Consors Discount-Broker AG
ConSors Discount-Broker english

CONSORS: PRELIMINARY SIX MONTHS RESULTS 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– CONSORS: PRELIMINARY SIX MONTHS RESULTS 2002 DEVELOPMENT AFFECTED BY DIFFICULT ECONOMIC ENVIRONMENT Preliminary after-tax result: EUR – 159 million, including EUR 119 million for non-recurring items The preliminary consolidated loss after tax and minority interest of Consors Discount-Broker AG is EUR -159 million for the first six months 2002. The figure includes EUR 40 million loss on ordinary activities in comparison with a loss of EUR 36 million for the first six months 2001 and EUR -119 million for non- recurring items. These are special depreciation allowances on assets due to the drop in stock market values and the difficult market environment which were included in Consors’ balance sheet pur-suant to the US GAAP accounting standards. Business activity in the first six months, especially in the second quarter, has suffered from a weak stock market environment. In comparison with the first six months of 2001, the number of trades executed has diminished by 40 percent to 2.6 million, i.e. 1.4 million trades in the first and 1.2 million in the second quarter 2002. Although the expenditure for marketing was reduced, the number of accounts has increased: the Group managed 578,000 accounts at the end of June 2002, of which 512,450 in Germany, as compared with 565,700 at the end of 2001 (500,000 of these accounts in Germany). As a result of the decline in stock market values, assets under custody have dropped to EUR 5.8 billion at the end of June 2002, as compared with 7.2 bil-lion at the end of 2001. The consequence of the reduced activity is that the net inter-est and commission income has declined as against previous year by 34 percent to EUR 61 million. However, pursuit of the Fit for Future cost reduction program initiated by Consors in 2001 limited the impact on the operating result: operating costs have declined by 35 percent to EUR 88 million from the first half 2001 to the first half 2002, mainly as a result of reduction in expenses for personal, marketing and external services. end of ad-hoc-announcement (c)DGAP 18.07.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: The non-recurring items of EUR – 119 million will presumably affect the Consors net result after tax for the first six months of 2002. In accordance with the US GAAP ac-counting standards, impairment tests have been applied to the net asset values of the Consors subsidiaries. These impairment tests which take account of a depressed financial market environment, led to an extraordinary goodwill amortization in the first half of 2002 of EUR 89 million and to a write off of deferred tax assets of EUR 24 mil-lion. In consideration of the dull stock market situation, depreciation of equity invest-ments has accordingly been carried with EUR 6 million. The final first six months 2002 results for Consors will be published on 6 August 2002. BNP Paribas acquired the 66.43 percent stake of Consors held by SchmidtBank on 7 May 2002 for a total consideration of EUR 287 million, corresponding to EUR 9.08 per share. A public takeover offer for the remaining 33.57 percent of Consors was made from 12 June to 11 July at the offering price of EUR 12.40 per share. After the expiry of the first acceptance period, BNP Paribas hold 91.55% of Consors shares. In accordance with the German statutory provisions governing takeover bids, the origi-nal offering period will be extended by 2 weeks starting from 17 July until 31 July 2002. Consors should be consolidated within BNP Paribas Group accounts starting 1 July 2002. ——————————————————————————– WKN: 542700; ISIN: DE0005427009; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 180731 Jul 02