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ARAGON AG: results second quarter 2012 and first half year 2012

09-11-2012 02:42 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Aragon AG

- Revenues at Aragon AG grow 11 percent in first half of 2012, first reaching EUR 60 million

- Product sales increased by 5 percent to more than EUR 1 billion

- High cost increases burden first half-year results

- Cautiously optimistic for the second half-year

- Further portfolio streamlining planned

Aragon AG, one of the leading financial services players in Germany and Austria, has achieved in the first half year in a challenging market environment, record sales. High cost increases, however, have caused a loss. For the second half of the year, the company expects, not least because of the introduction of cost-cutting measures, a better performance than in the first six months.

Revenues grew year-on-year by 11.1 percent to EUR 60.0 million in the first half of 2012 (EUR 54.0 million). The Clarus Group, consolidated for the first full year, contributed around EUR 7.1 million to this total. Viewed on a quarter-by-quarter basis, sales rose to EUR 28.4 million in the second quarter of 2012 (EUR 26.2 million).Although revenue and gross profit have increased, the result has clearly deteriorated. It has not succeeded in the period to compensate for the higher costs through the company acquired last year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations amounted to EUR -1,683k in the first half, equivalent to a significant year-on-year reduction (EUR 561k). On a quarterly basis, EBITDA fell to EUR -1,457k (EUR -47k). At EUR -2,973k, earnings before interest and taxes (EBIT) from continuing operations showed a clearly negative year-on-year development in the first half of the year (EUR -511k). On a quarterly basis, EBIT fell to EUR -2,095k (EUR -591k). At EUR -3,425k, earnings before taxes (EBT) were also substantially lower than in the previous year (EUR -925k). Net income after minority interests reduced to EUR -2,968k, thus also falling short of the previous year's figure of EUR 128k.

Other key figures at Aragon AG developed stably, and thus positively in view of the market climate. At around EUR 1,034 million, product turnover in the first half of 2012 was slightly ahead of the equivalent figure for the previous year, exceeding the EUR 1 billion mark for the first time in a first-half period. In defiance of the market trend, the holdings in investment funds managed by Aragon AG (assets under administration) maintained their ground well. At EUR 4.1 billion, these were around 2.5 percent ahead of the previous year's figure of EUR 4.0 billion as of 30 June 2011. Aragon AG is still positively positioned in terms of its relevant key balance sheet figures. Shareholders' equity amounted to EUR 44.3 million as of 30 June 2012. The equity ratio reduced year-on-year to 43.9 percent (30 June 2011: EUR 52.5 million and 52.7 percent), a development attributable to the increase in total assets due to the acquisitions in 2011. Cash and cash equivalents reduced slightly to EUR 6.0 million as of 30 June 2012 (EUR 6.1 million). Continuing operations at Aragon AG performed as follows:

Broker Pools

The Broker Pools segment posted revenues of EUR 33.5 million for the first half of 2012. Sales thus fell 7.7 percent short of the equivalent figure for the previous year (EUR 36.3 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 0.8 million in the first six months of 2012, as against EUR 1.4 million in the first six months of 2011. At EUR 0.2 million, earnings before interest and taxes (EBIT) for the first six months of 2012 were below on the previous year (EUR 0.8 million).

Financial Consulting

The Financial Consulting segment posted strong revenues growth for the first half year of 2012, boosting its sales year-on-year by 50 percent to EUR 27.3 million (EUR 18.2 million). The Clarus Group, consolidated for the first full year, contributed around EUR 7.1 million to this growth. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the Financial Consulting segment amounted to EUR -1.2 million in the first six months (EUR 0.05 million), while earnings before interest and taxes (EBIT) for the first half year of 2012 amounted to EUR -1.9 million (EUR -0.4 million).

Outlook for the second half of 2012

Due to the strong seasonal effects, the results of Aragon in the second half-year always much better than the first half of the fiscal year. The Board believes that this will be the case again this year.

Furthermore, the company's performance in the remainder of the year is of course mainly dependent on the market climate. While the overall market climate continues to inhibit customers' willingness to invest, in our insurance business we see great opportunities and good business prospects coming up with the statutory introduction of so-called 'unisex premiums', i.e. the legally required equal treatment of male and female customers for
insurance products. 'Given substantially negative earnings figures, we clearly are not satisfied with our half-year results', commented Dr. Sebastian Grabmaier, CEO of Aragon AG. 'We are nevertheless confident that, by streamlining our portfolio of investment companies and upholding the cost-cutting measures already introduced, we will be able to significantly reduce our cost base in future and thus regain our previous earnings strength. The pleasing business opportunities in our insurance business will offer additional impetus in enabling us to present significantly more favourable full-year earnings.'

The quarterly report can be downloaded with immediate effect from www.aragon.ag.
The Letter to Shareholders for the first nine months of the 2012 financial year will be published on 11 December 2012.

About Aragon AG

Aragon AG is a broadly diversified financial services group with two operating segments, Broker Pools and Financial Consulting, and a Holding division. Within its segments, Aragon AG operates in the market with several independently acting subsidiaries. The aim is to integrate various sales models under one roof without infringing on the identity of each individual sales operation. This leads to broad diversification across numerous asset classes and distribution channels and, as a result, ensures high earnings stability. Further information about the company and its subsidiaries can be found at www.aragon.ag.

Contact:
Aragon Aktiengesellschaft

Ralf Funke
Investor Relations
Tel.: +49(0)611 890 575-0
Fax: +49(0)611 890 575-99
E-Mail: ir@aragon.ag

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