DGAP-News: Meridio AG is reducing its deficit
(firmenpresse) - DGAP-News: Meridio Vermögensverwaltung AG / Key word(s): Final Results
Meridio AG is reducing its deficit
28.06.2013 / 17:15
---------------------------------------------------------------------
Cologne, 28. June 2013
Corporate News
Meridio AG is reducing its deficit
The cost-cutting programme is taking hold
During the 2012 financial year, Meridio Vermögensverwaltung AG (ISIN:
DE0006946106) was able to reduce its deficit from some EUR1.45 million to
around EUR495,000 thanks to its cost-cutting programme. The company is
anticipating to move out of the red and back into the black by 2014 at the
latest.
Due to its weak profit situation, Meridio AG decided to start a
cost-cutting programme in 2011, which was extensively implemented in 2011
and 2012. This went hand-in-hand with reducing staff numbers and closing
the Neuss subsidiary and Hamburg representative office. Also, activities in
Palma and Cyprus has been finished. The executive board has been reduced.
The former CEO Uwe Zimmer is in charge as sole director since January 1st
2013.
Considerable economic performance figures have illustrated a significant
reduction at Meridio as a result of the measures. In this way, by the end
of 2012 the securities volume (including the investment funds) had dropped
by 23.6% from EUR138.9 million to EUR106.1 million, whilst brokerage of
shares in closed equity holdings fell from EUR6.4 million in 2011 to EUR4.5
million in 2012. Consequently, the commission result dropped by 7% from
1,680 TEUR to 1,562 TEUR. But at the same time, staffing costs decreased by
26% from 1,847 TEUR to 1,367 TEUR, whilst other administrative expenses
also plummeted by 18.7% from 1,159 TEUR to 942 TEUR. Special factors had a
both positive impact on the 2012 result due to 296 TEUR in capital gains
generated as part of sales of equity holdings and a negative impact due to
various one-off restructuring-related liabilities amounting to 355 TEUR.
In 2013, the company will be striving to further improve its profit
situation by continuing with the cost-cutting programme and focusing more
on classic asset management as a core area of expertise. Meridio AG may
even enter back into the black in 2013 provided that it doesn't incur any
unforeseen costs and there aren't any significant negative market
developments.
Background:
Meridio Vermögensverwaltung AG based in Cologne is approved pursuant to§32
of the German Banking Act and - as an independent asset management firm in
Germany - provides both national and international private and
institutional investors with a multitude of services. The products and
services that the company offers focus on classic asset management,
management of investment funds and brokering closed-end fund products.
Disclaimer:
This press release contains forward-looking statements. These statements
are based on plans, estimations and forecasts. Forward-looking statements
are therefore only valid on the day on which they were made. We are not
obligated to amend statements such as these in light of new information or
future events.
This publication is neither a quotation for sale of nor an invitation to
purchase securities. It is for informative purposes only.
Further information:
Meridio Vermögensverwaltung AG
Konrad-Adenauer-Straße 25
D-50996 Cologne
Phone: +49-221-37639-0
Fax: +49-221-37639-11
E-mail: ir(at)meridio.de
Web: www.meridio.de
ISIN: DE0006946106
SIN: 694610
Symbol: M3E
Düsseldorf Stock Exchange
End of Corporate News
---------------------------------------------------------------------
28.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
218882 28.06.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 28.06.2013 - 17:15 Uhr
Sprache: Deutsch
News-ID 274388
Anzahl Zeichen: 7399
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 532 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Meridio AG is reducing its deficit"
steht unter der journalistisch-redaktionellen Verantwortung von
Meridio Vermögensverwaltung AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
