DGAP-News: OVB Holding AG / Key word(s): Quarter Results/Interim
Report
OVB stable in a difficult environment
07.11.2013 / 08:16
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OVB stable in a difficult environment
- Stable client and financial consultant base
- Southern and Western Europe remain on track for success
- Management declares goal of dividend continuity
Cologne, 7 November 2013 - The financial services provider OVB, which
operates in 14 European countries, defended its market position in a
difficult environment for the sector in the first nine months of the 2013
financial year. The number of clients grew by 3.1% to 3.03 million as of
the reporting date. The OVB Group's total sales commission was close to the
level of the previous year after three quarters. Consolidated net income
remained constant, amounting to EUR5.4 million as in the previous year.
Consulting capacity is also stable: At the end of September, 4,951
financial consultants worked for OVB in Europe. 'OVB is characterized by
stability in every area: sales and earnings, client numbers and financial
consultant organisation, and the dividend', said Michael Rentmeister, Chief
Executive Officer of OVB Holding AG, highlighting the background to the
current business development.
The OVB Group's total sales commission of EUR151.0 million was nearly at
the level of the same period of the previous year (EUR155.6 million).
Non-recurring influences in some countries of the Central and Eastern
Europe segment are having a negative impact on business development. There
were signs of an upward trend in the third quarter, but these could not yet
compensate for the deficit. In Germany, total sales commission was close to
the previous year's level. In the Southern and Western Europe segment,
total sales commission increased by a considerable 21.6% from EUR19.6
million to EUR23.9 million.
The OVB Group's operating income (EBIT) reached EUR6.7 million in the first
nine months. The slight decline compared to the previous year is due
primarily to sales performance in Central and Eastern Europe. Here, EBIT
fell from EUR8.9 million in the previous year to EUR7.5 million. The
Germany segment increased its EBIT from EUR4.3 million to EUR4.6 million.
The Southern and Western Europe segment contributed EUR0.9 million after a
break-even result in the previous year. The OVB Group's EBIT margin -
calculated on the basis of total sales commissions - was 4.4% in the
reporting period, approaching the level of the previous year. 'The fact
that OVB is performing so well in Central and Eastern Europe despite a
difficult environment, the positive development in Southern and Western
Europe and the rise in earnings in Germany all underline the sales and
management strength of the whole OVB team', Rentmeister continued.
OVB sees the final three months of 2013 - even in the current low-interest
environment - as a particular challenge because, while last year benefit
was reaped in nearly every market from the introduction of unisex tariffs,
this effect will no longer be felt this year. 'Our business model remains
stable and profitable. Therefore, our most important target of generating a
dividend at the previous year's level from the results of current business
seems achievable', said Rentmeister, setting the direction for the rest of
the year.
About the OVB Group
The OVB Group, with its holding company headquartered in Cologne, is one of
the leading European financial sales organisations. Since its founding in
1970, customer-oriented consulting for private households with regard to
asset protection, asset building, pension plans and real estate acquisition
has been the focus of OVB's business activities. OVB currently advises some
3.0 million customers across Europe, working in cooperation with over 100
renowned product partners.
OVB is presently active in 14 countries, with approximately 5,000 full-time
financial consultants working for the Group. In 2012, OVB Holding AG and
its subsidiaries generated total sales commission of EUR214.7 million and
EBIT of EUR10.5 million. OVB Holding AG has been listed on the Frankfurt
Stock Exchange (Prime Standard, ISIN DE0006286560) since July 2006.
The presentation and the interim report on the first nine months of 2013
can be downloaded from the Investor Relations section of www.ovb.ag.
Key figures of the OVB Group for the first three quarters of 2013
01/01
01/01 - 30/09/ - 30/09/
Key operating figures Unit 2012 2013 Change
Clients (30/09) Number million 2.94 3.03 + 3.1 %
Financial advisors
(30/09) Number 5,060 4,951 - 2.2 %
Number of
New business contracts 410,298 349,884 - 14.7 %
Total sales
commission Euro million 155.6 151.0 - 3.0 %
01/01
01/01 - 30/09/- 30/09/
Key financial figures Unit 2012 2013 Change
Earnings before interest and Euro
taxes (EBIT) million 7.2 6.7 - 6.9 %
- 0.2 %-
EBIT margin* % 4.6 4.4 pts.
Euro
Consolidated net income million 5.4 5.4 ± %
Earnings per share (undiluted) Euro 0.38 0.38 ± %
* on the basis of total sales commission
Key figures by region for the first three quarters of 2013
01/01
01/01 - 30/09/- 30/09/
Unit 2012 2013 Change
Central and Eastern Europe
Number
Clients (30/09) million 1.99 2.06 + 3.5 %
Financial advisors (30/09) Number 3,266 3,128 - 4.2 %
Euro
Total sales commission million 91.0 83.1 - 8.7 %
Earnings before interest and Euro
taxes (EBIT) million 8.9 7.5 - 15.9 %
- 0.8 %-
EBIT margin* % 9.8 9.0 pts.
Germany
Clients (30/09) Number 627,669 644,365 + 2.7 %
Financial advisors (30/09) Number 1,385 1,375 - 0.7 %
Euro
Total sales commission million 45.0 44.0 - 2.2 %
Earnings before interest and Euro
taxes (EBIT) million 4.3 4.6 + 8.1 %
+ 1.0 %-
EBIT margin* % 9.5 10.5 pts.
Southern and Western Europe
Clients (30/09) Number 318,269 321,921 + 1.1 %
Financial advisors (30/09) Number 409 448 + 9.5 %
Euro
Total sales commission million 19.6 23.9 + 21.6 %
Earnings before interest and Euro
taxes (EBIT) million 0.0 0.9 -
+ 3.8 %-
EBIT margin* % 0.1 3.9 pts.
* on the basis of total sales commission
End of Corporate News
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Language: English
Company: OVB Holding AG
Heumarkt 1
50667 Köln
Germany
Phone: +49 221 2015 - 0
Fax: +49 221 2015 - 264
E-mail: ir@ovb.ag
Internet: www.ovb.ag
ISIN: DE0006286560
WKN: 628656
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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238437 07.11.2013
DGAP-News: OVB stable in a difficult environment
| Source: EQS Group AG