Van Lanschot Kempen to recognise a goodwill impairment
10 Gennaio 2020 - 07:30AM
Van Lanschot Kempen to recognise a goodwill impairment
Amsterdam/’s-Hertogenbosch, the Netherlands, 10 January 2020
Van Lanschot Kempen is to recognise an impairment of
goodwill amounting to €35 million in its 2019 annual accounts. The
impairment will not affect its liquidity position, CET 1 ratio or
dividend policy.
This one-off impairment relates to the goodwill involved in the
acquisition of Kempen & Co in 2007 and more specifically to its
Merchant Banking activities, and is prompted by an adjustment in
the discount rate and flattening growth expectations for these
activities. Reflecting the volatile nature of the cash flows
arising from the Merchant Banking activities, the cost of equity
includes an additional risk premium now used to discount these cash
flows. Meanwhile, the expected growth figures have been slightly
adjusted to account for expectations of the economic cycle nearing
its peak. Kempen Merchant Banking’s 2019 results are somewhat below
those for 2018.
The impairment reflects the application of IFRS standards and
does not affect Van Lanschot Kempen’s liquidity position or CET 1
ratio, as the determination of CET 1 capital already deducts
goodwill.
No changes will be made to Van Lanschot Kempen’s dividend
policy, which envisages a pay-out ratio of 50-70% of its underlying
net resulti. The 2019 underlying net result equals the net result
adjusted exclusively for the company’s strategic investment
programme and restructuring charges.
FINANCIAL CALENDAR
20 February 2020 Publication of 2019 annual
results22 April 2020
Publication
of 2020 Q1 trading update
A conference call for analysts and media will be held today, 10
January at 9.00 am CET.
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, Kempen and Evi
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.
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 Kempen Wealth Management 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.
i The underlying net result is the net underlying result
attributable to shareholders.
- Press release goodwill impairment
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