OVB Holding AG

OVB remains on growth path after first six months

@@start.t1@@--------------------------------------------------------------------------------   ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for   the content of this announcement. --------------------------------------------------------------------------------@@end@@

companies/Half-Year-Results 2008

Köln (euro adhoc) - -Sales up 9.1% thanks to systematic focus on Europe

-Consolidated net profit rises by 16.3%

-Significant increase in dividend planned

Cologne, 14 August 2008 - OVB Holding AG  (Prime Standard, ISIN DE0006286560) recorded consolidated sales (total sales commission) of E132.5 million in the first half of 2008, up 9.1% on  the  first  six months  of  the  previous  year (E121.5 million). "In an environment of bad  news  and  growing  uncertainty in terms of future economic development, both in Germany  and  abroad, I consider these  results to be extremely encouraging," commented  Michael Frahnert, Chairman of the Executive Board of OVB Holding AG, adding: "OVB remains on its growth path."

OVB's systematic  focus  on  Europe made a significant contribution to the positive course of business in the first half of 2008. Sales growth in Central and Eastern Europe was particularly pronounced, with total sales  commission  in the region increasing by 16.3% year-on-year to E63.9 million (previous  year: E54.9 million). In the Germany segment, sales were down slightly at E41.1 million (previous year: E42.5 million); this meant that OVB successfully absorbed the impact of the weak domestic market, which is providing little in the way of  momentum  for the industry as a whole. In Southern and Western Europe, OVB increased its total sales commission by 13.4% to E27.3 million (previous year: E24.1 million).

Earnings before interest and taxes (EBIT) remained essentially unchanged at E16.7 million, compared with E16.6 million in the same period of the previous year.  This  was  due  in  part  to  Germany, where  EBIT  declined  by  around E0.6 million year-on-year, as well as to necessary expenses  for  the  continued growth and success of the Group - for example, the  successive  introduction of the new "myOVB" customer relationship management (CRM) system, which will be a key instrument in ensuring the sales success and customer orientation of OVB's financial consultants. EBIT development in the   first  half of 2008 was also impacted by a further increase in training costs and  the expansion of the services provided by the Group's growing sales team.  All in all, the consolidated EBIT margin for the first six months of 2008  amounted to 12.6%, compared with 13.7% in the first half of 2007 and 11.8% in 2007 as a whole.

At E14.2 million, net profit for the first six months of 2008 was up 16.3% or E2.0 million year-on-year. This development was driven by the continued tax optimisation resulting from the profit and  loss   transfer  agreement  with  OVB Vermögensberatung AG, which was approved by the Annual General Meeting  on 3 June 2008. Basic earnings per share for the first six months of  2008  increased to E1.00 after E0.86 in the previous year.

OVB expects its business development to accelerate in the second   half of the year and is reiterating its double-digit growth forecasts in terms of sales  and earnings. Accordingly, the Executive Board will propose to the Supervisory Board that the dividend be further increased to between E1.25 and E1.35 per share.

The number of customers advised by OVB in 14 European countries rose by more than 183,000 or 7.2% year-on-year to 2.68 million. During the same  period,  the number of full-time advisors increased by 544 or 12.3% to 4,950.

About OVB Group

OVB Group, with its holding company headquartered in  Cologne, is one of the leading European financial sales organisations. Since the formation of OVB Vermögensberatung AG in Germany in 1970, customer-oriented consulting for private households in the areas of insurance coverage, asset building and appreciation, pension provision and real estate acquisition have formed the focus of OVB's business activities. OVB currently advises more than 2.65 million customers across Europe, working  in  cooperation with over 100 renowned product partners. OVB is presently active in 14 countries, with  some 4,900 full-time financial consultants  working for the Group. In 2007, OVB Holding AG - which has been  listed  on  the   Frankfurt  Stock  Exchange  (Prime Standard) since July 2006 - and its subsidiaries generated total sales commission of E246.2 million and EBIT of E29.0 million (2007 Annual Report).

OVB will publish its results for the third quarter on 18 November 2008.

A presentation and the interim report on the first six months  of   2008  can  be downloaded from the Investor Relations section of www.ovb.ag.

This IR release is also available on the Internet at: www.ovb.ag-Investor Relations-Financial Publications-IR Releases

Key figures for the OVB Group 6M/2008

@@start.t2@@|Key operating figures|Unit          |01/01 -      |01/01 -      |Change        |
|                                 |                 |30/06/2007 |30/06/2008 |                 |
|Clients (30/06)         |Number        |2.50          |2.68          |+ 7.2 %      |
|                                 |million      |                 |                 |                 |
|Financial advisors    |Number        |4,406         |4,950         |+ 12.3 %    |
|(30/06)                      |                 |                 |                 |                 |
|New business              |Number        |267,600      |297,230      |+ 11.1 %    |
|Total sales                |Euro          |121.5         |132.5         |+ 9.1 %      |
|commission                 |million      |                 |                 |                 |

|Key financial figures|Unit          |01/01 -      |01/01 -      |Change        |
|                                 |                 |30/06/2007 |30/06/2008 |                 |
|Earnings before         |Euro          |16.6          |16.7          |+ 0.5 %      |
|interest and taxes    |million      |                 |                 |                 |
|(EBIT)                        |                 |                 |                 |                 |
|EBIT margin*              |%                |13.7          |12.6          |- 1.1         |
|                                 |                 |                 |                 |%-pts.        |
|Consolidated net        |Euro          |12.2          |14.2          |+ 16.3 %    |
|income                        |million      |                 |                 |                 |
|Earnings per share    |Euro          |0.86          |1.0            |+ 16.3 %    |
|(undiluted)                |                 |                 |                 |                 |@@end@@

* Based on total sales commission

Key figures by region 6M/2008

@@start.t3@@|                                 |Unit          |01/01 -      |01/01 -      |Change        |
|                                 |                 |30/06/2007 |30/06/2008 |                 |
|Central and Eastern  |                 |                 |                 |                 |
|Europe                        |                 |                 |                 |                 |
|Clients (30/06)         |Number        |1.54          |1.68          |+ 9.1 %      |
|                                 |million      |                 |                 |                 |
|Financial advisors    |Number        |2,406         |2,930         |+ 21.8 %    |
|(30/06)                      |                 |                 |                 |                 |
|Total sales                |Euro          |54.9          |63.9          |+ 16.3 %    |
|commission                 |million      |                 |                 |                 |
|EBIT                          |Euro          |12.1          |12.2          |+ 1.0 %      |
|                                 |million      |                 |                 |                 |
|EBIT margin*              |%                |22.0          |19.1          |- 2.9         |
|                                 |                 |                 |                 |%-pts.        |
|Germany                      |                 |                 |                 |                 |
|Clients (30/06)         |Number        |675,100      |690,200      |+ 2.2 %      |
|Financial advisors    |Number        |1,281         |1,252         |- 2.3 %      |
|(30/06)                      |                 |                 |                 |                 |
|Total sales                |Euro          |42.5          |41.4          |- 2.6 %      |
|commission                 |million      |                 |                 |                 |
|Brokerage income        |Euro          |32.0          |30.6          |- 4.2 %      |
|                                 |million      |                 |                 |                 |
|EBIT                          |Euro          |4.3            |3.6            |- 14.6 %    |
|                                 |million      |                 |                 |                 |
|EBIT margin*              |%                |10.0          |8.7            |- 1.3         |
|                                 |                 |                 |                 |%-pts.        |
|Southern and Western |                 |                 |                 |                 |
|Europe                        |                 |                 |                 |                 |
|Clients (31/03)         |Number        |279,200      |307,800      |+ 10.2 %    |
|Financial advisors    |Number        |719            |768            |+ 6.8 %      |
|(31/03)                      |                 |                 |                 |                 |
|Total sales                |Euro          |24.1          |27.3          |+ 13.4 %    |
|commission                 |million      |                 |                 |                 |
|EBIT                          |Euro          |3.8            |4.1            |+ 8.3 %      |
|                                 |million      |                 |                 |                 |
|EBIT margin*              |%                |15.7          |15.0          |- 0.7         |
|                                 |                 |                 |                 |%-pts.        |@@end@@

* Based on total sales commission

-----------------------

OVB Holding AG Heumarkt 1 50667 Cologne Germany

IR Contact:

Brigitte Bonifer Investor Relations

Phone: +49(0)221 / 2015-288 Fax: +49(0)221 / 2015-325

bbonifer@ovb.de ir@ovb.de Internet: www.ovb.ag

@@start.t4@@end of announcement                                                 euro adhoc
--------------------------------------------------------------------------------@@end@@

ots Originaltext: OVB Holding AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Brigitte Bonifer
Investor Relations
Tel.: +49 (0)221 2015 288
E-Mail: bbonifer@ovb.de

Branche: Financial & Business Services
ISIN:      DE0006286560
WKN:        628656
Index:    CDAX, Classic All Share, Prime All Share
Börsen:  Börse Frankfurt / regulated dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse München / free trade



Weitere Meldungen: OVB Holding AG

Das könnte Sie auch interessieren: