Wiesbaden, 29 March 2012 – Aareal Bank Group published its annual report for the 2011 financial year today. In addition to information concerning the Group's business model and its activities in the two business segments, the report also includes the audited consolidated financial statements in accordance with IFRSs, and Aareal Bank's Group Management Report for 2011.
According to audited figures, consolidated operating profit amounted to € 185 million, up 38 per cent year-on-year (2010: € 134 million). This is in line with the preliminary figure communicated at the press conference to present the annual results on 21 February 2012. Aareal Bank Group thus posted a record result for 2011. The Group had posted its previous record consolidated operating profit of € 159 million (adjusted for sales proceeds) for the pre-crisis year of 2007.
"We consider these results as a resounding confirmation for the viability of our business model, which is built on two strong pillars: Structured Property Financing and Consulting/Services. Moreover, we see our good performance as clear evidence that adhering to our prudent and sustainable business policy, as we have done over recent years, was the right direction to take", says CEO Dr Wolf Schumacher in the Letter to Shareholders.
In its annual report, Aareal Bank also affirms its outlook for the year 2012, communicated at the annual press conference on 21 February 2012: in the wake of the sovereign debt crisis that is still unresolved, the bank believes that financial markets will remain volatile during the current year and therefore expects the risks in the financial system to persist. Moreover, Aareal Bank has observed that the risks in relation to economic development have increased in recent months. According to the bank's Letter to Shareholders, the uncertain political framework and cumulative effects of the forthcoming changes to the regulatory environment, which have not yet been clarified present further challenges. All in all, Aareal Bank sees good potential for achieving consolidated operating profit that is only slightly below last year's very good result, despite the considerable challenges.
