DGAP-Adhoc: MWB presents preliminary group results according to IAS
2003-03-11 00:00
Improved trading result /liquidity maintained /loss reduced.
Gräfelfing/Munich, March 11, 2003 - In spite of the difficult market conditions, the Munich-based securities trading house MWB was able to reduce it´s losses in the 2002 financial year. The preliminary net loss from ordinary activities for the financial year 2002 for the group amounts to minus EUR 6.1 million, compared with minus EUR 10.5 million in the previous year. This figure already includes the result from assets available for sale, which was characterised by write-offs, amounting to minus EUR 3.5 m (prev. year: minus EUR 4.4 m).
The preliminary commission result in the group decreased from EUR 1.9 million in 2001 to EUR 0.9 million in 2002. The reason for the weak result is the persistently poor stock market environment with dramatic slumps in turnover in foreign stocks in Germany, which is the key factor influencing the core business of the company. In contrast, the trading result could be doubled from EUR 1.4 million to EUR 2.9 million. Thanks to strict cost control, personnel expenses in the group could be reduced from EUR 3.2 million in the previous year to EUR 2.6 million, and other administrative expenses from EUR 7.3 million to EUR 4.8 million. The liquidity of MWB, i.e. the balance from receivable from banks and liabilities to banks, is still secure and remained about stable at EUR 14.8 million. As at December 31, 2002, equity amounted to EUR 19.8 million (prev. year EUR 26.8 m) at an almost unchanged equity ratio of 90%. The number of employees decreased at the end of the year to 33, compared to 45 in the previous year.
Information and explanations of the issuer of this ad-hoc announcement:
"With regard to the aspect of equity maintenance in heightened competition, one can be satisfied with the result," commented the Speaker of the MWB Board, Thomas Po-sovatz, "but after three years of downturn on the stock markets with only a slight prospect of a recovery in the short term, one frankly has to call the 2002 financial year unpleasant." "At EUR 14.8 million as at December 31, 2002, the liquidity situation of the Munich-based securities trading firm can still be regarded as secure. But the industry in general has to expect cuts this year, too, and in an insecure market environment, where there is increasingly less to go round, it will not necessary be the biggest, but rather the strongest - including our company - who carve up what is left," added Thomas Posovatz.
MWB AG (www.mwb.de) has been listed on the stock exchange since April 1999, and has been licensed for the Prime Standard segment of Deutsche Börse AG since January 1, 2003. It is a leading specialist and market maker for German and foreign stocks. The company has seats on the stock exchanges in Munich, Berlin, Frankfurt, Düsseldorf and Stuttgart. It is also active in the IPO business, capital market consultancy for small and mid caps and asset management with its 100% subsidiary MWB Wertpapierhandelsbank.
Gräfelfing/Munich, March 11, 2003 - In spite of the difficult market conditions, the Munich-based securities trading house MWB was able to reduce it´s losses in the 2002 financial year. The preliminary net loss from ordinary activities for the financial year 2002 for the group amounts to minus EUR 6.1 million, compared with minus EUR 10.5 million in the previous year. This figure already includes the result from assets available for sale, which was characterised by write-offs, amounting to minus EUR 3.5 m (prev. year: minus EUR 4.4 m).
The preliminary commission result in the group decreased from EUR 1.9 million in 2001 to EUR 0.9 million in 2002. The reason for the weak result is the persistently poor stock market environment with dramatic slumps in turnover in foreign stocks in Germany, which is the key factor influencing the core business of the company. In contrast, the trading result could be doubled from EUR 1.4 million to EUR 2.9 million. Thanks to strict cost control, personnel expenses in the group could be reduced from EUR 3.2 million in the previous year to EUR 2.6 million, and other administrative expenses from EUR 7.3 million to EUR 4.8 million. The liquidity of MWB, i.e. the balance from receivable from banks and liabilities to banks, is still secure and remained about stable at EUR 14.8 million. As at December 31, 2002, equity amounted to EUR 19.8 million (prev. year EUR 26.8 m) at an almost unchanged equity ratio of 90%. The number of employees decreased at the end of the year to 33, compared to 45 in the previous year.
Information and explanations of the issuer of this ad-hoc announcement:
"With regard to the aspect of equity maintenance in heightened competition, one can be satisfied with the result," commented the Speaker of the MWB Board, Thomas Po-sovatz, "but after three years of downturn on the stock markets with only a slight prospect of a recovery in the short term, one frankly has to call the 2002 financial year unpleasant." "At EUR 14.8 million as at December 31, 2002, the liquidity situation of the Munich-based securities trading firm can still be regarded as secure. But the industry in general has to expect cuts this year, too, and in an insecure market environment, where there is increasingly less to go round, it will not necessary be the biggest, but rather the strongest - including our company - who carve up what is left," added Thomas Posovatz.
MWB AG (www.mwb.de) has been listed on the stock exchange since April 1999, and has been licensed for the Prime Standard segment of Deutsche Börse AG since January 1, 2003. It is a leading specialist and market maker for German and foreign stocks. The company has seats on the stock exchanges in Munich, Berlin, Frankfurt, Düsseldorf and Stuttgart. It is also active in the IPO business, capital market consultancy for small and mid caps and asset management with its 100% subsidiary MWB Wertpapierhandelsbank.