Corporate | 7 November 2013 08:16
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OVB Holding AG / Key word(s): Quarter Results/Interim Report
OVB stable in a difficult environment – Stable client and financial consultant base – Southern and Western Europe remain on track for success – Management declares goal of dividend continuity Cologne, 7 November 2013 – The financial services provider OVB, which operates in 14 European countries, defended its market position in a difficult environment for the sector in the first nine months of the 2013 financial year. The number of clients grew by 3.1% to 3.03 million as of the reporting date. The OVB Group’s total sales commission was close to the level of the previous year after three quarters. Consolidated net income remained constant, amounting to EUR5.4 million as in the previous year. Consulting capacity is also stable: At the end of September, 4,951 financial consultants worked for OVB in Europe. ‘OVB is characterized by stability in every area: sales and earnings, client numbers and financial consultant organisation, and the dividend’, said Michael Rentmeister, Chief Executive Officer of OVB Holding AG, highlighting the background to the current business development. The OVB Group’s total sales commission of EUR151.0 million was nearly at the level of the same period of the previous year (EUR155.6 million). Non-recurring influences in some countries of the Central and Eastern Europe segment are having a negative impact on business development. There were signs of an upward trend in the third quarter, but these could not yet compensate for the deficit. In Germany, total sales commission was close to the previous year’s level. In the Southern and Western Europe segment, total sales commission increased by a considerable 21.6% from EUR19.6 million to EUR23.9 million. The OVB Group’s operating income (EBIT) reached EUR6.7 million in the first nine months. The slight decline compared to the previous year is due primarily to sales performance in Central and Eastern Europe. Here, EBIT fell from EUR8.9 million in the previous year to EUR7.5 million. The Germany segment increased its EBIT from EUR4.3 million to EUR4.6 million. The Southern and Western Europe segment contributed EUR0.9 million after a break-even result in the previous year. The OVB Group’s EBIT margin – calculated on the basis of total sales commissions – was 4.4% in the reporting period, approaching the level of the previous year. ‘The fact that OVB is performing so well in Central and Eastern Europe despite a difficult environment, the positive development in Southern and Western Europe and the rise in earnings in Germany all underline the sales and management strength of the whole OVB team’, Rentmeister continued. OVB sees the final three months of 2013 – even in the current low-interest environment – as a particular challenge because, while last year benefit was reaped in nearly every market from the introduction of unisex tariffs, this effect will no longer be felt this year. ‘Our business model remains stable and profitable. Therefore, our most important target of generating a dividend at the previous year’s level from the results of current business seems achievable’, said Rentmeister, setting the direction for the rest of the year.
About the OVB Group
OVB is presently active in 14 countries, with approximately 5,000 full-time financial consultants working for the Group. In 2012, OVB Holding AG and its subsidiaries generated total sales commission of EUR214.7 million and EBIT of EUR10.5 million. OVB Holding AG has been listed on the Frankfurt Stock Exchange (Prime Standard, ISIN DE0006286560) since July 2006. The presentation and the interim report on the first nine months of 2013 can be downloaded from the Investor Relations section of www.ovb.ag.
Key figures of the OVB Group for the first three quarters of 2013
* on the basis of total sales commission Key figures by region for the first three quarters of 2013
* on the basis of total sales commission
End of Corporate News 07.11.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | OVB Holding AG | |
| Heumarkt 1 | ||
| 50667 Köln | ||
| Germany | ||
| Phone: | +49 221 2015 – 0 | |
| Fax: | +49 221 2015 – 264 | |
| E-mail: | ir@ovb.ag | |
| Internet: | www.ovb.ag | |
| ISIN: | DE0006286560 | |
| WKN: | 628656 | |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart | |
| End of News | DGAP News-Service |
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| 238437 07.11.2013 |