Corporate | 30 November 2011 07:00
ARAGON AG / Key word(s): Miscellaneous
30.11.2011 / 07:00
---------------------------------------------------------------------
- Aragon AG boosts sales by 25 percent in Q3 2011
- EBITDA up 44 percent to EUR 3.1 million in first 9 months
- Inflow of cash funds in double-digit million range expected due to sale
of shares in biw Bank für Investments und Wertpapiere AG
Despite negative developments on the capital markets and the ongoing
challenging economic climate, Aragon AG, one of the leading financial
services companies in Germany and Austria, managed to accelerate growth and
significantly improve profitability in the third quarter of 2011.
Sales for the third quarter of 2011 grew year-on-year by around 25 percent
to EUR 32.4 million (Q3 2010: EUR 26.0 million). Sales for the nine-month
period rose to EUR 86.4 million (9M 2010: EUR 74.1 million) thus setting a
new record.
The Aragon Group's earnings also showed successful developments, as can be
seen from the following figures.
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
from continuing operations amounted to EUR 1,964k in the third quarter,
equivalent to growth of around 95 percent on the same period in the
previous year (Q3 2010: EUR 1,007k). Nine-month EBITDA rose by 44 percent
from EUR 2,168k to EUR 3,127k. At EUR 1,381k, third-quarter earnings before
interest and taxes (EBIT) from continuing operations more than doubled
year-on-year (Q3 2010: EUR 579k). Nine-month EBIT grew to EUR 1,472k (9M
2010: EUR 910k).
At EUR 1,039k, earnings before taxes (EBT) for the third quarter were more
than twice as high as in the previous year's period (Q3 2010: EUR 388k). At
EUR 716k, nine-month EBT were more than three times up on the previous
year's figure (9M 2010: EUR 227k). Given the above-average performance of
Aragon companies with minority interests at EUR 371k the Group's net income
after minority interests for the first nine months of 2011 is slightly down
on the previous year's figure.
'Despite great volatility on the financial markets, persistent uncertainty
and our customers' resultant reluctance when it comes to making purchase
decisions, Aragon can nevertheless report a successful third quarter and
has met its growth and earnings targets', commented Wulf U. Schütz, CFO of
Aragon AG.
Other key figures at Aragon AG also developed positively. At around EUR
1,633 million, product turnover had reached a historic nine-month high by
the end of the third quarter of 2011, and was 40 percent up on the
equivalent figure for the previous year. All product classes marketed at
Aragon showed double-digit growth. The investment fund holdings managed by
Aragon AG ('assets under management') maintained their ground in defiance
of the market trend. At around EUR 3.5 billion, assets under administration
are only around 8 percent down on the figure of EUR 3.8 billion reported as
of 30 September 2010.
Aragon AG also remains positively positioned in terms of its relevant key
balance sheet figures. As of 30 September 2011, its equity amounted to EUR
53.3 million. Due to the initial consolidation of the CLARUS AG, cash and
cash equivalents rose significantly to EUR 16.0 million (30 September 2010:
EUR 9.2 million), only part of which will be required for the restructuring
now well underway at CLARUS AG.
Continuing business operations at Aragon AG performed as follows:
With sales of around EUR 53.0 million in the first nine months of 2011, the
Broker Pools segment grew year-on-year by around 3 percent (9M 2010: EUR
51.2 million). Earnings before interest, taxes, depreciation and
amortisation (EBITDA) totalled EUR 1.5 million in the first nine months of
2011, as against EUR 1.6 million in the same period in 2010. At EUR 0.6
million, nine-month earnings before interest and taxes (EBIT) improved
slightly on the equivalent period in 2010 (9M 2010: EUR 0.5 million).
Third-quarter earnings in this segment were negatively affected by a charge
of around EUR 0.2 million upon the merger of Fundmatrix with Jung, DMS &
Cie. executed as of 31 August.
The Financial Consulting segment managed to boost its sales year-on-year by
around 50 percent to EUR 34.1 million in the first nine months of 2011 (9M
2010: EUR 22.8 million). Of this growth, around EUR 4 million was due in
the third quarter of 2011 to the CLARUS AG consolidated for the first time
as of 1 July 2011. The Financial Consulting segment thus remains the key
growth driver at Aragon AG. Earnings before interest, taxes, depreciation
and amortisation (EBITDA) totalled EUR 2.2 million in the first nine months
(9M 2010: EUR 1.9 million), while earnings before interest and taxes (EBIT)
for the same period amounted to EUR 1.5 million (9M 2010: EUR 1.8 million).
Outlook
Aragon AG remains confident about its business performance in 2011 as a
whole. Like every year, the company's performance is highly dependent on
developments in the fourth quarter. Due to the takeover of CLARUS AG and
the planned completion of the takeover of SRQ FinanzPartner AG at the end
of this year, Aragon AG should gain additional sales of more than EUR 20
million in 2012 compared with the current year. This should be accompanied
by increased profitability. What's more, Aragon AG stands to receive cash
funds in a double-digit million range at the beginning of 2012 due to the
sale of its shares in biw Bank für Investments und Wertpapiere AG announced
at the beginning of this week.
'Despite the difficult market climate, Aragon AG once again performed well
and can report significantly better growth than its competitors', commented
Aragon's CEO, Dr. Sebastian Grabmaier, with regard to the quarterly
results. 'Given the pleasing operating performance at our group companies,
the acquisitions we made this year, and the ongoing process of focusing our
investment portfolio on financial planning and financial sales, we are
currently convinced that we will meet our targets for 2014, namely
generating sales in excess of EUR 200 million with an EBITDA margin of 10
percent.'
The interim report for the third quarter of 2011 can be downloaded with
immediate effect from www.aragon.ag.
About Aragon AG
Aragon AG is a broadly diversified financial services group with two
operating segments, Broker Pools and Financial Consulting, and a Holding
division. Within its segments, Aragon AG operates in the market with
several independently acting subsidiaries. The aim is to integrate various
sales models under one roof without infringing on the identity of each
individual sales operation. This leads to broad diversification across
numerous asset classes and distribution channels and, as a result, ensures
high earnings stability. Further information about the company and its
subsidiaries can be found at www.aragon.ag.
Contact:
Aragon Aktiengesellschaft
Ralf Funke
Investor Relations
Tel.: +49(0)611 890 575-0
Fax: +49(0)611 890 575-99
E-Mail: ir@aragon.ag
End of Corporate News
---------------------------------------------------------------------
30.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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
---------------------------------------------------------------------
148033 30.11.2011