Varengold Bank AG

Notice of Dividend Amount • Jun 16, 2023

News Details

Ad-hoc | 16 June 2023 16:41

Varengold Bank AG: Increased capital recommendation and cancellation of dividend payment for 2022

Varengold Bank AG / Key word(s): Dividend/Development of Sales

Varengold Bank AG: Increased capital recommendation and cancellation of dividend payment for 2022

16-Jun-2023 / 16:41 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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Varengold Bank AG: Increased capital recommendation and cancellation of dividend payment for 2022

Hamburg, 16 June 2023 – Based on the net profit for the financial year 2022, the Management Board and the Supervisory Board of Varengold Bank AG (symbol: VG8) had announced at the beginning of 2023 their intention to propose a dividend payment of approximately EUR 3.6 million (36 euro cents per share) at the next Annual General Meeting.

The impact of the regulatory measures as part of the ongoing special audit pursuant to Section 44 Paragraph 1 of the German Banking Act (KWG) mentioned in the ad hoc announcement from 02/06/2023 require an adjustment of the business planning, as the originally advised result for the financial year 2023 will not be achieved under these circumstances due to a loss of commission income in the Commercial Banking business division respectively in the payment transaction business.

In addition, the capital recommendation (formerly: equity target ratio) was raised by BaFin from previously 2.7% to 6.5% due to the planned adjustments of the business strategy and the future profit situation. Varengold Bank has the ability to meet these increased requirements.

However, according to the latest developments and for the purpose of precautionary measures as well as to strengthen the capital base, the Management Board intends to carry forward the net profit for the financial year 2022 in its entirety with the approval of the Supervisory Board and the next Annual General Meeting in August 2023 and thus not to distribute a dividend for the year 2022.

Varengold Bank will report in the short term as soon as the business planning has been finally adjusted and a new profit forecast for the financial year 2023 can be derived.

Dr. Bernhard Fuhrmann

Management Board

Frank Otten

Management Board

Disclaimer

This notification is a mandatory notification according to Art. 17 MAR. The assessments contained are subject to the following caveats.

Disclaimer on forward-looking statements / no duty to update

This communication contains forward-looking statements that are subject to certain risks and uncertainties. Future results may differ materially from those currently expected, namely due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, fluctuations in exchange rates, uncertainties regarding legal disputes or investigations, and the availability of financial resources. The reader should therefore not over-rely on these statements, particularly in connection with contracts or investment decisions. Varengold Bank AG assumes no responsibility for updating the forward-looking statements contained in this communication.

Note

This announcement does not constitute an offer or invitation to subscribe for or purchase any securities of Varengold Bank AG in the United States of America, Germany or any other jurisdiction. This announcement does not constitute a recommendation regarding the placement of the securities described in this announcement.

Contact:

Ms. Sanja Schultz-Szabo (Head of Corporate Development)

End of Inside Information

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16-Jun-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Archive at www.eqs-news.com

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Language:	English
Company:	Varengold Bank AG
	Große Elbstraße 39
	22767 Hamburg
	Germany
Phone:	+49 (0)40 / 668649-0
Fax:	+49 (0)40 / 668649-49
E-mail:	investorrelations@varengold.de
Internet:	www.varengold.de
ISIN:	DE0005479307
WKN:	547930
Listed:	Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1659483

End of Announcement	EQS News Service