euro adhoc: AvW INVEST AG
AvW Invest AG - preliminary results 2002 (E) (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
The financial service provider AvW Invest AG, which is listed on the ATX prime market on the Vienna Stock Exchange under the specialist group Banks, hereby presents its 2002 preliminary results, prepared in accordance with the Banking Act. The accounts are kept and presented in accordance with the internationally recognised IAS (International Accounting Standards) principles.
Preliminary performance figures in EUR million
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2002 2001
* Operating income 3.29 3.37
* Operating expenses 1.33 1.44
* Operating result 1.77 1.76
* Result of ordinary activities 0.50 0.02
* Net income for the year 0.43 0.01
* Accumulated profits 1.40 1.34
* Balance sheet total 18.57 19.22
* Equity ratio 83.3% 82.3%
* Workforce 107 84
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The operating income before administrative and personnel costs during
2002 totalled EUR 3.293 million (2001: EUR 3.368 million). It was
possible to reduce the operating expenses of the AvW Group from EUR
1.435 million in 2001 to EUR 1.333 million in 2002, despite the fact
that the size of the workforce increased from 84 to 107. The
operating result increased slightly during 2002, amounting to EUR
1.769 million (2001: EUR 1.759 million). The result of ordinary
activities rose by EUR 0.48 million to EUR 0.50 million (2001: EUR
0.02 million).Financial Services, Equity Investment Business, Real Estate Business The 2002 financial year was characterised by a high growth in earnings in the financial services business, amounting to EUR 3.104 million (2001: EUR 2.262 million). The earnings in the equity investment during 2002 stood at EUR 0.068 million (2001: EUR 0.998 million). The real estate business moved ahead somewhat, with earnings in the amount of EUR 0.114 million (2001: EUR 0.107 million) being generated. Following the significantly higher profit for 2002, a proposal will be made to the shareholders at the AGM to increase the dividend on the AvW preference shares by EUR 0.25 to EUR 0.35.
Outlook: In the equity investment business, we shall continue to seek value companies, associated with growth at a reasonable price, with a view to increasing growth in earnings through interesting acquisition opportunities within our core business. In the financial services business, AvW is planning to train new financial partners and to become increasingly active in this sphere in Austria and Germany. In the real estate business, we are examining a few interesting projects in Carinthia. The company's definitive figures for 2002 will be published on April 11, 2003. AvW is already expecting a higher result of ordinary activities for the 1st quarter of 2003 than in 2002, confirming our choice of strategy for sound growth. The AvW Invest ordinary shares (AVWI.VI) are listed on the ATX prime index on the Vienna stock exchange under the specialist group Banks and on the ViDX, the AvW preference shares (AVWI_p.VI) are listed on the public auction market.
Please direct any queries to: Mag. Alexandra Anthofer, phone: +43 (0) 4229 36 21-12, fax: +43 (0) 4229 2386, e-mail: a.anthofer@avw.at
end of announcement euro adhoc 27.03.2003
Further inquiry note:
AvW INVEST AG Mag. Alexandra Anthofer Tel: +43(0)4229 3621 FAX: +43(0)4229 2386
mailto:a.anthofer@avw.at http://www.avw.at
Branche: Financial & Business Services
ISIN: AT0000930409
WKN: 093040
Index: Prime.market
Börsen: Baden-Württembergische Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade
Wiener Börse AG / official dealing