Baader Bank AG — Earnings Release 2002

Mar 6, 2003

News Details

Ad-hoc | 6 March 2003 09:53

Baader Wp.handelsbank AG english

Baader: Preliminary consolidated results for 2002 (IAS) Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Baader: Preliminary consolidated results for 2002 (IAS) Unterschleissheim, March 6, 2003 In fiscal year 2002, Baader Wertpapierhandelsbank AG reduced its loss from ordinary activities by 53% to EUR-53.1 million (previous year: EUR-116.2 million). The result was impacted by an addition to risk provisions of EUR26.8 million, goodwill amortization of EUR4.3 million and EUR2.5 million in one-time expenses for restructuring measures. Administrative expenses excluding restructuring costs dropped substantially once again by 18% to EUR37.8 million (previous year: EUR46.0 million). Equity amounted to EUR106.0 million at the end of the year (previous year: EUR180.8 million). The cash reserve reported in the balance sheet stands at EUR61.2 million (previous year: EUR93.5 million). On the balance sheet date, the Group had 186 employees (previous year: 212 employees). The Executive Board end of ad-hoc-announcement (c)DGAP 06.03.2003 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Notes: In 2003, Baader Wertpapierhandelsbank AG will continue to focus on increasing its market share in share trading and establishing its bond and derivatives trading business. The acquisitions made in the first few months of fiscal year 2003 are testimony to this. As in previous years, administrative expenses will be reduced further, although development of technological processes and systems will continue. Despite the difficult market environment, the Executive Board expects the result to increase substantially in fiscal year 2003. ************************* Issued by: Baader Wertpapierhandelsbank AG Contact: Nico Baader Weihenstephaner Str. 4 85716 Unterschleissheim Germany Tel. +49 (0)89/ 5150-1030 Fax +49 (0)89/ 5150-2424 Nico.Baader@Baaderbank.de http://www.Baaderbank.de ——————————————————————————– WKN: 508810; ISIN: DE0005088108; Index: SDAX Listed: Amtlicher Markt in Berlin, Frankfurt (Prime Standard), München und Stuttgart; Freiverkehr in Bremen, Düsseldorf, Hamburg und Hannover 060953 Mär 03