Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale-
Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale-: Bremer Landesbank expects a significantly negative annual result due to high value adjustments in its portfolio of shipping loans
Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale- / Key word(s): Final Results 02.06.2016 17:16 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. --------------------------------------------------------------------------- Ad-hoc-announcement pursuant to § 15 WpHG Bremer Landesbank expects a significantly negative annual result due to high value adjustments in its portfolio of shipping loans Bremen, 2 June 2016: As a result of the persistently difficult market conditions in the area of ship financing, the management board of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - ("Bremer Landesbank") expects on the basis of a forecast as of 2 June 2016 that, as per 30 June 2016, the bank has to undertake in its portfolio of shipping loans in this form so far unplanned value adjustments which, for the bank as a whole, will amount to in total approximately EUR 400 million. For the entire financial year 2016, Bremer Landesbank expects so far unplanned value adjustments in its portfolio of shipping loans in the amount of a high three-digit million figure. Hereby, Bremer Landesbank reacts to its changed assessment of the market for ship financing which Bremer Landesbank does not expect to significantly recover in the mid-term. Bremer Landesbank currently estimates that the need for unanticipated high value adjustments will, in its consolidated financial statements according to IFRS as of 31 December 2016, likely result in an annual loss in the amount of a mid three-digit million figure. Bremer Landesbank currently has - as shown in its individual annual accounts as of 31 December 2015 - capital and profit reserves, which count as equity, in the amount of in total EUR 1.078 billion, and a fund for general banking risks pursuant to § 340g HGB in the amount of EUR 589 million, both of which would, as of now, be available to absorb the expected annual loss. Measures to strengthen Bremer Landesbank's equity have been initiated. Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - The Management Board (Vorstand) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - Domshof 26 28195 Bremen Germany Contact: Fred Walther, Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale -, Investor Relations, Tel.: +49 421 332 2453 E-Mail: investor- relations@bremerlandesbank.de, Fax: +49 421 332 2649 ISIN: DE000BRL9774 Listed: Hamburg Stock Exchange - Regulated Market A full overview of all own issues of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - (ISIN, Stock Exchange, Segment) is available on the website of Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale - under: https://www.bremerlandesbank.de/investor-relations/basisprospekt- emissionsbedingungen 02.06.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap.de --------------------------------------------------------------------------- Language: English Company: Bremer Landesbank Kreditanstalt Oldenburg -Girozentrale- Domshof 26 28195 Bremen Germany Phone: +49 (0)421-322-0 Fax: +49 (0)421-322-2322 E-mail: kontakt@bremerlandesbank.de Internet: www.bremerlandesbank.de ISIN: XC000A1ELUR9 WKN: A1ELUR Listed: Regulated Market in Hamburg; Open Market in Frankfurt ; London, Luxemburg https://ir-cockpit.equitystory.com/cgi-bin/main.ssp?fn=show_important_contacts&activate_menu=contacts&language=Deutsch End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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