EANS-Adhoc: AvW Invest AG
AVW INVEST AG: YEAR OF CONSOLIDATION BEGINS WITH A
DIFFICULT FIRST QUARTER
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
Following a suspected criminal case in the autumn of 2008, during the 2009 financial year AvW Invest AG has been focusing on consolidation in order to return to its successful performance in the core business as soon as possible. Against the backdrop of the difficulties on the international financial markets, the results of the first quarter of 2009 reflect the difficult situation but also the intensive efforts which are underway on behalf of investors.
Operating income declined to EUR 22,979 (Q1 2008: EUR 4.891 million), while profit on ordinary activities (POA) declined to EUR -1.787 million (Q1 2008: EUR 2.866 million). Overall, the first quarter of 2009 closed with a net result of EUR -1.609 million (Q1 2008: EUR 1.920 million)
EUR First quarter 2009 First quarter 2008
Sales revenues 166 4,847,586 Operating income 22,979 4,891,069 Profit on ordinary activities (POA) -1,786,731 2,865,900 Net result -1.608.587 1,920,399 Balance sheet profit 2,288,289 26,648,981 Balance sheet total 25,866,988 67,271,227 Equity 17,305,427 53,120,651 Earnings/share -0.53 0.64
Notes regarding the table: Financial reporting has been prepared according to IFRS. Due to the surrender of the WAG license in October 2008, classifications pursuant to the Austrian Banking Act were not used. As a result, the provisions of the Austrian Business Enterprise Code apply to the first quarter of 2009. The values of the previous year´s quarter have been adjusted accordingly.
Sales revenues declined from EUR 4.848 million to EUR 165.88 due to the removal of the key segment of financial services. This segment was suspended after the company voluntarily surrendered its WAG license at the end of October 2008 as a result of a suspected case of breach of trust. In addition, the continued financial crisis also made it necessary to apply significant write-downs in the amount of EUR 1.453 million to financial assets.
During the 2009 financial year, AvW Invest AG has been placing its entire focus on consolidation following the suspected breach of trust, as well as on a gradual processing of its effects. In the equity participation area, AvW Invest AG aims to utilise the volatile situation on financial markets to implement further additions and adjustments to the portfolio on a step-by-step basis. In addition to the areas industry and commodities, emphasis will again be placed on the IT sector.
The complete shareholders´ report on the first quarter of 2009 can be found on our website at www.avw.eu.
About AvW Invest AG:
AvW Invest AG (ISIN Number: AT0000930409, Reuters: AVWI.VI , XETRA Vienna: AWS), with registered offices in Krumpendorf am Wörthersee, focuses on two central business segments: equity participations and real estate. AvW shares are listed in the Standard Market Auction segment of the Vienna Stock Exchange.
end of announcement euro adhoc
Further inquiry note:
AvW INVEST AG
Mag. Brigitte Burger
Branche: Financial & Business Services
Index: Standard Market Auction
Börsen: Frankfurt / free trade
Stuttgart / free trade
Wien / official dealing