Annual Financial Report | 2014
Meine Bank heißt Haspa.
At a glance 2010 € million
2011 € million
2012 € million
2013 € million
2014 € million
38,233
38,575
39,573
40,521
41,947
2,129
1,905
2,202
3,029
3,727
26,166
27,731
29,865
29,897
29,492
Securities portfolio
9,061
8,089
6,809
6,950
7,782
Liabilities to banks
4,692
4,950
4,985
5,020
5,005
Customer deposits
27,122
27,393
27,977
28,638
30,472
Bearer debentures
2,958
3,138
2,671
2,801
1,705
Equity and fund for general banking risks
1,599
1,599
2,613
2,663
3,163
Total assets Receivables from banks Customer loans
Haspa on the Internet For news and information about Haspa, please go to: www.haspa-bank-in-hamburg.de www.haspa.de Information on Haspa’s multifaceted corporate social responsibility activities can be found at: www.gut-fuer.hamburg www.haspa-hamburg-stiftung.de www.haspa-musik-stiftung.de Haspa is an attractive employer offering excellent prospects. More information on this on the Internet at: www.karriere.haspa.de
Haspa 2014 annual report 01 Short profile / Contents
Short profile Hamburger Sparkasse AG – Haspa for short – offers a wide range of financial services for private individuals and businesses, serving the more than three million people living in the Hamburg Metropolitan Region. Haspa is a public sector savings bank committed to serving the public interest. HASPA Finanzholding, a legal entity formed under old Hamburg law, holds 100 percent of the shares in Hamburger Sparkasse AG. HASPA Finanzholding is obligated by its articles of association and bylaws to fulfil the mission entrusted to the savings bank. Haspa is one of the few independent savings banks in Germany. It is also a member of the Hamburg-based Hanseatischer Sparkassen- und Giroverband (Hanseatic Savings Banks Association - HSGV) and the Bremen-based Verband der Deutschen Freien Öffentlichen Sparkassen e. V. (Registered Association of Independent German Public Savings Banks). Through HSGV, Haspa is affiliated with the Deutscher Sparkassen- und Giroverband e. V. (German Savings Banks Association) in Berlin and Bonn, and therefore fully included in the comprehensive guarantee system of all German savings banks. This guarantee system for financial institutions ensures that customer deposits at all German savings banks are secured without limitation. This applies to all deposits from private individuals, businesses and institutions.
Contents Management
Management report
Annual financial statements
Additional information
02 Foreword of the Board
05 Environment
22 Balance sheet
54 Auditors’ report
07 Course of business
24 Income statement
55 Report of the Super-
09 Staff
26 Notes including cash
of Management 03 The Board of Management
11 Development of income
flow statement and
13 Comprehensive bank
statement of changes in
controlling and risk report 20 Report on expected developments
equity 53 Responsibility statement
visory Board 57 Regional divisions and regions 59 Corporate divisions 60 Business development
02 Haspa 2014 annual report Management – Foreword of the Board of Management
Foreword of the Board of Management Ladies and Gentlemen,
Our StartUp Center is the first port of call for start-up entre-
Haspa stands for expertise and customer proximity. This is
preneurs. And for large real estate or enterprise customers we
why in 2014 we expanded our range of services, sharpened
have our special industry expertise. With in-house expertise
our regional positioning and thus aligned our activities even
and our alliance partners, we support our customers in their
more closely with the wishes of our customers.
transactions both in and outside Germany.
Focusing on Hamburg and the surrounding area, we provide
We assist people and companies in their financial planning
comprehensive customer support and consulting services in
and in safeguarding the future. We collect deposits in the
five areas of competency: financial consulting, asset accumu-
region and extend loans at local level. We thus keep money in
lation, asset optimisation, property financing and corporate
circulation in the region and keep the regional business cycle
customer advisory. The advisers from these areas of compe-
going, thereby playing a key role in creating and safeguarding
tency work together closely, providing customised consultancy
growth and jobs in Hamburg. On top of this, we serve the
for each client’s individual needs.
public interest with our multifaceted corporate social responsibility activities. The promotion of education and social
Citizens of Hamburg have strong ties to the districts in which
welfare, the arts, music and sports lies particularly close to
they live and work, so we established four regional divisions
our hearts. In particular, funding a host of smaller projects of
and 27 regions for our business with private customers and
charitable institutions in the Hamburg region, for example
SME customers that reflect the local economic and community
from the special-purpose revenue of Haspa LotterieSparen, is
structure of the greater Hamburg region. Our staff are well
typical for us as a savings bank.
networked with the local people and companies, associations and institutions; they have in-depth knowledge of the market
We thank our customers and business partners for the trust
and decision-making powers in the regions. This enables us
they continue to place in us. Special thanks also go to all
to provide significant impetus in conjunction with our private
Haspa employees. In a challenging environment, they have
and corporate customers.
demonstrated a very high level of expertise, willingness to change and commitment. Furthermore, the constructive co-
In addition to the extensive range of customer support and
operation with the Supervisory Board and the Works Council
consulting services we provide in our branches and centres,
enable us to manage all necessary change processes in order
we are available for our customers around the clock with
to continue to grow together with our customers.
haspa.de and our online banking service, which are accessible from PCs, tablets and smartphones. We will continue to expand our mobile and online services, judiciously combining
Hamburg, 17 February 2015
the new technical capabilities with the branch business. The Board of Management Furthermore, we are rounding off our range of services with specialist expertise. For high net worth customers we offer Haspa Private Banking, named the “Best Asset Manager in all German-Speaking Territories” for the twelfth time running.
Haspa 2014 annual report 03
In the Corporate Customers and Treasury reporting area, he is responsible for the Corporate Customers 1, Corporate Customers 2, Real Estate Customers, SME Customers, Private Banking, Treasury, Enterprise Customers and Sales Management Corporate Customers divisions.
Axel Kodlin, born in 1962, holds a banking diploma and a degree in business administration (DiplomKaufmann). He was appointed to the Board of Management of Hamburger Sparkasse AG in 2013. His Processes and IT reporting area comprises the Business Organisation, Information Technology and Securities and Transaction Service divisions.
Bettina Poullain, born in 1958, holds a degree in business administration (Diplom-Kauffrau). She has been a member of the Board of Management of Hamburger Sparkasse AG since 2013. In her Finance and Risk reporting area, she is responsible for the Compliance, Comprehensive Bank Controlling, Credit and Legal and Central Purchasing and Procurement divisions.
Jürgen Marquardt, born in 1963, holds a banking diploma and a degree in savings bank administration. He was appointed a deputy member of the Board of Management of Hamburger Sparkasse AG on 1 March 2014. His Private Customers reporting area includes the Private Customers Central, Private Customers North-East, Private Customers North-West, Private Customers South-East and Sales Management Private Customers divisions.
Annual Financial Statements
In his capacity as Spokesman of the Board of Management he is responsible for the Corporate Development, Human Resources and Communication reporting area, to which the Digital Sales, Human Resources, Audit, Corporate Communication and Board Staff divisions are assigned.
Frank Brockmann, born in 1963, holds a banking diploma and is a qualified banking services and operations specialist (Bankfachwirt). He has been a member of the Board of Management of Hamburger Sparkasse AG since 2008 and has been Deputy Spokesman of the Board of Management since 1 April 2014.
Additional information
Dr. Harald Vogelsang, born in 1959, holds a banking diploma and a law degree, and was appointed to the Board of Management in 2000. He has been Spokesman of the Board of Management of Hamburger Sparkasse AG since 2007.
Management report
Management
Management – The Board of Management
Management report Extremely low interest rates, increasing regulation as a result of the financial and sovereign debt crisis and keen competition still pose major challenges for the lending industry. In 2014, Hamburger Sparkasse AG (Haspa) succeeded in posting a result for the year that was satisfactory on the whole despite the very challenging environment. Thanks to its sustainable business model focused on the needs of private and commercial customers in the region and the solid commitment of its employees, Haspa was able to acquire new customers and comfortably maintain its market position in the Hamburg Metropolitan Region.
Contents 05 Environment 07 Course of business 09 Staff 11 Development of income 13 Comprehensive bank controlling
and risk report
20 Report on expected developments
Haspa 2014 annual report 05 Management report – Environment
Growth in the German economy
Economic growth in Hamburg
According to initial calculations by the Federal Statistical
In the first six months of 2014, Hamburg’s real gross domestic
Office, the German economy grew by 1.6 percent in 2014 on
product rose by 0.7 percent year on year, putting Hamburg’s
the back of strong domestic demand. This contrasts with the
economic growth considerably below the national average
previous year, when Germany’s GDP rose by just 0.1 percent.
during this period. However, the Hamburg Chamber of Commerce’s economic barometer for Hamburg showed in the
Consumer spending was the main driver of growth. Low inter-
third and fourth quarters of 2014 that in each case more of
est rates and the encouraging development of the labour
the Hamburg-based companies surveyed thought that their
market increased consumer spending. With 43 million people
current and future business situation as well as their planned
in gainful employment, Germany achieved a new employment
investments and human resources planning was good, not
record for the eighth consecutive year, while the jobless rate
bad. Crafts in Hamburg also recorded increasing sales. Against
declined to 6.7 percent.
this backdrop, Hamburg is expected to have achieved growth
Management
Environment
of 1.6 percent in 2014. Hamburg’s buoyant labour market contributed to the encour-
0.6 percentage points lower than in the previous year.
aging economic trend in the region on the whole. The number of people in gainful employment in Hamburg rose by around
The European Central Bank (ECB) maintained its expansionary
13,500 in 2014. This 1.1 percent growth was considerably
monetary policy, lowering its key interest rate twice, in June
higher than the national figure, which increased by 0.9 per-
and September 2014. These two interest rate cuts reduced
cent.
the rate for main refinancing operations from 0.25 percent to 0.05 percent. Furthermore, the ECB imposed a negative interest rate on deposits by banks. While the extremely low
Hamburg as a banking centre
interest rates might help to reduce the excessively high
After Frankfurt/Main, Hamburg is one of the most important
levels of national debt in the euro-zone member states, they
financial centres in Germany – and the most important one
will also result in investors losing out on interest income and
for Northern Germany. The credit institutions domiciled in
reduce the incentive to make private retirement provision.
Hamburg provide jobs for about 25,000 people. This makes the lending business a major employer in Hamburg.
Germany’s lending industry stable overall
Just as the German lending industry on the whole, all of
The extremely low interest rates continue to limit banks’ and
Hamburg’s credit institutions also faced major challenges due
savings banks’ opportunities to generate revenue. Further
to low interest levels, tightening regulation and an intensely
challenges are presented by the bank levy as well as tightened
competitive climate. Haspa succeeded in expanding its
capital adequacy regulations and stricter liquidity require-
market position by gaining new customers and boosting
ments as a result of intensified regulation.
deposits in this challenging environment.
Annual Financial Statements
annual average. As a result, the annual inflation rate was
Management report
German consumer prices climbed by 0.9 percent on the
In this environment, the German lending industry has proven banks and the cooperative banks. However, these regional credit institutions are experiencing growing competitive pressure because as a consequence of the financial crisis other banks are muscling in on the stable business with private and corporate customers. Hence, competition continues to be distorted by state-funded German and foreign banks.
Additional information
to be stable overall. This applies in particular to the savings
06 Haspa 2014 annual report Management report – Environment
Strategic focus
Each region adheres to the district concept and comprises at
We continue to refine our corporate vision and the strat-
least one financial centre and several branches. In the finan-
egies that we derive from it. In that connection, we will stick
cial centres our customers can find the range of services
to the stable core of our alignment – i.e. a main emphasis on
offered by all five areas of competency. Financial consultations
our operations in the Hamburg Metropolitan Region and our
and advice on asset accumulation are offered at the branches.
focus on all private and corporate customers, the enterprise and real estate customer business, as well as private banking.
In addition, we are actively shaping the trend towards online and mobile services in the banking business at Haspa with
Haspa is the bank for all of Hamburg. As a reliable partner and
our Digital Sales division. Our goal is to develop an integrated
indispensable promoter of the Hamburg Metropolitan Region,
range of digital services for our customers that is closely inter-
our actions are inseparably intertwined with the interests of
twined with the customer support and consulting services in
Hamburg and the welfare of all its residents.
our branches and centres.
In particular, we provide opportunities for safe and interestbearing investments of savings and other funds, promote the
New banking regulator – we passed the stress test
ability to save money and accumulate assets among broad
During 2013, EU finance ministers agreed to establish a
sectors of Hamburg’s population and serve to fulfil the credit
central banking regulator in the European Union. Since the
needs of the local economy, especially taking SMEs into
beginning of November 2014, the HASPA Group – along with
account.
Hamburger Sparkasse – has been under the direct authority of a banking supervisory unit under the umbrella of the ECB.
Haspa’s good position in Hamburg’s banking market is also reflected in its market penetration which it achieves thanks
Prior to this, an asset quantity review and a stress test were
to over 5,000 employees and around 200 locations. This is
performed under the guidance of the ECB. Some 130 banks
augmented by teams of specialists at the main branch that
in Europe were required to undergo these tests, among them
service start-up entrepreneurs, larger corporate customers,
24 German institutions including the HASPA Group, which
the property industry as well as Private Banking.
based on its total assets was deemed a significant credit institution to be supervised directly by the ECB. As expected,
We expanded our market presence and customer focus in the
the HASPA Group including Hamburger Sparkasse passed the
reporting year, further strengthening our competitive advan-
stress test and the stress scenario defined by the ECB showed
tages of expertise and regionality. After piloting the South-
that the HASPA Group’s Tier 1 capital was still almost double
East regional division, begun in 2013, we created the Central,
the amount required by the European banking regulator. The
North-East and North-West regional divisions in 2014, launch-
ECB therefore confirmed that the tried-and tested business
ing the five areas of competency – financial consulting, asset
model in place at Haspa is a low-risk model.
accumulation, asset optimisation, property financing and corporate customer advisory – in addition to customer support. By extending the range of services we offer, we are adapting to the needs of different customers. The core of the new structure is the 27 newly created regions whose knowledge of the local market and decision-making authority will enable us to further increase the proximity to our customers. At the beginning of 2015, an advisory board was set up in each of these regions to forge close ties between Haspa and the local people and companies.
Haspa 2014 annual report 07 Management report – Course of business
Haspa continues growing its customer base by adding
Further increase in the number of private giro accounts –
more than 62,000 new customers
rising demand for HaspaJoker and MäuseKonto accounts
As a retail bank, Haspa focuses on competent and comprehen-
Haspa manages almost 1.4 million giro accounts. Of these,
sive services for private customers as well as small and mid-
around 635,000 giro account holders – a good 15,000 more
size corporate customers (SMEs) in the Hamburg Metropolitan
than at the close of the previous year and over two-thirds
Region. Haspa has been gaining both customers and deposits
of the approximately 900,000 private giro account holders –
thanks to this stable business model. The bank gained a total
went with the “HaspaJoker” account, Hamburg’s advantage
of 62,000 new customers in the reporting year. Although this
account. Besides extensive banking services, these Haspa
means that we didn’t fully meet our ambitious goals, this
customers also benefit from a multitude of value-added
further solidified the strong position held by Haspa.
services. The number of private giro accounts has risen by
Management
Course of business
around 5,000 in total. Private customers are our largest customer group; in 2014 we assisted them yet again in word and deed regarding all finan-
This contrasts with the number of direct bank accounts, which
cial matters. We also provide intensive customer and consult-
decreased by approximately 14,000.
start-ups, tradesmen, small business operators, professionals
We are pleased that the number of MäuseKonto accounts for
and freelancers or larger mid-size enterprises.
children continues to grow. In the 2014 financial year alone, roughly 9,000 new accounts of this type were opened and the
No other bank knows the Hamburg Metropolitan Region
100,000th account was opened during the year. On the whole
better. We are at home in Hamburg and know what our cus-
therefore, more than 106,000 customers have opted for our
tomers need. In-depth knowledge of the market, competent
MäuseKonto account and the benefits associated with it.
and committed staff, competitive products, in-house expert-
Management report
ing services to our corporate customers – whether business
ise, corporate social responsibility for the region and local
Independent experts and testers yet again rewarded both
700,000
our employees’ closeness to the customers and Haspa’s
600,000
high quality of service and advice. In 2014, Haspa was ranked
500,000
first in Focus Money’s CityContest Hamburg with its consult-
400,000
ing services for private customers. The trade magazine Elite
300,000
Report named Haspa the “Best Asset Manager in all German-
200,000
Speaking Territories” for the twelfth time running. And the
100,000
HaspaJoker account won two awards as the “Best ValueAdded Account” – from the German Institute for Service Quality and from the analysts S.W.I. Finance on behalf of Handelsblatt business newspaper.
03 04 05 06 07 08 09 10 11 12 13 14
Annual Financial Statements
Number of HaspaJoker accounts 2003 bis 2014
Additional information
decision-making authority are the key to our success.
08 Haspa 2014 annual report Management report – Course of business
Increase in total assets
Other liabilities likewise rose by a more substantial € 1.1 billion
The increase in total assets of around € 1.4 billion or 3.5 per-
to € 23.2 billion. Specifically, there was a large increase in
cent to just under € 42 billion is largely due to the encour-
deposits payable on demand, which climbed € 1.2 billion or
aging development of deposits on the liabilities side of the
7.9 percent to € 16.8 billion. This development can also be
balance sheet. In addition, further allocations were made to
attributed to the extremely low interest rates, as many of our
our equity capital and to the fund for general banking risks in
customers prefer to hold their cash for short periods of time.
accordance with section 340g German Commercial Code.
The decline in promissory note loans by € 0.6 billion is contrasted by an increase in registered Pfandbrief securities by
This growth on the liabilities side led to an increase in receiv-
€ 0.2 billion. The market for Pfandbrief securities offers great
ables from banks of € 0.7 billion on the assets side of the
potential as a sustained source of liquidity, especially against
balance sheet, among other things. Here, the excess funds
the backdrop of our volume of new loan approvals, which
were parked with other banks on a short-term basis. In
remains high.
addition, the portfolio of own investments was expanded by € 0.8 billion to nearly € 7.8 billion; while the investment
Liabilities to banks fell slightly below the prior-year level,
in special funds rose by just € 0.1 billion, the fixed-interest
decreasing marginally to just under € 5.0 billion. A substantial
securities from public-sector issuers held for liquidity pur-
share of this liabilities item continue to concern the pass-
poses increased significantly. Receivables from customers, on
through loans – especially of Kreditanstalt für Wiederaufbau
the other hand, were down marginally after marked increases
– that were reported as a component of the lending business
in the preceding years.
on the assets side of the balance sheet.
Total assets (in € billion)
Customer deposits Registered Pfandbrief securities
2010
38.2
2011
38.6
2012 2013 2014
39.6 40.5 41.9
2010 2011 2012 2013 2014 € million € million € million € million € million 1,867
2,449
2,583
2,790
3,011
Savings deposits
5,837
6,090
6,152
6,487
7,252
Savings certificates/ RentaPlan
1,008
979
1,028
1,230
1,291
Time depostits/ Promissory note loans
5,689
4,910
3,057
2,596
2,162
Deposits payable on demand
12,721
12,965
15,157
15,535
16,756
Total
27,122 27,393 27,977 28,638 30,472
Customer receivables remain high Customer receivables edged down 1.4 percent to € 29.5 billion Customers trust Haspa – increase in deposits
after having increased by € 5.3 billion in total over the last
boosts total assets
five years.
Overall, customer deposits expanded by around € 1.8 billion or 6 percent, which increased liabilities to customers to
Since the onset of the financial market crisis, Haspa has
€ 30.5 billion. Our customers’ trust is also reflected in the
warded off an impending credit crunch in the Hamburg
development of our tried and trusted product portfolio. For
Metropolitan Region by significantly increasing new loan
example, savings deposits rose considerably by € 0.8 billion
approvals. This has supported and will support Hamburg’s
or 12 percent to just under € 7.3 billion despite the prevailing
growth in the long term without easing our risk assessment
uncertainty on the money and capital markets.
criteria. Following this expansion in the crisis years, new loan approvals in 2014 fell slightly to € 4.9 billion, which is still a high level compared to pre-crisis years.
Haspa 2014 annual report 09 Management report – Course of business / Staff
Staff 2010 2011 2012 2013 2014 € million € million € million € million € million
Attractive employer in the Hamburg Metropolitan Region Haspa offers its employees in the Hamburg Metropolitan
Business loans
5,464
6,496
6,335
6,291
6,055
Region many qualified jobs in a modern and team-based envir-
Personal loans
2,203
2,265
2,245
2,092
1,886
onment. Haspa uses compensation commensurate with per-
18,294
18,775
20,916
21,000
21,207
formance, personnel development and flexible working hours
205
195
369
514
344
to promote both motivation and entrepreneurial thinking and
26,166 27,731 29,865 29,897 29,492
acting in its employees. Above and beyond salaries governed
Real estate financing Public-sector loans Total
by collective agreements we also pay benefits that enhance Haspa’s attractiveness as an employer. Promoting diversity Further increase in equity – regulatory ratios
and equal opportunity are just as integral to Haspa’s corpor-
continue to improve
ate culture as is ensuring work-life balance.
Management
Customer loans
Around two-thirds of Haspa’s more than 5,000 employees deal
the international Basel III framework, Haspa’s equity increased
directly with our customers. Some 1,500 staff are employed
further in the financial year. After having already successively
on a part-time basis.
augmented our equity in recent years, we allocated a further € 300 million from HASPA Finanzholding to our capital re-
To adjust our personnel capacity to the number of jobs, which
serves in 2014. This puts our equity at around € 2.5 billion at
has fallen due to efficiency enhancements, staff in the report-
the end of the year.
ing year had access to human resources instruments such as the option to convert salary into leave, other part-time models
Furthermore, we transferred € 200 million from the provi-
and early retirement arrangements. This increased voluntary
sion for general banking risks to the fund for general banking
employee turnover. Even with rising staff turnover, there is
risks, which now amounts to around € 700 million. In addition
still a need for qualified trainees so that Haspa continues to
to the positive effects of the above-mentioned allocation to
have sufficient staff to provide expert customer support and
equity, the expansion of this component of equity, which from
consulting services and to perform special tasks in our central
a regulatory perspective is considered all Tier 1 capital, is also
divisions, despite demographic change.
improving the structure of our equity. Going forward, Haspa will therefore remain the partner that
A new generation for the banking business
the business cycle in the Hamburg Metropolitan Region has
Haspa offers young people highly qualified training. With
come to rely on.
around 300 trainees, we are one of the largest private companies in the Hanseatic City of Hamburg that takes on trainees. We currently train bank managers and office managers. In addition to the apprenticeship at Haspa, there are two dual studies courses: at the Hamburg School of Business Administration (HSBA) Haspa trainees can study a dual-track
Annual Financial Statements
latory ratios (the so-called CRD IV package) that arose from
Management report
Also in view of the European-influenced regulations on regu-
programme to obtain a Bachelor of Science in Business tion Systems.
Additional information
Administration or a Bachelor of Science in Business Informa-
10 Haspa 2014 annual report Management report – Staff
Women make up half of our junior staff. Almost 90 percent of
Qualified employees as guarantors of success – Haspa-
our trainees graduated from secondary school with the Abitur,
Academy bundles training and educational programmes
the German university entrance qualifications. However, we
Most of Haspa’s success as a retail bank in Hamburg is due
also seek out qualified middle-school graduates who account
to its dedicated and competent employees who demonstrate
for about 9 percent of our trainees. Middle-school gradu-
Haspa’s high quality of service and consulting day in and day
ates may obtain the Fachhochschulreife, a secondary school
out. Young people and staff with many years of professional
degree that is the entrance qualification of technical colleges,
experience work hand in glove to serve our customers. Our
as part of our “DualPlus” double qualification offer for trainees.
employees’ average age is about 40, and their qualifications are very high. Around 90 percent of our workforce are quali-
Our trainees repeatedly achieve above-average scores on
fied bank managers or have completed other vocational busi-
their final qualification exams and do particularly well in
ness training. More than one in three own a university degree
the “advising customers” portion of their practical exams,
or have obtained additional qualifications such as a banking
thus proving that they are very well suited to apply Haspa’s
services and operations specialist or as bank business admin-
customer-focused consulting processes. These are skills that
istrator.
directly benefit our customers. HaspaAcademy makes us one of the few companies that comThe Hamburg Chamber of Commerce has bestowed its award
bine all educational and training programmes in-house under
for outstanding performance in vocational or professional
a single roof. It enhances the professionalism and quality of
training on Haspa eleven times. Our “Top Trainee Model”
the training and continued education offered to all of Haspa’s
serves to open up additional training and education pro-
employees in ways appropriate to the needs of both the bank
grammes and career perspectives to particularly capable and
and its target groups. This makes it possible to promote talent
committed trainees. For instance, we already offer our top
even better, expand people’s professional and personal com-
trainees the assurance that they will be hired one year before
petence as well as intensify both the development of manage-
their training ends.
ment candidates and training measures. The HaspaAkademie was awarded the LQW quality certificate for the professionalism and customer focus of its further education programmes. Haspa invests several million euros in training and continued education for its employees each year. The clear structure of Haspa’s training programmes allows employees and applicants alike to obtain comprehensive information on the range of our educational and training modules and plan their careers with the available prospects in mind. Leadership has traditionally been given high priority at Haspa. Our Management Development Programme and other qualification programmes give us tried and tested tools for training and educating both our current executives and the up-and-coming generation.
Haspa 2014 annual report 11 Management report – Development of income
Result for the year above prior-year level in
Net commission income up year on year
a still challenging climate
Net commission income rose year on year. This encouraging
Haspa’s result for the year is € 80 million. Specifically, in
increase is mainly attributable to higher commission from
addition to the increase in income of a good 1 percent year on
current account and payment transactions. In addition, com-
year, expenses were down by over 1 percent. These positive
mission from the securities business in particular rose, chiefly
effects on the income statement are also reflected in a more
on the back of the 5 percent increase in securities revenues.
favourable cost/income ratio. The net revaluation gain is also
Overall, the contributions made by other forms of commission
more favourable than in the previous year and remains at a
were almost flat on the previous year. Net commission in-
satisfactory level. After deducting tax expenses, which are
come increased by a total of € 8 million or a good 3 percent
significantly higher than in the preceding year, the result for the
to € 263 million, but fell short of the ambitious projection.
year is € 5 million. This means that the return on equity before
Here, the prevailing uncertainty on the money and capital
taxes is also higher than in the preceding year, as expected.
markets in particular impacted on the securities business,
The return on assets required to be disclosed in accordance
while the low interest rate environment adversely affected
with section 26a (1) sentence 4 German Banking Act – calcu-
the insurance business.
Management
Development of income
income above the previous year’s level Net interest income almost at prior-year level in
Trading activities serve to support our retail banking business;
spite of persistently low interest rates
in particular they comprise gains and losses from securities
At € 677 million, net interest income was virtually on a par
trading and the precious metal business. Net trading income
with the prior-year level, though it fell considerably short
or expense, and especially other operating income, rose by
of our expectations. In particular, the extremely low inter-
over € 12 million to around € 63 million in the aggregate. The
est rates, which were again substantially below the already
reporting in gross terms of interest payments on taxes in con-
low prior-year level, had a negative impact on various com-
nection with prior-period tax payments generated a positive
ponents of net interest income. The same effect was seen in
effect. These payments increase both other operating income
our customer business, which still accounted for by far the
and other operating expenses and have a net positive effect
largest portion of net interest income. Whereas portfolios in
on the income statement.
assets were down year on year due to the lower demand for credit, portfolios in liabilities were expanded; however, the interest rate environment weighed on the net interest margin
Personnel and other operating expenses down year on year
contributions. By contrast, the contribution from the matur-
Personnel expenses, the largest cost component, declined
ities transformation to the result for the financial year was
by € 2 million or just under 1 percent to € 345 million con-
considerably smaller than anticipated, though appreciably
trary to an expected slight increase. The wage and salary
higher than in the previous year. Here, there was a slight
increases under collective agreements that were implemented
increase in average risk-taking, which remained at a low level
mid-year were offset by a more substantial decrease in the
nonetheless. In the course of the year, the limit for interest
average headcount than expected. Furthermore, there were
rate risk was consistently utilised at a maximum of two thirds,
various effects that had a positive impact on the development
so – in view of the difficult interest rate environment – a
of personnel expenses. Other operating expenses receded by
conscious decision was made to forego additional earnings
€ 27 million to € 113 million, due in particular to lower provi-
potential. Owing to reduced distributions from special funds,
sions for risk than in the previous year. Recent court decisions
current income from equities and other non-fixed interest
regarding consumer loans were likewise taken into account
securities also decreased compared with the previous year,
here. This partly compensated for higher charges stemming,
mainly as a consequence of the real estate funds.
for example, from the revaluation of our pension provisions as a consequence of the low interest rate level.
Annual Financial Statements
Net trading income/expense and other operating
Additional information
at the end of 2014.
Management report
lated as net profit over total assets – is 0.2 percent for Haspa
12 Haspa 2014 annual report Management report – Development of income
Other administrative expenses up year on year
Satisfactory result from ordinary activities
Other administrative expenses, amortisation and write-downs
At € 175 million, the result from ordinary activities is satisfac-
of intangible fixed assets as well as depreciation and write-
tory on the whole, up by a substantial € 34 million or 24 per-
downs of tangible fixed assets rose by a total of about € 20 mil-
cent year on year and therefore much higher than expected.
lion to a grand total of € 326 million. While this increase was
Specifically, this increase is attributable to more favourable
mainly due to higher provisions for inter-institutional deposit
contributions, in income, expenses and the net revaluation
guarantees in the German savings bank sector, deposit insur-
gain. As a result, there was also a year-on-year improvement
ance at European level was not yet introduced. The looming cost
in the operating result before loan loss provisions, which
expected for 2014 meant that on the whole other administra-
can be seen in the income statement items down to net re-
tive expenses in the reporting year were lower than anticipated.
valuation gain/loss.
Net revaluation gain better than expected
Extraordinary result due to effects from the German
The measurement approaches that Haspa uses are conserva-
Accounting Law Modernisation Act
tive, as in the previous years. As a result Haspa’s proprietary
As in the previous years, the extraordinary result was minus
investments in securities are still measured using the strict
€ 10.5 million, due exclusively to effects of pension provi-
lower-of-cost-or-market principle, taking into account the
sions on expenses in connection with the initial adjustment
requirement to reverse write-downs. The net revaluation gain
resulting from the application of the German Accounting Law
from securities is higher than in the previous year with a low
Modernisation Act (BilMoG).
negative contribution. In addition, the risk provisions for the lending business, which were already very favourable in the previous year, improved even further. In view of the already
Tax expense up year on year
extremely low prior-year level, we originally anticipated a
The tax expense to be borne in form of a tax allocation rose
much higher and therefore more normal level for this item.
markedly to € 84 million in the reporting year. In addition
The excessive portion of the net revaluation gain/loss essen-
to the significantly higher result from ordinary activities,
tially stems from a provision for potential risks in subsequent
this appreciable increase is attributable to higher non-tax-
years, which is considerably higher than in the previous year
effective expenses related to the revaluation of our pension
and also exceeds our expectations. Overall, the net revalua-
provisions.
tion gain is therefore higher than in the previous year and – especially as a result of the very favourable risk provisions for the lending business – significantly better than expected.
Haspa 2014 annual report 13 Management report – Comprehensive bank controlling and risk report
Forward-looking risk policies in a financial market
Comprehensive bank controlling as a closed
environment dominated by low interest rates
procedural cycle
The ECB continued its expansive monetary policy by reducing
At Haspa, the responsibility for the reporting system regard-
key rates in 2014. Furthermore, the ECB imposed a negative
ing internal and external KPIs is organisationally separate
interest rate on deposits by banks.
from the management function.
The German lending industry continues to suffer from the
Haspa’s strategic alignment is reviewed in annual strategy
low interest rates and the remaining uncertainty in the finan-
workshops at the level of the Board of Management. Among
cial markets, which stems from both the European sovereign
other things this process yields the updated mid-term plan-
debt crisis and the financial market and economic crisis that
ning for the coming years. The annual planning process in
preceded it. For instance it remains a challenge for all groups
turn generates specific budgets for the coming year. An in-
of credit institutions to build equity, also due to the further
tegrated, monthly reporting system serves to record Haspa’s
tightening of banking regulations.
performance with respect to sales, costs and risks, as well as
Management
Comprehensive bank controlling and risk report
isions are also integrated into a quarterly preview process
onment by pursuing forward-looking risk policies in the inter-
that furnishes updated targets for the year overall and is
bank business and the capital markets. It believes that it
condensed as part of the reporting to corporate bodies.
continues to be well equipped to weather the challenges ahead thanks also to its comfortable equity and liquidity
Whilst this closed-circuit process has been in place for years,
in conjunction with the ongoing development of its risk man-
the respective procedures are subject to continuous improve-
agement.
ment in conceptual terms, and the given tools are refined on an ongoing basis.
Management report
its income, expenses and net revaluation gain/loss. All divHamburger Sparkasse AG responded to the challenging envir-
core business and risks
Flexible earnings analysis
Haspa’s comprehensive bank controlling is based on its retail
The margins for the lending and deposit business are deter-
banking strategy comprising business with private custom-
mined at the transaction level using the market rate method;
ers and corporate customers. In addition, successes and risks
risk costs for loans are deducted separately. Terms appropri-
from the capital investment and maturities transformation
ate to the given risks are stipulated with the customers. As
segments as well as the operating business complete the
is customary for the lending business, they are determined
picture.
with regard to expected defaults; in terms of equity costs, they are determined with respect to unexpected defaults. Besides the margins from interest transactions, commission income
Integration of the internal and the external view –
is a key component of earnings. These calculations which are
uniform comprehensive bank controlling
specific to individual transactions and contracts enable us to
Haspa’s comprehensive bank controlling consists of linking
flexibly support our sales and marketing activities.
Annual Financial Statements
Comprehensive bank controlling focused on
internal key performance indicators (KPIs) that have clear requirements of the German Commercial Code or to regulatory requirements. The integrated analysis of both views enables targeted control of operational and economic processes.
Additional information
economic aims with external KPIs that are subject to the
14 Haspa 2014 annual report Management report – Comprehensive bank controlling and risk report
Efficient controlling – the prerequisite for successful
The rules for account assignment and the control processes
cost management
pertaining to the bookkeeping as well as the preparation of the
All divisions are broken down by appropriate cost centre struc-
annual financial statements and the management report are
tures based on our customer-focused organisational struc-
specified in various technical guidelines. In particular these work
ture. Separate budgets are allocated to individual projects.
instructions address the controls to be carried out in terms of
Larger projects are subject to special investment controlling
reconciliations and the requisite documentation. All data related
which evaluates them according to business management
to the financial reporting process of Hamburger Sparkasse AG
standards and monitors them from a controlling viewpoint
is processed using IT systems which at all times are subject to
until the desired benefit has been achieved. About 35
access limitation, system activity logs, access controls, data
projects were subject to investment controlling in 2014. These
backups and data protection.
include projects aimed at implementing regulatory measures and projects for supporting sales.
Internal Audit directly or indirectly reviews the accounting related internal control and risk management systems based on
With a view to proper cost accounting allocation, at Haspa
a risk oriented audit plan. This also includes functional separ-
all intragroup service relationships are recorded using intra-
ation, data processing security, documentation of control
group settlement procedures.
actions and compliance with technical guidelines. The accuracy of our data processing programmes is ensured by means of strict separation of the development, testing and production sys-
Functional internal control and risk management system
tems and through a defined development process for software
guarantees the accounting process
packages with the pertinent testing and release procedures.
Pursuant to section 25a (1) German Banking Act, overall respon-
Introduction of new or amended parameters can only be placed
sibility for proper business organisation and the risk manage-
in production within the scope of defined change management.
ment integral to it rests with Haspa’s Board of Management. As
In its reviews, Internal Audit verifies that these procedures are
required by MaRisk, the Board of Management is supported by
followed properly.
Compliance and Risk Controlling in this context. Among other things risk management comprises the implementation of
If the financial reporting process is carried out using centralised
internal control procedures consisting of an internal control
third-party data processing equipment, the pertinent providers
system and an internal auditing system. Internal Audit is an
are obligated under the general agreements closed with them to
integral part of Haspa’s risk management and internal control
comply with all statutory and regulatory requirements relevant
procedures. It carries out its responsibilities autonomously
to the outsourced activities. Compliance with these statutory
and independently on behalf of the full Board of Management.
and regulatory requirements is monitored by the internal auditing departments of the given third-party providers as well as by
Risk management and the internal control processes also cover the accounting process. Accounting in turn comprises bookkeeping as well as preparation of both the annual financial statements and the management report. Each Haspa division is responsible for bookkeeping based on prescribed rules for account assignment. Preparation of the annual financial statements and the management report has been outsourced to NRS Norddeutsche Retail-Service GmbH (NRS GmbH). The subcontracting process is controlled and monitored by the Comprehensive Bank Controlling division of Hamburger Sparkasse AG and supplemented by the auditing activities of Internal Audit. Organisationally all divisions tasked with accounting are separate from divisions responsible for marketing activities.
Haspa’s Internal Audit.
Haspa 2014 annual report 15
Identification and assessment of material risks
To determine its risk-bearing capacity, Haspa regularly com-
In the regular risk inventory, the risks to which Haspa is
pares this to the available risk cover, which largely comprises
exposed are identified and their significance is assessed.
equity. In the going concern approach, limits for each indi-
Most of the material risks are assessed using appropriate
vidual risk type are defined on this basis, whereas in the
quantitative measurement methods and managed as a whole
liquidation approach an overall limit is defined that spans all
in the analysis of the risk-bearing capacity. Any further risks
risk types. Depending on the holding period of the type of
that are not included in the analysis of the risk-bearing cap-
risk, the amount of the risk budget corresponds either to the
acity are taken into account using other measurement
net present value (NPV) limit or the sum of the NPV limit and
methods and are consequently also considered in key decisions.
the loss limit. The respective risk budgets are derived from
Management
Management report – Comprehensive bank controlling and risk report
the available cover assets and are specific to the material Comprehensive bank controlling focusing on
controlled using a stoplight system. The total risk budget is
risk-bearing capacity
measured such that large portions of the cover assets, which
Incurring risk in targeted ways is at the heart of all banking
in the leading going concern approach increased from around
activity. The ability to comprehensively measure, monitor and
€ 3.2 billion to over € 3.7 billion in the reporting year, are not
control risk is a critical competitive factor.
used even if the risks occur; without considering diversification effects, these risks amounted to less than € 400 million
The objective of risk management is to optimise success while
at the end of 2014 and at any time during 2014. Considering
constantly taking into account the risks incurred. Continuous
diversification effects, the presentation of the bank’s overall
safeguarding of a bank’s risk-bearing capacity is an integral
risk is once again much more favourable. The extent of the
part of effective risk management. For this, Haspa uses a pre-
allocated total risk budget also ensures compliance with the
sent value going concern approach with a confidence level of
regulatory capital adequacy requirements in accordance with
95 percent as well as a liquidation approach with a confidence
CRR even when all NPV limits are utilised in their totality and
level of 99.95 percent.
at the same time. The existence of Haspa as a going concern
Management report
risks. The strategic liquidity risk is an exception in that it is
Regular stress testing enables us to determine the bank’s
tution as a going concern. To achieve this objective, the
overall risk. The results of the stress tests are adequately
going concern approach with its integrated regulatory per-
taken into account in the assessment of the bank’s risk-bear-
spective is the leading management approach. This approach
ing capacity. In these stress tests, which are not specific to any
is intended to ensure that Haspa complies with the regulatory
type of risk, the scenarios of a major economic downturn and
minimum capital requirements and is able to continue as a
a price slump on Hamburg’s real estate market are analysed.
going concern even if all risks materialise (article 93 Capital Requirement Regulation (CRR)). The liquidation approach, on
Furthermore, when planning their future capital require-
the other hand, is aimed at the protection of creditors and
ments, institutions must adequately take possible adverse
the prevention of considerable disadvantages for the overall
developments deviating from expectations into account in
economy and must be strictly complied with as an additional
the planning. Appropriate adverse planning of future capital
cornerstone of the risk-bearing capacity concept.
requirements was performed in 2014 using the scenario of a major economic downturn. Material risks are subject to continuous monitoring by means of suitable early warning systems that identify significant developments as quickly as possible, thus enabling timely countermeasures based on thresholds.
Additional information
risk-bearing capacity is ensuring the continuation of the insti-
Annual Financial Statements
has thus been ensured. The main objective of the economic calculation of Haspa’s
16 Haspa 2014 annual report Management report – Comprehensive bank controlling and risk report
Knowledge of the regional market and portfolio risk man-
Expected counterparty credit risks are hedged using the risk
agement limit credit risks
provisions. We use a suitable loan portfolio model (Monte
Haspa’s counterparty credit risk stems from the lending busi-
Carlo simulation) to measure unexpected default risks based
ness associated with private, corporate, enterprise and real
on the value-at-risk (VaR) method, applying a confidence level
estate customers. Our customer loan portfolio is broadly
of 95 percent for the going concern approach and 99.95 for
diversified and largely secured by mortgages. The focus of the
liquidation approach with a holding period of one year.
credit portfolio continues to be on highly rated commitments. The utilisation of the counterparty credit risk limit at a confidence level of 95 percent is stable at around € 100 million
Low risk-taking in the maturities transformation with low
throughout the year. On the whole, credit risk is generally
interest rates
covered through appropriate risk provisions.
Maturity transformation risk arises from potential changes in market interest rates relative to the structure of the bank’s on
The internal rating procedures developed jointly with the
and off-balance sheet transactions.
German Savings Banks Finance Group offer specific tools that are tailored to our customer groups and continuously refined.
Maturity transformation basically arises from the given loan commitment which tends to be of a longer term nature on the
The current scoring systems of the German Savings Banks
asset side, compared to borrowings which tend to run over a
Finance Group are used to assess creditworthiness and deter-
shorter term on the liabilities side. Money and capital market
mine pricing in the private banking business.
interest rates have an immediate effect on Haspa’s bottom line. We measure and control maturity transformation risk in a
Rating procedures designed to assess credit ratings and deter-
comprehensive manner using both periodic and net present
mine risk-based pricing are used in our standard corporate
value methods.
customer business. Different procedures apply for small, midsize and large corporate customers, professionals/freelan-
The VaR method is also used to determine this risk. It is quan-
cers as well as start-up entrepreneurs depending on the given
tified at a confidence level of 95 percent in the going concern
company. A property transaction rating tool tailored to com-
approach and 99.95 percent in the liquidation approach with
mercial property financing is used for commercial real estate
a holding period of one month. Sensitivity analyses entail-
commitments. Automated compact customer rating is add-
ing substantial changes in interest rates are carried out, too.
itionally applied to enable targeted credit scoring of small
Haspa’s maturity transformation position is monitored on an
corporate customers.
ongoing basis. It is reviewed in greater depth and controlled with respect to money and capital market trends at monthly
We handle issuer risk and counterparty credit risk in both our
meetings of the Maturity Transformation Committee with the
securities investment and interbank business by limiting our-
participation of the Board of Management. Ad hoc meetings are
selves to trading partners with first-rate credit ratings as well
held as necessary to ensure appropriate action in case of rapid
as a widely diversified portfolio and a strict limit system. In
changes.
the interbank money market business, we include a range of trading partners and thus avoid becoming dependent on individual market players. Haspa’s monitoring of banking sector counterparties as well as all issuers remains a tried and tested system. The counterparty credit risk is also limited through the high level of collateralisation in the trading business. About 87 percent of the derivatives business is now hedged through standard collateral agreements.
Haspa 2014 annual report 17
The possible impact of any change in market interest rates on
Moderate portfolio adjustments in special funds
our periodic net interest income is also monitored on a continu-
against the backdrop of low yields
ous basis. Simulation of various interest rate scenarios shows
The portfolio volume in special funds increased only slightly
the sensitivity of the net interest income to changes in market
in the course of the year. We largely restructured the port-
interest rates and also covers the simulation of ad hoc interest
folio, increasing the percentage of shares, real estate funds
rate shocks.
and alternative investments. In addition to the dominant share of low-interest German Pfandbrief securities and gov-
Haspa employs derivative financial instruments, especially
ernment bonds, the portfolio includes corporate bonds as
standard interest rate swaps, to manage its maturity trans-
well as Italian, Spanish and Portuguese government bonds.
Management
Management report – Comprehensive bank controlling and risk report
formation risk. Against the backdrop of low interest rates, the scale of the
portfolio risk model. On the whole, a substantial portion of the
maturities transformation was controlled at a low level in the
investments in special funds was still hedged against foreign
2014 financial year. The interest rate risk, which is characterised
currency risks. In a few cases, risks were also intentionally
by a strategic basic position in multi-year maturities, is quan-
incurred across different currencies.
tified at € 42 million with a confidence level of 95 percent and a holding period of one month at the reporting date.
Overall, the special fund risk with a confidence level of 95 percent at year end is quantified at just under € 78 million, applying a holding period of one month for the portfolio risk.
Capital market risks influenced by low interest
Investments in real estate and asset-backed securities (ABS)
rates and political tensions
are included in this figure with a longer holding period of
The reporting year was largely defined by the continuation
one year.
Management report
Haspa employs the VaR method to determine risk based on a
Furthermore, the portfolio of proprietary investments also
the United States and Europe continue to keep yields arti-
comprises direct investments in securities mainly from public-
ficially at a very low level with their expansionary monetary
sector issuers that are held for liquidity purposes.
policy, which resulted in negative interest rates for short maturity bands. However, factors such as political tensions with Russia and falling oil prices caused greater volatility on
Country risks
the stock market, with the DAX fluctuating during the year
Our risk management focused especially on country risks in
between just under 8,500 points and its all-time high of
connection with the sovereign debt crisis in the euro zone.
10,093 points. In the course of the year, the DAX posted gains
In general, Haspa’s gross receivables originate in Germany
of over 2.7 percent.
due to its regional alignment as a retail bank. There is also a manageable level of investments outside Germany, primarily in European securities.
Additional information
Russia and a slump in oil prices. The central banks in Japan,
Annual Financial Statements
of the low interest rate environment, political tensions with
18 Haspa 2014 annual report Management report – Comprehensive bank controlling and risk report
Low trading risks, as before
The interaction between outsourcing centres and Haspa
Haspa’s considerable restraint in taking on equity and foreign
with respect to the outsourced functions is subject to and
exchange trading risk also reflects its alignment as a retail
governed by statutory and regulatory requirements using
bank in the Hamburg Metropolitan Region. Most of our trad-
individual and interface-specific agreements. These arrange-
ing activities are customer initiated, and we only hold closed
ments have been tried and tested in the interaction between
currency and option positions.
the different entities and are further expanded and refined on an ongoing basis.
Operational risks integrated in risk management
Information technology security is one of the focal points in
Operational risks can be found in all of Haspa’s divisions and
controlling operational risks. Detailed contingency plans are
stem from general banking activities. They describe the risk of
available for all IT functions. These emergency plans also
losses occurring as a consequence of the inappropriateness
include crisis management protocols as well as procedures
or the failure of internal processes, employees, the internal
designed to ensure uninterrupted business operations.
infrastructure or external factors. Operational risks can take
Authorised access systems and control and monitoring pro-
many forms and are taken into account in the analysis of the
cesses guarantee the protection of confidential information
risk-taking ability through the allocation of a corresponding
against unauthorised access and modifications of business
risk capital budget. The risks determined applying the basic
processes. Effective firewall systems provide protection
indicator approach amount to € 145 million at year end.
against unauthorised external access.
As part of its internal control system, Haspa has taken many
Operational risks are measured and managed during an an-
steps to ensure flawless and smooth business procedures.
nual risk inventory through analyses of significant loss events
Intragroup procedures and the functionality of technical sys-
and by means of an indicator-based early warning system.
tems are continuously adapted to both internal and external requirements. Operating processes are subject to a general guideline and technical guidelines, and are monitored by
Liquidity risks limited through funding strategy and solid
Internal Audit.
liquidity limit Liquidity risks arise when payment obligations are not ful-
Haspa has outsourced portions of its market support pro-
filled at all or insufficiently or if liquidity can only be obtained
cesses associated with its lending, deposit and services
at higher market prices.
business, as well as certain aspects of comprehensive bank controlling, to NRS GmbH and its subsidiary. Some of
Beyond its short-term liquidity outlook, Haspa also uses its
the payment processes are outsourced to DSGF Deutsche
divisional planning to develop a strategic liquidity outlook
Servicegesellschaft für Finanzdienstleister mbH. Additionally
that identifies liquidity needs early on. This enables us to
some IT functions have been transferred to, among others,
assess our liquidity needs for future maturities and manage
IBM Deutschland GmbH, Wincor Nixdorf Portavis GmbH,
cash flows accordingly. Risk scenarios are also monitored and
CANON Deutschland GmbH and EDI Finance Service AG.
analysed on the same basis. Based on our funding strategy, stoplight systems are used to define and regularly monitor Haspa’s risk tolerance, taking into account the funding potential, such that timely control measures can be adopted as necessary.
Haspa 2014 annual report 19
With successful Pfandbrief issues in recent years, Hamburger
Solid economic and regulatory risk-taking ability
Sparkasse has tapped into the vast liquidity potential of the
guarantees risks incurred
Pfandbrief market which will enable it to cover even larger
The bank’s risk-taking ability is monitored by comparing it
liquidity needs in future.
to the available cover assets. Its risk coverage potential is comfortable, also against the backdrop of volatile market
For years Haspa has also served as a lender in the interbank
conditions.
lending market. It met the requirements for minimum reserve The CRR, which has been in force since 2014, sets out the
deposits at any time during the past year.
regulatory capital adequacy requirements for credit instituAt year-end, the bank’s liquidity ratio pursuant to the German
tions, which are increasingly shaped by European regulations.
Liquidity Regulation was over 2.8 times the required min-
Compliance with these regulations requires an adequate
imum.
capital base at all times. As at 31 December 2014, Haspa’s
Management
Management report – Comprehensive bank controlling and risk report
11.6 percent and its Tier 1 capital ratio was 10.6 percent. At
(LCR) and the net stable funding ratio (NSFR), both of which
around 14.1 percent and 13.1 percent, respectively, the total
have been subject to a reporting requirement since 2014, are
capital ratio and the Tier 1 capital ratio of the HASPA Group
also clearly being met and indicate that Haspa has a good
remained at a comfortable level. At around 6 percent, the
level of liquidity. At year-end, the LCR is 138 percent and the
leverage ratio that has also been subject to a reporting
NSFR is 128 percent.
requirement since the reporting year and indicates an institution’s exposures in relation to its own funds and is therefore based on balance sheet figures – is substantially higher than the prospective requirement of 3 percent. Here, too, positive
Liquidity ratio
Management report
total capital ratio applying the standard approach was The prospective requirements for the liquidity coverage ratio
effects of the expansion and structural improvement of our own funds can be seen.
3.0
No going-concern risks or risks with a material effect on its
1.5
net assets, financial position and results of operations were identified for the current year.
1.0 2009
2010
2011
2012
2013
2014
Additional information
Risk measurement
2.0
Annual Financial Statements
2.5
20 Haspa 2014 annual report Management report – Report on expected developments
Report on expected developments Continued economic growth in Germany
Haspa’s planning
Germany is expected to achieve economic growth of 1.6 per-
Based on these assumptions, the following report focuses on
cent again in 2015, driven once more by robust domestic
Haspa’s likely performance including material opportunities
demand. The low interest rates and the continued rise in
and risks. The forecasting horizon covers the current financial
employment will invigorate private consumption, as will
year. The forward-looking statements contained in this report
falling oil prices.
are based for one on generally expected macroeconomic developments with a particular focus on the Hamburg Metro-
To increase inflation rates in the euro zone and to help resolve
politan Region. For another these statements are based on
the ongoing sovereign debt problems, the ECB will maintain
Haspa’s planning for 2015, which results in specific budgets.
its expansionary monetary policy and its very low key interest rate. The bond-buying announced by the ECB will also keep interest rates at an extremely low level for quite some time.
Retail banking – core strategic focus All of our activities will focus on private and corporate customers
Once again, events on the financial markets in 2015 will there-
as well as our Private Banking.
fore be marked by the exceedingly expansionary monetary policy. Given the low level of interest rates and the consid-
Private customers and SME customers are and will remain the
erable amount of cash available for investment, investors are
foundation of our business. Haspa will continue to expand in
expected to turn to real estate and especially to securities
the Hamburg Metropolitan Region thanks to its comprehen-
that yield dividends again in 2015.
sive services for this customer segment. We will focus on the requirements of our customers in the individual regions, which will continue to increase in the future, such as being able to
Positive growth prospects in Hamburg
conduct banking transactions flexibly at all times. With the
The Hamburg Chamber of Commerce’s economic barometer
realignment of our sales organisation implemented in 2014
showed in the fourth quarter of 2014 that, on balance, com-
we adjusted our market identity and enhanced our market
panies were optimistic in their assessment of the future busi-
presence, thereby laying the groundwork for even more tar-
ness situation. Companies are more optimistic than pes-
geted local consulting services. The range of financial services
simistic in their expectations of investments and personal
we offer in online banking will also be enhanced so that, in
planning. Most forecasts for the export sector were also posi-
addition to personal contact with customer support and
tive. These results suggest encouraging economic growth in
consulting services, our customers will now also be able to
Hamburg in the coming months. In 2015, the North Germany
perform banking transactions online and using their mobile
business centre that is Hamburg could achieve economic
phones even more comfortably. It also plans to further inten-
growth of 1.6 percent. Hamburg’s labour market should
sify its activities related to enterprise customers, as well as its
remain very stable, with the number of people in gainful
Private Banking. On the whole, we expect to attract slightly
employment increasing again.
more new customers than in the past year.
Haspa 2014 annual report 21
In view of a likely increase in customer assets and, in particu-
intensified
lar, the very good outcome of 2014, risk provisions for the
By focusing squarely on the retail business and providing
lending business are expected to rise in the current year
comprehensive customer support, we aim to strengthen our
to a significantly higher and therefore more normal level. If
competitive advantages of expertise and regionality.
2015 is similarly successful to the previous year, much higher contributions may be made than projected.
Net interest income in the current 2015 financial year is likely to exceed the 2014 figure considerably. Low interest rates
In sum, the result from ordinary activities for the current
constitute a further challenging environment for Haspa’s cus-
financial year will be around the same level as in 2014. Rising
tomer business. If interest rates go up in the current year,
expenses will be more than compensated for by growth in
this will have a positive effect on our customer business and
earnings. This positive net effect will be offset in particular by
could lead to larger contributions to net interest income.
higher risk provisions for the lending business, which means
We anticipate a slight improvement in earnings from the
that the net revaluation gain will be substantially lower on the
maturities transformation over the previous year. In this area,
whole. Overall, opportunities will arise from faster economic
we are striving to achieve somewhat higher contributions
growth, higher interest rates and investors regaining their
from a strategic basic position. A noticeably higher level of
trust in the money and capital markets.
interest rates would also result in higher amounts from maturity transformation in 2015.
We expect the return on equity (RoE) in the current year to be slightly lower than in 2014. The cost/income ratio is likely
We expect net commission income to rise considerably in
to improve marginally because income will rise at a faster
2015. Here we believe that our new sales organisation which
rate than expenses. Due not least to our broadly diversified
was completed in 2014 will give us even greater visibility in
customer business and on the basis of our tried-and-tested
the market. We hope to boost our contributions with the more
funding strategies and potential, our liquidity situation will
intensive customer support resulting from this. This expect-
remain comfortable.
Management report
Well equipped for the future – customer business
Management
Management report – Report on expected developments
develops, significantly higher – though also lower – contribu-
Events of special significance
tions may be made in this area.
No events of special significance took place after the reporting date.
Administrative expenses are expected to increase significantly overall in the current year, due, for one, to the comparatively low other administrative expenses in 2014, which on account of savings were also lower than originally projected. For another, personnel expenses will rise slightly, mostly as a consequence of the expected wage and salary increases.
Additional information
capital markets will increase. Depending on how this market
Annual Financial Statements
ation also assumes that investors’ trust in the money and
22 Haspa 2014 annual report Annual financial statements – Balance sheet
Balance sheet of Hamburger Sparkasse AG for the year ended 31 December 2014 Assets in € ’000 1. Cash reserve a) Cash on hand b) Balance with Deutsche Bundesbank 2. Public-sector debt instruments and bills of exchange eligible for refinancing with Deutsche Bundesbank a) Treasury bills and non-interest bearing treasury notes and similar debt instruments issued by public-sector entities b) Bills of exchange 3. Receivables from banks a) Payable on demand b) Other receivables 4. Receivables from customers of which: secured by mortgages Public-sector loans 5. Debentures and other fixed-interest securities a) Money market instruments aa) by public-sector issuers of which: eligible as collateral for Deutsche Bundesbank advances ab) by other issuers of which: eligible as collateral for Deutsche Bundesbank advances
2014
2013
283,846 328,341 612,187
232,199 70,206 302,405
—
—
— —
— —
1,507,762 2,219,120 3,726,882 29,491,767
1,883,376 1,145,648 3,029,024 29,897,363 (13,287,832) (514,340)
—
— (—) — (—) —
13,777,268 344,242
— — — —
b) Bonds and debentures ba) by public-sector issuers of which: eligible as collateral for Deutsche Bundesbank advances bb) by other issuers of which: eligible as collateral for Deutsche Bundesbank advances c) Own debentures Principal amount 6. Equities and other non-fixed interest securities 6a. Trading portfolio 7. Long-term equity investments of which: in banks in financial services institutions 8. Shares in affiliated companies of which: in banks in financial services institutions 9. Fiduciary assets of which: Fiduciary loans 10. Equalisation claims on the public sector including debentures arising from conversion of equalisation claims 11. Intangible fixed assets a) Internally generated industrial rights and similar rights and assets b) Purchased concessions, industrial and similar rights and assets, and licences in such rights and assets c) Goodwill d) Prepayments 12. Tangible fixed assets 13. Unpaid contributions to subscribed capital of which: called 14. Other assets 15. Prepaid expenses 16. Deferred tax assets 17. Excess of plan assets over post-employment benefit liability 18. Deficit not covered by equity Total assets
2,651,627
—
1,724,751 (1,724,751) 925,111 (925,111) 2,649,862 — (—) 2,649,862 4,300,157 161,817 59,103 (3,062) (—) 13,224 (—) (—) 118 (118) —
— 42,165
— 49,607
— 1,879 44,044 21,646 —
— 4,565 54,172 24,414 — (—) 24,510 4,471 — — — 40,520,640
2,651,627 704,998 704,998 3,356,625 — — 3,356,625 4,425,121 180,736 57,355 2,504 — 7,892 — — 69 69
— 19,099 3,970 — — — 41,947,393
Haspa 2014 annual report 23
b) Other liabilities ba) Payable on demand bb) With agreed maturity or notice period
3. Securitised liabilities a) Debentures issued b) Other securitised liabilities
of which: Money market instruments own acceptances and promissory notes outstanding 3a. Trading portfolio 4. Fiduciary liabilities of which: Fiduciary loans 5. Other liabilities 6. Deferred income 6a. Deferred tax liabilities 7. Provisions a) Provisions for pensions and similar obligations b) Provisions for taxes c) Other provisions 8. Subordinated liabilities 9. Profit participation capital of which: maturing within two years 10. Fund for general banking risks of which: Extraordinary item in accordance with section 340e (4) HGB 11. Equity a) Subscribed capital b) Capital reserves c) Revenue reserves ca) Legal reserve cb) Reserve for shares in a parent or majority investor cc) Reserves provided for by the articles of association cd) Other revenue reserves d) Net retained profits
Total equity and liabilities
1. Contingent liabilities a) Contingent liabilities from endorsement of discounted bills of exchange b) Contingent liabilities from guarantees and indemnity agreements c) Contingent liabilities from the granting of security for third-party liabilities 2. Other obligations a) Repurchase obligations under sales with an option to repurchase b) Placement and underwriting commitments c) Irrevocable loan commitments
2013
313,825 4,691,240 5,005,065
303,905 4,716,001 5,019,906
7,250,437 1,229 7,251,666
6,484,646 2,329 6,486,975
16,755,814 6,464,210 23,220,024 30,471,690
15,534,594 6,616,684 22,151,278 28,638,253
2,237,674 — 2,237,674
3,218,260 — 3,218,260 (—) (—) 48,225 118 (118) 106,668 21,186 —
— — 57,439 69 69 131,193 23,725 — 618,277 49,941 189,320 857,538 — — — 702,000 2,000
565,619 18,973 220,432 805,024 — — (—) 502,000 (2,000)
1,000,000 1,244,000
1,000,000 944,000
— — — 217,000 217,000 — 2,461,000 41,947,393
— — — 217,000 217,000 — 2,161,000 40,520,640
— 528,434 — 528,434
— 565,424 — 565,424
— — 2,752,537 2,752,537
— — 2,820,769 2,820,769
Management report
2. Liabilities to customers a) Savings deposits aa) With agreed notice period of three months ab) With agreed notice period of more than three months
2014
Annual Financial Statements
1. Liabilities to banks a) Payable on demand b) With agreed maturity or notice period
Additional information
Equity and liabilities in € ’000
Management
Annual financial statements – Balance sheet
24 Haspa 2014 annual report Annual financial statements – Income statement
Income statement of Hamburger Sparkasse AG for the period from 1 January to 31 December 2014 All figures stated in € ’000 1. Interest income from a) Lending and money market transactions b) Fixed interest securities and registered government debt 2. Interest expense 3. Current income from a) Equities and other non-fixed interest securities b) Long-term equity investments c) Shares in affiliated companies 4. Income from profit pooling, profit transfer, or partial profit transfer agreements of which: from tax allocations 5. Commission income 6. Commission expenses
9. General and administrative expenses a) Personnel expenses aa) Wages and salaries ab) Social security, post-employment and other employee benefit costs
10. Depreciation, amortisation and write-downs of tangible and intangible fixed assets 11. Other operating expenses 12. Write-downs of and valuation allowances on receivables and certain securities, and additions to loan loss provisions 13. Income from reversals of write-downs of receivables and certain securities and from the reversal of loan loss provisions 14. Write-downs of and valuation allowances on other equity investments, shares in affiliated companies and securities classified as fixed assets 15. Income from reversals of write-downs of other equity investments, shares in affiliated companies and securities classified as fixed assets 16. Cost of loss absorption 17. Additions to/withdrawals from the fund for general banking risks 18. Result from ordinary activities 19. Extraordinary income 20. Extraordinary expenses 21. Extraordinary result
2013
1,081,651 15,476 1,097,127 –546,556 550,571
1,156,596 15,157 1,171,753 –626,627 545,126
119,392 1,192 3,416 124,000 2,753
138,817 864 2 139,683 2,167
279,444 –16,808 262,636 1,838 61,114 1,002,912
(151) 272,115 –17,720 254,395 1,314 49,247 991,932
364
7. Net trading income or expense 8. Other operating income
of which: in respect of post-employment benefits b) Other administrative expenses
2014
–285,779 –59,529 –345,308 –307,693 –653,001 –18,275
–286,429 –61,041 –347,470 (–8,366) –288,283 –635,753 –17,733
–112,885 —
–139,863 –54,903
156,767
—
156,767 –543
–54,903 –1,417
—
—
–543 –461 –200,000 174,514 — –10,515 –10,515
–1,417 –1,377 — 140,886 — –10,515 –10,515
–7,026
Haspa 2014 annual report 25
29. Appropriation to revenue reserves a) to the legal reserve b) to the reserve for treasury shares c) to the reserves provided for by the articles of association d) to other revenue reserves 30. Net retained profits
— –83,999 — –80,000 — — —
— — —
— — — — —
— — — — —
— — — — — —
— — — — — —
–83,837
Management report
28. Withdrawals from revenue reserves a) from the legal reserve b) from the reserve for treasury shares c) from the reserves provided for by the articles of association d) from other revenue reserves
2013 –55,371 (–51,471) — –55,371 — –75,000
Annual Financial Statements
24. Income from loss absorption 25. Profit transferred on the basis of profit pooling, profit transfer, or partial profit transfer agreements 26. Net income for the financial year 27. Retained profits/losses brought forward
2014 –83,999
Additional information
All figures stated in € ’000 22. Taxes on income of which: for tax allocations 23. Other taxes not included in item 11
Management
Annual financial statements – Income statement
Notes
Contents 27 General disclosures 27 Accounting policies 31 Cash flow statement 33 Notes to the balance sheet including the statement of changes in equity 39 Notes to the income statement 39 Other disclosures
Haspa 2014 annual report 27 Annual financial statements – Notes
General disclosures The annual financial statements of Hamburger Sparkasse AG (Haspa) as at 31 December 2014 were prepared in accordance with the requirements of the German Commercial Code (Handelsgesetzbuch) and the requirements of the German Ordinance on Accounting for Banks and Financial Services Institutions (Verordnung über die Rechnungslegung der Kreditinstitute und Finanz-
The option not to break down prorated interest by residual maturity (section 11 sentence 3 German Ordinance on Accounting for Banks and Financial Service Institutions) was also applied.
Management
dienstleistungsinstitute), taking into account the requirements of the German Stock Corporation Act (Aktiengesetz).
Lending business Receivables from customers and banks were recognised at their nominal value or cost. Any discounts retained in connection with the disbursement of loans with a fixed borrowing rate are allocated over the fixed interest period. For loans with a variable borrowing rate, discounts of up to 2 percent of the loan principal are allocated over the entire term; higher discounts are allocated over no more than five years. Individual write-downs or provisions take adequate account of recognisable risks in lending. Generalised valuation allowances
Management report
Accounting policies
were recognised for potential risks from receivables. The requirement to reverse write-downs was observed when measuring
All amounts that satisfy the requirements of section 14 German Pfandbrief Act (Pfandbriefgesetz) were reported under the balance sheet item, “Receivables from customers”.
Securities Securities in the bank’s own portfolio are largely held for liquidity purposes as well as for trading. The securities allocated to the liquidity reserve are measured using the strict lower-of-cost-or-market principle subject to simultaneous consideration of the requirement to reverse write-downs. The appropriate market value of assets that are held in special funds and for which there is no marketable price is determined
Annual Financial Statements
loans.
by the respective fund based on due assessments using suitable measurement models and taking prevailing market conditions
Additional information
into account.
28 Haspa 2014 annual report Annual financial statements – Notes
Trading portfolio Financial assets acquired for trading are recognised in the trading portfolio at fair value less value at risk (VaR). Pursuant to IDW RS BFA 2, the value at risk is accounted for in the larger of the respective balance sheet items (assets or liabilities). Foreign currency financial assets and liabilities in the trading portfolio are translated at average rates. The corresponding value at risk (VaR) is determined to satisfy regulatory requirements in respect of managing the trading book’s market price risks. This VaR is used to calculate the risk discount. It is determined based on a holding period of one month, a data history of 250 days and a confidence level of 95 percent. Applying the risk discount accounts for the probability of a loss of realisable profits from the measurement at market rates. Changes in the risk discounts are recognised in net trading income or expense. Gains and losses on the prices and the measurement of financial instruments are also recognised in net trading income or expense. Interest income and expense from trading are recognised in net interest income.
Shares in affiliated companies and equity investments Shares in affiliated companies and equity investments are recognised at cost. The requirement to requirement to reverse writedowns was observed for the purpose of remeasurement. Lower values are recognised if special circumstances apply.
Intangible and tangible fixed assets Intangible and tangible fixed assets are recognised at cost less amortisation and depreciation. Depreciation allowed under German tax rules is taken on tangible fixed assets that were acquired by 2009. Tangible fixed assets contain only operating and office equipment.
Liabilities Liabilities are measured at the settlement amount. Discounts taken are reported in assets under prepaid expenses whilst premium income is reported in deferred income. In deviation from the above, zero-coupon bonds are accounted for at their present value.
Provisions The provisions shown adequately account for all recognisable risks as well as all uncertain obligations. Provisions with a residual maturity of more than one year are discounted at the average market interest rate for the most recent seven-year period that matches the respective maturity. The provisions for pension liabilities are recognised based on actuarial principles using the projected unit credit method and the 2005 G Heubeck mortality tables. Provisions for pensions and similar obligations and other provisions calculated on the basis of actuarial opinions are discounted at the average market interest rate for the past seven years that is published by Deutsche Bundesbank and follows from an assumed residual maturity of 15 years. As a consequence of an earlier revaluation date – in the reporting year for the first time – a projection of the interest rate to the reporting date was made and the resulting interest rate of 4.54 percent was used. Wage and salary increases (including career trends) of 2.1 percent and pension increases of 1.75 percent were used in the determination of the provisions for pension liabilities. The age-dependent employee turnover rate was between 1 percent and 5 percent.
Haspa 2014 annual report 29 Annual financial statements – Notes
The income and expenses arising from the discounting of provisions are presented separately to achieve transparency and clarity in the notes. Expenses for the accumulation of provisions relating to banking transactions are presented under interest ex-
Loss-free valuation of interest rate-related transactions of the banking book (interest rate portfolio) In compliance with IDW RS BFA 3, to determine any excess of liabilities over assets resulting from business in interest-bearing financial instruments of the banking book, all administrative expenses and the cost of risk expected up until the completion of the business were deducted from the totality of interest-bearing assets and liabilities of the banking book (excluding the trading
Management
pense, while interest expense for provisions not relating to banking transactions is presented under other operating expenses.
portfolio) including derivatives. Allowance was made for individual refinancing options in a present value analysis. As there is no excess of liabilities over assets, it is not necessary to recognise a provision.
Currency translation 256a German Commercial Code. Assets denominated in foreign currency that are treated as fixed assets are translated into euros at the acquisition-date foreign exchange rate. Foreign currency securities reported under current assets are measured at the spot exchange rate. Solely the expense from currency translation of securities in foreign currency with a residual maturity of more than one year is recognised. Pursuant to section 340h German Commercial Code, other foreign currency items, as well as spot and forward transactions not yet settled and not held for trading, are treated as transactions that qualify for hedge accounting. The transactions are hedged based
Management report
Foreign currency amounts are translated in accordance with section 340h German Commercial Code in conjunction with section
on matching amounts but not matching maturities. Hedged transactions are measured at the cash settlement or forward price.
The exchange gains and losses calculated from the translation of the transactions covered in particular are presented separately in the notes under other operating income and other operating expenses, respectively.
Hedges Haspa applies hedge accounting as defined in section 254 German Commercial Code. Hedge accounting is applied to liabilities and executory contracts considered the underlying transaction; they are hedged using derivative financial instruments. The interest and other price risks from structured bonds or registered instruments (underlying transactions) are hedged using structured interest rate swaps (hedges). The underlying transactions concern structured bearer debentures shown under
Annual Financial Statements
Both the cash settlement and the forward prices are based on the reference rate of the European Central Bank.
“Securitised liabilities” as well as structured registered bonds, promissory note loans and savings certificates recognised in underlying transaction relevant to the hedged risk fully offset each other, both at the inception of the transaction and during the maturity of the underlying transaction (critical terms match). The currency and interest rate risks of cross currency interest rate swaps with customers are hedged using precisely balanced hedging transactions with banks that have good credit ratings. Both the derivative customer business and the back-to-back hedging business are combined into micro hedges. We also enter into contracts designed to limit interest rates such as caps, floors and collars in connection with the customer lending business. These interest rate options granted to customers are hedged on the basis of the individual contract by means of matching transactions with banks that have good credit ratings.
Additional information
“Liabilities to customers” or “Liabilities to banks”. The respective hedges are structured such that the parameters of the
30 Haspa 2014 annual report Annual financial statements – Notes
Both the derivative customer business and the back-to-back hedging business are subject to hedge accounting. The effectiveness of the given hedge is reviewed by a department separate from trading upon designation of the hedges as well as at the reporting date. In each case the underlying transactions are hedged effectively against the existing risks. The accounting treatment of the hedges follows the net hedge presentation method pursuant to IDW RS HFA 35. Haspa ensures based on the methods used (critical terms match) that every hedge is effective with respect to the existing fair value and cash flow risks of the respective hedged risk. Changes in the fair value or cash flows of both the underlying transactions and the hedges relative to the hedged risks are likely to balance out in full over the entire hedging period.
Derivatives Interest rate swaps are used primarily to manage interest rate risks and are included in the loss-free valuation of interest rate-related transactions of the banking book (interest rate portfolio). Haspa also possesses derivative financial instruments to which hedge accounting is applied. Some derivative financial instruments are held for trading. In the case of options, Haspa’s option writer positions are usually hedged by means of matched transactions. Option premiums received or paid on options not yet settled, as well as margin obligations from forward transactions, are recognised under financial assets and liabilities in the trading portfolio. For the rest, they are accounted for as “Other assets” or “Other liabilities”.
Haspa 2014 annual report 31 Annual financial statements – Notes
Cash flow statement The cash flow statement was prepared in compliance with German Accounting Standard No. 21 for the first time, which is why
59.9 97.1 2.9 0.4 0.1 –743.7 563.4 –854.8 6.0 75.2 1,880.4 –963.8 –50.3 –546.6 –124.0 10.5 84.0 1,145.4 124.0 –704.7 0.0 0.0 –52.3 89.1 6.8 –0.3 0.0 –2.6 0.0 –3.2 0.0 0.0 0.0 0.7 300.0 0.0 0.0 0.0 –80.0 0.0 220.0 309.8 0.0 302.4 612.2
Management report
80.0
Annual Financial Statements
Net income/loss for the period before profit transfer Depreciation, amortisation and write-downs and valuation allowances on receivables and items of fixed assets/reversals of such write-downs and valuation allowances Increase/decrease in provisions (excluding provisions for income taxes) Other non-cash expenses/income Gain/loss on disposal of fixed assets Other adjustments (net) Increase/decrease in receivables from banks Increase/decrease in receivables from customers Increase/decrease in securities (unless classified as long-term financial assets) Increase/decrease in other assets relating to operating activities Increase/decrease in liabilities to banks Increase/decrease in liabilities to customers Increase/decrease in securitised liabilities Increase/decrease in other liabilities relating to operating activities Interest expense/interest income Current income from equities, non-fixed interest securities, equity investments and shares in affiliated companies Expenses for/income from extraordinary items Income tax expense/income Interest payments received Payments received from current income from equities, non-fixed interest securities, equity investments and shares in affiliated companies Interest paid Extraordinary receipts Extraordinary payments Income tax payments Cash flows from operating activities Proceeds from disposal of long-term financial assets Payments to acquire long-term financial assets Proceeds from disposal of tangible fixed assets Payments to acquire tangible fixed assets Proceeds from disposal of intangible fixed assets Payments to acquire intangible fixed assets Change in cash from other investing activities (net) Cash receipts from extraordinary items Cash payments for extraordinary items Cash flows from investing activities Cash receipts from capital contributions of HASPA Finanzholding Cash payments to HASPA Finanzholding from the redemption of shares Cash receipts from extraordinary items Cash payments for extraordinary items Profit transfer to HASPA Finanzholding Change in cash from other capital sources (net) Cash flows from financing activities Net change in cash funds Effect of exchange rate movements on cash funds Cash funds at beginning of period Cash funds at end of period
2014 € million
Additional information
Cash flow statement
Management
prior-year amounts are not stated.
32 Haspa 2014 annual report Annual financial statements – Notes
Supplementary information on the cash flow statement The cash flow statement shows the changes in cash funds. Cash funds are composed of cash-in-hand and balances with Deutsche Bundesbank (cash). The cash flow statement is prepared for Haspa’s single-entity financial statements, which is why cash funds do not include any components attributable to proportionately consolidated entities. Cash flows from operating activities include a non-cash item in the amount of € 10.5 million. This relates to the difference resulting from the measurement requirements for pension provisions as at 1 January 2010. There were no other material non-cash investing and financing measures and transactions in the financial year. There were no restricted cash funds in the reporting period.
Haspa 2014 annual report 33 Annual financial statements – Notes
This item includes: Receivables from affiliated companies Receivables from other long-term investees and investors Subordinated receivables of which: from affiliated companies from other long-term investees and investors Breakdown of the item Receivables from customers by maturity: up to 3 months more than 3 months up to 1 year more than 1 year up to 5 years more than 5 years with indefinite maturity
Debentures and other fixed interest securities Of the marketable securities included in this balance sheet item the following are: listed not listed due in the following year The carrying amount of the debentures and other fixed interest securities treated as fixed assets is
Equities and other non-fixed interest securities Of the marketable securities included in this balance sheet item the following are: listed not listed
17.3 0.0
21.7 0.0
1,856.9 190.2 0.3 0.0
790.7 119.0 17.6 0.9
2014 € million
2013 € million
203.7 28.7 2.5
218.7 43.0 1.1
0.0 0.6
0.0 0.0
2,088.7 2,033.0 6,743.9 17,649.2 932.4
2,239.6 2,150.4 6,548.2 17,895.7 1,017.7
2014 € million
2013 € million
3,331.6 25.0 277.5 0.0
2,624.8 25.0 255.2 0.0
2014 € million
2013 € million
0.0 1.0
0.0 2.5
This balance sheet item contains shares in special funds with a carrying amount of € 4.4 billion. The fungiblity of these shares is limited. Gains on shares in special funds were largely reinvested to the extent that they resulted from rate gains. The interest and dividend income were distributed in full.
Management report
Receivables from customers
2013 € million
Annual Financial Statements
This item includes: Receivables from affiliated companies Receivables from other long-term investees and investors Breakdown of the sub-item b) Other receivables by maturity: up to 3 months more than 3 months up to 1 year more than 1 year up to 5 years more than 5 years
2014 € million
Additional information
Receivables from banks
Management
Notes to the balance sheet (assets)
34 Haspa 2014 annual report Annual financial statements – Notes
Investment funds with a share in excess of 10 percent in € million broken down by investment objective NAME
ISIN
Carrying amount 31.12.2014
Market value 31.12.2014
Difference
Distribution 2014
Returnable daily
Write-downs omitted
3,459.7
3,593.6
133.9
100.3
Yes
No
424.5
424.5
0.0
7.8
Yes
No
411.3
450.2
38.9
7.2
Yes
No
128.6
128.6
0.0
4.0
Yes
No
2014 € million
2013 € million
60.8 0.0 119.9 0.0 0.5 181.2 –0.5 180.7
51.5 0.0 110.4 0.1 0.2 162.2 –0.4 161.8
DE000DK0ECC6 JUPITER-FONDS 11 Balanced funds: European and international equities, government bonds, Pfandbrief securities, corporate bonds, asset-backed securities, quantitative management – fundamental asset allocation global: total return (long/ short), hedging strategies at the level of the overall fund JUPITER-FONDS 2 DE000DK0ECD4 Bond fund: Euro zone government bonds and Pfandbrief securities JUPITER-FONDS 3 DE000DK0RCT2 Property investment fund: Property investment fund shares JUPITER-FONDS 4 DE000DK1CLV9 Balanced funds: Equity and bond fund shares
1 In dem Jupiter-Fonds 1 liegen die Anlageschwerpunkte auf Euro-Staatsanleihen und Pfandbriefen.
Trading portfolio The trading portfolio comprises: Derivative financial instruments Receivables Debentures and other fixed interest securities Equities and other non-fixed interest securities Other assets Subtotal Risk discount
Fiduciary assets Reported fiduciary loans pertain exclusively to fiduciary amounts due from customers.
Haspa 2014 annual report 35 Annual financial statements – Notes
Intangible and tangible fixed assets
Cost on 01.01.2014 Additions Disposals Accumulated depreciation, amortisation and write-downs Carrying amount as at 31.12.2014 Carrying amount as at 01.01.2014 Depreciation, amortisation and write-downs in the financial year
Intangible fixed assets € million
Tangible fixed assets € million
134.1 3.2 0.0 93.3 44.0 54.2 13.4
182.3 2.6 10.7 152.6 21.6 24.4 4.9
2014 € million
2013 € million
4.2 2.1 4.2 5.7 2.9 19.1
5.6 5.4 8.7 1.5 3.3 24.5
2014 € million
2013 € million
2.9
3.6
1.1 4.0
0.9 4.5
Management
Changes in intangible and tangible fixed assets:
Prepaid expenses Prepaid expenses include: The difference between the lower of the settlement amount and the issue price of liabilities or debentures Other prepaid expenses
Annual Financial Statements
Other assets comprise the following: Capitalised inventories and other assets Adjustment item from foreign currency translation Other receivables from affiliated companies Other receivables from point-of-sale payments Other receivables
Additional information
Other assets
Management report
Haspa did not use the option of capitalising internally generated software.
36 Haspa 2014 annual report Annual financial statements – Notes
Notes to the balance sheet (equity and liabilities) Liabilities to banks This item includes: Liabilities to affiliated companies Liabilities to other long-term investees and investors Total amount of assets transferred as collateral for the liabilities included in this item Breakdown of sub-item b) by maturity: up to 3 months more than 3 months up to 1 year more than 1 year up to 5 years more than 5 years
2014 € million
2013 € million
2.2 1.8 2,251.4
0.0 1.0 2,278.3
360.5 237.8 1,429.0 2,432.0
396.5 337.1 1,342.3 2,318.1
A total of € 68.1 million were utilised in connection with transactions in futures exchanges and at clearing houses, for which securities with a carrying amount of € 110.9 were deposited. In accordance with the “KEV” procedure governing the submission and management of loan receivables, € 491.2 million was deposited with Deutsche Bundesbank.
Liabilities to customers This item includes: Liabilities to affiliated companies Liabilities to other long-term investees and investors Breakdown of sub-item ab) by maturity: up to 3 months more than 3 months up to 1 year more than 1 year up to 5 years more than 5 years Breakdown of sub-item bb) by maturity: up to 3 months more than 3 months up to 1 year more than 1 year up to 5 years more than 5 years
Securitised liabilities This item includes: Debentures issued that are due in the following year
Trading portfolio The trading portfolio comprises: Derivative financial instruments Liabilities Subtotal Risk premium
2014 € million
2013 € million
173.4 60.9
278.7 18.8
0.3 0.6 0.3 0.0
0.5 0.6 1.1 0.1
812.1 245.9 901.6 4,292.3
640.6 308.2 1,010.4 4,398.1
2014 € million
2013 € million
270.7
1.317.5
2014 € million
2013 € million
57.4 0.0 57.4 — 57.4
48.2 0.0 48.2 — 48.2
Haspa 2014 annual report 37 Annual financial statements – Notes
Fiduciary liabilities
Deferred income includes: The difference between the lower of the nominal amount and the settlement amount of loan receivables The difference between the higher of the settlement amount and the issue price of liabilities or debentures Other deferred income
9.8
10.4
80.5 7.1 14.3 1.6 7.9 10.0 131.2
76.4 4.5 1.0 2.0 3.9 8.5 106.7
2014 € million
2013 € million
19.0
17.9
3.1
2.7
1.6 23.7
0.6 21.2
Provisions The difference resulting from the measurement requirements for pension provisions as at 1 January 2010 is deducted from the extraordinary result and allocated to the pension provisions over a period of 15 years using the straight-line method. The balance of the amount yet to be allocated as at 31 December 2012 is € 105.2 million. Pursuant to section 67 (1) sentence 2 Introductory Law to the German Commercial Code, we exercised the right to choose and opted to retain the higher amount in connection with one other provision. The excess cover is € 9.4 thousand.
Management report
Deferred income
2013 € million
Annual Financial Statements
The other liabilities comprise: Tax liabilities Liabilities to companies of Haspa Finanzgruppe under profit transfer agreements other liabilities Adjustment item from foreign currency translation Deferred income on interest rate options Trade payables to third parties Other liabilities
2014 € million
Additional information
Other liabilities
Management
The fiduciary liabilities reported exclusively concern liabilities to banks.
38 Haspa 2014 annual report Annual financial statements – Notes
Fund for general banking risks This position includes an extraordinary item of € 700 million in accordance with section 340g (1) HGB. Furthermore, an extraordinary item of € 2 million in accordance with section 340e (4) HGB is shown.
Equity The equity is € 1 billion and is divided into 1,000,000 no par shares. HASPA Finanzholding holds all of these shares.
Statement of changes in equity The statement of changes in equity shows the development of equity:
in € million Balance on 31.12.2013 Capital changes Net income for the financial year Profit to be transferred Balance on 31.12.2014
Subscribed capital
Capital reserves
Revenue reserves
Net retained profits
Reported equity
1,000.0
944.0 300.0
217.0
0.0
2,161.0
217.0
80.0 –80.0 0.0
2,461.0
1,000.0
1,244.0
Contingent liabilities and other obligations Contingent Liabilities Guarantees, warranties and indemnity agreements assumed for borrowers are recorded in this item. On the basis of the regular assessments of customers’ credit quality as part of our credit risk management processes, we assume that the amounts disclosed here will not result in an economic burden. Irrevocable credit commitments The irrevocable credit commitments largely comprise loans that have been not yet been fully disbursed. They are subject to the regular credit monitoring processes that apply to all credit commitments. There has been no increase in related counterparty credit risks.
Haspa 2014 annual report 39 Annual financial statements – Notes
Notes to the income statement Interest income
Interest expense Interest expense includes a total of € 3.3 million due to the unwinding of discounts on provisions related to the banking business. Furthermore, this item for the first time includes negative interest of € 64.3 thousand for deposit products.
Management
In the financial year, negative interest of € 43.7 thousand is shown for the first time for lending products.
Commission income Approximately 22.2 percent of total commission income is attributable to brokerage and management services for third parties.
Other operating income reversal of provisions.
Other operating expenses Other operating expenses include a total of € 69.8 million due to the unwinding of discounts on long-term provisions. A total of € 18.2 million was expensed for the recognition of provisions during the reporting year.
Management report
This item contains € 7.4 million in income from currency translation. This item also contains € 15.9 million in income from the
isation Act. The pension provisions account for the extraordinary expense totalling € 10.5 million.
Taxes on income This item totalling € 84.0 million includes € 2.7 million in prior-period tax refunds and € 83.8 million in tax allocations.
Other disclosures Disclosures in accordance with section 160 (1) no. 8 German Stock Corporation Act The following announcement was published by Haspa in the Electronic Federal Gazette on 17 July 2003: “HASPA Finanzholding, Hamburg, has advised us that they hold a controlling interest (section 20 (4) German Stock Corporation Act in conjunction with section 16 (1) German Stock Corporation Act) in our company.”
Disclosures in accordance with section 285 No. 21 German Commercial Code No transactions were carried out at off-market terms.
Additional information
The extraordinary result contains the initial adjustments stemming from the switch to the German Accounting Law Modern-
Annual Financial Statements
Extraordinary result
40 Haspa 2014 annual report Annual financial statements – Notes
Board of Management and Supervisory Board In the 2014 financial year, the members of the Board of Management Board received total compensation of € 4.2 million. Loans and guarantees granted to members of the Board of Management amounted to € 2.9 million. For former members of the Board of Management and their surviving dependants there are pension provisions of € 1.3 million in the financial year and unrecognised provisions of € 0.2 million resulting from the revaluation of the provisions under BilMoG which in accordance with article 67 (1) sentence 1 Introductory Act to the German Commercial Code will be accumulated by 31 December 2024 at the latest. The total compensation of the members of the Supervisory Board in financial year 2014 amounted to € 0.7 million. Loans and guarantees granted to members of the Supervisory Board amounted to € 6.1 million.
Expenses for the auditor The total fee for the auditor in the 2014 financial year amounted to € 1.0 million, of which 0.8 million concerned the audit of the annual financial statements and € 0.2 million other confirmation services.
Amounts not available for distribution in accordance with section 268 (8) German Commercial Code There were no amounts not available for distribution in accordance with section 268 (8) German Commercial Code in the 2014 financial year.
Other financial obligations There are obligations arising from letting, rental and lease agreements in effect for the next financial years.
Financial year:
2015 2016 2017
€ million
of which: affiliated companies € million
58.3 58.5 60.0 176.8
8.2 8.2 8.4 24.8
There are also deposit obligations of € 0.1 million in the financial year; there are no obligations to make additional contributions. There were no off-balance sheet transactions pursuant to section 285 no. 3 German Commercial Code at the reporting date.
Foreign currency Total assets and liabilities denominated in foreign currency were translated into € 889.2 million and € 509.6 million respectively.
Haspa 2014 annual report 41 Annual financial statements – Notes
Forward transactions / Derivative financial transactions
Market values
Maturity in € million Interest rate related transactions OTC products Caps Collars Floors Structured swaps Swaptions Forward transactions in securities Interest rate swaps Stock market instruments Interest futures Interest options Total Currency-related transactions OTC products Currency options Forward currency transactions Currency swaps Stock market instruments Interest futures Total Transactions involving other price risks OTC products Structured swaps Stock market instruments Stock options Index futures Index options Total
more than 1 year up to 1 year up to 5 years
more than 5 years
Total
Positive
Negative
97.3 9.8 0.0 109.0 0.0 0.0
167.7 54.8 0.8 167.9 36.0 0.0
20.5 0.0 1.0 5,058.9 0.0 80.0
285.5 64.6 1.8 5,335.8 36.0 80.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 1.3 0.0 465.2 0.0 0.0
0.0 1.3 0.0 2.3 0.0 3.1
2,463.7
18,679.2
17,149.8
38,292.7
541.0
1,500.0
2,347.8
2,232.8 16.9 4,929.5
0.0 0.0 19,106.4
0.0 0.0 22,310.2
2,232.8 16.9 46,346.1
38.8 0.0 579.8
0.9 0.0 1,967.4
17.8 0.1 2,372.4
21.6 3,612.5
0.0 148.5
0.0 0.0
21.6 3,761.0
21.6 0.0
0.2 40.7
0.2 53.1
1.9
126.6
168.6
297.1
0.0
47.6
43.9
364.4 4,000.4
0.0 275.1
0.0 168.6
364.4 4,444.1
0.0 21.6
2.6 91.1
0.0 97.2
13.0
141.2
0.0
154.2
0.0
0.8
1.4
55.9 164.9 160.0 393.8
0.0 0.0 0.0 141.2
0.0 0.0 0.0 0.0
55.9 164.9 160.0 535.0
0.0 0.0 0.0 0.0
0.4 4.5 0.6 6.3
0.4 1.9 0.2 3.9
Derivatives are always measured by reference to their current market price. The prices on the last trading day in 2014 were used for derivatives traded on a stock exchange. If no current market price is immediately available, the measurement is based on standard financial valuation methods. In the case of interest swaps for instance, the present value is determined based on the current yield curve. In currency futures, the forward rate is used. The fair values of currency options are determined based on the current spot exchange rate, yield curves as well as implied volatilities (binomial model). The market values of options on swaps (swaptions) and interest rate options are determined using yield curves and implicit levels of volatility (Black 76 and Hull White Model).
Management report
of which: nominal values in the trading portfolio
Annual Financial Statements
Nominal values
Additional information
as at 31.12.2014
Management
The following table shows the volume of transactions in effect at the end of 2014.
42 Haspa 2014 annual report Annual financial statements – Notes
Haspa issues structured securities that are matched by swaps combined into micro hedges such that the interest rate risks and other price risks are hedged in full. The bulk of Haspa’s interest-related transactions mentioned above were carried out to limit interest rate risks. They are included in the loss-free valuation of interest rate-related transactions of the banking book (interest rate portfolio). Haspa’s maturities transformation is managed as part of its asset and liabilities management by means of the interest rate swaps. Interest rate derivatives admitted to a stock exchange for trading mainly concern interest rate hedges as well as trades for customers. A large portion of the currency-related transactions concerns transactions with customers and own special funds that are hedged through foreign exchange contracts and, to a lesser extent, own portfolio trading and own securities hedging. The currencyrelated derivative transactions constitute an almost closed position in conjunction with Haspa’s foreign currency holdings. Transactions involving other price risks solely comprise trades for customers and structured swaps with fully hedged price risks. The amount, timing and probability of occurrence of future cash flows from the derivative financial instruments held for trading are mainly influenced by the interest rate environment, trends on the bond markets and developments in credit spreads.
Hedges Both liabilities with a carrying amount of 2,979.6 million and executory contracts with a nominal value of € 395.9 million were classified as underlying transactions and subject to hedge accounting pursuant to section 254 sentence 1 German Commercial Code. These are so-called micro hedges. All underlying transactions are hedged against interest, currency and other price risks using derivative financial instruments. At the reporting date, transactions with a positive market value of € 461.5 million were in place to hedge interest rate risks; transactions with a negative market value of € 18.1 million to hedge currency risks; as well as transactions with a negative market value of € 0.6 million to hedge other price risks.
Haspa 2014 annual report 43 Annual financial statements – Notes
Disclosure in the notes on Pfandbrief securities The following breakdown of the items reported on the balance sheet is presented in accordance with the requirements for the forms of Pfandbrief banks. Since the Pfandbrief business is not one of Haspa’s core businesses, the breakdown is made in the
Receivables from customers This item includes: Mortgage loans Public-sector loans Other receivables of which: Loans on securities
Prepaid expenses This item includes: From the issue and lending business Other
Liabilities to banks This item includes: Registered mortgage Pfandbrief securities issued Registered public sector Pfandbrief securities Other liabilities of which: Payable on demand Registered mortgage Pfandbrief securities furnished to lenders for securing loans Registered public-sector Pfandbrief securities furnished to lenders for securing loans
2013 € million
0.0 0.0 3,726.9
0.0 0.0 3,029.0
1,507.8 690.0
1,883.4 698.0
2014 € million
2013 € million
13,777.3 344.2 15,370.3
13,287.8 514.3 16,095.3
13.4
16.4
2014 € million
2013 € million
2.9 1.1
3.6 0.9
2014 € million
2013 € million
408.6 0.0 4,596.5
221.0 0.0 4,798.9
313.8 0.0 0.0
303.9 0.0 0.0
Management report
This item includes: Mortgage loans Public-sector loans Other receivables of which: Payable on demand Loans on securities
2014 € million
Annual Financial Statements
Receivables from banks
Additional information
on Accounting for Banks and Financial Services Institutions (RechKredV) whose content relates to the Pfandbrief business.
Management
notes for reasons of clarity and understandability. For the same reasons, Haspa only shows the items required by the Ordinance
44 Haspa 2014 annual report Annual financial statements – Notes
Liabilities to customers This item includes: Registered mortgage Pfandbrief securities issued Registered public sector Pfandbrief securities Savings deposits With agreed notice period of three months With agreed notice period of more than three months Other liabilities of which: Payable on demand Registered mortgage Pfandbrief securities furnished to lenders for securing loans Registered public-sector Pfandbrief securities furnished to lenders for securing loans
Securitised liabilities This item includes: Debentures issued Mortgage Pfandbrief securities Public sector Pfandbrief securities Other debentures Other securitised liabilities of which: Money market instruments
Deferred income This item includes: From the issue and lending business Other
2014 € million
2013 € million
3,010.6 0.0
2,790.4 0.0
7,250.4 1.2 20,209.5
6,484.6 2.3 19,361.0
16,755.8 0.0 0.0
15,534.6 0.0 0.0
2014 € million
2013 € million
533.1 0.0 1,704.6 0.0
417.6 0.0 2,800.7 0.0
0.0
0.0
2014 € million
2013 € million
22.1 1.6
20.6 0.6
Haspa 2014 annual report 45 Annual financial statements – Notes
Pfandbrief securities Haspa has been issuing Pfandbrief securities since the 2006 financial year. The standard transparency requirements of section 28 German Pfandbrief Act are fulfilled by disclosure on our website
0.0 3,895.5 4,672.6 4,909.3
0.0 3,377.1 3,841.3 4,115.0
0.0 5,432.2 6,255.0 6,444.4
0.0 4,021.7 4,431.4 4,622.0
1,536.8 1,582.5 1,535.0
644.6 590.1 507.0
0.0 0.0
0.0 0.0
35.8 48.0 176.0 190.0 342.5 329.2 323.5 1,427.5 1,023.0
Management report
2013 € million
167.5 81.9 386.0 342.5 224.2 1,347.1 828.0 of which additional cover assets2 2014 € million
Fixed-interest periods of the cover assets2 up to 0.5 years more than 0.5 years up to 1 year more than 1 year up to 1.5 years more than 1.5 years up to 2 years more than 2 years up to 3 years more than 3 years up to 4 years more than 4 years up to 5 years more than 5 years up to 10 years more than 10 years
Section 28 (1) no. 9 German Pfandbrief Act Share of fixed-interest cover assets in total cover assets Share of fixed-interest Pfandbrief securities in the liabilities to be covered
260.3 249.8 274.9 400.9 547.9 575.6 563.4 1,854.80 704.8
445.1 615.6 420.8 460.6 1,324.8 333.2
in %
in %
96.3 98.7
3
421.6
0.0 0.0 0.0 125.0 0.0 75.0 0.0 0.0 0.0
3
1 The dynamic approach according to Section 5 (1) no. 2 German Pfandbrief Net Present Value Directive was used for the calculation of the risk net present value 2 The remaining maturities of up to 2 years were regrouped in 2014; only aggregate data is available prior to 2014. 3 First-time calculation in the 2014 financial year
2013 € million
Annual Financial Statements
Section 28 (1) no. 1 and 3 German Pfandbrief Act Mortgage Pfandbrief circulation of which derivative transactions Nominal value Present value Risk net present value1 Cover assets of which derivative transactions Nominal value Present value Risk net present value1 Excess cover Nominal value Present value Risk net present value1 Excess cover taking into account the vdp Credit Quality Differentiation Model Nominal value Present value Section 28 (1) no. 2 German Pfandbrief Act Maturity structure of the mortgage Pfandbrief circulation2 up to 0.5 years more than 0.5 years up to 1 year more than 1 year up to 1.5 years more than 1.5 years up to 2 years more than 2 years up to 3 years more than 3 years up to 4 years more than 4 years up to 5 years more than 5 years up to 10 years more than 10 years
2014 € million
0.0 50.0 175.0 0.0 75.0 0.0 0.0
Additional information
I) Information regarding total amount and maturity structure
Management
(www.haspa.de).
46 Haspa 2014 annual report Annual financial statements – Notes
II) Composition of ordinary cover assets Section 28 (2) no. 1 German Pfandbrief Act a) Total amount of nominal value cover assets used, by size class1, 3 Credit coverage up to € 300 thousand more than € 300 thousand up to € 1 million more than € 1 million up to € 10 million more than € 10 million
2014 € million
2013 € million
2,534.6 859.3 1,543.0 295.3
1,659.7 2,062.0
b) and c) Total amount of receivables used for cover, by type of use1, 2
Land used for residential purposes
Commonhold/leasehold properties (prior to 30.06.14: apartments/flats) Single- and two-family homes (prior to 30.06.14: single-family homes) Multi-family homes Office buildings Commercial buildings Industrial buildings Other commercially used buildings Unfinished building and new buildings not yet earning income Building plots
Section 28 (1) no. 7 German Pfandbrief Act Total amount of receivables exceeding the limits pursuant to section 13 (1)
Section 28 (1) no. 11 German Pfandbrief Act Volume-weighted average age of receivables
Section 28 (2) no. 3 German Pfandbrief Act Average weighted loan-to-value ratio 1 Only regular cover is taken into consideration 2 No liens on property outside Germany 3 The size categories were regrouped in 2014; only aggregate data is available prior to 2014. 4 First-time calculation in the 2014 financial year
Land used for commercial purposes
2014 € million
2013 € million
2014 € million
2013 € million
564.9 1,718.1 1,628.6 0.0 0.0 0.0 0.0 0.0 0.0
320.8 1,142.4 1,233.7 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 468.9 199.2 24.6 628.1 0.0 0.0
0.0 0.0 0.0 398.4 151.2 25.1 450.1 0.0 0.0
2014 € million
2013 € million
0.0
4
2014 in years
2013 in years
6.0
4
2014 in %
2013 in %
44.7
4
Haspa 2014 annual report 47 Annual financial statements – Notes
IV) Overview of past due payments Section 28 (2) no. 2 German Pfandbrief Act Total amount of payments on receivables past due at least 90 days Total amount of these receivables if payment of at least 5% of the receivable is past due
0.0 0.0
1
0.0 200.0 0.0 0.0
1
2014 in %
2013 in %
0.0 0.0
1
1 1 1
1
V) Further information on the annual financial statements Section 28 (2) no. 4 German Pfandbrief Act Land used for residential purposes
Number of foreclosures and receiverships pending at the closing date Number of foreclosures executed during the financial year Number of plots taken over during the financial year to prevent losses
Land used for commercial purposes
2014 Number
2013 Number
2014 Number
2013 Number
0 0 0
0 0 0
0 0 0
0 0 0
Land used for residential purposes
Total interest in arrears
Trustees Uwe Rollert – corporate consultant Dr. Adam von Kottwitz, deputy – retired notary public Rainer Sinhuber, deputy – retired judge 1 First-time calculation in the 2014 financial year
Management
1
Land used for commercial purposes
2014 € million
2013 € million
2014 € million
2013 € million
0.0
0.0
0.0
0.0
Management report
Section 28 (1) no. 4, 5 and 6 German Pfandbrief Act Equalisation claims as defined in section 19 (1) no. 1 Receivables as defined in section 19 (1) no. 2 of which covered bonds as defined in article 129 of Regulation (EU) No. 575 / 2013 Receivables as defined in section 19 (1) no. 3
2013 € million
Annual Financial Statements
Section 28 (1) no. 8 German Pfandbrief Act Total amount of receivables exceeding the limits of section 19 (1) no. 2 Total amount of receivables exceeding the limits of section 19 (1) no. 3
2014 € million
Additional information
III) Composition of additional cover assets
48 Haspa 2014 annual report Annual financial statements – Notes
Shareholdings of Hamburger Sparkasse AG as at 31.12.2014 in accordance with Section 285 (1) no. 11 German Commercial Code
Entity
Direct equity investments Bürgschaftsgemeinschaft Hamburg GmbH, Hamburg BTG Beteiligungsgesellschaft Hamburg mbH, Hamburg Wincor Nixdorf Portavis GmbH, Hamburg Hanseatischer Sparkassen- und Giroverband, Hamburg Mittelstandsfonds Hamburg MHH GmbH & Co. KG, Hamburg Mittelstandsfonds Hamburg MHH Verwaltungs GmbH, Hamburg Cenito Service GmbH, Hamburg GBP Gesellschaft für Betriebliche Pensionsplanung mbH, Hamburg Haspa Beteiligungsgesellschaft für den Mittelstand mbH, Hamburg Haspa-DIREKT Servicegesellschaft für Direktvertrieb mbH, Hamburg Indirect equity investments via Haspa Beteiligungsgesellschaft für den Mittelstand mbH: MHG Beteiligungsgesellschaft mbH, Buchholz R+S Beteiligungs GmbH, Hamburg PWM Beteiligung GmbH, Hamburg novomind management group GmbH, Hamburg via Mittelstandsfonds Hamburg MHH GmbH & Co. KG: Brands Fashion GmbH, Buchholz
Share in Equity in %
Equity of the entity € ’0001
Result for the year of the entity € ’0001
21.35 30.81 25.00 74.874 75.10 75.20 100.00 100.00 100.00 100.00
21,359.7 3,338.6 10,792.0 62,496.1 8,912.1 14.7 800.0 42.6 5,000.0 687.1
1,315.2 7.0 5,360.5 2.7 276.2 –0.4 0.02 0.02 0.02 0.02
40.00 26.00 49.99 21.54
1,053.1 N/A3 N/A3 8,310.0
–130.4 N/A3 N/A3 2,499.5
20.00
6,314.1
809.3
1 Based on the most recent annual financial statements available for 2013 if no other information is given 2 Profit and loss transfer agreement 3 New entity – therefore no annual financial statements available for 2013 available 4 The voting share is 15.38%
Employees
Annual average Full-time employees Part-time employees Trainees
male
female
total
2,158 86 2,244 146 2,390
1,313 800 2,113 138 2,251
3,471 886 4,357 284 4,641
Part-time employees are included on a prorated basis as full-time employees according to their contractual working hours. An annual average of 1,469 part-time staff was employed in 2014.
Haspa 2014 annual report 49 Annual financial statements – Notes
Disclosures in accordance with section 340a (4) German Commercial Code Members of the Board of Management and employees who hold positions on statutory monitoring bodies of large corporations
Management
(section 267 (3) German Commercial Code):
Members of the Board of Management
Dr. Harald Vogelsang (Spokesman of the Board of Management) Supervisory Board Landesbank Berlin AG, Berlin Member Member
Frank Brockmann (Deputy Spokesman of the Board of Management) Supervisory Board Sparkasse zu Lübeck AG, Lübeck
Deputy Chairman
Jürgen Marquardt (deputy member of the Board of Management)
Management report
Landesbank Berlin Holding AG, Berlin
LBS Bausparkasse Schleswig-Holstein-Hamburg AG, Kiel / Hamburg
Member
neue leben Unfallversicherung AG, Hamburg
Deputy Chairman
Directors
Helge Steinmetz Supervisory Board LBS Bausparkasse Schleswig-Holstein-Hamburg AG, Kiel / Hamburg
Member
Annual Financial Statements
Supervisory Board
Supervisory Board Sparkasse Mittelholstein AG, Rendsburg
Member
Sparkasse zu Lübeck AG, Lübeck
Member
Haspa’s holdings in large corporations that exceed five percent of voting rights: – Bürgschaftsbank Schleswig-Holstein GmbH, Kiel – Bürgschaftsgemeinschaft Hamburg GmbH, Hamburg – Wincor Nixdorf Portavis GmbH, Hamburg
Additional information
Olav Melbye
50 Haspa 2014 annual report Annual financial statements – Notes
Supervisory Board
Dr. Karl-Joachim Dreyer
Chairman of the Supervisory Board of HASPA Finanzholding
Chairman Claus Krohn
Chairman of the Works Council of Hamburger Sparkasse AG
Deputy Chairman Peter Becker Master Baker 2. Deputy Chairman
President of the Zentralverband des Deutschen Bäckerhandwerks e.V.
Michael Börzel Union secretary of the ver.di trade union Dipl.-Kfm. Günter Elste
Chairman of the Board of Management of Hamburger Hochbahn AG
Stefan Forgé
Deputy Chairman of the Works Council of Hamburger Sparkasse AG
Karin Gronau
Member of the Works Council of Hamburger Sparkasse AG
Uwe Grund
Former Chairman of the German Trade Unions Association Hamburg
Josef Katzer
Managing Director of Katzer GmbH
President of the Hamburg Chamber of Trade
Dirk Lender
Department Head of Hamburger Sparkasse AG
Olav Melbye
General Legal Representative Hamburger Sparkasse AG
Fritz Horst Melsheimer Chairman of the Supervisory Board HanseMerkur Insurance Group President of the Hamburg Chamber of Commerce Thomas Sahling
Deputy Chairman of the Works Council of Hamburger Sparkasse AG
Prof. Dr. Burkhard Schwenker Chairman of the Supervisory Board Roland Berger Strategy Consultants Holding GmbH Dr. Martin Willich Businessman, legal professional Cord Wöhlke
Managing Director Iwan Budnikowsky GmbH & Co. KG
Haspa 2014 annual report 51 Annual financial statements – Notes
Haspa is included in the consolidated financial statements of HASPA Finanzholding, Hamburg, Germany, as the latter’s whollyowned subsidiary. The consolidated financial statements of HASPA Finanzholding are published in the Offical Gazette of the Free and Hanseatic City of Hamburg. Haspa has entered into a control and profit transfer agreement with HASPA Finanzholding pursusection 296 German Commercial Code it may dispense with preparation of (partial) consolidated financial statements. Section 296 (1) no. 1 German Commercial Code applies to one subsidiary due to a voting right limitation under German corporate law. Haspa’s five other subsidiaries are individually and jointly subject to section 296 (2) German Commercial Code. Relative to Haspa’s separate financial statements, these subsidiaries, individually and jointly, due to their single-digit ratios would have an
Management
ant to section 291 (1) German Stock Corporation Act. Whilst Haspa in turn has equity interests in subsidiaries as well, pursuant to
insubstantial effect on Haspa’s total assets, sales and net income for the year if Haspa prepared (partial) consolidated financial statements. Consolidating these subsidiaries would thus be of secondary significance to Haspa’s annual financial statements
Additional information
Annual Financial Statements
Management report
and the presentation of its assets, liabilities, financial position and profit or loss.
52 Haspa 2014 annual report Annual financial statements – Notes
Board of Management
Dr. Harald Vogelsang Spokesman Reinhard Klein Deputy Spokesman (until 31 March 2014) Frank Brockmann Deputy Spokesman (since 1 April 2014, previously regular member) Axel Kodlin Regular Member (since 1 April 2014, previously deputy member) Bettina Poullain Regular Member (since 1 February 2014, previously deputy member) Jürgen Marquardt Deputy member (since 1 March 2014)
Hamburg, 17 February 2015 The Board of Management
Dr. Harald Vogelsang
Axel Kodlin
Bettina Poullain
Frank Brockmann
Jürgen Marquardt
Haspa 2014 annual report 53 Annual financial statements – Responsibility statement
Responsibility statement To the best of our knowledge, and in accordance with the applicable reporting principles and taking into account the principles of proper accounting, the annual financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of Hamburger Sparkasse AG, and the management report includes a fair review of the development and performance of the business and the position of the Hamburger Sparkasse AG, together with a description of the material opportunities and Management
risks associated with the expected development of Hamburger Sparkasse AG. Hamburg, 17 February 2015
Axel Kodlin
Bettina Poullain
Frank Brockmann
Jürgen Marquardt
Additional information
Dr. Harald Vogelsang
Annual Financial Statements
Management report
The Board of Management
54 Haspa 2014 annual report Additional information – Auditors’ report
Auditors’ report We have audited the annual financial statements – comprising the balance sheet, the income statement, the notes, the cash flow statement and the statement of changes in equity – including the bookkeeping system, and the management report of Hamburger Sparkasse AG, for the financial year from 1 January to 31 December 2014. The maintenance of the books and records and the preparation of the annual financial statements and management report in accordance with German commercial law and the supplementary provisions in the articles of association are the responsibility of the Sparkasse’s legal representatives. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and the management report based on our audit. We conducted our audit of the annual financial statements in accordance with section 317 of the German Commercial Code (HGB) and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the annual financial statements in accordance with principles of proper accounting and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Sparkasse and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the annual financial statements and the management report are examined primarily on a test basis within the framework of the audit. The audit also includes assessing the accounting principles used and significant assessments made by the company’s legal representatives, as well as evaluating the overall presentation of the annual financial statements and the management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, which is based on the findings of the audit, the annual financial statements are in compliance with legal provisions and the supplementary provisions of the articles of association and give a true and fair view of the net assets, financial situation and results of the operations of the Sparkasse in accordance with the principles of proper accounting. The management report is consistent with the annual financial statements and on the whole provides a suitable understanding of the Sparkasse’s position and suitably presents the opportunities and risks of future development. Hamburg, 24 March 2015 Auditing division of the HANSEATISCHER SPARKASSEN- UND GIROVERBAND (HANSEATIC SAVINGS BANKS ASSOCIATION)
Dirk Bolte Wirtschaftsprüfer (German Public Auditor)
Haspa 2014 annual report 55 Additional information – Report of the Supervisory Board
Report of the Supervisory Board During the reporting year, the Supervisory Board and the Board of Management regularly, without delay and comprehensively discussed all fundamental matters related to the strategic alignment of Hamburger Sparkasse AG, its corporate policies, its company planning, the development of its operating business, its financial condition, its exposure to risk and the business discussed in depth with the Board of Management in four routine plenary sessions. Matters of major importance as well as topics specified in particular in the German Banking Act were discussed and fleshed out ahead of time at the meetings of the appropriate committees (Steering, Risk and Audit Committee, Nomination Committee, Personnel and Compensation Control Committee). One focal point of the topics addressed by the Supervisory Board once again was the measures initiated by the Board of Man-
Management
and risk strategy, and the Supervisory Board made all decisions that were incumbent on it. All issues key to the company were
agement for the new sales organisation, the future alignment of the sales-supporting functions and the expansion of the online offering, the aim of which is to focus on the changed market-related conditions. Furthermore, the Supervisory Board discussed the statutory and regulatory developments as well as their effects for Hamburger Sparkasse AG at length. These included the new provisions in the German Banking Act introduced by the CRD IV Implementation Act as at 1 January 2014 and the requirements of the European banking regulator. In this context, Supervisory Board discussed the modification of the variable compensignificant credit institutions. Furthermore, the Supervisory Board was briefed at length on the effects and results of the asset quantity review and stress test conducted by the European Central Bank in advance of the supervision of the HASPA Group by the European Central Bank that commenced on 4 November 2014. In addition, the Supervisory Board addressed the future orientation of Haspa IT so as to respond to the increasing regulatory requirements and the related need for modernisation. The Supervisory Board was involved in all material decisions of Hamburger Sparkasse AG requiring its consent by law or the company’s articles of association. The Spokesman of the Board of Management and the Chairman of the Supervisory Board also
Management report
sation for the Board of Management in line with the requirements of the Remuneration Regulation for Institutions applicable to
regularly engaged in discussions at which the former informed the latter of current operational matters and addressed strategic considerations ahead of time. The Supervisory Board satisfied itself of the Board of Management’s due and proper conduct of laws and the articles of association – at its meetings. In accordance with the new regulations imposed by the CRD IV Implementation Act, following preparation by the Nomination Committee the Supervisory Board established an objective for promoting representation of the under-represented sex on the Supervisory Board as well as a strategy for achieving this. To increase the proportion of women on the Supervisory Board, it was stipulated that the Supervisory Board shall select the people whom it includes in its proposal to the General Meeting for election to the Supervisory Board based on their aptitude in accordance with predefined requirements. To achieve the objective outlined above, where there are candidates with similar aptitudes, women should, where possible, be given preference over men. In accordance with the new regulatory requirements, the Supervisory Board also assessed the structure, size, composition and performance of the Supervisory Board and the Board of Management as well as the knowledge, skills and experience of the members of both the Supervisory Board and the Board of Management in addition to the knowledge, skills and experience of
Annual Financial Statements
business and made all decisions that are incumbent upon it by its authority – especially under the requirements of applicable
the full Supervisory Board and the full Board of Management. Moreover, a further education seminar was held for the members in management or supervisory bodies including the new disclosure requirements, the preparations for the supervision of the HASPA Group by the European Central Bank and the challenges and opportunities of the Digital Sales division of Hamburger Sparkasse AG were explained and discussed. The auditing division of the Hanseatischer Sparkassen- und Giroverband (Hanseatic Savings Banks Association), which the General Meeting had elected to serve as the auditors, audited the bank’s annual financial statements as at 31 December 2014 – comprising the balance sheet, income statement, notes as well as the cash flow statement and the statement of changes in equity – including the bookkeeping system as well as the management report and issued an unqualified auditors’ report.
Additional information
of the Supervisory Board. At this event, the regulatory requirements concerning the maximum number of seats that may be held
56 Haspa 2014 annual report Additional information – Report of the Supervisory Board
The auditors’ report was presented to the members of the Steering, Risk and Audit Committee tasked with conducting a preliminary review. The auditors attended the financials meetings of both the Steering, Risk and Audit Committee and the Supervisory Board and reported on the material findings of their audit. The Supervisory Board discussed the auditors’ report in detail and duly noted its findings. The Supervisory Board’s own review fully concurs with the results of the audit by the auditing division of the Hanseatic Savings Banks Association. The Supervisory Board sees no reason to raise any objections against the management and the financial statements that were presented. The Supervisory Board approved the annual financial statements as prepared by the Board of Management at today’s meeting. The annual financial statements have thus been adopted pursuant to section 172 German Stock Corporation Act. Under the control and profit transfer agreement, the net income for the 2014 financial year prior to profit transfer, as reported in the annual financial statements, is transferred in full to HASPA Finanzholding without requiring a resolution of the General Meeting as to the appropriation of net retained profits. The Supervisory Board expresses its gratitude and appreciation to the Board of Management and to all employees of Hamburger Sparkasse AG for their great personal dedication and successful work in the financial year just ended. This applies in particular to the implementation of the measures for the new sales organisation, the future orientation of the sales-supporting functions and the expansion of the online offering and for their dedication in processing and preparing the data required for the asset quantity review and stress test carried out by the ECB. The Supervisory Board also thanks the works council for the good and constructive collaboration. Hamburg, 15 April 2015 The Supervisory Board
Dr. Karl-Joachim Dreyer Chairman of the Supervisory Board
Haspa 2014 annual report 57 Additional information – Regional divisions and regions
Regional divisions and regions Haspa’s customer support and consulting services are easily accessible at over 200 locations in the Hamburg Metropolitan Region. In 2014, we created four regional divisions and 27 regions in order to become more deeply entrenched in the local market sectors of the Hamburg Metropolitan Region. In our branches and centres we provide comprehensive customer support and
Central regional division
North-East regional division
Regional division manager Private Customers
Regional division manager Private Customers
Michael von Lützow
Joachim Ewald
Regional division manager Corporate Customers
Regional division manager Corporate Customers
Arent Bolte
Ralf Günther
Regions
Regions
Altona-Ottensen
Alstertal
Jan Richert
Jens Olsson
Eimsbüttel
Barmbek
Peter Engelhorn
Metta Schade
Eppendorf-Rotherbaum
Bramfeld-Steilshoop
Michael Schilling
Jens Kruse
City Centre
Horn-Hamm
Stefan Nickel
Olaf Namat
St. Georg-Hohenfelde
Jenfeld-Farmsen
Andreas Stockdreher
Claus Schmieder
St. Pauli-Neustadt
Rahlstedt-Berne
Detlef Rüter
Niels-Helge Pirck
Uhlenhorst-Winterhude
Walddörfer
Frank Ennen
Thomas Hinsch Wandsbek Thomas Brümmerstedt
Management report
institutions. There is also an advisory board for the Real Estate Customers, Private Banking and Corporate Customers divisions.
Annual Financial Statements
An advisory board was set up in each of these regions to forge close ties with the local people and companies, associations and
Additional information
and corporate customer advisory.
Management
consulting services in five areas of competency: financial consulting, asset accumulation, asset optimisation, property financing
58 Haspa 2014 annual report Additional information – Regional divisions and regions
North-West regional division
South-East regional division
Regional division manager Private Customers
Regional division manager Private Customers
Hans-Otto Kattenberg
Holger Knappe
Regional division manager Corporate Customers
Regional division manager Corporate Customers
Ralf Günther
Arent Bolte
Regions
Regions
Bahrenfeld-Othmarschen
Altes Land
Nico Damm
Heiko Jonas
Blankenese-Rissen
Bergedorf
Jan-Erik Schuldt
Petra Wittenhagen
Eidelstedt-Pinneberg
Billstedt
Jürgen Ropers
Tobias Foerster
Niendorf
Harburg
Martin Englert
Stefan Sagau
Norderstedt-Langenhorn
Nordheide
Nicole Weber
Reinhard Lackner Sachsenwald Kai Arnold Veddel-Wilhelmsburg Andreas Römer
Haspa 2014 annual report 59 Additional information – Corporate divisions / Works Council
Business Organisation
Private Customers North-East
Thorsten Giele
Joachim Ewald
Compliance
Private Customers North-West
Michael Günther
Hans-Otto Kattenberg
Digital Sales
Private Customers South-East
Tobias Lücke
Holger Knappe
Corporate Customers 1
Audit
Arent Bolte
Thorsten Pegelow
Corporate Customers 2
Treasury
Ralf Günther
Heinz Dreves, General Legal Representative
Management
Corporate divisions
Dr. Olaf Oesterhelweg
Corporate Communication Stefanie von Carlsburg
Real Estate Customers Wilfried Jastrembski
Enterprise Customers Andreas Mansfeld
Information Technology Dr. Rudolf Hoyer
Management report
Klaus-Dieter Böhme Comprehensive Bank Controlling
Corporate Customers Sales Management Alexandra Hasse
Olav Melbye, General Legal Representative
Private Customers Sales Management Helge Steinmetz
SME Customers Holger Eschholz
Board Staff Arne Nowak
Human Resources Dr. Elisabeth Keßeböhmer
Securities and Transaction Service Carsten Hoever
Private Banking Jörg Ludewig, General Legal Representative
Central Purchasing and Procurement Volker Widdra
Annual Financial Statements
Credit and Legal
Private Customers Central
Works Council Chairman of the Works Council Claus Krohn
Additional information
Michael von Lützow
60 Haspa 2014 annual report Additional information – Business development 2010 to 2014
Business development 2010 to 2014 of Hamburger Sparkasse AG
Balance sheet figures ASSETS
2010 € million
2011 € million
2012 € million
2013 € million
2014 € million
Cash reserve Receivables from banks Receivables from customers Business loans Personal loans Commercial real estate financing Private real estate financing Public-sector loans Securities Trading portfolio Equity investments, shares in affiliated companies Tangible and intangible fixed assets Other assets
393 2,129 26,166 5,464 2,203 10,143 8,151 205 9,061 273 53 93 65
440 1,905 27,731 6,496 2,265 10,233 8,542 195 8,089 219 71 100 20
343 2,202 29,865 6,335 2,245 12,141 8,775 369 6,809 162 71 90 31
302 3,029 29,897 6,291 2,092 12,405 8,595 514 6,950 162 72 80 29
612 3,727 29,492 6,055 1,886 13,073 8,134 344 7,782 181 65 65 23
EQUITY AND LIABILITIES Liabilities to banks Liabilities to customers Savings deposits RentaPlan Savings certificates Time deposits Promissory note loans Registered Pfandbrief securities Deposits payable on demand Securitised liabilities (excluding Pfandbrief securities) Pfandbrief securities Trading portfolio Provisions Subordinated liabilities Equity and fund for general banking risks Other equity and liabilities
4,692 27,122 5,837 6 1,002 2,479 3,210 1,867 12,721 2,958 528 47 699 370 1,599 218
4,950 27,393 6,090 24 955 2,305 2,605 2,449 12,965 3,138 201 61 707 370 1,599 156
4,985 27,977 6,152 45 983 748 2,309 2,583 15,157 2,671 337 70 786 0 2,613 134
5,020 28,638 6,487 53 1,177 662 1,934 2,790 15,535 2,801 418 48 805 0 2,663 128
5,005 30,472 7,252 63 1,228 791 1,371 3,011 16,756 1,705 533 57 858 0 3,163 154
Total equity and liabilities
38,233
38,575
39,573
40,521
41,947
2010 € million
2011 € million
2012 € million
2013 € million
2014 € million
770 1,465 695 239 661 1 –41 308 83 79
770 1,504 734 235 687 2 –38 282 69 80
729 1,454 725 230 691 2 –101 169 53 75
687 1,314 627 254 653 1 –90 199 55 75
677 1,224 547 263 671 2 –52 219 84 80
65.9 10.2
69.8 9.3
72.4 6.2
72.5 4.9
72.2 6.0
Figures from the income statement Net interest income Interest income Interest expense Net commission income Administrative expenses Net income from financing activities Other operating income/expenses (net) Operating result before loan loss provisions Taxes on income Earnings after taxes CIR (according to DSGV) 1 in % Equity ratio before tax in % 1 Following the definition by the German Savings Banks Association (DSGV)
Hamburger Sparkasse AG Ecke Adolphsplatz / Großer Burstah 20457 Hamburg Germany Telephone +49 (0)40 3579-0 Fax +49 (0)40 3579-3418 www.haspa.de
[email protected]
Concept and design CAT Consultants, Hamburg www. cat-consultants.com
www.haspa-bank-in-hamburg.de
