ENCAVIS AG

Business and Financial Review • Jun 25, 2002

News Details

Ad-hoc | 25 June 2002 19:02

Capital Stage AG english

Capital Stage AG to focus in future on investment business Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Capital Stage AG to focus in future on investment business +++ At today’s meeting of the Supervisory Board, the Board of Management of the financial services company Capital Stage AG submitted a strategy concept envisaging concentration of the group’s activities on the Investments (venture capital, private equity) and Services (consulting services for companies) divisions. The Supervisory Board gave its unrestricted approval to the plan, which is to be submitted for adoption to the ordinary general meeting of shareholders on 23 August 2002 and comprises the following measures: 1. Discontinuation of activities in the sectors of securities-related services, asset consulting and management, forward transactions and issuing business. The permit granted for this under the German Banking Law is no longer to be utilised. 2. Disposal of shares in the stockbroking company Capital Stage Brokerage GmbH. The continuing difficult situation on the capital markets and increasing cost pressures in the stockbroker sector has led since the start of 2001 to losses in the Banking business division (EBIT 2001 – 12.67 million euros) that have put a strain on overall results (group EBIT 2001 – 6.89 million euros). At the same time, growth at the strong-earning Investments division (EBIT 2001 +5.12 million euros) is being curbed, since Capital Stage finances its equity investments almost exclusively from its own funds. Given the continuing difficult market situation, the Board of Management assumes that the Banking business division will also make a negative contribution to results in 2002. The majority or all of the shares in the wholly owned subsidiary Capital Stage Brokerage GmbH are to be disposed of before the end of the year. The Board of Management and Supervisory Board are convinced that the initiated measures will significantly strengthen the position of Capital Stage AG. +++ Contact: Dorothee Timm / Head of IR, Capital Stage AG, Domstraße 17, D-20095 Hamburg, phone: +49 (0)40. 37 85 62 620, fax: +49 (0)40. 37 85 62 611, dorothee.timm@capitalstage.com, http://www.capitalstage.com end of ad-hoc-announcement (c)DGAP 25.06.2002 ——————————————————————————– WKN: 609500; ISIN: DE0006095003; Index: SDax Listed: Geregelter Markt in Frankfurt (SMAX) und Hamburg; Freiverkehr in Berlin, Düsseldorf und Stuttgart 251902 Jun 02