Consors Discount-Broker AG
ConSors Discount-Broker english

Ad hoc announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Market environment negatively influences Consors’ results / Accounts up to 550,000 Despite the continuing difficult market environment, Consors opened 48,500 new accounts in 1st HY 2001, a net increase of 23,500 to almost 550,000 accounts. After assets under custody dropped in Q1 2001 to EUR 8.2bn, 11% down compared with the end of 2000, Consors successfully defied negative stock market trends in Q2 and increased assets under custody by 4% to EUR 8.5bn. The fund volume recorded particularly gratifying development in Q2 2001 with a 15% increase to EUR 1.0bn. With the number of trades at all German exchanges falling to new record lows for the year, Consors handled 4.2m trades in the first 6 months 2001 compared to 6.3m in the year-ago period. Retrograde lending operations caused net interest income to drop to some extent in the first 6 months of 2001 from EUR 22.0m to EUR 20.5m. Net commission income dropped to EUR 72.9m for the 1st HY 2001, a decrease of only 38% despite the number of trades and the average order volume both falling more than 30%. Through the development of new segments, we have broadened our earnings basis. Operating income of EUR 101.7m was therefore only 27% below the result of the year-ago period. Thanks to the Fit for Future, Consors was able to contain the non-interest expense in the 1st HY 2001 to EUR 160.5m after EUR 120.1m in the same period 2000. Marketing expenses of EUR 32.6m in the same period last year were cut by 26% to EUR 24.2m and information expenses by 13% to EUR 14.1m after EUR 16.2m in the year-ago period. Income after taxes and results attributable to non-Group shareholders in the first 6 months 2001 is therefore EUR -35.7m after EUR +7.0m for the year-ago period. This is equivalent to a loss per share of EUR -0.75 compared with EUR +0.16 for the same period last year. We no longer reckon with a significant turnaround in stock market sentiment for the 2nd half of 2001. We forecast customer growth of 10,000 in Germany and between 6,000 and 8,000 outside Germany. A negative result can be expected for the financial year 2001. Through cost cutting, workforce slimming and a new strategic orientation towards e.g. consulting and retirement planning, we are getting ready for new customer groups and segments. We assume that Consors AG will return to a slightly positive result in 2002. end of ad hoc announcement (c) DGAP 14.08.2001 ——————————————————————————– WKN: 542700; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 140732 Aug 01