Half yearly financial report Haspa by ihuangpingba


									Half-yearly financial report | 2012

Meine Bank heißt Haspa.
Haspa 2012 half-yearly financial report
Contents / Haspa on the Internet


Management                                Interim management report   Half-yearly financial statements

02 Foreword of the Board of               04 General conditions       10 Balance sheet
     Management                           05 Business performance     12 Income statement
03 The Board of Management                06 Results of operations    14 Notes
                                          07 Risk report              15 Responsibility statement
                                          09 Report on expected

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                                                              Haspa 2012 half-yearly financial report   01
                                                                                        Short profile

Short profile

Hamburger Sparkasse AG, Haspa for short, is Germany’s largest Sparkasse
(savings bank). It has total assets of just over € 39 billion and employs
more than 5,700 people. Haspa 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 has no owners and 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 Giro-
verband (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. This guarantee system for financial institutions
ensures that customer deposits at all German savings banks are secured
without limitation. This applies to all deposits from private individuals,
businesses and institutions.
02   Haspa 2012 half-yearly financial report
     Management – Foreword of the Board of Management

     Foreword of the Board
     of Management

     Ladies and Gentlemen,

     In a highly uncertain environment, Haspa remains on a growth       We will continue to promote the common good and general
     course with its customer-driven, regionally focused business       fortunes of the Hamburg Metropolitan Region, both through
     model. Haspa’s competence and solidity are the reason grow-        banking services for all customer groups and our multifaceted
     ing numbers of Hamburg’s residents are turning to us. As a         corporate social responsibility activities. Each year we spend
     result, we succeeded in acquiring more than 33,000 new cus-        several millions of euros to support educational and social
     tomers in the first half of 2012. Continued growth in deposits     issues, the arts, music and sports.
     is also testament to the trust our customers place in us.
                                                                        We thank our customers and business partners for the trust
     With over € 3 billion new loan approvals for our private and       they continue to place in us. Special thanks also go to all Haspa
     corporate customers, we have also kept money in circulation        employees. In a demanding environment, they have demons-
     and kept the local business cycle going, thus playing a key role   trated outstanding commitment, expertise and foresight.
     in creating and safeguarding growth and jobs in the Hamburg        Furthermore, our staff’s flexibility, as well as the constructive
     Metropolitan Region. Thanks to our sustainable, customer-          cooperation with the Works Council, have enabled us to
     focused business model, we further expanded our position in        manage all necessary change processes in order to continue
     Hamburg's banking market and generated a satisfactory result       to grow together with our customers.
     overall in the first six months of 2012.

     Haspa gives highest priority to its customer support and con-      Hamburg, 21 August 2012
     sulting services. With about 250 branches and customer ser-
     vice centres, Haspa is close to the customer in and around         The Board of Management
     Hamburg – always easy to reach. Personalised services and
     good partnerships are our strength. It is very important to us
     to assist our customers throughout their lives by focusing
     squarely on their individual needs. Haspa stands for success
     through quality. We always strive to develop the best solution
     for our customers in cooperation with them.
                                                                                                            Haspa 2012 half-yearly financial report    03
                                                                                                          Management – The Board of Management

Dr. Harald Vogelsang,               Reinhard Klein,                     Dr. Wolfgang Botschatzke,                  Frank Brockmann,
born in 1959, holds a banking       born in 1960, holds a banking       born in 1959, holds a degree in            born in 1963, holds a banking
diploma and a law degree, and       diploma and degree in business      economics, and has been with               diploma and is a qualified bank-
has been the Spokesman of the       administration (Diplom-Kauf-        Haspa since 2003. He has been              ing services and operations
Board of Management of Hambur-      mann) and has been a member of      a member of the Board of                   specialist (Bankfachwirt). He has
ger Sparkasse AG since 2007. He     the Board of Management of          Management of Hamburger                    been a member of the Board of
has been with Haspa since 1991      Hamburger Sparkasse AG since        Sparkasse AG since 2004.                   Management of Hamburger Spar-
and became a member of the          2006; since 2009 he has also                                                   kasse AG since 2008.
Board of Management in 2000.        been Deputy Spokesman of the        He is responsible for the Compli-
                                    Board of Management of Hambur-      ance, Information Technology,              He is responsible for the Corpo-
In his capacity as spokesman of     ger Sparkasse AG.                   Productivity and Processes as              rate Customers, Corporate Custo-
the Board of Management he is                                           well as for the Securities and             mers South, Real Estate Cus-
responsible for the Finance and     His Private Customers reporting     Transaction Service divisions.             tomers, SME Customers, Treasury,
Controlling, Credit and Legal,      area includes the Real Estate and                                              Enterprise Customers, Central
Human Resources, Audit, Strategic   Logistics, Individual Customers,                                               Purchasing and Procurement,
Asset Allocation, Corporate Com-    Mobile Sales, Private Customers                                                and Central Management
munication and Board Staff divi-    Operational Management, Private                                                Corporate Customers divisions.
sions as well as for the            Banking, Private Customers I and
Performance Management Partner      II, Quality Management divisions
Savings Banks department.           as well as the Private Customers
                                    Strategy and Management
04   Haspa 2012 half-yearly financial report
     Interim management report – General conditions

     Interim management report
     of Hamburger Sparkasse AG for the period ended 30 June 2012

     General conditions

     Robust economic development in Germany                              continue to support the political stabilisation efforts in the
     and in Hamburg                                                      euro zone with an extremely expansionary monetary policy and
     The uncertainty in the financial markets as well as among com-      to make additional funds available to European banks.
     panies and consumers is continuing in the light of the persi-
     stent sovereign debt crisis. It still seems possible that Greece    Hamburg’s economy is also robust. The Hamburg Chamber of
     might default and that the euro zone might disintegrate. In         Commerce’s economic barometer showed again in the second
     spite of this challenging environment, the German economy           quarter of 2012 that, on balance, companies are more opti-
     remains robust. In the first quarter of 2012, real GDP increased    mistic than pessimistic in their assessment of the current busi-
     by 0.5 percent compared with the previous quarter. While            ness situation, forecasts for the export sector and investment
     exports and consumption expanded, investments decreased –           plans. The job market in Hamburg also reflects the stable
     an indication of a decline in business confidence, which in turn    economic climate. In June 2012, 70,300 residents of Hamburg
     signified a considerable deceleration of economic growth.           were reported unemployed – some 2 percent less than the
     After only a moderate increase of 0.3 percent in the second         same month a year ago.
     quarter, the upturn in the second half of the year is also un-
     likely to be spectacular.

     Falling energy and commodity prices have significantly slowed
     the rise in consumer prices. Inflation of 2.4 percent in the euro
     zone and 1.7 percent in Germany in June was again in the
     range of the “close to but just under” 2 percent target set by
     the European Central Bank (ECB). This enabled the ECB to
                                                                                                   Haspa 2012 half-yearly financial report   05
                                                                                      Interim management report – Business performance

Business performance

Continued strengthening of the retail banking business –             Customer deposits rise yet again
more than 33,000 new customers                                       Liabilities to customers climbed € 0.6 billion to around € 28.0
Competent and comprehensive customer support of our pri-             billion overall. Here, a surge in demand deposits more than
vate, individual and SME customers in the Hamburg Metro-             made up for a decline in other liabilities with agreed maturity
politan Region again was at the heart of Haspa’s entrepre-           or notice periods. While demand deposits rose in particular
neurial activities in the first half of 2012.                        due to higher balances in the cash accounts, the decrease in
                                                                     other liabilities with agreed maturity or notice periods is
With some 180 branches, around 60 individual customer                mainly attributable to lower time deposits.
centres, 7 corporate customer centres and 30 self-service bran-
ches, Haspa is represented throughout Hamburg and the                New loan approvals remain high
region. This is augmented by teams of highly qualified special-      The substantial increase in receivables from customers also
ists at the main branch that service start-up entrepreneurs,         stems from the positive development of new loan approvals.
larger corporate customers, the property industry as well as         Haspa granted some € 3.2 billion in new loans during the first
Private Banking. Our dense network of branches and customer          half of 2012; real estate financing accounts for almost one half
service centres is perceived and appreciated by our customers        of this total. This development is also reflected in its loan
as an important aspect of our quality.                               portfolios, which again expanded substantially by a good € 1.1
                                                                     billion to just under € 28.9 billion year on year.
The number of new customers continues to follow a positive
trajectory thanks to our proximity to the customer. In the first
six months of 2012, Haspa gained more than 33,000 new cus-
tomers, further boosting its position in the retail segment of
Hamburg’s banking market. The number of giro accounts now
totals significantly more than 1.3 million. The number of giro
account holders who have opted for the “HaspaJoker” account
– Hamburg’s advantage account – continues to expand as well,
exceeding 578,000 at the end of the first half-year.

Positive performance of the customer business
Customers’ trust in Haspa is reflected especially in the good
performance of the customer business. Total assets rose to just
under € 39.2 billion in the first half of 2012 – an increase of
around € 0.6 billion or 1.6 percent. Liabilities to customers
rose by € 0.6 billion or just over 2 percent. They provide a solid
basis for our lending activities, which remain high. On the
asset side of the balance sheet, this is reflected by the
substantial increase in receivables from customers by more
than € 1.1 billion or a good 4 percent. The increase in both
customer receivables and receivables from banks stands in
contrast to the net decrease in proprietary investments by just
under € 1.1 billion.
06   Haspa 2012 half-yearly financial report
     Interim management report – Results of operations

     Results of operations

     Net interest income remains largest component of income              Substantial year-on-year improvement in the
     At € 343 million or just under 76 percent, net interest income       net revaluation gain
     continued to account for the lion’s share of gross profit (which     The measurement approaches that Haspa uses in connection
     is the sum of net interest income and net commission income).        with the net revaluation gain/loss are conservative on the
     Compared with the same period in 2011, net interest income           whole, as in the previous year. As a result Haspa’s proprietary
     was down € 47 million, mainly as a result of a lower risk expo-      investments in securities are still measured using the strict
     sure in the maturity transformation that we adopted on               lower-of-cost-or-market principle, taking into account the
     account of a generally difficult and volatile interest rate envi-    requirement to reverse write-downs. On the whole, the net
     ronment.                                                             revaluation gain was positive in the first half of the year, prin-
                                                                          cipally due to the encouraging performance of the bank’s own
     Net commission income down slightly year-on-year                     investments in securities of slightly under € 1 million, and
     Net commission income in the first half of 2012 was a good           hence up around € 76 million year on year. The net revaluation
     € 109 million in the aggregate, thanks to largely consistent         gain also contains substantial provisions for potential future
     performance from month to month. This is a decrease of               risks in the year’s second half or in subsequent years.
     around € 8 million year on year, primarily due to lower com-
     mission from the securities business, which shows the uncer-         Earnings up on the previous year
     tainty prevailing among our customers as a result of the             Haspa posted earnings of € 45 million for the first half of the
     continuing sovereign debt crisis and the associated risks in the     year, up € 5 million on the earnings for the same period in 2011.
     money and capital markets.                                           Under the control and profit transfer agreement (profit and loss
                                                                          transfer agreement), this result has to be transferred in full to
     Expenses up on the whole, with only a moderate                       HASPA Finanzholding in connection with the preparation of the
     increase in administrative expenses                                  annual financial statements.
     General and administrative expenses in the first six months
     were just under € 330 million, a decline of almost € 12 million
     year on year. While other administrative expenses remained at
     the prior-year level, the increase is due almost exclusively to
     higher personnel expenses – a reflection of last year’s collective
     pay increase, but also the larger headcount. In addition, depre-
     ciation, amortisation and write-downs plus other operating
     expenses increased by nearly € 24 million in total. Apart from
     additions to provisions, this increase results from higher write-
     downs stemming from the extensive IT investments we made
     last year.
                                                                                                  Haspa 2012 half-yearly financial report   07
                                                                                               Interim management report – Risk report

Risk report

Internal control and risk management system as an                  Stable exposure to risk
essential component of risk management                             Given Haspa’s retail banking strategy, three customer groups –
Pursuant to section 25a (1) German Banking Act, overall            private customers, individual customers and SME customers –
responsibility for proper business organisation and the risk       are at the heart of its comprehensive bank controlling activi-
management integral to it rests with Haspa’s Board of Manage-      ties. Gains and risks from trading, own investments, maturities
ment. Among other things risk management comprises the             transformation and the operating business complete the
implementation of internal control procedures consisting of an     picture. The present value risks for the bank as a whole are
internal control system and an internal auditing system. Inter-    largely unchanged from the close of 2011. The present value of
nal Audit is an integral part of Haspa’s risk management and       the counterparty default risk is approximately the same as at
internal control procedures. It carries out its responsibilities   the end of last year. Here, an increase resulting from a higher
autonomously and independently on behalf of the full Board         lending volume triggered by improved ratings was limited by
of Management.                                                     the continuing positive economic situation in Germany. Mar-
                                                                   ket price risks have risen slightly but have stayed within the
Risk management and the internal control processes also            allotted risk budget. Given the widespread uncertainty that the
cover the accounting process. Internal Audit directly or indi-     sovereign debt crisis has sparked in the money and capital
rectly reviews the accounting related internal control and risk    markets, the focus of our proprietary investment portfolio
management systems based on a risk oriented audit plan.            remains conservative, however. Risks are only taken within a
                                                                   manageable range and are mitigated using appropriate hedg-
                                                                   ing strategies. Compared with the first half of 2011, the
                                                                   present value of the overall banking risks is lower on the whole
                                                                   after the first six months of the current year. This decline in risk
                                                                   can be attributed in particular to the maturity transformation
                                                                   and proprietary investments.

                                                                   Solid economic and regulatory risk-taking ability
                                                                   guarantees risks incurred
                                                                   The bank’s risk-taking ability in net present value terms is
                                                                   monitored by comparing it to the available cover assets. Its risk
                                                                   coverage potential has changed but slightly year on year and
                                                                   thus remains more than adequate. The cover assets exceed the
                                                                   bank’s NPV exposure many times over.

                                                                   Regulatory capital adequacy requirements for credit institu-
                                                                   tions require that they maintain an adequate capital base
                                                                   at all times. As at 30 June 2012, Haspa’s total capital ratio is
                                                                   9.8 percent; at 13.1 percent, the total capital ratio of the HASPA
                                                                   Group remains comfortable as before.
08   Haspa 2012 half-yearly financial report
     Interim management report – Risk report

     Liquidity risks limited through funding strategy                       Balanced overall exposure
     and solid liquidity limit                                              No going-concern risks or risks with a material effect on
     Liquidity risks arise when payment obligations are not met at          Haspa’s net assets, financial position and results of operations
     all or insufficiently or if liquidity can only be obtained at higher   have been identified for the current year despite the uncer-
     market prices.                                                         tainties regarding future macroeconomic developments and
                                                                            the sovereign debt crisis.
     Beyond its short-term liquidity outlook, Haspa also uses its
     divisional planning to develop a strategic liquidity outlook that
     identifies possible liquidity needs early on. This enables us to
     assess our liquidity needs for future maturities and manage
     cash flows accordingly. Based on our funding strategy, stop-
     light 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. Risk
     scenarios are also monitored and analysed on the same basis.
     The bank’s liquidity situation is comfortable.

     As at 30 June 2012, Haspa’s liquidity exceeded the regulatory
     minimum requirement by a factor of 2.5.
                                                                                                  Haspa 2012 half-yearly financial report   09
                                                                         Interim management report – Report on expected developments

Report on expected developments

Economic slowdown                                                   Whilst other banks were forced to curb their lending in con-
Given the high level of uncertainty regarding the future dev-       nection with the turbulence in the financial markets, Haspa is
elopment of the euro zone, the economy could slow down in           well on the way towards achieving a high level of new loans yet
the second half of 2012. Whilst a slight recession is to be         again. This means that Haspa’s credit volume will develop
expected for the euro zone on the whole due to the structural       encouragingly on the whole in 2012 and also increase a little
adjustment processes that are required to fight the sovereign       more in the second half of the year.
debt crisis especially in Southern European countries, Ger-
many is still expected to generate moderate economic growth         In terms of total equity and liabilities, customer deposits in the
of about 0.5 to 1.0 percent in 2012. But this will happen only if   year’s second half are likely to remain at the satisfactory level
the European sovereign debt crisis does not widen, triggering       they had attained at the close of the first half of 2011.
chain reactions in the financial markets.
                                                                    Result for the year as expected
In 2012, consumer prices are expected to rise on the whole by       On the whole, net income is probably the same or marginally
1.8 percent in Germany and by about 2.4 percent in the euro         lower than in the previous year and is transferred in full to
zone. In view of this price stability and the continuing need to    HASPA Finanzholding in the annual financial statements. A
stabilise the financial markets, the European Central Bank will     lower operating result before loan loss provisions than in the
maintain its extremely expansionary monetary policy and make        previous year is expected because net interest income and net
additional funds available. At the beginning of July, the ECB       commission income in particular are likely to be down. This
lowered its key interest rate by 0.25 percentage points to          decrease can be attributed to a lower risk positioning, prima-
0.75 percent. Further cuts to 0.5 percent or less are possible.     rily in the maturity transformation, as well as to commission
                                                                    from the securities business. In addition, general and admin-
Hamburg’s economy is strong, and its growth sectors are inno-       istrative expenses will rise overall, mainly due to higher per-
vative. However, according to the Hamburg Chamber of Com-           sonnel expenses resulting from new hires among other things.
merce’s economic barometer for the second quarter of 2012,          Depreciation, amortisation and write-downs of intangible and
the mood in Hamburg’s economy is more subdued than shown            tangible fixed assets at the end of the year will also be up on
in surveys conducted for previous quarters. Optimistic and          the previous year. In the net revaluation gain we anticipate a
pessimistic assessments of business expectations and per-           net revaluation gain on loans that will be perceptibly better
sonnel planning for the coming months are more or less bal-         than projected. We are also likely to generate a net revaluation
anced, for example. Although there is a possibility that the        gain from securities that will hence be a substantial improve-
economy will slow down as the year progresses, Hamburg’s            ment on the prior-year figure. Although renewed turbulence
economy should grow by 0.5 to 1.0 percent in 2012.                  in the money and capital markets could trigger significant
                                                                    declines in stock prices, Haspa is well positioned to offset any
Customer business remains on a growth trajectory                    such losses largely through its reserves of securities.
Haspa will continue to refine its current strategy in the
Hamburg Metropolitan Region. All of our activities remain
focused on private, individual and SME customers, as well as
on our Private Banking business, which has won numerous

Private customers are and will remain the foundation of our
business. We will continue to expand in the Hamburg Metro-
politan Region thanks to our comprehensive services for this
customer segment. We also see growth potential in the indi-
vidual and corporate customer segment, as well as in Private
10   Haspa 2012 half-yearly financial report
     Half-yearly financial statements – Balance sheet of Hamburger Sparkasse AG

     Balance sheet
     of Hamburger Sparkasse AG for the period ended 30 June 2012

      Assets – all figures stated in € ‘000                                              30.06.2012   31.12.2011
      1. Cash reserve
         a) Cash on hand                                                                   201,158      208,097
         b) Balance with Deutsche Bundesbank                                               173,976      232,339
                                                                                           375,134      440,436
      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                                                             1,450,064      995,661
         b) Other receivables                                                             1,128,361      909,337
                                                                                          2,578,425    1,904,998
      4. Receivables from customers                                                      28,876,296   27,730,878
      5. Debentures and other fixed-interest securities
         a) Money market instruments
            aa) by public-sector issuers                                                         —            —
            ab) by other issuers                                                                 —            —
                                                                                                 —            —
           b) Bonds and debentures
              ba) by public-sector issuers                                                1,825,744    1,243,582
              bb) by other issuers                                                        1,129,296    1,206,513
                                                                                          2,955,040    2,450,095
           c) own debentures                                                                     —            —
                                                                                          2,955,040    2,450,095
      6. Equities and other non-fixed interest securities                                 4,063,853    5,639,308
     6a. Trading portfolio                                                                  138,041      218,742
      7. Long-term equity investments                                                        57,081       56,808
      8. Shares in affiliated companies                                                      14,764       14,228
      9. Fiduciary assets                                                                       250          314
     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,                 57,525       63,114
            and licences in such rights and assets
         c) Goodwill                                                                             —            —
         d) Prepayments                                                                       1,390       2,493
                                                                                             58,915      65,607
     12.   Tangible fixed assets                                                             31,687      34,681
     13.   Unpaid contributions to subscribed capital                                            —            —
     14.   Other assets                                                                      15,664      13,668
     15.   Deferred income                                                                   10,051       5,530
     16.   Deferred tax assets                                                                   —           —
     17.   Excess of plan assets over post-employment benefit liability                          —           —
     18.   Deficit not covered by equity                                                         —           —
           Total assets                                                                  39,175,201   38,575,293
                                                                                                             Haspa 2012 half-yearly financial report   11
                                                                         Half-yearly financial statements – Balance sheet of Hamburger Sparkasse AG

 Equity and liabilities – all figures stated in € ‘000                                                          30.06.2012           31.12.2011
 1. Liabilities to banks
    a) Payable on demand                                                                                            294,352              272,998
    b) With agreed maturity or notice period                                                                      4,643,428            4,676,989
                                                                                                                  4,937,780            4,949,987
 2. Liabilities to customers
    a) Savings deposits
       aa) With agreed notice period of three months                                                              6,076,939             6,082,772
       ab) With agreed notice period of more than three months                                                        5,883                 7,346
                                                                                                                  6,082,822             6,090,118
      b) Other liabilities
         ba) Payable on demand                                                                                   14,203,441            12,964,746
         bb) With agreed maturity or notice period                                                                7,689,516             8,337,816
                                                                                                                 21,892,957            21,302,562
                                                                                                                27,975,779            27,392,680
 3. Securitised liabilities
    a) Debentures issued                                                                                          3,351,716            3,338,813
    b) Other securitised liabilities                                                                                     —                     —
                                                                                                                  3,351,716            3,338,813
3a.   Trading portfolio                                                                                              55,224               61,466
 4.   Fiduciary liabilities                                                                                             250                  314
 5.   Other liabilities                                                                                              72,704              124,006
 6.   Deferred income                                                                                                31,770               32,173
6a.   Deferred tax liabilities                                                                                           —                     —
 7.   Provisions
      a) Provisions for pensions and similar obligations                                                            510,693              492,513
      b) Provisions for taxes                                                                                         9,083               42,162
      c) Other provisions                                                                                           172,202              172,179
                                                                                                                    691,978              706,854
 8.   Subordinated liabilities                                                                                           —               370,000
 9.   Profit participation capital                                                                                       —                     —
10.   Fund for general banking risks                                                                                  2,000                2,000
11.   Equity
      a) Subscribed capital                                                                                       1,000,000             1,000,000
      b) Capital reserves                                                                                           839,000               380,000
      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                                                                                 217,000              217,000
                                                                                                                    217,000              217,000
      d) Net retained profits                                                                                            —                     —
                                                                                                                  2,056,000            1,597,000
      Total equity and liabilities                                                                              39,175,201            38,575,293

 1. Contingent liabilities
    a) Contingent liabilities from endorsement of discounted bills of exchange                                           —                     —
    b) Contingent liabilities from guarantees and warranties                                                        508,992              525,303
    c) Contingent liabilities from the granting of security for third-party liabilities                                  —                     —
                                                                                                                    508,992              525,303
 2. Other obligations
    a) Repurchase obligations under sales with an option to repurchase                                                   —                     —
    b) Placement and underwriting obligations                                                                            —                     —
    c) Irrevocable loan commitments                                                                               2,420,196            2,574,921
                                                                                                                  2,420,196            2,574,921
12   Haspa 2012 half-yearly financial report
     Half-yearly financial statements – Income statement of Hamburger Sparkasse AG

     Income statement
     of Hamburger Sparkasse AG for the period from 1 January to 30 June 2012

      all figures stated in € ‘000                                                        1.1. – 30.6.2012   1.1. – 30.6.2011
      1. Interest income from
         a) Lending and money market transactions                                                 624,614            637,242
         b) Fixed interest securities and registered government debt                               21,657             28,395
                                                                                                  646,271            665,637
      2. Interest expense                                                                        -382,323           -358,823
                                                                                                 263,948            306,814
      3. Current income from
         a) Equities and other non-fixed interest securities                                       77,724             81,417
         b) Long-term equity investments                                                              383                747
         c) Shares in affiliated companies                                                            572                329
                                                                                                   78,679             82,493
      4. Income from profit pooling, profit transfer, or                                                1                 —
         partial profit transfer agreements
      5. Commission income                                                                        116,948            126,993
      6. Commission expenses                                                                       -7,715             -9,318
                                                                                                 109,233            117,675
      7. Net trading income or expense                                                              1,298                526
      8. Other operating income                                                                    12,382             17,061
                                                                                                 465,541            524,569
      9. General and administrative expenses
         a) Personnel expenses
            aa) Wages and salaries                                                               -143,500           -137,302
            ab) Social security, post-employment and                                              -35,426            -30,061
                other employee benefit costs
                                                                                                 -178,926           -167,363
         b) Other administrative expenses                                                        -150,680           -150,715
                                                                                                 -329,606           -318,078
     10. Depreciation, amortisation and write-downs of tangible and                               -11,292             -5,378
         intangible fixed assets
     11. Other operating expenses                                                                 -41,618            -23,896
     12. Write-downs of and valuation allowances on receivables and certain securities,                —             -75,080
         and additions to loan loss provisions
     13. Income from reversals of write-downs of receivables and certain securities                   828                 —
         and from the reversal of loan loss provisions
                                                                                                      828            -75,080
     14. Write-downs of and valuation allowances on other equity investments,                         -75                 —
         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
                                                                                                      -75                 —
     16. Cost of loss absorption                                                                     -163                 —
     17. Result from ordinary activities                                                           83,615           102,137
     18. Extraordinary income                                                                          —                  —
     19. Extraordinary expenses                                                                    -5,258             -5,258
     20. Extraordinary result                                                                      -5,258             -5,258
                                                                                                            Haspa 2012 half-yearly financial report   13
                                                                     Half-yearly financial statements – Income statement of Hamburger Sparkasse AG

 all figures stated in € ‘000                                                                              1.1. – 30.6.2012    1.1. – 30.6.2011
21. Taxes on income                                                                                                 -33,357              -56,879
22. Other taxes not included in item 11                                                                                  —                    —
                                                                                                                   -33,357              -56,879
23. Income from loss absorption                                                                                          —                    —
24. Profit transferred on the basis of profit pooling, profit transfer, or                                         -45,000              -40,000
    partial profit transfer agreements
25. Net income for the financial year                                                                                    —                    —
26. Retained profits brought forward                                                                                     —                    —
                                                                                                                         —                    —
27. 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                                                                                       —                    —
                                                                                                                         —                    —
28. 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                                                                                         —                    —
                                                                                                                         —                    —
29. Net retained profits                                                                                                 —                    —
14   Haspa 2012 half-yearly financial report
     Half-yearly financial statements – Notes


     Accounting standard and other disclosures

     The half-yearly financial report of Hamburger Sparkasse AG as at 30 June 2012 was 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 Finanzdienstleistungsinsti-
     tute), taking into account the requirements of the German Stock Corporation Act (Aktiengesetz).

     All accounting policies that were applied to the annual financial statements for the year ended 31 December 2011 of Hamburger
     Sparkasse AG were retained.

     The interim financial statements and the interim management report as at 30 June 2012 have not been reviewed by an auditor or
     audited pursuant to section 317 German Commercial Code.

     The income taxes were determined on the basis of the taxable income as at 30 June 2012.

     Hamburg, 21 August 2012

     The Board of Management

              Dr. Harald Vogelsang                                              Reinhard Klein

              Dr. Wolfgang Botschatzke                                          Frank Brockmann
                                                                                                      Haspa 2012 half-yearly financial report   15
                                                                                  Half-yearly financial statements – Responsibility statement

Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the 2012
half-yearly financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of Hamburger
Sparkasse AG, and the interim management report includes a fair review of the development and performance of the business
and the position of Hamburger Sparkasse AG, together with a description of the material opportunities and risks associated with
the expected development of Hamburger Sparkasse AG for the remaining months of the financial year.

Hamburg, 21 August 2012

The Board of Management

        Dr. Harald Vogelsang                                                   Reinhard Klein

        Dr. Wolfgang Botschatzke                                               Frank Brockmann
16   Haspa 2012 half-yearly financial report
     Publishing information

     Hamburger Sparkasse AG

     Ecke Adolphsplatz / Großer Burstah
     20457 Hamburg, Germany

     Sorting Code 200 505 50
     Telephone +49 (0)40 3579-0
     Fax +49 (0)40 3579-3418

     Concept and design
     CAT Consultants, Hamburg, Germany

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