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Annual Financial Report 2019 Annual Financial Statements of Helaba

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Annual Financial Report 2019 Annual Financial Statements of Helaba Annual Financial Report 2019 Annual Financial Statements of Helaba Values with impact. Contents Management Report and Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 4 Management Report of Landesbank Hessen-Thüringen Girozentrale 57 Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 58 Balance Sheet of Landesbank Hessen-Thüringen Girozentrale 62 Income Statement of Landesbank Hessen-Thüringen Girozentrale 64 Notes to the Annual Financial Statements of Landesbank Hessen-Thüringen Girozentrale 121 Responsibility Statement 122 Independent Auditor’s Report 127 Independent Auditor’s Limited Assurance Report Management Report and Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 132 Management Report of Landesbausparkasse Hessen-Thüringen 147 Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 148 Balance Sheet of Landesbausparkasse Hessen-Thüringen 150 Income Statement of Landesbausparkasse Hessen-Thüringen 152 Notes to the Annual Financial Statements of Landesbausparkasse Hessen-Thüringen 158 Independent Auditor’s Report 161 Advisory Board of Landesbausparkasse Hessen-Thüringen 162 Statistical Information on the Home Savings Business 176 Helaba Addresses Management Report of Landesbank Hessen-Thüringen Girozentrale 4 Management Report Business Model of the Bank Management Report Business Model of the Bank In its capacity as the central development institution for Hesse, Helaba administers public-sector development programmes through the Wirtschafts- und Infrastrukturbank Hessen (WIBank). As a dependent institution within Helaba, WIBank enjoys a direct statutory guarantee from the State of Hesse, Basic Information about the Bank which is in compliance with applicable European Union (EU) law. Landesbank Hessen-Thüringen Girozentrale (Helaba) is a credit WIBank’s business activities are guided by the development institution organised under public law; its long-term strategic objectives of the State of Hesse. Helaba also has stakes in a business model is that of a full-service bank with a regional focus, number of other development institutions in Hesse and a presence in carefully selected international markets and a very Thuringia. close relationship with the Sparkassen-Finanzgruppe. One key aspect of Helaba’s business model is its legal form as a pub- In addition to Helaba, the business model includes further lic-law institution. Helaba operates as a for-profit entity in line strong, well-known brands (in some cases, legally independent with the applicable provisions of the Charter and the Treaty of subsidiaries) that complement the Group’s product portfolio. the Formation of a Joint Savings Banks Association Hesse- Thuringia. The Treaty and the Charter establish the legal frame- Helaba is the market leader in the home loans and savings busi- work for Helaba’s business model. Other factors central to this ness in both Hesse and Thuringia through Landesbausparkasse business model are Helaba’s status as part of the Sparkassen- Hessen-Thüringen (LBS). Finanzgruppe with its institutional protection scheme, the dis- tribution of tasks between Sparkassen, Landesbanken and other Frankfurter Sparkasse, a wholly owned subsidiary of Helaba or- S-Group companies, the large stake in Helaba owned by the ganised under German public law, is the leading retail bank in Sparkassen organisation, and Helaba’s retention and expansion the Frankfurt am Main region with around 820,000 customers. of its activities in the S-Group and public development and infra- It also has a presence in the nationwide direct banking market structure business. through 1822direkt. Helaba serves its clients in three functions: as a commercial Frankfurter Bankgesellschaft (Schweiz) AG (FBG) and its wholly bank, as a Sparkasse central bank and as a development bank. owned subsidiary Frankfurter Bankgesellschaft (Deutschland) AG provide Helaba’s products and services for Sparkassen in As a commercial bank, Helaba operates in Germany and abroad. private banking and in the wealth and asset management busi- The Bank’s hallmarks include stable, long-term customer rela- nesses. FBG, which operates as the private bank of the Spar- tionships. It works with companies, institutional clients, the kassen-Finanzgruppe, acquires high-net-worth customers in public sector and municipal corporations. Germany through Sparkassen in the S-Group with which it has a collaboration agreement. Frankfurter Bankgesellschaft’s Helaba is a Sparkasse central bank and S-Group bank for the Family Office complements its range of professional advisory Sparkassen in Hesse, Thuringia, North Rhine-Westphalia and services in connection with all asset-related matters. Brandenburg and, therefore, for around 40 % of all Sparkassen in Germany. It operates as a partner to the Sparkassen rather The wholly owned subsidiary Helaba Invest is one of Germany’s than as a competitor. leading institutional asset management companies that admin- isters and manages both securities and real estate. Its product Helaba and the S-Group Sparkassen in Hesse and Thuringia range includes special funds for institutional investors and retail together constitute the Sparkassen-Finanzgruppe Hessen- funds as a management and / or advisory portfolio, comprehen- Thüringen, which follows a business model based on economic sive fund management (including reporting and risk manage- unity and a joint S-Group rating. Comprehensive co-operation ment), advice on strategy and support for indirect investments. and business agreements have been entered into with the Within the Sparkassen-Finanzgruppe, Helaba Invest is the larg- Sparkassen and their associations in North Rhine-Westphalia. est provider of special funds for institutional investors. In addition, there are sales co-operation agreements with the Sparkassen in Brandenburg. The agreements with the Spar- kassen in North Rhine-Westphalia and Brandenburg comple- ment the S-Group Concept of the Sparkassen-Finanzgruppe Hessen-Thüringen, which continues in its current form. 5 The GWH Group holds one of the largest residential real estate Equity is managed through the allocation of regulatory and eco- portfolios in Hesse, comprising around 49,000 managed resi- nomic limits and through the capital ratio. When the target cap- dential units. The Group focuses on developing residential real ital ratios are set, the targets take into account the additional estate projects and on managing and optimising residential own funds requirements specified by the European Central Bank property portfolios. (ECB). The minimum Common Equity Tier 1 (CET1) capital ratio required to be maintained by the Helaba Group (as defined by The OFB Group is a full-service group of companies in the fields the German Banking Act (Kreditwesengesetz, KWG) and the of real estate project development, land development and the Capital Requirements Regulation (CRR)) in 2019 under the construction and project management of high-value commercial Supervisory Review and Evaluation Process (SREP) decision real estate. It operates throughout Germany with a particular taken by the ECB was 9.85 %. Profitability targets are managed focus on the Rhine-Main region. on the basis of, for example, the economic return on equity (ratio of profit before taxes to average capital employed in the finan- The Bank’s registered offices are situated in Frankfurt am Main cial year determined in accordance with IFRS). The Helaba Group and Erfurt, and it also has branches in Düsseldorf, Kassel, Paris, has set a target range of 5 % to 7 % for economic return on London, New York and Stockholm. The branches allow Helaba to equity before tax. strengthen its local presence close to customers and Spar- kassen. The foreign branches provide Helaba with access to the The leverage ratio measures the ratio between regulatory funding markets, particularly those markets based on the capital and the unweighted total of all on-balance sheet and US dollar and pound sterling. The organisation also includes off-balance sheet asset items including derivatives. Currently, representative and sales offices, subsidiaries and affiliates. banks must disclose the leverage ratio and report it to the su- pervisory authorities as an indicator for monitoring purposes. Management instruments and non-financial However, based on a new EU Regulation amending the CRR performance indicators published at the beginning of June 2019, a binding minimum As part of managing the Bank as a whole, Helaba has integrated leverage ratio of 3.0 % will apply from mid-2021. Helaba is al- systems in place for business and productivity management. This ready taking this ratio into account in its management systems. is based on a multi-level margin accounting system. Controlling comprises both the management of absolute income and costs The CRR specifies that banks must calculate a (short-term) li- and the integrated management of contribution margins. The quidity coverage ratio (LCR) and a net stable funding ratio target is to achieve a cost-income ratio of less than 70 % at (NSFR). The regulatory minimum LCR is 100 %. The amended Helaba Group level. The cost-income ratio is the ratio of general CRR published in 2019 implements the NSFR in the EU and it and administrative expenses to total income (profit before taxes, will be mandatory to comply with the NSFR requirements from net of general and administrative expenses and of loss allow- 2021. The NSFR is already being taken into account in Helaba’s ances for loans and advances). The annual
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