euro adhoc: AvW Invest AG
quarterly or semiannual financial statement
AvW
Invest AG doubles its net profit in the first three quarters of 2007
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
quaterly report
06.11.2007
The Vienna stock exchange listed financial group AvW Invest AG has more than doubled its net profit in the first three quarters of 2007. The operating results rose by 126 per cent to 13.815 million euros (2006: 6.103 million euros), the profit before taxes by 129 per cent to 13.983 million euros (2006: 6.099 million euros) and the net profit (surplus for the period) by 138 per cent to 10.393 million euros (2006: 4.365 million euros). The book profit for the equity participations rose in the first nine months of 2007 by 182 per cent to 29.461 million euros (2006: 10.453 million euros). At the same time the profit per share rose by 138 per cent to 3.45 euros (2006: 1.45 euros).
The reason for the extraordinarily strong rise in profits is the continuing boom in the core business of financial services. Particularly in derivatives and asset management, earnings were in some cases in excess of the company´s own expectations. "We have been able to put the extraordinarily volatile situation on the stock exchanges to optimum use," says AvW Executive Board Chairman Wolfgang Auer von Welsbach.
In the equity participations sector, the one per cent shareholding in the Australian goldmine Equigold was sold. The proceeds from the sale were around 4.5 million Australian dollars, and the profit around two million Australian dollars. Further additions were made to the equity participations portfolio, particularly in the IT sector. AvW Invest AG currently holds around 12 per cent in the German IT company Realtech and about ten per cent in Nextevolution. "Further acquisitions are possible, the Russian IT market in particular remains under close observation," says Auer von Welsbach.
In the real estate sector, a further property was acquired in Krumpendorf on Lake Wörthersee. AvW Invest AG now owns nine properties. Its aim is to acquire one new property every year.
On the basis of the financial figures for the first nine months, a new record result is expected for the year as a whole. The currently expected profit per share will this year rise to at least 4.20 euros (2006: 2.61 euros), and the net profit to over 12 million euros (2006: 7.87 million euros). A revised forecast for the financial year 2007 and for the following years will be issued in December.
AvW Invest AG will fully implement the Corporate Governance Code by the end of the year at the latest. In the context of this implementation, at an extraordinary general meeting on 4 December 2007, the period of office of the members of the Supervisory Board will be extended on a uniform basis until 2012.
The AvW Gruppe AG has further expanded its stake in the Austrian refractories producer RHI, in which it currently holds 5,1 per cent of the shares. "We regard ourselves as an Austrian core shareholder, we want to remain invested in the longer term and we have strategic interests," says Auer von Welsbach. Further purchases are possible.
in millions of euros 1st Q - 3rd Q 2007 1st Q - 3rd Q 2006 Increase
in %
Operating revenue 16.475 8.145 +102 %
Operating result 13.815 6.103 +126 %
Profit before taxes 13.983 6.099 +129 %
Surplus for the period 10.393 4.365 +138 %
Balance sheet total 79.185 45.623 +74 %
Profit per share in EUR 3.45 1.45 +138 %
Number of employees 290 216 +34 %The current shareholders' report for AvW INVEST AG for the 1st - 3rd Quarter of 2007 can be found at www.avw.eu.
About AvW INVEST AG
The Austrian finance company, which is domiciled in Krumpendorf at Lake Wörthersee, is active in three core business areas: financial services, equity participations and real estate, with the latter being the company´s smallest business segment.
AvW´s shares are listed on the Vienna Stock Exchange on the ATX Prime Market (ISIN number: AT0000930409, Reuters: AVWI.VI, XETRA Vienna: AWS). More information about AvW is available on the Internet at www.avw.eu.
end of announcement euro adhoc 06.11.2007 08:01:34
Further inquiry note:
AvW INVEST AG
Mag. Brigitte Burger
Investor Relations
Tel.: 04229/3621-24
mailto:b.burger@avw.eu
Branche: Financial & Business Services
ISIN: AT0000930409
WKN: 892661
Index: Prime.market
Börsen: Börse Frankfurt / free trade
Börse Stuttgart / free trade
Wiener Börse AG / official dealing