1,086,000 in 2003. The trading result was also improved from EUR 3,008,000
in the previous year to EUR 3,608,000 in 2004. At EUR 7,596,000 the general
administrative expenses are higher than in 2003 (EUR 7,065,000). Among
other factors, the increase is due to restructuring expenses, the rise in
transaction-related costs as well as conservative valuation of accruals. At
EUR 2,565,000, personnel expenses remained largely stable compared with
EUR 2,539,000 in 2003. Other administrative expenses rose from EUR
4,526,000 in the previous year to EUR 5,031,000 in 2004. The number of
employees was slightly reduced from 29 in the previous year to 28 in 2004.
As at December 31, 2004 equity decreased from EUR 17,522,000 to EUR
15,460,000; liquidity decreased from EUR 13,341,000 to EUR 10,362,000.Due to the generally moderate situation on the stock exchanges in 2004, the
goal of a balanced result could not be achieved. This was mainly due to
declining turnover at the stock exchanges in the second and third
quarters, lasting well into the fourth quarter. For the first time, hopes
were raised again by an almost 27% growth in the turnover of foreign shares
in Germany. This was most clearly reflected in our commission income. The
start of our own trading activities in Asian shares had a positive impact
on the trading result. The restructuring actions initiated and the more
clearly defined business unit responsibilities in the fourth quarter
showed first results. In addition, the contribution from the business with
institutional clients increased. MWB took a positive start into the new
year and expects the actions taken in the operating business and the cost
savings to take effect in the course of 2005.MWB AG (www.mwb.de) has been listed on the stock exchange since April 1999
and has been listed in the Prime Standard segment of Deutsche Börse AG
since January 1, 2003. MWB's core business is being a specialist and market
maker for foreign stocks, supplemented by order execution for financial
institutions, Designated Sponsoring as well as institutional sales.
Furthermore MWB AG is active in the private asset management business with
MWB Baden, holding a 60 percent interest in this company. The company has
applications on the stock exchanges in Munich, Berlin, Frankfurt,
Düsseldorf and Stuttgart.
Contact:
MWB Wertpapierhandelshaus AG
Thomas Posovatz
Rottenbucher Straße 28
82166 Gräfelfing
Tel.: 089/85 85 2-500
Fax: 089/85 85 2-505
E-Mail: investor-relations@mwb.de