EANS-News: OVB Holding AG /
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annual result
Köln (euro adhoc) - Annual financial statements for 2010
OVB concludes the 2010 financial year with robust results
Sales and earnings targets were achieved
Total sales commissions match the previous year´s level, at EUR197.3 million
Dividend proposal of EUR0.50 per share
Target for 2011: profitable growth
Cologne/Frankfurt am Main, 30 March 2011 - OVB Holding AG, one of the leading financial sales organisations in Europe, achieved the targets set for sales and earnings despite the difficult economic situation. While the global economy recovered from the economic problems of previous years more rapidly than expected, new uncertainties arose in the course of 2010 from the debt situation and structural problems affecting some euro countries. In line with general market conditions, the course of business of OVB Holding AG presented a mixed picture in 2010.
At EUR197.3 million (previous year: EUR201.6 million), total sales commission reached virtually the level of the previous year. "The 2010 financial year started modestly", explains Wilfried Kempchen, Chairman of the Executive Board of OVB Holding AG. "As the year progressed, however, we succeeded in revitalising business, most notably in Central and Eastern Europe." Total sales commission in the Central and Eastern Europe segment rose by 10.6% to EUR93.2 million in 2010, while the Germany and Southern and Western Europe segments failed to match the previous year´s figures with a fall in total sales commission of 7.3% to EUR71.4 million and 18.9% to EUR32.7 million respectively.
In the 2010 financial year, the Group´s earnings before interest and taxes (EBIT) decreased year-on-year from EUR9.6 million to EUR4.8 million. The EBIT margin was 2.4% (previous year: 4.8%).
In the past financial year, consolidated net income for 2010 stood at EUR4.0 million (previous year: EUR8.8 million), resulting in basic earnings of EUR0.28 per share (previous year: EUR0.61 with the same number of shares). The Executive Board and Supervisory Board will propose to the Annual General Meeting on 10 June 2011 that its resolves payment of a dividend that is unchanged on the previous year of EUR0.50 in the interests of pursuing a continuous dividend policy.
The growth in the number of new clients remains gratifying. Across Europe, OVB has some 2.8 million clients. "39,400 new clients in the Central and Eastern Europe segment provide clear evidence of the appreciation and confidence shown towards OVB financial consultants", says Mario Freis, member of the Executive Board responsible for International Sales.
The number of full-time financial advisors in 14 European countries fell slightly, by 1.4% year-on-year, to 4,600. In 2010, OVB introduced a new commission scheme for the sales force and consequently made its sales remuneration more transparent and more in line with the market.
"OVB started the current financial year full of optimism", reports Oskar Heitz, the member of the Executive Board responsible for the area of Finance. For 2011, OVB plans to expand the sales and earnings figures compared to 2010. "OVB has overcome the difficult phase in 2009/2010 quite satisfactorily. Our aim for the future is to pick up on previous growth phases", adds Wilfried Kempchen, Chairman of the Executive Board of OVB Holding AG.
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 some 2.8 million customers across Europe, working in cooperation with over 100 renowned product partners. OVB is presently active in 14 countries, with 4,600 full-time financial advisors working for the Group. In 2010, OVB Holding AG and its subsidiaries generated total sales commission of EUR197.3 million and EBIT of EUR4.8 million. OVB Holding AG has been listed on the Frankfurt Stock Exchange (Prime Standard, ISIN DE0006286560) since July 2006.
This information is also available on the Internet at:
http://www.ovb.ag/PublicRelations/Pressemitteilungen/Archiv2011/Press emitteilung30032011.aspx
A presentation and the annual report on the 2010 annual financial statements can be downloaded from the Investor Relations section of www.ovb.ag.
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Contact:
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