Deutsche Pfandbriefbank AG / Key word(s): Final Results
06.03.2015 20:13
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Deutsche Pfandbriefbank AG provisions for Heta debt securities covered by a
letter of indemnity issued by the Austrian federal state of Carinthia in
the 2014 financial statements, taking a charge against income of EUR 120
million
Munich, 6 March 2015 - Pursuant to a Management Board resolution taken on 6
March 2015, Deutsche Pfandbriefbank AG (pbb) has provisioned its
receivables portfolio against Heta Asset Resolution AG (Heta), which has a
nominal amount of EUR 395 million. The Bank's decision was taken in
response to recent moves by the Austrian financial markets supervisory
authority (FMA), and the Austrian federal government. On 1 March 2015, FMA
issued a notice by which FMA deferred the maturity of debt securities
(including coupon payments) issued by Heta until 31 May 2016. Heta is a
wind-down entity owned by the Republic of Austria. pbb's receivables
against Heta are covered by a letter of indemnity issued by the Austrian
federal state of Carinthia.
The provision has burdened income by EUR 120 million. Preliminary pre-tax
profit for 2014 - a financial year characterised by strong new business and
a marked improvement in operating profitability - would have amounted to
EUR 174 million. Due to the extraordinary burden, pre-tax profit (in
accordance with IFRS) for 2014 is expected to decline to approximately EUR
54 million.
Contact:
Reiner Barthuber +49 (0) 89 2880 28 201
06.03.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Deutsche Pfandbriefbank AG
Freisinger Strasse 5
85716 Unterschleissheim
Germany
Phone: +49 (0) 89 2880 28 201
Fax: +49 (0) 89 2880 22 28 201
E-mail: info@pfandbriefbank.com
Internet: http://www.pfandbriefbank.com
ISIN: DE0008053331, Eine vollständige Übersicht der Eigenemissionen
der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment) finden
Sie unter,
http://www.pfandbriefbank.com/investor-relations/pflichtvero
effentlichungen/ad-hoc-mitteilungen.html
WKN: 805333, Eine vollständige Übersicht der Eigenemissionen der Deutsche, Pfandbriefbank AG (ISIN, Börse, Segment) finden Sie unter, http://www.pfandbriefbank.com/investor-relations/pflichtveroeffentlichungen/ad-hoc-mitteilungen.html
Listed: Regulated Market in Frankfurt (Corporate Bonds), Munich,
Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Hanover; London, Mailand, Paris, Luxemburg, SIX
End of Announcement DGAP News-Service
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