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Management report – münchener Hypothekenbank eg l annual Report 201230 Earnings, financial and asset situation Balance sheet structure As of December 31, 2012 total assets amounted to € 36.6 billion, following € 37.3 billion recorded on the same year-ago date. We were able to once again expand our portfolio of mortgage loans as we recorded an increase of € 1.6 billion. This gain meant that our total volume exceeded the € 20 billion mark for the first time during the course of the year. As of December 31, 2012 our total portfolio of property loans amounted to € 21.0 billion, of which the vast majority was accounted for by domestic loans. Loans made outside of Germany remained at last year‘s level. This segment now has a volume of € 5.9 billion (previous year € 6.0 billion) and represents 29 percent (previous year 31 percent) of the total mortgage loan portfolio; 54 percent of this figure were for loans made in Switzerland, 27 percent in the USA and 19 percent in countries within the European Union; € 16.7 billion of the mortgage loan portfolio serves as cover for the Pfand- briefe we issue. Our portfolio of loans and securities arising from our business with the public sector and banks declined in accordance with our business and risk strategy from € 13.3 billion to € 12.1 billion. This figure contains € 5.7 billion in securities and promissory notes of which almost all are carried as fixed assets in our accounts. At the end of 2012 our portfolio of mortgage backed securities had contracted to € 29 million (previous year € 69 million). As we are no longer investing in mortgage backed secu- rities the portfolio will shrink further commensurate to the maturity profile of the securities. At the end of 2012 our portfolio of securities had unrealised losses of € 244 million (previous year € 406 million), of which € 202 million (previous year € 290 million) corresponded to loans made to peripheral eurozone countries (excluding Greece) and banks located in these countries. The total volume of these loans at the end of the year amounted to € 1.3 billion (previous year € 1.5 billion). We no longer held any bonds issued by Greece or Greek companies. Following a detailed examination of all securities we concluded that the unrealised losses will not lead to any permanent reduc- tions in value. We are carrying these bonds in our books with the intention of holding them as long-term investments. There- fore, write-downs to a lower applicable value were not necessary. We continue to anticipate that the EU and its member states, as well as the ECB, will do all that is necessary to hinder a fur- ther escalation of the sovereign debt crisis. Our portfolio of long-term refinancing funds decreased by € 0.7 billion to € 30.3 billion. Total refinancing funds – including money market – declined from € 35.6 billion in the previous year to € 34.8 billion as of December 31, 2012. This figure consisted of € 15.4 billion in Mortgage Pfandbriefe, € 7.7 billion in Public Pfandbriefe and € 7.7 billion in uncovered promissory notes. Residential housing Germany Residential housing Switzerland Commercial property Germany / other property finance loans Commercial property abroad / other property finance loans 22000 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 2007 2008 2009 2010 2011 2012 14,151 16,005 16,684 18,458 19,409 20,986 Portfolio development MünchenerHyp 2007 – 2012 in € million