Valartis Group Consolidated Financial Statements 2015
(Thomson Reuters ONE) -
Valartis Group AG /
Valartis Group Consolidated Financial Statements 2015
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
The 2015 Valartis Group consolidated financial statements, in accordance with
International Financial Reporting Standards (IFRS) and taking into consideration
a range of exceptional factors, show a Group loss of CHF 58.4 m for continued
and discontinued operations (previous year on a comparable basis: Group loss of
CHF 73.3 m). This is made up of a loss amounting to CHF 3.1 m from discontinued
operations resulting from the planned divestments of Valartis Bank (Austria) AG
and Valartis Bank (Liechtenstein) AG, plus a loss from continued operations
amounting to CHF 55.3 m.
In 2015, Valartis Group AG and its Liechtenstein-based holding company, Valartis
Finance Holding AG, were in need of recovery due to a temporary lack of
liquidity. The Boards of Directors of the two holding companies resolved to
divest the two private banks in Liechtenstein and Austria within the framework
of the recovery plans and, thus, to relinquish the private banking business
model. Against this background, the provisions of the International Financial
Reporting Standards (IFRS) for continued and discontinued operations apply for
the 2015 Annual Report for Valartis Group.
Continued operations 2015
The loss from continued operations amounting to CHF 55.3 m is largely
attributable to
* the impairment of goodwill positions and intangible assets amounting to CHF
9.6 m;
* value adjustments of real estate projects in Russia amounting to 15.7
m; together with
* significantly higher material expenditure relating to recovery plans for
Valartis Group (see also «Implementation of recovery plans 2015/2016», page
2).
Continued operations from an operational viewpoint
From a purely operational viewpoint, i.e., without taking these exceptional
factors into consideration, income from commission and services for continued
operations was down at CHF 3.5 m (31.12.2014: CHF 6.0 m). Material expenditure
rose to CHF 12.5 m, as a result of implementation of regulatory requirements,
plus project and advisory service costs arising in connection with recovery
plans for Valartis Group (31.12.2014: CHF 7.2 m). In addition, income from
interest was significantly lower: down by CHF 1.0 m to minus CHF 2.2 m. This
loss can be attributed to considerably lower average investment volumes in the
bond portfolio and continuing low market interest rates at unchanged refinancing
costs.
Business segments
Divestment of the banks in Liechtenstein and Austria means that the Private
Clients segment has been dropped from continued operations (see Annual Report
2015, Note 43, www.valartisgroup.ch).
Discontinued operations
The loss from discontinued operations amounting to CHF 3.1 m includes the annual
results for the two Valartis banks in Austria and Liechtenstein, impairment of
goodwill positions and intangible assets amounting to CHF 12.0 m arising out of
the 2008 acquisition of Valartis Bank (Austria) AG, plus value adjustments of
CHF 3.8 m to deferred taxes.
Implementation of recovery plans 2015/2016
The primary objective of the current recovery plans is to divest holdings in
Valartis Bank (Liechtenstein) AG and Valartis Bank (Austria) AG, plus other
measures, in order to eliminate the temporary lack of liquidity at Valartis
Group AG and Liechtenstein-based Valartis Finance Holding AG (see media releases
from 16 November 2015 and 19 May 2016). Valartis Bank (Liechtenstein) AG was
sold within the framework of a Share Purchase Agreement, end of March 2016. The
transaction is subject to approvals by the competent corporate bodies and the
Financial Market Authority (FMA) Liechtenstein, together with other customary
conditions and taking into consideration Valartis Finance Holding AG's
creditors. Closing is currently expected mid-2016. In Austria, closing took
place on the takeover of all employees and the main business activities of
Valartis Bank (Austria) AG by Wiener Privatbank SE on 1 April 2016, within the
framework of an Asset Purchase Agreement.
Since the planned closing on the sale of the bank in Liechtenstein will take
place following expiry of the current, definitive moratorium on 23 May 2016,
Valartis Group AG applied to the Cantonal Court of Zug for extension of the
moratorium for a further six months to 23 November 2016, which has been
granted. The deadline extension will enable Valartis Group AG and Valartis
Finance Holding AG to eliminate their temporary lack of liquidity as quickly as
possible, based on the recovery plans which have been implemented.
Valartis Group AG (individually and on a consolidated basis) and Valartis
Finance Holding AG are not over-indebted. Both companies retain adequate equity
capital bases and sufficient assets to enable them to implement current recovery
plans within the appropriate period.
Conclusion of the two divestment transactions in Austria and Liechtenstein
represent a pre-condition for successful recovery for Valartis Group AG in
Switzerland and, thus, for lifting of the moratorium, and of the bankruptcy
deferment for Valartis Finance Holding AG in Liechtenstein, respectively.
A look to the future - the new business model
Successful conclusion of the recovery of the two Group companies, together with
the introduction of the new strategic direction of the Group, represents the
pivotal objectives for FY 2016.
Once Valartis Group AG and Valartis Finance Holding AG have successfully
recovered, Group structure will be realigned and the new business model will be
established.
Valartis Group as an investment company
In 2015, by resolving to divest Group core holdings, the Board of Directors of
Valartis Group AG also determined to relinquish the private banking business
model in order to focus strategically on management of investments in the
fields of banking and finance, real estate projects and private equity. Valartis
Group AG thus retains its status as a holding company, but using a new business
model. The strategy of the new investment company is based on the core
competencies, banking and finance, plus real estate projects and comprises three
operative approaches: active management of own participations, management of
third-party assets and identification of new opportunities.
The Annual Report 2015 is available online and as pdf under www.valartisgroup.ch
(Investor Relations).
Agenda
Results media and analysts' conference 24 May 2016
Ordinary General Meeting of Shareholders 28 June 2016
2016
SIX Exchange, SIX Convention Point,
Zurich
Half-year Report 2016 30 August 2016
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 finance group with offices in Switzerland,
Vienna, Liechtenstein, Luxembourg, Moscow and St. Petersburg. Valartis Group AG
(Baar, Switzerland) is listed on the Swiss Stock Exchange, SIX Swiss Exchange.
Operations include the fields of Corporate Finance, Private Equity and Real
Estate Management together with investments in the financial services sector.
www.valartisgroup.ch
Media release including key figures (PDF):
http://hugin.info/143135/R/2014758/746979.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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: Valartis Group AG via GlobeNewswire
[HUG#2014758]
Unternehmensinformation / Kurzprofil:
Datum: 24.05.2016 - 06:30 Uhr
Sprache: Deutsch
News-ID 473002
Anzahl Zeichen: 8887
contact information:
Town:
Baar ZG
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 236 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Valartis Group Consolidated Financial Statements 2015"
steht unter der journalistisch-redaktionellen Verantwortung von
Valartis Group AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
