2014 financial statements: KfW IPEX-Bank achieves high volume of new commitments
Main (ots)
- A partner for German and European companies: new business
growing strongly, with financing totalling EUR 16.7 billion
- A key source of earnings for the KfW Group, contributing EUR 541
million to the consolidated result
- The separate entity KfW IPEX-Bank GmbH reports net income for
the year of EUR 139 million
- Outlook for 2015: market position to be further strengthened,
syndicated business to be expanded, moderate growth trajectory
maintainedToday in Frankfurt, KfW IPEX-Bank announced its figures for the 2014 financial year, which present a positive picture: The specialist financier providing support to German and European exporters, generated new commitments totalling EUR 15.4 billion in its original lending business in 2014 (2013: EUR 13.7 billion). In addition, there were new commitments of around EUR 1.3 billion for bank refinancing within the CIRR ship financing scheme, a mandated business managed on behalf of the German Federal Government. "The high volume of new commitments was far greater than we expected. It testifies to the robustness and strength of our business model," said Klaus R. Michalak, CEO of KfW IPEX-Bank, commenting on these results. "In all our sector departments we systematically took advantage of the market opportunities that presented themselves during the year. We provided our structuring expertise in syndicated financing not only to our customers but also to other banks, and assumed a range of banking roles within various club deals."
The operating result of KfW's Export and Project Finance business sector, for which KfW IPEX-Bank is responsible, was EUR 619 million, similar to the previous year's figure (2013: EUR 634 million). It mainly comprises net interest income and net commission income, less administrative expense. Lower risk provisions were required during the reporting year due to the positive trend of risk exposures, meaning that the result from ordinary operating activities rose to EUR 602 million (2013: EUR 458 million). The Export and Project Finance business sector contributed EUR 541 million to KfW's consolidated earnings in 2014 (2013: EUR 437 million), above average compared with previous years. This reaffirms the business sector's status as one of the KfW Group's main sources of revenue. "Despite challenging economic and market conditions, the business sector again made an active contribution to securing KfW's long-term promotional capability," added Michalak.
KfW IPEX-Bank GmbH is a legally independent and separate reporting entity which performs all export and project finance market transactions. It reported a net income for the year of EUR 139 million. The volume of lending in the Export and Project Finance business sector was EUR 64.3 billion as at 31 December 2014 (previous year: EUR 59.9 billion).
Outlook for 2015: Maintaining and expanding market position
In the current year, KfW IPEX-Bank aims to continue strengthening its position as a leading specialist financier and reliable partner for key industries vital to the German and European economies. The Export and Project Finance business sector plans further moderate organic growth during 2015. The 2015 target for new commitments is EUR 14.2 billion (2014 target: EUR 13.2 billion). The management sees potential in international syndicated business. To quote the Management Board's foreword to the 2014 Annual Report which is published today: "Working with partners for the joint financing of large projects is a fundamental aspect of our business and will be further expanded in the future."
The Annual Report published today at www.kfw-ipex-bank.de also includes the 2014 Corporate Governance Report, published voluntarily by KfW IPEX-Bank as part of the KfW Group.
**The full press release incl. A tabular overview of financial measures, see under: www.kfw-ipex-bank.de/International-financing/KfW-IPEX-Bank/.
About KfW IPEX-Bank GmbH
Within the KfW Group, KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: Thomas Krick, E-Mail: Thomas.Krick@kfw.de
Tel. 069 7431-8454, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de