April 2016 - Wirtschafts- und Infrastrukturbank Hessen

Transcription

Wirtschafts- und Infrastrukturbank
Hessen
Investor Presentation August 2016
© 2016 Wirtschafts- und Infrastrukturbank Hessen, rechtlich unselbstständige Anstalt in der Landesbank Hessen-Thüringen Girozentrale
Agenda
1.
WIBank at a Glance
2.
Promotional Loan Business
3.
WIBank in Figures
4.
The State of Hesse as Guarantor
5.
Refinancing
2
1. Integration of WIBank in Helaba
SGVHT
 Savings Banks Assoc. Westphalia-Lippe
 Rhineland Savings Banks and Giro
Association
 Trustee for the Regional Savings Banks
Guarantee Funds1)
 Trustee for the Guarantee Fund of the
Landesbanks2)
68.85%
19.0%
Free State
of
Thuringia
State of
Hesse
4.05%
8.1%
100% state guarantee
(Gewährträgerhaftung)
Helaba
In accordance with the Wirtschafts- und Infrastrukturbank Hessen Act 3) , the Wirtschafts- und
Infrastrukturbank Hessen (WIBank) is independent in organizational and commercial terms but a legally
dependent, public sector entity within Helaba.
The annual financial statements of WIBank are fully consolidated in the annual financial statements of Helaba
(see annual Financial Report of Helaba).
1)
FIDES Alpha GmbH, represented by the DSGV
2)
FIDES Beta GmbH, represented by the DSGV
3)
Article 1) pursuant to the WIBank Act “Gesetz zur Neuordnung der monetären Förderung in Hessen vom 16. Juli 2009 (GVBI. I p. 256)“
3
1. WIBank at a Glance
The Wirtschafts- und Infrastrukturbank Hessen (WIBank)
acts as a legally dependent but economically and organisationally independent, public sector entity within
Landesbank Hessen-Thüringen Girozentrale – Helaba.
is mandated with the monetary development business of the State of Hesse and is a development bank
according to “Understanding II”, i.e. strict separation of the development banking business from the business of
Helaba and thus compliant with the state aid guidelines of the EU.
is responsible, on behalf of the State of Hesse, for the development of the economy, infrastructure, social
housing, urban development and agriculture as well as education and employment.
has a direct statutory guarantee from the State of Hesse:
o
explicit, unconditional and irrevocable for all liabilities
o
payable upon first demand, thus a default of payment is excluded
o
resulting in a risk weight of 0 according to CRR (formerly “Solva zero status”); including all own issues
of WIBank:
o
no capital requirements
o
exempt from regulatory large exposure limits
o
LCR status level 1
acts on the basis of competition neutrality and has been exempt from tax on earnings.
4
1. Rating overview
The Wirtschafts- und Infrastrukturbank Hessen
Has issuer ratings by Standard & Poor‘s (as of October 20, 2015) of:
o
Long-term: “AA”
o
Short-term: “A-1+”
o
Outlook:
“stable”
Has issuer ratings by Standard & Poor’s (as of September 4, 2015) of:
o
Long-term: “AA”
o
Short-term: “A-1+”
o
Outlook:
“stable“
5
1. Rating overview
The Wirtschafts- und Infrastrukturbank Hessen
Has a sustainability rating by imug for bank bonds.
Has achieved an assessment of “positive”.
Performs “above average”:

o
of 126 national and international bank bond issuers
o
of twelve assessed national and international development banks
o
of six assessed national development banks
The assessment was conducted according to defined criteria such as environment, social, governance,
products and controversial areas of business.
6
1. Statutory and Refinancing Guarantee
“For all liabilities of the Wirtschafts- und
Infrastrukturbank Hessen, the State of Hesse
is liable as guarantor without limitation, to the
extent that the satisfaction of the creditors from
the assets of the Wirtschafts- und
Infrastrukturbank Hessen is not possible
(statutory guarantee).”
“The State is directly liable for the loans raised
by the Wirtschafts- und Infrastrukturbank Hessen
as well as for the bonds issued by the Wirtschaftsund Infrastrukturbank Hessen ….”
(refinancing guarantee)
7
1. Statutory Guarantee of the State of Hesse
“The state liability is payable upon first demand.
Thus, a timeliness of payment is warranted.“
8
1. Risk weight of 0 according to CRR
There is no difference between the payment
obligations of WIBank and the State of Hesse.
The requirements of article 116 section 4 CRR for
the assessment of receivables from WIBank, which
are covered by the statutory guarantee and thus have
equal risk status as the State of Hesse, are
considered to be fulfilled.
9
Agenda
1.
WIBank at a Glance
2.
3.
WIBank in Figures
4.
5.
Refinancing
10
2. Promotional Loan Business
Year
Net balance sheet
total (EUR)
New business
(EUR)
Number of
employees
30.06.2016
17.1 bn
0.8 bn
400
2015
16.8 bn
2.7 bn
407
2014
15.9 bn
2.2 bn
411
2013
14.5 bn
4.1 bn
415
Balance sheet
total (EURbn)
20
18
16
14
12
10
8
6
4
2
0
2013
2014
2015 June 30,
2016
New business
(EURbn)
4,5
4,0
3,5
3,0
2,5
2,0
1,5
1,0
0,5
0,0
Number of
employees
500
450
400
350
300
2013
2014
2015 June 30,
2016
2013
2014
2015 June 30,
2016
11
2. Development Programmes of WIBank
Economic
Development
Infrastructure
Building and
Housing
Agriculture
Education and
Employment
SME
Local authorities and
statutory companies
Private housing and
housing development
Farming
Companies,
associations
• GuW-Hessen
Founding and Growth
• Municipal Investment
Programme of Hesse
(KIP)
• Financing hospitals
• Sureties,
investments and
guarantees
• Film promotion
• Capital for Small
Businesses (KfK)
• Local authority
funding / capital
spending on projects
for essential public
services
• Municipal Protection
Shield Hesse (KSH)
• Affordable Housing
• Agricultural
investments
• Qualification
offensive
• Rented property
 New construction
 Modernization
 Energy efficient
building &
renovation
• Market structure
improvements
• Training
preparation
• Agricultural
environment
• Training
programmes
• Urban development
• Agricultural land
development
• Childcare in SMEs
and universities
• Village regeneration
and regional
development (DERE)
• Qualification of
employees
• Home ownership
• JEREMIE – Fund for
Small Businesses
• Broadband High speed networks
• JESSICA – Urban
development fund,
State of Hesse
• Hesse – microcredit
• Innovation credit
• Refinancing of Banks
for investments in public
interest projects
• Regional fund /
aircraft noise
mitigation
Subsidy recipients
12
2. Segmentation of New Business
Volume as of June 30, 2016 - EUR 827.1 m:
3.000,0
2.750,0
2.500,0
2.250,0
2.000,0
1.851,2
in Mio. €
1.750,0
1.500,0
1.247,2
1.250,0
1.000,0
750,0
667,4
500,0
256,2
250,0
334,2
49,5
184,4
285,3
299,7
54,7
15,0
65,3
63,3
294,3
40,5
0,0
Infrastructure
Economic Development
As of June 30, 2016
Totaling € 827.1 in million
Building and Housing
Education and Employment
As of December 31, 2015
Totaling € 2,656.8 in million
Agriculture
As of December 31, 2014
Totaling € 2,224.3 in million
13
2. Municipal Investment Programme (KIP)
Federal programme (EUR 352.5 m)
EUR 317.1 m in federal government subsidies


EUR 35.4 m in complementary loan programme*
Based on federal government legislation (KInvFG)
For 252 financially weak municipalities in Hesse
EUR 373.2 m for expansion of municipal infrastructure*1
State programme (EUR 680.2 m)


Municipal Investment Programme of State of Hesse
For all 447 Hessian municipalities
Disbursement period:
2016 to 2020
• thereof EUR 25 m for municipalities with initial reception centres for refugees
EUR 77 m for structural improvements to hospitals*2
EUR 230 m for construction of affordable housing*3
Loan amount:
EUR 715.6 m
Fixed interest rate:
10 or 15 years
* State takes all interest payments for 10 or 15 years
1 State takes 80% of loan repayment
2 State takes 2/3 of loan repayment
3 15-year fixed interest rate
14
2. Financing Hospitals

Goal: Support eligible capital investment projects for hospitals in Hesse

In coordination with the State of Hesse, WIBank provides development loans for capital investment measures
that are guaranteed by the state and are eligible in accordance with the Hessian Hospital Act (HKHG).

All hospital operators, that are included in the State of Hesse’s hospital development plan, are eligible to
apply. They have to meet specific conditions in respect of their credit rating and debt service capacity and are
able to demonstrate the long-term economic viability of the capital investment measure at the time of
application.

State contribution: The promotional programme is 100 % guaranteed by the State of Hesse.
15
2. Broadband – Financing of High Speed Networks
●
Goal: Construction and expansion of high speed networks to provide NGA (next generation access) broadband
to Hessian population and industry in regions with inadequate provision.
●
Privately-held companies or companies with a different legal status that are in full (100%) public ownership are
entitled to make an application for the construction of passive infrastructure (provision of empty conduits with
or without cables).
●
Economic efficiency: financial support is provided to areas with inadequate provision and economic efficiency
must be appropriately demonstrated; project lead times approx. 15-20 years.
●
State contribution: the development programme is guaranteed up to 100% by the State of Hesse;
corresponding refinancing advantages are passed on to the project companies.
●
Approval: The approval for granting an investment loan is given by the State of Hesse, represented by the
Hessian Ministry of Finance and the Hessian Ministry of Economics, Energy, Transport and Regional
Development (HMWEVL).
16
Agenda
1.
WIBank at a Glance
2.
3.
WIBank in Figures
4.
5.
Refinancing
17
3. Balance Sheet (pursuant to German Commercial Code – HGB)
30/06/2016
€ in million
31/12/2015
€ in million
31/12/2014
€ in million
Loans and advances to banks
7.022,1
6,670.5
6,381.2
Liabilities to banks
Loans and advances to customers
9.314,8
9,443.6
8,760.5
Liabilities to customers
Bonds and other fixed-income securities
20,3
24.1
24.1
Securitised liabilities
Equity participations and interests in
associated companies
0,4
0.4
0.4
Trust assets
757,0
658.5
Other assets
14,0
15.9
Assets
30/06/2016
€ in million
31/12/2015
€ in million
31/12/2014
€ in million
11.543,2
11,340.1
10,961.2
819,1
812.5
640.0
1.928,0
1,912.7
1,530.7
Trust liabilities
757,0
658.5
674.9
674.9
Other liabilities
30,1
36.6
20.9
20.3
Provisions
90,8
92.2
75.5
1.920,0
1,920.0
1,920.0
Fund for general banking risks
0,3
0.3
0.3
Equity
40,1
40.1
37.9
17.128,6
16,813.0
15,861.4
927,6
990.4
578.0
Liabilities
Present values of the pools of segregated
assets/special funds
Total assets
17.128,6
16,813.0
15,861.4
Total liabilities
Contingent liabilities and irrevocable loan
commitments
 The half-year figures pursuant to HGB have not been audited.
18
3. Profit & Loss (pursuant to German Commercial Code – HGB)
30/06/2016
€ in million
31/12/2015
€ in million
31/12/2014
€ in million
Net interest income
25,2
53.9
49.8
Net commission income
19,0
41.9
37.7
Other operating result
-0,5
-12.0
-7.1
-30,3
-63.0
-66.8
Provisions for losses on loans and advances and
valuation result
-0,1
-0.1
-0.1
Result from ordinary operations
13,3
20.7
13.5
Extraordinary result
-0,6
-9.6
-1.1
Taxes
-0,1
-0.1
-0,1
12,6
11,0
12,3
General administrative expense
Net income
 The half-year figures pursuant to HGB have not been audited.
19
3. Quality of the Loan Portfolio
Loan Portfolio by counterparty risk, total volume EUR 16.4 bn1) as of June 30, 2016:
The largest portion of the loan portfolio is at no immediate risk of default according to CRR Regulation.
Total risk weighted assets amount to EUR 1.1 bn.
All counterparty risks have been assumed by Helaba (against remuneration).
Loans with risk of default
(risk assignment)
11%
Loans from a special fund
(revolving fund, risk is
borne by Helaba)
5%
Loans without an
immediate risk of default
according to CCR
84%
1)
Total lending volume excluding payment obligations, trust assets and other assets
20
Agenda
1.
WIBank at a Glance
2.
3.
WIBank in Figures
4.
5.
Refinancing
21
4. The State of Hesse as Guarantor
Hessen shows an above-average high standard of living and its industry has a
high international interdependence.
Selected figures:
Land mass in km2
Population in millions (2015)
GDP in EUR bn (2015)
GDP per capita (in EUR, 2015)
GDP per employee (in EUR, 2015)
Unemployment rate (in %, Ø Jan.-May 2016)
Germany
State of Hesse
%
357,340
81.6
3,026
37,100
70,300
6.4%
21,115
6.1
263
43,100
78,800
5.5%
5.9%
7.5%
8.7%
116.2%
112.1%
85.9%
Source: State Statistical Offices, Federal Employment Agency, Helaba Research
Hessen’s industry’s high international interdependence
Export rate of Hesse for the manufacturing sector amounts 50.9% - Hessian companies generate more than
50% of their revenues abroad.
Most important trading partner: Within EU: France, outside EU: USA.
Important foreign trade goods in 2014: chemical and pharmaceutical industry (31,4% share in exports),
automotive industry (12,2%).
22
4. The State of Hesse as Business Location
The State of Hesse bases on a solid diversified economic structure with focus on
service sector.
Frankfurt am Main is the financial center in continental Europe with more than 200 financial institutions;
headquarter of the ECB and the Bundesbank, the Frankfurter Stock Exchange and the European Exchange
(EUREX). In Frankfurt about 62,800 persons are employed in the financial sector.
International airport Rhein-Main (biggest single workplace in Germany with more than 80,000 jobs, 61.0 mn flight
passengers, in terms of passenger traffic largest airport in Germany, the third largest in Europe and worldwide n o 11) .
Important location for creative industry and advertisement, public relations, press and film: 20,400 companies
with 120,000 employees, EUR 11.6 bn turnover (as of December 2015).
Hesse is a centre of European information and communication technology with a focus on the areas of
enterprise software, large data centres and data security. The industry has 122,000 employees in 10,000 companies
and a turnover of EUR 40 bn.
The Messe Frankfurt is the biggest and oldest fair of the continent with more than 130 fairs, one of the biggest
fairgrounds worldwide.
Due to the good transport connection and its central location, one of the important centre for logistic companies.
Satellite-control-center of the European Space Agency ESA.
Well and solidly positioned Landesbank Hessen-Thüringen (Helaba) with 8.1% shareholding of the Land.
Hesse protects its climate: in 2030 the administration should work in a carbon dioxide neutral way.
The strategy include a carbon dioxide balance sheet, public relation and actions of minimizing, substituation and
compensation of carbon dioxide emissions.
23
4. The State of Hesse as Guarantor
The State of Hesse has been awarded a long-term rating of AA (stable) from Standard & Poor‘s, reflecting its
extraordinary creditworthiness.
State of Hessen’s budget volume 2016: EUR 35.4 bn:
High tax revenues: with EUR 3,227 per inhabitant in 2015, the tax power of the State of Hesse prior to the execution
of the financial equalisation system of the Federal Government and the Länder was 6.5% above the average of all
German Länder.
Indebtedness in capital markets: EUR 42.58 bn as of December 31, 2015 (according to calendar year).
Per capita indebtedness: with EUR 6,978 per capita indebtedness as of December 31, 2015, Hesse is on average
per-capita indebtedness in comparison to the German Länder.
Hesse has introduced double-entry accounting in all sections of the state’s administration and a consolidated closing
balance sheet (as of December 31, 2014, see www.bilanz.hessen.de ) as the first territorial State (Flächenland).
24
4. The State of Hesse as Issuer
Refinancing needs in 2016: EUR 6.20 bn.
The exact timing of the raising of capital depends on the liquidity and budgetary situation as well as on the
actual capital market environment.
Main currency debt position is in EURO.
Interesting yield pick-up vs. Bund, diversified benchmark curve.
0
As of August 10, 2016
-2
Hessen
in bps vs. mid swap
-4
WIBank
-6
-8
-10
-12
-14
-16
-18
25
Agenda
1.
WIBank at a Glance
2.
3.
WIBank in Figures
4.
5.
Refinancing
26
5. Refinancing Structure
Liabilities to banks / customers and securitised liabilities amounting to EUR 14.0 bn as of
June 30, 2015:
Institutional and
Kreditanstalt für
Refinancing counterparties:
Other
Development
Banks
3%
other Investors
21%
Wiederaufbau
(KfW)
33%
National:
o
Kreditanstalt für Wiederaufbau (KfW),
notably from development programmes
o
Landwirtschaftliche Rentenbank,
for investments in rural areas
o
NRW.Bank
International – other development institutions:
o
Council of Europe Development Bank – CEB
o
European Investment Bank – EIB
NRW.Bank
9%
Landwirtschaftliche
Rentenbank
8%
Landesbank
HessenThüringen
Girozentrale
26%
1) by
21% points for neutralization
of interest rate risks
27
5. Expanding Capital Market Presence
Refinancing of new business at matching maturities as far as possible
aimed for further expansion of the investor base
Refinancing Volume
2015
Actual
EUR 1.5 bn
2016
Actual
(as of June 30th)
EUR 0.5 bn
Instruments
2017
Budget
EUR 1.4 bn
Budget
EUR 1.4 bn
 Global loans with state institutions & regional
development institutions
 Promissory notes, registered bonds & bearer bonds
(PPs subject to funding requirements)
28
Your Contact Persons for any questions and enquiries:
Head of Treasury
Philipp Kaufmann
Tel: +49 69 9132-4487
Email: [email protected]
Wirtschafts- und Infrastrukturbank Hessen
Neue Mainzer Straße 52-58
60311 Frankfurt / Main
www.wibank.de/de/Investor-Relations
Managing Directors of WIBank:
Gottfried Milde
Eckhard Hassebrock
Dr. Michael Reckhard
Tel: +49 69 9132-2526
Tel: +49 69 9132-2901
Tel: +49 69 9132-4086
E-mail: [email protected]
29
Disclaimer
This presentation and the information contained herein was prepared by “Wirtschafts- und Infrastrukturbank Hessen“ (“WIBank“)
for information purposes only and uses indicative, non-binding market data and prices.
This presentation does not constitute investment advice and should not be used as a substitute for your own analysis. The
information and any opinions contained herein are valid as of the date of this publication and are subject to change without
notice. Any transactions undertaken are entirely at the risk of the user.
The compilation of this material is based upon information and processes, which WIBank believes are appropriate and
adequate. Whilst every effort has been taken to ensure the accuracy of the material, no guarantee is given nor liability assumed
for the information contained herein. Past performance, simulations and forecasts are not reliable indicators of future
performance. (Section 4 sub-section 7 WpDVerOV)
User actions based upon the implemented development strategy are not risk free. Unexpected interest rate and/or price
fluctuations may, depending on the timing and extent, lead to significant economic disadvantages for the user.
Due to the personal circumstances of each client, these notes cannot replace tax advice in individual cases. Potential buyers of
financial instruments should consult their legal and tax advisors as to the taxation consequences of purchasing, holding and
selling of such instruments. The tax treatment may be subject to future changes. (Section 4 sub-section 8 WpDVerOV)
WIBank does not offer consulting or advisory services relating to taxation, accounting and legal issues. Investors should consult
their own, independent advisors before entering into any transactions.
This presentation and its contents may not be distributed in any form without the express, prior, and written permission of
WIBank.
© Wirtschafts- und Infrastrukturbank Hessen

April 2016 - Wirtschafts- und Infrastrukturbank Hessen

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