LLB Group improves operating performance - one-off effects impact Group results 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 coming weeks. 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 «Focus2015» strategy. 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 2013. Important dates *Thursday, 29 August 2013, 2013 interim results *Tuesday, 25 March 2014, 2013 annual results *Friday, 9 May 2014, 22nd General Meeting of Shareholders ã??ã?? Brief portrait 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. Contact 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 Yours sincerely Liechtensteinische Landesbank Aktiengesellschaft 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 E-mail firstname.lastname@example.org Internet http://www.llb.li This message is exclusively for the person addressed or their representative. Any form of the unauthorized use, publication, reproduction, copying or disclosure of the content of this e-mail is not permitted. If you are not the intended recipient of this message and its contents, please notify this sender immediately and delete this message and all its attachments subsequently. LLB_MC_advance_information_HY13 Provider Channel Contact Tensid Ltd., Switzerland newsbox.ch Provider/Channel related enquiries www.tensid.ch www.newsbox.ch email@example.com +41 41 763 00 50
LLB Group improves operating performance - one-off effects impac
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