mwb Wertpapierhandelsbank AG / Half Year Results
24.07.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Gräfelfing/Munich, July 24, 2008. In spite of the continued decline of the
stock markets in the first half of 2008, mwb Wertpapierhandelsbank AG
attained earnings from ordinary activities in the amount of EUR 793
thousand (previous year EUR 2,106 thousand). Net income for the first half
of the year totals EUR 384 thousand (previous year EUR 1,946 thousand). For
the first time FAIRTRADE FINANCE AG is being included in the consolidated
financial statements. For this reason, a comparison with the same period
last year is of limited value only.
Against a background of dramatic declines in turnover, mwb
Wertpapierhandelsbank AG was able to hold its ground and attained
commission income in the first half of 2008 of EUR 3,190 thousand (previous
year EUR 2,207 thousand) and trading profits of EUR 5,403 thousand
(previous year EUR 3,750 thousand). Profit from financial assets totals EUR
533 thousand (previous year EUR 479 thousand).
Consistent with the groups increasing size, general administrative
expenses rose to EUR 8,741 thousand (previous year EUR 4,693 thousand).
Personnel expenses amounted to EUR 3,384 thousand (previous year EUR 1,565
thousand). As of June 30, 2008, employee numbers totalled 65 compared to 35
at the close of the same quarter in the preceding year. Other
administrative expenses amounted to EUR 5,357 thousand (previous year EUR
3,128 thousand).
The equity and liquidity situation of the enlarged mwb group is most
satisfying. According to the provisions of the IFRS, acquisition costs in
the amount of 14.6 million are to be allocated to the business
combination with Fairtrade Finance AG. These result from the number of
mwbs shares contributed in the course of the business combination
multiplied by the share price on the day of registration of the capital
increase.
The difference between the acquisition costs and the value of Fairtrade
Finance AGs equity under IFRS as at April 30, 2008 results in an increase
of 7.2 million in mwbs assets in its consolidated financial statements.
The extent to which this difference is to be allocated to hidden reserves
in the reported assets of Fairtrade Finance AG, intangible assets that have
not previously been reported, and goodwill will be determined in accordance
with the forthcoming purchase price allocation pursuant to IFRS 3
currently being carried out. The results of this are not yet available. The
purchase price allocation may therefore result in changes to the amount of
the difference.
Equity reached EUR 31,182 thousand as compared to EUR 17,542 thousand at
the close of 2007. Liquidity the balance of receivables from and
liabilities to banks amounted to EUR 17,514 thousand (at December 31,
2007: EUR 7,097 thousand).
Contact:
mwb Wertpapierhandelsbank AG
Thomas Posovatz
Rottenbucher Straße 28
82166 Gräfelfing
Tel.: 089/85 85 2-500
Fax: 089/85 85 2-505
E-Mail: investor-relations@mwb.de
DGAP 24.07.2008
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Language: English
Issuer: mwb Wertpapierhandelsbank AG
Rottenbucher Straße 28
82166 Gräfelfing
Deutschland
Phone: +49 (0)89 858 52-305
Fax: +49 (0)89 858 52-5 05
E-mail: investor-relations@mwb.de
Internet: www.mwb.de
ISIN: DE0006656101
WKN: 665610
Indices: CDAX, PRIMEALL, CLASSICALLSHARE
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München; Freiverkehr in Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: mwb Wertpapierhandelsbank AG:Provisional consolidated results (IFRS) for the first half of 2008 Positive results despite perceptibly weakened stock markets
| Source: EQS Group AG