Euroinvestor.com A/S Stock Exchange Announcement: Annual Financial Statements Report 2010/11
(firmenpresse) - COPENHAGEN, DENMARK -- (Marketwire) -- 03/15/12 -- The Euroinvestor.com A/S Group, an Internet media company that provides investment information, news, education and financial data, announced its annual financial statements Report with a Stock Exchange announcement.
Euroinvestor A/S - a Nasdaq OMX Copenhagen Stock Exchange listed company, achieved revenue of DKK 38.9 million (18 months) in 2010/11 compared to DKK 33.2 million in 2009/10. Revenue for 2010/11 was affected by the non-consolidation of its previous subsidiary Boliga ApS in the revenue, because Boliga ApS is now regarded as a joint venture rather than a subsidiary. Comparative figures for 2009/10 include revenue of DKK 8.7 million from Boliga ApS. For the calendar year 2011, the Company reported revenue of DKK 21.9 million.
The expectations for the fiscal year 2012 is for revenues to at least increase by 14% to more than DKK 25 million, with net profits around DKK 0 million as the company will continue to invest aggressively in accelerated product development and international expansion with the focus of its shareholders being on longer term value creation.
Operating profit was DKK 0.8 million compared to DKK 3.9 million in 2009/2010. Profit was affected by an increased level of activity as a result of the development of new products and an increased level of service and quality for the Group's users and clients, which entailed the appointment of extra staff. Additionally, operating profit was affected by non-recurring costs for legal assistance related to the purchase of minority holdings in a subsidiary and duplicate hosting costs during the transition to a new and more secure solution, which ensures that Euroinvestor.com A/S has the hosting capacity required to enter into new international partnerships.
The decline in interest rates resulted in a low return on the Group's excess liquidity. Additionally, Euroinvestor.com A/S realised a loss when it divested its bond holdings in the financial year.
As part of the presentation of the financial statements for the period 1 July 2010 - 31 December 2011, Euroinvestor.com A/S will recognise as income the accounting gain achieved through the loss of controlling interest in Boliga ApS and the subsequently changed classification. The gain of re-measuring Euroinvestor.com A/S' share is made on 50.33% of Boliga ApS (stock exchange announcement of 10 February 2012).
Profit before tax was DKK 15.2 million, of which DKK 14.4. Million can be attributed to re-measuring the participating interest in Boliga ApS as a consequence of its change in classification from subsidiary to joint venture. The corresponding profit for the previous year was DKK 4.6 million.
In 2010/11, the Group had a positive operating cash flow of DKK 19.4 million compared to DKK 0.3 million in 2009/10. DKK 6.5 million was invested in development projects in 2010/11 compared to DKK 8.3 million in 2009/10. Equity amounted to DKK 45.8 million compared to DKK 50.5 million in 2009/10 after having paid out DKK 10 million in dividends.
In April 2011, Saxo Bank A/S increased its ownership interest in Euroinvestor.com A/S to 69.00% of the share capital. In the mandatory redemption period, Saxo Bank A/S secured an ownership share of 72.38% of the capital. Jeff Saul took up in the follow up the position as CEO of Euroinvestor.com A/S in June 2011.
After the end of the financial year, the provisional culmination of Euroinvestor Group's accelerated product development pace resulted in the launch of the new Euroinvestor.dk (new layout, improved functionality, new webshop and a more user-friendly Eurotrader presentation (Euroinvestor's )), the new Euroinvestor.com (for English speaking users), the new Forexinvestor.com (international forex trading site), EuroinvestorPrivat.dk (a site that helps consumers and companies to achieve better terms from their financial services providers) and last but not least, Euroinvestor Cockpit.
Euroinvestor Cockpit is one of the main bets for the company: a dashboard platform for investment that offers substantial financial data in a web 2.0 and social enhanced amicable platform. Cockpit is all about providing a customisable view of the most important market data, stock, FX and commodity quotes and news in a host of innovative new features. Cockpit is a cloud-based app dashboard, with social features integrated which means that it can be accessed from any device with an internet connection. No software installation is required, which makes the process of getting started both quick and easy.
Boliga ApS joint venture launched in the end of the fiscal year a new portal, iTvang.dk, which will increase the transparency of the compulsory sales market for the benefit of purchasers and mortgage creditors alike.
About Euroinvestor
EuroInvestor.com A/S is an European Internet media company that provides , news, investment education and . It offers stock prices, stock market news, stock quotes, FX quotes and commodity prices, news, indices, gainers/losers, recommendations, and various investment tools for the investors through its Website network. The company was founded in 1997 and is based in Copenhagen, Denmark.
Euroinvestor.com is the leading online business and investor portal in Denmark and in Scandinavia and is amongst the leading online investment portals in Europe. Euroinvestor owns and runs investor and personal finance portals in Norway, Sweden, France, Netherlands, Italy, Spain and the UK and is launching in the US. The group also owns the online portal forexinvestor.com. Euroinvestor has approximately 2m unique users per month using its portals. Recently Euroinvestor Group launched Cockpit an online dashboard investment portal for investors.
Contacts:
Euroinvestor.com A/S
Jeff Saul
CEO
+45 2020 1032
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Datum: 15.03.2012 - 11:46 Uhr
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News-ID 125113
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