DGAP-Adhoc: MWB Wertpapierhandelhaus AG presents preliminary group results for 2003
2004-02-26 09:40
Gräfelfing/Munich, February 26, 2004. Last year, due to gradually improving capital markets, the Munich-based securities trading house MWB was able to clearly improve its preliminary results of ordinary activities to minus EUR 2,421,000 (prev. year minus EUR 6,074,000).
In spite of decreasing turnover in foreign shares, commission result increased by 22 percent to EUR 1,086,000 (prev. year EUR 889,000). At EUR 3,009,000 (prev. year EUR 2,937,000), the trading result slightly improved, which is a result of the poor volumes in foreign shares. Thanks to the continuation of the strict cost control, the group was able to cut general and administrative expenses by five percent from EUR 7,415,000 in the previous year to EUR 7,063,000. While personnel expenses remained essentially stable at EUR 2,539,000 (prev. year EUR 2,560,000), other administrative expenses could be reduced from EUR 4,855,000 in the previous year to EUR 4,524,000. At EUR 13,341,000 (prev. year EUR 14,833,000) liquidity is still secure and equity amounts to EUR 17,524,000 (prev. year EUR 19,735,000) representing an equity ratio of 89 percent (prev. year 90%). At December 31, 2003, MWB AG had 29 employees (prev. year 33).
Issuer"s information/explanatory remarks concerning this ad-hoc-announcement:
This result not only reflects the trend reversal on the stock markets, which started in the course of last year. It furthermore shows that the strategic decision to move the company from risk orientation to commission orientation had
been right.
Due to the improved market conditions, MWB made a successful start to the new year. According to the preliminary figures for January 2004, the company was able to achieve the best monthly result since January 2001.
MWB AG (http://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 acts as a specialist and market maker for German and foreign stocks. The company has applications on the stock exchanges in Munich, Berlin, Frankfurt, Düsseldorf and Stuttgart. Furthermore MWB AG is active in asset management business with MWB Baden, holding a 60 percent interest in this company.
In spite of decreasing turnover in foreign shares, commission result increased by 22 percent to EUR 1,086,000 (prev. year EUR 889,000). At EUR 3,009,000 (prev. year EUR 2,937,000), the trading result slightly improved, which is a result of the poor volumes in foreign shares. Thanks to the continuation of the strict cost control, the group was able to cut general and administrative expenses by five percent from EUR 7,415,000 in the previous year to EUR 7,063,000. While personnel expenses remained essentially stable at EUR 2,539,000 (prev. year EUR 2,560,000), other administrative expenses could be reduced from EUR 4,855,000 in the previous year to EUR 4,524,000. At EUR 13,341,000 (prev. year EUR 14,833,000) liquidity is still secure and equity amounts to EUR 17,524,000 (prev. year EUR 19,735,000) representing an equity ratio of 89 percent (prev. year 90%). At December 31, 2003, MWB AG had 29 employees (prev. year 33).
Issuer"s information/explanatory remarks concerning this ad-hoc-announcement:
This result not only reflects the trend reversal on the stock markets, which started in the course of last year. It furthermore shows that the strategic decision to move the company from risk orientation to commission orientation had
been right.
Due to the improved market conditions, MWB made a successful start to the new year. According to the preliminary figures for January 2004, the company was able to achieve the best monthly result since January 2001.
MWB AG (http://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 acts as a specialist and market maker for German and foreign stocks. The company has applications on the stock exchanges in Munich, Berlin, Frankfurt, Düsseldorf and Stuttgart. Furthermore MWB AG is active in asset management business with MWB Baden, holding a 60 percent interest in this company.