DGAP-Adhoc: mwb fairtrade Wertpapierhandelsbank AG:Provisional consolidated results (IFRS) for the first nine months of 2008 - Negative results in the face of ongoing weak stock markets
2008-10-23 10:29
Gräfelfing, October 23, 2008. Against the background of a global financial
crisis that steadily worsened in the third quarter, mwb fairtrade
Wertpapierhandelsbank AG generated negative results from ordinary
activities in the first nine months of 2008 in the amount of EUR -401
thousand (previous year: EUR 2,484 thousand). The net loss for the year as
at the end of the third quarter 2008 was accordingly EUR -299 thousand
(previous year: profit of EUR 2,289 thousand). Because these preliminary
consolidated financial statements include FAIRTRADE FINANCE AG following
completion of the merger, any comparisons with the figures from the same
period last year are of limited value only.
The massive loss of confidence of private investors in the whole financial
sector caused a sharp downturn in stock exchange turnover, especially with
respect to foreign stocks. In this market environment, mwb fairtrade
Wertpapierhandelsbank AG generated net commission income as at September
30, 2008 of EUR 4,621 thousand (previous year: EUR 3,189 thousand) and
trading profits of EUR 6,418 thousand (previous year: EUR 5,550 thousand).
The latter was also affected by an increase in the provisions for risks as
at the end of the third quarter of 2008. The effects of marking to market
securities held for trading pursuant to IFRS amounted to EUR -170 thousand.
Considering that mwb AG and FAIRTRADE FINANCE AG were roughly the same size
before the merger, the rise in general administrative expenses in the
merged company was relatively modest. They rose as at September 30, 2008 to
EUR 12,436 thousand (previous year: EUR 7,289 thousand). Personnel costs as
of the third quarter of 2008 totalled EUR 4,176 thousand (previous year:
EUR 2,309 thousand), while other administrative expenses rose to EUR 8,260
thousand (previous year: EUR 4,980 thousand). This figure includes the
one-off charges related to the FAIRTRADE transaction amounting to EUR 120
thousand. Following the FAIRTRADE acquisition also amortization of
intangible assets totalling EUR 241 thousand, which have to be capitalized
within the purchase price allocation according IFRS 3, is included in the
administrative expenses.
The merger with FAIRTRADE FINANCE AG caused a strengthening of the
company's already good equity and liquidity situation. On September 30,
2008, equity totaled EUR 28,727 thousand as compared to EUR 17,542 thousand
on December 31, 2007. The company's liquidity as at the close of the third
quarter reached EUR 11.088 thousand in contrast to EUR 7,097 thousand at
the end of 2007.
Contact:
mwb fairtrade 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@mwbfairtrade.com
23.10.2008 Financial News transmitted by DGAP
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Language: English
Issuer: mwb fairtrade Wertpapierhandelsbank AG
Rottenbucher Straße 28
82166 Gräfelfing
Deutschland
Phone: +49 (0)89 858 52-305
Fax: +49 (0)89 858 52-5 05
E-mail: investor-relations@mwb.de
Internet: www.mwb.de
ISIN: DE0006656101
WKN: 665610
Indices: CDAX, PRIMEALL, CLASSICALLSHARE
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München; Freiverkehr in Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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crisis that steadily worsened in the third quarter, mwb fairtrade
Wertpapierhandelsbank AG generated negative results from ordinary
activities in the first nine months of 2008 in the amount of EUR -401
thousand (previous year: EUR 2,484 thousand). The net loss for the year as
at the end of the third quarter 2008 was accordingly EUR -299 thousand
(previous year: profit of EUR 2,289 thousand). Because these preliminary
consolidated financial statements include FAIRTRADE FINANCE AG following
completion of the merger, any comparisons with the figures from the same
period last year are of limited value only.
The massive loss of confidence of private investors in the whole financial
sector caused a sharp downturn in stock exchange turnover, especially with
respect to foreign stocks. In this market environment, mwb fairtrade
Wertpapierhandelsbank AG generated net commission income as at September
30, 2008 of EUR 4,621 thousand (previous year: EUR 3,189 thousand) and
trading profits of EUR 6,418 thousand (previous year: EUR 5,550 thousand).
The latter was also affected by an increase in the provisions for risks as
at the end of the third quarter of 2008. The effects of marking to market
securities held for trading pursuant to IFRS amounted to EUR -170 thousand.
Considering that mwb AG and FAIRTRADE FINANCE AG were roughly the same size
before the merger, the rise in general administrative expenses in the
merged company was relatively modest. They rose as at September 30, 2008 to
EUR 12,436 thousand (previous year: EUR 7,289 thousand). Personnel costs as
of the third quarter of 2008 totalled EUR 4,176 thousand (previous year:
EUR 2,309 thousand), while other administrative expenses rose to EUR 8,260
thousand (previous year: EUR 4,980 thousand). This figure includes the
one-off charges related to the FAIRTRADE transaction amounting to EUR 120
thousand. Following the FAIRTRADE acquisition also amortization of
intangible assets totalling EUR 241 thousand, which have to be capitalized
within the purchase price allocation according IFRS 3, is included in the
administrative expenses.
The merger with FAIRTRADE FINANCE AG caused a strengthening of the
company's already good equity and liquidity situation. On September 30,
2008, equity totaled EUR 28,727 thousand as compared to EUR 17,542 thousand
on December 31, 2007. The company's liquidity as at the close of the third
quarter reached EUR 11.088 thousand in contrast to EUR 7,097 thousand at
the end of 2007.
Contact:
mwb fairtrade 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@mwbfairtrade.com
23.10.2008 Financial News transmitted by DGAP
---------------------------------------------------------------------------
Language: English
Issuer: mwb fairtrade Wertpapierhandelsbank AG
Rottenbucher Straße 28
82166 Gräfelfing
Deutschland
Phone: +49 (0)89 858 52-305
Fax: +49 (0)89 858 52-5 05
E-mail: investor-relations@mwb.de
Internet: www.mwb.de
ISIN: DE0006656101
WKN: 665610
Indices: CDAX, PRIMEALL, CLASSICALLSHARE
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München; Freiverkehr in Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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