Hamburg Commercial Bank AG
HSH Nordbank AG: Signing of the privatization of HSH Nordbank AG successful
HSH Nordbank AG / Key word(s): Disposal/Final Results
Simultaneously with the successful signing of the share purchase agreement, HSH Nordbank AG has signed an agreement regarding a sale of an large portfolio consisting mainly of non-performing loans, to an acquisition vehicle of Cerberus European Investments LLC, J.C. Flowers & Co. LLC, GoldenTree Asset Management L.P. and Centaurus Capital LP (the Portfolio Transaction). Specifically, the non-performing exposures (NPE) predominantly are ship financings. The closing of the Portfolio Transaction is dependent on the closing of the share purchase agreement and will result in an NPE-ratio of HSH Nordbank AG below 2 per cent. In light of the Portfolio Transaction and potential further effects of the privatization, HSH Nordbank AG adjusts its profit forecast for the fiscal year 2017 and is now expecting a negative IFRS annual result in 2017 before tax in a mid three-digit million figure. Nonetheless, the bank is expecting a CET1-capital ratio of about 15 per cent taking the various transactional measures into account. Under HGB, a significantly higher loss (before tax) is expected that will lead to a further loss participation of the hybrid capital investors in accordance with the provisions of the respective instruments. HSH Nordbank AG will now assess the implications on the financial accounting of the bank regarding the 2017 financial statements in detail and thus will prepare the financial statements at a later point. The new date for the annual results press conference is 26 April 2018. Against the backdrop of the privatization, HSH Nordbank AG has come to an agreement with hsh finanzfonds AöR regarding the early termination of the agreement on the provision of a guarantee framework (so called Sunrise guarantee) against a remuneration of EUR 100 mil. which will reduce the result in 2018. At the same time hsh finanzfonds AöR will make a payment to HSH Nordbank AG as a compensation of the loss framework not yet accounted for respectively not yet paid out. The termination, the remuneration and the compensation payment will take place with and subject to the closing of the privatization. Due to the upcoming transformation phase of HSH Nordbank AG over the next years which will be shaped by the transition from the public to the private deposit protection scheme as well as the restructuring to a new and viable bank, contrary to prior expectations HSH Nordbank AG today expects that it will not be possible for HSH Nordbank AG to make contributions on the issued hybrid capital instruments from the fiscal year 2020 for the fiscal year 2019 on but at the earliest from the fiscal year 2024 for the fiscal year 2023. HSH Nordbank AG 20079 Hamburg post box 1122 24100 Kiel Additionally to the privately placed silent participations of HSH Nordbank AG this publication also relates to the follwing financial instruments issued by HSH Nordbank AG: https://www.hsh-nordbank.de/media/pdf_3/investorrelations/funding/anleihe/marktsegment.pdf?lang=de&fsId=12929
28-Feb-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | HSH Nordbank AG |
Gerhart-Hauptmann-Platz 50 | |
20095 Hamburg | |
Germany | |
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: | DE000HSH2H15, DE000HSH2H23 |
WKN: | HSH2H1, HSH2H2 |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart |
ISIN-Liste abrufbar unter: http://www.hsh-nordbank.de/media/pdf/investorrelations/funding/anleihe/MarktSegment.pdf |
End of Announcement | DGAP News Service |
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