IKB Deutsche Industriebank AG / Preliminary Results
03.07.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
After-tax loss of -24 million
Loss participation of profit participation certificates, silent
partnership interests and Trust Preferred Securities
IKBs board of managing directors has prepared the preliminary IKB group
figures (IFRS) and finalised the preparation of the Banks unconsolidated
annual financial statements pursuant to the German Commercial Code (HGB)
for the 2007/08 fiscal year which ended on 31 March 2008. All figures set
out herein have not yet been audited and remain preliminary until approved
by the Supervisory Board.
IKB Deutsche Industriebanks group annual loss (after tax) for the fiscal
year 2007/08 (1 April 2007 to 31 March 2008 totalled -24 million. The
positive difference as compared to the management boards expectation at
the end of April 2008 of -0.2 billion results from significantly lower
deferred taxes than initially expected.
Based on the financial statements of IKB AG, the previously announced loss
participation of the profit participation certificates (Genussscheine),
silent partnership interests (stille Beteiligungen) and Trust Preferred
Securities has been calculated, as specified below.
IKB AG reports a net loss (Jahresfehlbetrag) of 1,761 million before
appropriation of losses to the profit participation certificates and silent
partnership interests. The instruments participating in the losses by way
of deferral of interest/distribution payments and by way of reduction of
their principal amount, as the case may be, are set out in the attached
schedule.
Certain profit participation certificates participate in the losses based
on the reported net loss (Jahresfehlbetrag) for the period. These
securities bear 154 million of the reported loss for the period,
resulting in a balance sheet deficit prior to appropriation of losses
(Rohbilanzverlust) of 1,607 million. In respect of the remaining profit
participation certificates and the silent partnership interests, the loss
participation amount is determined by reference to the balance sheet
deficit (Bilanzverlust). These instruments absorb losses in an amount of
331 million, following which the balance sheet deficit (Bilanzverlust) for
the period shown in the financial statements amounts to 1,276 million.
The repayment claims in respect of all profit participation certificates
issued by IKB AG and the book values of the silent partnership interests in
IKB AG which are repackaged by securities issued by Capital Raising GmbH
and Hybrid Raising GmbH are reduced. The loss participation amounts are
determined in accordance with the provisions of the relevant terms and
conditions and silent partnership agreements, respectively.
Based on the unaudited unconsolidated financial statements for 2007/08, the
following loss participation amounts apply:
Profit participation certificates issued by IKB AG
Maturity ISIN Total repayment amount before loss participation (in ) Total
repayment amount after loss participation (in ) Repayment amount per
security before loss participation (in ) Repayment amount per security
after loss participation (in )
2009 DE0008063348 102,258,324 49,280,843.24 51.10 24.64
2010 DE0008063330 20,000,000 9,638,490 20,000,000.00 9,638,490
2012 DE0002730793 100,000,000 48,192,449 100.00 48.19
2012 DE0002730801 74,500,000 35,903,375 100.00 48.19
2015 DE0002731197 30,000,000 15,814,953 100.00 52.72
2017 DE0002731429 50,000,000 26,358,254 1,000.00 527.17
2017 DE0002731569 70,000,000 36,901,556 50,000.00 26,358.25
2015 DE000A0GF758 (ProPart Funding) 150,000,000 79,074,763 50,000.00
26,358.25
Silent partnership interests in the commercial enterprise (Handelsgewerbe)
of IKB AG, repackaged by way of securities issued by Capital Raising GmbH
and Hybrid Raising GmbH
Maturity ISIN Total book value of the silent partnership interest before
loss participation (in ) Total book value of the silent partnership
interest after loss participation (in ) Repayment amount per security
before loss participation (in ) Repayment amount per security after loss
participation (in )
Open DE0007490724 (Capital Raising) 200,000,000 105,433,018 100 52.72
Open DE000A0AMCG6 (Hybrid Raising)
200,000,000 105,433,018 100 52.72
Under certain circumstances set out in the terms and conditions of the
profit participation certificates and the silent partnership agreements,
the reduced repayment claims of the profit participation certificates and
the book value of the silent partnership interests may be replenished in
future periods. Should IKB AG be obliged to replenish the reduced
repayment amounts/book values in any future financial year, such
replenishment will reduce the balance sheet profit (Bilanzgewinn) available
for distribution to the shareholders of IKB AG with respect to such
financial year.
As a result of the losses, the interest payments on the hybrid financial
instruments of IKB listed in the attached schedule which are dependent on
the unconsolidated financial statements of IKB AG pursuant to the German
Commercial Code (HGB) will be deferred.
In addition to profit participation certificates issued by the Bank, the
losses also affect securities issued by Capital Raising GmbH and Hybrid
Raising GmbH, the interest payments under which are dependent on the
relevant silent partnership interest in the commercial enterprise
(Handelsgewerbe) of IKB AG, securities issued by ProPart Funding Limited
Partnership, the interest payments under which are dependent on underlying
profit participation certificates of IKB AG, and in general also securities
issued by IKB Funding Trust I and IKB Funding Trust II, the interest
payments under which are dependent on the availability of sufficient
distributable balance sheet profits of IKB AG.
Under specific conditions set out in the terms and conditions of the profit
participation certificates, holders of profit participation certificates
(including those repackaged by the securities issued by ProPart Funding LP)
may be entitled in future periods to subsequent payment of deferred
interest. With respect to the remaining financial instruments set out
herein, the deferred interest will be cancelled. Should IKB AG be obliged
to pay deferred interest on the profit participation certificates in any
future financial year, such payment will reduce the balance sheet profit
(Bilanzgewinn) available for distribution to the shareholders of IKB AG
with respect to such financial year.
The Board of Managing Directors
Düsseldorf, 3 July 2008
Schedule: Securities participating in losses by way of deferral of
interest/distributions
Issuer Financial Instrument Maturity ISIN Exchange
IKB AG Profit Participation Certificates 2009 DE0008063348 Düsseldorf
Regulated market
IKB AG Profit Participation Certificates 2010 DE0008063330 Unlisted
IKB AG Profit Participation Certificates 2012 DE0002730793 Berlin,
Düsseldorf: Regulated market
Frankfurt, Hamburg, Stuttgart: Unregulated market (Freiverkehr)
IKB AG Profit Participation Certificates 2012 DE0002730801 Berlin,
Düsseldorf: Regulated market
Frankfurt, Hamburg, Stuttgart: Unregulated market (Freiverkehr)
IKB AG Profit Participation Certificates 2015 DE0002731197 Düsseldorf
Regulated market
Frankfurt, Stuttgart: Unregulated market (Freiverkehr)
IKB AG Profit Participation Certificates 2017 DE0002731429 Düsseldorf
Regulated market
Frankfurt, Stuttgart: Unregulated market (Freiverkehr)
IKB AG Profit Participation Certificates 2017 DE0002731569 Düsseldorf
Regulated market and Unregulated market (Freiverkehr)
Frankfurt, Stuttgart:
Unregulated market (Freiverkehr)
Capital Raising GmbH Bond issue 2002 Open DE0007490724 Frankfurt,
Euronext Amsterdam:
Regulated market
Hybrid Raising GmbH Bond issue 2004 Open DE000A0AMCG6 Frankfurt,
Euronext Amsterdam:
Regulated market
ProPart Funding LP Dated Upper Tier 2 Securities
(Dated Upper Tier 2 Securities) 2015 DE000A0GF758 Irish Stock Exchange:
Main Market;
Luxemburg: Regulated market
IKB Funding Trust I Trust Preferred Securities Open DE0008592759 Frankfurt,
Regulated market
Vienna: Official Market
IKB Funding Trust II Trust Preferred Securities Open XS0194701487 Euronext
Amsterdam: Regulated market
Frankfurt:
Unregulated market (Freiverkehr)
Dr. Jörg Chittka, Tel. +49 (0)211 8221-4349,
Dr. Roland Nolte, Tel. +49 (0) 8221-4860,
Volker Rapp, Tel. +49 (0)211 8221-3043; Email: investor.relations@ikb.de
DGAP 03.07.2008
---------------------------------------------------------------------------
Language: English
Issuer: IKB Deutsche Industriebank AG
Wilhelm-Bötzkes-Straße 1
40474 Düsseldorf
Deutschland
Phone: +49 (0)211 8221-4511
Fax: +49 (0)211 8221-2511
E-mail: investor.relations@ikb.de
Internet: www.ikb.de
ISIN: DE0008063306
WKN: 806330
Indices: SDAX
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf, Hamburg, München; Freiverkehr in Hannover,
Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: IKB with Preliminary Figures for Fiscal Year 2007/08
| Source: EQS Group AG