ALLIANZ FINANCE II B.V. ALLIANZ AKTIENGESELLSCHAFT

Dated February 17, 2006
ALLIANZ FINANCE II B.V.
(a private company with limited liability incorporated under the law of the Netherlands)
EUR [up to 1.0 billion]
[5.00 - 5.875]% Undated Subordinated Fixed Rate Callable Bonds
guaranteed on a subordinated basis by
ALLIANZ AKTIENGESELLSCHAFT
(incorporated as a stock corporation in Munich, Germany)
Issue Price of the Bonds: [98-101]%
The EUR [up to 1.0 billion] [5.00 – 5.875]% Undated Subordinated Fixed Rate Callable Bonds (the
“Bonds”) will be issued by Allianz Finance II B.V. (the “Issuer”) on [March 3,] 2006 (the “Issue Date”) in a
denomination of EUR 1,000 each.
The Bonds have no final maturity date. They are redeemable in whole but not in part at the option of the
Issuer at their principal amount on [March 3,] 2011 and on each Interest Payment Date (as defined in Condition
3.1(a) of the terms and conditions of the Bonds (the “Conditions”)) thereafter. The Issuer may also redeem the
Bonds in whole but not in part at their principal amount together with any accrued interest at any time following
a Gross-up Event and at the Make-whole Amount following a Tax Event or a Regulatory Event (all terms as
defined in Condition 4 of the Conditions). In any case the Issuer may call and redeem the Bonds only if the
Solvency Condition (as defined in Condition 3.2(c) of the Conditions) is met and the principal amount of the
Bonds to be redeemed has been replaced by other at least equivalent regulatory capital or if the Federal Financial
Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany (the “BaFin”) or any
successor authority has given its consent to the redemption, all as more fully described in the Conditions. The
Bonds will bear interest from and including [March 3,] 2006 at the rate of [5.00 – 5.875]% per annum payable
annually in arrear on [March 3] of each year commencing on [March 3,] 2007 to but excluding the date of the
redemption, if any.
Under certain circumstances described in Condition 3.2 of the Conditions, the Issuer may elect or even be
required to defer interest payments on the Bonds.
Allianz Aktiengesellschaft (“Allianz AG” or the “Guarantor” and, together with its consolidated
subsidiaries taken as a whole, the “Group” or “Allianz Group”) will unconditionally and irrevocably guarantee
on a subordinated basis (the “Guarantee”) the due and punctual payment of all amounts at any time becoming
due and payable in respect of the Bonds.
See “Risk Factors” for a discussion of certain factors that should be considered by
prospective investors.
The final aggregate principal amount, the issue price and the rate of interest of the Bonds will be determined
at the latest on March 1, 2006 on the basis of a bookbuilding procedure involving qualified investors (see
“Subscription and Sale” for details).
The BaFin, as competent authority under the Prospectus Directive (as defined herein), has approved this
securities prospectus for the Bonds (the “Prospectus”) on February 17, 2006 pursuant to § 13 (1) sentence 2 of
the German Securities Prospectus Act (Wertpapierprospektgesetz, the “WpPG”), which requires the scrutiny of
the Prospectus in relation to its completeness, coherence and comprehensibility.
The Issuer has requested BaFin to provide competent authorities in other host Member States within the
European Economic Area including Austria, Belgium, Denmark, France, Ireland, Luxembourg, The Netherlands,
Portugal, Sweden, Spain and the United Kingdom with a certificate of approval attesting that this Prospectus has
been drawn up in accordance with the German Securities Prospectus Act (Wertpapierprospektgesetz) which
implements Directive 2003/71/EC of the European Parliament and the Council of November 4, 2003 (the
“Prospectus Directive”) into German law.
Application has been made to list the Bonds on the official market (Amtlicher Markt) of the Frankfurt Stock
Exchange.
Lead Managers
Deutsche Bank
Dresdner Kleinwort Wasserstein
UBS Investment Bank
Co-Lead Managers
BayernLB
HVB Corporates & Markets
Helaba
WestLB AG
The Bonds will initially be represented by a temporary global bond in bearer form without interest coupons
(the “Temporary Global Bond”) which will be deposited with Clearstream Banking AG, Frankfurt am Main
(the “Clearing System”) and which will be replaced by a permanent global Bond in bearer form without interest
coupons (the “Permanent Global Bond”) which will be deposited with the Clearing System not earlier than 40
days after the Issue Date upon presentation of a certificate of non-U.S. beneficial ownership.
Responsibility Statement
Each of the Issuer with its registered office in Amsterdam, The Netherlands, the Guarantor with its
registered office in Munich, Germany, and Dresdner Bank AG with its registered office in Frankfurt am Main,
Germany, accepts responsibility for the information contained in this Prospectus. Each of the Issuer, the
Guarantor and Dresdner Bank AG hereby declares pursuant to § 5(4) WpPG, Annex IV, 1.2 and Annex V, 1.2 of
the Commission regulation (EC) No. 809/2004 of April 29, 2004 that, having taken all reasonable care to ensure
that such is the case, the information contained in this Prospectus is to the best of its knowledge, in accordance
with the facts and contains no omission likely to affect its import.
Each of the Issuer, the Guarantor and Dresdner Bank AG further declare in accordance with § 5(4) WpPG
that to the best of their knowledge the information conformed in this Prospectus is correct and that no material
circumstances have been omitted.
Notice
Each investor contemplating purchasing any Bonds should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer and the Guarantor.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer, the Guarantor,
or Deutsche Bank AG, London Branch, Dresdner Bank AG London Branch and UBS Limited (also “UBS
Investment Bank”) (the “Lead Managers”) and Bayerische Hypo- und Vereinsbank AG, Bayerische
Landesbank, Landesbank Hessen-Thüringen – Girozentrale and WestLB AG (the “Co-Lead Managers” and,
together with the Lead Managers, the “Managers”) with their registered offices in London, United Kingdom, to
subscribe for, or purchase, any Bonds.
No person has been authorised to give any information or to make any representation other than those
contained in this Prospectus in connection with the issue or sale of the Bonds and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuer or the Guarantor.
The offer, sale and delivery of the Bonds and the Guarantee and the distribution of this Prospectus in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are
required by the Issuer and the Guarantor to inform themselves about and to observe any such restriction.
In particular, the Bonds and the Guarantee have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “Securities Act”) and Bonds in bearer form are subject to
U.S. tax law requirements. Subject to certain limited exceptions, the Bonds and the Guarantee may not be
offered, sold or delivered within the United Stated or to U.S. persons. For a description of certain
restrictions on offers and sales of Bonds and on distribution of this Prospectus, see “Subscription and
Sale”.
The legally binding language of this Prospectus is the English language, except for the Conditions and the
terms and conditions of the subordinated Guarantee where the legally binding language is the German language.
The Bonds will form part of the regulatory capital of the Guarantor and the Allianz Group, and, as such, it is
the intention of the Issuer to redeem the Bonds only to the extent that the Guarantor or any of its financing
subsidiaries has, in the period of six months preceding such redemption, raised funds in an amount at least equal
to the aggregate principal amount of the Bonds by the issuance and sale of any ordinary shares or any securities
that have equal or greater equity characteristics than the Bonds.
IN CONNECTION WITH THE ISSUE OF THE BONDS, DRESDNER BANK AG AS STABILISING
MANAGER (OR PERSONS ACTING ON ITS BEHALF) MAY OVER-ALLOT BONDS (PROVIDED THAT
THE AGGREGATE PRINCIPAL AMOUNT OF THE BONDS ALLOTTED DOES NOT EXCEED 105% OF
THE AGGREGATE PRINCIPAL AMOUNT OF THE BONDS (OR SUCH OTHER PERCENTAGE AS MAY
BE APPLICABLE TO ANY SUCH ACTIONS) IN THE JURISDICTION WHERE SUCH ACTIONS ARE TO
BE EFFECTED) OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKET PRICE
OF THE BONDS AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
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HOWEVER, THERE IS NO ASSURANCE THAT DRESDNER BANK AG AS STABILISING MANAGER
(OR PERSONS ACTING ON ITS BEHALF) WILL UNDERTAKE STABILISATION ACTION. ANY
STABILISATION ACTION MAY BEGIN AT ANY TIME AFTER THE ADEQUATE PUBLIC DISCLOSURE
OF THE FINAL TERMS OF THE OFFER OF THE BONDS AND, IF BEGUN, MAY BE ENDED AT ANY
TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30 CALENDAR DAYS AFTER THE
DATE OF THE RECEIPT OF THE PROCEEDS OF THE ISSUE BY THE ISSUER OR 60 CALENDAR DAYS
AFTER THE DATE OF THE ALLOTMENT OF THE BONDS OR, AS THE CASE MAY BE, SUCH OTHER
DATE(S) AS MAY BE APPLICABLE TO ANY SUCH ACTION IN THE JURISDICTION WHERE SUCH
ACTIONS ARE TO BE EFFECTED. SUCH STABILISING SHALL BE IN COMPLIANCE WITH ALL
LAWS, REGULATIONS AND RULES OF ANY RELEVANT JURISDICTION.
In this Prospectus, unless otherwise specified or the context otherwise requires, references to “EUR”, “euro”
and “€” are to the single currency introduced at the third stage of European economic and monetary union
pursuant to the Treaty establishing the European Community as amended by the Treaty on European Union. All
references to “USD” and “$” are to the lawful currency of the United States of America.
3
DOCUMENTS INCORPORATED BY REFERENCE
The following documents that are available in the case of the Guarantor at the Frankfurt Stock Exchange
(Neue Börsenstr. 1, 60487 Frankfurt am Main) and in the case of the Issuer at the Luxembourg Stock Exchange
(11, av de la Porte-Neuve L-2227 Luxembourg) shall be deemed to be incorporated in, and to form part of, this
Prospectus:
•
the audited consolidated annual reports of Allianz Group, including the auditors’ reports, for the year
ended December 31, 2003;
•
the audited unconsolidated annual reports of Allianz AG, including the auditors’ reports, for the year
ended December 31, 2004;
•
the audited annual reports of Allianz Finance II B.V., including the auditors’ reports, for the years ended
December 31, 2004 and 2003;
•
the Articles of Association of Allianz Finance II B.V.; and
•
the Articles of Association (Satzung) of Allianz AG.
Copies of the documents which are incorporated herein by reference will be available free of charge from
the specified offices of the Principal Paying Agent set out at the end of this Prospectus. The Issuer does not
prepare and publish interim reports.
4
TABLE OF CONTENTS
Page
Documents Incorporated by Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary in respect of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary in respect of Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary in respect of the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Summary in respect of the Guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
German Translation of the Summary/Zusammenfassung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zusammenfassung in Bezug auf die Schuldverschreibungen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zusammenfassung in Bezug auf Risikofaktoren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zusammenfassung in Bezug auf die Emittentin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Zusammenfassung in Bezug auf die Garantin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dutch Translation of the Summary/Samenvatting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samenvatting met betrekking tot de Obligaties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samenvatting met betrekking tot de risicofactoren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samenvatting met betrekking tot de Emittent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samenvatting met betrekking tot de Garant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Danish Translation of the Summary/Resumé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumé vedrørende Obligationerne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumé vedrørende Risikofaktorerne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumé vedrørende Udsteder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumé vedrørende Garanten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
French Translation of the Summary/Résumé en Francais . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Résumé relatif aux Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Résumé concernant les Facteurs de Risque . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Résumé concernant l’Émetteur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Résumé concernant le Garant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Portuguese Translation of the Summary/Sumário . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sumário relativo às Obrigações . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sumário relativo aos Factores de Risco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sumário relativo ao Emitente . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sumário relativamente ao Garante . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Spanish Translation of the Summary/Resumen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumen de los Bonos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumen de los factores de riesgo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumen del Emisor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Resumen del Garante . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Información adicional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Swedish Translation of the Summary/Sammanfattning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sammanfattning avseende Obligationerna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sammanfattning avseende Riskfaktorer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sammanfattning avseende Emittenten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sammanfattning avseende Borgensmannen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors in relation to the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors in relation to the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors in relation to the Guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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Terms and Conditions of the Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subordinated Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information on the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recent Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selected Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitalisation of Allianz Finance II B.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Statements of the Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Information on the Guarantor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Name, Registered Seat, Business Objective and Purposes of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Term and Dissolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Presentation of financial and other information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Statutory auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
History and Development of Allianz AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitalisation and financial indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Overview of Allianz Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selected Consolidated Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
New and amended Accounting and Valuation Principles in the Financial Year 2005 . . . . . . . . . . . . . . . . . .
Recent Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trend Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Organisational Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management and Supervisory Bodies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
German Corporate Governance Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Board of Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Major Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Material Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share Capital of Allianz AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Form and Certification of the Shares / Consent to Transfer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subscription and Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selling Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Certain Financial Information relating to Allianz Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Group – Consolidated Financial Statements 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Group – Interim Report – First Three Quarters of 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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SUMMARY
The following constitutes the summary (the “Summary”) of the essential characteristics and risks
associated with the Issuer, the Guarantor and the Bonds. This Summary should be read as an introduction to this
Prospectus. Any decision by an investor to invest in the Bonds should be based on consideration of this
Prospectus as a whole, including the documents incorporated by reference and any supplements thereto. Where a
claim relating to the information contained in this Prospectus, the documents incorporated by reference and any
supplements thereto is brought before a court, the plaintiff investor might, under the national legislation of a
member state of the European Economic Area, have to bear the costs of translating this Prospectus, the
documents incorporated by reference and any supplements thereto before the legal proceedings are initiated.
Civil liability attaches to the Issuer, the Guarantor and Dresdner Bank Aktiengesellschaft who have taken
responsibility for this Summary including any translation thereof and applied for its notification, but only if the
Summary is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus.
This summary includes forward-looking statements. These include statements relating to, among other
things, the future financial performance of the Issuer, Allianz Aktiengesellschaft (hereinafter “Allianz AG”) and
its consolidated subsidiaries (together with Allianz AG hereinafter referred to as “Allianz Group”), plans and
expectations regarding developments in the business, growth and profitability of Allianz Group, and general
industry and business conditions applicable to Allianz Group. Allianz Group has based these forward-looking
statements on its current expectations, assumptions, estimates and projections about future events. These
forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause the
actual results, performance or achievements of Allianz Group or those of its industry to be materially different
from or worse than these forward-looking statements. The Issuer, Allianz AG and Dresdner Bank AG do not
assume any obligation to update such forward-looking statements and to adapt them to future events or
developments, except to the extent required by law.
Summary in respect of the Bonds
The final aggregate principal amount, the issue price and the rate of interest of the Bonds will be
determined on or around [March 1,] 2006 on the basis of a bookbuilding procedure involving qualified
investors.
Issuer
...................................
Guarantor
...............................
Principal Amount
.......................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
EUR [up to 1.0 billion]
Lead Managers . . . . . . . . . . . . . . . . . . . . . . . . . . Deutsche Bank AG, London Branch
Dresdner Bank AG London Branch (appearing on the cover page with
its marketing name “Dresdner Kleinwort Wasserstein”)
UBS Limited
(together the “Lead Managers”)
Co-Lead Managers
......................
Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen-Girozentrale
WestLB AG
(together with the Lead Managers, the “Managers”)
Fiscal Agent, Principal Paying Agent
and Calculation Agent . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
7
Issue Price
..............................
[98-101]%
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [March 3,] 2006
Denomination . . . . . . . . . . . . . . . . . . . . . . . . . . . The Bonds will be issued in a denomination of EUR 1,000 each.
Form of the Bonds
......................
The Bonds are in bearer form and will initially be represented by a
Temporary Global Bond without interest coupons which will be
deposited with or on behalf of Clearstream Banking AG, Frankfurt
am Main (the “Clearing System”). The Temporary Global Bond will
be exchangeable for a Permanent Global Bond without interest
coupons not earlier than 40 days after the Issue Date upon
certification as to non-U.S. beneficial ownership in accordance with
the rules and operating procedures of the Clearing System. Payment
on the Temporary Global Bond will only be made against
presentation of such certification. No definitive Bonds or interest
coupons will be issued.
Status of the Bonds
.....................
The obligations under the Bonds constitute unsecured and
subordinated obligations of the Issuer ranking pari passu among
themselves and at least pari passu with all other unsecured and
undated subordinated obligations of the Issuer outstanding on the
Issue Date save for any subordinated obligations required to be
preferred by law. In the event of the liquidation, dissolution,
insolvency, composition or other proceedings for the avoidance of
insolvency of, or against, the Issuer, the obligations of the Issuer
under the Bonds will be subordinated to the claims of all
unsubordinated and dated subordinated creditors of the Issuer, so that
in any such event no amounts shall be payable in respect of the Bonds
until the claims of all unsubordinated and dated subordinated
creditors of the Issuer shall have first been satisfied in full.
No security (except for the subordinated Guarantee) of whatever kind
is, or shall at any time be, provided by the Issuer or any other person
securing rights of the Bondholders under the Bonds. No subsequent
agreement may limit the subordination or shorten any applicable
notice period (Kündigungsfrist) in respect of the Bonds. If the Bonds
are redeemed prematurely, the amounts redeemed must be returned to
the Issuer irrespective of any agreement to the contrary unless the
Issuer has been dissolved or such amounts have been replaced by
other at least equivalent capital (Eigenmittel) of at least equal status
or if the Federal Financial Supervisory Authority or any successor
authority has given its consent to the redemption.
No Bondholder may set off any claims arising under the Bonds
against any claims that the Issuer may have against the Bondholder.
The Issuer may not set off any claims it may have against any
Bondholder against any of its obligations under the Bonds.
Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Guarantor will give an unconditional and irrevocable Guarantee
on a subordinated basis for the due payment of principal of, and
interest on, and any other amounts expressed to be payable under the
Bonds. The Guarantee constitutes a contract for the benefit of the
Bondholders from time to time as third party beneficiaries in
accordance with § 328 paragraph 1 of the German Civil Code
(Bürgerliches Gesetzbuch), giving rise to the right of each
Bondholder to require performance under the Guarantee directly from
the Guarantor and to enforce the Guarantee directly against the
Guarantor.
8
In the event of the dissolution, liquidation, insolvency or of other
proceedings for the avoidance of insolvency of the Guarantor, the
claims of the Bondholders under the Guarantee will be satisfied after
(but only after) the claims of all unsubordinated and dated
subordinated creditors of the Guarantor have first been paid in full.
The Bondholders explicitly accept that, in the circumstances
described above, payments in respect of the Bonds will be made by
the Guarantor pursuant to the Guarantee only in accordance with the
subordination described above.
No Bondholder may set off any claims arising under the Guarantee
against claims that the Guarantor may have against it. The Guarantor
may set off against any claims of any Bondholder under the
Guarantee only if such amounts have been replaced by other at least
equivalent capital (Eigenmittel) of at least equal status or if the
Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht) or any successor authority thereto has
given its consent to the set off, and subject to the Solvency Condition
(as defined below) being met.
Redemption
.............................
The Bonds have no final maturity date. They are redeemable in whole
but not in part at the option of the Issuer at their principal amount on
[March 3,] 2011 and on each Interest Payment Date (as defined
below) thereafter. The Issuer may also redeem the Bonds in whole but
not in part at their principal amount together with any accrued interest
at any time following a Gross-up Event (as defined below) and at the
Make-whole Amount following a Tax Event or a Regulatory Event
(all terms as defined below). In any case the Issuer may call and
redeem the Bonds only if the Solvency Condition (as defined below)
is met and the principal amount of the Bonds to be redeemed has been
replaced by other at least equivalent regulatory capital or if the
Federal Financial Supervisory Authority or any Successor Authority
has given its consent to the redemption.
A “Gross up Event” shall occur, if the Issuer has or will become
obliged by a legislative body, a court or any authority to pay
Additional Amounts or the Guarantor has or will become obliged to
pay Additional Amounts in respect of payments due under the
Guarantee as a result of any change in or amendment to the laws (or
any rules or regulations thereunder) of the Netherlands or the Federal
Republic of Germany or any political subdivision or any authority of
or in the Netherlands or the Federal Republic of Germany, or any
change in or amendment to any official interpretation or application
of those laws or rules or regulations, and that obligation cannot be
avoided by the Issuer or the Guarantor, as the case may be, taking
such reasonable measures it (acting in good faith) deems appropriate.
A “Tax Event” shall occur, if as a result of any amendment to, or
change in, the laws (or any rules or regulations thereunder) of the
Netherlands or the Federal Republic of Germany or any political
subdivision or any taxing authority thereof or therein, or as a result of
any amendment to, or change in, an official interpretation or
application of any such laws, rules or regulations by any legislative
body, court, governmental agency or regulatory authority (including
the enactment of any legislation and the publication of any judicial
9
decision or regulatory determination), interest payable by the Issuer in
respect of the Bonds or any amount payable by the Guarantor under
the Guarantee is no longer, or within 90 days of the date of the
opinion described below will no longer be, fully deductible by the
Issuer and/or the Guarantor for Dutch and/or German income tax
purposes, and that risk cannot be avoided by the Issuer and/or the
Guarantor taking reasonable measures it (acting in good faith) deems
appropriate.
A “Regulatory Event” shall occur if
(a) the Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht) or any Successor Authority states
in writing to the Guarantor that the Bonds (in whole or in part)
no longer fulfil the requirements for regulatory capital or own
funds for group solvency or single solvency purposes of the
Guarantor or the solvency pursuant to the regulations for
financial conglomerates. This applies only if at any time prior to
such statement the Bonds did fulfil such requirements; or
(b) at any time, the Guarantor or the Guarantor’s group is required
for any regulatory capital purposes to have Tier I regulatory
capital (howsoever described), and the Bonds would not be
eligible to qualify for inclusion in the Tier I regulatory capital for
group solvency purposes of the Guarantor or the solvency
pursuant to the regulations for financial conglomerates at the
time.
Interest
.................................
The Bonds shall bear interest on their aggregate principal amount
from and including [March 3,] 2006 at the rate of [5.00 – 5.875] per
cent. per annum to but excluding the date of redemption, if any.
Interest shall be payable in arrear on [March 3] in each year (each
such date, an “Interest Payment Date”). The first payment of
interest shall be made on [March 3,] 2007. If interest is required to be
calculated for a period of less than a full year, such interest shall be
calculated on the basis of the actual number of days in such period
divided by the actual number of days (365 or 366) in the respective
year.
Optional deferral of Interest Payments . . . Subject to the Solvency Condition being met and no Mandatory
Deferral Event (as defined below) having occurred, the Issuer may,
on each Interest Payment Date, elect in its discretion to defer the
payment of interest by giving not less than 3 Business Days prior
notice, if up to the end of the 10th Business Day preceding such
Interest Payment Date (the “Calculation Date”) no dividend, other
distribution or payment was declared in respect of any class of shares
of the Guarantor at the ordinary General Meeting of shareholders
(ordentliche Hauptversammlung) of the Guarantor immediately
preceding that Interest Payment Date, and no payment on account of
the balance sheet profit has been made since that ordinary General
Meeting of shareholders (ordentliche Hauptversammlung) of the
Guarantor. In this case any such deferred interest will constitute an
“Optionally Deferred Interest Payment”.
The Issuer may elect in its discretion to satisfy any interest payment it
does not defer on the Interest Payment Date with funds raised prior to
the Interest Payment Date by way of the Alternative Share Coupon
Satisfaction Mechanism (“ACSM”) (as described below).
10
Mandatory deferral or cancellation of
Interest Payments . . . . . . . . . . . . . . . . . . . . . If on an Interest Payment Date the Solvency Condition is not met,
then the Issuer will be required to defer interest which accrues during
the interest year to but excluding such Interest Payment Date, unless
the Issuer elects in its discretion to satisfy on the Interest Payment
Date such interest with funds raised prior to the Interest Payment Date
by way of the ACSM.
The “Solvency Condition” shall be met if
(A) the Guarantor and the Guarantor’s Group have appropriate funds
to cover the required minimum solvency margin (or a
comparable term in case of a change in applicable rules) in
accordance with the provisions of German insurance regulatory
law (for group solvency or single solvency purposes or the
solvency pursuant to the regulation for financial conglomerates)
and a generally recognised administrative practice, if any, of the
Federal Financial Supervisory Authority or any successor
authority applicable at that time, and such funds would not, as a
result of a full or partial interest payment or redemption
payment, respectively, that would otherwise be due on such
Interest Payment Date or date of redemption, respectively,
become less than the required minimum solvency margin, and
(B) no order by the Federal Financial Supervisory Authority or any
successor authority is in effect prohibiting the Guarantor from
making interest payments, other distributions or redemptions
(including to the holders of any Parity Security or Junior
Security, and
(C) the Guarantor is able to pay its debts owed to its Senior Creditors
(as defined below) as they fall due, and
(D) the Assets of the Guarantor (as defined below) exceed its
Liabilities (as defined below) (other than liabilities to persons
who are not Senior Creditors).
“Assets” means the unconsolidated total assets of the Guarantor, as
shown in the latest published annual audited balance sheet of the
Guarantor, but adjusted for subsequent events, all as determined by
the Guarantor, or if the Guarantor is being liquidated, its liquidator.
“Liabilities” means the unconsolidated total liabilities of the
Guarantor, as shown in the latest published annual audited balance
sheet of the Guarantor, but adjusted for subsequent events, all as
determined by the Guarantor, or if the Guarantor is being liquidated,
its liquidator.
“Senior Creditors” means creditors of the Guarantor (a) who are
unsubordinated creditors of the Guarantor; or (b) whose claims are
subordinated to the claims of other creditors of the Guarantor (other
than those whose claims rank pari passu with, or junior to the claims
of the Bondholders).
If on an Interest Payment Date a Mandatory Deferral Event has
occurred, then the Issuer will be required to defer any Excess
Amount.
11
“Excess Amount” means in relation to the amount of interest which
would be payable on the aggregate principal amount of Bonds
outstanding on the relevant Interest Payment Date that would
otherwise have been due (the “Interest Amount”) the amount by
which the Interest Amount exceeds the New Capital Amount (as
defined below).
“New Capital Amount” means the net proceeds received by the
Guarantor from new issuances and/or sale of ordinary shares,
preference shares and instruments that provide equity credit from the
rating agencies akin to the Bonds during the period of 180 days prior
to such date and designated by the Guarantor at or before the time of
issuance as available to pay distributions on the Bonds.
A “Mandatory Deferral Event” shall have occurred on an Interest
Payment Date, if up to the end of the Calculation Date
(x) the Accumulated Quarters’ Net Income (as defined below) for
the four-quarter period of the Guarantor ending on the quarter
that is two quarters prior to the most recently completed and
published quarter of the Guarantor is less than or equal to zero;
and
(y) the Adjusted Shareholders’ Equity Amount (as defined below) as
at the end of the most recently completed and published quarter
of the Guarantor and as at the end of the quarter that is two
quarters before the most recently completed and published
quarter of the Guarantor has declined by 10% or more as
compared to the Adjusted Shareholders’ Equity Amount as at the
end of the quarter of the Guarantor that is ten quarters prior to
the most recently completed and published quarter of the
Guarantor (the “Benchmark Quarter”).
Where:
“Adjusted Shareholders’ Equity Amount” means, as at the end of
any quarter of the Guarantor, the shareholders’ equity before minority
interests as reflected in the consolidated balance sheet of the
Guarantor of such quarter end, as determined in accordance with the
Applicable Accounting Standards (as defined below), minus foreign
currency translation adjustments and unrealised gains and losses (net)
as reflected on such consolidated balance sheet.
“Applicable Accounting Standards” means the International
Financial Reporting Standards (IFRS) as applicable at the relevant
dates and for the relevant periods, or other accounting principles
generally accepted in Germany and applied by the Guarantor which
subsequently supersede them.
“Accumulated Quarters’ Net Income” means, as at the end of any
quarter of the Guarantor, the sum of the consolidated net income of
the Guarantor, as determined in accordance with Applicable
Accounting Standards, for the four quarters ending as of the last day
of such quarter.
If the Issuer is required to defer a payment of interest following the
occurrence of a Mandatory Deferral Event on an Interest Payment
Date, then the Issuer will also be required to defer on one or more
12
subsequent Interest Payment Dates the interest that would otherwise
be due on such Interest Payment Dates until the Mandatory Deferral
Event has been cured on any subsequent Calculation Date. After one
or more Mandatory Deferral Events have occurred, the Issuer may
only begin to pay interest on the Bonds on any Interest Payment Date
if on the Calculation Date for that Interest Payment Date (x) no new
Mandatory Deferral Event has occurred and (y) any previous
Mandatory Deferral Events have been cured.
A Mandatory Deferral Event that has occurred on a previous
Calculation Date has been cured on any Calculation Date if the
Adjusted Shareholders’ Equity Amount as at the Guarantor’s most
recently completed and published quarter before that Calculation Date
has increased to more than 90% of the Adjusted Shareholders’ Equity
Amount at the end of the Benchmark Quarter for that previous
Calculation Date on which the Mandatory Deferral Event has
occurred.
The Issuer may elect in its discretion to satisfy on the relevant Interest
Payment Date the interest that would otherwise have been due with
funds raised prior to the Interest Payment Date by way of the ACSM.
In these cases any such deferred interest will constitute a
“Mandatorily Deferred Interest Payment” (together with any
Optionally Deferred Interest Payment, the “Deferred Interest
Payments”).
Payment of Deferred Interest
Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Issuer may at any time upon giving prior notice satisfy in whole
or in part any Optionally Deferred Interest Payment with funds raised
prior to the date on which the Deferred Interest Payment becomes due
(the “Deferred Settlement Date” by way of the ACSM.
The Issuer will satisfy
(x) any Optionally Deferred Interest Payment with funds raised prior
to the Deferred Settlement Date by way of the ACSM and
(y) any Mandatorily Deferred Interest Payment by way of the
ACSM or by way of the APSM
in the following situations:
(i) The Issuer will satisfy any Deferred Interest Payment on the date
on which the Bonds fall due for redemption.
(ii) The Issuer will satisfy any Deferred Interest Payment on the next
subsequent Interest Payment Date
(x) following the date on which the Issuer or the Guarantor
makes any full payment of interest or of a deferred payment
on any Parity Security, or
(y) following the date on which the Issuer or the Guarantor
makes any full payment of interest or any deferred payment
on any Junior Security, or
(z) if up to the end of the Calculation Date preceding such
Interest Payment Date any dividend, other distribution or
payment was declared in respect of any class of shares of
the Guarantor at the ordinary General Meeting of
shareholders (ordentliche Hauptversammlung) of the
Guarantor immediately preceding that Interest Payment
Date, or any payment on account of the balance sheet profit
has been made since that ordinary General Meeting of
shareholders (ordentliche Hauptversammlung) of the
Guarantor was made.
13
(iii) If the Issuer or the Guarantor makes any partial payment of
interest or of a deferred payment on any Parity Security or Junior
Security, the Issuer will satisfy any Deferred Interest Payment at
the same proportion on the next subsequent Interest Payment
Date following the date on which such payment was made. In
this case the proportion shall be equal to the result from the
division of the amount of the deferred payment actually paid by
the outstanding amount of the deferred payment.
(iv) The Issuer will satisfy any Deferred Interest Payment no later
than on the tenth anniversary post the relevant Interest Payment
Date.
(v) The Issuer will satisfy any Deferred Interest Payment on the date
on which a reason for the dissolution pursuant to § 262 para. 1
Stock Corporation Act (Aktiengesetz) with respect to the Issuer
or Guarantor exists (other than for the purposes of or pursuant to
an amalgamation, reorganisation or restructuring whilst solvent,
where the continuing entity assumes substantially all of the
assets and obligations of the Issuer or the Guarantor as the case
may be).
Alternative Share Coupon Satisfaction
Mechanism (“ACSM”) . . . . . . . . . . . . . . . The Issuer may satisfy any interest payment it does not defer by way
of the ACSM only if and to the extent that the Guarantor has raised
the funds required for the satisfaction of the interest payment by
issuing or selling shares of the Guarantor (the “Payment Shares”)
within 6 months prior to the relevant Interest Payment Date.
If the Issuer elects or is required to satisfy any Deferred Interest
Payment by way of the ACSM, the Issuer will request the Guarantor
to raise the funds required for the satisfaction of the relevant payment
by issuing or selling Payment Shares of the Guarantor during the
period from and including the date falling 6 months prior to the
relevant Deferred Settlement Date to but excluding the date which
falls five years following the relevant Deferred Settlement Date.
Under no circumstances there shall be an obligation on the part
of the Guarantor to issue new shares or sell treasury shares;
Bondholders are notified that the Guarantor may be prevented
by compulsory provisions of German stock corporation law or
otherwise from issuing new shares or selling treasury shares.
The Guarantor may for purposes of satisfying any Mandatorily
Deferred Interest Payment in accordance with the ACSM place such
number of Payment Shares in each calendar year not exceeding
2.00 per cent of the issued share capital (Grundkapital) of the
Guarantor at the relevant date.
If in respect of any Mandatorily Deferred Interest Payment any of the
requirements for the execution of the ACSM are not met, or to the
extent the aforementioned threshold would be exceeded or the amount
that would be payable exceeds the proceeds from the placement of the
Payment Shares, the Issuer will satisfy the Mandatorily Deferred
Interest Payment to such extent by way of the APSM, unless the
Issuer had previously elected to operate the APSM in respect of the
relevant Mandatorily Deferred Interest Payment and was required to
14
apply the ACSM in addition to the APSM; in this case the obligation
of the Issuer to satisfy the Mandatorily Deferred Interest
Payment shall be cancelled to such extent. If in respect of any
Optionally Deferred Interest Payment any of the requirements for the
execution of the ACSM are not met, or to the extent the amount that
would be payable exceeds the proceeds from the placement of the
Payment Shares, the obligation of the Issuer to satisfy the
Optionally Deferred Interest Payment shall be cancelled to such
extent.
If the Issuer is required to satisfy any Deferred Interest Payment on
the date on which a reason for the dissolution pursuant to § 262 para.
1 Stock Corporation Act (Aktiengesetz) with respect to the Issuer or
Guarantor exists, but the Issuer or the Guarantor is unable to apply
ACSM, the obligations of the Issuer in respect of such unsettled
amount shall rank pari passu with the obligations of the Issuer in
respect of the principal amount of the Bonds in an amount up to the
threshold for the APSM.
Alternative Parity Securities Coupon
Satisfaction Mechanism (“APSM”)
...
If the Issuer has given notice that it will satisfy any Mandatorily
Deferred Interest Payment for the relevant interest year in accordance
with the APSM, the Issuer or the Guarantor will raise the funds
required for the satisfaction of the Mandatorily Deferred Interest
Payment by issuing and selling, directly or indirectly, hybrid
securities with terms and conditions (in particular in relation to the
provisions on the deferral of remuneration, payments of deferred
remuneration and on replacement) similar to the Conditions and
which constitute regulatory capital (Eigenmittel) of at least equal
status (the “Payment Securities”) during the period from and
including the date falling 6 months prior to the relevant Deferred
Settlement Date to but excluding the date which falls five years
following the relevant Deferred Settlement Date.
The aggregate principal amount of all Payment Securities issued
under the APSM must not exceed 25% of the aggregate principal
amount of the Bonds as at the Issue Date.
If the requirement for the execution of the APSM is not met, or to the
extent the aforementioned threshold would be exceeded or the amount
of interest payable exceeds the proceeds from the placement of the
Payment Securities, the Issuer will satisfy the Mandatorily Deferred
Interest Payment to such extent by way of the ACSM, unless the
Issuer had previously elected to operate the ACSM and in respect of
the relevant Deferred Interest Payment and was required to apply the
APSM in addition to the ACSM; in this case the obligation of the
Issuer to satisfy the Mandatorily Deferred Interest Payment shall
be cancelled to such extent.
Taxation
................................
All payments of principal and interest in respect of the Bonds
(including payments by the Guarantor under the Guarantee) will be
made free and clear of, and without withholding or deduction for, any
taxes, duties, assessments or governmental charges of whatever
nature imposed, levied, collected, withheld or assessed by the
Netherlands or the Federal Republic of Germany (as the case may be)
or any political subdivision or any authority of or in the Netherlands
or the Federal Republic of Germany (as the case may be) that has
15
power to tax, unless the Issuer or the Guarantor is compelled by law
to make such withholding or deduction. In the event of such
withholding or deduction as a result of any amendment to, or change
in, the laws, the Issuer or the Guarantor (as the case may be) will pay
such additional amounts as the Bondholders would have received if
no such withholding or deduction had been required, subject to
customary exceptions as set out in the Conditions.
Negative Pledge . . . . . . . . . . . . . . . . . . . . . . . . . The Terms and Conditions of the Bonds do not contain a negative
pledge provision.
Cross Default
Listing
...........................
The Terms and Conditions of the Bonds do not contain a cross default
provision with respect to other obligations of the Issuer or the
Guarantor.
..................................
Application has been made to list the Bonds on the official market
(Amtlicher Markt) of the Frankfurt Stock Exchange.
Governing Law
.........................
Selling Restrictions
.....................
The Bonds and the Guarantee will be governed by German law.
There will be specific restrictions on the offer and sale of Bonds and
the distribution of offering materials in the European Economic Area,
the United States of America, Austria, Belgium, Denmark, France,
Ireland, Portugal, Sweden and the United Kingdom.
Place of Jurisdiction . . . . . . . . . . . . . . . . . . . . . Non-exclusive place of jurisdiction for any legal proceedings arising
under the Bonds is Frankfurt am Main, Federal Republic of Germany.
Clearance and Settlement
ISIN
...............
....................................
Common Code
..........................
German Securities Code (WKN)
.........
The Bonds will be accepted for clearing through Clearstream
Banking AG, Frankfurt am Main.
DE000A0GNPZ3
024513742
A0GNPZ
16
Summary in respect of Risk Factors
Risk Factors in respect of the Bonds
An investment in the Bonds involves certain risks associated with the characteristics of the Bonds. Such
risks could result in principal or interest not being paid by the Issuer, the Guarantor not making payment under
the Guarantee and/or a material impairment of the market price of the Bonds. Risks result especially from the
fact that
•
the Issuer has no obligation to redeem the Bonds and the Bondholders have no right to call for their
redemption;
•
the Bonds may be subject to early redemption at their principal amount following a Gross-up Event and
at the Make-whole Amount following a Tax Event or a Regulatory Event; if the Issuer calls and redeems
the Bonds in such case, the Bondholders may only be able to reinvest the redemption proceeds in
securities with a lower yield;
•
there is no restriction on the amount of debt which the Issuer or the Guarantor may incur in the future;
•
the payment obligations of the Issuer under the Bonds and the Guarantor under the Guarantee constitute
subordinated obligations of the Issuer and the Guarantor, respectively; and
•
the Issuer may elect or even be required to defer interest payments if certain requirements are satisfied.
Risk Factors in respect of the Issuer
The Issuer is a funding vehicle for the Allianz Group. As such, it, inter alia, raises funds and on-lends
monies to group companies within the Allianz Group by way of intra-group loans. In the event that a group
company fails to make a payment under an intra-group loan, the Issuer may not be able to meet its payment
obligations under the Bonds.
Risk Factors in respect of the Guarantor
Allianz Group’s business, and as a result, the value of the Bonds, are exposed to a number of risks. The
following contains a description of certain risks, which may materially adversely affect its financial position and
results of operations:
•
Interest rate volatility may adversely affect Allianz Group’s results of operations.
•
Market risks could impair the value of Allianz Group’s portfolio and adversely impact its financial
position and results of operations.
•
Market and other factors could adversely affect goodwill, deferred policy acquisition costs and deferred
tax assets; Allianz Group’s deferred tax assets are also potentially impacted by changes in tax
legislation.
•
Allianz AG operates both as a reinsurance company and as a holding company for Allianz Group, and is
exposed to various liquidity risks.
•
Loss reserves for Allianz Group’s property-casualty insurance and reinsurance policies are based on
estimates as to future claims liabilities. Adverse developments relating to claims could lead to further
reserve additions and materially adversely affect Allianz Group’s results of operations.
•
Actuarial experience and other factors could differ from that assumed in the calculation of life/health
actuarial reserves and pension liabilities.
•
Allianz Group’s financial results may be materially adversely affected by the occurrence of
catastrophes.
•
Allianz Group has significant counterparty risk exposure.
•
Negative developments at Dresdner Bank, including the development of operating performance, loan
loss levels or writedowns and impairments, could adversely affect Allianz Group’s results and may
result in capital requirements that could constrain its operations.
17
•
Many of Allianz Group’s businesses are dependent on the financial strength and credit ratings assigned
to Allianz AG by various rating agencies. Therefore, a downgrade in Allianz AG’s ratings may
materially adversely affect relationships with customers and intermediaries, negatively impact sales of
Allianz Group’s products and increase its cost of borrowing.
•
If Allianz Group’s asset management business underperforms, it may experience a decline in assets
under management and related fee income.
•
Increased geopolitical risks following the terrorist attack of September 11, 2001 and any future terrorist
attacks, could have a continuing negative impact on Allianz Group’s businesses.
•
Changes in existing or new government regulations in the countries in which Allianz Group operates
may materially impact itself.
•
Changes in tax legislation could adversely affect Allianz Group’s businesses.
•
Changes in value relative to the Euro of non-Euro zone currencies in which Allianz Group generates
revenues and incurs expenses could adversely affect its reported earnings and cash flows.
•
The benefits that Allianz AG realises from the merger with Riunione Adriatica di Sicurtà Società per
Azioni (“RAS”) could be materially different from its current expectations.
•
The actual results, performance or achievements of Allianz Group or those of its industry could be
materially different from or worse than its respective forward-looking statements because of
unpredictable political, macro-economic and demographic influences.
The realisation of any of the risks described above may affect the Guarantor’s ability to fulfil its payment
obligations under the Guarantee and/or lead to a decline in the market price of the Bonds.
Summary in respect of the Issuer
The Issuer was founded as a private limited liability company in the Netherlands on May 8, 2000 for an
unlimited duration under the laws of the Netherlands. The Issuer is a wholly-owned subsidiary of Allianz AG and
acts as a financing entity within the Allianz Group. The corporate seat of the Issuer is at Amsterdam and its
office address is Keizersgracht 484, NL-1017 EH Amsterdam, The Netherlands, telephone number
(+31)(20) 5569710. The Issuer is entered in the Commercial Register of Amsterdam under no. 34134406.
The corporate objects of the Issuer, as contained in Article 2 of its Articles of Association, are to carry out
financial business of all types, in particular the lending and borrowing of funds, including the issue of bonds, and
participation in companies and enterprises.
The board of managing directors of the Issuer currently consists of the following members: Dirk Schoon,
Hero Wentzel and Dr. Sylvia Hoechendorfer-Ziegler. The supervisory board of the Issuer currently consists of
Michael Diekmann, Dr. Paul Achleitner and Stephan Theissing.
The auditors of Allianz Finance II B.V. are KPMG Accountants N.V., Burgemeester Rijnderslaan 10,
NL-1185 MC Amstelveen, The Netherlands.
The following table sets out the key financial data of the Issuer:
Allianz Finance II B.V.
9 months ended September 30
2005
2004
(unaudited)
€
€
Year ended December 31
2004
2003
€
€
9,329,056,504
364,490,526
6,654,019,238
316,092,403
6,602,060,884
258,734,477
6,641,659,010
904,824,759
9,693,547,030
6,970,111,641
6,860,795,361
7,546,483,769
.......................
2,400,749
2,097,756
932,595
987,413
Long-term Liabilities . . . . . . . . . . . . . . . . . . . . . . .
Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . .
9,329,056,504
362,089,777
6,654,019,235
313,994,650
6,602,060,881
257,801,885
6,641,659,010
903,837,346
9,693,547,030
6,970,111,641
6,860,795,361
7,546,483,769
Fixed Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ Equity
18
Summary in respect of the Guarantor
Allianz AG is a stock corporation subject to German law and registered as “Allianz Aktiengesellschaft” in
the commercial register at the local court (Amtsgericht) in Munich under the entry number HRB 7158. The
registered seat and business address of Allianz AG are at Königinstrasse 28, 80802 Munich, Germany, telephone
number (+49)(89) 3800-00.
Overview of business activities
Allianz Group is among the world’s largest financial services providers, offering insurance, banking and
asset management products and services through property-casualty, life/health, banking and asset management
business segments. Allianz Group is one of the largest insurance groups in the world based on gross premiums
written in 2004 and is the largest German property-casualty and life/health insurance company based on gross
premiums written in 2004. Allianz Group is also among the largest insurance companies in other countries,
including France, Italy, the United Kingdom, Switzerland and Spain and is one of the largest German financial
institution based on market capitalisation at September 30, 2005. Since early August 2005, Allianz AG has had
financial strength ratings of A+ from A.M. Best and AA– from Standard & Poor’s, both with a stable outlook and
an Aa3 senior unsecured debt rating with a stable outlook from Moody’s.
Allianz AG was incorporated in Berlin on February 5, 1890 as “Allianz Versicherungs-Aktiengesellschaft”.
In 1949, Allianz AG relocated its main administration from Berlin to Munich. Based on a corresponding
resolution of the general meeting dated June 27, 1985, Allianz AG was restructured into a holding company and
its name was changed to “Allianz Aktiengesellschaft Holding”. In accordance with a corresponding resolution of
the general meeting dated October 7, 1996, the name of Allianz AG was again changed to “Allianz
Aktiengesellschaft”.
In addition to its property-casualty and life/health insurance businesses, Allianz Group established in 1998
financial services as its third core business segment. In 2001, following its acquisition of Dresdner Bank AG
(hereinafter referred to “Dresdner Bank” and together with its consolidated subsidiaries, the “Dresdner Bank
Group”), Allianz Group reorganised its financial services segment into separate asset management and banking
segments. Based on assets under management as of December 31, 2004, Allianz Group was one of the five
largest asset managers in the world. In its banking segment, which is now its fourth core business segment, its
acquisition of Dresdner Bank made Allianz Group one of the major banks in Germany and provided it with
significantly expanded bank distribution channels for its property-casualty, life/health and asset management
products and services.
Allianz Group’s business is managed at the local level where as its speciality lines and asset management
segment are managed and operated at the global level. Allianz Group’s German property-casualty and life/health
insurance businesses are managed by subsidiaries located primarily in Munich and Stuttgart. Its non-German
insurance businesses are locally managed. Among Allianz Group’s largest non-German markets are France, Italy,
the United Kingdom, Switzerland, Spain and the United States. Each of Allianz Group’s specialty lines of credit
insurance, marine and aviation insurance, international industrial risks reinsurance through Allianz Global Risks
Rückversicherungs–AG and travel insurance and assistance services are managed and operated on a global basis.
Allianz Group’s asset management segment also operates on a worldwide basis, with key management centers in
Munich, Frankfurt, London, Paris, Singapore, Hong Kong, Milan, Westport, Connecticut, and San Francisco, San
Diego and Newport Beach, California. Allianz Group’s banking segment operates through its approximately 960
German and non-German branch offices of Dresdner Bank (as of September 30, 2005) and various subsidiaries,
with significant operations in Germany, the United Kingdom, other European countries and the United States.
Trend Information
Allianz Group expects an overall increase in total revenues in line with 2004 and the first nine months in
2005 and continues to focus its efforts in sustaining and selectively improving its operating profit. However,
natural catastrophes and adverse developments in the capital markets, as well as the risk factors noted above,
may severely impact Allianz Group’s profitability.
19
Board of Management, Supervisory Board and Employees
Allianz AG’s Board of Management consists of eleven members who are Michael Diekmann (Chairman),
Dr. Paul Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber, Dr. Helmut
Perlet, Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter and Dr. Werner Zedelius.
Allianz AG’s supervisory board (Aufsichtsrat) (the “Supervisory Board”) consists of twenty members who
are Dr. Henning Schulte-Noelle (Chairman), Norbert Blix (Deputy Chairman), Dr. Wulf H. Bernotat,
Dr. Diethart Breipohl, Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach,
Peter Haimerl, Prof. Dr. Rudolf Hickel, Prof. Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau,
Dr. Max Link, Iris Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer
and Prof. Dr. Dennis J. Snower.
On September 30, 2005, Allianz Group employed a total of 178,462 persons worldwide, of whom 105,284
were based outside Germany.
Major Shareholders
As of December 31, 2004, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (or
“Munich Re”) was the only major shareholder of Allianz AG and held approximately 9.0% of the share capital of
Allianz AG or approximately 9.4% of the outstanding shares of Allianz AG as of this date. On July 14, 2005,
Allianz AG was informed by Munich Re pursuant to the rules of the German Securities Trading Act
(Wertpapierhandelsgesetz, or “WpHG”) that Munich Re reduced its ownership interest in Allianz AG to below
5% and held 4.9% of the share capital of Allianz AG as of this date.
In light of material changes in the relationship between Allianz Group and Munich Re – in particular the
significant reduction of the mutual cross-shareholdings, the cancellation of the “Principles of Cooperation”
agreement and the termination of mutual board interlocks – Allianz AG no longer considers Munich Re as a
related party.
Selected Financial Information
Allianz Group
Operating Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash Flow* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30,
2005
(unaudited)
million €
December 31,
2004
December 31,
2003
million €
million €
5,917
3,508
18,675
989,198
48,588
940,610
6,839
2,266
4,616
990,318
37,691
952,627
3,982
2,691
(1,397)
933,213
35,259
897,954
* Cash Flow from Operating Activities
Additional Information
Registered share capital
The share capital of Allianz AG currently amounts to €1,039,462,400 and is divided into 406,040,000
no-par value shares.
Statutory Auditor
Allianz
AG
has
appointed
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 Munich, Germany, as auditor for the
fiscal year ending December 31, 2005.
20
Documents on Display
For so long as any Bond is outstanding, copies of the following documents may be inspected in physical
form during normal business hours at the registered office of the Issuer and the Guarantor and the specified office
of the Principal Paying Agent:
(a) the Guarantee;
(b) the Articles of Association of the Issuer;
(c) the Articles of Association (Satzung) of the Guarantor;
(d) the Prospectus; and
(e) all reports, letters and other documents, historical financial information, valuations and statements, prepared
by any expert at the Issuer’s and/or Guarantor’s request, any part of which is included or referred to in the
Issuer’s and the Guarantor’s description.
21
GERMAN TRANSLATION OF THE SUMMARY/ ZUSAMMENFASSUNG
Die nachfolgenden Ausführungen stellen eine Zusammenfassung (die “Zusammenfassung”) der
wesentlichen Merkmale und Risiken, die auf die Emittentin, die Garantin und die Schuldverschreibungen
zutreffen, dar. Diese Zusammenfassung sollte als Einleitung zu diesem Prospekt verstanden werden. Jede
Entscheidung eines Anlegers zu einer Investition in die Schuldverschreibungen sollte sich auf die Prüfung des
gesamten Prospektes, einschließlich der durch Verweis einbezogenen Dokumente und etwaiger Nachträge
stützen. Für den Fall, dass vor einem Gericht Ansprüche auf Grund der in diesem Prospekt enthaltenen
Informationen geltend gemacht werden, könnte ein als Kläger auftretender Anleger in Anwendung der
einzelstaatlichen Rechtsvorschriften der Staaten des Europäischen Wirtschaftsraums die Kosten für die
Übersetzung dieses Prospektes, der durch Verweis einbezogenen Dokumente und etwaiger Nachträge vor
Prozessbeginn zu tragen haben. Die Emittentin, die Garantin und die Dresdner Bank AG, die als Verantwortliche
diese Zusammenfassung einschließlich einer Übersetzung vorgelegt und deren Notifizierung beantragt haben,
können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder
widersprüchlich ist, wenn sie mit anderen Teilen dieses Prospekts gelesen wird.
Diese Zusammenfassung enthält zukunftsbezogene Aussagen. Dazu gehören auch Aussagen unter anderem
über den künftigen finanziellen Erfolg der Allianz AG und der Allianz-Gruppe, Pläne und Erwartungen
hinsichtlich von Entwicklungen des Geschäfts, des Wachstums und der Ertragslage der Allianz-Gruppe sowie
über das allgemeine Branchen- und Geschäftsumfeld der Allianz-Gruppe. Diese zukunftsbezogenen Aussagen
beruhen auf den derzeitigen Erwartungen, Annahmen, Schätzungen und Prognosen der Allianz-Gruppe über
künftige Ereignisse. Diese zukunftsbezogenen Aussagen unterliegen einer Vielzahl von Risiken, Unwägbarkeiten
und Annahmen, die dazu führen können, dass das Ergebnis der Allianz-Gruppe, ihr Erfolg und ihre Leistungen
oder die ihrer Branche letztlich wesentlich von diesen zukunftsbezogenen Aussagen abweichen oder ungünstiger
sind. Die Emittentin, die Allianz AG und die Dresdner Bank AG übernehmen keinerlei Verpflichtung, die
entsprechenden zukunftsbezogenen Aussagen zu aktualisieren oder sie an künftige Ereignisse oder
Entwicklungen anzupassen, außer soweit gesetzlich erforderlich.
Zusammenfassung in Bezug auf die Schuldverschreibungen
Der endgültige Gesamtnennbetrag, der Ausgabepreis und der Zinssatz der Schuldverschreibungen werden
am oder um den [1. März] 2006 auf der Grundlage eines Bookbuilding-Verfahrens, an dem unter anderem
institutionelle Anleger teilnehmen, festgelegt.
Emittentin
Garantin
..............................
................................
Gesamtnennbetrag
Lead Manager
......................
..........................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
EUR [bis zu 1 Milliarde]
Deutsche Bank AG, London Branch
Dresdner Bank AG London Branch (tritt auf dem Deckblatt mit ihrem
Marketingnamen “Dresdner Kleinwort Wasserstein” auf)
UBS Limited
(gemeinsam die “Lead Manager”)
Co-Lead Manager . . . . . . . . . . . . . . . . . . . . . . . Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen - Girozentrale
WestLB AG
(gemeinsam mit den Lead Managern, die “Manager”)
22
Emissionsstelle, Hauptzahlstelle und
Berechnungsstelle . . . . . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
Ausgabepreis
...........................
[98-101]%
Begebungstag
...........................
[3. März] 2006
Nennbetrag
.............................
Die Schuldverschreibungen haben einen Nennbetrag von jeweils
EUR 1.000.
Form der Schuldverschreibungen . . . . . . . . Die Schuldverschreibungen werden als Inhaberpapiere begeben und
sind zunächst in einer vorläufigen Globalurkunde ohne Zinsscheine
verbrieft, die bei der Clearstream Banking AG, Frankfurt am Main
hinterlegt ist. Die vorläufige Globalurkunde wird an dem Tag, der
nicht weniger als 40 Tage nach dem Begebungstag liegt, gegen
Nachweis über das Nichtbestehen wirtschaftlichen Eigentums im
Sinne des US-Rechts (beneficial ownership), für den Inhaber von
Schuldverschreibungen unentgeltlich ganz oder teilweise gegen eine
dauerhafte Globalurkunde ohne Zinsscheine ausgetauscht werden.
Die Zahlung von Zinsen auf Schuldverschreibungen, die durch eine
vorläufige Globalurkunde verbrieft sind, erfolgt nur nach Vorlage
einer solchen ordnungsgemäßen Bescheinigung. Ein Recht der
Anleihegläubiger auf Ausgabe und Lieferung von Einzelurkunden
oder Zinsscheinen besteht nicht.
Status der Schuldverschreibungen
.......
Die Schuldverschreibungen begründen nicht besicherte und
nachrangige Verbindlichkeiten der Emittentin, die untereinander und
mit allen anderen, am Begebungstag ausstehenden nicht besicherten
und nachrangigen Verbindlichkeiten mit unbegrenzter Laufzeit der
Emittentin zumindest gleichrangig sind soweit zwingende gesetzliche
Bestimmungen solche anderen nachrangigen Verbindlichkeiten nicht
im Rang besser stellen. Im Fall der Liquidation, der Auflösung oder
der Insolvenz der Emittentin oder eines Vergleichs oder eines anderen
der Abwendung der Insolvenz dienenden Verfahrens gegen die
Emittentin stehen die Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen im Rang nach den Ansprüchen aller anderen
nicht nachrangigen Gläubiger sowie aller Gläubiger nachrangiger
Ansprüche mit begrenzter Laufzeit, so dass Zahlungen auf die
Schuldverschreibungen solange nicht geleistet werden, bis die
Ansprüche von Gläubigern gegen die Emittentin aus nicht
nachrangigen
Verbindlichkeiten
sowie
nachrangigen
Verbindlichkeiten mit begrenzter Laufzeit nicht zuerst vollständig
befriedigt sind.
Für die Rechte der Anleihegläubiger ist diesen (abgesehen von der
nachrangigen Garantie) keine Sicherheit durch die Emittentin oder
durch Dritte gestellt; eine solche Sicherheit wird auch zu keinem
Zeitpunkt gestellt werden. Nachträglich können weder der Nachrang
gemäß § 2 der Bedingungen beschränkt, noch die Laufzeit der
Schuldverschreibungen oder die jeweiligen Kündigungsfristen
verkürzt werden. Eine vorzeitige Rückerstattung ist der Emittentin
ohne
Rücksicht
auf
entgegenstehende
Vereinbarungen
zurückzugewähren, sofern die Emittentin nicht aufgelöst wurde oder
sofern nicht der Betrag durch die Einzahlung anderer, zumindest
gleichwertiger Eigenmittel ersetzt worden ist oder die Bundesanstalt
für Finanzdienstleistungsaufsicht bzw. die Nachfolgebehörde der
Rückerstattung zustimmt.
23
Die Anleihegläubiger sind nicht berechtigt, Forderungen aus den
Schuldverschreibungen gegen etwaige Forderungen der Emittentin
aufzurechnen. Die Emittentin ist nicht berechtigt, Forderungen
gegenüber Anleihegläubigern mit den Verpflichtungen aus den
Schuldverschreibungen aufzurechnen.
Garantie
................................
Die Garantin wird die unbedingte und unwiderrufliche Garantie auf
nachrangiger Basis für die fristgerechte Zahlung von Kapital, Zinsen
und sonstigen aus den Schuldverschreibungen zu zahlenden Beträgen
übernehmen. Die Garantie ist ein Vertrag zugunsten jedes
Anleihegläubigers als begünstigtem Dritten gem. § 328 Absatz
1 BGB, der das Recht begründet, die Garantin unmittelbar aus der
Garantie auf Erfüllung in Anspruch zu nehmen und Ansprüche aus
der Garantie gegen die Garantin unmittelbar durchzusetzen.
Im Fall der Auflösung, der Liquidation oder der Insolvenz der
Garantin oder eines anderen der Abwendung der Insolvenz dienenden
Verfahrens gegen die Garantin werden die Ansprüche der
Anleihegläubiger aus der Garantie erst befriedigt, nachdem die
Ansprüche sämtlicher nicht nachrangiger Gläubiger sowie aller
Gläubiger nachrangiger Ansprüche mit begrenzter Laufzeit der
Garantin zuerst vollumfänglich befriedigt worden sind.
Die Anleihegläubiger erkennen ausdrücklich an, dass unter den oben
genannten Umständen Zahlungen der Garantin aus der Garantie auf
die Schuldverschreibungen nur unter Wahrung obenstehender
Nachrangigkeit erfolgen werden.
Die Anleihegläubiger sind nicht berechtigt, Forderungen aus der
Garantie gegen etwaige Forderungen der Garantin aufzurechnen. Die
Garantin kann ihr Recht zur Aufrechnung gegen Forderungen der
Anleihegläubiger aus der Garantie nur ausüben, sofern der Betrag
durch die Einzahlung anderer, zumindest gleichwertiger Eigenmittel
ersetzt
worden
ist
oder
die
Bundesanstalt
für
Finanzdienstleistungsaufsicht bzw. eine Nachfolgebehörde der
Aufrechnung zustimmt, und sofern die Solvabilitätsbedingung (wie
nachstehend definiert) erfüllt ist.
Rückzahlung
............................
Die Schuldverschreibungen haben keinen Endfälligkeitstag. Die
Emittentin ist berechtigt, die Schuldverschreibungen insgesamt
jedoch nicht nur teilweise erstmals am [3. März] 2011 und danach an
jedem Zinszahlungstag (wie nachstehend definiert) zum Nennbetrag
zuzüglich aufgelaufener Zinsen zurückzahlen. Die Emittentin ist
ferner berechtigt, die Schuldverschreibungen insgesamt jedoch nicht
nur teilweise zurückzuzahlen, und zwar bei Eintritt eines
Gross-up-Ereignisses (wie nachstehend definiert) zum Nennbetrag
zuzüglich aufgelaufener Zinsen, und bei Eintritt eines
Steuerereignisses oder eines Aufsichtsrechtlichen Ereignisses zum
Abgezinsten Marktpreis (wie jeweils nachstehend definiert). In jedem
Fall steht der Emittentin das Recht zur Kündigung und Rückzahlung
der
Schuldverschreibungen
nur
dann
zu,
sofern
die
Solvabilitätsbedingung (wie nachstehend definiert) erfüllt ist und
wenn der zurückzuzahlende Nennbetrag der Schuldverschreibungen
durch die Einzahlung anderer, zumindest gleichwertiger
aufsichtsrechtlicher Eigenmittel ersetzt worden ist oder die
Bundesanstalt
für
Finanzdienstleistungsaufsicht
bzw.
die
Nachfolgebehörde der Rückzahlung zugestimmt hat.
24
Ein “Gross-up-Ereignis” liegt vor, wenn die Emittentin aufgrund
einer Gesetzesänderung (oder einer Änderung von darunter erlassenen
Bestimmungen und Vorschriften) der Niederlande oder der
Bundesrepublik Deutschland oder einer ihrer Gebietskörperschaften
oder Behörden oder als Folge einer Änderung der offiziellen
Auslegung oder Anwendung dieser Gesetze, Bestimmungen oder
Vorschriften durch eine gesetzgebende Körperschaft, ein Gericht oder
eine Behörde der Niederlande oder der Bundesrepublik Deutschland
verpflichtet ist oder verpflichtet sein wird, Zusätzliche Beträge zu
zahlen, oder die Garantin verpflichtet ist oder verpflichtet sein wird,
Zusätzliche Beträge auf fällige Beträge aus der Garantie zu zahlen,
und die Emittentin bzw. die Garantin diese Verpflichtung nicht
abwenden kann, indem sie zumutbare Maßnahmen ergreift, die sie
nach Treu und Glauben für angemessen hält.
Ein “Steuerereignis” liegt vor, wenn aufgrund einer
Gesetzesänderung (oder einer Änderung von darunter erlassenen
Bestimmungen und Vorschriften) der Niederlande oder der
Bundesrepublik Deutschland oder einer ihrer Gebietskörperschaften
oder einer ihrer Steuerbehörden, oder als Folge einer Änderung der
offiziellen Auslegung oder Anwendung solcher Gesetze,
Bestimmungen oder Vorschriften durch eine gesetzgebende
Körperschaft, ein Gericht, eine Regierungsstelle oder eine
Aufsichtsbehörde (einschließlich des Erlasses von Gesetzen sowie der
Bekanntmachung
gerichtlicher
oder
aufsichtsrechtlicher
Entscheidungen), Zinsen, die von der Emittentin auf die
Schuldverschreibungen zu zahlen sind oder Beträge, die von der
Garantin aus der Garantie zu zahlen sind, von der Emittentin und/oder
der Garantin nicht mehr für die Zwecke der niederländischen und/
oder deutschen Ertragsteuer voll abzugsfähig sind, bzw. innerhalb
von 90 Tagen nach dem Datum des nachstehend beschriebenen
Gutachtens nicht mehr voll abzugsfähig sein werden, und die
Emittentin und/oder die Garantin dieses Risiko nicht abwenden kann,
indem sie zumutbare Maßnahmen ergreift, die sie nach Treu und
Glauben für angemessen hält.
Ein “Aufsichtsrechtliches Ereignis” liegt vor, wenn
(a) die Bundesanstalt für Finanzdienstleistungsaufsicht oder eine
Nachfolgebehörde schriftlich gegenüber der Garantin feststellt,
dass die Schuldverschreibungen ganz oder teilweise nicht länger
die Anforderungen an Eigenmittel für Zwecke der Ermittlung
der Gruppensolvabilität oder der Einzelsolvabilität der Garantin
oder der Solvabilität
nach den Vorschriften
für
Finanzkonglomerate erfüllen. Dies gilt nur, wenn die
Schuldverschreibungen diese Anforderungen zu einem Zeitpunkt
vor dieser Feststellung erfüllt haben, oder
(b) die Garantin oder die Gruppe der Garantin zu irgendeinem
späteren Zeitpunkt verpflichtet ist, für Eigenmittelzwecke
aufsichtsrechtliches Tier I Kapital (unabhängig von der
konkreten
Bezeichnung)
vorzuhalten,
und
die
Schuldverschreibungen zu diesem Zeitpunkt nicht die
Anforderungen für aufsichtsrechtliches Tier I Kapital für
Zwecke der Ermittlung der Gruppensolvabilität der Garantin
oder der Solvabilität
nach den Vorschriften
für
Finanzkonglomerate erfüllen.
25
Zinsen
..................................
Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag ab
dem [3. März] 2006 (einschließlich) bis zu einem etwaigen
Rückzahlungstag (ausschließlich) mit jährlich [5,00 – 5,875]%
verzinst. Die Zinsen sind nachträglich am [3. März] eines jeden
Jahres (jeweils ein “Zinszahlungstag”) fällig. Die erste Zinszahlung
erfolgt am [3. März] 2007. Sofern Zinsen für einen Zeitraum von
weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf
der Grundlage der tatsächlichen Anzahl von Tagen in diesem
Zeitraum dividiert durch die tatsächliche Anzahl von Tagen (365 oder
366) im jeweiligen Jahr.
Wahlweise Aussetzung von
Zinszahlungen . . . . . . . . . . . . . . . . . . . . . . . . Sofern die Solvabilitätsbedingung erfüllt ist und kein
Zwangsaussetzungs-Ereignis (wie nachstehend definiert) eingetreten
ist, ist die Emittentin an jedem Zinszahlungstag berechtigt, im
eigenen Ermessen zu wählen, die Zahlung von Zinsen durch eine
spätestens 3 Geschäftstage vor dem betreffenden Zinszahlungstag zu
veröffentlichende Bekanntmachung auszusetzen, wenn bis Ablauf des
10. Geschäftstages vor dem betreffenden Zinszahlungstag (der
“Berechnungstag”) auf der ordentlichen Hauptversammlung der
Garantin unmittelbar vor dem betreffenden Zinszahlungstag für keine
Aktiengattung der Garantin eine Dividende, andere Ausschüttung
oder Zahlung beschlossen wurde, und seit dieser ordentlichen
Hauptversammlung der Garantin keine Abschlagszahlung auf den
Bilanzgewinn geleistet worden ist. In diesem Fall stellen die
ausgesetzten Zinsen eine “Wahlweise Ausgesetzte Zinszahlung”
dar.
Die Emittentin ist berechtigt, im eigenen Ermessen zu wählen, eine
Zinszahlung, die sie nicht aussetzt, an dem Zinszahlungstag aus
Mitteln zu leisten, die aus der Durchführung des Alternativer AktienCouponzahlungsmechanismus
(“ACZM”)
(wie
nachstehend
beschrieben) vor dem Zinszahlungstag stammen.
Zwingende Aussetzung von
Zinszahlungen . . . . . . . . . . . . . . . . . . . . . . . . Falls an einem Zinszahlungstag die Solvabilitätsbedingung nicht
erfüllt ist, hat die Emittentin die Zahlung der Zinsen, die während des
Zinsjahrs auflaufen, das an dem betreffenden Zinszahlungstag
(ausschließlich) endet, auszusetzen, es sei denn, die Emittentin wählt
im eigenen Ermessen, diese Zinsen an dem Zinszahlungstag aus
Mitteln zu leisten, die im Wege des ACZM erlöst wurden.
Die “Solvabilitätsbedingung” ist erfüllt, wenn
(A) die Garantin und die Gruppe der Garantin über entsprechende
Mittel zur Deckung der geforderten Mindest-Solvabilitätsspanne
(oder einem entsprechenden Begriff nach einer Änderung
anzuwendender Vorschriften), wie sie nach den jeweils
geltenden
Vorschriften
des
deutschen
Versicherungsaufsichtsrechts
(für
Gruppenoder
Einzelsolvabilität oder Solvabilität nach den Vorschriften für
Finanzkonglomerate) und einer etwaigen allgemein anerkannten
Verwaltungspraxis
der
Bundesanstalt
für
Finanzdienstleistungsaufsicht bzw. deren Nachfolgebehörde
vorgeschrieben
ist,
verfügen
und
diese
geforderte
Solvabilitätsspanne auch nicht durch die betreffende vollständige
oder teilweise Zinszahlung bzw. die betreffende Rückzahlung,
die an einem solchen Zinszahlungstag bzw. Tag der
Rückzahlung fällig werden würde, unterschritten würde, und
26
(B) es der Garantin nicht aufgrund einer Anweisung der
Bundesanstalt für Finanzdienstleistungsaufsicht bzw. deren
Nachfolgebehörde untersagt ist, Zinszahlungen, sonstige
Ausschüttungen oder Rückzahlungen (einschließlich an die
Inhaber eines Gleichrangigen Wertpapiers oder Nachrangigen
Wertpapiers ) vorzunehmen, und
(C) die Garantin in der Lage ist, ihre Verbindlichkeiten gegenüber
ihren Vorrangigen Gläubigern bei Fälligkeit zu zahlen, und
(D) die Aktiva der Garantin (wie nachstehend definiert) ihre
Verbindlichkeiten (wie nachstehend definiert) (ausgenommen
Verbindlichkeiten gegenüber Gläubigern, die keine Vorrangigen
Gläubiger sind) übersteigt.
“Aktiva” bezeichnet die Summe der nichtkonsolidierten Aktiva der
Garantin, wie es aus dem zuletzt geprüften und veröffentlichten
Jahresabschluss der Garantin hervorgeht, angepasst in Bezug auf
nachfolgende Ereignisse, wobei sämtliche Feststellungen von der
Garantin bzw., sofern die Garantin liquidiert wird, von dem
Liquidator getroffen werden.
“Verbindlichkeiten” bezeichnet die nichtkonsolidierte Summe der
Verbindlichkeiten der Garantin, wie sie aus dem zuletzt geprüften und
veröffentlichten Jahresabschluss der Garantin hervorgehen, angepasst
in Bezug und nachfolgende Ereignisse, wobei sämtliche
Feststellungen von der Garantin bzw., sofern die Garantin liquidiert
wird, von dem Liquidator getroffen werden.
“Vorrangige Gläubiger” bezeichnet Gläubiger der Garantin, (a) die
nicht nachrangige Gläubiger der Garantin sind; oder (b) deren
Ansprüche nachrangig gegenüber denen anderer Gläubiger der
Garantin sind (mit Ausnahme solcher Ansprüche, die gleich- oder
nachrangig gegenüber den Ansprüchen der Anleihegläubiger sind).
Falls an einem Zinszahlungstag ein Zwangsaussetzungs-Ereignis
eingetreten ist, hat die Emittentin die Zahlung des Überschussbetrags
auszusetzen.
“Überschussbetrag” bezeichnet, in Bezug auf einen Betrag von
Zinsen, der auf den ausstehenden Gesamtnennbetrag der
Schuldverschreibungen an dem betreffenden Zinszahlungstag fällig
werden würde (der “Zinsbetrag”), den Betrag, um den der Zinsbetrag
den Kapitalerhöhungsbetrag (wie nachstehend definiert) übersteigt.
“Kapitalerhöhungsbetrag” bezeichnet den von der Garantin
vereinnahmten Nettoerlös aus der Begebung und/oder dem Verkauf
von Stammaktien, Vorzugsaktien und Wertpapiere, die eine
Eigenkapitalanrechnung durch die Ratingagenturen erfahren, welche
der Eigenkapitalanrechnung der Schuldverschreibungen vergleichbar
ist innerhalb eines Zeitraums von 180 Tagen vor dem betreffenden
Tag, soweit die Garantin am oder vor dem Tag der Begebung als
Verwendungszweck die Zahlung von Ausschüttungen auf die
Schuldverschreibungen festgelegt hat.
27
Ein “Zwangsaussetzungs-Ereignis” liegt an einem Zinszahlungstag
vor, wenn bis Ablauf des Berechnungstages
(x) der Kumulierte Quartalsüberschuss (wie nachstehend definiert)
der Garantin für die vier Quartale, die mit dem Quartal enden,
welches zwei Quartale vor dem zuletzt beendeten und
veröffentlichten Quartal der Garantin liegt, kleiner oder gleich
Null ist; und
(y) der Angepasste Eigenkapitalbetrag (wie nachstehend definiert)
zum Ende des zuletzt beendeten und veröffentlichten Quartals
der Garantin und zum Ende des Quartals, welches zwei Quartale
vor dem zuletzt beendeten und veröffentlichten Quartal der
Garantin liegt, um 10% oder mehr gegenüber dem Angepassten
Eigenkapitalbetrag zum Ende des Quartals zurückgegangen ist,
welches zehn Quartale vor dem zuletzt beendeten und
veröffentlichten Quartal der Garantin (das “Vergleichsquartal”)
liegt.
Dabei gilt folgendes:
“Angepasster Eigenkapitalbetrag” bezeichnet, in Bezug auf das
Ende eines jeden Quartals der Garantin, das Eigenkapital vor Anteilen
anderer Gesellschafter wie es sich aus der zum Ende des betreffenden
Quartals gemäß den Anwendbaren Rechnungslegungsvorschriften
(wie nachstehend definiert) aufgestellten Konzernbilanz der Garantin
ergibt, abzüglich Währungsänderungen und abzüglich nicht
realisierter Gewinne und Verluste (netto), wie sie sich aus der
betreffenden Konzernbilanz ergeben.
“Anwendbare Rechnungslegungsvorschriften” bezeichnet die
International Financial Reporting Standards (IFRS) wie sie zu den
jeweiligen
Stichtagen
und
für
die
jeweiligen
Rechnungslegungsperioden anwendbar sind, oder andere, von der
Garantin anzuwendende, in Deutschland allgemein anerkannte
Rechnungslegungsgrundsätze, die diese in Zukunft ersetzen.
“Kumulierter Quartalsüberschuss” bezeichnet, zum Ende eines
jeden Quartals der Garantin, die Summe des gemäß den Anwendbaren
Rechnungslegungsvorschriften festgestellten Konzernüberschusses
der Garantin für die vier Quartale, welche am letzten Tag des
betreffenden Quartals enden.
Wenn die Emittentin verpflichtet ist, eine Zinszahlung an einem
Zinszahlungstag aufgrund des Eintritts eines ZwangsaussetzungsEreignisses auszusetzen, dann hat die Emittentin auch an einem oder
mehreren nachfolgenden Zinszahlungstagen die Zahlung der Zinsen,
die an diesen Zinszahlungstagen fällig werden würde, auszusetzen,
bis das Zwangsaussetzungs-Ereignis an einem nachfolgenden
Berechnungstag geheilt worden ist. Wenn ein ZwangsaussetzungsEreignis oder mehrere Zwangsaussetzungs-Ereignisse eingetreten
sind, dann darf die Emittentin die Zahlung von Zinsen auf die
Schuldverschreibungen an einem Zinszahlungstag erst wieder
aufnehmen, wenn an dem Berechnungstag für diesen Zinszahlungstag
(x) kein neues Zwangsaussetzungs-Ereignis eingetreten ist und
(y) sämtliche zuvor eingetretenen Zwangsaussetzungs-Ereignisse
geheilt worden sind.
28
Ein Zwangsaussetzungs-Ereignis, das an einen vorangegangenen
Berechnungstag eingetreten ist, ist an dem Berechnungstag geheilt, an
dem der Angepasste Eigenkapitalbetrag zum Ende des zuletzt
beendeten und veröffentlichten Quartals der Garantin vor dem
Berechnungstag
auf
mehr
als
90%
des
Angepassten
Eigenkapitalbetrags zum Ende des Vergleichsquartals, an dem das
Zwangsaussetzungs-Ereignis eingetreten ist, gestiegen ist.
Die Emittentin ist berechtigt, im eigenen Ermessen zu wählen, eine
Zahlung der Zinsen, die an dem betreffenden Zinszahlungstag fällig
werden würde, an dem Zinszahlungstag aus Mitteln zu leisten, die aus
der Durchführung des ACZM vor dem Zinszahlungstag stammen.
In diesen Fällen stellen die ausgesetzten Zinsen eine “Zwangsweise
Ausgesetzte Zinszahlung” (gemeinsam mit etwaigen Wahlweise
Ausgesetzten Zinszahlungen “Ausgesetzte Zinszahlungen”) dar.
Nachzahlung von Ausgesetzten
Zinszahlungen . . . . . . . . . . . . . . . . . . . . . . . . Die Emittentin ist berechtigt, jede Wahlweise Ausgesetzte
Zinszahlung jederzeit nach entsprechender Bekanntmachung ganz
oder teilweise aus Mitteln nachzuzahlen, die aus der Durchführung
des ACZM vor dem Tag, an dem die Nachzahlung fällig wird (der
“Nachzahlungstag”), stammen.
Die Emittentin hat
(x) Wahlweise Ausgesetzte Zinszahlungen aus Mitteln zu leisten,
die aus der Durchführung des ACZM vor dem Nachzahlungstag
stammen, und
(y) Zwangsweise Ausgesetzte Zinszahlungen im Wege des ACZM
oder im Wege des APZM
bei Eintritt der folgenden Umstände nachzuzahlen:
(i)
Die Emittentin ist verpflichtet, jede Ausgesetzte Zinszahlung an
dem Tag nachzuzahlen, an dem die Schuldverschreibungen zur
Rückzahlung fällig werden.
(ii) Die Emittentin ist verpflichtet, jede Ausgesetzte Zinszahlung an
dem nächsten Zinszahlungstag nachzuzahlen,
(x) der auf den Tag folgt, an dem die Emittentin oder die
Garantin eine Zinszahlung oder eine Zahlung einer
ausgesetzten Zahlung auf ein Gleichrangiges Wertpapier
vollständig leistet, oder
(y) der auf den Tag folgt, an dem die Emittentin oder die
Garantin eine Zinszahlung oder eine Zahlung einer
ausgesetzten Zahlung auf ein Nachrangiges Wertpapier
vollständig leistet, oder
(z) wenn bis Ablauf des Berechnungstages auf der ordentlichen
Hauptversammlung der Garantin unmittelbar vor dem
betreffenden Zinszahlungstag für eine Aktiengattung der
Garantin eine Dividende, andere Ausschüttung oder
Zahlung beschlossen wurde, oder seit dieser ordentlichen
Hauptversammlung der Garantin eine Abschlagszahlung
auf den Bilanzgewinn geleistet worden ist.
29
(iii) Wenn die Emittentin oder die Garantin eine Zinszahlung oder
ausgesetzte Zahlung auf ein Gleichrangiges Wertpapier oder
Nachrangiges Wertpapier teilweise nachzahlt, ist die Emittentin
verpflichtet, an dem nächsten Zinszahlungstag, der auf den Tag
folgt, an dem eine solche Zahlung geleistet wurde, jede
Ausgesetzte Zinszahlung anteilig nachzuzahlen. In diesem Fall
hat die Emittentin den Anteil der Ausgesetzten Zinszahlung
nachzuzahlen, der dem Quotienten des gezahlten Teilbetrags der
ausgesetzten Zahlung und dem ausstehenden Betrag der
ausgesetzten Zahlung entspricht.
(iv) Die Emittentin ist verpflichtet, jede Ausgesetzte Zinszahlung
spätestens an dem zehnten Jahrestag nach dem betreffenden
Zinszahlungstag nachzuzahlen.
(v) Die Emittentin ist verpflichtet, jede Ausgesetzte Zinszahlung an
dem Tag nachzuzahlen, an dem einer der Auflösungsgründe des
§ 262 Abs. 1 AktG hinsichtlich der Emittentin oder der Garantin
vorliegt (sofern dies nicht für die Zwecke oder als Folge eines
Zusammenschlusses, einer Umstrukturierung oder Sanierung
geschieht, bei dem bzw. der die Garantin bzw. die Emittentin
noch zahlungsfähig ist und bei dem bzw. der die fortführende
Gesellschaft im Wesentlichen alle Vermögenswerte und
Verpflichtungen der Emittentin oder der Garantin übernimmt).
Alternativer AktienCouponzahlungsmechanismus
(“ACZM”) . . . . . . . . . . . . . . . . . . . . . . . . . . . Die Emittentin ist nur dann berechtigt, eine Zinszahlung, die sie nicht
aussetzt, im Wege des ACZM zu leisten, wenn und soweit die
Garantin die zur Begleichung der Zinszahlung erforderlichen
Barmittel durch die Begebung oder den Verkauf von Aktien der
Garantin (die “Zahlungsaktien”) innerhalb von 6 Monaten vor dem
betreffenden Zinszahlungstag erlöst hat.
Wenn die Emittentin verpflichtet ist bzw. wählt, eine Ausgesetzte
Zinszahlung im Wege des ACZM zu leisten, wird die Emittentin die
Garantin bitten, die zur Begleichung der betreffenden Zahlung
erforderlichen Barmittel durch die Begebung oder den Verkauf von
Zahlungsaktien der Garantin in dem Zeitraum ab dem Tag, der 6
Monate vor dem betreffenden Nachzahlungtag liegt (einschließlich)
bis zu dem Tag, der fünf Jahre nach dem betreffenden
Nachzahlungstag (ausschließlich) zu beschaffen.
Eine Verpflichtung der Garantin zur Ausgabe von neuen Aktien
oder zum Verkauf von eigenen Aktien besteht in keinem Fall; die
Anleihegläubiger werden darauf hingewiesen, dass die Garantin
durch zwingende Bestimmungen des deutschen Aktienrechts oder
aus sonstigen Gründen an der Ausgabe von neuen Aktien oder
dem Verkauf von eigenen Aktien gehindert sein kann.
Die Garantin darf für Zwecke der Nachzahlung einer Zwangsweise
Ausgesetzten Zinszahlung im Wege des ACZM in jedem
Kalenderjahr höchstens Zahlungsaktien mit einem Anteil von 2,00%
am Grundkapital der Garantin zum maßgeblichen Zeitpunkt
platzieren.
30
Wenn in Bezug auf eine Zwangsweise Ausgesetzte Zinszahlung die
Bedingungen für die Durchführung des ACZM nicht erfüllt sind, oder
soweit der vorgenannte Schwellenwert überschritten würde oder der
Betrag, der zu zahlen wäre, den Erlös aus der Platzierung der
Zahlungsaktien übersteigt, wird die Emittentin die betreffende
Zwangsweise Ausgesetzte Zinszahlung in diesem Umfang nach
Maßgabe des APZM leisten, es sei denn, die Emittentin hatte zuvor in
Bezug auf die betreffende Zwangsweise Ausgesetzte Zinszahlung den
APZM angewendet und war verpflichtet, den ACZM zusätzlich zu
dem APZM anzuwenden; in diesem Fall entfällt die Verpflichtung
der Emittentin, die betreffende Zwangsweise Ausgesetzte
Zinszahlung für das betreffende Zinsjahr zu leisten in dem
betreffenden Umfang. Wenn in Bezug auf eine Wahlweise
Ausgesetzte Zinszahlung die Bedingungen für die Durchführung des
ACZM nicht erfüllt sind, oder soweit der Betrag, der zu zahlen wäre,
den Erlös aus der Platzierung der Zahlungsaktien übersteigt, entfällt
die Verpflichtung der Emittentin, die betreffende Wahlweise
Ausgesetzte Zinszahlung für das betreffende Zinsjahr zu leisten,
in dem betreffenden Umfang.
Sofern die Emittentin verpflichtet ist, eine Ausgesetzte Zinszahlung
nachzuzahlen, weil einer der Auflösungsgründe des § 262 Abs. 1
AktG hinsichtlich der Emittentin oder der Garantin vorliegt, die
Emittentin oder die Garantin jedoch nicht zur Anwendung des ACZM
in der Lage ist, sind die Verbindlichkeiten der Emittentin in Bezug
auf einen solchen nicht erfüllten Betrag bis zu einem Betrag, der dem
Schwellenwert für den APZM entspricht, gleichrangig zu den
Verbindlichkeiten der Emittentin in Bezug auf den Nennbetrag der
Schuldverschreibungen.
Alternativer gleichrangige WertpapiereCouponzahlungsmechanismus
(“APZM”) . . . . . . . . . . . . . . . . . . . . . . . . . . . Wenn die Emittentin bekannt gemacht hat, dass eine Zwangsweise
Ausgesetzte Zinszahlung für das betreffende Zinsjahr nach Maßgabe
des APZM geleistet wird, wird die Emittentin oder die Garantin die
zur Begleichung der Ausgesetzten Zinszahlung erforderlichen
Barmittel beschaffen, indem sie in dem Zeitraum ab dem Tag, der 6
Monate vor dem betreffenden Nachzahlungstag liegt (einschließlich)
bis zu dem Tag, der fünf Jahre nach dem betreffenden
Nachzahlungstag (ausschließlich) direkt oder indirekt hybride
Wertpapiere begibt und verkauft, deren Emissionsbedingungen den
Bedingungen vergleichbar sind (z.B. betreffend die Bedingungen über
die Aussetzung von Vergütungen, die Nachzahlung ausgesetzter
Vergütungen und Ersetzung) und die zumindest gleichwertige
Eigenmittel darstellen (die “Zahlungswertpapiere”).
Der Gesamtnennbetrag aller im Rahmen von APZM begebenen
Zahlungswertpapiere darf 25% des Gesamtnennbetrages der
Schuldverschreibungen am Begebungstag nicht überschreiten.
Wenn die Bedingung für die Durchführung des APZM nicht erfüllt
ist, oder soweit der vorgenannte Schwellenwert überschritten würde
oder der zu zahlende Zinsbetrag den Erlös aus der Platzierung der
Zahlungswertpapiere übersteigt, wird die Emittentin die betreffende
Zwangsweise Ausgesetzte Zinszahlung in diesem Umfang nach
31
Maßgabe des ACZM leisten, es sei denn, die Emittentin hatte zuvor in
Bezug auf die betreffende Zwangsweise Ausgesetzte Zinszahlung den
ACZM angewendet und war verpflichtet, den APZM zusätzlich zu
dem ACZM anzuwenden; in diesem Fall entfällt die Verpflichtung
der Emittentin, die betreffende Zwangsweise Ausgesetzte
Zinszahlung für das betreffende Zinsjahr zu leisten, in dem
betreffenden Umfang.
Steuern
.................................
Negativerklärung
Cross Default
.......................
...........................
Börsenzulassung
........................
Anwendbares Recht
.....................
Sämtliche Zahlungen von Kapital und Zinsen in Bezug auf die
Schuldverschreibungen (einschließlich Zahlungen der Garantin unter
der Garantie) werden ohne Einbehalt oder Abzug von Steuern,
Abgaben, Festsetzungen oder behördlicher Gebühren jedweder Art
geleistet, die von den Niederlanden bzw. der Bundesrepublik
Deutschland oder einer ihrer Gebietskörperschaften oder Behörden
mit der Befugnis zur Erhebung von Steuern auferlegt, erhoben,
eingezogen, einbehalten oder festgesetzt werden, sofern nicht die
Emittentin oder die Garantin kraft Gesetzes oder einer sonstigen
Rechtsvorschrift zu einem solchen Einbehalt oder Abzug verpflichtet
ist. Erfolgt ein solcher Einbehalt oder Abzug aufgrund einer
Gesetzesänderung, wird die Emittentin bzw. die Garantin zusätzliche
Beträge zahlen, so dass die Anleihegläubiger die Beträge erhalten, die
sie ohne den betreffenden Einbehalt oder Abzug erhalten hätten,
vorbehaltlich der üblichen Einschränkungen, die in den Bedingungen
geregelt sind.
Die Anleihebedingungen enthalten keine Negativerklärung.
Die Anleihebedingungen enthalten keine Cross DefaultBestimmungen in Bezug auf die Emittentin oder die Garantin.
Die Zulassung der Schuldverschreibungen zum Handel im Amtlichen
Markt an der Frankfurter Wertpapierbörse wurde beantragt.
Die Schuldverschreibungen und die Garantie unterliegen deutschem
Recht.
Verkaufsbeschränkungen . . . . . . . . . . . . . . . . Es wird Beschränkungen für das Angebot und den Verkauf der
Schuldverschreibungen und die Verteilung der Angebotsunterlagen
im Europäischen Wirtschaftsraum, in den Vereinigten Staaten von
Amerika, Österreich, Belgien, Dänemark, Frankreich, Irland,
Portugal, Schweden und Großbritannien geben.
Gerichtsstand
...........................
Clearing und Abwicklung
ISIN
....................................
Common Code
WKN
...............
..........................
...................................
Nicht-ausschließlicher
Gerichtsstand
für
sämtliche
Rechtsstreitigkeiten
im
Zusammenhang
mit
den
Schuldverschreibungen ist Frankfurt am Main, Bundesrepublik
Deutschland.
Die Schuldverschreibungen werden zum Clearing durch Clearstream
Banking AG, Frankfurt am Main zugelassen.
DE000A0GNPZ3
024513742
A0GNPZ
32
Zusammenfassung in Bezug auf Risikofaktoren
Risikofaktoren in Bezug auf die Schuldverschreibungen
Eine Anlage in die Schuldverschreibungen ist mit bestimmten Risiken im Zusammenhang mit den
Merkmalen der Schuldverschreibungen verbunden. Diese Risiken könnten dazu führen, dass die Emittentin
Kapital- oder Zinszahlungen nicht leistet, die Garantin keine Zahlungen aus der Garantie leistet und/oder eine
wesentliche Verschlechterung des Marktkurses der Schuldverschreibungen eintritt. Risiken resultieren
insbesondere aus den folgenden Sachverhalten:
•
die Emittentin ist nicht zur Rückzahlung der Schuldverschreibungen verpflichtet und die
Anleihegläubiger haben kein Kündigungsrecht;
•
die Schuldverschreibungen können bei Eintritt eines Gross-up-Ereignisses gegebenenfalls vorzeitig zum
Nennbetrag und bei Eintritt eines Steuerereignisses oder eines Aufsichtsrechtlichen Ereignisses zum
Abgezinsten Marktpreis zurückgezahlt werden; falls die Emittentin in einem solchen Fall die
Schuldverschreibungen kündigt und zurückzahlt, kann es sein, dass die Anleihegläubiger den aus der
Rückzahlung vereinnahmten Betrag lediglich in Wertpapiere mit niedrigerer Rendite investieren
können;
•
die Höhe der Schulden, die die Emittentin oder die Garantin in Zukunft eingehen kann, ist unbegrenzt;
•
die Zahlungsverpflichtungen der Emittentin aus den Schuldverschreibungen und die der Garantin aus
der Garantie begründen nachrangige Verbindlichkeiten der Emittentin bzw. der Garantin; und
•
die Emittentin wird sich möglicherweise dafür entscheiden, Zinszahlungen auszusetzen, falls bestimmte
Voraussetzungen vorliegen, bzw. muss dies möglicherweise sogar tun.
Risikofaktoren in Bezug auf die Emittentin
Die Emittentin ist eine Finanzierungsgesellschaft für die Allianz-Gruppe. Als solche beschafft sie u.a.
Gelder und reicht aufgenommene Mittel im Rahmen von konzerninternen Darlehen an Konzerngesellschaften der
Allianz-Gruppe weiter. Sollte eine Konzerngesellschaft eine Zahlung aus einem konzerninternen Darlehen nicht
leisten, ist die Emittentin möglicherweise nicht in der Lage, ihre Zahlungsverpflichtungen aus den
Schuldverschreibungen zu erfüllen.
Risikofaktoren in Bezug auf die Garantin
Das Geschäft der Allianz-Gruppe, und damit auch der Wert der Schuldverschreibungen, ist einer Reihe von
Risiken ausgesetzt. Der folgende Abschnitt enthält eine Beschreibung bestimmter Risiken, die die Finanz- und
Ertragslage der Allianz-Gruppe wesentlich nachteilig beeinflussen können:
•
Zinsschwankungen können die Ertragslage des Konzerns negativ beeinflussen.
•
Marktrisiken können den Wert des Portfolios der Allianz-Gruppe beeinträchtigen und die Finanz- und
Ertragslage der Allianz-Gruppe nachteilig beeinflussen.
•
Markt- und andere Faktoren können Geschäfts- und Firmenwerte, aktivierte Abschlusskosten sowie
aktive Steuerabgrenzungsposten negativ beeinflussen; die Steuerabgrenzungsposten der Allianz-Gruppe
sind auch durch mögliche Änderungen in der Steuergesetzgebung beeinflusst.
•
Die Allianz AG ist sowohl als Rückversicherer als auch als Holding-Gesellschaft für die Allianz-Gruppe
tätig und ist verschiedenen Liquiditätsrisiken ausgesetzt.
•
Schadenrückstellungen für das Schaden- und Unfall- sowie für das Rückversicherungsgeschäft der
Allianz-Gruppe beruhen auf Annahmen hinsichtlich zukünftiger Versicherungsansprüche. Ungünstige
Entwicklungen dieser Ansprüche können zu zusätzlichem Rückstellungsbedarf führen und die
Ertragslage negativ beeinflussen.
33
•
Die bei der Berechnung der versicherungstechnischen Rückstellungen im Lebens- und
Krankenversicherungsgeschäft und für Pensionsverbindlichkeiten getroffenen Annahmen können von
den zukünftig realisierten versicherungsmathematischen Werten und anderen Faktoren abweichen.
•
Katastrophen können erhebliche nachteilige Auswirkungen auf das Ergebnis der Allianz-Gruppe haben.
•
Die Allianz-Gruppe ist erheblichen Adressenausfallrisiken ausgesetzt.
•
Entwicklungen bei der Dresdner Bank, einschließlich der Entwicklung der Geschäftslage, die Höhe der
Kreditausfälle oder Abschreibungen und Wertberichtigungen, können das Ergebnis der Allianz-Gruppe
nachteilig beeinflussen und zu Kapitalanforderungen führen, die Einschränkungen des Geschäfts der
Allianz-Gruppe zur Folge haben können.
•
Viele Geschäftszweige der Allianz-Gruppe sind von den Ratings der Finanzkraft und Kreditwürdigkeit
der Allianz AG durch verschiedene Ratingagenturen abhängig. Aus diesem Grund könnte eine
Herabstufung des Ratings der Allianz AG wesentliche nachteilige Folgen für die Beziehungen mit
Kunden und Vermittlern sowie für den Verkauf der Produkte der Allianz-Gruppe haben und zu einem
Anstieg der Finanzierungskosten der Allianz-Gruppe führen.
•
Wenn das Asset Management-Geschäft der Allianz-Gruppe schlechtere Anlageerfolge erzielt als der
Markt oder die Wettbewerber, können die “Assets Under Management” und die damit verbundenen
Provisionserträge zurückgehen.
•
Erhöhte geopolitische Risiken infolge des Terroranschlags vom 11. September 2001 und alle
zukünftigen Terroranschläge können einen anhaltenden nachteiligen Einfluss auf das Geschäft der
Allianz-Gruppe haben.
•
Änderungen von bestehenden oder Einführung neuer Rechtsvorschriften in den Ländern, in denen die
Allianz-Gruppe tätig ist, könnten das Geschäft der Allianz-Gruppe nachteilig beeinflussen.
•
Änderungen der Steuergesetzgebung können das Geschäft der Allianz-Gruppe nachteilig beeinflussen.
•
Währungsschwankungen zwischen dem Euro und den Währungen außerhalb der Euro-Zone, in denen
die Allianz-Gruppe Erträge erzielt, können die Ergebnisse und den Cash Flow der Allianz-Gruppe
nachteilig beeinflussen.
•
Die Vorteile für die Allianz AG aus der Verschmelzung mit der Riunione Adriatica di Sicurtà Società
per Azioni (“RAS”) könnten von den Erwartungen wesentlich abweichen.
•
Das Ergebnis der Allianz-Gruppe, ihr Erfolg und ihre Leistungen oder die ihrer Branche könnten
aufgrund unvorhersehbarer politischer, makroökonomischer und demographischer Einflüsse wesentlich
von ihren entsprechenden zukunftsbezogenen Aussagen abweichen oder ungünstiger sein.
Die Realisierung irgendeines der vorgannnten Risiken kann die Fähigkeit der Garantin beeinträchtigen,
ihren aus der Garantie resultierenden Zahlungsverpflichtungen nachzukommen, und/oder zu einem Wertverlust
der Schuldverschreibungen führen.
Zusammenfassung in Bezug auf die Emittentin
Die Emittentin wurde am 8. Mai 2000 in den Niederlanden als Gesellschaft mit beschränkter Haftung für
eine unbestimmte Dauer nach dem Recht der Niederlande gegründet. Die Emittentin ist eine 100%ige
Tochtergesellschaft der Allianz AG und fungiert als Finanzierungsgesellschaft innerhalb der Allianz-Gruppe. Der
Gesellschaftssitz der Emittentin ist Amsterdam, ihre Geschäftsadresse ist Keizersgracht 484, NL-1017 EH
Amsterdam, Niederlande, Telefonnummer (+31)(20) 5569710. Die Emittentin ist im Handelsregister von
Amsterdam unter Nr. 34134406 eingetragen.
34
Der Gesellschaftszweck der Emittentin umfasst gemäß Artikel 2 ihrer Satzung das Betreiben von
Finanzgeschäften aller Art, insbesondere die Darlehensvergabe und -aufnahme sowie die Begebung von
Anleihen, und die Beteiligung an Gesellschaften und Unternehmen.
Das Geschäftsführungsorgan der Emittentin besteht derzeit aus den folgenden Mitgliedern: Dirk Schoon,
Hero Wentzel und Dr. Sylvia Hoechendorfer-Ziegler. Der Aufsichtsrat der Emittentin besteht derzeit aus Michael
Diekmann, Dr. Paul Achleitner und Stephan Theissing.
Abschlussprüfer der Allianz Finance II B.V. ist KPMG Accountants N.V., Burgemeester Rijnderslaan 10,
NL-1185 MC Amstelveen, Niederlande.
Der folgenden Tabelle sind die wesentlichen Finanzdaten der Emittentin zu entnehmen:
Allianz Finance II B.V.
9 Monate bis
30. September
Anlagevermögen . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Umlaufvermögen . . . . . . . . . . . . . . . . . . . . . . . . . . .
Eigenkapital
................................
Langfristige Verbindlichkeiten
Kurzfristige Verbindlichkeiten
.............
.............
Geschäftsjahr bis
31. Dezember
2004
2003
2005
(ungeprüft)
€
2004
(ungeprüft)
€
€
€
9.329.056.504
364.490.526
6.654.019.238
316.092.403
6.602.060.884
258.734.477
6.641.659.010
904.824.759
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
2.400.749
2.097.756
932.595
987.413
9.329.056.504
362.089.777
6.654.019.235
313.994.650
6.602.060.881
257.801.885
6.641.659.010
903.837.346
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
Zusammenfassung in Bezug auf die Garantin
Die Allianz AG ist eine Aktiengesellschaft deutschen Rechts und als “Allianz Aktiengesellschaft” im
Handelsregister des Amtsgericht München unter HRB 7158 eingetragen. Der Gesellschaftssitz und die
Geschäftsadresse der Allianz AG sind Königinstrasse 28, 80802 München, Deutschland, Telefonnummer
(+49)(89) 3800-00.
Überblick über die Geschäftstätigkeit
Die Allianz-Gruppe gehört zu den weltweit größten Finanzdienstleistungsunternehmen und bietet
Versicherungs-, Bank- und Asset Management-Produkte und Dienstleistungen durch seine Geschäftssegmente
Schadens- und Unfallversicherung, Lebens- und Krankenversicherung, Bankgeschäft und Asset Management an.
Gemessen an den Bruttobeiträgen im Geschäftsjahr 2004 gehört die Allianz-Gruppe zu den weltweit größten
Versicherungsgruppen. Gemessen an den Bruttobeiträgen ist die Allianz-Gruppe im Geschäftsjahr 2004 im
Schaden- und Unfall- bzw. Lebens- und Krankenversicherungsgeschäft das größte Unternehmen in Deutschland.
Darüber hinaus gehört die Allianz-Gruppe zu den größten Versicherungsunternehmen in anderen Ländern,
einschließlich Frankreich, Italien, dem Vereinigten Königreich, Schweiz und Spanien. Gemessen an der
Marktkapitalisierung zum 31. Dezember 2005 war die Allianz-Gruppe einer der größten deutschen
Finanzdienstleister. Seit Anfang August hat die Allianz AG ein “Financial Strength Rating” A+ von A.M. Best
und AA- von Standard & Poor’s, beide mit einem “stable outlook” sowie einem Aa3 Senior Unsecured DebtRating von Moody’s, gleichfalls mit einem “stable outlook”.
Die Allianz AG wurde am 5. Februar 1890 in Berlin als “Allianz Versicherungs-Aktiengesellschaft”
gegründet. Im Jahre 1949 verlegte die Allianz AG ihren Hauptverwaltungssitz von Berlin nach München. Auf
35
der Grundlage eines entsprechenden Hauptversammlungsbeschlusses vom 27. Juni 1985 wurde die Allianz AG
in eine Holding-Gesellschaft umstrukturiert. Ihre Firma wurde in “Allianz Aktiengesellschaft Holding” geändert.
Aufgrund eines entsprechenden Hauptversammlungsbeschlusses vom 7. Oktober 1996 wurde die Firma der
Allianz AG erneut in “Allianz Aktiengesellschaft” geändert.
Im Jahre 1998 hat die Allianz-Gruppe das Finanzdienstleistungsgeschäft als dritten Kerngeschäftsbereich
zusätzlich zum Schaden- und Unfall- sowie Lebens- und Krankenversicherungsbereich aufgebaut. 2001 haben
wir nach dem Erwerb der Dresdner Bank AG (im Folgenden als “Dresdner Bank” und zusammen mit ihren
konsolidierten Tochtergesellschaften als “Dresdner Bank Konzern” bezeichnet) das Geschäftssegment
Finanzdienstleistungen in die eigenständigen Segmente Bankgeschäft (Banking) und Asset Management
aufgeteilt. Gemessen an den “Assets under Management” zum 31. Dezember 2004 ist die Allianz-Gruppe einer
der fünf größten Vermögensverwalter in der Welt. Im Geschäftsbereich Banking, der mittlerweile das viertes
Kernsegment ist, machte die Akquisition der Dresdner Bank die Allianz-Gruppe zu einer der führenden Banken
Deutschlands. Gleichzeitig hat die Allianz-Gruppe durch diese Akquisition erheblich erweiterte
Bankenvertriebswege für seine Schaden- und Unfall-, Lebens- und Krankenversicherungs- sowie Asset
Management-Produkte und -Dienstleistungen erhalten.
Das Geschäft der Allianz-Gruppe wird auf lokaler Ebene betrieben, wogegen das
Spezialversicherungsgeschäft und das Segment Asset Management auf globaler Ebene verwaltet und betrieben
werden. Das deutsche Schaden- und Unfall-, Lebens- und Krankenversicherungsgeschäft der Allianz-Gruppe
wird von Tochtergesellschaften überwiegend aus München und Stuttgart heraus betrieben. Das ausländische
Versicherungsgeschäft wird auf lokaler Ebene betrieben. Zu den größten ausländischen Märkten der AllianzGruppe zählen Frankreich, Italien, das Vereinigte Königreich, Schweiz, Spanien und die Vereinigten Staaten. Die
Spezialversicherungsgeschäfte
Kreditversicherung,
Marine
&
Aviationsowie
internationale
Industrieversicherung über die Allianz Global Risks Rückversicherungs-AG sowie die Reiseversicherung und
Assistance werden auf globaler Ebene verwaltet und betrieben. Das Asset Management-Segment operiert
ebenfalls auf einer weltweiten Basis mit Managementzentren in München, Frankfurt, London, Paris, Singapur,
Hongkong, Mailand, Westport, Connecticut, und San Francisco, San Diego und Newport Beach, Kalifornien. Das
Segment Banking der Allianz-Gruppe operiert über die rund 960 in- und ausländischen Geschäftsstellen der
Dresdner Bank (zum 30. September 2005) und verschiedener Tochtergesellschaften mit Schwerpunkten in
Deutschland, dem Vereinigten Königreich und anderen europäischen Ländern sowie den Vereinigten Staaten.
Ausblick
Die Allianz-Gruppe erwartet für das Geschäftsjahr 2005 Umsatzsteigerungen in der Größenordnung von
2004 und der ersten Monate von 2005 und konzentriert sich dabei weiterhin auf eine nachhaltige Verbesserung
des operativen Ergebnisses. Allerdings kann es immer sein, dass Naturkatastrophen, widrige Entwicklungen an
den Kapitalmärkten sowie die oben angeführten Risikofaktoren das Ergebnis deutlich negativ beeinflussen.
Vorstand, Aufsichtsrat und Mitarbeiter
Der Vorstand der Allianz AG besteht aus elf Mitgliedern: Michael Diekmann (Vorsitzender), Dr. Paul
Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber, Dr. Helmut Perlet,
Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter und Dr. Werner Zedelius.
Der Aufsichtsrat der Allianz-AG besteht aus zwanzig Mitgliedern: Dr. Henning Schulte-Noelle
(Vorsitzender), Norbert Blix (stellvertretender Vorsitzender), Dr. Wulf H. Bernotat, Dr. Diethart Breipohl,
Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach, Peter Haimerl, Prof.
Dr. Rudolf Hickel, Prof. Dr. Franz B. Hummer, Prof. Dr. Renate Köcher, Igor Landau, Dr. Max Link, Iris
Mischlau-Meyran, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer und Prof. Dr. Dennis
Snower.
Zum 30. September 2005 beschäftigte der Allianz Konzern weltweit 178.462 Mitarbeiter, davon 105.284
außerhalb Deutschlands.
36
Hauptaktionäre
Zum 31. Dezember 2004 war die Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in
München (Münchener Rück) der einzige Hauptaktionär der Allianz AG und hielt ca. 9% des Grundkapitals der
Allianz AG. Unter Berücksichtigung der zu diesem Zeitpunkt im Allianz Konzern gehaltenen eigenen Aktien
entsprach dies einer Beteiligungsquote von ca. 9,4%. Gemäß den Vorschriften des deutschen
Wertpapierhandelsgesetz (WpHG) informierte die Münchener Rück die Allianz AG am 14. Juli 2005 darüber,
dass sie ihre Beteiligung an der Allianz AG auf unter 5% reduziert hat und 4,9% des Grundkapitals der Allianz
AG hält.
Aufgrund der wesentlichen Veränderungen in den Beziehungen zwischen der Allianz-Gruppe und der
Münchener Rück, insbesondere der erheblichen Reduzierung wechselseitiger Beteiligungen, der
Außerkraftsetzung der “Grundsätze der Zusammenarbeit” und der Beendigung der Vertretung von
Vorstandsmitgliedern im Aufsichtsrat der jeweils anderen Gesellschaft, betrachtet die Allianz AG die Münchener
Rück nicht mehr als ein nahe stehendes Unternehmen.
Ausgewählte Finanzinformationen
Allianz Gruppe
Operatives Ergebnis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Jahresüberschuss/ Dreivierteljahresüberschuss . . . . . . . . . . . . . . . . . . . . . . . .
Cash Flow* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Aktiva insgesamt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Eigenkapital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gesamtverbindlichkeiten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30. September
2005
(ungeprüft)
Millionen €
31. December
2004
31. December
2003
Millionen €
Millionen €
5.917
3.508
18.675
989.198
48.588
940.610
6.839
2.266
4.616
990.318
37.691
952.627
3.982
2.691
(1.397)
933.213
35.259
897.954
* Cash Flow aus der laufenden Geschäftstätigkeit
Zusätzliche Angaben
Grundkapital
Das Grundkapital der Allianz AG beträgt derzeit 1.039.462.400 Euro, unterteilt in 406.040.000
nennwertlose Aktien (Stückaktien).
Abschlussprüfer
Die
Allianz
AG
hat
die
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 München als Abschlussprüfer für das
am 31. Dezember 2005 endende Geschäftsjahr bestellt.
Dokumente zur Einsicht
Solange Schuldverschreibungen ausstehen, können Kopien der folgenden Dokumente während der üblichen
Geschäftszeiten in den Geschäftsräumen am Sitz der Emittentin und am Sitz der Garantin sowie in den
bezeichneten Geschäftsräumen der Hauptzahlstelle eingesehen werden:
(a) die Garantie,
(b) die Satzung der Emittentin,
(c) die Satzung der Garantin,
(d) der Prospekt und
(e) alle Berichte, Schreiben und sonstige Dokumente, historische Finanzinformationen, Bewertungen und
Erklärungen, die von einem Sachverständigen auf Ersuchen der Emittentin und/oder der Garantin ausgestellt
wurden, sofern Teile davon in die Beschreibung der Emittentin und der Garantin eingeflossen sind oder in
ihnen darauf verwiesen wird.
37
SAMENVATTING
Het volgende vormt de samenvatting (de “Samenvatting”) van de essentiële kenmerken en risico’s in
verband met de Emittent, de Garant en de Obligaties. Deze samenvatting dient als een inleiding op dit
Prospectus gelezen te worden.
Elke beslissing van een investeerder om te investeren in de Obligaties dient gebaseerd te worden op de
bestudering van dit Prospectus in zijn geheel, met inbegrip van de documenten opgenomen door middel van
verwijzing en enige aanvullingen ervan. Wanneer een vordering betreffende de informatie in dit Prospectus, de
documenten opgenomen door middel van verwijzing en enige aanvullingen ervan wordt ingeleid voor een
rechtbank, kan de eiser-investeerder, overeenkomstig de nationale wetgeving van een lidstaat van de Europese
Economische Ruimte, verplicht worden om de kosten te dragen voor de vertaling van dit Prospectus, de
documenten opgenomen door middel van verwijzing en enige aanvullingen ervan, alvorens de gerechtelijke
procedure wordt aangevat. De Emittent, de Garant en Dresdner Bank Aktiengesellschaft, die verantwoordeljjk
zijn voor deze Samenvatting met inbegrip van enige vertaling ervan en die om zijn kennisgeving hebben
gevraagd, kunnen burgerlijk aansprakelijk worden gesteld, maar alleen indien de Samenvatting misleidend,
onjuist of inconsistent is wanneer zij wordt samengelezen met de andere delen van dit Prospectus.
Deze samenvatting bevat toekomstgerichte verklaringen. Deze omvatten, onder andere, informatie met
betrekking tot de toekomstige financiële prestaties van de Emittent, Allianz Aktiengesellschaft (hierna “Allianz
AG”) en zijn geconsolideerde dochtervennootschappen (samen met Allianz AG hierna “Allianz Groep”),
plannen en verwachtingen in verband met de ontwikkelingen in de activiteiten, groei en rentabiliteit van de
Allianz Groep, en algemene industriële en handelsomstandigheden van toepassing op de Allianz Groep. De
Allianz Groep zich voor deze toekomstgerichte verklaringen gebaseerd op haar huidige verwachtingen,
veronderstellingen, schattingen en ramingen met betrekking tot toekomstige gebeurtenissen. Deze
toekomstgerichte verklaringen maken het voorwerp uit van een aantal risico’s, onzekerheden en
veronderstellingen die ervoor kunnen zorgen dat de eigenlijke resultaten, prestaties of verwezenlijkingen van de
Allianz Groep of deze van haar industrie substantieel kunnen afwijken van, of slechter zijn dan, deze
toekomstgerichte verklaringen. De Emittent, Allianz AG en Dresdner Bank AG nemen geen enkele verplichting
op zich om zulke toekomstgerichte verklaringen bij te werken en hen aan te passen aan toekomstige
gebeurtenissen of ontwikkelingen, tenzij voorzover dit wettelijk vereist is.
Samenvatting met betrekking tot de Obligaties
De finale totale hoofdsom, de uitgifteprijs en de interestvoet van de Obligaties zullen bepaald worden op of
rond [1 maart] 2006 op basis van een bookbuilding procedure waarin gekwalificeerde investeerders betrokken
zijn.
Emittent
Garant
................................
..................................
Hoofdsom
..............................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
EUR [tot maximaal 1,0 miljard]
Lead Managers . . . . . . . . . . . . . . . . . . . . . . . . . . Deutsche Bank AG, London Branch Dresdner Bank AG
London Branch (die op het voorblad vermeld wordt onder haar
marketing naam “Dresdner Kleinwort Wasserstein”)
UBS Limited
(samen de “Lead Managers”)
Co-Lead Managers
......................
Bayerische Hypo- und Vereinsbank AG
38
Bayerische Landesbank
Landesbank Hessen-Thüringen - Girozentrale
WestLB AG
(samen met de Lead Managers, de “Managers”)
Fiscaal Agent, Hoofdbetalingsagent en
Berekeningsagent . . . . . . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
Uitgifteprijs
.............................
Uitgiftedatum
...........................
Nominale waarde
.......................
Vorm van de Obligaties
.................
Statuut van de Obligaties
................
[98-101]%
[3 maart] 2006
De Obligaties zullen worden uitgegeven met een nominale waarde
van EUR 1.000 per stuk.
De Obligaties zijn aan toonder en zullen initieel vertegenwoordigd
worden door een Tijdelijke Globale Obligatie zonder interest coupons
die zal worden neergelegd bij of in naam van Clearstream
Banking AG, Frankfurt am Main (de “Vereffeningsinstelling”). De
Tijdelijke Globale Obligatie zal, niet eerder dan 40 dagen na de
Uitgiftedatum na certificatie in verband met economische eigendom
door niet-US personen (non-U.S. beneficial ownership)
overeenkomstig de regels en de werkingsprocedures van de
Vereffeningsinstelling, inwisselbaar zijn voor een Permanente
Globale Obligatie zonder interest coupons. Betaling op de Tijdelijke
Globale Obligatie zal alleen gebeuren na voorlegging van zulke
certificatie. Er zullen geen definitieve Obligaties of interest coupons
worden uitgegeven.
De verplichtingen onder de Obligaties zijn ongedekte en
achtergestelde verplichtingen van de Emittent die pari passu
rangschikken onder elkaar en minstens pari passu rangschikken met
alle andere ongedekte ongedateerde achtergestelde verplichtingen van
de Emittent die uitstaan op de Uitgiftedatum behalve wat betreft enige
achtergestelde verplichtingen die bij wet preferent moeten zijn. In
geval van liquidatie, ontbinding, insolventie, gerechtelijk akkoord of
andere procedures ter vermijding van insolventie van of tegen de
Emittent, zullen de verplichtingen van de Issuer onder de Obligaties
achtergesteld zijn ten opzichte van de vorderingen van alle nietachtergestelde en gedateerde achtergestelde schuldeisers van de
Emittent zodat in elk van deze gevallen geen bedragen betaalbaar
zullen zijn in verband met de Obligaties totdat aan de vorderingen van
alle niet-achtergestelde schuldeisers van de Emittent eerst volledig
voldaan is.
De Emittent of enig ander persoon die de rechten van de
Obligatiehouders onder de Obligaties verzekert heeft geen zekerheden
van eender welke aard toegestaan of zal dit niet doen op enig later
tijdstip.
Geen enkele latere overeenkomst mag de achterstelling beperken of
de periode van enige toepasselijke notificatietermijn in verband met
de Obligaties (Kündigungsfrist) verkorten. Indien de Obligaties
vervroegd terugbetaald worden, moeten de terugbetaalde bedragen
teruggegeven worden aan de Emittent ongeacht enige overeenkomst
in tegengestelde zin, tenzij de Emittent is ontbonden of zulke
bedragen vervangen zijn door ander, minstens gelijkwaardig kapitaal
(Eigenmittel) met minstens dezelfde status, of indien de Federal
Financial Supervisory Authority of enige Successor Authority zijn
toestemming heeft gegeven tot de terugbetaling.
39
Geen Obligatiehouder mag schuldvergelijking toepassen tussen enige
vorderingen voortvloeiend uit de Obligaties en enige vorderingen die
de Emittent kan hebben tegen de Obligatiehouder. De Emittent mag
geen schuldvergelijking toepassen tussen enige vorderingen die hij
zou hebben tegen enige Obligatiehouder en enige van zijn
verplichtingen onder de Obligaties.
Garantie
................................
Op 3 maart zal de Garant een onvoorwaardelijke en onherroepelijke
Garantie op achterstelde basis geven voor de verschuldigde betaling
van de hoofdsom van, en de interest op, en enige andere bedragen die
als betaalbaar uitgedrukt zijn onder de Obligaties. De Garantie maakt
een overeenkomst uit ten voordele van de Obligatiehouders van tijd
tot tijd als derdebegunstigden overeenkomstig § 328 paragraaf 1 van
het Duits Burgerlijk Wetboek (Bürgerliches Gesetzbuch), waarbij aan
elke Obligatiehouder het recht wordt gegeven om uitvoering onder de
Garantie rechtstreeks van de Garant te eisen en de Garantie
rechtstreeks tegen de Garant uit te voeren.
In geval van vereffening, liquidatie, insolventie of andere procedures
ter vermijding van insolventie van de Garant, zullen de vorderingen
van de Obligatiehouders van de Garantie worden nagekomen nadat
(maar alleen nadat) de vorderingen van alle niet-achtergestelde en
gedateerde achtergestelde schuldeisers van de Garant eerst volledig
betaald zijn.
De Obligatiehouders aanvaarden uitdrukkelijk dat, in de
omstandigheden hierboven beschreven, betalingen in verband met de
Obligaties door de Garant ingevolge de Garantie slechts gedaan
zullen worden in overeenstemming met de achterstelling hierboven
beschreven.
Geen Obligatiehouder mag schuldvergelijking toepassen tussen enige
vorderingen voortvloeiend uit de Garantie en vorderingen die de
Garant tegen hem zou hebben. De Garant mag slechts
schuldvergelijking toepassen op enige vorderingen van enige
Obligatiehouder onder de Garantie indien zulke bedragen vervangen
zijn door een ander minstens gelijkwaardig kapitaal (Eigenmittel) met
minstens gelijke status of indien de Federal Financial Supervisory
Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) of enige
successor authority daarvan zijn toestemming heeft gegeven tot
schuldvergelijking, en indien aan de Solvabiliteitsvoorwaarde (zoals
hieronder gedefinieerd) is voldaan.
Terugbetaling
...........................
De Obligaties hebben geen finale vervaldatum. Ze zijn in hun geheel
maar niet gedeeltelijk terugbetaalbaar naar keuze van de Emittent aan
hun hoofdsom op [3 maart] 2011 en op elke Interestbetaaldag (zoals
hieronder gedefinieerd) daarna. De Emittent mag de Obligaties ook
terugbetalen in hun geheel maar niet gedeeltelijk aan hun hoofdsom
samen met enige aangegroeide interest na een Gross-up Event (zoals
hieronder gedefinieerd) en aan de Make-whole Amount volgend op
een Tax Event of een Regulatory Event (alle termen zoals hieronder
gedefinieerd). In ieder geval kan de Emittent de Obligaties slechts
terugroepen en terugbetalen indien aan de Solvabiliteitsvoorwaarde
(zoals hieronder is gedefinieerd) voldaan is en de hoofdsom van de
terug te betalen Obligaties vervangen is door ander, minstens
40
gelijkwaardig, reglementair kapitaal of indien de Federal Financial
Supervisory Authority of enige Successor Authority zijn toestemming
tot de terugbetaling heeft gegeven.
Een “Gross up Event” zal zich voordoen indien de Emittent verplicht
is of zal zijn door een wetgevend orgaan, een rechtbank of enige
autoriteit om Bijkomende Bedragen te betalen of de Garant verplicht
is of zal zijn om Bijkomende Bedragen te betalen in verband met
betalingen verschuldigd onder de Garantie als gevolg van enige
verandering in of amendement bij de wetten (of enige regels of
reguleringen daaronder) van Nederland of de Federale Republiek
Duitsland of enig politieke onderverdeling of enige autoriteit van of
in Nederland of de Federale Republiek Duitsland, of enige
verandering in of amendement bij enige officiële interpretatie of
toepassing van deze wetten of regels of reglementeringen, en deze
verplichting kan niet vermeden worden door de Emittent of de
Garant, naar gelang het geval, zulke redelijke maatregelen nemend
die hem (te goeder trouw handelend) geschikt lijken.
Een “Tax Event” zal zich voordoen wanneer, ten gevolge van enig
amendement bij of verandering in de wetten (of enige andere regels of
reglementeringen daaronder) van Nederland en de Federale Republiek
Duitsland
of
enig
politieke
onderverdeling
of
enige
belastingsautoriteit daarvan of daarin, of ten gevolge van enig
amendement bij van of verandering in enige officiële interpretatie of
toepassing van enige van deze wetten, regels of reglementeringen
door enig wetgevend orgaan, rechtbank, regeringsinstelling of
regulerende autoriteit (met inbegrip van de bekrachtiging van enige
wetgeving en de publicatie van enige juridische beslissing of
reglementair besluit) interest te betalen door de Emittent in verband
met de Obligaties of enig ander bedrag betaalbaar door de Garant
onder de Garantie niet langer volledig aftrekbaar is, of binnen 90
dagen van de datum van de opinie hieronder beschreven niet langer
volledig aftrekbaar zal zijn door de Emittent en/of de Garant onder de
Nederlandse en/of Duitse inkomstenbelastingen en dat risico niet
vermeden kan worden door de Emittent en/of de Garant, naar gelang
het geval, zulke redelijke maatregelen nemend die hem (te goeder
trouw handelend) geschikt lijken .
Een “Regulatory Event” zal zich voordoen indien
(a) de Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdiensleistungaufsicht) of enige Successor Authority
schriftelijk bericht aan de Garant dat de Obligaties (geheel of
gedeeltelijk) niet langer aan de vereisten van reglementair
kapitaal of eigen fondsen voldoen voor groepsolvabiliteit of
individuele solvabiliteitsdoeleinden van de Garant of de
solvabiliteit overeenkomstig de reglementeringen voor financiële
conglomeraten. Dit is alleen van toepassing indien op enig
ogenblik vóór zulk bericht de Obligaties voldeden aan zulke
vereisten; of
(b) op enig ogenblik, de Garant of de groep van de Garant omwille
van reglementaire kapitaalsdoeleinden genoodzaakt is om Tier I
reglementair kapitaal (hoe dan ook beschreven) te hebben, en de
Obligaties niet in aanmerking komen om te kwalificeren voor
opname in het Tier I reglementair kapitaal voor
41
groepssolvabiliteitsdoeleinden van de Garant of de solvabiliteit
overeenkomstig de reglementeringen met betrekking tot
financiële conglomeraten op dat ogenblik.
Interest
.................................
De Obligaties zullen interest opbrengen aan hun totale hoofdsom
vanaf en met inbegrip van [3 maart] 2006 aan een interestvoet van
[5,00 - 5,875] procent per jaar tot de terugbetalingsdatum indien er
één is (niet inbegrepen). Interest zal verschuldigd zijn op [3 maart]
van elk jaar (elk zulke datum een “Interestbetaaldatum”). De eerste
betaling van interest zal plaatsvinden op [3 maart] 2007. Indien het
vereist is om interest te berekenen voor een periode van minder dan
een volledig jaar, zal zulke interest berekend worden op de basis van
het eigenlijke aantal dagen in zulke periode gedeeld door het
eigenlijke aantal dagen (365 or 366) in het desbetreffende jaar.
Optioneel uitstel van
Interestbetalingen . . . . . . . . . . . . . . . . . . . . . Afhankelijk van het feit of er aan de Solvabiliteitsvoorwaarde is
voldaan en of er zich geen Geval van Verplicht Uitstel (zoals
hieronder gedefinieerd) heeft voorgedaan, kan de Emittent op elke
Interestbetaaldag er op discretionaire wijze voor kiezen om de
betaling van interest uit te stellen mits hiervan minstens 3 Werkdagen
op voorhand kennis te geven, indien tot op het einde van de 10de
Werkdag die voorafgaat aan zulke Interestbetaaldag (de
“Berekeningsdatum”) tot geen dividend, andere uitkering of betaling
was beslist met betrekking tot enige klasse van aandelen van de
Garant op de gewone Algemene Vergadering van aandeelhouders
(ordentliche Hauptversammlung) van de Garant onmiddellijk
voorafgaand aan die Interestbetaaldag, en geen betaling voor rekening
van de winst op de balans werd gemaakt sinds die gewone Algemene
Vergadering van aandeelhouders (ordentliche Hauptversammlung)
van de Garant. In dit geval zal enige zulke uitgestelde interest een
“Optioneel Uitgestelde Interestbetaling” vormen.
De Emittent kan er op discretionaire wijze voor kiezen om enige
interestbetaling die hij niet uitstelt op de Interestbetaaldag te voldoen
met fondsen die hij heeft opgehaald vóór de Interestbetaaldag door
middel van de Alternative Share Coupon Satisfaction Mechanism
(“ACSM”) (zoals hieronder beschreven).
Verplicht uitstel of annulatie van
Interestbetalingen . . . . . . . . . . . . . . . . . . . . . Indien op een Interestbetaaldag aan de Solvabiliteitsvoorwaarde niet
is voldaan, zal de Emittent verplicht zijn om interest die aangroeit
tijdens het interestjaar tot aan zulke Interestbetaaldag (deze dag niet
meegerekend) uit te stellen, tenzij de Emittent op discretionaire wijze
beslist om op de Interestbetaaldag zulke interest te betalen met
fondsen die hij heeft opgehaald vóór de Interestbetaaldag door middel
van de ACSM.
Aan de “Solvabiliteitsvoorwaarde” zal voldaan zijn indien:
(A) de Garant en de Groep van de Garant gepaste fondsen hebben
om de vereiste minimum solvabiliteitsmarge (of een
vergelijkbare term in geval van verandering van de toepasselijke
regels) in overeenstemming met de bepalingen van Duits
reglementair verzekeringsrecht (voor groepssolvabiliteits- en
individuele
solvabiliteitsdoeleinden
of
solvabiliteit
overeenkomstig de reglementering met betrekking tot financiële
42
conglomeraten) en een algemeen erkende administratieve
praktijk, indien er één is, van de Federal Financial Supervisory
Authority of enige successor authority van toepassing op dat
ogenblik, en zulke fondsen als gevolg van respectievelijk een
volledige of gedeeltelijke interestbetaling of terugbetaling, die
anders verschuldigd zou zijn op respectievelijk zulke
Interestbetaaldag of terugbetalingsdatum, lager zouden zijn dan
de vereiste minimum solvabiliteitsmarge, en
(B) geen bevel van de Federal Financial Supervisory Authority of
enige Successor Authority van toepassing is dat de Garant
verbiedt
interestbetalingen,
andere
uitkeringen
of
terugbetalingen te verrichten (met inbegrip aan de houders van
enige Parity Security of Junior Security) en
(C) de Garant in staat is zijn schulden te betalen die het aan zijn
Senior Creditors verschuldigd is (zoals gedefinieerd hieronder)
wanneer ze betaalbaar worden, en
(D) de Activa van de Garant (zoals gedefinieerd hieronder zijn
Passiva (zoals gedefinieerd hieronder) overstijgen (andere dan de
passiva ten opzichte van personen die geen Senior Creditors
zijn).
“Activa” betekent de ongeconsolideerde totale activa van de Garant
zoals weergegeven in de laatste gepubliceerde gecontroleerde balans
van de Garant, maar aangepast voor latere gebeurtenissen, alles zoals
vastgesteld door de Garant, of indien de Garant wordt vereffend, zijn
vereffenaar.
“Passiva” betekent de ongeconsolideerde totale passiva van de
Garant zoals weergegeven in de laatste gepubliceerde gecontroleerde
balans van de Garant, maar aangepast voor latere gebeurtenissen,
alles vastgesteld door de Garant, of indien de Garant wordt vereffend,
zijn vereffenaar.
“Senior Creditors” betekent de schuldeisers van de Garant (a) die
niet-achtergestelde schuldeisers van de Garant zijn; of (b) wiens
vorderingen achtergesteld zijn ten opzichte van de vorderingen van
andere schuldeisers van de Garant (behalve deze wiens vorderingen
pari passu of lager rangschikken ten opzichte van de vorderingen van
de Obligatiehouders).
Indien er zich op een Interestbetaaldag een Geval van Verplicht
Uitstel heeft voorgedaan, zal de Emittent verplicht worden enig
Restbedrag uit te stellen.
“Restbedrag” betekent met betrekking tot het interestbedrag dat
betaalbaar zou zijn op totale hoofdsom van de Obligaties uitstaand op
de relevante Interestbetaaldag die anders verschuldigd zou zijn (het
“Interestbedrag”), het bedrag waarmee het Interestbedrag het Nieuw
Kapitaalbedrag (zoals hieronder gedefinieerd) overschrijdt.
“Nieuw Kapitaalbedrag” betekent de netto opbrengsten ontvangen
door de Garant van nieuwe uitgiftes en/of de verkoop van gewone
aandelen, preferente aandelen en instrumenten die in kapitaalskrediet
voorzien van de ratingagentschappen verwant met de Obligaties
43
gedurende de periode van 180 dagen voorafgaand aan zulke datum en
aangewezen door de Garant op of vóór het tijdstip van uitgifte als
beschikbaar om uitkeringen op de Obligaties te betalen.
Een “Geval van Verplicht Uitstel” zal zich hebben voorgedaan op
een Interestbetaaldag, indien tot op het einde van de
Berekeningsdatum
(x) het Samengeteld Netto Kwartaalinkomen (zoals hieronder
gedefinieerd) voor de periode van vier kwartalen van de Garant
eindigend op het kwartaal dat twee kwartalen voorafgaat aan het
meest recente afgesloten en gepubliceerd kwartaal van de Garant
minder is dan of gelijk is aan nul; en
(y) het Aangepast Aandeelhouders Kapitaalsbedrag (zoals hieronder
gedefinieerd) op het einde van het meest recente vervolledigd en
gepubliceerd kwartaal van de Garant op het einde van het
kwartaal dat twee kwartalen voorafgaat aan het meest recente
afgesloten en gepubliceerd kwartaal van de Garant is gedaald
met 10% of meer vergeleken met het Aangepaste
Aandeelhouders Kapitaalsbedrag op het einde van het kwartaal
van de Garant dat tien kwartalen voorafgaat aan het meest
recente afgesloten en gepubliceerd kwartaal van de Garant (het
“Referentiekwartaal”).
Waarbij:
“Aangepast Aandeelhouders Kapitaalsbedrag” betekent, aan het
einde van enig kwartaal van de Garant, het aandelenkapitaal vóór
minderheidsbelangen zoals weergegeven in de geconsolideerde
balans van de Garant van zulk kwartaaleinde, zoals vastgesteld in
overeenstemming met de Toepasselijke Boekhoudnormen (zoals
hieronder gedefinieerd) mits aftrek van wisselkoers-aanpassingen en
niet-gerealiseerde winsten en verliezen (netto) zoals opgenomen in
zulke geconsolideerde balans.
“Toepasselijke Boekhoudnormen” betekent de International
Financial Reporting Standards (IFRS) zoals van toepassing op de
relevante data en voor de relevante periodes, of andere
boekhoudnormen die algemeen aanvaard zijn in Duitsland en worden
toegepast door de Garant die vervolgens voorrang hebben op deze.
“Samengeteld Netto Kwartaalinkomen” betekent aan het eind van
elk kwartaal van de Garant, de som van het geconsolideerde netto
inkomen van de Garant zoals bepaald overeenkomstig de
Toepasselijke Boekhoudnormen, voor de vier kwartalen eindigend op
de laatste dag van zulk kwartaal.
Indien de Emittent verplicht is om een betaling van interest uit te
stellen ingevolge het voorval van een Geval van Verplicht Uitstel op
een Interestbetaaldag, zal de Emittent ook verplicht zijn op één of
meerdere volgende Interestbetaaldagen de interest uit te stellen die
anders verschuldigd zou zijn op zulke Interestbetaaldagen totdat aan
het Geval van Verplicht Uitstel verholpen is op enige volgende
Berekeningsdatum. Nadat één of meer Gevallen van Verplicht Uitstel
hebben plaatsgevonden, mag de Emittent alleen interest beginnen te
44
betalen op de Obligaties op enige Interestbetaaldag indien op de
Berekeningsdatum met betrekking tot die Interestbetaaldag (x) zich
geen nieuw Geval van Verplicht Uitstel heeft voorgedaan en (y) enig
voorgaand Geval van Verplicht uitstel is verholpen.
Een Geval van Verplicht Uitstel dat zich heeft voorgedaan op een
voorafgaandelijke Berekeningsdatum is verholpen op enige
Berekeningsdatum
indien
het
Aangepast
Aandeelhouders
Kapitaalsbedrag op het ogenblik van het meest recent afgesloten en
gepubliceerd kwartaal vóór die Berekeningsdatum verhoogd is tot
meer dan 90% van het Aangepast Aandeelhouders Kapitaalsbedrag op
het einde van het Referentiekwartaal met betrekking tot die
voorafgaande Berekeningsdatum tijdens dewelke het Geval van
Verplicht Uitstel zich heeft voorgedaan.
De Emittent kan er op discretionaire wijze voor kiezen om op de
relevante Interestbetaaldag de interest te voldoen die anders
verschuldigd zou zijn met fondsen opgehaald voorafgaand aan de
Interestbetaaldag door middel van de ACSM.
In deze gevallen zal elk zulke uitgestelde interest een “Verplicht
Uitgestelde Interestbetaling” zijn (tezamen met enige Optioneel
Uitgestelde Interestbetaling, de “Uitgestelde Interestbetalingen”).
Betaling van Uitgestelde
Interestbetalingen . . . . . . . . . . . . . . . . . . . . . De Emittent kan op elk ogenblik na voorafgaande kennisgeving
geheel of gedeeltelijk enige Optioneel Uitgestelde Interestbetaling
voldoen met fondsen opgehaald voorafgaand aan de datum waarop de
Uitgestelde Interestbetaling verschuldigd wordt (de “Uitgestelde
Regelingsdatum”) door middel van de ACSM.
De Emittent zal voldoen aan
(x) enige Optioneel Uitgestelde Interestbetaling met fondsen
opgehaald voorafgaand aan de Uitgestelde Regelingsdatum door
middel van de ACSM en
(y) enige Verplicht Uitgestelde Interestbetaling door middel van de
ACSM of door middel van de APSM
in de volgende omstandigheden:
(i)
De Emittent zal enige Uitgestelde Interestbetaling voldoen op de
datum waarop de Obligaties verschuldigd zijn voor
terugbetaling.
(ii) De Emittent zal enige Uitgestelde Interestbetaling voldoen op de
volgende Interestbetaaldag
(x) volgend op de datum waarop de Emittent of de Garant een
volledige betaling van interest of van een uitgestelde
betaling in verband met enige Parity Security verricht, of
(y) volgend op de datum waarop de Emittent of de Garant een
volledige interestbetaling of enige uitgestelde betaling in
verband met enige Junior Security verricht, of
(z) indien tot op het einde van de Berekeningsdatum
voorafgaand aan zulke Interestbetaaldag tot enig dividend,
45
andere uitkering of betaling was beslist met betrekking tot
enige klasse van aandelen van de Garant op de gewone
Algemene Vergadering van aandeelhouders (ordentliche
Hauptversammlung) van de Garant onmiddellijk
voorafgaand aan deze Interestbetaaldag, of enige betaling
voor rekening van de winst uit de balans werd gemaakt
sinds die gewone Algemene Vergadering van
aandeelhouders (ordentliche Hauptversammlung) van de
Garant.
(iii) Indien de Emittent of de Garant enige gedeeltelijke
interestbetaling of een uitgestelde betaling op enige Parity
Security of Junior Security verricht, zal de Emittent enige
Uitgestelde Interestbetaling proportioneel voldoen op de
volgende Interestbetaaldag volgend op de datum waarop zulke
betaling was gemaakt. In dit geval zal de proportie gelijk zijn
aan het resultaat van de deling van het bedrag van de uitgestelde
betaling dat eigenlijk betaald werd door het uitstaande bedrag
van de uitgestelde betaling.
(iv) De Emittent zal enige Uitgestelde Interestbetaling niet later
voldoen dan op de tiende verjaardag na de relevante
Interestbetaaldag.
(v) De Emittent zal enige Uitgestelde Interestbetaling voldoen op de
datum waarop een reden voor de ontbinding overeenkomstig
§ 262 para. 1 Stock Corporation Act (Aktiengesetz) met
betrekking tot de Emittent of de Garant bestaat (anders dan
omwille van of overeenkomstig een fusie, reorganisatie of
herstructurering in een solvabele toestand, waarbij de
voortgezette entiteit in wezen alle activa en passiva van de
Emittent of de Garant, naar gelang het geval, overneemt).
Alternative Share Coupon Satisfaction
Mechanism (“ACSM”) . . . . . . . . . . . . . . . De Emittent kan enige interestbetaling die hij niet uitstelt voldoen
door middel van de ACSM indien en voor zover de Garant de fondsen
heeft opgehaald die vereist zijn voor de voldoening van de
interestbetaling, door middel van de uitgifte of de verkoop van
aandelen van de Garant (de “Betalingsaandelen”) binnen de zes
maanden voorafgaand aan de relevante Interestbetaaldag.
Indien de Emittent ervoor kiest of verplicht is om enige Uitgestelde
Interestbetaling te voldoen door middel van de ACSM, zal de
Emittent de Garant verzoeken om de fondsen vereist voor de
voldoening van de desbetreffende betaling op te halen door uitgifte of
verkoop van Betalingsaandelen van de Garant tijdens de periode
vanaf en met inbegrip van de datum die 6 maanden vóór de relevante
Deferred Settlement Date valt tot en met de datum die vijf jaar na de
relevante Deferred Settlement Date valt.
In geen geval zal er een verplichting bestaan voor de Garant om
nieuwe aandelen uit te geven of om eigen aandelen te verkopen;
de Obligatiehouders zijn verwittigd dat de Garant verhinderd
kan zijn om nieuwe aandelen uit te geven of eigen aandelen te
verkopen overeenkomst dwingende regels van Duits
vennootschapsrecht of anderszins.
De Garant kan, met het oog op enige Verplichte Uitgestelde
Interestbetaling te voldoen in overeenstemming met de ACSM, in elk
46
kalenderjaar zulk aantal Betalingsaandelen verkopen zonder dat meer
dan 2% van het uitgegeven aandelenkapitaal (Grundkapital) van de
Garant op de relevante datum wordt overschreden.
Indien met betrekking tot enige Verplicht Uitgestelde Interestbetaling
aan enige van de vereisten voor de uitvoering van de ACSM niet
voldaan is, of voorzover de voormelde limiet overschreden zou
worden of het bedrag dat te betalen zou zijn de inkomsten uit de
plaatsing van de Betalingsaandelen overstijgt, zal de Emittent de
Verplicht Uitgestelde Interestbetaling voldoen in die mate door
middel van de APSM, tenzij de Emittent er voordien voor gekozen
had om de APSM te gebruiken met betrekking tot de relevante
Verplicht Uitgestelde Interestbetaling en verplicht was de ACSM
bovenop de APSM te gebruiken; in dit geval zal de verplichting van
de Emittent om aan de Verplicht Uitgestelde Interestbetaling te
voldoen in die mate geannuleerd zijn. Indien met betrekking tot
enige Optioneel Uitgestelde Interestbetaling aan enige van de
vereisten voor de uitvoering van de ACSM niet voldaan is, of
voorzover het bedrag dat te betalen zou zijn de inkomsten uit de
verkoop van de Betalingsaandelen overschrijdt, zal de verplichting
van de Emittent om de Optioneel Uitgestelde Interestbetaling te
voldoen in die mate geannuleerd zijn.
Indien de Emittent verplicht is om enige Uitgestelde Interestbetaling
te voldoen op de datum waarop een reden voor ontbinding bestaat
overeenkomstig § 262 para. 1 van de Stock Corporation Act
(Aktiengesetz) met betrekking tot de Emittent en de Garant, terwijl de
Emittent of de Garant evenwel niet in staat is om de ACSM toe te
passen, zullen de verplichtingen van de Emittent in verband met zulk
onbetaald bedrag pari passu rangschikken met de verplichtingen van
de Emittent met betrekking tot de hoofdsom van de Obligaties voor
een bedrag tot de limiet voor de APSM.
Alternative Parity Securities Coupon
Satisfaction Mechanism (“APSM”)
...
Indien de Emittent kennis heeft gegeven dat hij enige Verplicht
Uitgestelde Interestbetaling zal voldoen voor het relevante interestjaar
in overeenstemming met de APSM, zal de Emittent of de Garant
fondsen ophalen vereist voor de voldoening van de Verplicht
Uitgestelde Interestbetaling door de uitgifte en verkoop, direct of
indirect, van hybride effecten met termen en voorwaarden (in het
bijzonder in verband met de bepalingen over het uitstel van betaling,
betalingen van uitgestelde vergoeding en over vervanging)
gelijkaardig aan de Voorwaarden en die reglementair kapitaal
(Eigenmittel) vormen met minstens gelijkwaardige status (de
“Betalingseffecten”) tijdens de periode vanaf en met inbegrip van de
datum die 6 maanden voorafgaand aan de relevante Deferred
Settlement Date valt tot de datum die vijf jaar na de relevante
Deferred Settlement Date (maar deze datum niet inbegrepen) valt.
De totale hoofdsom van alle Betalingseffecten uitgebracht onder de
APSM mag niet hoger zijn dan 25% van de totale hoofdsom van de
Obligaties op de Uitgiftedatum.
Indien aan de vereiste voor de uitvoering van de APSM niet is
voldaan, of inzoverre de hiervoor genoemde limiet overschreden zou
zijn of het bedrag van de te betalen interest de inkomsten van de
47
verkoop van de Betalingseffecten overschrijdt, zal de Emittent de
Verplicht Uitgestelde Interestbetaling voldoen in zulke mate door
middel van de ACSM, tenzij de Emittent voorafgaandelijk ervoor
gekozen had de ACSM toe te passen en in verband met de relevante
Uitgestelde Interestbetaling en vereist werd om de APSM toe te
passen bovenop de ACSM; in dit geval zal de verplichting van de
Emittent om aan de Verplicht Uitgestelde Interestbetalingen te
voldoen in die mate geannuleerd zijn.
Belastingen
.............................
Alle betalingen van hoofdsom en interest in verband met de
Obligaties (met inbegrip van betalingen door de Garant onder de
Garantie) zullen gebeuren vrij en ontdaan van, en zonder inhouding of
aftrek voor, enige belastingen, accijnzen, aanslagen of
overheidsretributies van welke aard opgelegd, geheven, verzameld,
ingehouden of belast door Nederland of de Federale Republiek
Duitsland (naar gelang het geval) of enig politieke onderverdeling of
enige autoriteit van of in Nederland of de Federale Republiek
Duitsland die bevoegd is om belastingen te heffen, tenzij de Emittent
of de Garant wettelijk verplicht is om zulke inhouding of aftrek te
verrichten. In geval van zulke inhouding of aftrek ten gevolge van
enig amendement bij of verandering van de wetten, zullen de Emittent
of de Garant (naargelang het geval) zulke bijkomende bedragen
betalen als de Obligatiehouders zouden ontvangen hebben indien
zulke inhouding of aftrek niet vereist was geweest, onder voorbehoud
van gebruikelijke uitzonderingen zoals uiteengezet in de
Voorwaarden.
Negative Pledge . . . . . . . . . . . . . . . . . . . . . . . . . De Termen en Voorwaarden van de Obligaties bevatten geen negative
pledge bepaling.
Cross Default
...........................
De Termen en Voorwaarden van de Obligaties bevatten geen cross
default bepaling met betrekking tot andere verplichtingen van de
Emittent of de Garant.
Opname . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Een aanvraag werd ingediend om de Obligaties op te nemen op de
gereglementeerde markt (Amtlicher Markt) van de Frankfurt Stock
Exchange.
Toepasselijk recht . . . . . . . . . . . . . . . . . . . . . . . De Obligaties en de Garantie zullen beheerst worden door Duits recht.
Verkoopsbeperkingen
...................
Er zullen specifieke restricties op het aanbod en verkoop van de
Obligaties en op de verspreiding van aanbiedingsmaterialen bestaan
in de Europese Economische Ruimte, de Verenigde Staten van
Amerika, Oostenrijk, België, Denemarken, Frankrijk, Ierland,
Portugal, Zweden en het Verenigd Koninkrijk.
Bevoegde rechtbank . . . . . . . . . . . . . . . . . . . . . De niet-exclusieve bevoegde rechtbank voor enige juridische
procedures die voortkomen uit de Obligaties is Frankfurt am Main,
Federale Republiek Duitsland.
Vereffening
ISIN
.............................
....................................
De Obligaties zullen worden aanvaard voor clearing door Clearstream
Banking AG, Frankfurt am Main.
DE000A0GNPZ3
48
Common Code
..........................
German Securities Code (WKN)
.........
024513742
A0GNPZ
Samenvatting met betrekking tot de risicofactoren
Risicofactoren met betrekking tot de Obligaties
Een investering in de Obligaties houdt bepaalde risico’s in die verbonden zijn met de eigenschappen van de
Obligaties. Deze risico’s kunnen tot gevolg hebben dat de hoofdsom of de interest niet worden betaald door de
Emittent, dat de Garant niet betaalt onder de Garantie en/of dat de marktprijs van de Obligaties wezenlijk
verslechtert. Risico’s spruiten voort uit het feit dat
•
de Emittent geen verplichting heeft om de Obligaties terug te betalen en de Obligatiehouders geen recht
hebben om hun terugbetaling te eisen;
•
de Obligaties het voorwerp kunnen vormen van een vervroegde terugbetaling aan hun hoofdsom
ingevolgde een Gross-up Event en aan hun Make-whole Amount ingevolge een Tax Event of een
Regulatory Event; indien de Emittent de Obligaties in zulk geval terugroept en terugbetaalt, kunnen de
Obligatiehouders mogelijk alleen de opbrengsten uit de terugbetaling herinvesteren in effecten met een
lager rendement;
•
er bestaat geen beperking op het bedrag van de schuld dat de Emittent of de Garant kunnen aangaan in
de toekomst;
•
de betalingsverplichtingen van de Emittent onder de Obligaties en de Garant onder de Garantie vormen
achtergestelde verplichtingen van respectievelijk de Emittent en de Garant;
•
de Emittent kan kiezen of zelfs gedwongen worden om interestbetalingen uit te stellen indien aan
bepaalde vereisten is voldaan.
Risicofactoren in verband met de Emittent
De Emittent is een financieringsvehikel voor de Allianz Groep. De Emittent haalt dus fondsen op en leent
op zijn beurt gelden aan groepsvennootschappen binnen de Allianz Groep door middel van intragroepsleningen.
Indien een groepsvennootschap in gebreke blijft om een betaling te verrichten onder een intragroepslening, is het
mogelijk dat de Emittent niet in staat zou kunnen zijn om aan zijn betalingsverplichtingen onder de Obligaties te
voldoen.
Risicofactoren in verband met de Garant
De business van de Allianz Groep, en bijgevolg de waarde van de Obligaties, zijn blootgesteld aan een
aantal risico’s. De volgende sectie bevat een beschrijving van bepaalde risico’s die haar financiële positie en
operationele resultaten negatief kunnen beïnvloeden:
•
De volatiliteit van de interestvoeten kan de operationele resultaten van de Allianz Groep negatief
beïnvloeden.
•
Marktrisico’s kunnen de waarde van de portfolio van de Allianz Groep doen verslechteren en de
financiële positie en operationele resultaten negatief beïnvloeden.
•
De markt en andere factoren zouden de goodwill, de aankoopkosten verbonden met het uitstelbeleid en
de uitgestelde tax assets negatief kunnen beïnvloeden; De uitgestelde tax assets van de Allianz Groep
kunnen eveneens mogelijkerwijze worden beïnvloed door veranderingen in de belastingswetgeving.
•
Allianz AG treedt op zowel als een herverzekeringsmaatschappij als een holdingvennootschap voor de
Allianz Groep, en is blootgesteld aan verschillende liquiditeitsrisico’s.
•
Verliesreservers voor de eigendom-ongevalsverzekering en herverzekeringspolissen van de Allianz
Groep zijn gebaseerd op schattingen van de verplichtingen onder toekomstige claims. Ongunstige
ontwikkelingen met betrekking tot claims kunnen leiden tot bijkomende verhogingen van de reserves en
kunnen de operationele resultaten van de Allianz Groep op substantiële wijze beïnvloeden.
49
•
De actuariële ervaring en andere factoren kunnen verschillen van diegene die werden verondersteld voor
de berekening van de actuariële reserves in verband met leven/gezondheid en de
pensioensverplichtingen.
•
De financiële resultaten van de Allianz Groep kunnen door het voorkomen van rampen op substantiële
wijze ongunstig kunnen worden beïnvloed.
•
De Allianz Groep is blootgesteld aan een belangrijk tegenpartij-risico.
•
Negatieve ontwikkelingen bij Dresdner Bank, met inbegrip van de ontwikkeling van de operationele
resultaten, de bedragen van de verliezen op de leningen of afschrijvingen en verzwakkingen, kunnen de
resultaten van de Allianz Groep ongunstig beïnvloeden en kunnen leiden tot kapitaalsbehoeften die haar
operaties kunnen beperken.
•
Vele van de activiteiten van de Allianz Groep zijn afhankelijk van de financiële strekte en krediet
ratings toegekend aan Allianz AG door de verschillende ratingagentschappen. Een verlaging van de
ratings van Allianz AG kan bijgevolg de relaties met klanten en tussenpersonen op substantiële wijze
ongunstig beïnvloeden, kan een negatieve invloed hebben op de verkoop van de producten van de
Allianz Groep en kan de kost om te lenen verhogen.
•
Indien de vermogensbeheer afdeling van de Allianz Groep onderpresteert, kan zij een daling gevoelen
van de activa in beheer en van de gerelateerde inkomsten.
•
De gestegen geopolitieke risico’s voortvloeiend uit de terroristische aanslag van 11 september 2001 en
enige toekomstige aanslag kunnen een voortdurende negatieve weerslag hebben op de activiteiten van
de Allianz Groep.
•
Wijzigingen in bestaande of nieuwe overheidsreglementeringen in de landen waarin de Allianz Groep
actief is, kan op deze laatste een substantiële weerslag hebben.
•
Wijzigingen in de fiscale wetgeving kunnen de activiteiten van de Allianz Groep ongunstig
beïnvloeden.
•
Waardeveranderingen met betrekking tot de Euro of niet-Eurozone munteenheden waarin de Allianz
Groep inkomsten genereert en kosten oploopt kunnen haar gerapporteerde inkomsten en cash flows
substantieel beïnvloeden.
•
De winsten die Allianz AG haalt uit haar fusie met Riunione Adriatica di Sicurtà Società per Azioni
(“RAS”) kunnen substantieel verschillend zijn van de huidige verwachtingen.
•
De eigenlijke resultaten, prestatie of verwezenlijking van Allianz Groep of deze van zijn industrie
wezenlijk kunnen verschillen van of slechter zijn dan zijn/haar respectievelijke toekomstgerichte
verklaringen omwille van onvoorspelbare politieke, macro-economische en demografische invloeden.
De verwezenlijking van enige van de risico’s hierboven beschreven kan het vermogen van de Garant
aantasten om aan zijn betalingsverplichtingen onder de Garantie te voldoen en/of leiden tot een daling van de
marktprijs van de Obligaties.
Samenvatting met betrekking tot de Emittent
De Emittent werd opgericht op 8 mei 2000 als een besloten vennootschap in Nederland voor onbepaalde
duur onder Nederlands recht. De Emittent is een 100% dochter van Allianz AG en treedt op als
financieringsentiteit binnen de Allianz Groep. De maatschappelijke zetel van de Emittent is in Amsterdam en het
bureau adres is Keizersgracht 484, NL-1017 EH Amsterdam, Nederland, telefoon nummer (+31)(20) 5569710.
De Emittent is ingeschreven in het Handelsregister van Amsterdam onder nummer 34134406.
Het doel van de Emittent, zoals bepaald in Artikel 2 van haar Statuten, bestaat uit het uitvoeren van alle
soorten van financiële activiteiten, in het bijzonder het lenen en ontlenen van fondsen, met inbegrip van
obligaties, en de deelname in vennootschappen en bedrijven.
De raad van bestuur van de Emittent bestaan momenteel uit de volgende leden: Dirk Schoon, Hero Wentzel
en Dr. Sylvia Hoechendorfer-Ziegler. De raad van commissarissen bestaat momenteel uit Michael Diekmann,
Dr. Paul Achleiter en Stephan Theissing.
50
De commissaris-revisoren van Allianz Finance II B.V. zijn KPMG Accountants N.V., Burgemeester
Rijnderslaan 10, NL-1185 MC Amstelveen, Nederland.
De volgende tabel geeft de essentiële financiële gegevens van de Emittent weer:
Allianz Finance II B.V.
9 maanden geëindigd op
30 September
2005
2004
(niet gecontroleerd)
€
€
Jaar geëindigd op 31 December
2004
2003
€
€
9.329.056.504
364.490.526
6.654.019.238
316.092.403
6.602.060.884
258.734.477
6.641.659.010
904.824.759
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
Kapitaal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.400.749
2.097.756
932.595
987.413
Lange termijn Passiva . . . . . . . . . . . . . . . . . . . . . .
Huidige Passiva . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.329.056.504
362.089.777
6.654.019.235
313.994.650
6.602.060.881
257.801.885
6.641.659.010
903.837.346
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
Vaste Activa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Huidige Activa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samenvatting met betrekking tot de Garant
Allianz AG is een aandelenvennootschap onderworpen aan Duits recht en ingeschreven als “Allianz
Aktiengesellschaft” in het handelsregister van het lokale gerecht (Amtsgericht) in München onder nummer HRB
7158. De maatschappelijke zetel en adres van Allianz AG is te Königinstrasse 28, 80802 München, Duitsland,
telefoonnummer (+49)(89) 3800-00.
Overzicht van handelsactiviteiten
De Allianz Groep is één van de grootste verschaffers van financiële diensten ter wereld, en biedt
verzekerings-, bank- en vermogensbeheerdiensten en producten aan door middel van eigendom-ongeval, leven/
gezondheid, bank en vermogensbeheer business segmenten. De Allianz Groep is één van de grootste
verzekeringsgroepen ter wereld op basis van bruto geboekte premies in 2004. De Allianz Groep is ook bij de
grootste verzekeringsmaatschappijen in andere landen zoals Frankrijk, Italië, het Verenigd Koninkrijk,
Zwitserland en Spanje en is één van Duitsland’s grootste financiële instellingen op basis van marktkapitalisatie
op 30 september 2005. Sinds begin augustus 2005 geniet Allianz AG van financiële sterkte ratings van A+ van
A.M. Best en AA– van Standard & Poor, beiden met stabiele vooruitzichten, en een Aa3 senior ongedekte
schuldrating met stabiele vooruitzichten van Moody’s.
Allianz AG werd opgericht in Berlijn op 5 februari 1890 als “Allianz Versicherungs-Aktiengesellschaft”. In
1949 verplaatste Allianz AG haar hoofdkantoor van Berlijn naar München. Op basis van een overeenkomstig
besluit van de algemene vergadering van 27 juni 1985, werd Allianz AG geherstructureerd in een
holdingvennootschap en haar naam werd veranderd in “Allianz Aktiengesellschaft Holding”. Op basis van een
overeenkomstig besluit van de algemene vergadering van 7 oktober 1996 werd de naam van Allianz AG opnieuw
veranderd in “Allianz Aktiengesellschaft”.
Bovenop haar eigendom-ongeval en leven/gezondheid verzekeringsactiviteiten heeft de Allianz Groep in
1998 financiële diensten als derde kern business-segment opgericht. In 2001, volgend op haar aankoop van
Dresdner Bank AG (hierna verwezen als “Dresdner Bank” en samen met haar geconsolideerde filialen, de
“Dresdner Bank Groep”), heeft Allianz Groep zijn financiële diensten segment gereorganiseerd in afzonderlijke
vermogensbeheer- en banksegmenten. Op basis van activa in beheer op 31 december 2004 was de Allianz Groep
één van de vijf grootste vermogensbeheerders ter wereld. In haar banksegment, dat nu haar vierde kernsegment
vormt, door de aankoop van Dresdener bank is de Allianz Groep één van de grote banken geworden in Duitsland
en heeft zij een substantieel vergroot bankdistributie kanalen verworven voor haar eigendom-ongeval en leven/
gezondheid en vermogensbeheer producten en diensten.
51
De business van de Allianz Groep wordt beheerd vanop lokaal niveau en haar specialiteitslijnen en
vermogensbeheersegment worden beheerd en geleid vanop globaal niveau. De Duitse eigendom-ongeval en
leven/gezondheid verzekeringsactiviteiten van de Allianz Groep German worden beheerd door filialen
hoofdzakelijk gelegen in München en Stuttgart. Haar niet-Duitse verzekeringsactiviteiten worden lokaal beheerd.
Frankrijk, Italië, het Verenigd Koninkrijk, Zwitserland, Spanje en de Verenigde Staten horen bij de grootste nietDuitse markten van de Allianz Groep. Alle specialiteitslijnen van de Allianz Groep, kredietverzekering, scheepsen vliegtuigenverzekering, internationale herverzekering van industriële risico’s via Allianz Global Risks
Rückversicherungs–AG en reisverzekering en bijstandsdiensten worden beheerd en geleid op globaal niveau. Het
vermogensbeheersegment van de Allianz Groep is ook werkzaam op een wereldwijde basis, met strategische
management centra in München, Frankfurt, London, Parijs, Singapore, Hong Kong, Milaan, Westport,
Connecticut, en San Francisco, San Diego en Newport Beach, California. Het banksegment van de Allianz Groep
is werkzaam door middel van haar ongeveer 960 Duitse en niet-Duitse bijkantoren van de Dresdner Bank (op 30
september 2005) en verschillende filialen, met omvangrijke werkzaamheden in Duitsland, het Verenigd
Koninkrijk, andere Europese landen en de Verenigde Staten.
Tendens informatie
De Allianz Groep verwacht een algemene stijging van de totale inkomsten in lijn met 2004 en de eerste
negen maanden van 2005 en blijft haar inspanningen richten op het aanhouden en verbeteren van haar
operationele winst. Natuurrampen en ongunstige ontwikkelingen in de kapitaalmarkten evenals de risicofactoren
opgenomen hierboven, kunnen evenwel de winstgevendheid van de Allianz Groep op substantiële wijze
beïnvloeden.
Management Board, Toezichtsraad en Werknemers
De Management Board van Allianz AG bestaat uit elf leden: Michael Diekmann (Voorzitter), Dr. Paul
Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber, Dr. Helmut Perlet,
Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter en Dr. Werner Zedelius.
De Toezichtsraad (Aufsichtsrat) van Allianz AG (de “Toezichtsraad”) bestaat uit twintig leden:
Dr. Henning Schulte-Noelle (Voorzitter), Norbert Blix (Deputy Chairman), Dr. Wulf H. Bernotat, Dr. Diethart
Breipohl, Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach, Peter Haimerl,
Prof. Dr. Rudolf Hickel, Prof. Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau, Dr. Max Link, Iris
Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer en Prof.
Dr. Dennis J. Snower.
Op 30 september 2005 stelde de Allianz Groep 178.462 personen wereldwijd te werk, waarvan 105.284
buiten Duitsland.
Belangrijkste aandeelhouders
Op 31 december 2004 was Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (of
“Munich Re”) de enige grote aandeelhouder van Allianz AG met ongeveer 9,0% van het maatschappelijk
kapitaal van Allianz AG of ongeveer 9,4% van de uitstaande aandelen van Allianz AG op deze datum. Op 14 juli
2005 heeft Munich Re Allianz AG bericht overeenkomstig de regels van de Duitse Wet betreffende de
Verhandelingen van Effecten (Wertpapierhandelsgesetz, of “WpHG”) dat Munich Re haar belang in Allianz AG
verminderd had tot minder dan 5% en dat het 4,9% van het maatschappelijk kapitaal van Allianz AG aanhield op
deze datum.
In het licht van de belangrijke veranderingen in de relatie tussen Allianz Groep en Munich Re – in het
bijzonder de omvangrijke verlaging van de wederzijdse kruisparticipaties, de afschaffing van de “Principles of
Cooperation” overeenkomst en de beëindiging van de wederzijdse bestuursblokkeringen – beschouwt Allianz
AG Munch Re niet langer als een verbonden partij.
52
Geselecteerde Financiële Informatie
Allianz Groep
Bedrijfswinst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Netto inkomsten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash Flow* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Totale Activa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kapitaal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Totale Schulden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
30 september
2005
(nietgecontroleerd)
miljoen €
31 december
2004
31 december
2003
miljoen €
miljoen €
5.917
3.508
18.675
989.198
48.588
940.610
6.839
2.266
4.616
990.318
37.691
952.627
3.982
2.691
(1.397)
933.213
35.259
897.954
Cash Flow uit operationele activiteiten
Bijkomende informatie
Geregistreerd maatschappelijk kapitaal
Het maatschappelijk kapitaal van Allianz AG bedraagt momenteel €1.039.462.400 en is verdeeld over
406.040.000 aandelen zonder pari-waarde.
Commissaris
Allianz
AG
heeft
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 München, Duitsland, aangesteld als
commissaris voor het fiscaal jaar eindigend op 31 december 2005.
Ter beschikking gestelde documenten
Zo lang als enige Obligatie uitstaande is, kunnen kopien van de volgende documenten worden geraadpleegd
op fysieke wijze tijdens normale werkuren in de maatschappelijke zetel van de Emittent en de Garant en de
aangeduide zetel van de Hoofdbetalingsagent:
(a) De Garantie;
(b) De Statuten van de Emittent;
(c) De Statuten (Satzung) van de Garant;
(d) het Prospectus; en
(e) alle rapporten, brieven en andere documenten, historische financiële informatie, waarderingen en
afschriften, opgesteld door enige expert op vraag van de Emittent en/of de Garant, waarvan enig deel is
opgenomen of waarnaar verwezen wordt in de beschrijving van de Emittent en de Garant.
53
RESUMÉ
Det følgende er et resumé (“Resuméet”) af de vigtigste forhold og risici i forbindelse med Udsteder,
Garanten og Obligationerne. Dette Resumé bør læses som en indledning til dette Prospekt. Enhver beslutning om
at investere i Obligationerne bør træffes på baggrund af dette Prospekt som helhed, herunder de dokumenter,
som er inkorporeret i dette Prospekt ved henvisning, og ethvert tillæg dertil. Hvis en sag vedrørende
oplysningerne i dette Prospekt, de dokumenter, der er inkorporeret ved reference, og ethvert tillæg dertil
indbringes for en domstol et kan den sagsøgende investor i henhold til national lovgivning i EØS-land være
forpligtet til at afholde omkostningerne til oversættelse af dette Prospekt, de dokumenter, som er inkorporeret
ved reference, og ethvert tillæg dertil, før retssagen kan anlægges. Der påhviler et civilretligt erstatningsansvar
Udsteder, Garanten eller Dresdner Bank Aktiengesellschaft, som er ansvarlig for dette Resume, herunder
oversættelsen heraf, og ansøgningen om dets anmeldelse, men kun såfremt Resuméet er misvisende, ukorrekt
eller uoverensstemmende, når det læses i sammenhæng med de øvrige dele af dette Prospektet.
Dette Resumé indeholder udsagn om fremtiden (forward-looking statements). Sådanne udsagn omhandler
bl.a. fremtidige økonomiske resultater for Udsteder, Allianz Aktiengesellschaft (i det følgende benævnt “Allianz
AG”) og for dets konsoliderede datterselskaber (sammen med Allianz AG i det følgende benævnt “Allianzkoncernen”), Allianz-koncernens planer og forventninger til udviklingen i branchen, vækst og rentabilitet samt
generelle branche- og forretningsvilkår for Allianz-koncernen. Allianz-koncernen har baseret disse udsagn om
fremtiden på sine aktuelle forventninger, forudsætninger, skøn og prognoser for fremtidige begivenheder. Disse
udsagn om fremtiden er underlagt en række risici, usikkerheder og antagelser, som kan føre til, at Allianzkoncernens eller branchens faktiske resultat, indtjening eller ydelse afviger væsentligt fra eller udvikler sig
dårligere end disse udsagn om fremtiden. Udsteder, Allianz AG og Dresdner Bank AG påtager sig ikke noget
ansvar for at ajourføre sådanne udsagn om fremtiden eller for at tilpasse sådanne udsagn til fremtidige
begivenheder, bortset fra hvor dette måtte være påkrævet ved lov.
Resumé vedrørende Obligationerne
Den endelige samlede hovedstol, udstedelseskursen og renten på Obligationerne fastsættes endeligt senest
den [1. Marts] 2006 gennem en bookbuilding-proces, som involverer kvalificerede investorer.
Udsteder
Garant
................................
..................................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
Pålydende Værdi . . . . . . . . . . . . . . . . . . . . . . . . EUR [op til 1,0 mia.]
Lead Managers . . . . . . . . . . . . . . . . . . . . . . . . . . Deutsche Bank AG, London filial
Dresdner Bank AG
London filial (fremgår på forsiden med sit markedsføringsnavn
“Dresdner Kleinwort Wasserstein”)
UBS Limited
(samlet benævnt “Lead Managers”)
Co-Lead Managers
......................
Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen - Girozentrale
WestLB AG
(sammen med Lead Managers benævnt “Managers”)
54
Fiscal Agent, Primær Betalingsagent og
Beregningsagent: . . . . . . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
Udstedelseskurs
.........................
Udstedelsestidspunkt
Stykstørrelse
....................
............................
[98-101]%
[3. marts] 2006
Obligationerne vil blive udstedt i stykstørrelser af EUR 1.000.
Obligationernes form . . . . . . . . . . . . . . . . . . . . Obligationerne er ihændehaverpapirer og vil indledningsvist være
repræsenteret ved en Midlertidig Kollektiv Obligation uden
rentekuponer, som vil blive deponeret hos eller på vegne Clearstream
Banking AG, Frankfurt am Main (“Clearingsystemet”). Den
Midlertidige Kollektive Obligation vil tidligst 40 dage efter
Udstedelsestidspunktet og ved bekræftelse af ikke-amerikansk
ejendomsret, således som krævet i henhold til Clearingsystemets
regler og driftsprocedurer, kunne ombyttes til en Permanent Kollektiv
Obligation uden rentekuponer. Der vil alene ske betaling på den
Midlertidige Kollektive Obligation mod forevisning af sådan
erklæring. Der vil ikke blive udstedt endeligt udstedte Obligationer
eller rentekuponer.
Obligationernes status . . . . . . . . . . . . . . . . . . . De til Obligationerne knyttede forpligtelser udgør usikrede og
efterstillede fordringer på Udsteder og rangerer pari passu indbyrdes
og mindst pari passu med alle øvrige usikrede og udaterede
efterstillede fordringer på Udsteder, som udestår på Udstedelsesdagen
bortset fra enhver efterstillet fordring, der har fortrinsret ifølge loven.
I
tilfælde
af
Udsteders
konkursbehandling,
opløsning,
insolvensbehandling, eller såfremt Udsteder indgår akkord med sine
kreditorer eller der træffes andre foranstaltninger med henblik på at
forhindre, at Udsteder bliver eller erklæres insolvent, vil alle
Udsteders forpligtelser i henhold til Obligationerne udgøre
efterstillede gældsforpligtelser i forhold til alle Udsteders ikkeefterstillede og daterede efterstillede kreditorer, således at der først vil
blive udbetalt beløb på Obligationerne, når samtlige Udsteders ikkeefterstillede og daterede efterstillede gældsforpligtelser er fuldt
indfriet.
Hverken Udsteder eller nogen anden person har eller skal på noget
tidspunkt stille nogen garanti (bortset fra den efterstillede Garanti) til
sikring af Obligationsejernes rettigheder i henhold til Obligationerne.
Ingen efterfølgende aftale kan begrænse efterstillelsen eller forkorte
noget gældende opsigelsesvarsel (Kündigungsfrist) vedrørende
Obligationerne. Såfremt Obligationerne indfries førtidigt, skal de
indfriede beløb tilbagebetales til Udsteder, uanset aftale om det
modsatte, medmindre Udsteder er blevet opløst, eller sådanne beløb
er blevet erstattet af anden mindst tilsvarende kapital (Eigenmittel)
med mindst tilsvarende status, eller såfremt det tyske finanstilsyn
eller nogen succederende myndighed har givet sit samtykke til
indfrielsen.
En Obligationsindehaver kan ikke modregne noget krav, som måtte
opstå under Obligationerne i sådanne krav, som Udsteder måtte have
mod Obligationsindehaveren. Udsteder kan ikke modregne noget
krav, som Udsteder måtte have mod en Obligationsindehaver, i sine
forpligtelser under Obligationerne.
55
Garanti
.................................
Den [3. Marts 2006] vil Garanten give sin ubetingede, uigenkaldelige
og efterstillede Garanti for rettidig betaling af hovedstolen og renter
på Obligationerne samt for ethvert andet beløb, som skal betales i
henhold til Obligationerne. Garantien udgør en aftale til fordel for de
til enhver tid eksisterende Obligationsindehavere i henhold til hvilken
disse tillægges tredjemandsrettigheder i medfør af § 328, stk. 1, i den
tyske civilretlige lovbog (Bürgerliches Gesetzbuch), hvorved
Obligationsindehaverne kan kræve opfyldelse af samt håndhæve
Garantien direkte over for Garanten.
I
tilfælde
af
Garantens
konkursbehandling,
opløsning,
insolvensbehandling, eller såfremt Garanten indgår akkord med sine
kreditorer eller der træffes andre foranstaltninger med henblik på at
forhindre, at Garanten bliver eller erklæres insolvent, vil
Obligationsindehavernes krav i henhold til Garantien blive indfriet
efter (og kun efter), at samtlige Garantens ikke-efterstillede og
daterede efterstillede gældsforpligtelser er fuldt indfriet.
Obligationsindehaverne accepterer udtrykkeligt, at betalinger
vedrørende Obligationerne i de ovenfor beskrevne tilfælde alene vil
blive foretaget af Garanten i henhold til Garantien i overensstemmelse
med den ovenfor beskrevne efterstillelse.
En Obligationsindehaver kan ikke modregne noget krav, som måtte
opstå under Garantien, i sådanne krav, som Garanten måtte have mod
Obligationsindehaveren. Garanten kan alene modregne krav i
Obligationsejernes krav i henhold til Garantien, hvis sådanne beløb er
erstattet af anden mindst tilsvarende kapital (Eigenmittel) med mindst
tilsvarende status, eller hvis det tyske finanstilsyn (Bundesanstalt für
Finanzdienstleistungsaufsicht) eller nogen succederende myndighed
har givet samtykke til modregningen, og forudsat at
Solvensbetingelsen (som defineret nedenfor) er opfyldt.
Indfrielse
...............................
Obligationerne har ikke noget endeligt udløbstidspunkt.
Obligationerne kan indløses helt men ikke delvist efter Udsteders
beslutning til pålydende værdi den [3. marts 2011] og på enhver
efterfølgende Rentebetalingsdag (som defineret nedenfor). Udsteder
kan ligeledes indløse Obligationerne helt men ikke delvist til
pålydende værdi plus påløbne renter til enhver tid efter en
Bruttoficeringsbegivenhed (Gross-up Event) (som defineret nedenfor)
og til Førtidsindfrielsesbeløbet (Make-whole Amount) efter en
Skattebegivenhed (Tax Event) eller en Regulatorisk Begivenhed
(Regulatory Event) (alle udtryk som defineret nedenfor). Udsteder er
under alle omstændigheder alene berettiget til at indfri
Obligationerne, såfremt Solvensbetingelsen (som defineret nedenfor)
er opfyldt, og det hovedstolsbeløb, som skal indfries, er blevet
erstattet af en anden mindst tilsvarende lovpligtig kapital, eller
såfremt det tyske finanstilsyn eller nogen Succederende Myndighed
har givet sit samtykke til indfrielsen.
En “Bruttoficeringsbegivenhed” (Gross-up Event) skal anses for at
være indtrådt, såfremt Udsteder af et lovgivende organ, en retsinstans
eller nogen myndighed er eller bliver forpligtet til at betale Yderligere
Beløb (Additional Amounts), eller Garanten er eller bliver forpligtet
til at betale Yderligere Beløb i relation til forfaldne beløb under
56
Garantien som følge af nogen ændring i eller tillæg til lovgivningen
(eller nogen regler eller forordninger derunder) i henholdsvis Holland
eller Forbundsrepublikken Tyskland eller nogen politisk
underinddeling deraf eller nogen myndighed i henholdsvis Holland
eller Forbundsrepublikken Tyskland, eller som følge af nogen
ændring i eller tillæg til nogen officiel fortolkning eller anvendelse af
sådan lovgivning, sådanne regler eller forordninger, og denne
forpligtelse ikke kan afværges af henholdsvis Udsteder eller Garanten
ved (i god tro) at foretage sådanne rimelige foranstaltninger, som
disse måtte finde hensigtsmæssige.
En “Skattebegivenhed” (Tax Event) skal anses for at være indtrådt,
såfremt der som følge af noget tillæg til eller nogen ændring i
lovgivningen (eller nogen regler eller forordninger derunder) i
henholdsvis Holland eller Forbundsrepublikken Tyskland eller nogen
politisk underinddeling deraf eller nogen skattemyndighed deri, eller
såfremt der som følge af noget tillæg til eller nogen ændring i en
officiel fortolkning eller anvendelse af sådan lovgivning, sådanne
regler eller forordninger fra noget lovgivende organ, nogen
retsinstans, offentlig styrelse eller tilsynsmyndighed (herunder
vedtagelse af nogen lovgivning eller offentliggørelse af nogen judiciel
afgørelse eller regulatorisk bestemmelse), ikke længere er opnået,
eller inden for 90 dage fra datoen for den nedenfor beskrevne
erklæring ikke kan opnås, fuld indkomstskattefradrag for Udsteder
og/eller Garanten i Holland eller Tyskland for renter, der skal betales
af Udsteder i relation til Obligationerne, eller noget beløb, der skal
betales af Garanten under Garantien, og denne risiko ikke kan
afværges af Udsteder og/eller Garanten ved (i god tro) at foretage
sådanne rimelige foranstaltninger, som disse måtte finde
hensigtsmæssige.
En “Regulatorisk Begivenhed” (Regulatory Event) skal anses for at
være indtrådt, såfremt:
Forrentning
.............................
a)
det
tyske
finanstilsyn
(Bundestanstalt
für
Finanzdienstleistungsaufsicht) eller nogen Succederende
Myndighed skriftligt meddeler Garanten, at Obligationerne (helt
eller delvist) ikke længere opfylder kravene til lovpligtig kapital
eller egne midler med hensyn til Garantens koncernsolvens eller
enkelt solvensformål eller solvens i henhold til reglerne for
finansielle konglomerater. Dette gælder alene, såfremt
Obligationerne på noget tidspunkt inden sådan meddelelse
opfyldte sådanne krav, eller
b)
Garanten eller Garantens koncern på noget tidspunkt bliver
pålagt til noget lovpligtigt kapitalformål at have lovmæssig
kernekapital (Tier 1 regulatory capital) (uanset beskrivelse), og
Obligationerne ikke ville være kvalificerede til at indgå i sådan
lovpligtig kernekapital med hensyn til Garantens koncernsolvens
eller enkelt solvensformål eller solvens i henhold til reglerne for
finansielle konglomerater på det tidspunkt.
Obligationerne forrentes med [5,00 - 5,875]% p.a. af den samlede
hovedstol fra og med [3. marts] 2006 og frem til, men ikke inklusiv,
en eventuel indfrielsesdato. Renten betales årligt bagud hver den
[3. marts] (idet hver sådan dag benævnes en (“Rentebetalingsdag”).
Første rentebetaling forfalder til betaling den [3. marts] 2007. Såfremt
57
det er nødvendigt at beregne rente for en periode på mindre end et
fuldt år, skal sådan rente beregnes på baggrund af det faktiske antal
dage i sådan periode divideret med det faktiske antal dage i det
pågældende år (365 eller 366 dage).
Frivillig udskydelse af
Rentebetalinger . . . . . . . . . . . . . . . . . . . . . . . Med forbehold for opfyldelse af Solvensbetingelsen og for, at der
ikke er indtruffet nogen Obligatorisk Udskydelsesbegivenhed
(Mandatory Deferral Event) (som defineret nedenfor), kan Udsteder
på enhver Rentebetalingsdag med mindst 3 Bankdages varsel frit
udskyde betalingen af renten, såfremt der frem til udgangen af den 10.
Bankdag forud for sådan Rentebetalingsdag (“Beregningsdagen”) på
Garantens
ordinære
generalforsamling
(ordentliche
Hauptversammlung) umiddelbart forud for sådan Rentebetalingsdag
ikke er truffet nogen beslutning om udlodning af udbytte eller anden
udlodning eller betaling i relation til nogen af Garantens aktieklasser,
og forudsat at der ikke siden sådan ordinær generalforsamling
(ordentliche Hauptversammlung) er foretaget nogen udbetaling som
følge af overskud på balancen. I dette tilfælde vil enhver sådan
udskudt rente udgøre en “Frivilligt Udskudt Rentebetaling”.
Udsteder kan frit vælge at opfylde enhver rentebetaling, som ikke
udskydes på Rentebetalingsdagen, med kapital, som er fremskaffet
før Rentebetalingsdagen ved hjælp af den Alternative
Aktiekuponbetalingsmekanisme
(ACSM-mekanismen)
(som
beskrevet nedenfor).
Obligatorisk udskydelse eller annullering
af Rentebetalinger . . . . . . . . . . . . . . . . . . . . I tilfælde af manglende opfyldelse af Solvensbetingelsen på en
Rentebetalingsdag er Udsteder forpligtet til at udskyde enhver rente,
som påløber i renteåret, til men ikke inklusiv sådan
Rentebetalingsdag, medmindre Udsteder på Rentebetalingsdagen
efter eget skøn vælger at dække sådan rente med kapital, som er
fremskaffet forud for Rentebetalingsdagen via ACSM-mekanismen.
“Solvensbetingelsen” skal opfyldes, såfremt
(A) Garanten eller Garantens koncern har tilstrækkelige midler til at
opfylde den påkrævede minimumssolvensmargin (eller et
sammenligneligt begreb såfremt der sker ændringer i de
gældende regler) i overensstemmelse med reglerne i den tyske
forsikringslovgivning (for koncernsolvens eller enkelt
solvensformål eller solvens i henhold til reglerne for finansielle
konglomerater) og en eventuel af det tyske finanstilsyn eller
nogen succederende myndighed almindeligt anerkendt
administrativ praksis, som måtte være gældende på sådant
tidspunkt, når sådanne midler ikke, som konsekvens af
henholdsvis hel eller delvis rentebetaling eller indløsning, bliver
mindre end den påkrævede minimumssolvensmargin og
(B) der ikke foreligger nogen afgørelse fra det tyske finanstilsyn
eller nogen succederende myndighed, som i realiteten forhindrer
Garanten i at foretage nogen rentebetaling, anden udlodning eller
indfrielse (herunder til indehaverne af noget Sidestillet
Værdipapir (Parity Security) eller Efterstillet Værdipapir (Junior
Security), og
58
(C) Garanten er i stand til at betale sin gæld til sine Foranstående
Kreditorer (Senior Creditors) (som defineret nedenfor) ved
forfald, og
(D) Garantens Aktiver (som defineret nedenfor) overstiger Garantens
Passiver (som defineret nedenfor) (bortset fra passiver til
personer, som ikke er Foranstående Kreditorer).
“Aktiver” betyder Garantens ikke-konsoliderede samlede aktiver,
således som disse fremgår af Garantens seneste offentliggjorte
reviderede balance, men justeret for efterfølgende begivenheder, som
fastlagt af Garanten, eller såfremt Garanten er under
konkursbehandling, af Garantens kurator.
“Passiver” betyder Garantens ikke-konsoliderede samlede
forpligtelser, således som disse fremgår af Garantens seneste
offentliggjorte reviderede balance, men justeret for efterfølgende
begivenheder, som fastlagt af Garanten, eller såfremt Garanten er
under konkursbehandling, af Garantens kurator.
“Foranstillede Kreditorer” betyder Garantens kreditorer (a) som er
Garantens ikke-efterstillede kreditorer, eller (b) hvis krav er
efterstillet andre af Garantens kreditorers krav (bortset fra kreditorer
hvis krav rangerer pari passu med eller er efterstillet
Obligationsejernes krav).
Såfremt der på en Rentebetalingsdag er indtrådt en Obligatorisk
Udskydelsesbegivenhed, vil Udsteder være forpligtet til at udskyde
ethvert Overskydende Beløb.
“Overskydende Beløb” betyder i relation til det rentebeløb, som ville
skulle betales af den samlede hovedstol for de på den relevante
Rentebetalingsdag udestående Obligationer, og som ellers ville have
været forfaldent (“Rentebeløbet”), det beløb, hvormed Rentebeløbet
overstiger Det Nye Kapitalbeløb (New Capital Amount) (som
defineret nedenfor).
“Det Nye Kapitalbeløb” betyder det nettoprovenu, som Garanten har
opnået på nyudstedelser og/eller salg af ordinære aktier,
præferenceaktier
og
instrumenter,
som
tilvejebringer
egenkapitallignende kapital, som kan kreditvurderes på samme vis
som Obligationerne i en periode på 180 dage forud for sådant
tidspunkt, og som Garanten på eller før udstedelsestidspunktet har
udpeget som værende til rådighed til udbetaling af udbytte på
Obligationerne.
En “Obligatorisk Udskydelsesbegivenhed” anses for at være
indtrådt på en Rentebetalingsdag, såfremt en af følgende forhold gør
sig gældende frem til udgangen af Beregningsdagen
(x) det Akkumulerede Nettoresultat for Kvartalet (Accumulated
Quarters’ Net Income) (som defineret nedenfor) for Garantens
kvartalsperiode bestående af 4 kvartaler, som slutter ved det
kvartal, som ligger to kvartaler forud for det senest afsluttede og
offentliggjorte kvartal, er under eller lig med nul, og
(y) Korrigerede Egenkapitalbeløb (Adjusted Shareholders’ Equity
Amount) (som defineret nedenfor) ved udgangen af det senest
59
afsluttede og offentliggjorte kvartal for Garanten og ved
udgangen af det kvartal, som ligger to kvartaler forud for det
senest afsluttede og offentliggjorte kvartal for Garanten, er faldet
med 10% eller mere sammenlignet med det Korrigerede
Egenkapitalbeløb ved udgangen af det kvartal, som ligger ti
kvartaler forud for det senest afsluttede og offentliggjorte kvartal
(“Benchmark-kvartalet”).
Hvor:
“Korrigeret Egenkapitalbeløb” betyder, ved udgangen af ethvert af
Garantens kvartaler, egenkapitalen før minoritetsinteresser som
gengivet i Garantens konsoliderede balance for sådan kvartalsudgang
og som opgjort i overensstemmelse med de Gældende
Regnskabsstandarder (Applicable Accounting Standards) (som
defineret nedenfor) minus valutaomregningsjusteringer og
urealiserede gevinster og tab (netto) som gengivet i sådan
konsolideret balance.
“Gældende Regnskabsstandarder” betyder de Internationale
Regnskabsstandarder (International Financial Reporting Standarnds)
(IFRS), som måtte være gældende på de relevante tidspunkter og i de
relevante perioder eller sådan anden almindeligt anerkendt
regnskabspraksis i Tyskland og anvendt af Garanten, som
efterfølgende måtte erstatte dem.
“Akkumuleret Nettoresultat for Kvartalet” betyder, ved udgangen
af et kvartal, summen af Garantens konsoliderede nettoresultat, som
opgjort i overensstemmelse med de Gældende Regnskabsstandarder,
for de fire kvartaler, som slutter på den sidste dag i sådant kvartal.
Såfremt Udsteder er forpligtet til at udskyde en rentebetaling efter
indtrædelsen af en Obligatorisk Udskydelsesbegivenhed på en
Rentebetalingsdag, vil Udsteder ligeledes være forpligtet til på en
eller flere efterfølgende Rentebetalingsdage at udskyde den rente, der
ellers ville forfalde til betaling på Rentebetalingsdagene, indtil den
Obligatoriske Udskydelsesbegivenhed er blevet afhjulpet på en
efterfølgende Beregningsdag. Efter indtrædelsen af en eller flere
Obligatoriske Udskydelsesbegivenheder må Udsteder først begynde
at betale rente på Obligationerne på en Rentebetalingsdag, såfremt der
på Beregningsdagen for den pågældende Renteberegningsdag (x) ikke
er indtrådt nogen ny Obligatorisk Udskydelsesbegivenhed og (y) alle
tidligere Obligatoriske Udskydelsesbegivenheder er afhjulpet.
En Obligatorisk Udskydelsesbegivenhed, som er indtruffet på en
tidligere Beregningsdag, skal anses for afhjulpet på en
Beregningsdag, hvis det Korrigerede Egenkapitalbeløb per Garantens
senest afsluttede og offentliggjorte kvartal før Beregningsdagen er
forøget med mere end 90% af det Korrigerede Egenkapitalbeløb ved
udgangen af Benchmark-kvartalet for den tidligere Beregningsdag,
hvor den Obligatoriske Udskydelsesbegivenhed indtraf.
Udstederen kan efter eget skøn vælge på den relevante
Rentebetalingsdag at opfylde den rente, der ellers ville være
forfaldent, med midler fremskaffet før Rentebetalingsdagen ved
anvendelse af ACSM-mekanismen.
60
Betaling af Udskudte Rentebetalinger
...
I disse tilfælde vil enhver sådan udskudt rente udgøre en
“Obligatorisk Udskudt Rentebetaling” (sammen med nogen
Frivillig
Udstedt
Rentebetaling
benævnt
“Udskudte
Rentebetalinger”.)
Udsteder kan til enhver tid med forudgående varsel helt eller delvist
opfylde en Frivilligt Udskudt Rentebetaling, med midler, som er
fremskaffet forud for datoen, hvor en Udskudt Rentebetaling forfalder
til betaling (“Udskudt Afregningsdag”) via ACSM-mekanismen i
overensstemmelse med Betingelse 3.4(a) i Betingelserne
Udsteder vil opfylde
(x) enhver Frivilligt Udskudt Rentebetaling med midler, som er
fremskaffet forud for den Udskudte Afregningsdag via ACSMmekanismen, og
(y) enhver Obligatorisk Udskudt Rentebetaling via ACSMmekanismen eller via APSM-mekanismen
i følgende tilfælde:
(i) Udsteder vil opfylde enhver Udskudt Rentebetaling på
Obligationernes indfrielsesdato.
(ii) Udsteder vil opfylde enhver Udskudt Rentebetaling på den
næstfølgende Rentebetalingsdag
(x) efter den dato, hvor Udsteder eller Garanten foretager fuld
betaling af rente eller af en udskudt betaling på noget
Sidestillet Værdipapir, eller
(y) efter den dato, hvor Udsteder eller Garanten foretager fuld
betaling af rente eller af en udskudt betaling på noget
Efterstillet Værdipapir, eller
(z) såfremt der frem til udgangen af Beregningsdagen efter
sådan
Rentebetalingsdag
på
Garantens
årlige
generalforsamling
(ordentliche
Hauptversammlung)
umiddelbart forud for sådan Rentebetalingsdag er truffet
beslutning om udlodning af udbytte eller anden udlodning
eller betaling i relation til nogen af Garantens aktieklasser,
eller såfremt der siden sådan ordinær generalforsamling
(ordentliche Hauptversammlung) i Garanten er foretaget
nogen udbetaling som følge af overskud på balancen.
(iii) Såfremt Udsteder eller Garanten foretager nogen delvis
rentebetaling eller delvis betaling af en udskudt betaling på noget
Sidestillet Værdipapir eller noget Efterstillet Værdipapir, vil
Udsteder betale enhver Udskudt Rentebetaling i samme forhold
på den første Rentebetalingsdag efter, at sådan betaling blev
foretaget. I så fald skal andelen svare til det resultat, der
fremkommer ved at dividere det faktiske udligningsbeløb til
dækning af den udskudte betaling med det udestående beløb på
den udskudte betaling.
(iv) Udsteder vil opfylde enhver Udskudt Rentebetaling senest 10 år
efter den relevante Rentebetalingsdag.
(v) Udsteder vil opfylde enhver Udskudt Rentebetaling på den dato,
hvor en opløsningsgrund for Udsteder eller Garanten indtræder
som anført i § 262, stk. 1, i den tyske lov om aktieselskaber
(Aktiengesetz) (bortset fra med henblik på eller ifølge en
sammenlægning, rekonstruktion eller omstrukturering, mens
selskabet er solvent, hvor det fortsættende selskab overtager stort
set samtlige henholdsvis Udsteders eller Garantens aktiver og
forpligtelser).
61
Alternativ
Aktiekuponbetalingsmekanisme
(Alternative Share Coupon
Satisfaction Mechanism)
(“ACSM-mekanismen”) . . . . . . . . . . . . . Udsteder må kun foretage rentebetaling, som Udsteder ikke udskyder
via ACSM-mekanismen, såfremt og i den udstrækning Garanten har
fremskaffet den kapital, der er nødvendige for at opfylde
rentebetalingen ved at udstede eller sælge aktier i Garanten
(“Betalingsaktierne”) senest 6 måneder før den relevante
Rentebetalingsdag.
Såfremt Udsteder vælger eller er forpligtet til at indfri nogen Udskudt
Rentebetaling via ACSM-mekanismen, vil Udsteder anmode
Garanten om at fremskaffe den kapital, der er nødvendige for at
opfylde den relevante betaling ved udstedelse eller salg af Garantens
Betalingsaktier i perioden fra og med den dag, der kommer 6 måneder
før den relevante Udskudte Afregningsdag indtil (men ikke inklusiv)
den dag, der kommer 5 år efter den relevante Udskudte
Afregningsdag.
Garanten skal under ingen omstændigheder være forpligtet til at
udstede
nye
aktier
eller
sælge
egne
aktier.
Obligationsindehaverne er underrettet om, at Garanten i henhold
til bestemmelser i tysk aktieselskabslovgivning eller i øvrigt kan
være afskåret fra at udstede nye aktier eller sælge egne aktier.
Garanten kan i forbindelse med indfrielsen af en Obligatorisk
Udskudt Rentebetaling i overensstemmelse med ACSM-mekanismen
placere et antal Betalingsaktier i hvert kalenderår, hvilket antal ikke
må overstige 2,00% af Garantens udstedte aktiekapital (Grundkapital)
på det pågældende tidspunkt.
I tilfælde af manglende opfyldelse i relation til nogen Obligatorisk
Udskudt Rentebetaling af noget krav for udnyttelsen af ACSMmekanismen, eller i det omfang førnævnte maksimumgrænse
overskrides, eller det beløb, som forfalder til betaling, overstiger
provenuet, vil Udsteder opfylde den Obligatorisk Udskudte
Rentebetaling i sådan udstrækning via APSM-mekanismen,
medmindre Udsteder forud herfor har valgt at anvende APSMmekanismen i forbindelse med den relevante Obligatorisk Udskudte
Rentebetaling og var forpligtet til at anvende ACSM-mekanismen i
tillæg til APSM-mekanismen, i hvilket tilfælde Udsteders
forpligtelse til at indfri den Obligatorisk Udskudte Rentebetaling
ophører i sådan udstrækning. I tilfælde af manglende opfyldelse i
relation til nogen Frivilligt Udskudt Rentebetaling af noget krav for
udnyttelsen af ACSM-mekanismen, eller i det omfang det beløb, som
ville være forfaldent overstiger provenuet for udbuddet af
Betalingsværdipapirerne, skal Udsteders forpligtelse til at opfylde
den Frivilligt Udskudte Rentebetaling ophøre i en sådan
udstrækning.
Såfremt Udsteder er forpligtet til at opfylde en Udskudt Rentebetaling
på en dag, hvor der for Udsteder eller Garanten er en opløsningsgrund
i henhold til § 262, stk. 1, i den tyske aktieselskabslov (Aktiengesetz),
kan Udsteder eller Garanten dog ikke anvende ACSM, ligesom
Udsteders forpligtelser vedrørende sådanne ikke-betalte beløb skal
rangere pari passu med Udsteders forpligtelser vedrørende
Obligationernes hovedstol med et beløb op til grænsen for APSMmekanismen.
62
Alternativ Sidestillet Værdipapirkuponbetalingsmekanisme
(Alternative Parity Securities Coupon
Satisfaction Mechanism)
(“APSM-mekanismen”) . . . . . . . . . . . . . Såfremt Udsteder har givet meddelelse om betaling af nogen Udskudt
Rentebetaling for det relevante renteår i overensstemmelse med
APSM-mekanismen, vil Udsteder eller Garanten fremskaffe den
nødvendige kapital til opfyldelse af den Obligatorisk Udskudte
Rentebetaling ved, direkte eller indirekte, udstedelse og salg af
hybride finansielle instrumenter på vilkår og betingelser (især i
relation til bestemmelserne om udskydelse af honorarer, betaling af
udskudte honorarer og om ændringer), der svarer til Betingelserne og
som repræsenterer lovpligtig kapital (Eigenmittel) med mindst
tilsvarende status (“Betalingsværdipapirerne”) i en periode fra og
med den dag, der kommer 6 måneder før den relevante Udskudte
Afregningsdag indtil (men ikke inklusiv) den dag, der kommer 5 år
efter den pågældende Udskudte Afregningsdag.
Den samlede hovedstol for samtlige Betalingsværdipapirer udstedt i
henhold til APSM-mekanismen må ikke overstiger 25% af
Obligationernes samlede hovedstol på Udstedelsestidspunktet.
I tilfælde af manglende opfyldelse af kravet for udnyttelse af APSMmekanismen, eller i det omfang førnævnte maksimumgrænse
overskrides, eller det rentebeløb, som forfalder til betaling, overstiger
provenuet fra udbuddet af Betalingsværdipapirerne, vil Udsteder
indfri den Obligatorisk Udskudte Rentebetaling i sådan udstrækning
via ACSM-mekanismen, medmindre Udsteder forud herfor har valgt
at anvende ACSM-mekanismen i forbindelse med den relevante
Obligatorisk Udskudte Rentebetaling og var forpligtet til at anvende
APSM-mekanismen i tillæg til ACSM-mekanismen, i hvilket
tilfælde Udsteders forpligtelse til at indfri den Obligatorisk
Udskudte Rentebetaling ophører i sådan udstrækning.
Beskatning
..............................
Negative Pledge-bestemmelse
...........
Alle hovedstols- og renteudbetalinger i forbindelse med
Obligationerne (herunder betalinger foretaget af Garanten i henhold
til Garantien) vil være uden indeholdelse af eller fradrag for skatter,
afgifter, ligninger eller offentlige gebyrer af enhver art, der pålægges,
opkræves, inddrives, indeholdes eller lignes af henholdsvis Holland
eller Forbundsrepublikken Tyskland eller nogen politisk
underinddeling deraf eller enhver myndighed i henholdsvis Holland
eller Forbundsrepublikken Tyskland, som har bemyndigelse til at
påligne skat, medmindre Udsteder eller Garanten er forpligtet til ved
lov at foretage sådan indeholdelse eller fradrag. Såfremt der foretages
sådan indeholdelse eller fradrag som følge af nogen lovændring, vil
henholdsvis Udsteder eller Garanten betale sådanne yderligere beløb,
som Obligationsindehaverne ville have modtaget, såfremt sådan
indeholdelse eller fradrag ikke havde været påkrævet, med respekt af
sædvanlige undtagelser som anført i Betingelserne.
Der er ikke til Obligationsvilkårene knyttet nogen negative pledgebestemmelse.
Kombineret misligholdelse (Cross
Default) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Der er ikke til Obligationsvilkårene knyttet nogen bestemmelse om
kombineret misligholdelse for så vidt angår Udsteders eller Garantens
øvrige forpligtelser.
63
Børsnotering
............................
Der er indgivet en ansøgning om notering af Obligationerne på det
officielle marked (Amtlicher Markt) på børsen i Frankfurt.
Lovvalg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Obligationerne og Garantien vil være undergivet tysk ret.
Salgsbegrænsninger
Værneting
.....................
Der vil være visse begrænsninger i forbindelse med udbud og salg af
Obligationerne og offentliggørelsen af udbudsmateriale i EØSlandene, USA, Østrig, Belgien, Danmark, Frankrig, Irland, Portugal,
Sverige og Storbritanien.
..............................
Frankfurt am Main, Forbundsrepublikken Tyskland, vil være ikkeeksklusivt værneting for enhver retssag, som måtte opstå i henhold til
Obligationerne.
Clearing og Afvikling
ISIN-fondskode
...................
.........................
Obligationerne vil blive clearet gennem Clearstream Banking AG,
Frankfurt am Main.
DE000A0GNPZ3
Fælleskode . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 024513742
Tysk Værdipapirkode (WKN)
...........
A0GNPZ
Resumé vedrørende Risikofaktorerne
Risikofaktorer forbundet med Obligationerne
Enhver investering i Obligationerne indebærer visse risici, som kan henføres til Obligationernes
Karakteristik. Sådanne risici kan resultere i Udsteders manglende betaling af hovedstol og renter, i Garantens
manglende betaling under Garantien og/eller i en væsentlig forringelse af markedskursen for Obligationerne. De
med Obligationerne forbundne risici er især et resultat af, at
•
Udsteder ikke er forpligtet til at indløse Obligationerne, og at Obligationsindehaverne ikke er berettiget
til at forlange indfrielse,
•
der til Obligationerne kan være knyttet et krav om førtidig indfrielse til pålydende værdi efter en
Bruttoficeringsbegivenhed (Gross-up Event), og til et Førtidsindfrielsesbeløb (Make-whole Amount)
efter en Skattebegivenhed (Tax Event) eller en Regulatorisk Begivenhed (Regulatory Event). Såfremt
Udsteder indfrier Obligationerne i et sådant tilfælde, er det muligt, at Obligationsejerne kun kan
geninvestere indfrielsesbeløbet i værdipapirer med et lavere afkast.
•
der ikke er nogen begrænsninger med hensyn til de gældsforpligtelser, som Udsteder eller Garanten kan
påtage sig i fremtiden,
•
Udsteders betalingsforpligtelser i henhold til Obligationerne og Garantens betalingsforpligtelser i
henhold til Garantien udgør efterstillede forpligtelser på henholdsvis Udsteder og Garanten, og
•
Udsteder kan vælge at, eller ligefrem være forpligtet til at, udskyde rentebetalinger, såfremt visse krav
er opfyldt.
Risikofaktorer forbundet med Udsteder
Udsteder er et finansieringsselskab for Allianz-koncernen. Udsteder fremskaffer i denne egenskab bl.a.
kapital og kapital til videreudlån til koncernselskaber i Allianz-koncernen via koncerninterne lån. I tilfælde af et
koncernselskabs manglende opfyldelse af sine betalingsforpligtelser i relation til et koncerninternt lån, kan dette
føre til, at Udsteder ikke vil være i stand til at opfylde sine betalingsforpligtelser under Obligationerne.
Risikofaktorer forbundet med Garanten
Allianz-koncernens aktiviteter, og følgelig også Obligationernes værdi, er udsat for en række risici. Afsnittet
indeholder en beskrivelse af visse risici, som kan have en væsentlig negativ indvirkning på Garantens finansielle
stilling og driftsresultat:
64
•
Rentevolatilitet kan have en væsentlig negativ indvirkning på Allianz-koncernens driftsresultat.
•
Markedsrisici kan forringe værdien af Allianz-koncernens portefølje og indvirke negativt på Garantens
finansielle stilling og driftsresultat.
•
Markeds- og øvrige faktorer kan have en negativ indvirkning på goodwill, udskudte
erhvervelsesomkostninger og udskudte skatteaktiver. Ændringer i skattelovgivningen kan ligeledes
potentielt set indvirke på Allianz-koncernens udskudte skatteaktiver.
•
Allianz AG virker både som genforsikringsselskab og som holdingselskab for Allianz-koncernen, og er
således udsat for forskellige likviditetsrisici.
•
Tabsreserver for Allianz-koncernens ejendoms-, ulykkes- og skadesforsikringer samt
genforsikringspolicer er baseret på estimater for fremtidige erstatningsudgifter. En negativ udvikling i
skader kan føre til yderligere hensættelser til reserven og have en væsentlig negativ indvirkning på
Allianz-koncernens driftsresultat.
•
Aktuarmæssige erfaringer og andre faktorer kan afvige fra forudsætningerne i beregningen af livs-/
sundhedsforsikringsreserver og pensionsforpligtelser.
•
Katastrofer kan have en væsentlig negativ indvirkning på Allianz-koncernens økonomiske resultat.
•
Allianz-koncernen er udsat for en væsentlig modpartsrisiko.
•
En negativ udvikling for Dresdner Bank, herunder i udviklingen af driftsresultatet, i niveauet for tab på
lån eller nedskrivninger og værdiforringelser, kan have en negativ indvirkning på Allianz-koncernens
resultat og kan føre til kapitalkrav, der kunne indskrænke Garantens aktiviteter.
•
Mange af virksomhederne i Allianz-koncernen er afhængige af den finansielle styrke og den
kreditvurdering, som Allianz AG har opnået hos forskellige kreditvurderingsinstitutter. Enhver
nedklassificering i Allianz AG’s kreditvurdering kan have en væsentlig negativ indvirkning på
kundeforhold og forholdet til handelsleddene, ligesom det kan have en negativ indvirkning på Allianzkoncernens salg af produkter og forøge koncernens låneomkostninger.
•
Såfremt Allianz-koncernens porteføljeforvaltningsaktiviteter ikke yder som forventet, kan det føre til en
nedgang i aktiver under forvaltning og relaterede honorarindtægter.
•
Den forøgede verdenspolitiske risiko efter terrorangrebet den 11. september 2001 og et eventuelt
fremtidigt terrorangreb kan have en permanent negativ indvirkning på Allianz-koncernens aktiviteter.
•
Ændringer i eksisterende eller ny lovgivning eller regler i lande, hvor Allianz-koncernen driver
virksomhed, kan have en væsentlig negativ indvirkning på koncernen.
•
Ændringer i skattelovgivningen kan have en negativ indvirkning på Allianz-koncernens aktiviteter.
•
Ændringer i værdien af valutaer uden for Euro-zonen i forhold til Euroen, i hvilke Allianz-koncernen
har indtægter og pådrager sig udgifter, kan have en negativ indvirkning på koncernens
regnskabsmæssige indtjening og pengestrøm.
•
De fordele, som Allianz AG realiserer ved fusionen med Riunione Adriatica di Sicurtà Società per
Azioni (“RAS”), kan afvige væsentligt fra selskabets aktuelle forventninger.
•
Allianz-koncernens eller branchens faktiske resultater, udvikling eller præstationer kan afvige væsentligt
fra eller udvikle sig dårligere end de kommunikerede udsagn om fremtiden på grund af uforudsigelige
politiske, makro-økonomiske eller demografiske påvirkninger.
Såfremt nogle af ovennævnte risici manifesterer sig, kan dette have betydning for Garantens mulighed for at
opfylde sine betalingsforpligtelser i henhold til Garantien og/eller medføre en reduktion i markedskursen på
Obligationerne.
Resumé vedrørende Udsteder
Udsteder blev stiftet som et hollandsk selskab med begrænset hæftelse (private limited liability company) i
Holland den 8. maj 2000 for en ubegrænset periode i henhold til hollandsk lovgivning. Udsteder er et 100%-ejet
datterselskab af Allianz AG og fungerer som en finansieringsenhed inden for Allianz-koncernen. Udsteder har sit
hovedsæde i Amsterdam på følgende forretningsadresse: Keizersgracht 484, NL-1017 EH Amsterdam, Holland,
tlf. (+31)(20) 5569710. Udsteder er registreret hos selskabsregistret i Amsterdam under registreringsnummer
34134406.
65
Udsteders formål er, som anført i vedtægternes pkt. 2, at drive alle former for finansiel virksomhed,
herunder især udlån og lånoptagning, inklusiv udstedelse af obligationer og investeringer i selskaber og
virksomheder.
Udsteders direktion består på nuværende tidspunkt af Dirk Schoon, Hero Wentzel og Dr. Sylvia
Hoechendorfer-Ziegler. Udsteders bestyrelse består på nuværende tidspunkt af Michael Diekmann, Dr. Paul
Achleitner og Stephan Theissing.
KPMG Accountants N.V., Burgemeester Rijnderslaan 10, NL-1185 MC Amstelveen, Holland, er revisor for
Allianz Finance II B.V.
Nedenstående tabel viser hoved- og nøgletal for Udsteder:
Allianz Finance II B.V.
Pr. 30. september (for de første 9
måneder)
2005
2004
(urevideret)
€
€
Pr. 31. december (årsafslutning)
2004
2003
€
€
9.329.056.504
364.490.526
6.654.019.238
316.092.403
6.602.060.884
258.734.477
6.641.659.010
904.824.759
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
.................................
2.400.749
2.097.756
932.595
987.413
Langfristet gæld . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kortfristet gæld . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.329.056.504
362.089.777
6.654.019.235
313.994.650
6.602.060.881
257.801.885
6.641.659.010
903.837.346
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
Anlægsaktiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Omsætningsaktiver . . . . . . . . . . . . . . . . . . . . . . . . .
Egenkapital
Resumé vedrørende Garanten
Allianz AG er et tysk aktieselskab stiftet i henhold til tysk ret og registreret som “Allianz
Aktiengesellschaft” i handelsregistret ved den lokale domstol (Amtsgericht) i München under nummer HRB
7158. Allianz AG’s registrerede hovedsæde og forretningsadresse er Königinstrasse 28, 80802 München,
Tyskland, tlf. (+49)(89) 3800-00.
Oversigt over forretningsaktiviteter
Allianz-koncernen er blandt verdens største udbydere af finansielle ydelser og udbyder forsikrings-, bankog porteføljeforvaltningsydelser inden for forretningssegmenterne ejendoms-, ulykkes- og skadesforsikringer,
livs- og sygeforsikringer, bankvirksomhed og porteføljeforvaltningsaktiviteter. Allianz-koncernen er en af
verdens største forsikringskoncerner målt på bruttopræmier tegnet i 2004 og er det største tyske
forsikringsselskab inden for ejendoms-, ulykkes- og skadesforsikringer og livs- og sygeforsikringer målt på
bruttopræmier tegnet i 2004. Allianz-koncernen er ligeledes blandt de største forsikringsselskaber i andre lande,
herunder Frankrig, Italien, Storbritanien, Schweiz og Spanien og er et af de største tyske finansielle institutioner
målt på markedsværdi pr. 30. september 2005. Siden begyndelsen af august 2005 har Allianz AG haft en
kreditvurdering på A+ hos A.M. Best og AA– hos Standard & Poor’s, begge med en stabil udsigt, samt en
kreditvurdering på Aa3 hos Moody’s på foranstillet usikret gæld med en stabil udsigt.
Allianz AG blev stiftet i Berlin den 5. februar 1890 under navnet “Allianz VersicherungsAktiengesellschaft”. I 1949 flyttede Allianz AG sin hovedadministration fra Berlin til München. På baggrund af
en tilsvarende generalforsamlingsbeslutning dateret 27. juni 1985 blev Allianz AG omdannet til et
holdingselskab, og det ændrede navn til “Allianz Aktiengesellschaft Holding”. I overensstemmelse med en
tilsvarende generalforsamlingsbeslutning dateret 7. oktober 1996 ændrede Allianz AG igen navn til “Allianz
Aktiengesellschaft”.
66
Udover sine aktiviteter inden for ejendoms-, ulykkes- og skadesforsikringer og livs- og sygeforsikringer
oprettede Allianz-koncernen i 1998 finansielle ydelser som sit tredje kernevirksomhedssegment. I 2001, efter
overtagelsen af Dresdner Bank AG (i det følgende benævnt “Dresdner Bank” og sammen med dets konsoliderede
datterselskaber benævnt “Dresdner Bank-koncernen”), reorganiserede Allianz-koncernen sit segment for
finansielle ydelser til separate bank- og porteføljeforvaltningssegmenter. Målt på aktiver under forvaltning pr.
31. december 2004 var Allianz-koncernen en af verdens fem største porteføljeforvaltere. Inden for sit
banksegment, som nu er koncernens fjerde kerneforretningssegment, gjorde overtagelsen af Dresdner Bank
Allianz-koncernen til en af Tysklands største banker og gav koncernen en væsentlig udvidet
bankdistributionskanal til sine ejendoms-, ulykkes- og skadesforsikringer, livs- og sygeforsikringer samt
porteføljeforvaltningsprodukter og -ydelser.
Allianz-koncernens forretning drives på lokalt niveau, hvorimod koncernens specialprodukter og
porteføljeforvaltningssegment forvaltes og drives på globalt niveau. Allianz-koncernens tyske aktiviteter inden
for ejendoms-, ulykkes- og skadesforsikringer og livs- og sygeforsikringer drives af datterselskaber, som primært
er beliggende i München og Stuttgart. Koncernens ikke-tyske aktiviteter drives lokalt. Frankrig, Italien,
Storbritanien, Schweiz, Spanien og USA er blandt Allianz-koncernens største ikke-tyske markeder. Hver af
Allianz-koncernens specialprodukter inden for debitorforsikring, søforsikring og luftfartsforsikring, international
industririsikogenforsikring gennem Allianz Global Risks Rückversicherungs–AG og rejseforsikring og
assistanceydelser forvaltes og drives på globalt niveau. Allianz-koncernens porteføljeforvaltningssegment drives
ligeledes på globalt niveau med primære hovedsæder i München, Frankfurt, London, Paris, Singapore, Hong
Kong, Milano, Westport, Connecticut og San Francisco, San Diego og Newport Beach, Californien. Allianzkoncernens banksegment drives gennem koncernens ca. 960 tyske og Dresdner Banks ikke-tyske filialkontorer
(pr. 30. september 2005) og flere datterselskaber med væsentlige aktiviteter i Tyskland, Storbritanien, andre
europæiske lande og USA.
Oplysninger vedrørende tendenser i markedet
Allianz-koncernen forventer en samlet stigning i den samlede omsætning på niveau med 2004 og de første
ni måneder af 2005 og fortsætter med at fokusere på at fastholde og forbedre sit driftsresultat. Naturkatastrofer og
en negativ udvikling i kapitalmarkederne samt de ovenfor nævnte risikofaktorer kan dog have en alvorlig
indvirkning på Allianz-koncernens rentabilitet.
Direktion, tilsynsråd og medarbejdere
Allianz AG’s direktion består af følgende 11 medlemmer: Michael Diekmann (formand), Dr. Paul
Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber, Dr. Helmut Perlet,
Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter og Dr. Werner Zedelius.
Allianz AG’s tilsynsråd (Aufsichtsrat) (“Tilsynsråd”) består af følgende 20 medlemmer: Dr. Henning
Schulte-Noelle (formand), Norbert Blix (vice-formand), Dr. Wulf H. Bernotat, Dr. Diethart Breipohl,
Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach, Peter Haimerl, Prof.
Dr. Rudolf Hickel, Prof. Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau, Dr. Max Link, Iris
Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer og Prof.
Dr. Dennis J. Snower.
Den 30. september 2005 havde Allianz-koncernen i alt 178.462 ansatte på verdensplan, hvoraf 105.284 var
ansat uden for Tyskland.
Storaktionærer
Pr. 31. december 2004 var Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München
(eller “Munich Re”) den eneste storaktionær i Allianz AG og ejede pr. samme dato ca. 9,0% af aktiekapitalen i
Allianz AG eller ca. 9,4% af de udestående aktier i Allianz AG. Den 14. juli 2005 modtog Allianz AG
meddelelse fra Munich Re i henhold til den tyske værdipapirhandelslov (Wertpapierhandelsgesetz eller
“WpHG”) om, at Munich Re reducerede sin ejerandel i Allianz AG til under 5%, og at Munich Re pr. samme
dato ejede 4,9% af aktiekapitalen i Allianz AG.
67
I lyset af væsentlige ændringer i forholdet mellem Allianz-koncernen og Munich Re – især den væsentlige
nedgang i de gensidige aktiebesiddelser, opsigelsen af aftalen vedrørende “Samarbejdsprincipper” og ophør af
tilsynsråd med personsammenfald (board interlocks) – betragter Allianz AG ikke længere Munich Re som en
nærtstående part.
Udvalgte finansielle oplysninger
Allianz-koncernen
Driftsresultat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nettoindtægt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pengestrøm* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samlede aktiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Egenkapital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Samlede passiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30. september
2005
(urevideret)
millioner €
31. december
2004
31. december
2003
millioner €
millioner €
5.917
3.508
18.675
989.198
48.588
940.610
6.839
2.266
4.616
990.318
37.691
952.627
3.982
2.691
(1.397)
933.213
35.259
897.954
* Pengestrøm fra Primær Drift
Yderligere oplysninger
Registreret aktiekapital
Allianz AG’s aktiekapital er på nuværende tidspunkt €1.039.462.400 og er fordelt på 406.040.000 aktier
uden pålydende værdi.
Lovpligtig revisor
Allianz
AG
har
udpeget
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 München, Tyskland, til revisor for
regnskabsåret, som slutter 31. december 2005.
Dokumenter til eftersyn
Så længe en Obligation er udestående, foreligger kopi af følgende dokumenter til eftersyn i fysisk form
inden for Udsteders og Garantens normale åbningstider på Udstederens og Garantens hjemsted og på den for
prim ær Betalingsagenten angivne adresse:
(a) Garantien,
(b) Udsteders vedtægter,
(c) Garantens vedtægter (Satzung),
(d) Prospektet, og
(e) samtlige sådanne rapporter, breve og øvrige dokumenter, historiske regnskabsoplysninger,
værdifastsættelser og erklæringer udarbejdet af nogen sagkyndig person på Udsteders og/eller Garantens
anmodning, som er inkluderet eller refereret til i Udsteders og Garantens beskrivelse.
68
RESUME EN FRANCAIS
le Résumé
Le résumé (le “Résumé”) ci-après est une description des caractéristiques essentielles et des risques
principaux liés à l’Emetteur, au Garant et aux Obligations. Il doit être lu comme une introduction du présent
Prospectus. Toute décision d’investir dans les Obligations doit être fondée sur un examen exhaustif du
Prospectus, des documents incorporés par référence et de leurs suppléments. Lorsqu’une action concernant
l’information contenue dans le Prospectus, les documents incorporés par référence et leurs suppléments est
intentée devant un tribunal, l’investisseur plaignant peut, selon la législation nationale d’un Etat membre de
l’Espace Economique Européen, avoir à supporter les frais de traduction du Prospectus, des documents
incorporés par référence et de leurs suppléments avant le début de la procédure judiciaire. Une action en
responsabilité civile à l’encontre de l’Emetteur, du Garant et de Dresdner Bank Aktiengesellschaft ne peut être
intentée dans cet Etat membre sur le fondement du seul Résumé ou de sa traduction dont ils ont demandé la
notification que si le contenu du Résumé est trompeur, inexact ou contradictoire par rapport aux informations
contenues dans les autres parties du Prospectus.
Ce Résumé contient des prévisions relatives entre autres à la performance financière future de l’Emetteur,
d’Allianz Aktiengesellschaft (désigné ci-après, « Allianz AG ») et de ses filiales consolidées (désignées ci-après,
ensemble avec Allianz AG, le « Groupe Allianz ») et relatives aux projets et attentes sur l’évolution de l’activité,
de la croissance et de la profitabilité du Groupe Allianz et relatives aux conditions générales de l’industrie et de
l’activité du Groupe Allianz.
Allianz Group a établi ces prévisions d’après ses attentes, présomptions, estimations et projections actuelles
d’événements futurs. Ces prévisions dépendent d’un certain nombre de risques, incertitudes et présomptions qui
peuvent rendre significativement différents ou moins favorables les résultats et la performance réels du Groupe
Allianz ainsi que ceux de son industrie par rapport à ces prévisions.
L’ Emetteur, Allianz AG et Dresdner Bank AG n’ont à leur charge aucune obligation de mettre à jour ces
prévisions et de les adapter par rapport aux événements et développements futurs, sous réserve de ce qui est
exigé par la loi.
Résumé relatif aux Obligations
Le montant principal final, le prix d’émission et le taux d’intérêt des Obligations seront déterminés aux
alentours du [1 mars] 2006 à l’issue de la procédure de constitution d’ordres (bookbuilding) auprès d’
investisseurs qualifiés.
Emetteur
Garant
................................
..................................
Montant Principal
.......................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
[jusqu’à 1 milliard] EURO
Chefs de File . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deutsche Bank AG, London Branch
Dresdner Bank AG London Branch (qui apparaît sur la page de
couverture sous son nom commercial
« Dresdner Kleinwort Wasserstein »)
UBS Limited
(désignés « Chefs de File »)
Co-Chefs de File
........................
Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen – Girozentrale
WestLB AG
69
(désignés avec les « Chefs de File », les « Membres du Syndicat de
Placement »)
Agent Financier, Agent Payeur Principal
et Agent de Calcul . . . . . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
Prix d’Emission
.........................
Date d’Emission
........................
[98-101] %
[3 mars] 2006
Valeur Nominale . . . . . . . . . . . . . . . . . . . . . . . . Les Obligations seront émises à une valeur nominale de 1000 EURO
par Obligation.
Forme
..................................
Rang de créance des Obligations
........
Les Obligations sont au porteur et seront initialement représentées par
un Titre Global Temporaire (sans coupons d’intérêts attachés) qui
sera déposé auprès de (ou pour le compte de) Clearstream Banking
AG, Francfort sur le Main (la « Centrale de Compensation »). Le
Titre Global Temporaire ne sera échangeable contre un Titre Global
Permanent (sans coupons d’intérêts attachés) que 40 jours après la
Date d’Emission, sous réserve de l’obtention d’un certificat
établissant que le bénéficiaire n’est pas un ressortissant des Etats-Unis
conformément aux règles et procédures de la Centrale de
Compensation. Tout paiement au titre de ce Titre Global Temporaire
ne se fera que sur présentation de ce certificat. Aucun titre physique
représentatif des Obligations ni aucun coupon d’intérêts ne sera émis.
Les engagements relatifs aux Obligations constituent des
engagements de l’Emetteur non assortis de sûretés et subordonnés.
Ces engagements viennent au même rang entre eux et au moins au
même rang que tout autre engagement de l’Emetteur non assorti de
sûretés et subordonné à durée indéterminée existant à la Date
d’Emission (sous réserve des dispositions impératives de la loi).
En cas de liquidation, de dissolution, d’insolvabilité, d’accord ou de
procédure tendant à éviter l’insolvabilité de l’Emetteur, les
engagements de l’Emetteur au titre de ses Obligations seront
subordonnés par rapport aux créances chirographaires ou subordonnés
à durée déterminée de l’Emetteur. Ainsi aucun paiement dû au titre
des Obligations n’interviendra avant le désintéressement complet de
tous ces créanciers.
Aucune sûreté (sous réserve de la Garantie subordonnée) de quelque
nature que ce soit n’est, ou ne sera, à aucun moment, accordée par
l’Emetteur ou par une personne au profit des Porteurs d’Obligations.
Aucun accord ultérieur ne pourra limiter la subordination ni réduire le
délai de préavis (Kündigungsfrist) relatif aux Obligations. Si les
Obligations sont remboursées par anticipation, les montants
remboursés doivent être restitués à l’Emetteur, nonobstant l’existence
de tout contrat contraire, à moins que l’Emetteur n’ait été dissous ou
que les montants remboursés n’aient été remplacés par un capital de
montant au moins égal (Eigenmittel) et de rang équivalent ou à moins
que l’Autorité Fédérale de Surveillance Financière ou toute autorité
qui pourrait la remplacer n’ait donné son accord au remboursement.
Un Porteur d’Obligations ne peut compenser une créance au titre de
ces Obligations avec une créance qu’aurait l’Emetteur à son encontre.
70
L’Emetteur ne peut compenser une créance à l’encontre d’un Porteur
d’Obligations avec l’un de ses engagements au titre de ces
Obligations.
Garantie
................................
Le Garant va consentir une Garantie inconditionnelle et irrévocable
de rang subordonné pour le paiement du principal, des intérêts et de
tout autre montant dû au titre des Obligations. La Garantie constitue
un contrat au profit des Porteurs d’Obligations successifs qui en
bénéficient en tant que tiers bénéficiaires conformément aux
dispositions de l’article 328 alinéa 1 du Code civil allemand
(Bürgerliches Gesetzbuch). Ce contrat donne le droit à chaque Porteur
d’Obligations de réclamer directement au Garant la mise en oeuvre de
la Garantie et de lui opposer directement.
En cas de liquidation, dissolution, insolvabilité ou de procédure
tendant à éviter l’insolvabilité du Garant, les créances des Porteurs
d’Obligations au titre de la Garantie ne seront éteintes qu’après, et
seulement après, le désintéressement complet de tous les créanciers
chirographaires et bénéficiaires de créances subordonnées à durée
déterminée du Garant.
Les Porteurs d’Obligations acceptent expressément que
conformément aux circonstances décrites ci-dessus les paiements dus
au titre des Obligations ne seront effectués par le Garant au titre de la
Garantie qu’en application de la subordination décrite ci-après.
Aucun Porteur d’Obligations ne peut compenser une créance au titre
de la Garantie contre une créance que le Garant peut avoir à son
encontre.
Le Garant peut compenser une créance d’un Porteur d’Obligations au
titre de la Garantie seulement si le montant de cette créance a été
remplacé par une autre créance d’un montant au moins équivalent
(Eigenmittel) d’un rang de créance au moins égal ou si l’Autorité
Fédérale de Surveillance Financière (Bundesanstalt für
Finanzdienstleistungsaufsicht) ou toute autre autorité qui pourrait la
remplacer a donné son accord pour procéder à une telle compensation
et sous réserve que la Condition de Solvabilité (définie ci-après) soit
remplie.
Remboursement . . . . . . . . . . . . . . . . . . . . . . . . . Les Obligations n’ont pas de date d’échéance finale. Elles sont
remboursables en totalité, mais non en partie, au gré de l’Emetteur
pour leur montant principal le [3 mars] 2011 et à chaque Date de
Paiement d’Intérêts suivante (telle que définie ci-après). L’Emetteur
peut également rembourser les Obligations en totalité, mais non en
partie, pour leur montant principal ainsi que les intérêts, courus à tout
moment suivant la survenance d’un Evénement de Brutage (défini
ci-après) et, pour le Montant Complet, suivant la survenance d’un
Evénement Fiscal ou d’un Evénement Réglementaire (tous les termes
étant définis ci-après).
Dans toutes ces circonstances, l’Emetteur peut appeler et procéder au
remboursement des Obligations seulement si la Condition de
Solvabilité (telle que définie ci-après) est remplie et si le montant
principal des Obligations qui doit être remboursé a été remplacé par
un capital réglementaire au moins équivalent ou si l’Autorité Fédérale
de Surveillance Financière ou toute autorité qui pourrait la remplacer
a donné son accord pour un tel remboursement.
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Un « Evénement de Brutage » est reputé avoir lieu lorsque
l’Emetteur a été ou sera contraint par une autorité législative, un
tribunal ou toute autre autorité de payer des Montants Additionnels ou
lorsque le Garant a été ou sera contraint de payer des Montants
Additionnels au titre de paiements exigibles dans le cadre de la
Garantie, ceci en conséquence d’une modification ou d’un
changement des lois néerlandaises ou allemandes (ou toute règle ou
tout règlement qui s’y rapporte) ou de toute subdivision politique ou
toute autorité des Pays-Bas ou située aux Pays Bas ou de la
République Fédérale d’Allemagne ou située dans la République
Fédérale d’Allemagne, ou en conséquence d’un changement ou d’une
modification de toute interprétation officielle ou application de ces
lois, règles ou règlements et que cette obligation ne puisse pas être
évitée par l’Emetteur ou le Garant, le cas échéant, en prenant les
mesures raisonnables qu’il considère appropriées (en agissant de
bonne foi).
Un « Evénement Fiscal » est réputé avoir lieu si en conséquence
d’une modification ou d’un changement des lois néerlandaises ou
allemandes (ou de toute règle ou tout règlement qui s’y rapporte) ou
de toute subdivision politique ou toute autorité fiscale de ces pays ou
en conséquence d’une modification ou d’un changement de toute
interprétation officielle ou application de ces lois, règles ou
règlements par une autorité législative, un tribunal, une agence
gouvernementale ou une autorité de régulation (y compris l’adoption
d’une législation ou la publication d’une décision judiciaire ou d’un
avis d’une autorité de régulation), tout paiement d’intérêts par
l’Emetteur au titre des Obligations ou tout paiement dû par le Garant
au titre de la Garantie n’est plus (ou dans les 90 jours qui suivent la
date de l’avis décrit ci-après ne sera plus) déductible intégralement
par l’Emetteur et/ou le Garant au titre de l’impôt sur les revenus
néerlandais et/ou allemand et que le risque ne peut pas être évité par
l’Emetteur et/ou le Garant en prenant les mesures raisonnables qu’il
considère appropriées (en agissant de bonne foi).
Un « Evénement Réglementaire » est réputé avoir lieu si :
(a) l’Autorité Fédérale de Surveillance Financière (Bundesanstalt
für Finanzdienstleistungsaufsicht) ou toute autorité qui pourrait
la remplacer déclare par écrit au Garant que les Obligations (en
tout ou en partie) ne remplissent plus les exigences en matière de
capital réglementaire ou de fonds propres pour la solvabilité du
groupe ou pour la solvabilité seule du Garant ou pour la
solvabilité visée dans la réglementation applicable aux
conglomérats financiers. Ceci s’applique seulement si à tout
moment avant cette déclaration les Obligations remplissaient ces
exigences ; ou
(b) à tout moment, le Garant ou le groupe du Garant est contraint
pour des exigences en matière de capital réglementaire de
disposer d’un certain niveau de capital réglementaire de base
(Catégorie 1) (quelle que soit la manière dont il est décrit) et que
les Obligations ne sont pas éligibles en tant que capital
réglementaire de base pour la solvabilité du groupe ou pour la
solvabilité visée dans la réglementation applicable aux
conglomérats financiers.
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Intérêts
.................................
Les Obligations porteront intérêt sur le montant total principal à
compter du [3 mars] 2006 (inclus) et jusqu’à la date de
remboursement éventuelle (exclue) au taux de [5,00 – 5,875] % l’an
payable annuellement à terme échu le [3 mars] de chaque année
(chacune de ces dates constituant une « Date de Paiement
d’Intérêts »). Le premier paiement d´intérêts devra être effectué le [3
mars] 2007. Si les intérêts doivent être calculés sur une période
inférieure à une année entière, les intérêts devront être calculés sur la
base du rapport entre le nombre de jours exacts de cette période et le
nombre de jours (365 ou 366) de l’année considérée.
Paiement d’Intérêts Différés
Optionnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . Si à la fin du 10ème Jour Ouvré précédant la Date de Paiement
d’Intérêts (la « Date de Détermination »), aucun dividende,
paiement ou aucune distribution n’a été déclaré(e) au titre de toute
catégorie d’actions du Garant lors de l’assemblée générale des
actionnaires (ordentliche Hauptversammlung) du Garant qui précède
immédiatement la Date de Paiement d’Intérêts et qu’aucun versement
n’a été réalisé depuis cette assemblée générale au titre des bénéfices
qui apparaissent au bilan, l’Emetteur peut, à son gré, à chaque Date de
Paiement d’Intérêts différer le paiement des intérêts en respectant un
délai de notification de [3] Jours Ouvrés. Dans ce cas précis, tout
Paiement d’Intérêts ainsi différé constitue un Paiement d’Intérêts
Différés Optionnel.
Cette option de l’Emetteur ne peut être exercée que si la Condition de
Solvabilité est remplie et qu’aucun Evénement de Différé Obligatoire
(tel que défini ci-après) n’a eu lieu.
L’Emetteur peut, à son gré, décider à toute Date de Paiement
d’Intérêts de ne pas différer le paiement d’intérêts au moyen du
Mécanisme Alternatif de Paiement d’Intérêts sous forme d’Actions
(« Mécanisme APIA ») (décrit ci-après).
Différé Obligatoire ou annulation du
Paiement d’Intérêts . . . . . . . . . . . . . . . . . . . Si à la Date de Paiement d’Intérêts, la Condition de Solvabilité n’est
pas remplie, l’Emetteur devra différer le paiement des intérêts accrus
pendant l’année d’intérêts jusqu’à cette Date de Paiement d’Intérêts
(exclue), à moins que l’Emetteur choisisse à son gré de payer les
intérêts à la Date de Paiement d’Intérêts avec des fonds levés
antérieurement à la Date de Paiement d’Intérêts au moyen du
Mécanisme APIA.
La « Condition de Solvabilité » doit être considérée comme remplie
lorsque :
(A) le Garant et le Groupe du Garant disposent des fonds adéquats
pour couvrir la marge de solvabilité minimum requise (ou tout
terme équivalent en cas de changement des règles applicables)
conformément aux dispositions de la loi allemande sur la
surveillance des activités d’assurances (en ce qui concerne la
solvabilité d’un groupe ou d’une simple entité ou la solvabilité
visée par la réglementation applicable aux conglomérats
financiers) et à la pratique administrative généralement reconnue
(s’il en existe une) de l’Autorité Fédérale de Surveillance
Financière et de toute autorité qui pourrait la remplacer et si ces
fonds ne deviennent pas inférieurs à la marge de solvabilité
minimum requise, ceci en conséquence d’un paiement d’intérêts
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partiel ou intégral ou d’un remboursement qui serait exigible à
un autre titre à cette Date de Paiement d’Intérêts ou à une date de
remboursement et
(B) aucun ordre de l’Autorité Fédérale de Surveillance Financière ou
de toute autorité qui pourrait la remplacer n’interdit au Garant
d’effectuer des paiements d’intérêts ou toute distribution ou tout
remboursement (y compris au profit de Porteurs de Titres de
Capital ou Assimilés ou de Titres de Rang de Créance Junior et
(C) le Garant a la capacité de payer ses dettes à l’égard de ses
Créanciers de Rang de Créance Senior (tels que définis ci-après)
à leur date d’exigibilité et
(D) l’Actif du Garant (tel que défini ci-après) est supérieur à son
Passif (tel que défini ci-après) (les dettes de créanciers qui ne
sont pas des Créanciers de Rang de Créance Senior étant
exclues).
« Actif » signie l’actif total non consolidé du Garant tel qu’il apparaît
au bilan des derniers comptes annuels audités publiés du Garant
ajusté en prenant compte des événements futurs, le tout déterminé par
le Garant ou en cas de liquidation, par le liquidateur.
« Passif » signifie le total du passif non consolidé du Garant tel qu’il
apparaît au bilan des derniers comptes annuels audités publiés du
Garant ajusté en prenant compte des événements futurs, le tout
déterminé par le Garant ou en cas de liquidation, par le liquidateur.
« Créanciers de Rang de Créance Senior » signifient les créanciers
du Garant (a) qui sont des créanciers chirographaires du Garant, ou
(b) dont les créances sont subordonnées aux créances des autres
créanciers du Garant (autres que ceux dont la créance vient au même
rang que la créance des Porteurs d’Obligations ou dont la créance est
subordonnée à la créance des Porteurs d’Obligations).
Si à la Date de Paiement d’Intérêts un Evénement de Différé
Obligatoire est survenu, l’Emetteur sera tenu de différer le paiement
de tout Montant Excédentaire.
« Montant Excédentaire » signifie en ce qui concerne le montant
d’intérêt calculé sur le montant principal total des Obligations payable
à la Date de Paiement d’Intérêts et qui aurait été exigible (le
« Montant d’Intérêts »), le montant par lequel le Montant d’Intérêts
excède le Montant du Nouveau Capital (tel que défini ci-après).
« Montant du Nouveau Capital » vise le produit net reçu par le
Garant grâce à l’émission et/ou la vente d’actions ordinaires,
d’actions de préférence et de tout instrument de même nature que les
Obligations que les agences de notation assimilent à du capital ceci
pendant une période de 180 jours avant cette Date de Paiement
d’Intérêts et que le Garant a désigné comme disponible au moment ou
avant l’émission pour le paiement de toute somme due au titre des
Obligations.
Un « Evénement de Différé Obligatoire » est réputé être survenu à
une Date de Paiement d’Intérêts si, jusqu’à la fin de la Date de
Détermination,
(x) le Résultat Net des Quatre Trimestres Cumulés (tel que défini
ci-après), de la période des quatre trimestres du Garant qui
s’achève lors du trimestre qui se situe deux trimestres avant le
74
plus récent trimestre achevé et publié du Garant, est égal ou
inférieur à zéro ; et
(y) le Montant de Capital Ajusté (tel que défini ci-après), constaté à
la fin du plus récent trimestre achevé et publié du Garant et à la
fin du trimestre qui se situe deux trimestres avant le plus récent
trimestre achevé et publié du Garant, a diminué d’au moins 10%
comparé au Montant de Capital Ajusté constaté à la fin du
trimestre du Garant qui se situe dix trimestres avant le plus
récent trimestre achevé et publié du Garant (le « Trimestre de
Référence »).
Pour les besoins de ce paragraphe :
« Montant de Capital Ajusté » constaté à la fin de tout trimestre du
Garant signifie le montant des capitaux propres avant prise en compte
des intérêts minoritaires tel qu’ils apparaissent dans le bilan consolidé
du Garant en cette fin de ce trimestre, tel que déterminé en conformité
avec les Normes Comptables Applicables (telles que définies
ci-après) soustraction faite des ajustements de conversion de devises
et des pertes et profits (nets) latents tels qu’ils apparaissent dans ce
bilan consolidé.
« Normes Comptables Applicables » signifie les normes comptables
internationales IFRS (International Financial Reporting Standards)
applicables aux dates et périodes concernées ou toutes autres normes
comptables généralement reconnues en Allemagne et appliquées par
le Garant qui les remplaceraient ultérieurement.
« Résultat Net des Quatre Trimestres » constaté à la fin de tout
trimestre du Garant signifie la somme du résultat net consolidé du
Garant déterminé conformément aux Normes Comptables
Applicables pour les quatre trimestres qui s’achèvent à la date du
dernier jour de ce trimestre.
Si l’Emetteur est contraint de différer le paiement d’intérêts à la suite
de la survenance d’un Evénement de Différé Obligatoire à une Date
de Paiement d’Intérêts, l’Emetteur devra aussi différer à l’occasion
d’une ou de plusieurs Dates de Paiement d’Intérêts ultérieures le
paiement de l’intérêt qui serait exigible à un autre titre à de telles
Dates de Paiement d’Intérêts jusqu’à ce qu’il soit remédié à
l’Evénement de Différé Obligatoire à toute Date de Détermination
ultérieure.
A la suite de la survenance d’un ou de plusieurs Evénements de
Différé Obligatoires, l’Emetteur ne pourra commencer à payer
l’intérêt exigible au titre des Obligations à une Date de Paiement
d’Intérêts que si à la Date de Détermination relative à cette Date de
Paiement d’Intérêts (x) aucun nouvel Evénement de Différé
Obligatoire ne survient et (y) s’il a été remédié à tous les Evénements
de Différés Obligatoires préalables.
Un Evénement de Différé Obligatoire qui est survenu à une Date de
Détermination antérieure est réputé avoir disparu si le Montant de
Capital Ajusté tel qu’il figure dans le dernier trimestre achevé et
publié du Garant avant la Date de Détermination a augmenté de plus
75
de 90% par rapport au Montant de Capital Ajusté calculé à la fin du
Trimestre de Référence relatif à la Date de Détermination préalable à
laquelle l’Evénement de Différé Obligatoire s’est produit.
L’Emetteur peut, à son gré, choisir de payer à la Date de Paiement
d’Intérêts considérée les intérêts exigibles à un autre titre au moyen
de fonds levés préalablement à la Date de Paiement d’Intérêts au
moyen du Mécanisme APIA.
Dans ces hypothèses tout intérêt ainsi différé constitue un « Paiement
d’Intérêts Différés Obligatoire ». (désigné ci-après, ensemble avec
tout Paiement d’Intérêts Différés Optionnel, les “Paiements
d´Intérêts Différés”
Paiement des Intérêts Différés . . . . . . . . . . . Sous réserve d’une notification préalable, l’Emetteur peut à tout
moment satisfaire en tout ou partie tout Paiement d’Intérêts Différés
Optionnel avec des fonds levés antérieurement à la date à laquelle le
Paiement d’Intérêts Différés devient exigible (la « Date de
Règlement Différé ») au moyen du Mécanisme APIA.
L’Emetteur devra satisfaire
(x) tout Paiement d’Intérêts Différés Optionnel au moyen de fonds
levés antérieurement à la Date de Règlement Différé au moyen
du Mécanisme APIA ; et
(y) tout Paiement d’Intérêts Différés Obligatoire au moyen du
Mécanisme APIA ou au moyen du Mécanisme Alternatif de
Paiements d’Intérêts sous forme de Capital (« Mécanisme
APIC »)
dans les situations suivantes :
(i)
L’Emetteur satisfera tout Paiement d’Intérêts Différés à la date
où le remboursement des Obligations devient exigible.
(ii) L’Emetteur s´acquittera des Paiements d’Intérêts Différés à la
Date de Paiement d’Intérêts suivante
(x) qui suit la date à laquelle l’Emetteur ou le Garant effectue
un paiement intégral des intérêts ou un paiement différé au
profit de Titres de Capital ou Assimilés ou
(y) qui suit la date à laquelle l’Emetteur ou le Garant effectue
un paiement intégral des intérêts ou un paiement différé au
profit de Titres de Rang de Créance Junior ou
(z) si jusqu’à la fin de la Date de Détermination qui précède
cette Date de Paiement d’Intérêts, un dividende, une autre
distribution ou un paiement ont été declarés au titre de toute
catégorie d’actions du Garant lors de l’assemblée générale
des actionnaires (ordentliche Hauptversammlung) du
Garant qui précède immédiatement cette Date de Paiement
d’Intérêts ou un versement a été effectué au titre des
bénéfices qui apparaissent au bilan depuis la date de cette
assemblée générale des actionnaires (ordentliche
Hauptversammlung) du Garant.
(iii) Si l’Emetteur ou le Garant effectue un paiement partiel d’intérêts
ou un paiement différé au profit de Titres de Capital ou
Assimilés ou de Titres de Rang de Créance Junior, l’Emetteur
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s’acquittera de tout Paiement d’Intérêts Différés dans les mêmes
proportions à la Date de Paiement d’Intérêts suivante qui suit la
date à laquelle ce paiement a été effectué. Dans ce cas, la
proportion doit être égale au rapport entre le montant des
paiements différés effectués et le montant de l’encours des
paiements différés.
(iv) L’Emetteur réalisera le Paiement des Intérêts Différés au plus
tard lors du dixième anniversaire à compter de la Date de
Paiement d’Intérêts en question.
(v) L’Emetteur réalisera le Paiement des Intérêts Différés à la date
où une cause de dissolution survient en application de l’article
262 §1 de la loi sur les actions des sociétés (Aktiengesetz) à
l’encontre de l’Emetteur ou du Garant (dans un but autre ou pour
une conséquence autre qu’une concentration, une restructuration
ou une réorganisation où l’Emetteur ou le Garant reste solvable
et que l’entité survivante prend à sa charge l’Actif et le Passif de
l’Emetteur ou du Garant).
Mécanisme Alternatif de Paiement
d’Intérêts sous forme d’Actions . . . . . . . L’Emetteur peut s’acquitter de tout paiement d’intérêts non différé au
moyen du Mécanisme APIA seulement si, et dans la mesure où, le
Garant a levé les fonds nécessaires pour le paiement des intérêts en
émettant ou en vendant des actions du Garant (“Actions en
remplacement du Paiement d’Intérêts”) dans les 6 mois précédant
la Date de Paiement d’Intérêts.
Si l’Emetteur choisit ou est contraint d’effectuer un Paiement
d’Intérêts Différé au moyen du Mécanisme APIA, l’Emetteur exigera
du Garant qu’il lève les fonds nécessaires à ce paiement en émettant
ou en vendant des Actions en remplacement du Paiement d’Intérêts
du Garant pendant la période commençant à la date (incluse) tombant
6 mois avant la Date de Règlement Différé concernée et s’achevant à
la date (exclue) tombant cinq ans après la Date de Règlement Différé
concernée.
En aucun cas, le Garant n’a l’obligation d’émettre de nouvelles
actions ou de vendre des actions auto-détenues; les Porteurs
d’Obligations sont informés que le Garant peut être empêché, par
des dispositions impératives de la loi allemande sur les actions des
sociétés ou pour toute autre mesure, d’émettre des nouvelles
actions ou de vendre des actions auto-détenues.
Dans l’optique de procéder au Paiement d´Intérêts Différé Obligatoire
et conformément au Mécanisme APIA, le Garant peut placer chaque
année calendaire un nombre d’Actions en remplacement du Paiement
d’Intérêts n’excédant pas 2% du capital émis (Grundkapital) du
Garant à cette date.
Si, en ce qui concerne le Paiement d’Intérêts Différés Obligatoire, les
exigences liées à la mise en oeuvre du Mécanisme APIA ne sont pas
remplies ou dans la mesure où le seuil mentionné juste ci-avant serait
dépassé ou si le montant qui serait à payer excédait le produit issu du
placement des Actions en remplacement du Paiement d’Intérêts,
l’Emetteur effectuera le Paiement d’Intérêts Différés Obligatoire au
moyen du Mécanisme APIC, à moins que l’Emetteur ait
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préalablement choisi de mettre en œuvre le Mécanisme APIC pour ce
Paiement d’Intérêts Différés Obligatoire et ait été contraint
d’appliquer le Mécanisme APIA en plus du Mecanisme APIC ; dans
ces conditions, l’obligation de l’Emetteur de procéder au
Paiement d’Intérêts Différés Obligatoire doit être annulée en
proportion.
Si, en ce qui concerne le Paiement d’Intérêts Différés Optionnel, les
exigences liées à la mise en œuvre du Mécanisme APIA ne sont pas
remplies ou dans la mesure où le montant qui serait dû excède le
produit issu du placement des Actions en remplacement du Paiement
d’Intérêts, l’obligation de l’Emetteur de procéder au Paiement
d’Intérêts Différés Optionnel doit être annulée en proportion. Si
l’Emetteur est contraint de réaliser tout Paiement d’Intérêts Différés à
la date à laquelle il existe une raison tendant à la liquidation de
l’Emetteur ou du Garant en application de l’article 262 §1 de la loi sur
les actions de société (Aktiengesetz) mais que l’Emetteur ou le Garant
est incapable d’appliquer le Mécanisme APIA ou le Mécanisme
APIC, les engagements de l’Emetteur au titre de ce montant non réglé
viendront au même rang que les engagements de l’Emetteur relatifs
au montant principal des Obligations, jusqu’à un montant maximum
égal au seuil applicable dans le cadre de la mise en œuvre du
Mécanisme APIC.
Mécanisme Alternatif de Paiements
d’Intérêts sous forme de Capital . . . . . . Si l’Emetteur a notifié qu’il procèdera au Paiement d’Intérêts Différés
Obligatoire pour l’année d’intérêts conformément au Mécanisme
APIC, l’Emetteur ou le Garant lèvera les fonds nécessaires à ce
paiement en émettant et en vendant directement ou indirectement des
titres hybrides dont les modalités (particulièrement en ce qui concerne
les dispositions relatives au différé de la rémunération, au paiement
de la rémunération différée et à leur remplacement) seront similaires
aux Modalités des Obligations (« Instruments en remplacement du
Paiement d’Intérêts ») et qui constituent du capital réglementaire
(Eigenmittel) d’un rang de créance au moins égal, ceci pendant la
période qui commence à la date (incluse) tombant 6 mois avant la
Date de Règlement Différé et qui s’achève à la date (exclue) tombant
5 ans après la Date de Règlement Différé concernée.
Le montant principal total des Instruments en remplacement du
Paiement d’Intérêts émis dans le cadre du Mécanisme APIC ne doit
pas excéder 25% du montant principal total des Obligations à la Date
d’Emission.
Si l’exigence prévue pour la mise en œuvre du Mécanisme APIC
n’est pas remplie, si le seuil mentionné ci-après devait être dépassé,
ou si le montant des intérêts à payer dépasse le produit issu du
placement des Instruments en remplacement du Paiement d’Intérêts,
l’Emetteur s’oblige pour y satisfaire à procéder au Paiement d’Intérêts
Différés Obligatoire au moyen du Mécanisme APIA, à moins que
l’Emetteur n’ait préalablement choisi de mettre en œuvre le
Mécanisme APIA pour ce Paiement d’Intérêts Différés et ait été
contraint d’appliquer le Mécanisme APIC en plus du Mécanisme
APIA : dans cette hypothèse, l’obligation de l’Emetteur de
procéder au Paiement d’Intérêts Différés Obligatoire doit être
annulée en proportion.
78
Fiscalité . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tous les paiements du principal et des intérêts relatifs aux Obligations
(y compris les paiements effectués par le Garant au titre de la
Garantie) seront libres et exonérés de tout(e)(s) retenue, taxe, droit,
charge de nature gouvernementale, prélèvement, impôt de quelque
nature qu’elle soit, imposée, levée, collectée, retenue ou appliquée
aux Pays Bas ou en République Fédérale d’Allemagne ou par toute
subdivision politique ou toute autorité en émanant ayant le pouvoir de
les imposer, à moins que l’Emetteur ou le Garant ne soit contraint par
la loi de procéder à une telle retenue ou déduction. Si une telle
retenue ou déduction était induite par un changement de la loi ou une
modification de la loi, l’Emetteur ou le Garant, le cas échéant, devra
payer les montants additionnels que les Porteurs des Obligations
auraient reçus si une telle retenue ou déduction n’avait été imposée,
sous réserve des conditions décrites dans les Modalités des
Obligations.
Maintien de l’emprunt à son rang . . . . . . . . Les Modalités des Obligations ne prévoient pas de clause relative au
maintien de l’emprunt à son rang.
Défaut Croisé
Cotation
...........................
Les Modalités des Obligations ne prévoient pas de clause relative au
défaut croisé liée aux autres engagements de l’Emetteur ou du Garant.
................................
Les Obligations ont fait l’objet d’une demande d’admission sur la
liste officielle (Amtlicher Market) de la bourse de Francfort.
Loi applicable . . . . . . . . . . . . . . . . . . . . . . . . . . . Les Obligations et la Garantie seront soumises au droit allemand.
Restrictions de Placement
...............
Il existe des restrictions de placement concernant l’offre et la vente
des Obligations ainsi que pour la distribution de documents d’offre au
sein de l’Espace Economique Européen, des Etats-Unis d’Amérique,
de l’Autriche, de la Belgique, du Danemark, de la France, de
l’Irlande, du Portugal, de la Suède et du Royaume-Uni.
Tribunaux compétents . . . . . . . . . . . . . . . . . . . Compétence non exclusive des tribunaux de Francfort sur le Main,
République Fédérale d’Allemagne, pour tout litige relatif aux
Obligations.
Compensation et Règlement . . . . . . . . . . . . . Les Obligations seront acceptées aux opérations de compensation de
Clearstream Banking AG, Francfort sur le Main.
Code ISIN
..............................
Code commun
..........................
Code Titre Allemand (WKN)
...........
DE000A0GNPZ3
024513742
A0GNPZ
Résumé concernant les Facteurs de Risque
Facteurs de Risque concernant les Obligations
Investir dans les Obligations implique certains risques liés aux caractéristiques des Obligations. De tels
risques peuvent avoir pour effet que le principal et les intérêts ne soient pas payés par l’Emetteur, que le Garant
n’effectue pas les paiements dus au titre de la Garantie et/ou que le prix de marché des Obligations fasse l’objet
d’une dégradation importante. Les Risques résultent surtout du fait que :
•
l’Émetteur n’a pas l’obligation de rembourser les Obligations et les Porteurs d’Obligations n’ont pas le
droit d’exiger leur remboursement;
79
•
les Obligations peuvent faire l’objet d’un remboursement anticipé pour leur montant principal, à la suite
d’un Événement de Brutage, et pour le Montant Complet, à la suite d’un Evénement Fiscal ou d’un
Événement Règlementaire; si l’Emetteur appelle les Obligations au remboursement et les rembourse à
cette occasion, les Porteurs d’Obligations peuvent être contraints de ne pouvoir réinvestir le produit issu
du remboursement que dans des titres offrant un rendement inférieur;
•
il n’existe pas de restriction relative au montant de la dette que l’Émetteur ou le Garant pourrait engager
dans le futur;
•
les obligations de paiement de l’Émetteur au titre des Obligations et celles du Garant au titre de la
Garantie constituent des engagements subordonnés de l’Émetteur et du Garant; et
•
l’Émetteur peut choisir ou être contraint de différer le paiement des intérêts dans certaines conditions.
Les Facteurs de Risques concernant l’Émetteur
L’Émetteur est un véhicule de financement du Groupe Allianz. Son activité consiste notamment à lever des
fonds et à prêter les sommes qui en résultent à des sociétés du Groupe Allianz au moyen de prêts intragroupe. Si
jamais une société du groupe est défaillante pour effectuer un paiement au titre d’un prêt intragroupe, l’Émetteur
peut ne pas être en mesure d’assurer ses obligations de paiement au titre des Obligations.
Les Facteurs de Risque concernant le Garant
Les activités du Groupe Allianz, et par là-même, la valeur des Obligations, sont exposées à un certain
nombre de risques. La section qui suit contient une description de certains risques qui pourraient affecter de
façon très défavorable sa position financière et les résultats de ses opérations :
•
La volatilité des taux d’intérêt peut affecter de façon défavorable les résultats des opérations du Groupe
Allianz.
•
Les risques de marché peuvent altérer la valeur du portefeuille du Groupe Allianz et avoir un impact
défavorable sur sa position financière et les résultats de ses opérations.
•
Le marché et d’autres facteurs peuvent affecter de façon défavorable le goodwill, les frais différés des
politiques d’acquisition et les avoirs fiscaux différés. Les changements de législation fiscale ont
également un impact potentiel sur les avoirs fiscaux différés du Groupe Allianz.
•
Allianz AG intervient aussi bien en qualité de société de réassurance qu’en tant que société holding du
Groupe Allianz et est exposée à divers risques de liquidité.
•
Les provisions pour pertes concernant les assurances dommages corporels et dommages des biens et les
contrats de réassurance sont basées sur des estimations de futures actions en responsabilité. Un
développement défavorable de ces plaintes pourrait conduire à des provisions supplémentaires et
affecter de façon significativement défavorable les résultats des opérations du Groupe Allianz.
•
L’expérience actuarielle et d’autres facteurs peuvent différer de ceux prévus lors du calcul des
provisions actuarielles pour le pôle vie/santé et pour les engagements en matière de retraites.
•
Les résultats financiers du Groupe Allianz peuvent être affectés de façon très défavorable par la
survenance de catastrophes.
•
Le Groupe Allianz est exposé de façon significative au risque de contrepartie.
•
Des développements négatifs au sein de la Dresdner Bank, y compris du développement de sa
performance d’exploitation, des niveaux de perte ou encore des dévaluations et dégradations liées aux
prêts peuvent affecter de façon défavorable les résultats du Groupe Allianz et peuvent conduire à un
besoin en capital qui pourraient restreindre ses opérations.
•
Beaucoup des activités du Groupe Allianz sont dépendantes de la solidité financière et des notations de
crédit attribués à Allianz AG par les diverses agences de notation. Ainsi, la dégradation de la notation
d’Allianz AG peut affecter de façon très défavorable les relations du Groupe Allianz avec ses clients et
ses intermédiaires et avoir un impact négatif sur les ventes des produits du Groupe Allianz et augmenter
ses coûts d’emprunt.
80
•
Si l’activité de gestion d’actifs du Groupe Allianz est sous-performante, le Groupe Allianz peut subir
une baisse des actifs qu’il gère et des revenus s’y rapportant.
•
Une augmentation des risques géopolitiques qui ont suivi l’attaque terroriste du 11 septembre 2001 ou
toutes attaques terroristes futures pourraient avoir un impact continu négatif sur les activités du Groupe
Allianz.
•
Des changements dans les législations étatiques nouvelles ou existantes dans les pays où le Groupe
Allianz exerce des activités peuvent avoir des effets significatifs sur le Groupe.
•
Des changements dans la législation fiscale peut affecter de façon défavorable les activités du Groupe
Allianz.
•
Des changements de la valeur de l’Euro par rapport aux devises hors de la Zone Euro dans lesquels le
Groupe Allianz génère des profits et engage des dépenses peuvent affecter de façon significative ses
bénéfices et ses flux de trésorerie.
•
Les avantages que tire Allianz AG de sa fusion avec Riunione Adriatica di Sicurtà Società per Azioni
peuvent différer significativement des prévisions actuelles.
•
Les résultats et la performance réels du Groupe Allianz ou de ceux de son industrie peuvent être
significativement différents ou moins bons que les prévisions qui s’y rapportent en raison d’influences
imprévisibles de nature politique, macro-économique ou démographique.
La survenance des risques décrits ci-après peut affecter la capacité du Garant à honorer ses obligations de
paiement au titre de la Garantie et/ou conduire à une diminution de la valeur de marché des Obligations.
Résumé concernant l’Émetteur
L’Émetteur a été créé aux Pays Bas le 8 mai 2000 sous la forme d’une société à responsabilité limitée de
droit néerlandais pour une durée indéterminée. L’Émetteur est une filiale à 100% d’Allianz AG et agit en tant
qu’entité financière au sein du Groupe Allianz. Le siège social de l’Émetteur est à Amsterdam et l’adresse est la
suivante: Keizersgracht 484, NL-1017 EH Amsterdam, Pays Bas, numéro de téléphone : (+31) (20) 55 69710.
L’Émetteur est inscrit au Registre du Commerce d’Amsterdam sous le numéro no. 34134406.
L’objet social de l’Émetteur tel que mentionné à l’Article 2 de ses statuts consiste à effectuer toutes sortes
d’opérations financières, en particulier des prêts et emprunts de fonds y compris au moyen de l’émission
d’obligations et de participations au sein de sociétés et d’entreprises.
Le directoire de l’Émetteur est actuellement composé des membres suivants: Dirk Schoon, Hero Wentzel et
Dr. Sylvia Hoechendorfer-Ziegler. Le conseil de surveillance de l’Emetteur est actuellement composé des
membres suivants: Michael Diekmann, Dr. Paul Achleitner et Stephan Theissing.
Les commissaires au comptes d’Allianz Finance II B.V. sont KPMG Accountants N.V., Burgemeester
Rijnderslaan 10, NL-1185 MC Amstelveen, Pays Bas.
Le tableau suivant énonce les informations financières clefs de l’Émetteur:
Allianz Finance II B.V.
9 mois
9 mois
s’achevant le
s’achevant le
30 septembre 2005 30 septembre 2004
(non audité)
€
€
année
s’achevant le
31 décembre 2004
année
s’achevant le
31 décembre 2003
€
€
9 329 056 504
364 490 526
6 654 019 238
316 092 043
6 602 060 884
258 734 477
6 641 659 010
904 824 759
9 693 547 030
6 970 111 641
6 860 795 361
7 546 483 769
......................
2 400 749
2 097 756
932 595
987 413
Dettes long-terme . . . . . . . . . . . . . . . . . . . . . .
Dettes court-terme . . . . . . . . . . . . . . . . . . . . .
9 329 056 504
362 089 777
6 654 019 235
313 994 650
6 602 060 881
257 801 885
6 641 659 010
903 837 346
9 693 547 030
6 970 111 641
6 860 795 361
7 546 483 769
Actif immobilisé . . . . . . . . . . . . . . . . . . . . . . .
Actif circulant . . . . . . . . . . . . . . . . . . . . . . . . . .
Capitaux propres
81
Résumé concernant le Garant
Allianz AG est une société par actions de droit allemand inscrite au nom d’”Allianz Aktiengesellschaft” au
Registre du Commerce du tribunal compétent (Amtsgericht) à Munich, sous le numéro HRB 7158. L’adresse
administrative et du siège social d’Allianz AG est Königinstrasse 28, 80802 Munich, Allemagne, numéro de
téléphone(+49)(89) 3800-00.
Vue d’ensemble des activités commerciales
Le Groupe Allianz constitue l’un des plus grands fournisseurs de services financiers au monde, offrant des
produits d’assurances, bancaires et de gestion d’actifs au moyen d’assurances dommages corporels/de biens,
d’assurances vie/décès, des branches d’activités bancaires et de gestion d’actifs. Le Groupe Allianz est l’un des
plus grands groupes d’assurance au monde d’après les chiffres enregistrés sur les primes brutes souscrites en
2004 et constitue la plus grande compagnie allemande d’assurance dommages corporels/de biens tiers,
d’assurance vie/décès d’après les chiffres enregistrés sur les primes brutes souscrites en 2004. Le Groupe Allianz
est également parmi les plus grandes compagnies d’assurance dans d’autres pays dont la France, l’Italie, le
Royaume-Uni, la Suisse et l’Espagne et constitue l’une des plus grandes institutions financières allemandes
d’après sa capitalisation constatée au 30 septembre 2005. Depuis début août 2005, Allianz AG a obtenu des
notations sur sa solidité financière de A+ par A.M. Best et AA- par Standard & Poor’s (les deux avec
perspectives stables) et une notation Aa3 au titre de sa dette senior non subordonnée avec des perspectives
stables par Moody’s.
Allianz AG a été immatriculée à Berlin le 5 février 1890 sous le nom d’”Allianz VersicherungsAktiengesellschaft”. En 1949, Allianz AG a transféré ses services administratifs principaux de Berlin à Munich.
A la suite d’une résolution de l’assemblée générale du 27 juin 1985, Allianz AG fut restructurée en société
holding et son nom fut changé en “Allianz Aktiengesellschaft Holding”. Selon une résolution de l’assemblée
générale du 7 octobre 1996, le nom d’Allianz AG fut à nouveau changé en “Allianz Aktiengesellschaft”.
En plus de son activité d’assurance dommages corporels/de biens et d’assurance vie/décès, le Groupe
Allianz a mis en place en 1998 des services financiers qui représentent le tiers de son activité principale. En
2001, à la suite de l’acquisition de la Dresdner Bank AG (ci-après dénommée la “Dresdner Bank” ou le “Groupe
Dresdner Bank” quand sont également visées les filiales consolidées), le Groupe Allianz a réorganisé sa branche
“services financiers” en deux branches différentes “gestion d’actifs” et “services bancaires”. D’après les chiffres
enregistrés du nombre d’actifs gérés en date du 31 décembre 2004, le Groupe Allianz était la cinquième plus
grande société de gestion d’actifs au monde. Pour sa branche “services bancaires” qui est dorénavant sa
quatrième branche principale d’activité, l’acquisition de la Dresdner Bank a fait du Groupe Allianz l’une des plus
importantes banques d’Allemagne en accroissant ses canaux de distribution bancaires pour ses produits et
services d’assurance dommages corporels/de biens, d’assurance vie/décès et de gestion d’actifs.
L’activité commerciale du Groupe Allianz est gérée au niveau local tandis que ses activités spécialisées et sa
branche “gestion d’actifs” sont gérées et mises en œuvre au niveau mondial. Les activités allemandes du Groupe
Allianz d’assurance dommages corporels/de biens et d’assurance vie/décès sont gérées par les filiales situées
principalement à Munich et à Stuttgart. Ses activités d’assurance non allemandes sont gérées localement. Les
plus grands marchés non allemands du Groupe Allianz se situent notamment en France, en Italie, au RoyaumeUni, en Suisse, en Espagne et aux Etats-Unis. Chacune des activités du Groupe Allianz spécialisées en assurancecrédit, assurance maritime et aviation, réassurance de risques industriels internationaux (à travers Allianz Global
Risks Rückversicherungs–AG) ainsi qu’en assurance voyage et services d’assistance, sont gérées et mises en
œuvre mondialement. La branche “gestion d’actifs” du Groupe Allianz opère également sur une base mondiale ,
avec des centres de gestion clefs à Munich, Francfort, Londres, Paris, Singapore, Hong Kong, Milan, Westport
(Connecticut), et à San Francisco, San Diego et Newport Beach (Californie). La branche “services bancaires” du
Groupe Allianz agit à travers les quelque 960 succursales, allemandes ou non, de la Dresdner Bank (au 30
septembre 2005) et diverses filiales, avec des activités significatives en Allemagne, au Royaume-Uni et dans
d’autres pays européens et aux États-Unis.
Informations sur les Tendances
Allianz AG attend une augmentation globale du total des revenus en ligne avec 2004 et les neuf premiers
mois de 2005 et continue à concentrer ses efforts en soutenant et en améliorant de façon sélective son bénéfice
82
d’exploitation. Néanmoins, des catastrophes naturelles et des évolutions défavorables dans les marchés de
capitaux, autant que les facteurs de risque énoncés ci-avant, pourraient avoir un sérieux impact sur la rentabilité
du Groupe Allianz.
Directoire, conseil de surveillance et salariés
Le directoire d’Allianz AG est composé de onze membres: Michael Diekmann (Directeur Général), Dr. Paul
Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber, Dr. Helmut Perlet,
Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter et Dr. Werner Zedelius.
Le conseil de surveillance (Aufsichtsrat) d’Allianz AG est composé de vingt membres: Dr. Henning
Schulte-Noelle (Président), Norbert Blix (Vice-Président), Dr. Wulf H. Bernotat, Dr. Diethart Breipohl,
Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach, Peter Haimerl, Prof.
Dr. Rudolf Hickel, Prof. Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau, Dr. Max Link, Iris
Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer et Prof. Dr. Dennis J.
Snower.
Au 30 septembre 2005, le Groupe Allianz employait un total de 178 462 personnes dans le monde entier
dont 105 284 étaient basées hors d’Allemagne.
Actionnaires significatifs
Au 31 décembre 2004, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft à Munich (“Munich
Re”) était le seul actionnaire significatif d’Allianz AG et détenait environ 9% du capital d’Allianz AG ou environ
9,4% des actions d’Allianz AG en circulation à cette date. Le 14 juillet 2005, Allianz AG fut informé par Munich
Re en application des règles de la loi allemande sur la négociation des instruments financiers
(Wertpapierhandelsgesetz ou “WpHG”) que Munich Re réduisait sa détention dans le capital d’Allianz AG à un
nombre inférieur à 5% et détenait 4,9% du capital d’Allianz AG à cette date.
A la lumière des changements importants intervenus dans les relations entre le Groupe Allianz et Munich Re
(en particulier, la réduction significative de détentions réciproques d’actions, l’annulation du contrat “Principes
de Coopération” et la fin des participations croisées au sein de leurs conseils), Allianz AG ne considère plus
Munich Re comme étant une partie liée.
Information Financière Sélectionnée
Allianz Group
Résultat d’exploitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Résultat net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flux de Trésorerie Net* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Actif . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital Social . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Passif . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
30 septembre
2005
(non audité)
en millions
d’euro
31 décembre
2004
31 décembre
2003
en millions
d’euro
en millions
d’euro
5.917
3.508
18.675
989.198
48.588
940.610
6.839
2.266
4.616
990.318
37.691
952.627
3.982
2.691
(1.397)
933.213
35.259
897.954
Flux de Trésorerie provenant du résultat d’exploitation
Informations complémentaires
Capital souscrit
Le capital d’Allianz AG est actuellement de €1 039 462 400 divisé en 406 040 000 actions.
83
Commissaires aux comptes
Allianz
AG
a
nommé
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 Munich, Allemagne, comme
commissaires aux comptes pour l’année fiscale se terminant au 31 décembre 2005.
Documents accessibles au public
Jusqu’au remboursement intégral des Obligations, des copies des documents suivants pourront être
consultées sous forme papier pendant les heures de bureau au siège social de l’Emetteur et du Garant et au bureau
spécifié de l’Agent Payeur Principal :
(a) la Garantie ;
(b) les Statuts de l’Emetteur ;
(c) les Statuts (Satzung) du Garant ;
(d) le Prospectus ; et
(e) tous rapports, courriers et autres documents, informations financières historiques, évaluations et
déclarations établis par un expert à la demande de l’Emetteur et/ou du Garant, dont une partie est
incluse ou visée dans la description de l’Emetteur et du Garant.
84
SUMÁRIO
Este é o sumário (o “Sumário”) das características principais e riscos associados ao Emitente, ao Garante
e às Obrigações. Este Sumário deverá ser lido como uma introdução a este Prospecto. Qualquer decisão de um
investidor de investir nas Obrigações deverá basear-se neste Prospecto no seu conjunto, incluindo os
documentos inseridos por remissão e quaisquer adendas ao mesmo. Se for proposta uma acção judicial num
tribunal relativamente à informação contida neste Prospecto, nos documentos inseridos por remissão e em
quaisquer adendas ao mesmo, o investidor autor poderá ao abrigo do direito nacional de um Estado Membro do
Espaço Económico Europeu ter de suportar os custos de tradução deste Prospecto, dos documentos inseridos
por remissão e de quaisquer adendas ao mesmo anteriormente ao início do processo judicial. O Emitente, o
Garante e o Dresdner Bank Aktiengesellschaft são responsáveis pela preparação deste sumário e pelo pedido de
notificação e serão tidos como civilmente responsáveis, se, e apenas, o Sumário for enganador, impreciso ou
incoerente quando lido em conjunção com as outras partes deste Prospecto.
Este Sumário inclui afirmações relativas ao futuro. Estas afirmações incluem afirmações relativas
nomeadamente à performance financeira futura do Emitente, Allianz Aktiengesellschaft (doravante “Allianz
AG”) e das suas subsidiárias consolidadas (conjuntamente com a Allianz AG, doravante designado “Grupo
Allianz”), planos e expectativas relativamente a desenvolvimentos na actividade, crescimento e rentabilidade do
Grupo Allianz, e condições gerais de indústria e actividade aplicáveis ao Grupo Allianz. O Grupo Allianz
baseou estas afirmações relativas ao futuro nas suas expectativas, presunções, estimativas e projecções actuais
sobre acontecimentos futuros. Estas afirmações relativas ao futuro estão sujeitas a um conjunto de riscos,
incertezas e presunções susceptíveis de fazer com que os resultados, a performance ou realizações actuais do
Grupo Allianz ou os da sua indústria sejam substancialmente diferentes ou piores do que estas afirmações. O
Emitente, a Allianz AG e o Dresdner Bank AG não assumem qualquer obrigação de actualizar tais afirmações
relativas ao futuro e de adaptar as mesmas a eventos ou desenvolvimentos futuros, excepto na medida em que tal
for legalmente exigido.
Sumário relativo às Obrigações
O montante final agregado de capital em dívida, o preço de emissão e a taxa de juro das Obrigações serão
determinados em ou por volta de [1 de Março] de 2006 com base num processo de recolha prévia de intenções
de compra envolvendo investidores qualificados.
Emitente
Garante
................................
.................................
Valor nominal da emissão
...............
Allianz Finance II B.V.
Allianz Aktiengesellschaft
EUR [até 1.0 biliões]
Lead Managers . . . . . . . . . . . . . . . . . . . . . . . . . . Deutsche Bank AG, Agência de Londres
Dresdner Bank AG Agência de Londres (referido na capa através da
sua designação comercial “Dresdner Kleinwort Wasserstein”)
UBS Limited
(juntos os “Lead Managers”)
Co-Lead Managers
......................
Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen – Girozentrale
WestLB AG
(em conjunto com os Lead Managers, os “Managers”)
85
Agente Fiscalizador,
Agente Pagador Principal
e Agente de Cálculo . . . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
Preço de Emissão
.......................
Data de Emissão
........................
Valor Nominal
..........................
Forma das Obrigações
..................
Estatuto das Obrigações
.................
[98-101]%
[3 de Março] de 2006
As Obrigações serão emitidas com o valor nominal de EUR 1.000
cada.
As Obrigações serão ao portador e serão inicialmente representadas
por um Certificado Global Temporário sem cupões de juros que será
depositado em ou em nome de Clearstream Banking AG, Frankfurt
am Main (o “Sistema de Compensação”). O Certificado Global
Temporário será permutável por um Certificado Global Permanente
sem cupões de juros não antes de 40 dias após a Data de Emissão
mediante certificação relativamente à propriedade efectiva por não
americanos de acordo com as disposições e procedimentos
operacionais do Sistema de Compensação. O pagamento relativo ao
Certificado Global Temporário só será efectuado contra a
apresentação de tal certificação. Não serão emitidas quaisquer
Obrigações ou cupões de juros.
As Obrigações constituem obrigações não garantidas e subordinadas
do Emitente de graduação pari passu entre si e pelo menos pari passu
com todas as outras obrigações subordinadas não garantidas e
perpétuas do Emitente em circulação na Data de Emissão com
excepção das obrigações subordinadas. Em caso de liquidação,
dissolução, insolvência, acordo ou outros procedimentos para evitar a
insolvência da ou contra o Emitente, as obrigações do Emitente ao
abrigo das Obrigações serão subordinadas aos direitos de todos os
credores não subordinados e subordinados a termo do Emitente, de
forma que em qualquer dos referidos casos não serão devidos
quaisquer montantes relativamente às Obrigações até os direitos de
todos os credores não subordinados e subordinados a termo do
Emitente terem antes sido integralmente satisfeitos.
Nenhuma garantia (excepto a Garantia subordinada), qualquer que
seja o tipo, é ou será em momento algum prestada pelo Emitente ou
qualquer outra pessoa para garantir direitos dos Obrigacionistas ao
abrigo das Obrigações. Nenhum acordo subsequente pode limitar a
subordinação ou abreviar qualquer prazo de notificação aplicável
(Kündigungsfrist) relativamente às Obrigações. Se as Obrigações
forem remidas prematuramente, os montantes remidos devem ser
devolvidos ao Emitente independentemente de qualquer acordo em
contrário excepto se o Emitente tiver sido dissolvido ou tais
montantes tiverem sido substituídos por outro capital no mínimo
equivalente (Eigenmittel) de graduação pelo menos igual ou se a
Autoridade Federal de Supervisão Financeira ou qualquer autoridade
sucessora tiver autorizado a remissão.
Nenhum Titular de Obrigações pode compensar quaisquer direitos
resultantes das Obrigações com quaisquer direitos que o Emitente
tenha contra o Titular de Obrigações. O Emitente não pode
compensar quaisquer direitos que possa ter contra qualquer Titular de
Obrigações com qualquer das suas obrigações ao abrigo das
Obrigações.
86
Garantia
................................
O Garante prestará uma Garantia incondicional e irrevogável,
subordinada, para o pagamento devido de capital e juros e quaisquer
outros montantes que sejam devidos ao abrigo das Obrigações. A
Garantia constitui um contrato a favor dos Titulares de Obrigações
periodicamente enquanto terceiros beneficiários nos termos do § 328,
parágrafo 1 do Código Civil Alemão (Bürgerliches Gesetzbuch),
gerando para cada Titular de Obrigações o direito de exigir o
cumprimento ao abrigo da Garantia directamente ao Garante ou a
executar a Garantia directamente contra o Garante.
Em caso de dissolução, liquidação, insolvência ou de quaisquer outros
procedimentos para evitar a insolvência do Garante, os direitos dos
Titulares de Obrigações ao abrigo da Garantia serão satisfeitos depois
(mas só depois) de todos os direitos de todos os credores não
subordinados e subordinados a termo do Garante terem sido
integralmente satisfeitos.
Os Titulares de Obrigações aceitam expressamente que, nas
circunstâncias acima descritas, só serão efectuados pagamentos
relativamente às Obrigações pelo Garante ao abrigo da Garantia nos
termos da subordinação descrita acima.
Nenhum Titular de Obrigações pode compensar quaisquer direitos
resultantes da Garantia com direitos que o Garante possa ter contra si.
O Garante apenas poderá compensar quaisquer direitos dos Titulares
de Obrigações resultantes da Garantia se os montantes tiverem sido
substituídos por capital no mínimo equivalente (Eigenmittel) de
estatuto no mínimo equivalente ou se a Autoridade Federal de
Supervisão
Financeira
(Bundesanstalt
für
Finanzdienstleistungsaufsicht) ou qualquer autoridade sucessora tiver
autorizado a compensação, e desde que a Condição de Solvência
(como definida abaixo) seja preenchida.
Remissão
...............................
As Obrigações não têm data final de vencimento. Elas são remíveis
na totalidade mas não em parte mediante decisão do Emitente pelo
seu valor nominal em [3 de Março] de 2011 e em cada Data de
Pagamento de Juros (tal como definida abaixo) seguinte. O Emitente
pode também remir as Obrigações na totalidade, mas não em parte,
pelo seu montante de capital conjuntamente com qualquer juro
acumulado em qualquer altura depois de um Evento de Gross-up
(como definido abaixo) e pelo Montante Acumulado depois de um
Evento Fiscal ou um Evento Regulatório (todos os termos estão
definidos infra). Em qualquer caso, o Emitente só pode resgatar e
remir as Obrigações se a Condição de Solvência (como definida
abaixo) for preenchida e o montante de capital das Obrigações a
serem remidas tiver sido substituído por fundos próprios no mínimo
equivalentes ou se a Autoridade Federal de Supervisão Financeira ou
qualquer Autoridade Sucessora tiver autorizado a remissão.
Um “Evento de Gross-up” ocorrerá se o Emitente foi ou for
obrigado por um órgão legislativo, um tribunal ou uma autoridade a
pagar Montantes Adicionais ou o Garante foi ou for obrigado a pagar
Montantes Adicionais em relação a pagamentos devidos nos termos
da Garantia em resultado de qualquer modificação ou alteração
efectuada às leis (ou em quaisquer regras ou regulamentos) da
87
Holanda ou da República Federal Alemã ou de qualquer subdivisão
política ou qualquer autoridade da ou na Holanda ou na República
Federal Alemã, ou de qualquer modificação ou alteração na
interpretação ou aplicação oficial das referidas leis, regras ou
regulamentos, e a referida obrigação não possa ser evitada por
medidas adequadas que o Emitente ou o Garante, consoante o caso,
considere razoável tomar (agindo de boa fé).
Um “Evento Fiscal” ocorrerá se, em resultado de uma modificação
ou alteração efectuada às leis (ou em quaisquer regras ou
regulamentos) da Holanda ou da República Federal Alemã ou de
qualquer subdivisão política ou qualquer autoridade fiscal aí situadas,
ou em resultado de qualquer modificação ou alteração na
interpretação ou aplicação oficial das referidas leis, regras ou
regulamentos, por qualquer órgão legislativo, tribunal, agência
governamental ou autoridade reguladora (incluindo a entrada em
vigor de qualquer legislação e a publicação de qualquer decisão
judicial ou ordem regulatória), os juros devidos pelo Emitente em
relação às Obrigações ou qualquer montante devido pelo Garante nos
termos da Garantia deixem de ser, ou no prazo de 90 dias da data da
opinião descrita abaixo passem a deixar de ser, dedutíveis na íntegra
pelo Emitente e/ou pelo Garante para os efeitos de imposto sobre o
rendimento Holandês e/ou Alemão, e que o risco não possa ser
evitado por medidas adequadas que o Emitente ou o Garante
considere razoável tomar (agindo de boa fé).
Um “Evento Regulatório” ocorrerá se
(a) a Autoridade Federal de Supervisão Financeira (Bundesanstalt
für Finanzdienstleistungsaufsicht) ou qualquer Autoridade
Sucessora declarar, por escrito, ao Garante que as Obrigações
(total ou parcialmente) deixaram de cumprir os requisitos
relativos a fundos próprios para efeitos de solvência, a nível
individual e de grupo, do Garante, ou solvência nos termos dos
regulamentos para grupos financeiros. Isto será aplicável apenas
se em qualquer altura anterior à referida declaração as
Obrigações cumpriam os referidos requisitos; ou
(b) for exigido ao Garante ou ao grupo do Garante, a qualquer
momento, para efeitos de fundos próprios, que tenha fundos
próprios de tipo Tier I (como for descrito), e as Obrigações não
sejam elegíveis de serem qualificadas para efeitos de inclusão
nos fundos próprios de tipo Tier I para efeitos de solvência do
grupo do Garante ou de solvência nos termos dos regulamentos
para grupos financeiros vigentes naquele momento.
Juros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . As Obrigações renderão juros sobre o seu valor nominal agregado a
partir de [3 de Março] de 2006 inclusive à taxa de [5.00-5.875] % por
ano até à data da remissão exclusive, se existente. Os juros serão
pagos postecipadamente em [3 de Março] em cada ano (cada uma
destas datas, uma “Data de Pagamento de Juros”). O primeiro
pagamento de juros será efectuado em [3 de Março] de 2007. Se o
juro dever ser calculado relativamente a um período inferior a um ano
completo, tal juro será calculado com base no número efectivo de dias
desse período dividido pelo número efectivo de dias (365 ou 366) do
ano respectivo.
88
Diferimento opcional de Pagamentos de
Juros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Preenchida a Condição de Solvência e não tendo ocorrido nenhum
Evento de Diferimento Obrigatório (tal como definido abaixo), o
Emitente pode, em cada Data de Pagamento de Juros, decidir
discricionariamente diferir o pagamento os juros mediante um
pré-aviso não inferior a 3 Dias Úteis, se até ao final do décimo Dia
Útil anterior a tal Data de Pagamento de Juros (a “Data de Cálculo”)
nenhum dividendo, outra distribuição ou pagamento tiver sido
declarado relativamente a qualquer classe de acções do Garante na
Assembleia
Geral ordinária de accionistas (ordentliche
Hauptversammlung) do Garante imediatamente antes da Data de
Pagamento de Juros, e nenhum pagamento respeitante ao lucro
contabilístico tiver sido efectuado desde tal Assembleia Geral
ordinária de accionistas (ordentliche Hauptversammlung) do Garante.
Neste caso, quaisquer destes juros diferidos constituirão um
“Pagamento de Juros Opcionalmente Diferido”.
O Emitente pode decidir discricionariamente proceder a qualquer
pagamento de juros que não difira na Data de Pagamento de Juros
com fundos recolhidos antes da Data de Pagamento de Juros através
do Mecanismo Alternativo de Satisfação de Cupões de Acções
(“MASC”) (como descrito abaixo).
Diferimento ou cancelamento
obrigatório de Pagamentos de Juros
...
Se numa Data de Pagamento de Juros a Condição de Solvência não se
encontrar preenchida, o Emitente terá de diferir os juros que
acumulem durante o ano de juros até tal Data de Pagamento de Juros
exclusive, salvo se o Emitente decidir discricionariamente satisfazer
tais juros na Data de Pagamento de Juros com fundos recolhidos antes
da Data de Pagamento de Juros através do MASC.
A “Condição de Solvência” será preenchida se:
(A) o Garante e o Grupo do Garante tiverem fundos adequados para
cobrir a margem de solvência mínima exigível (ou um termo
comparável caso as regras aplicáveis sejam alteradas) de acordo
com as disposições da lei alemã reguladora dos seguros (para
efeitos de solvência de grupo ou de solvência individual, ou da
solvência nos termos do regulamento para grupos financeiros) e
uma prática administrativa geralmente aceite, se existente, da
Autoridade Federal de Supervisão Financeira ou qualquer
autoridade sucessora aplicável naquele momento, e tais fundos
não se tornarem, em resultado de um pagamento de juros ou
pagamento de remissão integral ou parcial, respectivamente, que
de outra forma se venceria em tal Data de Pagamento de Juros
ou data de remissão, inferiores à margem de solvência mínima
exigível, e
(B) nenhuma decisão da Autoridade Federal de Supervisão
Financeira ou de qualquer autoridade sucessora estiver de facto a
proibir o Garante de efectuar pagamentos de juros, outras
distribuições ou remissões (incluindo aos titulares de qualquer
Valor Mobiliário de Estatuto Equivalente ou Valor Mobiliário
Subordinado, e
(C) o Garante for capaz de pagar as suas dívidas perante os Credores
Sénior (tal como definido abaixo) à medida que se vão
vencendo, e
89
(D) os Bens do Garante (tal como definidos abaixo) excederem as
suas Responsabilidades (tal como definidos abaixo) (que não
responsabilidades perante pessoas que não sejam Credores
Sénior).
“Activos” significa os activos totais não consolidados do Garante,
como demonstrados no mais recente balanço anual fiscalizado do
Garante, embora ajustados para eventos subsequentes, tal como
determinado pelo Garante, ou, caso o Garante entre em liquidação, o
seu liquidatário.
“Credores Seniores” significa os credores do Garante (a) que são
credores não subordinados do Garante; ou (b) cujos direitos estão
subordinados aos direitos de outros credores do Garante (para além
daqueles cujos direitos são graduados pari passu como, ou
subordinados aos, direitos dos Titulares de Obrigações).
Se numa Data de Pagamento de Juros tiver ocorrido um Evento de
Diferimento Obrigatório, o Emitente deverá diferir qualquer
Montante Excedente.
“Montante Excedente” significa relativamente ao montante de juros
que seria devido sobre o montante agregado de capital de Obrigações
em circulação na Data de Pagamento de Juros relevante, que de outro
modo seria devido (o “Montante de Juros”), o montante pelo qual o
Montante de Juros excede o Novo Montante de Capital (tal como
definido abaixo).
“Novo Montante de Capital” significa as receitas líquidas recebidas
pelo Garante de novas emissões e/ ou venda de acções ordinárias,
acções preferenciais e instrumentos das agências de notação de risco
que fornecem crédito garantido por capital próprio semelhantes às
Obrigações durante 180 dias antes de tal data e designados pelo
Garante em ou antes do momento de emissão como disponíveis para
pagar distribuições sobre as Obrigações.
Um “Evento de Diferimento Obrigatório” deverá ter ocorrido numa
Data de Pagamento de Juros se até ao final da Data de Cálculo
(x) o Rendimento Líquido Trimestral Acumulado (tal como definido
abaixo) relativo ao período de quatro trimestres do Garante que
termine no trimestre que seja dois trimestres anterior ao mais
recente relatório trimestral elaborado e publicado pelo Garante
for inferior ou igual a zero; e
(y) o Valor Ajustado de Capital Próprio (tal como definido abaixo)
no final do mais recente relatório trimestral elaborado e
publicado pelo Garante e no final do trimestre que seja dois
trimestres anterior ao mais recente relatório trimestral elaborado
e publicado pelo Garante tiver descido 10% ou mais quando
comparado com o Valor Ajustado de Capital Próprio no final do
trimestre do Garante que seja dez trimestres anterior ao mais
recente relatório trimestral elaborado e publicado pelo Garante
(o “Trimestre de Referência”).
90
Onde:
“Valor Ajustado de Capital Próprio” significa, no final de qualquer
trimestre do Garante, o capital próprio antes dos interesses
minoritários tal como reflectido no balanço consolidado do Garante
do final de tal trimestre, tal como determinado nos termos das
Normas Contabilísticas Aplicáveis (tal como definido abaixo), menos
variações cambiais e ganhos e perdas (líquidas) não realizadas tal
como reflectido no referido balanço consolidado.
“Normas Contabilísticas Aplicáveis” significa as Normas
Internacionais de Relato Financeiro (IFRS) aplicáveis nas datas
relevantes e relativamente aos períodos relevantes, ou outros
princípios contabilísticos geralmente aceites na Alemanha e aplicados
pelo Garante que posteriormente os substituam.
“Rendimento Líquido Trimestral Acumulado” significa, no final
de qualquer trimestre do Garante, o montante do rendimento líquido
consolidado do Garante, determinado nos termos das Normas
Contabilísticas Aplicáveis, relativamente aos quatro trimestres com
fim no último dia desse trimestre.
Se for exigido ao Emitente que difira o pagamento de juros na
sequência da ocorrência de um Evento de Diferimento Obrigatório
numa Data de Pagamento de Juros, será também exigido ao Emitente
que difira em uma ou mais Datas de Pagamento de Juros posteriores
os juros que de outro modo seriam devidos nas referidas Datas de
Pagamento de Juros até que o Evento de Diferimento Obrigatório
esteja remediado em qualquer Data de Cálculo subsequente. Após a
ocorrência de um ou mais Eventos de Diferimento Obrigatório, o
Emitente apenas poderá começar a pagar juros sobre as Obrigações
em qualquer Data de Pagamento de Juros se na Data de Cálculo para
a referida Data de Pagamento de Juros (x) não tenha ocorrido
qualquer Evento de Diferimento Obrigatório e (y) qualquer Evento de
Diferimento Obrigatório anterior tenha sido remediado.
Um Evento de Diferimento Obrigatório que tenha ocorrido numa
Data de Cálculo anterior foi remediado em qualquer Data de Cálculo
caso o Valor Ajustado de Capital Próprio no mais recente relatório
trimestral elaborado e publicado pelo Garante anteriormente à
referida Data de Cálculo tenha aumentado para um valor superior a
90% do Valor Ajustado de Capital Próprio no final do Trimestre de
Referência referente à referida Data de Cálculo anterior em que o
Evento de Diferimento Obrigatório ocorreu.
O Emitente poderá decidir discricionariamente satisfazer, na Data de
Pagamento de Juros relevante, os juros que de outro modo seriam
devidos com fundos recolhidos anteriormente à Data de Pagamento
de Juros através do MASC.
Nestes casos, quaisquer destes juros diferidos constituirão um
“Pagamento de Juros Obrigatoriamente Diferido”.
Pagamento de Pagamentos de Juros
Diferidos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . O Emitente pode em qualquer momento mediante notificação prévia
satisfazer integral ou parcialmente qualquer Pagamento de Juros
Opcionalmente Diferido com fundos recolhidos antes da data em que
o Pagamento de Juros Diferido é devido (a “Data de Liquidação
Diferida”) através do MASC.
91
O Emitente satisfará
(x) qualquer Pagamento de Juros Opcionalmente Diferido com
fundos recolhidos antes da Data de Liquidação Diferida através
do MASC e
(y) qualquer Pagamento de Juros Obrigatoriamente Diferido
(conjuntamente com o Pagamento de Juros Opcionalmente
Diferido, os “Pagamentos de Juros Diferidos”) através do
MASC ou através do Mecanismo Alternativo de Satisfação do
Cupão de Valores Mobiliários De Estatuto Equivalente
(“MAEE”) (tal como descrito abaixo)
nos seguintes casos:
(i) O Emitente satisfará qualquer Pagamento de Juros Diferido na
data em que as Obrigações possam ser remidas.
(ii) O Emitente satisfará qualquer Pagamento de Juros Diferido na
Data de Pagamento de Juros subsequente seguinte
(x) depois da data em que o Emitente ou o Garante proceder a
qualquer pagamento integral de juros ou de um pagamento
diferido relativamente a qualquer Valor Mobiliário de
Estatuto Equivalente, ou
(y) depois da data em que o Emitente ou o Garante proceder a
qualquer pagamento integral de juros ou qualquer
pagamento diferido relativamente a qualquer Valor
Mobiliário Subordinado, ou
(z) se tiver sido declarado até ao final da Data de Cálculo que
anteceda a referida Data de Pagamento de Juros qualquer
dividendo, outra distribuição ou pagamento relativamente a
qualquer categoria de acções do Garante na Assembleia
Geral
ordinária
dos
accionistas
(ordentliche
Hauptversammlung) do Garante imediatamente anterior à
referida Data de Pagamento de Juros, ou se tiver sido
efectuado qualquer pagamento por conta do lucro do
balanço posteriormente à realização da referida Assembleia
Geral
ordinária
dos
accionistas
(ordentliche
Hauptversammlung) do Garante.
(iii) Se o Emitente ou o Garante fizer qualquer pagamento parcial de
juros ou de um pagamento diferido sobre qualquer Valor
Mobiliário de Estatuto Equivalente ou Valor Mobiliário
Subordinado, o Emitente satisfará qualquer Pagamento de Juros
Diferido na mesma proporção na Data de Pagamento de Juros
imediatamente subsequente após a data em que tal pagamento foi
efectuado. Neste caso, a proporção será igual ao resultado da
divisão do montante do pagamento diferido de facto pago pelo
montante em dívida do pagamento diferido.
(iv) O Emitente satisfará qualquer Pagamento de Juros Diferido
nunca depois do décimo aniversário posterior à Data de
Pagamento de Juros relevante.
(v) O Emitente satisfará qualquer Pagamento de Juros Diferido na
data em que exista um motivo de dissolução nos termos do §262,
parágrafo 1 da Lei das Sociedades Anónimas (Aktiengesetz)
relativamente ao Emitente ou ao Garante (que não para efeitos
ou na sequência de uma fusão, reorganização ou reestruturação
enquanto for solvente, em que a entidade que continua assume
substancialmente todo o activo e obrigações do Emitente ou do
Garante consoante o caso).
92
Mecanismo Alternativo de Satisfação de
Cupões de Acções (“MASC”) . . . . . . . . O Emitente só pode satisfazer qualquer pagamento de juros que não
difira através do MASC se e na medida em que o Garante tenha
recolhido os fundos necessários para a satisfação do pagamento de
juros através da emissão ou venda de acções do Garante (as “Acções
de Pagamento”) no prazo de 6 meses antes da Data de Pagamento de
Juros.
Se o Emitente decidir ou for obrigado a satisfazer qualquer
Pagamento de Juros Diferido através do MASC, o Emitente requererá
do Garante que aumente os fundos necessários à satisfação do
pagamento relevante através da emissão ou venda das Acções de
Pagamento do Garante no período com início na data que coincida 6
meses antes da Data de Liquidação Diferida relevante, incluindo
aquela data, até à data que coincida cinco anos após a Data de
Liquidação Diferida relevante, embora excluindo esta data.
Em nenhumas circunstâncias existirá qualquer obrigação por
parte do Garante de emitir novas acções ou de vender acções
próprias; os Titulares de Obrigações são notificados de que o
Garante pode ser impedido por disposições imperativas da lei
alemã das sociedades anónimas ou por outra forma de emitir
novas acções ou vender acções próprias.
O Garante pode, para efeitos de satisfazer qualquer Pagamento de
Juros Obrigatoriamente Diferido nos termos do MASC, colocar um
número de Acções de Pagamento em cada ano civil que não excedam
2,00 por cento do capital social emitido (Grundkapital) do Garante na
data relevante.
Se, relativamente a qualquer Pagamento de Juros Obrigatoriamente
Diferido, qualquer dos requisitos necessários para a execução do
MASC não for preenchido, ou na medida em que o patamar acima
mencionado seria excedido ou o montante que seria devido exceder
os resultados da colocação das Acções de Pagamento, o Emitente
satisfará o Pagamento de Juros Diferido nessa medida através do
MAEE, salvo se o Emitente tivesse decidido previamente accionar o
MAEE relativamente ao Pagamento de Juros Diferido relevante e lhe
fosse exigido aplicar o MASC cumulativamente com o MAEE; neste
caso, a obrigação do Emitente de satisfazer o Pagamento de Juros
Obrigatoriamente Diferido será cancelado nessa medida. Se,
relativamente a qualquer Pagamento de Juros Opcionalmente
Diferido, qualquer dos requisitos necessários para a execução do
MASC não for preenchido, ou na medida em que o montante que
seria devido exceder os resultados da colocação das Acções de
Pagamento, a obrigação do Emitente de satisfazer o Pagamento de
Juros Opcionalmente Diferido será cancelado nessa medida.
Se o Emitente for obrigado a satisfazer qualquer Pagamento de Juros
Diferido em data em que exista uma causa de dissolução, nos termos
do § 262 para. 1 da Lei das Sociedades Anónimas (Aktiengesetz),
relativa ao Emitente ou ao Garante, e, no entanto, o Emitente ou o
Garante não for capaz de aplicar o MASC ou o MAEE, as obrigações
do Emitente relativas a tal montante não liquidado serão graduadas
pari passu com as obrigações do Emitente relativas ao montante de
capital das Obrigações num montante até ao patamar referente ao
MAEE.
93
Mecanismo Alternativo de Satisfação do
Cupão de Valores Mobiliários De
Estatuto Equivalente (“MAEE”) . . . . . . Se o Emitente tiver notificado de que satisfará qualquer Pagamento de
Juros Diferido relativamente ao ano de juros relevante nos termos do
MAEE, o Emitente ou o Garante recolherão os fundos necessários
para a satisfação do Pagamento de Juros Diferido através da emissão
e da venda, directa ou indirecta, de valores mobiliários híbridos com
termos e condições (em particular relativamente às disposições
relativas ao diferimento de remuneração, pagamentos de remuneração
diferida e a substituição) semelhantes às Condições e que constituam
fundos próprios (Eingenmitel) de estatuto no mínimo equivalente (os
“Valores Mobiliários de Pagamento”) no período com início na data
que coincida 6 meses antes da Data de Liquidação Diferida relevante,
incluindo aquela data, até à data que coincida cinco anos após a Data
de Liquidação Diferida relevante, embora excluindo esta data.
O montante de capital agregado de todos os Valores Mobiliários de
Pagamento emitidos ao abrigo do MAEE não deve exceder 25% do
montante de capital agregado das Obrigações na Data de Emissão.
Se o requisito para a execução do MAEE não for preenchido, ou na
medida em que o patamar acima mencionado seria excedido ou o
montante de juros devidos exceder os resultados da colocação das
Acções de Pagamento, o Emitente satisfará o Pagamento de Juros
Diferidos nessa medida através do MASC, salvo se o Emitente tivesse
decidido previamente accionar o MASC relativamente ao Pagamento
de Juros Diferido relevante e lhe fosse exigido aplicar o MAEE
cumulativamente com o MASC; neste caso, a obrigação do
Emitente de satisfazer o Pagamento de Juros Diferido será
cancelado nessa medida.
Tributação
..............................
Proibição de Oneração
“Cross default”
Todos os pagamentos de capital e juros relativamente às Obrigações
(incluindo pagamentos pelo Garante ao abrigo da Garantia) serão
efectuados livres e sem retenção ou dedução de quaisquer impostos,
taxas, tributos ou taxas governamentais de qualquer natureza
impostas, lançadas, cobradas, retidas ou estabelecidas pelos Países
Baixos ou pela República Federal da Alemanha (conforme o caso) ou
qualquer subdivisão política ou qualquer autoridade dos ou nos Países
Baixos ou República Federal da Alemanha (conforme o caso) que
tenha poder de tributar, salvo se o Emitente ou o Garante for obrigado
por lei a proceder a tal retenção ou dedução. No caso de tal retenção
ou dedução em resultado de qualquer alteração ou mudança
legislativa, o Emitente ou o Garante (conforme o caso) pagarão os
montantes adicionais que os Titulares das Obrigações teriam recebido
se tal retenção ou dedução não tivesse sido exigida, sem prejuízo das
normais excepções, tal como estabelecido nas Condições.
..................
Os Termos e Condições das Obrigações não contêm uma disposição
de proibição de oneração.
.........................
Os Termos e Condições das Obrigações não contêm uma disposição
de “cross default” relativamente a outras obrigações do Emitente ou
do Garante.
Admissão à Cotação
....................
Foi feito um pedido para cotar as Obrigações no mercado oficial
(Amtlicher Markt) da Bolsa de Valores de Frankfurt.
94
Direito Aplicável . . . . . . . . . . . . . . . . . . . . . . . . As Obrigações e a Garantia serão regidas pelo direito alemão.
Restrições de Venda
Jurisdição
....................
Existirão restrições específicas quanto à oferta e venda de Obrigações
e à distribuição de materiais da oferta no Espaço Económico Europeu,
Estados Unidos da América, Áustria, Bélgica, Dinamarca, França,
Irlanda, Portugal, Suécia e Reino Unido.
...............................
A jurisdição não-exclusiva competente para quaisquer processos
judiciais resultantes das Obrigações é Frankfurt am Main, na
República Federal da Alemanha.
Compensação e Liquidação
ISIN
.............
....................................
Código Comum
.........................
As Obrigações serão aceites para compensação através do
Clearstream Banking AG, Frankfurt am Main.
DE000A0GNPZ3
024513742
Código Alemão de Valores
Mobiliários (WKN) . . . . . . . . . . . . . . . . . . . . . . A0GNPZ
Sumário relativo aos Factores de Risco
Factores de Risco relativos às Obrigações
Um investimento nas Obrigações envolve determinados riscos relacionados com as características das
Obrigações. Tais riscos podem resultar no não pagamento pelo Emitente de capital ou juros, no Garante não
efectuar o pagamento ao abrigo da Garantia e/ ou numa descida substancial do preço de mercado das Obrigações.
Os riscos resultam especialmente do facto de:
•
o Emitente não ter qualquer obrigação de remir as Obrigações e os Titulares das Obrigações não terem
qualquer direito de exigir a sua remissão;
•
as Obrigações poderem ser sujeitas a remissão antecipada pelo seu montante de capital na sequência de
Evento de Gross-up e pelo Montante Acumulado na sequência de um Evento Fiscal ou um Evento
Regulatório; neste caso, se o Emitente resgatar e remir as Obrigações, os Titulares das Obrigações
apenas poderão reinvestir os resultados da remissão em valores mobiliários com um rendimento mais
baixo;
•
não existir qualquer restrição quanto ao montante de dívida em que o Emitente ou o Garante podem
incorrer no futuro;
•
as obrigações de pagamento do Emitente ao abrigo das Obrigações e do Garante ao abrigo da Garantia
constituem obrigações subordinadas do Emitente e do Garante, respectivamente; e
•
o Emitente pode decidir ou mesmo ser obrigado a diferir pagamentos de juros se determinados
requisitos forem preenchidos.
Factores de Risco relativos ao Emitente
O Emitente é um veículo financiador do Grupo Allianz. Como tal, inter alia, recolhe fundos e reempresta
montantes a sociedades do grupo no âmbito do Grupo Allianz através de empréstimos intra-grupo. Caso uma
sociedade do grupo não efectue um pagamento ao abrigo de um empréstimo intra-grupo, o Emitente pode não ser
capaz de cumprir as suas obrigações de pagamento ao abrigo das Obrigações.
Factores de Risco relativos ao Garante
A actividade do Grupo Allianz, e como resultado, o valor das Obrigações, estão expostos a um conjunto de
riscos. A secção que se segue contém uma descrição de determinados riscos que podem, de forma substancial,
afectar negativamente a sua posição financeira e os resultados das operações:
95
•
A volatilidade da taxa de juro pode afectar negativamente os resultados das operações do Grupo Allianz.
•
Os riscos do mercado podem prejudicar o valor da carteira do Grupo Allianz e afectar negativamente a
sua posição financeira e os resultados das operações.
•
Os factores de mercado e outros podem afectar negativamente o goodwill, os custos diferidos de
aquisição de apólices e os activos resultantes de tributação diferida; os referidos activos do Grupo
Allianz são também potencialmente afectados por alterações na legislação fiscal.
•
A Allianz AG funciona tanto como uma companhia resseguradora como uma SGPS do Grupo Allianz, e
está exposta a vários riscos de liquidez.
•
As provisões por perdas das apólices de seguro e resseguro multi-risco do Grupo Allianz têm por base
estimativas quanto às responsabilidades por reclamações futuras. Desenvolvimentos negativos
relativamente às pretensões podem levar a reforços adicionais das reservas e afectar negativamente e de
forma substancial os resultados das operações do Grupo Allianz.
•
A experiência actuarial e outros factores podem divergir dos assumidos no cálculo das reservas
actuariais do ramo vida/ saúde e responsabilidades com pensões.
•
Os resultados financeiros do Grupo Allianz podem ser afectados negativamente de forma substancial
pela ocorrência de catástrofes.
•
O Grupo Allianz tem uma exposição ao risco de contraparte significativa.
•
Desenvolvimentos negativos no Dresdner Bank, incluindo o desenvolvimento em termos de
performance operacional, níveis de perdas em virtude de crédito mal parado ou writedowns e perdas de
capital, podem afectar negativamente os resultados do Grupo Allianz e podem resultar em requisitos de
capital susceptíveis de restringir as suas operações.
•
Muitas das actividades do Grupo da Allianz dependem da força financeira e da notação de risco dos
créditos atribuída ao Grupo Allianz por várias agências de notação de risco. Assim, a descida das
notações de risco da Allianz AG pode afectar negativamente de forma substancial as relações com
clientes e intermediários, ter um impacto negativo nas vendas dos produtos do grupo Allianz e aumentar
os seus custos de contrair empréstimo.
•
Se a actividade de gestão de activos do Grupo Allianz tiver uma má rentabilidade, pode sofrer uma
diminuição dos activos sob gestão e do rendimento de taxas associado.
•
Riscos geopolíticos acrescidos na sequência do ataque terrorista de 11 de Setembro de 2001 e quaisquer
ataques terroristas futuros podem ter um impacto negativo continuado nas actividades do Grupo Allianz.
•
Alterações a normas governamentais existentes ou novas normas governamentais nos países onde o
Grupo Allianz opera podem ter um impacto neste.
•
Alterações na legislação fiscal podem afectar negativamente as actividades do Grupo Allianz.
•
Alterações de valor relativamente ao Euro de moedas fora da zona do Euro em que o Grupo Allianz gere
receitas e incorra em despesas pode afectar negativamente os seus ganhos declarados e fluxos de caixa.
•
Os ganhos que a Allianz AG realize através da fusão com a Riunione Adriatica di Sicurtà Società per
Azione (“RAS”) podem ser substancialmente diferentes das suas expectativas presentes.
•
Os resultados, a performance e as realizações actuais do Grupo Allianz ou os da sua indústria poderão
ser substancialmente diferentes ou piores que as respectivas afirmações relativas ao futuro devido a
influências políticas, macroeconómicas e demográficas imprevisíveis.
A concretização de qualquer dos riscos enunciados supra poderá afectar a capacidade do Garante de cumprir
as suas obrigações de pagamento nos termos da Garantia e/ou levar a um declínio no preço de mercado das
Obrigações.
Sumário relativo ao Emitente
O Emitente foi fundado como uma sociedade por quotas nos Países Baixos em 8 de Maio de 2000 por tempo
ilimitado ao abrigo do direito dos Países Baixos. O Emitente é uma subsidiária da Allianz AG totalmente detida
por esta e actua como uma entidade financiadora dentro do Grupo Allianz. A sede do Emitente é em Amesterdão
e a morada é Keizersgracht 484, NL-1017 EH Amesterdão, Países Baixos, número de telefone
(+31)(20)5569710. O Emitente encontra-se registado no Registo Comercial de Amesterdão sob o número
34134406.
96
O objecto social do Emitente, tal como contido no Artigo 2 dos seus Estatutos, é desenvolver actividade
financeira de todos os tipos, em particular o empréstimo e tomada de empréstimo de fundos, incluindo a emissão
de obrigações, e participação em sociedades e empresas.
O conselho de directores executivos do Emitente é constituído actualmente pelos seguintes membros: Dirk
Schoon, Hero Wentzel e Dra. Sylvia Hoechendorfer-Ziegler. O conselho fiscal do Emitente é constituído
actualmente por Michael Diekmann, Dr. Paul Achleitner e Stephan Theissing.
Os auditores da Allianz Finance II B.V. são KPMG Accountants N.V., Burgemeester Rijnderslaan 10,
NL-1185 MC Amstelveen, Países Baixos.
A seguinte tabela apresenta a informação financeira chave do Emitente:
Allianz Finance II B.V.
9 meses com final em 30 de
Setembro (contas não
fiscalizadas)
2005
2004
€
€
Ano terminado em 31 de Dezembro
2004
2003
€
€
Activo Imobilizado . . . . . . . . . . . . . . . . . . . . . . . . . .
Activo Circulante . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.329.056.504
364.490.526
6.654.019.238
316.092.403
6.602.060.884
258.734.477
6.641.659.010
904.824.759
Capital Próprio . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passivo de Longo Prazo . . . . . . . . . . . . . . . . . . . . .
Passivo Corrente . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.693.547.030
2.400.749
9.239.056.504
362.089.777
6.970.111.641
2.097.756
6.654.019.235
313.994.650
6.860.795.361
932.595
6.602.060.881
257.801.885
7.546.483.769
987.413
6.641.659.010
903.837.346
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
Sumário relativamente ao Garante
A Allianz AG é uma sociedade anónima regida pelo direito alemão e registada como “Allianz
Aktiengesellschaft” no registo comercial do tribunal de primeira instância (Amtsgericht) em Munique sob o
número de registo HRB 7158. A sede e morada da Allianz AG são em Königinstrasse 28, 80802 Munique,
Alemanha, número de telefone (+49)(89)3800-00.
Panorama das actividades comerciais
O Grupo Allianz está entre os maiores prestadores de serviços financeiros do mundo, oferecendo produtos e
serviços de seguros, de banca e de gestão de activos através de sectores de actividade de seguros multi-risco,
ramo vida/ saúde, banca ou gestão de activos. O Grupo Allianz é um dos maiores grupos seguradores do mundo
com base nos prémios brutos emitidos em 2004 e é a maior companhia alemão de seguros multi-risco e vida/
saúde com base nos prémios brutos emitidos em 2004. O Grupo Allianz está também entre as maiores
companhias de seguros em outros países, incluindo França, Itália, Reino Unido, Suíça e Espanha e é uma das
maiores instituições financeiras alemãs com base no valor de mercado em 30 de Setembro de 2005. Desde o
início de Agosto de 2005, a Allianz AG tem tido notações de força financeira de A+ da A.M. Best e AA- da
Standard & Poor’s, ambas com perspectivas de estabilidade, e uma notação de Aa3 da Moody’s para uma dívida
sénior não garantida com perspectivas de estabilidade.
A Allianz AG foi constituída em Berlim em 5 de Fevereiro de 1890 com a designação de “Allianz
Versicherungs-Aktiengesellschaft”. Em 1949, a Allianz AG alterou a sua administração principal de Berlim para
Munique. Com base numa deliberação correspondente da assembleia geral de 27 de Junho de 1985, a Allianz AG
foi transformada numa SGPS e a sua firma foi alterada para “Allianz Aktiengesellschaft Holding”. Nos termos de
uma deliberação correspondente da assembleia geral de 7 de Outubro de 1996, a designação de Allianz AG foi
mais uma vez alterada para “Allianz Aktiengesellschaft”.
97
Para além da sua actividade seguradora dos ramos multi-risco e vida/ saúde, o Grupo Allianz estabeleceu em
1998 os serviços financeiros como o seu terceiro sector de actividade principal. Em 2001, depois da sua
adquisição do Dresdner Bank AG (doravante referido como “Dresdner Bank” e conjuntamente com as suas
subsidiárias consolidadas, o “Grupo Dresdner Bank”), o Grupo Allianz reorganizou o seu sector de serviços
financeiros em sectores separados de gestão de activos e de banca. Com base em activos sob gestão em 31 de
Dezembro de 2004, o Grupo Allianz era um dos cinco maiores gestores de activos no mundo. No seu sector
bancário, que é hoje o seu quarto sector de actividade principal, a sua aquisição do Dresdner Bank tornou o
Grupo Allianz um dos maiores bancos na Alemanha e proveu-a de canais de distribuição significativamente
alargados para os seus produtos e serviços dos ramos multi-risco, vida/ saúde e gestão de activos.
A actividade do Grupo Allianz é gerida a nível local ao passo que as suas linhas de especialidades e o seu
sector de gestão de activos são geridos e operados a nível global. As actividades seguradoras alemãs dos ramos
multi-risco e vida/ saúde do Grupo Allianz são geridas por subsidiárias localizadas principalmente em Munique e
Estugarda. As suas actividades seguradoras não-alemãs são geridas localmente. Entre os maiores mercados
não-alemães do Grupo Allianz estão a França, a Itália, o Reino Unido, a Suiça, a Espanha e os Estados Unidos.
Cada uma das linhas de seguro de crédito, seguro marítimo e de aviação, resseguro de riscos industriais
internacionais através da Allianz Global Risks Rückversicherungs-AG e de seguro de viagem e serviços de
assistência do Grupo Allianz é gerido e operado numa base global. O sector de gestão de activos do Grupo
Allianz também opera numa base mundial, com centros de gestão chave em Munique, Frankfurt, Londres, Paris,
Sungapura, Hong Kong, Milão, Westport, Connecticut, e São Francisco, San Diego e Newport Beach, na
Califórnia. O sector da banca do Grupo Allianz opera através de aproximadamente 960 agências alemãs e
não-alemãs do Dresdner Bank (em 30 de Setembro de 2005) e várias subsidiárias, com operações importantes na
Alemanha, Reino Unido, outros países europeus e Estados Unidos.
Informação sobre Tendência
O Grupo Allianz espera um aumento global nas suas receitas globais semelhante a 2004 e aos primeiros
nove meses de 2005 e continua a concentrar os seus esforços na manutenção e na melhoria selectiva do seu lucro
operacional. Contudo, catástrofes naturais e desenvolvimentos negativos nos mercados de capitais, bem como os
factores de risco referidos acima, podem ter um impacto negativo na rentabilidade do Grupo Allianz.
Conselho Administrativo, Conselho Fiscal e Empregados
O Conselho de Administração da Allianz AG é constituído por onze membros que são Michael Diekmann
(Presidente), Dr. Paul Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber,
Dr. Helmut Perlet, Dr. Gerhard Rupprecht, Jean-Philipe Thierry, Dr. Herbert Walter e Dr. Werner Zedelius.
O Conselho Fiscal (Aufsichtsrat) da Allianz AG (o “Conselho Fiscal”) é constituído por vinte membros que
são Dr. Henning Schulte-Noelle (Presidente), Norbert Blix (Presidente Delegado), Dr. Wulf H. Bernotat,
Dr. Diethart Breipohl, Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach,
Peter Haimerl, Prof. Dr. Rudolf Hickel, Prof. Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau,
Dr. Max Link, Iris Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer e
Prof. Dr. Dennis J. Snower.
Em 30 de Setembro de 2005, o Grupo Allianz empregava um total de 178.462 pessoas no mundo inteiro,
105.284 das quais fora da Alemanha.
Grandes Accionistas
Em 31 de Dezembro de 2004, a Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft em
München (ou “Munique Re”) era o único grande accionista da Allianz AG e detinha aproximadamente 9,0% do
capital social da Allianz AG ou aproximadamente 9,4% das acções em circulação da Allianz AG nesta data. Em
14 de Julho de 2005, a Allianz AG foi informada pela Munique Re nos termos das disposições da Lei de
Negociação de Valores Mobiliários alemã (Wertpapierhandelsgesetz, ou “WpHG”) que a Munique Re tinha
reduzido a sua participação na Allianz AG para menos de 5% e detinha 4,9% do capital social da Allianz AG
nesta data.
98
Perante as alterações substanciais na relação entre o Grupo Allianz e a Munique Re – em particular a
redução significativa das participações mútuas cruzadas, o cancelamento do acordo “Princípios de Cooperação” e
o fim da participação dos administradores simultaneamente nos órgãos de administração das duas sociedades – a
Allianz AG já não considera a Munique Re como uma parte associada.
Informação Financeira Seleccionada
Grupo Allianz
Lucros Operacionais (EBIT) antes de itens excepcionais . . . . . . . . . . . .
Lucros Operacionais (EBIT) após itens excepcionais . . . . . . . . . . . . . . . .
Cash Flow* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Activos Totais . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital dos Accionistas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Passivo Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
30 Setembro
2005
(não fiscalizadas)
Milhões €
31 Dezembro
2004
31 Dezembro
2003
Milhões €
Milhões €
5.917
3.508
18.675
989.198
48.588
940.610
6.839
2.266
4.616
990.318
37.691
952.627
3.982
2.691
(1.397)
933.213
35.259
897.954
fluxos de capital resultante de actividades operacionais
Informação Adicional
Capital social registado
O capital social da Allianz AG cifra-se actualmente em €1.039.462.400 e está dividido em 406.040.000
acções sem valor nominal.
Fiscal Único
A Allianz AG nomeou a KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 Munique, Alemanha, como fiscal para
o ano que termina em 31 de Dezembro de 2005.
Documentos em Exibição
Enquanto qualquer Obrigação estiver em circulação, poderão ser inspeccionadas cópias dos seguintes
documentos em suporte físico durante as normais horas de expediente na sede do Emitente e do Garante e no
escritório do Agente Pagador Principal que seja especificado:
(a) a Garantia;
(b) os Estatutos do Emitente;
(c) os estatutos (Satzung) do Garante;
(d) o Prospecto; e
(e) todos os relatórios, cartas e outros documentos, informação, avaliações e balanços financeiros históricos,
preparados por um perito a pedido do Emitente e/ ou do Garante, que se encontrem, ainda que parcialmente,
incluídos ou referidos na descrição do Emitente e do Garante.
99
RESUMEN
El siguiente documento constituye un resumen (en lo sucesivo, “el Resumen”) de las características y
riesgos esenciales asociados al Emisor, el Garante y los Bonos. Este Resumen debe considerarse como una
introducción al Folleto. Cualquier decisión realizada por un inversor de invertir en los Bonos debe basarse en el
análisis de este Folleto en su totalidad, incluidos los documentos incorporados por referencia y sus
correspondientes suplementos. En caso de que se interpusiese ante un tribunal una demanda relativa a la
información contenida en este Folleto, los documentos incorporados por referencia y los suplementos a los
mismos, el inversor que interpusiese la demanda podría estar obligado bajo la legislación nacional de un Estado
miembro del Área Económica Europea a soportar los costes derivados de la traducción del presente Folleto, los
documentos incorporados por referencia y los suplementos a los mismos antes de iniciar el procedimiento
judicial correspondiente. El Emisor, el Garante y Dresdner Bank Aktiengesellschaft, quienes han elaborado este
Resumen incluyendo cualquier traducción del mismo y que han solicitado su notificación, tendrán
responsabilidad civil sólo si, el Resumen puede inducir a error, o si contiene inexactitudes o incongruencias
respecto a las demás partes de este Folleto.
Este Resumen incluye previsiones a futuro (forward-looking statements). Entre ellas, se incluyen
previsiones relativas a, entre otras cosas, la rentabilidad financiera futura del Emisor, Allianz Aktiengesellschaft
(en adelante “Allianz AG”) y sus filiales consolidadas (en adelante, y junto con Allianz AG, “Allianz Group”),
planes y expectativas relativas a la evolución de la actividad mercantil, crecimiento y rentabilidad de Allianz
Group, y sobre las condiciones generales del sector y del negocio aplicables a Allianz Group. Para la
formulación de dichas previsiones a futuro, Allianz Group se ha basado en sus expectativas actuales,
asunciones, estimaciones y proyecciones de acontecimientos futuros. Las previsiones a futuro están sujetas a
varios riesgos, incertidumbres y suposiciones que pueden provocar que los resultados efectivos, la rentabilidad o
el éxito de Allianz Group, o los de su sector, difieran sustancialmente o sean peores que dichas previsiones a
futuro. El Emisor, Allianz AG y Dresdner Bank AG no asumen ninguna obligación de actualizar dichas
previsiones a futuro ni de adaptarlas según la evolución o acontecimientos futuros, excepto en la medida en que
así lo exija la legislación.
Resumen de los Bonos
La cantidad principal total definitiva, el precio de emisión y el tipo de interés de los Bonos se determinarán
aproximadamente el [1 de marzo] de 2006, en virtud de un proceso de recopilación de las órdenes de compra de
los inversores principales.
Emisor
..................................
Garante
.................................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
Importe principal . . . . . . . . . . . . . . . . . . . . . . . . [Hasta 1.000 millones] EUR
Entidades Directoras
(“Lead Managers”)
...................
Deutsche Bank AG, sucursal de Londres, Dresdner Bank AG,
sucursal de Londres (que aparece en la portada con su nombre
comercial “Dresdner Kleinwort Wasserstein”), UBS Limited
(conjuntamente, las “Entidades Directoras”)
Entidades Codirectoras . . . . . . . . . . . . . . . . . . Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen - Girozentrale
WestLB AG
(junto con las Entidades Directoras, los “Gestores”)
100
Agente Fiscal, Agente de Pagos
Principal y Agente de Cálculo
(“Fiscal Agent, Principal Paying
Agent and Calculation Agent”) . . . . . . . Deutsche Bank Aktiengesellschaft
Precio de emisión
.......................
[98-101]%
Fecha de emisión
.......................
[3 de marzo] de 2006
Valor nominal
..........................
Los Bonos se emitirán con un valor nominal de 1.000 EUR cada uno.
Forma de expedición de los Bonos. . . . . . . Los Bonos serán al portador e, inicialmente, estarán representados por
un Título Global Provisional sin cupones de interés, que se depositará
en o en representación de Clearstream Banking AG Frankfurt am
Main (en adelante, el “Sistema de Compensación Bancaria”). El
Título Global Provisional podrá canjearse por un Título Global
Permanente sin cupones de intereses no antes de que transcurran 40
días desde la Fecha de Emisión, siempre que se certifique
fehacientemente la inexistencia de propiedad efectiva estadounidense
con arreglo a las normas y procedimientos operativos del Sistema de
Compensación Bancaria. El pago del Título Global Provisional
únicamente se efectuará mediante la presentación de dicha
certificación. No se emitirá ningún Bono o cupón de interés
definitivo.
Categoría de los Bonos.
.................
Las obligaciones bajo los Bonos constituyen obligaciones no
garantizadas y subordinadas del Emisor, y tienen el mismo rango
(“pari passu”) entre sí, y al menos el mismo rango que todas las
demás obligaciones no garantizadas y subordinadas sin fecha del
Emisor pendientes de cumplimiento en la Fecha de Emisión salvo las
obligaciones subordinadas privilegiadas por la ley. En caso de
liquidación, disolución, insolvencia, convenio u otro procedimiento
dirigido a subsanar la insolvencia de, o interpuesto en contra, del
Emisor, las obligaciones del Emisor derivadas de los Bonos quedarán
subordinadas a las reclamaciones de todos los acreedores no
subordinados y subordinados con fecha del Emisor, de tal forma que,
en tal caso, no se abonará ningún importe en relación con los Bonos
hasta que todas las reclamaciones de los citados acreedores no
subordinados y subordinados con fecha del Emisor hayan sido
completamente satisfechas.
Ni el Emisor ni ningún tercero conceden o concederán en ningún
momento ninguna garantía (con excepción de la Garantía
subordinada) de ningún tipo, que garantice los derechos de los
Titulares de Bonos bajo los Bonos. Ningún acuerdo posterior podrá
limitar la subordinación ni acortar el periodo de notificación aplicable
(Kündigungsfrist) relativo a los Bonos. En caso de que los Bonos se
amorticen anticipadamente, los importes amortizados deberán ser
devueltos al Emisor, con independencia de cualquier acuerdo en
contrario, a no ser que el Emisor se haya disuelto o que dichos
importes hayan sido sustituidos por un capital que al menos, deberá
ser equivalente (Eigenmittel) y de, al menos, rango equivalente, o si la
101
Autoridad Federal de Supervisión Financiera alemana (“Federal
Financial Supervisory Authority”) o cualquier otro órgano que la
sustituya autoriza la citada amortización.
Ningún Titular de Bonos puede compensar las reclamaciones
derivadas de los Bonos con cualesquiera reclamaciones que el Emisor
pueda tener frente a dicho Titular. El Emisor no puede compensar las
reclamaciones que tenga contra cualquier Titular de Bonos con las
obligaciones que le impongan los Bonos.
Garantía
................................
El Garante otorgará una Garantía incondicional e irrevocable, con
carácter subordinado, para garantizar el pago del principal, intereses y
otras cantidades que deban abonarse bajo los Bonos. La Garantía
constituye un contrato en beneficio de quienes en cada momento sean
Titulares de los Bonos como terceros beneficiarios, de conformidad
con el artículo 328 apartado 1 del Código Civil alemán (Bürgerliches
Gesetzbuch), que legitima a cada uno de los Titulares de Bonos a
exigir el cumplimiento de la Garantía directamente al Garante, y a
ejecutar la Garantía directamente contra el Garante.
En caso de disolución, liquidación, insolvencia, o cualquier otro
procedimiento dirigido a evitar la situación concursal del Garante, las
reclamaciones de los Titulares de Bonos bajo la Garantía serán
satisfechas después (y solamente después) de que se hayan satisfecho
íntegramente las reclamaciones de todos los acreedores no
subordinados y subordinados con fecha del Garante.
Los Titulares de Bonos aceptan expresamente que, en las
circunstancias descritas anteriormente, los pagos relativos a los Bonos
se realizarán por parte del Garante en virtud de la Garantía
únicamente de conformidad con el mecanismo de subordinación
descrito anteriormente.
Ningún Titular de Bonos puede compensar las reclamaciones
derivadas de la Garantía con las posibles reclamaciones que el
Garante pueda tener frente a dicho Titular. El Garante puede
compensar las reclamaciones de cualquier Titular de Bonos derivadas
de la Garantía únicamente si dichas cantidades han sido sustituidas
por otras con, como mínimo, un capital equivalente (Eigenmittel) o
con una categoría al menos equivalente, o si la Autoridad Federal de
Supervisión
Financiera
alemana
(Bundesanstalt
für
Finanzdienstleistungsaufsicht) o cualquier otra autoridad que la
suceda da su consentimiento a la compensación, y siempre que se
cumpla la Condición de Solvencia (según se define dicho término
más adelante).
Amortización
...........................
Los Bonos no tienen una fecha de vencimiento definitiva. Pueden
amortizarse en su totalidad, pero no en parte, a elección del Emisor,
en su cuantía principal el [3 de marzo] de 2011 y, a partir de ese
momento, en cada Fecha de Pago de Intereses (según dicho término
se define más adelante). El Emisor también puede amortizar los
Bonos en su totalidad, pero no en parte, en su importe principal junto
con cualesquiera intereses devengados en cualquier momento tras un
Supuesto de Redondeo al Alza (Gross-up Event) (según se define
dicho término más adelante), y al Importe Complementario tras un
102
Supuesto Fiscal o un Supuesto Regulador (todos estos términos según
se definen más adelante). En cualquier caso, el Emisor puede adquirir
y amortizar los Bonos únicamente si se cumple la Condición de
Solvencia (según dicho término se define más adelante), y si el
importe principal de los Bonos que van a ser amortizados ha sido
sustituido por otro importe obligatorio como mínimo equivalente, o si
la Autoridad Federal de Supervisión Financiera alemana o cualquier
otro órgano que la sustituya autoriza la citada amortización.
Se producirá un “Supuesto de Redondeo al Alza” (Gross up Event)
si el Emisor está o pasa a estar obligado por un órgano legislador, un
tribunal o cualquier otra autoridad a pagar Importes Adicionales, o si
el Garante está o pasa a estar obligado a pagar Importes Adicionales
respecto de los pagos adeudados en virtud de la Garantía como
resultado de cualquier modificación o enmienda en las leyes (o los
reglamentos o normas que los desarrollen) de los Países Bajos o la
República Federal de Alemania o cualquier subdivisión política o
autoridad de los Países Bajos o la República Federal de Alemania, o
como resultado de cualquier cambio o modificación en la
interpretación oficial o aplicación de dichas leyes, normas o
reglamentos, y en caso de que la obligación en cuestión no pueda ser
evitada por el Emisor o el Garante, según proceda, adoptando las
medidas razonables que (actuando de buena fe) considere adecuadas.
Se producirá un “Supuesto Fiscal” si, como resultado de cualquier
cambio o modificación en las leyes (o en las normas y reglamentos
que las desarrollen) de los Países Bajos o la República Federal de
Alemania, o cualquier subdivisión política u otra autoridad fiscal de
uno u otro, o si como resultado de la modificación o enmienda de la
interpretación oficial o aplicación de dichas leyes, normas o
reglamentos o cualquier órgano legislativo, tribunal, órgano
administrativo o autoridad reguladora (incluida la promulgación de
nueva legislación y la publicación de cualquier resolución judicial u
orden administrativa), los intereses pagaderos por el Emisor respecto
de los Bonos, o cualquier cantidad pagadera por el Garante en virtud
de la Garantía deja de ser, o vaya a dejar de ser en el plazo de 90 días
desde la fecha del dictamen descrito más adelante, totalmente
deducibles por el Emisor y/o el Garante a efectos del impuesto sobre
la renta holandés o alemán, siempre que dicho riesgo no pueda ser
evitado por el Emisor o el Garante mediante la adopción de las
medidas razonables que consideren (actuando de buena fe) adecuadas.
Se producirá un “Supuesto Regulador” si:
(a) la Autoridad Federal de Supervisión Financiera Alemana
(Bundesanstalt für Finanzdienstleistungsaufsicht) o cualquier
otro órgano que la sustituya indican por escrito al Garante que
los Bonos (en su totalidad o en parte) han dejado de cumplir los
requisitos para el importe obligatorio o la posesión de fondos a
efectos de la solvencia del grupo o la solvencia de la entidad del
Garante, o la solvencia definida en la regulación para
conglomerados financieros. Esta disposición se aplicará
únicamente si en cualquier momento anterior a dicha indicación
los Bonos sí cumplían dichos requisitos, o
(b) si en algún momento, el Garante o el grupo del Garante se ven
obligados, como consecuencia de obligaciones regulatorias de
103
capital, a tener un capital obligatorio de Tier I (con
independencia de su descripción), y si los Bonos no cumplieran
los requisitos para ser incluidos en el importe obligatorio de
Tier I a efectos de la solvencia del grupo del Garante o la
solvencia definida en la regulación para conglomerados
financieros en vigor en ese momento.
Intereses
................................
Se devengará un interés sobre el principal de los Bonos desde el [3 de
marzo] de 2006 inclusive a un tipo del [5.00-5.875] por ciento anual
hasta, pero excluyéndola, la fecha de amortización, en su caso. Los
intereses se abonarán a plazo vencido el [3 de marzo] de cada año (y
cada una de tales fechas será denominada una “Fecha de Pago de
Intereses”). El primer pago de intereses se llevará a cabo el [3 de
marzo] de 2007. Si fuese necesario calcular intereses para un periodo
inferior a un año, dichos intereses se calcularán sobre la base del
número efectivo de días del periodo dividido por el número efectivo
de días (365 ó 366) del año respectivo.
Aplazamiento optativo del pago de
intereses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sujeto al cumplimiento de la Condición de Solvencia y a que no se
haya producido ningún Supuesto de Aplazamiento Obligatorio (según
dicho término se define más adelante), el Emisor puede, en cada
Fecha de Pago de Intereses, optar a su sola discreción por aplazar el
pago de los intereses, comunicándolo con una antelación de al menos
tres Días Hábiles, si, al final del décimo Día Hábil anterior a dicha
Fecha de Pago de Intereses (en adelante, “la Fecha de Cálculo”), no
se hubiese declarado ningún dividendo u otro tipo de pago respecto de
ninguna clase de acciones del Garante en la Junta General de
Accionistas ordinaria (ordentliche Hauptversammlung) del Garante
inmediatamente anterior a dicha Fecha de Pago de Intereses, y si no
se hubiese hecho ningún pago a cuenta del beneficio del balance
desde dicha Junta General de Accionistas ordinaria (ordentliche
Hauptversammlung) del Garante. En este caso, los intereses aplazados
constituirán un “Pago de Intereses Aplazado Optativo”.
El Emisor puede optar, a su sola discreción, por satisfacer cualquier
pago de intereses que no aplace en la Fecha de Pago de Intereses con
fondos obtenidos antes de la Fecha de Pago de Intereses por medio
del Mecanismo Alternativo de Satisfacción de los Cupones de
Acciones (“ACSM”), según se describe más adelante.
Aplazamiento o cancelación obligatoria
de los pagos de intereses . . . . . . . . . . . . . . Si en una Fecha de Pago de Intereses no se cumple la Condición de
Solvencia, el Emisor estará obligado a aplazar el pago de los intereses
devengados durante el ejercicio hasta dicha Fecha de Pago de
Intereses (no incluida), a no ser que el Emisor opte, a su sola
discreción, por satisfacer dichos intereses en la Fecha de Pago de
Intereses con fondos obtenidos antes de la Fecha de Pago de Intereses
por medio del ACSM.
La “Condición de Solvencia” se cumplirá en caso de que:
(A) el Garante y el Grupo del Garante cuenten con fondos adecuados
para cubrir el margen de solvencia mínimo requerido (u otro
término comparable en caso de modificación de las normas
aplicables) de conformidad con las disposiciones de la ley
alemana reguladora de los seguros (a efectos de la solvencia del
104
grupo o la solvencia de la entidad, o la solvencia según se define
en la regulación para conglomerados financieros) y la práctica
administrativa generalmente reconocida, en su caso, de la
Autoridad Federal de Supervisión Financiera alemana o
cualquier otro órgano que la sustituya aplicable en cualquier
momento, y dichos fondos no sean inferiores, como resultado de
un pago parcial o total de intereses o de un pago de
amortización, respectivamente, que en caso contrario vencerían
en dicha Fecha de Pago de Intereses o en la fecha de
amortización, respectivamente, al margen de solvencia mínimo
exigido; y
(B) no esté en vigor ninguna orden de la Autoridad Federal de
Supervisión Financiera alemana o cualquier órgano que la
sustituya en la que se prohíba al Garante hacer pagos de
intereses, a excepción de las distribuciones o amortizaciones
(incluyendo a los titulares de Valores de Paridad o Valores
Junior); y
(C) el Garante pueda abonar sus deudas contraídas con sus
Acreedores Principales (según se definen más adelante) en el
momento de su vencimiento, y
(D) el Activo del Garante (según se define más adelante) supere a su
Pasivo (según se define más adelante) (con excepción de las
obligaciones contraídas con quienes no sean Acreedores
Principales).
“Activo” se refiere al activo total no consolidado del Garante, según
aparece en el último balance de situación anual publicado auditado
del Garante, pero ajustado para los supuestos posteriores, todo ello
según determine el Garante o, en caso de que esté en proceso de
liquidación, su liquidador.
“Pasivo” se refiere al pasivo total no consolidado del Garante, según
aparece en el último balance de situación anual publicado auditado
del Garante, pero ajustado para los supuestos posteriores, todo ello
según determine el Garante o, en caso de que esté en proceso de
liquidación, su liquidador.
“Acreedores Principales” se refiere a los acreedores del Garante
(a) que sean acreedores no subordinados del Garante, o (b) cuyas
reclamaciones estén subordinadas a las reclamaciones de otros
acreedores del Garante (a excepción de aquéllos cuyas reclamaciones
tengan el mismo rango o un rango inferior a las de los Titulares de los
Bonos).
Si en una Fecha de Pago de Intereses se ha producido un Supuesto de
Aplazamiento Obligatorio, el Emisor estará obligado a aplazar todos
los Importes Excedentes.
Por “Importe Excedente” se entenderá, respecto del importe de
intereses que serían pagaderos sobre el importe principal total de los
Bonos en circulación en la correspondiente Fecha de Pago de
Intereses, y que se hubiesen devengado (en lo sucesivo, el “Importe
de Intereses”), al importe en el que el Importe de Intereses exceda del
“Nuevo Importe del Capital” (según este término se define más
adelante).
105
Por “Nuevo Importe de Capital” se entenderán los ingresos netos
recibidos por el Garante de las nuevas emisiones y/o de la venta de
acciones ordinarias, acciones preferentes e instrumentos que generen
alta calificación crediticia de las agencias de calificación
estrechamente relacionadas con los Bonos durante el periodo de 180
días anterior a dicha fecha y designado por el Garante en o antes de la
fecha de emisión, según esté disponible, para abonar cantidades en
relación con los Bonos.
Se habrá producido un “Supuesto de Aplazamiento Obligatorio” en
una Fecha de Pago de Intereses en caso de que al final de la Fecha de
Cálculo:
(x) los Ingresos Netos Trimestrales Acumulados (según dicho
término se define más adelante) para el periodo de cuatro
trimestres del Garante que hubiese concluido en el trimestre
anterior en seis meses al trimestre completo y publicado más
reciente del Garante son inferiores o iguales a cero;
(y) si el Importe Ajustado de los Recursos Propios (según dicho
término se define más adelante) al final del trimestre completo y
publicado más reciente del Garante y al final del trimestre que
preceda en seis meses al trimestre completo y publicado más
reciente del Garante ha disminuido en un 10% o más en
comparación con el Importe Ajustado de los Recursos Propios
existente al final del trimestre del Garante que sea diez trimestres
anterior al trimestre completo y publicado más reciente del
Garante (el “Trimestre de Referencia”).
Donde:
Por “Importe Ajustado de los Recursos Propios” se entenderá, al final
de cualquier trimestre del Garante, los recursos propios antes de las
participaciones minoritarias, según se refleje en el balance de
situación consolidado del Garante relativo a dicho trimestre,
elaborado de conformidad con las Normas Contables Aplicables
(según dicho término se define más adelante), menos los ajustes de
conversión de divisas extranjeras y las pérdidas y ganancias (netas)
no materializadas que se reflejen en dicho balance de situación
consolidado.
Por “Normas Contables Aplicables” se entenderá a las Normas
Internacionales de Información Financiera (International Financial
Reporting Standards, IFRS) que sean aplicables en las fechas
correspondientes y para los plazos correspondientes, o cualesquiera
otros principios contables generalmente aceptados en Alemania y
aplicados por el Garante que sustituyan a los anteriores.
Por “Ingresos Netos Trimestrales Acumulados” se entenderá, al
finalizar cualquier trimestre del Garante, la suma de los ingresos netos
consolidados del Garante, según se determine de conformidad con las
Normas Contables Aplicables, para los cuatro trimestres que
concluyan el último día de dicho trimestre.
Si el Emisor se ve obligado a aplazar un pago de intereses tras la
producción de un Supuesto de Aplazamiento Obligatorio en una
Fecha de Pago de Intereses, el Emisor también estará obligado a
aplazar en una o varias Fechas de Pago de Intereses posteriores los
106
intereses que en caso contrario se habrían devengado en dichas
Fechas de Pago de Intereses hasta que se haya subsanado el Supuesto
de Aplazamiento Obligatorio en cualquier Fecha de Cálculo posterior.
Después de que se hayan producido uno o varios Supuestos de
Aplazamiento Obligatorios, el Emisor sólo podrá empezar a pagar
intereses sobre los Bonos en una Fecha de Pago de Intereses si en la
Fecha de Cálculo de dicha Fecha de Pago de Intereses (x) no se ha
producido ningún Supuesto de Aplazamiento Obligatorio nuevo, y
(y) si los Supuestos de Aplazamiento Obligatorios anteriores han sido
subsanados.
Un Supuesto de Aplazamiento Obligatorio que se haya producido en
una Fecha de Cálculo anterior se considerará subsanado en cualquier
otra Fecha de Cálculo si el Importe Ajustado de los Recursos Propios
en el trimestre completado y publicado más reciente del Garante
anterior a dicha Fecha de Cálculo ha aumentado en más del 90%
sobre el Importe Ajustado de los Recursos Propios al final del
Trimestre de Referencia para dicha Fecha de Cálculo anterior en la
que se hubiese producido el Supuesto de Aplazamiento Obligatorio.
El Emisor puede, a su sola discreción, optar por satisfacer en la
correspondiente Fecha de Pago de Intereses los intereses que en otras
circunstancias habrían resultado pagaderos con fondos obtenidos
antes de la Fecha de Pago de Intereses a través del ACSM.
En estos casos, cualquier interés aplazado constituirá un “Pago de
Intereses Aplazado Obligatoriamente” (junto con cualquier Pago de
Intereses Aplazado Optativo, “ los Pagos de Intereses Aplazado”).
Pago de los Intereses Aplazados
.........
El Emisor puede en cualquier momento, siempre que lo comunique
previamente, satisfacer en su totalidad o en parte cualquier Pago de
Intereses Aplazado Optativo con fondos obtenidos con anterioridad a
la fecha en que venza el Pago de los Intereses Aplazados (en lo
sucesivo, “la Fecha de Liquidación Aplazada”) por medio del
ACSM.
El Emisor satisfará:
(x) cualquier Pago de Intereses Aplazado Optativo con fondos
obtenidos antes de la Fecha de Liquidación Aplazada por medio
del ACSM;
(y) cualquier Pago de Intereses Aplazado Obligatoriamente por
medio del ACSM o por medio del APSM;
en las siguientes situaciones:
(i)
El Emisor satisfará cualquier Pago de Intereses Aplazado en la
fecha en que los Bonos venzan para ser amortizados.
(ii) El Emisor satisfará cualquier Pago de Intereses Aplazado en la
Fecha de Pago de Intereses:
(x) siguiente a la fecha en la que el Emisor o el Garante
efectúen cualquier pago íntegro de intereses o un pago
aplazado sobre Valores de Paridad;
(y) siguiente a la fecha en la que el Emisor o el Garante
efectúen cualquier pago íntegro de intereses o un pago
aplazado sobre Valores Junior;
107
(z) si hasta el final de la Fecha de Cálculo anterior a dicha
Fecha de Pago de Intereses se declara cualquier dividendo u
otro pago o distribución respecto de cualquier clase de
acciones del Garante en la Junta General ordinaria de
accionistas (ordentliche Hauptversammlung) del Garante
inmediatamente anterior a dicha Fecha de Pago de
Intereses, o si se efectúa cualquier pago a cuenta del
beneficio del balance de situación desde dicha Junta
General
ordinaria
de
accionistas
(ordentliche
Hauptversammlung) del Garante.
(iii) Si el Emisor o el Garante efectúan cualquier pago parcial de
intereses o un pago aplazado sobre cualesquiera Valores de
Paridad o Valores Junior, el Emisor satisfará en la misma
proporción cualquier Pago de Intereses Aplazado en la siguiente
Fecha de Pago de intereses posterior a la fecha en que haya
efectuado tal pago. En este caso, la proporción será igual al
resultado de dividir el importe del pago aplazado efectivamente
abonado entre el importe restante del pago aplazado.
(iv) El Emisor satisfará cualquier Pago de Intereses Aplazado no más
tarde del día del décimo aniversario posterior a la Fecha de Pago
de Intereses correspondiente.
(v) El Emisor satisfará los Pagos de Intereses Aplazados en la fecha
en que se produzca una causa de disolución, conforme al
artículo 262 apartado 1 de la Ley alemana de Sociedades
Anónimas (Aktiengesetz), del Emisor o el Garante (diferente de
las disoluciones como consecuencia de una consolidación,
reorganización o reestructuración, mientras sigan siendo
solventes, cuando la entidad resultante asuma sustancialmente
todos los activos y obligaciones del Emisor o del Garante, según
sea el caso).
Mecanismo Alternativo de Satisfacción
de los Cupones de Acciones
(Alternative Share Coupon
Satisfaction Mechanism, “ACSM”) . . . El Emisor puede satisfacer cualquier pago de intereses que no aplace
a través del ACSM únicamente en caso de que y en la medida en que
el Garante haya obtenido los fondos necesarios para la satisfacción
del pago de intereses emitiendo o vendiendo acciones del Garante (las
“Acciones de Pago”) en el plazo de seis meses anterior a la fecha de
Pago de Intereses.
En caso de que el Emisor decida o esté obligado a satisfacer cualquier
Pago de Intereses Aplazado a través del ACSM, el Emisor solicitará
al Garante que obtenga los fondos necesarios para la satisfacción de
dicho pago emitiendo o vendiendo Acciones de Pago del Garante
durante el periodo comprendido entre la fecha que ocurra seis meses
antes de la correspondiente Fecha de Liquidación Aplazada,
inclusive, hasta la fecha del quinto aniversario de la correspondiente
Fecha de Liquidación Aplazada, no inclusive.
En ningún caso estará obligado el Garante a emitir nuevas
acciones o a vender acciones de autocartera; se informa a los
Titulares de Bonos que el Garante puede tener prohibido, en
virtud de disposiciones vinculantes de la ley alemana de
Sociedades Anónimas u otra normativa, emitir nuevas acciones o
a vender acciones de autocartera.
108
El Garante puede, el objeto de satisfacer cualquier Pago de Intereses
Aplazado Obligatoriamente de conformidad con el ACSM, colocar
cada año natural un número de Acciones de Pago que no exceda del
2,00 por ciento del capital social emitido (Grundkapital) del Garante
en la fecha correspondiente.
Si con respecto a un Pago de Intereses Aplazado Obligatoriamente
cualquiera de los requisitos para la aplicación del ACSM no se
cumple, o en la medida en que se sobrepase el límite antes
mencionado o que el importe que resulte pagadero sea superior a los
ingresos obtenidos por la colocación de las Acciones de Pago, el
Emisor satisfará el Pago de Intereses Aplazado Obligatoriamente en
dicha medida a través del APSM, a menos que el Emisor haya
decidido previamente utilizar el APSM respecto del Pago de Intereses
Aplazado Obligatoriamente correspondiente y esté obligado a aplicar
el ACSM además del APSM; en este caso la obligación del Emisor
de satisfacer el Pago de Intereses Aplazado Obligatoriamente
quedará cancelado en esa medida. Si con respecto a cualquier Pago
de Intereses Aplazado Opcional cualquiera de los requisitos para la
aplicación del ACSM no se cumple o, en la medida en que el importe
que sería pagadero exceda los ingresos de la colocación de las
Acciones de Pago, la obligación del Emisor de satisfacer el Pago de
Intereses Aplazado Optativo quedará cancelado en esa medida.
Si el Emisor está obligado a satisfacer cualquier Pago de Intereses
Aplazado en la fecha en que exista una razón para la disolución en
virtud del artículo 262 apartado 1 de la Ley alemana de Sociedades
Anónimas (Aktiengesetz) respecto al Emisor o al Garante, pero el
Emisor o el Garante no sean capaces en todo caso de aplicar el
ACSM, las obligaciones del Emisor respecto de dicha cantidad no
liquidada tendrán la misma consideración que las obligaciones del
Emisor respecto de la cantidad principal de los Bonos en un importe
hasta el umbral para el APSM.
Mecanismo Alternativo de Satisfacción
de Cupones de Valores de Paridad
(Alternative Parity Securities Coupon
Satisfaction Mechanism, “APSM”) . . . Si el Emisor ha informado que va a satisfacer cualquier Pago de
Intereses Aplazado Obligatoriamente para el correspondiente
ejercicio de intereses con arreglo al APSM, el Emisor o el Garante
obtendrán los fondos necesarios para la satisfacción del Pago de
Intereses Aplazado Obligatoriamente emitiendo y vendiendo, directa
o indirectamente, valores híbridos con términos y condiciones
similares (particularmente, en lo referente a las disposiciones relativas
al aplazamiento de la remuneración, de los pagos de la remuneración
aplazada y sobre la sustitución) a las Condiciones y que constituye
capital equivalente (Eigenmittel) o de un rango equivalente (los
“Valores de Pago”) durante el periodo comprendido desde la fecha
que se produzca seis meses antes de la correspondiente Fecha de
Liquidación Aplazada, inclusive, hasta la fecha del quinto aniversario
de la correspondiente Fecha de Liquidación Aplazada, no inclusive.
Las cantidades del importe principal total de todos los Valores de
Pago emitidos bajo el APSM no pueden exceder del 25% del importe
principal total de los Bonos en la Fecha de Emisión.
109
Si el requisito para la aplicación del APSM no se cumple, o en la
medida en que se sobrepase el límite antes mencionado o que el
importe de intereses pagaderos exceda de los ingresos obtenidos de la
colocación de los Valores de Pago, el Emisor satisfará el Pago de
Intereses Aplazado Obligatoriamente en dicha medida a través del
ACSM, a no ser que el Emisor haya decidido previmente utilizar el
ACSM respecto del Pago de Intereses Aplazado correspondiente y
esté obligado a aplicar el APSM además del ACSM; en este caso la
obligación del Emisor de satisfacer el Pago de Intereses Aplazado
Obligatoriamente quedará cancelado en dicha medida.
Fiscalidad . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Todos los pagos de principal e intereses relativos a los Bonos
(incluidos los pagos efectuados por el Garante bajo la Garantía) se
efectuarán netos y libres de cualquier tipo de retención o deducción a
cuenta de cualesquiera impuestos, tasas, gravámenes o tributos de
cualquier naturaleza impuestos, gravados, cobrados, retenidos o
tasados por los Países Bajos o la República Federal de Alemania
(según sea el caso) o cualquier subdivisión política o autoridad de los
Países Bajos o de la República Federal de Alemania (según sea el
caso) con potestades tributarias, salvo en caso de que el Emisor o el
Garante estén obligados por la legislación vigente a efectuar dicha
retención o deducción. En caso de que se produzca una retención o
deducción como resultado de cualquier modificación de las leyes
aplicables, el Emisor o el Garante (según sea el caso) pagarán las
cantidades adicionales que los Titulares de Bonos habrían recibido si
no hubiese sido necesario practicar tal retención o deducción, con
sujeción a las excepciones habituales descritas en las Condiciones.
Compromiso de no pignorar . . . . . . . . . . . . . Los Términos y Condiciones de los Bonos no contienen ningún
compromiso de no pignorar.
Resolución simultánea
..................
Los Términos y Condiciones de los Bonos no contienen ninguna
cláusula de resolución simultánea respecto de otras obligaciones del
Emisor o del Garante.
Admisión a cotización
..................
Se ha solicitado la admisión a cotización de los Bonos en el mercado
oficial (Amtlicher Markt) de la Bolsa de Valores de Frankfurt.
Legislación aplicable . . . . . . . . . . . . . . . . . . . . Los Bonos y la Garantía se regirán por la legislación alemana.
Restricciones a la venta
Jurisdicción
.................
Se impondrán restricciones específicas sobre la oferta y la venta de
los Bonos, así como sobre la distribución de los materiales de la
oferta, en el Espacio Económico Europeo, Estados Unidos de
América, Austria, Bélgica, Dinamarca, Francia, Irlanda, Portugal,
Suecia y el Reino Unido.
.............................
La jurisdicción no exclusiva para los procedimientos judiciales
derivados de los Bonos se establece en Frankfurt am Main, República
Federal de Alemania.
Compensación y liquidación
Código ISIN
............
............................
Los Bonos serán aceptados para su compensación en Clearstream
Banking AG, Frankfurt am Main.
DE000A0GNPZ3
110
Código común
..........................
Código de valores alemán (WKN)
.......
024513742
A0GNPZ
Resumen de los factores de riesgo
Factores de riesgo relativos a los Bonos
La inversión en Bonos implica determinados riesgos asociados con las características de los Bonos. Dichos
riesgos podrían materializarse en el hecho de que el Emisor no pagara el principal de los Bonos o los intereses,
que el Garante no realizase ningún pago bajo la Garantía y/o un deterioro sustancial del precio de mercado de los
Bonos. Los Riesgos se derivan especialmente de los siguientes hechos:
•
el Emisor no tiene obligación de amortizar los Bonos, y los Titulares de Bonos no están facultados para
solicitar su amortización;
•
que los Bonos pueden estar sujetos a una amortización anticipada de su principal tras un Supuesto de
Redondeo al Alza y del Importe Complementario tras un Supuesto Fiscal o un Supuesto Regulador; si el
Emisor compra y amortiza los Bonos en tal caso, los Titulares de Bonos podrán únicamente reinvertir
los beneficios de la amortización en títulos con una rentabilidad menor;
•
que no existe restricción alguna sobre el importe de la deuda que el Emisor o el Garante pueden contraer
en el futuro;
•
que las obligaciones de pago del Emisor bajo los Bonos y las del Garante bajo la Garantía constituyen
obligaciones subordinadas tanto del Emisor como del Garante, respectivamente, y
•
que el Emisor puede optar o incluso estar obligado a aplazar el pago de intereses si se cumplen
determinados requisitos.
Factores de riesgo relativos al Emisor
El Emisor es un vehículo de financiación de Allianz Group. Como tal, entre otros, obtiene fondos e importes
represtados para las sociedades perteneciente al grupo Allianz Group, a través de préstamos intragrupo. En caso
de que una sociedad del grupo no satisfaga un pago que debe realizar bajo un préstamo intragrupo, el Emisor no
podrá cumplir con sus obligaciones de pago bajo los Bonos.
Factores de riesgo relativos al Garante
La actividad mercantil de Allianz Group y, consecuentemente, el valor de los Bonos, están expuestos a
varios riesgos. En el apartado siguiente se describen algunos riesgos que pueden afectar negativa y
sustancialmente a su posición financiera y a los resultados de sus operaciones:
•
La volatilidad de los tipos de interés puede afectar negativamente a los resultados de las operaciones de
Allianz Group.
•
Los riesgos de mercado pueden disminuir el valor de la cartera de Allianz Group, y afectar
negativamente a su posición financiera y resultados de operaciones.
•
El mercado y otros factores podrían afectar negativamente al fondo de comercio, los costes de
adquisición diferidos y los activos de impuestos diferidos; los activos de impuestos diferidos de Allianz
Group también pueden verse potencialmente afectados por las modificaciones de la legislación
tributaria.
•
Allianz AG opera tanto como compañía de reaseguros como en calidad de sociedad holding de Allianz
Group, y está expuesta a determinados riesgos de liquidez.
•
Las reservas para pérdidas derivadas de las pólizas de seguro y reaseguro de responsabilidad civil de
Allianz Group se basan en estimaciones de las responsabilidades por reclamaciones futuras. Los
acontecimientos negativos relacionados con las reclamaciones pueden llevar a incremento de las
reservas, y afectar negativa y sustancialmente a los resultados de operaciones de Allianz Group.
111
•
La experiencia actuarial y otros factores pueden diferir de los considerados para el cálculo de las
reservas actuariales de vida / salud y el pasivo de las pensiones.
•
Los resultados financieros de Allianz Group pueden verse afectados negativa y sustancialmente en caso
de catástrofe.
•
Allianz Group cuenta con una significativa exposición al riesgo de contraparte.
•
La evolución negativa de Dresdner Bank, incluida la evolución de sus resultados de explotación, niveles
de pérdida de préstamos o reajustes o disminución del valor podrían afectar negativamente los
resultados de Allianz Group, lo que puede provocar unas necesidades de capital que podrían afectar
negativamente a sus operaciones.
•
Gran parte de los negocios de Allianz Group dependen de la solidez financiera y las calificaciones
crediticias otorgadas a Allianz AG por diversas agencias de calificación. Por lo tanto, una reducción de
las calificaciones de Allianz AG podría afectar negativa y sustancialmente a sus relaciones con clientes
e intermediarios, afectar negativamente las ventas de los productos de Allianz Group y aumentar su
coste de préstamo.
•
Si el negocio de gestión de activos de Allianz Group tiene un rendimiento inferior a lo esperado, puede
experimentar una reducción de los activos que gestiona y los ingresos relacionados de las
correspondientes comisiones de gestión.
•
El aumento de los riesgos geopolíticos tras los atentados terroristas del 11 de septiembre de 2001 y
cualquier posible atentado terrorista futuro que pudiese ocurrir podría tener un efecto negativo
continuado sobre los negocios de Allianz Group.
•
Los cambios legislativos o las nuevas regulaciones en los países en los que opera Allianz Group podrían
afectar su actividad sustancialmente.
•
Las modificaciones en la legislación tributaria podrían afectar negativamente a los negocios de Allianz
Group.
•
Las fluctuaciones de valor del euro en las zonas con monedas distintas al euro en las que Allianz Group
genere ingresos e incurra en gastos podrían afectar negativamente a los beneficios y flujos de caja
esperados.
•
Los beneficios que Allianz AG consiga de la fusión con Riunione Adriatica di Sicurtà Società per
Azioni (“RAS”) podrían ser sustancialmente diferentes a lo que se espera actualmente.
•
Los resultados, rentabilidad o logros efectivos de Allianz Group o de su sector pueden ser
sustancialmente diferentes o peores a sus respectivas previsiones para un futuro inmediato, a causa de
influencias políticas, macroeconómicas y demográficas impredecibles.
La materialización de cualquiera de los riesgos descritos anteriormente puede afectar a la capacidad del
Garante para cumplir sus obligaciones de pago en virtud de la Garantía, y/o producir una disminución del precio
de mercado de los Bonos.
Resumen del Emisor
El Emisor fue constituido como sociedad privada de responsabilidad limitada en los Países Bajos el 8 de
mayo de 2000, con duración indefinida y bajo la legislación de los Países Bajos. El Emisor es una filial
íntegramente participada por Allianz AG y actúa como entidad financiera dentro de Allianz Group. El domicilio
social del Emisor se encuentra en Ámsterdam, y sus oficinas están situadas en Keizersgracht 484, NL-1017 EH
Ámsterdam, Países Bajos, con número de teléfono (+31)(20) 5569710. El emisor está inscrito en el Registro
Mercantil de Ámsterdam, con el número 34134406.
El objeto social del Emisor, de acuerdo con lo previsto en el Artículo 2 de sus Estatutos Sociales, consiste en
el desarrollo de actividades financieras de todo tipo, en especial los préstamos y empréstitos de fondos, incluida
la emisión de bonos, y la participación en empresas y sociedades.
112
El consejo de administración del Emisor está formado en la actualidad por los siguientes miembros: D. Dirk
Schoon, D. Hero Wentzel y Dr. Dª Sylvia Hoechendorfer-Ziegler. El consejo supervisor del Emisor está formado
en la actualidad por D. Michael Diekmann, Dr. D. Paul Achtleitner y D. Stephan Theissing.
Los auditores de Allianz Finance II B.V. son KMPG Accountants N.V., con domicilio en Burgemeester
Rijnderslaan 10, NL-1185 MC Amstelveen, Países Bajos
En la siguiente tabla se exponen los principales datos financieros del Emisor:
Allianz Finance II B.V.
Periodo de 9 meses
terminado el 30 de
septiembre
2005
2004
(no auditado)
EUR
EUR
Ejercicio terminado el 31 de
diciembre
2004
2003
EUR
EUR
Activo fijo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Activo circulante . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.329.056.504
364.490.526
6.654.019.238
316.092.403
6.602.060.884
258.734.477
6.641.659.010
904.824.759
Recursos propios . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pasivo a largo plazo . . . . . . . . . . . . . . . . . . . . . . . . .
Pasivo circulante . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.693.547.030
2.400.749
9.329.056.504
362.089.777
6.970.111.641
2.097.756
6.654.019.235
313.994.650
6.860.795.361
932.595
6.602.060.881
257.801.885
7.546.483.769
987.413
6.641.659.010
903.837.346
9.693.547.030
6.970.111.641
6.860.795.361
7.546.483.769
Resumen del Garante
Allianz AG es una sociedad anónima sujeta a la legislación alemana e inscrita como “Allianz
Aktiengesellschsft” en el registro mercantil y el tribunal de distrito (Amtsgericht) de Múnich con el
número HRB 7158. El domicilio social y dirección comercial de Allianz AG se encuentran situados en
Koniginstrasse 28, 80802 Múnich, Alemania, con número de teléfono (+49)(89) 3800-00.
Descripción de sus actividades comerciales
Allianz Group es uno de los principales proveedores de servicios financieros del mundo, que ofrece
productos y servicios de seguros, banca y gestión de activos mediante los segmentos comerciales de
responsabilidad civil, vida y salud, banca, y gestión de activos. Allianz Group es uno de los mayores grupos de
seguros del mundo, sobre la base de las primas brutas suscritas en 2004, y la mayor compañía aseguradora
alemana en seguros de responsabilidad civil y de vida /salud, sobre la base de las primas brutas contratadas en
2004. Allianz Group también es una de las principales compañías aseguradoras en otros países, incluidos Francia,
Italia, Reino Unido, Suiza y España, y es una de las mayores entidades financieras de Alemania en términos de
capitalización bursátil a 30 de septiembre de 2005. Desde principios de agosto de 2005, Allianz AG ha obtenido
calificaciones que reflejan su solidez financiera, como la de A+ concedida por A.M. Best y AA por Standard &
Poor’s, ambas con perspectiva estable, y la calificación de Aa3 para la deuda principal no garantizada con
perspectiva estable de Moody’s.
Allianz AG fue constituida en Berlín el 5 de febrero de 1890, con el nombre de “Allianz VersicherungsAktiengesellschaft”. En 1949, Allianz AG trasladó su administración principal de Berlín a Múnich. Por acuerdo
de la junta general celebrada el 27 de junio de 1985, Allianz AG fue reestructurada en una sociedad holding, y su
nombre se cambió por el de “Allianz Aktiengesellschaft Holding”. Por acuerdo de la junta general celebrada el
7 de octubre de 1996, el nombre de Allianz AG se cambió de nuevo por el de “Allianz Aktiengesellschaft”.
Además de sus negocios de seguros de responsabilidad civil y de vida / salud, Allianz Group creó en 1998
su tercer segmento principal de actividad, el de los servicios financieros. En 2001, tras su adquisición de
Dresdner Bank AG (citado en lo sucesivo como “Dresdner Bank”, y junto con sus filiales consolidadas, el
“Dresdner Bank Group”), Allianz Group reorganizó su segmento de servicios financieros en dos ramas
separadas, gestión de activos y banca. Según el número de activos gestionados a 31 de diciembre de 2004,
113
Allianz Group era en esa fecha uno de los cinco principales gestores de activos del mundo. En su sector de banca,
que actualmente es el cuarto segmento de su actividad principal, la adquisición de Dresdner Bank convirtió a
Allianz Group en uno de los mayores bancos de Alemania, y le proporcionó unos canales de distribución
bancarios significativamente amplios para sus productos y servicios de responsabilidad civil, vida / salud y
gestión de activos.
Los negocios de Allianz Group se gestionan a nivel nacional, con excepción de las líneas de especialidad y
el segmento de gestión de activos, que se gestionan y operan a escala internacional. Los negocios de seguros de
responsabilidad civil y de vida / salud de Allianz Group en Alemania se gestionan por parte de filiales ubicadas
principalmente en Múnich y Stuttgart. Sus negocios de seguros fuera de Alemania se gestionan en los distintos
países. Fuera de Alemania, los principales mercados de Allianz Group son Francia, Italia, Reino Unido, Suiza,
España y Estados Unidos. Cada una de las líneas de especialidad de Allianz Group, es decir, seguros crediticios,
seguros marinos y de aviación, reaseguramiento de riesgos industriales internacionales a través de Allianz Global
Risks Rückversicherungs-AG y los servicios de seguros y asistencia en viaje se gestionan y operan a escala
internacional. El segmento de gestión de activos de Allianz Group también se opera a escala mundial, estando
situados sus centros de gestión principales en Múnich, Frankfurt, Londres, París, Singapur, Hong Kong, Milán,
Westport, Connecticut, y San Francisco, San Diego y Newport Bech, California. El segmento de banca de
Allianz Group opera a través de las aproximadamente 960 oficinas sucursales, tanto dentro de Alemania como
fuera de ella, de Dresdner Bank (a fecha 30 de septiembre de 2005), y varias filiales, con importantes operaciones
en Alemania, Reino Unido, otros países europeos y Estados Unidos.
Previsiones y expectativas
Allianz Group prevé un incremento general de sus ingresos totales acorde con el que tuvo lugar en 2004 y
los primeros nueve meses de 2005, y continúa centrando sus esfuerzos en mantener y mejorar selectivamente sus
beneficios de explotación. Sin embargo, las catástrofes naturales y algunos acontecimientos negativos en los
mercados bursátiles, así como los factores de riesgo anteriormente enumerados, pueden afectar gravemente la
rentabilidad de Allianz Group.
Consejo de Administración, Consejo supervisor y empleados
El Consejo de Administración de Allianz AG está formado por once miembros, que son Michael Diekmann
(Presidente), Dr. Paul Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber,
Dr. Helmut Perlet, Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter y Dr. Werner Zedelius.
El consejo supervisor (Aufsichtstrat) de Allianz AG (en adelante, el “Consejo Supervisor”) está formado
por 20 miembros, que son: Dr. Henning Schulte-Noelle (Presidente), Norbert Blix (Presidente adjunto),
Dr. Wulf H. Bernotat, Dr. Diethart Breipohl, Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen,
Franz Fehrenbach, Peter Haimerl, Prof. Dr. Rudolf Hickel, Prof. Dr. Franz B Humer, Prof. Dr. Renate Köcher,
Igor Landau, Dr. Max Link, Iris Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider,
Margit Schoffer y Prof. Dr. Dennis J. Snower.
A 30 de septiembre de 2005, Allianz Group empleaba a un total de 178.462 personas en todo el mundo, de
los que 105.284 trabajaban fuera de Alemania.
Principales accionistas
A 31 de diciembre de 2004, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (o
“Munich Re”) era el único accionista mayoritario de Allianz AG, y poseía aproximadamente el 9,0% del capital
social de Allianz AG o aproximadamente el 9,4% de las acciones en circulación de Allianz AG en esa fecha. El
14 de julio de 2005, Allianz AG fue informada por Munich Re, en cumplimiento de las normas de la Ley
alemana del Mercados de Valores (Wertpapierhandelsgesetz, o “WpHG”) de que Munich Re reducía sus
participación efectiva en Allianz AG a un porcentaje inferior al 5%, y pasó a poseer el 4,9% del capital social de
Allianz AG desde esa fecha.
114
A la vista de los cambios significativos de la relación entre Allianz Group y Munich Re – especialmente, la
reducción significativa de las participaciones societarias cruzadas, la cancelación del contrato de “Principios de
cooperación” y la finalización de participaciones cruzadas en los consejos de administración –, Allianz AG ha
dejado de considerar a Munich Re como interlocutor relevante.
Información financiera seleccionada
Allianz Group
Beneficios de explotación . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ingreso neto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Flujo de Caja* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Activo total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recursos propios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pasivo total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*
30 de
septiembre de
2005
(no auditados)
millones de
EUR
31 de
diciembre de
2004
31 de
diciembre de
2003
millones de
EUR
millones de
EUR
5.917
3.508
18.675
989.198
48.588
940.610
6.839
2.266
4.616
990.318
37.691
952.627
3.982
2.691
(1.397)
933.213
35.259
897.954
Flujo de Caja procedente de Actividades Operativas
Información adicional
Capital social nominal
El capital social de Allianz AG asciende en la actualidad a 1.039.462.400 EUR, dividido en 406.040.000
acciones sin valor a la par.
Auditor reglamentario
Allianz AG ha nombrado a KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), con domicilio en GanghoferstraBe 29, 80339 Múnich, Alemania,
como auditor para el ejercicio fiscal terminado el 31 de diciembre de 2005.
Documentos que pueden inspeccionarse
En tanto haya algún Bono en circulación, podrán inspeccionarse copias físicas de los siguientes documentos
durante el horario laboral habitual en el domicilio social del Emisor y del Garante, y en la oficina indicada del
Agente de Pagos Principal:
(a) la Garantía;
(b) Los Estatutos Sociales del Emisor;
(c) Los Estatutos Sociales (Satzung) del Garante;
(d) el Folleto, y
(e) todos los informes, cartas y demás documentos, información financiera histórica, valoraciones y
declaraciones, preparadas por los expertos a solicitud del Emisor o del Garante, cuyos fragmentos estén
incluidos o citados en la descripción del Emisor o del Garante.
115
ÖVERSÄTTNING AV PROSPEKTSAMMANFATTNING
Bifogad översättning utgör en översättning av avsnittet Summary i Prospektet av den 17 februari 2006
avseende odaterade efterställda Obligationer med fast ränta. Översättningen har upprättats mot bakgrund av
bestämmelserna i 2 kap. 23 och 36 §§ lagen (1991:980) om handel med finansiella instrument i samband med
begäran till United Kingdom Listing Authority i England om att utfärda intyg om godkännande av prospektet till
Finansinspektionen enligt bestämmelserna i artikel 18 i prospektdirektivet (2003/71/EG).
Enligt 2 kap. 15 § lagen (1991:980) om handel om finansiella instrument är ansvaret för innehållet i
sammanfattningen och denna översättning av sammanfattningen begränsat enligt vad som närmare beskrivs i det
inledande stycket i översättningen. Om översättningen inte stämmer överens med informationen i den engelska
originalversionen har den engelska originalversionen tolkningsföreträde. Investerare bör därför även ta del av
grundprospektet i dess helhet på dess originalspråk innan något beslut tas om investering.
SAMMANFATTNING
Följande avsnitt utgör en översättning av sammanfattningen (“Sammanfattningen”) avseende Emittentens
huvudsakliga kännetecken samt riskerna förknippade med Emittenten, Borgensmannen och Obligationerna.
Denna sammanfattning skall läsas som en introduktion till detta Prospekt. Varje beslut av en investerare att
investera i Obligationerna skall ske med beaktande av detta Prospekt i dess helhet, inklusive de dokument som
infogas häri genom hänvisning, samt varje tillägg, om några, därtill. Om krav med bäring på informationen i
detta Prospekt, inklusive de dokument som bifogas genom hänvisning och varje tillägg därtill, framställs i
domstol, kan käranden tillika investeraren, enligt nationell rätt i någon Medlemsstat i det Europeiska
Ekonomiska Samarbetsområdet där kravet framställs, vara skyldig att stå för kostnaden för att översätta detta
Prospekt, inklusive de dokument som infogas genom hänvisning och varje tillägg därtill, innan den juridiska
processen inleds. Civilrättsligt ansvar kan uppkomma för Emittenten, för Borgensmannen och för Dresdner Bank
Aktiengesellschaft som ansvarar för, denna Sammanfattning, inklusive varje översättning härav, och som har
ansökt för dess notifiering, men endast om Sammanfattningen är missvisande, felaktig eller oförenlig när den
läses tillsammans med övriga delar av detta Prospekt.
Denna sammanfattning innefattar uttalanden om framtiden. Dessa inkluderar uttalanden som hänför sig till,
bland annat, Emittentens, Allianz Aktiengesellschaft (härefter “Allianz AG”) och dess konsoliderade dotterbolag
(tillsammans med Allianz AG härefter benämnd “Allianz-Koncernen”:s) framtida finansiella resultat, planer och
förväntningar avseende Allianz-Koncernens rörelseutveckling, tillväxt samt lönsamhet, och av allmänna villkor
för näringslivet och affärsverksamheter som är tillämpliga på Allianz-Koncernen. Allianz-Koncernen har baserat
dessa uttalanden om framtiden på grundval av nuvarande förväntningar, antaganden, beräkningar och
prognoser om framtida händelser. Dessa uttalanden om framtiden är förbehållna ett antal risker, osäkerheter
och antaganden som kan komma att väsentligt skilja sig från eller vara sämre än Allianz-Koncernens faktiska
resultat, dess utförande eller prestation eller beträffande dess industri, än dessa framtidsutsikter. Varken
Emittenten, Allianz AG eller Dresdner Bank AG tar på sig något ansvar för att uppdatera sådana uttalanden om
framtiden eller att anpassa dessa till framtida händelser eller utvecklingar, såvida en sådan skyldighet inte
förutsätts enlig lag.
Sammanfattning avseende Obligationerna
Det slutliga totala kapitalbeloppet, emissionskursen och Obligationernas räntekurs kommer att bestämmas
på eller omkring den [1 mars] 2006 på basis av en bookbuilding procedur bland kvalificerade investerare.
Emittent
................................
Borgensman
............................
Kapitalbelopp
...........................
Allianz Finance II B.V.
Allianz Aktiengesellschaft
EUR [upp till 1,0 miljard]
116
Lead Managers
.........................
Co-Lead Managers
.....................
Deutsche Bank AG, (London Branch Dresdner Bank AG
London Branch (benämns på första sidan som “Dresdner Kleinwort
Wasserstein)
UBS Limited (tillsammans “Lead Managers”)
Bayerische Hypo- und Vereinsbank AG
Bayerische Landesbank
Landesbank Hessen-Thüringen - Girozentrale
WestLB AG
(tillsammans med Lead Managers, “Managers”)
Fiscal Agent, Principal Paying Agent
och Calculation Agent . . . . . . . . . . . . . . . . Deutsche Bank Aktiengesellschaft
Emissionskurs
..........................
Emissionsdag
...........................
[98-101] %
[3 mars] 2006
Denominering . . . . . . . . . . . . . . . . . . . . . . . . . . . Obligationerna kommer att emitteras denominerade i EUR 1,000.
Typ av Obligationer . . . . . . . . . . . . . . . . . . . . . Obligationerna är fysiska skuldebrev och kommer initialt att
representeras av en temporär global Obligation utan räntekuponger,
vilka kommer att deponeras med eller för Clearstream Banking AG,
Frankfurt am Main (“Clearingsystemet”). Den temporära globala
Obligationen kommer att vara utbytbar mot en permanent global
Obligation utan räntekuponger, tidigast 40 dagar efter
Emissionsdagen, vid intygande om icke-amerikanskt ägande enligt
reglerna och verksamhetsprocedurerna för Clearing Systemet.
Betalning för den temporära globala Obligationen kommer endast att
erläggas vid uppvisande av sådant intyg. Inga enskilda Obligationer
eller räntekuponger i fysisk form kommer att utfärdas.
Obligationernas prioritet
................
Förpliktelserna under Obligationerna utgör icke säkerställda och
efterställda förpliktelser för Emittenten och kommer att rangordnas
och prioriteras pari passu sinsemellan och alltid pari passu med
Emittentens alla andra, på emissionsdagen, utstående icke säkerställda
och odaterade efterställda förpliktelser, med undantag för sådana
förpliktelser som har företrädesrätt enligt lag. I händelse av
Emittentens likvidation, upplösning, insolvens, ackord eller andra
rättsliga åtgärder vidtagna för att undvika insolvens av, eller gentemot
Emittenten, kommer Emittentens förpliktelser under Obligationerna
att vara efterställda alla Emittentens borgenärers anspråk som är icke
efterställda och daterade efterställda anspråk, vilket innebär att i varje
sådant fall kommer inte några belopp att utbetalas beträffande
Obligationerna förrän alla Emittentens borgenärers anspråk, som är
icke efterställda och daterade efterställda, först till fullo har blivit
tillgodosedda.
Ingen som helst säkerhet (med undantag för det efterställda
Borgensåtagandet) är, eller kommer vid någon tidpunkt, ställas av
Emittenten eller någon annan person som säkerställer
Obligationsinnehavarnas rättigheter under Obligationerna. Inget
efterföljande avtal får begränsa efterställdheten eller förkorta någon
tillämplig
anmälningsperiod
(Kündigungsfrist)
avseende
117
Obligationerna. Om Obligationerna inlöses i förtid måste de inlösta
beloppen återlämnas till Emittenten oavsett eventuella avtal om
motsatsen, såvida Emittenten inte har upplösts eller om sådana belopp
har ersatts med annat kapital som minst motsvarar det inlösta
beloppet (Eigenmittel) med minst samma prioritet eller om Federal
Financial Supervisory Authority eller annan efterträdande myndighet
har medgett samtycke till inlösen.
En Obligationsinnehavare får inte kvitta några anspråk som uppstår
under Obligationerna mot eventuella anspråk som Emittenten kan
komma att ha gentemot Obligationsinnehavaren. Emittenten får inte
kvitta några anspråk som den kan komma att ha gentemot någon
Obligationsinnehavare, mot några av sina förpliktelser under
Obligationerna
Borgensåtagande
........................
Den[ mars] kommer Borgensmannen att ikläda sig ett villkorslöst och
oåterkalleligt borgensåtagande, som är efterställt, för förfallna
betalningar av det investerade beloppet, med ränta, och alla andra
belopp som har fastställts att de skall utbetalas under Obligationerna.
Borgensåtagandet utgör ett kontraktuellt åtagande till förmån för
Obligationsinnehavarna, från tid till annan, såsom tredjemans
förmånstagare i enlighet med § 328 paragraf 1 i den tyska civillagen
(German Civil Code (Bürgerliches Gesetzbuch)), vilken ger varje
Obligationsinnehavare rätt att kräva fullgörande av borgensåtagandet
direkt av Borgensmannen samt åberopa Borgensåtagandet direkt
gentemot Borgensmannen.
I händelse av upplösning, likvidation, insolvens eller vid andra
rättsliga åtgärder som vidtas för att undvika Borgensmannens
insolvens, kommer Obligationsinnehavarnas anspråk under
Borgensåtagandet att tillgodoses efter (men endast efter) att
Borgensmannens borgenärers icke efterställda anspråk, samt daterade
efterställda anspråk, till fullo har betalats.
Under de förhållanden som beskrivits ovan accepterar
Obligationsinnehavarna uttryckligen att betalningar avseende
Obligationerna kommer att erläggas av Borgensmannen enligt
Borgensåtagandet, endast i enlighet med den efterställdhet som
beskrivits ovan.
Ingen Obligationsinnehavare får kvitta eventuella anspråk som
uppstår under Borgensåtagandet mot andra anspråk som
Borgensmannen kan tänkas ha gentemot Obligationsinnehavaren.
Borgensmannen får kvitta varje Obligationsinnehavares anspråk
under Borgensåtagandet enbart om sådant belopp har ersatts av annat
kapital som minst motsvarar sådant belopp (Eigenmittel) med
åtminstone samma prioritet eller om Federal Financial Supervisory
Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) eller
någon annan efterträdande myndighet har gett sitt medgivande till
kvittningen och under förutsättning att Solvensvillkoret (som
definieras nedan) är uppfyllt.
Inlösen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Obligationerna har ingen slutlig förfallodag. De kan lösas in i sin
helhet, men inte delvis, efter Emittentens val, till deras kapitalbelopp
118
den [3 mars] 2011 och på varje Räntebetalningsdag (som definieras
nedan) därefter. Emittenten kan även komma att lösa in
Obligationerna i deras helhet, men inte delvis, till deras kapitalbelopp
tillsammans med eventuell upplupen ränta vid varje tidpunkt till följd
av en Bruttobetalningshändelse (som definieras nedan) och till ett
Make-whole Amount till följd av en Skattehändelse eller en
Tillsynsmyndighetshändelse (samtliga termer definieras nedan).
Under alla omständigheter får Emittenten återkalla och lösa in
Obligationerna endast om Solvensvillkoret (som definieras nedan) är
uppfyllt och Obligationernas kapitalbelopp som skall lösas in har
ersatts av annat kapital som minst motsvarar tillsynsreglerat kapital
eller om Federal Financial Supervisory Authority eller någon annan
efterträdande myndighet har gett sitt medgivande till inlösen.
En “Bruttobetalningshändelse” skall anses ha inträffat om
Emittenten är eller kommer att bli förpliktigad att, enligt något
lagstiftande organ, en domstol eller annan myndighet, betala
Ytterligare Belopp eller Borgensmannen är eller kommer att vara
förpliktigad att betala Ytterligare Belopp avseende förfallna
betalningar under Borgensåtagandet, till följd av ändringar i eller
tillägg till lagstiftningen (eller dithörande regler eller förordningar) i
Nederländerna eller Förbundsrepubliken Tyskland eller annan politisk
enhet eller myndighet till eller i Nederländerna eller
Förbundsrepubliken Tyskland, eller vid eventuella ändringar av eller
tillägg till någon officiell tolkning eller tillämpning av dessa lagar
eller förordningar, och att Emittenten eller Borgensmannen inte kan
undvika denna förpliktelse, och alltefter omständigheterna vidtar
skäliga åtgärder (agerande på ett redligt sätt) som de anser vara
tillbörliga.
En “Skattehändelse” skall anses ha inträffat om, som en följd av
varje tillägg till, eller ändring i gällande lagstiftning (eller de regler
eller
förordningar
därunder)
i
Nederländerna
eller
Förbundsrepubliken Tyskland eller däri annan politisk enhet eller
någon skattemyndighet, eller som en följd av eventuella tillägg till,
eller ändring av en officiell tolkning eller tillämpning av sådana lagar,
regler eller förordningar utfärdade av ett lagstiftande organ, domstol,
statskontor eller någon myndighet med befogenhet att utfärda
förordningar (inklusive varje antagande av lagbestämmelser och
publicering av varje domstolsbeslut eller förordningsbestämmelse),
den förfallna ränta som Emittenten skall betala avseende
Obligationerna eller annat belopp som skall betalas av
Borgensmannen under Borgensåtagandet inte längre, eller inom 90
dagar från den dag som ett sådant uttalande i revisionsberättelsen
beskrivet nedan har avgivits, Emittenten och/eller Borgensmannen
inte längre kommer att kunna till fullo dra av sådant belopp för
nederländska och/eller tyska inkomstskattesyften, och att Emittenten
och/eller Borgensmannen inte kan undvika denna risk genom
vidtagande av skäliga åtgärder (agerande på ett redligt sätt) som de
anser vara tillbörliga.
En “Tillsynsmyndighetshändelse” skall anses ha inträffat om
(a) Federal Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht) eller någon annan efterträdande
119
myndighet skriftligen upplyser Borgensmannen om att
Obligationerna (i sin helhet eller delvis) inte längre uppfyller
kraven för tillsynsreglerat kapital eller egna medel i syften för
koncernsolvens eller solvensen i enlighet med regleringen av
finansiella konglomerat. Detta gäller enbart om, vid varje
tidpunkt före att en sådan upplysning lämnats, Obligationerna
uppfyllde sådana krav; eller
(b) vid vilken tidpunkt som helst, Borgensmannen eller
Borgensmannens koncern måste, i syfta att täcka eventuella
tillsynsreglerade kapitaltäckningskrav, ha Tier I reglerat kapital
(såsom det kan vara beskrivet), och Obligationerna inte kommer
att kunna kvalificeras för att medräknas i det Tier I reglerade
kapitalkravet i syften för Borgensmannens koncernsolvens eller
solvensen i enlighet med regleringen av finansiella konglomerat,
vid den tidpunkten.
Ränta
...................................
Frivilligt uppskjutna Räntebetalningar
...
Obligationerna skall vara räntebärande på deras totala kapitalbelopp
från och med [ 3 mars] 2006 till en kurs om [5,00-5,875] procent per
år, fram till Inlösendagen, om någon. Ränta skall betalas i efterskott
den [3 mars] varje år (varje sådan dag utgör en
“Räntebetalningsdag”). Den första räntebetalningen skall erläggas
den [3 mars] 2007. Om räntan måste beräknas för en period om
mindre än ett helt år, skall sådan ränta beräknas på grund av det
faktiska antalet dagar för en sådan period dividerat med det faktiska
antalet dagar (365 eller 366) för respektive år.
Under förutsättning att Solvensvillkoret är uppfyllt och att ingen
Obligatorisk Uppskjutande Händelse (som definieras nedan) har
inträffat, kan Emittenten, på varje Räntebetalningsdag, efter eget val,
välja att skjuta upp betalningen av räntan genom en underrättelse
senast 3 bankdagar före, om, fram till och med den tionde bankdagen
som föregår sådan Räntebetalningsdag (“Calculation Date”
(Beräkningsdag)), ingen vinstutdelning, annan värdeöverföring eller
betalning har beslutats avseende något av Borgensmannens aktieslag
vid Borgensmannens bolagsstämma (ordentliche Hauptversammlung)
som omedelbart föregår den Räntebetalningsdagen, och inga
betalningar med anledning av balansräkningens vinst har erlagts
sedan Borgensmannens ordinarie bolagsstämma (ordentliche
Hauptversammlung) har hållits. Ett sådant uppskjutande kommer att
utgöra ett “Frivilligt Uppskjuten Räntebetalning”
Emittenten kan efter eget val välja att tillgodose alla räntebetalningar
som Emittenten inte skjuter upp på Räntebetalningsdagen med medel
som införskaffats före Räntebetalningsdagen genom ett Alternative
Share Coupon Satisfaction Mechanism (“ACSM” (ACSMförfarande)) (som beskrivs nedan).
Obligatorisk uppskjutning eller
inställande av Räntebetalningar
.......
Om Solvensvillkoret inte är uppfyllt på Räntebetalningsdagen,
kommer Emittenten att behöva skjuta upp upplupen ränta hänförlig
till ränteåret fram till sådan Räntebetalningsdag, såvida Emittenten
inte väljer att tillgodose sådan ränta på Räntebetalningsdagen med
medel införskaffade före Räntebetalningsdagen genom ett ACSMförfarande.
120
“Solvensvillkoret” skall anses vara uppfyllt om
(A) Borgensmannen eller Borgensmannens koncern har tillräckliga
medel för att täcka det lägsta solvensmarginalskravet (eller ett
synonymt begrepp vid ändring av gällande lagar) i enlighet med
bestämmelserna i det tyska regelverket för försäkringsrätt (i
syften för koncernsolvens eller solvensen i enlighet med
regleringen av finansiella konglomerat) och i enlighet med, om
någon, Federal Financial Supervisory Authority:s eller av annan
vid den tidpunkten relevant myndighets allmänt accepterade
förvaltningsrättspraxis, och sådana medel inte skulle, som en
följd av att räntebetalning eller betalning för inlösen, till fullo
eller delvis har erlagts och som annars skulle ha förfallit till
betalning på sådan Räntebetalningsdag eller dag för inlösen, blir
mindre än det lägsta solvensmarginalskravet, och
(B) ingen föreskrift har utfärdats av Federal Financial Supervisory
Authority eller annan efterträdande myndighet som förbjuder
Borgensmannen att erlägga räntebetalningar, effektuera annan
utdelning eller inlösen (inklusive till innehavare av varje Parity
Security eller Junior Security och
(C) Borgensmannen kan betala sina skulder som den är skyldig sina
Seniora Borgenärer (som definieras nedan, när de förfaller till
betalning, och
(D) Borgensmannens tillgångar (som definieras nedan) överskrider
Borgensmannens skulder (som definieras nedan) (förutom
skulder till personer som inte är Seniora Borgenärer)
“Tillgångar” betyder Borgensmannens icke konsoliderade totala
tillgångar, som tas upp i Borgensmannens senaste offentliggjorda
årliga balansräkning, men justerad för efterföljande händelser, vilka
alla har fastställts av Borgensmannen, eller om Borgensmannen träder
i likvidation, likvidatorn.
“Skulder” betyder Borgensmannens icke konsoliderade totala
skulder, som tas upp i Borgensmannens senaste offentliggjorda årliga
balansräkning, men justerad för efterföljande händelser, vilka alla har
fastställts av Borgensmannen, eller om Borgensmannen träder i
likvidation, likvidatorn.
“Seniora Borgenärer” betyder Borgensmannens borgenärer (a) som
är Borgensmannens icke efterställda borgenärer; eller (b) vars anspråk
är efterställda Borgensmannens övriga borgenärers anspråk (annat än
de anspråk som rankas pari passu med, eller är efterställda
Obligationsinnehavarnas anspråk).
Om en Obligatorisk Uppskjutande Händelse (definieras nedan) har
inträffat på en Räntebetalningsdag, kommer Emittenten att behöva
skjuta upp eventuella Överskjutande Belopp.
“Överskjutande Belopp” betyder, i relation till det räntebelopp som
skulle betalas på det totala kapitalbeloppet för utstående Obligationer
på relevant Räntebetalningsdag och som annars skulle ha förfallit
(“Räntebeloppet”), det belopp genom vilket Räntebeloppet
överstiger Nytt Kapitaltillskottsbelopp (som definieras nedan).
“Nytt Kapitaltillskottsbelopp” betyder de nettointäkter som
Borgensmannen erhåller genom nyemissioner och/eller genom
121
försäljning av stamaktier, preferensaktier [och instrument som
anskaffar kapitalkredit från kreditvärderingsinstitut liknande
Obligationerna] under den 180 dagarsperiod som föregår sådan dag
och genom vilka Borgensmannen avser, vid tidpunkten för
emissionen eller om möjligt, före emissionen, effektuera utdelning för
Obligationerna.
En “Obligatorisk Uppskjutande Händelse” skall anses ha inträffat
på en Räntebetalningsdag om, fram till slutet av Beräkningsdagen:
(x) den ackumulerade kvartalsnettoinkomsten (som definieras
nedan) för Borgensmannens fyra kvartal, som slutar på det
kvartal som är två kvartal före Borgensmannens senaste
avslutade och offentliggjorda kvartal, är mindre eller lika med
noll; och
(y) Justerat Eget Kapitalbelopp (definieras nedan) vid
Borgensmannens senaste avslutade och offentliggjorda kvartal
och som vid slutet av det kvartal som är två kvartal före
Borgensmannens senaste avslutade och offentliggjorda kvartal
har minskat med 10% eller mer i jämförelse med Justerat Eget
Kapitalbelopp, vid slutet av Borgensmannens kvartal som är de
10 kvartal som föregår Borgensmannens senaste avslutade och
offentliggjorda kvartal (“Benchmark Quarter”).
Där:
“Justerat Eget Kapitalbelopp” betyder, vid slutet av
Borgensmannens kvartal, aktieägarens eget kapital, före
minoritetsintressen, vilka återfinns i Borgensmannens konsoliderade
balansräkning för sådant kvartalsslut och som har fastställts i enlighet
med Tillämpliga Redovisningsnormer (som definieras nedan), minus
utländska justerade valutaomsättningar och orealiserade vinster och
förluster (netto) som reflekteras i denna konsoliderade balansräkning.
“Tillämpliga Redovisningsnormer” betyder, för de relevanta
dagarna och perioderna, gällande internationellt accepterade
redovisningsnormer (International Financial Reporting Standards
(IFRS)), eller andra redovisningsprinciper som är allmänt accepterade
i Tyskland och som tillämpas av Borgensmannen, vilka i sådana fall
ersätter dessa.
“Ackumulerad
kvartalsnettoinkomst”
betyder,
vid
Borgensmannens kvartalsslut, summan av Borgensmannens
konsoliderade nettoinkomster, som har fastställts i enlighet med de
Tillämpliga Redovisningsnormerna, för de fyra kvartalen som slutar
på detta kvartals sista dag.
Om Emittenten måste skjuta upp räntebetalningar till följd av att en
Obligatoriskt Uppskjutande Händelse har inträffat på en
Räntebetalningsdag, kommer Emittenten även att behöva skjuta upp,
på en eller flera efterföljande Räntebetalningsdagar, den ränta som
annars skulle ha förfallit till betalning på sådan Räntebetalningsdag
tills den Obligatoriskt Uppskjutande Händelsen har läkts på en
efterföljande Beräkningsdag. Efter att en eller flera Obligatoriskt
Uppskjutande Händelser har inträffat, får Emittenten börja betala
ränta för Obligationerna på någon Räntebetalningsdag endast om, på
122
Beräkningsdagen för den Räntebetalningsdagen, (x) ingen ny
Obligatoriskt Uppskjutande Händelse har inträffat och (y) varje
föregående Obligatorisk Uppskjutande Händelse har läkts.
En Obligatoriskt Uppskjutande Händelse som har inträffat på en
föregående Beräkningsdag har läkts på varje Beräkningsdag om det
Justerade Egna Kapitalbeloppet, vid Bogensmannens senaste
avslutade och offentliggjorda kvartal före den Beräkningsdagen, har
ökat med mer än 90% av det Justerade Egna Kapitalbeloppet vid
slutet av Benchmark Quarter för den föregående Beräkningsdagen på
vilken den Obligatoriskt Uppskjutande Händelsen har inträffat.
Emittenten kan komma att, efter eget val på relevant
Räntebetalningsdag, tillgodose den ränta som annars skulle ha
förfallit
till betalning, med medel införskaffade före
Räntebetalningsdagen, genom ett ACSM-förfarande.
I dessa fall kan varje sådan uppskjuten ränta utgöra en “Obligatorisk
Uppskjuten Räntebetalning” (tillsammans med varje Frivilligt
Uppskjuten Räntebetalning, “Uppskjutna Räntebetalningar”).
Betalning av Uppskjutna
Räntebetalningar . . . . . . . . . . . . . . . . . . . . . Emittenten kan komma att, när som helst genom föregående
underrättelse, tillgodose hela eller delar av varje Frivillig Uppskjuten
Räntebetalning med medel införskaffade före den dag som den
Uppskjutna Räntebetalningen förfaller till betalning (“Deferred
Settlement Date”) genom ACSM.
Emittenten kommer att tillgodose;
(x) varje Frivillig Uppskjuten Räntebetalning med medel
införskaffade före Deferred Settlement Date genom ett ACSMförfarande och
(y) varje Obligatorisk Uppskjuten Räntebetalning genom ett ACSMförfarande eller genom ett APSM-förfarande
i följande situationer:
(i)
Emittenten kommer att tillgodose varje Uppskjuten
Räntebetalning den dag som Obligationerna förfaller till inlösen.
(ii) Emittenten kommer att tillgodose varje Uppskjuten
Räntebetalning på nästa efterföljande Räntebetalningsdag
(x) omedelbart efter den dag som Emittenten eller
Borgensmannen till fullo erlägger betalning för ränta eller
uppskjuten betalning för någon Parity Security, eller
(y) omedelbart efter den dag som Emittenten eller
Borgensmannen till fullo erlägger betalning för ränta eller
uppskjuten betalning för någon “Junior Security”, eller
(z) om fram till slutet av den Beräkningsdag som föregår sådan
Räntebetalningsdag
varje
vinstutdelning,
annan
värdeöverföring eller betalning har beslutats avseende något
av Borgensmannens aktieslag vid Borgensmannens
bolagsstämma (ordentliche Hauptversammlung) som
omedelbart föregår den Räntebetalningsdagen, och inga
betalningar med anledning av balansräkningens vinst har
erlagts sedan Borgensmannens ordinarie bolagsstämma
(ordentliche Hauptversammlung) har hållits.
123
(iii) Om Emittenten eller Borgensmannen erlägger delvis
räntebetalning eller en uppskjuten betalning för någon Parity
Security eller Junior Security, kommer Emittenten att tillgodose
varje Uppskjuten Räntebetalning i samma mån, på nästa
efterföljande Räntebetalningsdag omedelbart efter den dag som
sådan betalning erlades. Proportionen skall i denna situation vara
motsvarande resultatet från fördelningen av beloppet som är
hänförlig till den uppskjutna betalningen som faktiskt har erlagts
genom den uppskjutna betalningens utstående belopp.
(iv) Emittenten kommer att tillgodose varje Uppskjuten
Räntebetalning senast på den tionde årsdagen efter relevant
Räntebetalningsdag.
(v) Emittenten kommer att tillgodose varje Uppskjuten
Räntebetalning den dag som skäl för upplösning enligt § 262
para. 1 aktiebolagslagen (Aktiengesetz) föreligger beträffande
Emittenten eller Borgensmannen (annat än av den anledningen,
eller enligt en fusion, omorganisation eller omstrukturering
medan denne är solvent, där den fortsatta enheten, alltefter
omständigheterna, åtar sig i huvudsak alla Emittentens eller
Borgensmannens tillgångar och skyldigheter.)
Alternative Share Coupon Satisfaction
Mechanism (“ACSM”) . . . . . . . . . . . . . . . Emittenten kan komma att tillgodose varje räntebetalning som den
inte skjuter upp genom ett ACSM-förfarande endast om, och i den
utsträckning som Borgensmannen har införskaffat nödvändiga medel
för att tillgodose räntebetalningen, genom att emittera eller sälja
Borgensmannens (“Betalningsaktier”) inom 6 månader före den
relevanta Räntebetalningsdagen.
Om Emittenten väljer eller måste välja att tillgodose en Uppskjuten
Räntebetalning genom ett ACSM-förfarande kommer Emittenten att
begära att Borgensmannen införskaffar erforderliga medel för att
kunna tillgodose relevanta betalningar genom att emittera eller sälja
Borgensmannens Betalningsaktier under perioden från och med den
dag som infaller 6 månader före den relevanta Deferred Settlement
Date fram till den dag som infaller fem år efter den relevanta
Deferred Settlement Date.
Under inga som helst omständigheter skall Borgensmannen vara
skyldig att emittera nya aktier eller sälja innehavda egna aktier;
Obligationsinnehavare kommer att underrättas om att
Borgensmannen kan komma att förhindras att emittera nya
aktier eller sälja innehavda egna aktier genom tvingande
bestämmelser i den tyska aktiebolagsrätten eller på annat sätt.
Borgensmannen kan komma, i syfte att tillgodose en Obligatoriskt
Uppskjuten Räntebetalning i enlighet med ett ACSM-förfarande, att
placera ett sådant antal Betalningsaktier varje kalenderår, som inte
överstiger 2.00 procent av Borgensmannens emitterade aktiekapital
(Grundkapital) på relevant dag.
Om, beträffande någon av de Obligatoriskt Uppskjutna
Räntebetalningarna skulle vara några av de krav som uppställs för att
utföra ett ACSM-förfarande inte är uppfyllda, eller i den utsträckning
som den nyssnämnda tröskeln skulle överskridas, eller om det belopp
124
som skulle ha betalats överstiger de intäkter som härrör från
placeringen av Betalningsaktierna, kommer Emittenten att tillgodose
den Obligatoriska Uppskjutna Räntebetalningen i samma utsträckning
genom APSM-förfarandet, såvida Emittenten inte tidigare hade valt
att tillämpa ett APSM-förfarande beträffande relevant Obligatorisk
Uppskjuten Räntebetalning och var tvungen att tillämpa ACSMförfarandet, utöver APSM; i det fallet skall Emittentens förpliktelse
att tillgodose den Obligatoriskt Uppskjutna Räntebetalningen
upphävas i samma utsträckning. Om några av de krav som
uppställs för att genomföra ett ACSM-förfarande, med avseende på
varje Frivilligt Uppskjuten Räntebetalning, inte är uppfyllda, eller i
den utsträckning som det belopp som skall betalas överstiger
intäkterna från placeringen av Betalningsaktierna, skall Emittentens
förpliktelse
att
tillgodose
den
Frivilligt
Uppskjutna
Räntebetalningen upphävas i samma utsträckning.
Om Emittenten måste tillgodose någon Uppskjuten Räntebetalning på
den dag som skäl för upplösning enligt § 262 para. 1 aktiebolagslagen
(Aktiengesetz)
föreligger
beträffande
Emittenten
eller
Borgensmannen, men Emittenten eller Borgensmannen kan inte
tillämpa ett ACSM-förfarande, skall Emittentens förpliktelser
beträffande sådant obetalt belopp rankas pari passu med Emittentens
förpliktelser för Obligationernas kapitalbelopp till ett belopp som
uppgår till tröskeln för APSM.
Alternative Parity Securities Coupon
Satisfaction Mechanism (“APSM”)
...
Om Emittenten har gett underrättelse om att Emittenten kommer att
tillgodose varje Obligatorisk Uppskjuten Räntebetalning för relevant
ränteår i enlighet med APSM, kommer Emittenten eller
Borgensmannen att införskaffa de medel som är nödvändiga för att
tillgodose den Obligatoriskt Uppskjutna Räntebetalningen genom att
emittera och sälja, direkt eller indirekt, hybridvärdepapper med
bestämmelser och villkor (i synnerhet i relation till bestämmelserna
om uppskjuten ersättning, betalningar av uppskjuten ersättning och
om återinsättande) i likhet med Villkoren och som utgör reglerat
kapital
(Eigenmittel)
med
åtminstone
samma
prioritet
(“Betalningsvärdepapper”) under sådan period från och med den
dag som infaller 6 månader före den relevanta Deferred Settlement
Date, fram till den dag som infaller fem år efter den relevanta
Deferred Settlement Date.
Det totala kapitalbeloppet för alla Betalningsvärdepapper som
emitteras under APSM får inte överstiga 25% av Obligationernas
totala kapitalbelopp på Emissionsdagen.
Om kravet för utförandet av APSM inte är uppfyllt, eller i den
utsträckning som den nyssnämnda tröskeln skulle överskridas, eller
om det förfallna räntebeloppet överstiger intäkterna från placeringen
av Betalningsvärdepapperena, kommer Emittenten att tillgodose den
Obligatoriska Uppskjutna Räntebetalningen, i samma utsträckning,
genom ACSM, såvida Emittenten inte tidigare hade valt att tillämpa
ACSM med avseende på relevant Uppskjuten Räntebetalning och var
tvungen att tillämpa APSM-förfarande utöver ACSM; i detta fall
skall Emittentens förpliktelse att tillgodose den Obligatoriska
Uppskjutna Räntebetalningen upphävas i samma utsträckning.
125
Skatt
....................................
Negativåtagande
........................
Inbördes avtalsbrott
Notering
Obligationernas Villkor
negativåtagande.
innehåller
ingen
bestämmelse
om
.....................
Obligationernas Villkor innehåller ingen bestämmelse om inbördes
avtalsbrott avseende andra förpliktelser som Emittenten eller
Borgensmannen kan ha.
................................
Ansökan har gjorts om att notera Obligationerna på den öppna
marknaden (Amtlicher Markt) vid Frankfurt Stock Exchange.
Tillämplig rätt
..........................
Försäljningsrestriktioner
Jurisdiktion
Obligationerna och Borgensåtagandet är underkastade tysk rätt.
................
Erbjudandet och försäljningen av Obligationerna samt distribution av
ebjudandematerial kommer att vara föremål för särskilda
försäljningsrestriktioner
i
det
Europeiska
Ekonomiska
Samarbetsområdet, USA, Österrike, Belgien, Danmark, Frankrike,
Irland, Portugal, Sverige och Storbritannien
.............................
Frankfurt am Main i Förbundsrepubliken Tyskland utgör icke
exklusiv domsrätt för varje rättslig åtgärd som uppstår under
Obligationerna.
Clearance och Settlement
ISIN
All betalning av kapitalbeloppet och ränta som är hänförlig till
Obligationerna
(inklusive
betalningar
effektuerade
av
Borgensmannen under Borgensåtagandet) kommer att ske utan avdrag
för skatt, avgift, eller andra statliga pålagor av endera slag och som
uttas, påförs, uppbärs, innehålls eller på annat sätt är föremål för
taxering av sådan statlig eller lokal myndighet i Nederländerna eller i
Förbundsrepubliken Tyskland, som givits rätt att utta eller påföra
sådan skatt, avgift eller annan pålaga, såvida Emittenten eller
Borgensmannen inte är skyldig enligt lag att göra sådant avdrag, som
en följd av justeringar eller förändringar i gällande lag, skall
Emittenten eller Borgensmannen (beroende på rådande
omständigheter) och under förutsättning att inte något av de
sedvanliga undantag som framgår av Villkoren och Borgensåtagandet
föreligger, göra en tilläggsbetalning så att Obligationsinnehavaren
erhåller det belopp som utfallit om ett sådant avdrag inte hade gjorts.
...............
....................................
Common Code
..........................
German Securities Code (WKN)
........
Obligationerna kommer att accepteras för
Clearstream Banking AG, Frankfurt am Main.
clearing
genom
DE000A0GNPZ3
024513742
A0GNPZ
Sammanfattning avseende Riskfaktorer
Riskfaktorer avseende Obligationerna
En investering i Obligationerna innebär vissa risker som är förknippade med Obligationernas egenskaper.
Sådana risker kan innebära att Emittenten inte betalar kapitalbeloppet eller ränta, att Borgensmannen inte gör
några betalningar under Borgensåtagandet och/eller en väsentlig försämring av Obligationernas marknadspris.
Riskerna är framförallt en följd av det faktum att:
•
Emittenten har ingen skyldighet att lösa in Obligationerna och Obligationsinnehavarna har ingen rätt att
begära inlösen av Obligationerna;
126
•
Obligationerna kan komma att lösas in i förtid till kapitalbeloppet till följd av en
Bruttobetalningshändelse, till ett Make-whole Amount till följd av en Skattehändelse eller en
Tillsynsmyndighetshändelse; om Emittenten i sådant fall återkallar eller löser in Obligationerna, kan det
hända att Obligationsinnehavarna endast kan återinvestera intäkterna från inlösen av Obligationerna i
värdepapper med lägre avkastning;
•
Det föreligger ingen begränsning av de skuldbelopp som Emittenten eller Borgensmannen kan komma
att ådra sig i framtiden;
•
Emittentens förpliktelse att erlägga betalning under Obligationerna samt Borgensmannens förpliktelse
att erlägga betalning under Borgensåtagandet utgör Emittentens och Borgensmannens respektive
efterställda förpliktelser; och
•
Emittenten kan komma att välja att, eller till och med behöva, skjuta upp räntebetalningar om vissa
villkor är uppfyllda.
Riskfaktorer avseende Emittenten
Emittenten är ett finansieringsredskap för Allianz-Koncernen. Som sådant upptar den finansiering och
vidarelånar pengar till koncernbolag inom Allianz-Koncernen genom koncerninterna lån. För det fall att ett
dotterbolag inom koncernen inte kan fullgöra en betalning för ett koncerninternt lån, kan det medföra att
Emittenten inte kommer att kunna fullgöra sina betalningsförpliktelser under Obligationerna.
Riskfaktorer avseende Borgensmannen
Allianz-Koncernens verksamhet, och som en följd även värdet på Obligationerna, är exponerade gentemot
ett antal risker. Följande avsnitt innehåller en beskrivning av vissa risker, som kan komma att väsentligt påverka
Borgensmannens finansiella ställning samt rörelseresultat.
•
Volatiliteten i räntenivåer kan ha negativ effekt på Allianz-Koncernens verksamhetsresultat.
•
Marknadsrisker kan skada värdet på Allianz-Koncernens portfölj och negativt påverka dess finansiella
ställning och verksamhetsresultat.
•
Marknaden och andra faktorer kan komma att negativt påverka koncernens goodwill, potentiella
förvärvskostnader samt latenta skattetillgångar; Allianz-Koncernens latenta skattetillgångar kan även
potentiellt komma att påverkas av ändringar i skattelagstiftningen.
•
Allianz AG bedriver verksamhet både i egenskap av återförsäkringsbolag och som ett holdingbolag till
Allianz-Koncernen, och är exponerad för åtskilliga likviditetsrisker.
•
Förlustreserver för Allianz-Koncernens olycksfallsförsäkringar samt återförsäkringssystemet baseras på
uppskattningar av koncernens framtida anspråksförpliktelser. Negativa utvecklingar relaterade till
ersättningsanspråk kan leda till att ytterligare förlustreserver måste avsättas och därmed ha en väsentlig
och negativ inverkan på Allianz-Koncernens verksamhetsreslutat.
•
Försäkringserfarenhet och andra faktorer kan skilja sig från vad som har antagits vid beräkningen av
försäkringsreserveringar som uppbyggts för liv/hälsa samt för utbetalning av pensioner
•
Förekomsten av katastrofer kan komma att ha väsentligt negativa effekter på Allianz-Koncernens
finansiella resultat.
•
Allianz-Koncernen har betydande riskexponering gentemot motparter
•
Negativa utvecklingar för Dresdner Bank, inklusive dess rörelseutveckling, låneförlustnivåer eller
nedskrivningar av tillgångar och försämringar, kan skada Allianz-Koncernens resultat och kan resultera
i behov av kapital vilket kan komma att begränsa dess rörelse.
•
Många av Allianz-Koncernens verksamheter är beroende av den finansiella styrka och den
kreditvärdering som tillskrivs Allianz AG genom olika kreditvärderingsagenturer. En försämring av
Allianz AG:s kreditvärdering kan därför ha betydande och negativa effekter på relationen mellan kunder
och förmedlare och negativt inverka på försäljningen av Allianz-Koncernens produkter samt öka deras
lånekostnader.
127
•
Om Allianz-Koncernens verksamhet inom kapitalförvaltning presterar sämre än väntat, kan koncernen
erfara en nedgång av tillgångarna som förvaltas och relaterade inkomstavgifter.
•
Ökade geopolitiska risker till följd av terroristattackerna den 11 september 2001, och eventuella
framtida terroristattacker, kan ha ett fortsatt negativt inflytande på Allianz-Koncernens verksamhet.
•
Ändringar i existerande eller nya statliga föreskrifter i de länder som Allianz-Koncernen bedriver
verksamhet i, kan i sig väsentligt påverka.
•
Ändringar i skattelagstiftningen kan komma att negativt påverka Allianz-Koncernens verksamhet.
•
Förändringar i värdet i förhållande till Euro i zoner där Euro inte är valuta, för valutor i vilka AllianzKoncernen genererar intäkter och har kostnader kan försämra dess intäkter och kassaflöde.
•
Fördelarna som Allianz AG realiserar genom sammanslagningen med Riunione Adriatica di Sicurtà
Società per Azioni (“RAS”) kan skilja sig väsentligt från dess nuvarande förväntningar.
•
Allianz-Koncernens eller dess industris faktiska resultat, utförande och prestation kan komma att skilja
sig väsentligt från eller vara sämre än dess respektive framtidsutsikter på grund av oförutsedda politiska,
makroekonomiska och demografiska influenser.
Om några av de risker som beskrivits ovan skulle förverkligas kan det komma att påverka Borgensmannens
förmåga att uppfylla sina betalningsförpliktelser under Borgensåtagandet och/eller leda till en minskning av
Obligationernas marknadspris.
Sammanfattning avseende Emittenten
Emittenten grundades som ett privat aktiebolag i Nederländerna den 8 maj 2000 för en obegränsad tid i
enlighet med Nederländsk rätt. Emittenten är ett helägt dotterbolag till Allianz AG och verkar som en
finansieringsenhet inom Allianz-Koncernen. Bolaget har sitt säte i Amsterdam och bolagets registrerade adress är
Keizersgracht 484, NL-1017 EH Amsterdam, Nederländerna, tel. nr (+31) (20) 5569710. Emittenten är införd i
Amsterdams handelsregister Commercial Register of Amsterdam under nr 34134406.
Emittentens verksamhetsmål, vilket framgår av punkt 2 i Bolagsordningen, är att bedriva all slags finansiell
verksamhet, i synnerhet utlåning och att låna kapital, inklusive att emittera obligationer och andel i bolag och
företag.
Emittentens bolagsstyrelse består för närvarande av följande medlemmar: Dirk Schoon, Hero Wentzel och
Dr. Sylvia Hoechendorfer-Ziegler. Emittentens övervakande styrelse består för närvarande av Michael
Diekmann, Dr. Paul Achleitner och Stephan Theissing.
Allianz Finance II B.V.:s revisorer är KPMG Accountants N.V., Burgemeester Rijnderslaan 10, NL-1185
MC Amstelveen, Nederländerna.
Följande tabell återger central finansiell information om Emittenten.
Allianz Finance II B.V.
9 månaders bokslutdag
den 30 september
2005
2004
(oreviderad)
€
€
Bokslutsdag
31 december
2004
2003
€
€
9,329,056,504
364,490,526
6,654,019,238
316,092,403
6,602,060,884
258,734,477
6,641,659,010
904,824,759
9,693,547,030
6,970,111,641
6,860,795,361
7,546,483,769
..................
2,400,749
2,097,756
932,595
987,413
Långfristiga skulder . . . . . . . . .
Kortfristiga skulder . . . . . . . . . .
9,329,056,504
362,089,777
6,654,019,235
313,994,650
6,602,060,881
257,801,885
6,641,659,010
903,837,346
9,693,547,030
6,970,111,641
6,860,795,361
7,546,483,769
Anläggningstillgångar
Omsättningstillgångar
Eget kapital
.......
.......
128
Sammanfattning avseende Borgensmannen
Allianz AG är ett aktiebolag som är underkastad tysk rätt och registrerad som “Allianz Aktiengesellschaft” i
handelsregistret vid den nationella domstolen (Amtsgericht) i München under införandenummer HRB 7158.
Allianz AG:s registrerade säte och verksamhetens adress är Königinstrasse 28, 80802 München, Tyskland,
telefonnummer (+49)(89) 3800-00.
Översikt över affärsverksamheterna
Allianz-Koncernen är en av världens största tillhandahållare av finansiella tjänster, som erbjuder
försäkringar, produkter och tjänster inom bank-och kapitalförvaltning genom olycksfallsförsäkringar, liv-och
hälsoförsäkringar, samt segment inom bank och kapitalförvaltning. Baserat på de tecknade
bruttoförsäkringspremierna 2004, var Allianz-Koncernen en av de största koncernerna inom försäkringar och
baserat på de tecknade bruttoförsäkringspremierna 2004, var Allianz-Koncernen det största bolaget inom
olycksfallsförsäkringar samt liv-och hälsoförsäkringar i Tyskland. Allianz-koncernen är också ett av de största
försäkringsbolagen i andra länder, inklusive Frankrike, Italien, Storbritannien, Schweiz och Spanien och var per
den 30 september 2005 ett av Tysklands största finansiella institut baserat på börsvärde. Sedan i början av augusti
2005 har Allianz AG:s finansiella styrka kreditvärderats till A+ från A.M. Best och AA– från Standard & Poor’s,
båda med en stabil framtidsutsikt och en Aa3 senior icke säkerställd kreditvärdering med en stabil framtidsutsikt
från Moody’s. Allianz AG bildades i Berlin den 5 februari 1890 som “Allianz VersicherungsAktiengesellschaft”. Allianz AG omlokaliserade 1949 sin huvudsakliga förvaltning från Berlin till München.
Baserat på ett motsvarande beslut från bolagsstämman som hölls den 27 juni 1985, omstrukturerades Allianz AG
så att det blev ett holdingbolag och namnändrades till “Allianz Aktiengesellschaft Holding”. I enlighet med ett
motsvarande beslut som antogs på bolagsstämman den 7 oktober 1996, namnändrades Allianz AG återigen till
“Allianz Aktiengesellschaft”.
Utöver sin verksamhet inom olycksfallsförsäkringar samt liv-och hälsoförsäkringar, etablerade AllianzKoncernen 1998, som sin tredje huvudverksamhet, en avdelning för finansiella tjänster. Som en konsekvens av
Allianz-Koncernens förvärv 2001 av Dresdner Bank AG (härefter kallad “Dresdner Bank” och tillsammans med
sina konsoliderade dotterbolag, “Dresdner Bank-Koncernen”) omorganiserade Allianz-Koncernen sin avdelning
för finansiella tjänster till två separata avdelningar för kapitalförvaltning respektive banking. Baserat på sin
kapitalförvaltning per den 31 december 2004, var Allianz-Koncernen en av de fem största kapitalförvaltarna i
världen. När det gäller avdelningen för banking, vilken nu utgör dess fjärde huvudsakliga affärsverksamhet, blev
Allianz Koncernen genom dess förvärv av Dresdner Bank en av de största bankerna i Tyskland vilket medförde
en betydande expanderad bankdistributionskanal för sina produkter och tjänster inom olycksfallsförsäkringar
samt liv-och hälsoförsäkringar samt kapitalförvaltning.
Allianz-Koncernens affärsverksamhet är lokalt styrd medan dess särskilda rörelsegrenar och avdelningarna
för kapitalförvaltning styrs och verkar på en global nivå. Allianz-Koncernens tyska rörelse inom
olycksfallsförsäkring samt liv-och hälsoförsäkringar förvaltas av dotterbolag som primärt är lokaliserade i
München och Stuttgart. Dess försäkringsrörelser som inte är tyska styrs lokalt. Allianz-Koncernens största
marknader som inte är i Tyskland är Frankrike, Italien, Storbritannien, Schweiz, Spanien och USA. Var och en
av Allianz-koncernens särskilda rörelsegrenar inom kreditförsäkring, sjö och flygförsäkring, internationell
industriell riskåterförsäkring genom Allianz Global Risks Rückversicherungs–AG samt reseförsäkringar och
assisterande service, styrs och förvaltas på en global nivå. Allianz-koncernens kapitalförvaltning verkar också
globalt, med huvudsakliga styrcenter i München, Frankfurt, London, Paris, Singapore, Hong Kong, Milano,
Westport, Connecticut, och San Francisco, San Diego och Newport Beach, Kalifornien. Allianz-Koncernens
bankavdelning verkar genom sina cirka 960 tyska och internationella filialer genom Dresdner Bank (per den 30
september 2005) och genom åtskilliga dotterbolag med betydande verksamheter i Tyskland, Storbritannien och
andra europeiska länder samt i USA.
Information om trend
Allianz-Koncernen förväntas totalt sett öka sina intäkter i överensstämmelse med 2004 och med de första
nio månaderna för 2005 och kommer vidare att fortsätta att fokusera sina ansträngningar på att bibehålla samt
selektivt förbättra sin verksamhetsvinst. Emellertid kan naturkatastrofer och negativa utvecklingar på
kapitalmarknaden, såväl som de riskfaktorer som nämnts ovan, allvarligt påverka Allianz-Koncernens lönsamhet.
129
Bolagsstyrelse, den övervakande styrelsen och anställda
Allianz AG:s Bolagsstyrelse består av elva ledamöter vilka är Michael Diekmann (Ordförande), Dr. Paul
Achleitner, Clement B. Booth, Jan R. Carendi, Dott. Enrico Cucchiani, Dr. Joachim Faber, Dr. Helmut Perlet,
Dr. Gerhard Rupprecht, Jean-Philippe Thierry, Dr. Herbert Walter och Dr. Werner Zedelius.
Allianz AG:s övervakande styrelse (Aufsichtsrat) (“Supervisory Board”) består av 20 ledamöter vilka är
Dr. Henning Schulte-Noelle (Ordförande), Norbert Blix (Vice Ordförande), Dr. Wulf H. Bernotat, Dr. Diethart
Breipohl, Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Hinrich Feddersen, Franz Fehrenbach, Peter Haimerl,
Prof. Dr. Rudolf Hickel, Prof. Dr. Franz B. Humer, Prof. Dr. Renate Köcher, Igor Landau, Dr. Max Link, Iris
Mischlau-Meyrahn, Karl Neumeier, Sultan Salam, Dr. Manfred Schneider, Margit Schoffer och Prof.
Dr. Dennis J. Snower.
Per den 30 september 2005, hade Allianz-Koncernen sammanlagt 178,462 personer anställda globalt, av
vilka 105,284 var stationerade utanför Tyskland.
Största Aktieägare
Per den 31 december 2004, var Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft i München
(eller “Munich Re”) den enskilt största aktieägaren i Allianz AG och innehade cirka 9.0% av Allianz AG:s
aktiekapital eller cirka 9.4% av Allianz AG:s resterande aktier från och med detta datum. Den 14 juli 2005,
informerades Allianz AG om att Munich Re, i enlighet med bestämmelserna i den tyska lagen om
värdepappershandel (Wertpapierhandlesgesetz) eller “WpHG”) skulle reducera sitt ägande i Allianz AG till
mindre än 5% och innehar därmed 4.9% av Allianz AG:s aktiekapital från och med detta datum.
Mot bakgrund av de väsentliga förändringar som ägt rum avseende relationen mellan Allianz-Koncernen
och Munich Re – i synnerhet den betydande minskningen av det ömsesidiga aktieinnehavet, uppsägningen av
“Principles of Cooperation”-avtalet och upphörandet av den ömsesidiga styrelse sammankopplingen – betraktar
Allianz AG inte längre Munich Re som en närstående part.
Utvald finansiell information
Allianz-Koncernen
Rörelseresultat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nettointäkter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Kassaflöde* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Eget kapital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Totala skulder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 september
2005
(oreviderad)
miljon €
31 december
2004
31 december
2003
miljon €
miljon €
5,917
3,508
18,675
48,588
940,610
6,839
2,266
4,616
37,691
952,627
3,982
2,691
(1,397)
35,259
897,954
* Kassaflöde från rörelseverksamheter
Ytterligare Information
Registrerat aktiekapital
Allianz AG:s aktiekapital uppgår för närvarande till € 1,039,462,400 och divideras med 406,040,000 aktier
utan nominellt värde.
Föreskriven revisor
Allianz
AG
har
utsett
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 München, Tyskland, till revisor för
räkenskapsåret som slutar 31 december 2005.
130
Dokument att förevisa
Under den tid som varje Obligation är utstående, skall följande dokument i fysisk form kunna granskas
under ordinarie kontorstid vid Emittentens, Borgensmannens och Principal Paying Agentis angivna kontor:
(a) Borgensåtagandet;
(b) Emittentens bolagsordning;
(c) Borgensmannens bolagsordning (Satzung)
(d) Prospektet; och
alla rapporter, brev, övriga dokument, historisk finansiell information, värderingar och yttranden utfärdade
av någon expert på uppdrag av Emittenten och/eller Borgensmannen samt varje avsnitt som innefattas eller som
det hänvisas till i Emittentens och Borgensmannens framställningar.
131
RISK FACTORS
The following is a description of the risk factors with respect to the Bonds, the Issuer and the Guarantor
which prospective investors should consider before deciding to purchase the Bonds. The sequence in which the
following risk factors are listed is not an indication of their likelihood to occur or of the extent of their
commercial consequences.
Prospective investors should consider all of the information provided in this Prospectus and consult with
their own professional advisers if they consider it necessary.
Risk Factors in relation to the Bonds
An investment in the Bonds involves certain risks associated with the characteristics of the Bonds. Such
risks could result in principal or interest not being paid by the Issuer, the Guarantor not making payment under
the Guarantee and/or a material impairment of the market price of the Bonds. The following is a description of
risk factors in relation to the Bonds.
Perpetual securities
The Issuer is under no obligation to redeem the Bonds at any time and the Bondholders have no right to call
for their redemption.
Redemption risk
The Bonds have no final maturity date. They are redeemable in whole but not in part at the option of the
Issuer at their principal amount on [March 3,] 2011 and on each Interest Payment Date thereafter. The Issuer may
also redeem the Bonds in whole but not in part at their principal amount together with any accrued interest at any
time following a Gross-up Event and at the Make-whole Amount following a Tax Event or a Regulatory Event.
In any case the Issuer may call and redeem the Bonds only if the Solvency Condition is met and the principal
amount of the Bonds to be redeemed has been replaced by other at least equivalent regulatory capital or if the
Federal Financial Supervisory Authority or any successor authority has given its consent to the redemption, all as
more fully described in the Conditions. If the Issuer calls and redeems the Bonds in any of the circumstances
mentioned above, the Bondholders may only be able to reinvest the redemption proceeds in securities with a
lower yield.
No limitation on issuing debt
There is no restriction on the amount of liabilities which the Issuer or the Guarantor may issue or guarantee
which rank senior to the Bonds or on the amount of liabilities which the Issuer or the Guarantor may issue or
guarantee which rank pari passu with the Bonds. The occurrence of such may reduce the amount recoverable by
Bondholders on a liquidation, dissolution, insolvency, composition or other proceeding for the avoidance of
insolvency of, or against, the Issuer or the Guarantor or may increase the likelihood that the Issuer may elect to
defer payments of interest under the Bonds.
Subordination
The Bonds and the Guarantor’s obligations under the Guarantee will be undated subordinated obligations of
the Issuer and the Guarantor, respectively. Upon the occurrence of any winding-up proceedings of the Issuer or
the Guarantor, payments on the Bonds will be subordinated in right of payment to the prior payment in full of all
other liabilities of the Issuer and the Guarantor (including dated subordinated obligations), except those liabilities
which rank pari passu with, or junior to, the Bonds or the Guarantor’s obligations under the Guarantee. In a
liquidation, dissolution, insolvency, composition or other proceeding for the avoidance of insolvency of, or
against, the Issuer or the Guarantor, the Bondholders may recover proportionately less than the holders of
unsubordinated and dated subordinated liabilities of the Issuer or the Guarantor, as the case may be.
The Bondholders explicitly accept that, in the circumstances described above, payments in respect of the
Bonds will be made by the Guarantor pursuant to the Guarantee only in accordance with the subordination
described above.
132
Optional Deferral and possible cancellation of Interest Payments
Bondholders should be aware that, subject to the Solvency Condition being met and no Mandatory Deferral
Event having occurred, the Issuer may, with respect to each Interest Payment Date, elect in its discretion to defer
the interest by giving not less than 3 Business Days prior notice, if up to the 10th Business Day preceding such
Interest Payment Date no dividend, other distribution or payment was declared in respect of any class of shares
of the Guarantor at the ordinary General Meeting of shareholders (ordentliche Hauptversammlung) of the
Guarantor immediately preceding that Interest Payment Date, and no payment on account of the balance sheet
profit has been made since that ordinary General Meeting of shareholders (ordentliche Hauptversammlung) of
the Guarantor.
The Issuer may elect in its discretion to satisfy any interest payment it does not defer on the Interest
Payment Date with funds raised prior to the Interest Payment Date by way of the ACSM.
Bondholders will not receive any additional interest or compensation for the optional deferral of payment.
Bondholders should be aware that under certain circumstances a payment of interest may be cancelled in total.
Mandatory Deferral and possible cancellation of Interest Payments
Bondholders should be aware that if on an Interest Payment Date the Solvency Condition is not met, then
the Issuer will be required to defer interest which accrued during the interest year to but excluding such Interest
Payment Date, unless the Issuer elects in its discretion to satisfy on the Interest Payment Date such interest with
funds raised prior to the Interest Payment Date by way of the ACSM.
If on an Interest Payment Date a Mandatory Deferral Event has occurred, then the Issuer will be required to
defer any Excess Amount. If the Issuer is required to defer a payment of interest following the occurrence of a
Mandatory Deferral Event on an Interest Payment Date, then the Issuer will also be required to defer on one or
more subsequent Interest Payment Dates the interest that would otherwise be due on such Interest Payment Dates
until the Mandatory Deferral Event has been cured.
Bondholders will not receive any additional interest or compensation for the mandatory deferral of payment.
Bondholders should be aware that under certain circumstances a payment of interest may be cancelled in total.
No Prior Market for the Bonds
There is currently no secondary market for the Bonds. Application has been made to list the Bonds on the
official market (Amtlicher Markt) of the Frankfurt Stock Exchange. However, there can be no assurance that a
liquid secondary market for the Bonds will develop or, if it develops, that it will continue. In an illiquid market, a
Bondholder might not be able to sell his Bonds at any time at fair market prices. The possibility to sell the Bonds
might additionally be restricted by country specific reasons.
Fixed Rate Bonds
Until their redemption, if any, the Bonds will carry fixed interest. A holder of a security with a fixed interest
rate is exposed to the risk that the price of such security falls as a result of changes in the current interest rate on
the capital market (the “Market Interest Rate”). While the nominal interest rate of a Bond with a fixed interest
rate is fixed during the life of such security or during a certain period of time, the Market Interest Rate typically
changes on a daily basis. As the Market Interest Rate changes, the price of such security changes in the opposite
direction. If the Market Interest Rate increases, the price of such security typically falls, until the yield of such
security is approximately equal to the Market Interest Rate. If the Market Interest Rate falls, the price of a
security with a fixed interest rate typically increases, until the yield of such security is approximately equal to the
Market Interest Rate. Investors should be aware that movements of the Market Interest Rate can adversely affect
the market price of the Bonds and can lead to losses for the Bondholders if they sell Bonds before they fall due
for redemption.
Risk Factors in relation to the Issuer
The Issuer is a funding vehicle for the Allianz Group. As such, it, inter alia, raises funds and on-lends
monies to group companies within the Allianz Group by way of intra-group loans. In the event that a group
company fails to make a payment under an intra-group loan, the Issuer may not be able to meet its payment
obligations under the Bonds.
133
Risk Factors in relation to the Guarantor
The following is a description of risk factors in relation to the Guarantor. The realisation of any of the risks
described below may affect the Guarantor’s ability to fulfil its payment obligations under the Guarantee and/or
may adversely affect the market price of the Bonds and can lead to losses for the Bondholders if they sell Bonds
before they fall due for redemption. As a result, investors are exposed to the risk of losing their investment in
whole or in part.
Interest rate volatility may adversely affect Allianz Group’s results of operations.
Changes in prevailing interest rates (including changes in the difference between the levels of prevailing
short- and long-term rates) can affect Allianz Group’s insurance, asset management and banking results.
Over the past several years, movements in both short- and long-term interest rates have affected the level
and timing of recognition of gains and losses on securities held in Allianz Group’s various investment portfolios.
Allianz Group’s investment portfolios are heavily weighted toward Euro-denominated fixed-income investments.
Accordingly, interest rate movements in the Euro zone will significantly affect the value of Allianz Group’s
investment portfolios. Excluding trading portfolios, fixed income securities constituted 78.2% of Allianz Group’s
own investments at December 31, 2004. An increase in interest rates could substantially decrease the value of
Allianz Group’s fixed income portfolio, and any unexpected change in interest rates could materially adversely
affect its bond and interest rate derivative positions.
The short-term impact of interest rate fluctuations on Allianz Group’s life/health insurance business may be
reduced in part by products designed to partly or entirely transfer Allianz Group’s exposure to interest rate
movements to the policyholder. While product design reduces Allianz Group’s exposure to interest rate volatility,
changes in interest rates will impact this business to the extent they result in changes to current interest income,
impact the value of Allianz Group’s fixed income portfolio and affect the levels of new product sales or
surrenders of business in force. In addition, reductions in the investment income below the rates assumed in
product pricing, or below the regulatory minimum required rates in countries such as Germany and Switzerland,
would reduce or eliminate the profit margins on the life/health insurance business written by Allianz Group’s
life/health subsidiaries.
Results of Allianz Group’s asset management business may also be affected by movements in interest rates
because management fees are generally based on the value of assets under management, which fluctuate with
changes in interest rates.
In addition, Allianz Group’s management of interest rate risks affects the results of its banking operations.
The composition of Allianz Group’s banking assets and liabilities, and any mismatches resulting from that
composition, cause the net income of its banking operations to vary with changes in interest rates. Allianz Group
is particularly impacted by changes in interest rates as they relate to different maturities of contracts and the
different currencies in which it holds interest rate positions. A mismatch with respect to maturity of interestearning assets and interest-bearing liabilities in any given period can have a material adverse effect on the
financial position or results of operations of Allianz Group’s banking business.
Market risks could impair the value of Allianz Group’s portfolio and adversely impact its financial
position and results of operations.
Allianz Group holds a significant equity portfolio, which represented approximately 14.9% of Allianz
Group’s own investments at December 31, 2004, excluding trading portfolios. Allianz Group’s equity investment
portfolio includes (i), in particular, large stakes in a number of major German companies, including Schering
AG, Linde AG, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (or “Munich Re”)
and Beiersdorf AG, (ii) significant holdings in companies in Spain, Italy and France and (iii) equity investments
in companies in virtually all major financial markets of the world. Fluctuations in equity markets affect the
market value and liquidity of these holdings.
Allianz Group also has real estate holdings in its investment portfolio, the value of which is likewise
exposed to changes in real estate market prices and volatility.
134
Most of Allianz Group’s assets and liabilities are recorded at fair value, including trading assets and
liabilities, and securities available-for-sale. Changes in the value of securities held for trading purposes are
recorded through Allianz Group’s consolidated income statement. Changes in the market value of securities
available-for-sale are recorded directly in Allianz Group’s consolidated shareholders’ equity. Securities
available-for-sale are reviewed regularly for impairment, with writedowns to fair value charged to income if an
other-than-temporary diminution in value occurs. If a decline in the market value below the original cost of an
available-for-sale security is considered other-than-temporary, the decline in value will be recorded in the
consolidated income statement.
Market and other factors could adversely affect goodwill, deferred policy acquisition costs and deferred
tax assets; Allianz Group’s deferred tax assets are also potentially impacted by changes in tax legislation.
Business and market conditions may impact the amount of goodwill Allianz Group carries in its
consolidated accounts. As of December 31, 2004, Allianz Group has recorded goodwill in an aggregate amount
of €11,677 million, of which €1,633 million relates to Allianz Group’s banking business, €6,178 million to its
asset management business and €3,866 million relates to its insurance business.
Allianz Group’s banking operations, of which Dresdner Bank represents by far the most significant
component, reported net income of €126 million for the year ended December 31, 2004. As the value of certain
other parts of Allianz Group’s businesses, including in particular its asset management business, are also
significantly impacted by such factors as the state of financial markets and ongoing operating performance,
significant declines in financial markets or operating performance could also result in impairment of other
goodwill carried by Allianz Group and result in significant writedowns, which could be material. No impairments
were recorded for goodwill in 2004.
The assumptions Allianz Group made with respect to recoverability of deferred policy acquisition costs
(“DAC”) are also affected by such factors as operating performance and market conditions. DAC is incurred in
connection with the production of new and renewal insurance business and is deferred and amortised generally in
proportion to profits or premium income expected to be generated over the life of the underlying policies,
depending on the classification of the product. If the assumptions on which expected profits are based prove to be
incorrect, it may be necessary to accelerate amortisation of DAC, even to the extent of writing down DAC
through impairments, which could materially adversely affect results of operations. No impairments were
recorded for DAC in 2004.
As of December 31, 2004, Allianz Group had a total of €14,139 million in net deferred tax assets and
€14,350 million in deferred tax liabilities. The calculation of the respective tax assets and liabilities is based on
current tax laws and accounting standards and depends on the performance of Allianz Group as a whole and
certain business units in particular. At December 31, 2004, €5,337 million (2003: €5,753 million) of deferred tax
assets depended on the ability to use existing tax-loss carry forwards.
Changes in German or other tax legislation or an operating performance below currently anticipated levels
may lead to a significant impairment of deferred tax assets, in which case Allianz Group could be obligated to
write off certain tax assets. Tax assets may also need to be written down if certain assumptions of profitability
prove to be incorrect, as losses incurred for longer than expected will make the usability of tax assets more
unlikely. Any such development may have a material adverse impact on Allianz Group’s results of operations.
Allianz AG operates both as a reinsurance company and as a holding company for Allianz Group and is
exposed to various liquidity risks.
Allianz AG acts as the principal reinsurer for Allianz Group companies. At the same time, Allianz AG is a
holding company, conducting its insurance and financial services operations through direct and indirect
subsidiaries. In addition to premiums from Allianz Group’s reinsurance operations, the principal sources of
Allianz AG’s funds are dividends received from subsidiaries, associated companies and other equity investments
as well as funds that it may raise from time to time through the issuance of debt or equity securities or through
banks or other borrowings. Allianz AG’s uses of funds include payment of interest and principal on its
outstanding debt, obligations arising in its reinsurance business, which may include large and unpredictable
claims including catastrophe claims, as well as the funding of potential capital requirements of its operating
subsidiaries or of acquisitions.
135
Allianz AG expects that premiums from its own reinsurance business, together with dividends and other
amounts received from subsidiaries, associated companies and other investments, will continue to cover its
operating expenses, including interest payments on its outstanding debt, together with its reinsurance and other
obligations. As a holding company, Allianz AG can offer no assurance, however, that funds available to it will
continue to be sufficient to meet its operating expenses, funding obligations and interest payments in the future,
and that it will not need to raise additional funds from time to time through the issuance of debt or equity
securities, through banks or other borrowings or through dispositions of assets or other transactions. Moreover,
Allianz AG can offer no assurance as to the adequacy or timing of any such measures.
Loss reserves for Allianz Group’s property-casualty insurance and reinsurance policies are based on
estimates as to future claims liabilities. Adverse developments relating to claims could lead to further
reserve additions and materially adversely affect Allianz Group’s results of operations.
In accordance with industry practice and accounting and regulatory requirements, Allianz Group establishes
reserves for loss and loss adjustment expenses related to its property-casualty insurance and reinsurance
businesses, including property-casualty business in run-off. Reserves are based on estimates of future payments
that will be made in respect of claims, including expenses relating to such claims. Such estimates are made both
on a case-by-case basis, based on the facts and circumstances available at the time the reserves are established, as
well as in respect of losses that have been incurred but not reported (“IBNR”) to Allianz Group. These reserves
represent the estimated ultimate cost necessary to bring all pending reported and IBNR claims to final settlement.
Reserves, including IBNR reserves, are subject to change due to a number of variables which affect the
ultimate cost of claims, such as changes in the legal environment, results of litigation, changes in medical costs,
costs of repairs and other factors such as inflation and exchange rates. Allianz Group’s earnings depend
significantly upon the extent to which its actual claims experience is consistent with the assumptions it uses in
setting the prices for products and establishing the liabilities for obligations for technical provisions and claims.
To the extent that Allianz Group’s actual claims experience is less favourable than the underlying assumptions
used in establishing such liabilities, Allianz Group may be required to increase its reserves, which may materially
adversely affect earnings.
Established loss reserves estimates are periodically adjusted in the ordinary course of settlement, using the
most current information available to management, and any adjustments resulting from changes in reserve
estimates are reflected in current results of operations. Allianz Group also conducts reviews of various lines of
business to consider the adequacy of reserve levels. Based on current information available to it and on the basis
of its internal procedures, Allianz AG’s management considers that these reserves are adequate. However,
because the establishment of reserves for loss and loss adjustment expenses is an inherently uncertain process,
there can be no assurance that ultimate losses will not materially exceed the established reserves for loss and loss
adjustment expenses and have a material adverse effect on Allianz Group’s earnings.
Asbestos-related and Environmental Pollution Claims. In relation to asbestos-related and environmental
pollution, it has been necessary, and may over time continue to be necessary, to revise estimated potential loss
exposure and, therefore, the related loss reserves. Changes in law, novel or changing policy interpretations,
evolving judicial theories as well as developments in class action litigation add to the uncertainties inherent in
claims of this nature. As a result, Allianz Group continues to monitor developments in asbestos-related and
environmental claims and may determine that further adjustments in the reserve amounts are required in the
future. In 2002, reserves were increased for asbestos and environmental claims in the United States by €762
million following external and internal actuarial reviews. In the United States, the planned external review of the
asbestos and environmental liability reserves at Fireman’s Fund had no net impact at the Allianz Group level as a
result of already sufficient reserves, absent a USD 56 million loss caused by the increase in provisions for
uncollectible reinsurance recoverables.
Run-off Insurance Businesses. Allianz Group maintains loss reserves in its run-off insurance businesses to
cover its estimated ultimate liability for losses and loss adjustment expenses for reported and unreported losses
incurred as of the end of each fiscal year. In 2002, Allianz Group ceased underwriting certain lines of business
formerly pursued by the Fireman’s Fund in the United States, including the surety, national accounts, diversified
risk and medical malpractice lines of business. Allianz AG believes that the reserves associated with the lines in
run-off are adequate. However, the costs and liabilities associated with these divested and run-off businesses and
other contingent liabilities could cause Allianz Group to take additional charges that could be material to its
results of operations.
136
Actuarial experience and other factors could differ from that assumed in the calculation of life/health
actuarial reserves and pension liabilities.
The assumptions Allianz Group makes in assessing its life/health insurance reserves may differ from what it
experiences in the future. Allianz Group derives its life/health insurance reserves using “best estimate” actuarial
practices and assumptions. These assumptions include the assessment of the long-term development of interest
rates, investment returns, the allocation of investments between equity, fixed income and other categories,
policyholder bonus rates (some of which are guaranteed), mortality and morbidity rates, policyholder lapses and
future expense levels. Allianz Group’s monitors its actual experience of these assumptions, and to the extent that
it considers that this experience will continue in the longer term, it refines its long-term assumptions. Similarly,
estimates of Allianz Group’s own pension obligations necessarily depend on assumptions concerning future
actuarial, demographic, macroeconomic and financial markets developments. Changes in any such assumptions
may lead to changes in the estimates of life/health insurance reserves or pension obligations.
Allianz Group has a substantial portfolio of contracts with guaranteed investment returns, including
endowment and annuity products for the German market as well as certain guaranteed contracts in other markets.
The amounts payable by Allianz Group at maturity of an endowment policy in Germany and in certain other
markets include a “guaranteed benefit”, an amount that, in practice, is equal to a legally mandated maximum rate
of return on actuarial reserves. If interest rates should remain at current historically low levels, Allianz Group
could be required to provide additional funds to its life/health subsidiaries to support their obligations in respect
of products with higher guaranteed returns or increase reserves in respect of such products, which could in turn
have a material adverse effect on its results of operations.
In the United States, Allianz Group has a substantial portfolio of contracts with guaranteed investment
returns indexed to equity markets. Allianz Group enters into derivative contracts as a means of mitigating the risk
of investment returns underperforming guaranteed returns. There can be no assurance that the hedging
arrangements will satisfy the returns guaranteed to policyholders.
Allianz Group’s financial results may be materially adversely affected by the occurrence of catastrophes.
Portions of Allianz Group’s property-casualty insurance may cover losses from unpredictable events such as
hurricanes, windstorms, hailstorms, earthquakes, fires, industrial explosions, freezes, riots, floods and other
man-made or natural disasters, including acts of terrorism. The incidence and severity of these catastrophes in
any given period are inherently unpredictable.
Although Allianz Group monitors its overall exposure to catastrophes and other unpredictable events in each
geographic region, each of its subsidiaries independently determines its own underwriting limits related to
insurance coverage for losses from catastrophic events. Allianz Group generally seeks to reduce its exposure to
these events through the purchase of reinsurance, selective underwriting practices and by monitoring risk
accumulation. However, such efforts to reduce exposure may not be successful and claims relating to
catastrophes may result in unusually high levels of losses and could have a material adverse effect on Allianz
Group’s financial position or results of operations. During 2002 and 2001 Allianz Group incurred significant
catastrophe losses, in particular net claims costs of approximately €1.5 billion relating to the terrorist attack of
September 11, 2001. Allianz Group also suffered losses from severe flooding in Germany and Central and
Eastern Europe, which adversely affected its results by €710 million in 2002. In 2003 and 2004, Allianz Group
did not experience losses from catastrophe events at the levels seen in 2002 or 2001. During 2004, Allianz Group
experienced the following major natural catastrophe loss events: the four hurricanes “Charley”, “Frances”,
“Jeanne” and “Ivan” in the South-Eastern United States, as well as the tsunamis in South Asia. As a result of
Allianz Group’s risk management system, Allianz Group recorded only €216 million of net losses in connection
with claims arising from the hurricanes which struck the South-Eastern United States in August and September
2004. Net losses in connection with the tsunamis which struck South Asia in late December 2004 amounted to
€22 million. In the third quarter of 2005, the development of the operating profit of Allianz Group was markedly
affected by damages from natural catastrophes of approximately €753 million net of reinsurance. In that context,
hurricane “Katrina” comprised the bulk of claims with losses, net of reinsurance, of €519 million and hurricane
“Rita” accounted for an additional €101 million in net losses. If natural or man-made catastrophes affecting
properties Allianz Group insures occur with high frequency and/or severity, related claims could have a material
adverse effect on its consolidated financial position, results of operations and cash flows.
137
Allianz Group has significant counterparty risk exposure.
Allianz Group is subject to a variety of counterparty risks, including:
General Credit Risks. Third-parties that owe Allianz Group money, securities or other assets may not pay or
perform under their obligations. These parties include the issuers whose securities Allianz Group holds,
borrowers under loans made, customers, trading counterparties, counterparties under swaps, credit default and
other derivative contracts, clearing agents, exchanges, clearing houses and other financial intermediaries. These
parties may default on their obligations to Allianz Group due to bankruptcy, lack of liquidity, downturns in the
economy or real estate values, operational failure or other reasons.
Changes in trends and the investment climate in financial markets may result in an increase in investment
impairments on Allianz Group’s investment assets due to defaults and credit downgrades, and a further downturn
in the economy generally could result in increased impairments. In addition, Allianz Group is subject to
geographic and industry concentrations with respect to its credit exposures, and as a result, developments in
particular geographic regions or industries may adversely impact it. In particular, Allianz Group has extended
significant credit to financial institutions in Germany, and as a result, any systemic risk materialising in the
German financial industry could have a material adverse effect on Allianz Group’s results of operations.
Reinsurers. Allianz Group transfers its exposure to certain risks in its property-casualty and life/health
insurance business to others through reinsurance arrangements. Under these arrangements, other insurers assume
a portion of Allianz Group’s losses and expenses associated with reported and unreported losses in exchange for
a portion of policy premiums. The availability, amount and cost of reinsurance depend on general market
conditions and may vary significantly. Any decrease in the amount of its reinsurance will increase Allianz
Group’s risk of loss. When Allianz Group obtains reinsurance, it is still liable for those transferred risks if the
reinsurer cannot meet its obligations. Therefore, the inability of its reinsurers to meet their financial obligations
could materially affect Allianz Group’s results of operations. Although Allianz Group conducts periodic reviews
of the financial statements and reputations of its reinsurers, the reinsurers may become financially unsound by
the time they are called upon to pay amounts due.
Developments at Dresdner Bank, including the development of operating performance, loan loss levels or
writedowns and impairments, could adversely affect Allianz Group’s results and may result in capital
requirements that could constrain its operations.
In July 2001, Allianz AG acquired Dresdner Bank. Allianz Group’s banking operations, of which Dresdner
Bank is the most significant component, suffered significant net losses in 2002 and 2003 but returned to
profitability in 2004 with a net income of €126 million. In the first nine months of 2005, net profit of the banking
segment reached €123 million, thus remaining relatively unchanged compared to the prior year period. If
improvements seen in the bank’s operating performance do not continue and stabilise, Allianz Group’s results
could be adversely affected. The future success of Allianz Group’s banking business depends in large part on its
ability to continue to restore the profitability of Dresdner Bank. In the event that the management is unable to
successfully complete the implementation of the restructuring and cost-cutting measures announced and started
to date, Allianz Group’s financial performance and results of operations may be materially adversely affected.
Dresdner Bank may need to make additional loan loss provisions or recognise further credit losses as a
result of weak economic conditions, declines in collateral value, inability to enforce security interests in
collateral, an increase in corporate or personal bankruptcies, in particular in Germany, further deterioration of the
financial position of borrowers or changes in reserve and risk management requirements.
Capital ratios for Dresdner Bank at December 31, 2004 were 6.55% (2003: 6.56%) in the case of
consolidated Tier I capital and 13.32% (2003: 13.39%) in the case of consolidated total capital under the risk
adjusted capital guidelines (or “Basle Accord”) promulgated by the Basle Committee on Banking Supervision
(BIS-rules). There can be no assurance that Dresdner Bank will be able to maintain its capital ratios at the above
mentioned levels. Failure to do so could require Allianz Group to restrict its banking operations or further
support its banking operations through injection of additional capital. Further, the BIS-rules, which have an
important impact on the capital adequacy guidelines of the BaFin are being revised and implementation is
planned for 2006. At this time, Allianz Group is unable to predict how the revised guidelines will affect its
requirements for capital and the impact of these revisions on Allianz Group’s banking or other operations.
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Many of Allianz Group’s businesses are dependent on the financial strength and credit ratings assigned to
Allianz AG and its businesses by various rating agencies. Therefore, a downgrade in Allianz AG’s ratings
may materially adversely affect relationships with customers and intermediaries, negatively impact sales
of its products and increase its cost of borrowing.
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (“Standard &
Poor’s”), Moody’s Investor Services (“Moody’s”) and A.M. Best assign ratings to various obligations of certain
Allianz Group companies.
On September 12, 2005, both Standard & Poor’s and Moody’s affirmed their ratings after Allianz
announced its plans to merge its Italian subsidiary Riunione Adriatica di Sicurtà Società per Azioni (“RAS”)
with Allianz AG into Allianz SE.
On August 2, 2005, Standard & Poor’s revised the outlook on Allianz AG from “negative” to “stable”.
Concurrently Standard & Poor’s affirmed its “AA-”1 long-term insurer financial strength and counterparty credit
ratings on Allianz AG and various core operating entities. In addition, Standard & Poor’s affirmed its “A-1+”
short-term ratings on Allianz AG.
On March 20, 2003, Standard & Poor’s cut Allianz AG’s financial strength ratings from AA to AA—, citing
Allianz Group’s negative performance and reduced capital base resulting from significant writedowns and losses
in the period to December 31, 2002, and noted that Allianz AG continued to be on “negative outlook.” The
outlook on the AA- rating is now “stable.” Likewise, on July 25, 2003, Moody’s lowered its rating for the senior
unsecured debt securities issued by Allianz Group’s finance subsidiaries from Aa2 to Aa3.2 This downgrade
came after the rating had been placed “under review” on May 22, 2003. The outlook on the Aa3 rating is now
“stable.” On March 21, 2003, A.M. Best also cut Allianz Group’s financial strength rating from A++ to A+,3 and
noted that Allianz AG continued to be on “negative outlook.” The outlook on the A+ rating is now “stable.”
Rating agencies can be expected to continue to monitor Allianz AG’s financial strength, and no assurances can
be given that further ratings downgrades will not occur, whether due to changes in Allianz Group’s performance,
changes in rating agencies’ industry views or ratings methodologies, or a combination of such factors.
Claims paying ability and financial strength ratings are a factor in establishing the competitive position of
insurers. Allianz AG’s financial strength rating has a significant impact on the individual ratings of key
subsidiaries. If a rating of certain subsidiaries falls below a certain threshold, the respective operating business
may be significantly impacted. A ratings downgrade, or the potential for such a downgrade, of Allianz Group or
any of its insurance subsidiaries could, among other things, adversely affect relationships with agents, brokers
and other distributors of Allianz Group’s products and services, thereby negatively impacting new sales,
adversely affect its ability to compete in its markets and increase its cost of borrowing. In particular, in those
countries where primary distribution of Allianz Group’s products is done through independent agents, such as the
United States, further ratings downgrades could adversely impact sales of its life insurance products. Any further
ratings downgrades could also materially adversely affect Allianz Group’s cost of raising capital, and could, in
addition, give rise to additional financial obligations or accelerate existing financial obligations which are
dependent on maintaining specified rating levels.
If Allianz Group’s asset management business underperforms, it may experience a decline in assets under
management and related fee income.
While the assets under management in Allianz Group’s asset management segment include a significant
amount of funds related to Allianz Group’s insurance operations, a growing portion of its assets under
management, particularly following the acquisitions of PIMCO in May 2000, Nicholas-Applegate in January
2001 and Dresdner Bank in July 2001, represents third-party funds. Results of Allianz Group’s asset management
activities are affected by share prices, share valuation, interest rates and market volatility. In addition, third-party
1
2
3
For Standard & Poor's an insurer rated 'AA' has very strong financial security characteristics, differing only
slightly from those rated higher.
Obligations rated Aa by Moody's Investor Service are judged to be of high quality and are subject to very
low credit risk.
A.M. Best assigns a financial strength rating of A+ to companies that have, in A.M. Best’s opinion, a
superior ability to meet their ongoing obligations to policyholders.
139
funds are subject to withdrawal in the event Allianz Group’s investment performance is not competitive with
other asset management firms. Accordingly, fee income from the asset management business might decline if the
level of Allianz Group’s third-party assets under management were to decline due to investment performance or
otherwise.
Increased geopolitical risks following the terrorist attack of September 11, 2001, and any future terrorist
attacks, could have a continuing negative impact on Allianz Group’s businesses.
After September 11, 2001, reinsurers generally either put terrorism exclusions into their policies or
drastically increased the price for such coverage. Although Allianz Group has attempted to exclude terrorist
coverage from the policies it writes, this has not been possible in all cases, including as a result of legislative
developments such as the Terrorism Risk Insurance Act (or “TRIA”) in the United States. Furthermore, even if
terrorism exclusions are permitted in Allianz Group’s primary insurance policies, it may still have liability for
fires and other consequential damage claims that follow an act of terrorism itself. As a result Allianz Group may
have liability under primary insurance policies for acts of terrorism and may not be able to recover a portion or
any from its reinsurers.
At this time, Allianz Group cannot assess the future effects of terrorist attacks, potential ensuing military
and other responsive actions, and the possibility of further terrorist attacks, on its businesses. Such matters have
significantly adversely affected general economic, market and political conditions, increasing many of the risks
in Allianz Group’s businesses noted in the previous risk factors. This may have a material negative effect on
Allianz Group’s businesses and results of operations over time.
Changes in existing or new government regulations in the countries in which Allianz Group operates may
materially impact it.
Allianz Group’s insurance, banking and asset management businesses are subject to detailed,
comprehensive laws and regulation as well as supervision in all the countries in which it does business. Changes
in existing laws and regulations may affect the way in which Allianz Group conducts its business and the
products it may offer. Changes in laws and regulations relating to pensions and employment, social security,
financial services including reinsurance business, taxation, securities products and transactions may materially
adversely affect Allianz Group’s insurance, banking and asset management businesses by restructuring its
activities, imposing increased costs or otherwise.
In 2002, Germany adopted a law, effective January 2005, regarding assets covering technical reserves of
reinsurance companies such as Allianz AG. It requires those assets to be appropriately diversified to prevent a
reinsurer from relying excessively on any particular asset. This law anticipates the implementation of EU
directive 2005/68/EC of 16 November 2005 on reinsurance. Although Allianz AG expects as of the date of this
document to meet the respective requirements of the BaFin, there can be no assurances as to the impact on
Allianz AG of any amendments to or changes in the interpretation of the laws and regulations regarding assets
covering technical reserves of reinsurance companies, which could require Allianz AG to change the composition
of its asset portfolio covering its technical reserves or take other appropriate measures.
In addition, current discussions on a new solvency regime for insurance companies in the EU (Solvency II)
are ongoing. As those discussions are in a preliminary stage, its potential future impact for capital requirements
can not currently be assessed.
Changes in tax legislation could adversely affect Allianz Group’s business.
Changes to tax laws may affect the attractiveness of certain of Allianz Group’s products that currently
receive favourable tax treatment. Under German tax regulations applicable through 2004, payments received at
the maturity of a life insurance policy with a term of at least 12 years and on which premiums have been paid for
at least five years are not taxable, and the life insurance premiums are deductible from the insured’s income in
the year paid, subject to certain limitations.
In June 2004, the Retirement Income Revenue Act (Alterseinkünftegesetz) was adopted in Germany. Under
the new law, taking effect as from 2005, the tax exemption for payments under life insurance has been abolished
for new policies written. Instead, half of the interest income from life insurance will be taxed as of 2005,
provided the insurance runs for at least 12 years and does not mature before age 60.
140
The new law also provides for the introduction of a so called “basic provision scheme” which will benefit
from favourable tax rules. From 2005 onwards, private pensions will be taxed at a lower tax rate. Based on the
new “basic provision scheme” and on further improvements relating to private pensions which are additionally
provided by the new law, new life insurance and pension products are being developed. However, it is too early
yet to reliably assess the impact on new business.
From time to time, governments in other jurisdictions in which Allianz Group does business have also
considered changes to tax laws which could adversely affect the tax advantages of certain of its products, and if
enacted, could result in a significant reduction in the sale of such products.
Changes in value relative to the euro of non-Euro zone currencies in which Allianz Group generates
revenues and incurs expenses could adversely affect its reported earnings and cash flow.
Allianz AG prepares its consolidated financial statements in euro. However, a significant portion of the
revenues and expenses from its subsidiaries outside the Euro zone, including in the United States, Switzerland
and the United Kingdom, is originated in currencies other than euro. Allianz AG expects this trend to continue as
it expands its business into growing non-euro zone markets. For the year ended December 31, 2004,
approximately 34.3% of its gross premiums written originated in currencies other than euro.
As a result, although its non-euro zone subsidiaries generally record their revenues and expenses in the same
currency, changes in the exchange rates used to translate foreign currencies into euro may adversely affect
Allianz Group’s reported results.
While Allianz Group’s non-euro assets and liabilities, and revenues and related expenses, are generally
denominated in the same currencies, it does not generally engage in hedging transactions with respect to
dividends or cash flows in respect of its non-euro subsidiaries.
The benefits that Allianz AG realises from the merger with RAS could be materially different from its
current expectations.
The benefits that Allianz AG realises from the merger with RAS could be materially different from its
current expectations. If Allianz AG’s and /or RAS’ shareholders contest the approval of the merger plan, Allianz
AG could be prevented from registering the merger in the commercial register for Allianz AG in Germany,
which would delay the effectiveness of the merger, which could adversely affect Allianz AG’s strategic plan to
fully integrate RAS into Allianz Group and the expected benefits from doing so.
If Allianz AG’s and/or RAS’ shareholders contest the approval of the merger plan on the basis of an alleged
unfair merger exchange ratio and the merger becomes effective despite such lawsuit(s) pending, Allianz AG
could be held liable for monetary damages.
Unpredictable political, macro-economic and demographic influences may adversely affect Allianz
Group’s future financial condition and development.
Allianz Group’s future financial condition and results of operation, developments in its business, growth and
profitability, and general industry and business conditions applicable to Allianz Group may be adversely affected
by unpredictable political, macro-economic and demographic influences. Hence, the forward-looking statements
made in this Prospectus are subject to a number of risks, uncertainties, and assumptions that may cause the actual
results, performance or achievements of Allianz Group or those of its industry to be materially different from or
worse than those expressed in these forward-looking statements.
141
TERMS AND CONDITIONS OF THE BONDS
Anleihebedingungen (“Bedingungen”)
Terms and Conditions of the Bonds
(the “Conditions”)
§ 1 Form und Nennbetrag
1.
(a) Die Allianz Finance II B.V. (die “Emittentin”)
begibt [voraussichtlich am 3. März] 2006 (der
“Begebungstag”) Schuldverschreibungen in Euro
unter der nachrangigen Garantie der Allianz
Aktiengesellschaft, München (die “Garantin”) im
Gesamtnennbetrag von EUR [bis zu 1 Milliarde],
eingeteilt in auf den Inhaber lautende
Schuldverschreibungen
(die
“Schuldverschreibungen”)
im
festgelegten
Nennbetrag von je EUR 1.000 (der “Nennbetrag”).
(a) The Bonds are issued by Allianz Finance II B.V.
(the “Issuer”) in euro guaranteed on a
subordinated
basis
by
Allianz
Aktiengesellschaft, Munich (the “Guarantor”)
in the aggregate principal amount of EUR [up to
1 billion] divided into bonds in bearer form (the
“Bonds”) in the specified denomination of
EUR 1,000 (the “Denomination”) each [on or
around March 3,] 2006 (the “Issue Date”).
(b) Die Schuldverschreibungen sind zunächst in einer
vorläufigen Globalurkunde (die “Vorläufige
Globalurkunde”) ohne Zinsscheine verbrieft, die
bei der Clearstream Banking AG, Frankfurt (das
“Clearing System”) hinterlegt ist.
(b) The Bonds are initially represented by a
temporary global Bond (the “Temporary
Global Bond”) without coupons which is
deposited with Clearstream Banking AG,
Frankfurt (the “Clearing System”).
Die Vorläufige Globalurkunde wird an dem Tag,
der nicht weniger als 40 Tage nach dem
Begebungstag liegt, gegen Nachweis über das
Nichtbestehen wirtschaftlichen Eigentums im
Sinne des US-Rechts (beneficial ownership), für
den
Inhaber
von
Schuldverschreibungen
unentgeltlich ganz oder teilweise gegen eine
dauerhafte
Globalurkunde
(die
“DauerGlobalurkunde”) (die Vorläufige Globalurkunde
und die Dauer-Globalurkunde jeweils auch eine
“Globalurkunde”) ohne Zinsscheine nach den
Regeln und dem Verfahren des Clearing Systems
ausgetauscht
werden.
Die
Vorläufige
Globalurkunde und die Dauer-Globalurkunde
tragen jeweils die eigenhändigen Unterschriften
von zwei Vertretungsberechtigten der Emittentin
sowie die eigenhändige Unterschrift eines
Kontrollbeauftragten der Emissionsstelle. Ein
Recht der Anleihegläubiger auf Ausgabe und
Lieferung von Einzelurkunden oder Zinsscheinen
besteht nicht.
The Temporary Global Bond will be
exchangeable, free of charge to the holder of
Bonds, on a day falling not earlier than 40 days
after the Issue Date, in whole or in part upon
certification as to non-U.S. beneficial ownership
in the form set out in the Temporary Global
Bond for a permanent global Bond (the
“Permanent Global Bond”) (the Temporary
Global Bond and the Permanent Global Bond,
each a “Global Bond”) without coupons
pursuant to the regulations and procedures of the
Clearing System. The Temporary Global Bond
and the Permanent Global Bond shall each bear
the manual signatures of two duly authorised
officers of the Issuer as well as the manual
signature of an authentication officer of the
Fiscal Agent. The right of the Bondholders to
require the issue and delivery of definitive
bonds or interest coupons is excluded.
(c) Die Vorläufige Globalurkunde und die DauerGlobalurkunde werden solange von einem Clearing
System oder im Auftrag des Clearing Systems
verwahrt, bis sämtliche Verpflichtungen der
Emittentin aus den Schuldverschreibungen erfüllt
sind.
(c) Each of the Temporary Global Bond and the
Permanent Global Bond will be held in custody
by or on behalf of the Clearing System until all
obligations of the Issuer under the Bonds have
been satisfied.
Den
Inhabern
von
Schuldverschreibungen
(“Anleihegläubiger”) stehen Miteigentumsanteile
an der Globalurkunde zu, die gemäß anwendbarem
Recht und den Bestimmungen und Regeln des
Clearing Systems übertragen werden können.
The holders of Bonds (“Bondholders”) are
entitled to co-ownership participations in the
Global Bond, which are transferable in
accordance with applicable laws and the rules
and regulations of the Clearing System.
142
Form and Denomination
§ 2 Status, Garantie
2.
(a) Status
(a) Status
Die Schuldverschreibungen begründen nicht
besicherte und nachrangige Verbindlichkeiten der
Emittentin, die untereinander und mit allen
anderen, am Begebungstag ausstehenden nicht
besicherten und nachrangigen Verbindlichkeiten
mit unbegrenzter Laufzeit der Emittentin zumindest
gleichrangig sind soweit zwingende gesetzliche
Bestimmungen solche anderen nachrangigen
Verbindlichkeiten nicht im Rang besser stellen. Im
Fall der Liquidation, der Auflösung oder der
Insolvenz der Emittentin oder eines Vergleichs
oder eines anderen der Abwendung der Insolvenz
dienenden Verfahrens gegen die Emittentin stehen
die Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen im Rang nach den
Ansprüchen aller anderen nicht nachrangigen
Gläubiger sowie aller Gläubiger nachrangiger
Ansprüche mit begrenzter Laufzeit, so dass
Zahlungen auf die Schuldverschreibungen solange
nicht geleistet werden, bis die Ansprüche von
Gläubigern gegen die Emittentin aus nicht
nachrangigen
Verbindlichkeiten
sowie
nachrangigen Verbindlichkeiten mit begrenzter
Laufzeit nicht zuerst vollständig befriedigt sind.
(b) Hinweis nach § 53c Absatz 3b Satz
Versicherungsaufsichtsgesetz (VAG)
Status, Guarantee
The obligations under the Bonds constitute
unsecured and subordinated obligations of the
Issuer ranking pari passu among themselves and
at least pari passu with all other unsecured and
undated subordinated obligations of the Issuer
outstanding on the Issue Date save for any
subordinated obligations required to be
preferred by law. In the event of the liquidation,
dissolution, insolvency, composition or other
proceedings for the avoidance of insolvency of,
or against, the Issuer, the obligations of the
Issuer under the Bonds will be subordinated to
the claims of all unsubordinated and dated
subordinated creditors of the Issuer, so that in
any such event no amounts shall be payable in
respect of the Bonds until the claims of all
unsubordinated and dated subordinated creditors
of the Issuer shall have first been satisfied in
full.
4
(b) Notification pursuant to § 53c paragraph 3b
Sentence 4 of the German Insurance
Supervisory Act (VAG)
Für die Rechte der Anleihegläubiger ist diesen
(vorbehaltlich der Garantie) keine Sicherheit durch
die Emittentin oder durch Dritte gestellt; eine
solche Sicherheit wird auch zu keinem Zeitpunkt
gestellt werden. Nachträglich können weder der
Nachrang gemäß diesem § 2 beschränkt, noch die
Laufzeit der Schuldverschreibungen oder die
jeweiligen Kündigungsfristen verkürzt werden.
Eine vorzeitige Rückerstattung ist der Emittentin
ohne
Rücksicht
auf
entgegenstehende
Vereinbarungen zurückzugewähren, sofern die
Emittentin nicht aufgelöst wurde oder sofern nicht
der Betrag durch die Einzahlung anderer,
zumindest gleichwertiger Eigenmittel ersetzt
worden ist oder die Bundesanstalt für
Finanzdienstleistungsaufsicht
bzw.
die
Nachfolgebehörde der Rückerstattung zustimmt.
No security (except for the Guarantee) of
whatever kind is, or shall at any time be,
provided by the Issuer or any other person
securing rights of the Bondholders. No
subsequent
agreement
may
limit
the
subordination pursuant to the provisions set out
in this Condition 2 or shorten any applicable
notice period (Kündigungsfrist) in respect of the
Bonds. If the Bonds are redeemed prematurely
the amounts redeemed must be returned to the
Issuer irrespective of any agreement to the
contrary unless the Issuer has been dissolved or
such amounts have been replaced by other at
least equivalent capital (Eigenmittel) of at least
equal status or if the Federal Financial
Supervisory Authority or any Successor
Authority has given its consent to the
redemption.
“Nachfolgebehörde” ist jede Behörde,
Funktionsnachfolger der Bundesanstalt
Finanzdienstleistungsaufsicht wird.
“Successor Authority” means any authority
which becomes a successor in capacity of the
Federal Financial Supervisory Authority
(Bundesanstalt
für
Finanzdienstleistungsaufsicht).
die
für
143
(c) Aufrechungsverbot
(c) No right to set-off
Die Anleihegläubiger sind nicht berechtigt,
Forderungen aus den Schuldverschreibungen gegen
etwaige Forderungen der Emittentin aufzurechnen.
Die Emittentin ist nicht berechtigt, Forderungen
gegenüber
Anleihegläubigern
mit
den
Verpflichtungen aus den Schuldverschreibungen
aufzurechnen.
(d) Garantie
No Bondholder may set off any claims arising
under the Bonds against any claims that the
Issuer may have against the Bondholder. The
Issuer may not set off any claims it may have
against any Bondholder against any of its
obligations under the Bonds.
(d) Guarantee
Die Garantin hat die unbedingte und
unwiderrufliche Garantie auf nachrangiger Basis
für die fristgerechte Zahlung von Kapital, Zinsen
und sonstigen aus den Schuldverschreibungen zu
zahlenden Beträgen übernommen. Die Garantie ist
ein Vertrag zugunsten jedes Anleihegläubigers als
begünstigtem Dritten gem. § 328 Absatz 1 BGB,
der das Recht begründet, die Garantin unmittelbar
aus der Garantie auf Erfüllung in Anspruch zu
nehmen und Ansprüche aus der Garantie gegen die
Garantin unmittelbar durchzusetzen.
The Guarantor has given an unconditional and
irrevocable Guarantee on a subordinated basis
for the due payment of principal of, and interest
on, and any other amounts expressed to be
payable under the Bonds. The Guarantee
constitutes a contract for the benefit of the
Bondholders from time to time as third party
beneficiaries in accordance with § 328
paragraph 1 of the German Civil Code
(Bürgerliches Gesetzbuch), giving rise to the
right of each Bondholder to require performance
under the Guarantee directly from the Guarantor
and to enforce the Guarantee directly against the
Guarantor.
Im Fall der Auflösung, der Liquidation oder der
Insolvenz der Garantin oder eines anderen der
Abwendung der Insolvenz dienenden Verfahrens
gegen die Garantin werden die Ansprüche der
Anleihegläubiger aus der Garantie erst befriedigt,
nachdem die Ansprüche sämtlicher nicht
nachrangiger Gläubiger sowie aller Gläubiger
nachrangiger Ansprüche mit begrenzter Laufzeit
der Garantin zuerst vollumfänglich befriedigt
worden sind.
In the event of the dissolution, liquidation,
insolvency or of other proceedings for the
avoidance of insolvency of the Guarantor, the
claims of the Bondholders under the Guarantee
will be satisfied after (but only after) the claims
of all unsubordinated and dated subordinated
creditors of the Guarantor have first been paid in
full.
Die Anleihegläubiger erkennen ausdrücklich an,
dass unter den oben genannten Umständen
Zahlungen der Garantin aus der Garantie auf die
Schuldverschreibungen nur unter Wahrung
obenstehender Nachrangigkeit erfolgen werden.
The Bondholders explicitly accept that, in the
circumstances described above, payments in
respect of the Bonds will be made by the
Guarantor pursuant to the Guarantee only in
accordance with the subordination described
above.
Die Anleihegläubiger sind nicht berechtigt,
Forderungen aus der Garantie gegen etwaige
Forderungen der Garantin aufzurechnen. Die
Garantin kann ihr Recht zur Aufrechnung gegen
Forderungen der Anleihegläubiger aus der Garantie
nur entsprechend der Maßgabe von § 4(f) und
sofern die Solvabilitätsbedingung (wie nachstehend
definiert) erfüllt ist, ausüben.
No Bondholder may set off any claims arising
under the Guarantee against claims that the
Guarantor may have against it. The Guarantor
may set off against any claims of any
Bondholder under the Guarantee only in
accordance with Condition 4(f) and subject to
the Solvency Condition (as defined below)
being met.
§ 3 Zinsen
3.
3.1 Festzins
3.1 Fixed Interest
(a) Die Schuldverschreibungen werden bezogen auf
ihren Nennbetrag ab dem [3. März] 2006
(einschließlich) mit jährlich [5,00 – 5,875]%
(a) The Bonds shall bear interest on their aggregate
principal amount from and including [March 3],
2006 at the rate of [5.00 – 5.875]% per annum.
144
Interest
verzinst. Die Zinsen sind nachträglich am [3. März]
eines
jeden
Jahres
fällig
(jeweils
ein
“Zinszahlungstag”). Die erste Zinszahlung erfolgt
am [3. März] 2007.
Interest shall be payable in arrear on [March 3]
in each year (each such date, an “Interest
Payment Date”). The first payment of interest
shall be made on [March 3], 2007.
(b) Sofern Zinsen für einen Zeitraum von weniger als
einem Jahr zu berechnen sind, erfolgt die
Berechnung auf der Grundlage der tatsächlichen
Anzahl von Tagen in diesem Zeitraum dividiert
durch die tatsächliche Anzahl von Tagen (365 oder
366) im jeweiligen Jahr.
(b) If interest is required to be calculated for a
period of less than a full year, such interest shall
be calculated on the basis of the actual number
of days in such period divided by the actual
number of days (365 or 366) in the respective
year.
(c) Der Zinslauf der Schuldverschreibungen endet mit
Ende des Tages, der dem Tag unmittelbar
vorangeht, an dem sie zur Rückzahlung fällig
werden (ausschließlich). Sollte die Emittentin die
Schuldverschreibungen bei Fälligkeit nicht
einlösen, endet die Verzinsung des ausstehenden
Nennbetrags der Schuldverschreibungen nicht am
Fälligkeitstag, sondern erst mit Ablauf des Tages,
der dem Tag der tatsächlichen Rückzahlung der
Schuldverschreibungen vorangeht. Der jeweils
geltende Zinssatz wird gemäß diesem § 3
bestimmt.
Weitergehende
Ansprüche
der
Anleihegläubiger bleiben unberührt.
(c) The Bonds shall cease to bear interest from the
end of the day preceding the day on which they
become due for redemption. If the Issuer fails to
redeem the Bonds when due, interest shall
continue to accrue on the outstanding principal
amount of the Bonds beyond the due date until
the end of the day preceding the day of the
actual redemption of the Bonds. The applicable
rate of interest will be determined in accordance
with this Condition 3. This does not affect any
additional rights that might be available to the
Bondholders.
3.2 Zahlung und Aussetzung von Zinszahlungen
3.2 Payment and deferral of interest payments
(a) Obligatorische Zinszahlungen
(a) Compulsory interest payments
(i)
Sofern die Solvabilitätsbedingung (wie
nachstehend definiert) erfüllt ist und kein
Zwangsaussetzungs-Ereignis
(wie
nachstehend definiert) eingetreten ist, sind
Zinsen, die während eines Zinsjahrs auflaufen,
das an einem Obligatorischen Zinszahlungstag
(ausschließlich) (wie nachstehend definiert)
endet,
an
diesem
Obligatorischen
Zinszahlungstag in Geld zu zahlen. Sofern an
dem
Zinszahlungstag
die
Solvabilitätsbedingung nicht erfüllt ist oder
ein Zwangsaussetzungs-Ereignis eingetreten
ist, gelten die Bedingungen des § 3.2(c)
anstelle dieses § 3.2(a).
(i)
Subject to the Solvency Condition (as
defined below) being met and no
Mandatory Deferral Event (as defined
below) having occurred, interest which
accrues during an interest year to but
excluding a Compulsory Interest Payment
Date (as defined below) will be payable in
cash on that Compulsory Interest Payment
Date. If on the Interest Payment Date the
Solvency Condition is not met or a
Mandatory Deferral Event has occurred,
the provisions of Condition 3.2(c) shall
apply instead of this Condition 3.2(a).
(ii) Die Emittentin ist berechtigt, im eigenen
Ermessen zu wählen, eine Zinszahlung an dem
Obligatorischen Zinszahlungstag aus Mitteln
zu leisten, die aus der Durchführung des
ACZM nach Maßgabe des § 3.4(a) vor dem
Obligatorischen Zinszahlungstag stammen.
(ii) The Issuer may elect in its discretion to
satisfy any interest payment on the
Compulsory Interest Payment Date with
funds raised prior to the Compulsory
Interest Payment Date by way of the
ACSM
in
accordance
with
Condition 3.4(a).
“Geschäftstag” bezeichnet jeden Tag (außer einem
Samstag oder Sonntag), an dem Geschäftsbanken
in Frankfurt am Main geöffnet sind.
“Business Day” means a day (other than a
Saturday or Sunday) on which commercial
banks in Frankfurt am Main are open for
business.
Ein “Obligatorischer Zinszahlungstag” ist jeder
Zinszahlungstag,
der
kein
Wahlweiser
Zinszahlungstag (wie nachstehend definiert) ist.
“Compulsory Interest Payment Date” means
any Interest Payment Date which is not an
Optional Interest Payment Date (as defined
below).
145
Ein “Wahlweiser Zinszahlungstag” liegt vor,
wenn bis Ablauf des Berechnungstages
An “Optional Interest Payment Date” occurs
if up to the end of the Calculation Date
(x) auf der ordentlichen Hauptversammlung der
Garantin unmittelbar vor dem betreffenden
Zinszahlungstag für keine Aktiengattung der
Garantin eine Dividende, andere Ausschüttung
oder Zahlung beschlossen wurde, und
(x) no dividend, other distribution or payment
was declared in respect of any class of
shares of the Guarantor at the ordinary
General
Meeting
of
shareholders
(ordentliche Hauptversammlung) of the
Guarantor immediately preceding that
Interest Payment Date, and
(y) seit dieser ordentlichen Hauptversammlung
der Garantin keine Abschlagszahlung auf den
Bilanzgewinn geleistet worden ist.
(y) no payment on account of the balance sheet
profit has been made since that ordinary
General
Meeting
of
shareholders
(ordentliche Hauptversammlung) of the
Guarantor.
“Berechnungstag”
10.
Geschäftstag
Zinszahlungstag.
“Calculation Date” means the 10th Business
Day preceding the relevant Interest Payment
Date.
vor
bezeichnet
den
dem
betreffenden
(b) Wahlweise Aussetzung von Zinszahlungen
(i)
(b) Optional deferral of interest payments
Sofern die Solvabilitätsbedingung erfüllt ist
und
kein
Zwangsaussetzungs-Ereignis
eingetreten ist, ist die Emittentin an jedem
Wahlweisen Zinszahlungstag berechtigt, im
eigenen Ermessen zu wählen,
(i)
Subject to the Solvency Condition being
met and no Mandatory Deferral Event
having occurred, the Issuer may, on each
Optional Interest Payment Date, elect in its
discretion
(A) entweder die Zinsen, die während des
Zinsjahrs auflaufen, das an dem
betreffenden
Wahlweisen
Zinszahlungstag (ausschließlich) endet,
an diesem Wahlweisen Zinszahlungstag
in Geld zu zahlen, oder
(A) either to pay the interest which
accrued during the interest year to but
excluding such Optional Interest
Payment Date on that Optional
Interest Payment Date in cash, or
(B) die Zahlung der Zinsen, die während des
Zinsjahrs auflaufen, das an dem
betreffenden
Wahlweisen
Zinszahlungstag (ausschließlich) endet,
durch eine spätestens 3 Geschäftstage vor
dem
betreffenden
Wahlweisen
Zinszahlungstag zu veröffentlichende
unwiderrufliche Bekanntmachung gemäß
§ 10 auszusetzen; in diesem Fall stellen
diese
Zinsen
eine
“Wahlweise
Ausgesetzte Zinszahlung” dar.
(B) to defer the payment of interest which
accrued during the interest year to but
excluding such Optional Interest
Payment Date by giving notice in
accordance with Condition 10 not less
than 3 Business Days prior to such
Optional Interest Payment Date
(which notice will be irrevocable); in
this case such interest will constitute
an “Optionally Deferred Interest
Payment”.
Sofern an dem Zinszahlungstag die
Solvabilitätsbedingung nicht erfüllt ist oder
ein Zwangsaussetzungs-Ereignis eingetreten
ist, gelten die Bedingungen des § 3.2(c)
anstelle dieses § 3.2(b).
If on the Interest Payment Date the
Solvency Condition is not met or a
Mandatory Deferral Event has occurred,
the provisions of Condition 3.2(c) shall
apply instead of this Condition 3.2(b).
(ii) Sofern die Emittentin wählt, eine Zinszahlung
gemäß § 3.2(b)(i)(A) zu leisten, ist die
Emittentin berechtigt, im eigenen Ermessen zu
wählen, die Zinszahlung an dem Wahlweisen
Zinszahlungstag aus Mitteln zu leisten, die aus
der Durchführung des ACZM nach Maßgabe
des § 3.4(a) vor dem Wahlweisen
Zinszahlungstag stammen.
(ii) Where the Issuer elects to make any
interest payment pursuant to Condition
3.2(b)(i)(A), the Issuer may elect in its
discretion to satisfy such interest payment
on the Optional Interest Payment Date with
funds raised prior to the Optional Interest
Payment Date by way of the ACSM in
accordance with Condition 3.4(a).
146
(iii) Wenn die Emittentin die Aussetzung einer
Zinszahlung gemäß § 3.2(b)(i)(B) wählt, dann
ist sie nicht verpflichtet, die Zinszahlung an
dem
betreffenden
Wahlweisen
Zinszahlungstag zu leisten; eine Nichtzahlung
aus diesem Grunde begründet keinen Verzug
der Emittentin und keine sonstige Verletzung
ihrer Verpflichtungen aufgrund dieser
Bedingungen oder für sonstige Zwecke.
(iii) If the Issuer elects to defer an interest
payment
pursuant
to
Condition 3.2(b)(i)(B), it shall not have any
obligation to make such interest payment
on the relevant Optional Interest Payment
Date and the failure to pay such interest
shall not constitute a default of the Issuer or
any other breach of obligations under the
Conditions or for any other purpose.
Auf eine Wahlweise Ausgesetzte Zinszahlung
werden keine Zinsen geschuldet.
No amount will be payable by way of
interest on any Optionally Deferred Interest
Payment.
(c) Zwingende Aussetzung von Zinszahlungen
(i)
(c) Mandatory deferral of interest payments
Falls an einem Zinszahlungstag die
Solvabilitätsbedingung (wie nachstehend
definiert) nicht erfüllt ist, hat die Emittentin
die Zahlung der Zinsen, die während des
Zinsjahrs auflaufen, das an dem betreffenden
Zinszahlungstag
(ausschließlich)
endet,
auszusetzen, es sei denn, die Emittentin wählt
im eigenen Ermessen, diese Zinsen an dem
Zinszahlungstag aus Mitteln zu leisten, die im
Wege des ACZM nach Maßgabe des § 3.4(a)
erlöst wurden.
Die “Solvabilitätsbedingung”
wenn
ist
erfüllt,
(i)
If on an Interest Payment Date the
Solvency Condition (as defined below) is
not met, then the Issuer will be required to
defer interest which accrues during the
interest year to but excluding such Interest
Payment Date, unless the Issuer elects in its
discretion to satisfy on the Interest Payment
Date such interest with funds raised prior to
the Interest Payment Date by way of the
ACSM
in
accordance
with
Condition 3.4(a).
The “Solvency Condition” shall be met if
(A) die Garantin und die Gruppe der Garantin
über entsprechende Mittel zur Deckung
der
geforderten
MindestSolvabilitätsspanne
(oder
einem
entsprechenden Begriff nach einer
Änderung anzuwendender Vorschriften),
wie sie nach den jeweils geltenden
Vorschriften
des
deutschen
Versicherungsaufsichtsrechts
(für
Gruppen- oder Einzelsolvabilität oder
Solvabilität nach den Vorschriften für
Finanzkonglomerate) und einer etwaigen
allgemein
anerkannten
Verwaltungspraxis der Bundesanstalt für
Finanzdienstleistungsaufsicht bzw. deren
Nachfolgebehörde vorgeschrieben ist,
verfügen
und
diese
geforderte
Solvabilitätsspanne auch nicht durch die
betreffende vollständige oder teilweise
Zinszahlung bzw. die betreffende
Rückzahlung, die an einem solchen
Zinszahlungstag
bzw.
Tag
der
Rückzahlung fällig werden würde,
unterschritten würde, und
(A) the Guarantor and the Guarantor’s
Group have appropriate funds to cover
the required minimum solvency
margin (or a comparable term in case
of a change in applicable rules) in
accordance with the provisions of
German insurance regulatory law (for
group solvency or single solvency
purposes or the solvency pursuant to
the
regulation
for
financial
conglomerates) and a generally
recognised administrative practice, if
any, of the Federal Financial
Supervisory
Authority
or
any
Successor Authority applicable at that
time, and such funds would not, as a
result of a full or partial interest
payment or redemption payment,
respectively, that would otherwise be
due on such Interest Payment Date or
date of redemption, respectively,
become less than the required
minimum solvency margin, and
(B) es der Garantin nicht aufgrund
einer Anweisung der Bundesanstalt
für Finanzdienstleistungsaufsicht bzw.
deren Nachfolgebehörde untersagt ist,
Zinszahlungen, sonstige Ausschüttungen
(B) no order by the Federal Financial
Supervisory
Authority
or
any
Successor Authority is in effect
prohibiting the Guarantor from
making interest payments, other
147
oder Rückzahlungen (einschließlich an
die Inhaber eines Gleichrangigen
Wertpapiers
oder
Nachrangigen
Wertpapiers (wie jeweils in § 3.3(b)
definiert)) vorzunehmen, und
distributions
or
redemptions
(including to the holders of any Parity
Security or Junior Security (each as
defined in Condition 3.3(b)), and
(C) die Garantin in der Lage ist, ihre
Verbindlichkeiten
gegenüber
ihren
Vorrangigen
Gläubigern
(wie
nachstehend definiert) bei Fälligkeit zu
zahlen, und
(C) the Guarantor is able to pay its debts
owed to its Senior Creditors (as
defined below) as they fall due, and
(D) die Aktiva der Garantin (wie nachstehend
definiert) ihre Verbindlichkeiten (wie
nachstehend definiert) (ausgenommen
Verbindlichkeiten gegenüber Gläubigern,
die keine Vorrangigen Gläubiger sind)
übersteigt.
(D) the Assets of the Guarantor (as
defined below) exceed its Liabilities
(as defined below) (other than
liabilities to persons who are not
Senior Creditors).
Dabei gilt folgendes:
Where:
“Aktiva” bezeichnet die Summe der nichtkonsolidierten Aktiva der Garantin, wie es aus
dem zuletzt geprüften und veröffentlichten
Jahresabschluss der Garantin hervorgeht,
angepasst in Bezug auf nachfolgende
Ereignisse, wobei sämtliche Feststellungen
von der Garantin bzw., sofern die Garantin
liquidiert wird, von dem Liquidator getroffen
werden.
“Assets” means the unconsolidated total
assets of the Guarantor, as shown in the
latest published annual audited balance
sheet of the Guarantor, but adjusted for
subsequent events, all as determined by the
Guarantor, or if the Guarantor is being
liquidated, its liquidator.
“Verbindlichkeiten”
bezeichnet
die
nichtkonsolidierte
Summe
der
Verbindlichkeiten der Garantin, wie sie aus
dem zuletzt geprüften und veröffentlichten
Jahresabschluss der Garantin hervorgehen,
angepasst in Bezug und nachfolgende
Ereignisse, wobei sämtliche Feststellungen
von der Garantin bzw., sofern die Garantin
liquidiert wird, von dem Liquidator getroffen
werden.
“Liabilities” means the unconsolidated
total liabilities of the Guarantor, as shown
in the latest published annual audited
balance sheet of the Guarantor, but
adjusted for subsequent events, all as
determined by the Guarantor, or if the
Guarantor is being liquidated, its liquidator.
“Vorrangige
Gläubiger”
bezeichnet
Gläubiger der Garantin, (a) die nicht
nachrangige Gläubiger der Garantin sind; oder
(b) deren Ansprüche nachrangig gegenüber
denen anderer Gläubiger der Garantin sind
(mit Ausnahme solcher Ansprüche, die gleichoder nachrangig gegenüber den Ansprüchen
der Anleihegläubiger sind).
“Senior Creditors” means creditors of the
Guarantor (a) who are unsubordinated
creditors of the Guarantor; or (b) whose
claims are subordinated to the claims of
other creditors of the Guarantor (other than
those whose claims rank pari passu with,
or junior to the claims of the Bondholders).
(ii) Falls an einem Zinszahlungstag ein
Zwangsaussetzungs-Ereignis eingetreten ist,
hat die Emittentin die Zahlung des
Überschussbetrags (wie nachstehend definiert)
auszusetzen.
(ii) If on an Interest Payment Date a
Mandatory Deferral Event has occurred,
then the Issuer will be required to defer any
Excess Amount (as defined below).
“Überschussbetrag” bezeichnet, in Bezug auf
einen Betrag von Zinsen, der auf den
ausstehenden
Gesamtnennbetrag
der
Schuldverschreibungen an dem betreffenden
Zinszahlungstag ohne Anwendung der
“Excess Amount” means in relation to the
amount of interest which would be payable
on the aggregate principal amount of Bonds
outstanding on the relevant Interest
Payment Date that would otherwise have
148
Bestimmungen von § 3.2(c)(ii) fällig werden
würde (der “Zinsbetrag”), den Betrag, um
den
der
Zinsbetrag
den
Kapitalerhöhungsbetrag (wie nachstehend
definiert) übersteigt.
been due without application of Condition
3.2(c)(ii) (the “Interest Amount”) the
amount by which the Interest Amount
exceeds the New Capital Amount (as
defined below).
“Kapitalerhöhungsbetrag” bezeichnet den
von der Garantin vereinnahmten Nettoerlös
aus der Begebung und/oder dem Verkauf von
Stammaktien,
Vorzugsaktien
und
Wertpapiere, die eine Eigenkapitalanrechnung
durch die Ratingagenturen erfahren, welche
der
Eigenkapitalanrechnung
der
Schuldverschreibungen
vergleichbar
ist
innerhalb eines Zeitraums von 180 Tagen vor
dem betreffenden Tag, soweit die Garantin am
oder vor dem Tag der Begebung als
Verwendungszweck
die
Zahlung
von
Ausschüttungen
auf
die
Schuldverschreibungen festgelegt hat.
“New Capital Amount” means the net
proceeds received by the Guarantor from
new issuances and/or sale of ordinary
shares, preference shares and instruments
that provide equity credit from the rating
agencies akin to the Bonds during the
period of 180 days prior to such date and
designated by the Guarantor at or before
the time of issuance as available to pay
distributions on the Bonds.
Ein “Zwangsaussetzungs-Ereignis” liegt an
einem Zinszahlungstag vor, wenn bis Ablauf
des Berechnungstages (wie in § 3.2(a)
definiert)
A “Mandatory Deferral Event” shall have
occurred on an Interest Payment Date, if up
to the end of the Calculation Date (as
defined in Condition 3.2(a))
(x) der Kumulierte Quartalsüberschuss (wie
nachstehend definiert) der Garantin für
die vier Quartale, die mit dem Quartal
enden, welches zwei Quartale vor dem
zuletzt beendeten und veröffentlichten
Quartal der Garantin liegt, kleiner oder
gleich Null ist; und
(x) the Accumulated Quarters’ Net
Income (as defined below) for the
four-quarter period of the Guarantor
ending on the quarter that is two
quarters prior to the most recently
completed and published quarter of
the Guarantor is less than or equal to
zero; and
(y) der Angepasste Eigenkapitalbetrag (wie
nachstehend definiert) zum Ende des
zuletzt beendeten und veröffentlichten
Quartals der Garantin und zum Ende des
Quartals, welches zwei Quartale vor dem
zuletzt beendeten und veröffentlichten
Quartal der Garantin liegt, um 10% oder
mehr gegenüber dem Angepassten
Eigenkapitalbetrag (wie nachstehend
definiert) zum Ende des Quartals
zurückgegangen ist, welches zehn
Quartale vor dem zuletzt beendeten und
veröffentlichten Quartal der Garantin
(das “Vergleichsquartal”) liegt.
(y) the Adjusted Shareholders’ Equity
Amount (as defined below) as at the
end of the most recently completed
and published quarter of the Guarantor
and as at the end of the quarter that is
two quarters before the most recently
completed and published quarter of
the Guarantor has declined by 10% or
more as compared to the Adjusted
Shareholders’ Equity Amount (as
defined below) as at the end of the
quarter of the Guarantor that is ten
quarters prior to the most recently
completed and published quarter of
the Guarantor (the “Benchmark
Quarter”).
Dabei gilt folgendes:
Where:
“Angepasster
Eigenkapitalbetrag”
bezeichnet, in Bezug auf das Ende eines jeden
Quartals der Garantin, das Eigenkapital vor
Anteilen anderer Gesellschafter wie es sich
aus der zum Ende des betreffenden Quartals
gemäß
den
Anwendbaren
“Adjusted
Shareholders’
Equity
Amount” means, as at the end of any
quarter of the Guarantor, the shareholders’
equity before minority interests as reflected
in the consolidated balance sheet of the
Guarantor of such quarter end, as
149
Rechnungslegungsvorschriften
(wie
nachstehend
definiert)
aufgestellten
Konzernbilanz der Garantin ergibt, abzüglich
Währungsänderungen und abzüglich nicht
realisierter Gewinne und Verluste (netto), wie
sie sich aus der betreffenden Konzernbilanz
ergeben.
determined in accordance with the
Applicable Accounting Standards (as
defined below), minus foreign currency
translation adjustments and unrealised
gains and losses (net) as reflected on such
consolidated balance sheet.
“Anwendbare
Rechnungslegungsvorschriften” bezeichnet
die
International
Financial
Reporting
Standards (IFRS) wie sie zu den jeweiligen
Stichtagen
und
für
die
jeweiligen
Rechnungslegungsperioden anwendbar sind,
oder andere, von der Garantin anzuwendende,
in
Deutschland
allgemein
anerkannte
Rechnungslegungsgrundsätze, die diese in
Zukunft ersetzen.
“Applicable Accounting Standards”
means
the
International
Financial
Reporting Standards (IFRS) as applicable
at the relevant dates and for the relevant
periods, or other accounting principles
generally accepted in Germany and applied
by the Guarantor which subsequently
supersede them.
“Kumulierter
Quartalsüberschuss”
bezeichnet, zum Ende eines jeden Quartals der
Garantin, die Summe des gemäß den
Anwendbaren Rechnungslegungsvorschriften
festgestellten
Konzernüberschusses
der
Garantin für die vier Quartale, welche am
letzten Tag des betreffenden Quartals enden.
“Accumulated Quarters’ Net Income”
means, as at the end of any quarter of the
Guarantor, the sum of the consolidated net
income of the Guarantor, as determined in
accordance with Applicable Accounting
Standards, for the four quarters ending as
of the last day of such quarter.
(iii) Wenn die Emittentin verpflichtet ist, gemäß
§ 3.2(c)(ii) eine Zinszahlung an einem
Zinszahlungstag aufgrund des Eintritts eines
Zwangsaussetzungs-Ereignisses auszusetzen
dann hat die Emittentin auch an einem oder
mehreren nachfolgenden Zinszahlungstagen
die Zahlung der Zinsen, die ohne Anwendung
der Bedingungen dieses § 3.2(c)(iii) an diesen
Zinszahlungstagen fällig werden würde,
auszusetzen, bis das ZwangsaussetzungsEreignis
an
einem
nachfolgenden
Berechnungstag geheilt worden ist. Wenn ein
Zwangsaussetzungs-Ereignis oder mehrere
Zwangsaussetzungs-Ereignisse
eingetreten
sind, dann darf die Emittentin die Zahlung von
Zinsen auf die Schuldverschreibungen an
einem
Zinszahlungstag
erst
wieder
aufnehmen, wenn an dem Berechnungstag für
diesen Zinszahlungstag (x) kein neues
Zwangsaussetzungs-Ereignis eingetreten ist
und (y) sämtliche zuvor eingetretenen
Zwangsaussetzungs-Ereignisse geheilt worden
sind.
(iii) If the Issuer is required to defer a payment
of interest following the occurrence of a
Mandatory Deferral Event in accordance
with Condition 3.2(c)(ii) on an Interest
Payment Date, then the Issuer will also be
required to defer on one or more
subsequent Interest Payment Dates the
interest that would otherwise be due
without application of this Condition
3.2(c)(iii) on such Interest Payment Dates
until the Mandatory Deferral Event has
been cured on any subsequent Calculation
Date. After one or more Mandatory
Deferral Events have occurred, the Issuer
may only begin to pay interest on the
Bonds on any Interest Payment Date if on
the Calculation Date for that Interest
Payment Date (x) no new Mandatory
Deferral Event has occurred and (y) any
previous Mandatory Deferral Events have
been cured.
150
Ein Zwangsaussetzungs-Ereignis, das an einen
vorangegangenen Berechnungstag eingetreten
ist, ist an dem Berechnungstag geheilt, an dem
der Angepasste Eigenkapitalbetrag zum Ende
des zuletzt beendeten und veröffentlichten
Quartals
der
Garantin
vor
dem
Berechnungstag auf mehr als 90% des
Angepassten Eigenkapitalbetrags zum Ende
des Vergleichsquartals, an dem das
Zwangsaussetzungs-Ereignis eingetreten ist,
gestiegen ist.
A Mandatory Deferral Event that has
occurred on a previous Calculation Date
has been cured on any Calculation Date if
the Adjusted Shareholders’ Equity Amount
as at the Guarantor’s most recently
completed and published quarter before
that Calculation Date has increased to more
than 90% of the Adjusted Shareholders’
Equity Amount at the end of the
Benchmark Quarter for that previous
Calculation Date on which the Mandatory
Deferral Event has occurred.
Die Emittentin ist berechtigt, im eigenen
Ermessen zu wählen, eine Zahlung der Zinsen,
die ohne Anwendung der Bedingungen dieses
§
3.2(c)(iii)
an
dem
betreffenden
Zinszahlungstag fällig werden würde, an dem
Zinszahlungstag aus Mitteln zu leisten, die aus
der Durchführung des ACZM nach Maßgabe
des § 3.4(a) vor dem Zinszahlungstag
stammen.
The Issuer may elect in its discretion to
satisfy on the relevant Interest Payment
Date the interest that would otherwise have
been due without application of this
Condition 3.2(c)(iii) with funds raised prior
to the Interest Payment Date by way of the
ACSM in accordance with Condition
3.4(a).
(iv) Die Emittentin hat mindestens 3 Geschäftstage
vor dem betreffenden Zinszahlungstag gemäß
§ 10 bekanntzumachen:
(iv) The Issuer shall give notice in accordance
with Condition 10 not less than 3 Business
Days prior to such Interest Payment Date
either:
(A) entweder dass (bzw. im Fall von § 3.2(c)(ii)
in welchem Umfang) die betreffende
Zinszahlung ausgesetzt wird; in diesem Fall
stellen diese Zinsen eine “Zwangsweise
Ausgesetzte
Zinszahlung”
(und
gemeinsam mit etwaigen Wahlweise
Ausgesetzten Zinszahlungen, “Ausgesetzte
Zinszahlungen”) dar, oder
(A) that (or in the case of Condition
3.2(c)(ii) to what extent) the relevant
interest payment shall be deferred; in
this case such interest will constitute a
“Mandatorily Deferred Interest
Payment” (and together with any
Optionally Deferred Interest Payment,
“Deferred Interest Payments”), or
(B) dass die Emittentin im Fall von
§ 3.2(c)(i) oder (iii) diese Zinszahlung
leisten wird; in diesem Fall hat die
Emittentin in der Bekanntmachung zu
erklären, dass sie die Zinszahlung im
Wege des ACZM nach Maßgabe des
§ 3.4(a) gewählt hat.
(B) that in the case of Condition 3.2(c)(i)
or (iii) the Issuer will satisfy such
interest payment; in this case the
Issuer will be required to state in such
notice that it has elected to satisfy
such interest payment by way of the
ACSM
in
accordance
with
Condition 3.4(a).
(v) Wenn eine Zinszahlung gemäß § 3.2(c)(i),
(ii) oder (iii) ausgesetzt wird, dann ist die
Emittentin
nicht
verpflichtet,
diese
Zinszahlung
an
dem
betreffenden
Zinszahlungstag zu leisten; eine Nichtzahlung
aus diesem Grunde begründet keinen Verzug
der Emittentin und keine sonstige Verletzung
ihrer Verpflichtungen aufgrund dieser
Schuldverschreibungen oder für sonstige
Zwecke.
(v) If an interest payment is deferred pursuant
to Condition 3.2(c)(i), (ii) or (iii), the Issuer
shall not have any obligation to make such
interest payment on the relevant Interest
Payment Date and the failure to pay such
interest shall not constitute a default of the
Issuer or any other breach of obligations
under the Bonds or for any other purpose.
Auf
eine
Zwangsweise
Ausgesetzte
Zinszahlung werden keine Zinsen geschuldet.
No amount will be payable by way of
interest on any Mandatorily Deferred
Interest Payment.
151
3.3 Nachzahlung von Ausgesetzten Zinszahlungen
3.3 Payment of Deferred Interest Payments
(a) Die Emittentin ist berechtigt, jede Wahlweise
Ausgesetzte
Zinszahlung
jederzeit
nach
entsprechender Bekanntmachung gemäß § 10 ganz
oder teilweise aus Mitteln nachzuzahlen, die aus
der Durchführung des ACZM nach Maßgabe des
§ 3.4(b) vor dem Tag, an dem die Nachzahlung
fällig wird (der “Nachzahlungstag”), stammen.
(a) The Issuer may at any time upon giving prior
notice in accordance with Condition 10 satisfy
in whole or in part any Optionally Deferred
Interest Payment with funds raised prior to the
date on which the Deferred Interest Payment
becomes due (the “Deferred Settlement Date”)
by way of the ACSM in accordance with
Condition 3.4(b).
(b) Die Emittentin hat
(b) The Issuer will satisfy
(i)
Wahlweise Ausgesetzte Zinszahlungen aus
Mitteln zu leisten, die aus der Durchführung
des ACZM nach Maßgabe des § 3.4(b) vor
dem Nachzahlungstag stammen, und
(i)
any Optionally Deferred Interest Payment
with funds raised prior to the Deferred
Settlement Date by way of the ACSM in
accordance with Condition 3.4(b) and
(ii) Zwangsweise Ausgesetzte Zinszahlungen im
Wege des ACZM nach Maßgabe des § 3.4(b)
oder im Wege des APZM nach Maßgabe des
§ 3.5
(ii) any Mandatorily Deferred Interest Payment
by way of the ACSM in accordance with
Condition 3.4(b) or by way of the APSM in
accordance with Condition 3.5
bei Eintritt der folgenden Umstände nachzuzahlen:
in the following situations:
(A) Die Emittentin ist verpflichtet, jede
Ausgesetzte Zinszahlung an dem Tag
nachzuzahlen,
an
dem
die
Schuldverschreibungen zur Rückzahlung
fällig werden.
(A) The Issuer will satisfy any Deferred
Interest Payment on the date on which the
Bonds fall due for redemption.
(B) Die Emittentin ist verpflichtet, jede
Ausgesetzte Zinszahlung an dem nächsten
Zinszahlungstag nachzuzahlen,
(B) The Issuer will satisfy any Deferred
Interest Payment on the next subsequent
Interest Payment Date
(x) der auf den Tag folgt, an dem die
Emittentin oder die Garantin eine
Zinszahlung oder eine Zahlung einer
ausgesetzten
Zahlung
auf
ein
Gleichrangiges Wertpapier vollständig
leistet, oder
(x) following the date on which the Issuer
or the Guarantor makes full payment
of interest or of a deferred payment on
any Parity Security, or
(y) der auf den Tag folgt, an dem die
Emittentin oder die Garantin eine
Zinszahlung oder eine Zahlung einer
ausgesetzten
Zahlung
auf
ein
Nachrangiges Wertpapiere vollständig
leistet, oder
(y) following the date on which the Issuer
or the Guarantor makes any full
payment of interest or any deferred
payment on any Junior Security, or
(z) wenn bis Ablauf des Berechnungstages
auf der ordentlichen Hauptversammlung
der Garantin unmittelbar vor dem
betreffenden Zinszahlungstag für eine
Aktiengattung
der
Garantin
eine
Dividende, andere Ausschüttung oder
Zahlung beschlossen wurde, oder seit
dieser ordentlichen Hauptversammlung
der Garantin eine Abschlagszahlung auf
den Bilanzgewinn geleistet worden ist.
(z) if up to the end of the Calculation
Date preceding such Interest Payment
Date any dividend, other distribution
or payment was declared in respect of
any class of shares of the Guarantor at
the ordinary General Meeting of
shareholders
(ordentliche
Hauptversammlung) of the Guarantor
immediately preceding that Interest
Payment Date, or any payment on
account of the balance sheet profit has
been made since that ordinary General
Meeting of shareholders (ordentliche
Hauptversammlung) of the Guarantor
was made.
152
(C) Wenn die Emittentin oder die Garantin eine
Zinszahlung oder ausgesetzte Zahlung auf ein
Gleichrangiges Wertpapier oder Nachrangiges
Wertpapier teilweise nachzahlt, ist die
Emittentin verpflichtet, an dem nächsten
Zinszahlungstag, der auf den Tag folgt, an
dem eine solche Zahlung geleistet wurde, jede
Ausgesetzte
Zinszahlung
anteilig
nachzuzahlen. In diesem Fall hat die
Emittentin den Anteil der Ausgesetzten
Zinszahlung
nachzuzahlen,
der
dem
Quotienten des gezahlten Teilbetrags der
ausgesetzten Zahlung und dem ausstehenden
Betrag der ausgesetzten Zahlung entspricht.
(C) If the Issuer or the Guarantor makes any
partial payment of interest or of a deferred
payment on any Parity Security or Junior
Security, the Issuer will satisfy any
Deferred Interest Payment at the same
proportion on the next subsequent Interest
Payment Date following the date on which
such payment was made. In this case the
proportion shall be equal to the result from
the division of the amount of the deferred
payment actually paid by the outstanding
amount of the deferred payment.
(D) Die Emittentin ist verpflichtet, jede
Ausgesetzte Zinszahlung spätestens an dem
zehnten Jahrestag nach dem betreffenden
Zinszahlungstag nachzuzahlen.
(D) The Issuer will satisfy any Deferred
Interest Payment no later than on the tenth
anniversary post the relevant Interest
Payment Date.
(E) Die Emittentin ist verpflichtet, jede
Ausgesetzte Zinszahlung an dem Tag
nachzuzahlen,
an
dem
einer
der
Auflösungsgründe des § 262 Abs. 1 AktG
hinsichtlich der Emittentin oder der Garantin
vorliegt (sofern dies nicht für die Zwecke oder
als Folge eines Zusammenschlusses, einer
Umstrukturierung oder Sanierung geschieht,
bei dem bzw. der die Garantin bzw. die
Emittentin noch zahlungsfähig ist und bei dem
bzw. der die fortführende Gesellschaft im
Wesentlichen alle Vermögenswerte und
Verpflichtungen der Emittentin oder der
Garantin übernimmt).
(E) The Issuer will satisfy any Deferred
Interest Payment on the date on which a
reason for the dissolution pursuant to § 262
para.
1
Stock
Corporation
Act
(Aktiengesetz) with respect to the Issuer or
Guarantor exists (other than for the
purposes of or pursuant to an
amalgamation,
reorganisation
or
restructuring whilst solvent, where the
continuing entity assumes substantially all
of the assets and obligations of the Issuer or
the Guarantor as the case may be).
“Gleichrangiges Wertpapier” bezeichnet
“Parity Security” means
(x) jedes von der Emittentin begebene verbriefte
Instrument, das gleichrangig im Verhältnis zu
den Schuldverschreibungen ist, und jedes
verbriefte Instrument, das von der Emittentin
garantiert ist oder für das die Emittentin
anderweitig die Haftung übernommen hat und
bei dem die Verpflichtungen der Emittentin
aus der maßgeblichen Garantie oder
anderweitigen
Haftungsübernahme
gleichrangig
im
Verhältnis
zu
den
Verpflichtungen der Emittentin aus den
Schuldverschreibungen sind,
(x) any security issued by the Issuer which
ranks pari passu with the Bonds, and any
security guaranteed by the Issuer or for
which the Issuer has otherwise assumed
liability where the Issuer ‘s obligations
under the relevant guarantee or other
assumption of liability rank pari passu with
the Issuer’s obligations under the Bonds,
(y) jedes von der Garantin begebene verbriefte
Instrument, das gleichrangig im Verhältnis zu
den Verpflichtungen der Garantin aus der
Garantie ist, und
(y) any security issued by the Guarantor which
ranks pari passu with the Guarantor’s
obligations under the Guarantee, and
153
(z) jedes verbriefte Instrument, das von der
Garantin garantiert ist oder für das die
Garantin
anderweitig
die
Haftung
übernommen hat und bei dem die
Verpflichtungen der Garantin aus der
maßgeblichen Garantie oder anderweitigen
Haftungsübernahme
gleichrangig
im
Verhältnis zu den Verpflichtungen der
Garantin aus der Garantie sind.
(z) any security guaranteed by the Guarantor
or for which the Guarantor has otherwise
assumed liability where the Guarantor’s
obligations under the relevant guarantee or
other assumption of liability rank pari
passu with the Guarantor’s obligations
under the Guarantee.
“Nachrangiges Wertpapier” bezeichnet
“Junior Security” means
(x) jedes von der Emittentin begebene verbriefte
Instrument, das im Verhältnis zu den
Schuldverschreibungen
oder
einem
Gleichrangigen Wertpapier nachrangig ist,
und jedes verbriefte Instrument, das von der
Emittentin garantiert ist oder für das die
Emittentin
anderweitig
die
Haftung
übernommen hat und bei dem die
Verpflichtungen der Emittentin aus der
maßgeblichen Garantie oder anderweitigen
Haftungsübernahme nachrangig im Verhältnis
zu den Verpflichtungen der Emittentin aus den
Schuldverschreibungen
oder
einem
Gleichrangigen Wertpapier sind,
(x) any security issued by the Issuer which
ranks junior to the Bonds or any Parity
Security, and any security guaranteed by
the Issuer or for which the Issuer has
otherwise assumed liability where the
Issuer ‘s obligations under the relevant
guarantee or other assumption of liability
rank junior to the Issuer’s obligations under
the Bonds or any Parity Security,
(y) jedes von der Garantin begebene verbriefte
Instrument (mit Ausnahme von Stammaktien
oder Vorzugsaktien der Garantin mit
nachzahlbarem Vorzug), das im Verhältnis zu
den Verpflichtungen der Garantin aus der
Garantie
oder
einem
Gleichrangigen
Wertpapier nachrangig ist, und
(y) any security issued by the Guarantor
(excluding ordinary shares or cumulative
preferred shares of the Guarantor) which
ranks junior to the Guarantor’s obligations
under the Guarantee or any Parity Security,
and
(z) jedes verbriefte Instrument, das von der
Garantin garantiert oder für das die Garantin
anderweitig die Haftung übernommen hat und
bei dem die Verpflichtungen der Garantin aus
der
maßgeblichen
Garantie
oder
anderweitigen Haftungsübernahme nachrangig
im Verhältnis zu den Verpflichtungen der
Garantin aus der Nachrangigen Garantie oder
einem Gleichrangigen Wertpapier sind.
(z) any security guaranteed by the Guarantor
or for which the Guarantor has otherwise
assumed liability where the Guarantor’s
obligations under the relevant guarantee or
other assumption of liability rank junior to
the Guarantor’s obligations under the
Guarantee or any Parity Security.
(c) Im Fall von § 3.3(b)(ii) hat die Emittentin durch
eine spätestens 3 Geschäftstage vor dem
betreffenden Nachzahlungstag zu veröffentlichende
Bekanntmachung gemäß § 10 zu wählen, die
Zwangsweise Ausgesetzte Zinszahlung entweder
im Wege des ACZM nach Maßgabe des § 3.4(b)
oder im Wege des APZM nach Maßgabe des § 3.5
zu leisten.
(c) In the case of Condition 3.3(b)(ii), the Issuer
shall give notice in accordance with
Condition 10 not less than 3 Business Days prior
to the Deferred Settlement Date of its election to
satisfy the Mandatorily Deferred Interest
Payment by way of the ACSM in accordance
with Condition 3.4(b) or by way of the APSM in
accordance with Condition 3.5.
154
3.4 Alternativer
Aktien-Couponzahlungsmechanismus (ASZM)
3.4 Alternative
share
mechanism (ACSM)
(a) Die Emittentin ist nur dann berechtigt, eine
Zinszahlung gemäß § 3.2(a), § 3.2(b) oder
§ 3.2(c)(i) oder (iii) im Wege des alternativen
Aktien-Couponzahlungsmechanismus (“ACZM”)
zu leisten, wenn und soweit die Garantin die zur
Begleichung der Zinszahlung erforderlichen
Barmittel durch die Begebung oder den Verkauf
von Aktien der Garantin (die “Zahlungsaktien”)
innerhalb von 6 Monaten vor dem betreffenden
Zinszahlungstag erlöst hat. In diesen Fällen finden
die Beschränkungen nach § 3.4(c) keine
Anwendung.
(a) The Issuer may satisfy any interest payment
pursuant to Condition 3.2(a), Condition 3.2(b)
or Condition 3.2(c)(i) or (iii) by way of the
alternative share coupon satisfaction mechanism
(“ACSM”) only if and to the extent that the
Guarantor has raised the funds required for the
satisfaction of the interest payment by issuing or
selling shares of the Guarantor (the “Payment
Shares”) within 6 months prior to the relevant
Interest Payment Date. The restrictions of
Condition 3.4(c) shall not apply in these cases.
Eine Verpflichtung der Garantin zur Ausgabe
von neuen Aktien oder zum Verkauf von
eigenen Aktien besteht in keinem Fall; die
Anleihegläubiger werden darauf hingewiesen,
dass
die
Garantin
durch
zwingende
Bestimmungen des deutschen Aktienrechts oder
aus sonstigen Gründen an der Ausgabe von
neuen Aktien oder dem Verkauf von eigenen
Aktien gehindert sein kann.
Under no circumstances there shall be an
obligation on the part of the Guarantor to
issue new shares or sell treasury shares;
Bondholders are notified that the Guarantor
may be prevented by compulsory provisions
of German stock corporation law or
otherwise from issuing new shares or selling
treasury shares.
(b) Wenn die Emittentin verpflichtet ist bzw. wählt,
eine Ausgesetzte Zinszahlung im Wege des ACZM
zu leisten, wird die Emittentin die Garantin bitten,
die zur Begleichung der betreffenden Zahlung
erforderlichen Barmittel durch die Begebung oder
den Verkauf von Zahlungsaktien der Garantin zu
beschaffen. In diesem Fall gelten die Bedingungen
gemäß § 3.4(c) bis (h).
(b) If the Issuer elects or is required to satisfy any
Deferred Interest Payment by way of the
ACSM, the Issuer will request the Guarantor to
raise the funds required for the satisfaction of
the relevant payment by issuing or selling
Payment Shares of the Guarantor. In this case,
Conditions 3.4(c) to (h) will apply.
(c) Eine Verpflichtung der Emittentin gemäß § 3.3(b),
eine Ausgesetzte Zinszahlung nach Maßgabe des
ACZM zu leisten, besteht jedoch nur, wenn und
soweit die folgenden Voraussetzungen erfüllt sind:
(c) The obligation of the Issuer pursuant to
Condition 3.3(b) to satisfy any Deferred Interest
Payment pursuant to the ACSM shall exist only
if and to the extent the following requirements
are met:
(i)
Die Garantin entschließt sich im Rahmen der
Beschränkungen
zwingenden
deutschen
Rechts dazu, der Bitte der Emittentin gemäß
§ 3.4(b) zur Durchführung des ACZM
nachzukommen, und
(i)
coupon
satisfaction
the Guarantor, subject to the limitations of
applicable mandatory German law, elects
to honour the request made by the Issuer
pursuant to Condition 3.4(b) to exercise the
ACSM and
(A) die Garantin hält eigene Aktien, und der
Vorstand
der
Garantin
unterliegt
keinerlei Einschränkungen bezüglich der
Verwendung dieser eigenen Aktien für
Zwecke des ACZM, oder
(A) the Guarantor holds treasury shares,
and the Board of Management
(Vorstand) of the Guarantor is not
subject to any restriction with respect
to using such treasury shares for
purposes of the ACSM, or
(B) der Vorstand der Garantin kann aufgrund
einer
entsprechenden
Satzungsermächtigung neue Aktien aus
genehmigtem Kapital ausgeben, und er
unterliegt keinerlei Einschränkungen
bezüglich der Ausgabe der neuen Aktien
für Zwecke des ACZM und der
(B) the Board of Management (Vorstand)
of the Guarantor may issue new shares
pursuant to an authorisation by the
articles of association (authorised
capital — genehmigtes Kapital), and
the Board of Management of the
Guarantor is not subject to any
155
Aufsichtsrat der Garantin hat der
Ausgabe der neuen Aktien zugestimmt.
restriction with respect to issuing such
new shares for purposes of the ACSM
and
the
Supervisory
Board
(Aufsichtsrat) of the Guarantor has
declared its consent with respect to the
issuance of such new shares.
Eine Verpflichtung der Garantin zur
Ausgabe von neuen Aktien oder zum
Verkauf von eigenen Aktien besteht in
keinem Fall; die Anleihegläubiger werden
darauf hingewiesen, dass die Garantin
durch zwingende Bestimmungen des
deutschen Aktienrechts oder aus sonstigen
Gründen an der Ausgabe von neuen Aktien
oder dem Verkauf von eigenen Aktien
gehindert sein kann.
Under no circumstances shall there be
an obligation on the part of the
Guarantor to issue new shares or sell
treasury shares; Bondholders are
notified that the Guarantor may be
prevented by compulsory provisions of
German stock corporation law or
otherwise from issuing new shares or
selling treasury shares.
(ii) Es besteht kein (rechtlicher oder tatsächlicher)
Grund, weshalb die Garantin nicht in der Lage
ist, Zahlungsaktien zu begeben oder zu
verkaufen.
(ii) There is no reason why (for any legal
reason or de facto) the Guarantor is unable
to issue or sell Payment Shares.
(iii) Die Garantin ist nicht berechtigt, eigene
Aktien zu verwenden, die sie innerhalb eines
Zeitraums von sechs Monaten vor dem
betreffenden Nachzahlungstag im Markt
gegen Bargeld für Zwecke des ACZM
erworben hat.
(iii) The Guarantor may not use any treasury
shares purchased in the market for cash for
purposes of fulfilling the ACSM during the
six months’ period prior to the relevant
Deferred Settlement Date.
(iv) Die Garantin darf für Zwecke der
Nachzahlung
einer
Zwangsweise
Ausgesetzten Zinszahlung im Wege des
ACZM in jedem Kalenderjahr höchstens
Zahlungsaktien mit einem Anteil von 2,00%
am Grundkapital der Garantin zum
maßgeblichen Zeitpunkt platzieren. Diese
Beschränkung findet keine Anwendung, auf
die
Nachzahlung
einer
Wahlweise
Ausgesetzten Zinszahlung.
(iv) The Guarantor may for purposes of
satisfying any Mandatorily Deferred
Interest Payment in accordance with the
ACSM place such number of Payment
Shares in each calendar year not exceeding
2.00% of the issued share capital
(Grundkapital) of the Guarantor at the
relevant date. This restriction shall not
apply to the satisfaction of any Optionally
Deferred Interest Payment.
(d) Wenn in Bezug auf eine Zwangsweise Ausgesetzte
Zinszahlung die Bedingungen gemäß § 3.4(c)(i) bis
(iii) nicht erfüllt sind, oder soweit der
Schwellenwert gemäß § 3.4(c)(iv) überschritten
würde oder der Betrag, der zu zahlen wäre, den
Erlös aus der Platzierung der Zahlungsaktien
übersteigt, wird die Emittentin die betreffende
Zwangsweise Ausgesetzte Zinszahlung in diesem
Umfang nach Maßgabe des APZM gemäß § 3.5
leisten, es sei denn, die Emittentin hatte zuvor in
Bezug auf die betreffende Zwangsweise
Ausgesetzte Zinszahlung den APZM angewendet
und war nach Maßgabe des § 3.5(c) verpflichtet,
den ACZM zusätzlich zu dem APZM anzuwenden;
in diesem Fall entfällt die Verpflichtung der
Emittentin, die betreffende Zwangsweise
Ausgesetzte Zinszahlung für das betreffende
Zinsjahr zu leisten, in dem betreffenden
Umfang.
(d) If in respect of any Mandatorily Deferred
Interest Payment any of the requirements
pursuant to Condition 3.4(c)(i) to (iii) are not
met, or to the extent the threshold pursuant to
Condition 3.4(c)(iv) would be exceeded or the
amount that would be payable exceeds the
proceeds from the placement of the Payment
Shares, the Issuer will satisfy the Mandatorily
Deferred Interest Payment to such extent by way
of the APSM in accordance with Condition 3.5,
unless the Issuer had previously elected to
operate the APSM in respect of the relevant
Mandatorily Deferred Interest Payment and was
required to apply the ACSM in addition to the
APSM pursuant to Condition 3.5(c); in this case
the obligation of the Issuer to satisfy the
Mandatorily Deferred Interest Payment shall
be cancelled to such extent.
156
Wenn in Bezug auf eine Wahlweise Ausgesetzte
Zinszahlung die Bedingungen gemäß § 3.4(c)(i) bis
(iii) nicht erfüllt sind, oder soweit der Betrag, der
zu zahlen wäre, den Erlös aus der Platzierung der
Zahlungsaktien
übersteigt,
entfällt
die
Verpflichtung der Emittentin, die betreffende
Wahlweise Ausgesetzte Zinszahlung für das
betreffende Zinsjahr zu leisten, in dem
betreffenden Umfang.
If in respect of any Optionally Deferred Interest
Payment any of the requirements pursuant to
Condition 3.4(c)(i) to (iii) are not met, or to the
extent the amount that would be payable
exceeds the proceeds from the placement of the
Payment Shares, the obligation of the Issuer to
satisfy the Optionally Deferred Interest
Payment shall be cancelled to such extent.
(e) Die Emittentin hat unverzüglich gemäß § 10
bekanntzumachen:
(e) The Issuer shall without undue delay give notice
in accordance with Condition 10:
(i)
dass sie entweder die Zwangsweise
Ausgesetzte Zinszahlung gemäß § 3.3(b) für
das betreffende Zinsjahr im Wege des ACZM
nach Maßgabe des § 3.4(b) leistet; oder
(i)
(ii) whether and to what extent the Issuer will
satisfy the Mandatorily Deferred Interest
Payment by way of the APSM in
accordance with Condition 3.5.
(ii) ob und in welchem Umfang die Emittentin
eine Zwangsweise Ausgesetzte Zinszahlung
im Wege des APZM nach Maßgabe des § 3.5
leisten wird.
(f)
Im Fall von § 3.4(b) wird die Garantin die
Zahlungsaktien in dem Zeitraum ab dem Tag, der 6
Monate vor dem betreffenden Nachzahlungstag
liegt (einschließlich) bis zu dem Tag, der fünf Jahre
nach
dem
betreffenden
Nachzahlungstag
(ausschließlich) liegt, platzieren.
Die Garantin wird die Erlöse der Emittentin zur
Leistung der betreffenden Zahlung zur Verfügung
stellen. Sie werden an die Hauptzahlstelle zur
Weitergabe an das Clearing System oder zu dessen
Order zur Gutschrift auf den Konten der jeweiligen
Kontoinhaber des Clearing Systems an die
Anleihegläubiger weitergeleitet und auf die
betreffende Zahlung geleistet.
either that it will satisfy the Mandatorily
Deferred Interest Payment pursuant to
Condition 3.3(b) for the relevant interest
year pursuant to the ACSM in accordance
with Condition 3.4(b); or
(f)
In the case of Condition 3.4(b) the Guarantor
will place Payment Shares during the period
from and including the date falling 6 months
prior to the relevant Deferred Settlement Date to
but excluding the date which falls five years
following the relevant Deferred Settlement Date.
The Guarantor will provide the Issuer with the
cash proceeds which shall be used to make the
relevant payment. The proceeds of the sale shall
be paid to the Principal Paying Agent for
on-payment to the Clearing System or to its
order for credit to the respective account holders
in respect of the relevant payment.
(g) Falls nach Meinung der Emittentin eine
Marktstörung vorliegt, verlängert sich die Frist von
fünf Jahren gemäß § 3.4(f) um den Zeitraum der
Marktstörung zuzüglich 60 Geschäftstage. Die
Emittentin wird sowohl den Eintritt einer
Marktstörung als auch den Zeitpunkt, an dem nach
Meinung der Emittentin keine Marktstörung mehr
vorliegt, gemäß § 10 bekannt machen. Das
Vorliegen einer Marktstörung führt nicht zu einer
zusätzlichen Verzinsung.
(g) If there exists, in the opinion of the Issuer, a
Market Disruption Event, then the five years’
period pursuant to Condition 3.4(f) shall be
extended by a period equal to the time during
which the Market Disruption Event exists plus
60 Business Days. The Issuer shall give notice
pursuant to Condition 10 of both the occurrence
of a Market Disruption Event and the date on
which, in the opinion of the Issuer, the Market
Disruption Event no longer exists. No amount
will be payable by way of interest due to the
occurrence of a Market Disruption Event.
“Marktstörung” steht für (i) das Eintreten oder
Bestehen einer vorübergehenden Aussetzung oder
Einschränkung des Handels (aufgrund von
Preisschwankungen über die von der Frankfurter
Wertpapierbörse zugelassenen Grenzen hinaus oder
aus
sonstigen
Gründen)
oder
von
Abwicklungsprozessen für Transaktionen in
Stammaktien der Garantin an der Frankfurter
Wertpapierbörse,
vorausgesetzt
dass
nach
Entscheidung der Berechnungsstelle eine solche
“Market Disruption Event” means (i) the
occurrence or existence of any temporary
suspension of or limitation imposed on trading
(by reason of movements in price exceeding
limits permitted by the Frankfurt Stock
Exchange or otherwise) or on settlement
procedures for transactions in the ordinary
shares of the Guarantor on the Frankfurt Stock
Exchange if, in any such case, that suspension or
limitation is, in the determination of the
157
Aussetzung oder Beschränkung im Umfeld des
Verkaufs der Stammaktien wesentlich ist, oder
(ii) dass nach Ansicht der Garantin eine
wesentliche Wertminderung des Kurses und/oder
Wertes der Stammaktien eingetreten ist oder
Umstände eingetreten sind, welche die Begebung
oder Auslieferung der Zahlungsaktien bzw.
Zahlungswertpapiere verhindern oder in einem
wesentlichen Umfang einschränken würden, oder
(iii) falls Beträge im Zusammenhang mit
irgendeiner
Nachzahlung
gemäß
diesen
Anleihebedingungen von einer Währung in eine
andere konvertiert werden müssen, das Auftreten
eines jeglichen Ereignisses, das eine solche
Konvertierung undurchführbar macht.
Calculation Agent, material in the context of the
sale of the ordinary shares, or (ii) in the opinion
of the Guarantor, there has been a substantial
deterioration in the price and/or value of the
ordinary shares or circumstances are such as to
prevent or to a material extent restrict the issue
or delivery of the Payment Shares or Payment
Securities, or (iii) where, pursuant to these
Terms and Conditions, monies are required to be
converted from one currency into another
currency in respect of any deferred payment, the
occurrence of any event that makes it
impracticable to effect such conversion.
(h) Sofern im Fall des § 3.3(b)(ii)(E) die Emittentin
oder die Garantin nicht zur Anwendung des ACZM
in der Lage ist, sind die Verbindlichkeiten der
Emittentin in Bezug auf einen solchen nicht
erfüllten Betrag bis zu einem Betrag, der dem
Schwellenwert gemäß § 3.5(b)(ii) entspricht,
gleichrangig zu den Verbindlichkeiten der
Emittentin in Bezug auf den Nennbetrag der
Schuldverschreibungen; soweit der Schwellenwert
gemäß § 3.5(b)(ii) überschritten würde, entfällt die
Verpflichtung der Emittentin, die betreffende
Ausgesetzte Zinszahlung für das betreffende
Zinsjahr zu leisten in dem betreffenden Umfang.
(h) If in the case of Condition 3.3(b)(ii)(E) the
Issuer or the Guarantor is unable to apply
ACSM, the obligations of the Issuer in respect
of such unsettled amount shall rank pari passu
with the obligations of the Issuer in respect of
the principal amount of the Bonds in an amount
up to the threshold pursuant to Condition
3.5(b)(ii); to the extent the threshold pursuant to
Condition 3.5(b)(ii) would be exceeded the
obligation of the Issuer to satisfy the Deferred
Interest Payment shall be cancelled to such
extent.
3.5 Alternativer
gleichrangige
Couponzahlungsmechanismus
3.5 Alternative
parity
securities
satisfaction mechanism
Wertpapiere-
(a) Wenn die Emittentin bekannt gemacht hat, dass
eine Zwangsweise Ausgesetzte Zinszahlung für das
betreffende
Zinsjahr nach Maßgabe des
alternativen
gleichrangigen
WertpapiereCouponzahlungsmechanismus (“APZM”) geleistet
wird, wird die Emittentin oder die Garantin die zur
Begleichung der Ausgesetzten Zinszahlung
erforderlichen Barmittel beschaffen, indem sie in
dem Zeitraum ab dem Tag, der 6 Monate vor dem
betreffenden Nachzahlungstag liegt (einschließlich)
bis zu dem Tag, der fünf Jahre nach dem
betreffenden Nachzahlungstag (ausschließlich)
direkt oder indirekt hybride Wertpapiere begibt und
verkauft, deren Emissionsbedingungen diesen
Bedingungen vergleichbar sind (z.B. betreffend die
Bedingungen
über
die
Aussetzung
von
Vergütungen, die Nachzahlung ausgesetzter
Vergütungen und Ersetzung) und die zumindest
gleichwertige
Eigenmittel
darstellen
(die
“Zahlungswertpapiere”).
158
coupon
(a) If the Issuer has given notice that it will satisfy
any Mandatorily Deferred Interest Payment for
the relevant interest year in accordance with the
alternative parity securities coupon satisfaction
mechanism (“APSM”), the Issuer or the
Guarantor will raise the funds required for the
satisfaction of the Mandatorily Deferred Interest
Payment by issuing and selling, directly or
indirectly, hybrid securities with terms and
conditions (in particular in relation to the
provisions on the deferral of remuneration,
payments of deferred remuneration and on
replacement) similar to these Conditions and
which constitute requlatory capital (Eigenmittel)
of at least equal status (the “Payment
Securities”) during the period from and
including the date falling 6 months prior to the
relevant Deferred Settlement Date to but
excluding the date which falls five years
following the relevant Deferred Payment Date.
(b) Eine Verpflichtung der Emittentin, eine
Zwangsweise Ausgesetzte Zinszahlung für das
betreffende Zinsjahr gemäß § 3.5 zu leisten, besteht
jedoch nur, wenn und soweit die folgenden
Voraussetzungen erfüllt sind:
(i)
Es besteht kein (rechtlicher oder tatsächlicher)
Grund, weshalb die Garantin nicht in der Lage
ist, Zahlungswertpapiere zu begeben oder zu
verkaufen.
(b) The Issuer is obliged to satisfy the Mandatorily
Deferred Interest Payment for the relevant
interest year pursuant to Condition 3.5 only if
and to the extent the following requirements are
met:
(i)
There is no reason why (for any legal
reason or de facto) the Guarantor is unable
to issue or sell Payment Securities.
(ii) Der Gesamtnennbetrag aller im Rahmen von
APZM begebenen Zahlungswertpapiere darf
25%
des
Gesamtnennbetrages
der
Schuldverschreibungen am Begebungstag
nicht überschreiten.
(ii) The aggregate principal amount of all
Payment Securities issued under the APSM
must not exceed 25% of the aggregate
principal amount of the Bonds as at the
Issue Date.
(c) Wenn die Bedingung gemäß § 3.5(b)(i) nicht erfüllt
ist, oder soweit der Schwellenwert gemäß
§ 3.5(b)(ii) überschritten würde oder der zu
zahlende Zinsbetrag den Erlös aus der Platzierung
der Zahlungswertpapiere übersteigt, wird die
Emittentin
die
Zwangsweise
Ausgesetzte
Zinszahlung in diesem Umfang nach Maßgabe des
ACZM gemäß § 3.4 leisten, es sei denn, die
Emittentin hatte zuvor in Bezug auf die betreffende
Zwangsweise Ausgesetzte Zinszahlung den ACZM
angewendet und war gemäß § 3.4(c) verpflichtet,
den APZM zusätzlich zu dem ACZM anzuwenden;
in diesem Fall entfällt die Verpflichtung der
Emittentin, die betreffende Zwangsweise
Ausgesetzte Zinszahlung für das betreffende
Zinsjahr zu leisten, in dem betreffenden
Umfang.
(c) If the requirement pursuant to Condition
3.5(b)(i) is not met, or to the extent the threshold
pursuant to Condition 3.5(b)(ii) would be
exceeded or the amount of interest payable
exceeds the proceeds from the placement of the
Payment Securities, the Issuer will satisfy the
Mandatorily Deferred Interest Payment to such
extent by way of the ACSM in accordance with
Condition 3.4, unless the Issuer had previously
elected to operate the ACSM and in respect of
the relevant Mandatorily Deferred Interest
Payment and was required to apply the APSM in
addition to the ACSM pursuant to Condition
3.4(c); in this case the obligation of the Issuer
to satisfy the Mandatorily Deferred Interest
Payment shall be cancelled to such extent.
(d) Die Garantin wird die Zahlungswertpapiere
platzieren und die Erlöse der Emittentin zur
Leistung der betreffenden Zahlung zur Verfügung
stellen. Sie werden an die Hauptzahlstelle zur
Weitergabe an das Clearing System oder zu dessen
Order zur Gutschrift auf den Konten der jeweiligen
Kontoinhaber des Clearing Systems an die
Anleihegläubiger weitergeleitet und auf die
betreffende Zahlung geleistet.
(d) The Guarantor will place Payment Securities
and provide the Issuer with the cash proceeds
which shall be used to make the relevant
payment. The proceeds of the sale shall be paid
to the Principal Paying Agent for on-payment to
the Clearing System or to its order for credit to
the respective account holders in respect of the
relevant payment.
(e) Falls nach Meinung der Emittentin eine
Marktstörung vorliegt, verlängert sich die Frist von
fünf Jahren gemäß § 3.5(a) um den Zeitraum der
Marktstörung zuzüglich 60 Geschäftstage. Die
Emittentin wird sowohl den Eintritt einer
Marktstörung als auch den Zeitpunkt, an dem nach
Meinung der Emittentin keine Marktstörung mehr
vorliegt, gemäß § 10 bekannt machen. Das
Vorliegen einer Marktstörung führt nicht zu einer
zusätzlichen Verzinsung.
(e) If there exists, in the opinion of the Issuer, a
Market Disruption Event, then the five years’
period pursuant to Condition 3.5(a) shall be
extended by a period equal to the time during
which the Market Disruption Event exists plus
60 Business Days. The Issuer shall give notice
pursuant to Condition 10 of both the occurrence
of a Market Disruption Event and the date on
which, in the opinion of the Issuer, the Market
Disruption Event no longer exists. No amount
will be payable by way of interest due to the
occurrence of a Market Disruption Event.
159
§ 4 Rückzahlung
4.
Redemption
(a) Keine Endfälligkeit
(a) No scheduled redemption
Die
Schuldverschreibungen
haben
keinen
Endfälligkeitstag und werden, außer gemäß den
Bestimmungen in § 4(b)-(f) nicht zurückgezahlt.
The Bonds have no final maturity date and shall
not be redeemed except in accordance with the
provisions set out in Conditions 4(b)-(f).
(b) Rückzahlung
nach
Eintritt
eines
Gross-up-Ereignisses, eines Steuerereignisses
oder eines Aufsichtsrechtlichen Ereignisses
(b) Redemption following a Gross up Event, a
Tax Event or a Regulatory Event
(i)
Sofern
nach
der
Begebung
der
Schuldverschreibungen ein Gross-up-Ereignis
(wie nachstehend definiert) eintritt, ist die
Emittentin
berechtigt,
die
Schuldverschreibungen jederzeit (ganz, jedoch
nicht
nur
teilweise)
durch
eine
unwiderrufliche Bekanntmachung an die
Anleihegläubiger gemäß § 10 unter
Einhaltung einer Frist von nicht weniger als
30 und nicht mehr als 60 Tagen zu kündigen
und zu ihrem Nennbetrag zuzüglich
aufgelaufener Zinsen zurückzuzahlen. Dabei
gilt Folgendes:
(i)
If at any time after the issue of the Bonds a
Gross up Event (as defined below) occurs,
the Issuer may call and redeem the Bonds
(in whole but not in part) at their principal
amount plus accrued interest at any time on
giving not less than 30 nor more than 60
days’ irrevocable notice to the Bondholders
in accordance with Condition 10, provided
that:
(A) Eine solche Rückzahlungsmitteilung darf
nicht früher als 90 Tage vor dem Tag
erfolgen, an dem die Emittentin oder die
Garantin erstmals verpflichtet wäre,
Zusätzliche Beträge (wie in § 6 definiert)
zu
zahlen
bzw.
wenn
eine
ordnungsgemäße Zahlungsaufforderung
unter der Garantie erfolgen würde; und
(A) no such notice of redemption may be
given earlier than 90 days prior to the
earliest date on which the Issuer or the
Guarantor would be for the first time
obliged to pay the Additional
Amounts (as defined in Condition 6)
or (as the case may be) in respect of a
demand for payment duly made under
the Guarantee; and
(B) vor
Abgabe
einer
solchen
Rückzahlungsmitteilung
wird
die
Emittentin der Emissionsstelle folgende
Dokumente übergeben oder für deren
Übergabe sorgen:
(B) prior to the giving of any such notice
of redemption, the Issuer will deliver
or procure that there is delivered to the
Fiscal Agent:
(I)
eine
von
der
Emittentin
unterzeichnete Bescheinigung, die
bestätigt, dass die Emittentin
berechtigt ist, diese Rückzahlung
durchzuführen, und in der die
Tatsachen dargelegt sind, aus denen
deutlich wird, dass die Bedingungen
für das Recht der Emittentin auf
Durchführung dieser Rückzahlung
eingetreten sind; und
(II) ein Gutachten eines angesehenen
unabhängigen Rechtsberaters, aus
dem hervorgeht, dass die Emittentin
bzw. die Garantin verpflichtet ist
oder verpflichtet sein wird, die
betreffenden Zusätzlichen Beträge
als Folge der entsprechenden
Änderung zu zahlen.
160
(I)
a certificate signed by the Issuer
stating that the Issuer is entitled
to effect that redemption and
setting out a statement of facts
showing that the conditions
precedent to the right of the
Issuer so to redeem have
occurred; and
(II) an opinion of an independent
legal advisor of recognised
standing to the effect that the
Issuer or the Guarantor (as the
case may be) has or will become
obliged to pay the Additional
Amounts in question as a result
of the relevant change or
amendment.
Ein “Gross-up-Ereignis” liegt vor, wenn die
Emittentin aufgrund einer Gesetzesänderung
(oder einer Änderung von darunter erlassenen
Bestimmungen
und
Vorschriften)
der
Niederlande
oder
der
Bundesrepublik
Deutschland
oder
einer
ihrer
Gebietskörperschaften oder Behörden oder als
Folge einer Änderung der offiziellen
Auslegung oder Anwendung dieser Gesetze,
Bestimmungen oder Vorschriften durch eine
gesetzgebende Körperschaft, ein Gericht oder
eine Behörde der Niederlande oder der
Bundesrepublik Deutschland verpflichtet ist
oder verpflichtet sein wird, Zusätzliche
Beträge gemäß § 6 zu zahlen, oder die
Garantin verpflichtet ist oder verpflichtet sein
wird, Zusätzliche Beträge auf fällige Beträge
aus der Garantie zu zahlen, und die Emittentin
bzw. die Garantin diese Verpflichtung nicht
abwenden kann, indem sie zumutbare
Maßnahmen ergreift, die sie nach Treu und
Glauben für angemessen hält.
A “Gross up Event” shall occur, if the
Issuer has or will become obliged by a
legislative body, a court or any authority to
pay Additional Amounts pursuant to
Condition 6 or the Guarantor has or will
become obliged to pay Additional Amounts
in respect of payments due under the
Guarantee as a result of any change in or
amendment to the laws (or any rules or
regulations thereunder) of the Netherlands
or the Federal Republic of Germany or any
political subdivision or any authority of or
in the Netherlands or the Federal Republic
of Germany, or any change in or
amendment to any official interpretation or
application of those laws or rules or
regulations, and that obligation cannot be
avoided by the Issuer or the Guarantor, as
the case may be, taking such reasonable
measures it (acting in good faith) deems
appropriate.
Die Emittentin kann ihr Recht, die
Schuldverschreibungen
gemäß
diesem
§ 4(b)(i) zurückzuzahlen, nur nach Maßgabe
von
§
4(f)
und
sofern
die
Solvabilitätsbedingung erfüllt ist ausüben.
The Issuer may redeem the Bonds pursuant
to this Condition 4(b)(i) only in accordance
with Condition 4(f) and subject to the
Solvency Condition being met.
(ii) Sofern
nach
der
Begebung
der
Schuldverschreibungen ein Steuerereignis
(wie nachstehend definiert) eintritt, ist die
Emittentin
berechtigt,
die
Schuldverschreibungen jederzeit (ganz, jedoch
nicht
nur
teilweise)
durch
eine
unwiderrufliche Bekanntmachung an die
Anleihegläubiger gemäß § 10 unter
Einhaltung einer Frist von nicht weniger als
30 und nicht mehr als 60 Tagen zu kündigen
und zu ihrem Vorzeitigen Rückzahlungsbetrag
(wie nachstehend definiert) zurückzuzahlen.
(ii) If at any time after the issue of the Bonds a
Tax Event (as defined below) occurs, the
Issuer may call and redeem the Bonds (in
whole but not in part) at their Early
Redemption Amount (as defined below) at
any time on giving not less than 30 nor
more than 60 days’ irrevocable notice to
the Bondholders in accordance with
Condition 10.
Ein “Steuerereignis” liegt vor, wenn aufgrund
einer Gesetzesänderung (oder einer Änderung
von darunter erlassenen Bestimmungen und
Vorschriften) der Niederlande oder der
Bundesrepublik Deutschland oder einer ihrer
Gebietskörperschaften oder einer ihrer
Steuerbehörden, oder als Folge einer
Änderung der offiziellen Auslegung oder
Anwendung solcher Gesetze, Bestimmungen
oder Vorschriften durch eine gesetzgebende
Körperschaft,
ein
Gericht,
eine
Regierungsstelle oder eine Aufsichtsbehörde
(einschließlich des Erlasses von Gesetzen
sowie der Bekanntmachung gerichtlicher oder
aufsichtsrechtlicher Entscheidungen), Zinsen,
die
von
der
Emittentin
auf
die
Schuldverschreibungen zu zahlen sind oder
A “Tax Event” shall occur, if as a result of
any amendment to, or change in, the laws
(or any rules or regulations thereunder) of
the Netherlands or the Federal Republic of
Germany or any political subdivision or
any taxing authority thereof or therein, or
as a result of any amendment to, or change
in, an official interpretation or application
of any such laws, rules or regulations by
any legislative body, court, governmental
agency or regulatory authority (including
the enactment of any legislation and the
publication of any judicial decision or
regulatory determination), interest payable
by the Issuer in respect of the Bonds or any
amount payable by the Guarantor under the
Guarantee is no longer, or within 90 days
161
Beträge, die von der Garantin aus der Garantie
zu zahlen sind, von der Emittentin und/oder
der Garantin nicht mehr für die Zwecke der
niederländischen
und/oder
deutschen
Ertragsteuer voll abzugsfähig sind, bzw.
innerhalb von 90 Tagen nach dem Datum des
nachstehend beschriebenen Gutachtens nicht
mehr voll abzugsfähig sein werden, und die
Emittentin und/oder die Garantin dieses
Risiko nicht abwenden kann, indem sie
zumutbare Maßnahmen ergreift, die sie nach
Treu und Glauben für angemessen hält.
of the date of the opinion described below
will no longer be, fully deductible by the
Issuer and/or the Guarantor for Dutch and/
or German income tax purposes, and that
risk cannot be avoided by the Issuer and/or
the Guarantor taking reasonable measures
it (acting in good faith) deems appropriate.
Die Emittentin und/oder Garantin hat der
Emissionsstelle
ein
Gutachten
eines
anerkannten unabhängigen Steuerberaters zu
übergeben, das dies bestätigt.
The Issuer and/or the Guarantor must
deliver to the Fiscal Agent an opinion of a
recognised independent tax counsel
delivered which confirms that.
Die Emittentin kann ihr Recht, die
Schuldverschreibungen
gemäß
diesem
§ 4(b)(ii) zurückzuzahlen, nur nach Maßgabe
von
§
4(f)
und
sofern
die
Solvabilitätsbedingung erfüllt ist ausüben.
The Issuer may redeem the Bonds pursuant
to this Condition 4(b)(ii) only in
accordance with Condition 4(f) and subject
to the Solvency Condition being met.
(iii) Sofern
nach
der
Begebung
der
Schuldverschreibungen
ein
Aufsichtsrechtliches
Ereignis
(wie
nachstehend definiert) eintritt, ist die
Emittentin
berechtigt,
die
Schuldverschreibungen jederzeit (ganz, jedoch
nicht
nur
teilweise)
durch
eine
unwiderrufliche Bekanntmachung an die
Anleihegläubiger gemäß § 10 unter
Einhaltung einer Frist von nicht weniger als
30 und nicht mehr als 60 Tagen zu kündigen
und zu ihrem Vorzeitigen Rückzahlungsbetrag
zurückzuzahlen.
(iii) If at any time after the issue of the Bonds a
Regulatory Event (as defined below)
occurs, the Issuer may call and redeem the
Bonds (in whole but not in part) at their
Early Redemption Amount at any time on
giving not less than 30 nor more than 60
days’ irrevocable notice to the Bondholders
in accordance with Condition 10.
Ein “Aufsichtsrechtliches Ereignis” liegt
vor, wenn
A “Regulatory Event” shall occur if
(A) die
Bundesanstalt
für
Finanzdienstleistungsaufsicht oder eine
Nachfolgebehörde (wie in § 2(b)
definiert) schriftlich gegenüber der
Garantin
feststellt,
dass
die
Schuldverschreibungen
ganz
oder
teilweise nicht länger die Anforderungen
an Eigenmittel für Zwecke der
Ermittlung der Gruppensolvabilität oder
der Einzelsolvabilität der Garantin oder
der Solvabilität nach den Vorschriften für
Finanzkonglomerate erfüllen. Dies gilt
nur, wenn die Schuldverschreibungen
diese Anforderungen zu einem Zeitpunkt
vor dieser Feststellung erfüllt haben, oder
(A) the Federal Financial Supervisory
Authority
(Bundesanstalt
für
Finanzdienstleistungsaufsicht) or any
Successor Authority (as defined in
Condition 2(b)) states in writing to the
Guarantor that the Bonds (in whole or
in part) no longer fulfil the
requirements for regulatory capital or
own funds for group solvency or
single solvency purposes of the
Guarantor or the solvency pursuant to
the
regulations
for
financial
conglomerates. This applies only if at
any time prior to such statement the
Bonds did fulfil such requirements; or
(B) die Garantin oder die Gruppe der
Garantin zu irgendeinem späteren
Zeitpunkt
verpflichtet
ist,
für
Eigenmittelzwecke aufsichtsrechtliches
(B) at any time, the Guarantor or the
Guarantor’s group is required for any
regulatory capital purposes to have
Tier I regulatory capital (howsoever
162
Tier I Kapital (unabhängig von der
konkreten Bezeichnung) vorzuhalten, und
die Schuldverschreibungen zu diesem
Zeitpunkt nicht die Anforderungen für
aufsichtsrechtliches Tier I Kapital für
Zwecke
der
Ermittlung
der
Gruppensolvabilität der Garantin oder
der Solvabilität nach den Vorschriften für
Finanzkonglomerate erfüllen.
described), and the Bonds would not
be eligible to qualify for inclusion in
the Tier I regulatory capital for group
solvency purposes of the Guarantor or
the solvency pursuant to the
regulations
for
financial
conglomerates at the time.
Die Emittentin kann ihr Recht, die
Schuldverschreibungen
gemäß
diesem
§ 4(b)(iii) zurückzuzahlen, nur nach Maßgabe
von
§
4(f)
und
sofern
die
Solvabilitätsbedingung erfüllt ist ausüben.
The Issuer may redeem the Bonds pursuant
to this Condition 4(b)(iii) only in
accordance with Condition 4(f) and subject
to the Solvency Condition being met.
(c) Vorzeitige
Emittentin
(i)
Rückzahlung
nach
Wahl
der
Die Emittentin ist, vorbehaltlich § 4(f)(i) und
sofern die Solvabilitätsbedingung erfüllt ist,
berechtigt, nach ordentlicher Kündigung
gemäß § 4(c)(ii) mit einer Frist von nicht
weniger als 30 und nicht mehr als 60 Tagen
die Schuldverschreibungen insgesamt jedoch
nicht nur teilweise an jedem CallRückzahlungstag (wie nachstehend definiert)
zum Nennbetrag zuzüglich aufgelaufener
Zinsen zurückzahlen.
(c) Early redemption at the option of the Issuer
(i)
Subject to Condition 4(f)(i) and subject to
the Solvency Condition being met, the
Issuer may, upon giving not less than 30
nor more than 60 days’ notice in
accordance with Condition 4(c)(ii), redeem
all but not some only of the Bonds at their
principal amount plus accrued interest on
the Optional Redemption Date (as defined
below).
“Call-Rückzahlungstag” bezeichnet den
[3. März] 2011 (den “Ersten CallRückzahlungstag”) und jeden darauf
folgenden Zinszahlungstag.
“Optional Redemption Date” means the
[March 3,] 2011 (the “First Optional
Redemption Date” and each subsequent
Interest Payment Date
(ii) Die ordentliche Kündigung erfolgt durch
Bekanntmachung der Emittentin an die
Anleihegläubiger gemäß § 10. Diese
Kündigung ist unwiderruflich und in ihr wird
bestimmt:
(ii) The appropriate redemption notice is a
notice given by the Issuer to the
Bondholders
in
accordance
with
Condition 10. The notice shall be
irrevocable and shall specify:
•
die zur Rückzahlung
Schuldverschreibungen;
anstehenden
•
the Bonds subject to redemption;
•
dass
die
Schuldverschreibungen
insgesamt zurückgezahlt werden;
•
that such Bonds are to be redeemed in
whole;
•
der
Tag
der
Rückzahlung
Schuldverschreibungen; und
der
•
the date on which the Bond are to be
redeemed; and
•
der
Betrag,
zu
Schuldverschreibungen
werden.
dem
die
zurückgezahlt
•
the amount at which such Bonds are to
be redeemed.
(iii) Die Emittentin wird jeder Börse, an der die
Schuldverschreibungen dann notiert sind und
deren Regeln eine Mitteilung an die Börse
verlangen, und der Hauptzahlstelle umgehend
Mitteilung über die Kündigung machen.
163
(iii) The Issuer will inform, if required by any
stock exchange on which the Bonds are
then listed, such stock exchange, and the
Principal Paying Agent as soon as possible
of such redemption.
(d) Keine vorzeitige Rückzahlung nach Wahl der
Anleihegläubiger
(d) No early redemption at the option of the
Bondholders
Die Anleihegläubiger sind zu keinem Zeitpunkt
berechtigt, von der Emittentin eine vorzeitige
Rückzahlung der Schuldverschreibungen zu
verlangen.
The Bondholders shall not be entitled to put the
Bonds for redemption at any time.
(e) Erwerb von Schuldverschreibungen
(f)
(e) Purchase of Bonds
Die
Emittentin
oder
jede
ihrer
Tochtergesellschaften
oder
jede
Tochtergesellschaft
der
Garantin
können
vorbehaltlich zwingender gesetzlicher Regelungen
jederzeit Schuldverschreibungen auf dem freien
Markt oder anderweitig sowie zu jedem beliebigen
Preis
kaufen.
Derartig
erworbene
Schuldverschreibungen
können
eingezogen,
gehalten oder wieder veräußert werden.
The Issuer or any of its subsidiaries or any
subsidiary of the Guarantor may at any time and
subject to mandatory provisions of law purchase
Bonds in the open market or otherwise and at
any price. Such acquired Bonds may be
cancelled, held or resold.
Die
vorgenannten
Personen
können
die
Schuldverschreibungen gemäß diesem § 4(e) nur
nach Maßgabe von § 4(f) und sofern die
Solvabilitätsbedingung erfüllt ist zurückkaufen.
The aforementioned persons may purchase the
Bonds in accordance with this Condition 4(e)
only in accordance with Condition 4(f) and
subject to the Solvency Condition being met.
Einschränkung des Kündigungsrechts und des
Rückkaufs
(i)
Der Emittentin steht das Recht zur Kündigung
und Rückzahlung der Schuldverschreibungen
gemäß § 4(b) oder § 4(c) nur dann zu, wenn
der zurückzuzahlende Nennbetrag der
Schuldverschreibungen durch die Einzahlung
anderer,
zumindest
gleichwertiger
aufsichtsrechtlicher
Eigenmittel
ersetzt
worden ist oder die Bundesanstalt für
Finanzdienstleistungsaufsicht
bzw.
die
Nachfolgebehörde
der
Rückzahlung
zugestimmt hat.
(f)
Limitation
purchase
(i)
of
termination
rights
and
The Issuer may call and redeem the Bonds
in accordance with Condition 4(b) or
Condition 4(c) only if the principal amount
of the Bonds to be redeemed has been
replaced by other at least equivalent
regulatory capital or if the Federal
Financial Supervisory Authority or any
Successor Authority has given its consent
to the redemption.
(ii) Den in § 4(e) genannten Personen steht das
Recht zum Erwerb der Schuldverschreibungen
gemäß § 4(e) vorbehaltlich zwingender
gesetzlicher Regelungen nur dann zu, wenn
der zu erwerbende Nennbetrag der
Schuldverschreibungen durch die Einzahlung
anderer,
zumindest
gleichwertiger
aufsichtsrechtlicher
Eigenmittel
ersetzt
worden ist oder die Bundesanstalt für
Finanzdienstleistungsaufsicht
bzw.
die
Nachfolgebehörde dem Erwerb zugestimmt
hat.
(ii) The persons mentioned in Condition 4(e)
may, subject to mandatory provisions of
law, acquire the Bonds in accordance with
Condition 4(e) only if the principal amount
of the Bonds to be purchased has been
replaced by other at least equivalent
regulatory capital or if the Federal
Financial Supervisory Authority or any
Successor Authority has given its consent
to the acquisition.
Die vorgenannten Einschränkungen gelten
nicht, soweit Tochterunternehmen der
Emittentin oder der Garantin (x) die
Schuldverschreibungen für Rechnung eines
Dritten, der kein verbundenes Unternehmen
der Garantin ist, oder (y) für Sondervermögen
im Sinne von § 2 Abs. 2 i.V.m. § 30 InvG
erwerben, es sei denn, Anteile an diesen
The aforementioned restrictions do not
apply if any such purchase is made by
subsidiaries of the Issuer or the Guarantor
for (x) the account of a third party which is
not an affiliate of the Guarantor or (y)
funds (as defined for the purposes of § 2
Abs. 2 in connection with § 30 Investment
Act (Investmentgesetz), unless the majority.
164
Sondervermögen werden mehrheitlich von der
Garantin
oder
einer
ihrer
Tochtergesellschaften gehalten.
of the shares in the relevant fund are held
by the Guarantor or one of its subsidiaries
(iii) Sofern die Schuldverschreibungen unter
anderen als den in diesem § 4 beschriebenen
Umständen zurückgezahlt werden, ist der
Betrag der Emittentin oder der Garantin ohne
Rücksicht
auf
entgegenstehende
Vereinbarungen zurückzugewähren.
(iii) If the Bonds are repaid in circumstances
other than as described in this Condition 4,
then, irrespective of any agreement to the
contrary, the amount so repaid must be
repaid to the Issuer or the Guarantor.
(g) Vorzeitiger Rückzahlungsbetrag
(g) Early Redemption Amount
Der “Vorzeitige Rückzahlungsbetrag” der
Schuldverschreibungen ist im Falle einer
Rückzahlung vor dem Ersten Call-Rückzahlungstag
der Abgezinste Marktpreis (wie nachstehend
definiert), mindestens jedoch der Nennbetrag der
Schuldverschreibungen und im Falle einer
Rückzahlung zu einem späteren Zeitpunkt, der
Nennbetrag der Schuldverschreibungen. Etwaige
bis
zum
Rückzahlungstag
(ausschließlich)
aufgelaufene Zinsen und sämtliche Ausgesetzten
Zinszahlungen werden bei einer solchen
Rückzahlung ebenfalls fällig.
The “Early Redemption Amount” of the
Bonds will in the case of a redemption prior to
the First Optional Redemption Date be the
greater of the Make-whole Amount (as defined
below) and the principal amount of the Bonds,
and, in the case of a redemption thereafter, the
principal amount of the Bonds. Accrued interest
to but excluding the date of redemption and any
Deferred Interest Payment shall also be payable
on any such redemption.
Der “Abgezinste Marktpreis” wird von der
Berechnungsstelle errechnet und entspricht der
Summe der auf den Rückzahlungstag Abgezinsten
Werte (wie nachstehend definiert) (i) des
Nennbetrages der Schuldverschreibungen und
(ii) der bis zum Ersten Call-Rückzahlungstag
(ausschließlich) noch erfolgenden Zinszahlungen.
The “Make-whole Amount” will be calculated
by the Calculation Agent and will equal the sum
of the Present Values (as defined below) on the
date of redemption of (i) the principal amount of
the Bonds and (ii) the remaining scheduled
payments of interest on the Bonds to but
excluding the First Optional Redemption Date.
Die “Abgezinsten Werte” werden von der
Berechnungsstelle errechnet, indem der Nennbetrag
der Schuldverschreibungen und die bis zum Ersten
Call-Rückzahlungstag verbleibenden vorgesehenen
Zinszahlungen auf die Schuldverschreibungen auf
jährlicher Basis, unter Zugrundelegung eines Jahres
mit 365 Tagen bzw. eines Jahres mit 366 Tagen
und der Zahl der tatsächlich in dem Jahr
verstrichenen Tage und der Angepassten
Vergleichbaren Rendite (wie nachstehend definiert)
zuzüglich 0,75% abgezinst werden.
The “Present Values” will be calculated by the
Calculation Agent by discounting the principal
amount of the Bonds and the remaining
scheduled payments of interest to the First
Optional Redemption Date on an annual basis,
assuming a 365-day year or a 366-day year, as
the case may be, and the actual number of days
elapsed in such year and using the Adjusted
Comparable Yield (as defined below) plus
0.75%.
Die “Angepasste Vergleichbare Rendite”
entspricht der am Rückzahlungs-Berechnungstag
(wie nachstehend definiert) bestehenden Rendite
einer von der Berechnungsstelle, im Einvernehmen
mit der Emittentin, ausgewählten Euro-ReferenzAnleihe mit einer mit dem verbleibenden Zeitraum
bis
zum
Ersten
Call-Rückzahlungstag
vergleichbaren Laufzeit. Dabei handelt es sich um
die Rendite einer solchen Euro-Referenz-Anleihe,
die im Zeitpunkt der Auswahlentscheidung und
entsprechend der üblichen Finanzmarktpraxis zur
Preisbestimmung
bei
Neuemissionen
von
Unternehmensanleihen mit einer mit dem Zeitraum
bis
zum
Ersten
Call-Rückzahlungstag
vergleichbaren Laufzeit verwendet würde.
The “Adjusted Comparable Yield” will be the
yield at the Redemption Calculation Date (as
defined below) on the euro benchmark security
selected by the Calculation Agent, after
consultation with the Issuer, as having a
maturity comparable to the remaining term of
the Bonds to the First Optional Redemption
Date, that would be utilised, at the time of
selection and in accordance with customary
financial practice, in pricing new issues of
corporate debt securities of comparable maturity
to the First Optional Redemption Date.
165
“Rückzahlungs-Berechnungstag” ist der dritte
Geschäftstag vor dem Tag, an dem die
Schuldverschreibungen nach Wahl der Emittentin
gemäß § 4(b)(ii) oder (iii) zurückgezahlt werden.
§5
Zahlungen
“Redemption Calculation Date” means the
third Business Day prior to the date on which
the Bonds are redeemed at the option of the
Issuer pursuant to Condition 4(b)(ii) or (iii), as
the case may be.
5.
Payments
(a) Die Emittentin verpflichtet sich, Kapital und
Zinsen auf die Schuldverschreibungen bei
Fälligkeit in Euro zu zahlen. Die Zahlung von
Kapital und Zinsen auf Schuldverschreibungen
erfolgt an das Clearing System oder zu dessen
Order zur Gutschrift auf den Konten der jeweiligen
Kontoinhaber des Clearing Systems. Die Zahlung
von Zinsen auf Schuldverschreibungen, die durch
eine vorläufige Globalurkunde verbrieft sind,
erfolgt nur nach ordnungsgemäßer Bescheinigung
gemäß § 1(b).
(a) The Issuer undertakes to pay, as and when due,
principal and interest on the Bonds in euro.
Payment of principal and interest on the Bonds
shall be made to the Clearing System or to its
order for credit to the relevant account holders
of the Clearing System. Payment of interest on
Bonds represented by a Temporary Global Bond
shall be made only upon due certification as
provided in Condition 1(b).
(b) Die Emittentin bzw. die Garantin wird durch
Leistung der Zahlung an das Clearing System oder
zu dessen Order von ihrer Zahlungspflicht befreit.
(b) The Issuer or, as the case may be, the Guarantor
shall be discharged by payment to, or to the
order of, the Clearing System.
(c) Fällt der Fälligkeitstag einer Zahlung in Bezug auf
eine Schuldverschreibung auf einen Tag, der kein
Zahltag ist, dann hat der Anleihegläubiger keinen
Anspruch auf Zahlung vor dem nächstfolgenden
Zahltag am jeweiligen Geschäftsort. Der
Anleihegläubiger ist nicht berechtigt, weitere
Zinsen oder sonstige Zahlungen aufgrund dieser
Verspätung zu verlangen.
(c) If the due date for payment of any amount in
respect of any Bond is not a Payment Business
Day then the Bondholder shall not be entitled to
payment until the next such day in the relevant
place and shall not be entitled to further interest
or other payment in respect of such delay.
Für diese Zwecke bezeichnet “Zahltag” einen Tag
(außer einem Samstag oder Sonntag), an dem
(i) das Clearing System und (ii) das TransEuropean Automated Real-time Gross settlement
Express Transfer (TARGET) System Zahlungen
abwickeln.
For these purposes, “Payment Business Day”
means a day which is a day (other than a
Saturday or a Sunday) on which both (i) the
Clearing System, and (ii) the Trans-European
Automated Real-time Gross settlement Express
Transfer (TARGET) System settle payments.
(d) Bezugnahmen in diesen Bedingungen auf Kapital
der Schuldverschreibungen schließen, soweit
anwendbar, den Vorzeitigen Rückzahlungsbetrag
der Schuldverschreibungen ein. Eine Bezugnahme
in diesen Bedingungen auf Kapital oder Zinsen
schließt jegliche Zusätzlichen Beträge im Hinblick
auf Kapital bzw. Zinsen ein, die gemäß § 6 fällig
sind.
(d) Reference in these Conditions to principal in
respect of the Bonds shall be deemed to include
the Early Redemption Amount of the Bonds.
Any reference in these Conditions to principal
or interest will be deemed to include any
Additional Amounts in respect of principal or
interest (as the case may be) which may be
payable under Condition 6.
(e) Die Emittentin und die Garantin sind berechtigt,
beim Amtsgericht Frankfurt am Main Zins- oder
Kapitalbeträge bzw. fällige Beträge aus der
Garantie
zu hinterlegen,
die von den
Anleihegläubigern nicht innerhalb von zwölf
Monaten nach dem maßgeblichen Fälligkeitstag
beansprucht worden sind, auch wenn die
Anleihegläubiger sich nicht in Annahmeverzug
befinden. Soweit eine solche Hinterlegung erfolgt,
und auf das Recht der Rücknahme verzichtet wird,
erlöschen die Ansprüche der Anleihegläubiger
gegen die Emittentin.
(e) The Issuer and the Guarantor may deposit with
the lower court (Amtsgericht) in Frankfurt am
Main principal or interest or payments due
under the Guarantee not claimed by
Bondholders within twelve months after the
relevant due date, even though such
Bondholders may not be in default of
acceptance of payment. If and to the extent that
the deposit is effected and the right of
withdrawal is waived, the respective claims of
such Bondholders against the Issuer shall cease.
166
§ 6 Besteuerung
6.
Sämtliche Zahlungen von Kapital und Zinsen in Bezug
auf
die
Schuldverschreibungen
(einschließlich
Zahlungen der Garantin unter der Garantie) werden
ohne Einbehalt oder Abzug von Steuern, Abgaben,
Festsetzungen oder behördlicher Gebühren jedweder Art
(“Steuern”) geleistet, die von den Niederlanden bzw.
der Bundesrepublik Deutschland oder einer ihrer
Gebietskörperschaften oder Behörden mit der Befugnis
zur Erhebung von Steuern auferlegt, erhoben,
eingezogen, einbehalten oder festgesetzt werden, sofern
nicht die Emittentin oder die Garantin kraft Gesetzes
oder einer sonstigen Rechtsvorschrift zu einem solchen
Einbehalt oder Abzug verpflichtet ist. Erfolgt ein
solcher Einbehalt oder Abzug aufgrund einer
Gesetzesänderung, wird die Emittentin bzw. die
Garantin zusätzliche Beträge (die “Zusätzlichen
Beträge”) zahlen, so dass die Anleihegläubiger die
Beträge erhalten, die sie ohne den betreffenden
Einbehalt oder Abzug erhalten hätten. Solche
Zusätzlichen Beträge sind jedoch nicht zahlbar wegen
solcher Steuern in Bezug auf Schuldverschreibungen,
All payments of principal and interest in respect of
the Bonds (including payments by the Guarantor
under the Guarantee) will be made free and clear of,
and without withholding or deduction for, any taxes,
duties, assessments or governmental charges of
whatever nature (“Taxes”) imposed, levied,
collected, withheld or assessed by the Netherlands or
the Federal Republic of Germany (as the case may
be) or any political subdivision or any authority of or
in the Netherlands or the Federal Republic of
Germany (as the case may be) that has power to tax,
unless the Issuer or the Guarantor is compelled by
law to make such withholding or deduction. In the
event of such withholding or deduction as a result of
any amendment to, or change in, the laws, the Issuer
or the Guarantor (as the case may be) will pay such
additional amounts (the “Additional Amounts”) as
the Bondholders would have received if no such
withholding or deduction had been required.
However, no such Additional Amounts shall be
payable with respect to such Taxes in respect of any
Bond:
(a) die von einem Anleihegläubiger oder in dessen
Namen zur Zahlung vorgelegt werden, der solchen
Steuern,
Abgaben,
Festsetzungen
oder
behördlichen Gebühren in Bezug auf diese
Schuldverschreibungen dadurch unterliegt, dass er
eine Verbindung zu den Niederlanden bzw. der
Bundesrepublik Deutschland hat, die nicht nur aus
der
bloßen
Inhaberschaft
der
Schuldverschreibungen besteht; oder
(a) if it is presented for payment by or on behalf of
a Bondholder which is liable to such taxes,
duties, assessments or governmental charges in
respect of that Bond by reason of it having some
connection with the Netherlands or the Federal
Republic of Germany (as the case may be) other
than the mere holding of that Bond; or
(b) die von einem Anleihegläubiger oder in dessen
Namen zur Zahlung vorgelegt werden, obwohl er
solchen Einbehalt oder Abzug durch Vorlage eines
Formulars oder einer Urkunde und/oder durch
Abgabe einer Nichtansässigkeits-Erklärung oder
Inanspruchnahme einer vergleichbaren Ausnahme
oder Geltendmachung eines Erstattungsanspruches
hätte vermeiden können; oder
(b) if it is presented for payment by or on behalf of
a Bondholder which would be able to avoid such
withholding or deduction by presenting any
form or certificate and/or making a declaration
of non-residence or similar claim for exemption
or refund but fails to do so; or
(c) die später als 15 Tage nach dem Stichtag (wie
nachstehend definiert) vorgelegt werden; oder
(c) if it is presented for payment more than 15 days
after the Relevant Date (as defined below); or
(d) für den Fall von Einbehalten und Abzügen bei
Zahlungen an Einzelpersonen, die gemäß der
Richtlinie des Rates 2003/48/EG oder jeder
anderen Richtlinie der Europäischen Union zur
Besteuerung privater Zinserträge erfolgen, die die
Beschlüsse der ECOFIN Versammlung vom 26. bis
27. November 2000 umsetzt oder aufgrund eines
Gesetzes, das aufgrund dieser Richtlinie erlassen
wurde, ihr entspricht oder eingeführt wurde, um
einer solchen Richtlinie nachzukommen; oder
(d) where such deduction or withholding is imposed
on a payment to an individual and is required to
be made pursuant to European Council Directive
2003/48/EC or any other European Union
Directive implementing the conclusions of the
ECOFIN Council meeting of 26-27 November
2000 on the taxation of savings income or any
law implementing or complying with, or
introduced in order to conform to, such
Directive; or
(e) die von einem Anleihegläubiger oder in dessen
Namen zur Zahlung vorgelegt werden, der diesen
Einbehalt oder Abzug durch Vorlage der
(e) if it is presented for payment by or on behalf of
a Bondholder which would have been able to
avoid such withholding or deduction by
167
Taxation
Schuldverschreibung bei einer Zahlstelle in einem
anderen Mitgliedstaat der Europäischen Union hätte
vermeiden können.
presenting the Bond to a Paying Agent in another
Member State of the European Union.
In diesen Bedingungen ist der “Stichtag” entweder der
Tag, and dem die betreffende Zahlung erstmals fällig
wird, oder, falls nicht der gesamte fällige Betrag an oder
vor diesem Fälligkeitstag bei der Hauptzahlstelle
eingegangen ist, der Tag, an dem, nach Erhalt des
Gesamtbetrages,
den
Anleihegläubigern
eine
entsprechende Bekanntmachung in Übereinstimmung
mit § 10 bekannt gemacht worden ist, wobei der später
eintretende Tag maßgeblich ist.
In these Conditions, “Relevant Date” means
whichever is the later of the date on which the
payment in question first becomes due and, if the full
amount payable has not been received by the
Principal Paying Agent on or prior to that due date,
the date on which notice of receipt of the full amount
has been given to the Bondholders in accordance
with Condition 10.
§ 7 Vorlegung, Verjährung
7.
(a) Die Vorlegungsfrist gemäß § 801 Absatz 1 Satz 1
BGB für fällige Schuldverschreibungen wird auf
zehn Jahre verkürzt.
(a) The period for presentation of Bonds due, as
established in § 801 paragraph 1 sentence 1 of
the German Civil Code (Bürgerliches
Gesetzbuch), is reduced to ten years.
(b) Die
Verjährungsfrist
für
innerhalb
der
Vorlegungsfrist
zur
Zahlung
vorgelegte
Schuldverschreibungen beträgt zwei Jahre von dem
Ende der betreffenden Vorlegungsfrist an.
(b) The period for prescription for Bonds presented
for payment during the presentation period shall
be two years beginning at the end of the relevant
presentation period.
§ 8 Emissionsstelle,
Berechnungsstelle
8.
Hauptzahlstelle
und
(a) Die Emissionsstelle, die Hauptzahlstelle und die
Berechnungsstelle sind nachstehend mit den
benannten
anfänglichen
Geschäftsstellen
aufgeführt:
Presentation, Prescription
Fiscal Agent, Principal Paying Agent and
Calculation Agent
(a) The Fiscal Agent, Principal Paying Agent and
the Calculation Agent and their respective initial
specified offices are as follows:
Emissionsstelle:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Fiscal Agent:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Germany
Hauptzahlstelle:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Principal Paying Agent:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Germany
Berechnungsstelle:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Calculation Agent:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Grosse Gallusstrasse 10-14
D-60272 Frankfurt am Main
Germany
(b) Die Emittentin und die Garantin behalten sich das
Recht vor, die Ernennung der Emissionsstelle, der
Hauptzahlstelle, etwaiger Zahlstellen und der
Berechnungsstelle jederzeit anders zu regeln oder
zu beenden und eine andere Emissionsstelle,
Hauptzahlstelle oder zusätzliche oder andere
Zahlstellen oder Berechnungsstellen zu ernennen.
168
(b) The Issuer and the Guarantor reserve the right at
any time to vary or terminate the appointment of
the Fiscal Agent, the Principal Paying Agent,
any Paying Agent and the Calculation Agent and
to appoint another Fiscal Agent, Principal
Paying Agent or additional or other Paying
Agents or other Calculation Agents provided
Sie werden sicherstellen, dass jederzeit (i) eine
Emissionsstelle, eine Hauptzahlstelle und eine
Berechnungsstelle und (ii) so lange die
Schuldverschreibungen an einer Börse notiert
werden, eine Zahlstelle (die die Hauptzahlstelle
sein kann) mit einer benannten Geschäftsstelle an
dem von der betreffenden Börse vorgeschriebenen
Ort bestimmt ist und (iii) eine Zahlstelle in einem
Mitgliedsstaat der Europäischen Union bestellt ist,
sofern dies in irgendeinem Mitgliedsstaat der
Europäischen Union möglich ist, die nicht gemäß
der Richtlinie 2003/48/EG des Rates oder einer
anderen die Ergebnisse des Ministerrattreffens der
Finanzminister der Europäischen Union vom
26.–27. November 2000 umsetzenden Richtlinie
der Europäischen Union bezüglich der Besteuerung
von Kapitaleinkünften oder gemäß eines Gesetzes,
das eine solche Umsetzung bezweckt, zur
Einbehaltung oder zum Abzug von Quellensteuern
oder sonstigen Abzügen verpflichtet ist. Die
Emissionsstelle, die Hauptzahlstelle und die
Berechnungsstelle behalten sich das Recht vor,
jederzeit anstelle ihrer jeweils benannten
Geschäftsstelle eine andere Geschäftsstelle in
derselben Stadt zu bestimmen. Bekanntmachungen
hinsichtlich aller Veränderungen im Hinblick auf
die Emissionsstelle, die Hauptzahlstelle, etwaige
Zahlstellen und die Berechnungsstelle erfolgen
unverzüglich durch die Emittentin gemäß § 10.
that they will at all times maintain (i) a Fiscal
Agent, a Principal Paying Agent and a
Calculation Agent und (ii) so long as the Bonds
are listed on a stock exchange, a Paying Agent
(which may be the Principal Paying Agent) with
a specified office in such city as may be
required by the rules of the relevant stock
exchange and (iii) a Paying Agent in an EU
member state, if any, that will not be obliged to
withhold or deduct tax pursuant to European
Council Directive 2003/48/EC or any other
European Union Directive implementing the
conclusions of the ECOFIN Council meeting of
26–27 November 2000 on the taxation of
savings income or any law implementing or
complying with, or introduced to conform to,
such Directive. The Fiscal Agent, the Principal
Paying Agent and the Calculation Agent reserve
the right at any time to change their respective
specified offices to some other specified office
in the same city. Notice of all changes in the
identities or specified offices of the Fiscal
Agent, the Principal Paying Agent, any Paying
Agent and the Calculation Agent will be given
promptly by the Issuer to the Bondholders in
accordance with Condition 10.
(c) Die Emissionsstelle, die Hauptzahlstelle, die
Zahlstellen und die Berechnungsstelle handeln
ausschließlich als Beauftragte der Emittentin bzw.
der
Garantin
und
übernehmen
keinerlei
Verpflichtungen gegenüber dem Anleihegläubiger;
es wird kein Auftrags- oder Treuhandverhältnis
zwischen ihnen und dem Anleihegläubiger
begründet.
Die
Emissionsstelle,
die
Hauptzahlstelle, die Zahlstellen und die
Berechnungsstelle sind von den Beschränkungen
des § 181 des Bürgerlichen Gesetzbuchs (BGB)
befreit.
(c) The Fiscal Agent, the Principal Paying Agent,
any Paying Agent and the Calculation Agent act
solely as agents of the Issuer and the Guarantor,
respectively, and do not assume any obligations
towards or relationship of agency or trust for the
Bondholder. The Fiscal Agent, the Principal
Paying Agent, any Paying Agent and the
Calculation Agent are exempt from the
restrictions of § 181 of the German Civil Code
(Bürgerliches Gesetzbuch).
§ 9 Schuldnerersetzung
9.
(a) Ersetzung
(a) Substitution
Die Garantin ist jederzeit berechtigt, ohne
Zustimmung der Anleihegläubiger, sich selbst oder
eine andere Gesellschaft (soweit es sich bei dieser
Gesellschaft
nicht
um
ein
Versicherungsunternehmen handelt), die direkt
oder indirekt von der Garantin kontrolliert wird, als
neue Emittentin für alle sich aus oder im
Zusammenhang mit den Schuldverschreibungen
ergebenden Verpflichtungen mit schuldbefreiender
Wirkung für die Emittentin an die Stelle der
Emittentin zu setzen (die “Neue Emittentin”),
sofern
169
Substitution
The Guarantor may at any time, without the
consent of the Bondholders, substitute for the
Issuer itself or any other company (other than an
insurance undertaking) which is directly or
indirectly controlled by the Issuer, as new issuer
(the “New Issuer”) in respect of all obligations
arising under or in connection with the Bonds
with the effect of releasing the Issuer of all such
obligations, if:
(i)
die
Neue
Emittentin
sämtliche
Verpflichtungen der Emittentin aus oder im
Zusammenhang
mit
den
Schuldverschreibungen
übernimmt
und,
sofern eine Zustellung an die Neue Emittentin
außerhalb der Bundesrepublik Deutschland
erfolgen
müsste,
einen
Zustellungsbevollmächtigten
in
der
Bundesrepublik Deutschland bestellt;
(i)
the New Issuer assumes any and all
obligations of the Issuer arising under or in
connection with the Bonds and, if service
of process vis-à-vis the New Issuer would
have to be effected outside the Federal
Republic of Germany, appoints a process
agent within the Federal Republic of
Germany;
(ii) die Emittentin und die Neue Emittentin
sämtliche für die Schuldnerersetzung und die
Erfüllung der Verpflichtungen aus oder im
Zusammenhang
mit
den
Schuldverschreibungen
erforderlichen
Genehmigungen erhalten hat;
(ii) the Issuer and the New Issuer have
obtained all authorisations and approvals
necessary for the substitution and the
fulfilment of the obligations arising under
or in connection with the Bonds;
(iii) die Neue Emittentin in der Lage ist, sämtliche
zur
Erfüllung
der
aufgrund
der
Schuldverschreibungen
bestehenden
Zahlungsverpflichtungen
erforderlichen
Beträge in Euro an das Clearing System zu
zahlen, und zwar ohne Abzug oder Einbehalt
von Steuern oder sonstigen Abgaben jedweder
Art, die von dem Land (oder den Ländern), in
dem (in denen) die Neue Emittentin ihren Sitz
oder Steuersitz hat, auferlegt, erhoben oder
eingezogen werden; und
(iii) the New Issuer is in the position to pay to
the Clearing System or to the Fiscal Agent
in euro and without deducting or
withholding any taxes or other duties of
whatever nature imposed, levied or
deducted by the country (or countries) in
which the New Issuer has its domicile or
tax residence all amounts required for the
performance of the payment obligations
arising from or in connection with the
Bonds; and
(iv) die Garantin (außer in dem Fall, dass sie selbst
die Neue Emittentin ist) unbedingt und
unwiderruflich die Verpflichtungen der Neuen
Emittentin aus den Schuldverschreibungen zu
Bedingungen garantiert, die sicherstellen, dass
jeder
Anleihegläubiger
wirtschaftlich
mindestens so gestellt wird, wie er ohne die
Ersetzung stehen würde.
(iv) the Guarantor (except in the case that the
Guarantor itself is the New Issuer)
irrevocably and unconditionally guarantees
such obligations of the New Issuer under
the Bonds on terms which ensure that each
Bondholder will be put in an economic
position that is at least as favourable as that
which would have existed if the
substitution had not taken place.
Wenn die Garantin selbst Neue Emittentin
geworden ist, ist eine weitere Schuldnerersetzung
ausgeschlossen.
(b) Bezugnahmen
If the Guarantor has become the New Issuer,
any further substitution of the issuer shall be
excluded.
(b) References
Im Fall einer Schuldnerersetzung gemäß Absatz
(a) gilt jede Bezugnahme in diesen Bedingungen
auf die Emittentin als eine solche auf die Neue
Emittentin und jede Bezugnahme auf die
Niederlande als eine solche auf den Staat, in
welchem die Neue Emittentin steuerlich ansässig
ist.
In the event of a substitution pursuant to
paragraph (a), any reference in these Conditions
to the Issuer shall be a reference to the New
Issuer and any reference to the Netherlands shall
be a reference to the New Issuer’s country of
domicile for tax purposes.
(c) Bekanntmachung und Wirksamwerden der
Ersetzung
Die Ersetzung der Emittentin ist gemäß § 10
bekanntzumachen. Mit der Bekanntmachung der
Ersetzung wird die Ersetzung wirksam und die
Emittentin und im Fall einer wiederholten
Anwendung dieses § 9 jede frühere Neue
170
(c) Notice and Effectiveness of Substitution
Notice of any substitution of the Issuer shall be
given by publication in accordance with
Condition 10. Upon such publication, the
substitution shall become effective, and the
Issuer and in the event of a repeated application
Emittentin von ihren sämtlichen Verpflichtungen
aus den Schuldverschreibungen frei. Im Fall einer
solchen
Schuldnerersetzung
werden
die
Wertpapierbörsen informiert, an denen die
Schuldverschreibungen notiert sind, und einen
Nachtragsprospekt mit einer Beschreibung der
Neuen Emittentin erstellt.
of this Condition 9, any previous New Issuer
shall be discharged from any and all obligations
under the Bonds. In the case of such
substitution, the stock exchange(s), if any, on
which the Bonds are then listed will be notified
and a supplemental prospectus describing the
New Issuer will be prepared.
§ 10 Bekanntmachungen
10. Notices
(a) Sämtliche
Bekanntmachungen
an
die
Anleihegläubiger gelten als ordnungsgemäß
bekannt gemacht, wenn sie in einem Pflichtblatt
der Frankfurter Wertpapierbörse (voraussichtlich
die “Börsen-Zeitung”), veröffentlicht werden. Jede
derartige Bekanntmachung gilt am dritten Tag nach
dem Tage der ersten Veröffentlichung als wirksam
erfolgt.
(a) Notices to the Bondholders will be valid if
published in a national newspaper designated for
exchange notices by the Frankfurt Stock
Exchange (which is expected to be the “BörsenZeitung”). Any notice so given will be deemed
to have been validly given on the third day after
the date of the first such publication.
(b) Sofern die Regularien der Börse, an der die
Schuldverschreibungen notiert sind, dies zulassen,
ist
die
Emittentin
berechtigt,
eine
Zeitungsveröffentlichung gemäß § 10(a) durch eine
Mitteilung über das Clearing System zur
Weiterleitung an die Anleihegläubiger zu ersetzen.
Jede derartige Bekanntmachung gilt am siebten
Tag nach dem Tag der Bekanntmachung an das
Clearing System als den Anleihegläubigern
mitgeteilt.
(b) Provided this complies with the rules of the
stock exchange on which the Bonds are listed,
the Issuer may replace any newspaper notice
pursuant to Condition 10(a) by delivering the
notice
to
the
Clearing
System
for
communication by the Clearing System to the
Bondholders. Any such notice shall be deemed
to have been given to the Bondholders on the
seventh day after the day on which the said
notice was given to the Clearing System.
§ 11 Begebung weiterer Schuldverschreibungen
11. Further Issues
Die Emittentin behält sich das Recht vor, ohne
Zustimmung
der
Anleihegläubiger
weitere
Schuldverschreibungen mit gleicher Ausstattung
(gegebenenfalls mit Ausnahme des Begebungstages, der
ersten Zinszahlung und des Emissionspreises) wie die
vorliegenden Schuldverschreibungen zu begeben, so
dass sie mit diesen eine Einheit bilden. Der Begriff
“Schuldverschreibungen” umfasst im Fall einer
solchen weiteren Begebung auch solche zusätzlich
begebenen Schuldverschreibungen.
The Issuer reserves the right from time to time,
without the consent of the Bondholders to issue
additional bonds with identical terms and conditions
as the Bonds in all respects (or in all respects except
for the issue date, the first payment of interest, if any,
and the issue price on them) so as to be consolidated
and form a single series with such Bonds. The term
“Bonds” shall, in the event of such further issue, also
comprise such further bonds.
§ 12 Anwendbares
Gerichtsstand
und
12. Applicable Law, Place of Performance and
Jurisdiction
(a) Form und Inhalt der Schuldverschreibungen und
der Garantie sowie alle sich daraus ergebenden
Rechte
und
Pflichten
bestimmen
sich
ausschließlich nach dem Recht der Bundesrepublik
Deutschland. Erfüllungsort ist Frankfurt am Main.
(a) The form and content of the Bonds and the
Guarantee as well as all the rights and duties
arising therefrom are governed exclusively by
the laws of the Federal Republic of Germany.
Place of performance is Frankfurt am Main.
(b) Nicht-ausschließlicher Gerichtsstand für alle sich
aus den in diesen Bedingungen geregelten
Rechtsverhältnissen
ergebenden
Rechtsstreitigkeiten mit der Emittentin ist
Frankfurt am Main.
(b) Non-exclusive court of venue for all litigation
with the Issuer arising from the legal relations
established in these Conditions is Frankfurt am
Main.
(c) Die Gerichte der Bundesrepublik Deutschland sind
ausschließlich zuständig für die Kraftloserklärung
abhanden
gekommener
oder
vernichteter
Schuldverschreibungen.
(c) The courts in the Federal Republic of Germany
shall have exclusive jurisdiction over the
annulment of lost or destroyed Bonds.
Recht,
Erfüllungsort
171
(d) Die Anleihegläubiger sind auch berechtigt, ihre
Ansprüche gegenüber der Emittentin vor Gerichten
im Land der jeweiligen Emittentin geltend zu
machen. Auch in diesen Fällen ist das Recht der
Bundesrepublik Deutschland anzuwenden. Für
etwaige Rechtsstreitigkeiten, die zwischen den
Anleihegläubigern und der Emittentin vor
Gerichten in der Bundesrepublik Deutschland
geführt werden, hat die Emittentin die Allianz
Aktiengesellschaft, München, Bundesrepublik
Deutschland, zur Zustellungsbevollmächtigten
bestellt.
(d) The Bondholders are also entitled to assert their
claims against the Issuer before courts in the
jurisdiction of incorporation of the Issuer. In
such cases the laws of the Federal Republic of
Germany shall be applied. For litigation, if any,
between the Bondholders and the Issuer which
is brought before courts in the Federal Republic
of Germany, the Issuer has appointed Allianz
Aktiengesellschaft, Munich, Federal Republic of
Germany, as agent for service of process.
(e) Jeder Anleihegläubiger kann in Rechtsstreitigkeiten
gegen die Emittentin im eigenen Namen seine
Rechte
aus
den
ihm
zustehenden
Schuldverschreibungen geltend machen unter
Vorlage der folgenden Dokumente: (a) einer
Bescheinigung seiner Depotbank, die (i) den vollen
Namen
und
die
volle
Anschrift
des
Anleihegläubigers
bezeichnet,
(ii)
den
Gesamtnennbetrag der Schuldverschreibungen
angibt,
die
am
Ausstellungstag
dieser
Bescheinigung dem bei dieser Depotbank
bestehenden Depot dieses Anleihegläubigers
gutgeschrieben sind, und (iii) bestätigt, dass die
Depotbank dem Clearing System und der Zahlstelle
eine schriftliche Mitteilung zugeleitet hat, die die
Angaben gemäß (i) und (ii) enthält und
Bestätigungsvermerke des Clearing Systems sowie
des jeweiligen Clearing System-Kontoinhabers
trägt,
sowie
(b)
einer
von
einem
Vertretungsberechtigten des Clearing Systems oder
der Zahlstelle beglaubigten Ablichtung der
Globalurkunde.
(e) Any Bondholder may in any proceedings against
the Issuer protect and enforce in its own name
its rights arising under its Bonds by submitting
the following documents: (a) a certificate issued
by its depositary bank (i) stating the full name
and address of the Holder, (ii) specifying an
aggregate principal amount of Bonds credited on
the date of such certificate to such Bondholder’s
securities account maintained with such
depositary bank and (iii) confirming that the
depositary bank has given a written notice to the
Clearing System as well as to the Paying Agent
containing the information pursuant to (i) and
(ii) and bearing acknowledgements of the
Clearing System and the relevant Clearing
System accountholder as well as (b) a copy of
the Global Bond certified by a duly authorised
officer of the Clearing System or the Paying
Agent as being a true copy.
§ 13 Sprache
13. Language
Diese Bedingungen sind in deutscher Sprache abgefasst.
Eine Übersetzung in die englische Sprache ist beigefügt.
Der deutsche Text ist maßgeblich und rechtsverbindlich.
Die Übersetzung in die englische Sprache ist
unverbindlich.
These Conditions are written in the German language
and provided with a English language translation.
The German text shall be prevailing and binding. The
English language translation is provided for
convenience only.
172
SUBORDINATED GUARANTEE
The German text of the Guarantee is legally binding.
The English translation is for convenience only.
Garantie
(auf nachrangiger Basis)
Guarantee
(on a subordinated basis)
der
Allianz
Aktiengesellschaft,
München,
Bundesrepublik Deutschland zugunsten der Gläubiger
der durch die Allianz Finance II B.V., Amsterdam,
Niederlande begebenen garantierten nachrangigen
Schuldverschreibungen mit unbegrenzter Laufzeit im
Gesamtnennbetrag von EUR [bis zu 1,0 Mrd.] (die
“Schuldverschreibungen”)
of Allianz Aktiengesellschaft, Munich, Federal
Republic of Germany in favour of the holders of the
Guaranteed Subordinated Perpetual Bonds in an
aggregate principal amount of EUR [up to 1.0
billion] issued by Allianz Finance II B.V.,
Amsterdam, the Netherlands (the “Bonds”).
1
1
1.1 Die Allianz Aktiengesellschaft (die “Garantin”)
übernimmt hiermit auf nachrangiger Basis
gegenüber
den
jeweiligen
Inhabern
der
Schuldverschreibungen (die “Anleihegläubiger”)
die unbedingte und unwiderrufliche Garantie (die
“Nachrangige Garantie”) für die ordnungsgemäße
Zahlung von Kapital und Zinsen auf die
Schuldverschreibungen in Euro sowie aller
sonstigen auf die Schuldverschreibungen fällig
werdenden
Beträge
nach
Maßgabe
der
Anleihebedingungen (“Bedingungen”). Zahlungen
im Zusammenhang mit dieser Nachrangigen
Garantie erfolgen ausschließlich gemäß den
Bedingungen. Bei Erfüllung von Verpflichtungen
der Emittentin oder der Garantin zugunsten eines
Anleihegläubigers
erlischt
das
betreffende
garantierte Recht dieses Anleihegläubigers aus den
Schuldverschreibungen.
1.1 Allianz Aktiengesellschaft (the “Guarantor”)
hereby
unconditionally
and
irrevocably
guarantees on a subordinated basis (the
“Subordinated Guarantee”) to the holders of
the Bonds (the “Bondholders”) the due
payment in Euro of the amounts corresponding
to the principal of and interest on, as well as any
other amounts due on, the Bonds in accordance
with the terms and conditions of the Bonds (the
“Conditions”).
Payments
under
this
Subordinated Guarantee are subject to (without
limitation) the Conditions. Upon discharge of
any obligations of the Issuer or the Guarantor
subsisting hereunder in favour of any
Bondholder, the relevant guaranteed right of
such Bondholder under the Bonds shall cease to
exist.
1.2 Sinn und Zweck dieser Nachrangigen Garantie ist
es, sicherzustellen, dass die Anleihegläubiger unter
allen tatsächlichen und rechtlichen Umständen und
unabhängig von Wirksamkeit und Durchsetzbarkeit
der Verpflichtungen der Emittentin und unabhängig
von sonstigen Gründen, aufgrund derer die
Emittentin ihre Verpflichtungen nicht erfüllt, alle
zahlbaren Beträge fristgerecht in Übereinstimmung
mit den Bedingungen erhalten.
1.2 The intent and purpose of this Subordinated
Guarantee is to ensure that the Bondholders
under any and all circumstances, whether factual
or legal, and irrespective of validity or
enforceability of the obligations of the Issuer, or
any other reasons on the basis of which the
Issuer may fail to fulfil its obligations, receive
on the respective due date any and all sums
payable in accordance with the Conditions.
1.3 Die
Garantin
kann
etwaige
von
den
Anleihegläubigern innerhalb von zwölf Monaten
nach Fälligkeit nicht geforderte Beträge an Kapital
und Zinsen sowie etwaige sonstige auf die
Schuldverschreibungen fällige Beträge bei dem
Amtsgericht in Frankfurt am Main hinterlegen.
Soweit die Garantin auf das Recht zur Rücknahme
der hinterlegten Beträge verzichtet, erlöschen die
betreffenden Ansprüche der Anleihegläubiger
gegen die Emittentin und die Garantin.
1.3 The Guarantor may deposit with the Lower
Court (Amtsgericht) in Frankfurt am Main any
principal and interest as well as any other
amounts due on the Bonds, if any, not claimed
by the Bondholders within twelve months after
having become due. If the Guarantor waives all
rights to withdraw such deposits the respective
claims of Bondholders against the Issuer and the
Guarantor shall cease.
1.4 Die Verbindlichkeiten der Garantin aus dieser
Garantie sind mit allen anderen, am Begebungstag
ausstehenden nachrangigen Verbindlichkeiten mit
1.4 The obligations of the Guarantor under this
Guarantee rank at least pari passu with all other
undated subordinated obligations of the
173
unbegrenzter Laufzeit der Garantin zumindest
gleichrangig, soweit zwingende gesetzliche
Bestimmungen solche anderen nachrangigen
Verbindlichkeiten nicht im Rang besser stellen. Im
Fall der Auflösung, der Liquidation oder der
Insolvenz der Garantin oder eines anderen der
Abwendung der Insolvenz dienenden Verfahrens
gegen die Garantin, werden die Ansprüche der
Anleihegläubiger aus dieser Garantie erst
befriedigt, nachdem die Ansprüche sämtlicher nicht
nachrangiger
Gläubiger
sowie
Gläubiger
nachrangiger Ansprüche mit begrenzter Laufzeit
vollumfänglich befriedigt worden sind.
Guarantor outstanding on the Issue Date save
for any subordinated obligations required to be
preferred by laws. In the event of the
dissolution, liquidation, insolvency or of other
proceedings for the avoidance of insolvency of
the Guarantor, claims of the Bondholders under
this Guarantee will be satisfied after (but only
after) the claims of all unsubordinated and dated
subordinated creditors of the Guarantor have
first been paid in full.
Die Anleihegläubiger erkennen ausdrücklich an,
dass unter den oben genannten Umständen
Zahlungen der Garantin unter der Garantie auf die
Schuldverschreibungen nur unter Wahrung
obenstehender Nachrangigkeit erfolgen werden.
Bondholders explicitly accept that, in the
circumstances described above, payments in
respect of the Bonds will be made by the
Guarantor pursuant to the Guarantee only in
accordance with the subordination described
above.
Die Anleihegläubiger sind nicht berechtigt,
Forderungen aus den Schuldverschreibungen oder
aus dieser Garantie gegen etwaige Forderungen der
Garantin aufzurechnen. Die Garantin kann ihr Recht
zur Aufrechnung gegen Forderungen der
Anleihegläubiger aus der Garantie nur nach
Maßgabe von § 4(f) der Bedingungen und sofern die
Solvabilitätsbedingung (wie in § 3.2(c)(i) der
Bedingungen definiert) erfüllt ist ausüben.
No Bondholder may set off any claims arising
under the Bonds or under this Guarantee against
any claims that the Guarantor may have against
it. The Guarantor may set off against any claims
of any Bondholder under the Guarantee only in
accordance with Condition 4(f) of the
Conditions and subject to the Solvency
Condition (as defined in Condition 3.2c(i) of the
Conditions) being met.
1.5 Mit Ausnahme der Rechte unter dieser Garantie ist
für die Rechte der Anleihegläubiger keine Sicherheit
irgendwelcher Art durch die Garantin oder durch
Dritte gestellt worden; eine solche Sicherheit wird
auch zu keinem Zeitpunkt gestellt werden.
1.5 Except for the rights created pursuant to this
Guarantee, no security of whatever kind is, or
shall at any time be, provided by the Guarantor
or any other person securing rights of the
Bondholders.
1.6 Nachträglich können weder der in dieser Garantie
bestimmte Nachrang beschränkt, noch die Laufzeit
der Garantie oder die jeweiligen Kündigungsfristen
der Schuldverschreibungen verkürzt werden.
1.6 No subsequent agreement may limit the
subordination pursuant to the provisions set out
in this Guarantee or shorten the term of this
Guarantee or any applicable notice period
(Kündigungsfrist) of the Bonds.
1.7 Im Falle einer Ersetzung der Emittentin durch eine
Tochtergesellschaft der Garantin gemäß § 9 der
Bedingungen erstreckt sich diese Nachrangige
Garantie auf sämtliche von der Neuen Emittentin
gemäß den Bedingungen zahlbaren Beträge.
1.7 In the event of a substitution of the Issuer by a
subsidiary of the Guarantor pursuant to
Condition 9 of the Conditions, this Subordinated
Guarantee shall extend to any and all amounts
payable by the New Issuer pursuant to the
Conditions.
2
2
Die Nachrangige Garantie stellt einen Vertrag
zugunsten der jeweiligen Anleihegläubiger als
begünstigte Dritte gemäß § 328 Absatz 1 BGB dar,
die jedem Anleihegläubiger das Recht gibt,
Erfüllung
der
hierin
übernommenen
Verpflichtungen unmittelbar von der Garantin zu
verlangen und diese Verpflichtungen unmittelbar
gegen die Garantin durchzusetzen.
174
This Subordinated Guarantee constitutes a
contract in favour of the respective Bondholders
as third party beneficiaries pursuant to § 328 (1)
of the German Civil Code (Bürgerliches
Gesetzbuch) giving rise to the right of each such
Bondholder to require performance of the
obligations assumed hereby directly from the
Guarantor and to enforce such obligations
directly against the Guarantor.
3
Ansprüche des Anleihegläubigers nach dieser
Nachrangigen Garantie verjähren mit Ablauf von
zwei Jahren nach dem jeweiligen Zahlungstag für
Zinsen bzw. Rückzahlungstag gemäß den
Bedingungen.
3
The period of limitation for any claim by a
Bondholder under this Subordinated Guarantee
shall be two years calculated from the relevant
Interest Payment Date and the relevant
redemption date pursuant to the Conditions.
4
4
4.1 Diese
Nachrangige
Garantie
unterliegt
ausschließlich dem Recht der Bundesrepublik
Deutschland.
4.1 This Subordinated Guarantee shall be governed
exclusively by the laws of the Federal Republic
of Germany.
4.2 Ausschließlicher Gerichtsstand für alle sich aus in
dieser
Nachrangigen
Garantie
geregelten
Rechtsverhältnissen
ergebenden
Rechtsstreitigkeiten mit der Garantin ist Frankfurt
am Main.
4.2 Exclusive court of venue for all litigation with
the Guarantor arising from the legal relations
established under this Subordinated Guarantee is
Frankfurt am Main.
4.3 Die Begriffe, die in dieser Nachrangigen Garantie
verwendet werden und in den Bedingungen
definiert sind, haben die gleiche Bedeutung in
dieser Nachrangigen Garantie wie in den
Bedingungen, soweit sie in dieser Nachrangigen
Garantie nicht anderweitig definiert sind.
4.3 Terms used in this Subordinated Guarantee and
defined in the Conditions shall have the same
meaning in this Subordinated Guarantee as in
the Conditions unless they are otherwise defined
in this Subordinated Guarantee.
5
Die Garantin und die Deutsche Bank
Aktiengesellschaft vereinbaren, dass die Deutsche
Bank Aktiengesellschaft nicht als Treuhänderin
oder in ähnlicher Eigenschaft für die
Anleihegläubiger handelt. Die Deutsche Bank
Aktiengesellschaft verpflichtet sich, das Original
dieser Nachrangigen Garantie bis zur Erfüllung
aller
Verpflichtungen
aus
den
Schuldverschreibungen und dieser Nachrangigen
Garantie in Verwahrung zu halten.
5
The
Guarantor
and
Deutsche
Bank
Aktiengesellschaft agree that Deutsche Bank
Aktiengesellschaft is not acting as trustee or in a
similar capacity for the Bondholders. Deutsche
Bank Aktiengesellschaft undertakes to hold the
original copy of this Subordinated Guarantee in
custody until all obligations under the Bonds
and the Subordinated Guarantee have been
fulfilled.
6
Jeder Anleihegläubiger kann in jedem Rechtsstreit
gegen die Garantin und in jedem Rechtsstreit, in
dem er und die Garantin Partei sind, seine Rechte
aus dieser Nachrangigen Garantie auf der
Grundlage einer von einer vertretungsberechtigten
Person der Emissionsstelle als Kopie dieser
Nachrangigen Garantie bescheinigte Kopie der
Garantie ohne Vorlage des Originals im eigenen
Namen wahrnehmen und durchsetzen.
6
On the basis of a copy of this Subordinated
Guarantee certified as being a true copy by a
duly authorised officer of the Fiscal Agent, each
Bondholder may protect and enforce in his own
name his rights arising under this Subordinated
Guarantee in any legal proceedings against the
Guarantor or to which such Bondholder and the
Guarantor are parties, without the need for
production of this Subordinated Guarantee in
such proceedings.
7
Diese Nachrangige Garantie ist in deutscher
Sprache mit englischer Übersetzung abgefasst. Die
deutsche Fassung ist die rechtlich verbindliche
Fassung. Die englische Übersetzung ist zur
Erleichterung des Verständnisses beigefügt.
7
This Subordinated Guarantee is drawn up in the
German language and provided with an English
language translation. The German version shall
be the only legally binding version. The English
translation is for convenience only.
München, den [3. März] 2006
Munich, [March 3,] 2006
Allianz Aktiengesellschaft
Allianz Aktiengesellschaft
Wir nehmen die obenstehenden Erklärungen zugunsten
der Anleihegläubiger ohne Obligo, Haftung oder
Rückgriffsrechte auf uns an.
We hereby accept all of the above declarations in
favour of the Bondholders without recourse, warranty
or liability on us.
Frankfurt am Main, [3. März] 2006
Frankfurt am Main, [March 3,] 2006
Deutsche Bank Aktiengesellschaft
Deutsche Bank Aktiengesellschaft
175
INFORMATION ON THE ISSUER
Corporate Information
Incorporation, Corporate Seat, Duration and Objects
Allianz Finance II B.V. was founded as a private limited liability company in the Netherlands on May 8,
2000 for an unlimited duration. The corporate seat of the Issuer is at Amsterdam and its office address is
Keizersgracht 484, NL-1017 EH Amsterdam, The Netherlands, telephone number (+31)(20) 5569710. Allianz
Finance II B.V. is entered in the Commercial Register of Amsterdam under no. 34134406.
The legal name of the Issuer is “Allianz Finance II B.V.” and it is operating under the laws of The
Netherlands.
The corporate objects of Allianz Finance II B.V., as contained in Article 2 of its Articles of Association, are
to carry out financial business of all types, in particular the lending and borrowing of funds, including the issue
of bonds, and participation in companies and enterprises.
Share Capital
The authorised share capital of Allianz Finance II B.V. consists of 100 ordinary shares with a nominal value
of EUR 1,000 each. As of December 31, 2005, the issued and fully paid in share capital of Allianz Finance II
B.V. amounted to EUR 20,000 consisting of 20 registered shares with a nominal value of EUR 1,000 each. Each
share carries one vote.
Ownership
As of December 31, 2005, Allianz AG directly held 100% of the issued ordinary shares of Allianz Finance
II B.V.
Organisational Structure
Allianz Finance II B.V. is wholly-owned by Allianz AG and acts as a financing entity within the Allianz
Group. As such, it is not dependent on any other entity within the Group.
Allianz Finance II B.V. does not have any subsidiaries.
Management and Supervisory Bodies
The Issuer has both a supervisory board and a board of managing directors (the “Board of Managing
Directors”).
The members of the Board of Managing Directors of Allianz Finance II B.V. are:
Name
Function in the Issuer
Principal activity outside the Issuer
.........................
Director
Hero Wentzel . . . . . . . . . . . . . . . . . . . . . . . .
Dr. Sylvia Hoechendorfer-Ziegler . . . .
Director
Director
Director, Allianz Nederland
Groep N.V.
Director, Allianz Europe Ltd.
Employee, Allianz AG, Munich
Dirk Schoon
The members of the supervisory board of Allianz Finance II B.V. are:
Name
Function in the Issuer
Principal activity outside the Issuer
Chairman of the Board of
Management of Allianz AG,
Munich
Member of the Board of
Management of Allianz AG,
Munich
Allianz AG, Munich
Michael Diekmann
..................
Chairman
Dr. Paul Achleitner
..................
Member
...................
Member
Stephan Theissing
176
The business address of the members of the Board of Managing Directors and the Supervisory Board is
Keizersgracht 484, NL-1017 EH Amsterdam, the Netherlands.
There are no conflicts of interests between the private interests of the members of the Board of Managing
Directors and the Supervisory Board and their respective duties vis-à-vis the Issuer.
As an unlisted limited liability company under the laws of the Netherlands, Allianz Finance II B.V. is not
subject to the Dutch corporate governance regime (the Tabaksblat Code).
Business Overview
Principal Activities and Principal Markets
The principal activities of Allianz Finance II B.V. are to carry out financial business of all types in the
international capital markets, in particular lending and borrowing of funds, including the issue of bonds.
Material Contracts
The Issuer has not entered into any material contracts other than in the ordinary course of its business,
which could result in the Issuer being under an obligation or entitlement that is material to the Issuer’s ability to
meet its obligations to Bondholders under the Bonds.
Litigation
There are no governmental, legal or arbitrational proceedings (including any such proceedings which are
pending or threatened of which the Issuer is aware) against or affecting the Issuer or any of its assets during the
preceding 12 months, which may have or have had in the recent past significant effects on the Issuer’s and/or the
Allianz Group’s financial position or profitability or which might be material in the context of the issue of the
Bonds.
Financial Year
The financial year of Allianz Finance II B.V. is the calendar year. Financial statements have been prepared
and audited since the date of incorporation of Allianz Finance II B.V.
Auditors
Since May 8, 2000, KPMG Accountants N.V., Burgemeester Rijnderslaan 10, NL-1185 MC Amstelveen,
the Netherlands (“KPMG Accountants N.V.”) are appointed as auditors of Allianz Finance II B.V. KPMG
Accountants N.V. are members of the Royal Dutch Institute of Chartered Accountants (Koninklijke Nederlands
Instituut van Registeraccountants) in the Netherlands.
Recent Developments
There has been no material adverse change in the financial position or the prospects of Allianz Finance II
B.V. since December 31, 2004.
On February 17, 2005, issuance took place of a 4.375% Guaranteed Undated Subordinated Fixed to Floating
Rate Callable Bonds in the nominal amount of EUR 1,400,000,000 with warrants attached. The bonds and the
warrants were marketed separately and were immediately separated on the issue date.
On February 18, 2005, issuance of EUR 1,261,534,500 Basket Index Tracking Equity-linked Securities
(BITES) took place. The redemption value is governed by the performance of the Deutsche Börse’s DAX®
index. The notes are – subject to certain conditions and exceptions – mandatory exchangeable into shares of
BMW AG, Münchner Rückversicherungsgesellschaft AG and Siemens AG (each a mandatory share), whereby
the determination of the mandatory share upon settlement is at the discretion of Allianz Finance II B.V.
177
CAPITALISATION OF ALLIANZ FINANCE II B.V.
The following table shows the capitalisation of Allianz Finance II B.V. as of December 31, 2005 based on
figures not audited, which have been prepared in accordance with the International Financial Reporting Standards
(or “IFRS”)4:
December 31, 2005
(amounts in €)
(unaudited)
Shareholders’ Equity
Issued capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20,000
Share premium
..........................................................
30,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,618,123
Total Shareholders’ Equity as of 31 December 2005
.....................
2,668,123
Liabilities
Long-term Liabilities
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9,096,467,734
Deferred taxation
........................................................
8,003,460
9,104,471,194
Short-term Liabilities
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
221,886,352
Derivatives
649,321,493
..............................................................
Total Liabilities as of 31 December 2005
................................
Total Shareholders’ Equity and Liabilities as of 31 December 2005
......
9,975,679,039
9,978,347,162
Selected Financial Information
The following financial information has been extracted from the balance sheet and the profit and loss
account of the Issuer. They have been prepared in accordance with Dutch GAAP and should be read in
connection with the audited annual financial statements (including the notes thereto) of the Issuer and the report
by the Issuer’s auditors incorporated into this Prospectus by reference.
4
As from January 1, 2005 Allianz Finance II B.V. applies IFRS. The main adjustments of applying IFRS instead of Dutch
GAAP relates to IAS 32/39 being the recognition, measurement, disclosure and presentation of loans, bonds and
derivatives.
178
FINANCIAL STATEMENTS OF THE ISSUER
The statements as of December 31, 2004 and 2003 have been audited by KPMG Accountants N.V. KPMG
Accountants N.V. have issued unqualified audit opinions with respect thereto. For comparison purposes, the
interim financial statements as at September 30, 2005 and 2004 are in accordance with Dutch GAAP and have
not been audited or reviewed.
9 months ended
September 30
2005
2004
(unaudited)
€
€
Fixed Assets
Financial fixed assets:
Loans to group companies . . . . . . . . . . . . . . . . . . . .
Current Assets
Account receivable: . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepayments and accrued income . . . . . . . . . . . .
Cash at banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ Equity
Issued capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share premium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term Liabilities
Bearer bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchangeable bonds . . . . . . . . . . . . . . . . . . . . . . . . .
Loans from group companies . . . . . . . . . . . . . . . . .
Current Liabilities
Bearer bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accruals and deferred income . . . . . . . . . . . . . . . .
Year ended
December 31
2004
2003
€
€
9,329,056,504
6,654,019,238
6,602,060,884
6,641,659,010
247,675,843
115,699,113
1,115,570
198,699,019
115,472,525
1,920,859
153,800,240
104,822,001
112,236
756,939,632
147,199,655
685,472
364,490,526
9,693,547,030
316,092,403
6,970,111,641
258,734,477
6,860,795,361
904,824,759
7,546,483,769
20,000
30,000
2,350,749
20,000
30,000
2,047,756
20,000
30,000
882,595
20,000
30,000
937,413
2,400,749
2,097,756
932,595
987,413
6,815,213,423
2,364,366,250
149,476,831
5,405,284,915
1,102,831,750
145,902,570
5,367,080,244
1,102,831,750
132,148,887
5,396,196,515
1,102,831,750
142,630,745
9,329,056,504
6,654,019,235
6,602,060,881
6,641,659,010
—
362,089,777
—
313,994,650
—
257,801,885
594,684,784
309,152,562
362,089,777
313,994,650
257,801,885
903,837,346
9,693,547,030
6,970,111,641
6,860,795,361
7,546,483,769
179
Profit and Loss Account
9 moths ended
September 30,
2005
2004
(unaudited)
€
€
Financial Income
Income from financial fixed assets:
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discount on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Realised valuation result on loan to Allianz AG . . . . . .
Revaluation loan to Allianz AG . . . . . . . . . . . . . . . . . . . . . .
Financial Expenses
Interest charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortisation issue costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortisation on option premium . . . . . . . . . . . . . . . . . . . .
Premium and discount on exchangeable bonds . . . . . . .
Bank commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss on exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revaluation exchangeable DAX MILES . . . . . . . . . . . . .
Realised valuation result on exchangeable DAX
MILES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year ended
December 31,
2004
2003
€
€
316,859,447
37,957,178
—
—
270,290,875
31,727,915
40,238,373
—
359,112,130
42,377,644
40,238,373
—
371,302,973
42,267,009
354,816,625
342,257,163
441,728,147
453,222,450
298,304,123 256,038,988
10,455,158
4,906,009
21,122,213
21,199,584
6,379,805
5,622,327
16,249,381
12,394,382
(36,726)
8,300
—
—
340,206,075
6,549,841
28,317,692
7,510,112
16,384,471
57,125
—
350,270,515
6,537,091
28,240,321
7,489,599
17,977,559
71,185
39,652,468
—
40,238,373
40,238,373
39,652,468
—
................................
352,473,954
203,169
340,407,963
155,928
439,263,689
268,222
450,238,738
237,342
Result before Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporation tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,139,502
671,349
1,693,272
582,931
2,196,236
751,054
2,746,370
946,248
Result for the Year
1,468,153
1,110,341
1,445,182
1,800,122
Operating Expenses
.................................
180
INFORMATION ON THE GUARANTOR
Name, Registered Seat, Business Objective and Purposes of the Company
Allianz AG is a stock corporation subject to German law and registered under its legal name “Allianz
Aktiengesellschaft” in the commercial register at the local court (Amtsgericht) in Munich under the entry number
HRB 7158 and conducts its business in Germany, amongst others, under the commercial name “Allianz”. The
registered seat and business address of Allianz AG are at Königinstrasse 28, 80802 Munich, Germany, telephone
number (+49)(89) 3800-00.
Pursuant to Article 1 paragraph 2 of its articles of association, the business objective of Allianz AG is to
direct an international group of companies that are active in the areas of insurance, banking, asset management
and other financial, consulting and similar services, and to hold ownership interests in insurance companies,
banks, industrial companies, investment companies and other enterprises.
According to its articles of association, Allianz AG primarily assumes as a reinsurer insurance business
from its group companies and other companies in which Allianz holds direct or indirect interests.
Allianz AG is authorised to transact any business and to take any measures which seem appropriate to serve
Allianz’s corporate purpose. It may form and acquire companies and acquire interests in companies as well as
manage companies, or it may confine itself to managing its interests. Finally, Allianz AG is authorised within the
scope of its corporate purpose to raise loans and to issue bonds.
Fiscal Year
The fiscal year of Allianz AG is the calendar year.
Term and Dissolution
Allianz AG has been established for an indefinite period of time. Allianz AG may be dissolved upon a
resolution of the general meeting requiring a majority of at least three quarters of the share capital represented
during the resolution. The assets of Allianz AG remaining after servicing all liabilities are distributed among the
shareholders pro rata to their shareholding in Allianz AG pursuant to the provisions of the German Stock
Corporation Act.
Presentation of financial and other information
Unless otherwise indicated, the term “consolidated financial statements” refers to the consolidated financial
statements (including the related notes) of Allianz AG as of December 31, 2004 (“Consolidated Financial
Statements 2004”) and as of December 31, 2003 (“Consolidated Financial Statements 2003”) and as of the ninemonth periods ended September 30, 2005. The consolidated financial statements as of December 31, 2004 and
2003 have been audited by KPMG. The consolidated financial statements for the nine-months periods ended
September 30, 2005 and September 30, 2004 have not been audited.
The consolidated financial statements have been prepared in accordance with IFRS. The statutory financial
statements of Allianz AG as of December 31, 2004 have been prepared in accordance with the accounting
principles set forth in the HGB, commonly referred to as German GAAP.
The amounts set forth in some of the tables in this Prospectus may not add up to the total amounts given in
those tables due to rounding. In the financial year 2005, some of the provisions of the International Financial
Reporting Standards (IFRS) have been changed, new provisions were added. The data presented in the following
paragraphs takes into account these changes and may therefore deviate from data already published by Allianz
Group in the past (for further explanation see section “New and amended Accounting and Valuation Principles in
the Financial Year 2005”).
Statutory auditors
Allianz
AG
has
appointed
KPMG
Deutsche
Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (“KPMG”), Ganghoferstraße 29, 80339 Munich, Germany, as auditor for the
181
fiscal year ending December 31, 2005. The statutory financial statements of Allianz AG for the fiscal years ended
December 31, 2003 and 2004 were prepared in accordance with the provisions of the German Commercial Code
(Handelsgesetzbuch or “HGB”) and audited by KPMG pursuant to § 317 HGB in accordance with generally
accepted auditing standards in Germany as determined by the Institute of Accountants in Germany (Institut der
Wirtschafsprüfer in Deutschland or “IDW”). KPMG has issued an unqualified audit opinion in each case. The
consolidated financial statements of Allianz AG for the fiscal years ended December 31, 2003 and 2004 were
prepared in accordance with § 292a HGB in conformity with IFRS. The consolidated financial statements for the
fiscal years 2003 and 2004 were audited by KPMG pursuant to the German auditing provisions and in
accordance with generally accepted auditing standards in Germany as determined by IDW. KPMG has issued an
unqualified audit report in each case. KPMG is a member of the German Chamber of Auditors
(Wirtschaftsprüferkammer).
History and Development of Allianz AG
Allianz AG was founded as a property insurer on February 5, 1890 in Berlin under the name Allianz
Versicherungs-Aktien-Gesellschaft. The Allianz share was listed for the first time on the Berlin stock exchange
in 1895. The property insurance business was expanded by the foundation of Neue Frankfurter Allgemeine
Versicherungs-AG in 1929. In the course of the merger of Neue Frankfurter Allgemeine Versicherungs-AG with
other insurance companies, the Frankfurter Versicherungs-AG was founded with its registered office in
Frankfurt. In 1940, the company name of Allianz Versicherungs-Aktien-Gesellschaft was changed into Allianz
Versicherungs-AG. In 1949, a second registered office of Allianz Versicherungs-AG was established in Munich,
and the registered office in Berlin was given up in 1998.
In 1922, the life-insurance business was established by the formation of Allianz Lebensversicherungsbank
AG with its registered office in Berlin. In 1927, the merger of Allianz Lebensversicherungsbank AG with various
other life insurance companies led to the formation of Allianz und Stuttgarter Lebensversicherungsbank AG. In
1940, the company name was changed into Allianz Lebensversicherungs-AG. In 1949, the registered office of
Allianz Lebensversicherungs-AG was transferred from Berlin to Stuttgart.
Business activities outside Germany were resumed with the opening of an Allianz branch in Paris in 1959
and the opening of a head office in Milan, Italy, followed in 1966. During the early 1970s, there was an
increasing expansion abroad, including into, inter alia, the United Kingdom, the Netherlands, Spain and Brazil.
Since 1976, property/casualty business was also underwritten in the United States.
In 1984, Allianz AG acquired an interest in Riunione Adriatica di Sicurtà Società per Azioni (“RAS”) of
approximately 14.3%, which it increased to an interest of approx. 51.5% until 1987. After execution of a share
buy-back program conducted by RAS in December 2002, this participation increased to approximately 55.4% of
the share capital. After completion of the voluntary tender offer in October/November 2005, the interest now
amounts to approximately 76.3% of the share capital.
In 1985, Allianz AG transferred its operational insurance business to today’s Allianz Versicherungs-AG.
Since 1985, Allianz AG operates as a holding company with reinsurance activities. With this holding company
structure, the basis for the further internationalisation of the business of Allianz Group was created.
Since 1989, Allianz Group has activities in Central and Eastern Europe. In 1991, Allianz AG acquired the
U.S. insurer Fireman’s Fund Insurance Company. Four years later, Allianz AG acquired Swiss ELVIA-Group in
Zurich, Italian Lloyd Adriatico in Trieste and German Vereinte Group in Munich.
Since 1997, Vereinte Krankenversicherung is the health insurance company of Allianz Group. Today, it
operates under the company name Allianz Private Krankenversicherungs-AG.
In 1998, Allianz AG acquired a majority interest in French insurer Assurances Générales de France S.A.
(“AGF”) with its registered office in Paris.
Allianz Asset Management in Munich was also established in 1998.
Commencing in 1999, Allianz Group has intensified its activities in Asia including establishing a joint
venture in China.
182
Since 2000, Allianz Group is active in the private equity business through Allianz Capital Partners and
Allianz Private Equity Partners. Also in 2000, Allianz AG acquired the U.S. asset management company PIMCO
Advisors.
Since November 2000, Allianz AG’s shares are listed on the New York Stock Exchange. The respective
stock trade is conducted via so-called American Depositary Receipts (ADR).
In 2001, Allianz AG acquired Dresdner Bank AG with its registered office in Frankfurt/Main. In the same
year, Allianz AG further acquired U.S. asset management company Nicholas-Applegate.
In 2002, Allianz AG consolidated the credit insurance activities of the Group under the roof of EULER &
HERMES S.A., Paris.
On September 11, 2005, Allianz AG and RAS have announced that RAS is to be merged into Allianz AG in
a cross-border merger. This merger is one element of a comprehensive transaction for the full take-over of RAS
by Allianz AG. Upon effectiveness of the merger, Allianz AG will adopt the legal form of a European Company
(Societas Europaea – SE) and will operate under the corporate name Allianz SE (see “Recent Developments”).
Investments
Allianz AG’s own investments consist of the investment portfolios of its insurance, banking and asset
management operations.
The following are the principal investments made since December 31, 2004:
In the first half of 2005, the Group increased its interest in PIMCO Advisors L.P., Delaware, by 3.1% to
96.7%.
On October 19, 2005, Allianz AG launched a voluntary cash tender offer to the shareholders of RAS. In the
course of this voluntary cash tender offer, Allianz AG has acquired 139,719,262 ordinary shares and 328,867
savings shares of RAS with the effect that, including the RAS shares it already held, Allianz AG now holds
approximately 76.3% of RAS’s total share capital.
On January 27, 2006, Allianz Group signed, together with The Goldman Sachs Group, Inc. and American
Express Company, agreements with Industrial and Commercial Bank of China Limited (ICBC) providing for
investments totaling USD 3.78 billion in ICBC to be made through the subscription of newly issued ordinary
shares in ICBC. Allianz Group’s share in this investment is USD 1 billion. It is further provided that Allianz
Group will cooperate with ICBC to provide leading bancassurance products and services to the banks’s clients.
ICBC is the largest wholesale and retail bank in China by assets and deposits. The agreements are subject to the
approval of the China Banking Regulatory Commission. It is anticipated that the investment in ICBC will be
financed with internal funds.
183
Capitalisation and financial indebtedness
as of September 30,
2005
€ mn
(unaudited)
Total debt:(1)
Participation certificates and subordinated liabilities
Allianz AG(2)
Subordinated bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Banking subsidiaries
Subordinated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hybrid equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other subsidiaries
Subordinated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Hybrid equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Certificated liabilities
Allianz AG(3)
Senior bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchangeable bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money market securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Banking subsidiaries
Certificated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money market securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other subsidiaries
Certificated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money market securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal
931
45
976
14,547
4,776
2,316
1,202
8,294
25,705
23,831
49,536
415
400
815
...................................................................
58,645
.............................................................................
73,192
Shareholders’ equity:
Issued capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Revenue reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treasury shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealised gains and losses (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity before minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Minority interests in shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total
Total
4,179
1,599
1,520
7,298
................................................................
Total
Total
6,188
85
6,273
1,037
20,460
10,063
(63)
(1,204)
9,525
39,818
8,770
........................................................................
48,588
.............................................................................
121,780
(1) Total debt excludes current liabilities from banking operations.
(2) Includes subordinated bonds issued by Allianz Finance II B.V. and guaranteed by Allianz AG.
(3) Includes senior bonds, exchangeable bonds and money market securities issued by Allianz Finance B.V.,
Allianz Finance II B.V. and Allianz Finance Corporation and guaranteed by Allianz AG.
184
Business
Overview of Allianz Group
Allianz Group is one of the leading providers of financial services worldwide with 178,462 employees as of
September 30, 2005. The total consolidated revenues for the financial year 2004 were €96.875 billion. In the first
nine months of the financial year 2005, they amounted to €75.733 billion. Allianz Group is active in the areas of
property/casualty and life/health insurance in more than 70 countries as well as in the banking and asset
management business.
The business activities of Allianz Group are divided by products and kinds of services into three groups:
insurance, banking and asset management. In view of the different kinds of products, risks and capital allocation,
the insurance activities are further divided into property/casualty and life/health business. Thus, the operational
segments of Allianz Group are structured as property/casualty, life/health, banking and asset management.
In addition to the revenues and expenditures of the ordinary property and casualty insurance business, the
data for the property/casualty segment also includes such revenues and expenditures which are related to the
financing, the investments and the management of Allianz Group as a whole. In the future, these revenues and
expenditures will be presented separately as holding activities, i.e. they will no longer be included in the
property/casualty segment.
Because of the different legal, regulatory and other operational requirements for the operational units
worldwide, the business segments are further organised into a geographical or regional matrix which is composed
of several profit and service centre segments.
In the insurance business, among the largest non-German markets are Italy, France, Switzerland, the United
Kingdom, Benelux, Spain and the United States. In addition, Allianz Group provides on a global basis certain
specialty lines, including credit insurance, marine and aviation insurance, international industrial risks
reinsurance as well as travel and assistance (i.e. certain services in connection with insurance cases).
The following chart provides an overview of the business structure of Allianz Group.
In Germany, until the end of 2005 the property/casualty as well as the life/health lines are essentially being
operated through five different stock corporations, each with its own sales organisations.
This structure has grown historically and is complex. Consequently, the German insurance activities are
now being consolidated under the same roof of a new holding company, Allianz Deutschland AG. This new
185
holding company is a wholly-owned subsidiary of Allianz AG. Allianz Versicherungs-AG, Allianz
Lebensversicherungs-AG and Allianz Private Krankenversicherungs-AG are subsidiaries of Allianz Deutschland
AG since November 2005. In the course of this reorganisation of the German insurance business, Frankfurter
Versicherungs-AG and Bayerische Versicherungsbank AG will be merged into Allianz Versicherungs-AG. Prior
to this reorganisation, Allianz AG had increased its interest in Bayerische Versicherungsbank AG in November
2005 from 90% to 100%. In addition, the sales activities of the German property, life and health insurance
companies are to be consolidated in a separate sales company as the fourth subsidiary of Allianz Deutschland
AG. Effective January 1, 2006, the previous regional structure of the non-life group in Germany as well as of the
branch offices of Allianz Lebensversicherungs-AG and Allianz Private Krankenversicherungs-AG will be
replaced by the establishment of four sales and service regions, which include the “north-west” (SchleswigHolstein, Hamburg, Bremen, Lower Saxony, North Rhine-Westphalia), the “north-east” (Mecklenburg-Western
Pommerania, Brandenburg, Berlin, Saxony-Anhalt, Saxony, Thuringia), the “south-west” (Hesse, RhinelandPalatine, Baden-Wuerttemberg, Saarland) and the “south-east” (Bavaria).
The banking segment consists primarily of the business of Dresdner Bank Group. In addition, interests are
being held in foreign credit institutions. As per September 30, 2005, Dresdner Bank Group had a total of
approximately 960 branch offices. It has business activities in approximately 50 countries worldwide of which
Germany is its most important market.
In November 2005, Dresdner Bank announced a reorganisation of its business model in which the business
divisions, Corporate Banking and Dresdner Kleinwort Wasserstein, will be combined in the future in the new
business unit Corporate & Investment Banking, and the sales and products for private clients and business
customers will in the future be combined in the business division Private & Business Clients.
These fundamental reorganisations of the insurance business and the banking business in Germany are
independent from the merger of Allianz AG and RAS and Allianz AG’s transformation from a stock corporation
under German law into a European Company (SE).
The asset management business of Allianz operates on a worldwide basis: in Europe, the principal
operational centres are located in Frankfurt/Main, Munich, London, Milan and Paris; in Asia, business is
managed from Hong Kong and Singapore and in the United States business is managed from San Francisco, San
Diego and Newport Beach in California and from Westport in Connecticut.
The following table shows the total revenues for each business segment, for the financial year 2004 and for
the first nine months of the year 2005.
(€ mn)
Total revenues*
Jan. 1 – Sept. 30, 2005
Jan. 1 – Dec. 31, 2004
Property/ casualty insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Life/health insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidation adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
34,439
34,942
4,611
1,933
(192)
43,780
45,177
6,446
2,308
(836)
Allianz Group
75,733
96,875
...........................................
* The total revenues comprise gross premiums from the property/casualty segment and the life/health segment
(including unit-linked life insurance policies and other investment-oriented products), as well as the operating
revenues from the banking and asset management business segments.
Operations
Property/Casualty Insurance
Measured by gross premiums written in 2004, Allianz Group is the largest German provider of property and
casualty insurance products. The insurance products offered in Germany include mainly the automobile liability
and other automobile insurance, fire and property insurance, personal accident insurance as well as liability and
legal expenses insurance.
In other countries, Allianz Group is also among the important property/casualty insurance providers, for
example in France, the United Kingdom, Italy, Switzerland and Spain. In France, in the United Kingdom and in
186
Italy, Allianz Group primarily offers to both its individual and corporate customers automobile, property, injury
and liability insurance products. In addition, in the United Kingdom Allianz Group also sells a number of
specialty products for this market, including, for instance, pet and warranty insurance. In Switzerland, the
traditional property/casualty product portfolio is also being supplemented by a number of specialty lines,
including travel and assistance, conventional reinsurance as well as a variety of alternative risk transfer products
for corporate customers worldwide. In Spain, Allianz Group offers a wide variety of personal and commercial
insurance products. Here, too, automobile insurance is one of the most important revenue contributors.
In Italy, Allianz Group conducts its property/casualty insurance operations via RAS Group and Lloyd
Adriatico. Italy, after Germany and like France, is one of the most important European non-life insurance
markets of Allianz Group. With the combined gross premiums written generated from property/casualty
insurance in the year 2004 by the Italian subsidiaries, Allianz Group is the third largest property/casualty
provider in Italy.
Property/Casualty Insurance – Geographic Breakdown
The following table sets forth the gross premiums written and the combined ratio (i.e. the ratio of the
aggregate of the net expenses for losses and the net expenses for acquisition and net administration costs to the
net earned premiums) from the property/casualty insurance business by geographic region for the first nine
months of the financial years 2005 and 2004. In addition, the table sets forth for the same periods in time the
earnings after taxes before minority interests in earnings and excluding amortisation of goodwill (referred to in
the table below as “earnings after taxes before minority interests”). Consistent with the general practice at
Allianz Group, gross premiums written, combined ratio and earnings after taxes before minority interests by
geographic region are presented before consolidation adjustments, i.e. before elimination of intra-group
transactions between group companies and in different geographic regions and different segments.
January 1 – September 30, 2005
January 1 – September 30, 2004
Earnings
Earnings
after taxes
after taxes
and before
and before
Gross
minority
Gross
minority
premiums Combined interests in premiums Combined interests in
1)
written
Ratio
earnings
written
Ratio
earnings1)
(€ mn.)
%
(€ mn.)
(€ mn.)
%
(€ mn.)
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Versicherungs-AG,
Frankfurter Versicherungs-AG, Bayerische
Versicherungsbank AG, Vereinte Spezial
Versicherung AG and Allianz AG)
10,297
89.4
1,559
10,582
88.2
1,979
France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular AGF Group)
4,063
99.0
766
4,197
99.4
710
Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular RAS Group and Lloyd Adriatico)
3,679
91.9
902
3,605
91.3
540
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Suisse
Versicherungsgesellschaft)
1,646
98.3
99
1,578
94.8
124
Great Britain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Cornhill Insurance plc)
1,859
92.3
195
2,033
94.4
161
Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Compania de Seguros and
Fénix Directo)
1,459
90.9
127
1,372
91.4
141
Rest of Europe
..................................
4,039
94.4
750
4,102
96.6
419
NAFTA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz of America Inc./ Fireman’s
Fund Insurance Company)
Asia-Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Australia Group)
4,057
95.5
542
4,317
93.9
305
1,317
90.0
145
1,292
95.2
122
South America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular AGF Seguros)
493
94.6
45
440
97.6
38
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50
—
4
52
—
187
2)
2)
5
January 1 – September 30, 2005
January 1 – September 30, 2004
Earnings
Earnings
after taxes
after taxes
and before
and before
Gross
minority
Gross
minority
premiums Combined interests in premiums Combined interests in
1)
written
Ratio
earnings
written
Ratio
earnings1)
(€ mn.)
%
(€ mn.)
(€ mn.)
%
(€ mn.)
Speciality Lines
Credit insurance (Euler Hermes) . . . . . . . . . . . . . . . . .
1,281
70.3
195
1,236
73.1
139
Allianz Global Risks Rückversicherungs-AG
....
1,047
109.7
51
1,150
98.4
96
......................
898
119.5
-29
779
91.5
37
Travel insurances and Assistance services
(Mondial Assistance Group) . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidation3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortisation of goodwill1) . . . . . . . . . . . . . . . . . . . . . .
764
36,949
-2,510
34,439
—
90.4
—
—
—
—
41
5,392
-1,919
3,473
—
717
37,452
-2,806
34,646
—
91.4
—
—
—
—
17
4,833
-1,441
3,392
-287
Minority interests in earnings . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
34,439
—
93.0
-724
2,749
—
34,646
—
93.2
-725
2,380
Allianz Marine & Aviation
(1) Effective January 1, 2005, and without retroactive effect, Allianz Group ceased goodwill amortisation
pursuant to IFRS 3.
(2) Presentation not meaningful.
(3) Herein, the transactions conducted in the ordinary course of business between group companies in different
geographic regions were eliminated.
Life/Health Insurance
In Germany, measured by total statutory premiums written in 2004, Allianz Group is the largest provider of
life insurance and the third largest provider of health insurance. In this segment, Germany is Allianz Group’s
most important market.
In addition, Allianz Group is an important provider of life insurance in a number of foreign markets, for
instance in the United States, Italy and France.
Allianz Group’s German insurance companies offer a comprehensive and standardised range of life
insurance and life insurance-related products on both an individual and group basis. The main classes of coverage
offered include endowment life insurance, annuity policies, term life insurance, unit-linked annuities and other
life insurance-related forms of coverage, which are provided as riders to other policies and on a stand-alone
basis. Allianz Private Krankenversicherung in Germany provides a wide range of health insurance products,
including full private healthcare coverage for the self-employed, salaried employees and civil servants,
supplementary insurance for people insured under statutory health insurance plans, daily sickness allowance for
the self-employed and salaried employees, hospital daily allowance insurance as well as supplementary care
insurance and foreign travel medical expenses insurance.
In the United States, Allianz Group sells mostly fixed and variable annuity contracts, including equityindexed annuities to individuals. Besides, Allianz Group also offers long-term care insurance to individual and
corporate customers in the United States.
In Italy, Allianz Group conducts its life/health insurance operations via RAS Group and Lloyd Adriatico.
Based on the combined total statutory premiums written in 2004, Allianz Group is the second-largest life insurer
in the Italian market. By the same measure, Italy is Allianz Group’s third-largest market for life/health insurance
behind Germany and the United States.
AGF Group is the life insurer of Allianz Group in France. It is the eighth-largest life insurance provider in
the French market based on total statutory premiums written in 2004.
188
Life/Health Insurance – Geographic Breakdown
The following table sets forth the statutory premiums and the gross premiums written, respectively, from the
life/health insurance business by geographic region for the first nine months of the financial years 2005 and
2004. In addition, the table sets forth for the same periods in time the earnings after taxes before minority
interests in earnings and excluding amortisation of goodwill (referred to in the table below as “earnings after
taxes before minority interests”). Consistent with the general practice at Allianz Group, the statutory premiums,
the gross premiums written as well as earnings after taxes before minority interests by geographic region are
presented before consolidation adjustments, i.e. before elimination of intra-group transactions between group
companies and in different geographic regions and different segments.
January 1 – September 30, 2005
January 1 – September 30, 2004
Earnings after
Earnings after
taxes before
taxes before
Gross
minority
Gross
minority
Statutory premiums
interests in
Statutory premiums
interests in
premiums1) written
earnings2)
premiums1) written
earnings2)
(€ mn.)
(€ mn.)
(€ mn.)
(€ mn.)
(€ mn.)
(€ mn.)
Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz
Lebensversicherungs-AG, Deutsche
Lebensversicherungs-AG, Allianz
Pensionskasse AG and Allianz Private
Krankenversicherungs-AG)
10,542
9,566
306
9,553
9,099
206
France 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular AGF Group)
3,821
1,116
389
3,321
1,131
216
Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular RAS Group and Lloyd
Adriatico)
6,909
713
312
5,832
737
220
Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Allianz Suisse LebensversicherungsGesellschaft and Phénix Vie)
862
373
31
865
384
13
Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Seguros and
Eurovida)
379
327
34
511
469
33
..........................
1,465
963
118
1,555
1,062
151
USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Life Insurance
Company of North America)
8,614
550
252
8,286
730
134
Asia- Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(in particular Allianz Life Insurance
Korea Co. Ltd. and Hana Allianz)
2,210
976
56
1,944
913
10
156
75
4
95
70
8
34,958
14,659
1,502
31,962
14,595
991
..........................
-16
-16
-16
-16
-3
................................
34,942
14,643
31,946
14,579
988
Rest of Europe
Other
....................................
Subtotal
................................
Consolidation4)
Subtotal
—
1,502
Amortisation of goodwill2) . . . . . . . . . . . . . . .
—
—
—
—
—
-119
Minority interests in earnings
—
—
-394
—
—
-283
Total
1)
............
....................................
34,942
14,643
1,108
31,946
14,579
586
Under Allianz Group’s accounting policies for life insurance contracts, for which U.S. GAAP accounting
standards were adopted, gross premiums written include only the cost- and risk-related components of
premiums generated from unit-linked and other investment-oriented products, but do not include the full
amount of statutory premiums written on these products. Statutory premiums are gross premiums written
189
2)
3)
4)
from sales of life insurance policies as well as gross receipts from sales of unit-linked and other investmentoriented products, in accordance with the statutory accounting practices applicable in the insurer’s home
jurisdiction.
Effective January 1, 2005, and without retroactive effect, Allianz Group ceased goodwill amortisation
pursuant to IFRS 3.
Effective January 1, 2005, the companies Vie et Prévoyance and Martin Maurel Vie were consolidated
within the life/health segment in France.
Represents elimination of transactions between Allianz Group companies in different geographic regions.
Banking
The banking operations of Allianz Group are primarily conducted by Dresdner Bank Group. Dresdner Bank
has a considerable domestic branch network as well as an international branch network. In addition, banking
services are being offered through the branch network of further domestic and foreign subsidiaries. The principal
products and services of Dresdner Bank Group include traditional commercial banking services such as deposit
taking, lending, cash management and corporate finance advisory services. In addition, Dresdner Bank offers
mergers and acquisitions advisory services, capital and money market services as well as securities underwriting.
It also conducts securities trading and derivatives business on its own account and for its customers. Measured by
balance sheet total and number of customers, Dresdner Bank Group is among the leading German bank groups.
As of September 30, 2005, the Institutional Restructuring Unit (IRU) has essentially completed the
reduction of the non-strategic participations and loan portfolios of Dresdner Bank and has finished its task sooner
than had been originally planned. The risk assets of IRU existing at that time amounted to €1.4 billion. Of this
amount, €1.1 billion were settled mostly in the fourth quarter 2005, and the rest was transferred to other business
divisions of Dresdner Bank.
In November 2005, Dresdner Bank announced a reorganisation of its business model. In order to better tap
market potential in its corporate client and capital markets business, the business divisions Corporate Banking
and Dresdner Kleinwort Wasserstein will be combined in the new business unit Corporate & Investment
Banking. A second focus are private clients and business customers. Sales and products for private clients and
business customers will in the future be combined in the business division Private & Business Clients.
The reorganisation is also aimed at further expanding the cooperation between Dresdner Bank and Allianz.
Also in November 2005, the agreements for the transfer of the 28.48% participation of Allianz Group in
Eurohypo AG to Commerzbank AG were signed. The sale is conducted in two steps. In the first step, on
December 15, 2005 Commerzbank AG acquired 7.35% of the 28.48% participation in Eurohypo AG.
Commerzbank AG’s acquisition of the residual 21.13% participation will be consummated after the fulfilment of
the conditions precedent customary for such share purchase agreements, in particular, after obtaining approvals
from antitrust authorities and the German Federal Agency for the Supervision of Financial Services
(Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).
Asset Management
The asset management segment operates as a global provider of institutional and retail asset management
products and services to third-party investors. In addition, this segment offers asset management services to
Allianz Group’s insurance companies. The assets under management consist of third-party assets, the Group’s
own investments and the so-called separate account assets. Third-party assets under management as of
September 30, 2005, amounted to €711 billion (approximately 58% of the total assets under management of
Allianz Group as of September 30, 2005). The asset management business is primarily operated by Allianz
Global Investors Group. This asset manager has achieved a significant market position in the United States and in
Germany. Key centres of this business segment are Frankfurt/Main, Munich, Hong Kong, Singapore, London,
Milan, Paris, Newport Beach, San Diego, San Francisco and Westport. As measured by total assets under
management at December 31, 2004, Allianz Group is one of the five largest asset managers in the world.
190
Selected Consolidated Financial Information
The selected consolidated financial data set forth below are derived from Allianz Group’s consolidated
financial statements. Allianz AG prepares its consolidated financial statements in accordance with IFRS. The
consolidated financial statements as of December 31, 2004 and 2003 have been audited by KPMG. KPMG has
issued unqualified audit opinions with respect thereto. The consolidated financial statements as of September 30,
2005 have not been audited.
Investors should read the information below in conjunction with Allianz AG’s consolidated financial
statements and the other financial information that is included elsewhere in this Prospectus.
Consolidated income statement data
Premiums earned (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest and similar income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (net) from investments in associated enterprises and joint
ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other income from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from financial assets and liabilities carried at fair value through
income (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fee and commission income, and income from service activities . . . . . . . .
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total income
..........................................................
9 months ended
September 30,
2005*
2004*
(unaudited)
Year ended
December 31,
2004*
2003*
42,292
16,597
41,829
15,773
56,789
20,956
55,978
22,510
962
3,487
707
4,137
777
5,179
3,014
10,490
1,099
5,989
1,679
1,305
4,962
1,791
1,658
6,823
2,533
519
6,060
3,803
72,105
70,504
94,715
102,374
Insurance and contract benefits (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (40,194) (38,860) (52,255) (52,240)
Interest and similar expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,700) (4,234) (5,703) (6,871)
Other expenses from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(925) (2,102) (2,672) (7,452)
Loan loss provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
88
(273)
(354) (1,027)
Acquisition costs and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . (17,598) (17,286) (23,380) (22,917)
Amortisation of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
—
(885) (1,164) (1,413)
Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,707) (2,770) (4,091) (6,588)
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (66,036) (66,410) (89,619) (98,508)
Earnings from ordinary activities before taxes . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Minority interests in earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6,069
(1,541)
(1,020)
4,094
(1,240)
(884)
5,096
(1,662)
(1,168)
3,866
(249)
(926)
......................................................
3,508
1,970
2,266
2,691
Basic earnings per share (in €) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share (in €) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.11
9.06
5.37
5.35
6.19
6.16
7.96
7.93
Net income (loss)
191
September 30,
2005*
(unaudited)
€ mn
December 31,
2004*
2003 *
Consolidated balance sheet data
Assets
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investments in associated enterprises and joint ventures . . . . . . . . . . . . . . . . . . . . . .
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans and advances to banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans and advances to customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial assets carried at fair value through income . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amounts ceded to reinsurers from insurance reserves . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15,465
3,470
276,177
150,048
193,179
235,097
24,093
23,533
15,242
52,894
989,198
15,147
5,757
248,327
181,543
195,680
240,574
15,628
22,310
14,139
51,213
990,318
16,262
6,285
231,397
169,360
208,935
182,242
25,528
25,061
14,739
53,404
933,213
Equity and liabilities
Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Participation certificates and subordinated liabilities . . . . . . . . . . . . . . . . . . . . . . . . .
Reserves for insurance and investment contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities to banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Liabilities to customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Certificated liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial liabilities carried at fair value through income . . . . . . . . . . . . . . . . . . . . . .
Other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48,588
14,547
356,489
147,998
159,907
58,645
141,085
13,797
29,154
15,544
3,444
37,691
13,230
326,380
191,347
157,137
57,752
145,137
13,984
31,271
14,350
2,039
35,259
12,230
309,460
178,309
154,597
63,320
118,238
14,419
31,321
13,627
2,433
Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
989,198
990,318
933,213
9 months ended
September 30,
2005*
2004*
(unaudited)
Consolidated cash flow data
Net cash flow provided by (used in) operating activities . . . . . . .
Net cash flow used in investing activities . . . . . . . . . . . . . . . . . . . . . .
Net cash flow provided by financing activities . . . . . . . . . . . . . . . . .
Year ended
December 31,
2004*
2003*
2002*
€ mn
18,675
8,661
4,616 (1,397) 36,920
(16,729) (13,672) (15,378) 4,591 (48,916)
6,457
267
886
1,446 11,873
Effect of exchange rate changes on cash and cash
equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
Change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . .
8,465
15,628
(4,730)
25,528
(9,900) 4,520
25,528 21,008
(232)
21,240
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . .
24,093
20,798
15,628
21,008
(*)
14
(24)
(120)
25,528
(109)
Nine months figures and full year figures reflect the adoption of new IFRS accounting rules, according to
which various existing accounting standards changed and additional new accounting standards became
effective, both of which impacted Allianz Group’s consolidated financial statements prospectively, and to a
certain extent, retrospectively, requiring restatement. For further information concerning the impact of these
accounting standards, see Note 2 to the consolidated financial statements found in Allianz Group Interim
Report Third Quarter and Nine Months of 2005 included in this Prospectus. The following chapter sets forth
a presentation of the new and amended accounting principles that took effect January 1, 2005.
192
New and amended Accounting and Valuation Principles in the Financial Year 2005
The consolidated financial statements of Allianz AG are being prepared in accordance with IFRS. Some of
the IFRS provisions have been revised and supplemented over the last years, new provisions have been included.
Since 2002, the term IFRS means the overall concept of the standards promulgated by the International
Accounting Standards Board (“IASB”). Standards already promulgated will continue to be cited as International
Accounting Standards (“IAS”).
In the financial year 2005 Allianz AG has adopted the revised and new reporting standards pursuant to
IFRS. Some of these revised and new provisions also have to be applied with retrospective effect. Therefore, data
pertaining to periods before January 1, 2005, also have to be adapted to the revised and new accounting
standards, in order to include the effects of the changes. Unless indicated otherwise, the consolidated key
indicators of Allianz Group for the financial years 2002, 2003 and 2004 presented on the pages above are data
which take into consideration the IFRS rules adopted with retrospective effect. Therefore, they may deviate from
the data which has already been published for the aforementioned financial years by Allianz Group in the past.
First of all, the effects of the revised and new IFRS rules are being explained.
IAS 1 Revised
As a result of the adoption of IAS 1 revised, as of December 31, 2003 and 2004, Allianz Group has
reclassified minority interests in shareholders’ equity into shareholders’ equity. This position will also be shown
in the future in the development of shareholders’ equity.
IAS 32 Revised
As of January 1, 2005, Allianz Group has adopted the accounting provisions of the revised standard IAS 32,
Financial Instruments: Disclosure and Presentation (“IAS 32 revised”).
In accordance with IAS 32 revised, a financial instrument qualifies as a financial liability of the issuer if it
gives the holder the right to put the instrument back to the issuer for cash or another financial asset (a “puttable
instrument”). The classification as a financial liability is independent of considerations such as when the right is
exercisable, the way in which the repayment amount upon exercise of the right is determined or whether the
puttable instrument has a fixed maturity. As a result of the application of IAS 32 revised, Allianz Group is
required to reclassify the minority interests in shareholders’ equity of certain consolidated investment funds into
liabilities. These liabilities are required to be recorded at redemption amount with changes of the balance sheet
value to be recorded in the following accounting periods with effect for net income.
IAS 39 Revised
As of January 1, 2005, Allianz Group has adopted the accounting provisions of the revised standard IAS 39,
Financial Instruments: Recognition and Valuation (“IAS 39 revised”). Since IAS 39 revised requires
retrospective application, Allianz Group has restated already published consolidated financial statements in order
to include the effects of this change.
IAS 39 revised prohibits reversals of impairment losses (Wertaufholung) on equity securities. According to
the accounting and valuation policies previously applied by Allianz Group, if the amount of an impairment
previously recorded on an equity security decreased, the impairment was reversed in the following accounting
periods.
IAS 39 revised created a new category, “designated at fair value through income”, for financial assets and
financial liabilities. Financial assets and financial liabilities which are allocated to this category are recognised at
fair value as of the reporting date with changes recognised in net income. Allianz Group already implemented
this new accounting rule for financial assets as of January 1, 2005. As a consequence of the reclassification of the
minority interests in the equity of consolidated investment funds into liabilities and their recording at the
redemption amount, Allianz Group has reclassified the respective financial assets from the category “securities
available-for-sale” to the category “financial assets designated at fair value through income”. The
implementation of this regulation effective January 1, 2005, with regard to financial liabilities was not allowed at
193
first, because the EU had not endorsed it as being in compliance with EU law based on the revised IAS 39. In
June 2005, the IASB amended the provision, taking into account the concerns raised by the EU. It had been
expected that the EU would approve the new provisions in 2005. In view of the forthcoming EU approval,
Allianz Group has applied the recognition of financial liabilities at fair value (“fair value option”) retrospectively
in the third quarter 2005. As was expected by Allianz Group, the EU has approved the new provisions also with
regard to financial liabilities in the fourth quarter 2005.
IAS 39 revised further required a change to Allianz Group’s impairment criteria for available-for-sale equity
securities. An equity security is considered to be impaired if there is objective evidence that the carried-on
acquisition costs of the equity security may not be recovered. IAS 39 revised requires that a significant or
prolonged decline in the fair value of an equity security below the carried-on acquisition costs is considered to be
objective evidence of impairment. Allianz Group established, beside the existing qualitative impairment criteria,
new quantitative impairment criteria for equity securities to define significant or prolonged decline of the fair
value. With regard to the significance criterion, Allianz Group has established a policy that an equity security is
considered impaired if the fair value is below the average carried-on acquisition costs by at least 20%. With
regard to the criterion of prolonged decline of the fair value, Allianz Group has established a policy that an equity
security is considered impaired if the fair value is below the average carried-on acquisition costs for a period of
more than nine months. Each of these two criteria are to be tested independently at company level.
IAS 39 revised does not allow an adjusted acquisition cost basis to be established upon impairment of an
equity security. Rather, each reporting period, if the fair value is less than the original acquisition cost basis of
the equity security, the security is analysed for impairment based upon Allianz Group’s impairment criteria. At
each reporting date, for equity securities that are determined to be impaired based upon Allianz Group’s
impairment criteria, an impairment is recognised for the difference between the fair value and the original
acquisition cost basis, less any previously recognised impairments. According to the previous accounting and
valuation policies of Allianz Group, upon the recognition of an impairment of an equity security, an adjusted
acquisition cost basis was established in the following accounting periods. Equity shares for which the fair value
had fallen below the adjusted acquisition cost basis were written off if, on application of the impairment criteria
of Allianz Group, a further permanent decrease of the fair value was determined in the accounting period.
IAS 39 revised required a retrospective application of the changes regarding the impairment criteria and the
adjustment of the acquisition cost basis for impaired equity securities; therefore, the previously issued
consolidated financial statements had to be restated to include the effects of these changes. As per September 30,
2005, Allianz Group has retrospectively introduced these provisions of IAS 39. An introduction effective
January 1, 2005, was not possible at first, because before the introduction of the new standard, Allianz Group had
to consult with the U.S. Securities and Exchange Commission (“SEC”).
In addition, as a result of the adoption of IAS 39 revised, certain securities available-for-sale were
reclassified to loans and advances to banks and loans and advances to customers.
Further, Allianz Group reclassified assets related to its unit-linked insurance and investment contracts into
financial assets designated at fair value through income and the related liabilities to financial liabilities
designated at fair value through income, as allowed under the EU insurance directive.
IFRS 2, Share Based Compensation Payments
Effective January 1, 2005, Allianz Group adopted IFRS 2, Share Based Compensation Payments
(“IFRS 2”). In accordance with this standard, share based compensation plans are required to be classified as
equity settled or cash settled plans. Equity settled plans are measured at fair value on the grant date and changes
of such fair value are recognised in the income statement and in the shareholders’ equity, spread over the vesting
period. Cash settled plans are measured at fair value at each reporting date and recognised as liabilities. Changes
in the fair value of cash settled plans are recognised in the income statement. A plan is considered to be a cash
settled plan if the shares issued are redeemable, either mandatorily or at the beneficiary’s option. In this respect,
IFRS 2 has incorporated the “puttable instrument” concept of IAS 32 revised, which requires that such
instruments be classified as liabilities rather than equity instruments. As a result of the adoption of IFRS 2, the
PIMCO LLC Class B Unit Purchase Plan is considered a cash settled plan, because the equity instruments issued
are puttable at the counter-party’s option. According to Allianz Group’s previous accounting policy, the Class B
Plan was considered an equity settled plan.
194
Further, IFRS 2 requires that in determining the amount of expense to be recognised of equity settled plans,
a best estimate of the number of equity instruments that are expected to vest is used. Allianz Group’s previous
accounting policy required that forfeitures of equity instruments be recognised only when incurred.
IFRS 3, Business Combinations
Effective January 1, 2005, Allianz Group adopted IFRS 3, Business Combinations (“IFRS 3”). In
accordance with IFRS 3, a company must cease the regular amortisation of goodwill and intangible assets with
an indefinite life and rather test for impairment on an annual basis. In addition, these tests are to be conducted
whenever there is an indication that the carrying value is not recoverable. As a result of the adoption of IFRS 3 as
of January 1, 2005, Allianz Group will cease regular amortisation of goodwill and brand names.
In the third quarter 2005, Allianz Group revised its accounting and valuation policies for the accounting of
business combinations for acquisitions of companies already under control of Allianz Group. IFRS 3 does not
contain any regulations on the accounting of interests of other shareholders. In order to cover this accounting
gap, Allianz Group introduced the “pure equity transaction” approach. According to the “pure equity transaction”
approach, the acquisition of interests of other shareholders does not result in a further revaluation of assets and
liabilities. Instead, the excess amount of the purchase price over the carrying amount of the minority stakes will
directly reduce the equity. Allianz Group has to apply this rule retrospectively as of January 1, 2005, because
since then minority stakes have to be presented in the equity according to the revised IAS 1.
IFRS 4, Insurance Contracts
Effective January 1, 2005, Allianz Group adopted IFRS 4, Insurance Contracts (“IFRS 4”). IFRS 4
represents the completion of phase 1 of the insurance contract project of the IASB and is a transitional standard
until the IASB has more fully addressed the recognition and valuation of insurance contracts. IFRS 4 requires
that all contracts issued by insurance companies be classified as either insurance contracts or investment
contracts. Contracts with significant insurance risk are considered insurance contracts. IFRS 4 permits a company
to continue with its previously adopted accounting policies with regard to recognition and valuation of insurance
contracts. The accounting policies should only be changed if thereby the transparency of reporting would be
increased. As a result, Allianz Group continues to apply the provisions of the accounting policies in force in the
United States (U.S. Generally Accepted Accounting Principles — “US GAAP”) for the recognition and
valuation of insurance contracts. Contracts issued by insurance companies without significant insurance risk are
considered investment contracts. Investment contracts are accounted for in accordance with IAS 39 revised. As a
result of the adoption of IFRS 4, certain contracts were reclassified as investment contracts in accordance with
IFRS 4.
IFRS 4 contains specific provisions for contracts with discretionary participation features. These provisions
include contracts with profit participation where the amount and timing of payments are at the discretion of the
company. Based on this definition, in the third quarter 2005 Allianz Group recognised retrospectively a deferred
premium refund for specific contracts for the Swiss business.
Consequences of the Amendments of the Accounting and Valuation Principles in the Financial Year 2005
for Previous Financial Years
For information purposes, the consequences of the aforementioned amendments of the accounting and
valuation principles in the financial year 2005 for key indicators of Allianz Group for the financial years 2002,
2003 and 2004 are being described below. The figures for these financial years which are based on the new and
revised IFRS rules are referred to in the following tables as “IFRS 2005”.
195
Effects on the Consolidated Earnings of Allianz Group in the Financial Years 2002 to 2004
(EUR mn.)
2004
Total revenues (originally published)1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 39 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sum of effects from “IFRS 2005”
.............................................
Total revenues according to “IFRS 2005”
........................................
Operating profits (originally published) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 39 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sum of effects from “IFRS 2005”
.............................................
Operating profits according to “IFRS 2005”
.....................................
Net income (originally published) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 39 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sum of effects from “IFRS 2005”
.............................................
Net income according to “IFRS 2005”
1)
2)
............................................
Allianz Group
2003
2002
96,892 93,779 92,747
(17)
(39)
(59)
(17)
96,875
(39)
93,740
(59)
92,688
6,856
(17)
4,066
(84)
—
—
2)
(17)
(84)
—
2)
—
2)
2)
6,839
3,982
2,199
209
(19)
(123)
1,890 (1,496)
915 (1,709)
6
—
(120)
(38)
67
801
(1,747)
2,266
2,691
(3,243)
Total revenues comprise property/casualty segment’s gross premiums written, life/health segment’s gross
premiums written (including unit-linked life insurance policies and other investment-oriented products), as
well as banking segment’s and asset management segment’s operating revenues.
Not published originally.
The table above shows that the retrospective adoption of the amendments of the accounting and valuation
principles had only minor consequences for total revenues and operating profits. In contrast, the effects on the net
income were significant. This is due, in particular, to IAS 39 revised and, to a lesser extent, IFRS 2.
IAS 39 revised
As a consequence of IAS 39 revised, there were various amendments. One of the most relevant amendments
pertains to the treatment for accounting purposes of impairments for securities available-for-sale.
The changed impairment policy of Allianz Group has, in particular, the following effects:
•
Income statement: As a consequence of the accelerated inclusion of impairments, amortisations on
equity securities in the financial year 2002 increased significantly; in contrast, they were lower in the
financial years 2003 and 2004, accordingly.
•
Balance sheet: Unrealised gains from securities available-for-sale accounted for in shareholders equity
(net, i.e. after deduction of the losses not realised) increased in financial years 2003 and 2004; by
contrast, profit reserves are now reduced in both years by the same amount.
The effects of the amendments resulting from IAS 39 revised were strongest for the business segments
property/casualty, life/health and banking.
IFRS 2
The adoption of IFRS 2 led to additional acquisition-related expenses and administration expenses within
the asset management business segment; for the financial year 2002 the net burden amounts to EUR 38 million,
for the financial year 2003 to EUR 120 million and for the financial year 2004 to EUR 123 million. The expenses
are related to the share purchase plan for so-called Class-B-Units of the U.S. fund manager PIMCO; this share
purchase plan had been agreed on in the course of the acquisition of the business unit in the US specialising in
pension investments.
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Effects on the Assets, Liabilities and Shareholders’ Equity of Allianz Group in the Financial Years 2003
and 2004
(EUR mn.)
Allianz Group
2004
2003
Balance sheet total
(originally published) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 39 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sum of effects from “IFRS 2005”
.....................................................
Balance sheet total according to “IFRS 2005”
............................................
Total liabilities (originally published) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 39 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 1 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sum of effects from “IFRS 2005”
.....................................................
Total liabilities according to “IFRS 2005”
................................................
994,698 935,912
(3,984) (2,386)
(396)
(313)
—
—
(4,380)
990,318
(2,699)
933,213
963,870 907,320
(3,408) (1,927)
(147)
(164)
8
(9)
(7,696) (7,266)
(11,243)
952,627
(9,366)
897,954
30,828
(576)
(249)
(8)
7,696
28,592
(459)
(149)
9
7,266
.....................................................
6,863
6,667
Shareholders’ equity according to “IFRS 2005” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37,691
35,259
Shareholders’ equity (originally published) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 39 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IFRS 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
IAS 1 revised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sum of effects from “IFRS 2005”
IAS 39 revised resulted in a small decrease of the balance sheet total in the financial years 2003 and 2004, in
particular because of the reclassification of certain securities available-for-sale to loans and advances to banks
and to loans and advances to customers.
The reason for the reduction in total liabilities is, in particular, that as a consequence of IAS 1 revised
minority interests in equity have to be reclassified as shareholders’ equity; this was also the decisive reason for
the increase in shareholders’ equity in both financial years.
Recent Developments
On September 11, 2005, Allianz AG and Riunione Adriatica di Sicurtà Società per Azioni, Milan, Italy
(“RAS”) have announced that RAS is to be merged into Allianz AG in a cross-border merger. This merger is one
element of a comprehensive transaction for the full take-over of RAS by Allianz AG. Upon effectiveness of the
merger, Allianz AG will adopt the legal form of a European Company (Societas Europaea – SE) and will operate
under the corporate name Allianz SE.
The Board of Management of Allianz AG and the board of directors of RAS have set up on December 15,
2005, and on December 16, 2005, respectively, a draft of the merger plan pursuant to Art. 20 of the Council
Regulation (EC) No. 2157/2001 of October 8, 2001, on the Statute for a European company (SE) (“SE
Regulation”), which was notarised on December 16, 2005. The merger plan was approved by the extraordinary
shareholders’ meetings of the holders of RAS ordinary shares and of RAS savings shares which was held on
February 3, 2006, and the extraordinary general meeting of Allianz AG shareholders which was held on
February 8, 2006.
Prior to the merger, Allianz AG submitted to the shareholders of RAS a voluntary tender offer in respect of
all RAS ordinary shares and RAS savings shares which were not yet held by Allianz AG. In the course of this
voluntary cash tender offer, Allianz AG acquired 139,719,262 RAS Ordinary Shares and 328,867 RAS
197
Savings Shares with the effect that, including the RAS Ordinary Shares already held, Allianz AG now holds
approximately 76.3% of RAS’s total share capital.
The German insurance activities have been consolidated under the roof of a new holding company, Allianz
Deutschland AG. This new holding is a wholly-owned subsidiary of Allianz. Allianz Versicherungs-AG, Allianz
Lebensversicherungs-AG and Allianz Private Krankenversicherungs-AG are subsidiaries of Allianz Deutschland
AG since November 2005. In the course of this reorganisation of the German insurance business, Frankfurter
Versicherungs-AG and Bayerische Versicherungsbank AG were merged into Allianz Versicherungs-AG after
Allianz had increased, in November 2005, its interest in Bayerische Versicherungsbank AG from 90% to 100%.
In addition, the sales activities of the German property, life and health insurance companies are to be
consolidated in a separate sales company as the fourth subsidiary company of Allianz Deutschland AG. Effective
January 1, 2006, the previous regional structure of the non-life group in Germany as well as of the branch offices
of Allianz Lebensversicherungs-AG and Allianz Private Krankenversicherungs-AG will be replaced by the
establishment of four sales and service regions.
As a result of hurricane “Wilma” in October 2005, the Allianz Group incurred a loss, net of reinsurance, of
approximately €124 million.
In November 2005, the agreements for the transfer to Commerzbank AG of the 28.48% participation of
Allianz Group in Eurohypo AG were signed. The sale is conducted in two steps. In the first step, on
December 15, 2005 Commerzbank AG acquired 7.35% of the 28.48% participation in Eurohypo AG.
Commerzbank AG’s acquisition of the residual 21.13% participation will be consummated after the fulfilment of
the conditions precedent customary for such share purchase agreements, in particular, after obtaining approvals
from antitrust authorities and the BaFin.
In January 2006, the Allianz Alternative Assets Holding (AAA-Holding) was founded to coordinate and
expand the alternative investment activities within Allianz Group.
The Supervisory Board (Aufsichtsrat) of Allianz AG has appointed the following individuals as new
members of the Board of Management with effect from January 1, 2006: Enrico Cucchiani, Jean-Philippe Thierry
and Clement Booth, formerly Chief Executive Officer of Aon Re International. Detlev Bremkamp and Dr. Reiner
Hagemann resigned, upon their own initiative, from the Board of Management with effect of December 31, 2005.
On January 27, 2006, Allianz Group signed, together with The Goldman Sachs Group, Inc. and American
Express Company, agreements with Industrial and Commercial Bank of China Limited (“ICBC”) providing for
investments totalling US$ 3.78 billion in ICBC to be made through the subscription of newly issued ordinary
shares in ICBC. Allianz Group’s share in this investment is US$ 1 billion. It is further provided that Allianz
Group will cooperate with ICBC to provide leading bancassurance products and services to the banks’ clients.
ICBC is the largest wholesale and retail bank in China by assets and deposits. The agreements are subject to the
approval of the China Banking Regulatory Commission.
Material Changes
Unless described in the Section “Recent Development”, there have been no material adverse changes with
regard to the financial position or the trading position of Allianz AG since 30 September 2005.
Trend Information
There has been no material adverse change in the prospects of Allianz AG since the date of the last
published audited financial statements.
Allianz Group expects an overall increase in total revenues in line with 2004 and the first nine months of
2005 and continues to focus its efforts in sustaining and selectively improving its operating profit. However,
natural catastrophes and adverse developments in the capital markets, as well as the risk factors under “Risk
Factors”, may severely impact Allianz Group’s profitability.
Outlook
Upon effectiveness of the merger with RAS, Allianz AG will adopt the legal form of a European Company
(Societas Europaea — SE) and will operate under the corporate name Allianz SE. The merger shall become
effective with its registration in the commercial register at the registered office of Allianz AG. The merger and
with it the formation of Allianz SE is expected to be registered in the commercial register in autumn of 2006.
198
For accounting purposes, the acquisition of the assets and liabilities of RAS shall occur with effect as of the
beginning of January 1 of such year in which the merger becomes effective upon registration in the commercial
register at the registered office of Allianz AG. From this time on, all actions and transactions of RAS and Allianz
AG shall be deemed for accounting purposes as being those of Allianz SE.
In order to consummate the merger, Allianz AG will increase its share capital by up to €64,315,543.04. The
capital increase shall be effected by issuance of up to 25,123,259 Allianz AG Shares.
Upon effectiveness of the merger with RAS and change of legal form of Allianz AG into a SE, the terms of
office of the current employee representatives as well as the shareholder representatives of the Supervisory Board
expire. The provisions of the German Co-determination Act of 1976 (MitbestG 1976) on the representation of
employees within the Supervisory Board of Allianz AG will be substituted by the regime of the German
SE-Employee Participation Act and its binding provisions.
In addition, please see the section entitled “Outlook” on page 29 of the “Allianz Group — Interim Report
Third Quarter and First Nine Months of 2005” included in this Prospectus.
Legal Proceedings
General
Allianz Group companies are involved in legal, regulatory and arbitration proceedings in Germany and a
number of foreign jurisdictions, including the United States, involving claims by and against them, which arise in
the ordinary course of their businesses, including in connection with their activities as insurance, banking and
asset management companies, employers, investors and taxpayers. It is not feasible to predict or determine the
ultimate outcome of the pending or threatened proceedings. The management does not believe that the outcome
of these proceedings, including those discussed below, will have significant effects on the financial position or
profitability of the Guarantor and/or Allianz Group, after consideration of any applicable reserves.
Litigation
In July 2002, the German Federal Cartel Office (Bundeskartellamt) commenced an investigation against
several property-casualty insurance companies in Germany, in connection with alleged coordinated behaviour to
achieve premium increases for parts of the commercial and industrial insurance business and imposed
administrative fines against these insurance companies, among them Allianz Versicherungs-AG, who received a
notice imposing a fine on March 22, 2005. Allianz Versicherungs-AG has appealed this decision.
On November 5, 2001, Silverstein v. Swiss Re International Business Insurance Company Ltd. was filed in
the United States District Court for the Southern District of New York against certain insurers and reinsurers,
including a subsidiary of Allianz AG which is now named Allianz Global Risks U.S. Insurance Company. The
complaint sought a determination that the terrorist attack of September 11, 2001 on the World Trade Center
constituted two separate occurrences under the alleged terms of various coverages. In connection with the
terrorist attack of September 11, 2001, Allianz Group recorded net claims expense of approximately €1.5 billion
in 2001 for Allianz Group on the basis of one occurrence. On December 6, 2004, a New York jury rendered a
verdict that the World Trade Center attack constituted two occurrences under the relevant insurance slips and
policies. As of today, this decision has had no adverse impact on Allianz Group’s operating results. Allianz
Global Risks U.S. Insurance Company has appealed this decision. The final implications of this decision for
Allianz Group will not be determined until the completion of further proceedings.
The insolvency administrator of KirchMedia GmbH & Co. KGaA (or “KirchMedia”) made a formal
demand on Dresdner Bank AG to compensate the insolvency assets (Insolvenzmasse) of KirchMedia for the loss
of a 25% shareholding in the Spanish television group Telecinco. In June 2005, the insolvency administrator filed
an action for a part of the claim. The shareholding had been pledged by subsidiaries of KirchMedia to Dresdner
Bank AG as collateral for a loan of €500 million from Dresdner Bank to KirchMedia’s holding company,
TaurusHolding GmbH & Co. KG (or “TaurusHolding”). Following TaurusHolding’s default on the loan in
April 2002 and its insolvency in June 2002, Dresdner Bank AG acquired through a subsidiary the Telecinco
shareholding in a forced auction sale. The insolvency administrator contends that the pledge was created under
circumstances that caused it to be invalid or void. The management of Dresdner Bank AG believes that there is
no valid basis for the insolvency administrator’s demand. At the end of June 2004, the 25% shareholding was
placed within Telecinco’s initial public offering.
199
The insolvency administrator and the major limited partner of Heye KG have filed a complaint claiming
damages of approximately €200 million from Dresdner Bank, alleging a failure to execute transfer orders despite
a purported line of credit. The management of Dresdner Bank AG believes that such claim is without merit.
In January 2006, a putative class action lawsuit was filed against Dresdner Bank AG and some of its
subsidiaries by six employees of Dresdner Kleinwort Wasserstein in the United States District Court Southern
District of New York. The plaintiffs are claiming an amount of USD 1.4 billion alleging gender based
discrimination. Dresdner Bank believes that the claims are without merit.
On May 24, 2002, pursuant to a statutory squeeze-out procedure, the general meeting of Dresdner Bank AG
resolved to transfer shares from its minority shareholders to Allianz AG as principal shareholder in return for
payment of a cash settlement amounting to €51.50 per share. The amount of the cash settlement was established
by Allianz AG on the basis of an expert opinion, and its adequacy was confirmed by a court-appointed auditor.
Some of the former minority shareholders applied for a court review of the appropriate amount of the cash
settlement in a mediation procedure (Spruchverfahren), which is pending with the district court (Landgericht) of
Frankfurt am Main. Allianz AG believes, that a claim to increase the cash settlement does not exist. In the event
that the court were to determine a higher amount as an appropriate cash settlement, this would affect all
approximately 16 million shares that were transferred to Allianz AG.
Allianz Global Investors of America L.P. and some of its subsidiaries have been named as defendants in
multiple civil U.S. lawsuits commenced as punitive class actions and other proceedings related to matters
involving market timing and revenue sharing in the mutual fund industry. The outcome of these proceedings can
not be predicted at this stage.
Three members of the Fireman’s Fund group of companies in the United States, all subsidiaries of Allianz
AG are amongst the roughly 135 defendants named in a class action filed on August 1, 2005 in the United States
District Court District of New Jersey, captioned In re Insurance Brokerage Antitrust Litigation, in connection
with allegations relating to contingent commissions in the insurance industry. Fireman’s Fund has filed a motion
to dismiss, and the proceedings are in the preliminary discovery stage. It is not possible to predict potential
outcomes or assess any eventual exposure at this point.
200
Organisational Structure
Description of Allianz Group
Allianz AG is the holding company of Allianz Group. For a description of Allianz Group’s scope of
consolidation see Note 4 to the Consolidated Financial Statements 2004.
As of December 31, 2004, Allianz AG directly or indirectly held interests in the major subsidiaries listed in
the chart below that provides a general overview and is not complete. First, it does not contain all of the
subsidiaries in Allianz Group. Second, it does not show whether Allianz AG holds a direct or an indirect interest
in the subsidiaries listed.
Germany
Allianz Capital Partners GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Dresdner Bauspar AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Global Investors AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Global Risks Rückversicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Lebensversicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Marine & Aviation Versicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Private Krankenversicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Versicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bayerische Versicherungsbank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DEGI Deutsche Gesellschaft für Immobilienfonds mbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
DEUTSCHER INVESTMENT-TRUST Gesellschaft für Wertpapieranlagen mbH . . . . . . . . . . . . . . . . . . . . .
Dresdner Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
dresdnerbank investment management Kapitalanlagengesellschaft mbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euler Hermes Kreditversicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Frankfurter Versicherungs-AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
100.0%
100.0%
100.0%
91.0%
100.0%
100.0%
100.0%
90.0%
94.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Europe (without Germany / without “Emerging Markets”)
Austria
Allianz Elementar Lebensversicherungs-Aktiengesellschaft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Elementar Versicherungs-Aktiengesellschaft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
99.9%
Belgium
AGF Belgium Insurance S.A.
.........................................................................
100.0%
France
AGF Asset Management S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assurances Générales de France IART S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assurances Générales de France Vie S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assurances Générales de France S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Banque AGF S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euler Hermes SFAC S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mondial Assistance S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.9%
99.9%
99.9%
62.0%
99.9%
100.0%
100.0%
Great Britain
Allianz Cornhill Insurance plc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
RCM (UK) Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dresdner Kleinwort Wasserstein Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98.0%
100.0%
100.0%
Greece
Allianz General Insurance Company S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Life Insurance Company S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
100.0%
Ireland
Allianz Irish Life Holdings p.l.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Worldwide Care Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66.4%
100.0%
201
Italy
Allianz Subalpina Società di Assicurazioni e Riassicurazioni S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lloyd Adriatico S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Riunione Adriatica di Sicurtà S.p.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
97.9%
99.7%
55.5%
Luxembourg
Allianz Global Investors Luxembourg S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dresdner Bank Luxembourg S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
100.0%
The Netherlands
Allianz Nederland Levensverzekering N.V.
Allianz Nederland Schadeverzekering N.V.
100.0%
100.0%
...........................................................
...........................................................
Portugal
Companhia de Seguros Allianz Portugal S.A.
.........................................................
Spain
Allianz Compañía de Seguros y Reaseguros S.A.
64.9%
......................................................
99.9%
Switzerland
Allianz Risk Transfer N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Suisse Lebensversicherungs-Gesellschaft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Suisse Versicherungs-Gesellschaft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ELVIA Reiseversicherungs-Gesellschaft AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
99.9%
100.0%
100.0%
“Emerging Markets” (Europe)
Bulgaria
Allianz Bulgaria Insurance & Reinsurance Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Bulgaria Life Insurance Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commercial Bank Allianz Bulgaria Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
77.9%
99.0%
99.4%
Croatia
Allianz Zagreb d.d.
...................................................................................
80.1%
Czech Republic
Allianz pojišt’ovna a.s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
Hungaria
Allianz Hungária Biztosító Rt.
........................................................................
100.0%
Poland
T.U. Allianz Polska S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T.U. Allianz Polska Zycie S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
100.0%
Romania
Allianz Tiriac Insurance S.A.
.........................................................................
51.6%
Russia
Insurance Joint Stock Company “Allianz” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Russian People’s Insurance Society “Rosno” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
45.7%
Slovakia
Allianz – Slovenská poist’vna a.s.
.....................................................................
84.6%
Brazil
AGF Brasil Seguros S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
69.4%
Colombia
Colseguros Generales S.A.
............................................................................
99.9%
Mexico
Allianz México S.A. Compañía de Seguros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
America
202
USA
Allianz Global Investors of America L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Global Risks US Insurance Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Life Insurance Company of North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fireman’s Fund Insurance Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NFJ Investment Group L.P. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Nicholas Applegate Capital Management LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PA Distributors LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pacific Investment Management Company LLC (PIMCO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
RCM Capital Management LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Venezuela
Adriática de Seguros C. A.
93.6%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
91.0%
100.0%
............................................................................
97.0%
Australia
Allianz Australia Insurance Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
China
Allianz Insurance (Hong Kong) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100.0%
Indonesia
PT Asuransi Allianz Utama Indonesia Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PT Asuransi Allianz Life Indonesia p.l.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
75.4%
99.7%
Australia/Asia
Japan
Allianz Fire and Marine Insurance Japan Ltd.
.........................................................
100.0%
.......................................................................
100.0%
Malaysia
Allianz General Insurance Malaysia Berhad p.l.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Life Insurance Malaysia Berhad p.l.c. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98.7%
100.0%
South Korea
Allianz Life Insurance Co. Ltd.
Pakistan
Allianz EFU Health Insurance Ltd.
....................................................................
Singapore
Allianz Insurance Company of Singapore Pte. Ltd.
....................................................
Taiwan
Allianz President Life Insurance Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Egypt
Allianz Egypt Insurance Company S.A.E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allianz Egypt Life Company S.A.E. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
203
76.0%
100.0%
50.0%
85.0%
96.0%
Management and Supervisory Bodies
General
Allianz AG is a German stock corporation. The corporate bodies of Allianz AG are the Board of
Management (Vorstand), the Supervisory Board (Aufsichtsrat) and the general meeting (Hauptversammlung).
The Board of Management and the Supervisory Board are separate and no individual may serve simultaneously
as a member of both boards.
The Board of Management is responsible for managing the day-to-day business of Allianz AG in
accordance with the German Stock Corporation Act (Aktiengesetz, or “AktG”) and the articles of association
(Satzung) of Allianz AG. The Board of Management is bound by applicable German law, the articles of
association of Allianz AG as well as its internal rules of procedure (Geschäftsordnung). The Board of
Management represents Allianz AG in its dealings with third parties. The Supervisory Board oversees the
management. It is also responsible for appointing and removing the members of the Board of Management and
representing Allianz AG in its transactions with members of the Board of Management. The Supervisory Board
is not permitted to make management decisions, but the Supervisory Board or the Articles of Association must
determine that certain types of transactions require the Supervisory Board’s prior consent.
In carrying out their duties, the members of the Board of Management and the Supervisory Board must
exercise the standard of care of a diligent and prudent business person. In complying with this standard of care,
the members of both boards must take into account a broad range of considerations in their decisions, including
the interests of Allianz AG, its shareholders, employees and creditors. Additionally, the Board of Management is
required to respect the rights of shareholders to equal treatment and equal information.
Members of either board who violate their duties may be personally liable for damages to Allianz AG. The
company may only waive these damages or settle these claims if at least three years have passed from the date of
their origination and if the general meeting approves the waiver or settlement with a simple majority. No
approval of a waiver or settlement by the general meeting will be effective if opposing shareholders who hold, in
the aggregate, one-tenth or more of the share capital of Allianz AG have their opposition formally noted in the
minutes recorded by a German notary. As a general rule under German law, a shareholder has no direct recourse
against the members of the Board of Management or the Supervisory Board in the event that they are believed to
have breached a duty to Allianz AG.
The Supervisory Board has comprehensive monitoring functions. To ensure that these functions are carried
out properly, the Board of Management must regularly report to the Supervisory Board with regard to current
business operations and future business planning (including financial, investment and personnel planning). The
Supervisory Board is also entitled to request at any time special reports regarding the affairs of Allianz AG, the
legal or business relations of Allianz AG to its subsidiaries and the affairs of any of its subsidiaries to the extent
these may have a significant impact on Allianz AG.
The Board of Management is required to ensure that adequate risk management and internal monitoring
systems exist within Allianz AG to detect risks relating to Allianz Group’s business activities at the earliest
possible stage.
German Corporate Governance Rules
Principal sources of enacted corporate governance standards for German stock corporations are the German
Stock Corporation Act and the German Co-determination Act (Mitbestimmungsgesetz). In addition, the German
Corporate Governance Code (the “Code”), published by the German Ministry of Justice (Bundesministerium der
Justiz) in 2002, presents essential statutory regulations for the corporate governance of German listed companies.
The aim of the Code is to make the German corporate governance rules related to German listed stock
corporations transparent for national and international investors. As a German listed stock corporation, Allianz
AG is subject to the Code.
Although the Code does not have the force of law, it has a legal basis through the declaration of compliance
required by Section 161 of the German Stock Corporation Act, which entered into force in 2002 and requires that
the Board of Management and the Supervisory Board of a listed company declare annually either:
(i)
that the company has complied, and does comply, with the recommendations set forth in the German
Corporate Governance Code, or, alternatively,
204
(ii) that the company has not or does not comply with certain recommendations (so-called comply or
explain system).
On December 15, 2005, the Board of Management and the Supervisory Board of Allianz AG issued the
current declaration of compliance stating the following:
“1. Allianz AG will comply with all recommendations made by the Government Commission on the
German Corporate Governance Code (Code version as of June 2, 2005).
2. Since the last Declaration of Compliance as of December 15, 2004, Allianz AG has complied with the
recommendations made by the Government Commission on the German Corporate Governance Code
(Code version as of May 21, 2003)”
Board of Management
The Board of Management of Allianz AG consists of eleven members. Under the articles of association of
Allianz AG, the Supervisory Board determines the size of the Board of Management, although it must have at
least two members. The Articles of Association furthermore provide that Allianz AG may be legally represented
by two members of the Board of Management or by one member of the Board of Management together with one
holder of a general commercial power of attorney (Prokura), which entitles its holder to carry out legal acts and
transactions on behalf of Allianz AG. In addition, pursuant to a filing with the commercial register in Munich,
Allianz AG may also be represented by two holders of a general commercial power of attorney. The Supervisory
Board represents Allianz AG in connection with transactions between a member of the Board of Management
and Allianz AG. To the extent that a Supervisory Board committee is entitled to decide on a specific matter in
lieu of the Supervisory Board, the right of representing Allianz AG vis-à-vis the Board of Management in that
matter can be transferred to the relevant Supervisory Board committee.
The Supervisory Board appoints the members of the Board of Management. The initial term of the members
of the Board of Management is generally between three and five years. Each member may be reappointed or have
his term extended by the Supervisory Board for one or more terms of up to five years each. The initial
appointment or the reappointment of members of the Board of Management attaining the age of 60 is generally
limited to terms of one year. Members of the Board of Management must, according to internal practice, resign
from office at the end of the fiscal year in which they attain the age of 65. The Supervisory Board may remove a
member of the Board of Management prior to the expiration of his term for good cause, for example in the case
of a serious breach of duty or a bona fide vote of no confidence by the general meeting. A member of the Board
of Management may not deal with, or vote on, matters relating to proposals, arrangements or contractual
agreements between himself and Allianz AG and may be liable to Allianz AG if he has a material interest in any
contractual agreement between Allianz AG and a third party which was not disclosed to, and approved by, the
Supervisory Board. The Board of Management has adopted its own internal rules of procedure.
The Board of Management regularly reports to the Supervisory Board on the business of Allianz AG.
According to the internal rules of procedure of the Supervisory Board, the Board of Management requires the
consent of the Supervisory Board for certain transactions, primarily, share capital measures and acquisitions or
divestitures of companies or shareholdings in companies of a significant volume.
The current members of the Board of Management, their areas of responsibility and their principal board
memberships outside Allianz Group, respectively, are as follows:
Name
Area of Responsibility
Current Outside Board Memberships
Michael Diekmann
Chairman of the Board of
Management
Member of the supervisory boards of BASF AG,
Linde AG (deputy chairman) and Lufthansa AG
Dr. Paul Achleitner
Finance
Member of the supervisory boards of Bayer AG
and RWE AG
Clement Booth
Insurance Anglo Broker
Markets, Global Lines
Chairman
of
Allianz
Global
Risks
Rückversicherungs-AG, member of Allianz
Marine & Aviation Versicherungs-AG, Allianz
Australia Ltd., Allianz Cornhill Insurance plc,
Allianz Irish Life, Euler Hermes
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Name
Area of Responsibility
Current Outside Board Memberships
Jan R. Carendi
Insurance NAFTA Markets
None
Dott. Enrico Cucchiani
Insurance Europe 1
Member of the board of directors of ACEGASAPS S.p.A. and Banca Antonveneta
Dr. Joachim Faber
Asset Management Worldwide
Member of the supervisory boards of Bayerische
Börse AG and Infineon Technologies AG
Dr. Helmut Perlet
Controlling, Reporting, Risk
Member of the supervisory board of GEA Group
AG (former mg technologies AG)
Dr. Gerhard Rupprecht
Insurance Germany
Member of the supervisory boards of Fresenius
AG, Heidelberger Druckmaschinen AG, Quelle
AG and ThyssenKrupp Automotive AG
Jean-Philippe Thierry
Insurance Europe 2
Member of the board of directors of Société
Financière et Foncière de participation
Dr. Herbert Walter
Banking Worldwide
Member of the supervisory boards of Deutsche
Börse AG and TSV München von 1860
GmbH & Co.KG aA
Dr. Werner Zedelius
Insurance Growth Markets
Member of the board of directors of Rosno
Allianz AG has not been notified and has otherwise not been informed by any of the members of the Board
of Management named above about any potential conflicts of interest between the obligations of the persons
towards Allianz AG and their own interests or other obligations.
The members of the Board of Management may be contacted at the business address of Allianz AG.
Supervisory Board
In accordance with the articles of association of Allianz AG and the German Co-determination Act
(Mitbestimmungsgesetz), the Supervisory Board of Allianz AG consists of 20 members, 10 of whom are elected
by the shareholders as shareholder representatives and 10 of whom are elected by the employees of the German
companies of Allianz Group as employee representatives. Three of the employee representatives are trade union
representatives in Allianz Group in Germany. The general meeting may remove any Supervisory Board member
it has elected by a simple majority of the votes cast. The employee representatives may be removed with a
majority of three-quarters of the votes cast by those employees who elected them. In addition, any member of the
Supervisory Board may resign by written notice to the Board of Management.
The Supervisory Board has a quorum when all members of the Supervisory Board were invited or requested
to participate in a decision and either (i) 10 or more members, including the chairman of the Supervisory Board
participated or (ii) if the chairman of the Supervisory Board does not participate in the voting, fifteen or more
members participate. Except where a different majority is required by law or the articles of association of Allianz
AG, the Supervisory Board acts by simple majority of the votes cast. In the case of any deadlock, the chairman
has the deciding vote. The Supervisory Board meets at least twice each half-year. Its main functions are:
•
to monitor the management of Allianz AG;
•
to appoint the members of the Board of Management; and
•
to approve matters in areas where such approval is required by German law or which the Supervisory
Board has made generally or in the individual case subject to its approval. See “Board of Management”.
In addition, Supervisory Boards of German insurance companies are tasked with the appointment of the
external auditor.
The Supervisory Board has established a Standing Committee, an Audit Committee, a Personnel Committee
and a Mediation Committee.
Standing Committee. The Standing Committee, which comprises the chairman of the Supervisory Board, his
deputy and three additional members elected by the Supervisory Board, may approve or disapprove certain
transactions of Allianz AG to the extent that such transactions do not fall under the competency of any other
committee or are required to be decided by a plenary meeting of the Supervisory Board. The Standing Committee
206
examines the corporate governance of Allianz AG, drafts the declaration of compliance and examines the
efficiency of the work of the Supervisory Board. In addition, it determines the guest status of non-members who
wish to attend Supervisory Board meetings as well as changes in form to the articles of association. The members
of the Standing Committee are Dr. Henning Schulte-Noelle as chairman, Norbert Blix, Dr. Gerhard Cromme,
Peter Haimerl and Dr. Manfred Schneider.
Audit Committee. The Audit Committee, established in September 2002, comprises of five members elected
by the Supervisory Board. The Audit Committee prepares the decisions of the Supervisory Board about Allianz
Group’s annual financial statements, the consolidated financial statements and the appointment of the auditors
and ascertains the independence of the auditors. Furthermore, the Audit Committee assigns the mandate to the
auditors, sets priorities for the audit and determines the compensation of the auditors. In addition, it examines the
quarterly reports. After the end of the fiscal year, the Audit Committee examines Allianz Group’s annual
financial statements and the consolidated financial statements, examines the risk monitoring system and
discusses the auditor’s report with the auditors. The members of the Audit Committee are Dr. Manfred Schneider
as chairman, Dr. Gerhard Cromme, Claudia Eggert-Lehmann, Prof. Dr. Rudolf Hickel and Dr. Henning SchulteNoelle.
Personnel Committee. The Personnel Committee consists of the chairman of the Supervisory Board and two
other members elected by the Supervisory Board. It prepares the appointment of members of the Board of
Management. In addition, it is responsible for the on-going personnel matters of the Board of Management
members including their membership on boards of other companies, the payments they receive and the structure
of group equity incentives. The members of the Personnel Committee are Dr. Henning Schulte-Noelle as
chairman, Norbert Blix and Dr. Gerhard Cromme.
Mediation Committee. The Mediation Committee consists of the chairman of the Supervisory Board and his
representative elected according to the rules of the German Co-determination Act of 1976, one member elected
by the employees and one member elected by the shareholders. Under § 27(3) of the German Co-determination
Act, the Mediation Committee is charged with the solution of conflicts in the appointment of the Board of
Management members. If the Supervisory Board in a vote on the appointment or recall of a Board of
Management member fails to obtain the required majority, the Mediation Committee has to present a proposal to
the Supervisory Board. There arose no need for the Mediation Committee to meet in 2004. The members of the
Mediation Committee are Dr. Henning Schulte-Noelle as chairman, Wulf Bernotat, Norbert Blix and Hinrich
Feddersen.
Each member of the Supervisory Board is generally elected for a fixed term, which expires at the end of the
general meeting at which the shareholders discharge the members of the Supervisory Board in respect of the
fourth fiscal year after the beginning of the term. The fiscal year in which the members of the Supervisory Board
are first elected is not considered. Supervisory board members may be re-elected.
The current members of the Supervisory Board of Allianz AG, their principal occupations and their
principal board memberships outside Allianz Group, respectively, are as follows:
Name
Principal Occupation
Current Outside Board Memberships
Dr. Henning SchulteNoelle, Chairman(1)
Former chairman of the Board
of Management of Allianz AG
Member of the supervisory boards of E.ON AG,
Siemens AG and ThyssenKrupp AG
Norbert Blix, Deputy
Chairman(2)
Employee, Allianz
Versicherungs-AG
None
Dr. Wulf H. Bernotat(1)
Chairman of the management
board of E.ON AG
Member of the management boards of E.ON AG
(chairman) and member of the supervisory boards
of Metro AG and RAG Aktiengesellschaft
(chairman)
Dr. Diethart Breipohl(1)
Former member of the
management board of Allianz
AG
Member of the supervisory boards of Beiersdorf
AG, Continental AG, KarstadtQuelle AG, KM
Europa Metal AG (chairman), and Credit
Lyonnais
207
Name
Principal Occupation
Current Outside Board Memberships
Chairman of the supervisory
board of ThyssenKrupp AG
Member of the supervisory boards of
ThyssenKrupp AG (chairman), Axel Springer
AG, Siemens AG, Hochtief AG, Deutsche
Lufthansa AG, E.ON AG, Volkswagen AG, Suez
S.A. and BNP Paribas
Claudia EggertLehmann(2)
Employee, Dresdner Bank AG
None
Hinrich Feddersen(2)
Member of the federal steering
committee of ver.di (Vereinte
Dienstleistungs- gewerkschaft)
Member of the supervisory boards of Deutscher
Ring Lebensversicherungs AG and Basler
Versicherung Beteiligungsgesellschaft mbH
Franz Fehrenbach(1)
Chairman of the management
board of Robert Bosch GmbH
Member of the management board of Robert
Bosch GmbH (Chairman) and member of the
supervisory board of Robert Bosch Corporation
Peter Haimerl(2)
Employee, Dresdner Bank AG;
Chairman of the works council
of Dresdner Bank
None
Prof. Dr. Rudolf Hickel(2)
Professor of Finance,
University of Bremen
Member of the supervisory boards of Salzgitter
AG Stahl und Technologie, Howaldtswerke
Deutsche Werft AG and Gewoba AG Wohnen
und Bauen in Bremen
Dr. Franz B. Humer(1)
Chairman of the board of
directors and Chief Executive
Officer of F. Hoffmann-La
Roche AG
Member of the supervisory board of F.
Hoffmann-La Roche AG (Chairman) and
member of the board of directors of DIAGEO plc
Prof. Dr. Renate Köcher(1)
Chairperson Institut für
Demoskopie, Allensbach
Member of the supervisory boards of MAN AG,
Infineon Technologies AG and BASF AG
Igor Landau(1)
Member of the board of
directors of Sanofi-Aventis S.A.
Member of the supervisory boards of AdidasSalomon AG and member of the boards of Crédit
Commercial de France, Essilior S.A., SanofiAventis S.A. and Thomson
Dr. Max Link(2)
Employee, Allianz
Versicherungs-AG
None
Iris Mischlau-Meyrahn(2)
Employee, Allianz
Lebensversicherungs-AG
None
Karl Neumeier(2)
Employee, Allianz
Versicherungs-AG
None
Sultan Salam(2)
Employee, Dresdner Bank AG
None
Dr. Manfred Schneider(1)
Chairman of the supervisory
board of Bayer AG
Member of the supervisory boards of Bayer AG
(chairman), DaimlerChrysler AG, Linde AG
(chairman), METRO AG, RWE AG and TUI AG
Margit Schoffer(2)
Employee, Dresdner Bank AG
None
Prof. Dr. Dennis J.
Snower(1)
President of the Kiel Institute
for World Economics
None
Dr. Gerhard
Cromme(1)
(1) Shareholder representative.
(2) Employee representative.
Based on the information obtained from the Supervisory Board members in compliance with the German
Corporate Governance Code, the Board of Management is not aware that any member of the Supervisory Board
has a potential conflict of interest between their duties as a member of the Supervisory Board and their private
interests and/or other duties.
208
The members of the Supervisory Board may be contacted at the business address of Allianz AG.
In the course of the conversion of Allianz into a SE it is proposed to reduce the number of members of the
Supervisory Board to twelve, to be composed of six shareholder representatives and six employee
representatives.
Employees
As of December 31, 2003 and 2004, Allianz Group had 173,750 and 176,501 employees, respectively
(excluding members of the Board of Management, trainees, interns and employees on parental leave or on leave
for military or civil service). A large number of Allianz Group’s German employees are covered by collective
bargaining agreements or similar arrangements. In the past three years, there have been no work stoppages or
strikes at Allianz Group’s various sites that have arisen from collective bargaining disputes or for other reasons
which had a material adverse effect on Allianz Group’s results of operations. Allianz AG believes that Allianz
Group’s employee relations are good.
At September 30, 2005, Allianz Group employed a total of 178,462 persons worldwide, of whom 105,284
were based outside Germany.
Major Shareholders
Under the German Securities Trading Act (Wertpapierhandelsgesetz, or the “WpHG”), holders of voting
securities of a listed German company must notify the German Federal Financial Supervisory Authority and the
company of the level of their holding whenever it reaches, exceeds or falls below specified thresholds. These
thresholds are 5%, 10%, 25%, 50% and 75% of a company’s shares. The provisions of the German Securities
Trading Act provide several criteria for attribution of shares.
As of December 31, 2004, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (or
“Munich Re”) was the only major shareholder of Allianz AG and held approximately 9.0% of the share capital
of Allianz AG or approximately 9.4% of the outstanding shares of Allianz AG as of this date. On July 14, 2005,
Allianz AG was informed by Munich Re pursuant to the rules of the German Securities Trading Act that Munich
Re reduced its ownership interest in Allianz AG to below 5% and held 4.9% of the share capital of Allianz AG as
of this date. As a result of this reduction, Allianz AG does not have any shareholder that holds 5% or more of its
share capital.
Significant changes in the percentage ownership held of record by any of Allianz AG’s major shareholders
in the last three years are as follows:
•
the share ownership of Munich Re decreased from 21.2% as of December 31, 2002 to approximately
4.9% of Allianz AG’s shares as of July 14, 2005, as reported to Allianz AG pursuant to the German
Securities Trading Act on July 14, 2005; and
•
the share ownership of Deutsche Bank decreased from approximately 5.5% as of December 31, 2002 to
3.66% of Allianz AG’s shares as of April 1, 2002, as reported to Allianz AG pursuant to the German
Securities Trading Act on April 8, 2002 (3.4% as of June 30, 2003).
Material Contracts
The following relates to material contracts that are not entered into in the ordinary course of Allianz
Group’s business, which could result in any group member being under an obligation or entitlement that is
material to Allianz AG’s ability to meet its obligation under the Guarantee to Bondholders in respect of the
Bonds being issued.
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (or “Munich Re”)
Reduction of mutual cross-shareholdings
Pursuant to a non-binding Letter of Intent, dated May 4, 2000 (“Letter of Intent”), Allianz AG and Munich
Re agreed to gradually reduce their shareholdings in each other to a level of approximately 20% of the
outstanding shares until December 31, 2003.
209
Allianz Group reduced its ownership interest in Munich Re’s share capital during the first quarter 2003 to
below 20%. Consequently, Munich Re was no longer an affiliated company of Allianz Group. During the fiscal
year 2003, Allianz Group further reduced its ownership interest in Munich Re and as of December 31, 2003 held
only approximately 12.4% of Munich Re’s share capital. On March 2, 2004 Allianz Group reduced its ownership
interest in Munich Re’s share capital to approximately 9.4%. Consequently, Allianz’s interest in Munich Re was
no longer considered as a shareholding pursuant to German insurance group solvency rules. As of December 31,
2004 Allianz Group’s ownership interest in Munich Re was approximately 9.8%.
Munich Re also reduced its ownership interest in Allianz AG during 2003 and held as of December 31, 2003
approximately 12.2% of Allianz AG’s share capital or approximately 12.8% of the outstanding shares as of this
date. Further reductions occurred during the fiscal year 2004. On August 6, 2004, Munich Re reduced its
shareholding in Allianz AG to below 10%. Afterwards, further reductions occurred, and Munich Re held as of
December 31, 2004 approximately 9.0% of the share capital of Allianz AG or approximately 9.4% of the
outstanding shares of Allianz AG as of this date. On July 14, 2005, Allianz AG was informed by Munich Re
pursuant to the rules of the German Securities Trading Act that Munich Re reduced its ownership interest in
Allianz AG to below 5% and held 4.9% of the share capital of Allianz AG as of this date.
Principles of Cooperation
In the past, the relationship between Allianz AG and Munich Re was set forth in an agreement called
“Principles of Cooperation” of May 2000, which contained the principles governing the cross-shareholdings,
joint interests in third parties and reinsurance relationships between Allianz AG and Munich Re. After several
transactions during the previous fiscal years, in particular the reduction of mutual participations in other
insurance companies and the reduction of the mutual cross-shareholdings (as described above), this agreement
became irrelevant and was formally cancelled with effect from December 31, 2003. Certain provisions regarding
ordinary course quota share reinsurance remain in effect.
Reinsurance Relationships. Munich Re is the primary external reinsurer for Allianz Group. Of Allianz
Group’s total third-party reinsurance premiums ceded, approximately 33.9% were ceded to the Munich Re Group
for the years ending December 31, 2003, respectively. These amounts represented approximately 3.7% of Allianz
Group’s gross premiums written for the years ending December 31, 2003, respectively.
The Allianz Group written premiums that were ceded to, or assumed from, companies of the Munich Re
Group in 2003 are shown in the following table for the years ending December 31:
2003
€ mn
Ceded premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Assumed premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,250
650
As Munich Re is one of the biggest reinsurers in the world, the reinsurance relationship between companies
of Allianz Group and Munich Re will continue. All reinsurance and retrocession agreements are a result of
business in the ordinary course within which Allianz Group companies purchase reinsurance coverage from,
among other reinsurers, Munich Re. These reinsurance contracts cover world-wide business within all areas (life
and health, as well as property and casualty) and are subject to arm’s length conditions. A major part of the
reinsurance premiums relates to a quota share agreement for 10.5% of the gross self-retention of the insurance
business of the companies of the Allianz German Property Casualty Group via Allianz AG.
In light of the above described material changes in the relationship between Allianz Group and Munich Re –
in particular the significant reduction of the mutual shareholdings to below 10%—the cancellation of the
“Principles of Cooperation” agreement and the termination of mutual board interlocks, Allianz AG no longer
considers Munich Re as a related party.
Eurohypo AG (or “Eurohypo”)
Following the acquisition of Dresdner Bank by Allianz Group, on August 1, 2002 Allianz AG merged
Deutsche Hyp with Rheinische Hypothekenbank AG, the mortgage banking subsidiary of Commerzbank
Aktiengesellschaft, and Eurohypo, the mortgage banking subsidiary of Deutsche Bank Aktiengesellschaft, into a
single entity, Eurohypo. Allianz Group held an ownership interest of 28.48% in Eurohypo as of December 31,
2004 and accounted for it using the equity method. See Note 7 to the Consolidated Financial Statements 2004.
210
One member of the supervisory board of Eurohypo is a member of the management board of Dresdner Bank
AG. At December 31, 2004, Allianz Group had loans to and held fixed income securities available-for-sale
issued by Eurohypo of €16.9 billion in the aggregate. All of such loans were made in the ordinary course of
business and are subject to arm’s length conditions. At December 31, 2004, Allianz Group’s carrying value in
Eurohypo was €1,930 million.
In November 2005, the agreements for the transfer of the 28.48% participation of Allianz Group in
Eurohypo AG to Commerzbank AG were signed. The sale is conducted in two steps. In the first step, on
December 15, 2005 Commerzbank AG acquired 7.35% of the 28.48% participation in Eurohypo AG.
Commerzbank AG’s acquisition of the residual 21.13% participation will be consummated after the fulfilment of
the conditions precedent customary for such share purchase agreements, in particular, after obtaining approvals
from antitrust authorities and the German Federal Agency for the Supervision of Financial Services
(Bundesanstalt für Finanzdienstleistungsaufsicht—BaFin).
EXTREMUS Versicherungs-AG (or “EXTREMUS”)
Allianz Versicherungs-AG holds a 16% interest in EXTREMUS, a terror risk insurance company which was
founded in Germany in the aftermath of the terrorist attack of September 11, 2001. Until March 31, 2004 and on
the basis of a €10 billion state guarantee granted by the Federal Republic of Germany, EXTREMUS was able to
provide excess coverage of up to €13 billion for terror risks encountered in Germany. This coverage was reduced
to €10 billion on the basis of a reduced state guarantee of €8 billion as of April 1, 2004. EXTREMUS provides
terror risk insurance coverage to German Allianz Group companies and Allianz Versicherungs-AG is one of the
reinsurers of EXTREMUS. All business relationships between Allianz Group companies and EXTREMUS are
subject to market terms.
Share Capital of Allianz AG
Share Capital
As of the date of this Prospectus, the share capital of Allianz AG is €1,039,462,400, and is divided into
406,040,000 no-par value shares. Each share is entitled to one vote.
In the financial year 2005, the share capital has increased by €23,040,000 by exercise of subscription rights
from the warrant issue conducted in 2005. In addition, shares with a notional value of the share capital of
€25,899,136 were issued out of the Authorised Capital 2004/I under exclusion of subscription rights
(Bezugsrechtsausschluss) pursuant to Section 186 para. 3 sentence 4 German Stock Corporation Act
(Aktiengesetz, or “AktG”) and were placed by a consortium of banks. Finally, shares with a notional value of the
share capital of €2,939,264 were issued out of the Authorised Capital 2004/II and were offered for purchase to
the employees.
Form and Certification of the Shares / Consent to Transfer
All shares of Allianz AG are issued as registered shares with restricted transferability with no-par value
(Stückaktien). The shares and subscription rights to shares may only be transferred with the consent of Allianz
AG. Allianz AG will only withhold its consent to a duly applied request if it deems this to be necessary in the
interest of Allianz AG on exceptional grounds. Allianz AG will inform the applicant about the reasons leading to
such refusal. Adeus Aktienregister Service-GmbH keeps the share register of Allianz AG. Registration of a
shareholder in the share register is a prerequisite for the exercise of participation and voting rights during the
general meeting.
Allianz AG may combine individual shares into share certificates that represent multiple shares (global
shares or global certificates). Shareholders have no right to receive individual share certificates unless receipt
thereof is necessary pursuant to the rules applicable to a stock exchange on which the shares are listed.
211
USE OF PROCEEDS
The net proceeds of the issuance of the Bonds will be equal to the amount of the gross proceeds of the
issuance of the Bonds of approximately up to EUR [1,010,000,000] less the commissions for the Managers which
will be determined at a later stage and will amount to up to 2.00% of the aggregate principal amount of Bonds
issued, and less other issue related costs. The net proceeds of the issuance of the Bonds will be used by the Issuer
to make one or more loans to the Guarantor or one or several of its subsidiaries within the Allianz Group
pursuant to the relevant loan agreement or agreements, as the case may be, which will be entered into. Overall,
the Allianz Group intends to use the net proceeds for general corporate purposes of the Group.
212
TAXATION
The following is a general description of certain tax considerations relating to the Bonds. It does not purport
to be a complete analysis of all tax considerations relating to the Bonds. Prospective purchasers of Bonds should
consult their tax advisers as to the consequences, under the tax laws of the country in which they are resident for
tax purposes and under the tax laws of the Netherlands and the Federal Republic of Germany, of acquiring,
holding and disposing of Bonds and receiving payments of principal, interest and other amounts under the Bonds.
This summary is based upon the laws in force and their interpretation on the date of this Prospectus and is subject
to any change in law or interpretation that may take effect after such date.
The Netherlands
The following summary does not address the Netherlands tax consequences of a holder of a Bond who holds
a substantial interest (aanmerkelijk belang) in the Issuer, within the meaning of Section 4.3 of the Income Tax
Act 2001. Generally speaking, a holder of a Bond holds a substantial interest in the Issuer, if such holder of a
Bond, alone or together with his or her partner (statutory defined term) or certain other related persons, directly
or indirectly, holds (i) an interest of 5% or more of the total issued capital of the Issuer or of 5% or more of the
issued capital of a certain class of shares of the Issuer, (ii) rights to acquire, directly or indirectly, such interest or
(iii) certain profit sharing rights in the Issuer. For the purpose of this summary, the term Issuer includes the
Guarantor. For the purpose of this summary, the Issuer is considered a resident of the Netherlands for
Netherlands tax purposes.
Withholding Tax
No Netherlands withholding tax is due upon payments on the Bonds made by the Issuer, provided that the
Bonds are considered debt for Netherlands tax purposes and do not in fact have the function of equity of the
Issuer within the meaning of Article 10(1)(d) of the Corporate Income Tax Act 1969.
Income Taxation
A holder of a Bond will not be subject to Netherlands taxes on income or capital gains in respect of the
acquisition or holding of the Bonds or on any payment under the Bonds or in respect of any gain realised on the
disposal or redemption of the Bonds, provided that: (i) such holder is neither a resident nor deemed to be a
resident nor has opted to be treated as a resident of the Netherlands; and (ii) such holder does not have an
enterprise or an interest in an enterprise, which is carried on, in whole or in part, through a permanent
establishment or a permanent representative in the Netherlands and to which permanent establishment or
permanent representative the Bonds are attributable; and, if the holder is an individual, (iii) the payments under
the Bonds or the gains realised on the disposal or redemption of the Bonds do not qualify as income from
miscellaneous activities (resultaat uit overige werkzaamheden) in the Netherlands within the meaning of
Section 3.4 of the Income Tax Act 2001, which include activities in the Netherlands with respect to the Bonds
that exceed “regular, active portfolio management” (normaal, actief vermogensbeheer).
Gift, Estate or Inheritance Taxes
No gift, estate or inheritance taxes will arise in the Netherlands with respect to the acquisition of a Bond by
way of a gift by, or on the death of, a holder who is neither resident nor deemed to be resident in the Netherlands,
unless: (i) at the time of the gift such holder has, or at the time of death such holder had, an enterprise or an
interest in an enterprise — other than as a shareholder — that is or was, in whole or in part, carried on through a
permanent establishment or through a permanent representative in the Netherlands, and to which permanent
establishment or permanent representative the Bond is or was attributable; or (ii) if, in the case of a gift of a Bond
by an individual who — at the date of the gift — was neither resident nor deemed to be resident in the
Netherlands, such individual takes up or is deemed to take up residence in the Netherlands and dies within 180
days after the date on which the gift was made.
Other Taxes and Duties
No VAT, registration, stamp, transfer or turnover taxes, or other similar duties or taxes are payable in the
Netherlands by a Bondholder in respect of the offering and the issue of the Bonds by the Issuer, or in respect of
the signing and delivery of this Prospectus.
213
Federal Republic of Germany
Under current German law, payments of principal on the Bonds are not subject to German taxation.
Withholding tax will be levied on payments of actual or deemed interest if the holder of the Bonds is subject
to German taxation and such payment is made by certain institutions. Interest separately charged and a gain upon
the disposal of the entitlement to interest payments may qualify as actual or deemed interest depending, inter
alia, on the terms and conditions.
Holders of the Bonds are subject to German taxation if they are:
(i)
resident in the Federal Republic of Germany (unlimited tax liability). This includes corporations with a
domestic seat or place of management and individuals having a residence or habitual abode in the
Federal Republic of Germany;
(ii) not resident in the Federal Republic of Germany (limited tax liability) to the extent the interest or
deemed interest from the Bonds constitutes income from German sources (such as income effectively
connected with a German trade or business, etc.).
Provided that the holder of the Bonds are subject to taxation as described above, withholding tax is to be
withheld upon payment of interest or deemed interest by the German bank or financial services institution
(including a German branch of a foreign bank or of a financial services institution but excluding a foreign branch
of a German bank or of a German financial services institution if it acts as a custodian).
The withholding tax rate currently amounts to 30% plus a solidarity surcharge of 5.5% of the withholding
tax amount. The overall deduction therefore amounts to 31.65% of the gross amount of the interest payment.
Upon payments of actual interest, the withholding tax base is determined by such payments.
With regard to deemed interest, the withholding tax base is usually determined by the capital gain, i.e. the
excess of the disposal or redemption proceeds over the issue price, the acquisition costs or the book value, as the
case may be. The withholding tax base might deviate in some cases. In particular, if the Bonds are not kept in a
custody account from acquisition, the withholding tax base is equal to 30% of the disposal or redemption
proceeds.
The withholding tax base might be reduced where the holder was charged accrued interest in the same year.
Holders of Bonds subject to unlimited tax liability may credit the withholding tax and the solidarity
surcharge within their tax assessment. The same holds true for holders subject to limited tax liability if the
interest income is effectively connected with a German branch.
Tax assessment
The taxable amount for tax assessment purposes might deviate from the above described withholding tax
base.
If the Bonds are held as business assets, all income from the Bonds will be subject to both income tax
including solidarity surcharge and trade tax. The latter is a municipal tax currently levied at an effective rate of
usually between 12% and 20% depending upon the applicable trade tax factor of the relevant municipality.
If the Bonds are held by a holder in the legal form of a corporation any income resulting from the Bonds
will be subject to corporate income tax including solidarity surcharge at a rate of 26.375% and trade tax. The
deduction of potential losses might be restricted.
Inheritance Tax / Gift Tax
The transfer of the Bonds to another person by gift or on account of death is subject to German inheritance
or gift tax, respectively, if
(i)
the deceased, the donor, the heir, the donee or other acquirer had his residence or habitual abode in
Germany at the time of the transfer of property, or has not permanently stayed in a foreign country for
more than five years as German citizen without having a residence in Germany, or is subject to an
employment contract with a legal entity under public law as German citizen, or
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(ii) the deceased, the donor, the heir, the donee or other acquirer is a corporation, partnership or formation
of a company (Vermögensmasse) having its place of management or office in the Federal Republic of
Germany, or
(iii) the Bonds are part of a domestic property (Inlandsvermögen) within the meaning of section 121
German Valuation Tax Act (Bewertungsgesetz), or
(iv) the deceased or the donor, being German citizens, are subject to extended limited tax liability
according to the German Foreign Tax Act after moving away from the Federal Republic of Germany.
Other Taxes
The purchase, sale or other disposal of the Bonds does not give rise to capital transfer tax, value added tax,
stamp duties or similar taxes or charges in Germany. However, under certain circum-stances entrepreneurs may
choose liability to value added tax with regard to the sales which would otherwise be tax exempt.
Austria
The following is a brief summary of certain Austrian tax aspects in connection with the Bonds. It does not
claim to fully describe all Austrian tax consequences of the acquisition, ownership, disposition or redemption of
the Bonds nor does it take into account or discuss the Bondholders’ individual circumstances or any special tax
treatment applicable to the Bondholder. Prospective investors are advised to consult their own professional
advisors to obtain further information about the tax consequences of the acquisition, ownership, disposition or
redemption of the Bonds.
This summary is based on Austrian Law as in force when drawing up this Prospectus. The laws and their
interpretation by the tax authorities may change and such changes may also have retroactive effect. With regard
to financial instruments such as the Bonds there is currently neither case law nor comments of the financial
authorities as to the tax treatment of such financial instruments. Accordingly, it cannot be ruled out that the
Austrian financial authorities and courts or the Austrian paying agents adopt a view different from that outlined
below.
Austrian Residents
Income derived from the Bonds by individuals or corporate entities resident in Austria is taxable in Austria
pursuant to the Austrian Income Tax Act (Einkommensteuergesetz) or the Austrian Corporate Income Tax Act
(Körperschaftsteuergesetz).
Generally, income arising from the Bonds will qualify as income from debt-securities (Kapitalerträge aus
Förderungswertpapieren). Income from debt-securities includes (i) interest payments as well as (ii) income, if
any, realized upon (early) redemption (being the difference between the issue price and the (early) redemption
amount) or (iii) realized upon sale of the Bonds (accrued interest).
If income from debt-securities is paid out by a coupon paying agent (kuponauszahlende Stelle) located in
Austria, it is subject to 25% Austrian withholding tax (Kapitalertragsteuer – KESt). The coupon paying agent is
the bank, including an Austrian branch of a non-Austrian bank, which pays out such income to the holder of the
Bonds.
The 25% withholding tax constitutes a final taxation (Endbesteuerung) for all individuals, no matter
whether they act as private investors or hold the Bonds as business property. Final taxation means that no further
income tax will be assessed and the income is not to be included in the Bondholder’s income tax return.
Where there is no deduction of Austrian withholding tax because the income from the Bonds is not received
in Austria (not paid out by a coupon paying agent located in Austria) Austrian resident Bondholders will have to
declare the income derived from the Bonds in their income tax returns pursuant to the Austrian Income Tax Act.
A special 25% income tax rate is applicable.
Individuals whose regular personal income tax rate is lower than 25% may opt for taxation of the income
derived from the Bonds at such regular personal income tax rate. In this case, the withholding tax will be credited
against the income tax liability and the excess amount shall be refunded. Expenses incurred by the Bondholder in
connection with income derived from the Bonds are not deductible.
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Upon the sale of the Bonds accrued interest realised upon such sale is taxed as income from debt-securities
being subject to withholding tax and final taxation as set out above. For private investors, any additional capital
gain on the disposal of the Bonds is taxable if the disposal takes place within one year after the date of the
acquisition of the Bonds pursuant to Sec 30 Income Tax Act (Spekulationsgeschäft—speculative transaction).
Such speculative gain is taxed at normal progressive income tax rates amounting up to 50% if the total of such
speculative gain exceeds 440 Euro per year. If the Bonds qualify as business assets, capital gains on the disposal
are taxable irrespective of the date of the disposal at normal progressive income tax rates.
Corporate Bondholders deriving business income from the Bonds may avoid the application of withholding
tax by filing a declaration of exemption (Befreiungserklärung) with the coupon paying agent. Income including
any capital gain derived from the Bonds by corporate Bondholders is subject to corporate income tax at the
general rate of 25%. There is, inter alia, a special tax regime for Private Foundations established under Austrian
law (Privatstiftungen).
Non-Residents
Income including any capital gain derived from the Bonds by individuals who do not have a domicile or
their habitual abode in Austria or by corporate investors who do not have their corporate seat or their place of
management in Austria (“non-residents”) is not taxable in Austria provided that the income is not attributable to
a permanent establishment or other Austrian source income (for withholding tax under the EU Savings Directive
see below).
Thus, non-resident Bondholders — in case they receive income from the Bonds through a coupon paying
agent located in Austria — may avoid the application of Austrian withholding tax if they evidence their non
resident-status vis-à-vis the coupon paying agent by disclosing their identity and address. Non-residents who are
Austrian citizens or citizens of a neighbouring country will have to confirm their non-resident status in writing to
the coupon paying agent. The provision of evidence that the Bondholder is not subject to Austrian withholding
tax is the responsibility of the Bondholder.
If any Austrian withholding tax is deducted by the coupon paying agent, the tax withheld shall be refunded
to the non-resident Bondholder upon his application, which has to be filed with the competent Austrian tax
authority within five calendar years following the date of the imposition of the withholding tax.
EU Savings Directive
The EU Council Directive 2003/48/EC on taxation of savings income in the form of interest payments
(“Savings Directive”) provides for an exchange of information between the authorities of EU member states
regarding interest payments made in one member state to beneficial owners who are individuals and resident for
tax purposes in another member state. Austria has implemented the Savings Directive by way of the EU
Withholding Tax Act (EU-Quellensteuergesetz) which provides for a withholding tax rather than for an exchange
of information. Such EU Withholding tax will be levied on interest payments within the meaning of the EU
Withholding Tax Act made by a paying agent located in Austria to an individual resident for tax purposes in
another member state. The EU Withholding Tax currently amounts to 15% (20% between July 1, 2008 and
June 30, 2011; 35% thereafter).
No EU withholding tax is deducted if the EU-resident Bondholder provides the paying agent with a
certificate drawn up in his name by the tax office of his member state of residence. Such certificate has to
indicate, inter alia, the name and address of the paying agent as well as the account number of the Bondholder or
the identification of the Bonds.
Inheritance and Gift Tax
Inheritance and gift tax is levied on inheritances, gifts and special purpose donations as defined in the
Austrian Inheritance and Gift Tax Act (Erbschafts- und Schenkungssteuergesetz). If either the transferor or the
transferee has a domicile or an habitual abode in Austria, such transfers are subject to taxation in Austria. The tax
rates range from 2% to 60% and depend upon the value of the acquired assets as well as upon the personal
relationship between the transferee and the transferor.
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Bonds held by private investors are exempt from inheritance tax if they qualify for final (income) taxation
or for the special 25% income tax rate pursuant to Sec 37 para 8 Income Tax Act on the date of the private
investor’s death. This exemption is restricted to inheritance tax and does not apply to gifts and special purpose
donations.
Re-qualification
This entire summary of the taxation of the Bonds is based on the assumption that the Bonds will be treated
as debt-securities (Forderungswertpapiere) and will not be qualified as equity instruments for tax purposes such
as shares or equity participation rights (Substanzgenussrechte) nor as shares in a foreign investment fund.
Further, the outline is based on the assumption that the Bonds have been offered to the public within the meaning
of Sec 97 and Sec 37 para 8 of the Austrian Income Tax Act.
Other Taxes
There is no transfer tax, registration tax or similar tax payable in Austria by Bondholders as a consequence
of the acquisition, ownership, disposition or redemption of the Bonds. The sale and purchase of securities as well
as the redemption of Bonds is in general not subject to Austrian stamp duty provided that no other transaction
potentially taxable under the Austrian Stamp Duty Act (Gebührengesetz) such as a loan or credit agreement is
entered into for which a document (Urkunde) within the meaning of the Stamp Duty Act is executed.
Belgium
The following summary describes the principal Belgian tax treatment applicable to the holding of the Bonds
by a Belgian investor following an offer in Belgium.
This information is of a general nature and does not purport to be a comprehensive description of all Belgian
tax considerations that may be relevant to a decision to acquire, to hold and to dispose of the Bonds. In some
cases, different rules can be applicable. Furthermore, the tax rules can be amended in the future, possibly
implemented with retroactive effect, and the interpretation of the tax rules may change.
This summary is based on the Belgian tax legislation, treaties, rules, and administrative interpretations and
similar documentation, in force as of the date of the publication of this offer in Belgium, without prejudice to any
amendments introduced at a later date, even if implemented with retroactive effect.
Each prospective Bondholder should consult a professional adviser with respect to the tax consequences of
an investment in the Bonds, taking into account the influence of each regional, local or national law.
Belgian tax regime regarding the Bonds
For Belgian income tax purposes, the Bonds are to be considered as fixed income securities (article 2, § 4
Income Tax Code 1992 (“ITC ‘92”).
Individual private investors
Natural persons who are Bondholders and who are Belgian residents for tax purposes, i.e. who are subject to
Belgian personal income tax (“Personenbelastung/Impôt des personnes physiques”), are in Belgium subject to
the following tax treatment with respect to the Bonds. Other rules can be applicable in special situations, in
particular when natural persons resident in Belgium acquire the Bonds for professional purposes or when their
transactions with respect to the Bonds fall outside the scope of the normal management of their own private
estate.
Any amount paid by the Issuer in excess of the issuance price of the Bonds at the maturity date or at early
redemption, is taxable as interest.
Capital gains realised on the sale of the Bonds, except for the pro rata of accrued interest, are in principle tax
exempt, unless the gains are realised outside the scope of the normal management of one’s own private estate or
except if the Bonds are sold to the Issuer. In the latter case, the capital gain is taxable as interest. Capital losses
are not tax deductible.
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Payments of interest on the Bonds made through a paying agent in Belgium will in principle be subject to a
15% withholding tax in Belgium (calculated on the interest received after deduction of any non-Belgian
withholding taxes). The Belgian withholding tax constitutes the final income tax for natural persons. This means
that they do not have to declare the interest obtained on the Bonds in their personal income tax return, provided
withholding tax was levied on these interest payments.
However, if the interest is paid outside Belgium without the intervention of a Belgian paying agent, the
interest received (after deduction of any non-Belgian withholding tax) must be declared in the personal income
tax return and will be taxed at a flat rate of 15% (plus communal surcharges).
Tax treatment of Belgian corporations
Corporations Bondholders who are Belgian residents for tax purposes, i.e. who are subject to Belgian
Corporate Income Tax (“Vennootschapsbelasting/Impôt des sociétés”) are in Belgium subject to the following
tax treatment with respect to the Bonds.
Interest derived by Belgian corporate investors on the Bonds and capital gains realised on the Bonds will be
subject to Belgian corporate income tax of 33.99%. Capital losses are deductible.
Interest payments on the Bonds made through a paying agent in Belgium can under certain circumstances be
exempt from withholding tax, provided a certificate is delivered. The withholding tax that has been levied is
creditable conform to the legal provisions.
Other legal entities
Legal entities Bondholders who are Belgian residents for tax purposes, i.e. who are subject to Belgian tax on
legal entities (“Rechtspersonenbelasting/impôt des personnes morales”) are in Belgium subject to the following
tax treatment with respect to the Bonds.
Any amount paid by the Issuer in excess of the issuance price of the Bonds at the maturity day or at early
redemption is taxable as interest.
Capital gains realised on the sale of the Bonds whether or not on the maturity date, except for the prorata of
accrued interest, are in principle tax exempt, unless the Bonds are sold to the Issuer. In the latter case, the capital
gain is taxable as interest. Capital losses are not tax deductible.
Payments of interest on the Bonds made through a paying agent in Belgium will in principle be subject to a
15% withholding tax in Belgium and no further tax on legal entities will be due on the interest.
However, if the interest is paid outside Belgium without the intervention of a Belgian paying agent and
without the deduction of Belgian withholding tax, the legal entity itself is responsible for the deduction and
payment of 15% withholding tax.
Tax treatment of non-resident investors
Income from the Bonds paid through a Belgian financial institution is in principle subject to a withholding
tax of 15%. However, if the investor is resident of a country that has entered into a double taxation agreement
with Belgium, a reduction or an exemption of withholding tax may be applicable under specified circumstances.
Non-resident investors can obtain an exemption of Belgian withholding tax on interest from the Bonds if
they deliver an affidavit confirming their non-resident status, provided the Bonds are held by the non-residents in
open custody with a Belgian financial institution and are not used by the Bondholder for carrying on a business in
Belgium.
If the Bondholder is a Belgian branch of a foreign company to which the Bonds are attributable, the rules
applicable to Belgian corporations will apply.
The EU Savings Directive
On June 3, 2003, the Council of the European Union adopted the Council Directive 2003/48/EC regarding
the taxation of savings income (hereafter, the “Savings Directive”), which has been implemented in Belgium by
the law of May 17, 2004. The Savings Directive entered into force on July 1, 2005.
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Under the Directive, Member States are since July 1, 2005 required to provide to the tax authorities of other
Member States or the tax authorities of the Netherlands Antilles, Aruba, Guernsey, Jersey, the Isle of Man,
Montserrat and the British Virgin Islands (hereafter, the “Dependant and Associated Territories”, each a
“Dependant and Associated Territory”) details of payments of interest and other similar income paid by a paying
agent (within the meaning of the Savings Directive) to (or under certain circumstances, to the benefit of) an
individual resident in another Member State or resident in a Dependant and Associated Territory, except that
Austria, Belgium and Luxembourg are instead required to impose a withholding system for a transitional period
unless the beneficiary of the interest payments elects for the exchange of information. The withholding tax rate is
initially 15%, increasing steadily to 20% and to 35%. The ending of such transitional period depends on the
conclusion of certain other agreements relating to exchange of information with certain other countries.
Pursuant to the Savings Directive, Belgian paying agents will as of 1 July 2005 apply a taxation at source on
interest payments to individual Bondholders resident in another EU member state than Belgium or resident in a
Dependant and Associated Territory. This taxation at source is levied in addition to the applicable Belgian
withholding tax.
Individuals not resident in Belgium
A Belgian paying agent will withhold a tax at source (“woonstaatheffing/prélèvement pour l’Etat de
résidence”, hereafter “Source Tax”) at the rate of 15% on the interest payments made to an individual, beneficial
owner of the interest payments and resident in another EU Member State or resident in one of the Associated and
Dependant Territories. The rate of the Source Tax will increase to 20% on 1 July 2008 and to 35% on 1 July
2011.
The Source Tax is levied in addition to the Belgian withholding tax which has been withheld.
The Source Tax is levied pro rata to the period of holding of the Bonds by the beneficial owner of the
interest payments.
No Source Tax will be applied if the investor provides the Belgian paying agent with a certificate drawn up
in his name by the competent authority of his state of residence for tax purposes. The certificate must at least
indicate: (i) name, address and tax or other identification number or, in the absence of the latter, the date and
place of birth of the beneficial owner; (ii) name and address of the paying agent; and (iii) the account number of
the beneficial owner, or where there is none, the identification of the security.
Individuals resident in Belgium
An individual resident in Belgium will be subject to the provisions of the Savings Directive, if he receives
interest payments from a paying agent (within the meaning of the Savings Directive) established in another EU
Member State, Switzerland, Liechtenstein, Andorra, Monaco, San Marino, the Netherlands Antilles, Aruba,
Guernsey, Jersey, the Isle of Man, Montserrat, the British Virgin Islands, the Cayman Islands, Anguilla or the
Turks and Caicos Islands.
If the interest received by an individual resident in Belgium has been subject to a Source Tax, such Source
Tax does not liberate the Belgian individual from declaring the interest income in the personal income tax
declaration. The Source Tax will be credited against the personal income tax. If the Source Tax withheld exceeds
the personal income tax due, the excessive amount will be reimbursed, provided it amounts to at least EUR 2.50.
Indirect taxes
Stock exchange tax and tax on repurchase transactions
A stock exchange tax will be levied on the purchase and sale in Belgium of the Bonds on a secondary
market through a professional intermediary. The rate applicable for secondary sales and purchases in Belgium
through a professional intermediary is 0.07% with a maximum amount of EUR 500 per transaction and per party.
A separate tax is due from each of the seller and the purchaser, both collected by the professional intermediary.
A tax on repurchase transactions (“taxe sur les reports”) at the rate of 0.085 per cent (subject to a maximum
of EUR 500 per party and per transaction) will be due from each party to any such transaction entered into or
settled in Belgium in which a professional intermediary for stock transactions acts for either party.
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However, the tax on stock exchange transactions and the tax on repurchase transactions referred to above
will not be payable by exempt persons acting for their own account, including certain Belgian institutional
investors, as defined in Articles 126-1.2 and 139 of the code of taxes assimilated to stamp tax (“Code des taxes
assimilées au timbre”) and non-residents acting for their own account provided they deliver an affidavit to the
financial intermediary in Belgium confirming their non-resident status.
Tax on the physical delivery of bearer securities, if any
The physical delivery, if any, of Definitive Bonds in bearer form following their acquisition on the
secondary market is subject to a tax on the physical delivery of bearer Bonds of 0.60% if the delivery is made
through the intervention of a professional intermediary. The tax is also applicable on the conversion of registered
securities in bearer securities and pursuant to a withdrawal of these securities from open custody.
The tax on the delivery of bearer Bonds is due either on the sums payable by the purchaser, or on the sales
value of the Bonds as estimated by the custodian in the case of a withdrawal from open custody or by the person
asking for the conversion of the Bonds in case of conversion of a registered note in a bearer note. The tax is
payable by the issuer, the professional intermediary or the custodian.
The physical delivery of bearer Bonds to recognised Belgian professional intermediaries (such as credit
institutions), acting for their own account, is exempt from the above tax.
Denmark
The following is a general description of the Danish tax considerations relating to the Bonds. It does not
purport to be a complete analysis of all Danish tax considerations relating to the Bonds and it does not set out
details in relation to purchasers to whom special rules apply, including, but not limited to, persons whose
ordinary activities involve them in acquiring securities for the purpose of their businesses. The description is
therefore not relevant to institutional investors, insurance companies or banks.
Danish tax classification of the Bonds
The Bonds are believed to qualify as debt instruments for Danish tax purposes. It is believed that the Bonds
classify as ordinary bonds denominated in a foreign currency.
Tax position of individuals
Bonds held as non-business assets
Interest received under the Bonds by Danish tax resident individuals (having a domicile or habitual abode in
Denmark) will be taxed as capital income at rates up to 59%. The actual effective tax rate will depend on the
investor’s overall capital income position. The interest income is to be considered in the taxable income in the
income year where the interest matures.
Gains and losses realized upon redemption or sale of the Bonds are also to be considered in the taxable
income, disregarding however gains and losses below DKK 1,000.
A gain will be taxed as capital income at rates up to 59%. The actual effective tax rate will depend on the
investor’s overall capital income position. A loss on the Bonds may be utilized for offset against similar and
other sources of income. The Gain/loss is to be considered in the taxable income in the year of redemption/sale.
The taxable gain/loss is determined as the difference between the redemption amount/sales price and the
acquisition cost. When computing the taxable gain/loss, the Bondholder’s foreign exchange gains/losses on the
Bonds are also considered.
Bonds held as business assets
If the Bonds are held by Danish tax resident individuals as business assets, interest received under the Bonds
is taxed as personal income at rates up to approx. 63% including social security contributions. The same applies
to non-resident individuals whose Bonds are used, held or acquired for the purpose of a trade or vocation carried
out in Denmark through a permanent establishment.
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Gains and losses realized upon redemption or sale of the Bonds are also considered in the taxable income
and are taxed as personal income at rates up to approx. 63%. A loss on the Bonds may be utilized for offset
against similar and other sources of income. The Gain/loss is to be considered in the taxable income in the year
of redemption/sale.
The taxable gain/loss is determined as the difference between the redemption amount/sales price and the
acquisition cost. When computing the taxable gain/loss, the Bondholder’s foreign exchange gains/losses on the
Bonds are also considered.
Stamp duty and transfer taxes
The purchase, sale or disposal of the Bond is not subject to stamp duty, transfer taxes or value added tax in
Denmark.
Tax position of corporate investors
Bonds held as portfolio assets
Interest received under the Bonds by Danish tax resident corporate investors (having a domicile or effective
seat of management in Denmark) will be taxed at the standard corporate income tax rate of 28%. The interest
income is to be considered in the taxable income on an accrual basis.
Gains and losses realized at redemption or sale of the Bonds are also to be considered in the taxable income
and will be subject to tax at the standard corporate income tax rate of 28%. A loss on the Bonds may be utilized
for offset against similar and other sources of taxable income. The gain/loss is to be considered in the taxable
income in the year of redemption/sale.
The taxable gain/loss is determined as the difference between the redemption amount/sales price and the
acquisition cost. When computing the taxable gain/loss, the Bondholder’s foreign exchange gains/losses on the
Bonds are also considered.
Bonds held as business assets
Bonds held by the Danish corporate investor as business assets are taxed in the same way as Bonds held as
portfolio assets. The same applies to non-resident corporate investors whose Bonds are used, held or acquired for
the purpose of a trade or vocation carried out in Denmark through a permanent establishment.
Stamp duty and transfer taxes
The purchase, sale or disposal of the Bond is not subject to stamp duty, transfer taxes or value added tax in
Denmark.
France
Withholding tax (retenue à la source, Art. 125 A III of the French tax code)
Payments of interest and other revenues in respect of the Bonds will not be subject to French withholding
tax provided that the Issuer is not issuing the Bonds through a permanent establishment located in France,
although French resident individuals may, under certain conditions and pursuant to article 125 A I of the French
tax code, elect for the benefit of the fixed levy regime (prélèvement libératoire).
Ireland
The following is a summary of Irish withholding tax considerations relating to the owning of the Bonds
based on current law and practice in Ireland. It does not purport to be a complete analysis of all Irish tax
considerations relating to the Bonds. This general summary is based upon Irish taxation laws currently in force,
regulations promulgated thereunder, specific proposals to amend any of the foregoing publicly announced prior
to the date hereto and the currently published administrative practices of the Irish Revenue Commissioners, all
as of the date hereof. Taxation laws are subject to change, from time to time, and no representation is or can be
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made as to whether such laws will change or what impact, if any, such changes will have on the statements
contained in this summary. It is assumed for the purposes of this summary that any proposed amendments will be
enacted in the form proposed. No assurance can be given that proposed amendments will be enacted as proposed
or that legislation or judicial changes or changes in administrative practice will not modify or change the
statements expressed herein.
This summary is of a general nature only. It does not constitute tax or legal advice and does not discuss all
aspects of Irish taxation that may be relevant to any particular holder of Bonds.
Holders of Bonds are advised to consult their own tax advisers with respect to the application of Irish
taxation laws to their particular circumstances in relation to the purchase, ownership or disposition of Bonds.
Encashment Tax
A paying agent in Ireland who obtains a payment of interest from the Bonds on behalf of an investor may be
required to withhold Irish tax at the standard rate (20%) unless the agent is supplied with a non-resident
declaration in a form approved by the Irish Revenue.
Withholding Tax
There is no requirement to withhold Irish tax on interest paid on the Bonds other than the obligation to
withhold outlined above under “Encashment Tax”.
Luxembourg
The statements herein regarding taxation in Luxembourg are based on the laws in force in the Grand Duchy
of Luxembourg as of the date of this Base Prospectus and are subject to any changes in law. The following
summary does not purport to be a comprehensive description of all the tax considerations which may be relevant
to a decision to purchase, own or dispose of the Bonds. Each prospective holder or beneficial owner of the Bonds
should consult its tax advisor as to the Luxembourg tax consequences of the ownership and disposition of the
Bonds.
Luxembourg withholding tax
Under Luxembourg tax law currently in effect and with the possible exception of interest paid to individual
holders of the Bonds, there is no Luxembourg withholding tax on payments of interest (including accrued but
unpaid interest). There is also no Luxembourg withholding tax, with the possible exception of payments made to
individual holders of the Bonds, upon repayment of principal in case of reimbursement, redemption, repurchase
or exchange of the Bonds.
Luxembourg non-resident individuals
Under the Luxembourg laws dated June 21, 2005 implementing the European Council Directive 2003/48/EC
on the taxation of savings income (the “Savings Directive”) and several agreements concluded between
Luxembourg and certain dependent territories of the European Union, a Luxembourg based paying agent (within
the meaning of the Savings Directive) is required since July 1, 2005 to withhold tax on interest and other similar
income paid by it to (or under certain circumstances, to the benefit of) an individual resident in another Member
State, unless the beneficiary of the interest payments elects for an exchange of information. The same regime
applies to payments made to individuals resident in certain EU dependent territories.
The withholding tax rate is initially 15 per cent., increasing steadily to 20 per cent. and to 35 per cent.
The withholding tax system will only apply during a transitional period, the ending of which depends on the
conclusion of certain agreements relating to information exchange with certain third countries.
Luxembourg resident individuals
A 10% withholding tax has been introduced, as from January 1, 2006, on interest payments made by
Luxembourg paying agents (defined in the same way as in the Savings Directive) to Luxembourg individual
residents. Only interest accrued after July 1, 2005 falls within the scope of the withholding tax.
This withholding tax represents the final tax liability for the Luxembourg resident individuals taxpayers.
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Portugal
Portuguese resident individuals to whom interest arising from the Bonds is paid are taxed at the personal
income tax (Imposto sobre o Rendimento das Pessoas Singulares) rates that vary from 10.5% to 42%. The
interest received is aggregated in the overall income of the individual.
Portuguese corporate entities are also subject to tax (Imposto sobre o Rendimento das Pessoas Colectivas)
regarding capital income obtained that is subsequently included in the taxpayer’s overall income and taxed at the
current 25% corporate income tax rate, plus an eventual additional surtax in the maximum amount of 10% of the
general corporate income tax rate (maximum effective taxation of 27.5%).
However, should any of the income obtained by a Portuguese individual or a corporate resident entity or by
a Portuguese branch of a non-resident entity be subject to taxation at the country where it is obtained (taxation at
source), Portugal grants a tax credit which shall correspond to the lower of the following amounts:
(a) tax paid abroad; or
(b) portion of Portuguese tax, assessed prior to the deduction of the tax credit, corresponding to income
obtained abroad, net of the specific deductions foreseen for Portuguese resident individuals as well as
costs or losses directly or indirectly incurred to obtain the income regarding corporate entities.
If a double tax treaty between Portugal and the source country exists, the tax credit amount may not exceed
the tax that would be due abroad under the terms of the relevant double tax treaty.
Resident individuals are tax exempt (not subject to taxation) regarding any capital gains realized in relation
to the Bonds. Capital gains obtained by a company (not incorporated as a Portuguese holding company) are
considered for the determination of its taxable basis.
Spain
1 Spanish resident individuals
1.1. Personal Income Tax (Impuesto sobre la Renta de las Personas Físicas, “PIT”)
Any income obtained by Spanish resident individuals under the Bonds, whether in the form of interest or as
per the transfer or redemption of the Bonds, will be regarded as capital-sourced income (i.e. financial income)
subject to PIT at marginal rates up to 45%. However, if the income has been generated over a period of more
than two years, then a 40% reduction will be available (i.e. only 60% of the income will be taxable).
Please note that income obtained by Spanish resident individuals under the Bonds will be subject to
withholding tax at 15% on account of the final PIT liability of the Spanish individual investor to be deducted by
the Spanish entity, or the non-Spanish entity with a permanent establishment in Spain, which acts:
(i) As depositary of the Bonds or as the entity in charge of collecting the income derived from the Bonds;
(ii) On behalf of the seller, in the case of income obtained upon transfer of the Bonds intervened by a
financial entity; or
(iii) On behalf of the Issuer in the case of income obtained upon redemption of the Bonds.
1.2. Wealth Tax (Impuesto sobre el Patrimonio)
Spanish resident individuals who are obliged to pay Wealth Tax must take into account the value of the
Bonds which they hold as at 31 December in each year, when calculating their Wealth Tax liability.
1.3. Inheritance and Gift Tax (Impuesto sobre Sucesiones y Donaciones)
Spanish resident individuals who acquire ownership or other rights over any Bonds by inheritance, gift or
legacy will be subject to Inheritance and Gift Tax in accordance with the applicable regional or State rules.
223
2 Spanish resident corporates
2.1. Corporate Income Tax (Impuesto sobre Sociedades, “CIT”)
Any income derived by Spanish corporates under the Bonds will be included in their CIT taxable income in
accordance with applicable CIT legislation. The general CIT rate is of 35% (although other rates may be
applicable to certain investors).
Since the Issuer of the Bonds is a non-Spanish resident entity, no withholdings on account of the final CIT
liability of Spanish corporate investors will have to be deducted on income derived under the Bonds if, and to the
extent that, the Bonds are listed on an organised market of an OECD country.
2.2. Wealth Tax
Corporates are not subject to Wealth Tax.
2.3. Inheritance and Gift Tax
Spanish corporates are not subject to Inheritance and Gift Tax. Conversely, Spanish corporates receiving
Bonds by inheritance, gift or legacy will be generally taxed under CIT on the market value of the Bonds.
Sweden
A Swedish legal entity, or a foreign legal entity conducting business in Sweden, effecting an interest
payment in cash is required to withhold Swedish tax at a rate of 30 per cent. of the interest payment, provided
that the entity is obliged to submit an income statement (Sw: kontrolluppgift) in respect of the interest paid.
Income statements shall be submitted in respect of interest payments to Swedish individuals and estates of
deceased Swedish individuals. Thus, if a Swedish administrator or other intermediary is involved and effects the
interest payment, the liability to withhold tax is imposed on the intermediary. However, if the payments are made
directly by the foreign entity issuing the securities or by any other foreign entity, no obligation to withhold tax
occurs provided that the issuer or the foreign entity does not conduct business in Sweden.
It should be noted that the tax required to be withheld is only of a preliminary nature. The interest payment
will be reported in the tax return and subject to final tax. A discrepancy between the preliminary tax withheld and
the final tax may occur e.g. if the security holder has made interest payments that are deductible for Swedish tax
purposes. Any amount resulting from the final assessment in excess of the tax withheld will be repaid to the
security holder.
United Kingdom
The comments below are of a general nature based on current United Kingdom law and practice. They
relate only to the position of persons who are the absolute beneficial owners of the Bonds and may not apply to
certain classes of holders, such as dealers in securities or certain professional investors. This summary only
deals with certain limited aspects of the taxation consequences of acquiring, holding and disposing of Bonds and
it is not, and does not purport to be, an exhaustive summary of the taxation consequences of acquiring, holding
and disposing of Bonds. Bondholders who are in any doubt as to their tax position should consult their
professional advisers.
Interest on the Bonds
Persons in the United Kingdom paying interest to or receiving interest on behalf of another person may be
required to provide certain information to HM Revenue and Customs regarding the identity of the payee or
person entitled to the interest and, in certain circumstances, such information may be exchanged with tax
authorities in other countries.
Corporate Bondholders
Bondholders within the charge to United Kingdom corporation tax (including non-resident Bondholders
whose Bonds are used, held or acquired for the purposes of a trade or vocation carried on in the United Kingdom
through a permanent establishment) will be subject to tax as income on all profits and gains from the Bonds
224
broadly in accordance with their statutory accounting treatment. Such Bondholders will generally be charged in
each accounting period by reference to interest and other amounts which in accordance with generally accepted
accounting practice are recognised in determining the Bondholder’s profit or loss for that period. Fluctuations in
value relating to foreign exchange gains and losses in respect of the Bond will be brought into account as income.
Other Bondholders
A disposal of a Bond by a Bondholder resident or ordinarily resident for tax purposes in the United
Kingdom or who carries on a trade, profession or vocation in the United Kingdom through a branch or agency to
which the Bond is attributable may give rise to a chargeable gain or allowable loss for the purposes of taxation of
capital gains. In calculating any gain or loss on disposal of a Bond, sterling values are compared at acquisition
and transfer. Accordingly, a taxable profit can arise even where the foreign currency amount received on a
disposal is less than or the same as the amount paid for the Bond. Any accrued interest at the date of disposal will
be taxed under the provisions of the accrued income scheme (see below).
A transfer of a Bond by a holder resident or ordinarily resident for tax purposes in the United Kingdom or
who carries on a trade in the United Kingdom through a branch or agency to which the Bond is attributable may
give rise to a charge to tax on income in respect of an amount representing interest on the Bond which has
accrued since the preceding interest payment date.
Inheritance Tax
Provided that the relevant Bonds are physically held outside the United Kingdom at the time of death or gift
no UK inheritance tax is charged on such death or gift if the Bondholder is neither domiciled, nor deemed to be
domiciled, in the United Kingdom. Where the Bonds are held in a clearing system HM Revenue and Customs is
known to consider that the situs of the relevant assets is not necessarily determined by the place where the Bonds
are physically held.
Prospective Bondholders to whom this may be of significance are asked to consult their own professional
advisers.
EU Directive on the Taxation of Savings Income
On June 3, 2003 the Council of the European Union adopted a Council Directive on the taxation of savings
income in the form of interest payments (the “Directive”). The Directive applies to interest payments (as defined
in the Directive) made in one Member State to or for individual beneficial owners (as defined in the Directive)
who are resident in another Member State and requires all Member States to adopt an information reporting
system with regard to such payments. However, for a transitional period, Austria, Belgium, and Luxembourg are
permitted to operate a withholding tax system.
Application of the Directive by Member States was conditional on certain European third countries
(Switzerland, Andorra, Liechtenstein, Monaco, and San Marino) and certain dependent or associated territories
(Anguilla, Aruba, British Virgin Islands, Cayman Islands, Guernsey, Isle of Man, Jersey, Montserrat,
Netherlands Antilles, Turks and Caicos Islands) applying equivalent or, respectively, the same measures from the
same date. On June 24, 2005, the Council confirmed in a “green light note” that all parties (including the EU
Member States) will apply the agreed savings tax measures from July 1, 2005. The transitional period
commenced on the same date.
Under the information reporting system, a Member State will automatically communicate to the beneficial
owner’s Member State of residence information regarding interest payments (including the identity and residence
of the beneficial owner) made by paying agents (as defined in the Directive) established within the former
Member State, without requiring reciprocity. Under the withholding tax system (for Austria, Belgium, and
Luxembourg), a Member State will levy a withholding tax in respect of interest payments made by paying agents
established within its territory at a rate of 15 per cent. during the first three years of the transitional period, 20 per
cent. for the subsequent three years, and 35 per cent. thereafter. The transitional period will end, and those
Member States permitted to levy a withholding tax will, instead, be required to implement an information
reporting system at the end of the first fiscal year following agreement regarding information exchange by certain
225
non-EU countries with respect to interest payments. Similar provisions apply to interest payments made by
paying agents established in the above-mentioned European third countries and dependent or associated
territories to beneficial owners resident in an EU Member State (and in some cases vice versa).
Under the Directive, the term “paying agent” means, generally, the last intermediary in any given chain of
intermediaries that pays interest directly to, or secures the payment of interest for the immediate benefit of, the
beneficial owner; the term “interest” is defined broadly and would include interest relating to debt-claims of any
kind, including income from bonds; and the term “beneficial owner” means any individual who receives an
interest payment or any individual for whom an interest payment is secured, unless he or she provides evidence
that it was not received or secured for his or her own benefit.
226
SUBSCRIPTION AND SALE
General
On or around March 2, 2006, the Issuer, the Guarantor and the Managers will enter into a subscription
agreement (the “Subscription Agreement”), pursuant to which the Issuer will agree to sell to the Managers, and
the Managers will agree, subject to certain customary closing conditions, to purchase the Bonds at a price not less
than [98.00]% of the principal amount of the Bonds. Such price will be determined in a bookbuilding procedure.
The underwriting and placement commissions are dependent on the aggregate principal amount of the Bonds
issued and will amount to up to 2.00% of the aggregate principal amount of Bonds issued.
Each of the Managers will subscribe the Bonds at a quota that will be agreed upon once the aggregate
principal amount, the issue price and the rate of interest of the Bonds have been determined as set out below.
The Subscription Agreement will provide that the Managers are entitled, under certain circumstances, to
terminate the Subscription Agreement. In such event, no Bonds will be delivered to investors. Furthermore, each
of the Issuer and the Guarantor will agree to indemnify the Managers against certain liabilities in connection with
the offer and sale of the Bonds.
The final aggregate principal amount, the issue price and the rate of interest of the Bonds will be determined
at the latest on or around March 1, 2006 on the basis of a bookbuilding procedure involving qualified investors
carried out during the bookbuilding period beginning on or around February 21, 2006. The results of the
bookbuilding procedure will be published by the Issuer on or around March 2, 2006 in accordance with § 8(1)
WpPG by publishing an announcement in the Frankfurter Allgemeine Zeitung.
The time period for the offer of the Bonds is intended to commence on or around February 21, 2006 and will
end at the latest on or around March 1, 2006 or on such later date as the Issuer, the Guarantor and the Managers
may determine.
The Managers or their affiliates have provided from time to time, and expect to provide in the future,
investment services to the Group, for which the Managers or their affiliates have received or will receive
customary fees and commissions.
There are no interests of natural and legal persons involved in the issue, including conflicting ones, that are
material to the issue.
Selling Restrictions
European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (the “Prospectus Directive”) (each, a “Relevant Member State”), each Manager has represented and
agreed, that with effect from and including the date on which the Prospectus Directive is implemented in that
Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of
Bonds to the public in that Relevant Member State prior to the publication of a prospectus in relation to the
Bonds which has been approved by the competent authority in that Relevant Member State or, where appropriate,
approved in another Relevant Member State and notified to the competent authority in that Relevant Member
State, all in accordance with the Prospectus Directive, except that it may, with effect from and including the
Relevant Implementation Date, make an offer of Bonds to the public in that Relevant Member State at any time
(a) to legal entities which are authorised or regulated to operate in the financial markets or, if not so
authorised or regulated, whose corporate purpose is solely to invest in securities;
(b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last
financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of
more than €50,000,000, as shown in its last annual or consolidated accounts; or
(c) in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant
to Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an “offer of Bonds to the public” in relation to any Bonds
in any Relevant Member State means the communication in any form and by any means of sufficient information
227
on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to purchase or
subscribe the Bonds, as the same may be varied in that Member State by any measure implementing the
Prospectus Directive in that Member State and the expression Prospectus Directive means Directive 2003/71/EC
and includes any relevant implementing measure in each Relevant Member State.
Austria
The following selling restriction shall apply to offers of the Bonds in Austria in place of those for the
European Economic Area set out above.
No offer of the Bonds may be made to the public in Austria, except that an offer of the Bonds may be made
to the public in Austria (a) in the period beginning one bank working day following (i) the date of publication of
a prospectus in relation to the Bonds which has been approved by Finanzmarktaufsichtsbehörde in Austria (the
“FMA”) or, where appropriate, approved in another Member State and notified to the FMA, all in accordance
with the Prospectus Directive and ending on the date which is 12 months after the date of such publication and
(ii) the date of filing of a notification with Oesterreichische Kontrollbank, all as prescribed by the Capital Market
Act 1991 (“CMA”; Kapitalmarktgesetz 1991), or (b) otherwise in compliance with the CMA.
For the purposes of this provision, the expression “an offer of the Bonds to the public” means the
communication to the public in any form and by any means of sufficient information on the terms of the offer
and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe the Bonds.
France
Each of the Managers and the Issuer has represented and agreed that it has only made and will only make an
offer of Bonds to the public in France in the period beginning (i) when a prospectus in relation to those Bonds
has been approved by the Autorité des marchés financiers (“AMF”), on the date of its publication or, (ii) when a
prospectus has been approved by the competent authority of another Member State of the European Economic
Area which has implemented the EU Prospectus Directive 2003/71/EC, on the date of notification of such
approval to the AMF, all in accordance with articles L.412-1 and L.621-8 of the French Code monétaire et
financier and the Règlement général of the AMF, and ending at the latest on the date which is 12 months after the
date of the approval of the Prospectus.
This Prospectus prepared in connection with the issue of the Bonds has not been submitted to the clearance
procedures of the AMF.
Ireland
Each Manager has represented and agreed that it has complied and will comply with all applicable
provisions of the Investment Intermediaries Acts, 1995 to 2000 of Ireland (as amended) (the “Intermediaries
Acts”) with respect to anything done by it in relation to the Bonds or operating in, or otherwise involving, Ireland
and, where a Manager is acting under and within the terms of an authorisation to do so for the purposes of EU
Council Directive 93/22/EEC of May 10, 1993 (as amended or extended), it has complied with any codes of
conduct made under the Intermediaries Acts and where a Manager is acting within the terms of an authorisation
granted to it for the purposes of EU Council Directive 2000/12/EC of March 20, 2000 (as amended or extended),
it has complied with any codes of conduct or practice made under Section 117(1) of the Central Bank Act, 1989
of Ireland (as amended).
Portugal
Each Manager has represented and agreed that, to but excluding the date on which the Prospectus Directive
is implemented in Portugal, (i) it has only offered and will only offer the Bonds to Institutional Investors within
the meaning of Article 30 of the Securities Code (Código dos Valores Mobiliários), or to no more than 200 (noninstitutional) Portuguese investors, (ii) no offer in relation to the Bonds has been or will be preceded or followed
by promotion or solicitation to unidentified investors, or followed by publication of any promotional material, in
Portugal, provided that each Manager may offer Bonds to the public if such offer has been registered with the
Portuguese Securities Market Commission (the “CMVM”) and a prospectus in relation to the Bonds has been
published which (a) has been approved by the CMVM or (b) has been approved in another Member State of the
European Economic Area and notified to the CMVM.
228
Institutional Investors within the meaning of Article 30 of the Securities Code (Código dos Valores
Mobiliários) includes credit institutions, investment firms, insurance companies, collective investment
institutions and their respective managing companies, pension funds and their respective pension fund-managing
companies, other authorised or regulated financial institutions, notably securitisation funds and their respective
management companies and all other financial companies, securitisation companies, venture capital companies,
venture capital funds and their respective management companies.
Sweden
In relation to Sweden, each Manager has represented and agreed, that it has not made and will not make an
offer of Bonds to the public in Sweden prior to the publication of a prospectus in relation to the Bonds which has
been approved by the competent authority in Sweden or in another Relevant Member State and notified to the
competent authority in Sweden, all in accordance with the Prospectus Directive, except that it may, with effect
from and including the Relevant Implementation Date, make an offer of Bonds to the public in Sweden at any
time
(a) to legal entities which are authorised or regulated to operate in the financial markets or, if not so
authorised or regulated, whose corporate purpose is solely to invest in securities;
(b) to any legal entity which has two or more of (1) an average of at least 250 employees during the last
financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of
more than €50,000,000, all as shown in its last two annual or consolidated accounts; or
(c) in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant
to Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an “offer of Bonds to the public” and the expression
“Prospectus Directive” have the same meaning as defined in the provision on the EEA.
United Kingdom
Each Manager has represented, warranted and agreed that:
(a) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of
section 21 of the Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection
with the issue or sale of any Bonds in circumstances in which section 21(1) of the FSMA does not
apply to the Issuer or the Guarantor and
(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything
done by it in relation to the Bonds in, from or otherwise involving the United Kingdom.
United States of America
The Bonds and the Guarantee have not been and will not be registered under the U.S. Securities Act of
1933, as amended, (the “Securities Act”) and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the
Securities Act. Terms used in this paragraph have the meanings given to them by Regulation S under the
Securities Act (“Regulation S”).
The Bonds are subject to U.S. tax law requirements and may not be offered, sold or delivered within the
United States or its possessions or to a United States person, except in certain transactions permitted by U.S. tax
regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of
1986 and regulations thereunder.
Each Manager has agreed that, except as permitted by the Subscription Agreement, it will not offer, sell or
deliver the Bonds and the Guarantee (i) as part of their distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering and the Issue Date, within the United States or to, or for the
account or benefit of, U.S. persons, and it will have sent to each dealer to which it sells Bonds and the Guarantee
during the distribution compliance period a confirmation or other notice setting forth the restrictions on offers
and sales of the Bonds and the Guarantee within the United States or to, or for the account or benefit of, U.S.
persons. Terms used in this paragraph have the meanings given to them by Regulation S.
229
In addition, until 40 days after the commencement of the offering of the Bonds and the Guarantee, an offer
or sale of Bonds and the Guarantee within the United States by a dealer that is not participating in the offering
may violate the registration requirements of the Securities Act.
General
Each of the Managers has acknowledged that, except for the Federal Republic of Germany and the other EU
member states to which this Prospectus is notified pursuant to § 18 WpPG, no action is taken or will be taken by
the Issuer in any jurisdiction that would permit a public offering of the Bonds, or possession or distribution of
any offering material relating to them, in any jurisdiction where action for that purpose is required.
Each of the Managers has represented and agreed that it will comply with all applicable laws and regulations
in each jurisdiction in which it purchases, offers, sells or delivers Bonds or has in its possession or distributes any
offering material relating to them.
230
GENERAL INFORMATION
(1) The creation and issue of the Bonds has been authorised by a resolution of the Board of Managing Directors
of the Issuer dated February 9, 2006 and by a resolution of the Supervisory Board of the Issuer dated
February 10, 2006. The giving of the Guarantee in respect of the Bonds has been authorised by a resolution
of the Board of Management (Vorstand) of the Guarantor dated February 10, 2006.
(2) For so long as any Bond is outstanding, copies of the following documents may be inspected in physical
form during normal business hours at the registered office of the Issuer and the Guarantor and the specified
office of the Principal Paying Agent:
(a) the Guarantee;
(b) the Articles of Association of the Issuer;
(c) the Articles of Association (Satzung) of the Guarantor;
(d) the Prospectus; and
(e) all reports, letters and other documents, historical financial information, valuations and statements,
prepared by any expert at the Issuer’s and/or Guarantor’s request, any part of which is included or
referred to in the Issuer’s and the Guarantor’s description, in particular the documents specified in the
section “Documents Incorporated by Reference” in this Prospectus.
(3) BaFin, as competent authority under Directive 2003/71/EC, has approved this Prospectus on February 17,
2006 pursuant to § 13 (1) sentence 2 of the German Securities Prospectus Act (Wertpapierprospektgesetz,
the “WpPG”), which requires the scrutiny of the Prospectus in relation to its completeness, coherence and
comprehensibility. Application has been made to the Frankfurt Stock Exchange for the Bonds to be admitted
to listing on the official market (Amtlicher Markt) and traded on its regulated market. The Bonds are
expected to be traded from [March 6,] 2006 on.
(4) All of the notices associated with the Bonds will in accordance with the rules of the Frankfurt Stock
Exchange be published in a leading newspaper having general circulation in Germany (which is expected to
be the “Börsen-Zeitung”).
(5) The Issuer has appointed Deutsche Bank Aktiengesellschaft as the initial Fiscal Agent and Principal Paying
Agent. For so long as any Bonds are listed on the Frankfurt Stock Exchange, the Issuer will maintain a
paying agent in the Federal Republic of Germany.
(6) The Temporary Global Bond and the Permanent Global Bond will each bear the following legend:
“Any United States person who holds this obligation will be subject to limitations under the United States
income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the Internal Revenue
Code.”
(7) The Bonds have been accepted for clearance through Clearstream Banking AG, Frankfurt am Main with the
following security identification numbers:
ISIN:
DE000A0GNPZ3
Common Code:
024513742
German Securities Code (WKN):
A0GNPZ
(8) The Temporary Global Bond and the Permanent Global Bond will be deposited with Clearstream
Banking AG, Neue Börsenstraße 1, 60487 Frankfurt am Main, Federal Republic of Germany.
(9) The expected rating of the Bonds is A2 from Moody’s5 and A- from Standard & Poor’s6.
(10) Because the Bonds have no final maturity date, a yield to maturity of the Bonds cannot be determined.
5
Obligations rated A by Moody’s are considered upper-medium grade and are subject to low credit risk. Moody’s appends
numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the
obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the
modifier 3 indicates a ranking in the lower end of that generic rating category.
6
An obligation rated A by Standard & Poor’s is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher-rated categories. However, the obligor’s capacity to meet
its financial commitment on the obligation is still strong. Plus (+) or minus (-) signs following ratings from AA to CCC
show relative standing within the major rating categories.
231
Cautionary Note Regarding Forward-looking Statements
This Prospectus includes forward-looking statements. These include statements under “Business”, “Recent
Developments”, “Trend Information”, and elsewhere in this Prospectus relating to, among other things, future
financial performance of Allianz Group, plans and expectations regarding developments in its business, growth
and profitability, and general industry and business conditions applicable to Allianz Group. Allianz Group has
based these forward-looking statements on its current expectations, assumptions, estimates and projections about
future events. These forward-looking statements are subject to a number of risks, uncertainties and assumptions
that may cause Allianz Group’s actual results, performance or achievements or those of its industry to be
materially different from or worse than those forward-looking statements. These factors include, without
limitation:
•
general economic conditions, including in particular economic conditions in Allianz Group’s core
business areas and core markets;
•
function and performance of global financial markets, including emerging markets;
•
frequency and severity of insured loss events, including terror attacks, environmental and asbestos
claims;
•
mortality and morbidity levels and trends;
•
persistency levels;
•
interest rate levels;
•
currency exchange rate developments, including the Euro/U.S. dollar exchange rate;
•
levels of additional loan loss provisions;
•
further impairments of investments;
•
general competitive factors, in each case on a local, regional, national and global level;
•
changes in laws and regulations, including in the European Union and in the United States;
•
changes in the policies of central banks and/or foreign governments;
•
the impact of acquisitions, including related integration and restructuring issues; and
•
terror attacks, events of war, and their respective consequences.
Sources of market-related information
Unless otherwise indicated, data regarding the relative size of various national insurance markets has been
obtained from annual reports prepared by SIGMA, an independent organisation which publishes market research
data on the insurance industry. Any such data obtained from reports prepared by SIGMA has been reproduced
accurately in this Prospectus and, so far as the Issuer and Allianz AG are aware and able to ascertain from
information published by SIGMA, no facts have been omitted which would render the reproduced data
inaccurate or misleading. In addition, unless otherwise indicated, insurance market share data are based on gross
premiums written. Data on position and market share within particular countries are based on Allianz AG’s own
internal estimates.
232
CERTAIN FINANCIAL INFORMATION RELATING TO
ALLIANZ GROUP
Overview
The consolidated financial statements of Allianz Group are presented in accordance with the International
Financial Reporting Standards (IFRS). The information contained in this Prospectus and relating to the profit and
loss accounts and the cash flow statements for the fiscal years ending December 31, 2004 and 2003 and the
information in the balance sheets as of December 31, 2004 and 2003 were taken from or based on Allianz
Group’s consolidated financial statements for the fiscal years ending December 31, 2004 and 2003, which have
been reprinted below (see – “Allianz Group – Consolidated Financial Statements 2004”) or incorporated by
reference in the section “Documents Incorporated by Reference” except as shown in the section “New and
amended Accounting and Valuation Principles in the Financial Year 2005”. KPMG has audited the IFRS
consolidated financial statements of Allianz Group as of December 31, 2004 and 2003 and has issued unqualified
audit opinions with respect thereto.
The information contained in this Prospectus and relating to the profit and loss account and cash flow
statements for the nine-months periods ending September 30, 2005 and 2004 and the information in the balance
sheets as of September 30, 2005 were taken from or based on Allianz Group’s unaudited IFRS nine-months
report for the period ending September 30, 2005, which has been reprinted below (see – “Allianz Group –
Interim Report – First Three Quarters of 2005”).
Allianz Group – Consolidated Financial Statements 2004
The consolidated financial statements 2004 of Allianz AG are reprinted below and separately paginated.
Allianz Group – Interim Report – First Three Quarters of 2005
The interim report first three quarters of 2005 of Allianz Group is reprinted below and separately paginated.
233
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1)
Following a vesting period, the SARs may be exercised at any time between May 19, 2006 and May 18, 2011 at the latest, provided that the Allianz share price stands at a minimum of Û100.16 and has outperformed the Dow Jones EURO STOXX Price Index (600) at least once for a period of 5 consecutive days during the contractual term. For more detailed information about SARs, see page 182 of the
Annual Report.
2)
RSUs are exercised the day following expiration of a five-year vesting period; i. e. on May 5, 2009, at the Allianz AG share price applicable on that date. For more detailed information about RSUs, see
page 183 of the Annual Report.
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