DGAP-News: vwd sharply increases EBITDA in 2011 - further gains planned in 2012
(firmenpresse) - DGAP-News: vwd Vereinigte Wirtschaftsdienste AG / Key word(s): Final
Results
vwd sharply increases EBITDA in 2011 - further gains planned in 2012
30.04.2012 / 07:15
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vwd sharply increases EBITDA in 2011 - further gains planned in 2012
- Operating cash flow climbs steeply once again
- Net financial liabilities reduced further
- European expansion of business continued
- Remeasurement of EDG put option results in a loss
Frankfurt/Main, April 30, 2012 - vwd Vereinigte Wirtschaftsdienste AG
(regulated market, General Standard, ISIN DE0005204705) announces the
Group's financial results for fiscal year 2011.
Despite the renewed escalation of the financial crisis, the vwd group
expanded its operating business and boosted its sales and operating
earnings in fiscal year 2011. Sales climbed by 6.3 % to EUR 80,885.7
thousand during the year under review (previous year: EUR 76,123.6
thousand). At the same time, earnings before interest, taxes, depreciation
and amortization (EBITDA) shot up 16.8 % to EUR 8,703.9 thousand (previous
year: EUR 7,454.6 TEUR), far outpacing the growth in sales. A key reason
for this performance was the group's new business operation in Italy, which
the vwd group initiated in a partnership with Il Sole 24 Ore S.p.A., the
publisher of the leading Italian business and financial newspaper 'Il Sole
24 Ore.' By entering into this partnership last year, the vwd group took
another successful step in its Europeanization strategy.
A key driver of the vwd group's operating earnings was the segment Market
Data Solutions (MDS). Its sales of market-data systems, browser-based
applications and portfolio-management solutions jumped by 12.2 % to EUR
39,726.9 thousand (previous year: EUR 35,410.2 thousand). The strong
increase was fueled by the new business operation in Italy. In addition,
the vwd document manager, a solution to create the financial-product
information leaflets now required by law, was prepared for market
introduction and the first contracts were concluded. The segment's EBITDA
climbed by 23.1 % to EUR 4,707.0 thousand (previous year: EUR 3,824.1
thousand).
With new technological solutions for the investment-advisory process and
Internet-based services for the financial industry, the segment Technology
Solutions (TS) increased sales by 7.8 % to EUR 19,951.3 thousand (previous
year: EUR 18,514.9 thousand). Despite higher material costs and personnel
expenses, EBITDA remained virtually unchanged at EUR 2,207.8 thousand
(previous year: EUR 2,211.5 thousand).
In the segment Specialised Market Solutions (SMS), sales fell by 4.5 % to
EUR 21,207.5 thousand (previous year: EUR 22,198.5 thousand) due to
declining business in the listing-services area. But strong demand for
ratings of certificates and value-at-risk assessments for financial
instruments fueled an increase of 26.0 % in EBITDA to EUR 1,789.2 thousand
(previous year: EUR 1,420.0 thousand).
EBIT at the vwd group climbed by 16.5 % to EUR 3,656.9 thousand (previous
year: EUR 3,138.1 thousand). Depreciation, amortization and impairment of
tangible and intangible assets totaling EUR 5,047.0 thousand (previous
year: EUR 4,316.5 thousand) is considered in this figure. The EBIT margin
rose by 4.5 % (previous year: 4.1 %). The financial result totaled EUR
-5,096.6 thousand (previous year: EUR -1,217.0 thousand). The main cause of
this change was a put-option agreement to acquire 49 % of the shares in the
EDG business group. This agreement was remeasured on the basis of a
reasonable commercial assessment as a result of the announced results for
fiscal year 2011. Due to the remeasurement, the vwd group reported a
consolidated loss of EUR -2,289.0 thousand (previous year: profit of EUR
1,203.5 thousand) after taxes and before minority interests.
Driven by measurably improved business, operating cash flow climbed to EUR
13,024.9 thousand in 2011 (previous year: EUR 7,264.5 thousand). As a
result, the vwd group was able to cover a major portion of its financing
needs on its own. Long-term loans were systematically reduced. At the same
time, cash and cash equivalents rose sharply. In another reflection of the
vwd group's financial strength, net financial liabilities fell to EUR 651.1
thousand (previous year: EUR 7,874.7 thousand).
Key financial figures
in EUR '000 2011 2010 ChangeOrganic growth to be pursued in 2012
Sales 80,885.7 76,123.6 6.3%
EBITDA 8,703.9 7,454..6 16.8%
EBIT 3,656.9 3,138.1 16.5%
Net income -2,289.0 1,203.5
EBITDA margin in % 10.8 9.8
Earnings per share in EUR -0.108 0.024
Operating cash flow 13,024.9 7,264.5 79.3%
Net financial liabilities 651.1 7,874.7 -91.7%
The vwd group has held its own during the financial crisis of recent years.
'We believe that we have reached the bottom and will produce stronger
organic growth over the mid-term,' the Management Board writes in its
outlook for 2012. 'But the company's future business performance will
depend heavily on the direction taken by international financial markets.
Faced with numerous regulatory and economic changes, our customers will be
forced to review their business models and optimize their business
processes. Should our customers become increasingly interested once again
in making investments, this will have a very positive effect on our
business. In general, we initially expect moderate growth.'
Against this backdrop, consolidated sales are expected to rise between EUR
87.0 million and EUR 96.0 million. EBITDA should total between EUR 9.6
million and EUR 10.5 million.
Forward-looking statements/Disclaimer
This press release contains forward-looking statements that reflect the
present views, expectations and assumptions of the vwd group and are based
on information available to the company at the time this press release was
prepared. Forward-looking statements are no guarantee that future events
and developments will actually occur. Rather, they are associated with
risks and uncertainties. Future performance by and developments at the vwd
group could differ materially from the expectations and assumptions
provided here as a result of many factors. In particular, these factors
include changes in economic conditions, new legal parameters, competition
and trends in financial markets.
We would like to point out that the consolidated financial statements and
the group management report of vwd Vereinigte Wirtschaftsdienste AG for
fiscal year 2011 have received a qualified auditor's report. Additional
information about this subject is contained in the Annual Report.
The Annual Report for 2011 is now available for download from vwd's home
page at http://www.vwd.com/vwd/investor_relations.htm.
Further information:
Investor relations
Carsten Scharf
Telephone: +49 69 50701-270
Fax: +49 69 50701-114
E-mail: investorrelations(at)vwd.com
vwd Vereinigte Wirtschaftsdienste AG
Tilsiter Straße 1
60487 Frankfurt am Main
www.vwd.com
About vwd group:
vwd group offers customised information, communications and technology
solutions for the financial markets. As a leading European provider, it
specialises in meeting individual customer requirements in the areas of
asset management, retail banking, private banking and wealth management. It
offers innovative solutions for financial service providers, investors and
the media. vwd's business is driven by innovation, flexibility, customer
centricity and strong commitment to local needs. With around 470 employees
at 18 locations in 5 countries vwd is a public company, listed at the
Frankfurt Stock Exchange (ISIN DE0005204705). The group's best-known brands
are: finanztreff.de, vwd fonds service, vwd market manager, vwd portfolio
manager, vwd PortfolioNet, TradeLink and Tai-Pan.
End of Corporate News
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Language: English
Company: vwd Vereinigte Wirtschaftsdienste AG
Tilsiter Straße 1
60487 Frankfurt am Main
Germany
Phone: +49 (0)69 50701-316
Fax: +49 (0)69 50701-114
E-mail: cscharf(at)vwd.com
Internet: http://www.vwd.com
ISIN: DE0005204705
WKN: 520470
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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