Annual financial statements and management report

Annual financial statements
and management report
2005

CONTENTS
FOREWORD FROM THE BOARD OF MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
MANAGEMENT REPORT 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
The general economic situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
The general situation on the credit insurance market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Business development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Own underwriting business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Inwards reinsurance business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Net assets position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Non-underwriting business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Forward-looking report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Significant events . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Report on relations with affiliated companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Risk report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
FEDERAL GOVERNMENT EXPORT CREDIT GUARANTEES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
ANNUAL FINANCIAL STATEMENTS 2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
NOTES TO THE FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Governing bodies of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Balance sheet/Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Balance sheet/Equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
AUDITORS’ REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
REPORT OF THE SUPERVISORY BOARD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
WHO TO SPEAK TO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Contents
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FOREWORD FROM THE
BOARD OF MANAGEMENT
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Foreword from the
Board of Management
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Well-equipped to meet the global challenge
Following on from the previous year’s good performance, Euler Hermes Kreditversicherungs-AG
has again achieved a pleasing level of earnings in 2005. This is all the more remarkable given the
increasingly intensive competitive environment in which it operates.
Growth has been generated particularly on the back of our international business which continues
to develop dynamically. Our international business continued to benefit from another sharp
jump in German exports in 2005, making Germany once again the world champion for exports.
By contrast, there was still a lack of momentum from within Germany due to a low rate of economic
growth.
After the particularly favourable outcome in 2004, we registered a higher level of expenditure for
claims in 2005. This was, however, largely due to the reduction in insurance policy run-off gains from
previous years.
In the year ahead, we will continue to implement our strategy of establishing global operations,
one aspect of which will be to strengthen the various networks in place within the Euler Hermes
Group, particularly in the area of IT. As well as establishing standardized policy models around the
world, this will also involve linking up the various databases used by the Group, harmonising local
IT systems and introducing computerised decision and administration procedures.
Given the increasingly global nature of competition in our sector, our customers expect – and
rightly so – that Euler Hermes Kreditversicherungs-AG will – as part of the world’s largest credit
insurance group – remain a strong and reliable partner, meeting the challenges of the international
credit insurance market quickly whilst still delivering the highest quality of service. With all this
in mind, we continue to pursue a strategy of expanding our international presence in the relevant
markets.

MANAGEMENT REPORT
2005
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THE GENERAL ECONOMIC SITUATION
Despite the fact that the price of crude oil has doubled over the past two years to approximately
USD 60 a barrel, global production increased by 4.0 per cent and the volume of global trading flows
grew by as much as 7.3 per cent. Once again, the latter proved to be a vital mainstay of the economy.
The main impulses came from the United States and China, whereas Western Europe and Japan only
registered much smaller increases in economic output. Overall, therefore, the global economy was
stable in 2005. This upswing is likely to continue in 2006 at a similar pace.
The German economy was again unable to shake off its weak phase in 2005, with real GDP increasing
by only 0.9 per cent, compared with 1.6 per cent one year earlier. The economy was labile
and misbalanced: growth was generated solely by exports (at times growing at a very fast pace) and
by the resulting higher level of investment activities, whereas consumption continued to be sluggish,
as it has been since 2002. The outlook for 2006 looks more favourable, albeit subject to the proviso
that structural macro-economic problems continue to mute expectations. In our opinion, the
economy will grow in 2006 at roughly the same pace as in 2005.
The weak economic situation in Western Europe meant that the number of corporate insolvencies
increased by 1.0 per cent to 171,000. By contrast, the insolvency situation in Germany eased
perceptibly in 2005. That having been said, we expect a renewed increase in 2006.

THE GENERAL SITUATION ON THE CREDIT INSURANCE MARKET
The credit insurance market, both nationally and internationally, continued to be dominated in 2005
by Euler Hermes, Coface and Atradius. Euler Hermes, as market leader and the credit insurers Atradius
and Coface, were able to maintain their respective positions, achieving an aggregated market share
of more than 90.0 per cent.
After a number of years of low growth rates in the area of commercial credit insurance, 2005 saw
growth in the region of 5.0 per cent. This means that real growth (i.e. after adjustment for inflation)
was recorded for the first time in several years.
After the very good year in 2004, the claims situation deteriorated somewhat again in 2005, so that
expenditure for claims increased by approximately 15 per cent. One reason for this increase was a
looser limit policy in the face of more intense competition: this line of business nevertheless remains
profitable.
Competition in the area of fidelity insurance has increased. This is partly due to intensive price competition
brought about by the US American insurers, AIG, Chubb and ACE. At the same time it also
reflects the fact that German insurers have expanded their activities in this area. By contrast, Winterthur-
Garantie withdrew from this line of business.
The increase in competition has not yet brought out any changes in the claims situation. The slight
growth rate achieved in this sector has been accompanied by moderate claims loss ratios.
The majority of guarantee credits provided in Germany continue to be underwritten by banks.
Compared with recent years, when banks remained on the cautious side when it came to guarantee
and bonding activities, there are now signs that they are actively pushing this line of business.
Whether this trend will last is uncertain. The circle of German guarantee and bonding insurers contracted
further following the market exit of one major player.
The Spanish credit insurer, Crédito y Caución, and its owner, Grupo Catalana Occidente, increased
their investment in Atradius and now hold 49.9 per cent of that entity. It remains to be seen whether
the two entities will merge in the future.
The period of upheaval in terms of the range of products offered by credit insurers appears, at least
for the time being, to have ended. The most recent development was Atradius’ sale of its factoring
activities. All credit insurers have divested themselves of a number of lines of business, whilst at the
same time strengthening their activities in the remaining areas and with various new lines of business.
Above all, they have increased involvement in areas such as debt collection, the provision of creditworthiness
information and rating. They have also continued to press ahead with their strategies of
international expansion.
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BUSINESS DEVELOPMENT
Summary
Gross premiums written by Euler Hermes Kreditversicherungs-AG rose by EUR 43.3 million to
EUR 694.0 million, an increase of 6.7 per cent compared with the previous year. The general economic
environment was difficult, characterized by the trend towards self-insurance and intense competition.
The gross loss ratio for the financial year, calculated on the basis of earned premiums, went up
by 2.5 percentage points from 55.3 per cent to 57.8 per cent. For the company’s own underwriting
business, the gross loss ratio was 60.1 per cent (2004: 56.1 per cent) and for inwards reinsurance it
was 43.6 per cent (2004: 49.9 per cent). The run-off result from our own underwriting business
amounted, on a gross basis, to EUR 128.0 million (2004: EUR 178.7 million). For inwards reinsurance
business the equivalent figure was EUR 3.6 million (2004: EUR 11.9 million). The overall run-off result
was EUR 131.6 million (2004: EUR 190.6 million). Despite the persisting high level of insolvencies
in Germany, we were nevertheless able to keep the loss ratio to what can still be considered to be
a very good level, thanks to rigorous application of our policy of achieving profitable growth on new
business.
A further EUR 83.2 million (2004: EUR 39.0 million) was transferred to the equalisation reserve in
2005. This was due to the much lower loss ratios in 2005 compared with the long-term average. Overall,
the net loss from underwriting activities was EUR 9.3 million (2004: net profit of EUR 31.3 million).
The result on investments (including investment income and distributions from subsidiaries) and from
non-underwriting activities, at EUR 79.0 million and EUR 14.9 million respectively, both increased
earnings. The pre-tax profit for the year was EUR 84.6 million (2004: EUR 70.0 million). All in all, the
financial year 2005 progressed favourably for Euler Hermes Kreditversicherungs-AG.

OWN UNDERWRITING BUSINESS
Gross premiums written by Euler Hermes Kreditversicherungs-AG from own underwriting business
increased by 4.4 per cent to EUR 595.1 million (2004: EUR 569.8 million). Despite continuing muted
demand for insurance cover, nearly every line of business was able to post higher revenues. As well as
fidelity insurance, which recorded an 8.4 per cent increase in premiums to EUR 74.0 million, revenue
growth from commercial credit insurance business was also above average, rising by 4.5 per cent to
EUR 438.9 million (2004: EUR 420.0 million). Guarantee and bonding business also made a significant
contribution, posting revenues of EUR 68.2 million (2004: EUR 66.2 million).
The gross loss ratio for the insurance year 2005 deteriorated to 60.1 per cent (2004: 56.1 per cent).
Commercial Credit Insurance
Commercial credit business accounted for 73.8 per cent of gross premiums written in our own
underwriting business, unchanged on a year-on-year basis (2004: 73.7 per cent), and thus remaining
Euler Hermes Kreditversicherungs-AG’s largest line of business. Gross premiums went up by 4.5 per
cent to EUR 438.9 million (2004: EUR 420.0 million). The volume of insured receivables rose by
6.8 per cent to EUR 119 billion (2004: EUR 111.4 billion). 62.0 per cent of coverage was for risks
within Germany (2004: 64.0 per cent). The number of credit applications increased from 830,000 in
2004 to 850,000 in 2005 and the number of risks covered went up from 661,000 to 727,000.
The encouraging growth in new business and improved revenues of insured customers, brought
about by the overall favourable economic situation, resulted in a higher level of premiums. Premiums
on policies for small and medium-sized entities climbed by 3.2 per cent to EUR 33.9 million.
The number of loss claims decreased by 15.9 per cent, albeit with a higher expense per claim.
Claims paid out fell overall increased by 52.2 per cent to EUR 152.5 million. The volume of major
claims also went up from EUR 38.9 million to EUR 45.0 million.
The gross loss ratio for the financial year, calculated on the basis of earned premiums, remained
more or less stable at 57.9 per cent (2004: 58.3 per cent).
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Management Report
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As in previous years, we continued to apply stringent portfolio control with a view to improving
profitability. The run-off result from claims initiated in previous years decreased from EUR 146.3 million
to EUR 101.0 million.
Consumer Credit Insurance
Gross premiums from consumer credit insurance business in 2005 amounted to EUR 12.5 million,
down EUR 1.1 million or 8.0 per cent compared with the previous year.
At the same time, the number of settled claims was down by 14.9 per cent to 4,565 claims. Expenditure
for claims fell by EUR 1.3 million from EUR 11.9 million in 2004 to EUR 10.6 million in 2005.
Since loss payments decreased in percentage terms at a faster rate than premiums, the gross
loss ratio for 2005 was down by 3.1 percentage points to 84.3 per cent (2004: 87.4 per cent). At EUR
1.6 million, the run-off gain for 2005 was lower than in the previous year (2004: EUR 2.6 million).
The traditional customer segment for consumer credit insurance business (banks, savings banks)
continues to contract as a result of mergers in the banking sector. The number of independent banks
decreased by 3 per cent from 2,466 in 2003 to 2,399 in 2004. Over the past ten years, the consumer
credit insurance market has seen the number of independent banks drop by 37 per cent. The process
of consolidation continues, particularly affecting the potential client base for consumer credit insurance
business amongst small and medium-sized banks. In 2005, 32 policies (2004: 39) were lost due to
mergers, compared with only six new policies won (2004: seven).
Guarantee and Bonding Insurance
Premium income from guarantee and bonding insurance totalled EUR 69.6 million in 2005, 2.5 per
cent ahead of the previous year. The increase in revenues from business with German customers
and from our product “Kautionsversicherung-Dispo”, a bonding facility marketed in conjunction with
Allianz, was fully in line with our expectations.
Our Regional Underwriting Center provides support across large parts of Europe to Allianz companies
with bonding activities. In addition, we also aim to strengthen the international dimension of
our own activities.

The total volume of guarantees issued by us stood at EUR 10.1 billion (2004: EUR 9.5 billion),
of which EUR 6.0 billion (2004: EUR 5.5 billion) related to business with large and medium-sized
customers in Germany.
The gross loss ratio for the year, at 80.4 per cent, was at a high level, mainly as a consequence
of the insolvency of Walter Bau AG in 2005. Despite the persisting difficult situation in the German
construction industry, the number of claims fell slightly on a year-on-year basis.
Fidelity Insurance
Despite the continuing competitive environment, gross premiums from fidelity insurance business
rose by 8.4 per cent to EUR 74.0 million. Premiums lost on cancelled policies were offset by a corresponding
volume of new business: of the total increase of EUR 4.6 million, one-third came from this
net positive balance and two-thirds came from increasing the scope of existing policies.
Loss payments amounted to EUR 3.3 million in 2005, 11.0 per cent lower than in the previous year.
The net expense for recognising reserves in 2005 increased by 31.7 per cent to EUR 32.6 million,
reflecting the impact of several major claims. The high run-off result of EUR 17.7 million recorded in
the previous year could not be repeated and came in at EUR 2.6 million in 2005. Overall, however,
the gross loss ratio for the year, at 49.6 per cent (2004: 42.0 per cent) was again back to a pleasing
level. The underwriting profit of EUR 0.3 million was an encouraging result – particularly in the
light of the loss of EUR 3.3 million reported in the previous year. The improvement was largely due
to the level of the allocation to the equalization reserve (EUR 7.7 million), compared with one of
EUR 13.1 million in the previous year.
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INWARDS REINSURANCE BUSINESS
In our inwards reinsurance business, we provide insurance coverage for credit insurers, the ma-
jority of whom are – like Euler Hermes Kreditversicherungs-AG itself – members of the International Credit
Insurance and Surety Association (ICISA). We reinsure exclusively credit, guarantee/bonding and
fidelity insurance risks with the same standards that we apply to our own underwriting business.
The majority of our ceding companies are entities of the Euler Hermes Group and Allianz AG
(79.6 per cent of gross premiums) as well as other companies (20.4 per cent of gross premiums).
Inwards reinsurance accounted for 14.3 per cent of Euler Hermes Kreditversicherungs-AG’s gross
premium income. The share of this generated by foreign business rose by 17.5 percentage points to
92.5 per cent (2004: 75.0 per cent).
Gross premium income written increased by EUR 18.0 million to EUR 98.9 million (2004: EUR
80.9 million). Of this figure, EUR 79.5 million (2004: EUR 52.8 million) related to commercial
credit insurance, EUR 18.9 million (2004: EUR 26.1 million) guarantee and bonding insurance and
EUR 0.5 million to fidelity insurance (2004: EUR 2.0 million). The increase in gross premiums resulted
partly from the dynamic development of the markets in Asia and Eastern Europe, and partly (EUR
15.7 million) to special factors, comprising two components: a good half of this amount was charged
retrospectively in conjunction with cooperation arrangements that had already been terminated,
whilst the remainder resulted – in line with applicable legal regulations – from the deferred recognition
of premium income generated in Eastern Europe.
The gross loss ratio for inwards reinsurance business in 2005, as a percentage of earned premiums,
went down from 49.9 per cent to 43.6 per cent. This compared with a gross loss ratio from the commercial
credit insurance of 50.3 per cent (2004: 53.0 per cent), from guarantee and bonding insurance
of 16.1 per cent (2004: 39.2 per cent) and from fidelity insurance of 60.1 per cent (2004: -131.8 per
cent). However, due to the low volume involved in terms of reinsurance business, fidelity insurance
now plays a significant role. The underwriting profit after changes in the equalisation reserve was
EUR 4.4 million. In the previous year, the Company had been able to report an underwriting profit of
EUR 56.6 million. The deterioration was caused by a change in the computational basis for the
equalisation reserve, made in 2004 in agreement with the German Federal Agency for the Supervision
of Financial Services and which had resulted in 2004 in a one-off reduction of EUR 69.1 million
in the amount allocated to the reserve.
For the financial year 2006, we forecast earned premiums of EUR 87.5 million. This planned improvement
is largely attributable to the foundation of Euler Hermes Re, Zurich, since subsidiary companies
now also cede directly to Euler Hermes Re, in particular in the area of commercial credit insurance.
Euler Hermes Kreditversicherungs-AG passes on the remainder of indirect business to Euler Hermes Re.

NET ASSETS POSITION
Euler Hermes Kreditversicherungs-AG’s balance sheet is dominated by investments, which account
for 85.1 per cent (2004: 86.2 per cent) of the balance sheet total and stood at EUR 861.6 million at
the year-end (2004: EUR 742.5). The fair value of investments accounted for at cost increased from
EUR 686.5 million to EUR 715.2 million.
By comparison, underwriting reserves stood at EUR 677.3 million (2004: EUR 570.1 million), or
66.9 per cent of the balance sheet total (2004: 66.2 per cent). Equity rose by EUR 26.7 million to
EUR 161.1 million as a result of the net profit for the year which improved to EUR 47.7 million (2004:
EUR 37.1 million).
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NON-UNDERWRITING BUSINESS
Investments
Euler Hermes Kreditversicherungs-AG’s investments are held first and foremost to cover underwriting
risks. Premium income, investment income and on-going cash flow planning ensure that the
Company can meet its payment obligations at all times.
Euler Hermes Kreditversicherungs-AG invests mainly in fixed-interest European government and
bank bonds, i. e. securities with the best ratings available.
The book value of our investments in the year under review (excluding deposits with reinsurers)
rose by approximately 17.5 per cent to EUR 859.5 million. The main reason for the increase, apart
from improved premium income, was the decline in claims expenditure.
Income generated from investments in 2005 totalled EUR 83.9 million (2004: EUR 33.8 million),
comprising mainly distributions from subsidiaries amounting to EUR 40.0 million (2004: EUR 0 million)
and the release of EUR 10.1 million (2004: EUR 0 million) from the special untaxed reserve.
Costs for asset management amounted to EUR 4.9 million, comprising mainly depreciation of
EUR 3.4 million (2004: EUR 4.0 million) on our own Head Office building and administration expenses
of EUR 1.1 million (2004: EUR 1.4 million).
Investment income, net of expenditure for investments, amounted to EUR 79.0 million
(2004: EUR 28.1 million). The net rate of return on investments, measured using the rate of return
model advocated by the German Insurance Association, Berlin, was 9.9 per cent (2004: 3.9 per cent).
Other non-underwriting result
Other non-underwriting activities gave rise to a net gain of EUR 14.9 million, up 30.6 per cent
compared with the previous year.
Profit before tax
Together with the underwriting result, the profit before tax was EUR 84.6 million
(2004: EUR 70.0 million).

FORWARD-LOOKING REPORT
Anticipated developments
The next two years are likely to see a further moderate increase in premium income. This will be
achieved primarily by the positive trend in commercial credit and in guarantee and bonding business
generated by the company’s branch offices outside Germany. In addition to the new branch offices
set up in Estonia and Latvia in 2005, Euler Hermes Kreditversicherungs-AG already maintains branch
offices with active operations in Lithuania, Switzerland, Hong Kong, Singapore and Japan. The best
opportunities for further premium growth are seen in Asia and Eastern Europe.
After the favourable performances in 2004 and 2005, we anticipate that the expenditure for
claims will rise slightly, so that the loss ratio will increase by about 5 per cent.
Irrespective of this, the future cost of claims will represent the most significant risk factor for
future profitability.
Thanks to an internal project put in place to keep down cost increases, we forecast that costs
will increase only moderately in the immediate future. In the long-term, however, we are aiming to
achieve significant cost savings without any corresponding restructuring measures.
On the reinsurance side, on the basis that the ceding ratio remains at a similar level, it is forecast
that the level of ceded premiums will increase slightly as a result of the increase in gross premiums.
Further amounts will be allocated to the equalisation reserve if the figures turn out as forecast. Due
to the positive claims situation in 2005, we anticipate that the volume of premium reimbursements
will continue to rise.
Despite lower interest rates on the fixed-interest securities market, we forecast that the higher
volume of investments will generate an improved result from investments.
On the basis of the budgeted expenditure for claims for the financial years 2006 and 2007,
we forecast positive pre-tax earnings for each of those years. Actual results could, however, differ
significantly from expectations.
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SIGNIFICANT EVENTS
In order to reduce the complexity of the Euler Hermes Group, Euler Hermes Versicherungsbeteiligungen
GmbH, Euler Hermes Beteiligungen GmbH and Hermes e-business GmbH were merged with
Euler Hermes Kreditversicherungs-AG with retrospective effect from 1 January 2006. This merger gain
will amount to EUR 7.6 million.
REPORT ON RELATIONS WITH AFFILIATED COMPANIES
The Board of Management of Euler Hermes Kreditversicherungs-AG concluded in its report on
relations with affiliated companies pursuant to § 312 of the German Stock Corporation Act that, as far
as it was aware and based on all the circumstances relevant at the date of such transactions, the
company received appropriate consideration for each and every transaction with affiliated companies.
RISK REPORT
As a credit insurer, the management of risk in general and credit risk in particular is our core area
of expertise. Risk management therefore constitutes an integral part of our business processes. This
includes the identification, quantification and management of risks.
Risk management in the insurance business
As a credit insurer, it is our business to safeguard companies from bad debt losses. We take over
the loss of income which occurs when a customer does not pay for goods or services supplied on
credit terms. The incurrence of bad debts and risks are therefore the central focus of our products
and our risk control systems. In order to manage Euler Hermes Kreditversicherungs-AG’s overall risk,
we allocate risks to specific categories for which different measures apply.
Actuarial risks are an inseparable part of underwriting activities. They result from the commitment
we give to pay future losses, the volume of which must be calculated in advance.

• Premium shortfall risk is the risk that the actual volume of losses incurred will differ unexpectedly
from the level of insurance premiums fixed in advance. We manage these risks by applying
guidelines for the calculation of premiums and the assumption of risks. This is complemented
by reviews of risk categorization at an early stage preceding policy renewal. Risk management
is separated in organizational terms from selling activities. The risk management department
decides on the amount of cover to be underwritten and continuously monitors credit limits
granted. Limits are determined in accordance with an internal rating system. These ratings are
immediately updated as soon as new information becomes known about specific risks. In addition,
the compensatory effect of a broad spread of potential client losses over different regions,
market segments and business associates contributes to a reduction of risk. On top of this,
premium shortfall risks are limited by reinsurance arrangements.
• Loss provisions for reserve risks must be recognised for losses which are incurred, but not yet
finally regulated. The term “reserve risks” is taken to mean the risk that the actual amounts paid
in respect of losses varies from the level of provisions/reserves recognised. We take account of
reserve risks by recognising provisions and reserves on a prudent basis. In estimating the
amounts involved, we also draw on our experience and on statistical methods. We also reduce
the risk by continuously monitoring the development of provisions previously recognised.
Credit and counterparty risk refers to the potential loss which may result from the default of a
business partner. “Default” in this sense refers to a contractual partner’s inability or unwillingness to
fulfil his/her contractual obligations. We limit our underwriting commitments in our insurance business
by ceding a part of the risk assumed to the international reinsurance market. The principal exposure
from credit and counterparty risk is therefore the risk that receivables remain unpaid, particularly
those due from reinsurers. In order to manage this credit risk, we make use of extensive rating information.
Our reinsurance partners are selected after stringent examination of their financial strength.
Market risks result from fluctuations in the fair value of the investment portfolio due to changes
in market prices, e. g. stock prices, interest rates and exchange rates. At the same time, the volatility
of the market is also relevant for the assessment of the risk. In order to manage such market risks,
we carry out regular stress tests and monitor the development of the investment portfolio on a regular
basis. Market risks from equity investments are taken account of by varying our equity holdings
according to the level of risk involved. Our intention here is above all to avoid any negative impact on
the liquidity of our underwriting business.
Management Report
19

Management Report
20
Due to the special nature of the credit insurance business, market and credit risks from investments
(i. e. the investment risk) constitute a significant cumulative risk for us. We reduce this risk by
avoiding investments in corporate bonds. On top of this, we minimize credit and counterparty risk in
our investments by placing great value on selecting only debtors with adequate financial strength.
The economic soundness of bond issuers is constantly reviewed.
Liquidity risk refers to the risk that we will be unable to meet current or future payment obligations
as and when they fall due. The liquidity risk is managed by continuous monitoring of cash flows.
And finally, operational risks arise due to inadequacies or mistakes in business processes, projects
or control systems, but may also be a result of technological defects or caused by employees,
organizational structures or external factors. We limit operational risks on the one hand by means
of a wide range of technical and organizational measures. A “Business Continuity Plan” is in place
to ensure the continuity of operations even in the event of major disruptions.
In addition, systems regulating access authority, monitoring and control processes also reduce
operational risks. Workflow is organized according to the principle of dual control to ensure that internal
processes conform to appropriate standards. An early warning system is in place to monitor risks
arising from business processes, covering probability of occurrence and impact. In 2005, the process
of documenting, measuring and reducing major risk exposures was modified and significantly expanded.
The internal control system developed during the successful implementation of the requirements
of the Sarbanes-Oxley Act is also effective in dealing with operational risks.
Shareholders’ equity reported in Euler Hermes Kreditversicherungs-AG’s balance sheet more than
meets minimum regulatory solvency requirements.
Risk monitoring by third parties
Regulatory authorities and rating agencies serve as additional instances. Regulatory authorities
define the minimum safeguards required. Rating agencies determine the balance between risk exposure
and the safeguards put in place by a given company. Euler Hermes Kreditversicherungs-AG has
been rated “AA-” (rating for the EH Group) and “A1” respectively by the international rating agencies
Standard & Poor’s and Moody’s. Our internal auditing department and external auditors monitor the
functioning of the risk management system.

EMPLOYEES
The process of integration taking place within the Euler Hermes Group, involving a multitude of
changes such as the introduction of new IT systems, is the constant source of new challenges to our
staff. Their expertise, willingness to learn, flexibility and commitment are more important now than
ever, in particular in the light of further process optimisation and planned workforce cutbacks. Whilst
we have high expectations of our staff, we do, in return, offer significant opportunities for development.
The German Euler Hermes Kreditversicherung Group had a total of 2,058 employees at
31 December 2005. 1,198 of these were based at Euler Hermes Kreditversicherungs-AG’s Head
Office, 432 in regional sales offices in Germany and 428 with the subsidiaries, Euler Hermes
Forderungsmanagement GmbH and Euler Hermes Risk Management GmbH & Co. KG. The aim is
to reduce the need for approximately 250 full-time positions within the German entities of the
Euler Hermes Kreditversicherung Group by the end of 2008.
The proportion of women in the workforce (51.1 per cent) is almost equal to that of the men
(48.9 per cent). The average length of service was 13.2 years, the average age was approximately 41.9.
102 vacant positions were advertised in 2005, of which 58 were successfully filled internally. The
fluctuation rate was 4.5 per cent. Internal career paths and development opportunities are assessed
and supported by a variety of measures, including a potential assessment programme and internal
job advertisements.
The staff evaluation system was redesigned in 2005. This also dealt with the issue of permanent
salary increases and bonuses as a basis for performance-related remuneration. Changes to the staff
development system “Management Feedback” were initiated with the aim of optimising benefit for
all concerned and to promote acceptance of this useful tool.
“Customer care” remained an important issue for staff development in 2005. As an example, profiles
were developed for all positions involving direct customer contact in order to document the
know-how and skills required for each position.
In order to open up career prospects for staff without commercial business training, an opportunity
has been created to allow such staff to qualify as a trained office clerk. 20 members of staff took
advantage of this opportunity in 2005. It is planned that this offer will be repeated in 2006. In addition,
the company’s management underlined its sense of responsibility towards staff with fixed-period
contracts by providing access to seminars on new career aspects.
Management Report
21

Management Report
22
The company’s professional training programme for new members of staff also played an important
role during the past year. As well as being able to study as qualified insurance clerks and
business administrators (in the form of dual Bachelor of Arts courses), a training course as cook was
reintroduced after a break of several years. In total, Euler Hermes Kreditversicherungs-AG employed
31 trainees in 2005.
As part of the process of internationalization, employees again took advantage of the opportunity
to work in other group companies in 2005. Interest in international assignments continued to grow.
The exchange of experience and ideas as well as spending time training with other group companies
continue to prove a source of enrichment for many of our employees.
We would like to express our gratitude to all our staff for the work performed over the past year.
Their readiness to contribute actively to change processes is particularly deserving of praise. This will
remain a crucial challenge for us all in the future. Our thanks also go to the members of the Works Council
and to the representatives of senior management for their pragmatic and steadfast cooperation.
OUTLOOK
The good results achieved in 2005, during another difficult year for the economy, give reason for
cautious optimism for the financial year 2006. Although the economic situation has stabilized somewhat
over the course of the year, the economic forecasts for Europe and in particular for Germany
still remain low key. A further adverse impact from high oil prices and from changes in the US dollar
exchange rate cannot be ruled out. As a consequence, insolvency figures are set to remain at a historically
critical level.
Euler Hermes Kreditversicherungs-AG will continue in 2006 to pursue its strategy on determining
policy conditions and handling risk on a profitable basis. A strict focus on creditworthiness in credit
limit decisions is just as important here as the renegotiation of conditions in loss-making policies. On
the other hand, clients with policies which generate a profit will continue to participate in the benefits
of a good claims situation. Euler Hermes Kreditversicherungs-AG’s revolving service programme
will also ensure that further improvements are made in terms of customer service.

FEDERAL GOVERNMENT
EXPORT CREDIT GUARANTEES
23

Federal Government
Export Credit
Guarantees
24
The Export Credit Guarantees of the Government of the Federal Republic of Germany are fully
integrated into the accounts of the Government and are not included in the annual financial statements
of Euler Hermes Kreditversicherungs-AG. The results of the scheme are published annually in
a separate report.
Income such as premiums, fees and recoveries for claims paid are transferred by us to the federal
budget accounts. All disbursements and costs incurred such as indemnification of claims and administrative
expenses are also paid out of federal funds. The consortium formed by Euler Hermes
Kreditversicherungs-AG and PwC PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
is paid a fee by the German Federal Government for handling the scheme. Our activities
in this field in 2005 can be summarised as follows.
Early repayments in conjunction with debt rescheduling agreements with Russia and Poland enabled
the export credit guarantee scheme of the Federal Republic of Germany to register a new oneoff
record surplus of EUR 4.624 billion. Thanks to these special factors, the previous record result of
EUR 878 million posted in 2004 was beaten, and the scheme posted a positive financial result for
the seventh year in a row. Newly covered business, at EUR 19.8 billion, was again at a very high level,
albeit 6.1 per cent lower than the record amount of EUR 21.1 billion registered in the previous year.
Overall, cover was given for exports to 154 countries. The lion’s share of this (72.2 per cent) went to
developing countries, followed by Central and Eastern Europe with 18.0 per cent and the industrial
world, which accounted for 9.8 per cent of cover. The top markets for new guarantees were Russia,
China, Iran and Turkey.
Short-term business with credit periods up to one year decreased by 23.7 per cent, whilst medium
and long-term business increased by 24.4 per cent. Short-term business accounted for 51.7 per cent
of cover given, medium and long-term business for 48.3 per cent. Premiums and fees received increased
by 8.1 per cent to EUR 511.2 million.
Expenditure for claims increased by 24.5 per cent to EUR 695 million because of indemnification
paid before the date on which instalments fell due and concluding indemnification on outstanding
claims. Payments for political risk claims increased from EUR 125 million to EUR 258 million, while commercial
claims, at EUR 433 million, were at a similar level to the previous year (2004: EUR 432 million).
With effect from 1 January 2006, the Federal Government decided upon a number of major changes
and improvements for export credit guarantees. With the introduction of the product Federal Counter
Guarantee and improved terms and conditions for the product Wholeturnover Guarantee Policies,
important measures have been taken to increase the scope of federal coverage as a refinancing
instrument.

The extension of the permissible credit period up to 15 years as part of the OECD Consensus
will also significantly promote the export of renewable energy technologies and water and effluent
projects. Moreover, the provisional flexible payment terms applicable for project financing are now
on a permanent basis within the OECD Consensus.
The EU’s General Directorate Competition has also published a paper stating that the previously
valid definition of marketable risks will remain in effect until 31 December 2010. The EU Commission
prohibits the granting of state export credit guarantees for exports on short-term financing the EU and
core OECD countries. Apart from an exception for very small-sized exporters, the Federal Government
therefore no longer offers cover from 1 January 2005 onwards for short-term exports to any of the
ten new accession countries.
Federal Government
Export Credit
Guarantees
25

ANNUAL FINANCIAL
STATEMENTS 2005
27

Annual Financial
Statements
BALANCE SHEET as at 31 December 2005
28
ASSETS Notes
A. Intangible assets 1
B. Investments
I. Land and buildings 2
II. Investments in group undertakings and participating interests 3
III. Other financial investments 4
IV. Deposits with ceding undertakings 5
C. Accounts receivable
I. Accounts receivable arising out of direct insurance business 6
of which from group undertakings:
of which from undertakings in which the
EUR .823,766 (2004: KEUR .764)
Company has a participating interest: EUR 69 (2004: KEUR .–)
II. Accounts receivable arising out of reinsurance operations 7
of which from group undertakings: EUR 20,564,481 (2004: KEUR 11,887)
of which from undertakings in which the
Company has a participating interest: EUR . . – (2004: KEUR 2,527)
III. Other accounts receivable
of which from group undertakings: EUR 51,812,014 (2004: KEUR 15,319)
of which from undertakings in which the
Company has a participating interest: EUR . . – (2004: KEUR . 31)
D. Other assets 8
I. Office equipment and stock
II. Cash at bank and in hand
III. Other
E. Deferred items 9
I. Accrued interest and rent
II. Other prepayments and accrued income
Total assets
Dec. 2005
EUR
1,899,509
42,940,070
108,278,214
708,283,430
2,083,612
861,585,326
28,539,669
33,043,676
56,576,452
118,159,797
6,577,485
11,445,499
1,594,839
19,617,823
10,316,903
1,382,712
11,699,615
1,012,962,070
Dec. 2004
KEUR
235
45,625
108,278
577,653
10,931
742,487
27,130
18,639
37,965
83,734
11,038
9,729
1,842
22,609
9,719
2,528
12,247
861,312

EQUITY AND LIABILITIES Notes
A. Capital and reserves
I. Subscribed capital 10
II. Capital reserve 11
III. Revenue reserves
1. Statutory reserves
2. Other
12
IV. Profit brought forward from the previous year
V. Surplus for the year
B. Special reserve according to § 6b EStG (Income Tax Law) 13
C. Underwriting provisions
I. Provision for unearned premiums
1. Gross amount
2. Reinsurance amount
14
II. Provision for outstanding claims
1. Gross amount
2. Reinsurance amount
15
III. Provision for premium refund
1. Gross amount
2. Reinsurance amount
16
IV. Equalisation reserve and similar reserves 17
V. Other underwriting provisions
1. Gross amount
2. Reinsurance amount
18
D. Other provisions 19
E. Other accounts payable
I. Accounts payable arising out of direct insurance business 20
of which to group undertakings: EUR .285,503 (2004: KEUR .353)
II. Accounts payable arising out of reinsurance operations
of which to group undertakings: EUR 1,974,758 (2004: KEUR 10,794)
III. Other liabilities 21
taxation: EUR 6,924,874 (2004: KEUR 6,314)
social security: EUR 2,174,666 (2004: KEUR 2,191)
to group undertakings: EUR 18,073,807 (2004: KEUR 15,600)
F. Deferred items
Deferred discounts
Total equity and liabilities
Dec. 2005
EUR
54,080,000
40,059,719
231,359
5,400,000
5,631,359
0
61,365,397
161,136,475
0
84,686,372
34,025,876
50,660,496
631,086,333
344,765,274
286,321,059
21,077,727
11,302,147
9,775,580
327,266,000
8,327,544
5,077,167
3,250,377
677,273,512
107,224,099
8,713,962
23,063,689
35,547,581
67,325,232
2,752
1,012,962,070
Dec. 2004
KEUR
54,080
40,060
231
18,563
18,794
0
21,458
134,392
10,103
76,716
32,100
44,616
644,219
373,037
271,182
18,331
10,296
8,035
244,065
6,707
4,546
2,161
570,059
83,099
7,525
27,556
28,576
63,657
2
861,312
Annual Financial
Statements
29

Annual Financial
Statements
30
UNDERWRITING ACCOUNT for the year ended 31 December 2005
I. Underwriting account – general business
1. Earned premiums – net of reinsurance
a) Gross premiums written
b) Outward reinsurance premiums
c) Change in the gross provision for unearned premiums
d) Change in the provision for unearned premiums, reinsurers’ share
2. Other technical income, net of reinsurance
3. Claims incurred, net of reinsurance
a) Claims paid
aa) Gross amount
bb) Reinsurers’ share
b) Change in the provision for claims
aa) Gross amount
bb) Reinsurers’ share
4. Changes in other technical provisions, net of reinsurance
5. Bonuses and rebates, net of reinsurance
6. Net operating expenses
7. Subtotal
8. Change in the equalization reserve and similar reserves
9. Net underwriting result
Notes
II. Non-underwriting account
1. Investment income 22
2. Investment expenses and charges
3. Other income
4. Other charges
5. Profit or loss on ordinary activities before tax
6. Tax on profit or loss on ordinary activities
7. Other taxes
8. Profit on ordinary activities after tax
9. Unappropriated profit brought forward
10. Transfers to/from revenue rserves
11. Unappropriated profit available for distributions
Dec. 2005
EUR
694,031,666
-378,298,611
315,733,055
-7,970,073
1,925,300
-6,044,773
309,688,282
725
-277,866,575
145,677,687
-132,188,888
13,132,450
-28,271,350
-15,138,900
-147,327,788
-1,089,700
-19,189,921
-68,203,439
73,878,159
-83,201,000
-9,322,841
83,935,005
-4,920,781
79,014,224
73,374,885
-58,466,032
14,908,853
84,600,236
-36,496,558
-449,092
-36,945,650
47,654,586
547,724
13,163,087
61,365,397
Dec. 2004
KEUR
650,747
-393,980
256,767
-6,867
2,735
-4,132
252,635
0
-299,839
165,536
-134,303
134,092
-101,583
32,509
-101,794
1,850
-15,474
-66,869
70,348
-39,006
31,342
33,832
-5,705
28,127
68,881
-58,385
10,496
69,965
-32,301
-550
-32,851
37,114
144
-15,800
21,458

NOTES TO THE
FINANCIAL STATEMENTS
31

Notes to the
Financial Statements
Governing bodies of the Company
Members of the Board of Management
Dr. Gerd-Uwe Baden
Ass. Jur.
Chairman
Jochen Dümler
Diplom-Betriebswirt
Dr. Hans Janus
Ass. Jur.
Holger Jensen (until Dec. 2005)
Diplom-Betriebswirt
Juliane Kutter
Ass. Jur.
Gert Schloßmacher (from Jan. 2006)
Diplom-Betriebswirt
Dr. Robert Walter
Diplom-Kaufmann
32
Members of the Supervisory Board
Shareholder representatives
Dr. Reiner Hagemann (until Dec. 2005)
Chairman of the Supervisory Board,
Former Chairman of the Board of Management of
Allianz Versicherungs-AG, Munich
Clemens von Weichs
Chairman of the Supervisory Board (from Jan. 2006)
Chairman of the Board
Euler Hermes S.A., Paris, France
Jörg Asmussen
Ministerial Director, Head of the Department for
International Finance and Currency Relations
in the Federal Ministry of Finance, Berlin
Dr. Karl-Ernst Brauner
Ministerial Director, Head of the Department for
Foreign and European Policy in the
Federal Ministry of Economics and Labour, Berlin
Dr. Jürgen Förterer
Chairman of the Board of Management of
R + V Versicherung AG, Wiesbaden
Nicolas Hein (from Jan. 2006)
Member of the Board
Euler Hermes S.A., Paris, France
Dr. Rolf Kunisch (until Dec. 2005)
Member of the Supervisory Board of
Beiersdorf AG, Hamburg
Thomas-B. Quaas (from Jan. 2006)
Chairman of the Board of Management of
Beiersdorf AG, Hamburg

Employee representatives of
Euler Hermes Kreditversicherungs-AG,
Hamburg
Horst Meyer
Deputy Chairman of the Supervisory Board
Chairman of the General Works Council
Hartmut Garz
Senior Executive
Klaus Grupe
Chairman of the Works Council
Christine Herold
Member of the Works Council
Union representatives
ver.di, Hamburg
Dr. Peter Hauschild
Aline Zieher
Members of the Advisory Board
(wound up with effect from Dec. 2005)
Dr. Karl-Hermann Baumann
Former Chairman of the Supervisory Board of
Siemens Aktiengesellschaft, Munich
Dr. Dr. Peter Bettermann
Personally liable partner of
Freudenberg & Co., Weinheim
Dr. jur. Nikolaus von Bomhard
Chairman of the Board of Management of
Münchener Rückversicherungs-Gesellschaft,
Munich
Dr. Michael Frenzel
Chairman of the Board of Management of
TUI AG, Hanover
Hans-Olaf Henkel
former President of the
Wissenschaftsgemeinschaft
Gottfried Wilhelm Leibniz, Berlin
Dr. Edgar Jannott
Member of the Supervisory Board of
ERGO Versicherungsgruppe AG, Dusseldorf
Dr.-Ing. Hans-Peter Keitel
Chairman of the Board of Management of
HOCHTIEF AG, Essen
Dr. Klaus Mangold
Executive Advisor to the Chairman of
DaimlerChrysler AG, Stuttgart
Notes to the
Financial Statements
33

Notes to the
Financial Statements
Claus Momburg
Member of the Board of Management of
IKB Deutsche Industriebank AG, Dusseldorf
Klaus-Peter Müller
Speaker of the Board of Management of
Commerzbank AG, Frankfurt am Main
Hans W. Reich
Speaker of the Board of Management of
Kreditanstalt für Wiederaufbau, Frankfurt am Main
Dr. Erhard Schipporeit
Member of the Board of Management of
E.ON AG, Dusseldorf
Helmut Schmidt
Chancellor of the Federal Republic of Germany
(retired), Berlin (honorary member)
Jobst D. Siemer
Chairman of the Supervisory Board of
ExxonMobil Central Europe Holding GmbH,
Hamburg
Michael Sommer
Chairman of
Deutscher Gewerkschaftsbund, Berlin
Professor Dr. h. c. Lothar Späth
Prime Minister (retired)
Vice Chairman
Merrill Lynch Europe, Leonberg
34
Hans Wagener
Speaker of the Board of Management of
PwC Deutsche Revision Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft, Frankfurt am Main
Dr. Herbert Walter
Speaker of the Board of Management of
Dresdner Bank AG, Frankfurt am Main
Otto Wolff von Amerongen
Chairman of the Board of
Otto Wolff Industrieberatung und
Beteiligungen GmbH, Cologne

The financial statements for the financial year ended 31 December 2005 have been drawn up in accordance
with the provisions of the German Commercial Code (HGB), the German Stock Corporation Act (AktG),
the Insurance Supervision Act (VAG) and the Insurance Companies Accounts Regulations (RechVersV) in
the relevant versions currently in force.
BALANCE SHEET/ASSETS
Analysis of changes in asset positions Carrying Addi- Reclas- Dis- Write- Write- Carrying
A, B I to III values tions sifica- posals ups downs values
for the financial year 2005 from tions for the
previous business
year year
KEUR KEUR KEUR KEUR KEUR KEUR KEUR
A. Intangible assets
Other intangible assets 235 2,622 – – – 957 1,900
BI. Land and buildings 45,625 6 – – – 2,691 42,940
B II. Investments in affiliated
and other companies
Investments in affiliated companies 108,278 – – – – – 108,278
B III. Other investments
1. Shares, investment fund shares and
other variable yield securities
2. Debt securities and other fixed income
174,442 27,011 – 17,385 – – 184,068
securities
3. Other loans
179,395 76,572 -47 40,113 7 854 214,960
a) registered debentures 204,847 55,000 – 32,782 – – 227,065
b) notes receivable and loans 14,500 – – – – – 14,500
4. Deposits with banks 4,469 63,222 – – – – 67,691
5. Sub-total B III 577,653 221,805 -47 90,280 7 854 708,284
Total 731,791 224,433 -47 90,280 7 4,502 861,402
Notes to the
Financial Statements
35

Notes to the
Financial Statements
INTANGIBLE ASSETS
INVESTMENTS
36
1 Other intangible assets are stated at acquisition cost less accumulated amortization and writedowns.
A write-down of KEUR 285 was recognised on the insurance portfolio.
2 Land and buildings
Land and buildings are shown at acquisition or construction cost less accumulated depreciation
and write-downs. A write-down of KEUR 41 was recognised in 2005. The carrying amount of land and
buildings used by the Company was KEUR 39,993.
3 Investments in affiliated and other companies
Investments in affiliated companies are measured at cost
and relate primarily to:
• a 100 per cent investment in Euler Hermes Risk Management GmbH & Co. KG, Hamburg, which has
a share capital of KEUR 2,600 and total equity of KEUR 5,000. The company’s net profit for the
financial year 2005 was KEUR 9,442.
• a 100 per cent investment in Euler Hermes Beteiligungen GmbH, Hamburg, which has a share
capital of KEUR 5,000 and total equity of KEUR 43,115. The company’s net profit for the financial
year 2005 was KEUR 4,421.
• a 100 per cent investment in Euler Hermes Versicherungsbeteiligungen GmbH, Hamburg. This company
has an ordinary share capital of KEUR 11,100 and total equity of KEUR 85,624. The net profit
for the financial year 2004 was KEUR 1,098.
A full list of entities in which we hold a direct or indirect interest, as defined by § 285 No. 11 HGB,
has been filed with the Commercial Registry of Hamburg District Court in accordance with § 287 HGB.
4 Other investments
Securities and fixed term deposits are measured at acquisition cost based on the lowest value principle.
Registered debentures, notes receivable and other loans are stated at their nominal amount.
Discounts and premiums are shown as prepaid expenses or deferred income and are recognised in
the income statement over the terms of the instruments on a straight-line basis or in line with outstanding
capital amounts.

ACCOUNTS
RECEIVABLE
OTHER ASSETS
PREPAID
EXPENSES
Notes to the
Financial Statements
5 Deposits with ceding undertakings
Deposits with ceding undertakings relate to the customary retentions of foreign insurers and are
measured at cost.
Fair value disclosures
The fair value of investments reported in the balance sheet at acquisition cost stood at KEUR 715,245
at the balance sheet date. In the case of land and buildings, this is measured using the capitalized
earnings value of the relevant assets at the balance sheet date or, in the case of assets under construction,
at their book value.
The fair value of other investments is measured at their quoted stock exchange or carrying amount
and, in the case of units in investment trusts, at their bid value. In the case of investments in affiliated
companies, fair values were determined on the basis of the Company’s share of equity of the relevant
entities.
6 Accounts receivable arising out of own underwriting 2005 2004
business from KEUR KEUR
1. Policyholders 27,993 26,525
2. Intermediaries 547 605
Accounts receivable arising out of own underwriting business relate mainly to outstanding premiums.
Amounts presumed irrecoverable have been fully written off. Specific allowances are recognised for
doubtful accounts. General credit risks are taken into account by the recognition of a general allowance.
7 Accounts receivable arising out of reinsurance operations
Accounts receivable arising out of reinsurance operations are stated at acquisition cost less necessary
allowances.
8 Office equipment is stated at acquisition cost less scheduled depreciation which is determined using
either the straight-line or reducing balance method. Low value assets are written off in full in the year
of purchase. Other assets are stated at cost.
9 Prepaid expenses are stated at the lower of their nominal amount (less necessary allowances) or their
present value. KEUR 780 of prepaid expenses relates to premiums paid on registered debentures
and bonds.
37

Notes to the
Financial Statements
EQUITY
SPECIAL UNTAXED
RESERVES
TECHNICAL
PROVISIONS
38
BALANCE SHEET/EQUITY AND LIABILITIES
10 Subscribed capital
The share capital is unchanged at KEUR 54,080. It is divided into 2,080,000 non-par registered shares.
The Company’s share capital is fully paid up.
11 Capital reserves
Capital reserves are unchanged at KEUR 40,060.
12 Revenue reserves
An amount of KEUR 13,163 was transferred out of revenue reserves during the financial year.
13 Special untaxed reserves
Special untaxed reserves pursuant to § 6 b of the German Income Act (EstG) amounting to
KEUR 10,104 were released early to the income statement in 2005.
14 Provision for unearned premiums
Unearned premium amounts are calculated using normal approximation methods according to the
German Commercial Code and on the basis of the letter sent by the Federal Ministry of Finance to the
finance ministers of the federal states on 30 April 1974.
We determine unearned premiums in our own underwriting business on the basis of individual policies.
This does not apply to Carnet A.T.A. business and capital goods credit insurance, for which unearned
premiums are determined using fractional or flat rate methods. In the case of inwards reinsurance
business, we determine unearned premiums using flat rate methods, on the basis of information provided
to us by ceding companies. The reinsurers’ share is offset against the gross amounts.
Gross underwriting provisions All lines
of business
2005 2004
KEUR KEUR
Underwriting provisions, gross
of which:
Gross provision for
1,072,444 990,038
outstanding claims 631,086 644,218
Equalisation reserve and similar provisions 327,266 244,065

Notes to the
Financial Statements
15 Provision for outstanding claims
This provision in our own underwriting business is determined as follows: claims provisions for
Guarantee and Bonding Insurance, Guarantee and Bonding Insurance-S, Commercial Credit Insurance,
Export Credit Insurance, Capital Goods Credit Insurance, Commercial Credit Insurance-S and Fidelity
Insurance are calculated individually for all claims incurred but not settled by the balance sheet date.
In the case of Commercial Credit Insurance, Export Credit Insurance, Capital Goods Credit Insurance,
Commercial Credit Insurance-S and Fidelity Insurance, additional provisions are estimated for losses
incurred but not reported.
Claims provisions for Carnet A.T.A. business and Consumer Credit Insurance are calculated in
accordance with the tax audit or recent tax levies using various flat-rate methods.
The provision is reduced by the expected amounts to be received under recourse agreements as
recovered collateral: in the case of Guarantee and Bonding Insurance and Guarantee and Bonding
Insurance-S these amounts are calculated individually and in the case of Consumer Credit Insurance,
Fidelity Insurance and Carnet A.T.A. business, they are calculated on a flat-rate basis.
Claims adjustment costs are included in the provision for outstanding claims. These are calculated in
compliance with currently valid regulations.
In the case of Inwards Reinsurance business, we recognise provisions either on the basis of the information
received from the primary insurer or by making our own prudent estimate. The proportion to
be borne by the reinsurer in our ceded business is calculated in accordance with the provisions of
the treaty with the reinsurer in question. The gains for own account from claims run-off set against
the previous year’s provisions amount to some 18 per cent over all insurance lines.
Own underwriting business Inwards reinsurance
business
Total Credit and Other
Guarantee Insurance (Fidelity Insurance)
2005 2004 2005 2004 2005 2004 2005 2004
KEUR KEUR KEUR KEUR KEUR KEUR KEUR KEUR
904,053 831,702 750,206 689,265 153,847 142,437 168,391 158,336
553,772 566,100 455,213 469,886 98,559 96,214 77,314 78,118
263,273 185,175 219,324 148,879 43,947 36,296 63,993 58,890
39

Notes to the
Financial Statements
OTHER
PROVISIONS
40
16 Provision for premium refund
In our own underwriting business, this provision relates to the anticipated unearned premium
amounts to be refunded in Commercial Credit Insurance, Export Credit Insurance, Commercial Credit
Insurance “S” and Fidelity Insurance. The provision is estimated on the basis of premiums received.
The provision required for Inwards Reinsurance is estimated in the same way as for Commercial
Credit Insurance and Fidelity Insurance.
17 Equalisation reserve
This reserve, which is used to equalize fluctuations in the annual amount of claims, has been
calculated in accordance with the provisions of the Insurance Companies Accounts Regulations
(RechVerV: addendum to § 29).
18 Other underwriting provisions
The cancellation provision included in this item refers particularly to anticipated cancellations of
premiums in guarantee and bonding insurance where the insured risks have ceased to exist.
19 Other provisions 2005 2004
KEUR KEUR
I. Provision for pensions and similar obligations 52,813 49,564
II. Provision for taxes 28,921 9,301
III. Other provisions 25,490 24,234
107,224 83,099
Provision for pensions and similar obligations
The provision for pensions and similar obligations is measured actuarially in accordance with the
German “Teilwert” method using the “2005 G” mortality tables issued by Prof. Dr. Heubeck and an
assumed interest rate of 6 per cent.

OTHER
LIABILITIES
MEASUREMENT OF
LIABILITIES
FOREIGN CURRENCY
TRANSLATION
CONTINGENCIES
Other provisions
Other provisions are recognized to cover identifiable risks and liabilities of uncertain amount and
timing and are measured at amounts expected to be incurred. Other provisions include the following
main items: untaken holiday (KEUR 3,057), supplies and services received not yet invoiced (KEUR
3,233), early retirement part-time working arrangements (KEUR 7,500), unsettled payments due to
employees (KEUR 4,557) and long-service awards (KEUR 3,510).
21 Other liabilities
Other liabilities are primarily in respect of tax liabilities and allocated costs from Allianz AG.
Liabilities are stated at their repayment amount.
Notes to the
Financial Statements
20 Accounts payables arising 2005 2004
out of direct business KEUR KEUR
1. Policy holders 5,554 4,922
2. Intermediaries 3,160 2,603
Foreign currency amounts are translated into EUR at the rate of exchange used on the day of the
transaction. Short-term accounts receivable and amounts payable in foreign currencies are translated
at the closing exchange rate, observing the principles of prudent accounting.
As in previous years, guarantees have only been issued in conjunction with our commercial guarantee
and bonding business. These total KEUR 10,128,259 at 31 December 2005. The Company had a
joint and several liability of KEUR 681 at the balance sheet date in respect of pension entitlements.
There are no further commitments beyond those shown on the balance sheet or explained in the
annual report.
41

Notes to the
Financial Statements
42
INCOME STATEMENT All lines
of business
Gross premiums written 1
of which own underwriting business
a) Germany
b) Other EU countries and other
member states of the EEA
c) Other countries
Gross premiums earned
Net premiums earned
Gross expenditure for claims
Gross expenditure for insurance operations
• for acquisition of policies
• for administration of policies
Outwards reinsurance commission and
profit participation
Expenditure for insurance operations for own account
Reinsurance balance 2
Underwriting result, net of reinsurance
2005 2004
KEUR KEUR
1
Premiums earned in December are accounted for in the respective following period due to late
incoming data from policyholders.
2
Earned reinsurance premiums less reinsurers’ share of expenditure for claims less reinsurers’ share
of expenditure for insurance operations = reinsurance balance.
694,032
686,062
309,688
-264,734
-79,469
-113,627
-193,096
124,893
-68,203
-134,074
-9,323
650,747
643,880
252,634
-165,747
-80,772
-103,061
-183,833
116,964
-66,869
-210,329
31,342

Own underwriting business Inwards reinsurance
business
Total Credit and Other loss insurance lines
guarantee fidelity
2005 2004 2005 2004 2005 2004 2005 2004
KEUR KEUR KEUR KEUR KEUR KEUR KEUR KEUR
595,092 569,806 521,065 501,525 74,028 68,281 98,940 80,941
536,937
25,975
32,180
590,973
251,654
-226,880
-79,275
-79,359
-158,634
-123,648
-13,790
513,534
26,973
29,299
566,337
210,308
-138,931
-80,554
-74,659
-155,213
-198,562
-25,262
465,769
24,554
30,742
518,404
225,375
-193,500
-64,216
-73,845
-138,061
-113,049
-14,077
447,851
25,528
28,146
498,390
192,216
-128,072
-64,599
-68,684
-133,283
-172,341
-21,968
71,168
1,421
1,439
72,569
26,279
-33,380
-15,059
-5,514
-20,573
-10,599
288
65,683
1,445
1,153
67,947
18,092
-10,859
-15,955
-5,975
-21,930
-26,221
-3,294
95,089
58,034
-37,854
-194
-34,268
-34,462
-10,426
4,467
Notes to the
Financial Statements
77,543
42,326
-26,816
-218
-28,402
-28,620
-11,767
56,604
43

Notes to the
Financial Statements
OTHER FINANCIAL
LIABILITIES
44
Liabilities of this type exist only within the scope of our business activities.
22 Investment income/ 2005 2004
expenditure for investments
1. Income from investments
a) Income from participations
of which from affiliated companies:
KEUR KEUR
KEUR 40,005 (2004: KEUR 0)
b) Income from other investments
40,005 0
aa) Income from land and buildings 8,412 8,685
bb) Income from other investments 20,153 19,739
28,565 28,424
c) Income from reversals of write-downs 7 4,983
d) Gains on disposal of investments 5,254 424
e) Income from release of special untaxed reserves 10,104 0
2. Expenditure for investments
a) Expenditure for asset management,
83,935 33,831
interest paid and other investment expenditure -1,113 -1,387
b) Write-downs on investments -3,611 -3,970
c) Losses on disposal of investments
d) Losses incurred under profit and loss transfer agreements
of which from affiliated companies:
-192 -344
KEUR 3 (2004: KEUR 3) -3 -3
e) Transfer to special untaxed reserves -2 0
-4,921 -5,704
79,014 28,127
Total emoluments of the Members of the Supervisory Board, 2005
Board of Management and Advisory Board pursuant to § 285 HGB KEUR
Supervisory Board 260
Board of Management 2,573
Former members of the Board of Management 832
Advisory Board 183
Provisions made for pension payments to former Members of the Board of Management and their
surviving dependants totalled KEUR 7,968 at Dec. 2005.

Derivative
financial
instruments
Notes to the
Financial Statements
Commissions and other payments to insurance 2005 2004
intermediaries, personnel costs
1. Commissions to insurance intermediaries pursuant
KEUR KEUR
to § 92 HGB for own underwriting business 39,907 38,542
2. Other payments to insurance intermediaries pursuant to § 92 HGB 24 105
3. Wages and salaries 103,125 94,811
4. Social security contributions and financial support for employees 16,888 17,648
5. Expenditure for retirement pensions 8,193 6,975
Total expenditure 168,137 158,081
Personnel expense also includes the wages, salaries and similar remuneration as well as employer’s
contributions to social security for our employees working on the Federal Government Export Credit
Guarantee scheme, which have been reimbursed to us by the government.
As part of the measures taken to secure entitlements arising in conjunction with share incentive
programmes at Allianz AG, a long call position was taken. The number of hedging instruments
currently stands at 55,181. The carrying amount of these instruments, at KEUR 1,435, is lower than
their fair value of KEUR 1,597 (measured using the binomial method). These share option instruments
are shown under Position D.III as other assets.
Number of employees 2005 2004
(average over year) Male Female Total Male Female Total
Full-time 765 541 1,306 733 516 1,249
Part-time 84 230 314 123 252 375
849 771 1,620 856 768 1,624
Trainees 8 17 25 14 15 29
Total 857 788 1,645 870 783 1,653
Employee numbers include for the first time employees already in the non-work phase of early retirement
part-time working arrangements. The previous year’s figures have been adjusted accordingly.
Number of insurance policies for own account* Dec. 2005 Dec. 2004
Credit and guarantee 23,614 23,399
Fidelity 7,757 8,083
* Number of policies at least one year old
45

Notes to the
Financial Statements
GROUP
AFFILIATION
MEMBERSHIP
IN OTHER
ORGANIZATIONS
46
The parent company of the Group which draws up consolidated financial statements for the widest
circle of companies is Allianz Aktiengesellschaft, Munich. Euler Hermes is included in their consolidated
financial statements as at 31 December 2005 and is therefore exempted from drawing up consolidated
financial statements of its own. The consolidated financial statements and management
report of Allianz Aktiengesellschaft will be published in its annual report and filed after the Annual
General Meeting with the Commercial Registry in Munich. They can be viewed there or obtained on
request from Euler Hermes Kreditversicherungs-AG. The parent company of the Group which draws
up consolidated financial statements for the smallest circle of companies is Euler Hermes S.A., Paris.
In accordance with § 20 (1) AktG, Euler Hermes S.A. has given notice that it holds more than one
quarter of the share capital of Euler Hermes Kreditversicherungs-AG.
We are a member of the German Insurance Association, Berlin, the Arbeitgeberverband der Versicherungsunternehmen
in Deutschland, Berlin, the International Credit Insurance and Surety Association,
Amsterdam, and of the International Union of Credit and Investment Insurers (Berne Union), London.
RESULT FOR YEAR Result for year 2005 2004
KEUR KEUR
Gross profit from underwriting business
Changes in equalization reserve
73,878 70,348
and similar provisions/reserves -83,201 -39,006
Underwriting profit/loss -9,323 31,342
Profit from general activities including Federal Government mandates 93,923 38,624
Profit before tax 84,600 69,966
Taxes on income -36,497 -32,301
Other taxes -449 -551
Net profit for the year 47,654 37,114
Unappropriated profit brought forward 548 144
Transfers to/from revenue reserves 13,163 -15,800
Unappropriated profit available for distribution 61,365 21,458

PROPOSED
DISTRIBUTION OF
UNAPPROPRIATED
PROFIT
It is proposed to use the unappropriated profit available for distribution
• to pay a dividend of EUR 29.47 on each share without par value of the share capital
of EUR 54,080,000. This amounts to a dividend payment of EUR 61,297,600.
• to transfer EUR 13,163,087 from revenue reserves and
• to carry forward EUR 67,797.
Hamburg, 17 February 2006
Dr. Baden Schloßmacher Dr. Janus
Dümler Kutter Dr. Walter
Notes to the
Financial Statements
47

AUDITOR’S
REPORT
49

Auditor’s Report
50
AUDITOR’S REPORT
We have audited the annual financial statements, comprising the balance sheet, the income statement
and the notes to the financial statements, together with the bookkeeping system, and the management
report of Euler Hermes Kreditversicherungs-Aktiengesellschaft, Hamburg, for the business year
from 1st January to 31st December 2005. The maintenance of the books and records and the preparation
of the annual financial statements and management report in accordance with German commercial
law are the responsibility of the company's management. Our responsibility is to express an opinion
on the annual financial statements, together with the bookkeeping system, and the management
report based on our audit.
We conducted our audit of the annual financial statements in accordance with § 317 HGB [„Handelsgesetzbuch“:
„German Commercial Code“] and German generally accepted standards for the audit
of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors
in Germany] (IDW). Those standards require that we plan and perform the audit such that misstatements
materially affecting the presentation of the net assets, financial position and results of operations in
the annual financial statements in accordance with principles of proper accounting and in the management
report are detected with reasonable assurance. Knowledge of the business activities and the economic
and legal environment of the company and expectations as to possible misstatements are taken
into account in the determination of audit procedures. The effectiveness of the accounting-related internal
control system and the evidence supporting the disclosures in the books and records, the annual
financial statements and the management report are examined primarily on a test basis within the framework
of the audit. The audit includes assessing the accounting principles used and significant estimates
made by the management, as well as evaluating the overall presentation of the annual financial statements
and management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the findings of our audit, the annual financial statements comply with the
legal requirements and give a true and fair view of the net assets, financial position and results of
operations of Euler Hermes Kreditversicherungs-Aktiengesellschaft in accordance with principles of
proper accounting. The management report is consistent with the annual financial statements and as
a whole provides a suitable view of the company's position and suitably presents the opportunities
and risks of future development.
Hamburg, 17 February 2006
KPMG Deutsche Treuhand-Gesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Busch Renner
German Public Auditor German Public Auditor

REPORT OF THE
SUPERVISORY BOARD
51

Report of the
Supervisory Board
52
REPORT OF THE SUPERVISORY BOARD
The Supervisory Board has monitored the activities of the Board of Management as required by law
and the Company statutes and stood by it in an advisory capacity. The Supervisory Board was kept
informed of the situation of Euler Hermes Kreditversicherungs-AG by quarterly written reports. During
the business year under review the Board of Management reported additionally to us in two ordinary
meetings and in one extraordinary meeting on the development and financial position of the Company.
Meetings of the Human Resources and Standing Committees took place to prepare these meetings.
The Supervisory Board deliberated on the Sustainability Program devised for the Euler Hermes
Group with a view to reducing complexity by comparing the core processes in place at the various EH
Group entities. In addition, discussion also took place on the harmonization of IT systems throughout
the group and the status of preparations within Euler Hermes Kreditversicherungs-AG in the light of
the forthcoming introduction of group-wide platforms in 2006. The Supervisory Board was kept informed
of all important business occurrences and decisions.
Whenever the approval of the Supervisory Board was required for decisions or measures of the
Board of Management, the Members of the Board and its Committees examined the proposals submitted
by the Board of Management, either in written form in advance or verbally in its meetings,
and passed its resolutions accordingly.
We examined the annual financial statements of Euler Hermes Kreditversicherungs-AG for the
financial year ended 31 December 2005, the management report and the proposal for the distribution
of the unappropriated profit, and found them to be in order.
KPMG Deutsche Treuhand-Gesellschaft carried out an audit of the accounting and the annual
financial statements of Euler Hermes Kreditversicherungs-AG and found them to be in accordance with
the legal requirements, as well as examining the management report which they considered to be
consistent with the financial statements. The report of the responsible senior auditor was discussed
at the meeting of the Supervisory Board on 25 April 2006 in his presence. The Supervisory Board
concurred with the result of the audit.
The Supervisory Board approved the annual accounts submitted by the Board of Management,
which were thereby adopted. The Board of Management’s proposed distribution of the unappropriated
profit available for distribution was endorsed by the Supervisory Board.
The Supervisory Board also examined the report on relations with affiliated companies prepared
by the Board of Management and the auditor’s report on this. The auditor concluded the report on
relations with affiliated companies prepared by the Board of Management with the following auditor’s
report:

“Based on our audit and the conclusions reached, we confirm that
1. the disclosures made in the report are factually correct,
2. the consideration received or paid by the Company for each legal transaction disclosed in the
report was not excessive.”
The Supervisory Board concurs with this conclusion.
In accordance with §§ 96, 101 (1) of the German Stock Corporation Act (AktG) in conjunction with
§ 1 (1), and § 7 (1) No. 1 of the German Co-Determination Law (MitbestG), the Supervisory Board comprises
six members each of the shareholders and the employees. Dr. Reiner Hagemann, member of
the Board of Management of Allianz AG, Munich, and Dr. Rolf Kunisch, former Chairman of the Board
of Management of Beiersdorf AG, Hamburg, laid down their Supervisory Board mandates with effect
from 31 December 2005. We would like to thank them for the valuable work they have performed
over a period of many years. It was resolved at the Annual General Meeting on 14 November 2005 to
appoint Nicolas Hein, Group Chief Financial Officer of Euler Hermes S.A., Paris, and Thomas-B. Quaas,
Chairman of the Board of Management of Beiersdorf AG, Hamburg, to the Supervisory Board with
effect from 1 January 2006. Also on 14 November 2005, Clemens von Weichs, Chairman of the
Directoire of Euler Hermes S.A., Paris, was elected by the Supervisory Board as its new Chairman
with effect from 1 January 2006 to succeed Dr. Hagemann.
In its meeting held on 20 September 2005, the Supervisory Board appointed Gert Schloßmacher,
member of the Board of Management of Prisma Kreditversicherungs-AG, Vienna, as a full member of
the Board of Management with effect from 1 January 2006.
In its meeting held on 14 November 2005, the Supervisory Board resolved to wind up the Advisory
Board of Euler Hermes Kreditversicherungs-AG with effect from 31 December 2005.
The Supervisory Board would like to express our thanks to the employees, the staff representatives,
the management of the subsidiaries and the Board of Management of Euler Hermes
Kreditversicherungs-AG for their good work and commitment.
Hamburg, 25 April 2006
On behalf of the Supervisory Board
Clemens von Weichs
Chairman
Report of the
Supervisory Board
53

WHO TO SPEAK TO
55

Who to speak to
WHO TO SPEAK TO AT EULER HERMES KREDITVERSICHERUNGS-AG
GERMANY
Head Office
Euler Hermes Kreditversicherungs-AG
Friedensallee 254
22763 Hamburg
Postal address
22746 Hamburg
Phone +49 (0) 40/88 34-0
Fax +49 (0) 40/88 34-77 44
info.de@eulerhermes.com
www.eulerhermes.de
BRANCHES AND REGIONAL OFFICES
Branch Office Berlin
An den Treptowers 3
12435 Berlin
Phone +49 (0) 30/20 28 43-00
Fax +49 (0) 30/20 28 43-01
nl.berlin@eulerhermes.com
Manfred Pietrowski, Head of Branch Office
Regional Sales Office Dresden
Riesaer Straße 5
01129 Dresden
Phone +49 (0) 3 51/8 53 77-0
Fax +49 (0) 3 51/8 53 77-10
gs.dresden@eulerhermes.com
Günter Sauer, Head of Regional Sales Office
Regional Sales Office Leipzig
Landsberger Straße 23
04157 Leipzig
Phone +49 (0) 3 41/9 08 23-0
Fax +49 (0) 3 41/9 08 23-10
gs.leipzig@eulerhermes.com
Dirk in der Beek, Head of Regional Sales Office
56
Branch Office Frankfurt
Große Gallusstraße 1–7
60311 Frankfurt
Phone +49 (0) 69/13 48-0
Fax +49 (0) 69/13 48-170
nl.frankfurt@eulerhermes.com
Hans-Joachim Schieffer, Head of Branch Office
Regional Sales Office Mannheim
Hauptstraße 161
68259 Mannheim
Phone +49 (0) 6 21/1 29 05-0
Fax +49 (0) 6 21/1 29 05-99
gs.mannheim@eulerhermes.com
Christian Müller, Head of Regional Sales Office
Regional Sales Office Saarbrücken
Bahnhofstraße 80
66111 Saarbrücken
Phone +49 (0) 6 81/3 89 96-0
Fax +49 (0) 6 81/3 89 96-99
gs.mannheim@eulerhermes.com
Christian Müller, Head of Regional Sales Office
Branch Office Hamburg
Straßenbahnring 11
20251 Hamburg
Phone +49 (0) 40/2 36 36-0
Fax +49 (0) 40/2 36 36-166
nl.hamburg@eulerhermes.com
Stefan Schiebeler, Head of Branch Office
Regional Sales Office Bremen
Martinistraße 34
28195 Bremen
Phone +49 (0) 4 21/1 65 97-0
Fax +49 (0) 4 21/1 65 97-49
gs.bremen@eulerhermes.com
Jörg Hofenbitzer, Head of Regional Sales Office

Branch Office Hanover
Georgstraße 36
30159 Hanover
Phone +49 (0) 5 11/3 64 01-0
Fax +49 (0) 5 11/3 64 01-70
nl.hannover@eulerhermes.com
Wolfgang Köplin, Head of Branch Office
Regional Sales Office Bielefeld
Zimmerstraße 8
33602 Bielefeld
Phone +49 (0) 5 21/9 64 56-0
Fax +49 (0) 5 21/9 64 56-50
gs.bielefeld@eulerhermes.com
Klaus Ostermann, Head of Regional Sales Office
Regional Sales Office Dortmund
WESTFALEN-CENTER
Lindemannstraße 79
44137 Dortmund
Phone +49 (0) 2 31/1 82 99-0
Fax +49 (0) 2 31/1 82 99-99
gs.dortmund@eulerhermes.com
Frank Liebold, Head of Regional Sales Office
Branch Office Cologne
Hohenzollernring 31–35
50672 Cologne
Phone +49 (0) 2 21/9 20 60-0
Fax +49 (0) 2 21/9 20 60-159
nl.koeln@eulerhermes.com
Othmar Dingarten, Head of Branch Office
Regional Sales Office Dusseldorf
Kanzlerstraße 4
40472 Dusseldorf
Phone +49 (0) 2 11/9 65 76-0
Fax +49 (0) 2 11/9 65 76-99
gs.duesseldorf@eulerhermes.com
Helmut Welter, Head of Regional Sales Office
Branch Office Munich
Ridlerstraße 35
80339 Munich
Phone +49 (0) 89/5 43 09-0
Fax +49 (0) 89/5 43 09-166
nl.muenchen@eulerhermes.com
Volker Schwinge, Head of Branch Office
Regional Sales Office Nuremberg
Spittlertorgraben 3
90429 Nuremberg
Phone +49 (0) 9 11/2 44 05-0
Fax +49 (0) 9 11/2 44 05-30
gs.nuernberg@eulerhermes.com
Dominique Malaise, Head of Regional Sales Office
Branch Office Stuttgart
Löffelstraße 44
70597 Stuttgart
Phone +49 (0) 7 11/9 00 49-0
Fax +49 (0) 7 11/9 00 49-70
nl.stuttgart@eulerhermes.com
Klaus Rehder, Head of Branch Office
Regional Sales Office Freiburg
Rehlingstraße 6e
79100 Freiburg
Phone +49 (0) 7 61/4 00 79-0
Fax +49 (0) 7 61/4 00 79-50
gs.freiburg@eulerhermes.com
Marcus Sarafin, Head of Regional Sales Office
Who to speak to
57

Who to speak to
FEDERAL GOVERNMENT EXPORT
CREDIT GUARANTEES
Berlin Office
Friedrichstadt-Passagen
Quartier 205
Friedrichstraße 69
D-10117 Berlin
Phone +49 (0) 30/20 94-53 10
Fax +49 (0) 30/20 94-53 20
aga.nl.berlin@eulerhermes.com
Detlev Malzkuhn
AUSTRIA
Prisma Kreditversicherungs-AG
Heiligenstädter Straße 201
A-1190 Vienna
Phone (+43 1) 3 79 00-0
Fax (+43 1) 3 79 00-2 08
office@prisma-kredit.com
Bettina Selden
Ludwig Mertes
CHINA
Euler Hermes Kreditversicherungs-AG
Hong Kong Branch Office
11/F Great Eagle Centre
23 Harbour Road
Wanchai, Hong Kong
Phone (+852) 28 67 00 61
Fax (+852) 28 69 86 55
info.hk@eulerhermes.com
Henning Siess
58
Euler Hermes Kreditversicherungs-AG
Tianjin Representative Office
Room 905
Exchange Office Tower
189 Nanjing Road
He Ping District
RC-Tianjin 300050, P.R. China
Phone (+86 22) 83 19 12 36
Fax (+86 22) 83 19 12 37
tianjin@eulerhermes.com.cn
John Wang
CZECH REPUBLIC
Euler Hermes Cescob,
úvĕrová pojist’ovna, a.s.
Molákova 576/11
CZ-186 00 Prague 8
Phone (+420) 2 66 10 95 21
Fax (+420) 2 66 10 95 20
info.cz@eulerhermes.com
Julius Kudla
DENMARK
Euler Hermes Kreditforsikring Norden AB
Postboks 326
Amerika Plads 19
DK-2100 Copenhagen Ø
Phone (+45) 88 33 33 88
Fax (+45) 88 33 33 89
info.dk@eulerhermes.com
Peter Hecht-Hansen

ESTONIA
Euler Hermes Kreditversicherungs-AG
Eesti filiaal
Tina 9
EST-10126 Tallinn
Phone (+372) 667 93 50
Fax (+372) 667 93 52
baltic@eulerhermes.com
Frank Wille
FINLAND
Euler Hermes Kreditförsäkring Norden AB
Filial i Finland
Itälahdenkatu 18 A
FIN-00210 Helsinki
Phone (+358 10) 8 50 85 00
Fax (+358 10) 8 50 85 11
info.fi@eulerhermes.com
Timo Nisumaa
FRANCE
Euler Hermes Kreditversicherungs-AG
Succursale en France
28, rue de Berri
F-75008 Paris
Phone (+33 1) 56 59 20 20
Fax (+33 1) 56 59 20 21
info.fr@eulerhermes.com
Kirsten Tosoni
HUNGARY
Euler Hermes Magyar Hitelbiztosító Rt.
Kiscelli u. 104
Post Box: 469
H-1037 Budapest
Phone (+36 1) 4 53 90 00
Fax (+36 1) 4 53 90 09
info.hu@eulerhermes.com
Hans-Peter Schöttler
JAPAN
Euler Hermes Kreditversicherungs-AG
Japan Branch Office
Kyobashi Nisshoku Bldg. 7F
8-7, Kyobashi 1-chome
J-Chou-ku, Tokyo 104-0031
Phone (+81) 3 35 38-54 03
Fax (+81) 3 35 38-53 95
von.seth@eulerhermes.co.jp
Frank von Seth
KOREA
Euler Hermes Credit Underwriters Hong Kong Ltd.
Liaison Office
Rm 1411, 14/F, Ssayong Platinum Bldg.
156, Cheokseon-dong, Chongro-ku
Seoul 110-052
South Korea
Phone (+82 2) 7 33 88 13
Fax (+82 2) 7 33 88 14
Andy Ryoo
Who to speak to
59

Who to speak to
LATVIA
Euler Hermes Kreditversicherungs-AG
Latvijas filiale
Skolas iela 9
LV-1010 Riga
Phone (+371 7) 686 054
Fax (+371 7) 686 055
baltic@eulerhermes.com
Frank Wille
LITHUANIA
Euler Hermes Kreditversicherungs-AG
Lietuvos Filialas
Konstitucijos ave 7
LT-09308 Vilnius
Phone (+370 5) 2 11 33 66
Fax (+370 5) 2 72 77 75
baltic@eulerhermes.com
Frank Wille
THE NETHERLANDS
Euler Hermes Interborg N.V.
Hoogoorddreef 5
Postbus 12473
NL-1100 AL Amsterdam Z.O.
Phone (+31 20) 6 96 39 41
Fax (+31 20) 6 96 30 21
interborg@eulerhermes.com
Duco N. Brongersma
60
NORWAY
Euler Hermes Kredittforsikring Norden AB
Holbergsgate 21
P.O. box 6875 St. Olavs Plass
N-0130 Oslo
Phone (+47) 23 25 60 00
Fax (+47) 23 25 60 10
info.no@eulerhermes.com
John Justad
POLAND
Euler Hermes
Towarzystwo Ubezpieczeń S.A.
ul. Domaniewska 50 B
PL-02-672 Warsaw
Phone (+48 22) 3 85 46 55
Fax (+48 22) 3 85 48 80
info.pl@eulerhermes.com
Eckhard Horst
Office:
Euler Hermes
Zarządzanie Ryzykiem Sp. z o.o.
Oddział Poznań
ul. Janickiego 20 B
PL-60-542 Poznań
Phone (+48 61) 6 63 19 34-39
Fax (+48 61) 6 63 19 40
Robert Walczak

Office:
Euler Hermes
Zarządzanie Ryzykiem Sp. z o.o.
Oddział Katowice
ul. Porcelanova 8
PL-40-246 Katowice
Phone (+48 32) 7 30 33 04-09
Fax (+48 32) 7 30 33 04-10
Zbigniew Narajewski
Office:
Euler Hermes
Zarządzanie Ryzykiem Sp. z o.o.
Oddział Gdyni
ul. Łużycka 8
PL-81-537 Gdynia
Phone (+48 58) 6 22 69 30
Fax (+48 58) 6 22 69 32
Wojciech Zdrojewski
ROMANIA
Euler Hermes Servicii Financiare S.R.L.
Str. Maltopol, nr. 9
Sektor 1
RO-011047 Bucharest
Phone (+40 21) 2 06 01 00
Fax (+40 21) 2 06 64 89
cristina.rusuleanu@eulerhermes.com
Cristina Rusuleanu
RUSSIA
Euler Hermes Kreditversicherungs-AG
Representative Office
c/o JSC ROSNO
Andreas Steinborn
Ozerkovskaja nab. 30
RUS-Moscow, 115 184
Phone (+7 495) 9 56 21 05-45 70
Fax (+7 495) 9 56 21 05-45 72
andreas.steinborn@eulerhermes.com
Andreas Steinborn
SLOVAKIA
Euler Hermes Servis, s.r.o.
Plynárenská 1
SK-82109 Bratislava
Phone (+421 2) 58 28 09 11
Fax (+421 2) 58 28 09 99
helena.mudra@eulerhermes.com
Helena Múdra
SWEDEN
Euler Hermes Kreditförsäkring Norden AB
Klara Norra Kyrkogata 29
Box 729
S-10134 Stockholm
Phone (+46 8) 55 51 36 00
Fax (+46 8) 55 51 36 01
info.se@eulerhermes.com
Lars Gustafsson
Who to speak to
61

Who to speak to
Euler Hermes Kreditförsäkring Norden AB
World Trade Center
Mässans Gata 18
Box 5243
S-40224 Gothenburg
Phone (+46 31) 83 69 29
Fax (+46 31) 18 32 93
info.se@eulerhermes.com
Lars Gustafsson
SWITZERLAND
Euler Hermes Kreditversicherungs-AG
Regional Sales Office Zurich
Tödistrasse 65, Postfach
CH-8039 Zurich
Phone (+41 44) 2 83 65 65
Fax (+41 44) 2 83 65 66
info.ch@eulerhermes.com
Jörn Volk
Euler Hermes Assurance Crédit
Agence Lausanne
Avenue de Gratta-Paille 2
Casa postale 476
CH-1000 Lausanne 30 Grey
Phone (+41 21) 6 43 74 21
Fax (+41 21) 6 43 72 10
christian.gabriel@eulerhermes.com
Christian Gabriel
62
SINGAPORE
Euler Hermes Kreditversicherungs-AG
Singapore Branch Office
3 Temasek Avenue
# 08-01 Centennial Tower
SGP-Singapore 039130
Phone (+65) 62 97 88 02
Fax (+65) 62 97 45 29
jef.vincent@eulerhermes.com
Jef Vincent
UNITED KINGDOM
Euler Hermes Guarantee plc
Surety House
Lyons Crescent
Tonbridge
GB-Kent TN9 1EN
Phone (+44 1732) 77 03 11
Fax (+44 1732) 77 03 61
info@ehgplc.com
Roger Paton
Euler Hermes Guarantee plc
London Office
40, Queen Street
GB-London EC4R 1DD
Phone (+44 207) 9 29 19 19
Fax (+44 207) 9 29 03 75
info@ehgplc.com
Sean Higgins
Euler Hermes Guarantee plc
Manchester Office
York House
12, York Street
GB-Manchester M2 3BB
Phone (+44 161) 2 00 81 30
Fax (+44 161) 2 00 81 31
Trevor Johnes

Euler Hermes Kreditversicherungs-AG
Friedensallee 254, 22763 Hamburg
GERMANY
Phone +49 (0) 40/88 34-0
Fax +49 (0) 40/88 34-7744
info.de@eulerhermes.com
www.eulerhermes.de 01 7001 0606