tecis Holding AG
Tecis Holding AG english
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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tecis Finanzdienstleistungen AG: Improved margins in first quarter
– Financial planning for private households a steady engine of growth
– Revenues up 27% in first quarter despite bearish markets
– Net profit a massive 79% higher
In the first three months of this year financial services provider tecis
Holding AG once again recorded high growth rates and significantly improved its
margins. After publication of the final figures for the first quarter, the
tecis Groups commission revenues are seen to have increased by 27% to DM 32.9 m
(Q1/2000: DM 26.0 m), thus confirming the provi-sional figures published at the
end of March. However, the confirmed earnings for the first quarter were even
better than the provisional ones. The Groups commissions surplus rose by 59% to
DM 14.6 m (Q1/2000: DM 9.2 m); the provisional figure had been 52%. The reason
behind this disproportionately high increase is the considerably higher share
of the Groups revenues now accounted for by tecis Finanzdienstleistungen AG, a
subsidiary operating at higher margins. In line with this increase, pre-tax
profit rose by 61% to DM 4.5 m (Q1/2000: DM 2.8 m) while the net profit for the
year, benefiting from Germanys corporation tax reforms, was 79% higher at DM
2.5 m (Q1/2000: DM 1.4 m). The provisional figure had been a mere 64%. The
first quarters figures show that tecis is largely unaffected by stock-market
fluctuations in its core business of financial planning for mid-income
households because investment funds and, in particular, the investment savings
plans preferred by tecis are seen as long-term forms of investment.
The commission revenues generated in the first quarter by tecis
Finanzdienstleistungen AG rose by a correspondingly high 54% to DM 24.2 m
(Q1/2000: DM 15.7 m). The commissions surplus rose even faster by 78% to DM
10.7 m (Q1/2000: DM 6.0 m) as a result of improved margins and higher policy
servicing commissions. By the end of March tecis had gained nearly 8,500 new
customers to reach over 178,000. Another 16 representative offices were added
to the network in the first quarter to raise the total to 109. The increase for
the whole of last year was 32. The number of sales partners rose from 1,265 to
1,349 in the first quarter. By the end of this year, the aim is to have 140
offices and 1,750 sales partners. The long-term goal is for 700-800
representative offices in Germany and a million customers by 2010.
The revenues generated by tecis Maklerservice AG (which markets funds to
brokers and multiple agents) are heavily dependent on one-off sales of equity
funds. In stark contrast to the euphoria of early last year, the mood on the
markets is currently bearish so, not surprisingly, revenues here fell by 43% to
DM 5.4 m (Q1/2000: DM 9.4 m), though they have now stabilized at a high level.
The commissions surplus fell accordingly by 42% to DM 1.4 m (Q1/2000: DM 2.4
m). tecis Asset Management AG (funds of funds and asset management) saw
revenues drop slightly from DM 1.3 m to DM 1.2 m though the commissions surplus
was up from DM 0.5 m to DM 0.6 m. By the end of March the five funds of
funds were managing DM 202 m while the total assets managed amounted to DM 288
m. In the first quarter tecis Versicherungsmakler AG (composite insurance and
mid-range non-life business) generated commission revenues of DM 1.5 m
(Q1/2000: DM 0.3 m) and a commissions surplus of DM 1.4 m (Q1/2000: DM 0.3 m).
end of ad hoc announcement (c) DGAP 28.05.2001
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
For further information: The Quarterly Report as per 31.3.01 is published at 9
am on 31 May and can be downloaded at http://www.tecis.de.
Leander Hollweg Dr. Jürgen Gaulke
Email: l_hollweg@tecis.de Email:GaulkeJ@aol.com
Tel.: 040/69 69 51-287 Tel.: 0177/679 30 60
Fax: 040/69 69 51-288 Fax: 040/3603 036 592
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WKN: 621160; Index: MDAX
Listed: Amtlicher Handel in Frankfurt, Hamburg, Freiverkehr in Berlin, Bremen,
Düsseldorf, München, Stuttgart
282021 Mai 01
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