euro adhoc: AvW INVEST AG
AvW: Profits at record levels
Improvements in all three business areas (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
AvW INVEST is listed on the ATX prime market on the Vienna Stock Exchange under the specialist group Banks and prepares its financial statements in accordance with IAS and observes the accounting proposals applicable to banks.
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in EUR million
1-9/2003 1-9/2002
Operating income 3,263 1,875 + 74 %
Operating result 1,943 0,809 + 140 %
Earnings before tax 1,594 0,534 + 198 %
Earnings after tax 1,048 0,321 + 226 %
Operating expenses 1,277 0,921 + 38 %
Workforce 122 102
~Market situation of the AvW Group Tightening up AvWs organisation brought a marked improvement in operating earnings in the three business areas of financial services, equity investment and real estate. The results have improved over the previous year. AvW was active in all three business segments during the first three quarters of 2003. It quickly expanded its operational core business of financial services within Austria, invested in the value sector and bought a property on Lake Wörther See that is being altered for use as a tourism venue.
Business development AvW has increased its income from all three business areas to EUR 3.263 million (2002: EUR 1.875 million). In the financial services sector, AvW realised income of EUR 2.360 million during the first three quarters of 2003 (2002: EUR 1.697 million). AvW achieved this high growth through the intensive and targeted expansion of its financial services network within Austria. At the end of the period under report, 112 financial partners throughout Austria (2002: 102) worked for AvW Invest AG. In the equity investment business, AvW topped up its existing value investment holdings. It purchased the Chinese financial services provider Cash F.S. Group, in which AvW acquired a 1% holding, which it will further increase during the fourth quarter. In the real estate sector, AvW bought a property during the third quarter and now owns 7 real estate properties throughout Austria.
Outlook The financial services and equity investment segments are going extremely well in Austria, and AvW is expecting significantly higher profits both before and after tax for the whole of 2003 than it saw in 2002. Investments in further Chinese financial services providers are being considered and these will be acquired when the time is right. The Chinese market for one-stop financial services providers is currently expanding and looks set to grow far faster than the same market in Europe over the next ten years.
You will find the report to shareholders for the 1st-3rd quarter of 2003 at http://www.avw.at
end of announcement euro adhoc 18.11.2003
Further inquiry note:
AvW INVEST AG
Mag. Alexandra Anthofer
http://www.avw.at
Branche: Financial & Business Services
ISIN: AT0000930409
WKN: 093040
Index: Prime.market
Börsen: Wiener Börse AG / official dealing
Baden-Württembergische Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / free trade