LLB Group improves operating performance - one-off effects impact Group
Vaduz, 18 July 2013. The LLB Group significantly improved its operating
performance in the first half of 2013, with operating income up 35 % to CHF
280 million. The implementation of strategic initiatives continues as planned.
One-off effects are having an impact on results, however: compared with the
prior-year period, the LLB Group posted a significantly lower Group result of
CHF 14 million. The LLB Group will provide detailed information about its 2013
interim results on 29 August 2013.
Operating income rose by 35 % to CHF 280 million on the prior-year period, and
operating expenses were up to CHF 260 million. Adjusted for one-off items,
operating income rose by 8 %, and operating expenses fell by 7 % as planned.
Under consideration of the one-off items, the LLB Group anticipates a Group
result of CHF 14 million for the first half of 2013 (first half of 2012: CHF
61.6 million). Adjusted for the one-off items, the LLB Group would be posting
an interim Group result of CHF 72 million.
Amounts due from clients rose by 1 % to CHF 10.7 billion, while assets under
management were up CHF 0.6 billion (+1 %) to CHF 50.5 billion due to market
developments. As anticipated, the restructuring process, especially the
closure of LLB (Switzerland) Ltd., and developments in the traditional
cross-border markets had a negative impact on net new money. At the same time,
however, inflows were observed in onshore and growth markets. This amounted to
a net new money outflow of CHF 210 million overall.
The implementation of the «Focus2015» strategy presented in March 2013, which
involves a focus on clearly defined client segments and markets, as well as a
reduction in complexity, began successfully in the first half of the year.
Strategic initiatives such as the closure of LLB (Switzerland) Ltd., the sale
of Jura Trust AG and the modification of the distribution network are
proceeding as planned.
One-off effects impact results
In connection with the issue of US taxation, the LLB Group has included
additional provisions of CHF 31 million in its interim results. The LLB Group
continues to be in close contact with the US authorities and is confident that
a solution can be found for Liechtensteinische Landesbank AG, Vaduz, in the
Against the backdrop of the US taxation issue, negotiations relating to the
sale of swisspartners Investment Network AG have been suspended for the time
being. swisspartners Investment Network AG will therefore again be fully
consolidated as of 30 June 2013. Due to the changing conditions in the
international asset management business, goodwill will be subjected to value
allowances, impacting the interim results with a net expense of CHF 14
million. As part of its strategic reorientation towards its core business, the
LLB Group continues to plan to sell swisspartners Investment Network AG.
The closure of LLB (Switzerland) Ltd. has resulted in extraordinary
depreciation of CHF 10 million on property. In addition, provisions amounting
to CHF 4 million for restructuring have been made in connection with the
These figures have not been audited - detailed information will be provided by
the LLB Group at the presentation of the 2013 interim results on 29 August
*Thursday, 29 August 2013, 2013 interim results
*Tuesday, 25 March 2014, 2013 annual results
*Friday, 9 May 2014, 22nd General Meeting of Shareholders
Liechtensteinische Landesbank AG (LLB) is the longest established financial
institute in the Principality of Liechtenstein. The Principality of
Liechtenstein holds the majority of the company's share capital. The LLB's
shares are listed on the SIX Swiss Exchange (symbol: LLB). The LLB Group
offers its clients comprehensive wealth management services, as a universal
bank, in private banking, asset management and fund services. With about 1'000
employees, the Group is represented in Liechtenstein, Switzerland, Austria and
the United Arab Emirates (Abu Dhabi and Dubai). As per 30 June 2013, the LLB
Group managed client assets totalling CHF 50.5 billion.
Liechtensteinische Landesbank AG
Dr. Cyrill Sele, Head Group Corporate Communications & General Secretary
Telephone +423 236 82 09, fax +423 236 87 71
E-mail email@example.com, Internet www.llb.li
Dr. Cyrill Sele
Head Group Corporate Communications & General Secretary
Liechtensteinische Landesbank Aktiengesellschaft
Staedtle 44, P. O. Box 384, 9490 Vaduz, Liechtenstein
Telephone +423 236 82 09
Fax +423 236 87 71
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