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··· 18 ··· ·· MORTGAGE LOAN BUSINESS ·· NEW MORTGAGE BUSINESS New real estate financing commitments totalled € 1,231 million, up 21.4% on the previous year’s level. New mortgage business (in € millions) € millions 2,000 1,500 1,000 500 0 1,965 622 2002 1,259 31 New mortgage business comprised € 354 million (28.8 %) from financings for residential property and € 877 million (71.2 %) from commercial financings. It is gratifying to note that the previous year’s result for residential properties, which featured the acquisition of a portfolio worth approximately € 243 million, was exceeded this year through individual transactions. 1,014 298 Commercial loans Residential loans 1,231 354 1,343 1,228 716 877 2003 2004 2005 In terms of the commercial sector, office and retail property continued to account for the majority of new mortgage loan commitments, at € 653 million (previous year: € 626 million). There has been a shift in favour of retail properties (2005: € 342 million, 2004: € 126 million). With regard to office properties, however, with commitments totalling € 311 million, the previous year’s level of € 500 million was not matched. Commitments for management properties rose by € 89 million to € 224 million. The underlying financings were also included in the books after particularly careful review. They do not represent any significant increase in the credit risk. The exi- sting limits on management property as a proportion of the total portfolio were not exceeded. New business by property type (in € millions) € millions 2,000 1,500 1,000 500 0 Domestic new mortgage business fell by € 175 million to € 340 million. Financings in eastern Germany rose by € 40 million to € 113 million, accounting for 9.2 % of all mortgage commitments. 105 584 654 138 607 89 126 224 342 500 622 484 311 30 299 354 2002 2003 2004 2005 Residential properties Office properties Retail properties Management properties Meanwhile, commitments abroad rose consider- ably, up € 392 million to € 891 million.
New business by regions (in € millions) € millions 2,000 1,500 1,000 500 0 1,079 100 786 2002 The rise in the volume of commitments abroad resulted from business in the UK (+ € 223 million) and the USA (+ € 179 million). The level of new commitments in France and the Benelux countries is still not satisfactory. Measures have been intro- duced with regard to personnel and the hope is that better results for new business can be achie- ved in future. 791 54 414 499 40 475 2003 2004 2005 Western Germany Eastern Germany Foreign Foreign mortgage loan commitments (in € millions) € millions 1,200 1,000 800 600 400 200 0 10 782 18 269 417 101 273 891 113 227 101 41 21 61 2002 2003 2004 2005 Benelux France UK USA Spain 63 294 50 242 517 ·· INCREASING PROPORTION OF FOREIGN FINANCINGS The rise in commitments abroad meant that the proportion of foreign financings rose from 49.2% to 72.4%. ·· MARKET SHARES ··· MANAGEMENT REPORT ··· New mortage business abroad (in € millions) 80% 60% 40% 20% 0% 1,079 55% 63% 791 49% 499 891 2002 2003 2004 2005 Mortage loan commitments outside Germany Proportion of total commitments 72% There was also a rise in commitments in the mortgage banking sector (+28 %). Overall, mortgage commitments (as at 30.11.05) amounted to € 34.0 billion (previous year: € 26.6 billion). The Bank’s market share of mortgage commitments amounted to 2.9 % (previous year: 3.2 %). With regard to commitments relating to residential properties, the level of market share was more or less main- tained. In terms of commercial financings, the share was down slightly at 3.1% (previous year: 3.5 %), whilst there was a clear rise from 4.0% to 5.1% with regard to foreign commitments. € millions 1,200 1,000 800 600 400 200 0 ··· 19 ···
Page 1 and 2: ANNUAL REPORT 2005 DEUTSCHE HYPO AN
Page 3 and 4: DEUTSCHE HYPO AT A GLANCE Business
Page 5 and 6: Benedikt von Abendroth, Alois Alger
Page 7 and 8: CONTENT LETTER TO OUR SHAREHOLDERS
Page 9 and 10: LETTER TO OUR SHAREHOLDERS Dear Sha
Page 11 and 12: In capital market business, foreign
Page 13 and 14: AGENDA FOR THE ANNUAL GENERAL MEETI
Page 15 and 16: MANAGEMENT ·· BOARD OF MANAGING D
Page 17 and 18: Agency was able to report a smaller
Page 19 and 20: unparalleled liquidity surplus in t
Page 21: MANAGEMENT REPORT ·· BUSINESS DEV
Page 25 and 26: ·· CAPITAL MARKET BUSINESS As in
Page 27 and 28: Allocation of issue volume of € 1
Page 29 and 30: Net present value excess cover for
Page 31 and 32: ·· DEVELOPMENT OF EQUITY CAPITAL
Page 33 and 34: following the abolition of the mini
Page 35 and 36: ·· SOVEREIGN RISK Sovereign risks
Page 37 and 38: independently of the Treasury depar
Page 39 and 40: ·· FORECAST Pfandbrief banks, whi
Page 41 and 42: ·· INCOME SITUATION The income pr
Page 43 and 44: lost through illness rose from 2.2
Page 45 and 46: a) A D&O policy has been taken out
Page 47 and 48: esearch, AML remains a life-threate
Page 49 and 50: ANNUAL ACCOUNTS ·· BALANCE SHEET
Page 51 and 52: ·· LIABILITIES ··· ANNUAL ACCO
Page 53 and 54: ·· NOTES ·· GENERAL INFORMATION
Page 55 and 56: ·· NOTES TO THE BALANCE SHEET ·
Page 57 and 58: ·· 4. TRUST ACTIVITIES (IN T THOU
Page 59 and 60: ·· 12. ACCRUED AND DEFERRED ITEMS
Page 61 and 62: ·· 21. CONTINGENT LIABILITIES The
Page 63 and 64: Cover assets Disclosure in accordan
Page 65 and 66: ·· PROPERTIES TAKEN OVER No prope
Page 67 and 68: The aggregate counterparty risks pe
Page 69 and 70: Sytse Adriaan Andringa Speaker (ret
Page 71 and 72: Wilhelm Zeller Chairman of the Boar
Page 73 and 74:
·· 34. LOANS GRANTED TO THE BOARD
Page 75 and 76:
AUDITOR’S REPORT We have audited
Page 77 and 78:
eport with the auditor present. Fur
Page 79 and 80:
ADDRESSES IN GERMANY AND ABROAD ·
Page 81 and 82:
KEY FIGURES ING Group key figures 2
Page 83 and 84:
·· Mark-to-market Valuation metho
Page 86:
DEUTSCHE HYPO Deutsche Hypothekenba
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