HSH Nordbank stabilised in fiscal 2009
- Reduction of total assets continues apace
- Consolidated net loss limited to EUR -679 million
Hamburg/Kiel, March 16, 2010 - The restructuring of HSH Nordbank continues to make progress. This is shown by the Bank’s Group financial statements drawn up today.
For instance, by 31 December 2009 total assets were significantly reduced compared to the end of the fiscal year 2008, by EUR 33 billion to around EUR 175 billion (previous year: EUR 208 billion). This performance was driven principally by the consistent implementation of the Bank’s restructuring measures.
In spite of the much reduced total assets and charges resulting from the overall economic setting, the Bank succeeded in considerably increasing total earnings and limiting the Group net loss for 2009 according to IFRS to EUR -679 million (previous year: EUR -2,844 million). HSH Nordbank thus closed the fiscal year much better than the budget set in its recapitalisation concept of the beginning of 2009.
Apart from an income tax benefit of EUR 423 million (previous year: -227 million), the Group net loss includes guarantee and restructuring expenditure amounting to EUR -607 million (previous year: EUR -177 million). This includes payments of EUR -305 million for the second loss guarantee of the states of Hamburg and Schleswig-Holstein (previous year: EUR 0 million).
When the balance sheets are approved, the Tier I capital ratio, including market risk positions, will stand at 10.5 percent.
The Bank’s liquidity situation continued to stabilise in the course of 2009. For example, the SoFFin guarantee facility amounting to EUR 30 billion applied for in November 2008 could be reduced to the EUR 17 billion drawn down in agreement with SoFFin. Of this amount half will expire in 2010, with the other half gradually expiring over the coming years.
"The year 2009 pointed the way ahead for HSH Nordbank. In an unprecedented effort, the Bank and its shareholders jointly drew up and implemented a viable recapitalisation and realignment concept. The division into the core bank and the restructuring unit completed in December set the key parameters for a stable future for HSH Nordbank. Moreover, the performance in the year of crisis underlines the soundness of our planning. In 2011 the Bank will leave loss territory", says Dirk Jens Nonnenmacher, CEO of HSH Nordbank.
HSH Nordbank’s Group financial statements will be published within the framework of the balance-sheet press conference on 15 April 2010, following approval by the Supervisory Board.
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