More in Sight - Deutsche Leasing · PDF fileThe freenet GROUP uses an innovative company car...

More in Sight

A N N U A L R E P O R T 2013 2014

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Overview of Deutsche Leasing

New business of the Deutsche Leasing Group

1.8 EUR billionOther Countries

6.1 EUR billion Germany

New business of the Deutsche Leasing Groupby business segment

8 per centEnergy and

transport

6 per centReal estate

12 per centInformation and

communication technology

22 per centRoad vehicles

52 per cent Machinery and

equipment

Overview of Deutsche Leasing 2013 / 2014 2012 / 2013 2011 / 2012 2010 / 2011 2009 / 2010

Figures in EUR million

New business Deutsche Leasing 6,767 6,580 6,031 6,893 6,295

New business DAL 1,085 1,175 1,170 1,016 1,495

Deutsche Leasing Group 7,852 7,755 7,201 7,909 7,790

Deutsche Leasing Group (excl. S-Kreditpartner) 7,852 7,755 7,201 6,943 6,890

Assets under Management Deutsche Leasing 21,992 21,647 21,258 20,436 20,562

Assets under Management DAL 11,304 11,880 11,762 11,870 11,794

Deutsche Leasing Gruppe 33,296 33,527 33,020 32,306 32,356

Balance sheet total 16,190 15,891 15,507 14,458 14,922

Net asset value 1,742 1,666 1,611 1,466 1,395

Equity 629 596 559 425 400

Economic result 128 139 143 131 124

Number of employees at Deutsche Leasing 1,721 1,666 1,571 1,576 1,648

Number of employees at DAL 246 239 237 242 250

Number of employees participations 232 231 205 173 158

Guido MeyerManaging Director, Düsseldor f

SITA Airpor t IT

Rajeev AnandChief Financial Of f icer, Winter thur

DMG Holding AG

Ingo Prüsch Head of Treasur y, Bremen

BLG LOGISTICS

Nicole Engenhardt-Gillé Head of Group Personnel, Hamburg

freenet GROUP

Heinrich Philipp BeckerManaging Shareholder, Cologne

Pr ivatbrauerei Gaf fel Becker & Co

VisionSolution

Creativity

Tradition

Internationality

Trust

Versatility

World premiere at Düsseldorf Airport: The parking robot “Ray” combines innovative technology and comfortable travel arrangements.

Good things take time: It took almost five years before Deutsche Leasing and Cologne’s Privatbrauerei Gaffel were able to realise their joint project.

Together, Deutsche Leasing and the machine tool manufacturer DMG Mori are able to offer an even better service for end-customers worldwide.

Major projects depend on a working relationship founded upon trust. BLG LOGISTICS and Deutsche Leasing have worked together closely for almost ten years.

The freenet GROUP uses an innovative company car model to secure the loyalty of its talented workforce. The financing solution is provided by Deutsche Leasing.

& Expertise

& Innovation

& Presence

& Initiative

& Reliability

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Solution

A N N U A L R E P O R T 2013 2014

Deutsche Leasing international

Rising to international challenges while optimising investment solutions – this is a task

which we love to solve. We are ready to provide you with direct, on-site assistance

through our know-how and our leasing and other services, in your own language or in

German or English. Our leasing concepts are tailored to your specific role as an exporter

or investor and reflect local conditions in your country. You will find in us a partner who

thinks and acts as globally as you do yourself.

Brazil | São Paulo

Canada | Halifax

USA | Chicago

France | Paris

Luxembourg | Luxembourg

Italy | Milan

Spain| Barcelona

Portugal | Lisbon

Hamburg | Northern Region

Berlin | Eastern Region

Leipzig | Eastern Region

Stuttgart | South- Western Region

Nuremberg | Southern Region

Munich | Southern Region

Bad Homburg v. d. Höhe | Group Headquarters

Mainz | DAL Deutsche Anlagen-Leasing

Münster | Western Region

Monheim | Western Region

Ratingen | Universal Factoring

Fernwald nr. Gießen | AutoExpo

Deutsche Leasing in Germany

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For further information on Deutsche Leasing’s

offices in Germany please visit

B www.deutsche-leasing.com

Business segment 2013/2014New business

EUR million

Share in per cent

Machinery and equipment 4,114 52

Road vehicles 1,755 22

Information and communication technology 898 12

Real estate 505 6

Energy and transport 580 8

China | Shanghai

Sweden | Stockholm

Russia | Moscow

Poland | Warsaw

Czech Republic | Prague

Austria | Vienna

Romania | Bucharest

Ireland | Dublin

Netherlands | Amsterdam

Slovakia | Bratislava

Hungary | Budapest

Bulgaria | Sofia

Belgium | Antwerp

United Kingdom | London

Guido MeyerManaging Director, Düsseldor f

SITA Airpor t IT

Rajeev AnandChief Financial Of f icer, Winter thur

DMG Holding AG

Ingo Prüsch Head of Treasur y, Bremen

BLG LOGISTICS

Nicole Engenhardt-Gillé Head of Group Personnel, Hamburg

freenet GROUP


Pr ivatbrauerei Gaf fel Becker & Co

VisionSolution

Creativity

Tradition

Internationality

Trust

Versatility

Our company

6 Management Board’s letter

10 Vision & Solution

40 Supervisory Board’s report

Consolidated management report

44 Overview for the financial year

and outlook

45 Basic Information regarding the

Deutsche Leasing Group

48 Economic Report

59 Report on risks and opportunities

and forecast report

70 Deutsche Sparkassen Leasing AG & Co. KG

Consolidated financial statements

76 Consolidated balance sheet

78 Consolidated profit and loss account

80 Notes to the consolidated financial

statements

96 Statement of cash flows

97 Statement of changes in equity

Group information

101 Auditor’s report

102 Shareholders

103 Supervisory Board

105 Board of Management

105 Senior Management

108 Corporate Structure

110 Addresses

Imprint

A N N U A L R E P O R T 2013 2014

O U R C O M P A N Y F A C T S

22 countries

In order to open up foreign markets in an environment of growing competitive pres-sure, SME enterprises require investment solutions which can be implemented rapid-ly and precisely – also for global sales fi-nancing. With over 20 years of expertise and subsidiaries in 22 countries, Deutsche Leasing is the perfect partner for interna-tional business.

EUR

21.3 million/day

Deutsche Leasing invests more than

EUR 21.3 million every day worldwide

on behalf of its clients.

68,000 square metres

35

nationalities

AutoExpo, a subsidiary of the Deutsche Leasing Group, offers fairly new second- hand cars over a total area of 68,000 square metres and is thus one of the largest sec-ond-hand car centres Europe-wide. Overall, Deutsche Leasing has invested EUR 16 mil-lion in its new site. Its showroom offers space for around 60 vehicles. The exhibition hall including a workshop and offices spans 5,500 square meters and the covered exter-nal area some 3,000 square metres. The ful-ly fenced-off outdoor area accounts for a further 59,000 square metres. Overall, this offers space for 2,800 vehicles. 40 employ-ees of AutoExpo and around 30 employees of further companies such as service provid-ers and experts work on the site.

People from 35 countries work together at the Deutsche Leasing Group in order to realise companies’ investment ideas.

Placed end-to-end, Deutsche Leasing’s entire

portfolio of vehicles would stretch for 600 kilo-

metres. This is the same as the distance between

Cologne and Berlin.

600

km

5,000,000 IT assets

This is the volume of IT assets currently in-cluded in Deutsche Leasing’s balance sheet – from keyboards to computer centres.

C O L O G N E

B E R L I N

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Our company 2013 2014

O U R C O M P A N Y C O N T E N T S

6 Management Board’s letter

10 Vision & Solution

40 Supervisory Board’s report

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

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Friedrich JünglingManagement Board member

Kai OstermannChief Executive Officer

Matthias LaukinManagement Board member

Rainer WeisManagement Board member

4 O U R C O M P A N Y M A N A G E M E N T B O A R D

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6

Dear clients and business partners of Deutsche Leasing,

The economic outlook appeared favourable at the start of the financial year 2013/2014: a

dynamic economic trend, increasing investment propensity and positive business senti-

ment. However, this outlook has not been borne out over the course of the financial year.

In Europe particularly – and in Germany above all – uncertainty over the outlook for the

Eurozone has prompted investment restraint.

In spite of this environment, Deutsche Leasing has developed successfully in the fi-

nancial year 2013/2014: We invested EUR 7.9 billion for our clients in the financial

year 2013/2014. Adjusted for one-off factors in the previous year, this represents new

business growth of approx. 5 per cent. We have also consolidated our leading market

position in Germany and as one of the leading asset finance partners in Europe.

This successful trend is based on the stable

foundations of our business segments:

• In our largest segment, machinery and

equipment, business with SME enterprises

and partnerships with dealers and vendors

in Germany and other countries developed

favourably. Growth of 5 per cent was

achieved here.

• Thanks to our success in the partnership

business segment and with a large number

of software projects, and due to particularly

high-volume transactions in the hardware

segment especially, we realised growth of 19

per cent in terms of new business for infor-

mation and communication technology.

• In the fleet business segment we also

achieved a considerable increase (16 per

cent, adjusted for one-off factors) in our vol-

ume of new business.

Management Board’s letter

O U R C O M P A N Y M A N A G E M E N T B O A R D ’ S L E T T E R

New business

EUR 7.9 billion

2013 2014

“ The German SME sector requires a strong partner for its investment projects, both in Germany and elsewhere. As an asset finance partner, we aim to assist our clients in shaping their successful futures.”

Kai OstermannChief Executive Officer

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

7O U R C O M P A N Y M A N A G E M E N T B O A R D ’ S L E T T E R

Further segments also developed positively in

the financial year 2013/2014:

• Universal Factoring GmbH, which joined

the Deutsche Leasing Group in mid-2012,

delivered a strong performance with its

tailored factoring solutions for SME enter-

prises. Double-digit growth was achieved.

This also reflected the solid partnership

with the savings banks and the regional

savings banks associations.

• Our joint venture with Berliner Sparkasse,

S-Kreditpartner GmbH, successfully contin-

ued its growth strategy in the car and per-

sonal loans segment and for financing of

sales and purchasing activities for the car

trade. Volume of loans at the end of 2014:

EUR 3.8 billion.

• Bad Homburger Inkasso – one of the market leaders in Germany in processing

bad loans and handling the market-oriented resale of collateral – continued to

grow with a volume of receivables of approx. EUR 15 billion.

Friedrich JünglingManagement Board member

“ We are noted for our asset know-how, our sector expertise and our broad range of investment packages. Through our risk strategy, we support Deutsche Leasing’s vision of serving as a leading asset finance partner.”

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

8

The successful activities of our Group as a whole are reflected in our economic result

of EUR 128 million. We achieved this despite strong competitive and margin pres-

sure due to the low interest-rate level and additional cost burdens resulting from

regulatory requirements. Besides the continuity of our dividend payments, this high

level of income enables us to make further investments to secure the future of

Deutsche Leasing.

Deutsche Leasing’s success is only possible thanks to our clients, our business part-

ners both within Sparkassen-Finanzgruppe and externally and also the dedication of

our employees worldwide. We would like to express our thanks for this.

A demanding and volatile market environment which will remain challenging should

be assumed for the financial year 2014/2015. In this respect, it is particularly impor-

tant for us to maintain a sense of balance between risks and opportunities. For this

reason, three business segments will be particularly important in the new financial

year:

Firstly: Asset finance business, i.e. financing

solutions including additional services (asset

services) offer attractive market opportunities

and development potential for us. Our business

with the savings banks will serve as a key pillar

of this. Together with the savings banks, we

intend to provide even stronger support for our

SME clients, also at the international level. In

our foreign business segment, like our clients

the savings banks are able to strongly benefit

from Deutsche Leasing’s international pres-

ence.

Secondly: We intend to achieve further interna-

tional growth in our sales financing business

with German manufacturers of investment

goods, our vendor partners. We will therefore

continue to develop our existing vendor part-

nerships and to convince further manufactur-

ers of our services. This offers considerable

potential for Deutsche Leasing.

Economic result

EUR 128 million

“ We actively support the development of the German SME segment in relation to international business. We do so by sup-porting our vendor partners with export financing and by assisting our clients’ for-eign investment activities. Clients of the savings banks can obtain these Deutsche Leasing solutions through their corpo-rate relationship managers.”

Matthias LaukinManagement Board member

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


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Thirdly: Factoring business also offers a large

number of opportunities. We intend to further

expand our partnerships with the savings

banks and to offer this financing opportunity

for their SME clients as well as our asset fi-

nance and asset service solutions.

Regardless of whether companies invest with

us or wish to benefit from our asset finance

and asset services solutions, every day the em-

ployees of the Deutsche Leasing Group seek to

realise business ideas. They have “More in

Sight” and see things from the point of view of

our clients and partners, so as to develop opti-

mal solutions with them. This enables us to

optimally realise investment ideas, regardless

of the asset in which we invest for our clients,

or the industry in which they operate, or their

chosen form of financing.

We see ourselves as the solutions-oriented as-

set finance partner of the German SME sector.

Our annual report “Vision & Solution” shows

how we have helped our clients in the period

under review to realise their visions through

investment solutions. We wish you a pleasant read!

Yours sincerely,

„ Cooperation between the savings banks and Deutsche Leasing entails optimal use of core competences. We thus intro-duce the SME sector to asset finance solutions such as financing, leasing and factoring and also cooperation models and services, both in Germany and worldwide.“

Rainer WeisManagement Board member

Kai Ostermann Friedrich Jüngling Matthias Laukin Rainer Weis

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Guido MeyerManaging Director, Düsseldorf

SITA Airport IT

&

10

Creativity

C R E A T I V I T Y & E X P E R T I S E

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Roland SchindlerKey Account Manager Hard-/Software, Monheim

Deutsche Leasing

11

&

Expertise


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

12

World premiere at Düsseldorf Airport: The park-

ing robot “Ray” combines innovative technology

and comfortable travel arrangements. The suc-

cess of this pilot project also reflects the close work-

ing relationship between Deutsche Leasing and the

provider of this technology, SITA Airport IT.

Technical innovations always

start out with an idea. But to bring this idea to

fruition also requires farsighted individuals –

and ultimately someone who can provide the

necessary financial resources. For seven years,

the IT service provider SITA Airport IT and

Deutsche Leasing have jointly cooperated on

technical development projects at Düsseldorf

Airport. The latest product of this close work-

ing relationship is a world first: Three parking

robots by the name of “Ray” which automati-

cally transport passengers’ cars to free park-

ing spaces, and bring them back on passen-

gers’ return.

When the parking robot manufacturer Serva

Transport Systems GmbH launched its patent-

ed innovation on the market in 2013, SITA Air-

port IT and Düsseldorf Airport immediately

saw the potential of this extraordinary ser-

vice – but also the risks: “Right up until the

very end, we were unable to guarantee that we

would pull this off,” says SITA Airport IT’s

Managing Director, Guido Meyer. “It was a

Guido MeyerManaging Director

SITA Airport IT GmbH

Roland SchindlerKey Account Manager Hard-/Software

Deutsche Leasing AG

Creativity

Expertise

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


13

“ This project was something very special right from the start. The driverless transport system ‘Ray’ is a world first – and thus a high-tech innovation with all of the risks which this type of ‘unknown prod-uct’ entails.”

SITA Airport IT was established in 2005 as a joint venture between the aviation industry IT service provider SITA and Düsseldorf Air-port, which integrated its IT department within the new company. SITA Airport IT now has 120 employees and operates fea-tures such as the flight information display panels, check-in kiosks and the airport con-trol centre.

Guido MeyerSITA Airport IT GmbH

120 employees

challenge to find the right financing model”

adds Roland Schindler, who looks after SITA

Airport IT at Deutsche Leasing. IT projects

pose special requirements from the point of

view of financing: Their value cannot neces-

sarily be calculated in terms of material or

purchasing costs. They also entail risks in the

implementation and operational phases.

Moreover, for innovations such as “Ray” there

are no benchmarks for the resale value. “This

requires a high level of risk tolerance on both

sides,” says Schindler. “Mutual trust is a basic

requirement.” In the end, SITA Airport IT and

Deutsche Leasing decided in favour of a

hire-purchase model which will enable SITA

Airport IT to acquire ownership of this robot

parking system at a predetermined moment in

time.

Realisation of this system cost more than

EUR 1.5 million, but the airport’s multi-storey

car park required only minor alterations. The

airport and the passengers both benefit from

the result: Over the same area, the car park

now offers spaces for 300 vehicles instead of

the previous 230, since the nimble robots do

not require any room for manoeuvre to get in

and out of cars and are able to operate on nar-

row pathways. And for a small markup on the

normal parking fee, passengers no longer

need to seek out a parking space and thus save

time. “It has met with a huge response,” says

Meyer. Several major airports, including Lon-

don Heathrow, are interested in “Ray”, and a

large number of train stations have also made

inquiries.

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


The Managing Director of Flughafen Düsseldorf GmbH, Thom-as Schnalke (centre), also believes in this parking robot inno-vation.

14

What was the biggest challenge for this project?

Meyer: “This project was something very special

right from the start. The driverless transport

system ‘Ray’ is a world first – and thus a high-tech

innovation with all of the risks which this type of

‘unknown product’ entails. It was fascinating for

us to be the midwives, so to speak, of this future

technology, which has the potential to help solve

the transport problems which hubs and conurba-

tions face. The management of our customer

Düsseldorf Airport also believed in the opportuni-

ties which this system offered.”

Schindler : “In terms of financing, the main chal-

lenge was the fact that no benchmarks were

available for this product, either in terms of

feasibility or the asset value trend. However, on

the basis of our experience of other innovative

technological projects we were able to make valid

assumptions for SITA Airport IT. A further factor

was our trusting working relationship of many

years covering other projects.”

“ In terms of financing, the main challenge was the fact that no benchmarks were available for this product, either in terms of feasibility or the asset value trend. “

What was the key ingredient which brought

Deutsche Leasing and SITA Airport IT together

for this project?

Meyer: “Deutsche Leasing made us a solid and flex-

ible offer with attractive conditions. But a second

aspect was equally important for us: As a provid-

er of internet and communication technology for

Düsseldorf Airport and many airlines, we are

aware of how the financing requirements for

technical projects have become increasingly

complex over the years. Deutsche Leasing has as-

sisted SITA Airport IT with various investment

projects since 2006, and Roland Schindler has a

high level of expertise. He has a very good under-

standing of our business model, and we have a

trusting work relationship. Together with the sav-

ings banks, Deutsche Leasing is generally highly

open to providing active support for complex pro-

jects of this nature which are not simply available

‘off the shelf’. That makes an ideal partnership for

us as a young and dynamic company.”

Schindler: “For us, it was an exciting challenge to

support such an innovative product as a financing

partner. We naturally wanted to be a part of this

and to achieve this world first together with SITA

Airport IT.”

Roland SchindlerDeutsche Leasing

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


“Ray” at Düsseldorf Airport

15

At what point during the project did you notice

that cooperation between SITA Airport IT and

Deutsche Leasing represented the perfect

combination to deal with this challenge?

Meyer: “That happened very quickly. Once we had

outlined the basic details of our project, Roland

Schindler quickly asked us specific questions

and provided us with detailed information. It

very quickly became clear to us that he had

understood the project and was immediately

prepared for the challenges which it entailed.”

Schindler : ”The key point was that we had already

jointly prepared and defined the milestones and the

steps in the process before the project’s launch –

that made implementation considerably easier. Our

two companies and everyone involved know one

another very well thanks to our many years of

working together – and we know each other person-

ally, not just from telephone conversations. That

helps a lot for such a complex project.”

Mr Meyer, how has Deutsche Leasing shown that

it has “More in Sight”?

Meyer: “SITA Airport IT faces various challenges

in its investment projects. That is why we require

a partner who can offer us tailored solutions with

the right level of quality in terms of service and

advice. Roland Schindler seems to share our

fascination with the world of airports, since he

has a keen understanding of the operational

complexity involved and always focuses on

solutions. That is ideal for us, since otherwise we

would be unable to live up to our own perfor-

mance commitment to our customers.”

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thanks to “Ray” 300 parking spaces are now available instead of the pre-vious 230.

300 parking spaces

01

02

05

04

03

1 Vehicle enters the handover station2 Free parking spaces are automatically

identified3 The parking robot safely transports vehi-

cles to the correct parking space4 Live updates on arrival times ensure

punctual delivery5 Customer terminals to ensure reliable

and intuitive service

Realisation of this system cost more than EUR 1.5 million.

1,5 Mio. €

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Rajeev AnandChief Financial Off icer, Winterthur

DMG Holding AG

16 I N T E R N A T I O N A L I T Y & P R E S E N C E

&

Internationality

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

17

Alexander BurgertGlobal Vendor Manager, Bad Homburg

Deutsche Leasing

I N T E R N A T I O N A L I T Y & P R E S E N C E

&

Presence

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

18

Especially in the field of mechani-

cal and plant engineering, investments general-

ly involve significant amounts of money. The

international customers of the machine tool

manufacturer DMG Mori Seiki therefore fre-

quently require tailored asset finance solu-

tions. The company has established a particu-

larly successful relationship with Deutsche

Leasing. “We have worked together positively

right from the start,” says Rajeev Anand, Chief

Financial Officer of DMG Holding AG. “Not only

is Deutsche Leasing a financing solutions ex-

pert, it is also intimately familiar with the mar-

ket for our products, at a global level.” Alexan-

der Burgert, Global Vendor Manager at Deutsche

Leasing, agrees: “DMG Mori Seiki was particu-

larly impressed by our comprehensive network

of foreign subsidiaries. After all, we are present

in all of the key markets.”

Rajeev AnandChief Financial Officer

DMG Holding AG

Alexander BurgertGlobal Vendor Manager

Deutsche Leasing AG

The machine tool manufacturer DMG Mori and

Deutsche Leasing have pursued an international

partnership since 2009: One of the leading manu-

facturers of high-quality machinery and equipment

markets its products to foreign customers along with

a suitable financing solution from Deutsche Leasing.

What started out as a working relationship founded

upon trust has now blossomed into a successful and

official joint venture.

Internationality

Presence

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


It was only a matter of time before DMG Mori Sei-

ki and Deutsche Leasing would establish a solid

partnership for international sales financing.

“To differentiate ourselves from the internation-

al competition, we are continuously seeking out

additional services for our products. This financ-

ing product is one such tool,” Anand emphasiz-

es. “We believe in Deutsche Leasing. We have

already established a successful working rela-

tionship, and Mr Burgert and his team have re-

sponded flexibly to our requirements and to

those of our international customers while dis-

playing considerable commitment. “The goal of

our cooperative relationship was to improve our

local asset finance service and to simplify and

harmonise procedures while minimising work-

flows. Thanks to our relationship, DMG Mori Sei-

ki customers can now organise joint financing

for specific items of machinery through

Deutsche Leasing and no longer need to arrange

cover for every single asset. This financing pack-

age thus represents an additional sales instru-

ment for the machine tool manufacturer.

However, ensuring a successful cooperative

relationship places high demands on both

partners: “In the field of sales financing, the

chemistry between the two partners has to be

right,” says Burgert. “When two corporate cul-

tures meet and collaborate with one another

so closely, the key ingredient is personal com-

mitment. We were naturally keen to provide

that.”

The first year of this cooperative relationship

has delivered positive results: On the basis of

the initial volume of financing, in 2014

Deutsche Leasing and DMG Mori Seiki more

than doubled their volume of new business.

But Burgert and Anand want more than this:

The objective is to achieve better exploitation

of potential in every market in which they are

present. “The clear goal is to achieve a financ-

ing volume of at least EUR 150 million over the

next few years,” says Anand. “We still have a

lot of work ahead of us up to that point – but

we’re on the right track.”

19

Presence

„Alexander Burgert and his team have responded f lexibly to our requirements and to those of our interna-tional customers while displaying considerable commitment.“

Rajeev AnandChief Financial OfficerDMG Holding AG

DMG Mori Seiki and Deutsche Leasing work together in 22 countries worldwide

22 countries

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


20

Mr Anand, Mr Burgert, you have worked togeth-

er since 2009. What was the deciding factor

which turned your collaboration into a solid

cooperative relationship?

Anand: “DMG Mori Seiki was looking for a global

financing partner – and Deutsche Leasing was

already represented in most of our important

markets. This was a win-win situation for both

sides, and naturally also for our joint customers.”

Burgert: “Since Deutsche Leasing and DMG Mori

Seiki embarked upon a structured cooperative

relationship, we have gradually deepened both

the intensity and also the quality of this relation-

ship. Our two companies have established a

common understanding of our markets, our

products and, above all, our joint customers.

When the proposal was made for central consoli-

dation of sales financing and for its simplification

and intensification at an international level, we

were able to draw upon this existing experience.”

What was the vision behind this cooperative

arrangement?

Anand: “For DMG Mori Seiki, asset finance solutions

have been an important component of our sales

process for many years now. Through our new

cooperative arrangement, together with Deutsche

Leasing we are making more efficient use of our

international sales and service networks. We are

thus already able to offer our customers a financ-

ing solution at the point of sale.”

Burgert: “We are able to offer the end-customers of

DMG Mori Seiki financing as an additional, simple

and rapid option for machine purchasing. Financ-

ing and machine purchasing will thus “fuse” into a

single process.”

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


21

Mr Anand, how has Deutsche Leasing demon-

strated over the course of your collaboration –

and how does it continue to demonstrate –

that it has “More in Sight”

Anand: “We have a very successful working rela-

tionship – also at a personal level. That is enor-

mously important, particularly in the field of

international cooperation. Deutsche Leasing

impressed us not only through its strong familiari-

ty with the machine tools market. Through its

foreign subsidiaries it also has in-depth know-

ledge and broad expertise in relation to interna-

tional business. The benefits which Deutsche

Leasing offers us thus include much more than

“just” the optimal financing solutions which we

are able to offer our customers for their invest-

ments.”

Where there particular challenges in terms of

execution?

Anand: “First of all, it was necessary to translate

the two sides’ wishes and requirements into a

single cooperation concept. Once the contract

was ready, we brought our local managers on

board and got them fired up about the coopera-

tive relationship. Of course, ultimately everything

hinges on financial success: In the end, it’s the

deals which count.”

Mr Burgert, what is your view of the future

prospects resulting from your cooperation with

DMG Mori Seiki?

Burgert: “We have a very strong partner in DMG

Mori Seiki. This means that we must always be at

the top of our game and continuously seek out the

optimal solution for our partner and for its

customers. Together with DMG Mori Seiki, we are

continuously evolving at an international level by

moving forward and becoming even more effi-

cient. We have achieved very positive results

since the start of our relationship. And our new

cooperation programme has got off to a promis-

ing start – now we need to build upon this. I am

convinced that we will be able to exploit this

opportunity and achieve further growth in our

joint business over the next few years.”

The DMG Mori Seiki group is a lead-ing world manufacturer of machine tools with approx. 7,000 employees at 145 international sites. Besides high-tech machines, the company offers industrial services as well as software and energy solutions.

7.000 employees

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Ingo PrüschHead of Treasur y, Bremen

BLG LOGISTICS

&

22

Trust

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

T R U S T & I N I T I A T I V E

23

Michael HorgasSales Manager, Hamburg

Deutsche Leasing

Initiative&

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


24

Major projects depend on a partnership founded

upon trust. BLG LOGISTICS invests between

EUR 50 and 60 million every year in developing

its business. Deutsche Leasing has supported this

success for almost ten years as a financing partner.

The relationship between BLG

LOGISTICS and Deutsche Leasing is character-

ised by personnel continuity: Since their first

major joint project in 2006, Ingo Prüsch, Head of

Treasury at BLG LOGISTICS, and Michael Horgas

at Deutsche Leasing have maintained close con-

tact. They both say that trust in one another has

served as the foundation of their successful

partnership. On the one hand, it speeds up many

processes, both internally and reciprocally,

since many details can be ironed out straight

away. And trust is also an essential prerequisite

for financing: “We need to pass on sensitive in-

formation and have to be able to rely on this be-

ing treated accordingly,” says Ingo Prüsch. “At

the same time, we very much appreciate how

transparently Deutsche Leasing operates in

terms of its risk assessment process.”

Trust

Initiative

Ingo PrüschHead of Treasury

BLG LOGISTICS

Michael HorgasSales Manager Mittelstand Region Nord

Deutsche Leasing AG

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


To date, the largest project which they have joint-

ly realised is an automated logistics system at

BLG LOGISTICS’ Bremen site. This facility ena-

bles articles ordered for a major online shop to be

shipped efficiently and reliably to their recipi-

ents. With an investment volume of EUR 25 mil-

lion, the warehouse system of the existing facility

has been expanded, thanks to a financing con-

cept provided by Deutsche Leasing. All in all, BLG

LOGISTICS is impressed by the breadth of service

which Deutsche Leasing offers. This Bad Hom-

burg-based company offers solutions for almost

all of the investments which a logistics service

provider requires.

BLG LOGISTICS and Deutsche Leasing – through

its subsidiary DAL Deutsche Anlagen-Leasing –

are also jointly cooperating on the purchase of

around 750 goods trucks for automobile trans-

portation. This logistics provider operates the

largest car terminals in Bremerhaven and ships

around six million vehicles a year for import and

export purposes. “BLG LOGISTICS operates inter-

nationally and is dependent on reliable financing

models,” says Prüsch. Accordingly, it has de-

manding conceptual requirements: BLG LOGIS-

TICS strongly emphasises balance-sheet neutrali-

ty. It therefore realises all of its transactions via

operating leases. “We also appreciate the high

level of transaction and refinancing security at

Deutsche Leasing,” says Prüsch.

Its integration within Sparkassen-Finanzgruppe

is a key advantage. “Our working relationship

with Deutsche Leasing is characterised by conti-

nuity in every sense. Even in the middle of the

2008-2009 crisis, we realised our investments

through operational leases,” says Prüsch. Trust

in financing partners is particularly vital in diffi-

cult economic times. Especially for an interna-

tional logistics group such as BLG LOGISTICS

which realises most of its investments through

leasing, security is a key aspect of its business.

Deutsche Leasing is currently financing com-

mercial vehicles for the group’s business in Rus-

sia. However, continuity and trust are not enough

for the team to rest on its laurels: “BLG LOGIS-

TICS continuously challenges us through new

investment ideas. This is precisely what makes

our working relationship so exciting.”

BLG LOGISTICS AG & Co. KG pro-vides logistics services and has more than 100 sites worldwide. BLG LOGISTICS is the market leader in Europe in its AUTOMOBILE and CONTAINER divisions. In 2013, the partners jointly realised a volume of new business accounting for many tens of millions of euros.

100 sites

25

Michael HorgasDeutsche Leasing AG

“ BLG LOGISTICS operates in-ternationally and is dependent on reliable financing models.”

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


26

Why did BLG LOGISTICS choose Deutsche

Leasing?

Prüsch: “Deutsche Leasing had already provided

us with an attractive package for a major invest-

ment in 2006, which satisfied our very strict

requirements for operating lease transactions.”

Horgas: “BLG LOGISTICS is a highly attractive cus-

tomer for us, due to the considerable breadth of

its investments, and it continuously challenges us.

A recommendation from a major joint customer

who we had already assisted with logistics invest-

ments marked the starting point for our coopera-

tion.”

Prüsch: “Since then, Deutsche Leasing has continu-

ously proven itself as a reliable partner, even

during the banking crisis. We have a relationship

of many years with our contacts there, who under-

stand our business model.”

What was the biggest challenge which you have

collectively accomplished to date?

Horgas: “BLG LOGISTICS’ major investment pro-

jects are always a challenge for us. The roughly

750 goods trucks with a value of around EUR 90

million – which we realised in monthly tranches

over an extended period – and the major project

for the online shop are particularly notable.”

Prüsch: “Without going into details: We managed to

avert a cost-intensive cancellation due to an ex-

treme delay in the acceptance of a major project.

Together with our funding partners, Deutsche

Leasing arrived at a flexible solution. From our

point of view, our working relationship – balanc-

ing the various interests at stake – was already

something unique and exemplary.”

Horgas: “What is more, we are obliged to coordi-

nate many aspects of these projects in relation to

the customer’s balance sheet and funding provid-

ed by our partners in Sparkassen-Finanzgruppe.

BLG LOGISTICS is highly demanding and has a

clear idea of what it wants. But that is what makes

our cooperation so interesting.”

BLG LOGISTICS is financing around 750 railway goods trucks through Deutsche Leasing

750 goods trucks

› C

OL

OG

NE

“ Michael Horgas and his team make an excellent sparring part-ner for us. “When it comes to our investments, we can rely on their financing, asset and industry expertise.”

Ingo PrüschBLG LOGISTICS

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


27

Mr Prüsch, how does Deutsche Leasing prove

that it has “More in Sight”?

Prüsch: “Deutsche Leasing is a preferred partner

for us due to its high level of transaction security,

the funding which it provides through the local

savings banks and also its fair and transparent

business practices. Above all, it has not only fi-

nancing in sight, but also understands our busi-

ness and the processes within the BLG LOGISTICS

Group, has a solid understanding of our assets

and always surprises us with intelligent solu-

tions.”

BLG LOGISTICS has invested EUR 25 million in modern warehouse technology at its Bremen site

EUR 25 million

How important is your personal

relationship with Mr Prüsch?

Horgas: “Ingo Prüsch is the customer. And the cus-

tomer is king.”

Prüsch: (laughs) “Michael Horgas and his team

make an excellent sparring partner for us. When

it comes to our investments, we can rely on their

financing, asset and industry expertise.”

Horgas: “Trust and understanding are the founda-

tions of a solid relationship. But besides the nuts

and bolts it’s also important to enjoy working to-

gether. We discuss our joint projects every week.

So it’s naturally a bonus if we get on well together.”

› B R A T I S L A V A

Die BLG LOGISTICS Group ist das größte Automobil-Umschlagsun-ternehmen in Deutschland. Jährlich werden vom Autoterminal im Bremer Hafen rund sechs Millionen Fahrzeu-ge europaweit bewegt.

BLG LOGISTICS is Germany’s largest automobile handling company. Every year, around six million vehicles are shipped worldwide from Bremerhav-en’s car terminal.

6,75 Mio.6,75 million vehicles

› U

SA ›

CH

I NA

› I N

DI A

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Nicole Engenhardt-GilléHead of Group Personnel, Hamburg

freenet GROUP

&

28

Versatility

V E R S A T I L I T Y & R E L I A B I L I T Y

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

29

Harald J. FringsManaging Director, Bad Homburg

Deutsche Leasing


&

Reliability

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

30

The freenet GROUP uses an innovative fleet model

to secure the loyalty of its employees and execu-

tives. This represents a particular challenge for

conventional financing models – and requires a

long-term and intensive working relationship.

Company cars are not just for the

bosses at freenet GROUP. Because the compa-

ny’s headquarters are situated in Büdelsdorf,

which is outside the urban conurbations of Kiel

and Flensburg, as far back as 1995 the company

decided to offer its entire workforce a special

service: Each employee is able to order a vehi-

cle. A fixed monthly amount is then deducted

from his gross salary. This covers the complete

costs, including fuel. “The goal was to offer our

employees a high degree of security and moti-

vation,” says Nicole Engenhardt-Gillé, Head of

Group Personnel at freenet.

In 2000 its vehicle park model was also rolled

out at central sites such as Hamburg and Er-

furt. The feedback speaks for itself: Around

1,500 out of the freenet GROUP’s total work-

force of nearly 5,000 make use of this service.

Nicole Engenhardt-GilléHead of Group Personnel

freenet GROUP

Harald J. FringsManaging Director

Deutsche Leasing Fleet GmbH

Versatility

Reliability

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


“We provide the financing and also take care

of everything else,” says Harald Frings, who

looks after freenet for Deutsche Leasing. For

vehicle leasing involves more than just financ-

ing: Regular service appointments have to be

fulfilled, early vehicle returns handled and re-

pairs organised in case of any damage. As well

as its employee model, Deutsche Leasing also

looks after freenet’s company car model and

leasing of the Group’s shop vehicles.

“What we appreciate about working with Har-

ald Frings are his commitment, his trustwor-

thiness and his reliability,” says Engen-

hardt-Gillé. “Our employees count on the

model functioning properly. And there’s never

any problem with Deutsche Leasing – as the

company’s management, we can rely on that.”

But satisfaction is not the only consideration. “A

positive working relationship depends on a

sense of give-and-take,” says Engenhardt-Gillé.

For instance, if an employee leaves the company,

then it will be necessary to find a solution which

is acceptable for both sides. Deutsche Leasing

contacts are permanently present at freenet’s

headquarters for this purpose. And competitive

conditions are a must, since freenet regularly

puts its vehicle leasing out to tender. It is there-

fore critical that the financing partner under-

stands the group, its model and its requirements.

“Harald Frings knows why certain points have to

be dealt with in the framework contract in a cer-

tain way,” says Engenhardt-Gillé. Frings appreci-

ates this goodwill: “We are confident in our con-

tinuing ability to offer a strong service

characterised by solid ideas and conditions and

a high standard of service.”

31

“ Our employees count on the model functioning properly. And there’s never any problem with Deutsche Leasing – as the company’s management, we can rely on that.”

Nicole Engenhardt-Gilléfreenet GROUP

The freenet GROUP is the largest network-in-dependent telecommunications provider in Germany. The Group is also establishing it-self in the digital lifestyle sector as a provid-er of household solutions for its customers which are not necessarily directly related to telecommunications. In 2013, the group re-alised turnover in excess of EUR 3.1 billion.

EUR 3,1 billion

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


32

Ms Engenhardt-Gillé, Mr Frings, what is the

specific concept in use at freenet?

Engenhardt-Gillé: “We bring together two different

fleet models under a single roof. Our marketing

and service employees and the company’s man-

agement receive company cars. But freenet’s

other employees are also able to select a vehicle

which is suitable for their needs by choosing from

a range of pre-configured models, as part of a

reduced salary model. Deutsche Leasing is

currently our main lessor for full-service vehicle

leasing of cars from the VW Group within our

employee model.”

Frings: “The employee vehicle model especially is

highly popular at freenet. With our other custom-

ers, normally no more than ten per cent of their

employees take up this type of service. At freenet,

it’s more than 30 per cent.”

“ As a finance and service part-ner, for freenet we bridge the di-vide between regular company cars and, for the employee op-tion, models which are as rea-sonably priced as possible. This always poses a challenge for vehicle park management.”

What are the demands which this concept makes

of a financing partner – and above all for the

client’s personal contact?

Frings: “As a finance and service partner, for freen-

et we bridge the divide between regular company

cars and, for the employee option, models which

are as reasonably priced as possible. This always

poses a challenge for vehicle park management.”

Engenhardt-Gillé: “We entirely agree. We depend on

the monthly full-service rates being stable and

guaranteed for a specific period, since they ac-

count for a large part of the deduction which we

apply for employees’ gross salaries. The personal

support which we receive from our in-house con-

tacts in Büdelsdorf and from Deutsche Leasing’s

back-office team is also important to us. Daily

handling and management of vehicles, vehicle

orders and returns and all of the associated pro-

cesses such as ordering fuel cards require close

contact which is thus continuously maintained.”

Harald J. FringsDeutsche Leasing

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


33

What do you appreciate about your working

relationship?

Engenhardt-Gillé: “We have worked together for

many years now and can depend on one another.

Harald Frings knows the company, its develop-

ment and our in-house contacts of many years.

He is always highly committed and dependable –

he frequently deals with unforeseen situations

personally and is always available if there is

something which we need to discuss.”

Frings: “I am delighted to hear that – the personal

dimension is also important for us. We have known

Nicole Engenhardt-Gillé and her team for many

years now, and over this period we have been able

to cope with her company’s continuously develop-

ing challenges and its employees’ requirements

through a constructive partnership.”

Engenhardt-Gillé: “In general, we appreciate the fact

that Deutsche Leasing is a particularly flexible

and solutions-oriented business partner.”

Ms Engenhardt-Gillé, how does Deutsche

Leasing demonstrate that it has “More in Sight”?

Engenhardt-Gillé: “By offering us additional services

as well as just cars. It also considers the specific

requirements of our employee model and in-

cludes them in the contract. It deals with our

needs and wishes rapidly and straightforwardly,

such as in relation to new models, mileage perfor-

mance and accessories. Deutsche Leasing always

maintains a close relationship with its customers

and holds regular meetings with the goal of joint-

ly optimising existing working relationships and

discussing upcoming developments.”

Harald Frings has looked after freenet’s vehicle park for the last 15 years

15 years

More than 30 per cent of freenet’s employees make use of one of its vehicle park models

> 30 %

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


&

34

Tradition

T R A D I T I O N & I N N O V A T I O N


Pr ivatbrauerei Gaffel Becker & Co

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

35

Olaf GiebelenKey Account Manager, Monheim

Deutsche Leasing


&

Innovation

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

36 T R A D I T I O N & I N N O V A T I O N

Good things take time: The secret of the traditional art

of brewing also holds true for business partnerships.

Quite some time elapsed between the first meeting of

Deutsche Leasing and Cologne’s Privatbrauerei Gaffel

and the realisation of their joint project, a state-of-the-art

production plant. But everyone agrees that this patience has

paid off.

Privatbrauerei Gaffel Becker & Co

has set itself an ambitious goal: “Once all of our

investments have been completed, here in Co-

logne we will have one of the most modern

brewery plants in Europe,” says its Managing

Shareholder, Heinrich Philipp Becker. Since no

space was available on the private brewery’s

current site in Cologne’s Eigelstein district for

a necessary expansion, it decided to expand its

production site in Cologne’s Porz district.

This traditional Cologne firm also exercised a

great deal of care in its choice of a suitable fi-

nancing partner. “The very first meeting with

Gaffel was highly constructive,” remembers

Olaf Giebelen, who looks after Privatbrauerei

Tradition

Innovation

Heinrich Philipp BeckerManaging Shareholder

Gaffel Becker & Co

Olaf GiebelenKey Account Manager

Mittelstand RheinlandDeutsche Leasing AG

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

37T R A D I T I O N & I N N O V A T I O N

Founded in 1908Privatbrauerei Gaffel Becker & Co was founded in 1908 in Cologne’s Eigelstein district. Since this time, it has represented traditional Cologne drinking culture. With a market share of over 30 per cent, Gaffel is the most popular “Kölsch” beer brand.

Gaffel Becker & Co at Deutsche Leasing. He also

demonstrated that Deutsche Leasing thinks

things through in the interests of its clients:

“Once the management had set out its invest-

ment plans to me, I quickly realised that in-

stead of the partial solution which the client

had envisaged, an asset package for the pro-

duction plant was the only optimal solution.”

Due to the complex outline conditions for this

investment project, Privatbrauerei Gaffel and

Deutsche Leasing spent a long time working

together in order to realise this project. “It was

a challenge to assemble the overall package,

but it was clear to me right from the start that

together we would be able to develop the opti-

mal solution for Gaffel and to realise this pro-

ject,” says Giebelen. This mutual trust and per-

sonal commitment and a good degree of

openness to dialogue and flexibility made pos-

sible short-term planning changes. The new

plant now not only offers increased capacity

but also, and above all, a more efficient produc-

tion system. It also fits with Gaffel’s change of

strategic orientation, to include innovations

such as the fizzy drink “Fassbrause”, “Sonnen-

Hopfen” beer and spirits. There is also consid-

erably less waste, and energy consumption is

much lower than for conventional plants. This

commitment to improved sustainability has

also paid off financially. The team managed by

Olaf Giebelen has supported Gaffel in applying

for the development funds which are available

to companies for this type of investment. “This

sense of initiative was highly constructive,”

Becker agrees.

Gaffel intends to cooperate with Deutsche Leas-

ing for its future investment projects.

“ It was a challenge to assemble the overall package, but it was clear to me right from the start that together we would be able to develop the optimal solution for Gaffel and to realise this project.”

Olaf GiebelenDeutsche Leasing

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Modern technology supports the tra-ditional art of brewing: the new plant will enable an increase in production capacity.

38

Mr Becker, how will your company benefit from

its new production facility?

Becker: “From 2015, we will concentrate produc-

tion at our site in Cologne’s Porz district. This will

mark the start of a new era in our company’s 106

year-old history. Increasing competition and

heightened price and cost pressure require more

efficient production. Moreover, over the past few

years we have widened our strategic orientation

through innovations such as the fizzy drink

“Fassbrause”, “SonnenHopfen” beer and also

spirits. It is not possible to expand our brewery

facilities in Cologne’s Eigelstein district, where

our brewery was founded. The new production

plant will enable us to brew in line with the latest

ecological standards.”

Why did Gaffel choose Deutsche Leasing?

Becker: “Deutsche Leasing is the market leader,

and for this reason alone we looked at your com-

pany very closely. I have to say that Deutsche

Leasing’s solid reputation has proven itself. We

jointly realised a tailored package for investment

in our new production facility. The three-way re-

lationship between Gaffel, Deutsche Leasing and

the plant manufacturer Krones was also highly

effective, so that we are satisfied all round.”

Giebelen: “The tailored package which Heinrich

Philipp Becker just mentioned was also highly

important for us. Right at the very start of our

discussions, we clarified that we recommended

an overall package rather than an individual

solution for these assets. We provided convincing

and competent advice – otherwise, Mr Becker

wouldn’t have followed our recommendation.”


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

39

A slightly more personal question to finish off:

What do you appreciate about working with your

respective partners?

Giebelen: “First of all, Gaffel ‘Kölsch’ beer and

‘Fassbrause’ are naturally much tastier products

than a piece of metal or plastic (laughs). The

working relationship with Mr Becker – and with

his project team – was always relaxed but was

also extremely focused at the same time. In a nut-

shell, each of us kept his word.”

Becker: “The human dimension is also very impor-

tant for me, and everything is great in that re-

spect. As well as his all-round expertise, I also ap-

preciate Olaf Giebelen’s out-of-the-box thinking,

which has delivered many creative solutions.”

How has Deutsche Leasing proven in realizing

your specific project that it has “More in Sight”?

Becker: “Deutsche Leasing has demonstrated to us

that it thinks long-term and adopts our business

perspective in developing solutions. Unlike other

providers, it immediately recommended an asset

package which was ultimately integrated within

a syndicated financing arrangement. That is the

financial side of things. But in the course of our

discussions, we came to appreciate the expertise

of Olaf Giebelen and his team, not only in relation

to financing details but also for technical issues.

That certainly speeded up the overall process.”


“ As well as his all-round expertise, I also appreciate Olaf Giebelen’s out-of-the-box thinking, which has delivered many creative solutions.”

Heinrich Philipp BeckerPrivatbrauerei Gaffel

Gaffel introduced its “Fassbrause” fizzy drink in 2010. Thanks to this

innovation, Privatbrauerei Gaffel is now Germany’s market leader in this

segment.

2010

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

40

In accordance with its function and its understanding

of its role, the Supervisory Board is continuously,

promptly and comprehensively notified of the compa-

ny’s development and of important business transac-

tions. All key questions concerning the company’s po-

sition and development, strategic and operational

planning and risk management and regulatory re-

quirements were intensively discussed. In a regular

dialogue the chairman of the Supervisory Board and

the chairman of the Management Board of the manag-

ing shareholder were kept informed of current opera-

tional matters and strategic issues were subject to ini-

tial discussions.

Structure of the Supervisory Board

As of 30 September 2014, the Supervisory Board con-

sists of 19 persons, almost all of whom are Manage-

ment Board members of savings banks. To improve the

efficiency of its operations the Supervisory Board has

established two committees: a loans and investments

committee and an audit committee. The Supervisory

Board is comprehensively notified of the agenda and

outcome of meetings of these committees through the

committee chairman at regular meetings and by send-

ing the minutes.

Supervisory Board’s activities

The Supervisory Board’s four regular meetings en-

tailed detailed reporting from the Management Board

on commercial and risk policy, outline economic con-

ditions, the financial and profit situation and planning

as well as related discussions. Investment issues, reali-

sation of the Group’s foreign strategy and regulatory

requirements were discussed in detail with the Man-

agement Board.

Issues of particular relevance were followed up in

greater depth in committee meetings. The loans and

investments committee held detailed discussions con-

cerning risk decisions on commitments beyond the

scope of the Management Board’s responsibility as

well as risk policy issues for the company and pre-

pared Supervisory Board resolutions in the field of in-

vestments.

At two meetings the audit committee discussed in de-

tail with the auditor the financial statements and the

management reports of Deutsche Sparkassen Leasing

AG & Co. KG and the Group as well as the auditor’s au-

dit findings in preparation for the Supervisory Board’s

financial statements meeting. One meeting entailed a

Alexander WüerstChairman

Supervisory Board’s report

O U R C O M P A N Y S U P E R V I S O R Y B O A R D ’ S R E P O R T

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

41

comprehensive discussion with the auditor concern-

ing its audit findings on the supervisory requirements

relating to the audit of the financial statements and

the management report of Deutsche Sparkassen Leas-

ing AG & Co. KG as of 30 September 2014.

The Supervisory Board verified the orderliness of the

company’s management and made all decisions which

were required of it and which fell within the scope of its

competence. It was involved in decisions of material sig-

nificance for the company and where necessary provid-

ed its consent, following an extensive discussion and

review process. The Supervisory Board discussed with

the Management Board the company’s strategy and re-

sulting measures for realisation of its medium- and

long-term goals and provided its approval.

Financial statements and consolidated fi-nancial statements

KPMG AG Wirtschaftsprüfungsgesellschaft has been

appointed as the auditor and has issued unqualified

auditor’s reports for the financial statements of

Deutsche Sparkassen Leasing AG & Co. KG and the

Group for the financial year 2013/2014 as well as the

summarised management report. The auditor has no-

tified the Supervisory Board’s audit committee of its

audit findings and has discussed them in detail with

its members. The audit committee has notified the Su-

pervisory Board of the outcome of its review of the au-

ditor’s reports and its discussions and has recom-

mended the endorsement of the financial statements

and the consolidated financial statements and the

presentation of the financial statements to the share-

holders’ meeting for approval.

The auditor has provided a comprehensive report on

its audit findings at the Supervisory Board’s financial

statements meeting and has replied to questions.

Following its own audit and discussion of the finan-

cial statements and management reports with the ap-

pointed auditor, the Supervisory Board has approved

the auditor’s audit findings and has not raised any

objections. The Supervisory Board endorses the fi-

nancial statements presented to it and proposes the

approval of the financial statements by the share-

holders’ meeting.

Proposal for appropriation of profits

The Supervisory Board has discussed the proposal for

appropriation of the profit for the year and recom-

mends to the shareholders out of the parent compa-

ny’s net income for the year of EUR 45,348,316.35 to al-

locate an amount of EUR 10,348,316.35 to the

non-withdrawable reserves.

The Supervisory Board would like to thank the mem-

bers of the Supervisory Board who retired during the

year under review, Mr Walter Kleine, Mr Ingo Buch-

holz, Mr Hubert Herpers, Mr Stephan Ziegler and Mr

Meinolf Zörb, for their valuable service. The Superviso-

ry Board would also like to express its thanks and rec-

ognition to the Management Board and to all of the

company’s employees for their sustained commitment

and for all their work in the financial year 2013/2014.

Bad Homburg v. d. Höhe,

February 2015

For the Supervisory Board

Alexander Wüerst

Chairman

O U R C O M P A N Y S U P E R V I S O R Y B O A R D ’ S R E P O R T

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

CO

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C O N S O L I D A T E D M A N A G E M E N T R E P O R T 43

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


2013 2014

44 Overview for the financial year

and outlook

45 Basic Information regarding the

Deutsche Leasing Group

48 Economic Report

59 Report on risks and opportunities

and forecast report

70 Deutsche Sparkassen Leasing AG & Co. KG

Overview for the financial year and outlook

Business performance

• New business grows to EUR 7.9 billion

• Positive performance in all business segments,

competitive pressure remains strong

Earnings position

• Significant increase in equity as well as provisions

in accordance with §§ 340f and 340g of the German

Commercial Code (Handelsgesetzbuch, HGB)

• Group’s net profit for the year

increases to EUR 65.4 million

• Margin pressure and interest-rate level

have negative impact on leasing income

• Further increase in net asset value –

economic result remains at a high level

Net assets and financial position

• Moderate, 2 per cent increase in

consolidated balance sheet total

• Portfolio structure remains stable

• Stable and diversified funding situation

Opportunities and risk management

• Risk-bearing capacity intact

even in stress scenarios

• Further improvement in default situation

• Continuous improvement in risk control

• Growth opportunities in international business and

through development of small ticket and major cus-

tomer business

Outlook

• Subdued economic development,

with continuing risks of a setback

• Attractive market opportunities

in the asset finance segment

• Deutsche Leasing Group’s new business growth

slightly exceeds level of overall economic develop-

ment

• Slight rise in continuously

increasing net asset value

• Further increase in equity as well as provisions

in accordance with §§ 340f and 340g HGB


Financial year 2013 / 2014

Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Basic information regarding the Deutsche Leasing Group

Overview

Deutsche Sparkassen Leasing AG & Co. KG, headquar-

tered in Bad Homburg v. d. Höhe, is the parent compa-

ny of the Deutsche Leasing Group. As a financial ser-

vices provider, it is supervised by the German Federal

Financial Supervisory Authority (Bundesanstalt für

Finanzdienstleistungsaufsicht, BaFin) and by the Ger-

man Bundesbank.

On 30 September 2014, the Group had 2,199 employees

in 23 countries. As the market leader in the asset fi-

nance segment (investment solutions and services re-

lating to movable and real estate assets) and a central

partner of the savings banks, Deutsche Leasing helps

its customers to realise their investments both in Ger-

many and worldwide. Its range of services encompass-

es both small-volume investments and complex major

projects covering a broad range of products.

Products and services

The Deutsche Leasing Group offers a broad range of

asset finance solutions including leasing and asset fi-

nancing for machinery and equipment, vehicles, IT

and communication equipment, real estate, intangible

assets and large-scale movable assets (such as rail ve-

hicles and energy generation plants). It offers its part-

ners sales financing products as well as dealer pur-

chase finance.

In line with the requirements of its customers, to

round off its product range the Deutsche Leasing

Group provides asset-related services for the entire in-

vestment life cycle. This ranges from purchasing via

insurance to resale of assets and includes full-service

products as well as a certified return process in the ve-

hicle fleet segment, construction management servic-

es for real estate leasing and life cycle management

including services and logistics in the IT sector.

Its in-depth asset know-how, its understanding of spe-

cific industry requirements and systematic monitor-

ing of general and industry trends enable targeted on-

going development and fine-tuning of its range of

services in line with prevailing market conditions. In

particular, the goal is to identify early on any segments

with relevant investment requirements and to support

customers during the planning of their investments

and right up their realisation, thus laying the founda-

tions for successful long-term partnerships.

Organisation and structure

The Deutsche Leasing Group is represented on the

market by four business segments, DAL and also fur-

ther investments specialising in the asset finance seg-

ment. Companies in 23 countries in Europe, Asia and

America provide an international platform for

Deutsche Leasing’s services.

As the market leader in Germany and one of the lead-

ing providers of leasing in Europe, Deutsche Leasing

concentrates on business-to-business operations with

medium-sized companies. Deutsche Leasing is the

solutions provider for investments in the SME sector.

Through its Savings Banks and SMEs business seg-

ment, Deutsche Leasing serves the market through a

network of branch offices spanning the whole of Ger-

many, using two central distribution channels: the sav-

ings banks and direct distribution. Through its com-

prehensive distribution network, Deutsche Leasing

thus offers SME customers competent advice and sup-

port for their investment projects. In addition, the Ger-

man SME sector receives needs-oriented and coun-

try-specific support for its foreign activities, in

cooperation with Deutsche Leasing’s International

business segment.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Through its Fleet business segment, Deutsche Leasing

offers a range of vehicle-related investment solutions

and efficient fleet management for medium-sized

companies in Germany especially. As a manufactur-

er-independent full-service provider, Deutsche Leas-

ing develops individual and needs-oriented fleet solu-

tions. Through AutoExpo Deutsche Auto-Markt

(AutoExpo), a separate reselling company within the

Deutsche Leasing Group, returned leasing assets are

resold to private and commercial purchasers in Ger-

many and other countries.

Deutsche Leasing serves the market for information

and communication technology (ITK) through the fi-

nancial and services products offered by its Informa-

tion Technology business segment. This segment tar-

gets firms in the SME sector as well as major

companies. At the end of the contract period, a sepa-

rate service and logistics centre handles processing

and resale of returned leasing assets (including certi-

fied data deletion).

In the International business segment, Deutsche Leas-

ing experts provide support for their German custom-

ers and partners (vendors) in their foreign business ac-

tivities, assisted by Deutsche Leasing’s international

network of subsidiaries on three continents. For its for-

eign markets, Deutsche Leasing offers suitable asset

finance solutions in line with local requirements. It

also assists its vendor partners in Germany. German

customers with international operations are support-

ed in close cooperation with the Savings Banks and

SMEs business segment.

Within the Deutsche Leasing Group, DAL Deutsche An-

lagen-Leasing offers its customers finance solutions

for long-term and large-scale investments in the fol-

lowing business segments: real estate (including con-

struction management), energy and transport and in-

tangible assets (e.g. patents, licences, rights). DAL’s

area of expertise lies in the arrangement and structur-

ing of major projects.

The Deutsche Leasing Group rounds off its range of

products and services aimed at the SME sector with Uni-

versal Factoring (UFG): UFG offers the customers of

Deutsche Leasing and the savings banks solutions in the

field of receivables financing and debt management.

S-Kreditpartner (SKP), a Deutsche Leasing investment,

focuses on the fields of car and consumer loans in Ger-

many. It pursues its sales activities by working together

with the savings banks; SKP also offers financing of

sales and purchasing activities for the vehicle industry.

Bad Homburger Inkasso (BHI) – an associated company

of the Deutsche Leasing Group – offers distressed debt

solutions as well as the market-oriented resale of mov-

able and real estate collateral on behalf of its share-

holders, the savings banks and further companies and

institutions.

Positioning in Sparkassen-Finanzgruppe

Deutsche Leasing is the centre of excellence for leasing

and for other SME-oriented financing solutions and

services within Sparkassen-Finanzgruppe. As a central

partner and the German market leader in the asset fi-

nance segment, it helps the savings banks to realise

their customers’ investments both nationally and in-

ternationally, through leasing and other asset finance

solutions. 385 savings banks are shareholders in

Deutsche Leasing, as direct and indirect limited part-

ners. This anchoring and its strong network in Spar-


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

kassen-Finanzgruppe provide the Deutsche Leasing

Group with a stable financing base for its business as

well as significant market access.

Distribution channels

Deutsche Leasing exploits its markets through three

central distribution channels:

Direct business: Through its own network of branch

offices, Deutsche Leasing exploits the market inde-

pendently through direct acquisition. As well as out-

standing financing expertise, the Group’s distribution

experts have proven know-how in relation to a wide

variety of industries and asset classes.

Savings banks: Deutsche Leasing’s strength is its an-

choring and its network as a central partner in Spar-

kassen-Finanzgruppe. Deutsche Leasing enables the

savings banks to access and exploit their full range of

services. The savings banks and Deutsche Leasing thus

cooperate to ensure optimal fulfilment of the needs of

the savings banks’ customers and so as to exploit exist-

ing potential. The savings banks are able to select from

Deutsche Leasing’s broad range of services: from

standardised product lines to tailored specialist solu-

tions. Through this close cooperation, the savings

banks’ customers are offered SME-oriented asset

finance solutions as well as asset-related services.

“German desks” have been established in the foreign

companies of the Deutsche Leasing Group. German-

speaking employees serve here as contacts for custom-

ers and savings banks.

Partners/vendors: Through this distribution channel,

Deutsche Leasing achieves efficient and early access to

customers at the point of sale, thus ensuring broad

sales coverage. As a sales financing partner with an in-

ternational network, Deutsche Leasing focuses on ex-

port-oriented German SME firms as well as major com-

panies.

Deutsche Leasing optimally realises existing potential

through coordinated exploitation of the market en-

compassing all of its distribution channels and busi-

ness segments/investments, and also through consist-

ent use of holistic cross-selling.

Locations

Germany is the core market of the Deutsche Leasing

Group. Through its foreign network, the Deutsche

Leasing Group provides international support for ex-

ports and for German companies’ international pres-

ence. It does so through cooperation with international

vendors – mainly in Germany, Austria and Switzerland

(“DACH”) – and also by assisting German companies’

foreign direct investment programmes as well as the

foreign subsidiaries of German companies. Outside

Germany, its international network spans 22 further

countries in Europe, America and Asia.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

In the year under review, the Deutsche Leasing Group

had one German branch office, in Berlin, and 11 other

German locations.

Economic report

Overall economic and industry-specific environment

In the financial year 2013/2014, events on the key fi-

nancial markets were mainly shaped by the policies of

the major central banks. With a total of three key inter-

est-rate cuts and the use of additional quantitative in-

struments such as low-interest long-term refinancing

operations, the ECB has adopted an even more expan-

sionary money policy in response to the deflationary

trends and to provide support for the tentative eco-

nomic recovery in the Eurozone. Meanwhile, in view of

a stabilising US economy the Fed has begun to cau-

tiously wind down its monetary policy stimulus meas-

ures, while leaving its comparatively “loose” monetary

policy intact.

The stock markets in the industrialised nations initial-

ly continued to climb, in view of the supply of cheap

liquidity which this entailed. This upward trend only

came to a halt as a result of the gradually worsening

geopolitical risks, such as the Ukraine crisis in combi-

nation with the economic sanctions imposed on Russia

and the deteriorating economic outlook for the Euro-

zone and for Germany especially.

Favourable financing terms, increasing utilisation of

capacities and the growing confidence which compa-

nies initially reported in surveys on the economic out-

look triggered clear growth in the volume of invest-

ments in Germany. However, this boost has failed to

match expectations, and the economy has actually

gradually clouded over since the spring.

A lack of supportive economic policy measures and

continuing uncertainties have prevented a stronger

trend; domestic upward momentum alone was not

enough to compensate for the deteriorating foreign

trade environment.

International presence of the Deutsche Leasing Group

Europe:BelgiumBulgariaGermanyFranceUnited KingdomIrelandItalyLuxembourgNetherlandsAustriaPoland

PortugalRomaniaRussiaSwedenSlovakiaSpainCzech Rep.Hungary

America:BrazilCanadaUSA

Asia:China


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

The German council of economic experts predicts

gross domestic product growth for Germany in the cal-

endar year 2014 of 1.2 per cent (previous year: 0.1 per

cent). This forecast reflects the negative factors which

have arisen in the course of the financial year, follow-

ing a surprisingly positive start.

The council of economic experts expects that the eco-

nomic trend will remain subdued and advises im-

provements in the outline conditions for investments.

In its view, the volume of domestic investments will

only pick up when companies see an improvement in

their growth prospects. Both gross fixed asset invest-

ments and plant and equipment expenditures should

increase by 3 per cent (previous year: -0.7 per cent and

-2.7 per cent respectively).

For the leasing sector in Germany, new business is ex-

pected to grow by 6.1 per cent in the calendar year

2014. The volume of new leasing business is thus dis-

playing greater momentum than plant and equip-

ment expenditures (Bundesverband Deutscher Leas-

ing-Unternehmen e.V., Berlin (BDL)/ifo

Investitionstest).

Demand for leasing has remained stable in spite of the

deteriorating economic environment. As the market

leader for asset finance solutions, in the financial year

2013/2014 Deutsche Leasing participated in the posi-

tive trend in this environment.

Business performance

In the financial year 2013/2014, the economic environ-

ment of the Deutsche Leasing Group was shaped by

continuing strong competitive pressure and margin

pressure (which partly reflected interest rate levels). In

view of the uncertainties triggered by the geopolitical

crises and the failure to implement structural reforms

(including in France), companies’ investment propen-

sity was subdued. The picture was mixed at an interna-

tional level. A further adverse factor for business de-

velopment resulted from the fact that companies are

increasingly using alternative forms of financing and

utilising their equity and liquidity cushions for their

investments, due to the lack of profitable investment

opportunities.

In this context, Deutsche Leasing acted in accordance

with its market position. Starting out at a high level, it

achieved new business growth with a rate of increase

which exceeded the level of growth for the overall

economy and thus grew together with its competitors.

The volume of new business of the Deutsche Leasing

Group amounted to EUR 7.9 billion. New business in the

previous year was influenced by a one-off item for the

acquisition of a fleet of leasing vehicles. Adjusted for

this item in the previous year, the volume of new busi-

ness growth of the Deutsche Leasing Group in the finan-

cial year 2013/2014 amounted to 5 per cent.

Leasing investments in Germany

EUR million

Movables Real estate * Estimate

Source: BDL/ifo Investitionstest

2010 2011 2012 2013 2014*

60,000

50,000

40,000

30,000

20,000

10,000

0

48,070 47,30050,200

45,60048,580


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

In Germany, with an adjusted figure of EUR 6.1 billion

new business was a good 5 per cent higher than in the

previous year. Deutsche Leasing’s foreign companies

realised new business with a volume of EUR 1.8 billion;

this corresponded to an increase of approx. 4 per cent

by comparison with the previous year, with a share of

22 per cent in the Group’s overall volume of new busi-

ness.

The following table shows the development of new

business, with a breakdown of business segments by

asset class:

Due to the positive development of direct business

with SME customers and partnerships with dealers

and vendors in Germany and other countries, the

machinery and equipment segment realised growth

of 5 per cent.

New business in the road vehicles segment declined by

8 per cent in nominal terms in the past financial year.

This decrease was mainly attributable to the

above-mentioned acquisition of a fleet of leasing vehi-

cles in the previous year. Without this one-off factor,

new business volumes increased by 8 per cent. Despite

the continuing strong competitive pressure triggered

by the aggressive price policies of the manufacturer-re-

New business by business segment 2013/2014Initial values

2012/2013Initial values

Change as % by comparison with

previous year

In EUR million Share in % In EUR million Share in %

Machinery and equipment 4,114 52 3,917 51 + 5

Road vehicles 1,755 22 1,911 25 - 8

Information and communication technology 898 12 752 10 + 19

Deutsche Leasing 6,767 86 6,580 86 + 3

Real estate 505 6 592 7 - 15

Energy and transport 580 8 583 7 - 1

DAL 1,085 14 1,175 14 - 8

Deutsche Leasing Gruppe 7,852 100 7,755 100 + 1

New business adjusted for SKP

New business of the Deutsche Leasing Group

EUR million

of which DAL

2009/2010 2010/2011 2011/2012 2012/2013 2013/2014

7,2017,755 7,852

6,890 6,943

10,000

8,000

6,000

4,000

2,000

0


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

lated leasing companies, growth rates in the fleet busi-

ness segment were nonetheless strongly positive. The

commercial vehicle segment also achieved clear

growth for domestic direct business and for foreign

business.

The information and communication technology seg-

ment achieved the strongest level of growth. It clearly

exceeded the volume of new business realised in the

previous year (+ 19 per cent). Direct business in the

hardware segment (which involved a large number of

major business transactions) once again provided a

significant contribution to new business growth. The

partnership business segment also achieved clear

growth (+ 33 per cent) in the financial year 2013/2014.

The real estate segment recorded a 15 per cent decline

in new business. This resulted from a changed mix of

business, with a greater proportion of higher-margin

SME business which entailed smaller volumes.

In terms of new business, the energy and transport seg-

ment remained at the same level as in the previous

year. Wind energy contracts with a volume of EUR 222

million triggered a positive new business trend in the

energy sector (current financial year: EUR 350 million;

previous year: EUR 145 million). In the previous year,

the transport sector had been shaped by an extraordi-

narily high-volume rail transaction which it was una-

ble to match in the financial year 2013/2014.

Financial position

EARNINGS POSITION

The net profit for the year has increased by 8 per cent,

from EUR 60.4 million to EUR 65.4 million.

Leasing income from leasing and hire-purchase busi-

ness and from the sale of second-hand leasing assets

has declined by approx. 2 per cent on the previous

year. Revenues from leasing business have increased

by EUR 41 million, from EUR 2,934 million to EUR

2,975 million, while revenues from hire-purchase busi-

ness have decreased by EUR 233 million, from EUR

2,484 million to EUR 2,251 million. This decrease re-

flects the above-mentioned one-off item associated

with an acquisition made in the previous year and also

the stronger decline in the level of leasing and

hire-purchase income due to margins and interest-rate

levels in particular. The corresponding leasing expens-

es have also decreased.

Related depreciation and valuation adjustments on

leasing assets have increased by EUR 104 million or 4

per cent, from EUR 2,569 million to EUR 2,673 million,

analogous to the growth and structure of Deutsche

Leasing’s leasing assets. In principle, scheduled depre-

ciation on newly acquired leasing assets in the period

is in line with the term of the underlying contracts.

Due to the continuing low-interest phase and the asso-

ciated conditions for borrowed funds – which were

even more favourable than in the previous year – inter-

est income improved significantly, from EUR -157 mil-

lion to EUR -134 million.

The (gross) profit from leasing, hire-purchase and ser-

vices business improved slightly on the previous year,

by EUR 6.6 million from EUR 473.9 million to EUR

480.5 million. Above-average growth in income from

interest, resale and service more than made up for the

income trend for leasing and hire-purchase business.

The resale results once again reflect the residual val-

ues of motor vehicles, which were initially cautiously

calculated at the conclusion of the respective contract;

this positive longer-term trend is the result of Deutsche

Leasing’s conservative, strictly observed residual value

policy in relation to car contracts with open residual

values.

General administrative expenses increased by 2 per

cent, from EUR 304 million to EUR 309 million. As well

as regular salary increases and recruitment of person-

nel, this trend also reflects the (initial) effects of the

strategic packages of measures adopted (investments


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

in foreign IT, processes and markets etc.). Active cost

and resources management partly made up for the in-

crease in pension provisions (which was implemented

due to interest-rate levels) as well as additional adverse

factors resulting from the continuously growing vol-

ume of supervisory requirements.

Depreciation and valuation adjustments on receivables

remained stable overall in the past financial year.

However, their structure has changed by comparison

with the previous year. The net addition to the risk pro-

visions prior to allocation of reserves in accordance

with §§ 340f and 340g HGB has decreased, due to the

improved general risk situation. This enabled signifi-

cantly increased additions to the reserves in the

amount of EUR 93 million (previous year: EUR 76.7 mil-

lion).

Equity shown in the balance sheet has increased by

EUR 33 million, from EUR 596 million to EUR 629 mil-

lion. Deutsche Leasing has thus adhered to its strategy

of strengthening its equity.

In the past financial year, the net asset value was in-

creased to EUR 1,742 million despite the negative im-

pact on margins and costs which resulted from interest

rate levels. The net asset value is calculated according

to the standard developed by Bundesverband

Deutscher Leasing-Unternehmen e.V. from the point of

view of its structure and contents. The auditor reviews

this figure in line with the “IDW audit standard: asset

value calculation auditing for leasing companies (IDW

PS 810)” issued by Institut der Wirtschaftsprüfer in

Deutschland e.V., Düsseldorf. The net asset value re-

flects the value of the equity of the Deutsche Leasing

Group, after disclosure of hidden reserves. The net as-

set value is used as a key element for calculation of the

economic result – a recognised ratio indicating period

net income for leasing companies.

Net asset value of the Deutsche Leasing Group

EUR million

2009/2010 2010/2011 2011/2012 2012/2013 2013/2014

1,611 1,6661,742

1,3951,466

2,000

1,600

1,200

800

400

0

Allowing for the dividend which Deutsche Sparkassen

Leasing AG & Co. KG plans to distribute for the finan-

cial year 2013/2014 in the amount of EUR 35 million,

the Group’s economic result totalled EUR 128 million.

The Deutsche Leasing Group has thus achieved the en-

visaged level of income – despite some adverse interest

rate-related factors – so as to guarantee permanently

appropriate distributions and the implementation of

necessary future investments and to realise the eco-

nomically necessary equity trend, in order to support

growth on the basis of its own resources.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

FINANCIAL POSITION

Irrespective of current developments on the financial

markets, in its financial management the Deutsche

Leasing Group seeks to safeguard permanent solvency

and to cover financing requirements on the best possi-

ble terms, with the basic goal of hedging financing

risks.

Capital structure

In the financial year 2013/2014, the debt capital bor-

rowed served to finance leasing assets as well as other

customer business of the Deutsche Leasing Group. Bor-

rowed funds of the domestic and foreign companies

(excluding DAL’s non-recourse business) increased

slightly on the previous year. On 30 September 2014

they amounted to EUR 15.5 billion (previous year: EUR

15.2 billion). The trend for borrowed funds was thus in

line with the growth of new business.

In principle, funds were borrowed on terms matching

financed customer business in terms of the capital

commitment and fixed interest-rate periods as well as

the respective currency. Accordingly, medium- and

long-term borrowing and forfaiting which, as in previ-

ous years, accounted for more than 4/5 of the total debt

capital borrowed were the key elements of Deutsche

Leasing’s financing structure. The increasing signifi-

cance of borrowing from business development banks

was a key factor in the area of loan financing. This has

continued to establish itself as an element of the

Deutsche Leasing Group’s financing.

In addition, medium- and long-term funds were bor-

rowed through securisation-based structures (ABCP,

structured financing) as well as revolving funds with

short-term maturities on the money market.

Economic result of the Deutsche Leasing Group

EUR million

2009/2010 2010/2011 2011/2012 2012/2013 2013/2014

143 139128124

131

180

160

140

120

100

80

60

40

20

0

30/09/2013 (total: EUR 15.2 billion) 30/09/2014 (total: EUR 15.5 billion)

Development of financing volume

by financing instrument

EUR billion

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Short-term loans, call

deposits/time deposits, com-mercial papers

1.7

Medium- and long-term loans (incl. promissory

notes)

Sales of re-ceivables

(individual forfaiting)

ABCP, struc-tured financ-

ing

2.0

6.9 7.1

6.0 5.9

0.6 0.5


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

With an approx. 2 per cent volume increase by compar-

ison with the previous year, the savings banks contin-

ued to account for approx. 2/3 of total borrowed funds.

On the other hand, the volume accounted for the feder-

al state banks declined slightly, while the share provid-

ed by other institutions increased slightly due to the

growing significance of development loan business in

particular.

Liquidity

In the past financial year, Deutsche Leasing had a

broadly diversified debt financing structure, in terms

of the number of financing partners and financing in-

struments used. Deutsche Leasing further extended its

financing reserves in the financial year 2013/2014. As

of 30 September 2014, Deutsche Leasing’s free liquidi-

ty was in excess of EUR 3 billion.

Through its structures implemented for forfaiting and

securitisation-based financing, as well as traditional

financing through conventional credit lines further

options were available for an expansion of debt financ-

ing and to safeguard liquidity.

In the financial year 2013/2014, the Deutsche Leasing

Group was able to fulfil its payment obligations at all

times.

Overall, on the basis of its anchoring in Sparkassen-Fi-

nanzgruppe and its stable long-term business relation-

ships with credit institutions, Deutsche Leasing has a

solid financing base for its planned future growth.

Within the scope of the statement of cash flows, cash

and cash equivalents amounted to EUR 355.1 million

at the start of the financial year and decreased to

EUR 276.4 million at the end of the financial year.

Within the scope of this statement the cash outflow

from current business activities amounted to EUR

-27.1 million (previous year: cash inflow of EUR 42.5

million); the cash outflow from investment activities

The funds borrowed generally had original maturities

of up to six years and fixed-rate agreements which

were generated by means of interest rate derivatives

where necessary.

As before, derivative financing instruments for man-

agement of interest and currency risks (mainly inter-

est rate swaps) were exclusively entered into for hedg-

ing purposes. Since the volume, term and capital

commitment periods of the derivative financing in-

struments entered into were determined on the basis

of the structures of the underlying customer transac-

tions and borrowed funds, in principle risk was always

effectively covered at the conclusion of a transaction.

Unscheduled changes implemented during the term,

e.g. due to prematurely terminated customer transac-

tions, are promptly adjusted so as to ensure the effec-

tiveness of cover. A documented, appropriate and

functional risk management system was used for

these transactions.

The volume of financing (Germany and other coun-

tries, excluding DAL’s non-recourse business) was dis-

tributed as follows between the financing partners as

of 30 September 2014:

Financing volume

(Germany and other countries, excluding DAL)

15 per cent Others

20 per centFederal state

banks 65 per cent Savings banks


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

totalled EUR -16.6 million (previous year: EUR -10.2

million). EUR 35.0 million was distributed to the share-

holders in the year under review.

Contingent liabilities under suretyships and guaran-

tee agreements amounted to EUR 391.3 million at the

end of the financial year (previous year: EUR 570.5 mil-

lion). On the balance-sheet date, irrevocable loan com-

mitments were valued at EUR 112.7 million (previous

year: EUR 75.4 million).

NET ASSET POSITION

Deutsche Leasing’s consolidated balance sheet total

increased from EUR 15.9 billion to EUR 16.2 billion at

the end of the year under review. This 2 per cent rise

was due to an increase in leasing assets and receiva-

bles from customers.

Leasing assets, measured at initial values, amounted

to EUR 16.7 billion and were thus at roughly the same

level as in the previous year (EUR 16.6 billion). Leasing

assets measured at residual carrying amounts – which

remain a key element of the consolidated balance

sheet total – had the following structure on 30 Septem-

ber 2014, with a breakdown for individual business

segments:

16,000

12,000

8,000

4,000

0

Development of consolidated balance-sheet total

EUR million

2013/2014

16,190

2011/2012

15,507

2010/2011

14,458

2009/2010

14,922

2012/2013

15,891

Leasing assets measured at

residual carrying amounts

2013 / 2014 2012 / 2013 Change

Business segment

In EUR million

Share %

In EUR million

Share %

In EUR million

as %

Machinery and equipment 4,854 50 4,926 51 -72 -1

Road vehicles 2,833 29 2,755 29 78 3

Information and communication technology 1,323 14 1,235 13 88 7

Real estate 248 3 255 3 -7 -3

Energy and transport 397 4 363 4 34 9

Total residual carrying amounts 9,655 100 9,534 100 121 1

% share accounted for by foreign business

Stable portfolio structure

The breakdown by business segments and central as-

set items in proportion to the balance-sheet volume re-

mained stable in relation to the previous year: The re-

sidual carrying amounts of leasing assets accounted

for 59.6 per cent of the consolidated balance sheet total

(previous year: 60.0 per cent). Receivables from cus-

tomers (mainly hire-purchase receivables and receiva-

bles from banking transactions) amounted to 34.2 per

cent (previous year: 33.5 per cent) of total assets. The

22 %24 %

23 % 23 % 24 %


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

leasing assets of foreign subsidiaries generally involve

hire-purchase contracts, in accordance with the Ger-

man Commercial Code, and are therefore reported in

receivables from customers. Assets in foreign subsidi-

aries represent 24 per cent of the consolidated balance

sheet total.

New business grew by 5 per cent in adjusted terms,

and thus at the same level as for Deutsche Leasing’s

relevant market.

The financial position of the Deutsche Leasing Group

remains solid. Due to its anchoring in Sparkassen-Fi-

nanzgruppe and its long-term relationships with credit

institutions, Deutsche Leasing has a solid and broadly

diversified financing base, including in relation to its

planned future growth.

The parent company reported a net income for the

year of approx. EUR 45.3 million. This income provides

the basis for the proposal to leave the distribution to

the shareholders unchanged at EUR 35.0 million (pre-

vious year: EUR 35.0 million). Deutsche Leasing thus

continues to adhere to its sustainable dividend policy

of the past few years.

GENERAL STATEMENT BY THE MANAGEMENT

BOARD ON THE ECONOMIC SITUATION

Overall, in the financial year 2013/2014 the earnings

position of the Deutsche Leasing Group developed in

line with the expectations of the Management Board,

despite an economic environment which remained

difficult, increasing competition and continuing un-

certainty on the market which remained an obstacle

to investments. On this basis, the Group continued to

increase its equity and its provisions in accordance

with §§ 340f and 340g HGB.

At EUR 128 million the Group’s economic result – a rec-

ognised ratio indicating period net income for leasing

companies – reached its high target level; the net asset

value thus increased by EUR 76 million to EUR 1,742

million. Through its sustainable business and risk

model, Deutsche Leasing thus achieved its income and

capital goals.

* Proposal

Distribution trend

EUR million

2013/2014*

35.0

2012/2013

35.0

2011/2012

35.0

2010/2011

27.2

2009/2010

27.2

40.0

30.0

20.0

10.0

0.0

The net asset, financial and earnings position of the

Deutsche Leasing Group remains in good order.

Subsequent events

There were no reportable events in the period from 30

September 2014 to the Management Board’s prepara-

tion of the consolidated financial statements.

Structure of assets 30 September 2014

6.2 per cent Other assets

34.2 per centReceivables from

customers

59.6 per cent Leasing assets


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

portfolio. “Even” a negative P&L result can thus be put

into perspective through a corresponding positive net

asset value/change of net asset value.

While the net asset value calculation plays a less prom-

inent role than the financial statements, it is a materi-

ally essential precondition for an overall assessment

and indicates a leasing company’s risk coverage poten-

tial. At the same time, as an element of total equity a

company’s net asset value is used for financing pur-

poses, i.e. it is mainly used to provide liquidity for a

company.

The net asset value calculation is a necessary supple-

ment to the P&L statement prepared in accordance

with commercial law and provides the framework for a

general indication of net income realised within a giv-

en period. This is referred to as the economic result for

the period. Deutsche Leasing calculates this figure

throughout its Group on the basis of the industry

standard developed by Bundesverband Deutscher

Leasing-Unternehmen e.V.

On the development of the net asset value, please refer

to the › “Earnings position” chapter.

Equity

To ensure adequate economic foundations for its

growth objectives and as cover against possible unex-

pected risks, Deutsche Leasing is continuing to

strengthen its equity base (including provisions in ac-

cordance with §§ 340f and 340g HGB) through its own

resources.

On the development of the net asset value, please refer

to the › “Earnings position” chapter.

NON-FINANCIAL PERFORMANCE INDICATORS

Deutsche Leasing’s success mainly reflects the efforts

of its employees. Their dedication and expertise are

vital to Deutsche Leasing’s success in ensuring a high

level of satisfaction on the part of its customers and

Financial and non-financial performance indicators

FINANCIAL PERFORMANCE INDICATORS

Deutsche Leasing is managed on the basis of a Group-

wide integrated logic which focuses on the develop-

ment of new business as well as its net asset value and

equity, with due consideration of risk-bearing capacity.

New business

The development of new business, measured at initial

values, is a key factor in the Deutsche Leasing Group’s

activities. New business comprises confirmed transac-

tions including the total historical costs for all associat-

ed investment assets within a specific reporting period.

On the development of new business, please refer to

the › “Business performance” chapter.

Net asset value

For leasing companies, the net asset value calculation

is used as necessary supplementary information in ad-

dition to the financial statements prepared in accord-

ance with German commercial law. The net asset value

calculation discloses hidden reserves and hidden lia-

bilities as well as future earnings potential resulting

from the volume/portfolio entered into. It thus tran-

scends the shortcomings associated with a profit and

loss statement prepared in accordance with commer-

cial law (periodisation, inevitable establishment and

release of hidden reserves) and avoids the potential

mismanagement which may result from a one-sided

P&L focus.

As well as equity, the net asset value indicates the

earnings potential/profit contributions in future profit

and loss statements established by means of prior off-

setting of expenses (declining interest-rate trend, start-

up costs from acquisition and advance depreciation,

by comparison with their straight-line leasing instal-

ment equivalents) and calculated profits in a given


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

partners. A comprehensive range of advanced training

and skill-building measures help employees and man-

agers alike to develop their technical and personal po-

tential and to ensure their continuing optimal fulfil-

ment of the requirements placed in them. Key areas of

focus here are customer orientation, sales skills and

advisory and asset finance expertise. Moreover, for in-

ternational business employees also require linguistic

and intercultural skills.

Deutsche Leasing sets great store by its corporate cul-

ture and its values of “trust”, “team spirit”, “passion”

and “commitment”. For effective embodiment of this

corporate culture, Deutsche Leasing places a particu-

larly high priority on its managers’ function as role

models.

Employees

On the balance-sheet date, the Deutsche Leasing Group

had a total of 2,199 (previous year: 2,136) employees.

This includes 448 employees outside Germany.

The average period of employees’ membership of the

company in Germany amounted to approx. 11.4 years,

with an average age of 44.4 years. The fluctuation rate

was 2.0 per cent and the sickness level 3.7 per cent.

A performance-oriented remuneration system links

individual employees’ goals with the company’s strate-

gic objectives and provides an additional framework

for the company’s consistent management.

Recruitment, training and retention of employees have

become increasingly important in the context of the

demographic trend and the increasing shortage of

skilled workers. In response to these trends, various

strategic initiatives have been initiated and realised in

the year under review. In the Human Resources de-

partment, a HR International team has been estab-

lished in order to provide personnel support for the in-

ternational subsidiaries and to encourage an

international exchange of staff and a transfer of exper-

tise. The international trainee programme which was

launched in 2013 has met with a highly positive re-

sponse from the Group’s business segments/depart-

ments and participants. This programme is to be con-

tinued and will be expanded to include further

business segments and investments.

Deutsche Leasing currently has nine trainees and 23

apprentices. Deutsche Leasing offers an apprentice-

ship in office administration and also, as dual courses,

apprenticeships leading to a Bachelor of Arts degree in

International Business Administration (in partnership

with the accadis university of applied sciences) or a de-

gree in Business Administration with an integrated

bank officer apprenticeship. After successfully com-

pleting their training or courses of study, all of

Deutsche Leasing’s trainees, apprentices and students

enrolled on Bachelor degree programmes were offered

full-time employment positions.

Deutsche Leasing ensures that managers receive con-

tinuous training through needs- and target group-ori-

ented programmes. Young and upcoming managers

are able to take part in a Future Leadership Pro-

gramme (FLIP) (offered in German and English) in Ger-

many and other countries. New and established man-

agers undergo advanced training through tailored

Leadership Development Programmes (LDP).

Social commitment

As an important member of Sparkassen-Finanzgruppe,

Deutsche Leasing fulfils its social responsibility in var-

ious ways, through commitments to art and culture,

science, social issues and sport.

Through the company’s “Socially Active Employees”

(SAM) project, since 2011 Deutsche Leasing employees

have demonstrated commitment to social projects on

their own initiative. Deutsche Leasing provides finan-

cial support for these projects and also assists them by

granting leave to participating employees. In the finan-

cial year 2013/2014 alone, a total of 14 projects were

realised. This included the construction of an activity

trail for the disabled residents of the home run by


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

IB-Behindertenhilfe (IBB) in Bad Homburg v. d. Höhe.

Colleagues from every organisational unit of Deutsche

Leasing participated in this project, from apprentices

right up to the management team.

Deutsche Leasing continues to support a large number

of organisations and associations through donations

and funding.

In the field of sport, together with the German savings

banks association Deutsche Leasing is an “Olympics

Partner for Germany”. Deutsche Leasing is also dedi-

cated to causes such as the German sport aid founda-

tion (Stiftung Deutsche Sporthilfe) and “Ironman 70.3”

in Wiesbaden.

Deutsche Leasing supports a large number of cultural

initiatives, e.g. through its commitment to the “Fugato”

organ festival and the “Blickachsen” sculpture exhibi-

tion in Bad Homburg v. d. Höhe. Particularly notable is

its premium partnership with the Rheingau Music Fes-

tival, which has enriched the cultural scene for many

years now with almost 150 concerts at over 40 venues

every summer.

In its science funding, Deutsche Leasing provides as-

sistance for a wide range of research projects conduct-

ed by various institutions. Deutsche Leasing’s coopera-

tion with the centre for accounting and auditing at the

University of the Saarland and its membership of the

funding association for the University of Cologne’s

leasing research institute document the company’s in-

tensive relationships with universities. In addition, the

lectures and forums supported by Deutsche Leasing

and its membership of Sparkassen-Finanzgruppe’s sci-

ence funding association ensure an active dialogue be-

tween the realms of theory and practice.

Report on risks and opportunities and forecast report

Report on opportunities

The Deutsche Leasing Groups seeks to identify and to

assess opportunities at the earliest possible moment

and to implement suitable measures to ensure busi-

ness success.

Organic growth opportunities are systematically eval-

uated every year, within the scope of the Group’s medi-

um-term planning. This process begins with a careful

market analysis: Besides market potential and custom-

er requirements, general and specific market develop-

ments, competitors and regulatory requirements are

considered. Deutsche Leasing’s business strategy

serves as the basis for planning. It is verified and (if

necessary) adjusted every year.

In future, Deutsche Leasing sees growth opportunities

in the following areas in particular:

INTRAGROUP BUSINESS

Intragroup business will be significantly intensified, in

close cooperation with savings banks, advisory boards

and related associations. Deutsche Leasing will focus

on the existing market potential offered by Sparkass-

en-Finanzgruppe and exploit this potential on a long-

term basis. Together with the savings banks and

through direct distribution, Deutsche Leasing will pro-

vide tailored support for SME customers falling within

its target group. Targeted market exploitation will be

supported through systematic and segment-oriented

sales management.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

To ensure a high level of satisfaction on the part of the

savings banks and their customers, specific support

concepts have been developed in accordance with

their respective requirements.

Envisaged business development is underpinned by

efficient and effective processes and systems. For

small ticket business, credit and contract processes are

combined within a single unit which supports the indi-

vidual business segments through standardised and

cost-efficient procedures and services.

INTERNATIONALISATION

International business with vendors and support for

German investors’ foreign activities are a key growth

area for Deutsche Leasing.

Due to its strong export focus and the German econo-

my’s international presence, Deutsche Leasing also

provides international support for its customers

through its foreign network. It does so in partnership

with international vendors and by assisting German

companies’ foreign direct investment programmes as

well as the foreign subsidiaries of German companies.

Within Sparkassen-Finanzgruppe, through its Interna-

tional business segment Deutsche Leasing serves as an

international asset finance centre of excellence for in-

vestment financing.

Risk report

Risk management supports the management of the

Deutsche Leasing Group in the implementation of its

business and risk strategy and considers all significant

risks and all of the Group’s German and foreign com-

panies.

Centralised Risk Management coordinates holistic,

company-wide risk management for all types of risk.

This department has technical competence and re-

sponsibility for methods and models of risk measure-

ment, control and aggregation, for calculation of

risk-relevant parameters, for internal risk control and

for internal and external reporting.

Deutsche Leasing has established a risk controlling

function and appointed the management of its risk con-

trolling function with effect as of 31 December 2013.

Risk controlling provides quarterly reporting within

the framework of a risk report on the development of

risk-bearing capacity (RBC) and all key risks and pro-

vides action recommendations for risk control. In addi-

tion, an ad hoc reporting procedure has been estab-

lished for information which is significant in terms of

risk aspects.

The management receives support and advice in its

decision-making on risk-related issues through the

central risk board of Deutsche Leasing. Information

from the various risk types is jointly presented in this

monthly committee.

Internal audit regularly audits the DL Group’s risk

management within the scope of its audit plan.

The goal of opportunities and risk management is to

establish a balanced relationship between risk and op-

portunity/income at the level of the overall Group; ade-

quate risk-bearing capacity is ensured in terms of the

relationship between the level of capital available for

risk coverage and overall risks. The risk-bearing capac-

ity calculation provides the basis for the Deutsche

Leasing Group’s risk control strategy. Deutsche Leas-

ing has continued to develop its risk-bearing capacity

concept and its risk measurement methods as

planned, to comply with the requirements for modern

risk management as well as current regulatory trends.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

The following key changes/developments occurred in

the financial year 2013/2014:

• The method used for calculation of risk coverage

potential was adjusted: For the RBC calculation, the

expected tax burden is deducted for calculation of

the risk coverage potential.

• For major commitments, the initial size and the up-

per limit have been revised and newly determined.

RISK-BEARING CAPACITY

The risk-bearing capacity concept is based on the risk

coverage potential calculated in line with the net asset

value and a going-concern approach, with a confi-

dence level of 99 per cent. In addition, a deduction

item is maintained for coverage of rare loss categories.

This is based on a risk calculated with a high level of

confidence (99.95 per cent). The risk bearing capacity

(RBC) of the Deutsche Leasing Group as of 30 Septem-

ber 2014 was stable by comparison with the previous

year; the Deutsche Leasing Group’s RBC was clearly in-

tact.

Overall, limits have been allocated for all risk types/

categories resulting from the risk inventory within the

framework of the risk-bearing concept. The level of

limit utilisation shows that there is still sufficient lee-

way for further risk-taking within the scope of the risk

coverage capital used.

Each individual risk complied with the prescribed lim-

it. The risk types credit risk, asset risk, market price

risk, operational risk, business risk and translation

risk are determined on the basis of VaR methods. The

risks determined through a historical stress test and a

serious hypothetical stress test (as the aggregate of risk

type-specific stress results) were covered not only by

Risk coverage

potential

(RCP)

Deduction item

for rare loss

events (99.95 %)

Available

RCC

(RCCA)

Strict secondary conditions:

The deduction item measured with a confidence

level of 99.95 % may not exceed the remaining

buffer (buffer > 0).

Economic risk

(99 %)

RCC used

(RCCGC)

Buffer

Free limit

Risk-bearing capacity

RBCA = < 1econ. Risk99 per cent

RCCA

Limit utilisation

LU = < 1econ. Risk99 per cent

RCCGC

LU = limit utilisation; RCC = risk coverage capital; RCCA = available risk coverage capital; RCCGC = risk coverage capital used; RBC = risk-bearing capacity;

RBCA = risk-bearing capacity as of cut-off date; GC = going concern. The buffer varies in accordance with the development of the net asset value and the level

of risk exposure.

Future

tax burden

Net asset

value

Risk bearing capacity concept of Deutsche Leasing


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

the risk coverage potential but also by the available

risk coverage capital. Risk-bearing capacity was thus

intact in all stress scenarios. The historical stress test is

a macroeconomic stress test covering multiple risk

types. This is based on the historical scenario of the sit-

uation in the financial year 2008/09 and reflects a seri-

ous economic downturn, as required by the minimum

requirements for risk management.

In the financial year 2013/2014, risk-bearing capacity

and capital requirements planning once again formed

a component of the planning process of Deutsche Leas-

ing, which also involved a review of the value-at-risk

(VaR) limits. The limits were adjusted for subsequent

years; however, overall the total VaR limits for the fi-

nancial year 2014/2015 remain unchanged.

CREDIT RISK

Credit risk covers the risk of non-fulfilment of contrac-

tually agreed payments or services, resulting in a loss

for Deutsche Leasing. Credit risk encompasses the fol-

lowing risk categories: customer’s credit risk, counter-

party risk, country risk and lessor risk.

ASSET RISK

Asset risk (also referred to as residual value risk) ap-

plies for contracts with open residual values. In such

contracts, the historical costs for the asset are not fully

amortised through the lessee’s agreed instalments. Re-

sidual value risk refers to the risk of a loss in the event

of the selling price realised on the asset at the end of

the period negatively deviating from the previously

calculated and anticipated selling price, the residual

value.

MARKET PRICE RISK

Market price risk refers to the general risk of unexpect-

ed losses due to a change in market parameters (inter-

est rates, share prices, exchange rates, commodity pric-

es and resulting variables). At Deutsche Leasing,

market price risk is limited to interest rate risk and cur-

rency risk.

LIQUIDITY RISK

Liquidity risk at Deutsche Leasing covers the following

risk categories: purchasing risk and funding-spread

risk. Purchasing risk is the risk of Deutsche Leasing be-

ing unable in future to borrow sufficient funds to fulfil

its payment obligations. Funding-spread risk is the risk

of an unanticipated loss resulting from changes in

Deutsche Leasing’s refinancing curve because new

borrowing is only possible at refinancing levels which

are significantly higher than expected. Increased cred-

it spreads result from a deterioration in Deutsche Leas-

ing’s credit rating or a general worsening of borrowing

terms, on grounds relating to the market itself.

OPERATIONAL RISK

Operational risk is the risk of losses due to the inade-

quacy or failure of internal procedures, people or sys-

tems as well as external events. This definition in-

cludes legal risk and validity risk.

EQUITY INVESTMENT RISK

Equity investment risk is the risk of unanticipated loss-

es in the event of the market value of an investment

falling below its book value.

BUSINESS RISK

Business risk describes the risk of business develop-

ment yielding lower income or higher costs than envis-

aged.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

OTHER RISKS

Other risks cover the risk of an unanticipated loss

which cannot be allocated to credit risk, asset risk,

market price risk, liquidity risk, operational risk, busi-

ness risk or equity investment risk. Other risks include

the following risk types:

• Liability risk: Deutsche Leasing is exposed to a lia-

bility risk in terms of the risk of losses resulting

from its position as an owner or importer of assets.

• Reputation risk: Reputation risk refers to the risk of

losses in the event that the reputation of the

Deutsche Leasing Group suffers harm or deterio-

rates. Such losses may also result, directly or indi-

rectly, from other risk types which have material-

ised and may amplify these other risk types.

• Strategic risk: Strategic risk refers to the risk of un-

anticipated losses resulting from poor manage-

ment decisions in relation to the business-policy

positioning of Deutsche Leasing Group.

• Translation risk: Translation risk refers to the risk

of the net asset value in the foreign companies’ for-

eign currencies leading to unanticipated losses due

to exchange-rate fluctuations.

Within the scope of the regular risk inventory, materi-

ality analyses have been performed for all of the risks

identified, enabling clear categorisation of risks as ma-

terial and non-material. All quantifiable material and

non-material risks will be included in the risk-bearing

capacity calculation, in accordance with a conserva-

tive approach.

CREDIT RISKS

The VaR for credit risk is calculated by means of a cred-

it portfolio model, on the basis of the 99 % quantile.

The credit worthiness structure of Deutsche Leasing’s

own-risk exposure remained as stable as before in the

financial year 2013/2014. The proportion of top credit

ratings (ratings 1 to 6) remained high, at 40.0 per cent

(previous year: 40.1 per cent). The development of the

credit worthiness structure was also generally stable

outside Germany.

The Group’s portfolio by sector remains characterised

by a high level of granularity and thus no specific risk

concentration. No sector in Germany exceeds the limit

laid down in the risk strategy. The sector shares also

comply with the limits specified in the risk strategy for

the Group’s foreign portfolio; due to the strategy of

supporting vendor partners outside Germany, core

sectors are generally more firmly defined here than in

Germany.

Following a EUR 3.3 million increase in the volume of

default in the previous year which exceeded the risk

costs calculated for the financial year, in the financial

year 2013/2014 the volume of default declined by

EUR 1.0 million, thus representing a further improve-

ment in the incidence of default.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

ASSET RISKS

Asset risk is calculated for the car portfolio by means

of a portfolio model, on the basis of the 99 % quantile.

On the other hand, the loss potential in the equip port-

folio is determined by means of an expert assessment.

As before, the road vehicles business segment consist-

ently utilises conservative residual value assessments

in line with market norms and transfers residual value

risks to solvent third-party guarantors. It ensures a high

proportion of premium brands (Volkswagen/Audi, BMW

and Mercedes currently account for approx. 53 per cent)

in its contract portfolio. Diversification of makes, mod-

els and resale channels and continuous support for con-

tract management have a significant impact on the lev-

el of success in reselling vehicles.

Permanent monitoring of the leasing and second-hand

car market, stringent use of all available asset manage-

ment instruments, professional development of sales

and organisational structures and processes at Auto-

Expo and resale analyses which differ in terms of vehi-

cle types and sales channels provide a solid basis for

sound residual value management. The residual value

assessment is regularly verified by means of external

asset-based testing (EurotaxSchwacke GmbH). Very

positive reselling results were once again achieved

thanks to the markdown of residual values in the new

business segment in previous years. The transaction

prices actually realised clearly exceeded the figures

assumed by external market observers. Deutsche Leas-

ing reduced the residual values for new business on

model-specific grounds as of 1 October 2014, in order

to avoid future portfolio risks.

Risk types

Credit risk Asset risk Market price risk Liquidity risk Operational

risksInvestment

risk Business risk Other risks

Customers’ credit risk

Residual value risk - cars Interest rate risk Funding-spread

risk Risks resulting from internal procedures, people or sys-tems as well as external fac-tors (including legal and valid-ity risk)

Investment risk Business risk Translation risk

Counterparty risk 1

Residual value risk - EQUIP Currency risk Purchasing risk Reputation risk

Country risk Residual value risk - ICT Strategic risk

Lessor risk Liability risk

material risk material risk which cannot be usefully limited through RCC non-material risk

Risks at Deutsche Leasing

¹ Note: Counterparty risk is considered as a key risk within the scope of the RBC planning for subsequent financial years


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

With adequate valuation methods in its machinery

and equipment business segment, Deutsche Leasing

has solid foundations for control and management of

the risk resulting from open residual values. Residual

value quotations are exclusively handled by special-

ised employees in its asset management department.

The assets held in the portfolio are distributed relative-

ly smoothly across asset classes and countries.

The results of expiring contracts featuring open resid-

ual values were once again positive in the financial

year 2013/2014. The agreement of terms and condi-

tions of use and return on a case-by-case basis has had

a positive effect on the technical condition of assets

leased under operating lease contracts. While compa-

nies were cautious in relation to new investments due

to geopolitical crises and related economic uncertain-

ty, demand for second-hand assets in good condition

remained strong in all market segments.

In its information and communication technology

business segment, Deutsche Leasing mainly handles

operating leasing contracts with larger SME customers

and major customers. A calculation of residual values

on the basis of conservative benchmarks enabled addi-

tional revenues through contract extensions or sales.

These exceeded the calculated values. In view of the

continuing stable situation on the IT market in Germa-

ny and the high-quality structure of its SME and major

customers with strong credit ratings, Deutsche Leasing

once again envisages sustained positive business de-

velopment in 2015. The income realised shows that the

Group has succeeded in exploiting the income oppor-

tunities available from entering into risks associated

with residual values and follow-up business expecta-

tions. This is largely attributable to focused asset man-

agement.

MARKET PRICE RISKS

In line with the basic concept that financing activities

provide for congruent interest rate-optimised financ-

ing of customer business, the Deutsche Leasing Group

does not pursue any own-account trading of money

and capital market products.

To a limited extent, interest rate risks are entered into

in order to realise additional income resulting from

market trends, within the scope of original financing

requirements, and are managed by means of a limit

system.

In terms of currency risks, customer transactions al-

ways have same-currency financing. Currency risks

therefore apply only temporarily (if at all) during oper-

ational execution of transactions or through margin

components of customer receivables which are not se-

cured through same-currency financing.

The applicable rules for control of market price risks

are based on these principles and limit the scope of the

risk position which is permissible for optimisation of

financing costs through a market-price risk limit in

line with the economic risk. This limit is linked with

nominal position limits and sensitivity limits for oper-

ational control of interest rate risk.

1. Interest rate risk

Interest rate risks are subject to operational monitor-

ing and control by means of the nominal volume of

mismatched (open) interest rate positions for financ-

ing of new business and, from the financial year

2014/2015 onwards, on the basis of sensitivities (base

point value concept) with corresponding limitations in

line with the control guidelines. For calculation of the

economic risk, value-at-risk calculations are per-

formed for open interest rate positions in accordance

with the variance-covariance method.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

With interest rates which moved sideways or even fell

slightly and further loosening of monetary policy,

Deutsche Leasing moderately increased its nominal

open interest rate position over the course of the finan-

cial year, so as to exploit the income opportunities re-

sulting from short-term initial financing of new busi-

ness. Despite a nominal open interest rate position

managed at a higher level the interest rate risk – meas-

ured as a value-at-risk – was at the same level as at the

end of the financial year 2012/13, due to the lower level

of market volatility at the end of the year under review.

The value-at-risk trend for this position – calculated for

its operational valuation – is presented below. Value-

at-risk considers the value of the open interest rate po-

sition as well as the level of market volatility.

2. Currency risk

In Germany, foreign currency risks are limited to a few

transactions mainly executed in US dollars and (in a

small number of cases) in Swiss francs, all of which

have same-currency financing. The foreign subsidiar-

ies’ operating business is likewise financed in the

same currency in principle. Transactions not denomi-

nated in the euro or in the respective national curren-

cy are generally also denominated in US dollars. The

risks of exchange range fluctuations which are inher-

ently associated with such transactions generally ap-

ply in relation to the profit margin shares included in

receivables from customers. These currency risks are

measured by means of the value-at-risk method.

Operating interest rate VaR – Deutsche Leasing Group

(99 % probability and 10-day holding period)

EUR million

1.80

1.60

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00

30/09/10 31/12/10 31/03/11 30/06/11 30/09/11 31/12/11 31/03/12 30/06/12 30/09/12 31/12/12 31/03/13 30/06/13 30/09/13 31/12/13 31/03/14 30/06/14 30/09/14

DL Group (excl. DAL) – decay factor 1.0 DL Group (excl. DAL) – decay factor 0.94


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

LIQUIDITY RISK

The business activities and the continuing growth of

Deutsche Leasing Group are also based on permanent

availability of liquidity and financing through opti-

mised interest rates. Deutsche Leasing thus adheres to

the principle of financing its business at matching ma-

turities.

The guidelines applicable for liquidity control reflect

this basic conservative orientation and limit the scope

of the risk position which is permissible for optimisa-

tion of financing costs. In relation to purchasing risk,

the limits defined for the liquidity risk refer to nominal

minimum requirements for free liquidity. In regard to

the funding-spread risk, the limits are based on the

economic risk resulting from liquidity mismatches

and are broken down into nominal position and sensi-

tivity limits at the operational level.

In concrete terms, as a reflection of purchasing risk li-

quidity risk is controlled and monitored through li-

quidity planning which distinguishes between various

planning periods.

Overall (and also due to the ECB’s monetary policy) a

high volume of liquidity was available on the financ-

ing markets, thus entailing a general decline in credit

spreads. In this market environment, Deutsche Leas-

ing continued to expand its relationships with savings

banks and with other credit institutions. It also extend-

ed its financing lines with business development

banks. At the end of the financial year, these free lines

amounted to more than EUR 3 billion and thus consid-

erably exceeded their target levels.

Economic risk resulting from funding-spread risk is

quantified on the basis of scenario analyses. In the fi-

nancial year 2014/2015, operational control and limi-

tation on the basis of nominal volumes for mismatched

financing will be expanded to include a methodology

based upon sensitivity indicators (liquidity base point

value concept).

OPERATIONAL RISKS

Operational risks result in principle from all commer-

cial activities and are thus inherent in the business ac-

tivities of the Deutsche Leasing Group. Due to the com-

plexity of products and processes, operational risks

require particularly close attention. Systematic risk

management enables early identification of these

risks and implementation of suitable control measures

to avoid or limit them.

The risk management process encompasses regular

risk identification and quantification in all depart-

ments of the company and an analysis of loss events

actually arising. Moreover, an annual “risk analysis” is

conducted to prevent other criminal acts which might

jeopardise Deutsche Leasing’s net asset situation. This

identifies, analyses and evaluates potential gateways

for internal and external criminal activities. Deutsche

Leasing focuses in particular on the various forms of

fraud and on how to prevent it.

A regular risk analysis is performed in case of out-

sourced activities. This assesses the nature, scope,

complexity and risk content of outsourced processes.

Deutsche Leasing has outsourced corporate functions

to other companies in accordance with § 25a of the

German Banking Act (Gesetz über das Kreditwesen,

KWG). A risk analysis is used to determine whether

outsourcing is material or immaterial from the point

of view of risk. A risk analysis is performed prior to the

conclusion of a new outsourcing agreement or in case

of changes to an existing outsourcing agreement.

The method used for assessment of materiality has

been revised within the scope of the ongoing develop-

ment of the current method applied for measuring the

materiality of outsourcing. In particular, this has been

transferred to a new assessment matrix with a

risk-sensitive weighting of assessment criteria and a

clear distinction between the materiality assessment

and the assessment of the outsourcing company.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

In case of material activities or processes, the risk as-

sessment for the relevant aspects is implemented in

connection with outsourcing and also the suitability of

the outsourcing company.

Control and reporting processes have been implement-

ed to safeguard preparation of the consolidated finan-

cial statements.

In the financial year 2013/2014, there were no opera-

tional risks jeopardising the company’s existence.

EQUITY INVESTMENT RISK, BUSINESS RISK, OTHER

RISKS

Limits apply for equity investment risk, business risk

and translation risk. These had all been complied with

as of 30 September 2014.

OTHER RISKS (LITIGATION AND LEGAL RISKS)

The potential risks for the Deutsche Leasing Group

arising from current litigation are fully covered

through provisions.

In summary, subject to unchanged conservative valua-

tion benchmarks Deutsche Leasing has made appro-

priate provision for all discernible risks in its consoli-

dated financial statements. Non-scheduled

depreciation, provisions and valuation adjustments

remain adequate and are calculated according to con-

servative benchmarks. In addition, Deutsche Leasing

has established reserves in line with §§ 340f and 340g

HGB; it has also established significant hidden risk

provisions due to advance expenses typical of the leas-

ing business. Otherwise, no special business model-re-

lated risks exceeding the normal level of risk and jeop-

ardising going-concern status are discernible for the

Deutsche Leasing Group.

Forecast report for the Deutsche Leasing Group

The council of economic experts expects that the glob-

al economy will stabilise at a moderate level in the cal-

endar year 2015. The resulting growth should thus re-

main relatively stable at 2.9 per cent. In view of

unchanged geopolitical risks in several regions (Rus-

sia, the Middle East etc.) and a failure to enact structur-

al reforms in some cases, the picture is mixed at an in-

ternational level. This also reflects general uncertainty

and the risk of possible turbulence on the European

financial markets. This will continue to adversely af-

fect economic development in the Eurozone; here, the

council of economic experts predicts growth of 1.4 per

cent.

Expectations of Germany’s economic development

have also clouded over considerably. For 2015, the

council of economic experts expects moderate eco-

nomic growth of 1.0 per cent. Increased domestic de-

mand will provide the main source of momentum.

However, this momentum will be too weak in order to

fully compensate for the deteriorating foreign trade

environment. A lack of supportive economic policy

measures and the uncertainties which continue to ap-

ply will prevent any stronger trend.

Competition in Deutsche Leasing’s core business area,

the SME sector, will remain as tough as ever since the

major banks and the development banks are also fo-


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

cusing on this attractive market segment. Moreover,

industrial enterprises will continue to use their high

liquidity and equity cushions and will increasingly

select alternative forms of financing for their invest-

ments, such as bonds and promissory notes.

In view of the economic outlook, Deutsche Leasing as-

sumes that the overall economic trend will remain

slow and prone to setbacks. Due to its market potential

for the financial year 2014/2015, Deutsche Leasing is

moderately optimistic regarding its business develop-

ment and the earnings trend. The Management Board

envisages a volume of new business growth slightly in

excess of the predicted overall economic trend and

slight growth in Deutsche Leasing’s continuously ris-

ing net asset value, with a further increase in equity as

well as provisions in accordance with §§ 340f and 340g

HGB. It continues to see attractive market opportuni-

ties and development potential in the asset finance

sector, for Deutsche Leasing in particular in view of its

prominent market position and its anchoring in Spar-

kassen-Finanzgruppe. The Management Board’s envis-

aged growth areas are intragroup business with the

savings banks, international business and the develop-

ment and expansion of small ticket and major custom-

er business. Particularly in view of the overall econom-

ic trend – which is hard to predict – and the general

operating environment, Deutsche Leasing will contin-

ue to prioritise a suitably conservative risk policy,

while pursuing long-term income goals.

Deutsche Leasing would like to thank its customers, its

partners and Sparkassen-Finanzgruppe for their posi-

tive and successful cooperation in 2013/2014. It would

also like to thank all of Deutsche Leasing’s employees

worldwide, who have provided the foundations for an-

other successful financial year.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Basic information regarding Deutsche Sparkassen Leasing AG & Co. KGDeutsche Sparkassen Leasing AG & Co. KG is the parent

company of the Deutsche Leasing Group. Deutsche

Sparkassen Leasing AG & Co. KG essentially pursues

the same type of business, in the same operating envi-

ronment, as the Deutsche Leasing Group. Please refer

to the › “Basic information regarding the Deutsche Leas-

ing Group” chapter for further details. In the year under

review it had one branch office, in Berlin. This office

handles decision-making and processing of contracts

for the Savings Banks and SMEs business segment, for

the Northern, Southern and Eastern sales regions. On

30 September 2014, it had 18 (previous year: 18) em-

ployees.

Economic report

The overall economic and industry-specific environ-

ment presented in the › “Economic report” chapter and

business performance are largely consistent with those

of Deutsche Sparkassen Leasing AG & Co. KG.

Earnings position

Net income for the year amounted to EUR 45.3 million

(previous year: EUR 45.4 million), with a further in-

crease in the equity base and in the provisions in ac-

cordance with § 340g HGB.

Leasing income resulting from leasing and hire-pur-

chase business and from the sale of second-hand leas-

ing assets decreased by EUR 248 million, from EUR

4,498 million to EUR 4,250 million, in the financial

year 2013/2014 and was thus approx. 6 per cent lower

than in the previous year. In particular, this reflected

a one-off item associated with an acquisition made in

the previous year; interest rate-related effects also af-

fected income.

The trend is similar for leasing expenses which corre-

sponds to the above-mentioned income trend.

Depreciation and valuation adjustments on leasing as-

sets have increased by EUR 110 million or 5 per cent,

from EUR 2,244 million to EUR 2,354 million, in line

with the growth and structure of the leasing assets. In

principle, scheduled depreciation on newly acquired

leasing assets in the period is in line with the term of

the underlying leasing contracts.

Deutsche Sparkassen Leasing AG & Co. KG


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Due to the continuing low-interest phase and the asso-

ciated, even more favourable conditions for borrowed

funds, interest income improved significantly, from

EUR -98 million to EUR -87 million.

The (gross) profit from leasing, hire-purchase and ser-

vices business fell slightly, by EUR 7.9 million from

EUR 299.6 million to EUR 291.7 million. In particular,

the sustained low level of interest rates had a negative

effect on margins.

General administrative expenses remained almost sta-

ble, rising by 1 per cent from EUR 179 million to EUR

181 million. Active cost and resources management

largely made up for the increased pension provisions

due to interest-rate levels as well as additional adverse

factors resulting from continuously growing supervi-

sory requirements.

Equity has increased by EUR 10 million, from EUR 596

million to EUR 606 million. Deutsche Leasing is contin-

uing to pursue its strategy of strengthening its equity

and has also made further allocations to its fund for

general banking risks.

Financial position

The financial position outlined in the › “Financial posi-

tion” chapter is largely consistent with the financial po-

sition of Deutsche Sparkassen Leasing AG & Co. KG.

Net asset situation

The total assets of Deutsche Leasing increased by

EUR 164 million by comparison with the previous

year and amount to EUR 10.7 billion.

The net asset situation remains mainly shaped by

leasing assets as well as receivables from customers.

Leasing assets, measured at initial values, amounted

to EUR 13.9 billion and thus matched the previous

year’s level (EUR 13.6 billion).


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

General statement by the Management Board on the economic situation

Deutsche Sparkassen Leasing AG & Co. KG reported a

net income for the year of EUR 45.3 million. This in-

come provides the basis for the proposal to distribute a

dividend to the shareholders in the amount of EUR

35.0 million (previous year: EUR 35.0 million).

Deutsche Leasing thus continues to adhere to its sus-

tainable dividend policy of the past few years.

The net asset, financial and earnings situation of

Deutsche Sparkassen Leasing AG & Co. KG remains in

good order.

The economic situation outlined in the › “General state-

ment by the Management Board on the economic situa-

tion” chapter is largely consistent with the economic

situation of Deutsche Sparkassen Leasing AG & Co. KG.

Subsequent events

The key events occurring after the balance-sheet date

are outlined in the › “Subsequent events” chapter.

Financial and non-financial performance indicators

The performance indicators outlined in the › “Financial

and non-financial performance indicators” chapter are

largely consistent with the performance indicators of

Deutsche Sparkassen Leasing AG & Co. KG.

On the balance-sheet date, Deutsche Sparkassen Leas-

ing AG & Co. KG had a total of 1,061 (previous year:

1,013) employees. For further information, please refer

to the › “Employees” chapter.

Report on risks and opportunities and forecast report

Report on risks and opportunities

Risks and opportunities and the processes for han-

dling risks and opportunities at Deutsche Sparkassen

Leasing AG & Co. KG are largely consistent with those

applicable at the Deutsche Leasing Group. Please refer

to the › “Report on risks and opportunities and forecast

report” chapter.

Forecast report

In general, Deutsche Sparkassen Leasing AG & Co. KG

is subject to the same factors as the Deutsche Leasing

Group in relation to its envisaged business develop-

ment. Please refer to the › “Report on risks and opportu-

nities and forecast report” chapter for further informa-

tion and figures.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Bad Homburg v. d. Höhe, 16 December 2014


represented by its general partner

Deutsche Sparkassen Leasing

Verwaltungs-Aktiengesellschaft

Ostermann Jüngling Laukin Weis


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 75

76 Consolidated balance sheet

78 Consolidated profit and loss account

80 Notes to the consolidated financial

statements

96 Statement of cash flows

97 Statement of changes in equity

Consolidated financial statements 2013 2014

CO

NS

OL

IDA

TE

D F

INA

NC

IAL

ST

AT

EM

EN

TS

Consolidated balance sheet as at 30 September 2014Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe

Assets

As at 30/09/2014 As at 0/09/2013

EUR EUR TEUR

1. Cash reservesa) Cash in hand

47,465.97

50

2. Receivables from credit institutionsa) Due dailyb) Other receivables

276,398,510.89 150,040,649.43

426,439,160.32

355,048 136,198

3. Receivables from customers 5,535,423,158.22 5,328,501

4. Equities and other non-fixed interest securities 452,124.32 97

5. Investmentsof which: in credit institutions EUR 126,276,382.28 (previous year: TEUR 116,421)

144,882,769.26 134,142

6. Shares in affiliated companies 14,682,989.60 16,417

7. Leasing assets 9,655,049,115.44 9,534,193

8. Intangible assetsa) Concessions, industrial property rights

acquired for consideration and similar rights and assets and licenses for such rights and assets

b) Goodwillc) Advanced payments

14,754,562.35 896,102.07

2,390,316.34

18,040,980.76

11,704 1,189 3,506

9. Property, plant and equipment 99,298,256.88 99,657

10. Other assets 279,585,649.25 256,782

11. Prepayments and accrued income 15,649,168.66 13,722

Total assets 16,189,550,838.68 15,891,206

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S76

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Liabilities

As at 30/09/2014 As at 30/09/2013

EUR EUR TEUR

1. Liabilities owed to credit institutionsa) Due dailyb) With agreed maturity or notice period

722,157,373.42

8,441,461,852.98

9,163,619,226.40

441,891

8,321,383

2. Liabilities owed to customersa) Other liabilities

aa) Due dailyab) With agreed maturity or notice period

108,725,570.61 603,581,980.17

712,307,550.78

96,277 636,710

3. Liabilities evidenced by securitiesa) Issued bonds

337,900,000.00

351,100

4. Other liabilities 363,913,655.60 333,767

5. Prepayments and accrued income 4,652,969,890.84 4,809,939

6. Provisionsa) Provisions for pensions

and similar obligationsb) Provisions for taxationc) Other provisions

89,335,432.75 17,911,126.06

108,884,740.90

216,131,299.71

82,263 16,313

149,463

7. Fund for general banking risks 114,000,000.00 56,000

8. Equitya) Called-up capital

subscribed capital/ equity shares of limited partners

b) Reservesc) Differences from currency translationd) Shares of minority interests and

unconsolidated subsidiariese) Net profit for the year

240,000,000.00 297,571,170.38

13,536,091.54

12,213,368.49 65,388,584.94

628,709,215.35

240,000 274,024

7,484

14,175 60,417

Total equity and liabilities 16,189,550,838.68 15,891,206

1. Contingent liabilities Liabilities under suretyships and guarantee

agreements 391,253,336.04 570,496

2. Other obligations Irrevocable loan commitments 112,652,096.20 75,448

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Consolidated profit and loss account for the period from 1 October 2013 to 30 September 2014Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe

2013 / 2014 2012 / 2013

EUR EUR EUR TEUR

1. Leasing income 6,151,245,880.40 6,288,514

2. Leasing expenses - 2,921,533,321.19 3,229,712,559.21 - 3,116,275

3. Interest income from a) Credit and money market transactions

99,161,118.90

105,370

4. Interest expenses - 232,942,833.39 - 133,781,714.49 - 262,316

5. Current income from a) Investmentsb) Shares in affiliated companies

10,862,018.05

3,997,285.21 14,859,303.2610,454

2,154

6. Income from profit and loss transfer agreements 4,380,267.84 1,511

7. Commission income 15,604,166.78 20,880

8. Commission expenses - 15,502,748.49 101,418.29 - 15,813

9. Other operating income 353,587,826.57 327,555

10. General administrative expensesa) Personnel expenses

aa) Wages and salariesab) Social security contributions and expendi-

tures for retirement pensions and other benefits of which: for retirement pensions EUR 4,864,234.15 (previous year: TEUR 2,457)

b) Other administrative expenses

- 163,213,564.49

- 28,251,473.91

- 191,465,038.40

- 117,880,481.35

- 309,345,519.75

- 159,678

- 25,033

- 118,973

11. Depreciation and valuation adjustments ona) Leasing assetsb) Intangible assets and property,

plant and equipment

- 2,673,375,953.70

- 15,319,239.19 - 2,688,695,192.89

- 2,569,096

- 16,466

12. Other operating expenses - 242,933,800.89 - 257,271


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

2013 / 2014 2012 / 2013

EUR EUR EUR TEUR

13. Depreciation and valuation adjustments on receivables and specific securities and allocations to provisions for leasing and loan business of which: expenses for allocation to the fund for general banking risks pursuant to § 340g HGB EUR 58,000,000.00 (previous year: TEUR 27,000)

- 122,575,960.50

- 122,575

14. Depreciation and valuation adjustments on in-vestments, shares in affiliated companies and securities treated as non-current assets

- 3,048,615.69

- 5,386

15. Expenses from profit and loss transfer agreements

- 2,107,047.81

- 4,100

16. Profit on ordinary activities 100,153,523.15 83,456

17. Extraordinary profita) Extraordinary incomeb) Extraordinary expenses

114,834.65- 130,326.22 - 15,491.57

18. Taxes on income and profit - 31,278,990.14 - 19,828

19. Other taxes, not included under item 12

- 2,584,760.12

- 2,478

20. Net income for the year 66,274,281.32 61,150

21. Profits attributable to minority interests and unconsolidated subsidiaries

- 1,337,084.72

- 1,359

22. Losses attributable to minority interests and unconsolidated subsidiaries

451,388.34

626

23. Net profit for the year 65,388,584.94 60,417

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


General disclosures

As a financial services provider, Deutsche Sparkassen

Leasing AG & Co. KG has prepared its consolidated fi-

nancial statements for the financial year ending 30

September 2014 in accordance with commercial law

provisions (§§ 290 ff. HGB), the supplementary provi-

sions for credit institutions and financial services pro-

viders (§§ 340 ff. HGB) as well as the provisions of the

German Accounting Ordinance for Banks and Finan-

cial Services Providers (Verordnung über die Rech-

nungslegung der Kreditinstitute und Finanzdienstleis-

tungsinstitute, RechKredV). The company makes use

of RechKredV forms 1 (balance sheet) and 3 (verti-

cal-format profit and loss account).

Due to the parent company’s legal form, equity is pre-

sented in deviation from the requirements stipulated

on the RechKredV forms. The components of the com-

pany’s reserves are not disclosed separately.

Where disclosures may be provided either in the con-

solidated balance sheet or the notes to the consolidat-

ed financial statements, they are provided in the notes.

Group of consolidated companies

As well as Deutsche Sparkassen Leasing AG & Co. KG, a

total of 101 subsidiaries have been incorporated in the

consolidated financial statements. By comparison

with the previous year, one subsidiary was deconsoli-

dated and one company was merged with another sub-

sidiary. This has not had any adverse impact on com-

parability with the previous year.

The subsidiaries which are of minor significance for

an assessment of the net asset, financial and profit sit-

uation − even collectively – have not been consolidated

and have not been valued according to the equity

method.

A total of twelve associated companies have been val-

ued using the equity method.

Notes to the consolidated financial statements for the financial year 2013 / 2014

Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Name of the company Registered office of the company Equity share in per cent

Germany

Deutsche Leasing AG Bad Homburg v. d. Höhe 100.0

Deutsche Leasing Baden-Württemberg GmbH Stuttgart 100.0

Deutsche Leasing Finance GmbH Bad Homburg v. d. Höhe 100.0

Deutsche Leasing Fleet GmbH Bad Homburg v. d. Höhe 100.0

Deutsche Leasing für Sparkassen und Mittelstand GmbH Bad Homburg v. d. Höhe 100.0

Deutsche Leasing Information Technology GmbH Bad Homburg v. d. Höhe 100.0

Deutsche Leasing International GmbH Bad Homburg v. d. Höhe 100.0

DAL Deutsche Anlagen-Leasing GmbH & Co. KG Wiesbaden 99.8

AutoExpo Deutsche Auto-Markt GmbH Fernwald-Steinbach (to 24 March 2014: Giessen)

100.0

Bad Homburger Inkasso GmbH Bad Homburg v. d. Höhe 47.4

BHS Bad Homburger Servicegesellschaft mbH Bad Homburg v. d. Höhe 100.0

Deutsche Mobilien Leasing GmbH Bad Homburg v. d. Höhe 100.0

Deutsche Mobilien Vermietungsgesellschaft mbH Bad Homburg v. d. Höhe 100.0

Deutsche Objekt-Leasing GmbH Bad Homburg v. d. Höhe 100.0

S-Kreditpartner GmbH Berlin 33.3

Universal Factoring GmbH Essen 100.0

The parent company has the following key investments:

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Name of the company Registered office of the company

Equity share in per cent

Other countries

Deutsche Leasing Austria GmbH Vienna 100.0

Deutsche Leasing Benelux N.V. Antwerp (Berchem) 100.0

Deutsche Leasing Bulgaria EAD Sofia 100.0

Deutsche Leasing Canada (Del.), Inc. Wilmington 100.0

Deutsche Leasing Canada, Corp. Halifax 100.0

Deutsche Leasing (China) Co., Ltd. Shanghai 100.0

Deutsche Leasing CR, spol. s r.o. Prague 100.0

Deutsche Leasing France Operating S.A.S. Rueil Malmaison 100.0

Deutsche Leasing France S.A.S. Rueil Malmaison 100.0

Deutsche Leasing Funding B. V. Amsterdam 100.0

Deutsche Leasing Hungária Pénzügyi Zrt. Budapest 100.0

Deutsche Leasing Hungária Kft. Budapest 100.0

Deutsche Leasing Ibérica, E.F.C., S.A.U. Barcelona 100.0

DL Ibérica EquipRent, S.A. Barcelona 100.0

Deutsche Leasing (Ireland) Limited Dublin 100.0

Deutsche Leasing Italia S.p.A. Milan 100.0

Deutsche Leasing Operativo S.r.l. Milan 100.0

Deutsche Leasing Nederland B. V. Amsterdam 100.0

Deutsche Leasing North America, Inc. Wilmington 100.0

Deutsche Leasing USA, Inc. Wilmington 100.0

Deutsche Leasing Polska S.A. Warsaw 100.0

Deutsche Leasing Romania IFN S.A. Bucharest 100.0

Deutsche Leasing Romania Operational SRL Bucharest 100.0

Deutsche Leasing Slovakia, spol. s r.o. Bratislava 100.0

Deutsche Leasing Sverige AB Stockholm 100.0

Deutsche Leasing (UK) Limited London 100.0

Deutsche Leasing (Asia Pacific) Limited London 100.0

Deutsche Leasing Vostok AG (to 7 September 2014: Deutsche Leasing Vostok ZAO)

Moscow 100.0

Locadora DL do Brasil LTDA São Paulo 100.0

Please refer to the appendix to the notes (§ 313 (2) HGB) for full › disclosures concerning shareholdings.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Consolidation methods

For subsidiaries newly incorporated in the group of

consolidated companies, capital consolidation is per-

formed according to the revaluation method. The his-

torical costs of the shares in subsidiaries are offset

against their share of equity as of the date on which

this company became a subsidiary.

The profits brought forward of consolidated subsidiar-

ies are allocated to the reserves.

Loans, receivables and liabilities between consolidat-

ed companies are offset.

Trade receivables and other income realised between

consolidated companies are offset against correspond-

ing expenses.

Future receivables resulting from intra-Group pur-

chases of receivables – which are reported in the con-

solidated financial statements at their present value –

are consolidated with the deferred income item from

sales of receivables under leasing contracts. Any re-

maining amount is reported in the profit and loss ac-

count.

The value of the investments reported at equity has

been calculated by means of the book value method as

of the date on which the company became an associat-

ed company.

Currency translation

Currency translation for foreign financial statements

is based on the modified closing rate method. Assets

and liabilities are translated at mean spot exchange

rates on the balance-sheet date, expenses and income

at average annual rates and equity at historical rates.

Differences resulting from currency translation are

not recognised in income and are separately reported

in equity.

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Accounting policies

Currency translation is in accordance with the rules

laid down in § 340h HGB and §§ 298, 300 (2) in connec-

tion with 256a HGB.

Cash reserves and receivables from credit institutions

are reported at nominal value.

In principle, receivables are reported at their historical

costs. Claims under hire-purchase contracts and sales

of receivables are reported at their present value. Dis-

cernible risks are taken into account by means of de-

preciation to the lower fair value. According to §§ 253

(5) in connection with 298, 300 (2) HGB write-ups are

implemented where the grounds for depreciation are

no longer applicable.

As a rule, scheduled depreciation on newly acquired

leasing assets is in line with the term of the leasing

contracts.

The straight-line depreciation method is used instead

of the declining-balance depreciation method if this

results in an increase in depreciation.

Intangible assets are reported at their historical costs

less scheduled amortisation.

Property, plant and equipment is valued at historical

costs less scheduled depreciation.

Leasing goods, intangible assets and property, plant and

equipment are subject to non-scheduled depreciation in

case of permanent impairment. Leasing goods are sub-

ject to non-scheduled depreciation in case of possible

risks associated with violations of leasing contracts.

Goodwill is subject to straight-line depreciation over

the average residual terms of the respective company’s

portfolio of contracts, over a period of 7.5 years or 5

years.

In principle, other assets are reported at their histori-

cal costs. Where this includes assets resulting from ter-

minated leasing contracts, these are valued at amor-

tised historical costs.

Liabilities are valued at their settlement amounts.

Deferred income mainly consists of the selling prices

resulting from the sale of leasing receivables. Where

these result from the sale of non-straight-line leasing

instalments they are reversed in proportion to the cap-

ital, and otherwise on a straight-line basis. In case of

non-monthly leasing instalments, deferred income in-

cludes income to guarantee realisation of revenues in

accordance with the performance period.

Provisions for pensions have been valued using the

projected unit credit method and their reported

amounts are based on an actuarial calculation. The

provision amount has been calculated in accordance

with §§ 253 (2) in combination with 298, 300 (2) HGB in

connection with the German Provisions Discounting

Ordinance (Rückstellungsabzinsungsverordnung)

with the interest rates for accounting purposes indicat-

ed by the German Bundesbank of between 4.70 and

4.89 per cent. This calculation is based on the current

Heubeck 2005 G guideline tables and an index-linked

salary and pension increase of 2.00 per cent.

Provisions for anniversary bonuses have been calcu-

lated according to the projected unit credit method,

with a discounting rate of between 4.70 and 4.89 per

cent and an index-linked salary increase of 2.00 per

cent. For calculation of the rate of fluctuation, age- and

gender-specific fluctuation probabilities averaging

4.00 to 5.00 per cent have been applied. Old-age part-

time working obligations are calculated by means of

discounting rates of between 3.09 and 4.89 per cent

and an index-linked salary increase of 2.00 per cent.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Provisions for taxation and other provisions are re-

ported in the value of the settlement amount which is

deemed necessary according to a prudent commercial

assessment.

Financial statements of foreign companies have been

included on the basis of the uniform valuation meth-

ods for the consolidated financial statements, while

complying with specific features in individual coun-

tries and the principle of materiality.

Within the scope of the loss-free valuation of inter-

est-related business in the banking book, a progress

review has been prepared for financial assets as well

as interest-bearing deposit operations, including care-

fully calculated risk and administrative expenses. The

surpluses expected to result from this have been iden-

tified. This has not given rise to a need to establish pro-

visions for contingent losses.

In cases where liabilities (underlying transactions) are

pooled (valuation units) to equalise opposite cash

flows or changes in value resulting from similar risks

entered into through financial instruments (hedging

instruments), the general valuation principles laid

down in § 254 HGB will not apply insofar as and for as

long as opposite cash flows or changes in value equal-

ise one another. In principle, changes in the values of

underlying transactions and hedging instruments will

be calculated for the effective portion within the

framework of the net hedge presentation method.

Deferred taxes are calculated for time differences be-

tween the commercial and tax balance sheet valua-

tions of assets, liabilities and accruals and deferrals, in

principle encompassing includable tax loss carryfor-

wards. Timing differences resulting from the compa-

ny’s own balance-sheet items are included as well as

those applicable for subsidiary companies. Domestic

and foreign subsidiaries which are not included in the

tax group are also considered. Tax loss carryforwards

are included in the valuation of deferred tax assets if

they are expected to be offsettable against taxable in-

come within a period of five years. Deferred taxes are

calculated on the basis of the income tax rate for the

respective member company of the consolidated

group of between 10.00 per cent and 35.00 per cent. De-

ferred tax assets and liabilities are offset. Due to the

overall assessment – including the deferred taxes from

the annual financial statements of the incorporated

companies – in case of tax relief, balance-sheet report-

ing is waived in line with the capitalisation option. In

the reporting year no deferred taxes are reportable in

the consolidated financial statements of Deutsche

Sparkassen Leasing AG & Co. KG, since this option has

not been used.

Notes on the consolidated balance sheet

Please see the fixed-asset movement schedule for dis-

closures concerning equities and other non-fixed in-

terest securities, investments, shares in affiliated com-

panies, leasing assets, intangible assets and property,

plant and equipment.

Please see below for the disclosures concerning receiv-

ables from credit institutions and customers as well as

the liabilities owed to credit institutions and custom-

ers and liabilities evidenced by certificates.

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Historical costs Accumulated Book value Depreciation in

01/10/2013 Additions Disposals Reclassifications depreciation/amortisation 30/09/2014 30/09/2013 financial year

EUR EUR EUR EUR EUR EUR EUR EUR

1. Equities and other non- fixed interest securities

96,809.19

385,789.15

2,600.00

0.00

27,874.02

452,124.32

96,809.19

20,131.94

2. Investments

Investments in associated companies

125,231,236.07

11,319,990.95

467,208.00

0.00

0.00

136,084,019.02

125,231,236.07

0.00

Other investments 8,911,299.90 64,770.90 177,320.56 0.00 0.00 8,798,750.24 8,911,299.90 0.00

134,142,535.97 11,384,761.85 644,528.56 0.00 0.00 144,882,769.26 134,142,535.97 0.00

3. Shares in affiliated companies 16,878,888.71 1,261,000.00 3,097,451.11 0.00 359,448.00 14,682,989.60 16,417,182.35 0.00

4. Leasing assets

Leasing goods 16,311,251,408.71 3,522,924,103.66 3,596,956,450.37 + 186,013,630.13 7,084,313,980.51 9,338,918,711.62 9,249,994,207.77 2,673,375,953.70

Advanced payments 284,198,965.66 486,111,070.02 268,166,001.73 - 186,013,630.13 0.00 316,130,403.82 284,198,965.66 0.00

16,595,450,374.37 4,009,035,173.68 3,865,122,452.10 0.00 7,084,313,980.51 9,655,049,115.44 9,534,193,173.43 2,673,375,953.70

5. Intangible assets

Industrial rights 77,509,273.49 9,315,734.84 171,446.46 + 131,692.00 72,030,691.52 14,754,562.35 11,704,300.56 6,380,408.56

Goodwill 5,871,218.37 0.00 0.00 0.00 4,975,116.30 896,102.07 1,188,724.55 292,622.48

Advanced payments 3,505,840.47 304,721.30 1,331,336.43 - 88,909.00 0.00 2,390,316.34 3,505,840.47 0.00

86,886,332.33 9,620,456.14 1,502,782.89 42,783.00 77,005,807.82 18,040,980.76 16,398,865.58 6,673,031.04

6. Property, plant and equipment

Buildings on leasehold properties 83,012,518.66 6,412.43 0.00 + 4,094.71 9,267,602.54 73,755,423.26 76,134,594.79 2,388,163.14

Fittings, tools and equipment 44,927,562.85 14,527,579.19 6,338,087.42 + 217.00 27,752,506.97 25,364,764.65 23,057,582.51 6,258,045.01

Advanced payments 464,431.93 4,631.37 243,899.62 - 47,094.71 0.00 178,068.97 464,431.93 0.00

128,404,513.44 14,538,622.99 6,581,987.04 - 42,783.00 37,020,109.51 99,298,256.88 99,656,609.23 8,646,208.15

16,961,859,454.01 4,046,225,803.81 3,876,951,801.70 0.00 7,198,727,219.86 9,932,406,236.26 9,800,905,175.75 2,688,715,324.83

Fixed-asset movement schedule


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Historical costs Accumulated Book value Depreciation in

01/10/2013 Additions Disposals Reclassifications depreciation/amortisation 30/09/2014 30/09/2013 financial year

EUR EUR EUR EUR EUR EUR EUR EUR

1. Equities and other non- fixed interest securities

96,809.19

385,789.15

2,600.00

0.00

27,874.02

452,124.32

96,809.19

20,131.94

2. Investments

Investments in associated companies

125,231,236.07

11,319,990.95

467,208.00

0.00

0.00

136,084,019.02

125,231,236.07

0.00

Other investments 8,911,299.90 64,770.90 177,320.56 0.00 0.00 8,798,750.24 8,911,299.90 0.00

134,142,535.97 11,384,761.85 644,528.56 0.00 0.00 144,882,769.26 134,142,535.97 0.00

3. Shares in affiliated companies 16,878,888.71 1,261,000.00 3,097,451.11 0.00 359,448.00 14,682,989.60 16,417,182.35 0.00

4. Leasing assets

Leasing goods 16,311,251,408.71 3,522,924,103.66 3,596,956,450.37 + 186,013,630.13 7,084,313,980.51 9,338,918,711.62 9,249,994,207.77 2,673,375,953.70

Advanced payments 284,198,965.66 486,111,070.02 268,166,001.73 - 186,013,630.13 0.00 316,130,403.82 284,198,965.66 0.00

16,595,450,374.37 4,009,035,173.68 3,865,122,452.10 0.00 7,084,313,980.51 9,655,049,115.44 9,534,193,173.43 2,673,375,953.70

5. Intangible assets

Industrial rights 77,509,273.49 9,315,734.84 171,446.46 + 131,692.00 72,030,691.52 14,754,562.35 11,704,300.56 6,380,408.56

Goodwill 5,871,218.37 0.00 0.00 0.00 4,975,116.30 896,102.07 1,188,724.55 292,622.48

Advanced payments 3,505,840.47 304,721.30 1,331,336.43 - 88,909.00 0.00 2,390,316.34 3,505,840.47 0.00

86,886,332.33 9,620,456.14 1,502,782.89 42,783.00 77,005,807.82 18,040,980.76 16,398,865.58 6,673,031.04

6. Property, plant and equipment

Buildings on leasehold properties 83,012,518.66 6,412.43 0.00 + 4,094.71 9,267,602.54 73,755,423.26 76,134,594.79 2,388,163.14

Fittings, tools and equipment 44,927,562.85 14,527,579.19 6,338,087.42 + 217.00 27,752,506.97 25,364,764.65 23,057,582.51 6,258,045.01

Advanced payments 464,431.93 4,631.37 243,899.62 - 47,094.71 0.00 178,068.97 464,431.93 0.00

128,404,513.44 14,538,622.99 6,581,987.04 - 42,783.00 37,020,109.51 99,298,256.88 99,656,609.23 8,646,208.15

16,961,859,454.01 4,046,225,803.81 3,876,951,801.70 0.00 7,198,727,219.86 9,932,406,236.26 9,800,905,175.75 2,688,715,324.83

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


30/09/2014 30/09/2013

EUR TEUR

Receivables from credit institutionsa) due dailyb) with agreed maturity or notice period

ba) up to three monthsbb) more than three months and up to one yearbc) more than one year and up to five yearsbd) more than five years

426,439,160.32276,398,510.89150,040,649.43147,320,570.08

0.000.00

2,720,079.35

491,246355,048136,198133,482

––

2,716

Receivables from customersa) up to three monthsb) more than three months and up to one yearc) more than one year and up to five yearsd) more than five yearse) with an indefinite term

5,535,423,158.22365,196,619.81891,494,042.95

2,933,190,115.331,062,734,309.06

282,808,071.07

5,328,501390,939844,244

2,821,816977,834293,668

30.9.2014 30.9.2013

EUR TEUR

Liabilities owed to credit institutionsa) due dailyb) with agreed maturity or notice period


9,163,619,226.40722,157,373.42

8,441,461,852.981,332,854,554.751,886,062,630.274,457,964,611.27

764,580,056.69

8,763,274441,891

8,321,3831,443,7192,118,8713,983,793

775,000

Liabilities owed to customersa) due dailyb) with agreed maturity or notice period


712,307,550.78108,725,570.61603,581,980.17

71,479,258.08180,081,599.59330,007,067.85

22,014,054.65

732,98796,277

636,71072,377

187,816356,008

20,509

Liabilities evidenced by securitiesa) up to three monthsb) more than three months and up to one yearc) more than one year and up to five yearsd) more than five years

337,900,000.00233,000,000.00104,900,000.00

0.000.00

351,100274,100

77,000––


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Receivables from credit institutions mainly relate to

sales of receivables to savings banks and credit institu-

tions which have not yet been settled up. Receivables

from shareholders amount to EUR 7.9 million (previ-

ous year: EUR 9.9 million).

Of the receivables from customers, EUR 3,919.7 million

(previous year: EUR 3,894.6 million) relates to leasing

and hire-purchase business. Foreign-currency receiva-

bles amount to EUR 1,767.0 million (previous year:

EUR 1,634.2 million). Receivables from shareholders

amount to TEUR 45 million (previous year: TEUR 52).

Of the property, plant and equipment, EUR 72.9 million

(previous year: EUR 75.3 million) relates to the main

administrative headquarters of the Deutsche Leasing

Group and EUR 25.4 million (previous year: EUR 23.1

million) to fittings, tools and equipment.

The other assets item includes loans to an affiliated

company in the amount of EUR 92.7 million and subor-

dinated loans to Opuslambda Ltd., Dublin, in connec-

tion with structured financing with a value of EUR 48.9

million. Foreign-currency amounts total EUR 40.5 mil-

lion (previous year: EUR 26.4 million).

The accruals and deferrals item includes prepaid pre-

miums for credit and property insurance in the

amount of EUR 1.3 million (previous year: EUR 0.6 mil-

lion) as well as discounts resulting from issuance of

bonds in the amount of EUR 0.5 million (previous year:

EUR 0.2 million).

Liabilities owed to credit institutions mainly relate to

loans and time deposits and include foreign-currency

items in the amount of EUR 1,324.4 million (previous

year: EUR 1,243.1 million). In addition, liabilities owed

to shareholders amount to EUR 597.7 million (previous


Of the other liabilities, liabilities owed to suppliers

comprise EUR 266.2 million (previous year: EUR 227.2

million).

Of the total liabilities, EUR 216.0 million (previous

year: EUR 190.1 million) is secured by means of the

transfer of title of leasing goods for security purposes.

This is associated with the sale of claims associated

with residual values and exclusively relates to the par-

ent company’s liabilities owed to credit institutions.

Provisions for pensions and similar obligations have

been established for employees and former Manage-

ment Board members. Of the reinsurance asset item in

the amount of TEUR 1,010 – reported at its fair value in

accordance with §§ 255 (4) Clause 4 in connection with

298, 300 (2) HGB – TEUR 880 has been offset against the

pension provisions.

The other provisions relate to outstanding payments

for the personnel segment and provisions for old-age

part-time working and anniversary bonuses and also,

in the amount of EUR 26.1 million (previous year: EUR

34.2 million) to leasing business.

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Contingent liabilities include liabilities resulting from

suretyships and guarantee agreements in connection

with the hiving-off of business for financing of cars

and leisure vehicles. These amount to EUR 171.2 mil-

lion.

Derivatives (interest-rate swaps, currency swaps, inter-

est-rate/currency swaps, forward exchange transac-

tions) are exclusively entered into for hedging of inter-

est-rate fluctuation/currency risks.

The risk resulting from various payment flows (inter-

est rate, fixed interest-rate period, currency) and

changes in value for the underlying transactions (leas-

ing contracts and corresponding financing) is man-

aged by means of these derivatives. For this purpose,

Deutsche Sparkassen Leasing AG & Co. KG pools

groups of underlying transactions involving one or

more hedging instruments as valuation units (portfo-

lio hedge) and hedges any shortfall of cover (net risk

position).

The nominal volume of the derivatives corresponds to

the value of the liabilities shown in the balance sheet

or current leasing claims in the respective valuation

units. The term of the derivatives matches the term of

the underlying transactions. In principle, these trans-

actions will not be prematurely unwound.

As of 30 September 2014, the nominal value of the de-

rivatives amounted to EUR 1,949.0 million. The total

derivatives with negative fair values as of the bal-

ance-sheet date amount to EUR 37.4 million (deter-

mined by means of the mark-to-market method). Due

to the effectiveness of the valuation units, no provi-

sions are established. The derivatives have a maxi-

mum remaining term of 9.4 years.

Effectiveness is prospectively measured by means of a

comparison of the relevant parameters for the under-

lying transactions and hedging instruments in both

qualitative and quantitative terms, nominally and ar-

ithmetically. A documented, appropriate and function-

al risk management system is also used for these

transactions.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Notes on the profit and loss account

The disclosures concerning the classification of in-

come by geographic market are based on the structure

selected by the parent company for control and report-

ing purposes.

Leasing income comprises revenues from leasing in-

stalments and hire-purchase contracts as well as reve-

nues from the resale of leasing goods and was mainly

realised in Germany.

Leasing expenses comprise expenses resulting from

the acquisition of hire-purchase assets and the dispos-

al of leasing goods.

Interest income includes income from affiliated com-

panies in the amount of TEUR 13 (previous year: TEUR

373). Interest income includes income in accordance

with §§ 277 (5) in connection with 298, 300 (2) HGB in

the amount of TEUR 8 (previous year: TEUR 47). Of the

interest income, EUR 78.7 million (previous year: EUR

80.0 million) relates to Germany and EUR 20.5 million

(previous year: EUR 25.4 million) to other countries.

Interest expenses include expenses relating to affiliat-

ed companies in the amount of TEUR 600 (previous

year: TEUR 28). The interest expenses also include ex-

penses in accordance with §§ 277 (5) in connection

with 298, 300 (2) HGB in the amount of EUR 1.0 million

(previous year: EUR 5.1 million).

Of the commission income, TEUR 15,359 is attributable

to Germany and TEUR 245 to other countries.

The other operating income mainly comprises services

income. This item includes income not related to the

period in the amount of EUR 46.0 million (previous

year: EUR 18.5 million). Of the other operating income,

EUR 303.0 million is attributable to Germany and EUR

50.6 million to other countries.

Depreciation of leasing assets includes non-scheduled

depreciation in the amount of EUR 9.4 million (previ-

ous year: EUR 20.1 million).

The other operating expenses mainly comprise servic-

es expenses. This item includes expenses not related to

the period in the amount of EUR 0.9 million (previous


Taxes on income and profit include tax expenses not

related to the period in the amount of EUR 0.5 million

(previous year: EUR 1.2 million).

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Other disclosures

The parent company has issued letters of comfort and loan guarantees for the following subsidiaries to their

financing banks:

Name of the company Registered office of the company

Deutsche Leasing Austria GmbH Vienna

Deutsche Leasing Benelux N.V. Antwerp (Berchem)

Deutsche Leasing Bulgaria EAD Sofia

Deutsche Leasing (China) Co., Ltd. Shanghai

Deutsche Leasing CR, spol. s r.o. Prague

Deutsche Leasing France Operating S.A.S. Rueil Malmaison

Deutsche Leasing France S.A.S. Rueil Malmaison

Deutsche Leasing Funding B. V. Amsterdam

Deutsche Leasing Hungária Pénzügyi Zrt. Budapest

Deutsche Leasing Hungária Kft. Budapest

Deutsche Leasing Ibérica, E.F.C., S.A.U. Barcelona

DL Ibérica EquipRent, S.A. Barcelona

Deutsche Leasing (Ireland) Limited Dublin

Deutsche Leasing Italia S.p.A. Milan

Deutsche Leasing Operativo S.r.l. Milan

Deutsche Leasing Nederland B. V. Amsterdam

Deutsche Leasing Polska S.A. Warsaw

Deutsche Leasing Romania IFN S.A. Bucharest

Deutsche Leasing Romania Operational SRL Bucharest

Deutsche Leasing Slovakia, spol. s r. o. Bratislava

Deutsche Leasing Sverige AB Stockholm

Deutsche Leasing (UK) Limited London

Deutsche Leasing Vostok AG (to 7 September 2014: Deutsche Leasing Vostok ZAO)

Moscow

Locadora DL do Brasil LTDA São Paulo


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

The parent company provides the following confirma-

tion within the scope of the letters of comfort:

With the exception of a political risk scenario, Deutsche

Sparkassen Leasing AG & Co. KG hereby undertakes to

provide its subsidiary with funding so that it is able to

fulfil its liabilities.

Through a loan guarantee-based commitment in rela-

tion to the financing banks, the political risk is regu-

larly also assumed. This is particularly applicable in

relation to the subsidiaries Deutsche Leasing (China)

Co., Ltd., Shanghai, Deutsche Leasing Vostok AG, Mos-

cow, and Deutsche Leasing CR, spol. s r.o., Prague. In

principle, Deutsche Sparkassen Leasing AG & Co. KG

also assumes the political risk for its financing com-

pany Deutsche Leasing Funding B.V., Amsterdam, in

relation to the financing banks, within the scope of a

guarantee or a letter of comfort.

In view of current forecasts, the parent company con-

siders that the risk of recourse under the letters of

comfort and guarantees is highly improbable.

On the balance sheet date, other financial obligations

amounted to EUR 0.7 million under lease agreements

for branch offices (DAL). These lease agreements have

a remaining term expiring in 2019.

The spin-off of financing of cars and leisure vehicles

has resulted in a liability pursuant to § 133 of the Ger-

man Conversion Law (Umwandlungsgesetz, UmwG)

in the amount of EUR 152 million (previous year: EUR

307 million).

A second-hand car guarantee for a period of 12 months

is provided for motor vehicles sold to end-consumers.

On the balance-sheet date this has resulted in contin-

gent liabilities due to warranties. An insurance policy

has been taken out to cover this risk.

On the balance sheet date order commitments under

leasing and hire-purchase contracts amount to EUR

1,688.3 million (previous year: EUR 1,410.9 million).

In the past financial year the total fee for the auditor

amounted to TEUR 1,633 (previous year: TEUR 2,256).

This includes auditing services in the amount of

TEUR 1,382 (previous year: TEUR 1,880), other assur-

ance services in the amount of TEUR 141 (previous

year: TEUR 216), tax advice services in the amount of

TEUR 110 (previous year: TEUR 19) and other services

in the amount of TEUR 0 (previous year: TEUR 141).

Cash and cash equivalents in the statement of cash

flows consist of the freely disposable funds from the

cash reserves balance-sheet item as well as receiva-

bles from credit institutions which fall due on a daily

basis.

On average, the company had 1,048 female and 1,070

male employees in the past financial year.

Total remuneration of the members of the Superviso-

ry Board of the parent company amounted to EUR 0.3

million (previous year: EUR 0.3 million). Pension pro-

visions for the former members of the Management

Board amount to EUR 3.4 million (previous year:

EUR 3.5 million). EUR 0.6 million was paid out in the

form of pensions for former members of the Manage-

ment Board in the current financial year.

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


The Supervisory Board of the parent company has the following members:

Ludger Gooßens

Managing Director and Member of the Board

Deutscher Sparkassen- und Giroverband e.V., Berlin

Herbert Hans Grüntker (from December 2013)

Chief Executive Officer

Frankfurter Sparkasse, Frankfurt am Main

Hans-Michael Heitmüller

Retired Chief Executive Officer

Deutsche Leasing AG, Bad Homburg v. d. Höhe

Hubert Herpers (to December 2013)


Sparkasse Aachen, Aachen

Horst Herrmann


Kreissparkasse Saarlouis, Saarlouis

Michael Huber


Sparkasse Karlsruhe Ettlingen, Karlsruhe

Karl Jochem Kretschmer

Deputy Chief Executive Officer

Sparkasse Bochum, Bochum

Hans Jürgen Kulartz

Member of the Management Board

Landesbank Berlin AG, Berlin

Ulrich Lepsch


Sparkasse Spree-Neiße, Cottbus

Günther Passek


Sparkasse Trier, Trier

Alexander Wüerst

Chairman


Kreissparkasse Köln, Cologne

Walter Kleine (to August 2014)

Deputy Chairman


Sparkasse Hannover, Hanover

Dr. Walter Eschle

Deputy Chairman (from September 2014)


Stadtsparkasse Augsburg, Augsburg

Andreas Bartsch (from March 2014)


Sparkasse Marburg-Biedenkopf, Marburg

Frank Brockmann

Member of the Management Board

Hamburger Sparkasse AG, Hamburg

Ingo Buchholz (to March 2014)


Kasseler Sparkasse, Kassel

Rainer Burghardt


Kreissparkasse Herzogtum Lauenburg, Ratzeburg

Roland Burgis


Sparkasse Nürnberg, Nürnberg

Barbara Degenkolb

Savings Banks and SME Specialist

Deutsche Sparkassen Leasing AG & Co. KG,

Bad Homburg v. d. Höhe


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Dr. Birgit Roos (from December 2013)


Sparkasse Krefeld, Krefeld

Franz Scholz


Kreissparkasse Esslingen-Nürtingen, Esslingen

Rainer Schwab (from March 2014)

Works Council Chairman



Stephan Ziegler (to December 2013)


Nassauische Sparkasse, Wiesbaden

Meinolf Zörb (to March 2014)

SME Sales Manager Westphalia



The personally liable and managing shareholder of the parent company is Deutsche Sparkassen Leasing

Verwaltungs-Aktiengesellschaft, Bad Homburg v. d. Höhe, with subscribed capital amounting to EUR 50,000.00.

The Management Board of the managing shareholder of the parent company consists of the following persons:

Kai Ostermann, Chief Executive Officer

Friedrich Jüngling

Matthias Laukin

Rainer Weis

The Management Board receives EUR 3.2 million (previous year: EUR 3.8 million) for the performance of its tasks.

The consolidated financial statements are published in the German Federal Official Gazette.

Bad Homburg v. d. Höhe, 16 December 2014


represented by its general partner

Deutsche Sparkassen Leasing

Verwaltungs-Aktiengesellschaft

Ostermann Jüngling Laukin Weis

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


2013/2014 2012/2013

EUR million EUR million

1. Result for the period (including earnings interests held by minority interests and unconsolidated subsidiaries)

65.4 60.4

2. + Depreciation on leasing assets 2,673.4 2,569.1

3. - Additions to leasing assets - 4,009.0 - 3,789.7

4. + Residual book value from disposal of leasing assets 1,214.8 1,175.8

5. - Decrease in accrued leasing instalments - 14.6 - 7.1

6. Depreciation on and changes to leasing assets - 135.4 - 51.9

7. - Increase in hire-purchase receivables - 55.6 - 303.3

8. + Interest received 99.2 105.4

9. - Increase in receivables from customers and other assets - 298.5 - 150.1 *

10. Changes in hire-purchase and other assets - 254.9 - 348.0

11. - Interest paid - 232.9 - 262.3

12. +/- Increase/decrease in liabilities owed to credit institutions and liabilities evidenced by certificates

620.0

- 64.6

*

13. -/+ Decrease/increase in deferred income from sales of receivables - 142.4 43.9

14. Changes in refinancing leasing and hire-purchase 244.7 - 283.0

15. - Income tax payments - 27.5 - 17.1

16. -/+ Decrease/increase in provisions - 31.9 12.0

17. + Increase in other liabilities 37.0 615.0 *

18. + Depreciation on intangible assets and property, plant and equipment 15.3 16.5

19. + Increase in fund for general banking risks 58.0 27.0

20. + Other changes in equity 2.2 11.6

21. Changes in equity and other items 53.1 665.0

22. Cash outflow/inflow from current business activities - 27.1 42.5

23. Payments for acquisition of intangible assets and property, plant and equipment

- 23.5

- 14.6

24. Cash inflow from the sale of intangible assets and property, plant and equipment

6.9

4.4

25. Cash outflow from investing activities - 16.6 - 10.2

26. Cash outflow to shareholders - 35.0 - 35.0

27. Cash outflow from financing activities - 35.0 - 35.0

Changes in cash and cash equivalents items nos. (22)+(25)+(27) - 78.7 - 2.7

Cash and cash equivalents at the beginning of the period 355.1 357.8

Cash and cash equivalents at the end of the period 276.4 355.1

Statement of cash flows

Deutsche Sparkassen Leasing AG & Co. KG Group

* The amounts for the previous year have been adjusted due to changes in the reporting structure


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Subscribed capital/equity

shares of limited partners

Reserves

Differences

from Currency translation

Shares of minori-ty interests and unconsolidated

subsidiaries

Net profit for the year

Total equity

TEUR TEUR TEUR TEUR TEUR TEUR

Equity as at 30/09/2012 240,000 237,616 9,913 13,108 58,403 559,040

Charges against earnings (thereof distribution to shareholders)

- 58,403 (35,000)

- 58,403

Changes in reserves 36,408 36,408

Differences from currency translation - 2,429 - 2,429

Change in capital and earnings interests held by minority interests and unconsol-idated subsidiaries

1,067

1,067

Net profit for the year 60,417 60,417

Equity as at 30/09/2013 240,000 274,024 7,484 14,175 60,417 596,100

Subscribed capital/equity

shares of limited partners

Reserves

Differences

from Currency translation

Shares of minori-ty interests and unconsolidated

subsidiaries

Net profit for the year

Total equity

TEUR TEUR TEUR TEUR TEUR TEUR

Equity as at 30/09/2013 240,000 274,024 7,484 14,175 60,417 596,100

Charges against earnings (thereof distribution to shareholders)

- 60,417 (35,000)

- 60,417

Changes in reserves 23,547 23,547

Differences from currency translation 6,052 6,052

Change in capital and earnings interests held by minority interests and unconsol-idated subsidiaries

- 1,962

- 1,962

Net profit for the year 65,389 65,389

Equity as at 30/09/2014 240,000 297,571 13,536 12,213 65,389 628,709

Statement of changes in equity

Deutsche Sparkassen Leasing AG & Co. KG Group

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Group information 2013 2014

G R O U P I N F O R M A T I O N 99

101 Auditor’s report

102 Shareholders

103 Supervisory Board

105 Management Board

105 Senior Management

108 Corporate Structure

110 Addresses

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

GR

OU

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NF

OR

MA

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G R O U P I N F O R M A T I O N100

Deutsche Leasing

A N N U A L R E P O R T 2013 2014


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

included in the consolidated financial statements, de-

termination of the group of consolidated companies,

the accounting and consolidation principles used and

significant estimates made by the management board

of the company’s general partner, as well as evaluating

the overall picture provided by the consolidated finan-

cial statements and the summarised management re-

port. We believe that our audit provides a reasonable

basis for our opinion.

Our audit has not met with any objections.

In our assessment – based on our audit findings – the

consolidated financial statements comply with statu-

tory requirements and the supplementary provisions

of the company’s shareholders’ agreement and pro-

vide a true and fair view of the group’s net asset, finan-

cial and profit situation in compliance with the princi-

ples of orderly accounting. The summarised

management report is consistent with the consolidat-

ed financial statements, as a whole provides a suitable

understanding of the group’s position and suitably

presents the opportunities and risks associated with

future development.

Frankfurt am Main, 17 December 2014

KPMG AG

Wirtschaftsprüfungsgesellschaft

Becker Bauer

Wirtschaftsprüfer Wirtschaftsprüfer

(German Public Auditor) (German Public Auditor)

Auditor’s report

KPMG AG Wirtschaftsprüfungsgesellschaft has issued the following unqualified auditor’s report for the consoli-

dated financial statements as of 30 September 2014 and the related summarised management report:

We have audited the consolidated financial statements

prepared by Deutsche Sparkassen Leasing AG & Co.

KG, Bad Homburg v. d. Höhe – consisting of a balance

sheet, profit and loss account, notes, statement of cash

flows and statement of changes in shareholder’s equi-

ty – and the summarised management report for the

financial year from 1 October 2013 to 30 September

2014. The Management Board of the company’s gener-

al partner is responsible for preparation of the consoli-

dated financial statements and the summarised man-

agement report under German commercial-law

regulations and the supplementary provisions of the

company’s shareholders’ agreement. Our responsibili-

ty is to express an opinion on the consolidated finan-

cial statements and the summarised management re-

port based on our audit.

We conducted our audit of the consolidated financial

statements in accordance with § 317 of the German

Commercial Code (HGB) and the generally accepted

standards for the audit of financial statements prom-

ulgated by the German Institute of Public Auditors

(IDW). These standards require that we plan and per-

form the audit such that inaccuracies and violations

materially affecting the presentation of the net asset,

financial and profit situation in the consolidated fi-

nancial statements – in compliance with principles of

orderly accounting – and in the summarised manage-

ment report are detected with reasonable assurance.

Knowledge of the business activities and the economic

and legal environment of the group and expectations

as to possible errors are taken into account in the de-

termination of audit procedures. The effectiveness of

the accounting-related internal control system and the

evidence supporting the disclosures in the consolidat-

ed financial statements and the summarised manage-

ment report are examined primarily on a test basis

within the framework of the audit. The audit includes

assessing the financial statements of the companies

Shareholders Deutsche Sparkassen Leasing AG & Co. KG

Association of savings banks

Rheinischer Sparkassen- und Giroverband 20.02 per cent

Sparkassenverband Baden-Württemberg 18.80 per cent

Sparkassenverband Bayern 12.54 per cent

Sparkassen- und Giroverband Hessen-Thüringen 10.67 per cent

Sparkassenverband Westfalen-Lippe 9.61 per cent

Sparkassenverband Niedersachsen 6.27 per cent

Ostdeutscher Sparkassenverband 5.70 per cent

Hanseatischer Sparkassen- und Giroverband 4.22 per cent

Landesbank Berlin AG 3.86 per cent

Sparkassen- und Giroverband Schleswig-Holstein 3.68 per cent

Sparkassenverband Rheinland-Pfalz 3.56 per cent

Sparkassenverband Saar 1.07 per cent

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4G R O U P I N F O R M A T I O N102

Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Supervisory BoardDeutsche Sparkassen Leasing Verwaltungs-Aktiengesellschaft

Georg Fahrenschon, Chairman President, Deutscher Sparkassen- und Giroverband e.V., Berlin

Alexander Wüerst, Deputy Chairman Chief Executive Officer, Kreissparkasse Köln, Cologne

Franz Scholz Chief Executive Officer, Kreissparkasse Esslingen-Nürtingen, Esslingen

Supervisory BoardDeutsche Leasing AG

Alexander Wüerst, Chairman Chief Executive Officer, Kreissparkasse Köln, Cologne

Georg Fahrenschon, Deputy Chairman

President, Deutscher Sparkassen- und Giroverband e.V., Berlin


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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Supervisory Board Deutsche Sparkassen Leasing AG & Co. KG

Alexander Wüerst, Chairman Chief Executive Officer, Kreissparkasse Köln, Cologne

Walter Kleine (to August 2014), Deputy Chairman Chief Executive Officer, Sparkasse Hannover, Hanover (to December 2014)

Dr. Walter Eschle, Deputy Chairman (from September 2014) Deputy Chief Executive Officer, Stadtsparkasse Augsburg, Augsburg

Marina Barth (from December 2014) Member of the Management Board, Sparkasse Hannover, Hanover

Andreas Bartsch (from March 2014) Chief Executive Officer, Sparkasse Marburg-Biedenkopf, Marburg

Frank Brockmann Member of the Management Board, Hamburger Sparkasse AG, Hamburg

Ingo Buchholz (to March 2014) Chief Executive Officer, Kasseler Sparkasse, Kassel

Rainer Burghardt Chief Executive Officer, Kreissparkasse Herzogtum Lauenburg, Ratzeburg

Roland Burgis Deputy Chief Executive Officer, Sparkasse Nürnberg, Nuremberg

Barbara Degenkolb Savings Banks and SME Specialist, Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe

Ludger Gooßens Managing Director and Member of the Board, Deutscher Sparkassen- und Giroverband e.V., Berlin

Herbert Hans Grüntker (from December 2013) Chief Executive Officer, Frankfurter Sparkasse, Frankfurt am Main

Hans-Michael Heitmüller Retired Chief Executive Officer, Deutsche Leasing AG, Bad Homburg v. d. Höhe

Hubert Herpers (to December 2013) Chief Executive Officer, Sparkasse Aachen, Aachen

Horst Herrmann Chief Executive Officer, Kreissparkasse Saarlouis, Saarlouis

Michael Huber Chief Executive Officer, Sparkasse Karlsruhe Ettlingen, Karlsruhe

Karl Jochem Kretschmer Deputy Chief Executive Officer, Sparkasse Bochum, Bochum

Hans Jürgen Kulartz Member of the Management Board, Landesbank Berlin AG, Berlin

Ulrich Lepsch Chief Executive Officer, Sparkasse Spree-Neisse, Cottbus

Günther Passek Deputy Chief Executive Officer, Sparkasse Trier, Trier

Dr. Birgit Roos (from December 2013) Chief Executive Officer, Sparkasse Krefeld, Krefeld


Rainer Schwab (from March 2014) Works Council Chairman, Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe

Stephan Ziegler (to Dezember 2013) Chief Executive Officer, Nassauische Sparkasse, Wiesbaden

Meinolf Zörb (to March 2014), SME Sales Manager Westphalia, Deutsche Sparkassen Leasing AG & Co. KG, Bad Homburg v. d. Höhe

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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Executive Managers andMembers of the Management Team

Paul Dillenberger Finance

Nicolaus Newiger Organisation/Services

Directors of Business Segments/Market Units

Michael Velte, Harald J. Frings Fleet

Michael Hellmann Information Technology

Eckhard Creutzburg, Georg Hansjürgens, Thomas Stahl

International

Daniel Juncker Key Account Management

Dieter Behrens, Ulrich Gerlach,Ulrich Kühler, Frank Speckmann

Savings Banks and SMEs

Directors of Divisions

Norbert Schmidt Asset Management EQUIP

Heinz-Hermann Hellen Controlling/Accounting

Axel Brinkmann Group Audit

Michael Orth Middle Office Small Ticket Business

Thomas Remmel Organisation/Information Technology

Otto Schmitz Organisation/Information Technology International

Andreas Kaffka Human Resources

Michael Felde Legal Department

Klaus-Günther Rasch Domestic Risk Management I

Maik Mittelberg Domestic Risk Management II

Bernd Schröck International Risk Management

Uwe Bellmann Tax Accounting

Helmut Meier-Tanski Treasury

Tobias Bergmann Corporate Development

Birgit Probst Centralised Risk Management

Management BoardDeutsche Leasing AG und Deutsche Sparkassen Leasing Verwaltungs-Aktiengesellschaft

Kai Ostermann Chief Executive Officer

Friedrich Jüngling Management Board member

Matthias Laukin Management Board member

Rainer Weis Management Board member

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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Managing Directors, Subsidiaries Germany

Dieter Behrens, Ulrich Gerlach, Ulrich Kühler, Frank Speckmann Deutsche Leasing für Sparkassen und Mittelstand GmbH

Michael Velte, Harald J. Frings Deutsche Leasing Fleet GmbH

Friedrich Jüngling, Rainer Weis, Dietmar Wiethoff Deutsche Leasing Finance GmbH

Michael Hellmann Deutsche Leasing Information Technology GmbH

Eckhard Creutzburg, Georg Hansjürgens, Thomas Stahl Deutsche Leasing International GmbH

Paul Dillenberger, Ulrich Kühler Deutsche Leasing Baden-Württemberg GmbH

Wolfgang Born, Birgit Trapp, Holger Würk DAL Bautec Baumanagement und Beratung GmbH

Markus Strehle, Kai A. Eberhard, Andreas Geue DAL Deutsche Anlagen-Leasing GmbH & Co. KG

Michael Velte, Helmuth Barth AutoExpo Deutsche Auto-Markt GmbH

Thomas Schneider, Karsten Schneider Bad Homburger Inkasso GmbH

Heinz-Günter Scheer, Jan Welsch S-Kreditpartner GmbH

Fedor Krüger Universal Factoring GmbH

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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Managing Directors, Subsidiaries International

Ursula Leutl, Heinz Scheibenpflug Deutsche Leasing Austria GmbH

Marc Andries, Nora Vermin Deutsche Leasing Benelux N.V.Deutsche Leasing Nederland B. V.

Georg Hansjürgens, Rosen Mishev, Neno Stanev Deutsche Leasing Bulgaria EAD

Mark Belanger, Rainer Völker Deutsche Leasing Canada, Corp.

Arthur Lung, Linda Tian, Christian Vogt Deutsche Leasing (China) Co., Ltd.

Radan Havelka, Uta Reichel Deutsche Leasing CR, spol. s r.o.

Fabien Léon Leduc Deutsche Leasing France S.A.S.Deutsche Leasing France Operating S.A.S.

Thomas Wacker, Helmut Meier-Tanski Deutsche Leasing Funding B. V.

Georg Hansjürgens, Katalin Nyikos, András Trautmann Deutsche Leasing Hungária Kft.Deutsche Leasing Hungária Pénzügyi Zrt.

Anika Christophe, Karsten Reinhard Deutsche Leasing Ibérica, E.F.C., S.A.U.DL Ibérica EquipRent, S.A.U.

Neil Douglas, Dermot Lanigan, John Phillipou Deutsche Leasing (Ireland) Limited

Marco Brivio, Roberto Quarantelli Deutsche Leasing Italia S.p.A.Deutsche Leasing Operativo S.r.l.

Krzysztof Brzezinski Deutsche Leasing Polska S.A.

Cristina-Maria Muresean-Foti, Laurentiu Zaharia Deutsche Leasing Romania IFN S.A.Deutsche Leasing Romania Operational SRL

Radan Havelka, Uta Reichel Deutsche Leasing Slovakia, spol. s r.o.

Nicklas Karlbom, Jari Poutiainen Deutsche Leasing Sverige AB

Neil Douglas, John Phillipou Deutsche Leasing (UK) Limited

Mark Belanger, Rainer Völker Deutsche Leasing USA, Inc.

Oleg Maslennikov, Jonas Roever Deutsche Leasing Vostok AG

Oliver Markus d’Haese Locadora DL do Brasil LTDA

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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Mobile Equipment/Real Estate Leasing

Deutsche Leasing AG¹ 100 per cent

Deutsche Leasingfür Sparkassen und Mittelstand GmbH¹

100 per cent

Deutsche Leasing Fleet GmbH¹ 100 per cent

Deutsche LeasingInformation Technology GmbH¹

100 per cent

Deutsche Leasing International GmbH¹ 100 per cent

Deutsche Leasing Baden-Württemberg GmbH¹ 100 per cent

DAL Deutsche Anlagen-Leasing GmbH & Co. KG 99.8 per cent

Deutsche Sparkassen Leasing Verwaltungs-AktiengesellschaftOwners: around 400 savings banks, directly or through associated companies


International Business

Deutsche Leasing Austria GmbH (Vienna)

100 per cent Deutsche Leasing Italia S.p.A.Deutsche Leasing Operativo S.r.l.(Milan)

100 per cent

Deutsche Leasing Benelux N.V.(Antwerp)

100 per cent Deutsche Leasing Nederland B. V.(Amsterdam)

100 per cent

Deutsche Leasing Bulgaria EAD(Sofia)

100 per cent Deutsche Leasing Polska S.A.(Warsaw)

100 per cent

Deutsche Leasing Canada, Corp.(Halifax)

100 per cent Deutsche Leasing Romania IFN S.A.Deutsche Leasing Romania Operational SRL (Bucharest)

100 per cent

Deutsche Leasing (China) Co., Ltd.(Shanghai)

100 per cent Deutsche Leasing Slovakia, spol. s r.o.(Bratislava)

100 per cent

Deutsche Leasing CR, spol. s r.o.(Prague)

100 per cent Deutsche Leasing Sverige AB(Stockholm)

100 per cent

Deutsche Leasing Ibérica, E.F.C., S.A.U.DL Ibérica EquipRent, S.A.U.(Barcelona)

100 per cent Deutsche Leasing (UK) Limited(London)

100 per cent

Deutsche Leasing France S.A.S.Deutsche Leasing France Operating S.A.S. (Paris)

100 per cent Deutsche Leasing USA, Inc.(Chicago)

100 per cent

Deutsche Leasing Funding B. V.(Amsterdam)

100 per cent Deutsche Leasing Vostok AG(Moscow)

100 per cent

Deutsche Leasing Hungária Kft.Deutsche Leasing Hungária Pénzügyi Zrt.(Budapest)

100 per cent Locadora DL do Brasil LTDA(São Paulo)

100 per cent

Deutsche Leasing (Ireland) Limited(Dublin)

100 per cent

¹ Profit and loss transfer agreement

Deutsche Leasing Group –the solution experts

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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Banking

Deutsche Leasing Finance GmbH¹ 100 per cent

S-Kreditpartner GmbH 33.3 per cent

Debt Management

BHS Bad Homburger Servicegesellschaft mbH¹ 100 per cent

Bad Homburger Inkasso GmbH 47.4 per cent

Factoring

Universal Factoring GmbH 100 per cent

Remarketing

AutoExpo Deutsche Auto-Markt GmbH¹ 100 per cent

Deutsche Sparkassen Leasing Verwaltungs-AktiengesellschaftOwners: around 400 savings banks, directly or through associated companies


International Business

Deutsche Leasing Austria GmbH (Vienna)

100 per cent Deutsche Leasing Italia S.p.A.Deutsche Leasing Operativo S.r.l.(Milan)

100 per cent

Deutsche Leasing Benelux N.V.(Antwerp)

100 per cent Deutsche Leasing Nederland B. V.(Amsterdam)

100 per cent

Deutsche Leasing Bulgaria EAD(Sofia)

100 per cent Deutsche Leasing Polska S.A.(Warsaw)

100 per cent

Deutsche Leasing Canada, Corp.(Halifax)

100 per cent Deutsche Leasing Romania IFN S.A.Deutsche Leasing Romania Operational SRL (Bucharest)

100 per cent

Deutsche Leasing (China) Co., Ltd.(Shanghai)

100 per cent Deutsche Leasing Slovakia, spol. s r.o.(Bratislava)

100 per cent

Deutsche Leasing CR, spol. s r.o.(Prague)

100 per cent Deutsche Leasing Sverige AB(Stockholm)

100 per cent

Deutsche Leasing Ibérica, E.F.C., S.A.U.DL Ibérica EquipRent, S.A.U.(Barcelona)

100 per cent Deutsche Leasing (UK) Limited(London)

100 per cent

Deutsche Leasing France S.A.S.Deutsche Leasing France Operating S.A.S. (Paris)

100 per cent Deutsche Leasing USA, Inc.(Chicago)

100 per cent

Deutsche Leasing Funding B. V.(Amsterdam)

100 per cent Deutsche Leasing Vostok AG(Moscow)

100 per cent

Deutsche Leasing Hungária Kft.Deutsche Leasing Hungária Pénzügyi Zrt.(Budapest)

100 per cent Locadora DL do Brasil LTDA(São Paulo)

100 per cent

Deutsche Leasing (Ireland) Limited(Dublin)

100 per cent


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Mobile Equipment/Real Estate Leasing

Deutsche Leasing AG Frölingstraße 15 – 3161352 Bad Homburg v. d. HöheTelephone +49 6172 88-00Fax +49 6172 21332www.deutsche-leasing.comwww.sparkassen-leasing.de

Deutsche Leasing für Sparkassen und Mittelstand GmbH

Telephone +49 6172 88-02Fax +49 6172 88-2512

Deutsche Leasing Fleet GmbH Telephone +49 6172 88-01Fax +49 6172 24465

Deutsche Leasing Information Technology GmbH Telephone +49 6172 88-4000Fax +49 6172 88-4088

Deutsche Leasing International GmbH Telephone +49 6172 88-06Fax +49 6172 88-2146

DAL Deutsche Anlagen-Leasing GmbH & Co. KGDAL Bautec Baumanagement und Beratung GmbHDAL Structured Finance GmbHDeutsche PPP Holding GmbH

Wilhelm-Theodor-Römheld-Strasse 3055130 MainzTelephone +49 6131 804-0Fax +49 6131 804-170www.dal.de

Banking

Deutsche Leasing Finance GmbH Frölingstrasse 15 – 3161352 Bad Homburg v. d. HöheTelephone +49 6172 88-04Fax +49 6172 88-2799www.deutsche-leasing-finance.com

S-Kreditpartner GmbH Prinzregentenstrasse 2510715 BerlinTelephone +49 30 869711-400Fax +49 30 869711-401www.s-kreditpartner.de


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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Factoring

Universal Factoring GmbH Kreuzerkamp 7 – 1140878 RatingenTelephone +49 2102 3081-0Fax +49 2102 3081-298www.universal-factoring.com

Debt Management

Bad Homburger Inkasso GmbH Konrad-Adenauer-Allee 1 – 1161118 Bad VilbelTelephone +49 6101 98911-0Fax +49 6101 98911-500www.bad-homburger-inkasso.com

Remarketing

AutoExpo Deutsche Auto-Markt GmbH Rudolf-Diesel-Str. 735463 Fernwald-SteinbachTelephone +49 6404 9266-0Fax +49 6404 9266-700www.autoexpo.de

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Deutsche Leasing

A N N U A L R E P O R T 2013 2014

Imprint

Publisher Deutsche Leasing GroupFrölingstrasse 15 – 3161325 Bad Homburg v. d. HöhePhone: +49 6172 88-00Fax: +49 6172 21332E-Mail: [email protected]

Project Management, Editor Carsten Lühr, Deutsche Leasing Group

Concept, Design mpm Corporate Communication Solutions, Mainzwww.digitalagentur-mpm.de

Picture credits Christoph Papsch Photographie, BLG LOGISTICS (Page 26 /27)

Translations media lingua translations GmbH, Berlin

Print Druck- und VerlagshausZarbock GmbH & Co. KG

Printed on chlorine-free bleached paper

5491.DL.UE.0315.Z.02-1.0.GB

Notice: This document is a translation of a duly approved

German-language document and is provided for infor-

mational purpose only. In the event of any discrepancy

between the text of this translation and the text of the

original German-language document, which this trans-

lation is intended to reflect, the text of the original German-

language document shall prevail.


Deutsche Leasing

A N N U A L R E P O R T 2013 2014

www.deutsche-leasing.com

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