Geschäftsbericht 2008 - NordFinanz Bank AG

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NordFinanz Bank Aktiengesellschaft, Bremen
Group Management Report for the 2008 Year
Consolidated Group Companies
As the parent company, NordFinanz Bank AG, Bre-
men, has prepared consolidated financial statements
and a group management report as of December 31,
2008 in accordance with Section 340i of the German
Commercial Code in conjunction with Sections 290
et seq. of the German Commercial Code. In addition
to NordFinanz Bank AG’s own annual financial
statements, the consolidated statements were required
to include the annual financial statements of
NF-Leasing GmbH, Bremen, NF-Vermögensverwaltung
GmbH, Bremen, and J. T. Beteiligungs-GmbH, Bremen.
NordFinanz Bank AG holds a 100 % stake in each of
these companies. There are control and profit and
loss transfer agreements between the Bank and its
affiliated companies; these companies are operated
under the same management as the Bank.
Consolidation
The consolidated financial statements are based on
the financial statements of NF-Leasing GmbH and
NF-Vermögensverwaltung GmbH, each of which has
been issued with an unqualified auditor’s opinion,
and on the unaudited financial statements of J.T.
Beteiligungs-GmbH, all as of December 31, 2008.
The financial statements of NordFinanz Bank AG
for the year ended December 31, 2008 have been
issued with a qualified auditor’s opinion – with sole
reference to the assessment of the recoverability of
the shareholder receivables outstanding at the date
of the opinion. The companies use conforming fiscal
years.
The consolidated financial statements are based on
the classification used by the parent company as a
financial institution in the legal form of a German
stock corporation.
The carrying amounts in the individual balance
sheets were taken over unchanged into the consolidated
balance sheet. When the consolidated financial
statements were being prepared, the consolidation
principles set out in Sections 300 et seq. of the
German Commercial Code were observed, including
the following provisions:
a) The shares in the consolidated companies held
by the parent were replaced by the assets and
liabilities of each company, with the exception of
the company’s capital.
b) Receivables and liabilities between the
consolidated companies were eliminated.
Liabilities to third parties were not consolidated; in
particular, the rent receivables acquired by the Bank
were not set off against the leasing company’s
obligation to grant right of use.
Elimination of intragroup profits was not required.
In the consolidated income statement, the income
and expenses of the consolidated companies
were set off against each other.
Measurement
Assets and liabilities were measured using the
accounting principles for corporations under
German commercial law, taking any applicable
industry-specific accounting principles into account.
Leased objects reported separately under leased
assets were measured at cost and reduced by depreciation,
generally using the straight-line method