Aareal Bank AG
Aareal Bank Group: Reversal of provisions set aside within the scope of the acquisition of Corealcredit Bank AG
Aareal Bank AG / Key word(s): Miscellaneous/Change in Forecast Following the final settlement of contractual issues with a third party that were still unsolved at the time Aareal Bank Group acquired Corealcredit Bank AG and following the receipt of tax assessment notices, Aareal Beteiligungen AG (previously Corealcredit Bank AG), a subsidiary of Aareal Bank AG included in the consolidated financial statements of Aareal Bank Group, has reversed provisions of EUR 66 million which are recognised in income. These are offset by corresponding expenses totalling EUR 42 million, of which EUR 16 million will be recognised in operating profit and EUR 26 million in the tax item. The positive effect on consolidated operating profit of Aareal Bank Group in the second quarter of 2017 will thus total EUR 50 million before taxes and EUR 24 million after taxes. For this reason, Aareal Bank AG raises its consolidated operating profit forecast for the current year from between EUR 260 and EUR 300 million, as published on 23 February 2017, to a range between EUR 310 to EUR 350 million. At the same time, the earnings per share forecast for the 2017 financial year is raised from between EUR 2.45 and EUR 2.90 to EUR 2.85 and EUR 3.30.
20-Apr-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
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, Tradegate Exchange; Stockholm |
End of Announcement | DGAP News Service |