EANS-Adhoc: immigon portfolioabbau ag / First financial year of immigon portfolioabbau ag: Significant profit due to extraordinary effects (29 March 2016)

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Financial Figures/Balance Sheet/annual report
29.03.2016

Ad-hoc release pursuant to the Austrian Stock Exchange Act
(Börsegesetz - BörseG) / First financial year of immigon
portfolioabbau ag: Significant profit due to extraordinary effects
(29 March 2016)

Since 4 July 2015 immigon portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft (ÖVAG)) is no longer a credit
institution and no longer part of the permanent affiliation of credit
institutions in the Volksbanken-Verbund. Immigon is a wind-down
company (Abbaugesellschaft) pursuant to section 162 of the Austrian
Federal Act on the Restructuring and Resolution of Banks
(Bundesgesetz über die Sanierung und Abwicklung von Banken - BaSAG)
with the purpose of actively realizing its assets in an orderly
manner and at the best conditions achievable and to meet its
obligations when due and payable.

immigon's first financial year as wind-down company pursuant to
section 162 BaSAG was successful in light of immigon's mandate and
purpose. In 2015, immigon group completed more than 80 wind-down
transactions which led to a significant reduction of assets. At the
same time, outstanding liabilities were reduced by way of buyback
programmes. The IFRS consolidated accounts of immigon group report
total assets of EUR 3.8 billion. On single entity basis immigon
portfolioabbau ag's total assets were reduced by fifty percent
compared to 1 January 2015 (status after the de-merger) and amount
only to EUR 3.4 billion at year end 2015. Almost all of the proceeds
from the wind-down transactions is held in accounts with
Oesterreichische Nationalbank (Austrian National Bank) as short-term
liquidity; the account balance was EUR 1.3 billion as at 31
December2015 (pursuant to the IFRS consolidated accounts of immigon
group as at 31 December 2015). immigon group's liabilities towards
clients and credit institutions as well as securitized debt of
immigon group (pursuant to the IFRS financial statements as at 31
December 2015) have been reduced by way of buyback programmes to
slightly less than EUR 2 billion. As a result of the de-merger of the
central body function to Volksbank Wien AG, major parts of
operational income as well as operating expenses of immigon have
ceased to exist in the financial year 2015. immigon was able to earn
extraordinary income from buyback programmes and from the termination
of connected interest rate swaps which have been executed in the
second half of 2015, which led to an annual profit after tax of EUR
196 million pursuant to the IFRS financial statements and of EUR 305
million pursuant to the single entity financial statements pursuant
to the Austrian Commercial Code (Unternehmensgesetzbuch - UGB), in
each case as at 31 December 2015. As wind-down company, immigon
continues to be exposed to uncertainties and risks related to the
proceeds achievable in the course of the sale of its assets,
outstanding loans, higher expenses and warranty claims. Therefore, in
accordance with immigon's mandate of wind down and against the
background that the annual profit substantially results from one-time
effects, the annual profit on single entity basis has been entirely
allocated to immigon's reserves. Consequently, no balance sheet
profit (Bilanzgewinn) is shown. Own funds of immigon group increased
to EUR 726 million pursuant to the IFRS financial statements (without
minority interests) and own funds of immigon portfolioabbau ag
increased to EUR 330 million pursuant to the annual financial
statements pursuant to UGB (without participation capital 2008
(Partizipationskapital 2008)). From a current perspective, immigon
does not expect comparable results for the financial year 2016,
because the profits of the financial year 2015 are significantly due
to extraordinary income; a two-digit million amount should be
expected on single entity basis at best. immigon could incur losses
from the financial year 2017 onwards, because of expected negative
interest income and because expenses can be reduced only partly.
Based on the annual profit, immigon will pay interest on
supplementary capital instruments in accordance with their respective
terms and conditions (therefore, pursuant to its terms and
conditions, not in respect of the supplementary capital held by ÖVAG
Finance (Jersey) Limited), but not on other instruments which are
dependent on a balance sheet profit.

Key figures of immigon group for the financial year 2015 (IFRS):(in
million Euros)

Item 31 December 2015 31 December 2014

Balance sheet total 3,840 15,125
Liquidity/account balance with
the central bank 1,270 1,351
Liabilities towards clients, credit
institutions and securitized debt 1,968 11,303
Own funds (without minority interests) 726 519
Annual profit after tax 196 -479

Figures of immigon portfolioabbau ag pursuant to the single entity financial
statements pursuant to UGB:(in million Euros)
Position 31 December 2015 31 December 2014
(after de-merger)
Balance sheet total 3,405 7,084
Liquidity/account balance with
the central bank 1,081 0
Liabilities towards clients, credit
institutions and securitized debt 1,809 5,011
Own funds (without minority interests) 330 24.5
Annual profit after tax 305 -
Active employees (full time equivalent) 82 267

Mandatory information pursuant to the Disclosure and Notification Regulation
(Veröffentlichungs- und Meldeverordnung - VMV)
The following issues of participation capital (Partizipationskapital) of immigon
portfolioabbau ag (formerly Österreichische Volksbanken-Aktiengesellschaft) are
admitted to trading on a regulated market in a Member State of the European
Economic Area:
ISIN:

XS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation
Capital Certificates (issued by Banque de Luxembourg as trustee) The
five bonds issuances by immigon portfolioabbau ag (formerly
Österreichische Volksbanken-Aktiengesellschaft) with the highest
nominal volume: ISIN: AT000B056544 AT000B053442 AT000B115902
AT000B060462 AT000322458 Securities issuances by immigon
portfolioabbau ag (formerly Österreichische
Volksbanken-Aktiengesellschaft) are admitted to trading on the
following stock exchanges: Geregelter Freiverkehr of the Vienna Stock
Exchange (Wiener Börse AG) Amtlicher Handel of the Vienna Stock
Exchange (Wiener Börse AG) Regulated Market of Luxembourg Stock
Exchange Open market (Freiverkehr) of Berlin Stock Exchange Open
market (Freiverkehr) of Stuttgart Stock Exchange Open Market
(Freiverkehr) of Frankfurt Stock Exchange

Further inquiry note:
Thomas Heimhofer
immigon portfolioabbau ag
Mobil: +43 (0) 676 790 7890
Mail to: thomas.heimhofer@immigon.com

end of announcement euro adhoc
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issuer: immigon portfolioabbau ag
Peregringasse 2
A-1090 Wien
phone: +43 (0)1 313 40-0
mail: info@immigon.com
WWW: www.immigon.com
sector: Banking
ISIN: AT000B056544, AT000B053442, XS0275528627, AT000B060462,
AT000B115902
indexes:
stockmarkets: free trade: Berlin, Stuttgart, regulated dealing: Luxembourg Stock
Exchange, Regulated free trade: Wien
language: English