annual report - Hypo Real Estate Holding AG

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Group Accounts Consolidated cash flow statement (continued) Cash flows from financing activities 94 Group Company Note 2007 2006 2007 2006 € m € m € m € m Purchase of own shares -9 -9 -9 -9 New issues of other borrowed funds 500 - 155 - Repayments of other borrowed funds - -220 - -95 Capital contribution received 200 - 200 - Re-issue of ordinary shares under scheme of arrangement 16 - 16 - Dividends paid -138 -86 -138 -86 Net cash from financing activities 569 -315 224 -190 Net increase in cash and cash equivalents 14,142 -7,031 13,020 -2,876 Cash and cash equivalents at the beginning of the year 43 4,948 12,049 3,904 6,843 Effect of exchange rate changes on cash and cash equivalents -176 -70 -168 -63 Cash and cash equivalents at the end of the year 43 18,914 4,948 16,756 3,904 Included in the cash flows for the year are the following amounts: Group Company 2007 2006 2007 2006 € m € m € m € m Interest income received 5,512 7,624 3,690 3,306 Interest expense paid -5,535 -7,037 -3,959 -3,160 Dividend income received - - 109 162 The notes on pages 95 to 185 are an integral part of these consolidated financial statements.
Notes to the consolidated financial statements 1. General information Risikoberichtbericht DEPFA BANK plc is a provider of financial services to public sector clients worldwide. The Bank serves public sector authorities by providing for their financial needs with a broad range of products and services. It is a Dublinbased public limited company, incorporated under Irish law, with a network of subsidiaries and branch offices across Europe, as well as in Asia and the Americas. The Group is regulated by the Irish Financial Regulator and the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”). On 2 October 2007 the entire ordinary share capital of the Company was acquired by Hypo Real Estate Holding AG, which is also the ultimate parent company of the Group. 2. Summary of significant accounting policies The principal accounting policies adopted in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation These consolidated financial statements have been prepared in accordance with European Union (EU) endorsed International Financial Reporting Standards (“IFRSs”), IFRIC interpretations and the Companies Acts, 1963 to 2006 applicable to companies reporting under IFRS and the European Communities (Credit Institutions: Accounts) Regulations, 1992. The consolidated financial statements have been prepared under the historical cost conven tion as modified by the revaluation of available-for-sale investments, financial assets and liabilities at fair value through the profit or loss and derivatives. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4. Consolidation Subsidiaries Subsidiaries comprise all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls an entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the net fair value of the identifiable assets, liabilities, and contingent liabilities of the subsidiary acquired, the difference is recognised directly in the income statement. 95
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2007 DEPFA BANK plc annual report
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Profile ❚ The only globally opera
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■ Europe incl. EMEA and CIS (Lond
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Risikoberichtbericht Accounts 76 Di
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Millau Viaduct, France
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Client: The Region of Campania, Ita
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Corporate Highlights 2007 10 10 Q1:
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John Kirwan: “This award winning
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Executive Directors 14 Paul Leather
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Dr. Christian Kummert: “Probably
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Management Discussion - Segments Ma
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Management Discussion - Segments co
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Management Discussion - Segments be
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Management Discussion - Segments Di
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Management Discussion - Segments in
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Capital Beltway HOT Lanes in Virgin
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Aguas de Portugal (AdP), Portugal
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Public Sector and Infrastructure Fi
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Vincent Matrone: “We were the lea
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Marnin Lebovits: “The State of Mi
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Page 48 and 49: Public Sector and Infrastructure Fi
Page 50 and 51: Export-Import Bank of Korea
Page 52 and 53: Public Sector and Infrastructure Fi
Page 54 and 55: Sam Miller: “The transaction with
Page 56 and 57: Puerto Rico Sales Tax Financing Cor
Page 58 and 59: Energinet, Denmark
Page 60 and 61: Management Discussion - Segments Cl
Page 62 and 63: Management Discussion - Segments DE
Page 64 and 65: Management Discussion - Segments Re
Page 66 and 67: Management Discussion - Segments Th
Page 68 and 69: Project Omega, Northern Ireland
Page 70 and 71: Business Performance Business Perfo
Page 72 and 73: Business Performance Balance Sheet
Page 74: Business Performance forms of capit
Page 77 and 78: Client: Bulgarian State Railways (B
Page 79 and 80: Client: Royal BAM (BAM PPP Limited)
Page 81 and 82: Risk Committee Ms. B. von Oesterrei
Page 83 and 84: Directors’ and Secretary’s inte
Page 85 and 86: Risikoberichtbericht The credit pro
Page 87 and 88: Risikoberichtbericht Branches outsi
Page 89 and 90: Risikoberichtbericht Independent Au
Page 91 and 92: Risikoberichtbericht We have obtain
Page 93 and 94: Risikoberichtbericht Consolidated b
Page 95 and 96: Consolidated statement of changes i
Page 97: Consolidated cash flow statement Ca
Page 101 and 102: Risikoberichtbericht Expenses incur
Page 103 and 104: Risikoberichtbericht (b) Loans and
Page 105 and 106: Risikoberichtbericht Hedging deriva
Page 107 and 108: Risikoberichtbericht (vi) observabl
Page 109 and 110: Risikoberichtbericht Cash and cash
Page 111 and 112: Risikoberichtbericht Share capital
Page 113 and 114: Risikoberichtbericht Standards, ame
Page 115 and 116: Risikoberichtbericht Credit Committ
Page 117 and 118: Risikoberichtbericht Asset and Liab
Page 119 and 120: Risikoberichtbericht The portfolio
Page 121 and 122: Risikoberichtbericht Assessing cred
Page 123 and 124: Company On-Balance Sheet December 2
Page 125 and 126: Company On-Balance Sheet December 2
Page 127 and 128: DEPFA’s Counterparty Risk Pools R
Page 129 and 130: Risikoberichtbericht Credit Risk Ma
Page 131 and 132: Risikoberichtbericht Further Credit
Page 133 and 134: DEPFA Deutsche Pfandbriefbank AG
Page 135 and 136: Risikoberichtbericht As can be seen
Page 137 and 138: The HRE Group risk management commi
Page 139 and 140: Risikoberichtbericht As at 31 Decem
Page 141 and 142: Risikoberichtbericht As at 31 Decem
Page 143 and 144: Risikoberichtbericht 5. Operational
Page 145 and 146: Risikoberichtbericht 7. Compliance
Page 147 and 148: Risikoberichtbericht Taxation The t
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Risikoberichtbericht Corporate Infr
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6. Net interest income Interest and
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10. Other operating income Other op
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Risikoberichtbericht 14. Result fro
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Risikoberichtbericht Operating expe
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Cashflows from discontinued operati
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17. Trading assets 18. Derivative f
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Risikoberichtbericht Futures are st
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Risikoberichtbericht At 31 December
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Allowance for losses on loans and a
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Shares in Group undertakings are in
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24. Property, plant and equipment R
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29. Debt securities in issue 30. Ot
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Deferred income tax assets and liab
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(b) Loan commitments Risikoberichtb
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Details of the share awards of Hypo
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40. Other reserves Unrealised gains
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Risikoberichtbericht 45. Fair value
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Company 2007 Risikoberichtbericht F
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Risikoberichtbericht 47. Acquisitio
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Risikoberichtbericht 49. Capital ma
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Nicosia Branch 10 Diomidous Street,
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DEPFA BANK plc Member of Hypo Real
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