244 DZ BANK ANNUAL REPORT B Disclosure of interests in other entities PROPORTION OF THE DZ BANK GROUP S ACTIVITIES AND CASH FLOW ATTRIBUTABLE TO NON-CONTROLLING INTERESTS» 29 INTERESTS IN SUBSIDIARIES In the DZ BANK Group, material non controlling interests exist in the following subsidiaries: Non-controlling material interests in the capital and net income 5,191 4,688 R+V Versicherung subgroup 1,646 1,231 Bausparkasse Schwäbisch Hall subgroup 897 826 DZ BANK Perpetual Funding Private Issuer (Jersey) Limited 500 500 DZ BANK Capital Funding Trust II 492 499 DZ BANK Perpetual Funding Issuer (Jersey) Limited 492 494 DZ BANK Capital Funding Trust III 344 348 DZ BANK Capital Funding Trust I 294 299 DZ PRIVATBANK 284 284 Union Asset Management Holding subgroup 242 207 Non-controlling non-material interests in the capital and net income 147 153 Total 5,338 4,841 R+V VERSICHERUNG he R+V Group is a subgroup of the DZ BANK Group that, with its individual companies, ofers all types of insurance in all of the non life, life, and health insurance sectors. It also takes on inward reinsurance business in the international market. R+V Versicherung AG, Wiesbaden, (R+V) is the parent company of the R+V subgroup. R+V is headquartered in Wiesbaden. DZ BANK directly holds 74.9 percent of the shares in R+V (December 31, : 74.9 percent). he share of voting rights equals the shareholding. Non controlling interests account for 25.1 percent of the share of voting rights and the shareholding (December 31, : 25.1 percent). 15.8 percent is held by WGZ BANK AG Westdeutsche Genossenschafts Zentralbank, Düsseldorf, (WGZ BANK) and 6.2 percent by local cooperative banks. he other 3.1 percent is held by other entities in the cooperative sector. he net income for the year attributable to non controlling interests was 191 million (: 63 million); this includes the net income for the year attributable to the non controlling interests within the R+V subgroup of 37 million (: 10 million). he carry ing amount of the non controlling interests within the DZ BANK Group was 1,646 million (December 31, : 1,231 million), of which 472 million was attributable to the non controlling interests
DZ BANK ANNUAL REPORT 245 within the R+V subgroup (December 31, : 382 million). DZ BANK has concluded a proit transfer agreement with R+V. his guarantees an annual cash settlement of 9.95 per non par value share (after corporation tax and ancillary taxes) for the outside shareholders of R+V until the end of the 2016 inancial year. Guaranteed dividends of 33 million were paid to outside shareholders of R+V in (: 32 million). In the R+V subgroup, dividends of 7 million were paid to non controlling interests (: no dividends). Aggregated inancial information for the R+V subgroup: Assets 85,663 76,580 Liabilities 80,175 72,331 Premiums earned 13,927 12,693 Net profit 498 118 Other comprehensive income 591 2 Total comprehensive income 1,089 120 BAUSPARKASSE SCHWÄBISCH HALL Bausparkasse Schwäbisch Hall AG Bausparkasse der Volksbanken und Raifeisenbanken, Schwäbisch Hall (BSH) is the parent company of the BSH subgroup. BSH is headquar ter ed in Schwäbisch Hall. DZ BANK directly holds 81.8 percent of the shares in BSH (December 31, : 81.8 percent). he share of voting rights equals the shareholding. Non controlling interests account for 18.2 percent of the share of voting rights and the shareholding (December 31, : 18.2 percent). 15.0 percent is held by WGZ BANK. he other 3.2 percent is predominantly held by primary banks. he net income for the year attributable to non controlling interests was 57 million (: 49 million); this includes the net income for the year attributable to the non controlling interests within the BSH subgroup of 10 million (: 11 million). he carrying amount of the non controlling interests within the DZ BANK Group was 897 million (December 31, : 826 million), of which 76 million was attributable to non controlling interests within the BSH subgroup (December 31, : 61 million). DZ BANK has concluded a proit transfer agreement with BSH. his guarantees a cash settlement of 14.67 per non parvalue share (after corporation tax and ancillary taxes) for the outside shareholders of BSH until the end of the 2015 inancial year. Guaranteed dividends of 16 million were paid to outside shareholders of BSH in (: 16 million). In the BSH subgroup, dividends of 3 million were paid to non controlling interests (: 2 million).
246 DZ BANK ANNUAL REPORT Aggregated inancial information for the BSH subgroup: Assets 57,648 53,762 Liabilities 52,975 49,326 Interest income and fee and commission income 1,862 2,172 Net profit 185 141 Other comprehensive income / loss 56-34 Total comprehensive income 241 107 Cash flow -24-43 DZ BANK CAPITAL FUNDING TRUST I, II AND III, DZ BANK PERPETUAL FUNDING ISSUER (JERSEY) LIMITED, AND DZ BANK PERPETUAL FUNDING PRIVATE ISSUER (JERSEY) LIMITED DZ BANK has established companies in Delaware, USA and Jersey, Channel Islands in order to increase capital in accordance with section 10a German Banking Act (KWG). he business activities of these companies are limited to the issuance of open ended equity instruments without redemption incentives. hese equity instruments that have been issued are held by non voting non controlling interests in the DZ BANK Group. he companies in question are: DZ BANK Capital Funding Trust I, Wilmington, Delaware, DZ BANK Capital Funding Trust II, Wilmington, Delaware, DZ BANK Capital Funding Trust III, Wilmington, Delaware, DZ BANK Perpetual Funding Issuer (Jersey) Limited, St. Helier, Jersey, DZ BANK Perpetual Funding Private Issuer (Jersey) Limited, St. Helier, Jersey. he companies were established at their current registered oice. he Delaware companies are headquartered in New York, USA. he Channel Islands companies are headquartered in Frankfurt am Main. Virtually 100 percent of the issued share capital of each of the companies is attributable to non voting non controlling interests, while the voting rights in the companies are securitized in only a small proportion of the capital. As a result, virtually all of the proits and losses of the companies are attributable to the non controlling interests. he companies net income for the year is shown in the following table: DZ BANK Capital Funding Trust I 8 8 DZ BANK Capital Funding Trust II 9 9 DZ BANK Capital Funding Trust III 6 6 DZ BANK Perpetual Funding Issuer (Jersey) Limited 12 13 DZ BANK Perpetual Funding Private Issuer (Jersey) Limited 34 34
DZ BANK ANNUAL REPORT 247 Distributions of dividends to the non controlling interests generally take the form of a variable or ixed rate coupon whose actual payment is not subject to a contractual obligation. he dividends paid to the non controlling interests in the inancial year are shown in the following table: DZ BANK Capital Funding Trust I 8 8 DZ BANK Capital Funding Trust II 9 9 DZ BANK Capital Funding Trust III 6 6 DZ BANK Perpetual Funding Issuer (Jersey) Limited 12 13 DZ BANK Perpetual Funding Private Issuer (Jersey) Limited 34 34 Aggregated inancial information for the DZ BANK Capital Funding Trust companies and the DZ BANK Perpetual Funding Issuer companies: Non-current assets 2,160 2,160 Liabilities Interest income and fee and commission income 69 70 Net profit 69 70 Total comprehensive income 69 70 DZ PRIVATBANK DZ PRIVATBANK S.A., Luxembourg Strassen, Luxembourg, (DZ PRIVATBANK S.A.), with its headquarters in Luxembourg and its wholly owned subsidiaries DZ PRIVATBANK (Schweiz) AG, Zurich, Switzerland, DZ PRIVATBANK Singapore Ltd., Singapore, Singapore, Europäische Genossenschaftsbank S. A., Luxembourg Strassen, Luxembourg, IPConcept (Luxemburg) S.A., Luxembourg Strassen, Luxembourg, and IPConcept (Schweiz) AG, Zurich, Switzerland, is the cooperative center of excellence for private banking of the local cooperative banks in Germany. DZ BANK directly holds 70.0 percent of the shares in DZ PRIVATBANK S.A. he share of voting rights equals the shareholding. Within the proportion held by non controlling interests, 19.0 percent is attributable to WGZ BANK. he other non controlling interests are held by local cooperative banks and cooperative investors.
248 DZ BANK ANNUAL REPORT he net income for the year attributable to the non controlling interests was 14 million (: 23 million). he carrying amount of the non controlling interests was 284 million (December 31, : 284 million). he dividend distributed to the non controlling interests came to 14 million during the reporting period (: 14 million). Aggregated inancial information for the DZ PRIVATBANK subgroup: Assets 14,785 15,318 Liabilities 13,769 14,302 Interest income and fee and commission income 558 475 Net profit 44 75 Other comprehensive income / loss -1 4 Total comprehensive income 43 79 Cash flow 938 9 UNION ASSET MANAGEMENT HOLDING Union Asset Management Holding AG, Frankfurt am Main, (UMH) is the parent company of the UMH subgroup. UMH is headquartered in Frankfurt am Main. Other major locations are Hamburg and Luxembourg. DZ BANK s aggregated shareholding of the shares in UMH is 78.7 percent (December 31, : 78.7 percent). he share of voting rights equals the aggregated shareholding. 21.3 percent is attributable to the non controlling interests (December 31, : 21.3 percent). 17.7 percent is held directly by WGZ BANK. he other 3.6 percent is held by other entities in the cooperative sector. he proportion held indirectly by DZ BANK is 73.5 percent (December 31, : 73.5 percent). he carrying amount of the non controlling interests within the DZ BANK Group was 242 million (December 31, : 207 million) and related to the multiplicative share of the capital of UMH. Of this amount, 9 million was attributable to non controlling interests within the UMH subgroup (December 31, : 8 million). he net income for the year attributable to non controlling interests was 96 million (: 78 million); this includes the net income for the year attributable to the non controlling interests within the UMH subgroup of 6 million (: 4 million). he dividend distributed to the non controlling interests came to a total of 55 million during the reporting period (: 52 million). 4 million of this amount was paid as dividends to non controlling interests in the UMH subgroup (: 3 million).
DZ BANK ANNUAL REPORT 249 Aggregated financial information for the UMH subgroup: Assets 1,840 1,622 Liabilities 807 707 Interest income and fee and commission income 1,700 1,470 Net profit 346 284 Other comprehensive income / loss -19 4 Total comprehensive income 327 288 NATURE AND EXTENT OF SIGNIFICANT RESTRICTIONS National regulatory requirements, contractual provisions, and provisions of company law restrict the DZ BANK Group s ability to transfer assets within the group. Where these restrictions can be specifically assigned to individual line items on the balance sheet, the carrying amounts of the assets subject to restrictions on the balance sheet date are shown in the following table: Assets 65,811 62,046 Investments held by insurance companies 65,811 62,046 Liabilities 63,243 59,442 Insurance liabilities 63,243 59,442 NATURE OF THE RISKS ASSOCIATED WITH INTERESTS IN CONSOLIDATED STRUCTURED ENTITIES Risks arising from interests in consolidated structured entities largely result from loans to fully consolidated funds, some of which are extended in the form of junior loans.