DVB Bank Group - Factbook
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DVB Bank Group – Factbook Frankfurt/Main, August 2019
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 2019 __ Disclaimer Page 2
Contents
01/ DVB – Business model 04/ DVB – About us
5 Business model 43 Structure
47 Board of Managing Directors
51 Supervisory Board
53 Staff
57 Corporate Responsibility
02/ DVB – Business divisions and services
8 Lending volume
10 Shipping Finance
16 Aviation Finance 05/ DVB – Further information
23 Financial Institutions and Syndications 67 DVB worldwide
26 DVB Corporate Finance 69 Imprint
30 Investment Management 70 Photo credits
03/ DVB – Financials and outlook
34 Financial figures
37 Own funds and refinancing
39 Rating
40 Macroeconomic environment and corporate objectives
Page 3
01/ DVB – Business model
5 Business model
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB’s business model
Business divisions Business areas Products Clients/Co-investors Core regions
Shipping Finance / Tankers / Small to large public / Europe
/ Dry bulk carriers In all Transport and private companies / The Americas
/ Container vessels Finance divisions: (shipowners, shipping / Asia
/ Car carriers / Structured Asset Lending companies, trading
/ Container boxes houses and charterers)
/ Client Account
/ Risk Distribution & Loan
Participations
/ Corporate Finance Solutions
Aviation Finance / Passenger aircraft / Airlines / Europe
/ Freighter aircraft / Private Equity Sourcing & Investments / Operating lessors / The Americas
/ Aircraft engines / Asset & Market Research / Logistic companies / Asia
/ Middle East/Africa
Aviation Finance solely:
/ Advisory Services
/ Aviation Asset Management
Investment Management Investment & asset / Private Equity Sourcing & / Institutional investors / Global coverage
management: Investments (insurance companies,
/ Aircraft pension funds, hedge funds,
private equity firms)
Factbook __ August 2019 __ Business model Page 5
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Instruments for sustainably dealing with credit risks
Intensive Close monitoring Early Closely Watch Default
research and of compliance Warning Monitored List List
close client with all lending List List
contact agreements
/ Forecasting future / e.g. specific covenants / Identification of / Early detection of / Close monitoring of / In general, all
market developments in the Shipping Finance potentially higher risks increased risks of transactions that have to transactions are placed
and asset values forms contracts, like value in case the market potential problem be restructured and/or of on the Default List if
the basis of our portfolio maintenance clauses environment exposures transactions with a risks have materialised,
strategy and individual continues to deteriorate potential or already and the deal has been
deal decisions by quarterly portfolio existing need to classified as defaulted
stress tests recognise allowance for (Default Rating).
/ Increased visit credit losses
frequency depending / Basis: changing asset
on risk situation values (specific haircuts)
and counterparties’
creditworthiness
(increase of probability
of default)
Factbook __ August 2019 __ Business model Page 6
02/ DVB – Business divisions and services
8 Lending volume 23 Financial Institutions and Syndications
10 Shipping Finance 26 DVB Corporate Finance
16 Aviation Finance 30 Investment Management
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Customer lending volume
€ bn US$ bn
30 Jun 2019 31 Dec 2018 % 30 Jun 2019 31 Dec 2018 %
Core business total 10.7 13.5 -20.7 12.2 15.5 -21.4
thereof: Shipping Finance 6.0 6.9 -13.0 6.9 7.9 -12.3
thereof: Aviation Finance 4.6 5.0 -8.0 5.2 5.8 -9.7
thereof: Land Transport Finance1 − 1.4 − − 1.6 −
thereof: Investment Management 0.1 0.2 -50.0 0.1 0.2 -43.1
NCA-portfolio total 2.5 3.1 -19.4 2.8 3.6 -21.0
from Shipping Finance 0.9 1.2 -25.0 1.0 1.4 -26.8
from Aviation Finance 0.2 0.2 − 0.2 0.2 −
from Land Transport Finance1 − − − − − −
from Investment Management 0.3 0.3 − 0.3 0.4 -14.7
Offshore Finance2 1.1 1.3 -15.4 1.3 1.5 -16.5
Other business no longer in line with DVB’s strategy3 0.0 0.1 − 0.0 0.1 −
Total 13.2 16.6 -20.5 15.1 19.1 -20.9
By business division By region
3.5% Offshore
18.9% NCA portfolio
4.4% South America 0.5% Australia & New Zealand
7.2% Middle East & Africa
81.1% Core business
thereof: 18.7% North America
45.5% Shipping Finance 46.9% Europe
34.8% Aviation Finance
0.8% Investment Management
18.8% Asia
1 On 21 December 2018, an agreement on the sale and transfer of the Land Transport Finance business to Landesbank Hessen-Thüringen ("Helaba") was concluded, and published by way of an ad-hoc disclosure on the same day. The purchase agreement
provides for the entire Land Transport Finance client lending portfolio and employees to be transferred to Helaba. The closing took place on 3 May 2019.
2 The Bank no longer offers any new financings for offshore vessels and platforms, and discontinued the Offshore Finance division with effect from 1 January 2018.
3 Since 2008, comprising D-Marketing and the Transport Infrastructure Finance portfolios; since 2018, only Transport Infrastructure.
Factbook __ August 2019 __ Lending volume Page 8
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Portfolio collateralisation
Loan-to-value ratio – relation between drawn loans and the market value of the assets financed
%
120 115.4
107.4
100
88.6
82.5
80
69.1 69.8 67.6
67.4
60.4
60 55.9
40
20
0
Shipping Finance – Aviation Finance – Land Transport Finance – Investment Management – NCA portfolio
Core business Core business Core business Core business
2018 2017
Factbook __ August 2019 __ Lending volume Page 9
Shipping Finance
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Shipping Finance – In-depth expertise We provide bespoke financial solutions to our diversified client base, leveraging our global position in the shipping industry. / Our dedicated approach and our commitment to the shipping industry bring us closer to our clients. / Our Shipping Finance portfolio is diversified across sectors and geographic regions. / Our target assets include, amongst others, tankers (crude oil, gas, chemical, product), dry bulk vessels, container vessels and container boxes. / We analyse and continuously track the vessels financed from the yard to the scrapyard. / Our risk management and research are ingrained in the process and involved throughout the life cycle of a loan. Factbook __ August 2019 __ Shipping Finance Page 11
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance portfolio – Core business (30 Jun 2019: €6.0 bn)
Total lending volume by vessel type Total lending volume by country risk
2.7% Car carriers 3.8% Offshore
1.4% Others 0.4% Central America &
Caribbean
6.0% Middle East & Africa
4.1% Container boxes
53.4% Tankers
50.6% Europe
9.4% Container carriers thereof:
16.6% Crude oil tankers 15.4% Asia & Australia
13.7% Gas tankers
13.6% Product tankers
9.5% Chemical tankers
29.0% Bulk carriers 23.8% North & South America
Factbook __ August 2019 __ Shipping Finance Page 1201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Important deals 2018
CMA CGM/IBJL Nautical Bulk Holding Thoresen Shipping Singapore &
Senior Term Loan Thoresen Thai Agencies
Containerbox JOLCO
Fleet of newly manufactured reeferboxes 3 x newbuilding LR1 product tankers Refinancing of 3 x Supramax bulkers
JOLCO Arranger & Lender US$67.7 million Financing of 1 x Supramax bulker
Joint Bookrunner US$32 million
Arranger & Sole Lender
DHT Holdings Pioneer Marine TRAC Container
Post-Delivery Term Loan Facility
Senior Term Loan & Revolving Credit Facility Senior Secured Term Loan Financing
4 x 28,000-32,000 dwt Handysize bulk carriers
Fleet of 13 Very Large Crude Carriers Container boxes
1 x 46,232 dwt Handymax bulk carrier
US$485 million 1 x 56,842 dwt Supramax bulk carrier
US$190 million
Lead Arranger US$29.3 million Arranger
Bilateral
Grindrod Polsteam TRF
Fleet Financing Senior Secured Facility for a Senior Secured Term Loan Facility
16 x dry bulk, product and chemical tankers Dry bulk fleet refinancing Very Large Crude Carrier
US$100 million Sole Mandated Lead Arranger & US$45 million
Arranger Bookrunner Arranger
Naftomar Shipping and Trading
Post-Delivery Term Loan Facility
1 x 83,000 cbm Very Large Gas Carrier
1 x 7,500 cbm LPG carrier
US$39 million
Bilateral
Factbook __ August 2019 __ Shipping Finance Page 1301/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping Finance – Accolades
__ 2016
/ Bank Debt – West; Deal of the Year 2015 Marine Money Shipping
/ Export Credit Agency – West; Deal of the Year 2015 Marine Money Shipping
__ 2013
/ Editor’s Choice Award – Navigator Gas Marine Money
/ Editor’s Choice Award – Sovcomflot Marine Money
/ Contribution to Ship Financier Marine Money
/ Bank Debt Deal of the Year 2012 Marine Money Offshore
/ Editor’s Choice Award 2012 – Norskan Offshore Marine Money Offshore
/ The Ship Finance Award Seatrade Asia
__ 2012
/ Shipping Financier of the Year Greek Shipping Awards (Lloyd’s List)
/ Leasing (East) Deal of the Year 2011 Marine Money
/ Securizations Deal of the Year 2011 Marine Money
Factbook __ August 2019 __ Shipping Finance Page 1401/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shipping markets – Outlook 2019
/ Risks arising from a slowdown in global economic growth and continuing trade disputes remain key in 2019, despite a general consensus for
a scenario of further but slower growth than in 2018. During the year, the International Monetary Fund adjusted downwards its outlook, now
expecting the global economy to grow at 3.2% in 2019, i.e. 0.1 percentage point less than earlier projected (trade growth –0.9 point to 2.5%).
The impact of protectionist trade policies has so far been limited, but further developments need to be monitored. Traditional demand drivers
are changing, with the Chinese economy rebalancing and shifting towards a more consumption-driven growth. This remains one of the bigger
downside risk factors for the demand outlook in the longer term.
/ The dry bulk and container shipping market fundamentals are expected to show limited improvement in 2019 (albeit this may be different
on a subsector basis). Supply/demand fundamentals for both sectors are tight for 2019/2020 and even likely negative for dry bulk in 2019. In
the crude and product tanker segments, after having experienced extensive maintenance to prepare for IMO 2020, the refinery throughput
is projected to pick up in the second half of 2019 (more than usual in the third quarter), and fleet additions will be lower in second half as well.
This combination is expected to stimulate the spot market, assuming scrapping maintains a certain minimum pace. Net supply/demand
fundamentals for tankers are near break even but the outlook for 2020 is more positive.
/ Excess capacity in the existing fleets will continue to represent a challenge for most shipping sectors. The difficult environment in most
shipping sectors has put pressure on shipyards to propose attractive prices. Deliveries were rather high in the first half of 2019 but ordering
activity was slow resulting in a relatively moderate order book for most sectors. Given the relatively young average age of most fleets,
additional ordering may remain a major risk to supply/demand fundamentals.
/ Major regulatory changes are on the way (e.g. BWTS/IMO 2020). As these new regulations translate into additional investments, the
phasing-out of older units (especially larger ones) is expected to accelerate. The final impact of these kind of regulatory changes is still
uncertain but anticipated to bring some plusses as well as minuses; thus, continued close monitoring is required.
Factbook __ August 2019 __ Shipping Finance
2019 Page 15Aviation Finance
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Aviation Finance – Integrated platform solutions (1) As a hybrid institution, we provide our customers with the most efficient blend of capital and services at any period in time and at any point along the industry cycle. / We feature a unique platform of Aviation Finance services and products employing industry-skilled individuals. / We continually develop our asset-based lending practice to profitably expand our business. / We are willing to assume residual value risks – based on in-depth research and market/asset knowledge. / We take a proactive approach to maintaining and growing our portfolio. / We like to ensure that our distinctive features are fully recognised and valued. Factbook __ August 2019 __ Aviation Finance Page 17
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Integrated platform solutions (2)
Structured Aviation Aviation Aviation
Asset Asset Financial Investment
Financing Management Consultancy Management
Asset Research
Factbook __ August 2019 __ Aviation Finance
Information & Strategic Marketing
2017
Page 1801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance portfolio – Core business (30 Jun 2019: €4.6 bn)
Total lending volume by aircraft type Total lending volume by country risk
2.2% Regional jets 1.8% Turboprops 2.4% Offshore
1.4% Australia/
thereof: Oceania
2.1% Embraer
0.1% Bombardier 4.9% South & Central America
5.3% Freighters
thereof:
5.3% Boeing 12.9% Middle East & Africa
50.7% Narrowbody pax 32.5% Europe
thereof:
30.5% Airbus
20.2% Boeing
18.4% North America
40.0% Widebody pax 27.5% Asia
thereof:
26.2% Boeing
13.8% Airbus
Factbook __ August 2019 __ Aviation Finance Page 1901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Aviation Finance – Important deals 2018 AVIC Leasing DVB's Aviation Investment Management LATAM JOLCO Financing Investment Advisor to equity funds owning Full Recourse Financing 1 x B787-9 on lease to Etihad Airways 114 commercial aircraft Portfolio of 32 aircraft Agent & Debt Arranger 2 airline equity investments Structuring Agent & Underwriter Avolon Enter Air OVI Aviation Limited Recourse Financing Full Recourse Financing Limited Recourse Financing Portfolio of 6 aircraft 2 x B737 MAX 8 Portfolio of 8 aircraft Debt Arranger & Underwriter Agent & Arranger Debt Arranger & Underwriter DCAL Aviation Finance Gulf Air Virgin Australia Aircraft Remarketing PDP Financing & Sale-and-Lease-Back JOLCO Financing 2 x A330-300 6 x A320 4 x B737-800 ABS Servicer Advisor & Arranger Agent & Debt Arranger DVB's Aviation Asset Management 29 commercial aircraft sold/leased, 171 aircraft under lease management in 2018 Factbook __ August 2019 __ Aviation Finance Page 20
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation Finance – Accolades
__ 2019
/ Cargo Aircraft Finance ABS Deal of the Year Global Transport Finance
__ 2018
/ Bank Loan Deal of the Year Airfinance Journal
/ Operating Lease Deal of the Year Airfinance Journal
/ Used Aircraft Deal of the Year Airfinance Journal
/ Export Credit Deal of the Year Airfinance Journal
/ Best European Capital Markets Deal Ishka
__ 2017
/ Asia-Pacific Bank of the Year Airline Economics
/ Aircraft Securisation Deal of the Year – US Global Transport Finance
/ Aircraft Finance Portfolio Acquisition Global Transport Finance
Factbook __ August 2019 __ Aviation Finance Page 2101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Aviation markets – Outlook 2019
/ The outlook for 2019 is generally positive but there may be more turbulence than in recent years. Traffic growth is
slowing down but remains robust, fuel prices are still modest, and industry profitability only slightly lower. The main threats
seem to come from a potential economic slowdown, and from political tensions such as Brexit and the US-China trade
tensions. Any unforeseen significant increases in the oil price could also have an impact.
/ Mid-2019, IATA adjusted its passenger traffic growth projection for the year downwards to 5.0%, and to 0.0% for air cargo;
both of them below the growth levels seen in 2018. It also reduced its projection for the net post-tax industry profit from
originally US$35.5 billion to US$28.0 billion, over half of this coming from North American carriers. Several airlines in
Europe, Asia and Latin America are under increasing competitive pressure; a few of these might either default or be taken
over by expanding competitors or new investors.
/ While we expect the commercial jet market to remain robust overall, we may see a growing surplus in larger twin-aisle
jets; this would result in a negative impact on values and lease rates. The grounding of the Boeing 737 MAX – after two
accidents – caused a significant reduction in new single-aisle aircraft deliveries. This had a positive impact on demand for
older single-aisle jets, resulting in relatively strong lease rate levels for these planes. It is too early to draw any conclusions
with respect to the future of Boeing and the 737 MAX. Once the type is allowed to return to service, the premium for older
single-aisles and selected regional jets may disappear as the “normal” generation change continues. Intense competition
amongst lessors may even pressure lease rates of modern single-aisle jets. In the aircraft finance business, discipline
remains essential to withstand the market pressure for ever more aggressive transaction terms.
Factbook __ August 2019 __ Aviation Finance
2019 Page 2201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Financial Institutions and Syndications Our skills and expertise as an arranger and syndicator mean that our clients can rely on DVB to place their financing requirements. We support DVB’s Transport Finance divisions in raising private debt globally. The key drivers of our strategy are: / We coordinate existing and establish new relationships with global financial institutions (including institutional investors). / We develop and maintain a good understanding of each financial institution’s risk appetite and requirements. / We ensure close cooperation with DVB’s global transport finance network, research and advisory teams. / We provide competitive pricing structures based on up-to-date information, access to global networks and ad-hoc analysis. / We manage the syndication process and provide a personalised bespoke approach to financial institution partners. / We understand the wider economic conditions and how they affect transportation financing. / We offer shipping ECA (primarily maritime) arranging and coordination. / We coordinate secondary loan purchasing. Factbook __ August 2019 __ Financial Institutions and Syndications Page 23
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Financial Institutions and Syndications portfolio
(30 Jun 2019: €707.9 mn)
Total sell-down volume by business division
4.0% Land Transport Finance
72.6% Aviation Finance
23.4% Shipping Finance
Factbook __ August 2019 __ Financial Institutions and Syndications Page 2401/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Financial Institutions and Syndications – Outlook 2019
/ Macroeconomic themes expected to affect the transportation market in 2019 include heightened uncertainty and volatility in
political and financial markets globally. Global trade uncertainty, escalating US-China trade tensions and rising fuel costs –
among other factors – may cause pressure on long-term costs of liquidity, and are expected to contribute to shorter loan
tenors being preferred across all industries.
/ The aviation market has been enjoying an extended bull run for the past decade. Both airlines and lessors have access to
cheap finance as competition pushed down lease rates and debt costs. Banks are very active despite depressed margins and
fierce competition and continue to find innovative ways to add value. Building geopolitical, macroeconomic and industry
headwinds might impact the industry over the next 24 months. Weaker airlines will come under increased pressure and those
airlines with strong financial position will be able to weather the choppier environment ahead. Some liquidity is expected to
leave the aviation financing market as yields improve in other sectors. This could result in tighter financing terms in future.
/ The trend amongst financial institutions to exit/scale down maritime portfolios has slowed down in 2018 in line with the
recovery of the underlying shipping markets. Those remaining established lenders have been restricting lending capacity to
core clients, offering conservative lending terms and focusing on credit quality, vessel employment and cross-sell
opportunities. Consolidation will also likely continue as companies seek ways to reduce costs, improve productivity and
acquire their weaker competitors.
Factbook __ August 2019 __ Financial Institutions and Syndications
2019 Page 2501/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information DVB Corporate Finance Our mission is to increase non-capital binding revenue, enhance cross-sell of DVB products and services, and contribute to the sustainable top- and bottom-line growth of the DVB franchise. / As a bank-wide resource, DVB Corporate Finance (DVBCF) renders strategic and financial advisory services to our corporate clients. / By leveraging our specialised transportation focus, in-depth corporate finance experience, and DVB’s asset-based lending, we create tailor-made financial solutions for our clients. / Our traditional activities include mergers and acquisitions (M&A), advisory services, and private and public placements of debt and equity. The debt capital markets and structured asset finance/asset-backed securities (ABS) presence are a natural extension of DVB’s core loan business. / Our Private Placement Group maintains a close dialogue with a variety of global financial and strategic investors to support DVBCF’s business initiatives. / Utilising our strong network of corporate clients and lending relationships, we develop strategic dialogues with our clients to deliver integrated financial solutions. Factbook __ August 2019 __ DVB Corporate Finance Page 26
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance portfolio (30 Jun 2019)
Revenue by business division Revenue by products
21.9% Land Transport Finance 9.6% Capital Markets
78.1% Shipping Finance
90.4% M&A Advisory
Factbook __ August 2019 __ DVB Corporate Finance Page 2701/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information DVB Corporate Finance – Important deals 2018 Apollo Aviation Group Beacon Intermodal Leasing Aircraft ABS (AASET 2018-1 and 2018-2) M&A Sell-Side Advisory Fleet of 24 and 35 commercial aircraft 60,661 CEU intermodal freight container fleet US$442 million and US$613 million Exclusive Financial Advisor & Joint Lead Bookrunner Placement Agent Factbook __ August 2019 __ DVB Corporate Finance Page 28
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB Corporate Finance – Outlook 2019
/ Global M&A activity is expected to continue in 2019 with deal-making across sectors and geographies, despite concerns from US-
China trade issues and geopolitical conflicts – reflecting a recovering global economy, technological advances and changes in
consumer behavioural patterns. In transportation, we expect a similar trend to emerge as companies take advantage of improved
market sentiment and continue to raise public/private capital in order to execute strategic transactions that strengthen market
position and competitiveness.
/ In the debt capital markets, we expect a continuing market recovery and return of confidence to continue benefiting borrowers
into the second half of 2019, broadly including the transportation sector. In addition to tapping liquid debt market products such as
corporate bonds, borrowers will continue to explore bilateral funding with alternative investors, including through sub-investment
grade categories. Private placements are likely to increase as a competitive long-term financing source and a means of
diversifying both the capital structure and the investor base.
/ In the ABS market, momentum into 2019 continued, with volume across aircraft, railcar and container deals on pace to exceed
2017’s record volume. Whilst the outlook remains favourable, potential headwinds arising from economic and geopolitical tensions
remain an ever-present threat, which could curtail new issuance.
/ With the economy on a solid footing, and continued support from monetary officials, the equity capital markets outlook remains
cautiously positive. Market access by the maritime sector is expected to continue its improving run into year-end, driven by an
improving global demand for cargo and subsiding supply and demand imbalances, along with firming to higher charter rates and
asset values. In aviation, strong public and private capital flows are facilitating fleet growth and risk management.
Factbook __ August 2019 __ DVB Corporate Finance
2019 Page 2901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Investment Management / We are active as an investment consultant and asset manager for investment vehicles in the international transport sector. / We assume an investment management function on behalf of institutional clients – but where DVB aligns its interest with institutional clients with a material yet minority equity risk participation. / Our Aviation Investment Management (AIM) team manages the Deucalion aircraft funds and related aviation investments. / Investors profit from DVB’s asset know-how and strong market penetration. Factbook __ August 2019 __ Investment Management Page 30
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Investment Management – Investment volume
(30 Jun 2019: €826.6 mn)
AIM investment volume by asset type
6.3% Others
47.1% Passenger widebody
46.6% Passenger narrowbody
Factbook __ August 2019 __ Investment Management Page 3101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further
History information
06/ Further information
Investment Management (AIM) – Outlook 2019
/ The outlook for 2019 remains stable, with passenger traffic growth healthy albeit weaker than previous years. AIM
expects carriers to continue to remain under pressure due to a continued low yield environment, coupled with
higher fuel and in particular cases, adverse currency movements.
/ The flow of capital into aircraft investment and leasing remains very strong in spite of a more uncertain lessee
credit outlook. AIM attributes this to the continued appeal of aircraft assets given their internationally mobile nature
and attractive risk/return profile compared to other investment classes. Furthermore, asset values have remained
robust as newer technology aircraft have suffered production and operational delays. The continued high-level
plateau in the cycle has enabled lessors to continue to mature and strengthen balance sheets as well as sources of
liquidity.
/ Investor appetite for the funds will not likely lessen in 2019, as DVB’s knowledge of the industry, the strength of its
Aviation platform, and its asset-based approach provide the funds with a truly unique asset-focused platform to
take advantage of the current market conditions with a well-informed and researched view of the future.
Factbook __ August 2019 __ Investment Management
2019
Page 3203/ DVB – Financials and outlook
34 Financial figures
37 Own funds and refinancing
39 Rating
40 Macroeconomic environment and corporate objectives01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ 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 2019 and have been reviewed by auditors. Factbook __ August 2019 __ Financial figures Page 34
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
At a glance – Income statement
IFRS
Continuing Discontinued
operations operations Group
01 Jan 2019– 01 Jan 2018– 01 Jan 2019– 01 Jan 2018– 01 Jan 2019– 01 Jan 2018–
€ mn 30 Jun 2019 30 Jun 2018 30 Jun 2019 30 Jun 2018 30 Jun 2019 30 Jun 2018 %
Net interest income and net income from operating leases -28.2 -68.3 125.2 144.9 97.0 76.6 26.6
Loss allowance -50.0 -21.7 -8.8 2.1 -58.8 -19.6 –
Net interest income and net income from
operating leases after loss allowance -78.2 -90.0 116.4 147.0 38.2 57.0 -33.0
Net fee and commission income 10.0 19.1 16.7 22.5 26.7 41.6 -35.8
Results from investments in companies
accounted for using the equity method 1.8 2.7 0.2 2.6 2.0 5.3 -62.3
Net other operating income/expenses 30.8 3.7 9.4 – 40.2 3.7 –
Total income (before IFRS 9) -35.6 -64.5 142.7 172.1 107.1 107.6 -0.5
General administrative expenses -94.2 -81.4 -14.8 -16.0 -109.0 -97.4 11.9
Consolidated net income/loss before remeasurement
result according to IFRS 91 and taxes -129.8 -145.9 127.9 156.1 -1.9 10.2 –
Remeasurement result according to IFRS 91 -80.2 13.0 82.4 -42.6 2.2 -29.6 –
Consolidated net income/loss before taxes -210.0 -132.9 210.3 113.5 0.3 -19.4 –
Consolidated net income/loss -223.2 -133.0 210.3 113.5 -12.9 -19.5 -33.8
1 Remeasurement result according to IFRS 9 less any provisions for loan losses
Factbook __ August 2019 __ Financial figures Page 3501/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Development of key ratios
Return on equity before taxes Cost/income ratio Economic Value Added
% % € mn
3.8
64.9
61.5
-26.8
0.1
-36.4
30 Jun 2019 30 Jun 2018 30 Jun 2019 30 Jun 2018 30 Jun 2019 30 Jun 2018
Factbook __ August 2019 __ Financial figures Page 3601/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Own funds (in accordance with the CRR) and capital ratios
(30 Jun 2019)
€ mn
1,434.0
1,073.1
360.9
–
Common equity tier 1 Additional tier 1 capital Tier 2 capital Modified available
capital equity
Capital ratios – Basel III
Common equity tier 1 ratio: 31.8% Total capital ratio: 42.5%
Factbook __ August 2019 __ Own funds and refinancing Page 3701/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Diversified funding composition (30 Jun 2019: €16.6 bn)
Products1 Investors2
7.7 Short-term funding 2.8% Retail
thereof:
4.8% Customer deposits
16.0% DZ BANK
2.8% Cash collateral for OTC derivatives
0.1% Interbank deposits 14.6% Banks
10.8% Volksbanken
Raiffeisen-
banken
cooperative
financial
network
92.3% Long-term funding 55.8% Institutional investors
thereof:
42.5% Promissory Notes
42.3% Senior-unsecured bonds
3.9% Subordinated liabilities
3.5% Ship covered bonds
0.1% Long-term deposits Diversified, granular funding base
/ Almost 1,100 investors
1 Nominal volume 2 Estimates
Factbook __ August 2019 __ Own funds and refinancing Page 3801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Rating development
Dec Feb Oct Dec Mar Jan Dec Aug Jul Aug
2017 2017 2016 2011 2011 2009 2006 2006 2005 2004
Long-term counterparty
credit rating BBB A+ A+ A+ A A A A- A- BBB+
Short-term credit rating A-2 A-1 A-1 A-1 A-1 A-1 A-1 A-2 A-2 A-2
Outlook negative negative negative stable stable negative stable positive stable stable
Senior subordinated BBB- A
Subordinated BB+ A-
Nov Mar Aug Jun Jan
2018 2015 2012 2009 2009
Long-term issuer default rating AA- AA- A+ A+ A+
Short-term issuer default rating F1+ F1+ F1+ F1+ F1
Debt Issuance Programme AA-/F1+ A+/F1+
Long-term senior unsecured AA- AA- A+
Since 1999 DVB has been rated by Standard & Poor's (S&P) at regular intervals. Within the scope of the German Cooperative Financial Services Network's rating,
DVB has also been evaluated by Fitch Ratings since 2005.
Factbook __ August 2019 __ Rating Page 3901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Macroeconomic environment
Global growth remains subdued. Since the April 2019 World Economic Outlook (WEO) report by the International Monetary Fund
(IMF), the United States further increased tariffs on certain Chinese imports and China retaliated by raising tariffs on a subset of
US imports. Additional escalation was averted following the June 2019 G20 summit. Global technology supply chains were
threatened by the prospect of US sanctions, Brexit-related uncertainty continued, and rising geopolitical tensions roiled energy
prices. Against this backdrop, global growth is forecast at 3.2 percent in 2019 (0.1 percentage point lower than in the April 2019
WEO projection).
According to the IMF, further economic growth could be burdened by the following risk factors:
∕ trade and technology tensions that dent sentiment and slow investment;
∕ a protracted increase in risk aversion that exposes the financial vulnerabilities continuing to accumulate
after years of low interest rates;
∕ mounting disinflationary pressures that increase debt service difficulties, constrain monetary policy space to counter
downturns, and make adverse shocks more persistent than normal;
∕ geopolitical risks and domestic in the Middle East and East Asia; and
∕ humanitarian costs of extreme weather events and other natural disasters.
With global activity generally remaining subdued, supply influences continued to dominate commodity price movements, notably in
the case of oil prices (affected by civil strife in Venezuela and Libya and US sanctions on Iran). Despite the large run-up in oil
prices through April (and higher import tariffs in some countries), cost pressures have been muted, reflecting still-tepid wage
growth in many economies even as labor markets continued to tighten. Since the end of June 2019, oil prices stood at around
US$65 a barrel. IMF states that markets expected prices to remain broadly at that level over the next two years.
Source: IMF, June 2019
Factbook __ August 2019 __ Macroeconomic environment and corporate objectives Page 4001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Corporate objectives 2019
DVB’s outlook for 2019 is determined by sector-specific developments, as well as by the macroeconomic factors outlined above. In addition, strategic
considerations emerged during 2018 which will continue to have an impact on DVB’s business performance in 2019. As such, DVB sold its Land Transport
Finance business in December 2018 (closing took place on 3 May 2019); and its Aviation business platform as well as its 100% stake in the LogPay
Financial Services GmbH subsidiary during the first quarter of 2019.
Against the background of the general conditions on the transport markets and the before mentioned strategic Whilst we endeavour to complete the
decisions, the objectives for the remainder of 2019 can be described as follows: entire transaction involving the Aviation
business platform by the end of this year,
we cannot rule out that the sale of a part
∕ Building on the solid foundation laid in the first half of 2019 we will strive to preserve the sound core operational (Investment and/or Asset Management)
performance and stability in the second half of 2019. will only be closed after the year-end.
∕ We will continue to focus on delivering our key strategic initiatives in the execution and ultimate closing of the Aviation business platform sales process
and carve out.
∕ We expect to make further significant progress in the value preserving reduction of our NCA-portfolio – well ahead of planned levels – through further
leveraging DVB’s strong restructuring capability. We anticipate risk costs to develop within expected loss levels.
∕ We will conclude on the development and evaluation of strategic options for the remaining bank – in close cooperation with DZ BANK AG – to
proceed with and execute accordingly.
∕ We are confident that we will succeed in generating results for 2019 acceptable to our stakeholders – and especially to our shareholder – in order to
further proceed with the execution of strategic options and initiatives for the coming year.
Factbook __ August 2019 __ Macroeconomic environment and corporate objectives Page 4104/ DVB – About us
43 Structure 53 Staff
47 Board of Managing Directors 57 Corporate Responsibility
51 Supervisory Board01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Belongs to Germany’s second-largest banking group
Cooperative Banks/ Transaction
Retail Banking Corporate Banking Capital Markets
Verbund Banking
Factbook __ August 2019 __ Structure Page 4301/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Full member of the BVR Deposit Guarantee Scheme
Members Tasks of the Institution Protection
972 cooperative banks,
Preventing or remedying impending or existing economic
1 central institution and special cooperative network
difficulties at institutions affiliated with the BVR-ISG and
institutes
BVR-SE protection schemes
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 2019 __ Structure Page 4401/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Shareholder base
22 June 2017 / Squeeze-out resolution of the AGM
24 July 2017 / Expiration of the period for filing an action of avoidance
17 August 2017 / Registration into the Commercial Register
17 August 2017 / Delisting at the Frankfurt Stock Exchange – General Standard
22 August 2017 / Payment of the cash compensation per share to minority shareholders
100.00%
Factbook __ August 2019 __ Structure Page 4501/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Operational legal structure
(including subsidiaries, principal branches and representative offices)
Subsidiaries of DVB (each 100%) Branches and representative offices of DVB
DVB Capital Markets LLC (New York, USA) DVB Bank SE Amsterdam Branch (The Netherlands)
DVB Bank SE Athens Branch (Greece)
DVB Bank America N.V. (Willemstad, Curaçao)
DVB Bank SE London Branch (United Kingdom)
DVB Group Merchant Bank (Asia) Ltd (Singapore)
DVB Bank SE Nordic Branch (Oslo, Norway)
DVB Transport Finance Ltd (London, United Kingdom)
DVB Bank SE Singapore Branch (Singapore)
/ DVB Transport Finance Ltd, Tokyo Branch (Japan)
DVB Bank SE Representative Office New York (USA)
ITF International Transport Finance Suisse AG
(Zurich, Switzerland) DVB Bank SE Hamburg Office (Germany)
LogPay Financial Services GmbH (Eschborn, Germany)
Factbook __ August 2019 __ Structure Page 4601/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Responsibilities of DVB’s Board of Managing Directors
as of 1 June 2019
Ralf Group Group Group Group
ITF
International Transport
Bedranowsky Audit Controlling Finance Legal Finance Suisse AG
CEO and Chairman
of the Board of Group Corporate
Group Group Human Information LogPay Financial
Managing Directors Compliance Office Development and
Resources Technology Services GmbH
Communications
David Group Aviation DVB Corporate Investment DVB Capital
Goring-Thomas Treasury Finance Finance Management Markets LLC
Member of the
Board of Aviation Financial
Transaction and Shipping DVB Transport
Managing Directors Financial Institutions
Loan Services Finance Finance Ltd
Consultancy and Syndications
Dr Rainer Aviation Credit and Asset Solution
Group Risk Strategic Planning &
Group/Shipping Investment
Jakubowski Credit Management Research Shipping
Management
Member of the
Board of Aviation Credit Quality Shipping
Managing Directors Research Assessment Credit
Product/service areas Client areas in business divisions Client areas at affiliates
Factbook __ August 2019 __ Board of Managing Directors Page 4701/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Members of the Board of Managing Directors
Responsibilities Offices held
Ralf Product/service areas Chairman of the Supervisory Board
Group Audit DVB Bank America N.V., Willemstad, Curaçao
Bedranowsky Group Compliance Office
Chairman of the Board of Directors
Group Controlling
CEO and Chairman of Group Corporate Development and Communications DVB Group Merchant Bank (Asia) Ltd, Singapore
the Board of Managing Directors, Group Finance ITF International Transport Finance Suisse AG,
Group Human Resources Zurich, Switzerland
Bank director
Group Legal
Member of the Board of Directors
Information Technology
DVB Capital Markets LLC, New York, USA
Client areas in affiliates
ITF International Transport Finance Suisse AG
LogPay Financial Services GmbH
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 2019 __ Board of Managing Directors Page 4801/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Members of the Board of Managing Directors
Responsibilities Offices held
David Product/service areas Chairman of the Board of Directors
Group Treasury DVB Transport Finance Ltd, London,
Goring-Thomas Transaction and Loan Services United Kingdom
Member of the Board of Client areas in business divisions Member of the Board of Directors
Managing Directors, Aviation Finance DVB Capital Markets LLC, New York, USA
Aviation Financial Consultancy
Bank director
Corporate Finance
Financial Institutions and Syndications
Investment Management
Shipping Finance
Client areas in affiliates
DVB Capital Markets LLC
DVB Transport Finance Ltd
Curriculum Vitae
Since December 2016 DVB Bank SE, Member of the Board of Managing Directors
1998–2016 DVB Bank SE London Branch, Deputy General Manager of London Branch, Managing Director and
Global Head of Aviation Finance
1997–1998 The Long-Term Credit Bank of Japan Ltd, London Branch, Deputy General Manager and
Head of Aviation Finance – Europe, Middle East & Africa
1995–1997 LTCB Merchant Bank (Singapore) Ltd/The Long-Term Credit Bank of Japan Ltd, Singapore Branch,
Senior Vice President, Head of Aviation Finance – Asia
1994–1995 The Long-Term Credit Bank of Japan Ltd, London Branch, Manager/Senior Manager, Aviation Group
1990–1994 Swiss Bank Corporation, London, Merchant Banking, Assistant Manager/Manager in the Aviation Finance Group,
and Manager Corporate Finance
1987–1990 National Westminster Bank, International Banking Division, London, Graduate Trainee, Account Officer in
Transportation (Aerospace) and Assistance Manager (Personnel)
1984–1987 University of Manchester, B.A. Economics Honours
Factbook __ August 2019 __ Board of Managing Directors Page 4901/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Members of the Board of Managing Directors
Responsibilities Offices held
Dr Rainer Product/service areas None
Aviation Credit
Jakubowski Aviation Research
Member of the Board of Credit and Asset Solution Group/Shipping Investment Management
Credit Quality Assessment
Managing Directors,
Group Risk Management
Bank director Shipping Credit
Strategic Planning & Research Shipping
Curriculum Vitae
Since January 2019DVB Bank SE, Member of the Board of Managing Directors, CRO
Since 2018FOM University of Applied Sciences, Professor for Business Administration
2016–2017 FOM University of Applied Sciences, Lecturer
2014–2015 Heta Asset Resolution AG, CEO and Chief Resolution Officer
2013–2014 Commerzbank AG, Managing Director, Non-Core Assets – Shipping Loans, Hamburg
2009–2012 Deutsche Schiffsbank AG, Member of the Board of Managing Directors and Chief Risk Officer
2005–2008 Dresdner Bank AG, various leadership positions in credit risk management
1986–2004 Deutsche 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 2019 __ Board of Managing Directors Page 5001/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
DVB’s Supervisory Board – Members
Wolfgang Michael Arnd
Köhler Speth Bernbeck
Chairman Deputy Chairman Shareholder
Shareholder Shareholder representative
representative representative
Rolf James Martin
Büscher Spencer Wolfert
Shareholder Employee Employee
representative representative representative
Factbook __ August 2019 __ Supervisory Board Page 5101/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ 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
Rolf Rolf Michael James
Büscher Büscher Speth Spencer
Deputy Chairman
James Martin Martin Michael
Spencer Wolfert Wolfert Speth
Factbook __ August 2019 __ Supervisory Board Page 5201/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Staff – Live diversity We value our employees – our business model relies upon the expertise, experience and international diversity of our staff. They support our clients everyday in every respect – from research through customer service and credit management up to smooth processing. DVB's business model is international in every respect. Diversity management has thus been a part of day-to day life at DVB for quite some time. Once again, this was evident in the structure of our team: our employees hailed from a total of 32 different countries. There are 26 different nationalities represented within our core Transport Finance business. 190 employees work in Germany and 255 in our international locations. Back in 2007 we joined the corporate initiative „Diversity Charta“ and thus committed ourselves to ongoing active promotion of our workforce’s diversity. Factbook __ August 2019 __ Staff Page 53
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information
Nationalities in DVB (30 Jun 2019)
445 active employees 232 active employees
DVB Bank Group Transport Finance/Investment Management
13.0% 25 other nationalities 40.2% German 17.7% 19 other nationalities 25.5% British
2.0% Norwegian
2.5% US-American 1.7% US-American
4.5% Greek 4.3% Norwegian
7.0% Singaporean 7.3% Greek 18.1% Dutch
12.4% Dutch 9.9% Singaporean
18.4% British
15.5% German
Factbook __ August 2019 __ Staff Page 5401/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Staff – Work flexibly Flexibility is a cornerstone of achieving a work/life balance. We encourage flexible working hours as well as part-time arrangements, wherever possible an liable. The percentage of part-time employees in DVB's staff has remained virtually constant for several years. We are generally receptive to setting up schedules on an individual basis to enable a better balance professional and personal demands. Factbook __ August 2019 __ Staff Page 55
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Staff – Develop your personal & professional skills Annual appraisal discussions are one of the key instruments we use to assess development. They provide a platform for open dialogue, between manager and employee, regarding collaboration, skills and development needs. These discussions facilitate the individual planning of personal development steps tailored to each employee’s requirements. Special in-house courses are designed to provide effective and hands-on training to our staff at the various locations. When developing such courses, we take our employees’ diverse cultural backgrounds into account, as well as new learning technologies. Factbook __ August 2019 __ Staff Page 56
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Corporate Responsibility (1) Our Corporate Responsibility (CR) approach / DVB has made a commitment to the principle of sustainability. That means that we want to combine our economic operations with socially responsible action. / It is a core element of our corporate culture to act responsibly, in economic, ecological and social terms, a fact that is reflected in our corporate responsibility programme. / In November 2017, the Board of Managing Directors mandated Group Corporate Communications to manage the Bank’s CR activities and, in the medium term, to develop a holistic CR programme that fits the Bank. / Goals of the CR approach: • Combining our economic operations with socially responsible action into a single strategy • Further strengthening existing measure • Identifying new initiatives Factbook __ August 2019 __ Corporate Responsibility Page 57
01/ Business model 02/ Business divisions and services 03/ Financials and outlook 04/ About us 05/ Further information Corporate Responsibility (2) Environmental responsibility / As a financial services provider, i.e. a non-manufacturing business, our ecological footprint is largely shaped by office operations operations (such as facility management, materials usage and information technology) as well as business-related travel. / Since 2017 DVB has been working together with DZ BANK and its subsidiaries on a joint climate strategy, which is based on the Climate Action Plan of the German government and the Sustainable Development Goals of the United Nations. At DVB, a cross-departmental team is in charge of building a systematic environmental management and continuously improving our environmental database. It also reviews measures that help optimising our environmental performance on an operational level. / The group-wide electricity, heat and water consumption went down in 2018 thanks to several initiatives. / Through the cooperation with AfB gemeinnützige GmbH, we managed to avoid creating about five tonnes of electronic scrap in the past years, and saved considerable amounts of energy, gas and solid material. / Since 2015, we have entered into a partnership with aireg – dedicated to supporting the climate efforts in the aviation industry. In addition, we are open to becoming involved in other initiatives from our other business segments. Factbook __ August 2019 __ Corporate Responsibility Page 58
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