A4 für Copyshop GB.indd - Bayerische Landesbank

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56 BayernLB – our company } Modernisation of rented apartments increasingly important Landesbodenkreditanstalt <strong>Bayerische</strong> Landesbodenkreditanstalt (Labo) operates in the area of housing as part of its public-sector mandate as development bank of the Free State of Bavaria. This sphere of activity includes the construction, modernisation and purchase of homes and rooms in homes for the elderly, as well as infrastructural measures such as promoting urban planning. Labo helped the Free State of Thuringia in the area of construction in the nineties, and manages the subsidies then granted in this State. State-subsidised activities in 2004 Labo’s fiduciary operations are supported by federal funds and funds from the Free State of Bavaria. These activities comprise the financing of rented apartments, rooms in homes for the elderly and also owner-occupied homes. Labo’s proprietary business consists of programmes based on development guidelines issued by the Free State of Bavaria. As part of these programmes, low-interest funds from the Kreditanstalt <strong>für</strong> Wiederaufbau (KfW) receive a further interest subsidy from Labo’s own funds and funds from the Free State of Bavaria. Focal points of Labo’s proprietary business include the modernisation of rented apartments as part of the Bavarian modernisation programme, owner-occupied homes and the promotion of sport facilities. During 2004, Labo’s new business was marked by the challenging economic environ- ment. In contrast to previous years, it thus proved impossible to use proprietary business in order to compensate for the reduction of government subsidies in the fiduciary operations sector, a move perceptible in all segments. In the KfW-funded programmes for the construction and purchase of owner-occupied homes, the loan volume in Labo’s proprietary business fell by a third in comparison to the previous year. This was prima- rily due to the general economic situation and the restraint of potential investors. Contrary to the general trend, encouraging growth was achieved compared to 2003 in fiduciary operations funding the construction of rented apartments, as well as in the modernisation of these apartments in the context of the 2004 Bavarian modernisation programme. This area, namely the modernisation of rented apartments, represents an important future business area for Labo. If they are to remain viable in the future, older apartments have to be adapted to meet today’s requirements with regard to ecology and comfort. This poses a great challenge for housing companies. For the construction industry, on the other hand, it represents a chance to compensate for the decline in new business. Labo’s fiduciary operations helped finance a total of 4,116 owner-occupied homes and rented apartments as well as 1,541 rooms in homes for the elderly via loans worth EUR 205.15 million. In Labo’s proprietary state-subsidised business, loans in the amount of EUR 301.53 million were allocated for the construction and purchase of 4,592 homes while EUR 114.17 million in loans went to the modernisation of another 5,189 homes. A credit total of EUR 23.28 million was approved under the special sports facility funding programme. Compared with the previous year, this represents a decrease of around 19 percent in lending in fiduciary business and around 30 percent in proprietary business.
Labo’s loan programmes in 2004 Creation and acquisition of residential space: Modernisation and reconstruction of residential space: EUR 193.8 million EUR 427 million Sports facilities funding EUR 23.3 million Outlook In 2005, Labo will continue its furtherance of residential space, as in 2004, through trust loans and through its own interest-subsidised funds. It is encouraging that the trust loan quotas were increased in the Free State of Bavaria’s 2005 budget. The successful Bavarian modernisation programme for rented apartments is also certain to continue at the previous year’s level. The construction of rented apartments in conurbations with the aim of creating afford- able residential space remains a key focus for 2005, as does the modernisation of rented apartments in the context of the Bavarian modernisation programme. In 2005, the new Bavarian interest subsidy programme will be used to fund owner- occupied residential property in proprietary business. This programme comprises two previous programmes for the construction and purchase of existing residential space. It should also help to increase the German residential property ratio, which is lower than that of its European neighbours. If the overall economic situation improves, as hoped, the result for state-subsidised business in owner-occupied homes will also recover once more. Details on Labo’s business performance can be found in Landesbodenkreditanstalt’s report on its state-subsidised business or online (www.labo-bayern.de). BayernLB – our company 57
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Annual Report and Accounts 2004
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LBS Bayern Corporates Business Area
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Clear figures. Clear objectives. Th
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Foreword by the Board of Management
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Page 13 and 14: Dr. Rudolf Hanisch born in 1946, De
Page 15 and 16: In transforming its business model,
Page 17 and 18: Sparkassen-Finanzgruppe Bayern Baye
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BayernLB’s subsidiaries (Hungaria
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Complex enterprises demand reliabil
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Bayerische Landesbank Brienner Stra
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