Valartis Group - Financial statements for the first half-year 2015
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Valartis Group AG /
Valartis Group - Financial statements for the first half-year 2015
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In accordance with International Financial Reporting Standards (IFRS) and under
consideration of two exceptional non-recurring factors, Valartis Group posted a
Group loss of CHF 21.4 m for the first half-year of 2015 (30.6.2014 on a
comparable basis: Group loss of CHF 20.7 m). This result is mainly attributable
to value adjustments on goodwill positions and immaterial assets amounting to
a total of CHF 16.4 m, together with value adjustments on deferred taxes
amounting to CHF 3.6 m. Earnings from commissions remained on the same level as
the previous year at CHF 21.8 m (30.6.2014 on a comparable basis: CHF 21.8 m)
and earnings from trading activities were up on the previous year to CHF 8.3 m.
This raised operating income to CHF 32.4 m and total operating income to a gain
of CHF 3.5 m.
Against the background of political and macroeconomic framework conditions, the
market environment remained extremely challenging for Valartis Group in the
first half-year of 2015. In accordance with International Financial Reporting
Standards (IFRS) and under consideration of two exceptional non-recurring
factors, Valartis Group posted a Group loss of CHF 21.4 m for the first half-
year of 2015 (30.6.2014: Group loss of CHF 20.7 m). This negative result can
mainly be attributed to the following factors:
* value adjustments on goodwill positions and immaterial assets amounting to
CHF 16.4 m. The value adjustments are largely the result of the continued
poor profitability levels of one of the Group companies;
* value adjustments deferred taxes amounting to CHF 3.6 m in connection with
the above;
* considerably reduced earnings on interest on the current remaining bonds
portfolio - down from CHF 4.8 m to CHF 1.1 m as a result of much lower
average investments, the continued decline in market interest rates and the
lack of attractive reinvestment opportunities in bonds.
The first half-year 2015 from an operating perspective
In operating terms - that is disregarding the non-recurring factors listed above
- Valartis Group posted operating income amounting to CHF 32.4 m (30.6.2014: CHF
21.9 m) and gross profit of CHF 3.5 m (30.6.2014: gross loss of CHF 5.8 m) for
the first half-year 2015. This positive result can mainly be attributed to
trading activities. We were able to maintain the same level of earnings from
commission and services at CHF 21.8 m as for the previous year. Developments in
the Private Clients segment were also positive: earnings on commission and
services rose by around 10 percent to CHF 21.0 m (30.6.2014: CHF 19.1 m) despite
a net new money outflow. The private bank in Lichtenstein was the main
contributor to these earnings. Trading activities posted a profit of CHF 8.3 m -
a considerable rise over the previous year (30.6.2014: loss of CHF 5.9 m).
Personnel expenditure was reduced to CHF 16.9 m after implementation of front-
office reorganisation and despite expanding the client advisor teams at the bank
in Liechtenstein (30.6.2014: CHF 17.5 m). General expense rose to CHF 12.0 m
(30.6.2014: CHF 10.3 m) as a result of implementation costs arising in
connection with new regulatory standards and project and advisory costs arising
out of the realignment of Valartis Group. Client assets under management are at
CHF 5.8 bn (30.6.2014: CHF 6.2 bn).
A look to the future
In the first half-year of 2015, we completed the implementation of the new Group
organisation. We will continue to focus on the two business segments Private
Clients and Institutional Clients. During the first half-year 2015, the Board of
Directors continued readjusting the business model to new framework and market
conditions with a view to optimizing costs and enhancing profitability, and they
will intensify their work on further realignment. The Board is currently
examining a number of strategic options for Valartis Group's future business
model in order to re-establish generation of appropriate returns on invested
capital - as announced in earlier publications. Stakeholders will be informed
accordingly which is currently expected to be made in the fourth quarter of
2015.
The Half-year Report 2015 can be viewed and downloaded under
www.valartisgroup.ch.
Agenda
ConfCall media and 25 August 2015, 11.30 a.m.
analysts (registration under
corporate.communications(at)valartisgroup.com)
Results media End of April 2016
conference 2016
General Meeting 2016 11 May 2016
Enclosed:
* Key figures half-year 2015
* Valartis Group Half-year Report 2015
For further information, please contact:
Kim-My Schefer, Head Corporate Communications & Marketing
Tel. +41 44 503 54 02, corporate.communications(at)valartis.ch
Valartis Group
Valartis Group is an international banking and finance group represented today
with offices in Liechtenstein, Austria, Switzerland as well as Luxembourg and
Moscow. The Group's holding company is domiciled in Switzerland and is listed on
the SIX Swiss Exchange. Valartis Finance Holding AG in Liechtenstein comprises
the operations of the private banking and wealth management divisions, together
with the private equity operations of ENR Russia Invest S.A. Valartis Finance
Holding AG is subject to the consolidated banking supervision by the Financial
Market Authority of Liechtenstein (FMA). Valartis Group focuses on the wealth
management business for wealthy private clients and institutional investors in
addition to traditional wealth management and investment advisory, it develops,
manages and markets innovative niche investment products and offers specialized
product packages. In doing so, Valartis Group combines a wide range of
traditional private banking services with specialized advisory and classical
banking services in the fields of Asset Management, Corporate Finance and
Private Equity together with innovative investment products in the categories
Stocks, Fixed Income, Alternative Investments and Real Estate. Valartis Group's
core markets include Central and Eastern Europe, the Middle East and certain
countries in North and South America and Asia.
www.valartisgroup.ch
Media release including key figures (PDF):
http://hugin.info/143135/R/1947296/707035.pdf
Half-Year Report 2015 (German):
http://hugin.info/143135/R/1947296/707038.pdf
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originality of the information contained therein.
Source: Valartis Group AG via GlobeNewswire
[HUG#1947296]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2015 - 06:30 Uhr
Sprache: Deutsch
News-ID 415601
Anzahl Zeichen: 7805
contact information:
Town:
Baar ZG
Kategorie:
Business News
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