HSH Nordbank AG / Preliminary Results/Final Results
13.02.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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According to preliminary non-audited IFRS group figures, HSH Nordbank
closed 2008 with a consolidated net loss of around EUR 2.8 billion before
restructuring costs, taxes and loss participation (previous year: net
profit of EUR 285million). This figure includes the impairments of around
EUR 1.6 billion(previous year: EUR 1.3 billion) on the credit investment
portfolio.
Further writedowns necessitated by the crisis afflicting the financial
market are valued at EUR 0.9 billion and include, among other things,
adjustments in connection with the Lehman insolvency and the collapse of
Icelandic banks. HSH Nordbank has responded to the heightened risks in its
lending business in the wake of the current economic crisis by
substantially increasing loan-loss provisioning to EUR 1.4 billion
(previous year: EUR 1 million income). In 2008, the group generated net
interest and commission income of around EUR 2 billion (previous year: EUR
1.9 billion).
The Bank had previously announced that it would be paying the coupons on
silent partnerships which are contingent on the Bank reporting a net income
for the year. For the individual financial statement, according to German
GAAP, the Management Board assumes a profit for the year shown in the
balance sheet. Therefore the Bank will be able to pay the coupons on profit
participation certificates and silent partnerships. At the moment, the bank
is in the advanced stages of constructive negotiations with its owners
concerning a strategic realignment.
Contact:
HSH Nordbank AG
Rune Hoffmann
Press Spokesman
Tel. +49 40/33 33-11412
Fax +49 40/33 33-611412
E-Mail: rune.hoffmann@hsh-nordbank.com
Karl Steinle
Head of Investor Relations/Rating
Tel. +49 40/33 33-10477
Fax +49 40/33 33-610477
E-Mail: karl.steinle@hsh-nordbank.com
DGAP 13.02.2009
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Language: English
Issuer: HSH Nordbank AG
Gerhart-Hauptmann-Platz 50
20095 Hamburg
Deutschland
Phone: +49 (0)40 33 33-0
Fax: +49 (0)40 33 33-340 01
E-mail: info@hsh-nordbank.com
Internet: www.hsh-nordbank.com
ISIN: DE0009842542
WKN: 984254
Listed: Regulierter Markt in Hamburg
End of News DGAP News-Service
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DGAP-Adhoc: HSH Nordbank reporting net loss for 2008
| Source: EQS Group AG