Buch 1.indb - Deutsche Leasing

Transcription

More in Sight
ANNUAL REPORT
2012 13
Overview of Deutsche Leasing
2012 / 13
2011 / 12
2010 / 11
2009 / 10
2008 / 09
New business Deutsche Leasing
6,580
6,031
6,893
6,295
6,557
New business DAL
1,175
1,170
1,016
1,495
1,714
Figures in EUR million
Deutsche Leasing Group
7,755
7,201
7,909
7,790
8,271
Deutsche Leasing Group (excl. S-Kreditpartner)
7,755
7,201
6,943
6,890
7,406
21,647
21,258
20,436
20,562
20,334
Assets under management Deutsche Leasing
Assets under management DAL
11,880
11,762
11,870
11,794
13,151
33,527
33,020
32,306
32,356
33,485
Balance sheet total
15,891
15,507
14,458
14,922
14,990
Net asset value
1,666
1,611
1,466
1,395
1,309
Equity
596
559
425
400
390
Economic result
139
143
131
124
50
1,897
1,776
1,749
1,806
1,825
453
445
452
460
470
Number of employees at Deutsche Leasing
thereof outside Germany
Number of employees at DAL
30,5
22,5
New business of the Deutsche Leasing Group
by business segment
7
per cent
7
239
237
242
250
247
2,136
2,013
1,991
2,056
2,072
in Germany / other countries
6.1
per cent
EUR billion
10
per cent
25
per cent
51
per cent
5
5
1.7
EUR billion
,5
,5
30,5
22,5
Machinery and equipment
Road vehicles
Information and communication technology
Real estate
Energy and transport
Germany
Other countries
FACTS & FIGURES
Overview of Deutsche Leasing
ANNUAL REPORT
Deutsche Leasing
More in Sight
More
communicating
Page 8
And bringing greater efficiency
to complex systems.
More
daring to do
Page 12
And conjuring 60 eight-course meals
from a single truck.
More
producing
Page 16
And joining German engineering ingenuity
on its travels around the world.
More
moving
Page 20
And providing reliable support for our
customers’ mobility.
More
investing
Page 24
And breathing new life into
traditional brewing expertise.
2012 13
Deutsche Leasing
international
Rising to international challenges while minimising financing risks – this is a task which
we love to solve. We provide you with direct, on-site assistance through our know-how
and our leasing and other services. Our employees may assist you in your own language
as well as German and English. Our leasing concepts are tailored to your specific role as
an exporter or investor and reflect local conditions in your country. You will find a partner in us who thinks and acts as globally as you do yourself.
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FACTS & FIGURES
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Business segment
2012/13
New business
EUR million
Share
in per cent
3,917
51
Road vehicles
1,911
25
752
10
Real estate
592
7
583
7
For further information on Deutsche Leasing’s
offices in Germany please visit
B www.deutsche-leasing.com
More …
More
of a focus on solutions in sight: As a reliable partner,
Deutsche Leasing offers tailored solutions and optimal service. This enables us to successfully master every challenge
together.
More
than just financing in sight: Thanks to our broad range of industry and asset expertise, we are able to offer all of our customers a particularly high level of expertise – which not infrequently surprises even professionals.
More
than just Germany in sight: Since our customers’ business
models are increasingly globalised, Deutsche Leasing has offices in 23 countries – enabling us to provide expert international
support for all of our customers.
More
than just the current project in sight: Because we think
long-term and aim to work with companies through reliable
and stable partnerships – true to the philosophy of the
Sparkassen-Finanzgruppe.
More
investment expertise in sight: To ensure optimal service for
every customer, all of our employees – not just our advisors – have intimate knowledge of their specific leasing asset types. Relationships with well-known manufacturers
enable us to offer assets and financing from a single source.
More in Sight
Annual Report 2012 / 13
Our company
4
Management Board’s letter
8
More in Sight
28
Supervisory Board’s report
Consolidated management report
32
General environment and business
42
Earnings position
44
Financial position
46
Net asset position
48
Risk report
56
Employees and social commitment
58
Subsequent events
58
Forecast report
Consolidated financial statements
62
Consolidated balance sheet
64
Consolidated profit and loss account
66
Notes to the consolidated financial
statements
82
Statement of cash flows
83
Statement of changes in equity
Group information
87
Auditor’s report
88
Shareholders
89
Supervisory Board
91
Management Board
91
Senior Management
94
Corporate Structure
96
Addresses
Imprint
3
OUR COMPANY
Our company
Our company
Deutsche Leasing
4
8
More in Sight
28
Supervisory Board’s report
ANNUAL REPORT
2012 13
2012 13
4
Our company
Dear customers and partners,
Every day, the employees of Deutsche Leasing are committed to offering you a broad range of investment-related financing solutions (asset
finance) as well as supplementary services (asset services).
We aim to support you through more than just your current investment
project: We know your markets, your industries, your investment assets
and your financing requirements. You benefit from this know-how – also
through our goal of serving you long-term, whether in Germany or elsewhere: We want to be your asset finance partner.
For over 50 years, we have provided our SME customers with reliable advice for their investment projects – this increasingly involves combined
financing and service concepts. We can offer this because our product
portfolio allows flexibility and because we think in terms of solutions.
With our own network of branch
offices and through our relationship with the savings banks and
the federal state banks, we have a
nationwide presence in Germany.
In addition, we recognised early on
that medium-sized companies are
aiming to operate in international
markets. We have been active outside Germany for more than 20
years. Our foreign network covers
subsidiaries in 22 countries – from
America via Europe to Asia.
In the past year, we have strengthened our strategic orientation and
“Deutsche Leasing’s strategic positioning
as an asset finance partner offers tangible
benefits for German medium-sized companies. All of the business units of Deutsche
Leasing support this clear focus.”
Kai Ostermann
Chief Executive Officer
prepared for future challenges. We
have done so to ensure that we
remain a reliable partner for you
even in a volatile economic environment.
The confidence which our SME
customers and partners placed in
us in the past year is also reflected
in our results: Despite the German
Deutsche Leasing
ANNUAL REPORT
2012 13
Our company
economy’s restrained investment activities, the Deutsche Leasing
EUR
Group increased its volume of new business to EUR 7.8 billion (previous
year: EUR 7.2 billion) and developed positively.
7.8
5
billion
New business in 2013
This growth is broad-based and is supported by our various segments,
above all information and communication technology which realised
growth of 22 per cent. This was
helped through several major business transactions for hardware and
a large number of software projects.
The machinery and equipment
segment also achieved growth
(6 per cent) and is our largest
business segment, with a share of
51 per cent of overall new business.
With a total volume of new business growth of 8 per cent for the
“The Deutsche Leasing Group offers a
broad-based product range in national
and international markets. This poses
tough requirements for our risk management strategy. Our customers benefit from
our opportunity-oriented risk-policy.”
Deutsche Leasing Group, we have
consolidated our leading market
position in Germany and have further established ourselves as a
leading leasing provider in Europe.
At EUR 139 million, the economic
result – a recognised general per-
Friedrich Jüngling
Management Board member
formance indicator for leasing
firms – matched the high level of
the previous year. Deutsche Leasing has thus exceeded its target income
level. Accordingly, besides making appropriate distributions we have realised a large volume of future investments as well as substantially reinforcing our equity.
Our investments have also performed strongly in the financial year 2012-13.
As of the end of September 2013, S-Kreditpartner GmbH – which is now a
partner for considerably more than 300 savings banks and around 2,000
dealers in the car and leisure vehicle sector – had increased its volume of
loans to around EUR 3.4 billion. With a volume of receivables of approx.
EUR 14 billion, Bad Homburger Inkasso GmbH is one of the market leaders
Deutsche Leasing
ANNUAL REPORT
2012 13
EUR
139
Economic result
million
Our company
6
EUR
14
in Germany in processing bad loans and handling the market-oriented re-
billion
sale of mobile and real estate collateral.
volume of receivables
Our most recently acquired investment, Universal Factoring GmbH, which
we purchased in June 2012, is also set for growth. Adjusted in line with the
financial year of Deutsche Leasing, as of the end of September 2013 factoring turnover exceeded EUR 1.5 billion. Universal Factoring realised a particularly high level of growth through “S-Compact Factoring”, a small-ticket
product specially developed for the savings banks’ trade and smaller corporate customers which realised growth of 38 per cent on the previous year.
As a partner in the SparkassenFinanzgruppe, Universal Factoring
focuses in particular on cooperation with the savings banks.
Through Universal Factoring,
Deutsche Leasing supplements its
range of SME-oriented products
and services and offers comprehensive financing solutions as an
all-round provider.
We would like to thank our customers, our business partners in
“German medium-sized companies operate internationally. For more than 20
years Deutsche Leasing has reliably assisted its vendor partners and customers with
their export financing and foreign investments – in 22 countries.”
Matthias Laukin
the Sparkassen-Finanzgruppe and
elsewhere – and naturally also the
employees of Deutsche Leasing
worldwide.
We intend to maintain this successful strategy for Deutsche Leasing in
the financial year 2013/14. We
have done much to lay the foundations for this: We have optimised
our range of smaller investments
of up to EUR 500,000 as well as ma-
jor individual projects for our customers, and we have developed specialised support concepts for both of these segments. We also intend to further
internationalise our business with the savings banks, thus accompanying
their customers on their journeys into foreign markets.
Deutsche Leasing
ANNUAL REPORT
2012 13
Our company
We have also further improved
our asset competence, since we
aim to continuously build on our
understanding of the business
“The savings banks and their customers
benefit in equal measure from our knowhow and our broad range of products –
now including debt management.“
sectors and business models of
our customers and partners as
well as those of the savings banks –
in other words, your future. Our
aim is for you to realise the greatest possible benefit from your re-
Rainer Weis
lationship with Deutsche Leasing.
As you can see, we are unflagging
in our commitment to serve as
your solution-oriented asset finance partner. We look forward to tackling
a large number of new projects together and trust that you will enjoy reading while having “More in Sight“.
Yours sincerely,
Kai Ostermann
Deutsche Leasing
Friedrich Jüngling
ANNUAL REPORT
2012 13
Matthias Laukin
Rainer Weis
7
8
Our company
More
of a focus
on solutions
1.0
As a reliable partner, Deutsche Leasing offers tailored
solutions and optimal service. Our advisors understand their customers’ business and are intimately
familiar with their leasing assets. This enables us to
successfully master every challenge together.
Deutsche Leasing
ANNUAL REPORT
2012 13
9
A modern merchandise management system for the
traditional Saarland firm “Globus”: Its new fully-integrated software package enables optimisation of processes
and thus greater customer satisfaction. The payment
terminals in Globus’ Drive pick-up stores are also
integrated in the system.
Our company
10
“We were looking for an
experienced partner”
More experience:
1.1
As a family firm “Globus” has existed
since 1828; SB-Warenhaus Holding has
served as its lessee for the past four years.
Thus, for its first financing asset – a new
merchandise management system – this
company was looking for a partner with
particular expertise.
In early 2008, Globus decided to introduce a
new merchandise management system. Previ-
“Software projects are often a bit tricky.
You have to know what really counts, and
that takes a lot of experience. Clear communication is important for the working
relationship – that worked very well with
Globus.”
ously, this type of investment was financed
through the company’s cash flow. However,
since foreign investments and renovation
activities were also scheduled, the firm sought
out a worthwhile financing alternative. “We saw
the value of leasing,” says Globus’ Head of
Finance, Christian Heins. “Flexibility and experience were key for our choice of partner.” The
fact that Deutsche Leasing had already successfully cooperated with the IT service provider
Matthias Herzig
Key Account Manager
IT & Communication
Deutsche Leasing
which created this merchandise management
system was a clinching factor for the decision-makers at Globus.
“Software projects are complex,
and the right choice of financing
partner is critical”
1.2
More of a focus on solutions:
Intangible assets are a particular challenge for lessors: What level
of equity investment is necessary? Which benefits to offer in case
of a contract? Large SAP software packages in particular require
considerable expertise on the part of advisors.
EUR
+30
million
fine-tuning to data migration: The development of a new merchandise
A total investment volume
of more than EUR 30 million
in two tranches.
Deutsche Leasing
From preparatory and development activities via a huge volume of
ANNUAL REPORT
management system involves a large number of individual activities
which make leasing planning a complicated venture. “Our customers can
rely on a high level of expertise drawn from an extensive range of software
2012 13
Our company
projects,” says Key Account Manager Matthias Herzig. “In case
of complex software project requirements, we can also act as
advisors.” This involves more than just technical expertise
and project management – large investments are also at stake.
As the centre of leasing excellence of Sparkassen-Finanzgruppe,
Deutsche Leasing provided more than EUR 30 million in two
“Large SAP projects
always involve a few
surprises. We needed
a partner who keeps
a clear head.”
tranches. Deutsche Leasing can handle even major projects. In
the case of Globus, together with its financing partners in the
Sparkassen-Finanzgruppe. The first software module was
leased in January 2012, and in the spring of 2013 development activities had been completed and the rollout could
begin.
Christian Heins
Head of Finance
Globus SB-Warenhaus
Holding
“We have discovered
the value of leasing”
More flexibility:
1.3
Developing a software package is one thing. Its
rollout in more than 60 markets is something else
entirely. Teamwork is essential in this critical phase.
The larger the investment volume, the higher the level of
risk – and the more complex the project, the more sensitive the
schedule. It was crucial to find a partner “who keeps a clear
head even if the odd requirement changes in the course of
the project,” says Heins. Globus was able to rely not only on
the high level of flexibility but also the expert advice provided by Deutsche Leasing’s manager Matthias Herzig. This in
turn hinged on transparent and reliable communication
from the customer, to enable consultation with the financing
partners in case of delays. “That only works on the basis of a
trusting relationship,” Herzig notes. “And we have that.”
Now that the changeover has been successfully completed
for all 46 German department stores, the markets in Russia
+60
and the Czech Republic will follow next by the end of June.
markets
The new system is fully integrated and all information can be
directly viewed online. “That is hugely helpful for deci-
Besides a total of 46
SB-Warenhaus department
stores, 77 DIY superstores,
two Drive stations and
nine consumer electronics
stores in Germany, the
Globus Group also includes
21 all-round stores in the
Czech Republic and Russia
and two DIY superstores in
Luxembourg.
Deutsche Leasing
ANNUAL REPORT
sion-making in terms of operative business,” says Heins. His
overall verdict is clearly positive: “We have discovered the
benefits of leasing.” The relationship is set to continue: The
firm’s in-house bakeries will now be fitted out with state-ofthe-art baking technology.
2012 13
11
12
Our company
Deutsche Leasing
ANNUAL REPORT
2012 13
More
than just
financing
13
2.0
Due to our broad range of industry and asset expertise we are able to offer each of our customers an
optimal solution – which not infrequently surprises
even professionals.
Stunning culinary creations in a space of just 27 square
metres: The “Foodtruck” is self-sufficient and thus
available for any event – from wine-tasting to an
eight-course meal.
14
Our company
“We believed in
this idea”
2.1
More cooperation:
Their close relationship enables the savings banks
and Deutsche Leasing to identify the appropriate
investment solution for every project.
When Erten Tekçe approached Stadtsparkasse Bad Honnef
in 2011, he was actually only looking for a loan to support his
unusual catering idea: He was planning to convert an
Airstream motorhome – often used as a snack van in the USA
– into a mobile professional kitchen. Together with a team of
gourmet chefs, confectioners and sommeliers, this hotel and
“Many other financial service providers have a sceptical view of catering ideas,
but Deutsche Leasing had
courage – and my business
partners demonstrated a
huge amount of personal
commitment.”
PR graduate intended to serve luxury meals instead of
hotdogs.
“I hadn’t thought of leasing,” says Tekçe. But Axel Scheidhauer, Deputy Head of Corporate Customers at Stadtsparkasse
Bad Honnef, saw the potential of “Geschmacksführer GmbH”
and brought Jürgen Hilkhausen on board. As the Regional
Head of Savings Banks and SMEs, Hilkhausen had already
managed a large number of projects for Deutsche Leasing
– and he was immediately convinced by Tekçe’s original
proposal: “This is a one-off in Germany. We believed in this
Erten Tekçe
Managing Director
Geschmacksführer GmbH & Co. KG
idea.”
“I was immediately convinced
by the project’s flexibility”
2.2
More passion:
Transportation, finishing and completion, conversion and
licensing: As a project close to our heart, “Foodtruck” required
solid planning, real craftsmanship and a feel for quality. This
meant that flexibility was also a prerequisite for the financing
partners.
State-of-the-art technology which can be installed on a modular basis in a
space of just 27 square metres: Customisation of the Airstream imported
from the USA required not only catering expertise but also technical
know-how and, not least, business savvy. “We wouldn’t have trusted just
anyone with this. But Mr Tekçe is a professional. He knows his industry
and knows what he is doing,” says Scheidhauer.
Deutsche Leasing
ANNUAL REPORT
2012 13
Our company
01
It was important for Tekçe to be able to freely dispose of the investment
volume of EUR 250,000. “I was immediately convinced by the flexibility of
INQUIRY
hire-purchase,” Tekçe remembers. “Every step of the way, I was able to
select the best service provider – that is only possible if you are able to
02
make spontaneous decisions.” The model selected offered more than just
this advantage: Because these investments were included in the pre-fi-
QUOTATION
nancing phase, Tekçe didn’t have to worry about repayments before he
had launched his business.
03
“A different form of financing would have involved commitment interest,”
CREDIT RATING
CHECK
Hilkhausen says. Following one-and-a-half years of planning, transportation from overseas and 800 hours invested in polishing the external skin
04
alone, in September 2013, the “Foodtruck” was handed over in a ceremony
in front of Castle Drachenburg. “This was an extraordinary project,”
CONTRACT
Hilkhausen comments. “It deserved a special handover ceremony.”
05
DELIVERY
06
START OF LEASING
“The ‘Foodtruck’ project
continues”
2.3
More mobility:
The “Foodtruck” passed its dress rehearsal at the
Königswinter Christmas market and its MOT approval
in the spring of 2014. Geschmacksführer’s project
has now started its second round.
With a griddle, a combination steamer and professional
“We are delighted that this innovative concept and Mr Tekçe’s
passion convinced not only us
but also our group partner
Deutsche Leasing.”
Axel Scheidhauer
Deputy Head of Corporate Customers
Stadtsparkasse
Bad Honnef
kitchen appliances, flying buffets, finger food and even
eight-course meals can be prepared for up to 60 guests in
the motorhome – the trailer can operate fully independently for up to eight hours at a time using integrated gas and
water tanks.
Now that the first few events have been successfully
completed, Tekçe, Scheidhauer and Hilkhausen are
planning their next joint project: A major aluminium
manufacturer which produces the external skin for the
Airstream series would like to operate a “Foodtruck” as its
canteen. Tekçe is looking for a second model to be installed
on the company’s site, while the original continues its
culinary travels around Germany.
Deutsche Leasing
ANNUAL REPORT
2012 13
15
16
Our company
More
than just
Germany
3.0
Since our customers’ business models are increasingly
globalised, Deutsche Leasing has offices in 23 countries –
enabling us to provide expert support for all of our customers
also outside Germany.
The car parts supplier Eberspächer and
Deutsche Leasing have long acted as a strong
team in Germany. They have now expanded
their successful relationship internationally,
with a new production plant in Sweden.
(Picture shows the Neunkirchen site.)
Deutsche Leasing
ANNUAL REPORT
2012 13
17
18
Our company
“We know and trust
each other”
3.1
More of a customer focus:
Realisation of major investment projects
depends on a trusting relationship between advisors and their customers. However, to succeed together, a partner must
be able to rely on one thing above all else:
a comprehensive service without limits.
Michael Schwab has supervised South Germany’s
Eberspächer Group for three years now as a Key
Account Manager. With 67 sites in 27 countries,
“Our expectations in terms of our
customarily solid relationship in
Germany were entirely fulfilled in
Sweden. We were impressed with
Deutsche Leasing’s flexible and
rapid realisation of this financing
project – also at the international
level.”
Harald Rosenberger
Vice President
Corporate Finance
Eberspächer Group
Eberspächer produces and supplies car parts
worldwide. “We know and trust each other,” says
Schwab. When Eberspächer planned financing
for a new production plant in Sweden, it decided
to work with Deutsche Leasing not only because
of their “customarily solid relationship”. The
deciding factor was that its partner was already
present in the country through its subsidiary
Deutsche Leasing Sverige. “We recognised early
on that German medium-sized companies are
increasingly active at the international level,”
says Schwab. “For over 20 years now, Deutsche
Leasing has therefore also been present in other
countries. Our internationally-oriented customers benefit from this.”
“Different rules apply in Sweden”
More competence:
3.2
Technical expertise, transparency and communication are key
for every successful financing package – especially for foreign
investments.
A press working line and modern robotics and welding technology: The
Swedish production plant involved investments running into the tens of
millions. This was not the only challenge which already emerged at the
start of the project: Not much time was left up to the planned launch, since
Eberspächer required these capacities for timely completion of existing
orders. There was also a peculiarity of Swedish tax law; sale-and-leaseback contracts have to be put out to tender 45 days before the leasing firm
acquires ownership of the asset. “We factored this in from the very
Deutsche Leasing
ANNUAL REPORT
2012 13
Our company
beginning,” Michael Schwab emphasises. To
realise the tight schedule, he got all of the
experts at Eberspächer and Deutsche Leasing
together around a table early on. This enabled
prompt clarification of detailed issues and
efficient allocation of internal tasks. “For major
projects, seamless organisation is essential.”
“Particularly for foreign financing
arrangements, a large number of
details have to be considered.
The roundtable which brought
all of the experts together at the
start of the project made many
things easier.”
Michael Schwab
Key Account Manager
Deutsche Leasing
“We are strategic partners”
More cooperation:
3.3
The production plant went online in the
summer of 2013, with a two-day party
which representatives of Deutsche Leasing
attended. This international project has
now entered into its second phase.
Thanks to their intensive cooperation and the
Swedish colleagues’ local expertise, the team
was able to fulfil the extremely tight schedule.
Production has been underway in Nyköping for
several months now. “We have been able to
build on the trust developed through our
working relationship in Germany at an international level,” says Harald Rosenberger, Vice
President Corporate Finance at Eberspächer.
“This significantly simplified the project and
accelerated its execution.” Michael Schwab’s
verdict is also positive: “Kreissparkasse
State-of-the-art technology
“made in Germany” – now
also available in Sweden:
The new production plant
produces parts for wellknown car manufacturers.
Esslingen-Nürtingen, one of Eberspächer’s core
banks, implemented this project in a consortium together with us and other savings banks.
We have become strategic partners.” Deutsche
Leasing will be able to put this to the test once
again this year: Investments in Eberspächer’s
US subsidiary and further projects in Germany
are already planned for the current financial
year.
Deutsche Leasing
ANNUAL REPORT
2012 13
19
20
Our company
More
than just the
current project
Because we think long-term and seek to work
with companies through reliable and stable
partnerships. For this, we make many things
possible.
4.0
Deutsche Leasing
ANNUAL REPORT
2012 13
21
As a customer-oriented service provider, DATEV needs
a reliable fleet. Deutsche Leasing’s extensive range of
services wins over even demanding customers.
22
Our company
“For fleet management,
service is key”
4.1
More commitment:
Roswitha Goff, Regional Head of Fleet Management,
has worked with the software service provider
DATEV for several years now. A large fleet of 780
vehicles represents special fleet management challenges – a clear case for experts.
“For fleet management, service is key,” says Roswitha Goff.
“DATEV knew Deutsche
Leasing through its leasing
of commercial printers for
its printing and distribution
centre. So it made sense to
work together in the area of
vehicle leasing.”
“From vehicle purchasing to resale – Deutsche Leasing offers
a full portfolio. This also convinced DATEV.” DATEV had
already successfully cooperated with Deutsche Leasing for its
IT equipment investments, which laid the foundations for the
expansion of their relationship to include fleet management.
Thomas Kähler
DATEV eG
“The foundation for a
long partnership”
4.2
More of a dialogue:
Especially when it comes to operating a large fleet
whose permanent operational readiness is required,
every detail of the contract has to be right. Key
details were agreed early on through extensive
meetings and the optimal solution was identified
for DATEV’s fleet park.
“Our companies are very similar in terms of their values and
also their down-to-earth personalities,” says Roswitha Goff.
“This is very helpful when it comes to developing a trusting
business relationship.” For Deutsche Leasing, detailed
analysis and individual advice always come first at the start of
a project. All of DATEV’s requirements were documented right
at the start, through joint discussions, and were reflected
accordingly in the contracts.
Deutsche Leasing
ANNUAL REPORT
2012 13
Our company
For DATEV, it was critical for Deutsche Leasing to provide it
with its own master agreement, so as to remain flexible in
terms of its choice of vehicle brands. “DATEV and Deutsche
Leasing achieved really excellent teamwork,” says Roswitha
Goff. “We have laid the foundation for a long partnership.”
Full-service leasing
We offer our customers with a comprehensive
range of services to ensure that your fleet
maintains permanent operational readiness.
Payment of taxes
and radio licence fees
Simple maintenance
and repair
Around-the-clock
service
Comfortable fuel
management
Optimum
insurance cover
Low-cost
tyre supplies
“The people are what
counts”
4.3
More service:
The principle is as simple as it is efficient: We
handle purchasing, maintenance and repairs. This
leaves our customers more time for their core business – and for a fleet park where everything goes
smoothly.
“DATEV is a highly
solution-oriented
company – just like
Deutsche Leasing. And
DATEV really does see
its business partners as
partners – just like we
do. So this really is a
partnership on the
same wavelength.”
With several hundred vehicles, there is always something to
take care of: “We arrange ex-gratia and warranty claims for
our customers, handle road tax and radio licence fee
registration for them, remind them of upcoming vehicle
servicing appointments and provide them with a service
card for simple, convenient and cash-free payment of
maintenance and repairs,” Roswitha Goff explains. Almost
one year in, DATEV’s view of the partnership is also positive:
“Our high expectations have been completely fulfilled.”
Trends come and go: To ensure ongoing fulfilment of its
customers’ requirements, Deutsche Leasing always keeps a
close eye on the automobile market. The market is always on
the move, whether through new technologies or changed
Roswitha Goff
Regional Head of
Fleet Management
Deutsche Leasing
Deutsche Leasing
ANNUAL REPORT
mobility concepts. “This is the special thing about fleet
management,” says Roswitha Goff. “That’s why we always
keep our eyes open.”
2012 13
23
24
Our company
More
investment
expertise
5.0
To ensure optimal service for every customer, all of our employees
– not just our advisors – have intimate knowledge of their specific
leasing asset types. Relationships with well-known manufacturers
enable us to offer assets and financing from a single source.
Deutsche Leasing
ANNUAL REPORT
2012 13
25
New life breathed into
traditional brewing expertise:
Since 2012 “Ratsherrn” pils
has once again been brewed in
Hamburg – with engineering
supplied by Krones AG and a
financing solution from
Deutsche Leasing.
26
Our company
“We are partners of many
years’ standing”
5.1
More expertise:
Just five major brewing groups produce half of the
beer in Germany. The Nordmann Group sought to
compete with these market leaders by reviving a
traditional Hamburg premium pils. It needed
high-quality engineering for this – and a reliable
financing partner.
Older residents of Hamburg will remember the name: In the
1970s “Ratsherrn” was the city’s biggest-selling premium pils,
with 150,000 hectolitres. After several changes of ownership in
the 1990s, production ceased and the brand disappeared from
“Where our customers
require a financing solution for their investments,
we can recommend
Deutsche Leasing to them
as a reliable partner.”
the market. “There was no longer a Hamburg premium beer,”
says Thomas Arndt, Head of Finance at Nordmann Group, one
of Germany’s largest beverage wholesalers.
In 1999, the group acquired the brewery Stralsunder Brauerei
and since this time it had been a reference customer of the
equipment manufacturer Krones AG. When the opportunity
arose ten years later to lease part of the traditional Schanzenhöfe halls, this gave rise to the idea of breathing new life into
Dirk Schlaipfer
Head of Sales,
Central Europe Region
Krones AG
Ratsherrn. Within the scope of the vendor leasing partnership,
Krones brought Deutsche Leasing on board for the very first
meetings.
“Asset-related advice and
individual financing”
5.2
More innovation:
The equipment manufacturer Krones AG and Deutsche Leasing
have been partners for many years. Industry expertise and
financing service are thus combined at the highest level –
enabling vendors to offer their customers asset finance
concepts.
For its relaunch of Ratsherrn-Brauerei, a rapid and solid financing
solution was particularly important for the Nordmann Group. Around
EUR 10 million were to be invested in the conversion of the Schanzenhöfe
halls and the brewery’s equipment. “We didn’t have any experience of
leasing,” Arndt remembers.
Deutsche Leasing
ANNUAL REPORT
2012 13
Our company
Nordmann had approached a few banks but no
The conversion of the historic building complex
one there had been really capable of assessing
lasted two years, including the integration of
this investment project. “As industry experts, as
the 2,000 square-metre brewery. Traditional
well as asset-related advice we can identify an
recipes are now produced here using the latest
individual financing solution,” says Jana Türpe,
technology: A flexible, modular mashing
who works with Ratsherrn-Brauerei as a vendor
machine – a “Combi Cube C”, the first in a
manager at Deutsche Leasing.
German brewery – is at the heart of the process.
This enables production at a consistently high
level of quality within a limited space.
A brewery with history:
Ratsherrn-Brauerei has found
a new home in Hamburg’s
Schanzenhöfe halls.
“ We were also able to talk
about technology”
5.3
More quality:
The “Ratsherrn” premium pils has once again
been brewed in Hamburg for almost two years
now. Enough time for the team to take stock of
its achievements so far and to make plans for
the future.
“The vendor leasing model was the right route for us,”
says Thomas Arndt. “Not only could we rely on solid
advice on financial issues, we were also able to talk
about technology. Throughout the project, the focus
“ Vendor leasing was the right route
for us. Rapid decision-making and
realisation, clear and transparent
implementation structures – none
of this would have been possible
with a bank.”
ANNUAL REPORT
“Ratsherrn” beer has been available on the market
since the summer of 2012. “Business is going well,”
says Arndt. “We have been able to strongly position
ourselves and also have a positive emotional resonance.” The team is now considering offering food at
the brewery and opening further micro-breweries.
While there are not yet any specific plans for a
follow-up project, Ratsherrn is confident: “That
Thomas Arndt
Head of Finance
Nordmann Group
Deutsche Leasing
was on a clear process – and on us as customers.”
certainly wasn’t the last time we work with Deutsche
Leasing.”
2012 13
27
28
Our company
Supervisory
Board’s report
Alexander Wüerst
Chairman
Structure of the Supervisory Board
As of 30 September 2013, the Supervisory Board consists of 20 persons, almost all of whom are Management Board members of savings banks. To improve the
efficiency of its operations the Supervisory Board has
established two committees: a loans and investments
committee and an audit committee. The Supervisory
Board is comprehensively notified of the agenda and
outcome of meetings of these committees through the
committee chairman at regular meetings and by sending the minutes.
Supervisory Board’s activities
In accordance with its function and its understanding
of its role, the Supervisory Board is continuously,
promptly and comprehensively notified of the company’s development and of important business transactions. All key questions concerning the company’s
position and development, strategic and operational
planning and risk management and regulatory requirements were intensively discussed. In a regular
dialog, the chairman of the Supervisory Board and the
chairman of the Management Board of the managing
shareholder were kept informed of current operational
matters and strategic issues were subject to initial discussions.
Deutsche Leasing
ANNUAL REPORT
2012 13
The Supervisory Board’s four regular meetings entailed
detailed reporting from the Management Board on commercial and risk policy, outline economic conditions,
the financial and profit situation and planning as well
as related discussions. Investment issues, realisation of
the Group’s foreign strategy and regulatory requirements were discussed in detail with the Management
Board.
Issues of particular relevance were followed up in greater depth in committee meetings. The loans and investments committee held detailed discussions concerning
risk decisions on commitments beyond the scope of the
Management Board’s responsibility as well as risk policy
issues for the company and prepared Supervisory Board
resolutions in the field of investments.
Our company
At two meetings, the audit committee discussed in detail with the auditor the financial statements and the
management reports of Deutsche Sparkassen Leasing
AG & Co. KG and the Group as well as the auditor’s audit findings in preparation for the Supervisory Board’s
financial statements meeting. One meeting entailed a
comprehensive discussion with the auditor concerning its audit findings on the supervisory requirements
relating to the audit of the financial statements and the
management report of Deutsche Sparkassen Leasing AG
& Co. KG as of 30 September 2013.
The Supervisory Board verified the orderliness of the
company’s management and made all decisions which
were required of it and which fell within the scope of its
competence. It was involved in decisions of material significance for the company and where necessary provided its consent, following an extensive discussion and
review process. The Supervisory Board discussed with
the Management Board the company’s strategy and
resulting measures for realisation of its medium- and
long-term goals and provided its approval.
Financial statements and consolidated
financial statements
KPMG AG Wirtschaftsprüfungsgesellschaft has been
appointed as the auditor and has issued unqualified
auditor’s reports for the financial statements of
Deutsche Sparkassen Leasing AG & Co. KG and the
Group for the financial year 2012/13 as well as the
management report and the consolidated management report. The auditor has notified the Supervisory
Board’s audit committee of its audit findings and has
discussed them in detail with its members. The audit
committee has notified the Supervisory Board of the
outcome of its review of the auditor’s reports and its
discussions and has recommended the endorsement
of the financial statements and the consolidated financial statements and presentation of the financial statements to the shareholders’ meeting for approval.
Deutsche Leasing
ANNUAL REPORT
2012 13
The auditor has provided a comprehensive report on
its audit findings at the Supervisory Board’s financial
statements meeting and has replied to questions.
Following its own audit and discussion of the financial
statements and management reports with the appointed auditor, the Supervisory Board has approved the
auditor’s audit findings and has not raised any objections. The Supervisory Board endorses the financial
statements presented to it and proposes the approval
of the financial statements by the shareholders’ meeting.
Proposal for appropriation of profits
The Supervisory Board has discussed the proposal for
appropriation of the profit for the year and recommends to the shareholders out of the parent company’s net income for the year of EUR 45,373,696.96 to
allocate an amount of EUR 10,373,696.96 to the
non-withdrawable reserves.
The Supervisory Board would like to thank the members of the Supervisory Board who retired during the
year under review, Mr Jörg Wohlers and Mr Werner
Netzel, for their fruitful collaboration. The Supervisory
Board would also like to express its thanks and recognition to the Management Board and to all of the company’s employees for their sustained commitment and
for all their work in the financial year 2012/13.
Bad Homburg v. d. Höhe,
February 2014
For the Supervisory Board
Alexander Wüerst
Chairman
29
Consolidated
management report
Deutsche Leasing
32
42
Earnings position
44
Financial position
46
Net asset position
48
Risk report
56
58
Subsequent events
58
Forecast report
ANNUAL REPORT
2012 13
2012 13
31
CONSOLIDATED MANAGEMENT REPORT
32
for the financial year 2012 / 13
Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe
Overall economic context
•
Outline economic conditions poised between stagnation and initial signs of a recovery – mixed international economic environment
•
Robust outline situation for Germany, but companies’ propensity to invest remains subdued
•
Stable development of the leasing sector
Outline economic conditions poised between stagnation and initial signs of a recovery – mixed international economic environment
In the course of the past financial year, the global economic trend was influenced by the sovereign debt crisis and the associated stagnation in Europe; the international environment was mixed, and the slowdown of
growth in China was particularly apparent. However,
buoyed by the European Central Bank’s expansionary
monetary policy, its main refinancing interest rate
(which in May 2013 was once again cut, by 0.25 percentage points to 0.5 per cent) and relatively moderate
inflation forecasts, there were increasing signs of an
economic recovery in Europe. In the second quarter of
2013, the Eurozone’s real economic output increased
for the first time in one and a half years. Significant
growth in Germany and France played a key role in
this increase in the Eurozone’s real gross domestic
product.
The outline conditions have improved significantly in
several of the key EU countries for the Deutsche Leasing Group (joint economic forecast, autumn 2013).
However, the economic situation remains fragile in
Germany and Europe, since the debt crisis has still not
been finally resolved.
Deutsche Leasing
ANNUAL REPORT
2012 13
Robust outline situation for Germany, but companies’
propensity to invest remains subdued
The German economy enjoyed increased domestic and
international demand for industrial goods. In overall
terms, the Ifo business climate index pointed to a clear
rise of around 6 per cent during Deutsche Leasing’s financial year. In September 2013 Germany even realised
a record trade surplus of EUR 20.4 billion.
German companies’ propensity to invest was nonetheless subdued, and there is still a trend of firms funding
necessary replacement investments with their own liquidity; moreover, major expansion investments were
generally postponed. The consequences of tough competition with commercial banks – whose financing
products are now more strongly focused on German
medium-sized companies – and development banks
have also had an impact on the business of the
Deutsche Leasing Group.
The German council of economic experts expects
Germany to realise gross domestic product growth of
0.4 per cent in 2013 (previous year: 0.7 per cent), reflecting the burdens associated with the weak start to the
calendar year.
It is not clear to what extent the marginal increase in
gross domestic product and the improvement in other
outline economic figures will lead to a sustained increase in investments. Companies will only be prepared
to invest in new and necessary investment goods and to
permanently increase their debt financing levels given
a sufficient degree of certainty regarding the trend for
outline economic conditions.
Stable development of the leasing sector
For gross fixed asset investments in 2013, the exports
predict a decrease of 0.9 per cent (previous year: 2.1 per
cent). Plant and equipment expenditures will once
again experience a significant decline, of 2.6 per cent
(previous year: 4.0 per cent).
Despite these outline conditions, for the calendar year
2013 the leasing sector in Germany expects the same
volume of new business as in the previous year (federal association of German leasing companies, Bundesverband Deutscher Leasing-Unternehmen e. V.,
BDL/ifo investment test).
Leasing investments in Germany
This includes a slight decrease in the movables leasing
segment of around 0.2 per cent, while real estate leasing will grow by 5.2 per cent in 2013.
EUR million
60,000
50,000
40,000
42,600
45,600
48,580
48,470
48,460
2011
2012
2013 1
30,000
20,000
10,000
0
2009
Movables
1
2010
Real estate
Source: BDL/ifo investment test
Estimate
Deutsche Leasing
ANNUAL REPORT
2012 13
With a declining volume of investment in the overall
economy, the total leasing ratio will thus increase
slightly from 15.3 per cent in the previous year to
15.4 per cent in the calendar year 2013. This reflects
the continuing attractiveness of leasing and the
strength of the leasing sector.
33
34
Leasing ratios in Germany
in per cent
25
20
15
10
5
0
2001
2002
Movables leasing
2003
2004
Total leasing
2005
2006
2007
The long-term assessment shows that demand for leasing remains stable in every phase of the economic cycle. As the market leader for asset finance solutions, in
the financial year 2012/13 Deutsche Leasing once
again benefited disproportionately strongly from the
market trend.
ANNUAL REPORT
2009
2010
2011
2012
2013
Real estate leasing
Market positioning
The movables leasing ratio will thus increase moderately to 23.0 per cent (previous year: 22.8 per cent), and
the ratio for real estate leasing from 1.7 per cent to
1.8 per cent.
Deutsche Leasing
2008
2012 13
•
Solution-oriented asset finance partner for German
medium-sized companies
•
Sparkassen-Finanzgruppe’s
centre of leasing excellence
•
Comprehensive international network
Solution-oriented asset finance partner for German
medium-sized companies
Deutsche Leasing is the market leader in Germany and
one of the leading leasing providers in Europe. As a
solution-oriented asset finance partner for German
SMEs, it offers a broad range of investment-related financing solutions (asset finance) as well as supplementary services (asset services). It pursues a holistic
advisory approach which reflects comprehensive
know-how in relation to its customers’ industries and
business models. It is natural for Deutsche Leasing to
offer comprehensive solutions rounding off its original leasing product.
Due to this positioning, Deutsche Leasing is adequately prepared for continuously evolving market conditions. In the financial year 2012/13 Deutsche Leasing
further sharpened its strategic positioning in order to
meet the permanent process of change head on and to
identify long-term business opportunities. The goal is
strategic evolution from a product-oriented leasing
specialist to a solution-oriented asset finance partner,
so as to achieve improved customer satisfaction and a
broader customer base through a stronger customer
focus.
Market trends are systematically identified, actively
responded to and exploited for Deutsche Leasing’s
business model. Deutsche Leasing has responded to
continuous globalisation of production and sales markets by establishing a worldwide network of foreign
companies.
As a company of Sparkassen-Finanzgruppe – one of
the world’s largest credit institution groups – Deutsche
Leasing serves a reliable partner supporting its customers’ realisation of investment projects and offers
them a broad range of products and services. Deutsche
Leasing’s customers are mainly German medium-sized
companies, which are increasingly active outside Germany and can rely on the dependable support offered
by Deutsche Leasing’s international network.
Market exploitation is handled through the company’s
direct distribution activities and its close sales partnership with savings banks as well as vendors, partners
and dealers. Besides its financing and structuring ex-
Deutsche Leasing
ANNUAL REPORT
2012 13
pertise, Deutsche Leasing has broad asset and industry
know-how. It covers an extensive range of market and
customer segments, both nationally and internationally. Deutsche Leasing’s range of services encompasses
both small-volume investments and complex major
projects covering a broad range of assets.
This includes machinery and equipment, information
and communication technology and passenger and
goods transportation in its movables segment.
Deutsche Leasing also offers supplementary services:
from maintenance and repairs via insurance to an allround service. Through its subsidiary DAL Deutsche
Anlagen-Leasing GmbH & Co. KG (DAL), Deutsche Leasing is also a leading leasing-sector provider of real estate as well as investment solutions in the energy and
transport segments. In its real estate segment, services
such as construction management round off its range
of services. Deutsche Leasing also offers asset and investment financing through Deutsche Leasing Finance
GmbH, including the use of development funds from
Kreditanstalt für Wiederaufbau (KfW), Landwirtschaftliche Rentenbank and other regional development
banks. Deutsche Leasing also cooperates with the European Investment Bank (EIB), so as to offer the advantages of development fund programmes for international investment projects.
Sparkassen-Finanzgruppe’s centre of leasing excellence
387 savings banks are shareholders in Deutsche Leasing, as direct and indirect limited partners (as of 30 September 2013).
As a specialised member of Sparkassen-Finanzgruppe,
Deutsche Leasing serves as the group’s centre of leasing excellence for asset finance solutions. With its
range of products and services, Deutsche Leasing supplements the savings banks’ services for their SME customers, both in Germany and for exports and foreign direct investments. As well as broad market access,
Sparkassen-Finanzgruppe’s strong anchoring also secures stable financing for Deutsche Leasing’s business.
35
36
Comprehensive international network
Deutsche Leasing differentiates itself from its competitors through its strong problem-solving competence
and its highly developed customer focus – which gives
priority to the investment requirements of its SME customers – and also through its comprehensive network
outside Germany. This foreign network supports a
large number of vendor partners – especially the export-oriented German investment goods industry –
with sales financing for their international markets
and also supports German companies’ foreign investments. This international network covers a total of
23 countries in Europe, America and Asia.
Savings Banks and SMEs
In its Savings Banks and SMEs segment, Deutsche
Leasing handles its regional SME business and serves
the market through a national network of its own
branch offices, through two distribution channels (savings banks and direct distribution) which operate in a
closely coordinated fashion. This business segment focuses on SME customers and their investments in machinery and equipment.
Business segments and investments
Besides asset finance solutions for industries with a
traditional leasing focus such as mechanical engineering, automotive, printing and manufacturing,
Deutsche Leasing also offers solutions for industries
such as food and drink, trade and healthcare.
Business segments and DAL
The Deutsche Leasing Group is mainly present on the
market through four different business segments as well
as DAL. These segments have end-to-end responsibility
and commercial decision-making powers. Deutsche
Leasing is also represented worldwide through its subsidiaries.
Central departments such as Risk Management, Asset
Management and Audit handle middle-office tasks as
well as management and service functions covering multiple business segments. This division of labour satisfies
the market’s requirements for market-oriented optimal
provision of services as well as the organisational requirements for risk management (Mindestanforderungen an das Risikomanagement, MaRisk).
Deutsche Leasing
ANNUAL REPORT
2012 13
Deutsche Leasing supports the increasing internationalisation of SMEs by assisting its international customers with their export activities as well as foreign direct
investments.
Fleet
Through its Fleet business segment, Deutsche Leasing
offers a range of investment solutions and services
covering vehicles and fleet management for medium-sized companies in Germany. As a manufacturer-independent full-service provider, Deutsche Leasing
offers an extensive range of services, from purchasing,
financing and licensing via maintenance, repairs, handling of insurance claims and tyre changes to resale at
the end of the lease period.
To optimise vehicle fleet costs and for the best possible
management of car fleets, Deutsche Leasing offers
fleet managers online tools providing full transparency and cost control (updated on a daily basis). It supports its customers through favourable purchasing
conditions and efficient processes.
Through the company’s subsidiary AutoExpo Deutsche
Auto-Markt GmbH (AutoExpo), a specialised reselling
company, returned leasing assets are resold both
nationally and internationally to car dealers and
end-customers. With around 8,500 sold vehicles and
an annual sales volume of approx. EUR 100 million, it
is one of the largest second-hand car dealers in Germany. AutoExpo’s relocation in December 2013 to a new
building including an exhibition hall and factory will
enable its successful expansion.
AutoExpo is committed to upholding high quality
standards and has received DIN EN ISO 9001 certification for its quality management. The process from the
start of the contract to the return of the vehicles and
their settlement has received certification through
DEKRA’s “fair vehicle valuation” seal of quality.
Information Technology
Through its Information Technology business
segment, Deutsche Leasing serves customers with
information and communication technology (ITK)
requirements. It offers a broad range of manufacturerindependent hardware, software and services which
keep pace with continuous technological development.
Deutsche Leasing’s activities focus on companies in
Germany, particularly medium-sized firms. It serves
the market through direct distribution and also
through its partners. Both ITK manufacturers and their
distribution units and also independent dealers and
system houses/service providers in the ITK market are
partner firms, since hardware components are increasingly combined with services and distributed as an
overall solution.
Deutsche Leasing satisfies the investment requirements of its customers and partners through its range
of standardised solutions and also through solutions
tailored to customers’ individual needs.
Deutsche Leasing
ANNUAL REPORT
2012 13
Deutsche Leasing’s asset management services enable
its customers’ professional management of complex IT
landscapes and transparency in relation to their IT assets. A service and logistics centre handles processing
and resale at the end of the contract period. Certified
data deletion is particularly important.
The quality of the company’s processes is certified to
DIN EN ISO 9001 for “IT hardware and software lessors
and providers and developers of complementary services”.
International
Through its International business segment, Deutsche
Leasing follows its partners (vendors) and customers
from Germany to their key international sales markets
and investment countries. It does so with a foreign network of companies active in 22 countries – the densest
foreign network in Sparkassen-Finanzgruppe.
Deutsche Leasing offer suitable asset finance solutions
for these markets.
For vendor business, support for the sales activities of
German machinery and plant manufacturers in Germany and also in their international sales markets is
key. In particular, manufacturers of construction, agricultural and plastics machines, machine tools and
printing presses are strategic partners.
Deutsche Leasing also provides close support for foreign investments of German companies or their local
subsidiaries. Market exploitation is handled in close
cooperation with the Savings Banks and SMEs segment. For this purpose, “German desks” are established in the foreign companies of the Deutsche Leasing Group. German-speaking employees serve here as
contacts for customers and savings banks. In principles, the company only enters into local direct business which has no relationship with Germany on a
highly selective basis, subject to increased credit
standards.
37
38
DAL
DAL specialises in the arrangement and structuring of
long-term asset-related financing projects. Within the
Deutsche Leasing Group, DAL covers real estate leasing as well as solutions for the energy and transport
segments. Its services are supplemented with special
products for intangible assets and current asset financing.
In the real estate business segment – which includes
the comprehensive range of construction services offered by DAL Bautec Baumanagement und Beratung
GmbH – the overwhelming share of new business is realised through medium-sized companies. Even major
companies are increasingly relying on DAL’s structuring and arrangement expertise.
The energy segment realises projects of investors,
manufacturers, project managers and regional suppliers for the creation, distribution and storage of energy
and also makes use of subsidies.
The transport segment covers the specialist segments
rail transportation, shipping and aviation. Its target
customers are manufacturers, operators and lessors in
these sectors as well as logistics firms in general.
Deutsche Leasing’s investments
In addition to its business segments and DAL,
Deutsche Leasing is mainly active on the market
through the following investments:
S-Kreditpartner
S-Kreditpartner GmbH (SKP) is a joint venture of
Deutsche Leasing and Landesbank Berlin AG (LBB) and
is a specialist partner in Sparkassen-Finanzgruppe.
SKP focuses on the market for car and consumer loans
in Germany and strengthens the position of the savings banks in this segment. With a comprehensive
range of services for the distribution of its S-Privat and
S-Autokredit products, SKP cooperates with the savings banks as its distribution partners. For the car and
leisure vehicle sector, it offers market-oriented solu-
Deutsche Leasing
ANNUAL REPORT
2012 13
tions for financing of sales and purchasing activities.
SKP cooperates with more than 340 savings banks and
2,000 dealers in the car and leisure vehicle sector. Its
strength lies in its slim organisational structure as well
as the high level of standardisation in its processing of
consumer loan business. As of the end of September
2013, its volume of loans amounted to EUR 3.4 billion.
New business in the first three quarters of the calendar
year 2013 reached approx. EUR 1.3 billion.
Bad Homburger Inkasso
Bad Homburger Inkasso GmbH (BHI) – an associated
company of the Deutsche Leasing Group – processes
bad loans and handles the market-oriented resale of
mobile and real estate collateral on behalf of its shareholders, the savings banks as well as further companies and institutions. It is Sparkassen-Finanzgruppe’s
centre of leasing excellence for debt and collateral
management services and is one of Germany’s leading
companies. It focuses on efficient and reliable procedures. More than 280 member institutes and companies of Sparkassen-Finanzgruppe rely on BHI for debt
and collateral management services; in addition, over
190 corporate and municipal customers use BHI’s services. The overall volume of receivables handled by
BHI is in excess of EUR 13.5 billion.
BHI is registered as a collection agency under the German Legal Services Act, is a member of the association
of German collection agencies (Bundesverband
Deutscher Inkassounternehmen e. V.) and is certified
by SCHUFA Holding AG in the field of data protection.
Universal Factoring
Universal Factoring GmbH (UFG) offers the customers
of Deutsche Leasing and the savings banks receivables
financing solutions. Deutsche Leasing thus rounds off
its range of products and services which is consistently
focused on medium-sized companies. It is thus also
able to offer its own customers and the customers of
the savings banks’ customers solutions for receivables
financing in particular. Besides its full-service offering
S-Compact-Factoring – which is intended for smaller
medium-sized company customers – UFG offers further product solutions involving graduated services in
line with customers’ specific requirements. Its services
include debtor management. In the financial year
2012/13, the volume of receivables provided by receivables vendors amounted to EUR 1.5 billion. UFG is a
member of the German factoring association
(Deutscher Factoring-Verband e. V.).
Business development in 2012/13
•
New business up by approx. 8 per cent to EUR 7.8 billion – further improvement in market shares in Germany and Europe
•
Continuing positive new business trend for foreign
business
New business up by approx. 8 per cent to EUR 7.8 billion – further improvement in market shares in Germany and Europe
Despite the continuing adverse economic outline conditions and tough competition – particularly due to the
commercial banks, which are increasingly focusing on
business with medium-sized companies, and also due
to the activities of the development banks – in the
2012/13 financial year the Deutsche Leasing Group
once again realised a positive performance.
It further extended its market leadership in Germany
and consolidated its position among the leading providers in Europe. Bucking the declining investment
trend in the overall economy, Deutsche Leasing realised growth and significantly outperformed the competition, also in relation to the trend in Germany and
Europe for new leasing business. In 2012 and 2013 the
European leasing market realised a decline of - 1.6 per
cent and - 5.1 per cent respectively. In Germany, according to predictions from the federal association of
German leasing companies (Bundesverband
Deutscher Leasing-Unternehmen) the leasing market
stagnated at EUR 48.5 billion.
Deutsche Leasing
ANNUAL REPORT
2012 13
39
40
Development of new leasing business
Deutsche Leasing by comparison with the European and German markets
2012
Growth in per cent
252.6
- 1.6
48.5
- 0.2
48.5 3
0.0
7.2
3.7
7.8
7.7
Leaseurope
Leasing Germany
Deutsche Leasing
2013
EUR billion
1
EUR billion
239.8
2
Growth in per cent
- 5.1 2
1 October 2011 – 30 September 2012 and 1 October 2012 – 30 September 2013
Estimate on the basis of the development of the index for 17 European leasing companies
3
BDL estimate
1
2
The Deutsche Leasing Group realised a volume of new
business in the amount of EUR 7.8 billion, an improvement of approx. 8 per cent on the previous year.
EUR million
10,000
9,000
8,000
7,406
7,000
6,890
6,943
2009/10
2010/11
7,201
7,755
6,000
5,000
4,000
3,000
2,000
1,000
0
2008/09
2011/12
2012/13
of which DAL
(New business in the financial years 2008/09 to 2010/11, adjusted for DL’s share
in SKP)
Deutsche Leasing
ANNUAL REPORT
2012 13
Continuing positive new business trend for foreign
business
In Germany, new business excluding DAL – whose volume of new business amounted to approx. EUR 1.2 billion, as in the previous year – was at EUR 4.9 billion 9 per
cent higher than in the previous year. The foreign
companies realised new business with a volume of
EUR 1.7 billion. They thus accounted for around 22 per
cent of the Group’s total volume of new business, with
an increase on the previous year of 10 per cent.
41
An analysis of new business in the business segments,
with a breakdown by asset class, shows the following
development:
Business segment
2012/13
Acquisition values
EUR million
2011/12
Acquisition values
Share in per cent
EUR million
Change in per cent
in relation to
previous year
Share in per cent
3,917
51
3,682
51
+6
Road vehicles
1,911
25
1,734
24
+ 10
752
10
615
9
+ 22
6,580
86
6,031
84
+9
592
7
610
8
-3
Deutsche Leasing
Real estate
583
7
560
8
+4
DAL
1,175
14
1,170
16
0
7,755
100
7,201
100
+8
Direct business and partnerships with dealers and
vendors in Germany and other countries developed
positively and led to a 6 per cent increase in the volume of new business in the machinery and equipment
segment.
once again provided a significant contribution to new
business. In the partnership business segment, several
cooperation agreements were concluded which should
contribute to a stable new business trend over the next
few years.
The trend on the fleet market remained characterised
by stagnation, with declining licensing volumes and
persistently tough competitive pressure, particularly
in view of the aggressive price policies of the manufacturer-related leasing companies. The road vehicles segment increased by 10 per cent.
In the real estate leasing segment the volume of new
business declined slightly, by 3 per cent. This is attributable to a change in this segment’s business mix
(higher proportion of SME business, entailing smaller
volumes).
The positive trend in the information and communication technology segment remained stable in the past
financial year, and the level of new business in the previous year was significantly exceeded (+ 22 per cent).
Direct business in the hardware segment, which involved a large number of major business transactions,
Deutsche Leasing
ANNUAL REPORT
2012 13
In the energy and transport segments, business in the
transport sector was successfully expanded. Positive
growth was realised in the rail business segment in
particular. This made it possible to compensate for the
decline in energy business – due to the loss of subsidies – and also the volatility resulting from dependence on several large-scale transactions.
42
Moderate increase in net profit for the year
Leasing income higher than in previous year
Equity significantly strengthened through increase
in provisions and special item for general bank risks
in accordance with §§ 340f and 340g of the German
Commercial Code (Handelsgesetzbuch, HGB)
Distribution at continuously high level
Further increase in net asset value – economic result matches previous year’s high level
Income goals exceeded
•
•
•
•
•
•
Earnings position
Moderate increase in net profit for the year
The Group’s net profit for the year has increased moderately to EUR 60.4 million (previous year: EUR 58.4 million), following a further increase in provisions in accordance with §§ 340f and 340g HGB.
Leasing income higher than in previous year
In the financial year 2012/13, leasing income resulting
from leasing and hire-purchase business and from
sales of used leasing assets was approx. 6 per cent
higher than in the previous year. This increase in income was due to an expansion of the leasing and
hire-purchase portfolio.
Growth of hire-purchase expenses and the merchandise used in the resale of second-hand leasing assets –
which have been recorded under leasing expenses and
which correspond to the above-mentioned income –
has largely matched the income trend.
Depreciation and valuation adjustments on leasing
assets which should be considered in this regard increased by around 2 per cent. In principle, scheduled
depreciation on newly acquired leasing assets in the
period is in line with the term of the underlying leasing contracts.
Deutsche Leasing
ANNUAL REPORT
2012 13
Interest income improved significantly, from EUR
- 205 million to EUR - 157 million, due to the continuing
low-interest phase and the associated favourable conditions for borrowed funds.
The (gross) profit from leasing, hire-purchase and services business increased by approx. 11 per cent, mainly on the basis of the above-mentioned components.
Reselling of motor vehicles resulting from expired
leasing contracts once again provided positive earnings contributions, due to the conservative calculation
of residual values at the end of the respective contract
terms, despite increasing pressure on second-hand car
prices. The conservative residual value policy of the
past few years in the vehicle contract segment – with
open residual values and a high-performance international reselling network – have established the foundations for this positive long-term trend.
General administrative expenses increased from
EUR 283 million to EUR 304 million. This reflected
additional expenses for strategic projects and initiatives which adversely affected the result for the period
but will enable cost savings in future years. A further
factor is necessary investments in connection with regulatory requirements. The development of additional
employee capacities also made itself apparent. UFG
and the extension of the trainee programme contributed to this trend.
Equity significantly strengthened through increase in
provisions and special item for general bank risks in
accordance with §§ 340f and 340g of the German Commercial Code (Handelsgesetzbuch, HGB)
Depreciation and valuation adjustments for receivables increased significantly due to the allocations to
the provisions and to the special item for general bank
risks pursuant to § 340f and § 340g HGB; adjusted for
these factors, depreciation and valuation adjustments
realised a positive, declining trend. Through its significant allocations to the provisions and to the special
item for general bank risks, Deutsche Leasing is pursuing its strategic strategy of strengthening its (available)
equity capital.
Distribution at continuously high level
The parent company reported a net income for the
year of approx. EUR 45.4 million. This income provides
the basis for the proposal to leave the distribution to
the shareholders unchanged at EUR 35.0 million (previous year: EUR 35.0 million). Deutsche Leasing thus
continues to adhere to its sustainable dividend policy
of the past few years.
Distribution trend
as well as (statistically documented and agreed) future
revenue potential resulting from the resale of assets.
The net asset value reflects the value of the equity of
the Deutsche Leasing Group after disclosure of the hidden reserves. It is calculated in accordance with the
standard recommended by the federal association of
German leasing companies in terms of its structure as
well as contents and is verified by the auditor in accordance with the audit standard which has currently
been published as a draft version. The net asset value
is a key element for calculation of the economic result.
Development of the net asset value
EUR million
1,800
EUR million
1,400
40
30
20
1,611
1,600
35.0
22.5
27.2
35.0
1,309
1,395
1,666
1,466
1,200
1,000
27.2
800
600
10
400
0
2008/09
2009/10
2010/11
2011/12
2012/13 1
200
0
1
2008/09
Proposal
Further increase in net asset value – economic result
matches previous year’s high level
In the past financial year, the net asset value of the
Deutsche Leasing Group increased to approx. EUR 1.7
billion. The net asset value reflects all relevant factors
affecting the future equity trend resulting from the
Group’s asset and contract portfolio as of the reporting
date, including its subsidiaries. It thus includes burdens to be expected in future as a result of latent counterparty risks within the scope of the existing portfolio
Deutsche Leasing
ANNUAL REPORT
2012 13
2009/10
2010/11
2011/12
2012/13
With a value of EUR 139 million for the financial year
2012/13, Deutsche Leasing’s economic result – a recognised ratio summarising period net income for leasing
companies – matched the level realised in the previous
year (EUR 143 million). Deutsche Leasing thus exceeded its target income level. This level is intended to permanently guarantee appropriate distributions, necessary future investments and the economically
necessary equity foundations for growth on the company’s own initiative.
43
44
Development of economic result
2013 they amounted to EUR 15.2 billion (previous year:
EUR 14.6 billion). The trend for borrowed funds was
thus in line with the growth of new business.
EUR million
160
140
124
120
143
139
2011/12
2012/13
131
100
80
60
50
40
20
0
2008/09
2009/10
2010/11
Income goals exceeded
In overall terms, in the financial year 2012/13 the
Deutsche Leasing Group maintained its positive performance bucking the market trend and continued to
outperform the competition through its growth rates,
despite persistently adverse outline economic conditions and increasing external (particularly regulatory)
requirements. Thanks to its long-term business and
risk model it has exceeded its income goals.
Stabilisation on the financial markets
Key interest rates in the Eurozone at record low
Intensification of sales of receivables and expansion
of cooperation with business development banks
•
•
•
Financial position
The goal of the Deutsche Leasing Group’s financial
management strategy is to safeguard permanent solvency and to cover financing requirements on the best
possible terms, subject to the basic goal of hedging financing risks.
Borrowed funds of the domestic and foreign companies (excluding DAL, including sales of receivables) increased slightly on the previous year. On 30 September
Deutsche Leasing
ANNUAL REPORT
2012 13
Stabilisation on the financial markets
The situation on the financial markets stabilised over
the past financial year. This mainly reflected the fact
that the Eurozone sovereign debt crisis abated and had
less of an impact on market events. In addition, the
economic outlook for the Eurozone gradually improved, particularly in the last few months of the financial year.
Key interest rates in the Eurozone at record low
In the context of these overall economic trends, interest rates on the capital market largely moved sideways
but rose slightly toward the end of the financial year.
The fluctuations over the course of the year mainly reflected current assessments regarding the state of the
economy. The monetary policies of the central banks
in the Eurozone and the USA were another key factor
driving the interest-rate trend. Both of these central
banks left their extremely expansionary monetary policies intact. The European Central Bank cut its key interest rate to a historic low of 0.5 per cent per annum
and in its “forward guidance” it prescribed a very low
key interest-rate level for some time to come.
Intensification of sales of receivables and expansion of
cooperation with business development banks
In the past financial year Deutsche Leasing further extended its financial leeway and its financial reserves. It
raised new financing lines with a volume of more than
EUR 1 billion. These lines were mainly realised
through savings banks, via global credit lines from
business development banks and from selected foreign banks. On the basis of its anchoring in Sparkassen-Finanzgruppe and its stable long-term relationships with credit institutions, Deutsche Leasing has a
solid financing base for its planned future growth.
Besides direct financing through borrowing, forfaiting
of leasing receivables is the second key element of
Deutsche Leasing’s financing structure and has played
a clear role in the intensification of its relationship
with the savings banks as well as reducing risk. New
business in the savings bank leasing segment is generally financed through this channel. In addition, in the
financial year 2012/13 the volume of forfaiting within
the scope of individual transactions was once again
increased, and structural preconditions were improved for continuing disproportionately strong
growth in this financing segment.
The financing portfolio was supplemented through
further intensification of borrowing from business
development banks within the scope of programme
loans; investment projects complying with the specific
criteria for the respective development programmes
were financed on an individual basis. In addition,
Deutsche Leasing maintained its structured financing/
ABCP financing.
Development of financing volume by financing instrument
EUR billion
7.0
6.6
6.9
5.8 6.0
6.0
5.0
4.0
3.0
2.0
1.7 1.7
1.0
0.5 0.6
0.0
Short-term
loans, call
deposits/time
deposits, commercial papers
Medium- and
long-term
loans (incl.
promissory
notes)
Direct sale of
receivables
(individual
forfaiting)
ABCP, structured financing
30 September 2012 (total: EUR 14.6 billion)
30 September 2013 (total: EUR 15.2 billion)
Financing of foreign subsidiaries was also extended
through the financing company Deutsche Leasing
Funding B. V., Amsterdam, which was established for
the purpose of improved efficiency of financing processes. On the balance-sheet date, the volume of financing extended to the subsidiaries amounted to approx. EUR 1.2 billion (previous year: EUR 0.6 billion).
As before, transactions involving derivative financing
instruments (mainly interest-rate swaps) are exclusively entered into for hedging purposes. A documented,
appropriate and functional risk management system
is used for these transactions.
The volume of financing (Germany and other countries, excluding DAL) was distributed as follows between the financing partners as of 30 September 2013:
Deutsche Leasing
ANNUAL REPORT
2012 13
45
46
Contingent liabilities under suretyships and guarantee agreements amounted to EUR 570.5 million at the
end of the financial year (previous year: EUR 863.7 million). On the balance-sheet date, irrevocable loan commitments were valued at EUR 75.4 million (previous
year: EUR 98.1 million).
Volume of financing
(Germany and other countries, excluding DAL)
12 per cent
23 per cent
Net asset position
65 per cent
Moderate increase in consolidated balance sheet
volume of approx. 2.5 per cent
Stable portfolio structure
•
•
Savings banks
Federal state banks
Others
The Sparkassen group continues to handle approx.
90 per cent of the financing requirements of Deutsche
Leasing. Deutsche Leasing thus has a sustainable and
stable financing basis for its business.
Cash and cash equivalents – within the scope of the
statement of cash flows – amounted to EUR 357.8 million as of the start of the financial year and decreased
to EUR 355.1 million at the end of the financial year.
Moderate increase in consolidated balance sheet volume of approx. 2.5 per cent
At EUR 15.9 billion at the end of the year under review,
Deutsche Leasing’s consolidated balance sheet total increased by approx. EUR 400 million on the previous
year. This was tied to the development of leasing assets
and receivables from customers.
Development of consolidated balance-sheet total
EUR million
16,000
Within the scope of this statement the cash inflow
from current business activities and the capital increase amounted to EUR 42.5 million (previous year:
EUR 37.6 million); the cash outflow from investment
activities amounted to EUR - 10.2 million (previous
year: EUR - 15.8 million). EUR 35.0 million was distributed to the shareholders in the year under review (previous year: EUR 27.2 million).
12,000
14,990
14,922
21
22
2008/09
2009/10
14,458
15,507
15,891
23
23
2011/12
2012/13
24
8,000
4,000
0
2010/11
Percentage share accounted for by foreign business
Deutsche Leasing
ANNUAL REPORT
2012 13
The net asset position remains mainly shaped by the
leasing assets as well as receivables from customers.
At EUR 16.6 billion, leasing assets reported in the balance sheet at historical costs were at roughly the same
level as in the previous year. Leasing assets at residual
Leasing assets at residual carrying amounts
carrying amounts – which remain a key element of the
consolidated balance sheet total – had the following
structure on 30 September 2013, with a breakdown for
individual business segments:
2012 / 13
Business segment
47
2011 / 12*
EUR million
Share in per cent
EUR million
Share in per cent
4,926
51
5,010
53
Road vehicles
2,755
29
2,776
29
1,235
13
1,119
12
Real estate
255
3
221
2
363
4
363
4
9,534
100
9,489
100
Total residual carrying amounts
* Figures for previous year adjusted due to first-time reporting for the energy and transport segment
Stable portfolio structure
The breakdown by business segments and central asset items in proportion to the balance-sheet volume remained stable in relation to the previous year: The residual carrying amounts of leasing assets accounted
for 60.0 per cent of the consolidated balance sheet total
(previous year: 61.2 per cent). Receivables from customers (mainly hire-purchase receivables and receivables from banking transactions) amounted to 33.5 per
cent (previous year: 32.4 per cent) of the balance sheet
total; due to the characteristics of the foreign subsidiaries’ leasing contracts, these are generally hire-purchase contracts in accordance with HGB and are therefore reported in receivables from customers. Assets in
foreign subsidiaries represent 23.1 per cent of the consolidated balance sheet total.
Deutsche Leasing
ANNUAL REPORT
2012 13
Structure of assets 30 September 2013
6.5 per cent
33.5 per cent
60.0 per cent
Leasing assets
Receivables from customers
Other assets
Deutsche Leasing’s net asset, financial and earnings
position is in good order.
48
Risk-bearing capacity intact even in stress scenarios
Improved default situation
Continuous improvement in risk control
•
•
•
Risk report
Risk management
Risk management supplements and supports the business strategy of the Deutsche Leasing Group and encompasses all key risks and all of the Group’s companies in Germany and abroad.
Centralised Risk Management is responsible for entire,
company-wide risk management for all types of risk,
through a comprehensive system of risk management.
Centralised Risk Management has technical competence and responsibility for methods and models of risk
measurement, control and aggregation, for the calculation of risk-relevant parameters for both internal risk
control and for internal and external reporting.
Risk controlling provides quarterly reporting within
the framework of a risk report on the development of
risk-bearing capacity and all key risks and provides action recommendations for risk control. In addition, an
ad hoc reporting procedure has been established for information which is significant in terms of risk aspects.
The management receives support and advice in its
decision-making on risk-related issues through the
central risk board of Deutsche Leasing. Information
from the various risk types is jointly presented in this
monthly committee.
By 30 September 2013, Deutsche Leasing had largely
fulfilled the current requirements under the German
Banking Act (Gesetz über das Kreditwesen, KWG) as
Deutsche Leasing
ANNUAL REPORT
2012 13
well as the minimum requirements for risk management (MaRisk), including the new requirements for
which the deadline for compliance was 31 December
2013.
The goal of risk management is to establish a balanced
relationship between risk and opportunity/income at
the level of the overall Group; adequate risk-bearing
capacity is established between available capital for
risk coverage and overall risks. The risk-bearing capacity calculation provides the basis for the Deutsche
Leasing Group’s risk control strategy. Deutsche Leasing has continued to develop its risk-bearing capacity
concept and its risk measurement methods as
planned, to comply with the requirements for modern
risk management as well as current regulatory trends.
Besides new default probability models for valuation
of applications and inventories in relation to various
credit risk portfolios, in the past financial year a new
loss given default model was introduced in Germany.
Other key areas of activity included the introduction of
regular individual stress tests and a Group-wide individual default definition in compliance with the German Solvency Regulation (Solvabilitätsverordnung,
SolvV).
Risk-bearing capacity intact even in stress scenarios
The risk-bearing capacity concept is based on the net
asset value as an indicator of risk coverage potential
and a going-concern approach, with a confidence level
of 99 per cent. In addition, a deduction item is maintained for coverage of rare loss categories. This is based
on a risk calculated with a high level of confidence
(99.95 per cent). The Group’s risk-bearing capacity was
clearly intact as of 30 September 2013.
Risk-bearing capacity
d
Available
RCC
(RCCa)
Buffer
RBCa
Free limit
Used risk coverage capital
(RCCGC)
=
econ. risk99 per cent
RCCa
< 1
Limit utilisation
Economic risk
99 per cent
d
Risk coverage
potential (= net
asset value)
Strict secondary condition:
The deduction item measured with a confidence level of
99.95 per cent may not exceed the remaining buffer
(buffer > 0).
d
Deduction item
for rare loss
events
(99.95 per cent)
LU
=
econ. risk99 per cent
RCCGC
< 1
Operational control
procedures GC
LU = limit utilisation; RCC = risk coverage capital; RCCa = available risk coverage capital; RCCGC = used risk coverage capital; RBC = risk-bearing capacity; RBCa =
risk-bearing capacity as of cut-off date; GC = going concern. The buffer varies in accordance with the development of the net asset value and the level of risk exposure.
Overall, limits have been allocated for all risk types/
categories within the framework of the risk-bearing
concept. The level of limit utilisation shows that there
is still sufficient leeway for further risk-taking within
the scope of the used risk coverage capital.
Each individual risk complied with the prescribed limit. The risks determined through a historical stress test
and a serious hypothetical stress test (as the aggregate
of risk type-specific stress results) were not only covered by the risk coverage potential but also by the
available risk coverage capital. Risk-bearing capacity
was thus intact in all stress scenarios. The historical
stress test is a macroeconomic stress test covering multiple risk types. This is based on the historical scenario
of the situation in the financial year 2008/09 and reflects a serious economic downturn, as required by the
minimum requirements for risk management.
Deutsche Leasing
ANNUAL REPORT
2012 13
In the financial year 2012/13 risk-bearing capacity and
capital requirements planning were incorporated in
Deutsche Leasing’s medium-term planning for the first
time, in compliance with the new MaRisk requirement.
A process has been established and documented for
planning of future capital requirements and risk-bearing capacity. The value-at-risk limits have been verified
within the scope of the planning process. No adjustments were made for the financial year 2013/14.
In principle, Deutsche Leasing distinguishes between
the following types of risk:
Credit risk
Credit risk covers the risk of non-fulfilment of contractually agreed payments or services, resulting in a loss
for Deutsche Leasing. Credit risk encompasses the following risk categories: customer’s credit risk, counterparty risk, country risk and lessor risk.
49
50
Asset risk
Asset risk (also referred to as residual value risk) applies for contracts with open residual values. In such
contracts, the historical costs for the asset are not fully
amortised through the lessee’s agreed instalments. Residual value risk refers to the risk of a loss in the event
of the selling price realised on the asset at the end of
the period negatively deviating from the previously
calculated and anticipated selling price, the residual
value.
Operational risk
Operational risk is the risk of losses due to the inadequacy or failure of internal procedures and systems,
people as well as external events. This definition includes legal risk and validity risk.
Market price risk
Market price risk refers to the general risk of unexpected losses due to a change in market parameters (interest rates, share prices, exchange rates, commodity
prices and resulting variables). At Deutsche Leasing,
market price risk is limited to interest rate risk and
currency risk.
Business risk
Business risk describes the risk of business development yielding lower income or higher costs than envisaged.
Liquidity risk
Liquidity risk at Deutsche Leasing covers the following
risk categories: purchasing risk and funding-spread
risk. Purchasing risk is the risk of Deutsche Leasing being unable in future to borrow sufficient funds to fulfil
its payment obligations. Funding-spread risk is the risk
of an unanticipated loss resulting from changes in
Deutsche Leasing’s refinancing curve because new
borrowing is only possible at refinancing levels which
are significantly higher than expected. Increased credit spreads result from a deterioration in Deutsche Leasing’s credit rating or a general worsening of borrowing
terms, on grounds relating to the market itself.
Deutsche Leasing
ANNUAL REPORT
2012 13
Equity investment risk
Equity investment risk is the risk of unanticipated losses in the event of the market value of an investment
falling below its book value.
Other risks
Other risks cover the risk of an unanticipated loss
which cannot be allocated to credit risk, asset risk,
market price risk, liquidity risk, operational risk, business risk or equity investment risk. Other risks include
the following risk types:
•
Liability risk:
Deutsche Leasing is exposed to a liability risk in
terms of the risk of losses resulting from its position
as an owner or importer of assets.
•
Reputation risk:
Reputation risk refers to the risk of losses in the
event that the reputation of the Deutsche Leasing
Group suffers harm or deteriorates. Such losses
may also result, directly or indirectly, from other
risk types which have materialised and may amplify these other risk types.
•
Strategic risk:
Strategic risk refers to the risk of unanticipated
losses resulting from poor management decisions
in relation to the business-policy positioning of
Deutsche Leasing Group.
•
Translation risk:
Translation risk refers to the risk of the net asset
value in the foreign companies’ foreign currencies
leading to unanticipated losses due to exchange-rate
fluctuations.
Within the scope of the regular risk inventory, materiality analyses have been performed for all of the risks
identified, enabling clear categorisation of risks as material and non-material. All quantifiable material and
non-material risks will be included in the risk-bearing
capacity calculation, in accordance with a conservative approach.
Risks at Deutsche Leasing
Risk types
Credit risk
Asset risk
Market price
risk
Liquidity risk
Operational
risks
Business risk
Other risks
Risk categories
Customers’
credit risk
Residual value
risk – cars
Interest rate risk
Funding-spread
risk
Counterparty
risk
Residual value
risk – EQUIP
Currency risk
Purchasing risk
Country risk
Residual value
risk – ICT
Lessor risk
Risks resulting
from internal
procedures,
people or
systems as
well as external
factors (including legal and
validity risk)
The Deutsche Leasing Group has specified a uniform materiality limit of EUR 10 million
for the loss potential for all types of risk category.
Credit risks
The credit worthiness structure of Deutsche Leasing’s
own-risk exposure remained stable in the financial
year 2012/13. The proportion of top credit ratings (ratings 1 to 6) remained high, at 40.1 per cent (previous
year: 40.6 per cent). Within the medium credit rating
segment there was a shift toward the better rating
classes.
Deutsche Leasing
ANNUAL REPORT
2012 13
Business risk
Translation risk
Reputation risk
Strategic risk
Liability risk
material risk
material risk which cannot be
usefully limited through RCC
non-material risk
All of the (risk) limitations specified in the risk strategy
were complied with. This applies for limits in regard to
the portfolio structure as well as those relating to new
business.
51
52
The Group’s portfolio by sector remains characterised
by a high level of granularity. No sector in Germany exceeds the limit laid down in the risk strategy. The sector shares also comply with the limits specified in the
risk strategy for the Group’s foreign portfolio; due to
the strategy of supporting vendor partners outside
Germany, core sectors are generally more firmly defined here than in Germany.
The positive risk trend in the financial year 2012/13 –
particularly in Germany – led to a decrease in defaults
in the Group not covered by standard risk costs. Subject to an unchanged conservative valuation, the volume of additional defaults not covered by calculated
risk costs totalled EUR 3.3 million and was thus
EUR 4.1 million lower than the previous year’s figure
(EUR 7.4 million).
Prices for the relevant second-hand assets were largely
stable or positive in the financial year 2012/13. This
had a positive impact on recovery rates (total resale
revenues for contracts defaulted on and other revenues less resale-related costs as a proportion of present-value residual receivables including the margin).
Asset risks
The road vehicles business segment consistently utilises
conservative residual value assessments in line with
market norms and transfers residual value risks to solvent third-party guarantors. It ensures a high proportion
of premium brands (Volkswagen/Audi, BMW and
Mercedes currently account for approx. 52 per cent) in its
contract portfolio. Diversification of products, models
and resale channels and continuous support for contract management have a significant impact on the level
of success in reselling vehicles.
Permanent monitoring of the leasing and second-hand
car market, stringent use of our asset management instruments, professional development of sales and organisational structures and processes at AutoExpo and
resale analyses which differ in terms of vehicle types
and sales channels provide a solid basis for sound resid-
Deutsche Leasing
ANNUAL REPORT
2012 13
ual value management. The residual value assessment
is regularly verified by means of external asset-based
testing (Eurotax GmbH). The second-hand car markets
came under clear pressure in the past financial year.
Nonetheless, very positive reselling results were
achieved thanks to the markdown of residual values in
the new business segment in previous years. No portfolio risks are currently discernible. We do not envisage
any further deterioration in market conditions for road
vehicles in the coming financial year.
With adequate valuation methods in its machinery and
equipment business segment, Deutsche Leasing has solid foundations for control and management of the risk
resulting from open residual values. Residual value quotations are exclusively handled by specialised employees in its asset management department. The results of
expiring contracts featuring open residual values were
once again positive in the financial year 2012/13. The
assets held in the portfolio are distributed relatively
smoothly across asset classes and countries.
The sovereign debt crisis and uncertainty over the economic trend led to general investment restraint on the
part of customers in the Group’s traditional target markets. However, no further downturn is apparent and no
significant change in the volume of returns is foreseeable. Demand and prices of second-hand assets from operating leasing contracts were at high levels in all market segments. Prices of second-hand machinery only
remain low in the printing industry, due to consistently
difficult market conditions and excess capacities. Asset
value remains a key component of Deutsche Leasing’s
risk management strategy, as a result of a consistent policy of basing residual-value assessments on current
market conditions while giving consideration to future
expectations.
In its information and communication technology
business segment Deutsche Leasing mainly handles
operating leasing contracts with larger medium-sized
customers and major customers. A calculation of residual values on the basis of conservative benchmarks
enabled additional revenues through contract extensions or sales. These exceeded the calculated values. In
view of the continuing stable situation on the ICT market in Germany and the high-quality structure of its
medium-sized and major customers with high credit
ratings, Deutsche Leasing once again envisages sustained positive business development in 2014. The income realised shows that the Group has succeeded in
exploiting the income opportunities available from entering into risks associated with residual values and
follow-up business expectations. This is largely attributable to focused asset management.
Market price risks
In line with the basic concept that financing activities
provide for congruent interest rate-optimised financing of customer business, unlike banks the Deutsche
Leasing Group does not pursue any own-account trading of money and capital market products. Interest
rate risks may be entered into to a certain extent, to
achieve additional income resulting from market
trends within the scope of original financing requirements. In terms of currency risks, customer transactions always have same-currency financing. Currency
risks therefore apply only temporarily (if at all) during
operational execution of transactions or through margin components of customer receivables which are not
secured through same-currency financing.
The applicable rules for control of market price risks
are based on these principles and limit the scope of the
risk position which is permissible for optimisation of
financing costs through a market-price risk limit in
line with the economic risk. This limit is linked with
nominal position limits for operational control of interest rate risk.
Deutsche Leasing
ANNUAL REPORT
2012 13
1. Interest rate risk
Interest rate risks are subject to operational monitoring and control by means of the nominal volume of
mismatched (open) interest rate positions for financing of new business, with corresponding limitations
in line with the control guidelines. For calculation of
the economic risk, value-at-risk calculations are performed for open interest rate positions in accordance
with the variance-covariance method.
In the context of the sovereign debt crisis, a subdued
economic trend and an expansionary monetary policy,
interest rates generally declined over the course of the
financial year. Particularly in view of the latent risks of
political developments having strong and scarcely predictable effects on the interest-rate framework, despite
the falling interest-rate trend and a normal interest
yield curve forward interest-rate assets were managed
at a relatively low level.
The value-at-risk trend for this position – calculated for
its operational valuation – is presented below. Valueat-risk considers the value of the open interest rate position as well as the level of market volatility.
53
54
Interest rate risk for Deutsche Leasing Group (excl. DAL)
Value-at-risk (confidence level of 99 per cent, 10-day holding period)
EUR million
1.80
1.60
1.40
1.20
1.11
1.03
1.00
1.12
0.98
0.95
0.84
0.96
0.89
0.80
0.80
0.87
0.84
30/6/13
31/7/13
0.80
0.90
0.60
0.40
0.20
0.00
30/9/12
31/10/12
30/11/12
31/12/12
31/1/13
28/2/13
2. Currency risk
In Germany, foreign currency risks are limited to a few
transactions executed in Swiss francs and US dollars,
all of which have same-currency financing. The foreign subsidiaries’ operating business is likewise financed in the same currency in principle. Risks resulting from exchange rate fluctuations only apply here in
relation to the margin.
Liquidity risk
The business activities and the continuing growth of
Deutsche Leasing Group are also based on permanent
availability of liquidity and financing through optimised interest rates. Deutsche Leasing thus adheres to
the principle of financing its business at matching maturities.
Deutsche Leasing
ANNUAL REPORT
2012 13
31/3/13
30/4/13
31/5/13
31/8/13
30/9/13
The guidelines applicable for liquidity control reflect
this basic conservative orientation and limit the scope
of the risk position which is permissible for optimisation of financing costs. In relation to purchasing risk,
the limits defined for the liquidity risk refer to nominal
minimum requirements for free liquidity. In regard to
the funding-spread risk, the limits are based on the
economic risk resulting from liquidity mismatches
and are broken down into nominal position limits at
the operational level.
In concrete terms, as a reflection of purchasing risk
liquidity risk is controlled and monitored through liquidity planning which distinguishes between various
planning periods. Economic risk resulting from funding-spread risk is quantified on the basis of scenario
analyses.
In overall terms, in the financial year 2012/13 the
banks’ liquidity situation eased significantly, not least
due to broad-based intervention by the central banks.
Accordingly, Deutsche Leasing significantly expanded
its relationships with savings banks and with selected
commercial banks. It also clearly extended its financing lines with business development banks. At the end
of the financial year these free lines amounted to almost EUR 3 billion and thus considerably exceeded
their target levels.
Equity investment risk, business risk, other risks
Limits apply for equity investment risk, business risk
and translation risk. These had all been complied with
as of 30 September 2013.
Operational risks
Operational risks result in principle from all commercial activities and are thus inherent in the business activities of the Deutsche Leasing Group. Due to the complexity of products and processes, operational risks
require particularly close attention. Systematic risk
management enables early identification of these
risks and implementation of suitable control measures
to avoid or limit them.
The risk management process encompasses regular
risk identification and quantification in all departments of the company and an analysis of loss events
actually arising. Moreover, an annual “risk analysis” is
conducted to prevent other criminal acts which might
jeopardise Deutsche Leasing’s net asset position. This
identifies, analyses and evaluates potential gateways
for internal and external criminal activities. Where
necessary, employee-specific measures (“know your
Deutsche Leasing
ANNUAL REPORT
2012 13
employee”) and also business- and customer-specific
measures (“know your customer”) are identified.
Deutsche Leasing focuses in particular on the various
forms of fraud and on how to prevent it.
A regular risk analysis is performed in case of outsourced activities. This assesses the nature, scope,
complexity and risk content of outsourced processes.
Control and reporting processes have been implemented to safeguard preparation of the consolidated financial statements.
In the financial year 2012/13 there were no operational
risks jeopardising the company’s existence.
Litigation and legal risks
The potential risks for the Deutsche Leasing Group
arising from current litigation are fully covered
through provisions.
In summary, subject to unchanged conservative
valuation benchmarks Deutsche Leasing has made
appropriate provision for all discernible risks in its
consolidated financial statements. Non-scheduled depreciation, provisions and valuation adjustments remain adequate and are calculated according to conservative benchmarks. In addition, Deutsche Leasing
has established reserves in line with §§ 340f and 340g
HGB; it has also established significant hidden risk
provisions due to advance expenses typical of the leasing business. Otherwise, no special business modelrelated risks exceeding the normal level of risk are
discernible for the Deutsche Leasing Group.
55
56
Deutsche Leasing Academy: strategic orientation of
initial and advanced training
HR International: growth safeguarded through targeted management of HR activities in an international context
Long-term commitment to a range of charitable ventures
•
•
•
On the balance-sheet date the Deutsche Leasing Group
had a total of 2,136 employees (previous year: 2,013).
This includes 453 employees outside Germany. The increase in the financial year 2012/13 partly reflects oneoff factors such as the significant expansion of the
Group’s trainee programme and the first-time inclusion of UFG’s employees following the acquisition of
this company.
The average period of employees’ membership of the
company in Germany amounted to approx. 11.5 years,
with an average age of 44.4 years. The fluctuation rate
was 1.3 per cent and the sickness level 3.5 per cent.
A performance-oriented remuneration system links
individual employees’ goals with the company’s strategic goals, thus providing the basis for enduring relationships between employees and the company.
Deutsche Leasing Academy:
increased commitment to initial and advanced training
The goal of the DL Academy is predictive planning of
the company’s short, medium and long-term personnel requirements and alignment in terms of changing
competence requirements, on the basis of the company’s “Strategy 2020”. The company’s employees are
thus offered further long-term development opportunities and perspectives. Core issues are securing
know-how through a targeted transfer of knowledge,
Deutsche Leasing
ANNUAL REPORT
2012 13
structured succession planning for management and
technical functions and safeguarding technical fitness for every position in the company.
Ongoing qualification and training measures support
employees’ future plans and their creativity. These
measures are provided in technical and methodological areas as well as in the fields of social skills and personal development. Managers are supported in the
performance of their tasks by means of targeted advanced training measures based on current management know-how. For this purpose, a general and systematic manager training programme was planned
during the financial year 2012/13 and launched in the
course of the 2013 calendar year. The new management model which was developed in the financial
year 2012/13 and has been communicated throughout
the company also underpins this manager training
programme.
Deutsche Leasing has a long-term commitment to initial and advanced training and this represents an important investment in the future, as a response to the
demographic trend which is already apparent. In the
financial year 2012/13 Deutsche Leasing had a total of
18 trainees. This includes students on Bachelor of Arts
(B.A.) in International Business Administration dual
courses. Besides its standard office administrator
training course, together with Frankfurt’s vocational
training centre and the Taunus savings bank Deutsche
Leasing has successfully launched a bachelor degree
programme (which includes training leading to the
qualification of bank officer) with two places.
In the period under review, all trainees and bachelor
students who completed their courses were offered
employment positions. In addition, nine further junior employees were hired within the scope of a new
trainee programme.
training circuit at a Bad Homburg comprehensive
school. Colleagues from every organisational unit of
Deutsche Leasing – from trainees to the Management
Board – helped out with this project.
This programme will continue in the financial year
2013/14, with the hiring of an additional 10 trainees.
HR International: growth safeguarded through targeted
management of HR activities in an international context
Deutsche Leasing aims to anchor its international focus throughout its corporate culture, in accordance
with its self-defined role, and to foster an international
outlook among its employees. This focus extends to
employees in Germany and elsewhere in equal measure. This goal is pursued through professional support
and management of HR-related activities; HR International ensures transparency in relation to HR activities
at local, international and Group level as well as necessary coordination.
“Bärenherz” foundation, Wiesbaden
DKMS Deutsche Knochenmarkspenderdatei
gGmbH, Tübingen
“Kinder in Not e. V.” campaign group, Windhagen
Town of Bad Homburg’s Christmas donation campaign
Bürgerhilfe Bad Homburg e. V.
•
•
•
•
•
Deutsche Leasing continues to support a large number
of organisations and associations through donations
and funding. These include:
Long-term commitment to a range of charitable ventures
In 2012 Sparkassen-Finanzgruppe provided around
EUR 500 million in support for charitable projects
throughout Germany. “Through its varied and long-term
commitment, Sparkassen-Finanzgruppe lives up to
its responsibility in its various regions and makes a
significant contribution to social cohesion. We are
delighted that we are able to maintain this support at
a very high level.” (Georg Fahrenschon, president,
German savings banks association, 2013).
As an important member of Sparkassen-Finanzgruppe,
Deutsche Leasing is aware of this social responsibility
which it fulfils in various ways, through commitments
to art and culture, science, social issues and sport.
Through the company’s “Socially Active Employees
(SAM)” project, since 2011 Deutsche Leasing employees have demonstrated social commitment on their
own initiative through projects of their own choosing.
Deutsche Leasing supports its employees’ commitment to these projects, also in the form of financial assistance. In the financial year 2012/13 a total of 14 projects were realised, including the construction of a
Deutsche Leasing
ANNUAL REPORT
2012 13
In the field of sport, together with the German savings
banks association Deutsche Leasing is an “Olympics
Partner for Germany”. Deutsche Leasing is also dedicated to causes such as the German sport aid foundation (Stiftung Deutsche Sporthilfe) and Ironman 70.3 in
Wiesbaden.
Deutsche Leasing supports a large number of cultural
initiatives, e.g. in the form of its commitment to the
“Fugato” organ concert which takes place in Bad Homburg and the Christmas oratorio at Bad Homburg’s
Church of the Redeemer. Particularly notable is its premium partnership with the Rheingau Music Festival,
which has enriched the cultural scene for many years
now with almost 150 concerts at over 40 venues every
summer.
In its science funding, Deutsche Leasing provides assistance for a wide range of research projects conducted by various institutions. Deutsche Leasing’s cooperation with the centre for accounting and auditing at the
University of the Saarland and its membership of the
funding association for the University of Cologne’s
57
58
leasing research institute document the company’s intensive relationships with universities. In addition, the
lectures and forums supported by Deutsche Leasing
and its membership of Sparkassen-Finanzgruppe’s science funding association ensure an active exchange
between the realms of theory and practice.
Subsequent events
There were no reportable events in the period from
30 September 2013 to the Management Board’s preparation of the consolidated financial statements.
Stable economic trend in Germany, recovery expected in Europe despite continued risks of a setback
Strengthening of the company’s position as a leading asset finance provider
•
•
Forecast report
Stable economic trend in Germany, recovery expected
in Europe despite continued risks of a setback
In the calendar year 2014 the world economic growth
trend is expected to continue and will give rise to an
increase in global output of 2.8 per cent. The Eurozone’s gross domestic product is likewise expected to
recover in 2014, by 0.9 per cent. The German economy’s gross domestic product will increase by 1.8 per
cent in the calendar year 2014 (joint economic forecast, autumn 2013).
At the same time, there are a number of significant uncertainties attached to this forecast: The USA’s debt
ceiling remains under discussion, the Eurozone’s sovereign debt crises are not yet over, and the growth
trend in various emerging markets is uncertain.
Deutsche Leasing
ANNUAL REPORT
2012 13
Despite stricter regulatory conditions for leasing companies, in the medium term the industry envisages a
moderate increase in leasing investments. In particular,
additional financing-related services are expected to
contribute to increased growth for leasing as a product.
On the basis of the forecasts for the outline economic
conditions, overall for the next few years Deutsche
Leasing expects that the economic trend will remain
flat. The picture at the European level will continue to
be mixed, with significant risks of a setback.
Two distinct trends are apparent in the company’s
competitive environment: On the one hand, commercial banks are increasingly focusing on the German
SME sector. On the other, the reorganisation of the financial sector offers further commercial opportunities
for the Deutsche Leasing Group as an international
business. It also sees considerable potential in the development and expansion of standardised retail business.
Strengthening of the company’s position as a leading
asset finance provider
As the solution-oriented asset finance partner of the
German SME sector and as a centre of leasing excellence of Sparkassen-Finanzgruppe, Deutsche Leasing
envisages an ambitious volume of new business growth,
in excess of the market level. This will be achieved while
consistently adhering to a risk policy which remains
conservative. A key precondition for this target growth
volume is the development of market shares – especially through cooperation with the savings banks – in
a market environment which is uncertain and, at very
least, slow. Deutsche Leasing will thus follow through
on the goal formulated in its vision of becoming the
“leading asset finance provider for corporate customers in Germany”.
Deutsche Leasing is actively shaping its future and
thus reinforcing its stable foundations. The Management Board expects that Deutsche Leasing will be able
to further extend its market leadership through this
sharper strategic positioning.
2012/13. Thanks are also due to all of the employees of
Deutsche Leasing worldwide who have made this success possible.
Deutsche Leasing would like to thank its customers, its
partners and Sparkassen-Finanzgruppe for their positive and successful cooperation in the financial year
Bad Homburg v. d. Höhe, 17 December 2013
Deutsche Sparkassen Leasing AG & Co. KG
represented by its general partner
Deutsche Sparkassen Leasing Verwaltungs-Aktiengesellschaft
Ostermann
Jüngling
Deutsche Leasing
ANNUAL REPORT
Laukin
2012 13
Weis
59
62
64
66
statements
Deutsche Leasing
82
83
ANNUAL REPORT
2012 13
2012 13
CONSOLIDATED FINANCIAL STATEMENTS
Consolidated
financial statements
61
62
as at 30 September 2013
Assets
EUR
1. Cash reserves
a) Cash in hand
2. Receivables from credit institutions
a) Due daily
b) Other receivables
355,047,694.73
136,198,519.89
3. Receivables from customers
4. Equities and other non-fixed interest securities
As at
30 September 2013
As at
30 September 2012
EUR
TEUR
49,764.74
55
491,246,214.62
357,750
107,999
5,328,500,711.89
5,018,607
96,809.19
24
5. Investments
of which:
in credit institutions
EUR 116,421,312.30
(previous year: TEUR 107,316)
134,142,535.97
125,149
6. Shares in affiliated companies
16,417,182.35
16,010
9,534,193,173.43
9,489,411
16,398,865.58
15,369
1,770
3,173
7. Leasing assets
8. Intangible assets
a) Concessions, industrial property rights acquired for consideration and similar rights
and assets and licenses for such rights and
assets
b) Goodwill
c) Advanced payments
9. Property, plant and equipment
10. Other assets
11. Prepayments and accrued income
Total assets
Deutsche Leasing
ANNUAL REPORT
2012 13
11,704,300.56
1,188,724.55
3,505,840.47
99,656,609.23
102,029
256,781,988.08
257,738
13,722,455.86
12,385
15,891,206,310.94
15,507,469
63
Liabilities
1. Liabilities owed to credit institutions
a) Due daily
b) With agreed maturity or notice period
2. Liabilities owed to customers
a) Other liabilities
aa) Due daily
ab) With agreed maturity or notice period
As at
30 September 2013
As at
30 September 2012
EUR
EUR
TEUR
441,890,840.95
8,321,383,558.83
8,763,274,399.78
455,437
8,210,656
96,276,762.85
636,710,458.17
732,987,221.02
101,975
608,443
351,100,000.00
186,600
3. Liabilities evidenced by securities
a) Issued bonds
4. Other liabilities
5. Accruals and deferred income
6. Provisions
a) Provisions for pensions and
similar obligations
b) Provisions for taxation
c) Other provisions
82,263,009.55
16,312,761.29
149,462,983.85
7. Fund for general banking risks
8. Equity capital
a) Called-up capital
subscribed capital/
equity shares of limited partners
b) Reserves
c) Differences from currency translation
d) Shares of minority interests and
unconsolidated subsidiaries
e) Net profit for the year
14,174,793.67
60,416,669.50
1. Contingent liabilities
Liabilities under suretyships and
guarantee agreements
2. Other obligations
Irrevocable loan commitments
ANNUAL REPORT
347,082
4,773,178
248,038,754.69
78,165
14,641
143,252
56,000,000.00
29,000
240,000
237,616
9,913
240,000,000.00
274,023,919.69
7,484,212.54
Total equity and liabilities
Deutsche Leasing
333,767,468.56
4,809,938,871.49
2012 13
596,099,595.40
13,108
58,403
15,891,206,310.94
15,507,469
570,496,272.12
863,716
75,448,380.71
98,093
64
for the period from 1 October 2012 to
30 September 2013
2012 / 13
EUR
1. Leasing income
EUR
2. Leasing expenses
- 3,116,274,515.55
3. Interest income from
a) Credit and money market transactions
5. Current income from
a) Investments
b) Shares in affiliated companies
3,172,239,470.08
- 2,810,768
- 262,316,269.29
- 156,946,331.73
- 313,110
10,454,193.54
2,154,187.35
12,608,380.89
4,566
2,548
6. Income from profit and loss transfer agreements
20,879,752.69
8. Commission expenses
- 15,812,792.72
9. Other operating income
10. General administrative expenses
a) Personnel expenses
aa) Wages and salaries
ab) Social security contributions and expenditures for retirement pensions and other
benefits
of which:
for retirement pensions EUR 2,457,129.24
(previous year: TEUR 2,755)
b) Other administrative expenses
- 25,032,836.94
5,066,959.97
- 8,995
327,554,602.13
317,594
- 151,577
- 22,783
- 184,711,245.35
- 118,973,406.79
- 303,684,652.14
- 2,569,096,128.78
- 16,466,382.20
12. Other operating expenses
2012 13
1,019
13,865
- 159,678,408.41
11. Depreciation and valuation adjustments on
a) Leasing assets
b) Intangible assets and property,
plant and equipment
ANNUAL REPORT
107,950
1,510,910.03
7. Commission income
TEUR
5,924,849
105,369,937.56
4. Interest expenses
Deutsche Leasing
EUR
6,288,513,985.63
2011 / 12
- 108,210
- 2,515,111
- 2,585,562,510.98
- 14,197
- 257,270,978.44
- 249,703
65
2012 / 13
2011 / 12
EUR
TEUR
- 122,574,430.80
- 83,690
14. Depreciation and valuation adjustments on investments, shares in affiliated companies and
securities treated as non-current assets
- 5,385,881.54
- 3,296
15. Expenses from profit and loss transfer agreements
- 4,099,993.51
-2
16. Profit on ordinary activities
83,455,543.96
90,949
- 19,828,059.53
- 28,815
EUR
13. Depreciation and valuation adjustments on receivables and specific securities and allocations
to provisions for leasing and loan business
of which:
expenses for allocation to the fund for general
banking risks pursuant to § 340g HGB
EUR 27,000,000.00 (previous year: TEUR 29,000)
17. Taxes on income and profit
EUR
18. Other taxes, not included under item 12
- 2,478,352.43
- 2,083
19. Net income for the year
61,149,132.00
60,051
20. Profits attributable to minority interests and unconsolidated subsidiaries
- 1,358,537.22
- 2,599
21. Losses attributable to minority interests
and unconsolidated subsidiaries
22. Net profit for the year
Deutsche Leasing
ANNUAL REPORT
2012 13
626,074.72
951
60,416,669.50
58,403
66
statements for the financial year 2012/13
General disclosures
Group of consolidated companies
As a financial services provider, Deutsche Sparkassen
Leasing AG & Co. KG has prepared its consolidated financial statements for the financial year ending 30 September 2013 in accordance with commercial law provisions (§§ 290 ff. HGB), the supplementary provisions
for credit institutions and financial services providers
(§§ 340 ff. HGB) as well as the provisions of the German
Accounting Ordinance for Banks and Financial Services Providers (Verordnung über die Rechnungslegung der
Kreditinstitute und Finanzdienstleistungsinstitute, RechKredV). The company makes use of RechKredV forms 1
(balance sheet) and 3 (vertical-format profit and loss
account).
In addition to Deutsche Sparkassen Leasing AG & Co. KG,
a total of 103 subsidiaries have been incorporated in
the consolidated financial statements. Five companies
have been newly incorporated in relation to the previous year. This has not had any adverse impact on comparability with the previous year.
Due to the parent company’s legal form, equity is presented in deviation from the requirements stipulated
on the RechKredV forms. The components of the company’s reserves are not disclosed separately.
Where disclosures may be provided either in the consolidated balance sheet or the notes to the consolidated financial statements, the notes have been opted for.
Deutsche Leasing
ANNUAL REPORT
2012 13
The subsidiaries which are of minor significance for
an assessment of the net asset, financial and profit situation − even collectively – have not been consolidated
and have not been valued according to the equity
method.
A total of twelve associated companies have been valued using the equity method.
67
The parent company has the following key investments:
Name of the company
Registered office of the company
Equity share
in per cent
Germany
Deutsche Leasing AG
Bad Homburg v. d. Höhe
100.0
Deutsche Leasing Baden-Württemberg GmbH
(until 11 October 2012: AFL Finanz-Leasing GmbH)
Stuttgart
(until 28 January 2013: Göppingen)
100.0
Deutsche Leasing Factoring GmbH
100.0
Deutsche Leasing Finance GmbH
100.0
Deutsche Leasing Fleet GmbH
100.0
Deutsche Leasing für Sparkassen und Mittelstand GmbH
100.0
Deutsche Leasing Information Technology GmbH
100.0
Deutsche Leasing International GmbH
100.0
DAL Deutsche Anlagen-Leasing GmbH & Co. KG
Wiesbaden
AutoExpo Deutsche Auto-Markt GmbH
Giessen
Bad Homburger Inkasso GmbH
99.8
100.0
47.4
BHS Bad Homburger Servicegesellschaft mbH
100.0
Deutsche Mobilien Leasing GmbH
100.0
Deutsche Mobilien Vermietungsgesellschaft mbH
100.0
Deutsche Objekt-Leasing GmbH
100.0
S-Kreditpartner GmbH
Berlin
33.3
Universal Factoring GmbH
Essen
100.0
Deutsche Leasing
ANNUAL REPORT
2012 13
68
Name of the company
Registered office
of the company
Equity share in per cent
Other countries
Deutsche Leasing Austria GmbH
Vienna
100.0
Deutsche Leasing Benelux N.V.
Antwerp (Berchem)
100.0
Deutsche Leasing Bulgaria EAD
Sofia
100.0
Deutsche Leasing Canada (Del.), Inc.
Wilmington
100.0
Deutsche Leasing Canada, Corp.
Halifax
100.0
Deutsche Leasing (China) Co., Ltd.
Shanghai
100.0
Deutsche Leasing ČR, spol. s r.o.
Prague
100.0
Deutsche Leasing France Operating S.A.S.
Rueil Malmaison
100.0
Deutsche Leasing France S.A.S.
Rueil Malmaison
100.0
Deutsche Leasing Funding B. V.
Amsterdam
100.0
Deutsche Leasing Hungária Pénzügyi Zrt.
Budapest
100.0
Deutsche Leasing Hungária Kft.
Budapest
100.0
Deutsche Leasing Ibérica, E.F.C., S.A.U.
Barcelona
100.0
DL Ibérica EquipRent, S.A.
Barcelona
100.0
Deutsche Leasing (Ireland) Limited
Dublin
100.0
Deutsche Leasing Italia S.p.A.
Milan
100.0
Deutsche Leasing Operativo S.r.l.
Milan
100.0
Deutsche Leasing Nederland B. V.
Amsterdam
100.0
Deutsche Leasing North America, Inc.
Wilmington
100.0
Deutsche Leasing USA, Inc.
Wilmington
100.0
Deutsche Leasing Polska S.A.
Warsaw
100.0
Deutsche Leasing Romania IFN S.A.
Bucharest
100.0
Deutsche Leasing Romania Operational SRL
Bucharest
100.0
Deutsche Leasing Slovakia, spol. s r.o.
Bratislava
100.0
Deutsche Leasing Sverige AB
Stockholm
100.0
Deutsche Leasing (UK) Limited
London
100.0
Deutsche Leasing (Asia Pacific) Limited
London
100.0
Deutsche Leasing Vostok ZAO
Moscow
100.0
Locadora DL do Brasil LTDA
São Paulo
100.0
Please refer to the appendix to the notes for full disclosures concerning shareholdings (§ 313 (2) HGB).
Deutsche Leasing
ANNUAL REPORT
2012 13
Consolidation methods
Currency translation
For subsidiaries newly incorporated in the group of
consolidated companies, capital consolidation is performed according to the revaluation method. The historical costs of the shares in subsidiaries are offset
against their share of equity as of the date on which
this company became a subsidiary.
Currency translation for foreign financial statements
is based on the modified closing rate method. Assets
and liabilities are translated at average spot exchange
rates on the balance-sheet date, expenses and income
at average annual rates and equity at historical rates.
The profits brought forward of consolidated subsidiaries are allocated to the reserves.
Loans, receivables and liabilities between consolidated companies are offset.
Trade receivables and other income realised between
consolidated companies are offset against corresponding expenses.
Future receivables resulting from intra-Group purchases of receivables – which are reported in the consolidated financial statements at their present value –
are consolidated with the deferred income item from
sales of receivables under leasing contracts. Any remaining amount is reported in the profit and loss account.
The value of the investments reported at equity has
been calculated by means of the book value method as
of the date on which the company became an associated company.
Deutsche Leasing
ANNUAL REPORT
2012 13
Differences resulting from currency translation are
not recognised in income and are separately reported
in equity.
69
70
Accounting policies
Currency translation is in accordance with the rules laid
down in § 340h HGB and §§ 298, 300 (2) in connection
with 256a HGB.
Cash reserves and receivables due to credit institutions
are reported at nominal value.
In principle, receivables are reported at their historical
costs. Claims under hire-purchase contracts and sales of
receivables are reported at their present value. Discernible risks are taken into account by means of depreciation to the lower fair value. According to §§ 253 (5) in
connection with 298, 300 (2) HGB write-ups are implemented where the grounds for depreciation are no
longer applicable.
In general, the historical costs of leasing goods under
contracts newly concluded in the financial year are subject to depreciation over the term of the contract.
The straight-line depreciation method is used instead of
the declining-balance depreciation method if this results in an increase in depreciation.
Intangible assets are reported at their historical costs
less scheduled amortisation.
Property, plant and equipment is valued at historical
costs less scheduled depreciation.
Leasing goods, intangible assets and property, plant and
equipment are subject to non-scheduled depreciation in
case of permanent impairment. Leasing goods are subject to non-scheduled depreciation in case of possible
risks associated with violations of leasing contracts.
Deutsche Leasing
ANNUAL REPORT
2012 13
Goodwill is subject to straight-line depreciation over
the average residual terms of the respective company’s
portfolio of contracts, over a period of 7.5 years or 5
years.
In principle, other assets are reported at their historical
costs. Where this includes assets resulting from terminated leasing contracts, these are valued at amortised
historical costs.
Liabilities are valued at their settlement amounts.
Deferred income mainly consists of the selling prices
resulting from the sale of leasing receivables. Where
these result from the sale of non-straight-line leasing
instalments they are reversed in proportion to the capital, and otherwise on a straight-line basis. In case of
non-monthly leasing instalments, deferred income includes income to guarantee realisation of revenues in
accordance with the performance period.
Provisions for pensions have been valued using the projected unit credit method and their reported amounts
are based on an actuarial calculation. The provision
amount has been calculated in accordance with §§ 253
(2) in connection with 298, 300 (2) HGB in connection
with the German Provisions Discounting Ordinance
(Rückstellungsabzinsungsverordnung) with the interest
rate for accounting purposes indicated by the German
Bundesbank of 4.92 per cent. This calculation is based
on the current Heubeck 2005 G guideline tables and an
index-linked salary and pension increase of 2.00 per
cent. Provisions for anniversary bonuses have been calculated according to the projected unit credit method,
with a discounting rate of 4.92 per cent and an index-linked salary increase of 2.00 per cent. For calculation of the rate of fluctuation, age- and gender-specific
fluctuation probabilities averaging 2.00 to 5.00 per cent
have been applied. Old-age part-time working obligations are calculated by means of discounting rates of between 3.56 and 5.05 per cent and an index-linked salary
increase of 2.00 per cent.
Provisions for taxation and other provisions are reported in the value of the settlement amount which is
deemed necessary according to a prudent commercial
assessment.
Financial statements of foreign companies have been
included on the basis of the uniform valuation methods
for the consolidated financial statements, while complying with specific features in individual countries and the
principle of materiality.
Within the scope of the loss-free valuation of interest-related business in the banking book, a progress review
has been prepared for financial assets as well as interest-bearing deposit operations, including carefully calculated risk and administrative expenses. The surpluses
expected to result from this have been identified. This
has not given rise to a need to establish provisions for
contingent losses.
In cases where liabilities (underlying transactions) are
pooled (valuation units) to equalise opposite cash flows
resulting from similar risks entered into through financial instruments (hedging instruments), the general valuation principles laid down in § 254 HGB will not apply
insofar and for as long as opposite cash flows equalise
one another. Changes in the values of underlying transactions and hedging instruments will be calculated for
the effective portion within the framework of the net
hedge presentation method.
Deutsche Leasing
ANNUAL REPORT
2012 13
Deferred taxes are calculated for time differences between the commercial and tax balance sheet valuations
of assets, liabilities and accruals and deferrals, in principle encompassing includable tax loss carryforwards.
Timing differences resulting from the company’s own
balance-sheet items are included as well as those applicable for subsidiary companies. Domestic and foreign
subsidiaries which are not included in the tax group are
also considered. Tax loss carryforwards are included in
the valuation of deferred tax assets if they are expected
to be offsettable against taxable income within a period
of five years. Deferred taxes are calculated on the basis
of the income tax rate for the respective member company of the consolidated group of between 10.00 per cent
and 35.00 per cent. Deferred tax assets and liabilities are
offset. Due to the overall assessment – including the deferred taxes from the annual financial statements of
the incorporated companies – in case of tax relief, balance-sheet reporting is waived in line with the capitalisation option. In the reporting year no deferred taxes are
reportable in the consolidated financial statements of
Deutsche Sparkassen Leasing AG & Co. KG, since this option has not been used.
Notes on the consolidated balance sheet
Please see the fixed-asset movement schedule for disclosures concerning equities and other non-fixed interest securities, investments, shares in affiliated companies, leasing assets, intangible assets and property,
plant and equipment.
Please see below for the disclosures concerning receivables from credit institutions and customers as well as
the liabilities owed to credit institutions and customers and liabilities evidenced by certificates.
71
72
Fixed-asset movement schedule as at 30 September 2013
Historical costs
1. Equities and other
non-fixed interest securities
1 October 2012
Additions
Disposals
EUR
EUR
EUR
24,326.01
100,093.87
27,610.69
115,794,294.77
13,189,033.19
3,752,091.89
12,650,579.29
559,753.82
4,299,033.21
128,444,874.06
13,748,787.01
8,051,125.10
19,639,184.65
1,828,914.15
4,589,210.08
16,222,851,096.46
3,340,545,987.73
3,468,338,617.06
2. Investments
Investments in
associated companies
Other investments
3. Shares in affiliated companies
4. Leasing assets
Leasing goods
Advanced payments
343,303,980.03
449,140,503.92
292,052,576.71
16,566,155,076.49
3,789,686,491.65
3,760,391,193.77
5. Intangible assets
77,093,378.41
5,362,507.80
4,971,875.17
Goodwill
Industrial rights
7,097,379.61
13,842.79
1,240,004.03
Advanced payments
3,172,904.94
1,856,832.88
1,443,234.90
87,363,662.96
7,233,183.47
7,655,114.10
Buildings on leasehold properties
84,546,480.48
17,383.74
1,551,345.56
Fittings, tools and equipment
38,277,631.05
10,877,153.16
4,417,621.36
304,161.60
880,796.37
585,526.04
6. Property, plant and equipment
Advanced payments
Deutsche Leasing
ANNUAL REPORT
2012 13
123,128,273.13
11,775,333.27
6,554,492.96
16,924,755,397.30
3,824,372,803.42
3,787,268,746.70
Accumulated
Book value
73
Depreciation in
Reclassifications
depreciation / amortisation
30 September 2013
30 September 2012
financial year
EUR
EUR
EUR
EUR
EUR
0.00
0.00
96,809.19
24,326.01
0.00
0.00
0.00
125,231,236.07
115,794,294.77
0.00
0.00
0.00
8,911,299.90
9,354,543.23
0.00
0.00
0.00
134,142,535.97
125,148,838.00
0.00
0.00
461,706.37
16,417,182.35
16,010,478.28
0.00
+ 216,192,941.58
7,061,257,200.94
9,249,994,207.77
9,146,106,927.63
2,569,096,128.78
- 216,192,941.58
0.00
284,198,965.66
343,303,980.03
0.00
0.00
7,061,257,200.94
9,534,193,173.43
9,489,410,907.66
2,569,096,128.78
+ 25,262.45
65,804,972.93
11,704,300.56
15,368,709.38
8,065,702.69
0.00
4,682,493.82
1,188,724.55
1,770,008.10
585,510.82
- 80,662.45
0.00
3,505,840.47
3,172,904.94
0.00
- 55,400.00
70,487,466.75
16,398,865.58
20,311,622.42
8,651,213.51
0.00
6,877,923.87
76,134,594.79
79,916,082.44
2,421,837.66
+ 190,400.00
21,869,980.34
23,057,582.51
21,809,158.40
5,393,331.03
- 135,000.00
0.00
464,431.93
304,161.60
0.00
+ 55,400.00
28,747,904.21
99,656,609.23
102,029,402.44
7,815,168.69
0.00
7,160,954,278.27
9,800,905,175.75
9,752,935,574.81
2,585,562,510.98
Deutsche Leasing
ANNUAL REPORT
2012 13
74
30 September 2013
30 September 2012
EUR
TEUR
491,246,214.62
465,749
a) due daily
355,047,694.73
357,750
b) with agreed maturity or notice period
136,198,519.89
107,999
133,482,478.81
105,284
bb) more than three months and up to one year
0.00
–
bc) more than one year and up to five years
0.00
–
2,716,041.08
2,715
Receivables from credit institutions
ba) up to three months
bd) more than five years
Receivables from customers
5,328,500,711.89
5,018,607
a) up to three months
390,938,691.38
457,380
b) more than three months and up to one year
844,243,968.34
810,523
2,821,815,846.46
2,502,044
d) more than five years
977,833,730.75
1,021,846
e) with an indefinite term
293,668,474.96
226,814
30 September 2013
30 September 2012
c) more than one year and up to five years
Liabilities owed to credit institutions
a) due daily
EUR
TEUR
8,763,274,399.78
8,666,093
441,890,840.95
455,437
8,321,383,558.83
8,210,656
1,443,718,597.83
1,974,940
2,118,871,260.00
1,845,706
3,983,793,470.45
2,140,564
775,000,230.55
2,249,446
732,987,221.02
710,418
96,276,762.85
101,975
636,710,458.17
608,443
72,377,112.39
75,612
Liabilities owed to customers
a) due daily
187,816,585.36
93,202
356,008,022.73
266,862
20,508,737.69
172,767
Liabilities evidenced by securities
351,100,000.00
186,600
274,100,000.00
162,700
77,000,000.00
23,900
c) more than one year and up to five years
0.00
–
d) more than five years
0.00
–
a) up to three months
b) more than three months and up to one year
Deutsche Leasing
ANNUAL REPORT
2012 13
Receivables from credit institutions mainly relate to
sales of receivables to savings banks and credit institutions which have not yet been settled up. Receivables
from shareholders amount to EUR 9.9 million (previous year: EUR 10.7 million).
Of the receivables from customers EUR 3,894.6 million
(previous year: EUR 3,625.9 million) relates to leasing
and hire-purchase business. Foreign-currency receivables amount to EUR 1,634.2 million (previous year:
EUR 1,681.1 million). Receivables from shareholders
amount to EUR 0.1 million (previous year: TEUR 0.0).
Of the property, plant and equipment, EUR 75.3 million
(previous year: EUR 79.3 million) relates to the main
administrative headquarters of the Deutsche Leasing
Group and EUR 23.1 million (previous year: EUR 21.8 million) to fittings, tools and equipment.
The other assets item includes loans to an affiliated
company in the amount of EUR 86.4 million and subordinated loans to Opuslambda Ltd., Dublin, in connection
with structured financing with a value of EUR 48.9 million. Foreign-currency amounts total EUR 26.4 million
(previous year: EUR 4.7 million).
The accruals and deferrals item includes discounts
resulting from issuance of bonds in the amount of
EUR 0.2 million (previous year: EUR 0.1 million).
Deutsche Leasing
ANNUAL REPORT
2012 13
Liabilities owed to credit institutions mainly relate to
loans and time deposits and include foreign-currency
items in the amount of EUR 1,243.1 million (previous
year: EUR 1,532.6 million). In addition, liabilities owed
to shareholders amount to EUR 467.7 million (previous
Liabilities within the scope of securitised receivables
which were reported under liabilities owed to credit
institutions in the previous year have been reported
under liabilities owed to customers in the past financial year. The figures for the previous year have been
adjusted for improved comparability.
Of the other liabilities, liabilities owed to suppliers comprise EUR 227.2 million (previous year: EUR 226.7 million).
Of the total liabilities, EUR 190.1 million (previous
year: EUR 171.6 million) is secured by means of the
transfer of title of leasing goods for security purposes.
This is associated with the sale of claims associated
with residual values and exclusively relates to the parent company’s liabilities owed to credit institutions.
Provisions for pensions and similar obligations have
been established for employees and former Management Board members. Of the reinsurance asset item in
the amount of TEUR 1,047 – reported at its fair value in
accordance with §§ 255 (4) Clause 4 in connection with
298, 300 (2) HGB – TEUR 917 has been offset against the
pension provisions.
75
76
The other provisions relate to outstanding payments
for the personnel segment and provisions for old-age
part-time working and anniversary bonuses and also,
in the amount of EUR 34.2 million (previous year
EUR 38.8 million), for leasing business.
Contingent liabilities include liabilities resulting from
suretyships and guarantee agreements in connection
with the hiving-off of business for financing of cars and
leisure vehicles. These amount to EUR 358.5 million.
Derivatives (interest-rate swaps, currency swaps, interest-rate/currency swaps, forward exchange transactions) are exclusively entered into for hedging of interest-rate fluctuation/currency risks.
The risk resulting from various payment flows (interest rate, fixed interest-rate period, currency) for the underlying transactions (leasing contracts and corresponding financing) is managed by means of these
derivatives. For this purpose, Deutsche Sparkassen
Leasing AG & Co. KG pools groups of underlying transactions involving one or more hedging instruments as
valuation units (portfolio hedge) and hedges any shortfall of cover (net risk position).
Deutsche Leasing
ANNUAL REPORT
2012 13
The nominal volume of the derivatives corresponds to
the value of the liabilities shown in the balance sheet
or current leasing claims in the respective valuation
units. The term of the derivatives matches the term of
the underlying transactions. In principle, these transactions will not be prematurely unwound.
As of 30 September 2013, the nominal value of the
derivatives amounted to EUR 2,033.9 million. The total derivatives with negative fair values as of the balance-sheet date amount to EUR 29.9 million (determined by means of the mark-to-market method). Due
to the effectiveness of the valuation units, no provisions are established. The derivatives have a maximum remaining term of 10.4 years.
Effectiveness is prospectively measured by means of a
comparison of the relevant parameters for the underlying transactions and hedging instruments in both
qualitative and quantitative terms, nominally and
arithmetically. A documented, appropriate and functional risk management system is also used for these
transactions.
Notes on the profit and loss account
Of the commission income, TEUR 20,783 is attributable
to Germany and TEUR 97 to other countries.
The disclosures concerning the classification of income by geographic market are based on the structure
selected by the parent company for control and reporting purposes.
The other operating income mainly comprises services
income. This item includes income not related to the
period in the amount of EUR 18.5 million (previous
year: EUR 14.5 million). Of the other operating income,
EUR 290.4 million is attributable to Germany and
EUR 37.2 million to other countries.
Leasing income comprises revenues from leasing instalments and hire-purchase contracts as well as revenues from the resale of leasing goods and was mainly
realised in Germany.
Leasing expenses comprise expenses resulting from
the acquisition of hire-purchase assets and the disposal of leasing goods.
Interest income includes income from affiliated companies in the amount of TEUR 373 (previous year:
TEUR 226). Interest income includes income in accordance with §§ 277 (5) in connection with 298, 300 (2) HGB
in the amount of TEUR 47 (previous year: TEUR 26). Of
the interest income, EUR 80.0 million (previous year:
EUR 81.8 million) relates to Germany and EUR 25.4 million (previous year: EUR 26.1 million) to other countries.
Interest expenses include expenses relating to affiliated companies in the amount of TEUR 28 (previous
year: TEUR 79). The interest expenses also include expenses in accordance with §§ 277 (5) in connection
with 298, 300 (2) HGB in the amount of EUR 5.1 million
Deutsche Leasing
ANNUAL REPORT
2012 13
Depreciation of leasing assets includes non-scheduled
depreciation in the amount of EUR 15.6 million (previous year: EUR 7.1 million).
The other operating expenses mainly comprise services expenses. This item includes expenses not related to
the period in the amount of EUR 0.6 million (previous
Taxes on income and profit include tax expenses not
related to the period in the amount of EUR 1.2 million
77
78
Other disclosures
The parent company has issued letters of comfort and loan guarantees for the following subsidiaries to their
financing banks:
Name of the company
Registered office of
the company
Vienna
Antwerp (Berchem)
Sofia
Halifax
Shanghai
Deutsche Leasing ČR, spol. s r.o.
Prague
Rueil Malmaison
Rueil Malmaison
Deutsche Leasing Funding B. V.
Amsterdam
Budapest
Budapest
Barcelona
Barcelona
Deutsche Leasing (Ireland) Limited
Dublin
Milan
Milan
Amsterdam
Warsaw
Bucharest
Bucharest
Deutsche Leasing Slovakia, spol. s r. o.
Bratislava
Stockholm
London
Wilmington
Moscow
São Paulo
Deutsche Leasing
ANNUAL REPORT
2012 13
The parent company provides the following confirmation within the scope of the letters of comfort:
With the exception of a political risk scenario,
Deutsche Sparkassen Leasing AG & Co. KG hereby
undertakes to provide its subsidiary with funding
so that it is able to fulfil its liabilities.
Through a loan guarantee-based commitment in relation to the financing banks, the political risk is regularly also assumed. This is particularly applicable in relation to the subsidiaries Deutsche Leasing (China) Co.,
Ltd., Shanghai, and Deutsche Leasing Vostok ZAO, Moscow. In principle, Deutsche Sparkassen Leasing AG & Co.
KG also assumes the political risk for its financing
company Deutsche Leasing Funding B. V., Amsterdam,
in relation to the financing banks, within the scope of a
guarantee or a letter of comfort.
In view of current forecasts, the parent company considers that the risk of recourse under the letters of
comfort and guarantees is highly improbable.
On the balance sheet date, other financial obligations
amounted to EUR 10.5 million under lease agreements
for branch offices (DAL). These lease agreements have
a remaining term expiring in 2027.
The spin-off of financing of cars and leisure vehicles has
resulted in a liability pursuant to § 133 of the German
Conversion Law (Umwandlungsgesetz, UmwG) in the
amount of EUR 307 million (previous year: EUR 488 million).
A second-hand car guarantee for a period of 12 months
is provided for motor vehicles sold to end-consumers.
On the balance-sheet date this has resulted in contingent liabilities due to warranties. An insurance policy
has been taken out to cover this risk.
Deutsche Leasing
ANNUAL REPORT
2012 13
On the balance sheet date, order commitments under leasing and hire-purchase contracts amount to
EUR 1,410.9 million (previous year: EUR 1,349.9 million).
In the past financial year the total fee for the auditor
amounted to TEUR 2,256 (previous year: TEUR 2,523).
This includes auditing services in the amount of
TEUR 1,880 (previous year: TEUR 1,732), other assurance services in the amount of TEUR 216 (previous
year: TEUR 143), tax advice services in the amount of
TEUR 19 (previous year: TEUR 75) and other services
in the amount of TEUR 141 (previous year: TEUR 573).
Cash and cash equivalents in the statement of cash
flows consist of the freely disposable funds from the
cash reserves balance-sheet item as well as receivables
from credit institutions which fall due on a daily basis.
On average, the company had 996 female and 994
male employees in the past financial year.
Total remuneration of the members of the Supervisory
Board of the parent company amounted to EUR 0.3 million (previous year: EUR 0.4 million). Pension provisions
for the former members of the Management Board
amount to EUR 3.5 million (previous year: EUR 3.6 million). EUR 0.5 million was paid out in the form of pensions for former members of the Management Board in
the current financial year.
79
80
The Supervisory Board of the parent company has the following members:
Alexander Wüerst
Chairman
Chief Executive Office
Kreissparkasse Köln, Cologne
Ludger Gooßens (from April 2013)
Managing Director and Member of the Board
Deutscher Sparkassen- und Giroverband e.V., Berlin
Hans-Michael Heitmüller
Retired Chief Executive Office
Deutsche Leasing AG, Bad Homburg v. d. Höhe
Walter Kleine
Deputy Chairman (from March 2013)
Sparkasse Hannover, Hanover
Jörg Wohlers (to March 2013)
Deputy Chairman
Member of the Management Board
Hamburger Sparkasse AG, Hamburg (to 31 March 2012)
Frank Brockmann (from March 2013)
Hamburger Sparkasse AG, Hamburg
Hubert Herpers
Sparkasse Aachen, Aachen
Horst Herrmann
Kreissparkasse Saarlouis, Saarlouis
Michael Huber
Sparkasse Karlsruhe Ettlingen, Karlsruhe
Ingo Buchholz
Kasseler Sparkasse, Kassel
Karl Jochem Kretschmer
Deputy Chief Executive Officer
Sparkasse Bochum, Bochum
Rainer Burghardt
Kreissparkasse Herzogtum Lauenburg, Ratzeburg
Roland Burgis
Sparkasse Nürnberg, Nuremberg
Hans Jürgen Kulartz
Landesbank Berlin AG, Berlin
Ulrich Lepsch
Sparkasse Spree-Neisse, Cottbus
Barbara Degenkolb
Savings Banks and SME Specialist
Deutsche Sparkassen Leasing AG & Co. KG,
Werner Netzel (to March 2013)
Managing Director and Member of the Board
Dr. Walter Eschle
Stadtsparkasse Augsburg, Augsburg
Günther Passek
Sparkasse Trier, Trier
Deutsche Leasing
ANNUAL REPORT
2012 13
Meinolf Zörb
SME Marketing Manager Westphalia
Deutsche Sparkassen Leasing AG & Co. KG,
Franz Scholz
Kreissparkasse Esslingen-Nürtingen, Esslingen
Stephan Ziegler
Nassauische Sparkasse, Wiesbaden
The personally liable and managing shareholder of the parent company is Deutsche Sparkassen Leasing Verwaltungs-Aktiengesellschaft, Bad Homburg v. d. Höhe, with subscribed capital amounting to EUR 50,000.00.
The Management Board of the managing shareholder of the parent company consists of the following persons:
Kai Ostermann, Chief Executive Officer
Friedrich Jüngling
Matthias Laukin
Rainer Weis
The Management Board of the parent company receives EUR 3.8 million (previous year: EUR 3.3 million).
The consolidated financial statements are published in the German Federal Official Gazette.
Bad Homburg v. d. Höhe, 17 December 2013
represented by its general partner
Ostermann
Jüngling
Deutsche Leasing
ANNUAL REPORT
Laukin
2012 13
Weis
81
82
Deutsche Sparkassen Leasing AG & Co. KG group
1. Group profit after tax
2. +
Depreciation on leasing assets
3. -
Additions to leasing assets
4. +
Residual book value from disposal of leasing assets
5. +/- Increase/decrease in accrued leasing instalments
6. Depreciation on and changes to leasing assets
7. -
Increase in hire-purchase receivables
8. -/+ Increase/decrease in receivables from customers and other assets
9. Changes in hire-purchase and other assets
10. +/- Increase/decrease in liabilities owed to credit institutions
and liabilities evidenced by certificates
11. +/- Increase/decrease in deferred income from sales of receivables
12. Changes in refinancing leasing and hire-purchase
13. +/- Increase/decrease in provisions
2012/13
2011/12
EUR million
EUR million
60.4
58.4
2,569.1
2,515.1
- 3,789.7
- 4,186.6
1,175.8
1,177.9
- 7.1
7.1
- 51.9
- 486.5
- 303.3
- 132.9
- 44.7
- 427.1
- 348.0
- 560.0
- 326.9
159.9
43.9
- 73.5
- 283.0
86.4
12.0
95.1
14. +
Increase in other liabilities
597.9
698.1
15. +
Depreciation on intangible assets and property, plant and equipment
16.5
14.2
16. +
Increase in fund for general banking risks
27.0
29.0
17. +
Cash-relevant shareholders’ capital increase
0.0
85.0
18. +
Non-cash capital increase and changes in equity
19. Changes in equity and other items
20. Cash inflow from current business activities and capital increase
21.
Payments for acquisition of shares in affiliated companies,
intangible assets and property, plant and equipment
22.
Cash inflow from the sale of intangible assets and property,
plant and equipment
23. Cash outflow from investing activities
24.
Cash outflow to shareholders
11.6
17.9
665.0
939.3
42.5
37.6
- 14.6
- 20.5
4.4
4.7
- 10.2
- 15.8
- 35.0
- 27.2
- 35.0
- 27.2
- 2.7
- 5.4
Cash and cash equivalents at the beginning of the period
357.8
363.2
Cash and cash equivalents at the end of the period
355.1
357.8
25. Cash outflow from financing activities
Changes in cash and cash equivalents items nos. 20 + 23 + 25
Deutsche Leasing
ANNUAL REPORT
2012 13
83
Deutsche Sparkassen Leasing AG & Co. KG group
Subscribed capital/equity shares
of limited partners
Equity as at 30 September 2011
Increase in limited shareholder capital
Reserves
Differences Shares of minorifrom currency
ty interests and
translation
unconsolidated
subsidiaries
TEUR
TEUR
TEUR
TEUR
223,000
142,862
7,713
631
Net profit for
the year
TEUR
424,912
- 50,706
(27,200)
- 50,706
17,000
94,754
Differences from currency translation
94,754
2,200
Changes in capital and earnings interests held by minority interests and
unconsolidated subsidiaries
2,200
12,477
Net profit for the year
240,000
237,616
Subscribed capital/equity shares
of limited partners
Reserves
9,913
13,108
Differences Shares of minorifrom currency
ty interests and
translation
unconsolidated
subsidiaries
TEUR
TEUR
TEUR
TEUR
240,000
237,616
9,913
13,108
12,477
58,403
58,403
58,403
559,040
Net profit for
the year
TEUR
Changes in reserves
- 58,403
(35,000)
- 58,403
36,408
Differences from currency translation
36,408
- 2,429
Changes in capital and earnings interests held by minority interests and unconsolidated subsidiaries
- 2,429
1,067
Net profit for the year
ANNUAL REPORT
TEUR
559,040
0
Charges against earnings
(thereof distribution to shareholders)
Deutsche Leasing
Total equity
58,403
Increase in limited shareholder capital
TEUR
50,706
17,000
Charges against earnings
(thereof distribution to shareholders)
Changes in reserves
Total equity
240,000
2012 13
274,024
7,484
14,175
1,067
60,417
60,417
60,417
596,100
Group information
Group information
Auditor’s report
88
Shareholders
89
Supervisory Board
91
Board of Management
91
Senior Management
94
Corporate Structure
96
Addresses
2012 13
GROUP INFORMATION
87
85
Deutsche Leasing
ANNUAL REPORT
2012 13
86
Group information
Deutsche Leasing
ANNUAL REPORT
2012 13
Group information
Auditor’s report
KPMG AG Wirtschaftsprüfungsgesellschaft has issued the following unqualified auditor’s report for the consolidated financial statements as of 30 September 2013 and the related consolidated management report:
We have audited the consolidated financial statements
prepared by Deutsche Sparkassen Leasing AG & Co.
KG, Bad Homburg v. d. Höhe, comprising the Balance
Sheet, Income Statement, Notes to the Financial Statements, Statement of Cash Flows and Statement of
Changes in Equity, together with the group management report for the financial year from 1 October 2012
to 30 September 2013. The preparation of the consolidated financial statements and the group management report in accordance with German commercial
law are the responsibility of the Company’s General
Partner’s Management Board. Our responsibility is to
express an opinion on the consolidated financial statements and on the group management report based on
our audit.
We conducted our audit of the consolidated financial
statements in accordance with Section 317 of the German Commercial Code (HGB) and the generally accepted standards for the audit of financial statements
promulgated by the German Institute of Public Auditors (IDW). Those standards require that we plan and
perform the audit such that misstatements materially
affecting the presentation of the net assets, financial
position and results of operations in the consolidated
financial statements in accordance with German principles of proper accounting and in the group management report are detected with reasonable assurance.
Knowledge of the business activities and the economic
and legal environment of the Group and expectations
as to possible misstatements are taken into account in
the determination of audit procedures. The effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the
consolidated financial statements and the group management report are examined primarily on a test basis
Deutsche Leasing
ANNUAL REPORT
2012 13
within the framework of the audit. The audit includes
assessing the annual financial statements of those entities included in consolidation, the determination of
entities to be included in consolidation, the accounting
and consolidation principles used and significant estimates made by Management Board of the Company’s
General Partner, as well as evaluating the overall presentation of the consolidated financial statements and
group management report. We believe that our audit
provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the
consolidated financial statements comply with the legal requirements and give a true and fair view of the
net assets, financial position and results of operations
of the Group in accordance with these requirements.
The group management report is consistent with the
consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.
Frankfurt am Main, 18 December 2013
KPMG AG
Wirtschaftsprüfungsgesellschaft
Becker
Wirtschaftsprüfer
(German Public Auditor)
Bauer
Wirtschaftsprüfer
(German Public Auditor)
87
88
Group information
Shareholders
Association of savings banks
Sparkassenverband Baden-Württemberg
18.80 per cent
Sparkassenverband Bayern
12.54 per cent
Hanseatischer Sparkassen- und Giroverband
4.22 per cent
Sparkassen- und Giroverband Hessen-Thüringen
10.67 per cent
Landesbank Berlin AG
3.86 per cent
Sparkassenverband Niedersachsen
6.27 per cent
Ostdeutscher Sparkassenverband
5.70 per cent
Rheinischer Sparkassen- und Giroverband
20.02 per cent
3.56 per cent
Sparkassenverband Saar
1.07 per cent
Sparkassen- und Giroverband Schleswig-Holstein
3.68 per cent
Sparkassenverband Westfalen-Lippe
9.61 per cent
As at: 1 October 2013
Sparkassenverband Rheinland-Pfalz
Deutsche Leasing
ANNUAL REPORT
2012 13
Group information
Supervisory Board
Georg Fahrenschon (from March 2013), Chairman
President, Deutscher Sparkassen- und Giroverband e. V., Berlin
Heinrich Haasis (to March 2013), Chairman
President, World Savings Bank Institute, Brussels
Alexander Wüerst, Deputy Chairman
Chief Executive Officer, Kreissparkasse Köln, Cologne
Franz Scholz (from March 2013)
Chief Executive Officer, Kreissparkasse
Esslingen-Nürtingen, Esslingen
Member of the Management Board, Hamburger Sparkasse AG,
Hamburg (to 31 March 2012)
Supervisory Board
Deutsche Leasing AG
Georg Fahrenschon (from March 2013),
Deputy Chairman
President, Deutscher Sparkassen- und Giroverband e. V., Berlin
Heinrich Haasis (to March 2013),
Deputy Chairman
President, World Savings Bank Institute, Brussels
Franz Scholz (from March 2013)
Chief Executive Officer, Kreissparkasse
Esslingen-Nürtingen, Esslingen
Member of the Management Board, Hamburger Sparkasse AG,
Hamburg (to 31 March 2012)
As at: February 2014
Alexander Wüerst, Chairman
Deutsche Leasing
ANNUAL REPORT
2012 13
89
90
Group information
Supervisory Board
Walter Kleine, Deputy Chairman (from March 2013)
Chief Executive Officer, Sparkasse Hannover, Hanover
Jörg Wohlers, Deputy Chairman (to March 2013)
Member of the Management Board, Hamburger Sparkasse AG, Hamburg
(to 31 March 2012)
Frank Brockmann (from March 2013)
Member of the Management Board, Hamburger Sparkasse AG, Hamburg
Ingo Buchholz
Chief Executive Office, Kasseler Sparkasse, Kassel
Rainer Burghardt
Chief Executive Officer, Kreissparkasse Herzogtum Lauenburg, Ratzeburg
Roland Burgis
Deputy Chief Executive Officer, Sparkasse Nürnberg, Nuremberg
Barbara Degenkolb
Savings Banks and SME Specialist,
Dr. Walter Eschle
Deputy Chief Executive Officer, Stadtsparkasse Augsburg, Augsburg
Ludger Gooßens (from April 2013)
Managing Director and Member of the Board,
Herbert Hans Grüntker (from December 2013)
Chief Executive Officer, Frankfurter Sparkasse, Frankfurt am Main
Hans-Michael Heitmüller
Retired Chief Executive Officer, Deutsche Leasing AG,
Hubert Herpers (to December 2013)
Chief Executive Officer, Sparkasse Aachen, Aachen
Horst Herrmann
Chief Executive Officer, Kreissparkasse Saarlouis, Saarlouis
Michael Huber
Chief Executive Officer, Sparkasse Karlsruhe Ettlingen, Karlsruhe
Karl Jochem Kretschmer
Deputy Chief Executive Officer, Sparkasse Bochum, Bochum
Hans Jürgen Kulartz
Member of the Management Board, Landesbank Berlin AG, Berlin
Ulrich Lepsch
Chief Executive Officer, Sparkasse Spree-Neisse, Cottbus
Werner Netzel (to March 2013)
Managing Director and Member of the Board, Deutscher
Sparkassen- und Giroverband e.V., Berlin
Günther Passek
Deputy Chief Executive Officer, Sparkasse Trier, Trier
Dr. Birgit Roos (from December 2013)
Chief Executive Officer, Sparkasse Krefeld, Krefeld
Franz Scholz
Chief Executive Officer, Kreissparkasse Esslingen-Nürtingen, Esslingen
Stephan Ziegler (to December 2013)
Chief Executive Officer, Nassauische Sparkasse, Wiesbaden
Meinolf Zörb
SME Marketing Manager Westphalia, Deutsche Sparkassen
Leasing AG & Co. KG, Bad Homburg v. d. Höhe
Alexander Wüerst, Chairman
Deutsche Leasing
ANNUAL REPORT
2012 13
Group information
Management Board
Deutsche Leasing AG and Deutsche Sparkassen Leasing Verwaltungs-Aktiengesellschaft
Kai Ostermann
Friedrich Jüngling
Matthias Laukin
Rainer Weis
Executive Managers and
Members of the Management Team
Directors of Divisions
Norbert Schmidt
Asset Management EQUIP
Paul Dillenberger
Finance
Heinz-Hermann Hellen
Controlling/Accounting
Nicolaus Newiger
Organisation/Services
Axel Brinkmann
Internal Group Audit
Michael Orth
Middle Office Small Ticket
Business
Thomas Remmel
Organisation/Information
Technology
Otto Schmitz
Organisation/Information
Technology International
Andreas Kaffka
Human Resources
Michael Felde
Legal Department
Klaus-Günther Rasch
Domestic Risk Management I
Maik Mittelberg
Domestic Risk Management II
Bernd Schröck
International Risk Management
Uwe Bellmann
Tax Accounting
Helmut Meier-Tanski
Treasury
Tobias Bergmann
Corporate Development
Birgit Probst
Centralised Risk Management
Directors of Business Segments/Market Units
Harald J. Frings, Michael Velte
Robert R. Frank,
Michael Hellmann
Fleet
Information Technology
International
Daniel Juncker
Key Account Management
Lothar Fingerhut, Ulrich Gerlach,
Ulrich Kühler
Savings Banks and SMEs
Eckhard Creutzburg, Georg
Hansjürgens, John Phillipou
Deutsche Leasing
ANNUAL REPORT
2012 13
91
92
Group information
Managing Directors, Subsidiaries
Germany
Deutsche Leasing für Sparkassen und Mittelstand GmbH
Harald J. Frings, Michael Velte
Friedrich Jüngling, Christian Schneider, Dietmar Wiethoff
Robert R. Frank, Michael Hellmann
Eckhard Creutzburg, Georg Hansjürgens, John Phillipou
Kai A. Eberhard, Andreas Geue, Markus Strehle
Helmuth Barth, Gerd Kappeller
Paul Dillenberger, Karsten Schneider
Paul Dillenberger, Ulrich Kühler
Deutsche Leasing Baden-Württemberg GmbH
Heinz-Günter Scheer, Jan Welsch
Fedor Krüger
Lothar Fingerhut, Ulrich Gerlach, Ulrich Kühler
Deutsche Leasing
ANNUAL REPORT
2012 13
Group information
Managing Directors, Subsidiaries
International
Fabien Léon Leduc, Thomas Wacker
Deutsche Leasing Benelux N. V.
Georg Hansjürgens, Rosen Mishev, Neno Stanev
John Phillipou
Arthur Lung, Qigan Lu, Christian Vogt
Radan Havelka, Uta Reichel
Deutsche Leasing ČR, spol. s r. o.
Fabien Léon Leduc
Thomas Wacker
Deutsche Leasing Funding B.V.
Georg Hansjürgens, Katalin Nyikos, András Trautmann
Annika Christophe, Karsten Reinhard
Neil Douglas, Dermot Lanigan, John Phillipou
Deutsche Leasing (Ireland) Ltd.
Marco Brivio, Roberto Quarantelli
Krzysztof Brzeziński
Cedric-Corvin Chilian-Popovici, Laurentiu Zaharia
Radan Havelka, Uta Reichel
Nicklas Karlbom, Jari Poutiainen
Neil Douglas, John Phillipou
John Phillipou
Oleg Maslennikov, Jonas Roever
Oliver Markus d’Haese
Heinz Scheibenpflug
Deutsche Leasing
ANNUAL REPORT
2012 13
93
94
Group information
Deutsche Leasing Group –
the solution experts
Owners: around 400 savings banks, directly or through associated companies
Mobile Equipment/Real Estate Leasing
International Business
Deutsche Leasing AG¹
100 per cent
Deutsche Leasing
für Sparkassen und Mittelstand GmbH¹
100 per cent
Deutsche Leasing Fleet GmbH¹
100 per cent
Deutsche Leasing
Information Technology GmbH¹
100 per cent
Deutsche Leasing International GmbH¹
100 per cent
Deutsche Leasing Baden-Württemberg GmbH¹
100 per cent
99.8 per cent
¹ Profit and loss tranfer agreement
Deutsche Leasing
ANNUAL REPORT
2012 13
(Vienna)
100 per cent
(Antwerp)
100 per cent
(Sofia)
100 per cent
Deutsche Leasing Canada Corp.
(Halifax)
100 per cent
(Shanghai)
100 per cent
Deutsche Leasing ČR, spol. s r. o.
(Prague)
100 per cent
(Barcelona)
100 per cent
(Amsterdam office)
100 per cent
(Paris)
100 per cent
Deutsche Leasing Funding B.V.
(Amsterdam)
100 per cent
(Budapest)
100 per cent
Group information
Banking
Deutsche Leasing (Ireland) Ltd.
(Dublin)
100 per cent
(Milan)
100 per cent
(Amsterdam)
100 per cent
(Warsaw)
100 per cent
(Bucharest)
100 per cent
(Bratislava)
100 per cent
(Stockholm)
100 per cent
(London)
100 per cent
(Chicago)
100 per cent
(Moscow)
100 per cent
(São Paulo)
100 per cent
Deutsche Leasing Finance GmbH¹
100 per cent
33.3 per cent
Factoring
100 per cent
Debt Management
Deutsche Leasing
ANNUAL REPORT
BHS Bad Homburger Servicegesellschaft mbH¹
100 per cent
47.4 per cent
Remarketing
AutoExpo Deutsche Auto-Markt GmbH¹
2012 13
100 per cent
95
96
Group information
Mobile Equipment / Real Estate Leasing
Deutsche Leasing AG
Frölingstrasse 15 – 31
61352 Bad Homburg v. d. Höhe
Telephone +49 6172 88-00
Fax +49 6172 21332
www.deutsche-leasing.com
www.sparkassen-leasing.de
Deutsche Leasing für Sparkassen
und Mittelstand GmbH
Telephone +49 6172 88-02
Fax +49 6172 88-2512
Telephone +49 6172 88-01
Fax +49 6172 24465
Telephone +49 6172 88-4000
Fax +49 6172 88-4088
Telephone +49 6172 88-06
Fax +49 6172 88-2146
DAL Bautec Baumanagement und Beratung GmbH
DAL Structured Finance GmbH
Deutsche PPP Holding GmbH
Eleonorenstrasse 64
55252 Wiesbaden, Mz-Kastel
Telephone +49 6134 565-0
Fax +49 6134 565-133
www.dal.de
Banking
Telephone +49 6172 88-04
Fax +49 6172 88-2799
www.deutsche-leasing-finance.com
Prinzregentenstrasse 25
10715 Berlin
Telephone +49 30 869711-400
Fax +49 30 869711-401
www.s-kreditpartner.de
Deutsche Leasing
ANNUAL REPORT
2012 13
Group information
Factoring
Kreuzerkamp 7 – 11
40878 Ratingen
Telephone +49 2102 3081-0
Fax +49 2102 3081-298
www.universal-factoring.com
Debt Management
Siemensstrasse 21
Telephone +49 6172 9219-0
Fax +49 6172 9219-500
www.bad-homburger-inkasso.com
Remarketing
Deutsche Leasing
ANNUAL REPORT
Rudolf-Diesel-Str. 7
35463 Fernwald
Telephone +49 6404 9266-0
Fax +49 6404 9266-700
www.autoexpo.de
2012 13
97
Imprint
98
Imprint
Publisher
Phone: +49 6172 88-00
Fax: +49 6172 21332
E-mail: [email protected]
www.deutsche-leasing.com
Design
mpm Corporate Communication Solutions, Mainz
www.digitalagentur-mpm.de
Picture credits
Deutsche Leasing archive
Ulrich Dohle Fotografie
Eberspächer Climate Control Systems GmbH & Co. KG
DATEV eG
Ratsherrn Brauerei GmbH
Nordmann Unternehmensgruppe GmbH & Co. KG
Translations
media lingua translations GmbH,
Berlin
Print
Druck- und Verlagshaus
Zarbock GmbH & Co. KG
Printed on chlorine-free bleached paper
5481.DL.UE.0314.Z.02-1.0.GB
Notice: This document is a translation of a duly approved
German-language document and is provided for informational purpose only. In the event of any discrepancy
between the text of this translation and the text of the
original German-language document, which this translation is intended to reflect, the text of the original Germanlanguage document shall prevail.
Deutsche Leasing
ANNUAL REPORT
2012 13

Buch 1.indb - Deutsche Leasing

Transcription

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