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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. Another key area remains the advising of wealthy of a German public limited company (Aktiengesellschaft – AG). The private clients, foundations and non-profit organisations with regard headquarters of the Bank are located in Hamburg and Kiel. to asset management. Furthermore, capital market activities and the servicing of savings banks, banks and insurance companies were HSH Nordbank is one of the leading banking partners for upper combined in the Capital Markets division. Business conducted with medium-sized enterprises in the core region of Northern Germany. shipping clients has also been concentrated in a single division in the HSH Nordbank is also active throughout Germany primarily in the Shipping, Project & Real Estate Financing segment. corporate and real estate clients business. The focus of the project financing business in the Corporate Clients division (Energy & Utili- In addition to the segment changes, the organisational structure of the ties as well as Logistics & Infrastructure business fields) additionally is staff divisions was also streamlined in order to improve efficiency and on the rest of Europe. The Bank conducts business with shipping processes were optimised across divisions, for example in the field of clients throughout the world. Based on classical loan financing lending and loan processing. As part of the focusing of its business HSH Nordbank offers a wide range of appropriate financing solutions activities HSH Nordbank has significantly reduced its international tailored to the needs of its corporate clients, wealthy private clients, network of locations over the past years and closed a number of savings banks and institutional clients. branches abroad. HSH Nordbank continues to be present in Singa- pore, Hong Kong, Athens and New York in line with its strategic Segments, divisions and locations orientation. The New York branch was reduced in size and converted The strategic divisions are combined in the Core Bank. At the begin- into a representative office at the end of 2015 as part of the further ning of 2015, HSH Nordbank revised the allocation of business areas reorganisation of HSH Nordbank. HSH Nordbank has converted the to the segments of the Core Bank as part of changes made to Man- representative office in Athens into a branch in the year under review. agement Board responsibilities. Under this the Energy & Infrastruc- The associated upgrading of the location, which plays an important ture division was allocated to the Corporates & Markets segment role in the shipping industry, supports the further diversification of (previously Shipping, Project & Real Estate Financing segment). The the shipping portfolio. The branch in Luxembourg primarily provides Corporate Finance product division, which was previously part of the services for the Restructuring Unit. In Germany, HSH Nordbank is Corporates & Markets segment and supports the client divisions with represented in Berlin, Hanover, Düsseldorf, Munich, Stuttgart and special financing and advisory solutions, was at the same time allo- Frankfurt am Main. cated to the Shipping, Project & Real Estate Financing segment. As an internal segment of the Bank, the Restructuring Unit has man- Furthermore, the Corporate Clients, Energy & Infrastructure as well aged the winding-down of non-strategic credit and capital markets as Wealth Management divisions were merged into the new Corpo- transactions since 2009 (legacy portfolio). BASIS MANAGEMENT REPORT 3 Ownership structure, guarantee and EU proceedings the Bank from the adverse impact of legacy portfolio items and guar- The principal owners of HSH Nordbank AG as at the 2015 year end antee fees. It is also envisaged that HSH Nordbank AG be privatised with a combined shareholding of just over 85.4 % are the Free and within a two-year period. The informal agreement was an essential Hanseatic City of Hamburg and the Federal State of Schleswig- basis for the formal decision of the EU Commission dated 2 May 2016 Holstein. 65.0 % of this shareholding is held by HSH Finanzfonds concerning the replenishment of the second loss guarantee granted by AöR, an institution under public law that is managed jointly by Ham- the federal states from € 7.0 billion to € 10.0 billion. The formal deci- burg and Schleswig-Holstein. Other owners are the Savings Banks sion of the EU Commission is based on a catalogue of conditions and Association for Schleswig-Holstein (Sparkassen- und Giroverband) commitments provided by the Federal Republic of Germany to the (5.3 %) as well as private investors advised by J.C. Flowers & Co. LLC EU Commission, which contains the grounds for the agreement and (9.3 %). confirms the informal agreement in principle and sets it out in more concrete terms. The concrete terms relate primarily to the sale of The federal states of Hamburg and Schleswig-Holstein as the owners HSH Nordbank AG by 28 February 2018, details relating to the oper- of the Bank have issued via HSH Finanzfonds AöR a guarantee in ating relief provided to the Bank and obligations during the divestiture favour of HSH Nordbank that provides capital relief (second loss period. guarantee), under which defaults in a specified portfolio are hedged (mainly Restructuring Unit and ship financing recovery unit in the Further information on the informal agreement as well as the formal Core Bank). First piece losses incurred in this portfolio are to be borne decision can be found in the Business developments section under by HSH Nordbank itself up to an amount of € 3.2 billion. Further Major developments and events as well as in the Forecast, opportuni- details are set out in Note 2. Details regarding the impact of the guar- ties and risks report. antee on the net assets, financial position and results of operations in 2015 are set out in the Economic report section. Membership in the German Savings Banks Finance Group In 2013, the guarantee facility provided by Hamburg and Schleswig- As a member of the German Savings Banks Association (DSGV) Holstein was replenished after a reduction in 2011 from € 7 billion to HSH Nordbank AG is a member of the guarantee scheme of the the original facility of € 10 billion in view of the changed underlying German Savings Bank Finance Group (SFG). The guarantee scheme conditions. This measure was provisionally approved by the protects deposits with savings banks, Landesbanks or a Landesbau- EU Commission in 2013. At the same time, the EU Commission sparkasse. Furthermore, this system secures the continued existence of instituted state aid proceedings to investigate whether the replenish- member institutions and guarantees the solvency of member institu- ment of the guarantee is consistent with state aid rules. In these state tions in the event of foreseeable or existing difficulties. aid proceedings, the owners Hamburg and Schleswig-Holstein, the Federal Republic of Germany and the EU Commission reached an informal agreement on 19 October 2015 to provide significant relief to 4 HSH NORDBANK AG 2015 In the 2015 financial year the German Savings Banks Finance Group defined in more detail within the framework of the formal decision, amended its proven guarantee scheme to comply with the provisions are currently being prepared in collaboration with the federal state of the new Deposit Guarantee Act (Einlagensicherungsgesetz), which owners. The implementation of these measures is intended to improve came into force in Germany at the beginning of July 2015. The provi- HSH Nordbank’s financial and risk situation and, in combination with sions of the guarantee scheme were supplemented by the strengthen- additional strategic and operating optimisation measures, create a ing of the governance rules for the institution guarantee
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