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Annual Accounts Press and Analyst Conference 2012

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The presentation gives an overview of DVB Group's business development 2011 and outlook 2012.

The presentation gives an overview of DVB Group's business development 2011 and outlook 2012.

Published in: Economy & Finance, Business

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  • 1. Annual AccountsPress and Analyst Conference 2012 Frankfurt/Main, 8 March 2012 Slide 1
  • 2. Greece – Fear of the domino effectSource: Photographer Matt Cardy/Getty Image Slide 2
  • 3. USA / Germany – Sovereign debt unsolved Federal Government debt: Total Public Debt (GFDEBTN) [€ bn] Development of sovereign debt (government, federal states and municipalities)[US$ bn]16,000 2,20014,000 1,70012,00010,000 1,200 8,000 6,000 700 4,000 2,000 200 0 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 Shaded areas indicate US recessions. 2012 research.stlouisfed.orgSource: U.S. Department of the Treasury, Financial Management Services Source: Statistisches Bundesamt, Schulden der öffentlichen Haushalte Slide 3
  • 4. Iran – Nuclear controversy causes oil price risks to riseSource: Reuters / Hamed Jafarnejad / Fars News Slide 4
  • 5. Nigeria – Another risk for oil marketsSource: Reuters Slide 5
  • 6. DisclaimerThis presentation has been prepared by DVB Bank SE.This presentation does not contain or constitute an offer, or the solicitation of an offer, to buy orsubscribe for securities to any person. This document is not a prospectus.The presentation is a short summary description of certain aspects in respect of DVB Bank SE. It maynot contain all relevant information in respect of the topics covered. This presentation is therefore not asufficient basis for any investment decision in respect of any securities of DVB Bank SE.This presentation contains forward-looking statements which include statements about our beliefs andexpectations as well as the assumptions underlying them. Such statements speak only as of the daythey are made since they are based on plans, estimates and projections currently available to themanagement of DVB Bank SE. Forward-looking statements contain risks and uncertainties, and it cannotbe guaranteed that they will turn out to be correct in light of future events or developments.Information and opinions contained in this presentation have been compiled or arrived from sourcesbelieved by DVB Bank SE to be reliable. Any statements about DVB Bank SE’s market position are basedon DVB Bank SE’s own estimates, unless explicitly stated otherwise herein. Although the informationshown herein has been taken from sources which are believed to be reliable or is based on DVB BankSE’s own estimates, no warranty or representation is made as to the correctness, completeness andaccuracy of the information or the assessments made on its basis.DVB Bank SE accepts no responsibility or liability whatsoever for any expense, loss or damages arisingout of, or in any way connected with, the use of all or any part of this presentation. Slide 6
  • 7. Preliminary remarksAll statements made regarding net worth,financial position & results relate to DVB Group.All amounts are disclosed in euro and on the basis ofIFRS/IAS if not stated otherwise.Unless indicated otherwise, all financial data apply to31 December 2011, and are certified by auditors. Slide 7
  • 8. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 8
  • 9. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 9
  • 10. Key facts about the business development 2011New peak of consolidated net income (before taxes): €147.7 million (2010: €131.1 million),a plus of 12.7% compared to the previous year and of 24.4% compared to 2007,the best pre-crisis yearParameters of the business development: Income (after allowance for credit losses) rose by 9.7% from €307.3 million to €337.1 million Net interest income after allowance for credit losses was increased by 41.2% to €199.1 million  Net interest income climbed by 33.8% to €258.3 million  Allowance for credit losses stood at €-59.2 million (2010: €-52.0 million) Still selective new business in Transport Finance: 184 new transactions; €5.6 billion (2010: 140 deals; €4.4 billion) Net fee and commission income again on a high level (-6.6% from €124.4 million to €116.2 million). Group management parameters reflected successful business development: ROE 14.0% (2010: 13.9%) and CIR 47.8% (2010: 49.0%) DVB’s proactive risk management effective with a variety of measures Annual Accounts Press and Analyst Conference 2012 | 1.1 Key facts about the business development Slide 10
  • 11. DVB’s strengthsDVB features a very clearly DVB is committed to a DVB offers a focused rangedefined and cycle-neutral conservative business of products and services –business model that offers a policy and to long-term including complementarywide variety of business sustainability – much to products that go beyond theopportunities. We are acting our clients’ benefit. typical scope of banking.on a global platform. DVB holds a credit portfolioDVB works on the basis of a that is diversified by multiple DVB tenders a balancedwell renowned, award- criteria and categories risk profile and awinning and sophisticated including asset types, forward-thinking,Asset & Market Research. vintage, manufacturers, consistentThis enables us to be a regions, borrowers, users approach toprofessional partner to the and in terms of the assets’ risk management.transport industry. employment. Annual Accounts Press and Analyst Conference 2012 | 1.1 Key facts about the business development Slide 11
  • 12. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 12
  • 13. At a glance – Income statement[IFRS] 2011 2010 %Net interest income €258.3 mn €193.0 mn 33.8%Allowance for credit losses €-59.2 mn €-52.0 mn 13.8%Net interest income after allowance for credit losses €199.1 mn €141.0 mn 41.2%Net fee and commission income €116.2 mn €124.4 mn -6.6%Net income from financial instrumentsin accordance with IAS 39 €4.4 mn €30.2 mn -85.4%General administrative expenses €-189.4 mn €-176.2 mn 7.5%Consolidated net income (before taxes) €147.7 mn €131.1 mn 12.7%Consolidated net income (after taxes) €110.4 mn €104.0 mn 6.2%Return on equity (before taxes) 14.0% 13.9% 0.1 ppCost-Income-Ratio 47.8% 49.0% -1.2 pp Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Income statement Slide 13
  • 14. Earnings development[€ mn]400 337.1 307.3300 266.1 256.7 243.1200 147.7 131.1 118.7 100.2100 86.6 0 2007 2008 2009 2010 2011 Total income (after allowance for credit losses) Consolidated net income before taxes Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Income statement Slide 14
  • 15. Allowance for credit losses [€ mn] Portfolio Individual impairments impairments Provisions Total Additions Reversals Direct Recoveries on write-offs loans and advances previously written offShipping Finance -57.1 21.7 -0.3 1.6 -2.2 – -36.3Aviation Finance -16.2 10.8 – 1.0 -1.1 -0.2 -5.7Land Transport Finance -0.1 0.1 – – 0.0 – 0.0Investment Management -14.5 4.4 – 1.8 – – -8.3ITF Suisse – – – – – – –Business no longer in linewith the Bank’s strategy -9.0 0.9 -0.1 0.4 -0.4 – -8.2Others 0.0 0.1 -0.2 0.0 -0.6 – -0.7Total 2011 -96.9 38.0 -0.6 4.8 -4.3 -0.2 -59.2Total 2010 -86.0 44.3 -10.9 1.3 -1.3 0.6 -52.0 Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Income statement Slide 15
  • 16. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 16
  • 17. New business Transport Finance 2011 Shipping Aviation Land Transport New business Finance Finance Finance Transport FinanceNo. of new deals 93 78 13 184Underwriting DVB €2,662.4 mn €2,864.0 mn €373.7 mn €5,900.1 mnSyndicated /to be syndicated €132.7 mn €183.3 mn --- €316.0 mnFinal take DVB €2,529.7 mn €2,680.7 mn €373.7 mn €5,584.1 mnAvg. deal size €28.6 mn €36.7 mn €28.7 mn €32.1 mnAvg. margin 304 bp 325 bp 280 bp 313 bpLeading role 79.6% 72.2% 46.0% 74.2% Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Lending volume Slide 17
  • 18. Customer lending volume[€ bn] 2011 2010 % By business divisionShipping Finance 11.3 10.3 9.7 Investment Management Business no longer in lineAviation Finance 6.9 5.6 23.2 3.2% (-1.0 pp) with DVB’s strategy ITF Suisse 1.4% (-0.2 pp)Land Transport Finance 1.6 1.5 6.7 4.1% (+0.5 pp)Investment Management 0.7 0.8 -12.5 Land Transport FinanceITF Suisse 0.9 0.7 28.6 7.4% (-0.4 pp)Business no longer in Shipping Finance 0.3 0.3 0.0line with DVB’s strategy 52.1% (-1.5 pp)Total 21.7 19.2 13.0 Aviation Finance 31.8% (+2.6 pp) By region[US$ bn] 2011 2010 % Offshore Australia / New Zealand South America 3.6% (+1.2 pp)Shipping Finance 14.6 13.7 6.6 0.8% (+0.2 pp) 4.0% (+0.5 pp)Aviation Finance 9.0 7.5 20.0 Middle East / AfricaLand Transport Finance 2.1 2.0 5.0 4.8% (+0.4 pp)Investment Management 0.9 1.0 -10.0 AsiaITF Suisse 1.1 0.9 22.2 Europe 18.8% (-1.9 pp)Business no longer in 41.2% (-3.8 pp) 0.4 0.5 -20.0line with DVB’s strategy North AmericaTotal 28.1 25.6 9.8 26.8% (+3.4 pp) Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Lending volume Slide 18
  • 19. Shipping Finance portfolio by asset type Total lending volume 31 Dec 2011: €11.3 bn Total lending volume 31 Dec 2010: €10.3 bn Tankers 31.8% Tankers 29.8% Ferries, Others thereof: Others thereof:passenger vessels F(P)SO 4.3% 12.7% Crude oil tankers Ferries, 10.8% Crude oil tankers 4.7% passenger F(P)SO 8.2% Chemical tankers 8.5% Product tankers 2.1% 0.9% 7.2% Product tankers 1.1% 7.7% Chemical tankersCruise ships 3.7% Gas tankers vessels 2.8% Gas tankers 5.0% 2.3% Cruise shipsContainer 6.3% boxes Container 6.3% boxes Container 6.8% carriers 10.9% Container carriers 10.7% Bulk carriers 17.7% Offshore 21.0% Offshore 20.2% davon: Bulk carriers thereof: 5.0% Anchor handlers 18.1% 14.3% Offshore support 4.4% Platform supply vessels 5.9% Offshore drilling 4.1% Drillships 2.9% Rigs 4.6% Others Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Lending volume Slide 19
  • 20. Aviation Finance portfolio by asset type Total lending volume 31 Dec 2011: €6.9 bn Total lending volume 31 Dec 2010: €5.6 bn Freighters 7.2% Freighters 7.9% thereof: (Boeing only) 7.1% Boeing Narrowbody pax 55.2% 0.1% Airbus Narrowbody pax 49.2% thereof: thereof:Regional jets 6.9% 29.5% Airbus Regional jets 9.2% 31.5% Airbusthereof: 25.7% Boeing thereof: 17.7% Boeing 5.7% Embraer 7.3% Embraer 1.1% Bombardier 1.6% Bombardier 0.1% Fokker 0.3% FokkerWidebody pax 30.0% Widebody pax 34.4%thereof: thereof: 15.2% Airbus 19.7% Airbus 14.8% Boeing 14.7% Boeing Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Lending volume Slide 20
  • 21. Land Transport Finance portfolio by asset type Total lending volume 31 Dec 2011: €1.6 bn Total lending volume 31 Dec 2010: €1.5 bn Business no longer in line with Business no longer in line withOn road 11.9% DVB’s strategy: On road 10.7% DVB’s strategy:thereof: 1.3% Terminals / logistics property thereof: 2.4% Terminals / logistics property11.1% Road tractors & 0.3% Other immovable assets 9.7% Road tractors & 0.6% Other immovable assets trailers trailers 0.8% Tank 1.0% Tank containers containers On rail 86.5% On rail 86.3% thereof: thereof: 59.6% Freight cars 58.8% Freight cars 12.9% Locomotives 13.2% Locomotives 12.0% Regional passenger train sets 12.7% Regional passenger train sets 1.5% Passenger coaches 1.0% Passenger coaches 0.5% City / commuter traffic 0.6% City / commuter traffic Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Lending volume Slide 21
  • 22. Portfolio collateralisationLoan-to-value ratio (%) – Relation between drawn loans and the market value of the assets financed[%]100 90 81.5 78.7 76.4 77.7 78.1 80 74.6 74.3 73.0 75.0 74.5 69.9 71.9 70 67.1 64.4 60.1 60 50 40 30 20 10 0 Shipping Finance Aviation Finance Land Transport Finance 2007 2008 2009 2010 2011 Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Lending volume Slide 22
  • 23. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 23
  • 24. Capital (KWG) and capital ratios[€ mn] 31 Dec 2011 31 Dec 2010 1,304 1,309 1,179 1,105 Tier 1 capital Total capital Tier 1 capital Total capital Capital ratios (following the confirmation of profits) Basel II 19.7% 21.8% 18.9% 22.4% Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Capital and liquidity Slide 24
  • 25. Funding products – Maturity structure Funding products 31 Dec 2011 Funding products 31 Dec 2010Short-term funding Short-term funding2.6% Short-term deposits banks / 8.0% Short-term deposits banks / clients clients Long-term funding Long-term funding 97.4% 92.0% thereof: 50.5% Uncovered bearer bonds davon: 55.7% Promissory notes / long-term deposits 42.0% Promissory notes / long-term deposits 31.8% Uncovered bearer bonds 3.1% Ship covered bonds 2.9% Own funds in accordance with the KWG 1.8% Own funds in accordance with the KWG 1.6% Ship covered bond Annual Accounts Press and Analyst Conference 2012 | 1.2 Consolidated financial statements – Capital and liquidity Slide 25
  • 26. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 26
  • 27. Shipping and aviation markets 2012While the shipping markets still have a supply issue,the aviation markets are rather affected on the demand side.Pressure on asset prices, charter and leasing rates persists.Increasing fuel prices elevate costs of operation.Companies’ cash reserves are decreasing. 2012Access to funding is getting more difficult again.Further defaults and consolidation are likely to occur. Annual Accounts Press and Analyst Conference 2012 | 2.1 Transport markets Slide 27
  • 28. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 28
  • 29. Shipping – Backlog still high Ratio of capacity on order to aggregate existing fleet Container Current 15,343,000 vessels 28.0% (capacity in TEU) Ordered 4,302,000 Crude oil Current 368,488 tankers 17.1% (capacity in 000’s dwt) Ordered 62,990 Bulk Current 600,252 carriers 32.4% (capacity in 000’s dwt) Ordered 194,471Source: DVB Shipping Research, December 2011 Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 29
  • 30. Shipping – Outlook for the main sectors Bulk Container Crude oil Offshore LNG tanker carriers vessels tankers shipsSource: DVB Shipping Research Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 30
  • 31. Bulk carriers – Newbuild prices still under pressure[US$ mn]100 Forecast 90 Large Cape 80 70 60 Panamax 50 40 Handymax 30 20 Handysize 10 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e 2012f 2013fSource: MSI; DVB Research Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 31
  • 32. Bulk carriers – Freight rates declining[Baltic Dry Index, points]14,00014.000 20 May 2008: 11,793 points12,00012.00010,00010.000 8,000 8.000 24 February 2012: 718 points 6,000 6.000 4,000 4.000 2.000 2,000 5 December 2008: 663 points 0 Jan 2000 Jan 2001 Jan 2002 Jan 2003 Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012Source: Clarksons Shipping Intelligence Network Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 32
  • 33. Bulk carriers – Supply / demand mismatch is increasing [DWT] 700 600 500 400 300 200 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011e 2012f 2013f Demand SupplySource: MSI Q3 2011; DVB Research Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 33
  • 34. Container vessels – Time charter rates decreasing[Clarkson’s time charter rate indexBasis: US$ per TEU February 2011 February 2012 -43%1993 = 100] 71 40 year-on-year 200 180 160 140 120 100 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Source: Clarksons Shipping Intelligence Network Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 34
  • 35. Container vessels – Newbuild prices still under pressure[US$ mn]160140120100 80 60 40 20 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 600 TEU 1,700 TEU 2,700 TEU 4,300 TEU 6,600 TEU 8,100 TEUSource: MSI; DVB Research Annual Accounts Press and Analyst Conference 2012 | 2.2 Shipping markets Slide 35
  • 36. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 36
  • 37. Aviation – Backlog still high Ratio of capacity on order to aggregate existing fleet In service 21,092 Aircraft (western- 41.6% built jets) Ordered 8,778Source: Airclaims, 14 December 2011 Annual Accounts Press and Analyst Conference 2012 | 2.3 Aviation markets Slide 37
  • 38. Aviation – Orders rising again[Number of aircraft]3,5003.500 20113,0003.000 Gross orders: 1,672 Cancellations: 1752,5002.500 Net orders: 1,497 Deliveries: 1,1502,0002.0001,5001.5001,0001.000 500 0 Gross orders Net orders DeliveriesSource: Airclaims Annual Accounts Press and Analyst Conference 2012 | 2.3 Aviation markets Slide 38
  • 39. Aviation – Higher funding requirements 2012Aircraft delivieries (Western-built jets)[Number of aircraft] [Delivery value US$ mn]500 20.000 20,000 17,609450 18.000 18,000 16,450400 1,311 aircraft 16.000 16,000350 Total value = US$72.9 bn 14.000 14,000300 12.000 12,000 10,451250 8,607 10.000 10,000200 8.000 8,000 5,878150 3,218 4,425 4,573 6.000 6,000100 4.000 4,000 50 1,261 2.000 451 2,000 0 0 A320 B737 NG A330 E-Jet B777 B787 CRJ A380 B767 B747 family Number of aircraft Delivery value US$ mnSource: DVB Aviation Research Annual Accounts Press and Analyst Conference 2012 | 2.3 Aviation markets Slide 39
  • 40. Aviation – Increased pressure on older aircraft values(constant age)120 Index: year 2000 = 100100 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 737-800 (3 years old) A320-200 (3 years old) A330-200 (3 years old) A340-300 (6 years old) 767-300ER (11 years old) 747-400 (11 years old) 757-200 (11 years old) 737-300 (15 years old)Source: DVB Aviation Research, Ascend value matrices released January 2012 Annual Accounts Press and Analyst Conference 2012 | 2.3 Aviation markets Slide 40
  • 41. Aviation – Lease rate decline abate(constant age)140 Index: year 2000 = 100120100 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 737-800 (3 years old) A320-200 (3 years old) A330-200 (3 years old) A340-300 (6 years old) 767-300ER (11 years old) 747-400 (11 years old) 757-200 (11 years old) 737-300 (15 years old)Source: DVB Aviation Research, Ascend value matrices released January 2012 Annual Accounts Press and Analyst Conference 2012 | 2.3 Aviation markets Slide 41
  • 42. Agenda1 Business development in 2011 1.1 | Key facts about the business development 1.2 | Details of the consolidated financial statements 2011 1.2.1 Income statement 1.2.2 Development of new business and customer lending volume 1.2.3 Capital and liquidity2 Outlook 2012 2.1 | Key facts about the transport markets 2.2 | Details about the shipping markets 2.3 | Details about the aviation markets 2.4 | Operating environment and targets 2012 Slide 42
  • 43. Operating environment and targets 2012 Market volatility, especially due to the sovereign debt crisis, is here to stay and will continue to command our full attention. Macroeconomic outlook is mixed in most of the developing world. Asia seems to be insulated from the turbulences seen in the EU and US, for the time being. Employment and consumer spending continue to remain major risks for market growth. Furthermore, the fluctuating demand in the transport markets is still being met by significant newbuild capacity becoming available. We are attracting substantial third-party equity to expand our Investment Management activities (successful new Joint Venture between AIM and third-party investor Marubeni Corporation). We intend to increase Aviation Finance’s portfolio proportion We aim to continue the positive earnings trend (target ROE: 12–15%; CIR: below 50%). Annual Accounts Press and Analyst Conference 2012 | 2.4 Operating environment and targets Slide 43
  • 44. Annual AccountsPress and Analyst Conference 2012 Frankfurt/Main, 8 March 2012 Slide 44
  • 45. Contact Further information at www.dvbbank.com > Investor Relations Contact person: Elisabeth Winter Manager Investor Relations Senior Vice President DVB Bank SE Phone: +49 69 9750 4329 Platz der Republik 6 Fax: +49 69 9750 4850 60325 Frankfurt/Main E-mail: elisabeth.winter@dvbbank.com Annual Accounts Press and Analyst Conference 2012 | Contact Slide 45