Consors Discount-Broker AG
ConSors Discount-Broker english

Consors AG reduces loss in Q1 2002 despite drop in trading activity Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Consors Discount-Broker AG reduces loss in Q1 2002 despite drop in trading ac- tivity Around 6,000 new customers in first quarter Consors Discount-Broker AG (German securities code 542 700) remained influenced by persistently weak stock markets in first quarter 2002, but managed to lessen the quarter’s loss despite strongly reduced net commission income. The number of trades dropped by roughly 43 percent in a year-ago comparison to 1.4 million, and net commission income decreased correspondingly to EUR 23.4 million, approximately 44 percent less than EUR 42.1 million in the same period 2001. The gratifying development of fourth quarter 2001 failed to result in the consistently livelier capital markets hoped for. Total operating income amounted to EUR 34.3 million after EUR 56.4 million in the comparable period last year. However, the results of our Fit for Future cost cutting and effi-ciency enhancement program introduced early in 2001 are now becoming increasingly effective and compen-sated this decrease to a considerable extent. Expenses were clearly reduced by 35 percent from EUR 80.6 mil-lion to EUR 52.6 million. Besides a decline of 19 percent in personnel expenses to EUR 18.9 million, this de-crease is particularly the result of costs for external services down by 44 percent to EUR 10.7 million and a cut of 80 percent in marketing expenses that were reduced to EUR 2.3 million to adapt to the poor market environment. The quarterly result after taxes and minority interests was EUR ‘-‘13.5 million and is 13 percent, or roughly EUR 2 million, less than the loss of EUR ‘-‘15.6 million posted in the comparable period last year. The loss per share also decreased in the period under review to EUR ‘-‘0.28 after EUR ‘-‘0.33 in the comparable quarter 2001. 31.03.02 31.03.01 31.12.01 Depots Anzahl 571.549 539.842 565.701 Ausgef. Transaktionen Anz. in Tsd. 1.394 2.468 7.406 Depot u. Einlagevolumen in Mio Euro 7.207 8.165 7.173 davon Depotvolumen 4.815 5.696 4.760 davon Fondsvolumen 1.121 886 1.052 davon Einlagenvolumen 1.271 1.583 1.361 end of ad-hoc-announcement (c)DGAP 07.05.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Consors is pleased to report yet another net gain of 6,000 new customers in first quarter 2002. This brings the total of customers across the Consors Group as at 31 March 2002 to around 572,000, of which 506,000 accounts are held in Germany, and is 6 percent over the comparable prior year’s figure. The value of assets under custody, including external deposits, rose during first quarter 2002 across the Group to around EUR 7.2 billion, slightly above the year-end figure. This value is 12 percent under approximately EUR 8.2 billion at the same date 2001. The Consors Funds Market, however, again showed positive development with 26 percent growth over the comparable prior year’s value to reach a funds volume of now EUR 1.1 billion. The number of investment fund savings schemes increased from about 101,000 in the preceding year’s quarter to some 144,000 as at 31 March 2002. On 29 April 2002, BNP Paribas acquired the 66.4 percent equity stake held by SchmidtBank. The merger of Cor-tal, the online broker of BNP Paribas, and Consors gives birth to the new European Number 1 with around 1.2 million customers. Our customers will benefit in future from the complimentary strengths of both companies in online brokerage and asset management. The joint management of the new enterprise CortalConsors will be announced in the coming weeks and various working groups will address the integration process to pave the way for successful realization of the targeted synergies as soon as possible. Our joint aim is to unite profitability and growth and shape an enterprise that not only creates value in times of lackluster stock markets, but also profits above average when the markets revive. Consors Group at a glance in first quarter 2002 Key figures 31.03.02 31.03.01 31.12.01 Accounts (units) 571,549 539,842 565,701 Trades (units in thousands) 1,394 2,468 7,406 Assets under custody in EUR m 7,207 8,165 7,173 of these Securities 4,815 5,696 4,760 of these Funds 1,121 886 1,052 of these Cash deposits 1,271 1,583 1,361 ——————————————————————————– WKN: 542700; ISIN: DE0005427009; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 070746 Mai 02