Ad hoc: Resparcs Funding Limited Partnership I: Earnings prospect

06.02.13 21:50
Resparcs Funding Limited Partnership I / Key word(s): Forecast/Profit Warning06.02.2013 21:44Dissemination of an Ad hoc announcement according to § 15 WpHG, transmittedby DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.---------------------------------RESPARCS Funding Limited Partnership I: Earnings prospects of HSH NordbankAGFebruary 06, 2013RESPARCS Funding Limited Partnership I (the company) announces thefollowing:The Company was informed by HSH Nordbank AG, Hamburg and Kiel ('the Bank'),that in today's meeting the supervisory board of the Bank approved of thefinancial planning submitted by the management board. The total expensesresulting from the new financial planning will result in net losses for thebusiness years 2013 and 2014 in the Bank's P&L according to German GAAP(HGB). The financial result of the years 2015 up until 2017 will be neededto reverse all accrued haircuts and to write-up the hybrid instruments topar value. Against this backdrop coupon payments on silent participationsand profit participations will not be made until 2017. Coupon payments areexpected to resume earliest on coupon payments date 30 June 2018.For the instruments of RESPARCS Funding Limited Partnership I with ISINXS0159207850 listed on the Luxembourg Stock Exchange which are based on asilent participation, this means that these instruments will participate ina balance sheet loss for the fiscal years 2012, 2013 and 2014. The bookvalue of the silent participation will most likely be reduced over thecourse of this period from currently 73 percent down to around 63 percent.For the profit periods 2012 until 2016 coupon payments most likely will notbe paid. The exact amount of loss participation cannot yet be quantifiedand will be made public after the Bank's supervisory board has approved ofthe annual financial statements of the Bank in the respective years.The following instrument of RESPARCS Funding Limited Partnership I isaffected:ISIN XS0159207850 listed on the Luxembourg Stock ExchangeIssuer:The Company, RESPARCS Funding Limited Partnership I, a limited partnershipestablished under the laws of Hong Kong on 26 November 2002, has acquiredwith the proceeds of the Re-Engineered Silent Participation AssimilatedRegulatory Capital (RESPARC) Securities, a silent participation in thecommercial enterprise (Handelsgewerbe) of HSH Nordbank (formerly LandesbankSchleswig-Holstein Girozentrale) in the form of a Stille Gesellschaft underGerman law. The Issuer expects to fund interest payments on the RESPARCSecurities with distributions received under the Participation Agreementand funds received from the Bank's Luxembourg branch under a loanagreement. Interest payments are contingent on the Issuer's receipt ofSilent Participation Payments from the Bank under the ParticipationAgreement.Hong Kong, February 6, 2013Company: RESPARCS Funding Limited Partnership I8/F, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong06.02.2013 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at and


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8,00% Resparcs Funding L.P I (Hong Kong) nachrangige USD-RESPARC-Anleihe 02/unbefristet auf Festzins

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8,00% Resparcs Funding L.P I (Hong Kong) nachrangige USD-RESPARC-Anleihe 02/unbefristet auf Festzins
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