Sachsen LB
Sachsen LB: Sachsen LB considers a balanced annual result for 2007 no longer possible
Sachsen LB / Forecast Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- In the context of the pending transformation to a stock company, the Sachsen LB Management Board today implemented an initial examination of the portfolio and the provisional results to 30 September 2007. For the first three quarters to 30 September 2007, taking into account the reserves for general banking risks according to Paragraph 340 f of the Commercial Code, these show than Sachsen LB still posted a balanced result. However, for servicing the interest payment obligations from the three listed profit-sharing certificate tranches, the profit-sharing certificate conditions stipulate that only the audited annual financial statements as of 31 December 2007 are decisive. From today’s perspective, the Management Board no longer considers a balanced result can be achieved for the 2007 financial year, even in the case of a gradually recovering market environment for structured products. For this reason, from the current perspective no interest payment on the profit sharing certificates is expected for the 2007 financial year. At what level a net loss occurs and if a proportionate reduction of the capital represented by profit-sharing certificates also results cannot be yet forecast due to the ongoing uncer-tainties on financial markets. The Management Board Leipzig, 14 October 2007 Contact: Dr. Frank Steinmeyer Sachsen LB Landesbank Sachsen Girozentrale Humboldtstrasse 25 D-04105 Leipzig Tel. + 49 341 9791120 Fax. + 49 341 9791109 kommunikation@sachsenlb.de 14.10.2007 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Sachsen LB Humboldtstraße 25 04105 Leipzig Deutschland Phone: + 49 341 9791190 Fax: + 49 341 9791199 E-mail: compliance@sachsenlb.de Internet: www.sachsenlb.de ISIN: DE0002978657, DE0002978673, DE0002978715, WKN: 297865, 297867, 297871, Listed: Geregelter Markt in Frankfurt (General Standard); Freiverkehr in Hamburg, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found