EANS-News: OVB Holding AG /
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OVB concludes the 2009 financial year with sound results
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annual result
Subtitle: OVB concludes the 2009 financial year with sound results
- Sales of EUR 201.6 million exceed forecast
- EBIT reaches EUR 9.6 million
- Dividend of EUR 0.50 per share proposed
Cologne/Frankfurt am Main, 30 March 2010 - OVB Holding AG closed the 2009 financial year with sound results despite a difficult market environment. Total sales commission reached EUR201.6 million (previous year: EUR 260.2 million). "We have come through the financial and economic crisis well to date and were able to limit the decline in sales and earnings," said Wilfried Kempchen, Chief Executive Officer of OVB Holding AG. "We achieved the targets we forecast for 2009 as a whole."
The Central and Eastern Europe segment contributed EUR 84.3 million to total sales commission (previous year: EUR 122.7 million). Germany generated total sales commission of EUR 77.0 million (previous year: EUR 85.2 million). In 2009, sales in Southern and Western Europe were down on the previous year´s volume at EUR 40.3 million (EUR 52.3 million).
Although earnings before interest and taxes (EBIT) were within the forecast range at EUR 9.6 million, they decreased by two-thirds (-66.6%) year-on-year (previous year: EUR 28.8 million).
In absolute terms, EBIT declined most heavily in Central and Eastern Europe, falling from EUR 22.2 million to EUR 9.2 million (-58.6%). The Southern and WesternEurope segment reported an 81.6% reduction in EBIT to EUR 1.2 million (previous year: EUR 6.5 million). Operating income in the Germany segment only decreased modestly in comparison, falling by 4.0% to EUR 7.1 million (previous year: EUR 7.4 million).
Consolidated net income for 2009 was well within the positive range at EUR 8.8 million (previous year: EUR 24.4 million). Basic earnings per share amounted to EUR 0.61 (previous year: EUR 1.71).
OVB´s client base continues to number around 2.8 million clients across Europe - an indication that OVB´s financial consultants enjoy the confidence of their customers, even in a difficult economic environment.
At year-end 2009, 4,664 financial advisors worked full time for OVB in 14 European countries. This figure is 4.1% or 198 sales representatives lower than at the previous year-end, when 4,862 independent financial advisors were selling the provision and financial products of OVB´s product partners. This process corresponds to the reduction in business volume due to the economic conditions. However, it took place significantly more slowly than the decrease in sales.
In view of the muted earnings performance in the financial year just ended, the Executive Board and Supervisory Board propose a dividend of EUR0.50 per share to the Annual General Meeting to be held on 11 June 2010. This corresponds to a dividend total of EUR 7.1 million.
OVB expects the situation to stabilise gradually in 2010, despite the ongoing gloomy macroeconomic environment. "The 2010 financial year will not be easy, but we are well positioned internationally and have already adapted processes and costs and will continue to do so rigorously," said Oskar Heitz, the OVB Holding AG Executive Board member responsible for Finances, when presenting the figures. As regards sales performance in the current financial year, OVB expects to achieve approximately the level of the previous year. For 2011, OVB plans to increase the sales and earnings figures compared to 2010.
About OVB Group
OVB Group, with its holding company headquartered in Cologne, is one of the leading European financial sales organisations. Since the formation of OVB Vermögensberatung AG in Germany in 1970, customer-oriented consulting for private households in the areas of insurance coverage, asset building and appreciation, pension provision and real estate acquisition have formed the focus of OVB´s business activities. OVB currently advises some 2.8 million customers across Europe, working in cooperation with over 100 renowned product partners. OVB is presently active in 14 countries, with 4,664 full-time financial advisors working for the Group. In 2009, OVB Holding AG - which has been listed on the Frankfurt Stock Exchange (Prime Standard, ISIN DE0006286560) since July 2006 - and its subsidiaries generated total sales commission of EUR 201.6 million and EBIT of EUR 9.6 million.
A presentation and the annual report on the 2009 annual financial statements can be downloaded from the Investor Relations section of www.ovb.ag.
This IR release is also available on the Internet at: www.ovb.ag ( Investor Relations ( IR Releases Key figures of the OVB Group for financial year 2009
|Key operating figures|Unit |2008 |2009 |Change | |Clients (31 Dec.) |Number in |2.78 |2.77 |- 0.4 % | | |million | | | | |Financial advisors |Number |4,862 |4,664 |- 4.1 % | |(31 Dec.) | | | | | |New policies |Number |585,817 |495,946 |- 15.3 % | |Total sales |EUR million|260.2 |201.6 |- 22.5 % | |commission | | | | |
|Key financial figures|Unit |2008 |2009 |Change | |Earnings before |EUR million|28.8 |9.6 |- 66.6 % | |interest and taxes | | | | | |(EBIT) | | | | | |EBIT margin* |% |11.1 |4.8 |- 6.3% | | | | | |points | |Consolidated net |EUR million|24.4 |8.8 |- 64.0% | |income | | | | | |Earnings per share |EUR |1.71 |0.61 |- 64.3% | |(basic) | | | | |
* Based on total sales commission
Key figures by region for financial year 2009
| |Unit |2008 |2009 |Change | |Central and Eastern | | | | | |Europe | | | | | |Clients (31 Dec.) |Number in |1.76 |1.77 |+ 0.6% | | |million | | | | |Financial advisors |Number |2,994 |2,697 |- 9.9% | |(31 Dec.) | | | | | |Total sales |EUR million|122.7 |84.3 |- 31.3% | |commission | | | | | |EBIT |EUR million|22.2 |9.2 |- 58.6% | |EBIT margin* |% |18.1 |10.9 |- 7.2% | | | | | |points | |Germany | | | | | |Clients (31 Dec.) |Number |693,600 |693,100 |- 0.1% | |Financial advisors |Number |1,105 |1,323 |+ 19.7% | |(31 Dec.) | | | | | |Total sales |EUR million|85.2 |77.0 |- 9.6% | |commission | | | | | |Brokerage income |EUR million|61.4 |55.5 |- 9.6% | |EBIT |EUR million|7.4 |7.1 |- 4.0% | |EBIT margin* |% |8.7 |9.2 |+ 0.5% | | | | | |points | |Southern and Western | | | | | |Europe | | | | | |Clients (31 Dec.) |Number |318,950 |308,150 |- 3.4% | |Financial advisors |Number |763 |644 |- 15.6% | |(31 Dec.) | | | | | |Total sales |EUR million|52.3 |40.3 |- 22.8% | |commission | | | | | |EBIT |EUR million|6.5 |1.2 |- 81.6% | |EBIT margin* |% |12.4 |3.0 |- 9.4% | | | | | |points |
* Based on total sales commission
OVB Holding AG Heumarkt 1 50667 Cologne Germany
IR Contact:
Brigitte Bonifer Investor Relations
Phone: +49(0)221 / 2015-288 Fax: +49(0)221 / 2015-325
bbonifer@ovb.de ir@ovb.ag Internet: www.ovb.ag
end of announcement euro adhoc
Further inquiry note:
Brigitte Bonifer
Investor Relations
Tel.: +49 (0)221 2015 288
E-Mail: bbonifer@ovb.de
Branche: Financial & Business Services
ISIN: DE0006286560
WKN: 628656
Index: CDAX, Classic All Share, Prime All Share
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