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Allianz Annual Report 2012

Leasing commitments The ­­­­Allianz Group occupies property in many locations un- der various long-term operating leases and has entered into various operating leases covering the long-term use of data processing equipment and other office equipment. As of 31 December 2012, the future minimum lease pay- ments under non-cancelable operating leases were as follows: future minimum lease payments D 127 € mn 2012 2013 343 2014 330 2015 313 2016 295 2017 266 Thereafter 1,369 Subtotal 2,916 Subleases (121) Total 2,795 For the year ended 31 December 2012, rental expenses to- taled € 325 mn (2011: € 268 mn; 2010: € 239 mn), net of sub- lease rental income received of € 12 mn. Purchase obligations The ­­­­Allianz Group has commitments for mortgage loans and to buy multi-tranche loans of € 2,906 mn (2011: € 2,913 mn) as well as to invest in private equity funds and similar financial instruments totaling € 2,507 mn (2011: € 3,536  mn) as of 31 December 2012. As of 31 December 2012, commitments outstanding to invest in real estate used by third parties or used by the ­­­­Allianz Group for its own ac- tivities and for infrastructure investments amounted to € 962 mn (2011: € 1,565 mn). In addition, as of 31 December 2012, the ­­­­Allianz Group has other commitments of € 241 mn (2011: € 121 mn) mainly re- ferring to maintenance, real estate development, sponsor- ing and other purchase obligations. of German Banks with respect to Dresdner Bank. As a result, the indemnification is only relevant for supporting mea- sures that are based on facts that were already existing at the time of the termination. ­Allianz and HT1 Funding GmbH have signed a Contingent Indemnity Agreement in July 2006, pursuant to which ­Allianz may, in certain circumstances, be obliged to make payments to HT1 Funding GmbH. HT1 Funding GmbH is- sued nominal € 1,000  mn Tier 1 Capital Securities with an annual coupon of 6.352 % (as of 30 June 2017, the coupon will be 12-months EURIBOR plus a margin of 2.0 % p.a.). The con- tingent payment obligation of the ­Allianz Group was re- duced in 2012 following a reduction of the nominal amount of the Tier 1 Capital Securities from € 1,000  mn to € 416  mn. The securities have no scheduled maturity and the security holders have no right to call for their redemption. The se- curities may be redeemed at the option of the issuer on 30 June 2017, and thereafter. The expected impact in the fore- seeable future has been recognized in other provisions, however, it is not possible for the ­Allianz Group to predict the ultimate potential payment obligations at this point in time. Commitments Loan commitments The ­­­­Allianz Group engages in various lending commit- ments to meet the financing needs of its customers. The following table represents the amounts at risk should cus- tomers draw fully on all facilities and then default, exclud- ing the effect of any collateral. Since the majority of these commitments may expire without being drawn upon, the amounts shown are not representative of actual liquidity requirements for such commitments. loan commitments D 126 € mn as of 31 December 2012 2011 Advances 496 430 Stand-by facilities – 29 Guarantee credits 95 97 Mortgage loans/Public-sector loans 445 100 Total 1,036 656 Annual Report 2012    Allianz Group D Consolidated Financial Statements 219 Consolidated Balance Sheets 220 Consolidated Income Statements 221 Consolidated Statements of Comprehensive Income 222 Consolidated Statements of Changes in Equity 223 Consolidated Statements of Cash Flows 226 Notes to the Consolidated Financial Statements 337