DGAP-News: ARAGON AG: Aragon AG records sales revenues of EUR 23.2m in fourth quarter of 2009, up 12 per cent on previous year - Optimistic outlook for 2010
(firmenpresse) - ARAGON AG / Preliminary Results
08.03.2010 09:00
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- Aragon AG records sales revenues of EUR 23.2m in fourth quarter of
2009, up 12 per cent on previous year
- Positive EBITDA and stable sales trends in full year 2009
- Sharp rise in assets under administration, brokers and customers
- Optimistic outlook for 2010: Lower cost ratio and rising sales lead to
return to profitable growth
Aragon AG, one of Germany's leading financial services companies, is today
publishing its provisional results according to the IFRS international
accounting standards for the fourth quarter and 2009 financial year.
Sharp rise in sales and earnings in fourth quarter
Business at Aragon AG picked up sharply at the end of the 2009 financial
year. At EUR 23.2m, sales revenues were 12 per cent above the figure for
the same period of the previous year (Q4 2008: EUR 20.7m). This represents
a rise of 33 per cent on the third quarter of 2009 (Q3 2009: EUR 17.5m).
Earnings before interest, tax, depreciation and amortization (EBITDA) from
continued operations climbed 151 per cent in the fourth quarter of 2009 to
reach EUR 0.4m (Q4 2009: EUR minus 0.9m). In addition, earnings before
interest and tax (EBIT) remained in balance (Q4 2008: EUR minus 1.5m).
'We are happy with developments in the fourth quarter of 2009. We noticed a
clear pick-up in investment business especially, while the acquisitions
achieved through the course of 2009 and the cost-cutting programme we had
implemented also had a material impact', explained Wulf U. Schütz, COO of
Aragon AG.
Positive EBITDA and stable sales trends in full 2009
In 2009 as a whole sales revenues slipped back just 14 per cent to EUR
69.3m (2008: EUR 80.2m pro forma BIW at equity), despite the very difficult
market environment. Earnings before interest, tax, depreciation and
amortization (EBITDA) from continued operations came to EUR 0.1m in the
full year 2009 (2008: EUR 8.3m pro forma BIW at equity). The difficult
first half of 2009 pushed earnings before interest and tax (EBIT) in the
full year down to EUR minus 1.4m (2008: EUR 6.6m pro forma BIW at equity).
Aragon AG recognized the difficult market environment at an early stage and
reduced personnel costs and other operating expenses (adjusted for one-off
effects due to restructuring) by about 25 per cent in the full year 2009.
Aragon AG also took the opportunity in 2009 to eliminate risks from
investments. Given the difficulties encountered on the global shipping
markets, for instance, Aragon AG decided to relinquish and put up for sale
a stake in a 1700-TEU container ship arising from a then standard placement
guarantee it had given before the financial crisis began to affect the
shipping industry. The investment (EUR 7.5m) was completely written down
and is reported as a 'Discontinued operation' until it is sold.
Despite having to absorb this one-off effect, Aragon AG continues to be in
positive territory as regards the most important balance sheet figures: on
31 December 2009 equity stood at EUR 50mand the equity ratio at 51 per
cent, while liquid assets had risen to EUR 9.4m (2008: EUR 8.4m).
'No onein our industry can be really happy with their results for 2009.
Nevertheless, our consistent approach has enabled us to come through the
worst of the financial crisis sooner and with a better earnings position
than our competitors. As things stand at present, we do not anticipate any
further risks resulting from the crisis. We are looking positively into
2010!' explained Dr. Sebastian Grabmaier, CEO of Aragon AG.
Sharp rise in assets under administration, brokers and customers
The assets under administration by Aragon AG rose from the low of EUR 2.1bn
at the end of March 2009 to reach EUR 3.8bn by the end of 2009 - up some 81
per cent to the highest figure for 24 months. The number of brokers in
Aragon AG's network also climbed from about 15,000 at the end of 2008 to
just under 18,000 at the end of 2009. Concomitant with that is a rise in
the number of customers looked after by Aragon companies to just under
800,000 in 2009 (2008: approx. 651,000).
Optimistic outlook for 2010
Although there are now initial signs of a slow recovery in the general
economy, Aragon AG is anticipating that the 2010 financial year will also
present considerable challenges for the whole of the financial services
industry, particularly in the brokering of investment products.
Nevertheless, Aragon AG remains positive going into 2010.
Wulf U. Schütz, COO of Aragon AG, explains: 'However the market develops,
our strategy of anticyclical acquisitions and strict cost discipline puts
us in a good position to return to our former rate of growth. We expect
2010 to see a significant growth in sales to well above the 100 million
euro mark. Our diversification by asset classes will continue in 2010 as we
look to achieve an almost equal balance between investment and insurance
product sales. Along with the reduction in fixed personnel and material
expenses, we expect this to deliver much better results and a return to our
historical profitability in 2010.'
The annual report of Aragon AG will be published on 29 March 2010. The
annual general meeting of Aragon AG will be held in Mainz on 31 May 2010.
About Aragon AG
Aragon is a broadly diversified financial services company, with the
divisions: Broker Pools, Financial Consulting, Institutional Sales and
Holding. Aragon is active in the marketplace with multiple independent
subsidiaries. The company's aim is to integrate various distribution models
under one roof, without disturbing the individual identity of each sales
company. The result is a wide diversification across variousasset classes
and distribution types, which generates a high stability in corporate
earnings. Further information about the company and its subsidiaries can be
viewed on the website www.aragon.ag.
08.03.2010 09:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 08.03.2010 - 09:00 Uhr
Sprache: Deutsch
News-ID 17165
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