Geschäftsbericht 2013, englisch

3Contents Letter from the Board of Management 8 management report 10 Economic Report 14 Overall Economic Conditions 14 business Development 22 earnings, financial and asset situation 24 Rating, Sustainability and General Regulatory Conditions 27 Bodies and Personnel 29 Report on events after the balance sheet date 29 Risk, outlook and opportunities report 32 Risk Report 32 Corporate Planning 40 Outlook – Opportunities and Risks 44 Annual Statement of accounts 49 Balance Sheet 50 Income Statement 54 Statement of Development in Equity Capital and Cash Flow Statement 56 Notes 58 Auditors’ Report 79 Affirmation by the Legal Representatives 80 Report of the Supervisory Board 81 the members of the delegates meeting 82 Executive management and bodies 83 contact 84 Imprint 87 Contents

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