Munich Re Group: Consolidated profit for the year 2004 in a range between €1.7bn and €1.9bn after special writedowns by HVB Group – subject to the proviso that work on the financial statements is ongoing
The HVB Group has informed us today that among other things it intends to make special writedowns of €2.5bn in its annual financial statements for 2004.
Given that HVB is an associated company of the Munich Re Group, our figures are also affected. Essentially, our expenditure results from our share of 18.34% in HVB's equity capital. The amount to be included in our consolidated annual financial statements for 2004 cannot be precisely quantified yet from the information available at this time.
Work on the Munich Re Group annual financial statements for 2004 is currently ongoing. Subject to this proviso, we now anticipate that, on the basis of the figures published in November for the first three quarters and of subsequent developments, the consolidated profit for the year is expected to be within a range of €1.7bn to €1.9bn.
signed Schneider signed Küppers
This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.