DGAP-News: ARAGON AG / Key word(s): Preliminary Results ARAGON AG: Aragon reports record results for 2010 - Increase of revenues by 57% to EUR 109m 02.03.2011 / 11:15 --------------------------------------------------------------------- - Aragon reports record results for 2010 - Increase of revenues by 57% to EUR 109m - Increase in assets under administration, brokers, and customers - EBIT rises to EUR 2.3m despite acquisition-related one-off expenses following pre-year loss - Optimistic outlook for 2011: Revenues of EUR 130m-150m anticipated - Targets for 2014: Revenues exceeding EUR 200m; >10 percent EBIT margin Aragon AG, one of the leading providers of financial services in Germany, has today published the unaudited preliminary results for the fourth quarter and the financial year 2010 according to the international accounting standards IFRS. Aragon reports record results for 2010 Despite an ongoing difficult market environment for financial services in the fourth quarter of 2010, Aragon continued to pursue its record-breaking development, reporting the quarter with the strongest sales volume and, consequently, the best annual sales results in the company's history (pro forma biw at equity). 2010 revenues rose by roughly 57 percent to EUR 109m (2009: EUR 69.4m). Earnings before interest, tax, and depreciation (EBITDA) improved significantly in 2010 to EUR 4.0m (2009: EUR 0.2m). Earnings before interest and tax (EBIT) climbed by approximately EUR 3.6m to EUR 2.3m in 2010 (2009: minus EUR 1.4m). After adjustments for one-off effects resulting from the acquisition of FiNUM.FINANZHAUS GmbH and Scopia AG, Aragon AG's earnings before interest, tax, and depreciation (EBITDA) for the full business year 2010 amounted to EUR 5.7m, with EBIT at EUR 4.0m. The other key operating figures of Aragon AG also experienced a positive development in 2010: Product sales soared to the historic record level of roughly EUR 1.9bn. In this context it is worth noting that in 2010 all asset classes recorded double-digit growth figures as compared to the previous year. Another development worth emphasizing is the sale of insurance products, which in 2010 exceeded EUR 1bn for the first time. The assets under administration held by Aragon AG rose to roughly EUR 4.0bn at the end of 2010, almost twice the value of the all-time low of EUR 2.1bn reported at the end of March 2009. The number of brokers working with Aragon AG rose from 18,000 at the end of 2009 to over 20,000 at the end of 2010. At the same time, the number of customers served by Aragon companies increased to almost 920,000 in 2010 (2009: approx. 800,000). As far as key balance sheet figures are concerned, Aragon is also holding its positive course: Liquid assets rose by 18 percent to EUR 11.1m in 2010 against EUR 9.4m in 2009. Aragon AG equity stood at EUR 54.5m per 31.12.2010 (2009: EUR 52.9m), which corresponds to an equity ratio of 53.5 percent (2009: 53.6 percent). 'In 2010 we were able to reap the fruits of our successful crisis management. Moreover, we succeeded last year in developing additional major sales potential. This means we have definitely left the financial crisis behind us. We are looking forward to the very successful years that are now lying ahead of us, for never before has Aragon AG been in as excellent a position as today' explains Dr. Sebastian Grabmaier, CEO of Aragon AG. The continuing operations of Aragon AG developed as follows: The Broker Pools division with a revenues growing by 30 percent to EUR 72.4m in 2010 (2009: EUR 55.8m) is still the business unit displaying the strongest sales. Earnings before interest, tax and depreciation (EBITDA) increased as compared to the previous year to EUR 2.1m (2009: minus EUR 0.3m) after a negative result in 2009. In the same period, earnings before interest and tax (EBIT rose to EUR 1.1m (2009: minus EUR 1.7m). The Financial Consulting division is Aragon AG's strongest growth sector, more than doubling its figures in 2010 with revenues of EUR 37.1m (2009: EUR 12.9m) and already accounting for over 34 percent of total revenues of Aragon AG. Earnings before interest, tax, and depreciation (EBITDA) for the Financial Consulting segment was EUR 3.0m in 2010 (2009: EUR 1.2 m). Earnings before interest and tax (EBIT) were reported at EUR 2.7m for 2010 (2009: EUR 1.1m). The Holding division recorded negative earnings of minus EUR 1.5m before interest, tax, and depreciation (EBITDA) for 2010 in comparison to the previous business year (2009: minus EUR 0.9m). This development is attributable primarily to the transaction costs for example for the purchase of FiNUM.FINANZHAUS GmbH and Scopia AG, the negative contribution to operating income by Fundmatrix AG and to missing revenues as compared to the previous year due to the sale of shareholdings. Results of ordinary activities of the continuing operations were EUR 1.7m (2009: minus EUR 1.8m). The annual profits of the continuing operations was EUR 1.5m in 2010 (2009: minus EUR 2.0m), which corresponds to a profit per share of EUR 0.24 (2009: minus EUR 0,3). Optimistic outlook for 2011 Although the market environment can be expected to stay volatile, Aragon AG is looking to 2011 with optimism. Wulf U. Schütz, COO of Aragon AG, explained: 'Our strong growth in revenues and earnings in the past business year has demonstrated the sustainability of our business model and of our corporate strategy. In 2011 we aim to further build on this growth and at the same time systematically boost our profitability. This year, the acquisitions of 2010 - which will have an impact for the first time this year - and the accompanying increasing business share of the Financial Consulting division will work to our benefit. We aim for revenues between EUR 130m and 150m while enhancing our profitability. We have a full pipeline of possible acquisitions that offer additional opportunities for inorganic growth for Aragon.' Targets for 2014 Beyond the successful past business year 2010 and the optimistic outlook for 2011, the corporate strategy of Aragon AG is built upon medium-term objectives. According to Dr. Sebastian Grabmaier, CEO of Aragon AG, 'It has been and is the aim of Aragon to achieve revenues of more than EUR 200m and a double-digit EBIT margin in 2014. We are investing all our energy in the achievement of this goal.' The annual report of Aragon AG for the business year 2010 will be published on 31 March, 2011. About Aragon AG Aragon AG is a broadly diversified financial services group comprising the business units Broker Pools, Financial Consulting, and the Holding, which apart from its share in the Institutional Sales unit Fundmatrix AG also has minority shares in biw Bank für Investments und Wertpapiere AG. In the operative business units, Aragon AG is actively engaged in the market with several independent subsidiaries. The aim is to integrate a variety of sales models under one roof without any of the sales teams losing their own identity. The effect is a broad diversification across various asset classes and sales types, with a consequently high stability in corporate earnings. For further information on the company and its subsidiaries, please visit www.aragon.ag. Contact: Aragon Aktiengesellschaft Ralf Funke Investor Relations Tel.: +49(0)611 890 575-0 Fax: +49(0)611 890 575-99 E-Mail: ir@aragon.ag End of Corporate News --------------------------------------------------------------------- 02.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 114133 02.03.2011
DGAP-News: ARAGON AG: Aragon reports record results for 2010 - Increase of revenues by 57% to EUR 109m
| Source: EQS Group AG