Ovb Holding Ag · XETR:O4B
Ovb — FY2009 Earnings Presentation
26 slides from Ovb's earnings presentation, Mar 30, 2010
Slide 1: OVB Annual Results 2009
OVB Annual Results 2009 Dedicated to Partnership – All Over Europe ■ 40 years of experience ■ active in 14 countries ■ 2.8 million clients ■ 4,700 financial advisors ■ 496,000 new contracts a year ■ over 100 product partners 30 March 2010, Frankfurt am Main
Slide 2: Agenda
Agenda 1 Core statements for 2009 2 Development of our value factors 3 Key figures/financial information 4 Summary and outlook 2 Analyst conference – 30 March 2010
Slide 3: Core statements for the 2009 financial year
Core statements for the 2009 financial year ■ Clients demonstrated a distinct orientation towards safety ■ Financial advisors development differed according to region 2.77 million clients supported 4,664 financial advisors The expertise of our financial advisors forms the basis for our sales success
Slide 4: Core statements for the 2009 financial year
Core statements for the 2009 financial year ■ Client behaviour influenced by economic and financial crisis ■ OVB benefits from cost discipline Total sales commission: €201.6 million EBIT: €9.6 million Consolidated net income: €8.8 million Earnings per share: €0.61 Executive Board and Supervisory Boa
Slide 5: Agenda
Agenda 1 Core statements for 2009 2 Development of our value factors 3 Key figures/financial information 4 Summary and outlook 5 Analyst conference – 30 March 2010
Slide 6: Client development 2009
Client development 2009 Group ■ Broadly diversified client base - 0.4% reduces impact of crisis 2.78 2.77 million million ■ Modest growth in Central and Eastern Europe with lower 2008 2009 volume of contracts concluded Central and Eastern Europe but strengthened basis for + 0.6% 1.76 1.77 follow-up
Slide 7: Consultant development 2009
Consultant development 2009 Group ■ Central and Eastern - 4.1% Europe and Southern and Western Europe: 4,862 4,664 slimming-down process slower than the decline in new policies 2008 2009 Central and Eastern Europe ■ Germany: - 9.9% significant increase partly 2,994 2,697 includes follow-on effects o
Slide 8: Composition of new policies in 2009 by product area
Composition of new policies in 2009 (2008) by product area ■ Focus also on retirement provision and asset building in 2009 ■ Clients value the flexibility of funds-based products ■ Product distribution stable overall ■ Around 496,000 new contracts (-15.3%) Home loan savings/ Health insurance financi
Slide 9: Agenda
Agenda 1 Core statements for 2009 2 Development of our value factors 3 Key figures/financial information 4 Summary and outlook 9 Analyst conference – 30 March 2010
Slide 10: Sales performance in 2009
Sales performance in 2009 (€ million, rounded) ■ Total sales commission impacted by financial and economic crisis ■ Pronounced uncertainty among the OVB target group of individuals with medium to high incomes Group Central and Eastern Europe Germany Southern and Western Europe - 22.5% - 31.3% 260.2
Slide 11: Development of total sales commission vs EBIT
Development of total sales commission vs EBIT (€ million, rounded) 260.2 23.8 -58.6 52.3 201.6 Secondary contracts 21.5 Southern and Western Europe 40.3 Germany 61.4 Central and Eastern Europe 55.5 122.7 84.3 28.8 -19.2 9.6 Total ∆ Total EBIT ∆ EBIT sales sales 2008 2009 commission commission 2008 2
Slide 12: Earnings before interest and taxes (EBIT)
Earnings before interest and taxes (EBIT) (€ million, rounded) 28.8 ■ EBIT development chiefly impacted by declining sales 6.5 performance 7.4 ■ EBIT margin of 4.8% not 9.6 acceptable to OVB 1.2 7,1 Southern and Western Europe 22.2 9.2 Germany 0.1 0.0 Central and Eastern Europe Consolidation -7.4 -7
Slide 13: Earnings components in 2009
Earnings components in 2009 (€ million, rounded) 201.6 21.5 21.5 14.4 Secondary contracts Southern and Western Europe 40.3 -108.3 Germany Central and Eastern Europe 55.5 180.1 -25.2 -3.8 84.3 -47.5 9.6 Total Not Brokerage Other Brokerage Staff Depreciation Other EBIT sales recognised income operatin
Slide 14: Year-on-year comparison
Year-on-year comparison (€ million, rounded) 2009 2008 Change Brokerage income (income statement) 180.1 236.4 - 23.8% Other operating income 14.4 16.3 - 11.7% Brokerage expenses 108.3 142.5 - 24.0% EBIT 9.6 28.8 - 66.6% Net financial income 1.6 1.9 Taxes - 2.6 - 6.3 Profit 8.8 24.4 - 64.0% Profit pe
Slide 15: Strong balance sheet
Strong balance sheet (%, rounded figures) 2008 2009 40.1 41.3 0.8 0.8 Current assets 86.1 84.2 Non-current assets 59.1 57.9 Current liabilities Non-current liabilities 13.9 15.8 Equity Assets Equity and Assets Equity and liabilities liabilities Balance sheet demonstrates financial strength and indep
Slide 16: Agenda
Agenda 1 Core statements for 2009 2 Development of our value factors 3 Key figures/financial information 4 Summary and outlook 16 Analyst conference – 30 March 2010
Slide 17: Summary
Summary ■ Difficult market conditions had a decisive impact in 2009 ■ 2009 savings targets achieved – positive operating income and profit ■ Business performance stabilised increasingly over the course of 2009 17 Analyst conference – 30 March 2010
Slide 18: Outlook
Outlook ■ Trends for 2010 not yet clear, difficult to forecast ■ The cost-saving measures introduced at the end of 2009 will be continued rigorously in 2010 ■ Structures and processes to be examined ■ Modest market recovery as 2010 progresses and improvement expected for 2011 Forecast: ■ 2010 Sales:
Slide 19: Agenda
Agenda 1 Core statements for 2009 2 Development of our value factors 3 Key figures/financial information 4 Summary and outlook 5 Annex 19 Analyst conference – 30 March 2010
Slide 20: Key figures for the Central and Eastern Europe region
Key figures for the Central and Eastern Europe region Unit 2008 2009 Change Clients (31 Dec.) Number in million 1.76 1.77 + 0.6% Financial consultants (31 Dec.) Number 2,994 2,697 - 9.9% Total sales commission € million 122.7 84.3 - 31.3% Earnings before interest and taxes (EBIT) € million 22.2 9.2
Slide 21: Key figures for the Germany region
Key figures for the Germany region Unit 2008 2009 Change Clients (31 Dec.) Number 693,600 693,100 - 0.1% Financial consultants (31 Dec.) Number 1,105 1,323 + 19.7% Total sales commission € million 85.2 77.0 - 9.6% Earnings before interest and taxes (EBIT) € million 7.4 7.1 - 4.0% EBIT margin* % 8.7
Slide 22: Key figures for the Southern and Western Europe region
Key figures for the Southern and Western Europe region Unit 2008 2009 Change Clients (31 Dec.) Number 318,950 308,150 - 3.4% Financial consultants (31 Dec.) Number 763 644 - 15.6% Total sales commission € million 52.3 40.3 - 22.8% Earnings before interest and taxes (EBIT) € million 6.5 1.2 - 81.6% E
Slide 23: Financial figures for 2009/2008
Financial figures for 2009/2008 (€ million, rounded) 2009 2008 Brokerage income 180.1 236.4 Brokerage expenses - 108.3 - 142.5 Staff expenses - 25.2 - 24.6 Depreciation and amortisation - 3.8 - 3.8 Other operating expenses - 47.6 - 52.8 Other operating income 14.4 16.3 EBIT 9.6 28.8 EBIT margin* (in
Slide 24: Balance sheet
Balance sheet (€ million, rounded) 31 Dec. 2009 31 Dec. 2008 Assets Non-current assets 23.5 22.6 Current assets 125.3 140.3 Trade receivables 15.9 19.4 Receivables and other assets 33.4 33.1 Securities and investments 30.9 52.7 Cash and cash equivalents 45.1 35.1 Total assets 148.8 162.9 Equity and
Slide 25: Financial calendar 2010
Financial calendar 2010 March 2010 30 Mar. 2010 Frankfurt 2009 results and analyst conference May 2010 12 May 2010 Cologne Results for the first quarter of 2010 and conference call June 2010 11 Jun. 2010 Cologne Annual General Meeting August 2010 12 Aug. 2010 Cologne Results for the first half of 20
Slide 26: Contact
Contact OVB Holding AG Heumarkt 1 50667 Cologne Germany www.ovb.ag Brigitte Bonifer Director/Prokuristin (authorised signatory with general power of attorney) Investor Relations Tel.: +49 (0) 221 - 2015 - 288 Fax: +49 (0) 221 - 2015 - 325 E-mail: [email protected] 26 Analyst conference – 30 March 2010