- Total sales commission up by 18% to €155.4 million
- EBIT rises by 51% to €19.1 million
- Net income up in all regions
- Consolidated net income rises 40% to €13.2 million
Cologne, 23 November 2006 – OVB Holding AG (ISIN DE0006286560), one of Europe's leading financial service providers, has posted a strong increase in income and earnings in the first nine months of 2006. At €155.4 million, total sales commission has exceeded the previous year's sales figure by 18%. In the third quarter, sales performance as a share of total sales commission increased by more than 24%.
Net income also improved well above average in the reporting period: Earnings before interest and taxes (EBIT) rose by 50.7% to €19.1 million, the EBIT margin improved to 14.0% as against 11.6% in the previous year. Without the expenses for the IPO which were recognised in the third quarter, EBIT would have been as high as €20.9 million with an EBIT margin of 15.3%.
All three segments – Germany, Central and Eastern Europe, and Southern and Western Europe – continued to contribute to this profitable growth. Consolidated net income rose by 40.4% to €13.2 million. Earnings per share improved by 27 cents to €0.99. Not including the costs of the IPO, this figure would have been €1.13 per share.
Sales commission increased in all reporting regions: by 4.3% to €63.1 million in Germany, by 32.1% to €65.0 million in Central and Eastern Europe and by 24.2% to €27.2 million in Southern and Western Europe. "Our national companies in Europe have therefore contributed almost 60% to business," commented the Chief Executive of OVB Holding AG, Michael Frahnert. However, he continued: "Business also continued to pick up the pace in our core market of Germany in the third quarter: Quarter-on-quarter, total sales commissions grew by 11% to €21.3 million. In particular, we are profiting from the strong demand for fund-linked pension products and Riester policies."
OVB is forecasting that its highly encouraging overall performance will continue throughout financial year 2006 as a whole. Frahnert stated: "Thanks to the IPO in July, we are now in a position to really push our strategy of profitable growth. At the heart of this is our expansion throughout the whole of Europe. Shareholders will also be able to participate in this thanks to the increased dividend."
Key figures for the OVB Group as at 30. September 2006
|
Key operating figures
|
Unit
|
30.09.2005
|
30.09.2006
|
Change
|
| Clients |
Number |
2,25 Mio. |
2,39 Mio. |
+ 6,2 % |
| Financial advisors |
Number |
3.675 |
4.234 |
+ 15,2 % |
New policies
(01.01.-30.09.) |
Number
|
487.020
|
484.595
|
- 0,5 %
|
|
Total Commission income
(01.01.-30.09.)
|
€ million
|
131,6
|
155,4
|
+ 18,0 %
|
|
Key financial figures
|
Unit
|
01.01.- 30.09.2005
|
01.01.- 30.09.2006
|
Change
|
| Earnings before interest and taxes (EBIT) |
€ million |
12,7 |
19,1 |
+ 50,7 % |
| EBIT-margin |
% |
11,6 |
14,0 |
+ 2,4%Punkte |
| Consolidated net income |
€ million |
9,4 |
13,2 |
+ 40,4 % |
Earnings per share
(basic) |
€ |
0,72 |
0,99 |
+ 37,5 % |
OVB Holding AG '
Investor Relations
Heumarkt 1
50667 Cologne
Germany
Phone: + 49 221 2015-288
Fax: + 49 221 2015-325
bbonifer@ovb.de
Press Contact:
Ulrich Stockheim
Stockheim Media GmbH
Phone: + 49 221 420 750
Fax: + 49 221 420 75-59
us@stockheim-media.com