Fee and

commission income 58.3 61.0 –4.4

Fee and

commission expenses –2.6 –6.4 –59.4

net fee and

commission income 55.7 54.6 2.0

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Staff expenses –53.6 –52.3 2.5

Non-staff expenses –30.6 –38.0 –19.5

Depreciation, amortisation,

impairment and write-ups –2.0 –2.5 –20.0

total –86.2 –92.8 –7.1

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Other operating income 22.5 51.4 56.2

Other operating expenses –16.0 –7.5 –

total 6.5 43.9 –85.2


Notes 18


8.2 Hedge result (hedge accounting)

8.3 Result from the application of the fair value option

8 Net result from financial instruments in accordance with IAS 39

8.1 Trading result

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Trading result 4.3 –8.3 –

Hedge result –3.4 0.8 –

Result from the application

of the fair value option – –0.1 –

Result from derivatives

entered into without

intention to trade 1.6 –13.2 –

Result from

investment securities 0.6 0.5 20.0

total 3.1 –20.3 –

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Trading result

from derivatives –0.7 –0.4 75.0

from foreign

currency transactions 3.8 –8.9 –

from interest

and dividend payments 1.2 1.8 –33.3

Other – –0.8 –

total 4.3 –8.3 –

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Result from derivative

hedging instruments –84.6 43.7 –

Result from hedged items 81.2 –42.3 –

Result from

remeasurement –3.4 1.4 –

Ineffectiveness

of cash flow hedges – –0.6 –

total –3.4 0.8 –

€ mn

1 Jan 2013 – 30 Jun 2013

1 Jan 2012 – 30 Jun 2012

%

Loans and advances

designated as at fair value

through profit or loss – –0.1 –

Securitised liabilities

and subordinated loans

designated as at fair value

through profit or loss – 0.0 –

Economic derivative

hedging instruments – 0.0 –

total – –0.1 –


Notes 19


Selected notes to the consolidated statement of financial position

9 Loans and advances to banks

Loans and advances to banks include a receivable in the amount of €189.9 million in connection with a securities repurchase agreement with a term of less than twelve months where DVB acts as lender. The market value of the German government bond under these repurchase agreements amounts to €190.0 million.

11 Allowance for credit losses

10 Loans and advances to customers

DVB does not hold any claims against any of the highly-indebted eurozonecountries(Greece,Ireland,Portugal,SpainandItaly).

Loans and advances to customers resident in these countries are not exposed to any country-specific risks, especially due to the fact that the relevant claims are collateralised by the financed transport assets.

€ mn 30 Jun 2013 31 Dec 2012 %

Loans and advances 345.0 467.6 –26.2

thereof:

payable on demand 344.6 457.5 –24.7

thereof: with a limited term 0.4 10.1 –96.0

money market transactions 215.6 1.9 –

thereof:

payable on demand – – –

thereof: with a limited term 215.6 1.9 –

Other loans and

advances to banks 0.0 0.1 –

total 560.6 469.6 19.4

German banks 256.7 25.1 –

Foreign banks 303.9 444.5 –31.6

total 560.6 469.6 19.4

€ mn 30 Jun 2013 31 Dec 2012 %

Loans and advances 19,656.6 19,887.3 –1.2

thereof:


thereof: with a limited term 19,622.9 19,845.6 –1.1

Other loans and

advances to customers 22.3 21.0 6.2

total 19,678.9 19,908.3 –1.2

German customers 915.6 928.4 –1.4

Foreign customers 18,763.3 18,979.9 –1.1

total 19,678.9 19,908.3 –1.2

Specific allowance for credit losses

Portfolio-based allowance for credit losses

total

€ mn 30 Jun 2013 31 Dec 2012 30 Jun 2013 31 Dec 2012 30 Jun 2013 31 Dec 2012

Allowance for credit losses

as at 1 Jan 103.3 111.8 46.0 36.6 149.3 148.4

Additions 32.3 108.0 19.0 41.7 51.3 149.7

utilisation –7.7 –64.3 – – –7.7 –64.3

Reversals –8.4 –49.5 –20.7 –32.3 –29.1 –81.8

Changes resulting from

exchange rate fluctuations 0.9 –2.7 – 0.0 0.9 –2.7

Balance as at period end 120.4 103.3 44.3 46.0 164.7 149.3


Notes 20


12 Investment securities

DVB does not hold investment securities issued by any of the highly-indebtedeurozonecountries(Greece,Ireland,Portugal,Spain and Italy).

13 Investments in companies accounted for using the equity method

14 Intangible assets

€ mn 30 Jun 2013 31 Dec 2012 %

Bonds and other fixed-

income securities 443.7 451.4 –1.7

thereof: bonds and notes 443.7 451.4 –1.7

Equities and other

non-fixed-income securities 10.9 11.2 –2.7

Equity investments 13.9 13.9 0.0

total 468.5 476.5 –1.7

15 Property and equipment

16 Other assets

17 Deposits from other banks

€ mn 30 Jun 2013 31 Dec 2012 %

Investments in associates 87.7 90.7 –3.3

Interests in joint ventures 101.0 100.5 0.5

total 188.7 191.2 –1.3

€ mn 30 Jun 2013 31 Dec 2012 %

Loans and advances 4,180.3 4,630.0 –9.7

thereof:


thereof: with a limited term 3,731.2 3,975.6 –6.1

money market transactions 84.5 155.6 –45.7

thereof:

payable on demand – – –


total 4,264.8 4,785.6 –10.9

German banks 3,994.3 4,440.5 –10.0

Foreign banks 270.5 345.1 –21.6

total 4,264.8 4,785.6 –10.9

€ mn 30 Jun 2013 31 Dec 2012 %

Goodwill 95.0 95.0 0.0

Other intangible assets 6.6 5.0 32.0

total 101.6 100.0 1.6

€ mn 30 Jun 2013 31 Dec 2012 %

Land and buildings 5.2 5.3 –1.9

Operating and

office equipment 5.0 5.3 –5.7

Assets held under

operating leases 386.0 505.7 –23.7

Other property

and equipment 396.5 412.8 –3.9

total 792.7 929.1 –14.7

€ mn 30 Jun 2013 31 Dec 2012 %

Receivables from taxes

not related to income 2.8 1.7 64.7

Advance payments

and prepaid expenses 2.5 1.7 47.1

miscellaneous other assets 32.5 28.7 13.2

total 37.8 32.1 17.8


Notes 21


21 Other liabilities

22 Subordinated liabilities

23 Equity

Net retained profit of DVB Bank SE for the business year 2012 amounts to €27,880,422.00. On 13 June 2013, the Annual General meeting of DVB Bank SE resolved to pay dividends in the amount of €27,880,422.00 from this net retained profit (€0.60 for each share entitled to dividends). The portion of dividends paid from net retained profit attributable to treasury shares held by DVB on the date of the Annual General meeting was transferred to retained earnings.

18 Deposits from customers

19 Securitised liabilities

During the first half of 2013, the Bank issued bearer bonds with a nominal value of €700.0 million and a term of four to seven years. No bearer bonds became due. €9,657.6 million of securitised liabilities related to transactions with the DZ BANK Group.

20 Provisions

€ mn 30 Jun 2013 31 Dec 2012 %

provisions for

pension obligations 19.9 19.7 1.0

provisions for early and

partial retirement plans 0.6 0.5 20.0

Other provisions 25.0 39.1 –36.1

total 45.5 59.3 –23.3

€ mn 30 Jun 2013 31 Dec 2012 %

Other tax liabilities 2.3 0.7 –

miscellaneous

other liabilities 80.8 77.3 4.5

total 83.1 78.0 6.5

€ mn 30 Jun 2013 31 Dec 2012 %

Subordinated

promissory note loans 239.8 274.0 –12.5

Subordinated

bearer bonds 138.9 137.8 0.8

total 378.7 411.8 –8.0

€ mn 30 Jun 2013 31 Dec 2012 %

Loans and advances 5,753.8 5,025.7 14.5

thereof:

payable on demand 213.6 189.2 12.9

thereof: with a limited term 5,540.2 4,836.5 14.5

money market transactions 26.1 132.5 –80.3


Other deposits

from customers 11.2 14.7 –23.8

total 5,791.1 5,172.9 12.0

German customers 5,546.9 4,888.6 13.5

Foreign customers 244.2 284.3 –14.1

total 5,791.1 5,172.9 12.0

€ mn 30 Jun 2013 31 Dec 2012 %

Ship covered bonds 882.1 879.0 0.4

Bearer bonds 11,268.3 10,512.4 7.2

total 12,150.4 11,391.4 6.7


Notes 22


Notes to financial instruments

24 Classes and categories of financial instruments

The carrying amounts and fair values of financial assets and financial liabilities are allocated to the classes and categories (or subcategories) of financial instruments as indicated in the tables below:

30 Jun 2013 31 Dec 2012 € mn

Carrying amount

Fair value Carrying amount

Fair value

Financial assets held for trading 153.3 153.3 195.1 195.1

thereof: trading assets 153.3 153.3 195.1 195.1

Financial assets designated as at fair value through profit or loss – – – –

thereof: loans and advances to banks – – – –

thereof: loans and advances to customers – – – –

thereof: investment securities – – – –

Derivative hedging instruments 590.0 590.0 711.0 711.0

thereof: positive fair values of derivative hedging instruments 590.0 590.0 711.0 711.0

Available-for-sale financial assets 430.3 430.3 436.4 436.4

thereof: investment securities 430.3 430.3 436.4 436.4

Financial assets measured at fair value 1,173.6 1,173.6 1,342.5 1,342.5

Loans and receivables 21,749.5 22,446.9 20,597.0 21,179.1

thereof: cash and balances with the central bank 2,104.7 2,104.7 869.6 869.6

thereof: loans and advances to banks 560.6 560.6 469.6 470.0

thereof: loans and advances to customers 19,068.6 19,764.9 19,240.3 19,820.4


Available-for-sale financial assets 22.6 22.6 22.6 22.6


Other assets – – – –

Financial assets measured at amortised cost 21,772.1 22,469.5 20,641.9 21,224.0

Finance leases 445.6 458.5 518.7 511.4

thereof: loans and advances to customers 445.6 458.5 518.7 511.4

Other financial assets 445.6 458.5 518.7 511.4


Notes 23


Changes in fair value were induced by changes in yield curves, exchange rate fluctuations, and changes in credit quality.

25 Derivatives

30 Jun 2013 31 Dec 2012 € mn

Carrying amount

Fair value Carrying amount

Fair value

Financial liabilities held for trading 185.3 185.3 218.5 218.5

thereof: trading liabilities 185.3 185.3 218.5 218.5

thereof: other liabilities – – – –

Fair value option – – – –

thereof: deposits from other banks – – – –

thereof: deposits from customers – – – –

thereof: securitised liabilities – – – –

thereof: subordinated liabilities – – – –

Derivative hedging instruments 272.4 272.4 297.1 297.1

thereof: negative fair values of derivative hedging instruments 272.4 272.4 297.1 297.1

Financial liabilities measured at fair value 457.7 457.7 515.6 515.6

Deposits from other banks 4,264.8 4,251.5 4,785.6 4,734.0

Deposits from customers 5,791.1 5,747.5 5,172.9 5,085.9

Securitised liabilities 12,150.4 12,487.1 11,391.4 11,664.7

Other liabilities – – 27.3 27.3

Subordinated liabilities 378.7 404.5 411.8 438.8

Financial liabilities measured at amortised cost 22,585.0 22,890.6 21,789.0 21,950.7

Finance leases – – – –

thereof: deposits from customers – – – –

Other financial liabilities – – – –

market values %30 Jun 2013 31 Dec 2012

€ mn positive negative positive negative positive negative

Interest rate products 665.8 396.4 803.9 470.7 –17.2 –15.8

Currency-related products 77.5 61.3 102.2 44.9 –24.2 36.5

Other products – – – – – –

total 743.3 457.7 906.1 515.6 –18.0 –11.2


Notes 24


Other disclosures

27 Financial guarantee contracts, contingent liabilities and other commitments

26 Determination of fair values of financial instruments

The fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction.

The fair value of financial instruments which are listed on an active market is determined on the basis of market prices. The fair values of these financial instruments are allocated to Level 1.

The fair value of financial instruments which are not listed on an active market is determined on the basis of accepted valua-tion models used uniformly throughout all classes and allocated to Level 2. Non-derivative financial instruments, as well as derivative financial instruments with no option components, are measured using the discounted cash flow method. The basis for deriving the discount rate is the use of currency-specific swap curves. Derivative financial instruments with option characteristics are measured using accepted option pricing models (Black-Scholes/Black-76 model). The valuation models use parameters that largely can be observed on the market.

To the extent that the measurement models use inputs that are largely not observable on the market, the resulting fair values are allocated to Level 3.

In the period under review, there were no reclassifications between the individual levels.

Level 1 Level 2 Level 3€ mn 30 Jun 2013 31 Dec 2012 30 Jun 2013 31 Dec 2012 30 Jun 2013 31 Dec 2012

Loans and advances to banks – – – – – –

Loans and advances to customers – – – – – –

Trading assets – – 153.3 195.1 – –

positive fair values of

derivative hedging instruments – – 590.0 711.0 – –

Investment securities 426.5 432.6 3.8 3.8 – –

Financial assets measured at fair value 426.5 432.6 747.1 909.9 – –

Deposits from other banks – – – – – –

Deposits from customers – – – – – –

Trading liabilities – – 185.3 218.5 – –

Negative fair values of

derivative hedging instruments – – 272.4 297.1 – –

Subordinated liabilities – – – – – –

Financial liabilities measured at fair value – – 457.7 515.6 – –

€ mn 30 Jun 2013 31 Dec 2012 %

Financial guarantee

contracts from guarantees 252.2 237.5 6.2

Contingent liabilities

from irrevocable loan

commitments 1,041.3 1,313.1 –20.7

Other commitments 23.9 19.9 20.1

thereof: within one year 6.4 5.0 28.0

thereof: within one

to five years 14.6 11.9 22.7

thereof: five years or more 2.9 3.0 –3.3

total 1,317.4 1,570.5 –16.1


Notes 25


Responsibility statement

To the best of our knowledge, and in accordance with the appli-cable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the DVB Group, and the interim management report of the DVB Group includes a fair review of the development and perfor-mance of the business and the position of the Group, together with a description of the principal opportunities and risks asso-ciated with the expected development of the DVB Group for the remaining months of the financial year.

Frankfurt/main, 8 August 2013DVB Bank SE

The Board of managing Directors

Wolfgang F. DrieseCEO & Chairman of the Board of managing Directors

Ralf Bedranowskymember of the Board of managing Directors

Bertrand Grabowskimember of the Board of managing Directors

Dagfinn Lundemember of the Board of managing Directors


26

Based on our review, nothing has come to our attention that causes us to believe that the interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the Eu or that the interim group management report is not prepared, in all material respects, in accordance with the provi-sions of the WpHG applicable to interim group management reports.

Eschborn, Frankfurt/main, 8 August 2013Ernst & Young GmbHWirtschaftsprüfungsgesellschaft

LöskenWirtschaftsprüfer(German public Auditor)

StapelWirtschaftsprüfer(German public Auditor)

To DVB Bank SE, Frankfurt/Main

We have reviewed the interim condensed consolidated financial statements, comprising the condensed income statement, the condensed statement of comprehensive income, the statement of financial position, the condensed statement of changes in equity, the condensed cash flow statement and selected explanatory notes, and the interim group management report of DVB Bank SE, Frankfurt/main, for the period from 1 January 2013 to 30 June 2013, which are part of the six-monthly financial report pursuant to section 37w of the German Securities Trading Act (WpHG). The preparation of the interim condensed consolidated financial statements in accordance with IFRSs on interim financial reporting as adopted by the Eu and of the group management report in accordance with the requirements of the WpHG appli-cable to interim group management reports is the responsibility of the Company’s management. Our responsibility is to issue a report on the interim condensed consolidated financial state-ments and the interim group management report based on our review.

We conducted our review of the interim condensed consolidated financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of public Auditors in Germany). Those standards require that we plan and perform the review to obtain a certain level of assurance in our critical appraisal to preclude that the interim condensed consolidated financial state-ments are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the Eu and that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to making inquiries of company personnel and applying analytical procedures and thus does not provide the assurance that we would obtain from an audit of financial statements. In accordance with our engagement, we have not performed an audit and, accordingly, we do not express an audit opinion.

Review report

INTERIm mANAGEmENT REpORT INTERIm F INANCIAL STATEmENTS RE VIE w REPORt FuRTHER INFORmATION

INTERIm mANAGEmENT REpORT INTERIm F INANCIAL STATEmENTS RE VIE W REpORT FURthER InFORmAtIOn

DVB worldwide

Further information

27 DVB worldwide

29 Financial calendar

29 Imprint

Shipping Finance

Aviation Finance

Offshore Finance

Land Transport Finance

Singapore

Tokyo

Piräus

Curaçao

EUROPEAMERICA ASIA / PACIFIC

New York

Frankfurt/Main

Zurich

HamburgRotterdam

London

Athens

BergenOslo


28


DVB worldwide

head office Frankfurt /MainDVB Bank SEPlatzderRepublik660325 Frankfurt/main, Germanyphone +49 69 9750 40, Fax +49 69 9750 4444 Europe AthensDVB Bank SERepresentative Office Greece3, moraitini Street & 1, palea Leof. posidonos, Bldg. K4Delta paleo Faliro, 175 61 Athens, Greecephone +30 210 4557 400, Fax +30 210 4557 420

BergenDVB Bank SENordic Branch, Strandgaten 18, 5013 Bergen, Norwayphone +47 5 5309 400, Fax +47 5 5309 450

HamburgDVB Bank SEShipping Department, Ballindamm 6, 20095 Hamburg, Germanyphone +49 40 3080 040, Fax +49 40 3080 0412

LondonDVB Bank SE London Branch, park House, 6th Floor, 16–18 Finsbury CircusLondon, EC2m 7EB, uKphone +44 20 7256 4300, Fax +44 20 7256 4450

OsloDVB Bank SENordic Branch, Haakon VII‘s gate 1, 0161 Oslo, Norwayphone +47 2 3012 200, Fax +47 2 3012 250

Rotterdam DVB Bank SERotterdam Branch, parklaan 2, 3016 BB RotterdamThe Netherlandsphone +31 10 2067 900, Fax +31 10 4362 574

ZurichITF International Transport Finance Suisse AGWasserwerkstrasse12,8006Zurich,Switzerlandphone +41 44 3656 100, Fax +41 44 3656 200

the Americas CuraçaoDVB Bank America N.V.Zeelandia Office park, Kaya W.F.G. mensing 14Willemstad, Curaçaophone +599 9 4318 700, Fax +599 9 4652 366

New York DVB Transport (uS) LLC Representative Office of DVB Bank SE609 Fifth Avenue, New York, NY 10017-1021, uSAphone +1 212 588 8864, Fax +1 212 588 8936

DVB Capital markets LLC 609 Fifth Avenue, New York, NY 10017-1021, uSAphone +1 212 858 2624, Fax +1 212 588 0424 Asia SingaporeDVB Group merchant Bank (Asia) Ltd 77 Robinson Road # 30-02, Singapore 068896phone +65 6511 3433, Fax +65 6511 0700

Tokyo DVB Transport Finance LtdTokyo Branch, The Imperial Hotel Tower, 14th Floor (A-2)1-1, uchisaiwaicho 1-chome, Chiyoda-ku, Tokyo 100-0011, Japanphone +81 3 3593 7700, Fax +81 3 3593 7860 www.dvbbank.com E-mail: [email protected]

http://www.dvbbank.com

mailto:[email protected]


29


Financial calendar

Imprint

Design concept and realisationGolinHarris B&L GmbH, Frankfurt/main, Germany

DVB Group‘s Half-Yearly Financial Report 2013 is published as a pDF file on our webpage www.dvbbank.com. It is available in German and English.

After scanning this QR code with your smartphone, you will have direct access to our website.

DVB Bank SEPlatzderRepublik660325 Frankfurt/main, Germany

Investor RelationsElisabeth WinterSenior Vice presidentphone +49 69 9750 4329

Sabine SchliebenVice presidentphone +49 69 9750 4449

14 November 2013 (at the latest) publication of the Interim management Statement

during the second half of 2013 (for the first nine months ending 30 September 2013)

6 December 2013 publication of the

Declaration of Compliance for 2013/2014

12 June 2014 Annual General meeting

Frankfurt/main

http://www.dvbbank.com