HSH Nordbank AG / Key word(s): Payout/Preliminary Results 02.03.2011 11:06 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ad-hoc announcement German GAAP accounts for HSH Nordbank report smaller than expected loss No distributions based on 2010 results - Loss participation likely another 4 Percent Hamburg/Kiel - 2 March, 2011 - In fiscal 2010 HSH Nordbank group generated earnings before restructuring of EUR 545 million according to IFRS after posting a loss before restructuring of EUR 718 million in 2009. Furthermore, for the first time since 2007 the group again recorded consolidated net income of EUR 48 million for a full financial year - in spite of expenditure on public sector guarantees totalling EUR 519 million. The previous year saw a shortfall of EUR 743 million. The 2010 financial statements for the single entity HSH Nordbank AG according to HGB (German GAAP) accounting report a balance sheet loss/ net loss for 2010. According to EU regulations and the terms and conditions of the respective issuance prospectus no coupon payments for the fiscal year 2010 will be made on silent participations and profit participation capital. Moreover, these hybrid instruments will participate in the balance sheet loss/ net loss. The book value of the silent participations and profit participation capital will be further reduced by ca. 4 percent to around 79 percent. The exact amount of loss participation will be finally announced on our website www.hsh-nordbank.com following the adoption of the financial statements by the Supervisory Board on 31 March, 2011. In addition to the privately placed silent participations and profit participation capital the following publicly placed instruments based on silent participations of HSH Nordbank AG are affected: RESPARCS Funding II Limited Partnership Securities 7.5% EUR 500mn (ISIN DE0009842542) Affected coupon date: 30 June 2011 RESPARCS Funding Limited Partnership I Securities 8.0% USD 300mn (ISIN XS0159207850) Affected coupon dates: 30 June 2011/ 30 September 2011/ 30 December 2011/ 30 March 2012 HSH Nordbank Sparc Securities 7.4075% EUR 500mn (ISIN XS0142391894) Affected coupon date: 30 June 2011 HSH Nordbank Sphere Securities 7.25% USD 500mn (ISIN XS0221141400) Affected coupon dates: 30 September 2011/ 30 December 2011/ 30 March 2012/ 30 June 2012 Contact: HSH Nordbank AG Günter Femers Investor Relations Tel. +49 431 900 14601 Fax + 49 431 900 614601 E-Mail: guenter.femers@hsh-nordbank.com www.hsh-nordbank.de 02.03.2011 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: 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 Frankfurt (General Standard), Hamburg End of Announcement DGAP News-Service ---------------------------------------------------------------------------
DGAP-Adhoc: HSH Nordbank AG: Silent Participations and Profit Participation Capital
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