euro adhoc: EUWAX Broker AG
Earnings
EUWAX Broker AG with a Significant Push of its Profit in the Second Quarter 2003 (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Revenues for the three months ended 30 June 2003 ("Q2") have
increased significantly. Euwax Broker AG raised its net income by a
further 62% compared to the already highly successful first three
months of 2002.
The corporation has maintained the high level of earnings of the
previous quarters throughout Q2. At the same time expenditures could
be reduced again significantly resulting in a quarterly profit of EUR
6,132k before taxes (up by 162 percent compared to Q2 2002) and EUR
3,863k after taxes (up by 181 percent). Quarterly profits of this
corporation were higher only in Q1 2000.
Throughout the period of January to June 2003 income from ordinary
activities increased to EUR 11,071k (up by 108 percent) and net
income increased to EUR 6,241k (up by 91%).
To give the main reasons for this highly satisfactory business
record:
·Excellent development of contract notes and a new record in
turnovers in Q2.
·This led to a surge in commission income.
·Decrease of expenditures by EUR 1,078k equalling 19 percent compared
to the 1st quarter. This was mainly due to additions to security
holdings, once more lowered administration costs and the fact that
budgets for fixed costs were strictly adhered to.
This outstanding business trend has improved our rentabilities as
well.
The operational margin was improved in the 2nd quarter 2003 for the
third time in a row to 56.8 percent. This is the highest quarterly
value within a period of nearly three years. On the other side the
cost-income ratio de-creased to 43.3 percent, meaning that it stayed
below our benchmark of 50 percent.
Pre-tax return on equity climbed to 35.8 percent on 30 June 2003
which is the highest value for more than a year. After-tax return on
equity cleared the 20-percent mark.Key figures at a glance:
~
Q2 Q2 Change Mid-Year Mid-Year Change
2003 2002 2003 2002
Earnings (000s)EUR 10,821 5,497 96.8% 21,527 11,342 89.8%
Expenditures EUR 4,689 3,150 48.8% 10,456 6,019 73.7%
(000s)
Income from
Ordinary Activities
(000s) EUR 6,132 2,347 161.3% 11,071 5,323 108.0%
Net Income EUR 3,863 1,377 180.5% 6,241 3,260 91.4%
(000s)
Cash Flow EUR 3,771 1,462 157.9% 6,507 3,412 90.7%
Earnings per Share
(DVFA/SG) EUR 0.76 0,38 102.5% 1.24 0.90 38.3%
Return on Equity
Before Tax % 35.8 32.1 11.4% 35.8 32.1 11.4%
Subscribed
Capital (000s) EUR 5,150 3,756 37.1% 5,150 3,756 37.1%
~end of announcement euro adhoc 15.07.2003
Further inquiry note:
Thomas Krotz CFO Tel.: +49 (0)711 222989 360 E-Mail: investor.relations@euwax-broker.de
Branche: Financial & Business Services
ISIN: DE0005660104
WKN: 566010
Börsen: Bayerische Börse / official dealing
Baden-Württembergische Wertpapierbörse / official dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Bremer Wertpapierbörse (BWB) / free trade
Börse Düsseldorf / free trade
Frankfurter Wertpapierbörse / free trade