DGAP-News: ARAGON AG: Aragon AG presents annual report for 2009 and confirms preliminary figures - Positive outlook for 2010
(firmenpresse) - ARAGON AG / Final Results
29.03.2010 08:00
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- Aragon AG presents annual report for 2009 and confirms preliminary
figures
- End consumer sales strongest growth division
- Positive outlook for 2010
Aragon AG, one of the leading financial services companies in Germany and
Austria, returned to the growth seen in the previous years in the fourth
quarter of 2009. The results for the 2009 financial year, published today
in accordance with the international accounting standards IFRS, have
confirmed the preliminary figures. The outlook for 2010 is optimistic.
In the fiscal year 2009 revenues only slipped back to EUR 69.4m (2008: EUR
80.2m pro forma BIW at equity), despite the very difficult market
environment. Earnings before interest, tax, depreciation and amortization
(EBITDA) came to EUR 0.2m in full 2009 (2008: EUR 8.3m pro forma BIW at
equity).
'2009 was a hugely difficult year for financial service distribution firms.
In contrast to most of our competitors, we reacted speedily and flexibly,
and that enabled us to record a positive EBITDA. In this environment we see
that as a great success', explained Dr. Sebastian Grabmaier, CEO of the
Aragon AG.
The first half of 2009 was extremely difficult for the entire financial
services industry. As a result, earnings before interest and tax (EBIT) of
the continuing operations in the full year are down to EUR minus 1.3m
(2008: EUR 6.6m pro forma BIW at equity). Earnings per share for the
continuing operations stand at EUR minus 0.30 (2008: EUR 0.99 pro forma BIW
at equity).
The Aragon AG continues to be in positive territory as regards to the key
balance sheet figures: on 31 December 2009 equity stood at EUR 52.9m and
the equity ratio at 54 per cent, while liquid assets rose to EUR 9.4m
(2008: EUR 8.4m).
End consumer sales strongest growth division
The continuing operations of the Aragon AG performed as follows:
With sales of EUR 55.8m (2008: EUR 73.0m), the Broker Pools division was
again the strongest business unit of Aragon AG in terms of sales. Earnings
before interest, tax, depreciation and amortization (EBITDA) came to EUR
minus 0.3m in full 2009 (2008: EUR 1.7m). Earnings before interest and tax
(EBITDA) reached EUR minus 1.7m in full 2009 (2008: EUR 0.5m).
The Financial Consulting division was the strongest segment of the Aragon
AG, recording a 79 per cent rise in sales from EUR 7.2m to EUR 12.9m.
Earnings before interest, tax, depreciation and amortization (EBITDA)
amounted to EUR 1.2m in full 2009 (2008: EUR 1.1m). Earnings before
interest and tax (EBIT) stood at EUR 1.1m in full 2009 (2008: EUR 1.1m).
This result is all the more pleasing because the inpunkto GmbH,
Mönchengladbach, was not fully consolidated until December 2009 and the
acquisition of the Vienna-based MLP Vermögensberatungs AG, completed on 31
December 2009, will not be consolidated until 2010. This means that the
earnings contributed by this segment will rise sharply next year.
The Institutional Sales division recorded sales of EUR 0.9m (2008: EUR
1.8m). Earnings before interest, tax, depreciation and amortization
(EBITDA) came to EUR 0.1m in full 2009 (2008: EUR 0.8m). Earnings before
interest and tax (EBIT) reached EUR 0.1m in full 2009 (2008: EUR 0.8m).
The Holding division, which since the third quarter of 2008 has likewise
include the stake in the BIW Bank für Investments und Wertpapiere AG,
consolidated only pro forma at equity, recorded much better year-on-year
earnings before interest, tax and amortization (EBITDA) of EUR minus 0.9m
(2008: EUR 4.6m pro forma BIW at equity). After adjusting for the some EUR
8.4m in proceeds from the sale of BIW in 2008, earnings in 2009 actually
climbed 76 per cent (pro forma BIW at equity).
A solid foundation for 2010
Despite initial signs of a slow recovery in the general economy, the Aragon
AG is anticipating that the 2010 financial year will also present
considerable challenges for the whole of the financial services industry,
particularly in the brokering of investment products.
Nevertheless, the Aragon AG remains positive going into 2010. Alongside the
reduction of about 26 per cent in its personnel and material cost base from
2008 to 2009 (after allowing for the one-off effects from restructuring),
assets under administration by Aragon AG rose from the low of EUR 2.1bn at
the end of March 2009 to reach some EUR 3.8bn by the end of 2009 - up some
81 per cent to the highest figure for 24 months. The number of brokers in
Aragon AG's network also climbed from about 15,000 at the end of 2008 to
just under 18,000 at the end of 2009. Concomitant with that is a rise in
the number of customers looked after by Aragon companies to just under
800,000 in 2009 (2008: approx. 651,000).
'This solid foundation demonstrates the success of our strategy of
anticyclical acquisitions and strict cost discipline', explained Wulf
Schütz, COO of the Aragon AG. 'In 2010 we expect to see a return to the
previous year's growth rates seen with it a significant improvement in
earnings.'
The annual report is now available to download from the company's website
at www.aragon.ag.
About Aragon AG
Aragon AGis a broadly diversified financial services group with four
business units: Broker Pools, Financial Consulting, Institutional Sales and
Holding. Aragon AG is actively engaged in the market with several
independent subsidiaries. The aim is to integrate a variety of sales models
under one roof without any of the sales teams losing their own identity.
The effect is a broad diversification across various asset classes and
sales types, with a consequently high stability in corporate earnings.
Further information about the company and its subsidiaries can be found at
www.aragon.ag.
Contact:
Aragon Aktiengesellschaft
Ralf Funke
Investor Relations
Tel.: +49(0)611 890 575-0
Fax: +49(0)611 890 575-99
E-Mail: ir(at)aragon.ag
29.03.2010 08:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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