DGAP-News: vwd boosts sales in 2012 - EBITDA falls below previous year's level as a result of non-recurring effects
(firmenpresse) - DGAP-News: vwd Vereinigte Wirtschaftsdienste Aktiengesellschaft / Key
word(s): Final Results
vwd boosts sales in 2012 - EBITDA falls below previous year's level as
a result of non-recurring effects
30.04.2013 / 15:38
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vwd boosts sales in 2012 - EBITDA falls below previous year's level
as a result of non-recurring effects
- Further remeasurement of the EDG put option
- Only moderate growth expected in 2013
- Distinct increase in EBITDA forecast
Frankfurt am Main, April 30, 2013 - vwd Vereinigte Wirtschaftsdienste AG
(regulated market, General Standard, ISIN DE0005204705) announces its
audited financial results for the Group in fiscal year 2012.
The vwd group continued to generate growth in fiscal year 2012. Fueled by
the first-time inclusion of a full year's results produced by the company's
investment in Italy, sales jumped by 7.6% to EUR 87,025 thousand (previous
year: EUR 80,886 thousand). Despite this growth, the results did not fully
meet expectations. In addition to changes among the ownership and
management of vwd AG, this result was due to the exceptional level of
operational energy that the Group had to expend in order to react to
declining market activity. Added to this were non-recurring effects related
to the EDG put option and the acquisition by Vienna GmbH. As a result,
earnings before interest, taxes, depreciation and amortization (EBITDA) at
the vwd group dropped by 7.1% in 2012 to EUR 8,423 thousand (previous year:
EUR 9,064 thousand). Adjusted for non-recurring special operational
effects, EBITDA would have exceeded the previous year's level.
During the year, the Market Data Solutions Segment (MDS), with its
market-data systems, browser-based applications and portfolio-management
solutions, boosted sales by 16.2% to
EUR 46,154 thousand (previous year: EUR 39,727 thousand). The driving force
behind this growth was primarily the first-time inclusion of a full year's
results produced by the group's activities in Italy. Overall, business
trends in other regions were stable in spite of the continuing and
pronounced reluctance on the part of the financial industry to make
investments. Increased fees for downloading stock-market data created by
the establishment of business in Italy, higher maintenance costs, wage
increases and the addition of new employees in Switzerland and Italy caused
EBITDA in the MDS Segment to drop by 4.8% to EUR 4,481 thousand (previous
year:
EUR 4,707 thousand).
In 2012, the tailored technology solutions and the outsourcing assistance
provided by the Technology Solutions Segment (TS) were again in demand. As
a result of new products and further investments in available products, the
Segment's sales climbed by 5.6% to EUR 21,075 thousand (previous year: EUR
19,951 thousand) in the face of weakened, crisis-driven transaction
activity. For the first time, the new product called vwd sales process
solution made a significant contribution to sales. Fueled by the boost in
sales, EBITDA jumped by 70.7% to EUR 3,700 thousand (previous year: EUR
2,208 thousand).
The Specialised Market Solutions Segment (SMS), with its publication and
marketing concepts as well as its risk assessments for financial products,
was hit hard by the ongoing problems afflicting financial markets and
uncertainties associated with the continued integration of EDG companies. A
slowdown in business with mutual funds and a drop in advertising revenues
generated by the financial portal finanztreff.de triggered a 6.7% decline
in sales to EUR 19,796 thousand (previous year: EUR 21,208 thousand). The
Segment's performance was hurt in particular by non-recurring effects. The
largest of these comprised consulting costs generated as part of the
measurement of the EDG put option. The Segment's EBITDA dropped by 69.8% to
EUR 243 thousand (previous year: EUR 2,149 thousand) due to increased
material costs and other operating expenses attributed to the Segment.
During the reporting year, EBIT at the vwd group decreased by 23.9% to
EUR3,057 thousand (previous year: EUR 4,017 thousand). The EBIT margin
totaled 3.4% (previous year: 5.0%). The financial result amounted to EUR
-4,452 thousand (previous year: EUR -5,225 thousand). This figure includes
interest expenses resulting from the remeasurement of the EDG put option of
EUR 3,742 thousand (previous year: EUR 4,682 thousand). As a result, the
vwd group generated a consolidated loss after taxes and before minority
interests of EUR -4,366 thousand (previous year:
EUR -2,155 thousand). Adjusted for the effect of the EDG put option, the
consolidated loss would have totaled EUR -624 thousand. The share allocable
to the vwd group totaled EUR -4,778 thousand (previous year: EUR -2,637
thousand). Earnings per share totaled EUR -0.20, below the previous year's
level of EUR -0.10.
Key financial figures
in EUR '000 2012 2011 ChangeSupport to the financial industry in the transformation process
Sales 87,025 80,886 7.59%
EBITDA 8,423 9,064 -7.07%
EBIT 3,057 4,017 -23.90%
Net income -4,366 -2,155
EBITDA margin in % 9.7 11.2
Earnings per share in EUR -0.20 -0.10
In light of the ongoing transformation process, it is becoming increasingly
important to actively and continuously develop new ideas and concepts for
the financial industry that grow out of the company's previous range of
products and services. The industry needs transparent and fair information
and consulting support to regain the confidence of its clients. The focus
of the future should be placed on optimizing access channels and better
serving client needs. For this reason, the financial industry must rethink
its products and integrate customer needs into them. The vwd group offers
the technological solutions and services needed for today's transformation
process and will accordingly profit once the financial industry increases
its desire to invest again. As a result of slow-moving reform efforts,
however, it can be assumed that growth will be moderate.
For 2013, the vwd group expects consolidated sales will total between EUR
87.0 million and EUR 96.1 million. EBITDA is expected to amount to between
EUR 9.4 million and EUR 10.5 million.
Forward-looking statements:
This press release contains forward-looking statements that reflect the
current views, expectations and assumptions of the vwd group and are based
on the information available to the company at the time of its preparation.
Forward-looking statements cannot guarantee that results and developments
will actually occur in the future, but are subject to risks and
uncertainties. Different factors may cause the future results and
development of the vwd group to deviate substantially from the expectations
and assumptions formulated in this statement. Changes in general economic
conditions, new legal parameters, the competitive situation and financial
market developments, in particular, can impact future results and
developments.
The annual report for 2012 is now available at
http://www.vwd.com/vwd/investor_relations.htm.
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 and vwd
portfolio manager.
End of Corporate News
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30.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: vwd Vereinigte Wirtschaftsdienste Aktiengesellschaft
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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Datum: 30.04.2013 - 15:38 Uhr
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