Financial statements 2013: KfW IPEX-Bank reports excellent business development

Frankfurt am Main (ots) -

- EUR 13.7 billion in new business
- KfW IPEX-Bank contributes EUR 437 million to KfW's results
- Operating income before risk provisions up by 8% to EUR 285
million
- Outlook for 2014: Maintain market position, new business target
slightly higher than in the previous year

KfW IPEX-Bank closed the preceding financial year with distinctly
positive results: In 2013 its original lending business exceeded
expectations by reaching a total of EUR 13.7 billion in new business
(2012: EUR 12.9 billion). "This positive business development is the
result - and marks the success - of consistent implementation of the
bank's sales strategy: As a specialist financier we focus on the key
sectors that are important for the German and European economies. We
consider ourselves a partner that supports companies' international
business activities in the form of tailored medium- and long-term
financing", commented Klaus R. Michalak, Managing Director and as of
1 May 2014 CEO of KfW IPEX-Bank, about the results that were
announced today in Frankfurt.

The operating result for the Export and Project Finance business
sector for which KfW IPEX-Bank is responsible is, at EUR 634 million,
slightly down year-on-year (2012: EUR 646 million). It largely
comprised net interest income and net commission income less
administrative expenses. The ongoing crisis in merchant shipping
continued to put pressure on the valuation result that was, however,
more moderate in the reporting year than in 2012. Profit from
operating activities increased to EUR 458 million (2012: EUR 307
million). In 2013 the Export and Project Finance business sector
contributed EUR 437 million (2012: EUR 298 million) to KfW's
consolidated earnings, confirming its role as one of the key sources
of revenue for the KfW Group. "Although the overall economic
conditions did not offer the best starting position, the business
sector was able to contribute towards ensuring the long-term
promotional capacity of KfW", continued Michalak.

The legally independent KfW IPEX-Bank GmbH, which prepares
separate financial statements and which carries out all E&P market
transactions, also reported a good operating income before risk
provisions of EUR 285 million under the given overall economic
conditions. This represents an increase of 8% compared with the
previous year (2012: EUR 264 million). The bank's net income for the
year increased markedly, soaring to EUR 85 million (2012: EUR 17
million). The total volume of lending in the Export and Project
Finance business sector amounted to EUR 59.9 billion as at 31
December 2013 (previous year: EUR 60.9 billion).

Outlook: KfW IPEX-Bank intends to maintain its position as a
leading specialist financier and reliable partner for the German and
European economies in 2014 as well. According to the 2013 Annual
Report published today together with the financial statements: "Our
rigorous internal strategy process will be a key factor in this,
helping us to set targets based on annual evaluations and planning in
order to align our business with the prevailing market and
competitive situation." KfW IPEX-Bank is anticipating moderate
organic growth in the coming year. The planned new business volume
for 2014 is EUR 13.2 billion (planned volume for 2013: EUR 13.1
billion).

The Annual Report once again includes the Corporate Governance
Report 2013, which the bank publishes voluntarily every year.

An Overview of the key financial figures is available at
http://ots.de/kQkqe

About KfW IPEX-Bank GmbH

Within the KfW Group, KfW IPEX-Bank is responsible for
international project and export finance. Its function of providing
financing to boost the German and European economy is derived from
the legal mandate assigned to KfW. It offers medium- and long-term
financing to support key export industries, to develop economic and
social infrastructure and to fund environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling KfW's
promotional mission. It is represented in the most important economic
and financial centres across the globe.

Contact:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: Thomas.Krick@kfw.de
Tel. 069 7431-8454, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de