Geschäftsbericht 2015, englisch

27 management report expenses incurred for banking supervision. These costs were € 6.1 million in 2014 – including € 4.0 million paid for one-time auditing expenses incurred as part of the Comprehensive Assess- ment prior to the ECB assuming direct supervision of the Bank. In 2015 these costs surged to € 9.9 million, including fees paid to national and international banking supervision institutions and for the bank levy. The total bank levy in 2015 amounted to € 12.3 million (previous year € 1.6 million). We covered 30 percent of the amount due with an irrevocable payment obligation in the form of cash collateral. This amount of € 3.7 million was not booked as an expense. How- ever, € 8.6 million was booked as an expense under other admin- istrative expenses. After adjusting for costs arising from the direct supervision of the Bank, we incurred a moderate 2.3 percent increase in other admin- istrative expenses. Depreciation and write-downs of intangible and tangible assets amounted to € 6.5 million and were € 0.3 million below the same year-ago figure. Total administrative expenses4 amounted to € 88.9 million, com- pared to € 81.5 million recorded in the previous year. The cost-in- come ratio excluding interest expenses from silent participations was 52 percent (previous year 61 percent). The net sum of other operating expenses and income amounted to minus € 4.4 million. The doubling of this negative figure was caused by the discontinuation of value added tax refunds for pre- vious years received in 2014 as well as the decline in the discount rate used for pension provisions. This led to results from operations before deducting provisions for risk5 of € 61.4 million, or a gain of 127 percent over the previous year’s figure. The item “Write-downs on and adjustments to claims and certain securities and additions to provisions for possible loan losses”, totalled minus € 11.3 million. The lending risk situation remained satisfactory. Additions to provisions for risk in the lending business (including direct write-downs) amounted to a minus € 18.4 mil- lion (previous year minus € 7.8 million). Net income derived from the redemption and the sale of securities held as current assets, as well as promissory note loans, amounted to € 14.8 million. The item “Income from write-downs on participating interests, shares in affiliated companies and securities treated as fixed as- sets” amounted to plus € 6.2 million. This figure is primarily the result of proceeds from the sale of securities held as fixed assets. We took a write-down on one security held as a fixed asset that we anticipated would incur a permanent impairment in value. The write-down is accounted for in this item. Prior to the transfer of funds to the Fund for General Banking Risks pursuant to Art. 340g of the German Commercial Code, results from operations after deducting provisions for risk amounted to € 56.3 million. After transferring € 8.4 million to the Fund for General Banking Risks, and a tax expense item of € 25.7 million, annual net income amounted to € 22.2 million. These results show that we were able to increase our net income for the year as forecast. We are generally satisfied with the devel- opment of our business. Proposed allocation of distributable income Net income for the year amounted to € 22,238,844.55. A dividend distribution of 3.25 percent will be proposed at the Delegates’ Meeting. Unappropriated profit for the year – including profit brought forward from the previous year (€ 202,798.23) – amounting to € 22,441,642.78 should therefore be allocated as follows: 3.25 percent dividend € 22,270,200.00 Carried forward to new year € 171,442.78 4) Net sum of Income Statement items 8 and 9 5) Net sum of Income Statement items 1 to 10

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