DOCSLIB.ORG

Annual Report 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2017 Annual Report 2017 Report Annual Annual Report 2017 Casper von Koskull, President and CEO Letter Group CEO, and Torsten Hagen Jørgensen, Group COO and Deputy CEO. Page 4 No.1 relationship bank in 4 the Nordics with operation- al excellence. Page 19 Long-term Personal Banking ambition to be Wholesale Banking No. 1 in profi tability, customer and employee satisfaction. Page 11 19 11 Wealth Management Commercial & Business Banking Our vision is to become the leading Wealth Manager in the 23 Nordic market by 2020. Page 23 Best-in-class advisory and digital experience, 15 effi ciency and scale with future capabilities in a disruptive market. Page 15 Annual Report 2017 Contents 4 CEO letter 6 Leading platform 8 Nordea investment case – strategic priorities 10 Business Areas 31 The Nordea share and ratings 34 Our people Board of Directors’ report 36 Financial Review 2017 40 Business area results 43 Risk, liquidity and capital management 59 Corporate Governance Report 67 Statutory Sustainability Report 69 Remuneration 72 Proposed distribution of earnings Financial statements 73 Financial statements Nordea Group 86 Notes to Group fi nancial statements 176 Financial statements Parent company 187 Notes to Parent company fi nancial statements 231 Signing of the Annual Report 232 Auditor’s report Organisation 236 Board of Directors 238 Group Executive Management 239 Legal structure 240 Annual General Meeting 240 Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential fi nancial performance. government actions and (iv) change in interest rate level and Although Nordea believes that the expectations reflected in foreign exchange rate levels. This report does not imply that such forward-looking statements are reasonable, no assur- Nordea has undertaken to revise these forward-looking state- ance can be given that such expectations will prove to have ments, beyond what is required by applicable law or appli- been correct. Accordingly, results could diff er materially from cable stock exchange regulations if and when circumstances those set out in the forward-looking statements as a result of arise that will lead to changes compared to the date when various factors. Important factors that may cause such a these statements were provided. diff erence for Nordea include, but are not limited to: (i) the Annual Report 2017 CEO letter 4 Towards One Nordea – an agile and robust bank engaging with its customers the-art banking platform with substan- With the transformation we are tial customer benefi ts in terms of speed, undergoing to meet customer needs, user experience, convenience and com- not only of today but also tomorrow, we pliance. More so, however Nordea - and are fi nding new ways of working. The hence our customers - will be able to digital transformation, with more ser- fully benefi t from the vibrant fi ntech vices containing robotics and artifi cial innovation by engaging in, and off ering, intelligence, in combination with new the fi nancial eco-system, on our journey ways of organising work, leads to a towards becoming the leading and need for fewer employees. Nordea will, most preferred banking partner for all over a period of four years, be at least customers in the Nordics. 4,000 employees and 2,000 consultants, Nordea is the fi rst Nordic bank to go fewer. This process is being conducted live with Open Banking, meaning that responsibly whereby Nordea has set up more than 1,000 external developers a specifi c unit to assist aff ected employ- have tested and provided feedback on ees with fi nding new jobs. the open APIs and associated services. 2017 was yet another year with low The Open Banking platform allows interest rates and an unstable political application developers to test their environment in parts of the world, ideas using the bank’s data and tools. In including Europe, with the decision of December, Nordea took the next step as the United Kingdom to leave the EU. we connected the APIs to the produc- Nevertheless, Nordea proved once more tion system and provided the fi rst pilot to be one of the most stable banks in developers with access to real customer Europe. It is more than 11 years since data. In the near future, customers will our shareholders experienced a loss- see a new range of services and prod- making quarter. Nordea’s balance sheet Dear shareholder, ucts developed in collaboration with is one of the strongest among the Euro- Looking back at 2017, Nordea produced third-party providers and will benefi t pean banks, and our credit rating is some signifi cant results that we can be from that source of innovation. among the highest. We delivered the proud of. We have further accelerated our To further boost and foster innova- following results for full-year 2017 transformation in the direction led by our tion both internally and externally, we (excluding items aff ecting comparability): customers. In a world in which banking have created Nordea Ventures, through Income, EUR 9,469m, Operating profi t, will be at customers’ fi ngertips anytime which we will make strategic invest- EUR 3,998m, Costs, EUR 5,102m, Loan and anywhere, Nordea needs to change. ments in fi ntech start-ups such as the loss ratio, 12bps, Return on equity, 9.5%. We are taking on the challenge and con- payment service company Betalo, and The positive eff ects of our accelerat- sequently reshaping our core banking we have recently launched Nordea Run- ed transformation are starting to reach platform, what we call the “N-core.” We way, our very own intrapreneur pro- our customers all over the Nordics. Con- are on the cusp of a new world in which gramme aimed at harnessing innova- sequently, we have received awards and banking services will be off ered to cus- tion originating from within Nordea. top rankings including: best private tomers from a growing number of service 2017 was also the year in which we bank, IT innovation of the year, best in providers - be they competitors or part- embarked on a journey that focused on real estate fi nance, best transaction ners. Nordea has embraced this change the culture of the bank. Employees banking and a number one ranking for and is working with many innovative assisted in the co-creation of a shared our large corporates operation. partners who, in collaboration with us, purpose and an updated set of corpo- will meet our customer vision of being rate values that will guide all employees Personal Banking: The mobile bank is easy to deal with, relevant and compe- in their interactions with customers, col- becoming the natural contact point. tent - anywhere and anytime. The launch leagues and the societies in which we Online meetings with the bank are con- of the partnership with Apple Pay, which operate. A vital part of the culture is tinuing to gain popularity; one out of provides payments on the go, is just one focusing on how Nordea as a business four meetings is now held online. Also, example, and we are now teaming up will create value both for our customers our investments in artifi cial intelligence with many interesting fi ntech partners and society. Creating value for our cus- – AI – progressed well and will result in like Tink in the Open Banking project, tomers is the path to long-term share- increased customer service quality. and are joining consortiums like ”we. holder value, and this is also why we On 25 August 2016 Nordea and DNB trade” in which we explore the possibili- have taken the fi rst steps in changing entered into an agreement to combine ties within blockchain technology. our organisation. We want to be faster, their operations in Estonia, Latvia and Nordea has made ambitious invest- more agile, less hierarchical and always Lithuania to create a leading indepen- ments in building the foundation of the put the customer at the heart of our dent main fi nancial services provider in future bank, and we have served our thinking and actions, organising our the Baltics. The Luminor transaction fi rst customers in Finland on “N-core”, capabilities in line with customer need. was successfully closed on 1 October our core banking platform. There will be We have taken an important step in 2017, resulting in the establishment of a further roll-out of banking services by being better at listening to and looping the third largest fi nancial services pro- product and country in 2018. When fully back customer requests into the busi- vider in the Baltic banking market. implemented, we will have a state-of- ness areas for actions. Annual Report 2017 CEO letter 5 Wealth Management: Customers dics. Long-term customer relationships Redomiciliation: On 6 September 2017, obtained a strong return on their form the core of the franchise which is Nordea’s Board of Directors decided to Nordea Funds. Nordea Swedish Stars gradually shifting towards capital-light initiate a redomiciliation of the parent fund was at the top among Swedish solutions with a strong emphasis on company of the Nordea Group into the funds after gaining 17.6%. In addition, managing for returns. The client per- Banking Union. we are the best performer among Nor- spective is the starting point for Whole- This decision was based on the wegian funds and in Denmark we are sale Banking’s goal to increase custom- Nordea Group’s unique pan-Nordic and rated best on performance among the er relevance, intensity and value as well international structure, which means largest Danish fund companies.
Load more

Recommended publications
  • Focused Financial Report 2013 of HSH Nordbank AG Strong for Entrepreneurs 2 HSH NORDBANK AG Lagebericht
    FOCuseD FinANCIAL RePORT 2013 OF HSH NORDBANK AG STROng FOR enTREPReneuRS 2 HSH NORDBANK AG Lagebericht CONTENT MANAGEMENT REPORT OF HSH NORDBANK AG 03 Basis 03 Business model 03 Objectives and strategy 04 Management system 05 Remuneration system 06 Economic report 07 Underlying economic and industry conditions 07 Business developments 10 Earnings, net assets and financial position 14 Report on events after the reporting period 23 Forecast, opportunities and risks report 23 Forecast report including opportunities and risks 23 Risk report 30 Risks within HSH Nordbank Group 30 Risk management system 30 Default risk 38 Market risk 47 Liquidity risk 50 Operational risk 57 Other material risks 59 Summary and outlook 60 FINAL DECLARATION TO THE DEPENDENT COMPANY REPORT 62 ANNUAL ACCOUNTS OF HSH NORDBANK AG 63 Balance sheet 63 Income statement 67 Notes 69 AUDITOR’S REPORT 126 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 127 3 HSH NORDBANK AG Management Report MANAGEMENT REPORT of HSH NORDBANK AG BASIS of the newly formed Savings Banks & Institutional Clients division, which is also part of the Corporates & BUSINESS MODEL Markets segment. Furthermore, the Capital Markets and Products divisions remain assigned to this segment. HSH Nordbank AG was created in June 2003 by the merger of Hamburgische Landesbank – Girozentrale – The administrative and service divisions as well as Over- with Landesbank Schleswig-Holstein Girozentrale (LB all Bank positions and equity holdings not assigned to Kiel) and is managed in the form of a German public segments are included in the Corporate Center segment. limited company (Aktiengesellschaft – AG). The head- quarters of the Bank are located in Hamburg and Kiel.
    [Show full text]
  • Nordea Group Annual Report 2018
    Annual Report 2018 CEO Letter Casper von Koskull, President and Group CEO, and Torsten Hagen Jrgensen, Group COO and Deputy CEO. Page 4 4 Best and most accessible advisory, with an 21 easy daily banking experience, delivered at scale. Page 13 Wholesale Banking No.1 relationship Asset & Wealth bank in the Nordics Management with operational Personal Banking 13 excellence. Page 21 Commercial & Business Banking Our vision is to become the lead- ing Asset & Wealth Manager in the 25 Nordic market by 2020. Page 25 Best-in-class advisory and digital experience, 17 ef ciency and scale with future capabilities in a disruptive market. Page 17 Annual Report 2018 Contents 4 CEO letter 6 Leading platform 10 Nordea investment case – strategic priorities 12 Business Areas 35 Our people Board of Directors’ report 37 The Nordea share and ratings 40 Financial Review 2018 46 Business area results 49 Risk, liquidity and capital management 67 Corporate Governance Statement 2018 76 Non-Financial Statement 78 Conflict of interest policy 79 Remuneration 83 Proposed distribution of earnings Financial statements 84 Financial Statements, Nordea Group 96 Notes to Group fi nancial statements 184 Financial statements Parent company 193 Notes to Parent company fi nancial statements 255 Signing of the Annual Report 256 Auditor’s report Capital adequacy 262 Capital adequacy for the Nordea Group 274 Capital adequacy for the Nordea Parent company Organisation 286 Board of Directors 288 Group Executive Management 290 Main legal structure & Group organisation 292 Annual General Meeting & Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential fi nancial performance.
    [Show full text]
  • Nordic Broadband City Index 2012
    Nordic Broadband City Index How cities facilitate a digital future June 2012 - Nexia DA - Nordic Broadband City Index Document history Title Nordic Broadband City Index Date and version June 2012 – Version 1.0 About this report The Nordic Broadband City Index has been prepared by Marit Wetterhus and Harald Wium Lie at Nexia DA on behalf of Telenor ASA and IKT-Norge in the period from January to May 2012. Special thanks to We would not have been able to obtain information on the Swedish market if it was not for Anna- Carin Mattson, Tommy Y. Andersson and Per Gundersen at Skanova, Stefan Albertsson at Eltel Networks, Mats Gustavson and Lars-Eric Gustavsson at TeliaSonera and several other people at Eltel Networks, TeliaSonera and Skanova. In Denmark Peder Hansen at Telcon was of invaluable importance, and we would also like to thank Anders Poulsen at Global Connect. In Norway we would like to thank Svein Nassvik, Herleik Johansen, Sverre Lysnes, Morten Skjelbred, at Sønnico, Roar Salen, in Eltel Networks and Tom Bakke Pedersen, Øystein Knudsen, Knut Beving and Erik Sikkeland in Relacom provided us with valuable information we needed in order to develop the index, and we are very grateful that they all took time out of their busy schedule to talk to us. We would also like to thank all the municipalities for their time and efforts, Liv Freihow at IKT-Norge and last, but not least the people in Telenor Denmark, Telenor Norway and Telenor Sweden and Erlend Bjørtvedt in Telenor Group for their support and expert knowledge.
    [Show full text]
  • Eltel 210226 Company Report
    ELTEL Construction & Engineering/Sweden, February 26, 2021 Company report Initiating coverage with BUY Rating BUY We initiate coverage of Eltel with BUY rating and a TP of SEK 30. 70 We see that Eltel has the potential to succeed in its turnaround and, as such, we expect Eltel’s profitability to improve in the 60 coming years and net sales to turn to growth in H2/2021. In our 50 view, the margin improvement potential is not fully reflected in 40 the current share price. 30 Eltel is in the midst of its turnaround journey Price/SEK Eltel is the leading Nordic field service provider for critical power and 20 communication networks. Eltel’s development since the IPO in 2015 did 10 not meet expectations, and following a strategic review in 2017, Eltel 0 has focused on its core businesses, Power and Communication in the 02/16 02/17 02/18 02/19 02/20 02/21 Nordics, and the company is currently in the midst of a turnaround journey. The focus is on improving profitability, restructuring non- Eltel DJ STOXX 600 performing businesses, and strengthening its financial position, with first signs of operational improvement already visible. Share price, SEK (Last trading day’s 27.05 closing price) We expect the recovery in margins to continue Target price, SEK 30.0 In 2021E, we expect that net sales will decrease by 2.3% to EUR 916.8 million due to the focus on improving profitability and restructuring Latest change in recommendation 26-Feb-21 non-performing businesses. We expect net sales to turn to growth in Latest report on company 26-Feb-21 H2/2021 and we see the targeted growth rate of 2-4% in the Nordics Research paid by issuer: YES achievable from 2022 onwards.
    [Show full text]
  • Nordea Annual Report 2016
    Annual Report 2016 Report Annual Annual Report 2016 Casper von Koskull, President and CEO Letter Group CEO, and Torsten Hagen Jørgensen, Group COO and Deputy CEO. Page 6 Strengthened customer relationships built on 6 core capabilities and a winning culture. Page 19 Long-term Personal Banking ambition to be Wholesale Banking No. 1 in profitability, customer and employee satisfaction. Page 11 19 Wealth Management 11 Commercial & Business Banking Largest private bank, asset manager and 23 life and pensions provider. Page 23 Leading position in corporate banking in 15 the Nordics with best in class advisory and digital experience. Page 15 Annual Report 2016 Contents 4 Leading platform 6 CEO letter 8 Nordea Investment Case – Strategic Priorities 01 Business Areas 72 Group Corporate Centre 92 The Nordea share and ratings 23 Financial targets 33 Our people shape the future 34 Sustainability Board of Directors’ report 36 Financial Review 2016 40 Business area results 43 Risk, Liquidity and Capital management 59 Corporate Governance Report 66 Remuneration 69 Proposed distribution of earnings Financial statements 71 Financial statements Nordea Group 84 Notes to Group financial statements 175 Financial statements Parent company 186 Notes to Parent company financial statements 227 Signing of the Annual Report 228 Auditor’s report Organisation 232 Board of Directors 234 Group Executive Management 235 Legal structure 235 Group Organisation 236 Annual General Meeting 236 Financial calendar This Annual Report contains forward-looking statements macro economic development, (ii) change in the competitive that reflect management’s current views with respect to climate, (iii) change in the regulatory environment and other certain future events and potential financial performance.
    [Show full text]
  • Embarking on a Successful Future
    FINANCIAL REPORT 2015 OF HSH NORDBANK AG STRONG FOR ENTREPRENEURS EMBARKING ON A SUCCESSFUL FUTURE MANAGEMENT REPORT OF HSH NORDBANK AG 2 Basis 2 Business activities 2 Objectives and strategy 4 Management system 5 Remuneration system 8 Economic report 10 Underlying economic and industry conditions 10 Business developments 15 Earnings, net assets and financial position 21 Report on events after the reporting period 30 Forecast, opportunities and risks report 31 Forecast report including opportunities and risks 31 Risk Report 49 Risks within HSH Nordbank Group 49 Risk management system 49 Default risk 54 Market risk 62 Liquidity risk 65 Operational risk 69 Other material risks 71 Summary of risk assessment and outlook 72 Final declaration to the dependent company report 73 ANNUAL ACCOUNTS OF HSH NORDBANK AG 74 Balance sheet 74 Income statement 78 Notes 80 General information and notes 80 Accounting and valuation principles 84 Notes on balance sheet assets 96 Notes on balance sheet liabilities 103 Notes on the income statement 109 Other disclosures 113 AUDITOR’S REPORT 141 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 142 2 HSH NORDBANK AG 2015 MANAGEMENT REPORT OF HSH NORDBANK AG BASIS BUSINESS ACTIVITIES rate Clients division as at 1 July 2015 in the segment Corporates & Markets in order to focus on the business and streamline the organisa- Headquarters, regional focus and products tional structure. Since then the strategic focus of the new Corporate HSH Nordbank AG was established in June 2003 by the merger of Clients division has been primarily on the Logistics & Infrastructure, Hamburgische Landesbank – Girozentrale – with Landesbank Energy & Utilities, Healthcare, Trade & Food and Industry & Services Schleswig-Holstein Girozentrale (LB Kiel) and is managed in the form business fields.
    [Show full text]
  • Stylus Magazine Indesign Template
    SUSTAINABILITY REPORT RELACOM GROUP 2015 Contents: 3 About this report 4 About Relacom 6 Sustainability Management 8 Stakeholder Engagement 12 Relacom Sweden 16 Relacom Norway 20 Relacom Denmark 24 Relacom Finland 30 GRI Cross-Reference Index Contact information [email protected] Phone: 08 553 90000 © Relacom 2016 About this Report About this Report Relacom offers a broad range of services based the best Group, Relacom Sweden, Relacom Norway, Relacom Fin- competence and experience in the industry. We connect land and Relacom Denmark. smart products, electronic devices and sensors to the network. We take part in the planning, construction and The report is based on the guidelines for sustainability re- maintenance of telecommunications and fibre networks. porting issued by the Global Reporting Initiative (GRI). Energy companies hire us to collect data from industries and properties to determine their exact energy consumption. This is the Relacom Group’s fourth report issued in accor- dance with the framework of GRI’s guidelines. This report We often act as the link between operators, power compa- deviates from 2014 report. This year we choose to do a nies, end users and suppliers. With this role, we also have lighter version. We have not conducted a materiality analy- an opportunity to influence processes so that they are sus- sis for 2015. And therefor use 2014 materiality analysis. tainable for customers, employees, suppliers and the society at large. By demonstrating how we work with sustainability, Our first report was published in 2012 and followed the GRI we send an important signal to the market, our customers, G3 guidelines.
    [Show full text]
  • Stylus Magazine Indesign Template
    RELACOM GROUP SUSTAINABILITY REPORT 2016 Contents: 3 CEO Message 4 About Relacom 6 The Relacom way 8 Sustainability Management 10 Stakeholder Engagement 14 Relacom Sweden 20 Relacom Norway 26 Relacom Denmark 30 Relacom Finland 38 About this Report 40 GRI Cross Reference Index © Relacom April 2017 CEO Message We aim for the future Within Relacom we have in recent years worked hard to We are very aware of sustainability’s growing importance to refine and develop our services. Our motto is “We aim for the company, our employees, our customers, as well as to the future”. That refers not only to the commercial activities, the society as a whole. A wise man once said: No one can securing a solid basis for a continued growth with competiti- do everything, but everyone can do something. Aiming for ve services within Telecommunications, Power and Internet the future, we are determined to contribute with what we of Things. It stands as much for our commitment to take can. responsibility for people and the environment. In our role as one of the leading service partners within technical infrastructure in the Nordic region, we are actively driving our business to ensure we create a positive impact in society and for the environment. Not only are we implementing methodology and technology to minimize the environmental impact from our own opera- tions. We are also teaming up with clients in several projects to develop solutions aiming to reduce the environmental footprint from their operations, e.g. power production and power consumption. Taking responsibility for people and the environment is a strategic choice for Relacom.
    [Show full text]
  • Transtema Group AB Sweden
    Commissioned Equity Research • 28 September 2020 Business Services Transtema Group AB Sweden KEY DATA Impressive transformation offers major discount We initiate coverage of Transtema with a DCF-based fair value range of Stock country Sweden Bloomberg Trans ss SEK 12.6-15.6 per share, based on a WACC of 8.2-9.5%. We are impressed Reuters Trans.st by Transtema's strategy shift from the Fiber-to-the-home (FTTH) Share price (close) SEK 9.90 installation market to operation and maintenance (O&M) and believe that Free Float 100% the company is well-positioned to continue delivering operational Market cap. (bn) EUR 0.04/SEK 0.38 Website /www.transtemagroup.se/ improvements at higher margins and more solid cash flow. The company Next report date 05 Nov 2020 recently won three important contracts and is set for explosive revenue and EBITA growth in 2021. All in all, we expect a 2019-22 EBITA CAGR of 20%. PERFORMANCE Transtema at a glance Transtema is active in design, construction, maintenance and other services 75 related to communication networks and data centre infrastructure. The 60 company is undergoing a restructuring and strategy shift, where it has exited the FTTH installation market and is in the process of divesting non- 45 performing operations. It now generates most of its revenue from O&M 30 operations, where revenue is more stable (four- to five-year contracts) and 15 margins are more attractive. 0 Sep17 Sep18 Sep19 Sep20 Strategy shift set to drive strong EBITA growth Transtema Group AB Source: Thomson Reuters Sweden OMX Stockholm All-Share (Rebased) We find Transtema's financial development after it initialised its restructuring to be highly encouraging.
    [Show full text]
  • National and EU Regional Policy in the Nordic Countries
    Nordic ‘intercity connectivities’ in a multi-scalar perspective Peter Schmitt and Lukas Smas NORDREGIO WORKING PAPER 2012:7 Nordic ‘intercity connectivities’ in a multi-scalar perspective Nordic ‘intercity connectivities’ in a multi-scalar perspective Peter Schmitt & Lukas Smas in collaboration with Vera Lehto, Asli Tepecik Dis, Moa Hedström, Mitchell Reardon & Johanna Roto Nordregio Working Paper 2012:7 ISSN 1403-2511 ISBN 978-91-89332-94-2 © Nordregio 2012 Nordregio P.O. Box 1658 SE-111 86 Stockholm, Sweden [email protected] www.nordregio.se www.norden.org Analyses & text: Peter Schmitt and Lukas Smas Linguistic editing: Chris Smith Nordic co-operation Nordic co-operation takes place among the countries of Denmark, Finland, Iceland, Norway and Sweden, as well as the autonomous territories of the Faroe Islands, Greenland and Åland. The Nordic Council is a forum for co-operation between the Nordic parliaments and governments. The Council consists of 87 parliamentarians from the Nordic countries. The Nordic Council takes policy initiatives and monitors Nordic co-operation. Founded in 1952. The Nordic Council of Ministers is a forum of co-operation between the Nordic governments. The Nordic Council of Ministers implements Nordic co-operation. The prime ministers have the overall responsibility. Its activities are co-ordinated by the Nordic ministers for co-operation, the Nordic Committee for co-operation and portfolio ministers. Founded in 1971. Nordregio – Nordic Centre for Spatial Development works in the field of spatial development, which includes physical planning and regional policies, in particular with a Nordic and European comparative perspective. Nordregio is active in research, education and knowledge dissemination and provides policy-relevant data.
    [Show full text]
  • Financial Report 2011 STARK FÜR UNTERNEHMER
    Financial RepoRt 2011 STARK FÜR UNTERNEHMeR STARK FÜR UNTERNEHMER [Strong for entrepreneurs] 3 HSH NORDBANK AG Lagebericht CONTENT MANAGEMENT REPORT OF HSH NORDBANK AG 04 Underlying conditions and business overview 04 Underlying conditions 04 Business overview 06 Business developments 09 Earnings situation 11 Net assets and financial position 14 Outlook 18 Anticipated underlying conditions 18 Anticipated business situation 19 Anticipated refinancing situation 21 Risk Report 21 Risks within HSH Nordbank Group 21 Risk management system 22 Default risk 29 Market risk 37 Liquidity risk 42 Operational risk 49 Strategic risk 52 Summary and outlook 52 Final declaration to the report on relations with affiliated companies 53 ANNUAL ACCOUNTS OF HSH NORDBANK 54 Balance sheet 54 Income statement 58 Notes 60 AUDITOR’S REPORT 120 RESPONSIBILITY STATEMENT BY THE MANAGEMENT BOARD 121 4 HSH NORDBANK AG Management Report UNDERLYING CONDITIONS AND BUSINESS Increased turbulence on the financial markets OVERVIEW The escalation in the European sovereign debt crisis was reflected in the developments on the financial markets. UNDERLYING CONDITIONS Concerns about the developments in Greece and the con- tagion of other member states, especially Italy and Spain, but also about the global economy, led to increased uncer- Global economic growth in a challenging envi- tainty in the financial markets in the summer. Investors ronment The global economy started dynamically last year but was thereupon moved their investments into “safe havens” with slowed down by several shocks during the course of the year. the effect that yields on US Treasuries and German govern- Pressures ranged from the increase in the oil prices caused ment bonds fell to new record lows.
    [Show full text]
  • Stylus Magazine Indesign Template
    SUSTAINABILITY REPORT RELACOM GROUP 2017 About Relacom CEO Message: About Relacom Relacom is a leading technology services provider offering companies can feel confident that our deliveries will strategic solutions to the telecommunications, power and strengthen their businesses. IoT markets. Over the years, Relacom has become the On Track for the Future preferred partner of leading global telecommunications and The IoT market and related services are expected to expand power companies as well as of national retail and logistics considerably as a result of increasing digitalization. We enterprises. define IoT as a network of physical objects and solutions with Relacom’s internal operations have long involved a One of our priority areas is health and safety. In fact, we embedded technology for communicating and sensing, or strong focus on sustainability in all parts of our business. have decided that health and safety should be a standing Within the telecom business area, Relacom’s main objective interacting with, their internal states or the external environ­ In concrete terms, this means that we have developed a item on the agenda at all board and management meetings. in planning, building and maintaining wired and wireless ment. They offer smart and efficient solutions for consumers, holistic view that includes not only environmental and social It should also be one of the key metrics for monitoring our networks and delivering state-of-the-art fibre rollouts is to businesses, society and Relacom alike. responsibility, but also corporate governance, working activities in all of the countries in which we operate. Our provide high-quality and cost-efficient networks that operate conditions and ethics.
    [Show full text]