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ots Ad hoc-Service: tecis Holding AG
tecis agency network is growing faster than expected
Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement.
Hamburg (ots Ad hoc-Service) -
- Growth objective increased to 130 agencies by the end of 2001
- Performance target: annual net profit 2000 of 7.5 million DM
tecis Holding AG intends to expand its agency network in this year far more than planned. This announces the Board of Directors before the presentation at the German Mid Cap Conference to be held in Frankfurt next Monday, 20.11.2000 by the DVFA, the Deutsche Vereinigung für Finanzanalyse (German Association for Financial Analysis). The swift expansion of the agency net- work is the growth generator of the tecis business model. The number of agencies will be increased by the end of 2000 to a good 90 offices, thus clearly exceeding the target figure of 86 agencies. Compared to the end of 1998, the number of agencies of at that time 41 was more than doubled. The number of sales partners of tecis Finanzdienstleistungen AG will grow at the end of 2000 by nearly 40 percent compared to the end of 1999 to around 1250.
The welcome course of business is continuing in the fourth quarter 2000. tecis confirms the expected result in its latest prediction for the financial year 2000. The annual surplus will reach the planned 7.5 million DM (3.8 million Euro). The 1999 annual net profit 1999 amounted to 6.1 million DM (3.1 million Euro). With a rise in profits of 23% after tax, tecis is there- fore remaining on the dynamic expansion path expected by the company.
As expected, the surplus from commissions will reach around 47 million DM / 24.0 million Euro and is thus around 27% over the previous year. The improvement in the profit margin from commission turnover contributes to this result. Commission turnover will probably amount to around 120 million DM / 61.3 million Euro (1999: 95.5 million DM / 48.8 million Euro).
Forecast 2001 and 2002: target for agency expansion increased
tecis is also confident in its outlook for the two forthcoming financial years. Commission turnover for 2001 will continue to rise steadily to 166.8 million DM (85.2 million Euro). Annual surplus will probably just about double to 15.9 million DM (8.1 million Euro). The target for the expansion of the agency network was increased to a total of 130 locations. Looking mid-term to 2002, tecis reckons with commission turnover of 207.6 million DM (106.1 million Euro) and expects an annual net profit 2002 of 24.2 million DM (12.3 million Euro).
The proceeds of the tecis Group will profit increasingly over the next years from the accumulative effect of the installment commissions for arranged investment savings plans and insurances.
Long-term objective 2010: 1 million customers
tecis intends to look after 1 million customers in Germany by 2010. Fixed assets of 1 billion DM (511 million Euro) are expected to be managed by the tecis Asset Management AG. The number of agency locations will be increased to 600 to 700.
This ad hoc release serves the informative equal treatment of all investors. At the German Mid Cap Conference next Monday, Christian Steinberg, Chairman of the Board of Directors of tecis Holding AG, and Dr. Hartmut Schüning, Financial Director of tecis Holding AG will discuss the business figures with the participating DVFA analysts.
Contact for questions: tecis Holding AG Unternehmenskommunikation
Leander L. Hollweg Tel.: +49 (0) 40 / 696951-287 Fax: +49 (0) 40 / 696951-288 Email: email@example.com
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Original-Content von: tecis Finanzdienstleistungen AG, übermittelt durch news aktuell