Van Lanschot takes accounting impairment on goodwill; no impact on capital and liquidity
(Thomson Reuters ONE) -
Van Lanschot has decided to take a one-off impairment on goodwill and other
intangibles of ? 122 million in 2012. This non-recurring impairment relates to
the acquisition of business banking activities of CenE Bankiers in 2004 and
banking activities of Kempen & Co in 2006. The impairment does not relate to
Kempen's current activities.
This is an accounting adjustment ('non-cash item') driven by International
Financial Reporting Standards (IFRS). Goodwill and other intangibles do not form
part of core capital. This one-off adjustment therefore has no impact on the
bank's solid capital and liquidity position. The Core Tier I ratio remains
strong at around 11%. Moreover, the bank's high funding ratio and excellent
leverage ratio are not impacted by this adjustment.
The financial sector is currently experiencing lower interest and commission
income and higher loan losses as a result of market conditions. Given that these
difficult macro-economic conditions persist and the economic recovery is taking
longer than expected, the forecast returns on the acquired activities are under
pressure. Based on this outlook and in accordance with the IFRS rules, it has
been decided for reasons of prudence to adjust the accounting valuation of
goodwill and other intangibles accordingly.
The 2012 annual results will be presented on 8 March 2013.
's-Hertogenbosch, the Netherlands, 17 December 2012
A conference call will be held for investors and analysts at 9.30 am (CET)
Dial-in number: +31 10 294 42 28.
Van Lanschot Media Relations: Etienne te Brake, Corporate Communications Manager
Telephone +31 73 548 3026; mobile phone +31 6 12 505 110; e-mail
e.tebrake(at)vanlanschot.com
Van Lanschot Investor Relations: Geraldine Bakker-Grier, Investor Relations
Manager
Telephone +31 73 548 3350; mobile phone +31 6 13 976 401; e-mail
g.a.m.bakker(at)vanlanschot.com
Van Lanschot NV is the holding company of F. van Lanschot Bankiers NV, the
oldest independent bank in the Netherlands with a history dating back to 1737.
The bank offers high-quality financial services to high net-worth Individuals,
entrepreneurs and their businesses and institutional investors. Van Lanschot NV
is listed on Euronext Amsterdam.
DISCLAIMER
Forward-looking statements
This press release contains forward-looking statements concerning future events.
Those forward-looking statements are based on the current information and
assumptions of the Van Lanschot management concerning known and unknown risks
and uncertainties. Forward-looking statements do not relate to definite facts
and are subject to risks and uncertainty. The actual results may differ
considerably as a result of risks and uncertainties relating to Van Lanschot's
expectations regarding such matters as the assessment of market risk or possible
acquisitions, or business expansion and premium growth and investment income or
cash flow predictions or, more generally, the economic climate and changes in
the law and taxation. Van Lanschot cautions that expectations are only valid on
the specific dates, and accepts no responsibility for the revision or updating
of any information following changes in policy, developments, expectations or
the like. The financial data regarding forward looking statements concerning
future events included in this press release have not been audited.
The press release can be downloaded from the following link:
Press release (PDF):
http://hugin.info/133415/R/1665495/540377.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Van Lanschot via Thomson Reuters ONE
[HUG#1665495]
Unternehmensinformation / Kurzprofil:
Datum: 17.12.2012 - 08:30 Uhr
Sprache: Deutsch
News-ID 213186
Anzahl Zeichen: 4430
contact information:
Town:
's-Hertogenbosch
Kategorie:
Business News
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"Van Lanschot takes accounting impairment on goodwill; no impact on capital and liquidity"
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