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OVB Holding AG

EANS-News: OVB Holding AG /

Köln (euro adhoc) -

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
9-month report
OVB generated total sales commission of EUR145.2
million in the first nine months of 2010
Sales growth of 6.1% in the Central and Eastern Europe region
Number of customers increased to 2.80 million
Consolidated sales almost at the level of the previous year
Cologne, 5 November 2010 - in the period from January to September 
2010, the OVB Group, which operates in 14 countries and is one of the
leading European financial services sales organisations, generated 
total sales commission of EUR145.2 million, meaning that it almost 
matched the previous year´s figure of EUR147.4 million.
In the Central and Eastern Europe segment, the growth in sales gained
momentum: total sales commission of EUR65.9 million was achieved 
here, 6.1% more than in the corresponding period last year (EUR62.1 
million).
In Germany, total sales commission came to EUR52.1 million in the 
reporting period (previous year: EUR55.2 million).
In the Southern and Western Europe segment, business has stabilised 
in recent months. Despite a number of negative factors, OVB achieved 
total sales commission of EUR27.2 million in this segment; this 
figure is 9.6% down on the previous year´s figure of EUR30.1 million.
Halfway through the year, the decline was still almost 25%.
In the first nine months of the 2010 financial year, the OVB Group 
generated earnings before interest and taxes (EBIT) of EUR3.5 
million. Operating income is therefore EUR2.7 million, or 43.5%, down
year-on-year. The Central and Eastern Europe segment contributed 
EUR5.6 million to EBIT (previous year: EUR7.7 million).
Germany increased its EBIT contribution from EUR4.2 million to EUR4.5
million. The Southern and Western Europe region, which was still 
reporting a loss halfway through the year, achieved a plus of EUR0.2 
million (previous year: EUR0.8 million). The reasons for the delayed 
upturn in earnings are persistently weak markets in some European 
countries and the increase in the proportion of current commissions 
attributable to field sales.
The EBIT margin, calculated on the basis of total sales commission, 
stood at 2.5% (previous year: 4.2%). "We recorded a business recovery
in the first nine months of the year", comments Oskar Heitz, Chief 
Financial Officer of OVB Holding AG on the figures. "However, this 
still lacks the sustained character and momentum to pick up on levels
of previous years in terms of sales and income."
Other operating expenses were reduced by 10.9% to EUR30.8 million 
from January to September, which was attributable to the first 
results of the cost-cutting programme.
There have been few changes to the composition of new business by 
product group. Funds-based pension provision products dominate with a
share of 57% (previous year: 56%), followed by other pension 
provision products, accounting for an unchanged 16%; these include 
traditional life and annuity policies, in particular.
The number of customers increased year-on-year by 0.4% to 2.8 million
customers; more than 7,000 new customers have been acquired since 
mid-2010.
The number of financial advisors working for OVB across Europe 
decreased by 139 from 4,715 to 4,576 sales representatives over the 
same period. In Central and Eastern Europe, the number of financial 
advisors increased by 1.8% to 2,778 sales representatives. A slight 
plus of 0.7% to 1,345 was also recorded in Germany. In Southern and 
Western Europe alone, the size of the sales team shrank by some 30% 
to 453 financial advisors.
"In terms of total sales commission, we are confident of being able 
to come close to the previous year´s figure of some EUR200 million 
through the joint efforts of all our financial consultants and 
employees in the last few weeks of the year", the CEO Wilfried 
Kempchen explains the outlook for the year as a whole.  "In terms of 
earnings, we expect growth in EBIT in the direction of EUR5 million 
for the year as a whole."
About the 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 2.8 million 
customers across Europe, working in cooperation with over 100 
renowned product partners. OVB is presently active in 14 countries, 
with 4,576 full-time financial advisors working for the Group. OVB is
presently active in 14 countries, with 4,576 full-time financial 
consultants working for the Group. In 2009, OVB Holding AG and its 
subsidiaries generated total sales commission of EUR201.6 million and
EBIT of EUR9.6 million. OVB Holding AG has been listed on the 
Frankfurt Stock Exchange (Prime Standard, ISIN DE0006286560) since 
July 2006.
OVB will publish the results for the 2010 financial year on 30 March 
2011.
A presentation and the interim report on the first nine months of 
2010 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->IR Releases
Key figures of the OVB Group for the first three quarters of 2010
|Key operating figures|Unit       |01.01. -   |01.01. -   |Change     |
|                     |           |30.09.2009 |30.09.2010 |           |
|Customers (30        |Number in  |2.79       |2.80       |+ 0.4%     |
|September)           |million    |           |           |           |
|Financial advisors   |Number     |4,715      |4,576      |- 2.9%     |
|(30 September)       |           |           |           |           |
|New policies         |Number     |372,439    |335,914    |- 9.8%     |
|Total sales          |EUR        |147.4      |145.2      |- 1.5%     |
|commission           |million    |           |           |           |
|Key financial figures|Unit       |01.01. -   |01.01. -   |Change     |
|                     |           |30.09.2009 |30.09.2010 |           |
|Earnings before      |EUR        |6.2        |3.5        |- 43.5%    |
|interest and taxes   |million    |           |           |           |
|(EBIT)               |           |           |           |           |
|EBIT margin*         |%          |4.2        |2.5        |- 1.7%-pts.|
|Consolidated net     |EUR        |4.7        |2.5        |- 46.8%    |
|income               |million    |           |           |           |
|Earnings per share   |EUR        |0.33       |0.18       |- 45.5%    |
|(basic)              |           |           |           |           |
* on the basis of total sales commission
Key figures by region for the first three quarters of 2010
|                     |Unit       |01.01. -   |01.01. -   |Change     |
|                     |           |30.09.2009 |30.09.2010 |           |
|Central and Eastern  |           |           |           |           |
|Europe               |           |           |           |           |
|Customers (30        |Number in  |1.77       |1.80       |+ 1.6%     |
|September)           |million    |           |           |           |
|Financial advisors   |Number     |2,729      |2,778      |+ 1.8%     |
|(30 September)       |           |           |           |           |
|Total sales          |EUR        |62.1       |65.9       |+ 6.1%     |
|commission           |million    |           |           |           |
|EBIT                 |EUR        |7.6        |5.6        |- 26.3%    |
|                     |million    |           |           |           |
|EBIT margin*         |%          |12.3       |8.5        |- 3.8%-pts.|
|Germany              |           |           |           |           |
|Customers (30        |Number     |694,883    |684,250    |- 1.5%     |
|September)           |           |           |           |           |
|Financial advisors   |Number     |1,335      |1,345      |+ 0.7%     |
|(30 September)       |           |           |           |           |
|Total sales          |EUR        |55.2       |52.1       |- 5.6%     |
|commission           |million    |           |           |           |
|EBIT                 |EUR        |4.2        |4.5        |+ 7.1%     |
|                     |million    |           |           |           |
|EBIT margin*         |%          |7.6        |8.6        |+1.0%-pts. |
|Southern and Western |           |           |           |           |
|Europe               |           |           |           |           |
|Customers (30        |Number     |324,340    |307,843    |- 5.1%     |
|September)           |           |           |           |           |
|Financial advisors   |Number     |651        |453        |- 30,4%    |
|(30 September)       |           |           |           |           |
|Total sales          |EUR        |30.1       |27.2       |- 9.6%     |
|commission           |million    |           |           |           |
|EBIT                 |EUR        |0.8        |0.2        |- 75.0%    |
|                     |million    |           |           |           |
|EBIT margin*         |%          |2.5        |0.7        |- 1.8%-pts.|
* on the basis of total sales commission
end of announcement                               euro adhoc

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: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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