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Bank of Aland Plc Updates on FY 2012 Net Operating Profit Guidance


Monday, 29 Oct 2012 10:00am EDT 

Bank of Aland Plc announced that it has changed its fiscal year 2012 net operating profit guidance. The Company announced that the weak economic situation affects the payment capacity of customers, which increases the risk of loan losses. This is especially clear in the shipping industry. The efficiency-raising measures that have been implemented and planned will mean approximately EUR 10 million in lower annual expenses compared to a year ago, once they achieve their full effect, which is expected to occur by the end of 2012. Their effect in 2012 is estimated at approximately EUR 7 million, excluding restructuring expenses. This expense reduction will be partly offset by contractual pay hikes and other increases in expenses. In EUR terms, the appreciation of the Swedish krona increases the reported expenses in Swedish operations. Restructuring expenses in the range of EUR 1 million will be charged to the fourth quarter of 2012 financial statements. The Company expects capital gains from divestments of assets. These include EUR 13 million from the divestment of the Swedish company. The Company also intends to adjust certain interest rate terms in such a way that they better reflect prevailing market conditions. If loan losses remain within forecasted limits, these circumstances and expectations will together lead the Company to report a positive net operating profit in 2012 (the forecast has been changed). 

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19 Sep 2014