DVB Bank Group - Factbook - Frankfurt/Main, August 2021
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DVB Bank Group – Factbook Frankfurt/Main, August 2021
Disclaimer This presentation has been prepared by DVB Bank Group. This presentation does not contain or constitute an offer, or the solicitation of an offer, to buy or subscribe for securities to any person. This document is not a prospectus. The presentation is a short summary description of certain aspects in respect of DVB Bank Group. It may not contain all relevant information in respect of the topics covered. This presentation is therefore not a sufficient basis for any investment decision in respect of any securities of DVB Bank Group. This presentation contains forward-looking statements which include statements about our beliefs and expectations as well as the assumptions underlying them. Such statements speak only as of the day they are made since they are based on plans, estimates and projections currently available to the management of DVB Bank Group. Forward-looking statements contain risks and uncertainties, and it cannot be guaranteed that they will turn out to be correct in light of future events or developments. Information and opinions contained in this presentation have been compiled or arrived from sources believed by DVB Bank Group to be reliable. Any statements about DVB Bank Group’s market position are based on DVB Bank Group’s own estimates, unless explicitly stated otherwise herein. Although the information shown herein has been taken from sources which are believed to be reliable or is based on DVB Bank Group’s own estimates, no warranty or representation is made as to the correctness, completeness and accuracy of the information or the assessments made on its basis. DVB Bank Group accepts no responsibility or liability whatsoever for any expense, loss or damages arising out of, or in any way connected with, the use of all or any part of this presentation. Factbook __ August 2021 __ Disclaimer Page 2
Content
01/ DVB – Profile and business division 04/ DVB – Further information
5 Profile 28 DVB worldwide
6 Lending volume 29 Imprint
7 Shipping Finance 30 Photo credits
02/ DVB – Financials and outlook
11 Financial figures
13 Own funds and refinancing
15 Macroeconomic environment
03/ DVB – About us
18 Structure
21 Board of Managing Directors
24 Supervisory Board
26 Staff
Page 3
01/ DVB – Profile and business division
5 Profile
6 Lending volume
7 Shipping Finance
01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information Profile DVB Bank SE is a financial services provider specialising in international transport finance. With 280 employees and offices worldwide, the Bank managed a loan portfolio worth €2.5 billion as at 30 June 2021. As an affiliate of DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, DVB is part of Germany's second-largest banking group. After the sale of key business units in 2019, DVB entered into an amortisation of its residual portfolios, this being the most value-preserving approach for its shareholder. As a result, the Bank continues to manage its existing business as a fully operational bank but has discontinued active marketing and in principle the origination of new business in Shipping Finance. DVB is committed to remain a reliable partner to its clients, business partners and other relevant stakeholders by ensuring a close dialogue and by continuing to honour its obligations under the current agreements in a consistent and professional way. Factbook __ August 2021 __ Profile Page 5
01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Customer lending volume1
€ bn US$ bn
30 Jun 2021 31 Dec 2020 % 30 Jun 2021 31 Dec 2020 %
Exposures not subject to intensive monitoring 1.8 2.8 −35.7 2.2 3.4 −35.3
Shipping Finance 1.7 2.5 −32.0 2.1 3.1 −32.3
CASG2 0.1 0.2 −50.0 0.1 0.2 −50.0
Investment Management3 0.0 0.1 − 0.0 0.1 −
Exposures subject to intensive monitoring 0.7 1.1 −36.4 0.7 1.4 −50.0
CASG2 0.7 1.0 −30.0 0.7 1.3 −46.2
Investment Management3 0.0 0.1 − 0.0 0.1 −
Total 2.5 3.9 −35.9 2.9 4.8 −39.6
1 After the sale of key business units in the 2019 financial year, the Bank resolved the amortisation of its residual portfolios at the beginning of 2020. As a result, the Bank has continued its existing business as a fully operational bank,
but it discontinued active marketing in Shipping Finance as well as, in principle, the origination of new business. Following these strategic decisions, the differentiation between core business and NCA portfolio will no longer apply.
From now on, it will be replaced by a differentiation between exposures subject to intensive monitoring, and those exposures which are not. The previous year's figures were adjusted accordingly.
2 The Credit and Asset Solution Group (CASG) is responsible for all restructurings and bears primary responsibility for all exposures on the Watch List and the Default List, as well as for exposures on the Closely Monitored List where
the Bank has made substantial concessions.
By business division By region
28.0% Exposures subject 3.3% Offshore
to intensive monitoring 4.1% South America
7.2% Middle East & Africa
72.0% Exposures not subject
to intensive monitoring
9.4% Asia
57.5% Europe
18.5% North America
Factbook __ August 2021 __ Lending volume Page 6
01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information Shipping Finance / Our Shipping Finance client base consists of both public and private companies, from large multinational enterprises to smaller family-run businesses – with well-established track records within the shipping sphere. / To these clients, our Shipping Finance division offers financing solutions based on a sound knowledge of the assets, shipping sectors and industry drivers, as well as the corporate and project credit risks involved. / After the sale of key business units in 2019, the Board of Managing Directors resolved the amortisation of DVB’s residual portfolios at the beginning of 2020. As a result, DVB continues to manage its existing business as a fully operational bank but has discontinued active marketing and in principle the origination of new business in Shipping Finance. / As always, we will maintain our valued client relationships and will continue to act as a reliable partner, ensuring the preservation of close dialogue with our existing clients and other relevant stakeholders. Factbook __ August 2021 __ Shipping Finance Page 7
01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Shipping Finance portfolio – Core business (30 Jun 2021: €1.7 bn)
Total lending volume by vessel type Total lending volume by country risk
1.1% Car carriers 2.5% Offshore
2.8% Others 2.3% Central America &
Caribbean
10.1% Middle East & Africa
6.7% Container boxes
53.8% Tankers
57.1% Europe
8.5% Container carriers thereof:
18.4% Gas tankers 10.6% Asia & Australia
16.4% Crude oil tankers
10.2% Chemical tankers
8.8% Product tankers
27.1% Dry bulk carriers 17.4% North & South America
Factbook __ August 2021 __ Shipping Finance Page 8
01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Shipping markets – Outlook 2021
The outlook for the development of the shipping market is currently mixed with container and dry bulk sectors
performing very strong, crude & products tankers weak and other sectors around mid-historic levels.
COVID-19 impact on GDP composition – stronger demand for manufactured goods at cost of services & travel - and
therefore shipping demand turned out very different than anticipated early 2020. The strong demand combined with
logistics inefficiencies has created a very strong container and dry bulk market which is anticipated to last at least
till year end and for container till end 2022. The combination of disappearing logistics inefficiencies, normalised
demand and – especially in the case of containers – huge new build deliveries as from 2023 is expected to temper
supply/demand fundamentals to more normalised/average levels again. The crude and product tanker segments
are characterised by low demand in general and reducing (floating) stock levels. The short-term outlook is poor, but
might improve in the medium term given the manageable order book.
Due to continuing stricter regulatory requirements, the technological aspects of vessels (newbuilding as well as
existing fleet) is higher on the agenda than ever before. This not only introduces uncertainties for shipowners, but
may also impact lending appetite from financiers and could further question existing fleet profiles and (residual) value
of shipping assets.
Factbook __ August 2021 __ Shipping Finance
2021 Page 9
02/ DVB – Financials and outlook
11 Financial figures
13 Own funds and refinancing
15 Macroeconomic environment01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information Preliminary remarks All statements made regarding net worth, financial position & results relate to DVB Bank Group. All amounts are disclosed in euro and on the basis of IFRS if not stated otherwise. Unless indicated otherwise, all financial data apply to 30 June 2021 and have been certified by auditors. Factbook __ August 2021 __ Financial figures Page 11
01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
At a glance – Income statement
IFRS
Continuing Discontinued
operations operations Group
1 Jan 2021– 1 Jan 2020– 1 Jan 2021– 1 Jan 2020– 1 Jan 2021– 1 Jan 2020–
%
€ mn 30 Jun 2021 30 Jun 2020 30 Jun 2021 30 Jun 2020 30 Jun 2021 30 Jun 2020
Net interest income and net income from operating leases –12.6 7.7 – 5.7 –12.6 13.4 –
Loss allowance 79.9 –147.8 – –0.5 79.9 –148.3 –
Net interest income and net income from
operating leases after loss allowance 67.3 –140.1 – 5.2 67.3 –134.9 –
Net fee and commission income 8.3 14.6 0.0 1.1 8.3 15.7 –47.1
Results from investments in companies
accounted for using the equity method –0.2 5.1 – – –0.2 5.1 –
Net other operating income/expenses 37.5 –30.2 –1.7 60.5 35.8 30.3 18.2
Total income (before IFRS 9) 112.9 –150.6 –1.7 66.8 111.2 –83.8 –
General administrative expenses –67.9 –80.9 0.0 – –67.9 –80.9 –16.1
Consolidated net income/loss before remeasurement
result according to IFRS 91 and taxes 45.0 –231.5 –1.7 66.8 43.3 –164.7 –
Remeasurement result according to IFRS 91 –4.7 –39.9 – –3.1 –4.7 –43.0 –89.1
Consolidated net income/loss before taxes 40.3 –271.4 –1.7 63.7 38.6 –207.7 –
Consolidated net income/loss 38.2 –273.0 –1.7 63.7 36.5 –209.3 –
1 Remeasurement result according to IFRS, excluding loss allowance
Factbook __ August 2021 __ Financial figures Page 1201/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Own funds (in accordance with the CRR) and capital ratios
(30 Jun 2021)
€ mn
968.3
794.3
174.0
–
Common equity tier 1 Additional tier 1 capital Tier 2 capital Own funds in accordance
capital with the CRR
Capital ratios – Basel III
Common equity tier 1 ratio: 65.5% Total capital ratio: 79.6%
Factbook __ August 2021 __ Own funds and refinancing Page 1301/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Diversified funding composition (30 Jun 2021: €7.2 bn)
Products1 Investors2
10.1% Short-term funding 2.4% Retail 7.3% DZ BANK
thereof:
5.6% Customer deposits 8.6% Volksbanken
4.5% Cash collateral for OTC derivatives Raiffeisen-
13.8% Banks
banken
cooperative
financial
network
89.9% Long-term funding 67.9% Institutional investors
thereof:
55.6% Promissory Notes
29.6% Senior-unsecured bonds
4.7% Subordinated liabilities
Diversified, granular funding base
/ Almost 700 investors
1 Nominal volume 2 Estimates
Factbook __ August 2021 __ Own funds and refinancing Page 1401/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Macroeconomic environment
Economic prospects have diverged further across countries since the last forecast by the International Monetary Fund (IMF). Vaccine access has emerged as the
principal fault line along which the global recovery splits into two blocs: those that can look forward to further normalisation of activity later this year and those that
will still face resurgent infections and rising COVID death tolls. The recovery, however, is not assured even in countries where infections are currently very low so
long as the virus circulates elsewhere.
The global growth as forecasted by the IMF is projected to rise at 6.0% in 2021. Prospects for emerging market and developing economies have been marked down for 2021,
especially for Emerging Asia. By contrast, the forecast for advanced economies is revised up. These upward revisions reflect pandemic developments and changes in policy
support, particularly the United States, considering the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics more broadly across
the countries.
According to the IMF, further economic growth could be influenced by the following factors:
On the upside
∕ Further favorable news on vaccine manufacture, distribution and effectiveness of therapies could increase expectations of a faster end to the pandemic; boosting confidence
among firms and households and thereby generating stronger consumption, investment and employment recoveries; and
∕ More fiscal policy support than previously assumed, with favourable spillover effects for trading partners, would also further lift global activity.
On the downside
∕ Growth could turn out weaker if the virus surge proves difficult to contain, infections and deaths mount rapidly before vaccines are widely available, and voluntary distancing or
lockdowns prove stronger than anticipated;
∕ If policy support is withdrawn before the recovery takes firm root, bankruptcies of viable but illiquid firms could mount, leading to further employment and income losses; and
∕ The ensuing tighter financial conditions could increase rollover risks for vulnerable borrowers, add to the already large number of economies in debt and increase insolvencies
among corporates and households.
Reflecting the projected global recovery, oil prices are expected to rise at a significantly faster pace than assumed in the last WEO. Amid the strengthening global recovery, oil
prices are expected to rise close to 60% above their low base in 2020.
Source: IMF, January & July 2021
Factbook __ August 2021 __ Macroeconomic environment and corporate objectives Page 1501/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Corporate objectives for 2021
The first half of 2021 has once again demonstrated the resilience and ability of DVB to deliver on key strategic objectives. In the
second half of 2021 it will be essential to stay focused, maintaining drive and motivation to ensure the stability of our operations and
delivery of key commitments:
∕ Further develop and execute the preparations for the migration and integration into DZ BANK;
∕ Successful completion of post-closing activities and commitments associated with the AIM/AAM and SIIM sales;
∕ Continued amortisation of the maritime portfolio and active value-preserving reduction of the Non-Performing Loan portfolio; and
∕ Execution of the value-preserving Amortisation Plan, including simplification of the operating model, closure of locations and
cost management activities.
DVB will focus on delivering the key objectives outlined for 2021. The achievement of these objectives coupled with developments in
the maritime market and available liquidity for refinancing will continue to have an impact on the financial performance of DVB in
2021. We are optimistic that we will succeed in generating results for 2021 in line with our financial planning and our stakeholders’
expectations.
Against this background, the forecasts of key performance indicators, as set out in the Group Annual Report 2020, continue to apply.
Factbook __ August 2021 __ Macroeconomic environment and corporate objectives Page 2003/ DVB – About us
18 Structure
21 Board of Managing Directors
24 Supervisory Board
26 Staff01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Belongs to Germany’s second-largest banking group
Transaction
Retail Banking Corporate Banking Capital Markets
Banking
1
1 After the sale of key business units in 2019, DVB has recently entered into an amortisation of its residual portfolios. As a result, the Bank will continue to manage its existing business as a fully operational bank but discontinue
active marketing and in principle the origination of new business in Shipping Finance.
Factbook __ August 2021 __ Structure Page 1801/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Full member of the BVR Deposit Guarantee Scheme
Members Tasks of the Institution Protection
851 cooperative banks and Preventing or remedying impending or existing economic
special cooperative network institutes difficulties at affiliated institutions (preventive avoidance of
bankruptcy)
Monitoring
By Federal Financial Supervisory Authority (BaFin)
Deposit Protection
Institution Protection Comprehensive protection for customer deposits held by
non-banks, including bearer bonds and certificates issued
Comprehensive institution protection for all members,
by the cooperative banks (indirectly via BVR-SE).
no bankruptcy among members since 1934
Direct deposit protection via BVR-ISG GmbH up to
€100,000 per person per institute.
Responsible body
National Association of German Cooperative Banks
(BVR)
The control and profit/loss transfer agreement between DVB Bank SE and DZ BANK AG became effective retrospectively as at 1 January 2017.
Factbook __ August 2021 __ Structure Page 1901/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Operational legal structure
(including subsidiaries and principal branches)
Subsidiaries of DVB (each 100%) Branches and representative offices of DVB
DVB Capital Markets LLC in liquidation (New York, USA) DVB Bank SE Amsterdam Branch (The Netherlands)
DVB Bank America N.V. (Willemstad, Curaçao) DVB Bank SE London Branch (United Kingdom)
DVB Bank SE Singapore Branch (Singapore)
DVB Asia Ltd (Singapore)
DVB Transport Finance Ltd (London, United Kingdom)
/ DVB Transport Finance Ltd, Tokyo Branch (Japan)
Factbook __ August 2021 __ Structure Page 2001/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Responsibilities of DVB’s Board of Managing Directors
Ralf Group Group Human Group DVB Capital
Bedranowsky Controlling Client Coverage Markets LLC
Resources Treasury in liquidation
CEO and Chairman
of the Board of Group Operational Services
Group DVB Transport
Managing Directors Corporate Development and Information
Legal Finance Ltd
and Communications Technology
Group
Finance
Dr Rainer Credit and Asset Group Group Risk
Jakubowski Solution Group Audit Management
CRO and Member
of the Board of Credit Quality Group Shipping
Managing Directors Assessment Compliance Office Credit
Product/service areas Client areas in business divisions Client areas at affiliates
Factbook __ August 2021 __ Board of Managing Directors Page 2101/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Members of the Board of Managing Directors
Responsibilities Offices held
Ralf Product/service areas Chairman of the Supervisory Board
Bedranowsky
Group Controlling DVB Bank America N.V., Willemstad, Curaçao
Group Corporate Development and Communications
Group Finance Chairman of the Board of Directors
CEO and Chairman of Group Human Resources DVB Capital Markets LLC in liquidation, New York, USA
the Board of Managing Directors, Group Legal DVB Asia Ltd, Singapore
Bank director Group Treasury
Operational Services and Information Technology
Client areas in business divisions
Client Coverage
Client areas in affiliates
DVB Capital Markets LLC in liquidation
DVB Transport Finance Ltd
Curriculum Vitae
Since July 2015 DVB Bank SE, CEO and Chairman of the Board of Managing Directors
2013–2015 DVB Bank SE, Member of the Board of Managing Directors
2007–2013 Deutsche Bank AG,
Global Head Deutsche Shipping, global responsibility for the business development and coverage of the shipping clients in
ship financing and investment banking
2004–2007 Landesbank Hessen Thüringen, Member of the Board of Managing Directors
1980–2004 Deutsche Bank AG,
from 2001 to 2004 Member of the Regional Management Board for Northern and Eastern Germany and Deputy Chairman of the Supervisory Board
of Schiffshypothekenbank zu Lübeck AG
Factbook __ August 2021 __ Board of Managing Directors Page 2201/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Members of the Board of Managing Directors
Responsibilities Offices held
Dr Rainer Product/service areas Member of the Supervisory Board
Jakubowski
Credit and Asset Solution Group DVB Bank America N.V., Willemstad, Curaçao
Credit Quality Assessment Member of the Board of Directors
Group Audit DVB Transport Finance Ltd, London, United Kingdom
CRO and Member of Group Compliance Office
the Board of Managing Directors, Group Risk Management
Bank director Shipping Credit
Curriculum Vitae
DVB Bank SE, Member of the Board of Managing Directors, CRO
Since January 2019
FOM University of Applied Sciences, Professor for Business Administration
Since 2018
2016–2017FOM University of Applied Sciences, Lecturer
2014–2015Heta Asset Resolution AG, CEO and Chief Resolution Officer
2013–2014Commerzbank AG, Managing Director, Non-Core Assets – Shipping Loans, Hamburg
2009–2012Deutsche Schiffsbank AG, Member of the Board of Managing Directors and Chief Risk Officer
2005–2008Dresdner Bank AG, various leadership positions in credit risk management
1986–2004Deutsche Bank AG, management trainee, relationship manager, leadership positions in risk management in Frankfurt, London and New York,
inter alia Head of Large Exposures Group and Member of the Group Credit Committee
1980–1985 Bar training and Second State Law Examination, Master of Laws program (LL.M.) and Doctorate in law
1975–1979 University of Mannheim, studies and First State Law Examination (Honours)
Factbook __ August 2021 __ Board of Managing Directors Page 2301/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
DVB’s Supervisory Board – Members
Wolfgang Michael Arnd
Köhler Speth Bernbeck
Chairman Deputy Chairman Shareholder
Shareholder Shareholder representative
representative representative
Rolf Natacha Martin
Büscher Bloem Wolfert
Shareholder Employee Employee
representative representative representative
Factbook __ August 2021 __ Supervisory Board Page 2401/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
DVB’s Supervisory Board – Committees
Supervisory Board –
Committees
Remuneration Control
Credit and Risk Committee Audit Committee Nomination Committee
Committee
Arnd Michael Wolfgang Wolfgang
Bernbeck Speth Köhler Köhler
Chairman Chairman Chairman Chairman
Rolf Rolf Michael Michael
Büscher Büscher Speth Speth
Deputy Chairman Deputy Chairman Deputy Chairman Deputy Chairman
Natacha Martin Martin Natacha
Bloem Wolfert Wolfert Bloem
Factbook __ August 2021 __ Supervisory Board Page 2501/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Nationalities in DVB (30 Jun 2021)
280 active employees 83 active employees
DVB Bank Group Transport Finance/Investment Management
10.7% 17 other nationalities
8.4% 5 other nationalities
0.4% US-American 53.9% German 32.5% Dutch
1.2% Norwegian
0.4% Norwegian
2.4% Greek
1.4% Greek
5.7% Singaporean
10.9% Singaporean
11.4% British
24.1% German
20.5% British
16.1% Dutch
Factbook __ August 2021 __ Staff Page 2604/ DVB – Further information
28 DVB worldwide
29 Imprint
30 Photo credits01/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
DVB worldwide
Head office Europe Asia
Frankfurt/Main Amsterdam Singapore
DVB Bank SE DVB Bank SE DVB Bank SE
Platz der Republik 6 Amsterdam Branch Singapore Branch
60325 Frankfurt/Main WTC Schipol, Tower F, 6th Floor 77 Robinson Road #30-02
Germany Schiphol Boulevard 255 Singapore 068896
Phone +49 69 9750 40 1118 BH Schiphol, The Netherlands Phone +65 6511 3433
Fax +49 69 9750 4444 Phone +31 88 3997 900 Fax +65 6511 0700
Fax +31 88 3998 301
Tokyo
South America London DVB Transport Finance Ltd
DVB Bank SE Tokyo Branch
Curaçao London Branch Ark Hills Sengokuyama Mori Tower 26F (2609)
DVB Bank America N.V. Tower 42, Level 34 9-10, Roppongi 1-chome, Minato-ku
Gaitoweg 35 25 Old Broad Street Tokyo 106-0032, Japan
Willemstad, Curaçao London EC2N 1HQ, United Kingdom Phone +81 3 5114 1880
Phone +5999 431 8700 Phone +44 20 7256 4300 Fax +81 3 5114 1890
Fax +5999 431 8749 Fax +44 20 7256 4450
Factbook __ August 2021 __ DVB worldwide Page 2801/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information
Imprint
For further information please visit
www.dvbbank.com
After scanning this QR with your smartphone,
you will have direct access to our website.
Responsible for the content of this presentation
and contact:
Lisa Boose-Kirwel Sabine Schlieben
Corporate Communications Corporate Communications
Manager Investor Relations Manager Investor & Online Relations
Senior Vice President Senior Vice President
Phone: +49 69 9750 4435 Phone: +49 69 9750 4449
E-mail: lisa.boose-kirwel@dvbbank.com E-mail: sabine.schlieben@dvbbank.com
DVB Bank SE
Platz der Republik 6
60325 Frankfurt/Main, Germany @dvbbankse
info@dvbbank.com,
www.dvbbank.com dvbbankse
Factbook __ August 2021 __ Imprint Page 2901/ Profile and business division 02/ Financials and outlook 03/ About us 04/ Further information Photo credits Front Cover: Adobe Stock/Caner, enanuchit, Kozioł Kamila, MARIMA, oliviaelisa92, Ralf Gosch, STOCKSTUDIO 01/ DVB – Business divisions and services Page 4: Getty Images Shipping Finance: Page 7: DVB Picture Archives, iStock/Torresigner, iStock/fstockfoto, iStock/kkrs, iStock/omersukrugoksu and iStock/allessandro0770 02/ DVB – Financials and outlook Page 10: iStock/SusanneB 03/ DVB – About us Page 17: Getty Images Pages 21-25 Ralf Bedranowsky, Dr Rainer Jakubowski and Supervisory Board: Alexandra Lechner and DVB Bank SE, Frankfurt/Main, Germany and Andreas Fechner, Dusseldorf, Germany 04/ DVB – Further information Pages 27, 29 DVB Picture Archives Factbook __ August 2021 __ Photo credits Page 30
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