Valartis Group AG provided earnings guidance for the first half of 2016. In 2016, Valartis Bank (Austria) AG, which was acquired in 2008, was divested to Wiener Privatbank SE within the framework of an asset deal. As a result, in accordance with International Financial Reporting Standards (IFRS), the foreign exchange losses amounting to CHF 39.8 million on this investment held in Euros, which had been reported under equity capital in previous years, were transferred to the income statement in 2016. This non-recurring factor does not impact Valartis Group's consolidated equity capital and, thus, does not affect the net asset value of Valartis Group's shares. This non-recurring factor does, however, put a strain on Valartis Group's discontinued operations. For that reason, a significantly higher consolidated loss for continued and discontinued operations can be expected for the first half of 2016 in comparison to loss of CHF 21.4 million last year. In contrast, losses for continued operations are expected to be lower in comparison to loss of CHF 11.1 million reported last year.