EANS-Adhoc: immigon portfolioabbau ag First financial year of immigon
portfolioabbau ag: Significant profit due to extraordinary effects (29 March
2016)
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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Financial Figures/Balance Sheet/annual report
29.03.2016
Ad-hoc release pursuant to the Austrian Stock Exchange Act (Börsegesetz -
BörseG) / First financial year of immigon portfolioabbau ag: Significant profit
due to extraordinary effects (29 March 2016)
Since 4 July 2015 immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft (ÖVAG)) is no longer a credit institution and no
longer part of the permanent affiliation of credit institutions in the
Volksbanken-Verbund. Immigon is a wind-down company (Abbaugesellschaft) pursuant
to section 162 of the Austrian Federal Act on the Restructuring and Resolution
of Banks (Bundesgesetz über die Sanierung und Abwicklung von Banken - BaSAG)
with the purpose of actively realizing its assets in an orderly manner and at
the best conditions achievable and to meet its obligations when due and payable.
immigon's first financial year as wind-down company pursuant to section 162
BaSAG was successful in light of immigon's mandate and purpose. In 2015, immigon
group completed more than 80 wind-down transactions which led to a significant
reduction of assets. At the same time, outstanding liabilities were reduced by
way of buyback programmes. The IFRS consolidated accounts of immigon group
report total assets of EUR 3.8 billion. On single entity basis immigon
portfolioabbau ag's total assets were reduced by fifty percent compared to 1
January 2015 (status after the de-merger) and amount only to EUR 3.4 billion at
year end 2015.
Almost all of the proceeds from the wind-down transactions is held in accounts
with Oesterreichische Nationalbank (Austrian National Bank) as short-term
liquidity; the account balance was EUR 1.3 billion as at 31 December2015
(pursuant to the IFRS consolidated accounts of immigon group as at 31 December
2015).
immigon group's liabilities towards clients and credit institutions as well as
securitized debt of immigon group (pursuant to the IFRS financial statements as
at 31 December 2015) have been reduced by way of buyback programmes to slightly
less than EUR 2 billion.
As a result of the de-merger of the central body function to Volksbank Wien AG,
major parts of operational income as well as operating expenses of immigon have
ceased to exist in the financial year 2015. immigon was able to earn
extraordinary income from buyback programmes and from the termination of
connected interest rate swaps which have been executed in the second half of
2015, which led to an annual profit after tax of EUR 196 million pursuant to the
IFRS financial statements and of EUR 305 million pursuant to the single entity
financial statements pursuant to the Austrian Commercial Code
(Unternehmensgesetzbuch - UGB), in each case as at 31 December 2015.
As wind-down company, immigon continues to be exposed to uncertainties and risks
related to the proceeds achievable in the course of the sale of its assets,
outstanding loans, higher expenses and warranty claims. Therefore, in accordance
with immigon's mandate of wind down and against the background that the annual
profit substantially results from one-time effects, the annual profit on single
entity basis has been entirely allocated to immigon's reserves. Consequently, no
balance sheet profit (Bilanzgewinn) is shown. Own funds of immigon group
increased to EUR 726 million pursuant to the IFRS financial statements (without
minority interests) and own funds of immigon portfolioabbau ag increased to EUR
330 million pursuant to the annual financial statements pursuant to UGB (without
participation capital 2008 (Partizipationskapital 2008)).
From a current perspective, immigon does not expect comparable results for the
financial year 2016, because the profits of the financial year 2015 are
significantly due to extraordinary income; a two-digit million amount should be
expected on single entity basis at best. immigon could incur losses from the
financial year 2017 onwards, because of expected negative interest income and
because expenses can be reduced only partly.
Based on the annual profit, immigon will pay interest on supplementary capital
instruments in accordance with their respective terms and conditions (therefore,
pursuant to its terms and conditions, not in respect of the supplementary
capital held by ÖVAG Finance (Jersey) Limited), but not on other instruments
which are dependent on a balance sheet profit.
Key figures of immigon group for the financial year 2015 (IFRS):(in million
Euros)
Item 31 December 2015 31 December 2014
Balance sheet total 3,840 15,125
Liquidity/account balance with
the central bank 1,270 1,351
Liabilities towards clients, credit
institutions and securitized debt 1,968 11,303
Own funds (without minority interests) 726 519
Annual profit after tax 196 -479
Figures of immigon portfolioabbau ag pursuant to the single entity financial
statements pursuant to UGB:(in million Euros)
Position 31 December 2015 31 December 2014
(after de-merger)
Balance sheet total 3,405 7,084
Liquidity/account balance with
the central bank 1,081 0
Liabilities towards clients, credit
institutions and securitized debt 1,809 5,011
Own funds (without minority interests) 330 24.5
Annual profit after tax 305 -
Active employees (full time equivalent) 82 267
Mandatory information pursuant to the Disclosure and Notification Regulation
(Veröffentlichungs- und Meldeverordnung - VMV)
The following issues of participation capital (Partizipationskapital) of immigon
portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are
admitted to trading on a regulated market in a Member State of the European
Economic Area:
ISIN:
XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital
Certificates (issued by Banque de Luxembourg as trustee)
The five bonds issuances by immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft) with the highest nominal volume:
ISIN:
AT000B056544
AT000B053442
AT000B115902
AT000B060462
AT000322458
Securities issuances by immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft) are admitted to trading on the following stock
exchanges:
Geregelter Freiverkehr of the Vienna Stock Exchange (Wiener Börse AG)
Amtlicher Handel of the Vienna Stock Exchange (Wiener Börse AG)
Regulated Market of Luxembourg Stock Exchange
Open market (Freiverkehr) of Berlin Stock Exchange
Open market (Freiverkehr) of Stuttgart Stock Exchange
Open Market (Freiverkehr) of Frankfurt Stock Exchange
Further inquiry note:
Thomas Heimhofer
immigon portfolioabbau ag
Mobil: +43 (0) 676 790 7890
Mail to: thomas.heimhofer@immigon.com
end of announcement euro adhoc
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issuer: immigon portfolioabbau ag
Peregringasse 2
A-1090 Wien
phone: +43 (0)1 313 40-0
mail: info@immigon.com
WWW: www.immigon.com
sector: Banking
ISIN: AT000B056544, AT000B053442, XS0275528627, AT000B060462,
AT000B115902
indexes:
stockmarkets: free trade: Berlin, Stuttgart, regulated dealing: Luxembourg Stock
Exchange, Regulated free trade: Wien
language: English