Valartis Group AG: Provisional results for the first half-year 2016
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Valartis Group AG /
Valartis Group AG: Provisional results for the first half-year 2016
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The issuer is solely responsible for the content of this announcement.
In 2016, Valartis Bank (Austria) AG, which was acquired in 2008, was divested to
Wiener Privatbank SE within the framework of an asset deal. As a result, in
accordance with International Financial Reporting Standards (IFRS), the foreign
exchange losses amounting to CHF -39.8 m on this investment held in Euros, which
had been reported under equity capital in previous years, were transferred to
the income statement in 2016. This non-recurring factor does not impact Valartis
Group's consolidated equity capital and, thus, does not affect the net asset
value of Valartis Group's shares.
This non-recurring factor does, however, put a strain on Valartis Group's
discontinued operations. For that reason, a significantly higher consolidated
loss for continued and discontinued operations can be expected for the first
half-year 2016 in comparison to the same period for the previous year (30 June
2015: CHF -21.4 m). Discontinued operations comprise the business activities of
the two private banks in Liechtenstein and Austria. Closing on the sales
transaction of Valartis Bank (Austria) AG took place on 1 April 2016 while
closing on the sale of Valartis Bank (Liechtenstein), within the framework of a
share purchase agreement, is expected to take place during the third quarter of
2016.
In contrast, losses for continued operations are expected to be lower in
comparison to the same period for the previous year (30 June 2015: CHF -11.1 m).
Agenda
Half-year report 2016 30 August 2016
General assembly 2017 16 May 2017
For further information, please contact:
Kim-My Schefer, Head Corporate Communications & Marketing, Valartis Group AG
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.
Continued operations include the fields of Corporate Finance, Private Equity and
Real Estate Management together with participations in the financial services
sector.
www.valartisgroup.ch
Press release (PDF):
http://hugin.info/143135/R/2034726/757771.pdf
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Source: Valartis Group AG via GlobeNewswire
[HUG#2034726]
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2016 - 07:00 Uhr
Sprache: Deutsch
News-ID 488788
Anzahl Zeichen: 3353
contact information:
Town:
Baar ZG
Kategorie:
Business News
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