Annual Report 2015

Transcription

Annual Report 2015

Annual Report 2015
Meine Bank heißt Haspa.
At a glance
At a glance
Total assets
Receivables from banks
Customer loans
2011
€ million
2012
€ million
2013
€ million
2014
€ million
2015
€ million
38,575
39,573
40,521
41,947
42,639
1,905
2,202
3,029
3,727
2,819
27,731
29,865
29,897
29,492
30,192
8,978
Securities portfolio
8,089
6,809
6,950
7,782
Liabilities to banks
4,950
4,985
5,020
5,005
4,619
Customer deposits
27,393
27,977
28,638
30,472
31,627
1,599
2,613
2,663
3,163
3,218
Equity and fund for general banking risks
Haspa 2015 annual report
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. The German Savings Banks Finance Group has an institutional
guarantee scheme that has been recognised as a deposit guarantee scheme under
the German Deposit Guarantee Act (Einlagensicherungsgesetz), which entered into
force on 3 July 2015.
Contents
Management
Management report
Annual financial statements
Additional Information
02Foreword of the Board
of Management
03The Board of
Management
05Fundamental information about the company
06Report on economic position
12Report on post-balance
sheet date events
12 Human resources report
14Comprehensive bank
controlling
16 Risk report
22Report on expected
developments – opportunities and risks
25Corporate governance
declaration in accordance
with section 289a HGB
26 Balance sheet
28Income statement
30Notes including cash
flow statement and
statement of changes
in equity
57Responsibility
statement
58 Auditors’ report
59Report of the Supervisory
Board
61Regional divisions and
regions
63 Corporate divisions
64 Business development
Haspa 2015 annual report 01
Management – Foreword of the Board of Management
Foreword of the Board of Management
Ladies and Gentlemen,
Haspa continued to expand its market position in the
Hamburg Metropolitan Region in 2015. By virtue of
our strong customer focus, our deep roots in the region
and our evolution into Hamburg‘s most personal multichannel bank, we acquired many new customers. The
success of our operations is also borne out in the increase
in deposits and the growth in lending.
Ever since its foundation in 1827, Haspa has been the
bank for all of Hamburg. We provide our private customers and SME customers with comprehensive customer support, financial and investment consulting,
as well as property financing and corporate customer
advisory.
To be particularly close to our customers, we divided
our business territory into regions that reflect the
local economic and community structure of the greater
Hamburg region. Our staff are well networked with the
local people and companies, associations and institutions; they have in-depth knowledge of the market and
decision-making powers in the regions. This enables
us to provide significant impetus in conjunction with
our private and corporate customers.
In addition to the extensive range of customer support
and consulting services, we provide in our branches
and centres, we are available for our customers around
the clock with 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, combining the new technical capabilities with the branch business with a focus on our
customers.
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 thirteenth time running. Our StartUp Center is the
02 Haspa 2015 annual report
first port of call for start-up entrepreneurs. And for
large real estate or enterprise customers we have our
special industry expertise. With in-house expertise
and our alliance partners, we support our customers
in their transactions both in and outside Germany.
We assist people and companies in their financial
planning and in safeguarding the future. We collect
deposits in the region and extend loans at local level.
We thus keep money in circulation in the region and
keep the regional business cycle going, thereby playing a key role in creating and safeguarding growth
and jobs in Hamburg. On top of this, we serve the
public interest with our multifaceted corporate social
responsibility activities. Here, we are also striking out
in new, digital directions: together with betterplace.org,
Germany‘s largest online donations portal, we
launched the regional online donations platform
gut-fuer-hamburg.de on 30 June 2015. By the end
of the year, this platform had received donations
of around € 700,000.
We thank our customers and business partners for
the trust they continue to place in us. Special thanks
also go to all Haspa employees. With their personal
commitment to our customers, they made a huge
contribution to Haspa‘s success in a challenging environment. We would also like to thank the Supervisory
Board and the Works Council for their constructive
cooperation.
Hamburg, 16 February 2016
The Board of Management
Frank Brockmann,
Axel Kodlin,
Jürgen Marquardt,
Bettina Poullain,
born in 1959, holds a
banking diploma and
banking diploma and is a
banking diploma and a
banking diploma and a
degree in business
a law degree, and was
qualified banking services
degree in business
degree in savings bank
administration (Diplom-
appointed to the Board of
and operations specialist
administration (Diplom-
administration. He has
Kauffrau). She has been
Management in 2000. He
(Bankfachwirt). He has
Kaufmann). He was
been a member of the
a member of the Board
has been Spokesman of
been a member of the
appointed to the Board
Board of Management of
of Management of
the Board of Management
Board of Management of
of Management of
Hamburger Sparkasse AG
of Hamburger Sparkasse
since 2014.
since 2013.
AG since 2007.
since 2008 and has been
in 2013.
Deputy Spokesman of the
His Private Customers
In her Finance and Risk
In his capacity as
Board of Management
His Processes and IT
reporting area includes
reporting area, she is
Spokesman of the Board
since 2014.
reporting area comprises
the Private Customers
responsible for the Com-
the Business Organisation,
Central, Private Customers
pliance, Comprehensive
of Management he is
responsible for the Corpor-
In the Corporate Custom-
Information Technology
North-East, Private
Bank Controlling, Credit
ate Development, Human
ers and Treasury reporting
and Securities and Trans-
Customers North-West,
and Legal and Central
Resources and Communi-
area, he is responsible
action Service divisions.
Private Customers South-
Purchasing and Procure-
cation reporting area, to
for the Corporate Custom-
East and Sales Manage-
ment divisions.
which the Digital Sales,
ers 1, Corporate Custom-
ment Private Customers
Human Resources, Audit,
ers 2, Real Estate Custom-
divisions.
Corporate Communication
ers, SME Customers,
and Board Staff divisions
Private Banking, Treasury,
are assigned.
Enterprise Customers
and Sales Management
Corporate Customers
Annual Financial statements
Dr. Harald Vogelsang,
Management Report
Management
Management – The Board of Management
divisions.
Management report
of Hamburger Sparkasse AG for the year ended 31 December 2015
The lending industry continues to face major challenges because of extremely
low interest rates, regulation, digitisation and keen competition.
In 2015, 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 attract new customers and deposits and expand its lending
activities.
Contents
The tables presented may contain
rounding differences.
05 Fundamental information about the company
06 Report on economic position
12 Report on post-balance sheet date events
12 Human resources report
14 Comprehensive bank controlling
16 Risk report
22
Report on expected developments – opportunities
and risks
25
Corporate governance declaration in accordance
with section 289a HGB
Haspa is the bank for all of Hamburg. As a reliable
partner and indispensable promoter of the Hamburg
Metropolitan Region, our actions are inseparably
intertwined with the interests of Hamburg and the
welfare of all its residents.
In particular, we provide opportunities for safe and
interest-bearing investments of savings and other
funds, promote the ability to save money and accumulate assets among broad sectors of Hamburg’s population and serve to fulfil the credit needs of the local
economy, especially taking SMEs into account.
Haspa’s good position in Hamburg’s banking market
is also reflected in our market penetration which
we achieve thanks to over 5,000 employees and
around 200 locations. This is augmented by teams of
specialists at the main branch that service start-up
entrepreneurs, larger corporate customers, the
property industry as well as Private Banking.
There were 27 regions in 2015. In addition, it was
decided in the reporting year to establish a further
region so as to provide a better service to our customers in the Stormarn district.
We have forged close ties with the local people and
companies by setting up an advisory board in each of
these regions. There is also an advisory board for the
Real Estate Customers, Private Banking and Corporate
Customers divisions. The members of the advisory
boards provide significant impetus for Haspa.
Hamburg’s most personal multi-channel bank
Haspa increasingly provides proximity to customers
in digital channels as well. The website haspa.de was
completely revamped in 2015, for example. Yet the
Internet cannot replace face-to-face contact altogether,
which is why we combine digital offerings, telephone
banking via Haspa-DIREKT and personalised local
advisory. Our aim is to become Hamburg’s most personal
multi-channel bank.
In order to focus even more squarely on our customers,
we honed our brand positioning, launching a new
logo and a new advertising campaign in June 2015,
which revolve around our staff and their personal
commitment to our customers.
Expertise and regionality
We provide comprehensive customer support and
consulting services in five areas of competency:
financial consulting, asset accumulation, asset optimisation, property financing and corporate customer
advisory. We have divided our business territory into
regions that have knowledge of the local market
Management Report
Strategic focus
We continue to refine our corporate vision and the
strategies that we derive from it. In that connection,
we will stick to the stable core of our alignment – i. e.
a main emphasis on our operations in the Hamburg
Metropolitan Region and our focus on all private and
corporate customers, the enterprise and real estate
customer business, as well as private banking.
and decision-making authority. Each region comprises
at least one financial centre and several branches. In
the financial centres our customers can find the range
of services offered by all five areas of competency.
Financial consultations and advice on asset accumulation are offered at the branches.
1.Fundamental
information about
the company
Management
Management report – Fundamental information about the company
Management report – Report on economic position
2.Report on economic
position
2.1.Macroeconomic and sectorspecific environment
German economy continues its upswing
The economic upswing in Germany continued in 2015,
with the German economy growing by 1.7 percent on
the back of strong domestic demand. In the year before,
real GDP had increased by 1.6 percent. Consumer
spending was the main driver of growth. Low interest
rates, rising real wages and the encouraging development of the labour market increased consumer
spending.
German consumer prices climbed by 0.3 percent on the
annual average. As a result, the annual inflation rate
was 0.6 percentage points lower than in the previous
year. The decrease in inflation was mainly due to the
drop in oil prices.
The European Central Bank (ECB) continued its
expansionary monetary policy, launching an extensive
bond-buying programme in March 2015 aimed at
expanding liquidity. Since then, the ECB and the national
central banks have been buying up bonds to the value
of € 60 billion per month. The ECB left its rate for main
refinancing operations unchanged at 0.05 percent.
The interest rate on deposits by banks imposed by the
ECB was lowered in December 2015 by 10 basis points,
from –0.2 percent to –0.3 percent. While the extremely
low interest rates might help to reduce the excessively
high levels of national debt in the euro zone member
states, they will also result in investors losing out
on interest income and reduce the incentive to make
private retirement provision.
Germany’s lending industry stable overall
The extremely low interest rates continue to limit
banks’ and savings banks’ opportunities to generate
revenue. Further challenges are presented by tightened capital adequacy regulations and stricter liquidity requirements as a result of intensified regulation
and burdens resulting from the bank levy and the
harmonisation of the deposit guarantee system.
In this environment, the German lending industry has
proven to be stable overall. This applies in particular
to the savings 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.
Economic growth in Hamburg
In the first six months of 2015, Hamburg’s real gross
domestic product rose by 2.0 percent year on year,
putting Hamburg’s economic growth above the
national average during this period. The Hamburg
Chamber of Commerce’s economic barometer for
Hamburg showed in the third and fourth quarters of
2015 that in each case more of the Hamburg-based
companies surveyed thought that their current and
future business situation as well as their planned
investments and human resources planning was good,
not bad. Crafts in Hamburg also recorded increasing
sales. Against this backdrop, Hamburg is expected
to have achieved growth of 2.0 percent for the full
2015 year.
Hamburg’s buoyant labour market contributed to the
encouraging economic trend in the region on the
whole. The number of people in gainful employment
in Hamburg rose by around 8,800 in 2015. This
0.7 percent growth was only slightly lower than the
national figure, which increased by 0.8 percent.
Hamburg as a banking centre
After Frankfurt / Main, Hamburg is one of the most
important financial centres in Germany – and the
most important one for Northern Germany. The credit
institutions domiciled in Hamburg provide jobs for
about 24,500 people. This makes the lending business
a major employer in Hamburg.
Just as the German lending industry on the whole,
all of Hamburg’s credit institutions also faced major
challenges due to low interest levels, tightening
regulation and an intensely competitive climate.
Haspa succeeded in expanding its market position
by gaining new customers and boosting deposits in
this challenging environment.
In the end, a pan-European uniform deposit guarantee
scheme harmonises the standards in this regard.
EU countries are required to build up bank-financed
deposit guarantee funds to bring investor compensation into line across Europe. In this respect,
Germany’s lending industry has traditionally had
a strong position. With its institutional guarantee
scheme for safeguarding its customers’ deposits, the
Savings Banks Finance Group, for instance, more
than fulfils the European requirements.
Private customers are our largest customer group; in
2015 we assisted them yet again in word and deed
regarding all financial matters. We also provide intensive customer and consulting services to our corporate
customers – whether business start-ups, tradesmen,
small business operators, professionals and freelancers
or larger mid-size enterprises.
No other bank knows the Hamburg Metropolitan
Region better. We are at home in Hamburg and know
what our customers need. In-depth knowledge of the
market, competent and committed staff, competitive
products, in-house expertise, corporate social
responsibility for the region and local decision-making
authority are the key to our success.
Independent experts and testers yet again rewarded
both our employees’ closeness to the customers and
Haspa’s high quality of service and advice. In addition
to receiving gratifying awards for its advisory services
in the private customer business and its real estate
financing products, Haspa – as in previous years – was
named the “Best Asset Manager in all German-Speaking Territories” by the trade magazine Elite Report.
Increase in the number of giro accounts – Rising
demand for HaspaJoker and MäuseKonto accounts
Haspa manages almost 1.4 million giro accounts. Of
these, around 648,000 giro account holders – almost
13,000 more than at the close of the previous year
and over two-thirds of the approximately 900,000 private
giro account holders – went with the “HaspaJoker”
account, Hamburg’s advantage account. Besides
extensive banking services, these customers also
benefit from a multitude of value-added services. The
number of private giro accounts has risen by around
9,000 in total. This contrasts with the number of our
Management
Haspa continues the steady growth of its customer
base by adding more than 68,000 new customers
As a retail bank, Haspa focuses on competent and
comprehensive services for private customers as well
as small and mid-size corporate customers (SMEs) in
the Hamburg Metropolitan Region. Haspa has been
gaining both customers and deposits thanks to this
stable business model. The bank gained a total of
68,000 new customers in the reporting year. This has
further consolidated Haspa’s strong position.
Management Report
As a consequence of the second pillar, since 2016
the Single Resolution Board at European level has
replaced the national resolution authorities as the body
responsible for institutions that are directly under
ECB supervision, such as the HASPA Group. To finance
any resolution cases that may arise, the banks must
raise around € 55 billion by the end of 2023 and pay
this into a joint resolution fund. At the end of 2015,
German institutions received corresponding contribution notifications for the first time, which for Haspa
involved an amount in the high single-digit millions.
Course of business
Since the beginning of November 2014, the HASPA
Group – and along with it, Haspa too – has been under
the direct authority of a banking supervisory unit
under the umbrella of the ECB. Prior to this, the business model used by the HASPA Group including Haspa
had been rated as low-risk after we had passed the
stress test. This highlights the advantages of our
particularly low-risk, sustainable business model
that is tailored to the needs of the region.
2.2.
Further specification of the European banking union
The banking union at European level initiated in
response to the financial market crisis that erupted
in 2008 is increasingly being specified further. This
is comprised of three pillars: the Single Supervisory
Mechanism, the Single Resolution Mechanism and
the Deposit Guarantee Schemes.
direct bank accounts, which decreased by approximately 13,000. We are pleased that the number of
customers who have opted for our MäuseKonto account
for children, which has won numerous awards, and the
benefits associated with it also continues to grow.
In the 2015 financial year alone, roughly 8,000 new
accounts of this type were opened, bringing the
number of MäuseKonto accounts to over 114,000 at
the end of the year.
2.3.Net assets, financial position and
results of operations
2.3.1. Net assets and financial position
Assets
Cash reserve
Receivables from customers
2015
2014
€ million € million
abs.
rel.
391
612
–222
–36%
2,819
3,727
–908
–24%
30,192
29,492
+700
+2%
8,978
7,782
+1,196
+15%
–34%
Number of HaspaJoker accounts 2004 to 2015
Securities
Trading portfolio
119
181
–62
700,000
Other assets
140
154
–14
–9%
600,000
Total assets
42,639 41,947
+691
+2%
500,000
400,000
300,000
Equity and liabilities
200,000
100,000
04 05 06 07 08 09 10 11 12 13 14 15
Liabilities to customers
Securitised liabilities
Trading portfolio
Satisfactory business development
In view of the further consolidation of our positioning
in the Hamburg Metropolitan Region as described
earlier, we are satisfied on the whole with our business
development in the reporting year. With encouraging
growth in liabilities to customers and rapidly increasing demand for credit during the year, the assets side
of the balance sheet saw an increase in receivables
from customers and proprietary investments in
securities in particular. In relation to Haspa’s proprietary investments in securities, volatile developments in the markets were recorded during the year
which we managed to cushion with our diversified,
conservative risk strategy. We extended the continued
dominance of the customer business in our balance
sheet structure amid a challenging competitive and
market environment. Here, our history of proximity to
customers and customers’ trust in Haspa also paid off.
Due to the historically low and negative interest rate
environment, Haspa achieved a result for the year
that was on a par with the prior-year level in spite of
substantially higher, non-tax-deductible expenses
arising from the revaluation of pension provisions.
Other developments in the past financial year are
described in the section on net assets, financial position and results of operations.
Provisions
Equity and fund for general
banking risks
Other equity and liabilities
Total equity and liabilities
2015
2014
abs.
rel.
4,619
5,005
–386
–8%
31,627
30,472
+1,155
+4%
2,024
2,238
–213
–10%
43
57
–15
–26%
939
858
+81
+9%
3,218
3,163
+55
+2%
169
155
+14
+9%
42,639 41,947
+691
+2%
Increase in total assets
The increase in total assets / total equity and liabilities
of around € 0.7 billion or almost 2 percent to € 42.6
billion is due to the encouraging development of
liabilities to customers. In addition, further allocations
were made to our equity capital. By contrast, there
was a decrease in securitised liabilities and liabilities
to banks that continue to be dominated by the passthrough loans – especially of Kreditanstalt für Wiederaufbau – which are reported as a component of the
lending business on the assets side of the balance
sheet.
This growth on the liabilities side mainly led to a
gratifying increase in receivables from customers on
the assets side of the balance sheet as well as to an
expansion of Haspa’s proprietary investments in securities by € 1.2 billion to just under € 9.0 billion.
38.6
2012
39.6
Customer deposits
Savings deposits
Savings certificates / RentaPlan
2011
2012
2013
2014
2015
€ million € million € million € million € million
6,090
6,152
6,487
7,252
7,826
979
1,028
1,230
1,291
1,389
4,910
3,057
2,596
2,162
1,452
2013
40.5
2014
41.9
Registered Pfandbrief
securities
2,449
2,583
2,790
3,011
3,357
2015
42.6
Deposits payable on
demand
12,965
15,157
15,535
16,756
17,602
Total
27,393 27,977 28,638 30,472 31,627
Customers trust Haspa – further increase in deposits
again boosts total assets / total equity and liabilities
Overall, liabilities to customers expanded by around
€ 1.2 billion or nearly 4 percent to € 31.6 billion.
Our customers’ trust is also reflected in the development of our portfolio of tried and trusted products.
For example, savings deposits rose appreciably by
€ 0.6 billion or approximately 8 percent to € 7.8 billion
despite the prevailing uncertainty on the money and
capital markets.
Other liabilities likewise rose by around € 0.6 billion to
€ 23.8 billion. Specifically, there was a large increase
in deposits payable on demand, which climbed over
€ 0.8 billion or more than 5 percent to € 17.6 billion.
This development, which was already observed in
preceding years, can also be attributed to the extremely
low interest rates, as many of our customers prefer to
hold their cash for short periods of time. In light of this
situation, Haspa consciously did not undertake any
large Pfandbrief issues during the reporting period.
The market for Pfandbrief securities nevertheless
offers great potential as a sustained source of liquidity,
especially against the backdrop of our large volume
of new loan approvals. The deliberate reduction
of promissory note loans stands in contrast to an
increase in registered Pfandbrief securities.
Time depostits / Promissory note loans
Customer receivables expanded
Receivables from customers increased by € 0.7 billion
to € 30.2 billion, remaining just slightly below expectations averaged over the year. Real estate financing,
which is benefiting from the uptrend in the real estate
market, is driving this increase. Totalling € 6.4 billion
in the past financial year, new loan approvals were
once again at a very high level and, without any easing
in our risk assessment criteria, also exceeded the
comparable figures for the two previous years. By
contrast, personal loans, which are reflected in the
balance sheet, continued to decline, impacted by
the brokering of consumer loans within the German
Savings Banks Finance Group to lending partners
of the savings banks, which has been taking place for
several years now.
Customer loans
2011
2012
2013
2014
2015
€ million € million € million € million € million
Business loans
6,496
6,335
6,291
6,055
5,773
Personal loans
2,265
2,245
2,092
1,886
1,695
Real estate financing 18,775
20,916
21,000
21,207
22,156
369
514
344
568
Public-sector loans
Total
195
27,731 29,865 29,897 29,492 30,192
Management Report
2011
Total assets (in € billion)
In the context of the funding and investment structure,
Haspa’s liquidity situation, which is also reflected
in the cash flow statement, is considered comfortable
on account of the large portfolio of liabilities from
the customer business. For more information about
compliance with the regulatory ratios and the management of the liquidity situation, please refer to the risk
report.
Here, particularly the fixed-interest securities from
public-sector issuers held for liquidity purposes were
increased significantly. In addition, only moderate
portfolio adjustments were made in the special funds.
This stands in contrast to a total reduction of € 1.1 billion in receivables from banks and the cash reserve.
Management
Equity increased in line with planning – regulatory
ratios continue to improve
Also in view of the European-influenced regulations
on regulatory ratios (the so-called CRD IV package)
that arose from the international Basel III framework,
Haspa’s equity increased further in the financial year,
continuing the trend of the previous years. At the end
of 2015, this amounted to around € 2.5 billion, while
the fund for general banking risks, which from a
regulatory perspective is assigned to Common Equity
Tier 1 capital, stood at € 0.7 billion.
Going forward, Haspa will remain the partner that
Hamburg’s economy has come to rely on.
2.3.2. Results of operations
Income statement
2015
2014
abs.
rel.
Net interest income
745
677
+68
+10%
Net commission income
278
263
+15
+6%
–4
2
Administrative expenses
687
671
+16
+2%
Other operating result
–92
–52
–40
+78%
Net income from financing
activities
–5 –297%
Net revaluation gain / loss
–49
–44
–5
–10%
Result from ordinary
activities
191
175
+17
+10%
Extraordinary result
–11
–11
+0
+0%
Tax expense
101
84
+17
+20%
80
80
+0
+0%
Result for the year
Result for the year at prior-year level in a still
challenging climate
Haspa’s result for the year is € 80 million, on a
level with the previous year. Here, the increase in
expenses year on year, resulting in particular from
the revaluation of our pension provisions, was more
than compensated by a much higher increase in
income. This had a positive effect on the income statement, which is also reflected in a somewhat improved
though slightly worse-than-expected cost / income
ratio based on the HGB financial statements.
The net revaluation gain is marginally less favourable
than in the previous year but remains at a satisfactory
level. On the whole, after deduction of higher tax
expenses, the result for the year matches the prioryear level.
Through the continuous strengthening of our equity
capital – including the fund for general banking risks –
in arithmetic terms the return on equity before tax was
therefore lower than in the previous year but exceeded
expectations. The return on assets required to be
disclosed in accordance with section 26a (1) sentence 4
German Banking Act – calculated as net profit over
total assets – is 0.2 percent for Haspa at the end of
the year.
Net interest income up on prior-year level in spite
of persistently low interest rates
At € 745 million, net interest income was up 10 percent
on the prior-year level and also moderately exceeded
our expectations. Overall, while the interest rates held
at an extremely low level through the continuation of
the loose monetary policy had a negative impact on
various components of net interest income, positive
effects were also recorded. In our customer business,
which still accounted for by far the largest share of
net interest income, the low interest rate level had a
clearly negative impact.
It was not only the asset margins that came under
pressure; the liability margins in particular were
affected. Nevertheless, the contributions to net interest income were increased marginally by expanded
portfolios of assets and liabilities. Alongside this, the
contributions from the maturities transformation and
the proprietary investments in securities rose faster
than expected, even though our risk-taking remained
conservative. During the year, only about two-thirds
of the limit for the present-value interest rate risk was
utilised, so – in view of the difficult interest rate environment – a conscious decision was made to forego
additional earnings potential. Net interest income also
benefited to a manageable extent from extraordinary
factors with a positive effect. For example, due to the
positive developments on the capital markets, exchange gains were realised and a higher distribution
was recorded in connection with the sale of shares of
the German Savings Banks Finance Group to a credit
card provider.
Administrative expenses above prior-year level
Personnel expenses, the largest cost component,
increased by around 4 percent to € 360 million in line
with expectations. The wage and salary increases
under collective agreements that were implemented
mid-year were offset by a slight year-on-year decrease
in the average headcount. While the previous year’s
figure had benefited from actuarial effects for the
retirement provision for our employees, these impacted
negatively on personnel expenses in 2015.
Amounting to € 327 million in total, other administrative expenses, amortisation and write-downs of
intangible fixed assets as well as depreciation and
write-downs of tangible fixed assets were on a level
with the previous year but fell short of estimates.
Alongside a lower-than-expected charge resulting
from the European bank levy and deposit guarantee,
this is chiefly the result of our cost discipline.
The risk provisions for the lending business, which
remained at a very favourable level, increased marginally year on year. Nevertheless, these ended at a considerably more favourable level than envisaged in our
planning. The excessive portion of the net revaluation
gain / loss essentially stems from a higher-than-expected
provision for potential risks in subsequent years.
Overall, although the net revaluation gain is lower
than in the previous year, it is better than expected,
largely because the risk provisions for the lending
business are still favourable.
Satisfactory result from ordinary activities
At € 191 million, the result from ordinary activities is
satisfactory on the whole, up by a substantial € 17 million or nearly 10 percent year on year. This increase is
predominantly due to higher income, which is offset in
particular by higher expenses incurred in connection
with the revaluation of our pension provisions.
Management Report
Net revaluation gain again better than expected
The measurement approaches that Haspa uses are
conservative, as in the previous years. As a result,
Haspa’s proprietary investments in securities are still
measured using the strict lower-of-cost-or-market
principle, taking into account the requirement to
reverse write-downs. This resulted in higher risk
provisions for the measurement of Haspa’s own
securities at the reporting date.
Net trading income / expense below the previous
year’s level
Trading activities serve to support our retail banking
business; in particular they comprise gains and losses
from securities trading and the precious metal business. Net trading expense in 2015 resulted in particular
from the derecognition of repurchased own issues,
which will reduce interest expense in future years. This
effect is apparent in the trading portfolio reported on
the assets side of the balance sheet as well as in the
securitised liabilities.
Other operating income lower than in the previous
year – revaluation of pension provisions impacted by
low interest rates
Other operating income in 2015 was dominated by
the revaluation of the retirement provision for our
employees. Due in particular to the higher revaluation
of our pension provisions as a consequence of the still
extremely low interest rates, other operating expenses
rose by € 39 million to € 152 million. Higher foreign
exchange gains also had a positive effect on other
operating income.
Net commission income up year on year
Net commission income rose by € 15 million or just
under 6 percent year on year to € 278 million, yet
failed to achieve the expected growth. This increase
mainly resulted from commission from the securities,
lending and insurance business. The main driver of
the trend in the securities business was the further
increase in securities sales. Here, the continuing
low interest rate level is increasingly motivating our
customers to invest in equities or investment funds.
Commission from current account management and
payment transactions, which continues to make up the
bulk of all forms of commission, decreased marginally
compared with the previous year. Overall, the
contributions made by other forms of commission
were almost flat on the previous year.
Management
Management report – R
eport on economic position
Report on post-balance sheet date events
Human resources report
Extraordinary result due to effects from the German
Accounting Law Modernisation Act.
As in the previous years, the extraordinary result was
€ –10.5 million, due exclusively to effects of pension
provisions on expenses in connection with the initial
adjustment resulting from the application of the German Accounting Law Modernisation Act (BilMoG).
Tax expense up year on year
The tax expense to be borne in form of a tax allocation
rose markedly to € 101 million in the reporting year.
In addition to the higher result from ordinary activities, this appreciable increase is mainly attributable
to higher non-tax-effective expenses related to the
revaluation of our pension provisions.
Development of the most important key performance
indicators
The most important financial key performance indicator for our internal management is the operating
result before loan loss provisions, as defined by the
German Savings Banks Association (DSGV). This rather
business-orientated approach does not include, in
particular, any prior-period, external or extraordinary
effects. The operating result before loan loss provisions
improved substantially year on year and also slightly
exceeded projections.
The most important non-financial key performance
indicator for our internal management is gross new
customer additions. Here, our ambitious goals were
almost achieved in the financial year ended. Our
expectations regarding new customer additions after
departures caused, for example, by death or a move
away from Hamburg were actually exceeded. Among
other things, this is due to our repositioning in the
field of sales and marketing, which has enabled us to
cater to the needs of our customers even better.
3.Report on postbalance sheet date
events
No events of special significance took place after the
reporting date.
4.Human resources
report
Attractive employer in the Hamburg Metropolitan
Region
Haspa offers its employees in the Hamburg Metropolitan Region many qualified jobs in a modern and
team-based environment. Haspa uses compensation
commensurate with performance, personnel development and flexible working hours to promote both
motivation and entrepreneurial thinking and acting
in its employees. Above and beyond salaries governed
by collective agreements we also pay benefits that
enhance Haspa’s attractiveness as an employer.
Promoting diversity and equal opportunity are just
as integral to Haspa’s corporate culture as is ensuring
work-life balance.
Around two-thirds of Haspa’s more than 5,000 employees deal directly with our customers. More than
1,500 staff are employed on a part-time basis.
To adjust our personnel capacity to the number of
jobs, which has fallen due to efficiency enhancements,
staff in the reporting year had access to human resources
instruments such as the option to convert salary into
leave, other part-time models and early retirement
arrangements. This increased voluntary employee
turnover and achieved the targeted adjustment of
personnel capacities in a socially compatible manner.
Due to the demographic change, there is still a need
for qualified employees and trainees to ensure that
we continue to have sufficient staff to provide expert
customer support and consulting services and to
perform special tasks in our central divisions.
Our “Top Trainee Model” serves to open up additional
training and education programmes and career perspectives to particularly capable and committed trainees. For instance, we already offer our top trainees the
assurance that they will be hired one year before their
training ends.
The Hamburg Chamber of Commerce has bestowed its
award for outstanding performance in vocational or
professional training on Haspa twelve times. In 2015,
we also were awarded 5 stars – the highest possible
ranking – in the survey on Hamburg’s best companies
taking on trainees.
Qualified employees as guarantors of success
Most of Haspa’s success as a retail bank in Hamburg
is due to its dedicated and competent employees
who demonstrate Haspa’s high quality of service and
consulting day in and day out. Young people and staff
with many years of professional experience work hand
in glove to serve our customers. Our employees’
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.
Women account for 55 percent of our workforce. In
management positions, however, female employees
are under-represented. For this reason, we hope to
encourage an increasing number of women to accept
management posts. We promote the careers of women
through measures such as networking opportunities,
the series of seminars on “Strategies for Working
Women”, flexible part-time working models and childcare options, for example during school holidays and
in emergencies. In addition, we give female employees
the opportunity to share a management position.
Management Report
HaspaAkademie makes us one of the few companies
that combine all educational and training programmes
in-house under a single roof. It enhances the professionalism and quality of the training and continued education offered to all of Haspa’s employees in ways appropriate to the needs of both the bank and its target
groups. This makes it possible to promote talent even
better, expand people’s professional and personal
competence as well as intensify both the development
of management candidates and training measures.
The HaspaAkademie was awarded the LQW quality
certificate for the professionalism and customer focus
of its further education programmes.
Women make up half of our junior staff. Almost
90 percent of our trainees graduated from secondary
school with the Abitur, the German university entrance
qualifications. However, we also seek out qualified
middle-school graduates who account for 6 percent of
our trainees. Middle-school graduates may obtain the
Fachhochschulreife, a secondary school degree that
is the entrance qualification of technical colleges,
as part of our “DualPlus” double qualification offer
for trainees.
average age is about 40, and their qualifications are
very high. Around 90 percent of our workforce are
qualified bank managers or have completed other
vocational business training. About two out of three
have a bachelor’s, master’s or other university degree.
A new generation for the banking business
Haspa offers young people highly qualified training.
With 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 programme
to obtain a Bachelor of Science in Business Administration or a Bachelor of Science in Business Information Systems.
Management
Management report – Human resources report
Management report – Comprehensive bank controlling
5.Comprehensive
bank controlling
Forward-looking risk policies in a financial market
environment dominated by low interest rates
The ECB maintained its expansionary monetary policy
in 2015, again lowering its already negative interest
rate on deposits by banks by a further ten basis points
in December 2015 to –30 basis points.
The German lending industry continues to suffer from
the low interest rates and the remaining uncertainty
in the financial markets, which stems from both the
European sovereign debt crisis and the financial
market and economic crisis that preceded it. For
instance, it remains a challenge for all groups of credit
institutions to build equity, also due to the further
tightening of banking regulations.
Hamburger Sparkasse AG responded to the challenging environment by pursuing forward-looking risk
policies. It believes that it continues to be well
equipped to weather the challenges ahead thanks also
to its comfortable equity and liquidity in conjunction
with the ongoing development of its risk management.
Comprehensive bank controlling focused on
core business and risks
Haspa’s comprehensive bank controlling is based
on its retail banking strategy comprising private
customers and corporate customers. In addition,
successes and risks from the capital investment and
maturities transformation segments as well as the
operating business complete the picture.
Integration of the internal and the external view –
uniform comprehensive bank controlling
Haspa’s comprehensive bank controlling consists of
linking internal key performance indicators (KPIs) that
have clear economic aims with external KPIs that are
subject to the requirements of the German Commercial
Code or to regulatory requirements. The integrated
analysis of both views enables targeted control of
operational and economic processes.
Comprehensive bank controlling as a closed
procedural cycle
At Haspa, reports on internal and external KPIs
are mainly generated in the comprehensive bank
controlling function. The comprehensive bank
controlling function also classifies and evaluates the
data, which is then used for specific controls. The
incorporation of these controls is organisationally
separate from the management of implementation
measures and is performed by the Bank’s organisational units which are responsible in each case.
Haspa’s strategic alignment is reviewed in annual
strategy workshops at the level of the Board of Management. Among other things this process yields
the updated mid-term planning for the coming years.
The annual planning process in turn generates
specific budgets for the coming year. An integrated,
monthly reporting system serves to record Haspa’s
performance with respect to sales, costs and risks, as
well as its income, expenses and net revaluation
gain / loss. All divisions are also integrated into a
quarterly preview process that furnishes updated
targets for the year overall and is condensed as part of
the reporting to corporate bodies. As a supplementary
measure, Haspa’s development is analysed on an
integrated basis at monthly forecast meetings.
With a view to proper cost accounting allocation, at
Haspa all intragroup service relationships are recorded
using intragroup settlement procedures.
The rules for account assignment and the control
processes pertaining to the bookkeeping as well as
the preparation of the annual financial statements
and the management report are specified in various
technical guidelines. In particular these work
instructions address the controls to be carried out
in terms of reconciliations and the requisite documentation. All data related to the financial reporting
process of Hamburger Sparkasse AG is processed
using IT systems which at all times are subject to
access limitation, system activity logs, access controls,
data backups and data protection.
Management Report
Efficient controlling – the prerequisite for
successful cost management
All divisions are broken down by appropriate cost
centre structures based on our customer-focused organisational structure. Separate budgets are allocated
to individual projects. Larger projects are subject to
special investment controlling which evaluates them
according to business management standards and
monitors them from a controlling viewpoint until the
desired benefit has been achieved. About 40 projects
were subject to investment controlling in 2015.
These include projects addressing compliance with
regulatory requirements, sales topics and the
enhancement of our IT structure.
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. The annual financial statements are prepared in
cooperation with S-Servicepartner Norddeutschland
GmbH (S-Servicepartner). 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.
Flexible earnings analysis
The margins for the lending and deposit business
are determined at the transaction level using the
market rate method; risk costs for loans are deducted
separately. Terms appropriate to the given risks are
stipulated with the customers. As is customary for the
lending business, they are determined 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 is a key component of earnings.
These calculations which are specific to individual
transactions and contracts enable us to flexibly
support our sales and marketing activities.
Effective internal control and risk management
system safeguards the accounting process
Pursuant to section 25a (1) German Banking Act,
overall responsibility for proper business organisation
and the risk management integral to it rests with
Haspa’s Board of Management. As required by MaRisk,
the Board of Management is supported by Compliance
and Risk Controlling in this context. Among other
things risk management comprises the implementation of internal control procedures consisting of
an internal control system and an internal auditing
system. Internal Audit is an integral part of Haspa’s
risk management and internal control procedures. It
carries out its responsibilities autonomously and
independently on behalf of the full Board of Management.
Whilst this closed-circuit process has been in place
for years, the respective procedures are subject to
continuous improvement in conceptual terms, and the
given tools are refined on an ongoing basis.
Management
Management report – Comprehensive bank controlling
Management report – C
omprehensive bank controlling
Risk report
Internal Audit directly or indirectly reviews the accounting-related internal control and risk management
systems based on a risk oriented audit plan. This also
includes functional separation, data processing security, documentation of control 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
systems and through a defined development process
for software packages with the pertinent testing and
release procedures. Introduction of new or amended
parameters can only be placed in production within
the scope of defined change management. In its
reviews, Internal Audit verifies that these procedures
are followed properly.
If the financial reporting process is carried out using
centralised third-party data processing equipment,
the pertinent providers are obligated under the
general agreements closed with them to comply with
all statutory and regulatory requirements relevant
to the outsourced activities. Compliance with these
statutory and regulatory requirements is monitored by
the internal auditing departments of the given thirdparty providers as well as by Haspa’s Internal Audit.
6. Risk report
Identification and assessment of material risks
In the regular risk inventory, the risks to which Haspa
is exposed are identified and their significance is
assessed. Most of the material risks are assessed
using appropriate quantitative measurement methods
and managed as a whole in the analysis of the riskbearing capacity. Any further risks that are not included
in the analysis of the risk-bearing capacity are taken
into account using other measurement methods and
are consequently also considered in key decisions.
Comprehensive bank controlling focusing on
risk-bearing capacity
Incurring risk in targeted ways is at the heart of all
banking activity. The ability to comprehensively
measure, monitor and control risk is a critical competitive factor.
The objective of risk management is to optimise
success while constantly taking into account the risks
incurred. Continuous safeguarding of a bank’s riskbearing capacity is an integral part of effective risk
management. For this, Haspa uses a present value
going concern approach with a confidence level of
95 percent as well as a liquidation approach with a
confidence level of 99.95 percent.
The main objective of the economic calculation of
Haspa’s risk-bearing capacity is ensuring the continuation of the institution as a going concern. To achieve
this objective, the going concern approach with its
integrated regulatory perspective is the leading
management approach. This approach is intended
to ensure that Haspa complies with the regulatory
minimum capital requirements and is able to continue
as a going concern even if all risks materialise
(article 93 Capital Requirement Regulation (CRR)).
The liquidation approach, on the other hand, is aimed
at the protection of creditors and the prevention of
considerable disadvantages for the overall economy
and must be strictly complied with as an additional
cornerstone of the risk-bearing capacity concept.
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.
Knowledge of the regional market and portfolio
risk management limit credit risks
Haspa’s counterparty credit risk stems from the
lending business associated with private, corporate,
enterprise and real estate customers. Our customer
loan portfolio is broadly diversified and largely
secured by mortgages. The focus of the 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
€ 110 million throughout the year. On the whole credit
risk is generally covered through appropriate risk
provisions.
Management Report
Furthermore, when planning their future capital
requirements, institutions must adequately take
possible adverse developments deviating from expectations into account. Appropriate adverse planning of
future capital requirements was performed in 2015
using the scenario of a major economic downturn.
Regular stress testing enables us to determine the
bank’s overall risk. The results of the stress tests are
adequately taken into account in the assessment of
the bank’s risk-bearing capacity. In these stress tests,
which are not specific to any type of risk, the scenarios
of a major economic downturn and a price slump on
Hamburg’s real estate market are analysed.
To determine its risk-bearing capacity, Haspa regularly
compares this to the available risk cover, which largely
comprises equity. In the going concern approach,
limits for each individual risk type are defined on this
basis, whereas in the liquidation approach an overall
limit is defined that spans all risk types. Depending on
the holding period of the type of risk, the amount of
the risk budget corresponds either to the net present
value (NPV) limit or the sum of the NPV limit and the
loss limit. The respective risk budgets are derived
from the available cover assets and are specific to the
material risks. The strategic liquidity risk is an exception in that it is controlled using a stoplight system.
The total risk budget is measured such that large
portions of the cover assets, which in the leading
going concern approach increased to over € 3.7 billion
in the reporting year, are not used even if the risks
occur; without considering diversification effects,
these risks amounted to around € 400 million at the
end of 2015 and at any time during 2015. Considering
diversification effects, the presentation of the bank’s
overall risk is once again much more favourable. The
extent of the allocated total risk budget also ensures
compliance with the regulatory capital adequacy
requirements in accordance with CRR even when all
NPV limits are utilised in their totality and at the same
time. The existence of Haspa as a going concern has
thus been ensured.
Management
Management report – Risk report
The internal rating procedures developed jointly with
the German Savings Banks Finance Group offer specific
tools that are tailored to our customer groups and
continuously refined.
The current scoring systems of the German Savings
Banks Finance Group are used to assess creditworthiness and determine pricing in the private banking
business.
Rating procedures designed to assess credit ratings
and determine risk-based pricing are used in our
standard corporate customer business. Different procedures apply for small, mid-size and large corporate
customers, professionals / freelancers as well as startup entrepreneurs depending on the given company. A
property transaction rating tool tailored to commercial
property financing is used for commercial real estate
commitments. Automated compact customer rating is
additionally applied to enable targeted credit scoring
of small corporate customers.
We handle issuer risk and counterparty credit risk in
both our securities investment and interbank business
by limiting ourselves to trading partners with firstrate credit ratings as well as a widely diversified portfolio and a strict limit system. In 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.
Expected counterparty credit risks are hedged using
the risk provisions. We use a suitable loan portfolio
model (Monte Carlo simulation) to measure unexpected default risks based on the value-at-risk (VaR)
method, applying a confidence level of 95 percent for
the going concern approach and 99.95 for liquidation
approach with a holding period of one year.
Low risk-taking in the maturities transformation
with low interest rates
Maturity transformation risk arises from potential
changes in market interest rates relative to the
structure of the bank’s on- and off-balance sheet
transactions.
Maturity transformation basically arises from the given
loan commitment which tends to be of a longer term
nature on the asset side, compared to borrowings
which tend to run over a shorter term on the liabilities
side. Money and capital market interest rates have an
immediate effect on Haspa’s bottom line. We measure
and control maturity transformation risk in a comprehensive manner using both periodic and net present
value methods.
The VaR method is also used to determine this risk.
It is quantified at a confidence level of 95 percent
in the going concern approach and 99.95 percent
in the liquidation approach with a holding period of
one month. Sensitivity analyses entailing substantial
changes in interest rates are carried out, too. Haspa’s
maturity transformation position is monitored on an
ongoing basis. It is reviewed in greater depth and
controlled with respect to money and capital market
trends at monthly meetings of the Maturity Transformation Committee with the participation of the
Board of Management. In addition, ad hoc meetings
can be held as necessary to ensure appropriate
action in case of rapid changes.
Capital market risks influenced by loose monetary
policy and political tensions
The reporting year was largely defined by the continuation of the low interest rate environment, turmoil
on the Chinese stock markets in particular, political
tensions with Russia and a further slump in oil prices.
The central banks in Japan, the United States and
Europe continue to keep yields artificially at a very
low level with their expansionary monetary policy,
which resulted in negative interest rates for short and
medium maturity bands. Owing to the ECB’s loose
monetary policy, the uncertainty about the state of the
global economy and the political tensions, 2015 was
a volatile year on the stock markets, with the DAX
temporarily reaching new highs. During the year, the
DAX fluctuated at between 9,325 and 12,390 points
and closed the year at 10,743 points, 9.6 percent
higher than at the beginning of the year.
Whereas in previous years a substantial portion of the
investments in the special funds had been hedged
against foreign currency risks, in the reporting year
open currency positions in US dollars were entered
into to a limited extent.
Haspa employs the VaR method to determine risk
based on a portfolio risk model.
Overall, the special fund risk with a confidence level of
95 percent at year-end is quantified at € 88 million,
applying a holding period of one month for the portfolio risk. Investments in real estate and asset-backed
securities (ABS) are included in this figure with a
longer holding period of one year.
Furthermore, the portfolio of proprietary investments
also comprises direct investments in securities mainly
from public-sector issuers that are held for liquidity
purposes. These investments were increased substantially in the reporting year.
Management Report
Against the backdrop of low interest rates, the scale of
the maturities transformation was controlled at a low
level in the 2015 financial year. The interest rate risk,
which is characterised by a strategic basic position in
multi-year maturities, is quantified at € 46 million with
a confidence level of 95 percent and a holding period
of one month at the reporting date.
Haspa employs derivative financial instruments,
especially standard interest rate swaps, to manage
its maturity transformation risk.
Moderate portfolio adjustments in special funds
against the backdrop of low yields
The portfolio volume in special funds remained almost
flat on the previous year. We restructured the portfolio,
mainly reducing the share of emerging markets bonds
and increasing the proportion of German bonds. In
addition to the dominant share of low-interest German
Pfandbrief securities, public-sector bonds and government bonds, the portfolio includes corporate bonds,
emerging market bonds as well as Italian, Spanish
and Portuguese government bonds. The special funds
also include shares, real estate funds and alternative
investments.
The possible impact of any change in market interest
rates on our periodic net interest income is also
monitored on a continuous basis. Simulation of
various interest rate scenarios shows the sensitivity
of the net interest income to changes in market
interest rates and also covers the simulation of ad
hoc interest rate shocks.
Management
Country risks
In terms of country risks, Haspa’s gross receivables
generally originate in Germany due to its regional
alignment as a retail bank. There is also a manageable
level of investments outside Germany, primarily in
European securities.
Low trading risks, as before
Haspa’s considerable restraint in taking on equity
and foreign exchange trading risk also reflects its
alignment as a retail bank in the Hamburg Metropolitan Region. Most of our trading activities are customer
initiated, and we only hold closed currency and option
positions.
Operational risks integrated in risk management
Operational risks can be found in all of Haspa’s
divisions and stem from general banking activities.
They describe the risk of losses occurring as a
consequence of the inappropriateness or the failure
of internal processes, employees, the internal infrastructure or external factors. Operational risks can take
many forms and are taken into account in the analysis
of the risk-taking ability through the allocation
of a corresponding risk capital budget. The risks
determined applying the basic indicator approach
amount to € 142 million at year-end.
As part of its internal control system, Haspa has taken
many steps to ensure flawless and smooth business
procedures. Intragroup procedures and the functionality
of technical systems are continuously adapted to
both internal and external requirements. Operating
processes are subject to a general guideline and
technical guidelines, and are monitored by Internal
Audit.
Haspa has outsourced portions of its market support
processes associated with its lending, deposit
and services business, as well as certain aspects of
comprehensive bank controlling, to S-Servicepartner
and its subsidiaries. Some of the payment processes
are outsourced to DSGF Deutsche Servicegesellschaft
für Finanzdienstleister mbH. Additionally some IT
functions have been transferred to, among others, IBM
Deutschland GmbH, Wincor Nixdorf Portavis GmbH,
Canon Deutschland Business Services GmbH and EFiS
EDI Finance Service AG.
The interaction between outsourcing centres and
Haspa with respect to the outsourced functions is
subject to and governed by statutory and regulatory
requirements using individual and interface-specific
agreements. These arrangements have been tried and
tested in the interaction between the different entities
and are further expanded and refined on an ongoing
basis.
Information technology security is one of the focal
points in controlling operational risks. Detailed
contingency plans are available for all IT functions.
These emergency plans also include crisis management protocols as well as procedures designed to
ensure uninterrupted business operations. Authorised
access systems and control and monitoring processes
guarantee the protection of confidential information
against unauthorised access and modifications of
business processes. Effective firewall systems provide
protection against unauthorised external access.
Operational risks are measured and managed during
an annual risk inventory through analyses of significant loss events and by means of an indicator-based
early warning system.
By considering a daily liquidity report in which Haspa’s
funding mix is presented, short-term changes in
customer behaviour and possible concentration risks
can be identified at an early stage.
3.5
3.0
2.5
2.0
1.5
2010
Beyond its daily liquidity report, Haspa also uses its
divisional planning to develop a strategic liquidity
outlook that identifies liquidity needs early on. This
enables us to assess our liquidity needs for future
maturities and manage cash flows accordingly. Risk
scenarios are also monitored and 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.
With successful Pfandbrief issues in recent years,
Hamburger Sparkasse has tapped into the vast liquidity
potential of the Pfandbrief market, which will enable
it to cover its own liquidity needs in future.
For years, Haspa has also served as a lender in the
interbank lending market. It met the requirements for
minimum reserve deposits at any time during the
past year.
Management
Liquidity ratio
2011
2012
2013
2014
2015
Solid economic and regulatory risk-taking ability
covers risks incurred
The bank’s risk-taking ability is monitored by comparing it to the available cover assets. Its risk coverage
potential is comfortable, also against the backdrop of
volatile market conditions.
The CRR, which has been in force since 2014, sets out
the regulatory capital adequacy requirements for credit
institutions, which are increasingly shaped by European
regulations. Compliance with these regulations requires
an adequate capital base at all times. As at 31 December
2015, Haspa’s total capital ratio applying the standard
approach was 12.0 percent and its Tier 1 capital
ratio was 11.5 percent. At around 14.5 percent and
14.0 percent, respectively, the total capital ratio and the
Tier 1 capital ratio of the HASPA Group remained at a
comfortable level. The leverage ratio that is also subject
to a reporting requirement and indicates an institution’s
Management Report
Market liquidity risks arise when investments cannot
be liquidated at the desired time or in the planned
amount. These are therefore taken into consideration
in the analysis of liquidity risks.
The current and prospective requirements for the
liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) are also clearly being met and indicate
that Haspa has a good level of liquidity. At year-end,
the LCR is 170 percent and the NSFR is 115 percent.
Insolvency risks arise when payment obligations
cannot be fulfilled in time or to a sufficient degree.
Funding risks arise if liquidity can only be obtained
at higher market prices.
At year-end, the bank’s liquidity ratio pursuant to
the German Liquidity Regulation was 3.3 times the
required minimum.
Liquidity risks limited through funding strategy
and solid liquidity limit
Liquidity risks may arise in the form of insolvency risk,
funding risk and market liquidity risk.
Management report – R
isk report
Report on expected developments – opportunities and risks
exposures in relation to its own funds and is therefore
based on balance sheet figures is around 6.5 percent
and thus substantially higher than the prospective
requirement of 3.0 percent. Here, too, positive consequences of the expansion of our own funds can be seen.
Risk measurement
No going-concern risks or risks with a material effect
on its net assets, financial position and results of
operations were identified for the current year.
7.Report on expected
developments –
opportunities
and risks
Continued economic growth in Germany
Germany is expected to achieve economic growth
of 1.6 percent in 2016, driven once more by robust
domestic demand. The low interest rates and continued
rise in employment will invigorate private consumption,
as will falling oil prices.
To increase inflation rates in the euro zone, further
support the economic recovery in the euro zone and
help resolve the ongoing sovereign debt problems,
the ECB will maintain its expansionary monetary
policy. We expect the ECB to reduce its interest rate
on deposits by banks again from –0.3 percent to
–0.4 percent or lower. We may see an extension of the
bond-buying, though this is not very likely.
Once again, events on the financial markets in
2016 will therefore be marked by the exceedingly
expansionary monetary policy. Given the low level of
interest rates and the considerable amount of cash
available for investment, investors are expected to
turn to real estate and especially to securities that
yield dividends again in 2016. Given the considerable
uncertainty, for example regarding China’s uncertain
growth prospects, significant fluctuations in the
financial markets can be expected.
Retail banking – core strategic focus
Whilst all of our activities will focus on private and
corporate customers as well as our Private Banking,
private customers are and will remain the foundation
of our business. Haspa will continue to expand in
the Hamburg Metropolitan Region thanks to its
comprehensive services for this customer segment.
We will focus on the requirements of our customers
in the individual regions, which will increase in
the future, such as being able to conduct banking
transactions flexibly at all times. With the realignment
of our sales organisation implemented in 2014, we
adjusted our market identity and enhanced our market
presence, thereby laying the groundwork for even
more targeted local consulting services. The range of
Net interest income in the 2016 financial year is likely
to be considerably below the figure for the financial
year ended. Low interest rates constitute a further
challenging environment for Haspa’s customer business. If interest rates go up in the current year, this
will generally have a positive effect on our customer
business and could lead to larger contributions to net
interest income. We anticipate a slight improvement
in earnings from the maturities transformation over
the previous year.
We expect net commission income to rise considerably
in 2016. Here we believe that our new sales organisation, which was completed in 2014, will contribute
to giving us excellent visibility in the market – as
in the financial year ended. We hope to boost our contributions with the more intensive customer support
resulting from this. Depending on how the money
and capital markets develop, higher – though also
lower – contributions may be made in this area.
Management Report
Well equipped for the future – customer business
intensified
By focusing squarely on the retail business and
providing comprehensive customer support, we aim
to strengthen our competitive advantages of expertise
and regionality.
Haspa’s planning
Based on these assumptions, the following report
focuses on Haspa’s likely performance including
material opportunities and risks. The forecasting
horizon covers the current financial year. The forwardlooking statements contained in this report are based
for one on generally expected macroeconomic developments with a particular focus on the Hamburg Metropolitan Region, and for another on Haspa’s planning
for 2016, which results in specific budgets.
financial services we offer in online banking will also
be enhanced so that, in addition to personal contact
with customer support and consulting services, our
customers will now also be able to perform banking
transactions online and using their mobile phones
even more comfortably. We also plans to further
intensify our activities related to corporate customers,
as well as our Private Banking. The gross increase
in new customers is to be slightly lower than in the
previous year, which saw a gratifying increase.
Positive growth prospects in Hamburg
The Hamburg Chamber of Commerce’s economic
barometer showed in the fourth quarter of 2015 that,
on balance, companies were optimistic in their
assessment of the future business situation. Companies are more optimistic than pessimistic in their
expectations of investments and personal planning
and the forecasts for the export sector. These results
indicate a continuation of the upswing. In 2016, the
North German business centre that is Hamburg
could achieve economic growth of 1.6 to 2.0 percent.
Hamburg’s labour market should remain very stable,
with the number of people in gainful employment
increasing again.
Management
Management report – Report on expected developments – opportunities and risks
Management report – Report on expected developments – opportunities and risks
Administrative expenses are expected to increase
moderately in the current year. This increase will be
driven by other administrative expenses and will mostly
be attributable to projects for fulfilling regulatory
requirements, for sales and marketing issues and for
the further development of our IT structure. Personnel
expenses, on the other hand, are estimated to remain
at the 2015 level.
We project that other operating expenses will decrease
on the whole. These planning figures do not factor in a
possible modification of the method used to calculate
the valuation interest rate for our pension provisions,
given that the legislative process has not yet been
completed. This would have a clearly positive effect
on other operating expenses.
In view of a likely increase in customer assets and, in
particular, the good outcome of 2015, risk provisions
for the lending business are conservatively expected
to rise in the current year to a significantly higher
level. If 2016 is similarly successful as the previous
year, much lower effects than projected may nevertheless arise here.
In sum, the result from ordinary activities for the
current financial year will be up slightly on the 2015
level.
Lower income will be essentially evened out by receding expenses. Higher risk provisions for the lending
business will significantly erode the net revaluation
gain. On the basis of the planning outlined, we expect
the operating result before loan loss provisions,
following the definition by the German Savings Banks
Association (DSGV), to be moderately lower than in
2015.
If our equity base continues to strengthen in line with
planning for 2016, we expect the return on equity
before tax in the current year to be only slightly lower
than in 2015. The cost / income ratio based on the
HGB financial statements is likely to improve marginally because expenses will decrease at a faster rate
than income. Due not least to our broadly diversified
customer business and on the basis of our tried-andtested funding strategies and potential, our liquidity
situation will remain comfortable.
Management report – Corporate governance declaration in accordance with section 289a HGB
Management
8.Corporate governance declaration in
accordance with
section 289a HGB
Management Report
In 2015, the group of users and the scope of the
corporate governance declaration in accordance with
section 289a German Commercial Code (HGB) was
extended by the legislature. As an unlisted company
subject to co-determination, Haspa’s declaration comprises the following statements:
In 2015, the Supervisory Board and the Board of
Management laid down targets for the share of women
and deadlines for achievement of these targets in the
Supervisory Board and the Board of Management as
well as in the two management levels below the Board
of Management in accordance with section 76 (4) and
section 111 (5) German Stock Corporation Act.
The target for the share of women in the Supervisory
Board in accordance with section 111 (5) German Stock
Corporation Act is 18.75 percent. The deadline set for
achievement of this target is 30 June 2017.
The target for the share of women in the Board of
Management in accordance with section 111 (5)
German Stock Corporation Act is 20 percent and must
be reached by 30 June 2017.
A target of 10 percent with a deadline of 30 June 2017
has been set for the two management levels below the
Board of Management – heads of division and heads
of department.
Annual financial statements – Balance sheet
Balance sheet
of Hamburger Sparkasse AG for the year ended 31 December 2015
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
31.12.2015
31.12.2014
247,906
142,704
390,610
283,846
328,341
612,187
—
—
—
—
—
—
925,473
1,893,563
2,819,036
30,192,202
1,507,762
2,219,120
3,726,882
29,491,767
(13,777,268)
(344,242)
—
—
(—)
—
(—)
—
14,309,162
567,865
—
—
—
—
b) Bonds and debentures
ba) by public-sector issuers
bb) by other issuers
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
3,793,722
—
2,651,627
(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)
—
—
32,478
—
42,165
—
3,167
35,645
19,522
—
—
1,879
44,044
21,646
—
(—)
19,099
3,970
—
—
—
41,947,393
3,793,722
764,177
764,177
4,557,899
—
—
4,557,899
4,420,116
118,611
54,717
2,504
—
6,527
—
—
49
49
—
19,799
3,853
—
—
—
42,638,586
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
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
260,130
4,358,619
4,618,749
313,825
4,691,240
5,005,065
7,825,786
335
7,826,121
7,250,437
1,229
7,251,666
17,602,406
6,198,123
23,800,529
31,626,650
16,755,814
6,464,210
23,220,024
30,471,690
2,024,406
—
2,024,406
2,237,674
—
2,237,674
(—)
(—)
57,439
69
(69)
131,193
23,725
—
—
—
42,546
49
49
149,157
20,190
—
727,620
43,145
168,074
938,839
—
—
—
702,000
2,000
618,277
49,941
189,320
857,538
—
—
(—)
702,000
(2,000)
1,000,000
1,299,000
1,000,000
1,244,000
—
—
—
217,000
217,000
—
2,516,000
42,638,586
—
—
—
217,000
217,000
—
2,461,000
41,947,393
—
533,275
—
533,275
—
528,434
—
528,434
—
—
2,914,283
2,914,283
—
—
2,752,537
2,752,537
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
31.12.2014
1. Liabilities to banks
a) Payable on demand
b) With agreed maturity or notice period
31.12.2015
Equity and liabilities in € ’000
Management
Annual financial statements – Balance sheet
Annual financial statements – Income statement
Income statement
of Hamburger Sparkasse AG for the period from 1 January to 31 December 2015
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
2014
1,005,321
9,837
1,015,158
–443,898
571,260
1,081,651
15,476
1,097,127
–546,556
550,571
158,009
12,220
592
170,821
3,078
119,392
1,192
3,416
124,000
2,753
295,975
–18,048
277,927
–3,617
60,052
1,079,521
(364)
279,444
–16,808
262,636
1,838
61,114
1,002,912
120
7. Net trading income or expense
8. Other operating income
of which: in respect of post-employment benefits
b) Other administrative expenses
2015
–286,214
–73,657
–359,871
–308,756
–668,627
–18,473
–285,779
–59,529
–345,308
(–7,026)
–307,693
–653,001
–18,275
–152,300
–47,069
–112,885
—
—
156,767
–47,069
–1,753
156,767
–543
—
—
–1,753
—
—
191,299
—
–10,515
–10,515
–543
–461
–200,000
174,514
—
–10,515
–10,515
–20,284
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
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
–100,784
—
–100,784
—
–80,000
–83,999
(–83,837)
—
–83,999
—
–80,000
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
–96,349
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
22. Taxes on income
of which: for tax allocations
23. Other taxes not included in item 11
2015
Management Report
All figures stated in € ’000
Management
Annual financial statements – Income statement
Notes
Contents
31 General disclosures
31 Accounting policies
35 Cash flow statement
37 Notes to the balance sheet including the
statement of changes in equity
43 Notes to the income statement
43 Other disclosures
Annual financial statements – Notes
The annual financial statements of Hamburger Sparkasse AG (Haspa) as at 31 December 2015 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 Finanzdienstleistungsinstitute), taking into account the requirements
of the German Stock Corporation Act (Aktiengesetz).
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
General disclosures
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.
Management Report
Accounting policies
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 by the respective fund based on due assessments using suitable measurement models and taking
prevailing market conditions into account.
Individual write-downs or provisions take adequate account of recognisable risks in lending. Generalised valuation
allowances were recognised for potential risks from receivables. The requirement to reverse write-downs was
observed when measuring loans.
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.
For the first time, this item also includes net revaluation gains / losses from the early repayment of repurchased
own issues. 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 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,
a projection of the interest rate to the reporting date was made and the resulting interest rate of 3.88 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 0 percent and 5 percent.
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 on matching amounts but not matching maturities. Hedged transactions
are measured at the cash settlement or forward price.
Both the cash settlement and the forward prices are based on the reference rate of the European Central Bank.
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.
Management Report
Currency translation
Foreign currency amounts are translated in accordance with section 340h German Commercial Code in
conjunction with section 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.
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 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.
Management
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 expense, while interest expense for provisions not relating to
banking transactions is presented under other operating expenses.
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 “Securitised liabilities” as well as structured registered bonds, promissory note loans
and savings certificates recognised in “Liabilities to customers” or “Liabilities to banks”. The respective hedges
are structured such that the parameters of the 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.
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”.
Cash flow statement
80.0
51.8
80.0
146.0
14.5
0.1
–0.1
893.2
–736.2
–1,150.5
–0.6
–351.9
1,234.2
–210.9
–97.3
–571.3
–170.8
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
100.8
1,035.9
170.8
10.5
84.0
1,145.4
124.0
–560.2
0.0
0.0
–78.8
–190.8
2.3
0.0
0.0
–2.2
0.0
–5.9
0.0
0.0
0.0
–5.8
55.0
0.0
0.0
0.0
–80.0
0.0
–25.0
–221.6
0.0
612.2
390.6
–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
59.9
Management Report
2014
€ million
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
2015
€ million
Cash flow statement
Management
The cash flow statement was prepared in compliance with German Accounting Standard No. 21.
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 the 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
proportionate 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.
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
18.0
0.0
17.3
0.0
1,528.1
207.2
0.2
1.1
1,856.9
190.2
0.3
0.0
2015
€ million
2014
€ million
203.0
24.9
1.7
203.7
28.7
2.5
0.0
0.5
0.0
0.6
1,911.6
2,292.1
6,920.3
18,197.0
830.8
2,088.7
2,033.0
6,743.9
17,649.2
932.4
2015
€ million
2014
€ million
4,532.9
25.0
915.3
0.0
3,331.6
25.0
277.5
0.0
2015
€ million
2014
€ million
0.0
0.7
0.0
1.0
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
2014
€ million
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 5 years
2015
€ million
Management
Notes to the balance sheet (assets)
Investment funds with a share in excess of 10 percent in € million broken down by investment objective
NAME
JUPITER-FONDS 11
ISIN
Carrying
amount
31.12.2015
Market value
31.12.2015
Difference
Distribution
2015
Returnable
daily
Write-downs
omitted
3,570.8
3,684.9
114.1
128.6
Yes
No
422.5
422.5
0.0
6.9
Yes
No
426.1
466.2
40.1
16.3
Yes
No
0.0
0.0
0.0
6.2
—
—
2015
€ million
2014
€ million
44.3
0.0
74.5
0.3
0.0
119.1
–0.5
118.6
60.8
0.0
119.9
0.0
0.5
181.2
–0.5
180.7
DE000DK0ECC6
Balanced funds:
European and international equities,
government bonds,
Pfandbrief securities,
corporate bonds, assetbacked 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 The Jupiter-Fonds 1 focuses on euro zone government bonds and Pfandbrief securities.
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.
Cost on 01.01.2015
Additions
Disposals
Accumulated depreciation, amortisation and write-downs
Carrying amount as at 31.12.2015
Carrying amount as at 01.01.2015
Depreciation, amortisation and write-downs in the financial year
Intangible
fixed assets
€ million
Tangible
fixed assets
€ million
137.4
5.8
0.6
107.0
35.6
44.0
14.2
174.3
2.2
4.0
153.0
19.5
21.6
4.2
2015
€ million
2014
€ million
5.2
1.3
6.1
2.0
2.4
2.8
19.8
4.2
2.1
4.2
5.7
1.4
1.5
19.1
2015
€ million
2014
€ million
2.5
2.9
1.4
3.9
1.1
4.0
Management
Intangible and tangible fixed assets
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
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 from commission income
Other receivables
Other assets
Management Report
Haspa did not use the option of capitalising internally generated software.
Notes to the balance sheet (equity and liabilities)
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 5 years
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 5 years
Breakdown of sub-item bb) by maturity:
up to 3 months
more than 5 years
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
2015
€ million
2014
€ million
1.3
2.9
2,221.1
2.2
1.8
2,251.4
148.7
200.4
1,395.1
2,416.9
360.5
237.8
1,429.0
2,432.0
2015
€ million
2014
€ million
101.8
15.7
173.4
60.9
0.2
0.0
0.1
0.0
0.3
0.6
0.3
0.0
952.2
247.0
785.4
4,080.4
812.1
245.9
901.6
4,292.3
2015
€ million
2014
€ million
604.5
270.7
2015
€ million
2014
€ million
42.5
0.0
42.5
—
42.5
57.4
0.0
57.4
—
57.4
Deferred income
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
2014
€ million
9.0
9.8
80.0
27.6
13.0
1.0
7.3
11.3
149.2
80.5
7.1
14.3
1.6
7.9
10.0
131.2
2015
€ million
2014
€ million
15.7
19.0
3.2
3.1
1.3
20.2
1.6
23.7
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 2015 is € 94.6 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 € 1.2 thousand.
Management Report
The other liabilities comprise:
Tax liabilities
Liabilities to companies of HASPA Group
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
2015
€ million
Other liabilities
Management
Fiduciary liabilities
The fiduciary liabilities reported exclusively concern liabilities to banks.
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 31.12.2014
Capital changes
Net income for the financial year
Profit to be transferred
Balance on 31.12.2015
Subscribed
capital
Capital
reserves
Revenue
reserves
Net retained
profits
Reported
equity
1,000.0
1,244.0
55.0
217.0
0.0
2,461.0
217.0
80.0
–80.0
0.0
2,516.0
1,000.0
1,299.0
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.
Notes to the income statement
Interest expense
Interest expense includes a total of € 1.7 million due to the unwinding of discounts on provisions related to the
banking business. Furthermore, this item includes negative interest of € 1.0 million for deposit products.
Management
Interest income
In the financial year, negative interest of € 1.9 million is shown for lending products.
A total of € 22.6 million was expensed for the recognition of provisions during the reporting year.
Extraordinary result
The extraordinary result contains the initial adjustments stemming from the switch to the German Accounting
Law Modernisation Act. The pension provisions account for the extraordinary expense totalling € 10.5 million.
Taxes on income
This item totalling € 100.8 million includes € 78.9 million in current tax allocations and € 17.4 million in priorperiod 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.
Other operating expenses
Other operating expenses include a total of € 115.2 million due to the unwinding of discounts on long-term
provisions.
Other operating income
This item contains € 15.4 million in income from currency translation. It also includes € 24.1 million in income
from the reversal of provisions.
Management Report
Commission income
Approximately 27.0 percent of total commission income is attributable to brokerage and management services for
third parties.
Board of Management and Supervisory Board
In the 2015 financial year, the members of the Board of Management received total compensation of
€ 3.0 million. Loans and guarantees granted to members of the Board of Management amounted to € 3.2 million.
For former members of the Board of Management and their surviving dependants there are pension provisions of
€ 1.6 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 sentence 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 2015 amounted to € 0.7 million.
Loans and guarantees granted to members of the Supervisory Board amounted to € 3.1 million.
Expenses for the auditor
The total fee for the auditor in the 2015 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 2015 financial year.
Other financial obligations
There are obligations arising from letting, rental and lease agreements in effect for the next financial years.
Financial year:
2016
2017
2018
€ million
of which:
affiliated
companies
€ million
58.4
59.2
59.6
177.2
8.2
8.3
8.3
24.8
There are deposit obligations of € 0.1 million in the financial year; there are no obligations to make additional
contributions.
In the financial year, Haspa made use of the option to contribute a portion of the annual contribution to the
restructuring fund (“European bank levy”) in the form of fully hedged payment entitlements. The security
provided for this purpose amounted to € 2.6 million.
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 € 987.1 million and € 601.9 million
respectively.
Forward transactions / derivative financial transactions of Hamburger Sparkasse
The following table shows the volume of transactions in effect at the end of 2015.
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
Interest futures
Total
Transactions involving
other price risks
OTC products
Structured swaps
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
54.0
0.0
0.0
39.7
0.0
0.0
109.6
19.4
0.6
153.5
36.0
95.0
14.7
0.0
0.9
4,414.6
0.0
0.0
178.3
19.4
1.5
4,607.8
36.0
95.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.0
342.3
0.0
0.1
0.0
0.5
0.0
15.1
0.0
6.9
1,744.4
19,876.9
17,614.4
39,235.7
445.5
1,305.7
1,885.1
2,335.9
22.1
4,196.1
0.0
0.0
20,291.0
0.0
0.0
22,044.6
2,335.9
22.1
46,531.7
16.3
0.0
461.8
0.4
0.0
1,649.0
2.2
0.0
1,909.8
8.0
3,169.3
0.0
54.1
0.0
0.0
8.0
3,223.4
8.0
0.0
0.0
32.3
0.0
44.7
0.0
131.2
193.6
324.8
0.0
58.3
54.5
102.8
3,280.1
0.0
185.3
0.0
193.6
102.8
3,659.0
0.0
8.0
0.4
91.0
0.3
99.5
132.5
17.5
0.0
150.0
0.0
1.1
1.5
0.0
176.1
7.3
315.9
0.0
0.0
0.0
17.5
0.0
0.0
0.0
0.0
0.0
176.1
7.3
333.4
0.0
0.0
0.0
0.0
0.0
2.6
0.0
3.7
0.0
0.8
0.0
2.3
Derivatives are always measured by reference to their current market price. The prices on the last trading day in
2015 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 fair 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
Market values
Management Report
of which: nominal values
in the trading
portfolio
Nominal values
as at 31.12.2015
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 majority of Haspa’s interest-related transactions mentioned above were carried out to limit interest rate risks
and were 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 currency-related 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 € 3,043.6 million and executory contracts with a nominal value of
€ 299.0 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 fair value of € 326.7 million were in place to hedge interest rate
risks; transactions with a negative fair value of € 23.7 million to hedge currency risks; as well as transactions with
a negative fair value of € 0.4 million to hedge other price risks.
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
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
2014
€ million
0.0
0.0
2,819.0
0.0
0.0
3,726.9
925.5
0.0
1,507.8
690.0
2015
€ million
2014
€ million
14,309.2
567.9
15,315.2
13,777.3
344.2
15,370.3
18.0
13.4
2015
€ million
2014
€ million
2.5
1.4
2.9
1.1
2015
€ million
2014
€ million
429.6
0.0
4,189.1
408.6
0.0
4,596.5
260.1
0.0
0.0
313.8
0.0
0.0
Management Report
This item includes:
Mortgage loans
Public-sector loans
Other receivables
of which:
Payable on demand
Loans on securities
2015
€ million
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 included in the notes for reasons of clarity and understandability. For the same reasons, Haspa
only shows the items required by the Ordinance on Accounting for Banks and Financial Services Institutions
(RechKredV) whose content relates to the Pfandbrief business.
Management
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
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
2015
€ million
2014
€ million
3,357.3
0.0
3,010.6
0.0
7,825.8
0.3
20,443.2
7,250.4
1.2
20,209.5
17,602.4
0.0
0.0
16,755.8
0.0
0.0
2015
€ million
2014
€ million
502.7
0.0
1,521.7
0.0
533.1
0.0
1,704.6
0.0
0.0
0.0
2015
€ million
2014
€ million
19.5
0.7
22.1
1.6
Pfandbrief securities
Haspa has been issuing Pfandbrief securities since the 2006 financial year.
0.0
4,229.9
4,919.9
4,541.4
0.0
3,895.5
4,672.6
4,909.3
0.0
6,415.0
7,258.6
6,810.8
0.0
5,432.2
6,255.0
6,444.4
2,185.1
2,338.7
2,269.4
1,536.8
1,582.5
1,535.0
0.0
0.0
0.0
0.0
166.0
190.0
188.5
144.0
334.2
428.5
535.6
1,271.2
972.0
35.8
48.0
176.0
190.0
342.5
329.2
323.5
1,427.5
1,023.0
2015
€ million
2014
€ million
2015
€ million
2014
€ million
271.0
435.7
304.3
329.4
666.4
700.2
547.6
2,308.4
852.1
260.3
249.8
274.9
400.9
547.9
575.6
563.4
1,854.8
704.8
0.0
125.0
0.0
0.0
75.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
125.0
0.0
75.0
0.0
0.0
0.0
in %
in %
96.9
98.8
96.3
98.7
Management Report
2014
€ million
of which additional cover assets
Fixed-interest periods of the cover assets
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 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
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.
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
Excess cover
Nominal value
Present value
Excess cover taking into account the
vdp Credit Quality Differentiation Model
Nominal value
Present value
Maturity structure of the mortgage Pfandbrief circulation
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 10 years
2015
€ million
I) Information regarding total amount and maturity structure
Management
The standard transparency requirements of section 28 German Pfandbrief Act are fulfilled by disclosure on
our website (www.haspa.de).
II) Composition of ordinary cover assets
a) Total amount of nominal value cover assets used, by size class1
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
2015
€ million
2014
€ million
3,213.0
913.9
1,752.1
336.2
2,534.6
859.3
1,543.0
295.3
b) and c) Total amount of receivables used for cover, by type of use1, 2
Land used for
residential purposes
Commonhold / leasehold properties
Single- and two-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
Total amount of receivables exceeding the limits pursuant to section 13 (1)
Volume-weighted average age of receivables
Average weighted loan-to-value ratio
1 Only regular cover is taken into consideration.
2 No liens on property outside Germany
Land used for
commercial purposes
2015
€ million
2014
€ million
2015
€ million
2014
€ million
796.9
2,123.2
1,858.2
0.0
0.0
0.0
0.0
0.0
0.0
564.9
1,718.1
1,628.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
526.3
227.5
21.6
661.3
0.0
0.0
0.0
0.0
0.0
468.9
199.2
24.6
628.1
0.0
0.0
2015
€ million
2014
€ million
0.0
0.0
2015
in years
2014
in years
6.0
6.0
2015
in %
2014
in %
52.0
44.7
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
IV) Overview of past due payments
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
2014
€ million
0.0
0.0
0.0
0.0
0.0
0.0
0.0
200.0
0.0
200.0
0.0
0.0
2015
€ million
2014
€ million
0.0
0.0
0.0
0.0
V) Further information on the annual financial statements
Land used for
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
2015
Number
2014
Number
2015
Number
2014
Number
0
0
0
0
0
0
0
0
0
0
0
0
Land used for
Total interest in arrears
Land used for
commercial purposes
2015
€ million
2014
€ million
2015
€ million
2014
€ million
0.0
0.0
0.0
0.0
Trustees
Uwe Rollert – corporate consultant
Dr. Adam von Kottwitz, deputy – retired notary public
Rainer Sinhuber, deputy – retired judge (until 30.11.2015)
Joachim Pradel, deputy – judge (since 01.12.2015)
Management Report
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
2015
€ million
III) Composition of additional cover assets
Management
Shareholdings of Hamburger Sparkasse AG as at 31.12.2015 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 solutions Beteiligungs GmbH, Hamburg
PWM Beteiligung GmbH, Hamburg
novomind management group GmbH, Hamburg
Rübsam Beteiligungs Holding GmbH, Fulda
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
22,998.4
3,337.9
14,042.9
62,496.1
1,812.1
14.0
800.0
42.6
5,000.0
687.1
1,638.7
–0.8
3,250.9
–2.9
5,174.3
–0.7
0.02
0.02
0.02
0.02
40.00
26.00
49.99
21.54
31.00
10.4
11,475.2
1,394.9
9,839.2
n. a.3
–1,042.7
–115.5
–5.1
3,047.7
n. a.3
1 Based on the most recent annual financial statements available for 2014 if no other information is given
2 Profit and loss transfer agreement
3 New entity – therefore no annual financial statements available for 2014 available
4 The voting share is 15.38%.
Employees
Annual average
Full-time employees
Part-time employees
Trainees
male
female
total
2,055
100
2,155
145
2,300
1,192
842
2,034
137
2,171
3,247
942
4,189
282
4,471
Part-time employees are included on a prorated basis as full-time employees according to their contractual
working hours.
An annual average of 1,528 part-time staff were employed in 2015.
Management
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 (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, BerlinMember
Landesbank Berlin Holding AG, Berlin
Member
Supervisory Board
Sparkasse zu Lübeck AG, Lübeck
Management Report
Frank Brockmann (Deputy Spokesman of the Board of Management)
Deputy Chairman
Jürgen Marquardt (member of the Board of Management)
Member
Deputy Chairman
Supervisory Board
LBS Bausparkasse Schleswig-Holstein-Hamburg AG, Kiel / Hamburg
neue Leben Unfallversicherung AG, Hamburg
Directors
Helge Steinmetz
Supervisory Board
LBS Bausparkasse Schleswig-Holstein-Hamburg AG, Kiel / Hamburg
Member
Olav Melbye
Supervisory Board
Sparkasse Mittelholstein AG, RendsburgMember
Sparkasse zu Lübeck AG, LübeckMember
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
Supervisory Board
Dipl.-Kfm. Günter Elste
Chairman (since 15 April 2015)
Chairman of the Supervisory Board of HASPA Finanzholding
(since 28 January 2015)
Dr. Karl-Joachim Dreyer Chairman (until 15 April 2015)
Chairman of the Supervisory Board of HASPA Finanzholding
(until 28 January 2015)
Claus KrohnChairman of the Works Council of Hamburger Sparkasse AG
Deputy Chairman
Peter Becker 2nd Deputy Chairman
Master Baker
Former President of the Zentralverband des Deutschen Bäckerhandwerks e.V.
Michael BörzelUnion secretary of the ver.di trade union
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
Dr.-Ing. Georg Mecke
(since 15 April 2015)
Vice President Site Management Hamburg and External Affairs Airbus
Operations GmbH Hamburg
Olav Melbye General Legal Representative Hamburger Sparkasse AG
Fritz Horst MelsheimerChairman of the Supervisory Board HanseMerkur Insurance Group
(until 15 April 2015)
President of the Hamburg Chamber of Commerce
Thomas SahlingDeputy Chairman of the Works Council of Hamburger Sparkasse AG
Prof. Dr. Burkhard Schwenker
Chairman of the Advisory Council Roland Berger GmbH
Gabriele VoltzLawyer
(since 15 April 2015)
Dr. Martin Willich Businessman, legal professional
Cord Wöhlke Managing Director Iwan Budnikowsky GmbH & Co. KG
Haspa is included in the consolidated financial statements of HASPA Finanzholding, Hamburg, Germany, as the
latter’s wholly-owned 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 pursuant to section 291 (1) German Stock Corporation Act. Whilst Haspa
in turn has equity interests in subsidiaries as well, pursuant to section 296 German Commercial Code it may
dispense with preparation of (partial) consolidated financial statements.
Management Report
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 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 and the presentation of its assets,
liabilities, financial position and profit or loss.
Management
Board of Management
Dr. Harald Vogelsang
Spokesman
Frank Brockmann
Deputy Spokesman
Axel Kodlin
Regular Member
Jürgen Marquardt
Regular Member
(since 1 May 2015, previously deputy member)
Bettina Poullain
Regular Member
Axel Kodlin
Jürgen Marquardt
Frank Brockmann
Bettina Poullain
Annual financial statements – 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 risks associated with the expected development of Hamburger
Sparkasse AG.
Management
Responsibility statement
Axel Kodlin
Jürgen Marquardt
Frank Brockmann
Bettina Poullain
Management 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 2015.
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, 29 March 2016
Auditing division of the
HANSEATISCHER SPARKASSEN- UND GIROVERBAND
(HANSEATIC SAVINGS BANKS ASSOCIATION)
Dirk Bolte
Wirtschaftsprüfer (German Public Auditor)
Additional information – Report of the Supervisory Board
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 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 business and made all decisions that are incumbent
upon it by its authority – especially under the requirements of applicable laws and the articles of association – at
its meetings. Moreover, a further education seminar was held for the members of the Supervisory Board, at which
the current legal regulatory developments in connection with work on supervisory bodies, risk control and risk
management were explained and discussed and the Enterprise Customers and Real Estate Customers divisions
were introduced.
Management Report
Furthermore, the Supervisory Board discussed the supervision by the European Central Bank comprising the
Supervisory Review and Evaluation Process (SREP) as well as the review of the requirements for the risk government and risk appetite framework. In this connection, following a lengthy debate, the Supervisory Board assessed
the effectiveness and independence of the supervisory bodies and determined this to be adequate. Moreover, the
Supervisory Board concerned itself with the core content of the restructuring plan for the HASPA Group, which
presents available courses of action in conjunction with thresholds using various exposure scenarios in order to
safeguard and / or restore financial stability in possible crisis situations.
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 and risk strategy, and the Supervisory Board made all decisions that were
incumbent on it. All issues key to the company were discussed in depth with the Board of Management in four
routine plenary sessions. Furthermore, the inaugural Supervisory Board meeting was held immediately after
the election of the shareholder representatives to the Supervisory Board. 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). In the context of performance and risk reporting, the content of which has
been comprehensively revised and expanded since the first quarter of 2015, the Supervisory Board discussed the
financial situation of Hamburger Sparkasse AG at length and debated on possible effects. In these discussions,
the Supervisory Board concerned itself in particular with new customer development and the measures initiated,
which led to reinforced customer acquisition activities and also curbed customer fluctuation. Another issue of
importance for the Supervisory Board was the alignment of the existing institutional guarantee scheme of the
Savings Banks Finance Group with the deposit guarantee scheme under the German Deposit Guarantee Act which
is based on European requirements. Furthermore, the Supervisory Board discussed the statutory and regulatory
developments as well as their effects for Hamburger Sparkasse AG at length. This included determining, for the
first time, a target for the representation of women in the Supervisory Board and the Board of Management. To
increase the share of women in the Supervisory Board, it was determined that efforts would be made to increase
the representation of women from two to three seats, corresponding to a share of 18.75 percent.
Management
Report of the Supervisory Board
Additional information – Report of the Supervisory Board
After many years of exceedingly close, trust-based cooperation, the Chairman of the Supervisory Board, Dr. KarlJoachim Dreyer, stepped down from the Supervisory Board on 15 April 2015 on reaching the age limit stipulated
in the Articles of Association. The Supervisory Board would like to thank Dr. Dreyer for his long-standing commitment to the entire HASPA Group as well as for his commendable work. Fritz Horst Melsheimer also retired from
the Supervisory Board. The Supervisory Board likewise thanks him warmly for his hard work and the constructive
dialogue and trust-based cooperation. The General Meeting elected two new members, Dr. Georg Mecke and
Gabriele Voltz, to the Supervisory Board on the same day. The Supervisory Board subsequently elected the undersigned to act as its Chairman.
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 2015 – 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.
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 2015 financial year before 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.
The Supervisory Board also thanks the Works Council for the good and constructive collaboration.
Hamburg, 13 April 2016
The Supervisory Board
Günter Elste
Chairman of the Supervisory Board
Additional information – Regional divisions and regions
An advisory board was set up in each of these regions to forge close ties with the local people and companies,
associations and institutions. There is also an advisory board for the Real Estate Customers, Private Banking and
Corporate Customers divisions.
North-East regional division
Regional division manager Private Customers
Michael von Lützow
Joachim Ewald
Regional division manager Corporate Customers
Arent Bolte
Ralf Günther
Regions
Regions
Altona-Ottensen
Jan Richert
Alstertal
Jens Olsson
Eimsbüttel
Peter Engelhorn
Barmbek
Metta Schade
Eppendorf-Rotherbaum
Michael Schilling
Bramfeld-Steilshoop
Jens Kruse
City Centre
Stefan Nickel
Horn-Hamm
Olaf Namat
St. Georg-Hohenfelde
Andreas Stockdreher
Jenfeld-Farmsen
Claus Schmieder
St. Pauli-Neustadt
Detlef Rüter
Rahlstedt-Berne
Marco Röder
Uhlenhorst-Winterhude
Frank Ennen
Stormarn
Niels-Helge Pirck
Central regional division
Wandsbek
Thomas Brümmerstedt
Walddörfer
Thomas Hinsch
Management Report
Haspa’s personal customer support and consulting services are always easily accessible in the Hamburg
Metropolitan Region. With four regional divisions and 28 regions, we are deeply entrenched in the local market
sectors of the Hamburg Metropolitan Region. In our branches and centres we provide comprehensive customer
support and consulting services in five areas of competency: financial consulting, asset accumulation, asset
optimisation, property financing and corporate customer advisory.
Management
Regional divisions and regions
Additional information – Regional divisions and regions
North-West regional division
South-East regional division
Hans-Otto Kattenberg
Holger Knappe
Ralf Günther
Arent Bolte
Regions
Regions
Bahrenfeld-Othmarschen
Nico Damm
Altes Land
Kai Köster
Blankenese-Rissen
Jan-Erik Schuldt
Bergedorf
Petra Wittenhagen
Eidelstedt-Pinneberg
Jürgen Ropers
Billstedt
Tobias Förster
Niendorf
Martin Englert
Harburg
Stefan Sagau
Norderstedt-Langenhorn
Nicole Weber
Nordheide
Reinhard Lackner
Sachsenwald
Kai Arnold
Veddel-Wilhelmsburg
Andreas Römer
Additional information – Corporate divisions / Works Council
Corporate divisions
Private Customers North-East
Joachim Ewald
Compliance
Christian Albers
Private Customers North-West
Hans-Otto Kattenberg
Digital Sales
Tobias Lücke
Private Customers South-East
Holger Knappe
Corporate Customers 1
Arent Bolte
Audit
Thorsten Pegelow
Corporate Customers 2
Ralf Günther
Treasury
Klaus-Dieter Böhme
Comprehensive Bank Controlling
Dr. Olaf Oesterhelweg
Corporate Communication
Stefanie von Carlsburg
Real Estate Customers
Wilfried Jastrembski
Enterprise Customers
Andreas Mansfeld, General Legal Representative
Information Technology
Dr. Rudolf Hoyer
Corporate Customers Sales Management
Alexandra Hasse
Credit and Legal
Olav Melbye, General Legal Representative
Private Customers Sales Management
Helge Steinmetz
SME Customers
Michael Maaß
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
Management Report
Private Customers Central
Michael von Lützow
Management
Business Organisation
Thorsten Giele
Works Council
Chairman of the Works Council
Claus Krohn
Additional information – Business development 2011 to 2015
Business development 2011 to 2015
of Hamburger Sparkasse AG
Balance sheet figures
ASSETS
2011
€ million
2012
€ million
2013
€ million
2014
€ million
2015
€ million
Cash reserve
Business loans
Personal loans
Real estate financing
Public-sector loans
Securities
Trading portfolio
Equity investments, shares in affiliated companies
Tangible and intangible fixed assets
Other assets
440
1,905
27,731
6,496
2,265
18,775
195
8,089
219
71
100
20
343
2,202
29,865
6,335
2,245
20,916
369
6,809
162
71
90
31
302
3,029
29,897
6,291
2,092
21,000
514
6,950
162
72
80
29
612
3,727
29,492
6,055
1,886
21,207
344
7,782
181
65
65
23
391
2,819
30,192
5,773
1,695
22,156
568
8,978
119
61
55
24
EQUITY AND LIABILITIES
Savings deposits
Savings certificates / RentaPlan
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
4,950
27,393
6,090
979
4,910
2,449
12,965
3,138
201
61
707
370
1,599
156
4,985
27,977
6,152
1,028
3,057
2,583
15,157
2,671
337
70
786
0
2,613
134
5,020
28,638
6,487
1,230
2,596
2,790
15,535
2,801
418
48
805
0
2,663
128
5,005
30,472
7,252
1,291
2,162
3,011
16,756
1,705
533
57
858
0
3,163
154
4,619
31,627
7,826
1,389
1,452
3,357
17,602
1,522
503
43
939
0
3,218
169
38,575
39,573
40,521
41,947
42,639
2011
€ million
2012
€ million
2013
€ million
2014
€ million
2015
€ million
770
1,504
734
235
687
2
–38
159
69
80
729
1,454
725
230
691
2
–101
139
53
75
687
1,314
627
254
653
1
–90
141
55
75
677
1,224
547
263
671
2
–52
175
84
80
745
1,189
444
278
687
–4
–92
191
101
80
69.8
9.3
72.4
6.2
72.5
4.9
72.2
6.0
70.2
5.7
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)
Result from ordinary activities
Taxes on income
Net income / loss for the period
CIR (according to DSGV) 1 in %
Equity ratio before tax in %
1 Following the definition by the German Savings Banks Association (DSGV)
Published by
Ecke Adolphsplatz / Grosser Burstah
20457 Hamburg
Telephone +49 (0)40 3579-0
Fax: +49 (0)40 3579-3418
www.haspa.de
haspa@haspa.de
Concept and design
CAT Consultants, Hamburg
www.cat-consultants.de
Ecke Adolphsplatz / Grosser Burstah
20457 Hamburg
Telephone +49 (0)40 3579-0
Fax: +49 (0)40 3579-3418
www.haspa.de
haspa@haspa.de

Annual Report 2015

Transcription

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