tecis Holding AG
Tecis Holding AG part 1
ad-hoc-announcement part 1 of 2
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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ad-hoc-announcement part 1 of 2
Ad-hoc-announcement (according to §15 WpHG) Hamburg 26.2.2002
tecis records double-figure gains in sales and profits despite weakness in
economic activity
Dividend raise to EUR 0.28 – Stable growth in core business- Unsatisfactory
fourth quarter
tecis Holding AG, Hamburg, was able to continue its growth in the 2001 financial
year and to post double-figure increases in sales and profits: Commission sales
rose by 11% year on year, according to preliminary figures, to EUR 67.3m (EUR
60.9m). Commission results for the group saw an even higher increase of 22%,
rising to EUR 30.5m (EUR 24.9m). Group annual net profits rose by 28% to
EUR 5.1m (EUR 4.0m). The management board of tecis is therefore proposing to
increase dividends to EUR 0.28 (EUR 0.21) per share.
In the course of the fourth quarter 2001, the first tangible effects of the
current economic and market weaknesses on customer behavior were clear, leading
to an unexpected slowdown in growth. In particular in the traditionally strong
end-of-year business the sales figures were perceptibly below those targeted.
Additionally, a major contract expected for tecis Versicherungsmakler AG was not
realized. Furthermore, in the weeks following September 11 some contracts which
had already been concluded were not honored by clients. This one-off effect
particularly affected payments into investment funds, its proportions only being
fully discernible toward the end of 2001. Client behavior has returned to normal
in the meantime. Because of this unsatisfactory run of events, the shrinkage of
business in the smaller operative tecis companies could not be fully
compensated by tecis Finanzdienstleistungen AG in the fourth quarter. The
management board has already reacted to the developments among the other
subsidiaries with a resolute series of adjustment measures, the shedding of
unprofitable areas of business not being ruled out, which will alleviate the
situation in 2002.
Nevertheless, tecis’s core business continued to develop steadily in a difficult
environment during the year 2001. The most important subsidiary, tecis
Finanzdienstleistungen AG , which acts as a financial planner for private
households, was able to increase commission sales by 27% to EUR 53.7m (EUR
42.3m) and commission earnings by 32% to EUR 24.5m (EUR 18.5m). The client base
grew by 19% from around 170 000 to 203 000. The number of tecis’ financial
advisers grew by 37% from 1,125 to 1,537 and the number of tecis offices rose
beyond expectations by 54% from 93 to 143.
Due to the continuing weak environment and compared with the very strong first
half year of 2001, the management board expects little more than slight growth
in the first six months of 2002. Staffing capacity in tecis Service AG, in line
for higher sales turnover, will encumber the results in the first two quarters.
With the improvement on stock markets generally expected in the second half-year
and a particularly high level of activity due to the looming deadline for
pension subsidies under the Riester pensions program, double-figure growth is
expected with group sales of EUR 85m to EUR 90m (+26% to +34%) and annual
profits before taxes of EUR 5.6m to EUR 6.3m (+10% to +24%).
end part 1 of 2
end of ad-hoc-announcement (c)DGAP 26.02.2002
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WKN: 621160; ISIN: DE0006211600; Index: MDAX
Listed: Amtlicher Handel in Frankfurt und Hamburg; Freiverkehr in Berlin,
Bremen, Düsseldorf, München und Stuttgart
260739 Feb 02
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