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Financial Report 2014 of Hsh Nordbank Ag Strong for Entrepreneurs

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Financial Report 2014 of Hsh Nordbank Ag Strong for Entrepreneurs FINaNcIAL rEPorT 2014 oF HSH NORDBANk aG STRONG For ENTrEPrENEUrS PErSPEcTIVES MANAGEMENT REPORT OF HSH NORDBANK AG 2 Basis 2 Business activities 2 Objectives and strategy 3 Management system 5 Remuneration system 8 Economic report 9 Underlying economic and industry conditions 9 Business developments 13 Earnings, net assets and financial position 16 Report on events after the reporting period 23 Forecast, opportunities and risks report 23 Forecast report including opportunities and risks 23 Risk Report 34 Risks within HSH Nordbank Group 34 Risk management system 34 Default risk 39 Market risk 47 Liquidity risk 50 Operational risk 54 Other material risks 57 Summary of risk assessment and outlook 58 Final declaration to the dependent company report 59 ANNUAL ACCOUNTS OF HSH NORDBANK AG 60 Balance sheet 60 Income statement 64 Notes 66 General information and notes 66 Accounting and valuation principles 70 Notes on balance sheet assets 82 Notes on balance sheet liabilities 89 Notes on the income statement 95 Other disclosures 98 AUDITOR’S REPORT 126 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 127 2 HSH NORDBANK AG 2014 MANAGEMENT REPORT OF HSH NORDBANK AG BASIS BUSINESS ACTIVITIES Energy & Infrastructure and Wealth Management will be combined in the new division Corporate Clients and allocated to the Corporates HSH Nordbank AG was created in June 2003 by the merger of Ham- & Markets segment. burgische Landesbank – Girozentrale – with Landesbank Schleswig- Holstein Girozentrale (LB Kiel) and is managed in the form of a Ger- Furthermore, capital market activities and the servicing of savings man public limited company (Aktiengesellschaft – AG). The head- banks, banks and insurance companies are combined in the Capital quarters of the Bank are located in Hamburg and Kiel. Markets division. The Corporate Finance division will become part of the Shipping, Project & Real Estate Financing segment. Business HSH Nordbank is one of the leading banking partners for upper conducted with shipping clients will be concentrated in future in a medium-sized enterprises in the core region of Northern Germany. single division. HSH Nordbank is also active throughout Germany primarily in the corporate and real estate clients business. The Bank conducts business As part of the focussing of its business activities HSH Nordbank has with shipping clients throughout the world while the focus of the significantly reduced its international network of locations over the Energy & Infrastructure business is Europe. Based on traditional loan past years and closed a number of branches abroad. HSH Nordbank financing HSH Nordbank offers a wide range of appropriate financing will maintain its presence in Singapore, Hong Kong, Athens and New solutions for corporate clients, wealthy private clients, savings banks York in line with its strategic orientation. The New York branch will and institutional clients. be reduced in size and converted into a representative office as part of the further reorganisation of HSH Nordbank. The branch in Luxem- The strategic divisions are combined in the Core Bank. The Shipping, bourg primarily provides services for the Restructuring Unit. In Ger- Project & Real Estate Financing segment covered the business con- many, HSH Nordbank is represented in Berlin, Hanover, Düsseldorf, ducted with shipping clients, real estate clients and clients in the energy Munich and Stuttgart and since 2014 in Frankfurt am Main. and infrastructure industry as at 31 December 2014. On the one hand, business transacted with corporates and wealth management with a As an internal segment, the Restructuring Unit has managed the focus on entrepreneurs, foundations and non-profit organisations is winding down of non-strategic credit and capital markets transactions combined in the Corporates & Markets segment. On the other hand since December 2009 (legacy portfolios). the development, sales and trading of financial products (Capital Mar- kets), special financing and advisory solutions (Corporate Finance The Bank has disposed of further non-strategic equity holdings over division) as well as the servicing of savings banks, banks and insurance the past year (including Railpool GmbH and Railpool Holding GmbH companies are allocated to this segment. The administrative and ser- & Co. KG, DMS Semiconductor Equipment GmbH as well as NOBIS vice divisions as well as overall Bank positions and equity holdings not Asset Management S.A.). assigned to segments are included in the Corporate Center segment. Since the end of 2014 the Transaction Banking division has also been The principal owners of HSH Nordbank AG with a combined share- assigned to the Corporate Center segment (previously Corporates & holding of over 85 % are the Free and Hanseatic City of Hamburg and Markets segment). the Federal State of Schleswig-Holstein. 65 % of this shareholding is held by HSH Finanzfonds AöR, an institution under public law that is At the beginning of 2015 the Bank announced changes to the organ- managed jointly by Hamburg and Schleswig-Holstein. Other owners isational structure aimed at increasing efficiency and pooling its client are the Savings Banks Association for Schleswig-Holstein (Sparkas- business expertise. Implementation shall mainly take place in the sen- und Giroverband) as well as private investors advised by J.C. course of the current financial year. The divisions Corporate Clients, Flowers & Co. LLC. BASIS MANAGEMENT REPORT 3 OWNERSHIP STRUCTURE HSHNORDBANK 85.38 % 5.31 % 9.31 % 10.80 % 65.00 % 9.58 % HSH Finanzfonds AöR Savings Banks Nine trusts Free and Hanseatic Joint institution of the Federal State of Association for advised by City of Hamburg federal states Schleswig-Holstein Schleswig-Holstein J.C. Flowers & Co. LLC Public owners Private investors The federal states of Hamburg and Schleswig-Holstein as the owners Key external factors influencing the business of HSH Nordbank include of the Bank have issued via HSH Finanzfonds AöR a guarantee in economic and financial markets developments (such as movements in favour of HSH Nordbank that provides capital relief (second loss the EUR/USD exchange rates, interest level), trends in the relevant indus- guarantee), under which defaults in a specified portfolio are hedged try sectors such as shipping (especially charter rates), regulatory require- (mainly Restructuring Unit and the ship financing recovery unit in ments, external ratings as well as assessments made by capital market the Core Bank). First piece losses incurred in this portfolio are borne participants and other stakeholders. by HSH Nordbank itself up to an amount of € 3.2 billion. Within its business organisation HSH Nordbank has defined proc- In 2013 the guarantee facility provided by Hamburg and Schleswig- esses that form the basis for operating and managing the Bank as well Holstein was replenished after a reduction in 2011 from € 7 billion to as for its internal control system. The main processes include strategy the original facility of € 10 billion in view of the changed underlying and planning, corporate management, customer management, financ- conditions. This measure was provisionally approved by the EU ing, capital markets as well as support processes. Commission. The EU proceedings that were still pending at the be- ginning of 2015 are investigating whether the replenishment of the OBJECTIVES AND STRATEGY guarantee is consistent with state aid rules. A final decision in favour of HSH Nordbank is being sought for the middle of 2015, whereas the The overriding objective of HSH Nordbank is to support the North- time frame is set solely by the EU Commission. ern German economy and to provide the upper end of medium-sized enterprises with an appropriate product portfolio with regard to all As a member of the German Savings Banks Finance Group aspects of loan financing. This is in line with its mission statement as a HSH Nordbank AG is a member of the support fund of the Landes- Bank for Entrepreneurs and is in accordance with its importance for banken and therefore is also affiliated to the joint liability scheme of the core region of Northern Germany and beyond. the German savings bank organisation. This system secures the con- tinued existence of the member institutions and guarantees their In order to implement the business model with a sustainable profit- liquidity and solvency. The strengthening of the financial funding of able focus as a Bank for Entrepreneurs HSH Nordbank is concentrat- the guarantee scheme by means of a risk- and deposit-based adjust- ing on strengthening the viable business areas of the Core Bank and, ment to the contribution system and expansion of the governance at the same time, on winding down the high-risk legacy portfolios, rules for the institutional guarantee is planned in connection with the which are bundled in the Restructuring Unit. harmonisation of the European deposit guarantee schemes. 4 HSH NORDBANK AG 2014 The aim of HSH Nordbank in the planning period up to 2017 is to The restructuring of the guarantee in order to thereby ease the burden increase new business with risk commensurate margins in accordance on the expense side of HSH Nordbank’s income statement and with the business and risk strategy. The sales and distribution of the strengthen the capital base is one of the structural measures discussed entire range of services will also be driven forward in order to exploit with the EU Commission and the Bank’s federal state owners. The the business potential. On the one hand, business is to be intensified objective is to reduce the amount of the guarantee fees to an appropri- in the core region, where the Bank has long-standing client relation- ate level in the future more in line with the continuing reduction of ships and a high level of market penetration and, on the other hand, risk and not only by the planned gradual reduction of the guarantee business activities outside Northern Germany are to be expanded facility. It is important to note in this connection that HSH Nordbank further in order to achieve the planned growth and to ensure a bal- has already provided substantial compensation for state aid since anced portfolio structure.
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