VAN LANSCHOT KEMPEN N.V
Amsterdam/'s-Hertogenbosch, the Netherlands, 24 April 2019
- Net result significantly up on first quarter of 2018 on the back of book profits from the sale of stake in AIO II (Medsen) and that in VLC & Partnersi
- First-quarter results excluding these book profits are in line with year-earlier figures
- Positive price movements push client assets up by 6% to €86.0 billion and AuM by 7% to €71.8 billion
- Fully loaded CET 1 ratio of 22.6%
Van Lanschot Kempen today published its trading update for the first quarter of 2019.
Constant Korthout, Chief Financial & Risk Officer at Van Lanschot Kempen, said: "We're pleased with our net result for the first quarter. This was significantly higher than in the first quarter of last year, thanks to book profits on the sale of our stakes in AIO II (over €35 million) and in VLC & Partnersi (over €15 million). Ignoring these book profits, our quarterly result was in line with the same period last year.
"Our client assets rose to €86.0 billion, while our assets under management (AuM) added €4.8 billion to €71.8 billion on the back of positive price movements. We saw a total net outflow of €0.3 billion, most of which was at Asset Management. Private Banking and Evi also reported a net outflow. Their clients showed some reluctance to invest in the wake of the adverse stock market climate in the fourth quarter of 2018, while a number of clients also took profits after the steep price rises of the past few months. In April - and right on schedule - the fiduciary mandate of around €8.5 billion for Stichting Pensioenfonds PostNL was added to our assets under management.
"Private Banking and Fidor piloted our new payment app and new payments platform, with April 2019 seeing the successful migration of the first group of clients to this platform. We also worked on launching our Groenhypotheek ("green mortgage"), which will become available in the second quarter and which will offer clients loans to make their residential properties more sustainable, at attractive interest rates.
"In January, Asset Management started marketing its Global Listed Infrastructure Fund and European Private Equity Fund. The latter got off to a very good start in the first quarter and garnered a great deal of interest from Private Banking clients.
"Merchant Banking showed solid results from its involvement in a range of transactions, including the successful sale of Vonovia's stake in Deutsche Wohnen and the Biocartis capital market transactions. We're also acting as advisers in Round Hill Capital's sale to Heimstaden of a large Dutch residential property portfolio, a transaction expected to complete in the second quarter.
"We have further optimised our capital base through a successful placement of a €100 million additional Tier 1 bond in March. This will help us meet our Tier 1 capital and total capital requirements more efficiently. Our fully loaded CET1 ratio (excluding retained earnings) stands at 22.6%. The higher CET1 ratio is partly the result of one-off factors."
2019 FINANCIAL CALENDAR
22 May 2019 Annual general meeting
24 May 2019 Ex-dividend date
3 June 2019 Dividend payment date
27 August 2019 Publication of 2019 half-year results
Media Relations: +31 20 354 45 85; mediarelations@vanlanschotkempen.com
Investor Relations: +31 20 354 45 90; investorrelations@vanlanschotkempen.com
About Van Lanschot Kempen
Van Lanschot Kempen, a wealth manager operating under the Van Lanschot, Evi and Kempen brand names, is active in Private Banking, Asset Management and Merchant Banking, with the aim of preserving and creating wealth for its clients. Van Lanschot Kempen, listed at Euronext Amsterdam, is the Netherlands' oldest independent financial services company with a history dating back to 1737.
For more information please visit: www.vanlanschotkempen.com
Disclaimer and cautionary note on forward-looking statements
This press release may contain forward-looking statements on future events and developments. These forward-looking statements are based on the current insights, information and assumptions of Van Lanschot Kempen's management about known and unknown risks, developments and uncertainties. Forward-looking statements do not relate strictly to historical or current facts and are subject to such risks, developments and uncertainties which by their very nature fall outside the control of Van Lanschot Kempen and its management.
Actual results, performances and circumstances may differ considerably from these forward-looking statements as a result of risks, developments and uncertainties relating to, but not limited to, (a) estimates of income growth, (b) costs, (c) the macroeconomic and business climate, (d) political and market trends, (e) interest rates and currency exchange rates, (f) behaviour of clients, competitors, investors and counterparties, (g) the implementation of Van Lanschot Kempen's strategy, (h) actions taken by supervisory and regulatory authorities and private entities, (i) changes in law and taxation, (j) changes in ownership that could affect the future availability of capital, and (k) changes in credit ratings.
Van Lanschot Kempen cautions that forward-looking statements in this press release are only valid on the specific dates on which they are expressed, and accepts no responsibility or obligation to revise or update any information, whether as a result of new information or for any other reason.
The financial data in this press release have not been audited, unless specifically stated otherwise.
This press release does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action.
Elements of this press release contain information about Van Lanschot Kempen NV and/or Van Lanschot NV within the meaning of Article 7(1) to (4) of EU Regulation No. 596/2014.
This press release is a translation of the Dutch language original and is provided as a courtesy only. In the event of any disparities, the Dutch language version will prevail. No rights can be derived from any translation thereof.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Van Lanschot Kempen via Globenewswire
