DGAP-News: ARAGON AG: Aragon continues to set records in the third quarter - highest quarterly and nine-month revenues in the Company's history
(firmenpresse) - ARAGON AG / Key word(s): Quarter Results
30.11.2010 07:47
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- Aragon continues to set records in the third quarter - highest
quarterly and nine-month revenues in the Company's history
- Revenues increase 61 per cent to EUR 74.1 million
- Increased earnings - EBITDA EUR 2.2 million, EBIT EUR 0.9 million
- Record revenue year within reach
In spite of an unexpectedly difficult market environment for financial
services, Aragon AG, one of the leading financial services companies in
Germany, achieved the highest quarterly revenues in the Company's history
in the third quarter of 2010 (Pro-forma biw at equity). Revenues rose 49
per cent in the third quarter of 2010 to EUR 26.0 million (Q3 2009: EUR
17.5 million), and earnings before interest, taxes, depreciation and
amortisation (EBITDA) rose to EUR 1.0 million (Q3 2009: EUR 0.2 million).
Earnings before interest and taxes (EBIT) increased to EUR 0.6 million (Q3
2009: minus EUR 0.2 million). This means that Aragon AG continues to be on
course to achieving the highest annual revenues in the Company's history in
financial year 2010.
'Contrary to the market trend, Aragon AG continued its rapid and profitable
growth in the third quarter, achieving the highest quarterly revenues in
the Company's history. The positive performance of all of our companies
makes us very confident that we will end 2010 with record revenues. Due to
the rapid, successful integration of FiNUM.FINANZHAUS GmbH, we also expect
another growth spurt in 2011. We are therefore well on our way to achieving
our medium-term goal of revenues in excess of EUR 200 million and a
double-digit EBIT margin in 2014', stated Dr. Sebastian Grabmaier, CEO of
Aragon AG.
Revenues for the first nine months of 2010 rose 61 per cent to EUR 74.1
million and already exceed the level for 2009 as a whole (first 9 months of
2009: EUR 46.1 million; financial year 2009: EUR 69.4 million). Earnings
before interest, taxes and depreciation and amortisation (EBITDA) from
continuing operations increased by EUR 2.5 million to EUR 2.2 million
(first 9 months of 2009: minus EUR 0.3 million). Earnings before interest
and taxes (EBIT) rose to EUR 0.9 million (first 9 months of 2009: minus EUR
1.4 million). These nine-month earnings include charges in the third
quarter of 2010 for one-time transaction-related costs of EUR 0.2 million
for the acquisition and restart of FiNUM.FINANZHAUS GmbH.
Aragon AG's other key figures also showed positive growth in the first
nine months of this year. Product sales of approximately EUR 1.2 billion
represent a historical record value for a nine-month period (Pro-forma biw
at equity). The portfolio of investment funds administered by Aragon AG
('assets under administration') exhibited stable growth during the last
three months, rising by approximately 15 per cent compared to the third
quarter of 2009 to a value of approximately EUR 3.8 billion. Aragon AG's
relevant key balance sheet figures also continue to be favourable. The
Company had EUR 53.2 million in equity and an equity ratio of 55 per cent
as at 30 September 2010.
Aragon AG's continuing operations developed as follows:
The Broker Pools division generated revenues of EUR 16.8 million in the
third quarter of 2010 (Q3 2009: EUR 14.9 million), making it once again
Aragon AG's leading division in terms of revenues. Earnings before
interest, taxes, depreciation and amortisation (EBITDA) remained stable
compared to the third quarter of 2009 at a value of EUR 0.4 million.
Earnings before interest and taxes (EBIT) also remained stable with a value
of EUR 0.05 million in the third quarter of 2010 (Q3 2009: EUR 0.03
million).
Revenues for the first nine months of the year therefore rose by 33 per
cent compared to the same period in the previous year, to EUR 51.2 million
(first 9 months of 2009: EUR 38.6 million). Earnings before interest,
taxes, depreciation and amortisation (EBITDA) were EUR 1.6 million in the
first nine months of 2010, compared to minus EUR 0.5 million in the first
nine months of 2009. Earnings before interest and taxes (EBIT) were EUR 0.5
million in the first nine months of 2010, significantly better than in the
comparable period in 2009 (first 9 months of 2009: minus EUR 1.4 million).
The Financial Consulting division continued the good performance achieved
in previous quarters, increasing third quarter revenues more than three
times from EUR 2.4 million in the third quarter of 2009 to EUR 9.1 million.
This segment therefore remains Aragon AG's largest growth segment. Earnings
before interest, taxes, depreciation and amortisation (EBITDA) also rose
sharply in the Financial Consulting segment from minus EUR 0.06 million to
EUR 0.9 million. Earnings before interest and taxes (EBIT) also increased
significantly in the third quarter of 2010 to EUR 0.8 million (Q3 2009:
minus EUR 0.1 million).
Revenues rose to EUR 22.8 million in the first nine months (first 9 months
of 2009: EUR 6.8 million). Earnings before interest, taxes, depreciation
and amortisation (EBITDA) were EUR 1.9 million for the Financial Consulting
division in the first nine months of 2010 (first 9 months of 2009: EUR 0.9
million). Earnings before interest and taxes (EBIT) were EUR 1.8 million
for the first nine months of 2010 (first 9 months of 2009: EUR 0.3
million).
Due to the growth of Aragon AG made in the last 18 months, and the
consequent decrease in the relative size of Fundmatrix AG compared to the
Aragon Group as a whole, we will be reporting Fundmatrix AG's results in
the Holding division starting this quarter. The Institutional Sales
division will no longer be reported separately.
The Holding division includes biw Bank für Investments und Wertpapiere AG
(biw), which has been accounted for using the equity method since the third
quarter of 2008, and recorded earnings before interest, taxes, depreciation
and amortisation (EBITDA) of minus EUR 1.3 million in the first nine months
of 2010, a value below that of the same period in the previous year (first
9 months of 2009: minus EUR 0.2 million). This was primarily due to the
transaction-related costs mentioned above, e.g. for the acquisition of
FiNUM.FINANZHAUS GmbH and Scopia AG, the negative contribution to profits
from Fundmatrix AG, as well as the lack of proceeds from the disposal of
investments that were received in the previous year.
biw continued its positive performance in the third quarter of 2010,
further increasing the number of accounts it maintains by approximately 5
per cent compared to the end of the second quarter of 2010 to around
130,000 in the third quarter of 2010 (30 June 2010: 124,000). The number of
securities orders executed remained at a high level of approximately 1.28
million.
On course for a record revenue year - good foundation for further
profitable growth
Aragon AG's growth is due both to the successful integration of new
distribution companies within the Group (55 per cent share of revenue
growth in the first nine months), as well as the strong operational
performance of existing Group companies, which contributed 45 per cent of
the strong growth in revenues in the first nine months.
'The increasing relative share of revenues contributed by the Financial
Consulting division should not only ensure steady revenue growth in future
months and years, but is also an important factor in strengtheningour
earnings power. We will use this to continue to exploit the opportunities
of the market consolidation. We are therefore confident that we can achieve
revenues in excess of EUR 200 million and a double-digit EBIT margin by
2014 - thus ten years after the formation of Aragon AG', explained Wulf
Schütz, member of the Management Board of Aragon AG.
The quarterly report is currently available on the Company's website at
www.aragon.ag.
Publication of the earnings figures for financial year 2010 is scheduled
for 31 March 2011.
About Aragon AG
Aragon AG is a broadly diversified financial services company with
operating divisions Broker Pools and Financial Consulting as well as the
Holding division, which holds an investment in the institutional sales
company Fundmatrix AG, as well as a minority interest in biw Bank für
Investments und Wertpapiere AG. Aragon AG's operating divisions Broker
Pools and Financial Consulting have different independent subsidiaries that
are active in the market. The goal is to integrate a variety of
distribution models under one roof, without taking away the individual
identities of the companies. The result is broad diversification over a
variety of asset classes and distribution types, leading to highly stable
corporate earnings. More information on the Company and its subsidiaries is
available at www.aragon.ag.
Contact:
Aragon Aktiengesellschaft
Ralf Funke
Investor Relations
Tel.: +49(0)611 890 575-0
Fax: +49(0)611 890 575-99
E-Mail: ir(at)aragon.ag
30.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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Datum: 30.11.2010 - 07:47 Uhr
Sprache: Deutsch
News-ID 32746
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