MPC Münchmeyer Petersen Capital AG

Earnings Release • Nov 15, 2002

News Details

Ad-hoc | 15 November 2002 08:00

MPC AG english

MPC Capital AG – 9-month results 2002 Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MPC Capital AG – 9-month results 2002 MPC Capital reports 20% increase in nine-month earnings Consolidated net profit climbs to EUR 9.4 million Dividend policy confirmed, full-year projections revised by Managing Board Hamburg, November 15, 2002 – In the first nine months of 2002, SDAX-listed financial service provider MPC Münchmeyer Petersen Capital AG, Hamburg, generated sales of EUR 53.6 million, which represents a 32% increase over the previous year’s EUR 40.6 million. At EUR 10.9 million, earnings before interest and taxes (EBIT) were up 29% on the previous year’s EUR 8.5 million. Consolidated net profit rose by 20% from EUR 7.9 million to EUR 9.4 million in the first nine months of 2002. Earnings per share climbed from EUR 0.74 to EUR 0.89. On September 30, 2002, the company employed 139 people (2001: 104). The Managing Board expects full-year sales of EUR 80 million (previously EUR 106 million) and earnings after taxes of EUR 14 million (previously EUR 16.5 million). The revision of the projections is due to uncertainty prevailing among ship investors as a result of the ongoing discussion about the abolition of the tonnage tax as well as to the longer development cycles for foreign real estate funds. The Managing Board will stick to its dividend policy and continues to expect a dividend payout at least on a par with the previous year’s EUR 1.0 per share. end of ad-hoc-announcement (c)DGAP 15.11.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Demand for foreign real estate funds remained strong, accounting for 70% of total nine-month sales. In the third quarter, MPC successfully launched a MPC Life Insurance Fund, another high-yield fund, which invests in existing life insurance policies. The fund responds to many investors’ heightened need for safety while at the same time offering yield opportunities that clearly exceed the average for similarly safe capital investments. “The MPC Life Insurance Fund is yet another product which impressively confirms MPC Capital’s position as an innovative provider of funds. The first nine months were marked by solid growth, which is not least reflected in a 20% increase in earnings. However, the uncertainty prevailing in the market as a result of the ongoing discussion of the German government’s reform plans will not exactly accelerate the syndication of alternative capital investments, especially in the traditionally strong fourth quarter,” said Board Chairman Dr. Axel Schroeder. In the area of foreign real estate funds, the continued economic weakness called for an even more intensive analysis of the tenant and real estate markets. The more detailed assessments of the properties and the much fiercer competition have resulted in longer development cycles for new funds. “We have therefore revised our expectations for the full year 2002 in response to the strong uncertainty prevailing among investors. This will not affect our dividend policy. We expect to pay out a dividend of at least EUR 1.0 per share again,” Dr. Schroeder added. The report on the first nine months is available at http://www.mpc-capital.com under “Investor Relations”. Inquiries: Andreas Schwarzwälder Investor Relations MPC Münchmeyer Petersen Capital AG Phone: +49 (0)40 / 38022-347 e-mail: ir@mpc-capital.com ——————————————————————————– WKN: 518 760; ISIN: DE0005187603; Index: SDAX Listed: Amtlicher Markt in Frankfurt und Hamburg; Freiverkehr in Berlin, Düsseldorf, Hannover, München und Stuttgart 150800 Nov 02