EANS-News: cash.life AG
Final results 2010 - Operating income (EBIT) 6.8
million euros - Dividend proposal of 27 cent per share
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
annual result
Pullach (euro adhoc) - Final Results 2010
According to the annual financial statements published today, cash.life AG reports 6.8 million euros EBIT for the financial year 2010. The group net income amounts to 2.3 million euros. The management board will propose to the annual shareholders´ meeting to pay a dividend of 27 cents per share.
Fourth Quarter 2010
Acquisition volume of cash.life-group in the fourth quarter was 3.3 million euros compared to the fourth quarter 2009 (3.7 million euros). Sales revenues in the fourth quarter rose to 0.7 million euros (Q4 2009: 0.5 million euros).
As a result of the announced restructuring plans, the operational expenses in the fourth quarter rose significantly to 4.0 million euros (Q4 2009: 2.6 million euros).
Earnings before interest and taxes (EBIT) in the fourth quarter 2010 were 5.2 million euros (Q4 2009: -0.4 million euros).
The Q4-financial result in 2010 was -0.4 million euros which remained unchanged compared with the same quarter last year. Earnings before taxes (EBT) were positive at 4.8 million euros (Q4 2009: -0.7 million euros). The EBT were significantly influenced by a court settlement of several lawsuits against secondary life insurance funds.
Net Income of cash.life-group in the fourth quarter 2010 was 3.2 million euros (Q4/2009: -0.5 million euros).
Financial Year 2010
For the financial year 2010, cash.life-group acquired policies worth 6.0 million euros (2009: 9.4 million euros). cash.life-group posted sales revenues of 4.0 million euros (2009: 26.0 million euros), including servicing-fees of 1.0 million euros (2009: 5.6 million euros).
For 2010, operational costs including restructuring costs accumulated to 10.0 million euros (2009: 9.3 million euros).
Earnings before interest and taxes (EBIT) in the financial year 2010 are 5.6 million euros compared to 3.0 million euros in the previous year. The financial result in 2010 was -1.9 million euros compared to -1.4 million euros the previous year. Earnings before taxes (EBT) in 2010 are very positive at 3.6 million euros (2009: 1.7 million euros).
Earnings before taxes (EBT) were positively influenced by the court settlement of lawsuits against secondary life insurance funds. They were partially offset by the restructuring costs as well as the start-up losses incurred by the 100% subsidiary max.xs financial services AG of around 1.2 million euros. The execution of the business plan and the results are in line with expectations. Recently two additional cooperation agreements with renowned asset managers were signed.
Dividend The management board of cash.life AG will propose to the annual shareholders´ meeting the payment of a dividend of 27 cents per share for the financial year 2010.
end of announcement euro adhoc --------------------------------------------------------------------------------
Further inquiry note:
Herr Dr. Joachim Rumpf
Tel.: +49 (0) 89 286 953 236
E-Mail: Joachim.Rumpf@cashlife.de
Branche: Financial & Business Services
ISIN: DE0005009104
WKN: 500910
Index: CDAX
Börsen: Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade
Berlin / regulated dealing
Hannover / regulated dealing
Frankfurt / regulated dealing/general standard
Original content of: cash.life AG, transmitted by news aktuell