DVB Bank SE: Adjustment of forecast for 2016, and intention of DZ BANK AG to strengthen DVB's capitalisation as well as to conduct a squeeze-out
Frankfurt/Main, 14 November 2016
DVB Bank SE (DVB) corrects the forecast business performance communicated on 21 September 2016, by way of an ad-hoc disclosure, as follows:
As the shipping crisis continues to escalate, the need for a further increase in allowance for credit losses on legacy exposures in Shipping Finance and Offshore Finance has emerged for the fourth quarter of 2016. As a result, DVB now expects a consolidated net loss before IAS 39 for 2016 that is anticipated to be in a low negative triple-digit million euro range. Likewise, DVB no longer anticipates being able to achieve the financial management indicators - return on equity (before taxes), cost/ income ratio, and Economic Value Added - as forecast for the 2016 financial year in the 2015 Annual Report.
DVB's tier 1 and total capital ratios in accordance with the CRR will remain adequate. Furthermore, DVB's parent company, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, intends to strengthen DVB's capitalisation through appropriate measures, also against the background of stricter capital requirements for banks.
Furthermore, the Board of Managing Directors of DZ BANK AG, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, has notified the Board of Managing Directors of DVB Bank SE today that it intends to conduct a squeeze-out at DVB.
Contact for this ad-hoc disclosure: Elisabeth Winter Head of Group Corporate Communications Managing Director Phone: +49 69 9750 4329 E-mail: firstname.lastname@example.org
14.11.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language: English Company: DVB Bank SE Platz der Republik 6 60325 Frankfurt am Main Germany Phone: 069-97504-329 Fax: 069-97504-850 E-mail: email@example.com Internet: www.dvbbank.com ISIN: DE0008045501 WKN: 804550 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart End of Announcement DGAP News-Service