26.03.2014
OVB Holding AG DE0006286560
DGAP-News: OVB Holding AG: International position secures OVB stable results above the industry trend in 2013 (news with additional features)
DGAP-News: OVB Holding AG / Key word(s): Final Results
OVB Holding AG: International position secures OVB stable results
above the industry trend in 2013 (news with additional features)
26.03.2014 / 09:28
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- OVB believes private pension provision in Germany is at risk
- Customer growth and stable consultant organisation
- Dividend constant year on year
- Change of responsibilities in the German management team
Cologne/Frankfurt, 26 March 2014 - At the presentation of the 2013 annual
results, Michael Rentmeister, CEO of the OVB Group, drew a critical picture
of current developments in private pension provision. "Without personal
consulting, people do not make sufficient private provision. The current
discussion of possible restrictions on commission in Germany is weakening
companies and brokers who centre their operations on customer interests,
and therefore the demand-oriented consulting desired by consumer advocates
and politicians. Whoever considers the issue comprehensively and
objectively will come to the conclusion that there must be no statutory
regulation of commissions, either in connection with the discussion of
valuation reserves or other issues. The example of private health insurance
shows that regulatory intervention in commissions does not benefit
customers, but protects providers that want to abolish the laws of the
social market economy," said Rentmeister. "At OVB, as at other financial
sales organisations, the current discussions are taking up a considerable
amount of resources and impairing operating business. It is therefore
hardly possible to make a forecast for the German market. We therefore call
on politicians to make a clear commitment to diversity of sales channels
and stable regulatory and political conditions," Rentmeister continued.
For the Group as a whole, the Executive Board of OVB Holding AG expects to
increase sales in the other OVB segments slightly in 2014 thanks to the
Group's positioning throughout Europe, while market conditions remain
stable on average. On this condition, operating income at the previous
year's level should be achieved in 2014.
In the 2013 financial year, OVB achieved a nearly stable result in a
generally challenging environment, consolidating its market position as one
of the leading financial service providers in Europe.
As in the past, the company benefited from its international position,
which stabilises business development and compensates for market
developments in individual countries. For example, in the past financial
year, a decline in sales in the Czech Republic, triggered by an abortive
pension reform, was offset by strong growth in markets such as Spain, Italy
and Hungary.
In Germany, the development of new business was affected by the general
pension provision fatigue. Overall, OVB was unable to break away completely
from the negative general market trend. The Group's total sales commission
fell by 4.6% year on year to EUR204.8 million. This includes negative
currency effects of EUR2.3 million. Operating income (EBIT) at EUR10.2
million was stable compared to the previous year, in which OVB posted a
jump in income of more than 70% to EUR10.7 million.
"In view of the highly challenging environment, in which in most European
countries neither the general economic situation nor politics provided
impetus, we are happy with the result achieved in 2013. The result confirms
that our strategic positioning is the right one. Nonetheless, OVB must
continue making a tremendous effort in 2014 to stabilise and build on its
good competitive position," emphasises Michael Rentmeister.
He went on to announce the proposal to the Annual General Meeting on 6 June
2014 of the payment of a dividend from the annual results generated in 2013
of EUR0.55 per share, which is the same as in the previous year.
Priorities for 2014
To consolidate and increase its own competitiveness, OVB will continue to
work consistently in 2014 on implementing the core measures launched as
part of "Strategy 2016". Above all, the improvement of IT support will
increase consulting quality and make internal processes more efficient. "On
the basis of speculative applications, we have been noticing for some time
that our innovation strategy, along with the preservation of existing
strengths for the benefit of our sales partners, is increasingly making OVB
an interesting address for entrepreneurial consultants. We will continue on
this path consistently in 2014," said Rentmeister.
To gain greater influence within the existing structures, Thomas Hücker
will move up into the Executive Board of the German subsidiary OVB
Vermögensberatung AG at the beginning of April, where he will be
responsible for the Operations department.
Together with Lutz Richter (Sales) and Jürgen Kotulla (Marketing), he will
strengthen OVB's market position in Germany. Michael Rentmeister and Oskar
Heitz will withdraw from the operational management of the German
subsidiaries and henceforth concentrate on Group controlling.
About the OVB Group
The OVB Group, with its holding company headquartered in Cologne, is one of
the leading European financial sales organisations. Since its founding in
1970, customer-oriented consulting for private households with regard to
asset protection, asset building, pension plans and real estate acquisition
has been the focus of OVB's business activities. OVB currently advises some
3.0 million customers across Europe, working in cooperation with over 100
renowned product partners.
OVB is presently active in 14 countries, with approximately 5,000 full-time
financial consultants working for the Group. In 2013, OVB Holding AG and
its subsidiaries generated total sales commission of EUR204.8 million and
EBIT of EUR10.2 million. OVB Holding AG has been listed on the Frankfurt
Stock Exchange (Prime Standard, ISIN DE0006286560) since July 2006.
The presentation of the annual results and the annual report 2013 can be
downloaded from the Investor Relations section of www.ovb.ag.
This press release is also available on the Internet at:
www.ovb.ag > Press > Press Releases
End of Corporate News
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Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=KGBPBRYAMI
Document title: Press Release 03/26/2014
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26.03.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: OVB Holding AG
Heumarkt 1
50667 Köln
Germany
Phone: +49 221 2015 - 0
Fax: +49 221 2015 - 264
E-mail: [email protected]
Internet: www.ovb.ag
ISIN: DE0006286560
WKN: 628656
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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