Geschäftsbericht 2008 - NordFinanz Bank AG

and on a pro rata basis, as well as by any necessary
impairment losses.
Development of Business in 2008
In 2008, the NordFinanz Bank AG Group broke even
at K€ 0 (previous year: net income of K€ 35), in consideration
of a deferred receivable through shareholder
contributions of K€ 6,944 (previous year: K€
4,000). This result includes the profit of NF-Leasing
GmbH, Bremen, in the amount of K€ 793 (K€ 474)
transferred to the parent company under a profit
transfer agreement, as well as the assumption of the
losses incurred by NF-Vermögensverwaltung GmbH,
Bremen, in the amount of K€ 482 (K€ 223) and by
J. T. Beteiligungs-GmbH, Bremen, in the amount of
K€ 1 (profit of K€ 2).
Earnings before taxes amounted to K€ 50 in the
fiscal year (K€ 80).
Net interest income (less loan brokerage commissi-
ons) declined by 3.7 % to K€ 3,780 (K€ 3,922), mainly
due to a lower interest margin and the decrease in
amounts due from customers averaged over the year.
Net commission income increased by K€ 1 to K€ 495
(K€ 494).
Administrative expenses rose by 3.0 % in the current
fiscal year to K€ 10,320 (K€ 10,020), of which K€
5,681 (K€ 5,642) were personnel expenses. Nonpersonnel
expenses including depreciation and
amortization rose by 5.9 % to K€ 4,639 (K€ 4,378).
The Bank’s loan loss provisions amounted to
K€ -3,600 in the reporting period (K€ -4,340).
Established in 1984, NF-Leasing GmbH, of whose
capital stock amounting to K€ 7,750 NordFinanz
Bank AG holds 100 %, managed to increase the volume
of its total contract portfolio during the fiscal
year. Sales revenue was down slightly because contract
terms were extended. Depreciation decreased
almost proportionately. In 2007, the Company
received capital reserves in the amount of K€ 1,250
in accordance with Section 272 (2) No. 4 of the German
Commercial Code to strengthen its equity base.
Its results of operations are expected to improve
during the coming fiscal year.
Established in 1995, NF-Vermögensverwaltung
GmbH, of whose capital stock amounting to
K€ 3,500 NordFinanz Bank AG also held 100 % at the
balance sheet date, leases and manages real estate.
In addition, there are capital reserves in accordance
with Section 272 (2) No. 4 of the German Commercial
Code in the amount of K€ 3,500, made available to
the Company in 2006 to strengthen its equity base.
Since January 2006, NF-Vermögensverwaltung GmbH
has independently managed four campgrounds that
had previously been leased. The Company manages
five campgrounds on its own. In the medium term,
the Company is expected to contribute positive
income to the NordFinanz Bank AG Group; higher
write-downs and operating expenses again caused it
to report a loss in the year under review.
Established in 2002, J. T. Beteiligungs-GmbH, of
whose capital stock amounting to K€ 25 NordFinanz
Bank AG holds 100 %, posted only a negative result
of K€ 1 during the reporting period.
NF-Bank