Varengold Bank AG

Earnings Release • Apr 5, 2011

News Details

Corporate | 5 April 2011 09:36

Varengold Wertpapierhandelsbank AG: Strong growth in Varengold Wertpapierhandelsbank AG annual results in 2010

Varengold Wertpapierhandelsbank AG / Key word(s): Results
Forecast/Final Results

05.04.2011 / 09:36

Strong growth in Varengold Wertpapierhandelsbank AG annual results in 2010

Hamburg, 29 March 2011 - Unaudited, preliminary figures pursuant to HGB
[German Commercial Code]

Varengold Wertpapierhandelsbank AG, a German investment bank with over 15
years' experience on the market and an exclusive focus on asset management
with managed futures and capital markets brokerage, reported positive
business development in the 2010 financial year. Both business segments of
Varengold Wertpapierhandelsbank AG contributed to the positive results.
Other growth generators were the Varengold Investmentaktiengesellschaft mit
Teilgesellschaftsvermögen and advisory mandates.

The preliminary, unaudited figures show a considerable increase in the
Varengold Wertpapierhandelsbank AG annual results in the 2010 financial
year; performance improved from an annual loss (EBITDA) of EUR -542 K in
2009 to an annual surplus (EBITDA) of EUR 2773 K. This positive development
came despite the high start-up costs for projects and partnerships which
will contribute to turnover and revenue in the 2011 financial year.

Liquidity also rose significantly in 2010 from EUR 431 K at the start of
the financial year to EUR 2838 K at the end.

Varengold Wertpapierhandelsbank AG expects to publish its audited annual
financial statement in June 2011.

For the 2011 financial year, the Board is aiming to increase revenue and
improve performance.
Mr Fix and Mr Qureshi will be holding a conference call at 11:00 am on 14
April 2011 for institutional clients, analysts and journalists to discuss
the financial figures and planned developments at Varengold
Wertpapierhandelsbank AG. If you wish to take part in the conference call,
please contact Ms Selge (edicto GmbH) by 'phone on +49 (0) 69 / 90 55 05-53
or by e-mail at dselge@edicto.de.

End of Corporate News

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Language: English
Company: Varengold Wertpapierhandelsbank AG
Große Elbstraße 27
22767 Hamburg
Deutschland
Phone: +49 (0)40 / 668649-0
Fax: +49 (0)40 / 668649-49
E-mail: smeyer@varengold.de
Internet: www.varengold.de
ISIN: DE0005479307
WKN: 547930
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry
Standard in Frankfurt

End of News DGAP News-Service

118424 05.04.2011