DGAP-News: Group results for the first half of 2002 improved
2002-07-23 08:00
Sound equity ratio and liquidity situation with administrative expenses cut by 30%
Despite an environment that has deteriorated even further, the Munich-based MWB Wertpapierhandelshaus AG increased its result from ordinary activities according to IAS to EUR -1,044,000 after EUR -2,806,000 in the first half of 2001. Against the backdrop of increasingly deteriorating turnover of international shares in Germany, the commission income decreased from EUR 1,394,000 in the first half of 2001 to EUR 463,000 in the first half of 2002. In contrast, the trading result increased from EUR 1,240,000 to EUR 1,954,000. By consistently implementing savings measures administrative expenses could be cut by 30% down to EUR 3,900,000 (prev. year: EUR 5,531,000). By the end of the first half of 2002, the number of employees was reduced to 33, compared to 42 in the previous year.
At EUR 16.7 m, the liquidity situation of the Munich-based securities trading house can be regarded as secure. With equity amounting to EUR 25.9 m and an equity ratio of 91%, MWB is well positioned for the future.
Information and explanations of the issuer of this ad-hoc announcement:
In the first half of 2002 there was a strong slump in sales on the market for international stocks in Germany. In a stock market environment characterised by increasing nervousness of the professional market players and a fear of capitulating stock markets, turnover in international stocks on German stock markets in the first half of 2002 dropped further down to EUR 127.9 bn from EUR 186.3 bn in the previous year.
On July 1, 2002, MWB Wertpapierhandelsbank GmbH, a 100% subsidiary of the listed MWB AG, opened its first branch in Offenburg in the Baden area of Germany. The range of services includes everything related to securities, from fund savings plans right through to individual asset management. In doing so, MWB is consistently pursuing its strategy in the field of private asset management. While large banks are pulling out of the regions and other securities banks sell their asset management businesses, MWB regards the regional approach as an opportunity for expanding its customer base. "We have to successfully position ourselves in segments with future growth and revenue potential, and not be put off by a stock market environment that will remain poor, at least in the medium term," commented Thomas Posovatz, speaker of the board at MWB Wertpapierhandelshaus AG. Business prospects are indeed promising. The branch expects to reach break-even within one year.
Despite an environment that has deteriorated even further, the Munich-based MWB Wertpapierhandelshaus AG increased its result from ordinary activities according to IAS to EUR -1,044,000 after EUR -2,806,000 in the first half of 2001. Against the backdrop of increasingly deteriorating turnover of international shares in Germany, the commission income decreased from EUR 1,394,000 in the first half of 2001 to EUR 463,000 in the first half of 2002. In contrast, the trading result increased from EUR 1,240,000 to EUR 1,954,000. By consistently implementing savings measures administrative expenses could be cut by 30% down to EUR 3,900,000 (prev. year: EUR 5,531,000). By the end of the first half of 2002, the number of employees was reduced to 33, compared to 42 in the previous year.
At EUR 16.7 m, the liquidity situation of the Munich-based securities trading house can be regarded as secure. With equity amounting to EUR 25.9 m and an equity ratio of 91%, MWB is well positioned for the future.
Information and explanations of the issuer of this ad-hoc announcement:
In the first half of 2002 there was a strong slump in sales on the market for international stocks in Germany. In a stock market environment characterised by increasing nervousness of the professional market players and a fear of capitulating stock markets, turnover in international stocks on German stock markets in the first half of 2002 dropped further down to EUR 127.9 bn from EUR 186.3 bn in the previous year.
On July 1, 2002, MWB Wertpapierhandelsbank GmbH, a 100% subsidiary of the listed MWB AG, opened its first branch in Offenburg in the Baden area of Germany. The range of services includes everything related to securities, from fund savings plans right through to individual asset management. In doing so, MWB is consistently pursuing its strategy in the field of private asset management. While large banks are pulling out of the regions and other securities banks sell their asset management businesses, MWB regards the regional approach as an opportunity for expanding its customer base. "We have to successfully position ourselves in segments with future growth and revenue potential, and not be put off by a stock market environment that will remain poor, at least in the medium term," commented Thomas Posovatz, speaker of the board at MWB Wertpapierhandelshaus AG. Business prospects are indeed promising. The branch expects to reach break-even within one year.