NSI Asset AG (formerly: Value Management & Research AG)

Earnings Release • Aug 10, 2001

News Details

Ad-hoc | 10 August 2001 08:39

Value Managem. & Research english

Ad hoc announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Value Management & Research group reports half year pretax earnings of EUR 0.5 mio Value Management & Research AG, Schwalbach, reports consolidated pre-tax earnings of TEUR 458 for the first six months of the current financial year (to June 30th, 2001) amid difficult market conditions. Due to tax expenses of its subsidiaries in Luxembourg, VMR reports a net after-tax loss of TEUR 1.265. The group’s net provision revenue amounted to TEUR 7.594, almost entirely resulting from its Asset Management business. Income from capital gains totalled TEUR 1.236. The revenue split clearly demonstrates the groupXXXs shift away from capital gains and towards provision-based business. Results of the company’s individual business segments are as follows: Asset Management TEUR 1.450, Corporate Finance TEUR – 1.206, own account trading TEUR – 86, others TEUR 300. As of June 30th, 2001, the group’s balance sheet total amounts to TEUR 106.020, shareholder’s equity totals TEUR 72.433. The half-year result reflects the strategic refocussing of the VMR group and is therefore not comparable with last year’s result. In particular, half-year numbers were impacted by one-time charges due to restructuring costs (Value Research and VMR Spain) as well as portfolio write downs. Further charges resulted from goodwill amortization of TEUR 662 and write downs on repurchased own shares bought back in the amount of TEUR 677. The strategic focus on Asset Management is being implemented continuously. Since the beginning of the year VMR AG has won three new Asset Management mandates from institutional clients with a volume of approx. EUR 50 mio. As per June 30th, 2001 the group has total assets under management of EUR 850 mio. which is a decrease of 8% compared to the beginning of the year. This decrease was primarily caused by the fall in equity markets and redemptions in certain equity mutual funds. As per July, 31st, 2001 VMR sold its majority stake in its subsidiary Value Relations IR Services GmbH to Cologne-based ITI GmbH. The disposal is in clear accordance with VMR’s strategic focus on Asset Management. The number of group employees decreased from 104 at the beginning of the year to 58 as of July 31st, 2001. One of VMR’s unlisted US participations was brought public by way of a reverse merger into a quoted shell. VMR also expects another one of its holdings to go public in Germany in the 4th quarter of 2001. In view of continued volatility in equity markets, it remains difficult to issue a reliable earnings estimate for the full business year. In cases of questions please contact: Value Management & Research AG, Matthias Girnth Am Kronberger Hang 5, 65824 Schwalbach Tel.-Nr.: 06196 – 88 00 0 Fax-Nr.: 06196 – 88 00 500 end of ad hoc announcement (c) DGAP 10.08.2001 ——————————————————————————– WKN: 760555; Index: Listed: Geregelter Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg, München und Stuttgart 100839 Aug 01