DGAP-News: Varengold Wertpapierhandelsbank AG: 2011 results impacted by market conditions - measures taken to improve results
(firmenpresse) - DGAP-News: Varengold Wertpapierhandelsbank AG / Key word(s):
Preliminary Results/Restructure of Company
Varengold Wertpapierhandelsbank AG: 2011 results impacted by market
conditions - measures taken to improve results
11.04.2012 / 15:22
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Hamburg, 11th April 2012 - The business development of Varengold
Wertpapierhandelsbank AG, a German investment bank with an exclusive focus
on asset management with managed futures and capital-markets-brokerage, was
incriminated by the difficult capital markets environment in the fiscal
year 2011. Both business fields were equally affected. On one side
Varengold has reacted upon it with cost reductions while continuing to
invest in future-oriented sales and marketing.
Varengold Wertpapierhandelsbank AG concluded the fiscal year 2011 with an
annual deficit of approximately EUR -0.7 million according to preliminary,
unaudited figures. The commission result in the fiscal year decreased from
EUR 4.9 million to a little more than EUR 2.1 million.
Previous achievements for different projects and cooperations were
accomplished in the fiscal year 2011. Their finalization has partially been
delayed because of the market-conditions, so that they will exhibit
positive impact on earnings in the fiscal years 2012 and 2013. At the same
time Varengold restructured in particular the areas of personnel and
administration and could realize a total cost saving of up to 30 percent.
For example, automations in the field back office have contributed to it
significantly.
The initiated measures and the reassurance of the capital markets
environment have shown up first positive effects at the start of the year
2012 in the field of Capital-Markets-Brokerage. Also further cooperations
are going to be connected in the field of Asset Management. For the year
2012 the managing board of Varengold Wertpapierhandelsbank AG aspires a
straight improvement of the results; a detailed full-year forecast would
currently be premature.
Varengold Wertpapierhandelsbank AG expects to publish its audited annual
financial statement in June 2012.
End of Corporate News
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11.04.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Varengold Wertpapierhandelsbank AG
Große Elbstraße 27
22767 Hamburg
Germany
Phone: +49 (0)40 / 668649-0
Fax: +49 (0)40 / 668649-49
E-mail: info(at)varengold.de
Internet: www.varengold.de
ISIN: DE0005479307
WKN: 547930Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry
Standard in Frankfurt
End of News DGAP News-Service
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Datum: 11.04.2012 - 15:22 Uhr
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News-ID 133917
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