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2015-08-25

Valartis Group AG : Valartis Group - Financial statements for the first half-year 2015

Valartis Group AG / Valartis Group - Financial statements for the first
half-year 2015. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
In accordance with International Financial Reporting Standards (IFRS) and
under consideration of two exceptional non-recurring factors, Valartis Group
posted a Group loss of CHF 21.4 m for the first half-year of 2015 (30.6.2014
on a comparable basis: Group loss of CHF 20.7 m). This result is mainly
attributable to value adjustments on goodwill positions and immaterial assets
amounting to a total of CHF 16.4 m, together with value adjustments on
deferred taxes amounting to CHF 3.6 m. Earnings from commissions remained on
the same level as the previous year at CHF 21.8 m (30.6.2014 on a comparable
basis: CHF 21.8 m) and earnings from trading activities were up on the
previous year to CHF 8.3 m. This raised operating income to CHF 32.4 m and
total operating income to a gain of CHF 3.5 m.

Against the background of political and macroeconomic framework conditions,
the market environment remained extremely challenging for Valartis Group in
the first half-year of 2015. In accordance with International Financial
Reporting Standards (IFRS) and under consideration of two exceptional
non-recurring factors, Valartis Group posted a Group loss of CHF 21.4 m for
the first half-year of 2015 (30.6.2014: Group loss of CHF 20.7 m). This
negative result can mainly be attributed to the following factors:

* value adjustments on goodwill positions and immaterial assets amounting to
CHF 16.4 m. The value adjustments are largely the result of the continued
poor profitability levels of one of the Group companies;
* value adjustments deferred taxes amounting to CHF 3.6 m in connection with
the above;
* considerably reduced earnings on interest on the current remaining bonds
portfolio - down from CHF 4.8 m to CHF 1.1 m as a result of much lower
average investments, the continued decline in market interest rates and the
lack of attractive reinvestment opportunities in bonds.

The first half-year 2015 from an operating perspective

In operating terms - that is disregarding the non-recurring factors listed
above - Valartis Group posted operating income amounting to CHF 32.4 m
(30.6.2014: CHF 21.9 m) and gross profit of CHF 3.5 m (30.6.2014: gross loss
of CHF 5.8 m) for the first half-year 2015. This positive result can mainly
be attributed to trading activities. We were able to maintain the same level
of earnings from commission and services at CHF 21.8 m as for the previous
year. Developments in the Private Clients segment were also positive:
earnings on commission and services rose by around 10 percent to CHF 21.0 m
(30.6.2014: CHF 19.1 m) despite a net new money outflow. The private bank in
Lichtenstein was the main contributor to these earnings. Trading activities
posted a profit of CHF 8.3 m - a considerable rise over the previous year
(30.6.2014: loss of CHF 5.9 m). Personnel expenditure was reduced to CHF 16.9
m after implementation of front-office reorganisation and despite expanding
the client advisor teams at the bank in Liechtenstein (30.6.2014: CHF 17.5
m). General expense rose to CHF 12.0 m (30.6.2014: CHF 10.3 m) as a result of
implementation costs arising in connection with new regulatory standards and
project and advisory costs arising out of the realignment of Valartis Group.
Client assets under management are at CHF 5.8 bn (30.6.2014: CHF 6.2 bn).

A look to the future

In the first half-year of 2015, we completed the implementation of the new
Group organisation. We will continue to focus on the two business segments
Private Clients and Institutional Clients. During the first half-year 2015,
the Board of Directors continued readjusting the business model to new
framework and market conditions with a view to optimizing costs and enhancing
profitability, and they will intensify their work on further realignment. The
Board is currently examining a number of strategic options for Valartis
Group's future business model in order to re-establish generation of
appropriate returns on invested capital - as announced in earlier
publications. Stakeholders will be informed accordingly which is currently
expected to be made in the fourth quarter of 2015.

The Half-year Report 2015 can be viewed and downloaded
underwww.valartisgroup.ch.

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| Agenda |
| ConfCall media and analysts 25 August 2015, 11.30 a.m. |
| |
| (registration undercorporate.communications@valartisgroup.com) |
| Results media conference 2016 End of April 2016 |
| General Meeting 2016 11 May 2016 |
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Enclosed:

* Key figures half-year 2015
* Valartis Group Half-year Report 2015

For further information, please contact:

Kim-My Schefer, Head Corporate Communications&Marketing
Tel. +41 44 503 54 02,corporate.communications@valartis.ch

Valartis Group

Valartis Group is an international banking and finance group represented today
with offices in Liechtenstein, Austria, Switzerland as well as Luxembourg and
Moscow. The Group's holding company is domiciled in Switzerland and is listed
on the SIX Swiss Exchange. Valartis Finance Holding AG in Liechtenstein
comprises the operations of the private banking and wealth management
divisions, together with the private equity operations of ENR Russia Invest
S.A. Valartis Finance Holding AG is subject to the consolidated banking
supervision by the Financial Market Authority of Liechtenstein (FMA).
Valartis Group focuses on the wealth management business for wealthy private
clients and institutional investors in addition to traditional wealth
management and investment advisory, it develops, manages and markets
innovative niche investment products and offers specialized product packages.
In doing so, Valartis Group combines a wide range of traditional private
banking services with specialized advisory and classical banking services in
the fields of Asset Management, Corporate Finance and Private Equity together
with innovative investment products in the categories Stocks, Fixed Income,
Alternative Investments and Real Estate. Valartis Group's core markets
include Central and Eastern Europe, the Middle East and certain countries in
North and South America and Asia.
www.valartisgroup.ch

Media release including key figures (PDF)
http://hugin.info/143135/R/1947296/707035.pdf
Half-Year Report 2015 (German)
http://hugin.info/143135/R/1947296/707038.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Valartis Group AG via Globenewswire

HUG#1947296

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