DGAP-News: Baader Bank AG / Key word(s): Miscellaneous
22.02.2019 / 09:18
The issuer is solely responsible for the content of this announcement.
Baader Bank makes a loss in the financial year 2018, with restructuring measures already underway
Unterschleissheim, 22/02/2019: Baader Bank closed the financial year ending 31 December 2018 with a negative result. The provisional and unaudited earnings before tax (EBT) at Group level is minus EUR 19.4 million.
The pre-tax result is impacted by depreciation, amortisation and write-downs on securities and equity investments, and by allocations for provisions for restructuring measures totalling EUR 10.4 million.
Based on these financial figures, the CRR rate of Baader Bank (the Group) on 31 December 2018 was above 13.5%.
In order to ensure that the Baader Bank Group can adjust successfully, the Board of Directors has made several important changes that are reflected in the above-mentioned one-off expenditure. These changes include a strategic adjustment, an organisational consolidation of business operations and streamlining the organisation. One of the ways this will be achieved is by reducing the Board of Directors from four to three members.
Baader Bank will basically maintain its six business lines Market Making, Multi Asset Brokerage, Capital Markets, Research, Banking Services and Asset Management Services, and will continue to develop them in a more competitive, adjusted direction. The business lines will be driven forward and developed in a focused manner, while processes and responsibilities will be optimised and combined. Performance in the business lines will be increased through specific development measures.
In addition, the Board of Directors is consolidating Baader Bank’s Group structure. Foreign investments and product providers were and will be scrutinised, and shareholdings of the Banking Group were and will be reduced in whole or in part, provided that these are no longer strategically relevant for the bank. The first step was the complete sale of Skalis Asset Management AG in the fourth quarter of 2018. In addition, product development at Ophirum ETP GmbH was discontinued and the existing products were taken off the market. With regard to the Group’s other product providers, Baader Bank is in intensive discussions with potential strategic partners. The foreign investment in Gulf Baader Capital Markets S.A.O.C. in Oman is also under scrutiny.
The Board of Directors is thus creating an effective organisation and a competitive strategic starting position in a market environment that continues to be challenging. From a liquidity and capital perspective, Baader Bank is well positioned to handle growing regulatory demands and market developments.
The detailed annual financial statements will be published, as scheduled, on 22 March 2019.
Further information is available from:
Baader Bank AG
Weihenstephaner Straße 4
85716 Unterschleißheim, Germany
Florian E. Schopf
Head of Group Strategy & Communication
T +49 89 5150 1013
M +49 160 718 88 26
About Baader Bank AG:
Baader Bank is the bank for the capital market. It allows its clients to access international capital markets and to invest in financial products in an effective, efficient and secure manner. The bank uses the latest innovations in the banking industry for products, processes and technology to generate added value for its clients. As a family-run, full-service bank with its headquarters in Unterschleissheim near Munich with 450 employees, it is active in the business lines of Market Making, Capital Markets, Multi Asset Brokerage, Asset Management Services, Banking Services and Research.
Further information can also be found online:
Company website: www.baaderbank.de