Annual Report 2013 What Unites Us
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1 Annual Report 2013 What Unites Us
2 Two Annual Reports One Layout In the merger year, the annual reports of the Volksbank Gütersloh and the Bielefelder Volksbank are independent regarding content. We have already embarked on a mutual path with regard to the graphic layout. When both annual reports are placed next to one another, the two titles constitute a single unit.
3 Volksbank Gütersloh Annual Report 2013 Table of Contents 04 Preface by the Management Board 06 Supervisory Board Report 08 Management Board Report for the 2013 Financial Year 15 Outlook for Balance Sheet 18 Profit and Loss Account
4 04 Volksbank Gütersloh Annual Report 2013 Preface by the Management Board Dear Ladies and Gentlemen, 2013 was a successful and extraordinarily exciting financial year for us. This is because we were taken up with one particular issue from the start of the year: our merger with Bielefelder Volksbank. As of the end of November, and by a large majority, the representatives committees of both banks resolved to merge the banks for future success. We are very pleased about this. The merger allows us to strengthen our independence as a regional co-operative bank and expand our product and service range at the same time. Our local presence, personal proximity to our customers and members as well as individual support for all financial issues will also spur us on in the years to come. With growth of 6.4 % on the loan side and growth of 5.6 % on the deposit side, the financial year was exceedingly successful. This positive result is largely due to the outstanding services provided by our employees. The merger was not the only innovation in 2013: For instance, Volksbank Gütersloh now has its own SWIFT connection. Notifications from the documentary collection and credit business are consequently transferred with greater speed. Our customers whose business is becoming increasingly more international are offered time savings due to direct processing of foreign transactions. A major issue in 2013: implementation of SEPA We already laid the groundwork in previous years for the changeover of our payment transaction operations. With full-scale consultation services provided by our corporate customer and ebanking managers, as well as several thousand newsletters and information sessions involving more than 1,100 participants, we were able to support our customers during the transition in Our special SEPA hotline enables us to respond to questions quickly and directly. Top position for our NachhaltigkeitsInvest With an increase of 6.3 % in June 2013, Volksbank Gütersloh s NachhaltigkeitsInvest occupied the top position at ECOreporter.de, with the best performance in the semi-annual balance sheet of sustainable mixed funds. It was launched in December Well-positioned for the year of the merger 2014 will be dominated by the merging and integration of our two banks. Competition in the market for financial services will continue to be intense. We are happy to take on this challenge and, in close cooperation with our partners, continue to impress our customers in 2014 with offering financing and investing opportunities tailored to their needs.
5 Volksbank Gütersloh Preface by the Management Board 05 Thomas Sterthoff (Spokesman of the Management Board) and Michael Deitert We would like to thank all our members and customers for the trust placed in us once again in We would like to extend a special thanks to our representatives and members of the Advisory Board and Supervisory Board for their close cooperation. Our strong position in the regional banking market would not have been possible without their support. We would also like to thank our all employees for their tireless efforts. They make Volksbank Gütersloh what it is: a strong, successful bank. Thomas Sterthoff Michael Deitert
6 06 Volksbank Gütersloh Annual Report 2013 Supervisory Board Report In the 2013 financial year, the Supervisory Board discharged the duty imposed on it by the legal and statutory provisions, to supervise the activities of the managing directors in accordance with its internal rules of procedure. The Management Board notified the Supervisory Board in seven joint sittings of business performance and significant events and projects securing our future as well as the intention to merge with Bielefelder Volksbank. Due to extensive information and in-depth consultation, the Supervisory Board was always privy to the decisions of the Management Board which were made in a transparent and comprehensible manner. The information requested was always provided in full and resolutions passed in separate votes. Furthermore, the committees of the Supervisory Board (credit and audit committee) convened regularly and passed resolutions required under the by-laws. The Supervisory Board audited the 2013 annual financial statements and management report. The Supervisory Board approves the reports of the Management Board in full and agrees to the proposal of the Management Board to distribute profit which is in accordance with the by-laws. Rheinisch-Westfälische Genossenschaftsverband e.v. will perform the audit of the annual financial statements and management report, as required by law, and issue an unqualified auditor s opinion. The Supervisory Board has been informed in full of the audit result. Furthermore, Rheinisch-Westfälische Genossenschaftsverband e.v. performed the deposit holdings audit as per 36 German Securities Trading Act [WpHG]. The Supervisory Board would like to thank the Management Board and all employees for their commitment and dedicated work in Gütersloh, April 2014 Michael Mersch (Chairman)
7 Volksbank Gütersloh Supervisory Board Report 07 Michael Mersch Chairman Members of the Supervisory Board Michael Mersch Tax Adviser Thorsten Flues Workers Representative Volksbank Gütersloh eg Martin Goldbeck Managing Director Udo Heinrich Workers Representative Volksbank Gütersloh eg Fritz Husemann Managing Director Franz-Josef Kleinekofort Workers Representative Volksbank Gütersloh eg Martin Köster Workers Representative Volksbank Gütersloh eg Heiner Kollmeyer Farmer Norbert Leopoldseder Tax Adviser Carola Nüßing Managing Director Jürgen Peterburs Managing Director Jörg Schmedthenke Managing Director Joachim Scholz Lawyer Volker Tracht Workers Representative Volksbank Gütersloh eg Dr. Heiner Wortmann Auditor and Tax Adviser
8 08 Volksbank Gütersloh Annual Report 2013 Report of the Management Board for the 2013 Financial Year Positive economic development The business of Volksbank Gütersloh also developed positively in We achieved further growth both in the balance sheet-dependent business with customer funds and in brokering of financial products. The positive result is gratifying after all the merger preparations. Despite the additional activities associated therewith, Volksbank Gütersloh had a good financial year. Contrary to trends in the industry, our workforce increased in number and new jobs were created. This will enhance the range of services Volksbank Gütersloh is able to provide. The desired growth can only be achieved with good and qualified personnel. We managed total assets (customer deposits and securities) of 2,195 million on behalf of our members and customers. Here there was an increase of 5.3 %. We are pleased about this major vote of confidence by our customers. In 2013, we further strengthened and expanded our position in the domestic financial market. The positive financial results will once again allow us to significantly improve the equity resources of the bank. We are confident that we will be able to successfully implement the targets and projects, in particular the imminent merger in 2014, on the basis of this strong position. In 2013, the total assets of the second largest Volksbank in Eastern Westphalia increased once more and peaked at 2,204 million at year-end. This represents an increase of million or 6.0 %. Balance sheet total 2013 in millions Total assets 2,204 Loans 1,406 Deposits 1,687
9 Volksbank Gütersloh Report of the Management Board for the 2013 Financial Year 09 Customer focus expanded Our operations in 2013 were also driven by personal consulting and support services for our customers. The continual further training of our specialist personnel and the expansion of personnel capacities means that we are continually able to develop the quality of our consulting services. Volksbank Gütersloh therefore offers its customers a qualified, needs-appropriate support in credit, deposit and services business at all locations. In addition, Volksbank Gütersloh further extended its market position in foreign business. A growing number of customers, especially medium-sized companies, now operate internationally and are professionally supported by the international team of Volksbank Gütersloh. For this reason, we have stepped up our support activities and significantly expanded our scope of services. This also includes our own SWIFT connection, which allows us to offer our customers time savings when processing international transactions. Regional presence With its business model, Volksbank Gütersloh is further relying on geographical proximity and short distances. With 22 branches and eleven additional self-service offerings, the office network has remained constant in It also updated and extended its website. The branches Am Markt in Steinhagen, in Verl and in Kahlertstraße in Gütersloh were modernised and renovated in Volksbank Gütersloh exchanged offices with the company, Schenke, in Carl-Bertelsmann-Straße in Gütersloh. The premises was extensively modernised. With the planned conversion of the distillery in Isselhorst to a new office and renovation of the premises at Wiedenbrücker Marktplatz, customer service will be further expanded in the coming year as well. As a result, spatial conditions will be adapted to meet the requirements of an optimal consulting environment. In 2013, the Bankery developed into one of the leading addresses for meetings and communication in Gütersloh. Our concept of bank and pleasure has been very successful. Here account managers at Volksbank meet their customers amid a pleasant ambience. Advisory meetings are held at the Bankery and contracts are prepared. The fact that Volksbank Gütersloh has kept abreast of the times by introducing this concept is proven by the nationwide interest it has sparked. Our customers continue to be supplied with cash via our ATMs. There were 1,795,012 withdrawals. The total cash available was million.
10 10 Volksbank Gütersloh Annual Report 2013 Regional co-operative bank Volksbank Gütersloh has 101,535 customers. At the end of 2013, 62,983 of these were also owners. As such, more than six out of seven customers (62 %) are also members of our bank. At this rate, Volksbank Gütersloh is one of the leading co-operative banks in Rhineland and Westphalia. 3,001 customers became new shareholders of the largest bank in the district of Gütersloh. Of this amount, 62,000 was attributable to funding by Volksbank Stiftung. The latter supported 28 projects in the business region. The main focus of the various projects was on the voluntary work of the organisations. VereinsVoting, which was launched for the first time in 2012, was repeated in different associations were each given 1,000 as a result of the campaign. Local residents have a say in the allocation of funds. Neue Mitglieder , ,001 Continued popularity of the co-operative concept: 62,983 members belong to Volksbank Gütersloh. Services for our members via the Goldene VR-Bank- Card PLUS continue to be expanded. In 2013, we acquired further cooperation partners in the district of Gütersloh. On the whole, with this card, members enjoy benefits offered by 130 partners as of 31 December, The Bankery hosted seven events in cooperation with the Members Academy. All events were booked out. As before, Volksbank Gütersloh took its social development mission in 2013 very seriously. Thus, by year-end, funding of 190,000 had been issued for social and non-profit projects in the region. 65 associations (previous year: 49) applied in ,997 votes were cast for the 25 fastest candidates on Facebook and are a sign of the keen interest in this campaign. We also carried out our co-operative social development mission in the form of the campaign Ein Stern für uns. In the past year, and in the form of donations, Volksbank Gütersloh put the money normally allocated to Christmas cards for our customers towards the organisation of a nice Christmas party for underprivileged children and teenagers in the region. 590 children received a Christmas present from the proceeds of the sale of plush stars. Our members and customers also got actively involved in the campaign. By the time Advent came around, we had already donated 5,000 to Gütersloher Tafel. Furthermore, Volksbank Gütersloh donated over 2,500 to the Child and Adolescent Hospice, Bethel.
11 Volksbank Gütersloh Report of the Management Board for the 2013 Financial Year 11 Loan commitments continued to increase Customer receivables reached a new record value of 1.41 billion (previous year: 1.32 billion). This represents an increase of 84 million or 6.4 %. In the past year, credit experts at Volksbank Gütersloh arranged so-called programme loans from the Development Loan Corporation (Kreditanstalt für Wiederaufbau) for 546 investors in the manufacturing, agriculture and private housing construction Customer receivables in billions Loans provided in millions In the 2013 financial year, Volksbank Gütersloh provided the domestic companies and private investors with new loans totalling 484 million (previous year: 427 million). This represents an increase of 13.3 %. Above all, medium-sized businesses from artisans to international companies and family-run businesses were responsible for the continued strong demand for investment funds. It reflects the stable nature of the regional economy. sectors. That is 36 borrowers more than in 2012 (plus 7.1 %). 17 funding applications were used to establish an own company. In an emerging difficult business environment, Volksbank Gütersloh financed 88 (previous year: 102) photovoltaic systems exclusively from its own funds.
12 12 Volksbank Gütersloh Annual Report 2013 Managed monetary assets Volksbank Gütersloh was also a reliable partner for its members and customers in On 31 December, 1.69 billion (increase of 5.6 %) in customer funds were on the giro, fixed deposit and savings accounts of our more than 100,000 customers. We thereby have comparably good refinancing for our own credit business at our disposal. Due to decreasing worries about the sovereign debt crisis in the euro zoneand continued low interest-rate levels, our customers have increasingly turned to investment in shares. Both equity funds and direct investments in shares are in greater demand. Volksbank Gütersloh achieved all revenue and income targets in securities transactions. Furthermore, in-house assets management reported positive growth due to an increased demand for managed assets. Kundeneinlagen in Mio. 1,000 1, Sight deposits Time deposits Savings deposits While sight deposits increased by million (increase of 17 %) and time deposits by 27.8 million (increase of 15.6 %) over the past year, savings deposits decreased by 98.1 million or 24.6 %. Savings deposits amounted to 301 million at year-end and continue to fall. exceedingly well, increasing by 10.4 %. The constant cash inflows to our funds underscores the fact that the topic of sustainability is becoming increasingly important for financial investment. The amounts of deposit and investment accounts totalled million (previous year: million). The entire fixed assets of our customers (including life insurance, building loan contracts etc.) totalled 2,513 million at year-end. This represents an increase of 5.2 % (previous year: 2,388 million). In 2013, our Volksbank Gütersloh NachhaltigkeitsInvest internal mixed fund performed
13 Volksbank Gütersloh Report of the Management Board for the 2013 Financial Year 13 Strong partners in the co-operative financial group Volksbank Gütersloh also generated positive earnings in the building loan and insurance segments over the past year. Our customers concluded a total of 3,515 building loan contracts with the associated Bausparkasse Schwäbisch Hall. This represents an increase of 15.6 % over the previous year (3,041). In total, a volume of million was brokered (previous year: million). The number of life insurance contracts concluded with the cooperative associated partner R+V Versicherungen was 14,979 contracts at year-end (previous year: 14,596) with a repurchase value of million. With 866 RiesterRente contracts, customers secured the public premiums for private pension provision. Furthermore, they took out 2,491 contracts for risk and old-age pension insurance. A volume of 25.7 million was achieved in the new customer business of life insurance (previous year: 27.9 million). With 6,470 new contracts, the new business relating to property insurance remained at the previous year s level. Contribution income increased 3.6 % to 1.27 million (previous year: 1.23 million). Volksbank Gütersloh also managed to increase revenue in the consumer loans segment. 1,473 easycredit contracts were brokered in 2013 (previous year: 1,205). This represents an increase of 22.2 %. The Volksbank s own subsidiary Geno Immobilien GmbH also closed a successful 2013 with 190 brokered sites, apartments and houses (increase of 24.2 %). Sales prices achieved totalled 29.1 million (previous year: 22.3 million). This represents a significant increase of 30.4 %. Positive income development Volksbank Gütersloh will enter the new year in an economically strong position. The bank s equity resources were significantly improved. Consequently, sufficient leeway exists to meet all reasonable loan requests and, by the same token, the future regulatory requirements for equity. As such, Volksbank Gütersloh continues to outperform within the co-operative financial group. Employees As of 31 December, 2013, Volksbank Gütersloh had 561 employees. The number of employees has therefore increased by 12 compared to the previous year. The increase is in stark contrast to the current trend in the industry to downsize. The focus on the comprehensive and personal support of our customers is also reflected in this increase in personnel. In addition, the number of trainees was increased. At the end of the year, Volksbank Gütersloh had 54 trainees (previous year: 44). This includes, for the first time, five prospective office communications specialists. The filling of positions with junior staff from within the company and the development of training will continue to be an integral part of the personell strategy. It forms the basis for the continued expansion of the future-oriented success model of Volksbank Gütersloh. Steady investment in the further education of employees persisted into ,000 was invested in seminars and training over the past year. This corresponds to the impressive number of 1,512 completed internal and external seminar days.
14 14 Volksbank Gütersloh Annual Report 2013 Appropriation of Profits Our members have a share in our business success. The Management Board and Supervisory Board propose an ordinary dividend of 2.50 % as well as a bonus of 1.00 % to the representative meeting. Proposal for the Appropriation of Profits 2013 of Volksbank Gütersloh eg The Management Board and Supervisory Board suggest using the annual net profit of 6,741, by including a profit brought forward in the amount of as well as the allocation to reserves in the annual financial statement in the amount of 3,572, (profit retained) as follows: 2.50 % dividends 459, Bonus payment 1.00 % 183, VR Member Bonus 701, Placement in other revenue reserves 1,825, Carry-forward to new account Total 3,169, Thanks for the exceptional commitment The good result is particularly exceptional, when considering that this was the year of the merger. Thanks to our employees, despite the additional challenges, we have succeeded at attaining a strong position in a market that is characterised by stiff competition, and we were a reliable partner for our customers at all times. For this reason, we would like to thank our 561 committed and diligent employees. Our special thanks go to the Supervisory Board for the good and trustful cooperation in the past year. We also consistently pursue our goal in 2014: We will offer our members and customers solutions that are tailored to their needs. The cooperative communication and, especially, the personal connection are our first priority. We would like to thank our customers and members for the faith they placed in us and for the good cooperation. We would also like to thank the regional advisory councils for the constructive discussions during the committee meetings. By conveying to us the views of our customers they provide a substantial contribution to the further development of our customer focus.
15 Volksbank Gütersloh Outlook Outlook 2014 Two become one The merging of Volksbank Gütersloh and Bielefeld Volksbank will also be governing our actions in 2014: what will arise is a strong and attractive regional co-operative bank for customers and employees. It is our objective to ensure that all our customers and members can experience our service philosophy and tap into additional customer potential within the market region. Positive development Against the backdrop of the overall economic forecast and the continuing low interest rate environment situation, we are anticipating a continuation of the positive development in the credit business. Regarding the deposit banking business, we also expect the positive development seen in recent years to continue. We anticipate that the trend towards short-term investment products will continue. Membership For us as a co-operative bank, particular emphasis is placed on the aspect of membership. Our successful added-value member programme, with meetings of members and the member academy, is extended to the entire area of operations. By means of this, our members in Bielefeld can also make use of offers on site. The first meetings of members in Bielefeld have already been planned for September. Taking on the challenge For the coming year, we are anticipating a situation of continued intensive competition in the market for financial services, as well as additional regulatory requirements. In cooperation with our alliance partners, we will also impress our customers with needsbased financing and investment possibilities in New opportunities There is plenty of evidence suggesting that 2014 will also be a successful business year for us. The larger business territory also offers plenty of new opportunities. And we will seize these because we are well-positioned and can thus take on the business challenges in this new, larger market region with confidence. We are confident that also in the coming year we will be able to report numerous positive developments in the new Volksbank Bielefeld-Gütersloh.
16 16 Volksbank Assets side Gütersloh annual balance Annual sheet Report for 2013 the year ending on 31 December T 1. Cash Reserves a) Cash on hand 19,269, ,260 b) Cash in central banks 16,911, ,708 including: in Deutsche Bundesbank 16,911, (18,708) c) Cash in post giro accounts ,181, Debt instruments of public bodies and bills of exchange blicensed for refinancing at central banks a) Treasury bills and non-interest bearing federal treasury notes and similar debt instruments of public bodies including: eligible for refinancing with the Deutsche Bundesbank 0.00 (0) b) Bills of exchange Accounts receivable from banks a) Due daily 75,820, ,539 b) Other receivables 12,921, ,742, , Accounts receivable from customers 1,405,848, ,321,806 thereof: secured by charges on real property 478,177, (469,622) Public sector loans 6,567, (6,855) 5. Bonds and other fixed interest-bearing securities a) Money market securities aa) of public issuers including: those eligible as collateral at Deutsche Bundesbank 0.00 (0) ab) of other issuers including: those eligible as collateral at Deutsche Bundesbank 0.00 (0) b) Debentures and bonds ba) of public issuers 20,351, ,411 including: those eligible as collateral at Deutsche Bundesbank 20,351, (15,411) bb) of other issuers 534,890, ,241, ,684 including: those eligible as collateral at Deutsche Bundesbank 504,483, (516,847) c) own bonds 31, ,273, Nominal amount 31, (193) 6. Bonds and other non-fixed interest-bearing securities 20,017, ,016 6a. Trading book positions Participations and capital holdings at co-operatives a) Interests 53,364, ,365 thereof: in credit institutes 3,311, (3,311) in financial services institutes 0.00 (0) b) Capital shares in co-operatives 1,676, ,041, ,394 thereof: at credit co-operatives 560, (280) at financial services institutes 0.00 (0) 8. Shares in affiliated companies 150, thereof: in credit institutes 0.00 (0) in financial services institutes 0.00 (0) 9. Trust Assets 1,271, ,188 thereof: trustee loans 1,271, (2,188) 10. Equalisation recovery claims against the public sector Including bonds from exchange of such claims Intangible Assets a) Own industrial proprietary rights and similar rights and values b) Paid concessions, industrial property rights and similar rights and values as well as licences from such rights and values 95, c) Goodwill d) Payments in advance , Property, plant and equipment 31,434, , Other assets 9,977, , Accrued and deferred items 64, Deferred tax assets Active difference resulting from asset offsetting Total Assets 2,204,098, ,078,856
17 Volksbank Passive side Gütersloh annual balance Annual sheet Report for 2013 the year ending 31 December T Liabilities to banks a) Due daily 5, b) With an agreed term or termination period 286,093, ,098, , Liabilities to customers a) Savings deposits aa) With agreed termination period of three months 285,754, ,144 ab) With agreed termination period of more than 3 months 15,118, ,873, ,812 b) Other liabilities ba) Due daily 1,169,750, ,691 bb) With an agreed term or termination period 206,026, ,375,776, ,676,650, , Securitised liabilities a) Issued bonds 10,093, ,247 b) Other securitised liabilities ,093, thereof: Money market securities 0.00 (0) Own acceptances and promissory notes in circulation 0.00 (0) 3a. Trading book positions Trust liabilities 1,271, ,188 thereof: Trustee loans 1,271, (2,188) 5. Other liabilities 2,320, , Accrued and deferred items 285, a. Passive deferred tax assets Reserves a) Reserves for pensions and similar obligations 9,040, ,074 b) Tax reserves 3,590, ,584 c) Other reserves 6,405, ,037, , Subordinated liabilities Profit participation capital 1,910, ,910 including: due prior to expiry of two years 0.00 (0) 11. Funds for general banking risks 61,400, ,500 thereof: Special items in accordance with 340e Paragraph 4 HGB 0.00 (0) 12. Equity a) Subscribed capital 18,661, ,595 b) Capital reserves c) Revenue reserves ca) Legal reserve 32,400, ,700 cb) Other revenue reserves 90,800, ,200, ,200 d) Balance sheet profit 3,169, ,031, ,045 Total liabilities 2,204,098, ,078, Contingency liabilities a) Contingency liabilities from bills of exchange that have been passed on for settlement b) Liabilities from guarantees and warranty contracts 71,384, ,920 c) Liability from the provision of securities for third-party liabilities ,384, Other liabilities a) Repurchasing duties from non-genuine repurchasing transactions b) Placing and assumption obligations c) Irrevocable loan commitments 124,869, ,869, ,391 thereof: delivery obligations from interest-related futures transactions 0.00 (0)
18 18 Volksbank Profit and Loss Gütersloh Account Annual for the Report period 2013 from 1 January 2013 to 31 December T 1. Interest earnings from a) Credit and money market transactions 57,108, ,353 b) Fixed interest-bearing securities and book-entry securities 16,113, ,221, , Interest expenses 17,537, ,683, , Ongoing income from a) Shares and other non-fixed interest-bearing securities 232, b) Interests and members capital contributions held in trade 674, c) Shares in affiliated companies 65, , Income from profit pools. profit transfer or partial profit transfer agreement Commission income 15,692, , Commission expenses 1,913, ,779, , Net income/expenses for the trading portfolio Other operating income 1,845, , General administrative expenses a) Personnel expenses aa) Wages and salaries 22,349, ,757 ab) Social security and expenses for pensions and for support 4,676, ,026, ,585 including: for old-age pension costs 873, (924) b) Other administrative expenses 12,988, ,015, , Depreciation and value adjustments on intangible assets and property, plant and equipment 2,837, , Other operating expenses 1,366, , Depreciation and value adjustments on receivables and certain securities and additions to reserves in the credit business 956, , Income from additions to receivables and certain securities and from the liquidation of reserves in the credit business , Depreciation and value adjustments on interests, shares in affiliated companies and securities treated as assets Income from additions to interests, shares in affiliated companies and securities treated as assets Expenses from losses brought forward Surplus from normal business activities 27,104, , Extraordinary income Extraordinary expenses Extraordinary result 0.00 (0) 23. Taxes on income and earnings 10,366, ,997 including: deferred taxes 0.00 (0) 24. Other taxes insofar as not stated in item 12 96, ,463, a. Additions to funds for general banking risks 9,900, , Net income 6,741, , Profit brought forward from previous year ,741, , Withdrawals from profit reserves a) from the legal required reserves b) from other profit reserves ,741, , Additions to profit reserves a) to the legal reserve 700,000, b) to other profit reserves 2,872, ,572, , Balance sheet profit 3,169, ,045
19 Management Board Members Thomas Sterthoff, Speaker Bank management for corporate customer business, Financial consulting, Securities, Private customer business, Marketing, Personnel and Revision Michael Deitert Bank management for corporate management, Organisation/IT, Sales support, Operational area and Law Relevant Auditing Association RWGV Rheinisch-Westfälischer Genossenschaftsverband e. V. Mecklenbecker Strasse Münster The full financial statement (balance sheet, profit and loss account and attachment) as well as the management report will be provided with an unqualified audit opinion from the Rheinisch-Westfälischen Genossenschaftsverband e. V. Münster in April The full financial statement and the management report will be published in the electronic Federal Gazette following the approval by the representative meeting. Masthead Publisher Volksbank Gütersloh eg Friedrich-Ebert-Strasse Gütersloh Concept and Design Print and Production Photography Katrin Biller (Page 05 and 07) Christian R. Schulz (Cover Picture)
20 Volksbank Gütersloh eg Friedrich-Ebert-Strasse Gütersloh Telefon Telefax
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