DGAP-Adhoc: mwb Wertpapierhandelsbank AG:Preliminary Consolidated Results (IFRS) for the First Quarter of 2007
2007-04-24 10:20
Gräfelfing/Munich, April 24, 2007. In the first quarter of 2007, mwb
Wertpapierhandelsbank AG recorded earnings from ordinary activities
totalling EUR 1,109 thousand compared to EUR 1,633 thousand in Q1 2006.
This is equivalent to a downturn of 32%. Net income for the quarter fell
accordingly from EUR 1,480 thousand to EUR 1,044 thousand.
In a somewhat difficult stock market environment, the company recorded
commission income totalling EUR 996 thousand compared to EUR 1,240 thousand
in Q1 2006, down by 20%. Trading profits declined by 21% compared to Q1
2006 from EUR 2,841 thousand to EUR 2,253 thousand.
Developments in relation to general administrative expenses were very
satisfying. We were able to cut these in Q1 2007 by 10% to EUR 2,292
thousand (previous year: EUR 2,549 thousand). Personnel expenses, which
fell by 14% from EUR 952 thousand to EUR 818 thousand, already include
provisions for performance-related remuneration in the amount of EUR 320
thousand. The number of employees totalled 33 on March 31, 2007 compared to
34 at the end of Q1 2006. It was also possible to reduce other
administrative expenses in comparison to the same period in 2006. These
were down 8% from EUR 1,597 thousand in the first quarter of 2006 to EUR
1,474 thousand in Q1 2007.
As of March 31, 2007, equity increased by EUR 1,002 thousand to EUR 19,755
thousand compared to the end of 2006. Cash and cash equivalents, as the
balance of receivables from and liabilities to banks, fell slightly from
EUR 11,806 thousand at the end of 2006 to EUR 10,769 thousand on March 31,
2007.
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Information and Explaination of the Issuer to this News:
Management at mwb Wertpapierhandelsbank AG is very pleased with business
developments in the first quarter of 2007. The downturn in commission
income and trading profits parallels the situation on the market. It should
be noted that the first quarter of 2006 was an exceptionally good quarter
for German financial services companies in the past years. The Managing
Board is also very pleased about the decrease in expenses. It illustrates
the company's success in adjusting its costs to market
developments.
Contact:
mwb Wertpapierhandelsbank 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
Wertpapierhandelsbank AG recorded earnings from ordinary activities
totalling EUR 1,109 thousand compared to EUR 1,633 thousand in Q1 2006.
This is equivalent to a downturn of 32%. Net income for the quarter fell
accordingly from EUR 1,480 thousand to EUR 1,044 thousand.
In a somewhat difficult stock market environment, the company recorded
commission income totalling EUR 996 thousand compared to EUR 1,240 thousand
in Q1 2006, down by 20%. Trading profits declined by 21% compared to Q1
2006 from EUR 2,841 thousand to EUR 2,253 thousand.
Developments in relation to general administrative expenses were very
satisfying. We were able to cut these in Q1 2007 by 10% to EUR 2,292
thousand (previous year: EUR 2,549 thousand). Personnel expenses, which
fell by 14% from EUR 952 thousand to EUR 818 thousand, already include
provisions for performance-related remuneration in the amount of EUR 320
thousand. The number of employees totalled 33 on March 31, 2007 compared to
34 at the end of Q1 2006. It was also possible to reduce other
administrative expenses in comparison to the same period in 2006. These
were down 8% from EUR 1,597 thousand in the first quarter of 2006 to EUR
1,474 thousand in Q1 2007.
As of March 31, 2007, equity increased by EUR 1,002 thousand to EUR 19,755
thousand compared to the end of 2006. Cash and cash equivalents, as the
balance of receivables from and liabilities to banks, fell slightly from
EUR 11,806 thousand at the end of 2006 to EUR 10,769 thousand on March 31,
2007.
---------------------------------------------------------------------------
Information and Explaination of the Issuer to this News:
Management at mwb Wertpapierhandelsbank AG is very pleased with business
developments in the first quarter of 2007. The downturn in commission
income and trading profits parallels the situation on the market. It should
be noted that the first quarter of 2006 was an exceptionally good quarter
for German financial services companies in the past years. The Managing
Board is also very pleased about the decrease in expenses. It illustrates
the company's success in adjusting its costs to market
developments.
Contact:
mwb Wertpapierhandelsbank 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