Published: 20:30 14.11.2008 GMT+1 /HUGIN /Source: FORTIS /BXS: FORB /ISIN: BE0003801181
Interim management statement
Please note that the FRENCH and DUTCH versions of this press release will follow as soon as possible. The following information constitutes regulated information as defined in the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments that have been admitted to trading on a regulated market. Fortis, like all financial institutions, has been confronted with a systemic financial crisis of ever-growing, unparalleled proportions. Faced with this situation of mounting crisis and the need for immediate resolute action, and given the role and responsibilities of the governments, Fortis engaged in a series of transactions that changed the composition of the Group significantly. As a result, Fortis decided not to publish the regular third quarter results publications for the period ended 30 September 2008. In order to comply with the European transparency directive, Fortis decided to publish an interim management statement instead, focusing on recent events and the remaining activities of the Fortis Group after the closing of the transactions announced on 29 September, 3 and 6 October. This interim management statement contains unaudited pro forma key figures for the Fortis Group in its new constellation consisting of the General Account (containing the holding companies and the finance companies) and Fortis Insurance International (excluding Fortis Corporate Insurance). Fortis announced that it will also take a 66% stake in a structured credit portfolio entity. This entity will not be incorporated until December 2008. Since not all transactions have closed as of the date of this interim management statement, best estimates have been used. Fortis will publish its full year 2008 results in March 2009. The full year results will be based on the formal consolidation rules and will include the results of the divested entities until date of sale. However, these results will not impact the equity of Fortis as presented in this interim management statement as the proceeds (to be) received for the sale transactions are fixed and included as such in this pro forma interim management statement. The third quarter results of the divested companies were negatively impacted by exceptional events mentioned in previous press releases such as value adjustments on the structured credit portfolio, impairment on deferred tax assets, impairment on the participation in RFS Holdings and impairment on the goodwill of the asset managers. Headlines pro forma financial performance and position
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