Consors Discount-Broker AG
ConSors Discount-Broker english

Consors: Cost reduction program successfully implemented in 2001 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Consors: Cost reduction program successfully implemented in 2001 Non-scheduled depreciation on investments and goodwill amortization The Consors Discount-Broker AG consolidated financial statements for fiscal year ended 31 December 2001 are burdened, as anticipated, by the strongly retrograde transaction and volume figures in an extremely weak capital market environment. As a result, operating income decreased to EUR 179.6 million (2000: EUR 333.7 million). The ‘Fit for Future’ cost reduction program introduced early in 2001 outperformed expectations and successfully cut the reporting year’s operating expenses before depreciation down to EUR 243.9 million (2000: EUR 266.2 million). Tangible assets were depreciated by EUR 38.3 million (2000: EUR 23.4 million) and operating result after taxes and minority interests is EUR -62.8 million (2000: EUR 26.5 million), i.e. EUR -1,32 per share after EUR 0.58 for 2000. In view of the uncertain economic prospects and difficult market environment, non-scheduled depreciation of investments and goodwill amortization amounting to EUR 79.5 million was undertaken and which is reflected in the individual financial statements of Consors Discount-Broker as tax-effective depreciation of affiliated companies, interests and participations. The annual financial statements therefore post a net loss of EUR 125.5 million, equivalent to EUR -2.64 per share. With a core and equity capital ratio of 30 percent of the weighted risk assets, the Consors Group has a very good equity capital base and in this respect is clearly above the statutory requirements of 4 and 8 percent respectively. In fiscal 2000, Consors had net income of EUR 17.0 million, or EUR 0.38 per share, and paid a dividend of EUR 0.18. The company will present and comment its annual financial statements at a press conference and analysts meeting in Frankfurt on 27 March 2002. end of ad-hoc-announcement (c)DGAP 18.03.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: In the transition account from net result to operating result, the annual financial statements show essentially non-scheduled depreciation of investments of EUR 26.9 million, non-scheduled goodwill amortization of EUR 52.6 million, scheduled goodwill amortization amounting to EUR 14.0 million (2000: EUR 9.5 million), and EUR 5.6 million restructuring expenses. Non-recurring items thus total EUR 99.1 million (2000: EUR 9.5 million). After tax adjustment effects of EUR 35.2 million (2000: 0) and effects of EUR 1.2 million (2000: 0) resulting from adjusting for minority interests, the operating result after taxes is EUR -62.8 million (2000: EUR +26.5 million), corresponding to EUR -1.32 (2000: EUR +0.58) per share. Consors Group recorded around 44,000 new account openings (net) in the year under review to reach a total of 565,701 customers. The number of trades fell to 7.4 million (2000: 12.3 million). This is equivalent to 1.1 trades per customer and month. Declines in market prices lowered the value of customer assets under custody to EUR 7.2 billion (2000: EUR 9.1 billion). The investment fund volume contained in this figure climbed through the same period to EUR 1.1 billion (2000: EUR 1.0 billion). The number of employees decreased to 1,312 as at 1 January 2002 (2001: 1,593). ——————————————————————————– WKN: 542700; ISIN: DE0005427009; Index: NEMAX 50 Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 182047 Mär 02