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    ARL   DE0005408116

AAREAL BANK AG

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Public disclosure of inside information in accordance with Article 17 of Regulation 596/2014 (EU) - Aareal Bank AG: Non-recurring tax effect burdens financial year 2021

08/02/2021 | 12:52pm EDT
Public disclosure of inside information in accordance with Article 17 of Regulation 596/2014 (EU) - Aareal Bank AG: Non-recurring tax effect burdens financial year 2021

02.08.2021 06:30 a.m. - As part of a review of a prior fund investment which was sold in 2012, new findings emerged which have a negative impact on Aareal Bank's results for the 2021 financial year amounting to an additional €11 million burden to be recorded in net other operating income for the second quarter of 2021 and a further €26 million to be recognised in the tax position for the 2021 financial year.

As part of a review of a prior fund investment which was sold in 2012, new findings emerged which have a negative impact on Aareal Bank's results for the 2021 financial year amounting to an additional €11 million burden to be recorded in net other operating income for the second quarter of 2021 and a further €26 million to be recognised in the tax position for the 2021 financial year. Aareal Bank will recognise the corresponding provisions in the second quarter of 2021 and adjust the expected tax rate for the full year.

Taking this non-recurring effect into consideration, the operating profit for the second quarter of 2021 will presumably amount to €41 million, significantly above the results of the same quarter of the previous year, which had also been affected by the pandemic (Q2 2020: €2 million). Without this extraordinary charge, the preliminary operating profit would have amounted to €52 million.

Despite comprehensive consideration of the adverse non-recurring effect, Aareal Bank confirms the previously communicated expectations regarding its operating profit for the year 2021 as a whole in a range between €100 million and €175 million.

The expected tax rate, however, will increase during the current financial year. Based on the midpoint of the expected range for operating profit, it should amount to approx. 55%. In case operating profit should trend to the upper end of the target corridor, the expected tax rate would be around 50%, respectively around 60% in case of a trend to the lower end of the range, in both cases corresponding to the relative share of non-tax-deductible components of the results.

Disclaimer

Aareal Bank AG published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 16:51:11 UTC.


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Sales 2021 817 M 958 M 958 M
Net income 2021 53,5 M 62,7 M 62,7 M
Net Debt 2021 - - -
P/E ratio 2021 25,7x
Yield 2021 3,57%
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Capi. / Sales 2021 1,63x
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Number of Analysts 7
Last Close Price 22,20 €
Average target price 24,40 €
Spread / Average Target 9,91%
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Managers and Directors
Marc Oliver He▀ CFO, Head-Treasury, Finance & Controlling
Marija G. Korsch Chairman-Supervisory Board
Holger Spielberg Group Technology Officer
Richard Peters Vice Chairman-Supervisory Board
Sylvia Seignette Independent Member-Supervisory Board
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