Deutsche Bank AG - Historische Gesellschaft der Deutschen Bank e.V.

satisfactory overall situation in Canadian securities
business also had an effect on our Group company's
income situation; the higher staff and other operating
expenses in connection with the company's person-
nel and organizational expansion could not be bal-
anced out.
With the subordinate loans increased in the repor-
ting year, capital and reserves of Can.$4.7 m. (DM 7.4
m.) are reported.
MDM Sociedade de lnvestimento, S.A., Lisbon,
participated in 43 bond issues in the year under review,
in 14 cases in a lead management capacity. At
the same time, the company participated in the share
placements for all reprivatizations of Portuguese
companies.
Balance sheet total rose 54% to Esc. 19.9 bn. (DM
225 m.) compared with the end of 1988; total credit
extended rose 30% to Esc. 11.3 bn. (DM 128 m.).
The operating result was more than doubled; of
the net income for the year in the sum of Esc. 217.5 m.
(DM 2.5 m.), Esc. 21.8 m. will be added to legal reserves,
a further Esc. 168.8 m. are to be transferred to
revenue reserves. The company's capital and reserves
then amount to Esc. 1,638 m. (DM 18.5 m.).
lnstalment financing and leasing companies
ALD AutoLeasing D GmbH, Hamburg, raised its
new business by 11.8% to DM 961.2 m. Its leasing
stock increased to roughly 115,900 vehicle units with
a purchase value of DM 2.0 bn. To limit the interest
risk, close on 23,500 vehicles in this total are not car-
ried in the company's own fixed assets, but settled by
way of sale-and-lease-back. Balance sheet total de-
creased as a result of these transactions, which had a
volume of almost DM 400 m., to DM 1.25 bn. (pre-
vious year: DM 1.5 bn.).
The operating result came to DM 30.1 m. Of the net
income for the year in 1989 in the amount of DM 10.6
m., DM 1.1 m. was added to revenue reserves; the
company's capital and reserves then amounted to
DM 71.1 m. For the 1989 financial year, a dividend pay-
ment in the sum of DM 4.8 m. is foreseen.
DB Export-Leasing GmbH, Frankfurt am Main,
strongly expanded its business volume with new
contracts totalling DM 289 m., chiefly through thefinancing
of large-scale projects and the strengthening
of its international vendor leasing activities.
Its balance sheet total increased in 1989 to DM
830 m. (+ 29.3%). There is a profit transfer agreement
between DB Export-Leasing GmbH and Deutsche
Bank AG.
Deutsche Gesellschaft für Immobilien-Leasing
mbH, Cologne, achieved net income for the year of
DM 2.3 m. from the management of its property port-
folio.
At GEFA Gesellschaft für Absatzfinanzierung mbH,
Wuppertal, new business and businessvolume were
above the level of the previous year. The operating re-
sult decreased by 10.8% owing to growing pressure
on margins and special expenses in connection with
the relocation to new head office premises, but still
attained a satisfactory level. Capital and reserves
amount to DM 153 m. Under the profit transferagree-
ment, DM 13.8 m. was transferred to Deutsche Bank
AG.
GEFA-Leasing GmbH, Wuppertal, recorded
above-average growth in its new business; contri-
buting factors here were broadly-spread demand
and large-scale transactions. The operating result
was 14.6% above the previous year's figure. Capital