DGAP-News: Aareal Bank AG / Key word(s): Final Results
Aareal Bank Group publishes Annual Report 2014 (news with additional
features)
27.03.2015 / 08:32
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Aareal Bank Group publishes Annual Report 2014
Wiesbaden, 27 March 2015 - Aareal Bank Group published its Annual Report
2014 today. In addition to information on the Bank's business model and its
activities in the two business segments, the Annual Report also includes
audited consolidated financial statements in accordance with IFRSs and the
Bank's Group Management Report for 2014.
Based on audited results, consolidated operating profit was EUR 436
million, and therefore more than double the previous year's level (2013:
EUR 198 million). This marked rise can be attributed to a strong
operational performance, as well as a positive non-recurring effect in the
amount of EUR 154 million from the acquisition of COREALCREDIT BANK AG
(Corealcredit), a transaction that was closed on 31 March 2014. Adjusted
for this effect, consolidated operating profit amounted to EUR 282 million,
in line with the preliminary figures communicated during the annual press
conference on 25 February 2015. The Bank thus ended the 2014 financial year
with a record result.
Aareal Bank intends to allow its shareholders to adequately participate in
consolidated profit generated during the 2014 financial year. As announced
during February's annual press conference, the Management Board and the
Supervisory Board will propose a 60 per cent increase in the dividend -
from EUR 0.75 to EUR 1.20 per share - to the Annual General Meeting of
Aareal Bank AG, which will be held on 20 May 2015. This equals a
distribution ratio, adjusted for the negative goodwill from the acquisition
of Corealcredit, of about 50 per cent. Aareal Bank thus adheres to its
dividend policy, according to which approximately 50 per cent of
consolidated profit (determined in accordance with IFRSs) after servicing
hybrid capital instruments, will be distributed - to the extent that this
is consistent with the Bank's long-term and sustained business development.
As with the negative goodwill resulting from the acquisition of
Corealcredit in 2014, the expected negative goodwill resulting from the
acquisition of Westdeutsche Immobilienbank AG ("WestImmo") would not be
included in the calculation of potential dividend payments for the 2015
financial year.
"The positive business development in 2014 signifies both confirmation and
motivation for us: we see it as further proof of the sustainability of our
business model, as well as evidence of the operative strength we are
capable of," Dr Wolf Schumacher, Chairman of the Management Board, wrote in
his letter to shareholders.
Moreover, in its Annual Report Aareal Bank affirms the outlook for 2015, as
communicated during the annual press conference. Overall, the Bank sees
good opportunities, including the positive non-recurring effect from the
acquisition of WestImmo announced on 22 February 2015, to achieve
consolidated operating profit of between EUR 400 million and EUR 430
million for the current year. This non-recurring effect is expected to be
approximately EUR 150 million. The Bank's other forecasts for the 2015
financial year also include provisional figures for WestImmo, whereas its
actual contribution essentially depends on the closing date.
The full annual report for 2014 is available from Aareal Bank's website:
http://www.aareal-bank.com/financial-reports.
Contact:
Aareal Bank AG
Corporate Communications
Sven Korndörffer
Tel.: +49 611 348 2306
sven.korndoerffer@aareal-bank.com
Christian Feldbrügge
Tel.: +49 611 348 2280
christian.feldbruegge@aareal-bank.com
Heinrich Frömsdorf
Tel.: +49 611 348 2061
heinrich.froemsdorf@aareal-bank.com
Alessandro Schwarz
Tel.: +49 611 348 2923
alessandro.schwarz@aareal-bank.com
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Aareal Bank AG,
Registered Office: Wiesbaden
Commercial Register: Amtsgericht Wiesbaden HRB 13184
Chairman of the Supervisory Board: Marija G. Korsch
Management Board: Dr. Wolf Schumacher (Chairman), Hermann J. Merkens
(Deputy Chairman), Dagmar Knopek, Thomas Ortmanns
+++++
Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=MKXNHNNJLX
Document title: 20150327_Press Release.pdf
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27.03.2015 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Aareal Bank AG
Paulinenstr.15
65189 Wiesbaden
Germany
Phone: +49 (0)611 348 - 0
Fax: +49 (0)611 348 - 2332
E-mail: aareal@aareal-bank.com
Internet: www.aareal-bank.com
ISIN: DE0005408116
WKN: 540811
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart; Stockholm
End of News DGAP News-Service
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338385 27.03.2015
DGAP-News: Aareal Bank Group publishes Annual Report 2014 (news with additional features)
| Source: EQS Group AG