DGAP-News
OVB stable in a difficult environment
DGAP-News: OVB Holding AG / Key word(s): Quarter Results/Interim
Report
OVB stable in a difficult environment
07.11.2013 / 08:16
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OVB stable in a difficult environment
- Stable client and financial consultant base
- Southern and Western Europe remain on track for success
- Management declares goal of dividend continuity
Cologne, 7 November 2013 - The financial services provider OVB, which
operates in 14 European countries, defended its market position in a
difficult environment for the sector in the first nine months of the 2013
financial year. The number of clients grew by 3.1% to 3.03 million as of
the reporting date. The OVB Group's total sales commission was close to the
level of the previous year after three quarters. Consolidated net income
remained constant, amounting to EUR5.4 million as in the previous year.
Consulting capacity is also stable: At the end of September, 4,951
financial consultants worked for OVB in Europe. 'OVB is characterized by
stability in every area: sales and earnings, client numbers and financial
consultant organisation, and the dividend', said Michael Rentmeister, Chief
Executive Officer of OVB Holding AG, highlighting the background to the
current business development.
The OVB Group's total sales commission of EUR151.0 million was nearly at
the level of the same period of the previous year (EUR155.6 million).
Non-recurring influences in some countries of the Central and Eastern
Europe segment are having a negative impact on business development. There
were signs of an upward trend in the third quarter, but these could not yet
compensate for the deficit. In Germany, total sales commission was close to
the previous year's level. In the Southern and Western Europe segment,
total sales commission increased by a considerable 21.6% from EUR19.6
million to EUR23.9 million.
The OVB Group's operating income (EBIT) reached EUR6.7 million in the first
nine months. The slight decline compared to the previous year is due
primarily to sales performance in Central and Eastern Europe. Here, EBIT
fell from EUR8.9 million in the previous year to EUR7.5 million. The
Germany segment increased its EBIT from EUR4.3 million to EUR4.6 million.
The Southern and Western Europe segment contributed EUR0.9 million after a
break-even result in the previous year. The OVB Group's EBIT margin -
calculated on the basis of total sales commissions - was 4.4% in the
reporting period, approaching the level of the previous year. 'The fact
that OVB is performing so well in Central and Eastern Europe despite a
- Stable client and financial consultant base
- Southern and Western Europe remain on track for success
- Management declares goal of dividend continuity
Cologne, 7 November 2013 - The financial services provider OVB, which
operates in 14 European countries, defended its market position in a
difficult environment for the sector in the first nine months of the 2013
financial year. The number of clients grew by 3.1% to 3.03 million as of
the reporting date. The OVB Group's total sales commission was close to the
level of the previous year after three quarters. Consolidated net income
remained constant, amounting to EUR5.4 million as in the previous year.
Consulting capacity is also stable: At the end of September, 4,951
financial consultants worked for OVB in Europe. 'OVB is characterized by
stability in every area: sales and earnings, client numbers and financial
consultant organisation, and the dividend', said Michael Rentmeister, Chief
Executive Officer of OVB Holding AG, highlighting the background to the
current business development.
The OVB Group's total sales commission of EUR151.0 million was nearly at
the level of the same period of the previous year (EUR155.6 million).
Non-recurring influences in some countries of the Central and Eastern
Europe segment are having a negative impact on business development. There
were signs of an upward trend in the third quarter, but these could not yet
compensate for the deficit. In Germany, total sales commission was close to
the previous year's level. In the Southern and Western Europe segment,
total sales commission increased by a considerable 21.6% from EUR19.6
million to EUR23.9 million.
The OVB Group's operating income (EBIT) reached EUR6.7 million in the first
nine months. The slight decline compared to the previous year is due
primarily to sales performance in Central and Eastern Europe. Here, EBIT
fell from EUR8.9 million in the previous year to EUR7.5 million. The
Germany segment increased its EBIT from EUR4.3 million to EUR4.6 million.
The Southern and Western Europe segment contributed EUR0.9 million after a
break-even result in the previous year. The OVB Group's EBIT margin -
calculated on the basis of total sales commissions - was 4.4% in the
reporting period, approaching the level of the previous year. 'The fact
that OVB is performing so well in Central and Eastern Europe despite a
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