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Group Annual Accounts 2014 (IFRS)
Information on the Annual Accounts of
Helaba Group
Frankfurt (Main), March 25, 2015
Cornerstones of the Financial Year 2014:
New all-time High in Helaba’s history
2
With € 607 m profit before tax Helaba reaches a new all-time high. This success is based on Helaba’s sustained focus on
customer-related business.
Both operating income components, interest income and fee and commission income, increased by about 6% to
€ 1,293 m and € 317 m respectiveley.
As expected, the net trading income was reduced to earnings from the customer-related capital market business resulting
in € 126 m (2013: € 344 m).
General administration expenses and provisions for loans and advances were reduced. Provisions for loans and
advances shrank of about 67% to € 80 m, general administration expenses declined by more than 3%.
The bank lifted the volume of new medium- and long-term business by more than 6% to € 18.4 bn. The largest portion
related again to the real estate business of € 9.6 bn, followed by the business segment Corporate Finance with € 4.6 bn.
Helaba Group’s capital base was further strengthened. By year-end 2014 the CET1-ratio (“phased-in”) reached 13.4%,
the total capital ratio increased to 18.5%.
From retained earnings of the Helaba individual financial statement, which rose to € 110 m, the bank will pay out
dividends on the share capital and the profit based participation on the capital contribution.
Helaba‘s Stable Strategic Business Model:
Three Core Business Units
3
Helaba
…a Universal Bank with strong Regional Focus
Wholesale Business
S-Group Business, Private
Customers and SME Business
Public Development and
Infrastructure Business
Business Division:
Real Estate
Corporate Finance
Financial Institutions
and Public Finance
Global Markets
Asset Management
Transaction Banking
Frankfurt am Main . Erfurt . Düsseldorf . Kassel . London
Paris . New York . Zürich . Madrid . Moscow . Shanghai . Singapore
IFRS-Result:
With € 607 m Earnings before Tax new all-time High
Development of profit before taxes
4
Development of total assets
in € million
In € billion
220
600
607
200
500
492
199
512
483
180
400
398
160
300
200
140
100
120
0
166
164
2010
2011
178
179
2013
2014
100
2010
2011
2012
2013
2014
2012
as of December 31, 2014
Operating Income:
Interest and Commission Income Continue to Grow
Development of net interest income
5
Development of net commission income
in € million
in € million
350
1,293
1.200
1,216
1.000
317
300
1,155
300
1,067
1,017
250
249
254
259
2010
2011
2012
800
200
600
150
400
100
200
50
0
0
2010
2011
2012
2013
2014
2013
2014
as of December 31, 2014
Consolidated Balance Sheet of Helaba Group 2014 (IFRS)
6
31.12.2014
31.12.2013
in € billion
in € billion
in € billion
Loans and advances to banks incl. cash reserves
21.6
23.1
- 1.5
-6.5
Loans and advances to customers
91.1
91.0
0.1
0.1
Impairments on receivables
-1.0
-1.1
0.1
9.1
Assets held for trading
31.3
32.3
-1.0
-3.1
5.8
4.7
1.1
23.4
26.6
24.2
2.4
9.9
4.1
4.1
-
-
179.5
178.3
1.2
0.7
Liabilities due to banks
35.6
34.2
1.4
4.1
Liabilities due to customers
45.3
43.9
1.4
3.2
Securitised liabilities
48.3
48.4
-0.1
-0.2
Liabilities held for trading
29.2
33.7
-4.5
-13.4
Negative market value of derivatives not held for trading
5.4
3.5
1.9
54.3
Provisions, other liabilities
2.9
2.3
0.6
26.1
Subordinated capital
5.4
5.1
0.3
5.9
Equity
7.4
7.2
0.2
2.8
Total liabilities
179.5
178.3
1.2
0.7
Business volume
204.9
200.4
4.5
2.2
Positive market value of derivatives not held for trading
Financial investments, incl. companies accounted for using the equity method
Other Assets
Total assets
Change
%
P&L for Helaba Group 2014 (IFRS)
7
2014
2013
in € million
in € million
Change
in € million
in %
1,293
1,216
77
6.3
-80
-240
160
66.7
1,213
976
237
24.3
Net commission income
317
300
17
5.7
Net trading income
126
344
-218
-63.4
Result from hedges / derivatives
51
-12
63
-
Results from financial investments (incl. result from companies accounted for using the
equity method)
45
-8
53
-
Other operating result
70
137
-67
-48.9
-1,215
-1,254
39
3.1
607
483
124
25.7
-210
-148
-62
-41.9
397
335
62
18.5
Net interest income
Provisions for losses on loans and advances
Net interest income after provisions for losses on loans and advances
General administration expenses
Earnings before taxes
Taxes on income
Consolidated net income after taxes
Key Financial Ratios for 2014
8
2014
2013
Return on equity (before tax)
8.3%
6.9%
Cost-income ratio
63.9%
63.4%
Own funds, total in € billion
10.0
9.4
Leverage Ratio
4.0%
3.4%
Helaba Group: Volume of Medium- and Long-Term New Business (≥1 year):
New Business with Customers Increases to € 18.4 bn
Development of medium- and long-term new business
9
Split of new business by segments: € 18.4 bn*
in billion €
20
18.4
18
Corporate Finance
Real Estate
17.2
16
15.0
14.4
€ 4.6 bn
14
€ 9.6 bn
12
10.5
10
€ 2.7 bn
8
S-Group Business (incl.
Frankfurter Sparkasse)
6
€ 1.2
bn
€ 0.3
bn
4
2
Public Finance
Other lending
divisions
0
2010
2011
2012
2013
2014
*without medium- and long-term new business of WIBank
as of December 31, 2014
Refinancing
High Proportion of Unsecured Funding Instruments
10
Medium and long-term funding ( ≥ 1 Jahr): € 15.2 bn in 2014
Unsecured bank bonds
Public Pfandbriefe
€ 4.4 bn
70%
Pfandbriefe
€ 6.3 bn
€ 0.5
bn
30%
€ 4.0
bn
Mortgage Pfandbriefe
Borrower‘s notes and other loans
Subordinated debt
As of December 31, 2014
 High stability provided by € 45 bn of customer liabilities.
Capital Ratios:
Capital Base Strengthend
11
Development of capital ratios (Helaba Group)
Risk weighted assets
Capital Ratio
Tier-1-Ratio
65
CET1 Ratio
18.5%
17.4%
15.3%
18%
15.9%
14.4%
14.3%
11.2%
9.6%
13.4%
12.5%
10.1%
16%
14%
12.8%
60
20%
12%
10%
8%
60.8
55
6%
57.2
57.3
4%
54.1
53.8
2013
2014
50
2%
0%
2010
2011
2012
 CET1-Ratio „phased-in“ at 13.4%, CET1-Ratio “fully loaded” at 11.8%.
Group Profit before Tax split down on Business Segments
12
Profit before tax as of 31.12.2014
in € million
900
18
800
174
700
-265
600
58
109
500
162
400
607
300
200
351
100
0
Real Estate
Corporate Finance
Financial Markets
S-Group Business,
Private Customers
and SME Business
Public Development
and Infrastructure
Business
Others
Consolidation /
Reconciliation
Profit before Tax
Helaba Group Strategy 2015:
Four Strategic Market Initiatives
13
S Group Business
Real Estate Lending
• Implementation of the refocused S Group- and sales
strategy
• Utilization of Helaba’s leading market position
• Key Account Managers on a senior management
level for savings banks
• reinforcement of the product supply for savings
banks
• Opening of a domestic sales office in
Münster (Westphalia)
Foreign Trade Finance
Cash Management
• Significant improvement of foreign trade finance
products for key customers, savings banks and
savings banks customers
• Helaba is the second largest payment transaction
bank in Germany
• Extension correspondent banking network
• Support savings banks in the establishment of
competitive payment proceedings in the areas of
e- and m-commerce
• Opening of a representative office in Singapore
Helaba Ratings on a high level
14
Unguaranteed ratings
Agency
Moody´s
Fitch Ratings
Standard & Poor´s
Long-term rating
A21
A+2
A2
Short-term rating
P-1
F1+2
A-12
-
a+2
A2
Aaa
AAA
-
-
AAA
-
Moody´s
Fitch Ratings
Standard & Poor´s
Aa1
AAA
AA-
Viability rating/ SACP
Public Pfandbriefe
Mortgage Pfandbriefe
Guaranteed ratings3
Agency
Long-term rating
Source: Moody‘s Investor Service, Fitch Ratings, Standard & Poor’s – as of March 25, 2015
1)
2)
3)
Rating under review – up (Preliminary indication: A1)
Joint group rating (Sparkassen-Finanzgruppe Hessen-Thüringen)
With statutory guarantees of owners (‘mit Gewährträgerhaftung’)
Outlook on the Financial Year 2015
15
• Economic conditions in Germany and Europe remain favourable.
• Helaba plans to continuously develop its business segments with a corresponding expansion in customer-driven
earnings.
• Rising costs of fulfilling regulatory requirements and high burden of implementing the European Banking Union
(eg higher bank levy).
 Helaba anticipates a group-profit before tax slightly below last year’s result. Nevertheless, Helaba expects to
see a successful financial year with remarkable good earnings.
Disclaimer
16
•
Material provided has been prepared for information purposes only. Prices and rates mentioned are of indicative and non-binding nature.
•
The material and any information contained herein do not constitute an invitation to buy, hold or sell securities or any other instrument. The
material does not constitute an investment consultancy und does not substitute an individual analysis. Opinions expressed are today’s views and
may change without prior notice. Transactions entered into by the user are at the users risk!
•
The material is based upon information and processes we consider reliable. However, we do not represent that the information, results and
conclusions are accurate or complete, and they should not be relied upon as such. Past performance, previous simulations or forecasts provided
in the past do not represent a reliable indicator of future performance.
•
Certain transactions, including those involving derivatives such as interest rate swaps, futures, options and high-yield securities, give rise to
substantial risk and are not suitable for all borrowers and investors.
•
Helaba and persons involved with the preparation of this publication may from time to time have long or short positions in, or buy and sell
derivatives such as interest rate swaps, securities, futures or options identical to or related to those instruments mentioned herein.
•
No strategy implemented based on the publication is or will be without risk, and detrimental interest-rate and/or price moves can not be ruled out;
these could, depending on size and timing, result in severe economic loss. The occurrence of exchange rate fluctuations may, over the course of
time, have a positive or negative impact on the return to be expected.
•
Due to the personal situation of the relevant customer, this information cannot replace tax consulting in the individual case. It is therefore
recommended that potential purchasers of the financial instrument seek advice from their tax and legal consultants as regards the tax
consequences of purchasing, holding and selling the financial instruments. Tax treatment may be subject to changes in the future.
•
Helaba does not provide any accounting, tax or legal advice; such matters should be discussed with independent advisors and counsel before
entering into transactions.
•
Any third party use of this publication is prohibited without our prior written authorization.
•
Any third party use of this publication is prohibited without prior written authorization by Helaba.
© Landesbank Hessen-Thüringen Girozentrale, Frankfurt am Main und Erfurt