- JDC Group Aktiengesellschaft
- Kormoranweg 1
- 65201 Wiesbaden
- Ralf Funke
- +49 (611) 890575-0
Significant increase in revenues to EUR 17.5 million - up 22 percent compared to previous quarter
EBITDA at EUR 167 tsd. above that of same quarter of previous year / Positive outlook for year-end business due to increasing sales and lower fixed costs
"We are very satisfied with the development in the third quarter of 2009. We have successfully continued the turnaround already under way in the second quarter. Through intelligent inorganic growth and strict cost discipline initiated early on, we have returned to growth and profitability faster than our competitors," explains Wulf Schuetz, COO of Aragon AG.
Performance of the business divisions
The Broker Pools business division, the largest source of sales in the Aragon Group, achieved revenues of EUR 14.9 million in the third quarter of 2009, thus reaching an increase of 25.2 percent compared to EUR 11.9 million in the previous quarter. Revenues are 19.9 percent lower compared to the third quarter of 2008. The reasons lie in the restrained sale of closed-end funds (BIT Treuhand AG), which could not be compensated for even by strong increase in revenues due to the placement of insurance products (Q3 2009: EUR 5.79 million vs. Q3 2008: EUR 3.89 million). EBIT in the third quarter is positive at EUR 0.04 million (Q3 2008: EUR 0.07 million). EBITDA compared year-on-year even improved from EUR 0.34 million in Q3 2008 to EUR 0.37 million in Q3 2009.
In the Financial Consulting business division, the Compexx Finanz Group was actually able to hold its own relatively well compared to the market, with a relatively stable revenues of EUR 2.4 million in the third quarter compared to the previous year (Q3 2008: EUR 2.6 million). Due to non-recurrent effects as a result of cancellations, the business division ended the third quarter with a slightly negative EBIT of EUR -0.08 million (Q3 2008: EUR 0.41 million). At EUR -0.06 million, EBITDA in Q3 2009 is also only slightly negative (Q3 2008: EUR 0.43 million). It is to be assumed that the Financial Consulting business division in the fourth quarter of 2009 will again close with a clearly positive result.
The Institutional Sales business division also developed satisfactorily in view of the financial crisis. Sales revenues of the third quarter at EUR 0.24 million are thus slightly below the revenues of the comparable period of the previous year (Q3 2008: EUR 0.49 million). EBIT in the third quarter 2009 is positive at EUR 0.002 million (Q3 2008: EUR 0.23 million), just like the EBITDA at EUR 0.008 million (Q3 2008: EUR 0.24 million).
The development of the biw Bank für Investments und Wertpapiere AG (biw) held at-equity in the Holding business division continues to be very satisfying. biw experienced another surge in growth in the third quarter 2009, and is servicing over 100,000 accounts for the first time in company history. In comparison to the previous quarter, biw was able to increase the number of administrated accounts by 10.5 percent to 101,112 (Q2 2009: 91,541). And compared to the end of 2008, the number of administrated accounts has actually increased by 44.4 percent (December 2008: 70,032). The security orders processed by biw, amounting to 1.13 million in Q3 2009, are also above the level of the previous year (1.09 million). The constant, and in this quarter accelerated, growth by biw impressively demonstrates the superiority of its business model compared to that of other online banks.
Together with Aragon AG, which is also represented in the Holding business division, the positive development of biw leads to an EBIT amount of EUR -0.15 million (Q3 2008: EUR -0.93 million) and an EBITDA of EUR -0.15 million (Q3 2008: EUR -0.90 million).
Positive outlook for year-end business
Dr. Sebastian Grabmaier, CEO of Aragon AG argues, "The fourth quarter is traditionally the strongest quarter of the year for a distributor. Our good point of departure will lead to us being able to increase revenues and performance in the fourth quarter 2009 in comparison to the previous quarter. Our goal is to end this difficult year, with a financial market crisis of historical proportions, with a positive EBITDA. For 2010 we have created a good foundation for the return to profitable steady growth."
The quarterly report can be downloaded from the company's website at www.aragon.ag.
Results of the fiscal year 2009 are planned to be released on 29 March 2010.
JDC Group Aktiengesellschaft
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