tecis Holding AG
Tecis Holding AG correction
Correction: Tecis Holding AG
Ad-hoc-announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Corrected announcement on behalf of the issuer:
In today’s ad hoc announcement, 7:39 a.m. CET, in the paragraph before last,
instead of: “…annual profits before taxes of EUR 5.6m to EUR 6.3m (+10% to
+24%).” it must read: “…annual net profits of EUR 5.6m to EUR 6.3m (+10% to
+24%)”.
Please see below in the issuers’s information/explanatory remarks for the
complete corrected ad hoc announcement.
end of ad-hoc-announcement (c)DGAP 26.02.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
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 1), 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 net
profits of EUR 5.6m to EUR 6.3m (+10% to +24%).
With regard to the shareholder structure there have been two minor changes:
AXA has increased its share to more than 10%. Herr Udo Keller sold a block of
200 000 shares in a one-off extra-market action to invest in his foundation
(construction of a trust building) and now holds 8.5%. Herr Keller has assured
the company that he will not be selling any further shares.
1)including Global AG
Contact Dr. Hartmut Schüning: 040 69 69 51 – 118 (CFO), Hartmut Wenzel: 040 69
69 51-585 (Investor Relations) und Leander L. Hollweg: 040 69 69 51-287 (Public
Relations)
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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
261130 Feb 02
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