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Wiener Städtische Group Vienna Insurance Group: Big Player in CEE The Vienna Insurance Group is the leading Austrian insurance group in Central and Eastern Europe. Every third euro of the company’s premiums comes from this rapidly growing region. Based on its leading position in Austria, Wiener Städtische has been investing in the new markets of Central and Eastern Europe for over 15 years. Its vigorous expansion in the last few years is also reflected in the company’s image. Since the beginning of 2006 the “Vienna Insurance Group” has been the company’s new umbrella brand. The umbrella brand demonstrates the shared identity of all of the group’s companies, which will continue to retain the well established brands on their local markets. Furthermore, with the umbrella brand the Wiener Städtische group points to its financial strength as a major Central European insurer headquartered in Vienna. The Vienna Insurance Group is currently represented in 17 countries with a total of 17 million customers. Over 16,000 employees handle customer concerns. With an increase of 22.1 percent, for the first time the Vienna Insurance Group successfully exceeded the five billion euro mark for premiums in 2005. Consolidated pre-tax profit also rose in 2005 by 84 million to 240 million euro. Particularly pleasing is the fact that the Central and Eastern European affiliates contributed a substantial 37 percent to the consolidated profit. Life insurance also contributed to growth, particularly in Austria. Furthermore, it is remarkable that the CEE share of the group’s total premiums came to 45 percent in the area of property and casualty insurance. The total CEE premiums calculated rose by 32.3 percent to 1.56 billion euro, reaching nearly one third of the group’s premiums. Dr. Günter Geyer, CEO of Wiener Städtische: “The Vienna Insurance Group covers 17 European countries on the map – those markets exhibiting the strongest potential for growth.” The dynamic economic development in the CEE region has led to a marked increase in demand for insurance services. Dr. Günter Geyer anticipates the boom in the insurance business in Eastern Europe will long continue and substantiates his expectations with a comparison: “In Austria the insurance density, or premium per capita, is 14 times as high as the average in the relevant CEE countries. This shows that there is enormous potential for catching up. For years the economies in the countries of Eastern Europe have been growing at least twice as rapidly as those in the eurozone. This dynamic growth has increased the standard of living. After insurance of material assets such as vehicles and homes, with a rising standard of living pension products are also increasingly in demand. This provides considerable business potential for the next 15 to 20 years.” Long-term investments and the reinvestment of profits in the country of origin are important pillars of the Vienna Insurance Group’s success and strengthen the companies in the local markets. For the first time and as the only Austrian insurance company to do so, the Vienna Insurance Group has presented its European embedded value. The consolidated embedded value (after taxes) for the Vienna Insurance Group totalled 3.8 billion euro as of December 31, 2005. This value is based solely on business concluded in the past and does not consider the enormous chances for growth in the future. DOUBLE-DIGIT GROWTH IN GROUP PREMIUM INCOME IN THE 1ST QUARTER 2006 In the first three months of 2006, total consolidated premiums written of the Vienna Insurance Group increased by 11.6 percent to EUR 1.75 billion. The Group's profit before tax amounted to EUR 72.91 million in the first quarter of 2006 and thus surpasses the comparative value of the same period of the previous year by EUR 17.45 million. These figures represent a considerable increase of 31.5 percent. In Central and Eastern Europe, a steep increase in premiums written of 26.8 percent to EUR 547.18 million was achieved. With the results achieved for the first quarter of 2006, the Vienna Insurance Group has given itself a solid basis for a successful financial year 2006. The Group is now targeting a profit before taxes of approx. 290 million Euro for the year 2006, and approx. 350 million Euro for the financial year 2007. More information on the company and Wiener Städtische’s products can be obtained at the telephone service line 050 350 350 or on the internet under www.wienerstaedtische.at. 60 LOCATIONAUSTRIA 02/2006 PEROUTKA Günter Geyer, CEO Wiener Städtische Versicherung: Successful due to large-scale expansion to Central and Eastern Europe.
READY-TO-RACE With the premium brand in the off-road sport motorbike market as well as its push into the sport-oriented road segment, KTM has become Europe's second largest sport motorbike producer. More than 100 world championship titles, five victories in the Dakar Rally and countless national championship titles are proof of the high degree of technical competence. KTM Power Sports AG (previously CROSS Holding AG) has been listed on the Vienna Stock Exchange's over-the-counter market since 12.12.2003 and the Prime Market segment since 15. 12. 2004. In the business year 2004/05* KTM Power Sports AG acquired 100% of the stake in the KTM Group in several phases. Following the successful takeover of the stake that BC Partners held in KTM (48.9%) in December 2004, which was to a large extent financed by the issue of 1.9 million shares totalling 57 million EUR, the chance emerged to take over the remaining 10.8% of the stakes in the KTM Group, integrating them into KTM Power Sports AG. Since the sale of the stake in Rosenbauer International AG in June 2005, KTM Group is now the only shareholder of KTM Power Sports AG. The essential sales impulse in the last business year resulted from the successful introduction of the new two-cylinder road models (Travel Enduro, Naked Bike, Supermoto) on the market as well as the continuous expansion of the enormously profitable accessories and spare parts sector . The motorbikes - 990 Adventure, 990 Super Duke, 250 EXC-F - will contribute substantially to future growth as will further models the company is planning to introduce. More than 80% of sales takes place through independent subsidiaries. For the future, takeovers of additional markets and their integration into the company's distribution as well as further expansion of the global network of dealers are planned. Subsidiaries have recently been established in Hungary, Slovenia and Finland and have already developed successfully. FOCUS & REPOSITIONING At the Extraordinary Shareholders' Meeting which took place on 07 July 2005 the focus of the former CROSS Holding AG on power sports and the renaming of the company, to KTM Power Sports AG, was decided. For KTM Power Sports AG an interesting opportunity for cooperation emerged in the area of ATV's (all terrain vehicles, quads). The cooperation agreement made with Polaris Industries Inc. in Minneapolis/USA has furnished KTM with entirely new perspectives for the future and a remarkable expansion in the business field. COOPERATION WITH POLARIS In the last business year Polaris acquired 24.9% of the stake in KTM Power Sports AG. On the operating level several projects were defined for joint coo- Share price development of the KTM Power Sports AG share Investing in Austria / KTM Mar May Apr Jun Jul Aug Sep Oct Nov Dec Jan Feb 2005 2006 In addition to global market leadership in the racing-oriented off-road segment, new and profitable niches are to be conquered with the sport-oriented KTM road models and the brand KTM sustainably positioned in the road segment. peration and implementation has been started. "The cooperation with Polaris is in full swing, is developing positively and within the designated time frame," says DI Stefan Pierer. The main focus lies in the preparation of significant ATV/Quad activities for the business year 2006/07. BUSINESS PERFORMANCE In the last business year KTM continued its successful performance despite the prolonged difficult market conditions. In the business year 2004/05 the company generated revenues of 382 million EUR (EBIT 17.7 million EUR) with 1,600 employees. The increase in the KTM stake permitted full consolidation on 01 December 2004. OUTSTANDING PERFORMANCE Since the IPO in December 2004 a favourable increase in the share price has been achieved, with the price never falling below the issue price of 25 EUR. In December 2004 1.9 million new shares were successfully floated thereby increasing the number of shares issued to 6.3 million. The acquisition of the KTM stakes was financed to a large extent with the proceeds from this issue. BY 2004/05* HY 2005/06 In M EUR Revenues: 381.9 235.4 EBITDA: 32.8 27.7 Number of employees (as of date): 1,582 1,601 Market capitalisation: 332.9 314.0 Share performance 2005: + 37,28 % (Dec. 04 – Dec. 05) *) Based on the proportionate consolidation (38.3%) of the KTM Group in the first quarter of 2004/05 and subsequent full consolidation at 01 December 2004 (100%), the previous period is comparable only to a certain extent (KTM Group GmbH : revenues 2004/05 : 451.2 million EUR, EBITDA 43 million EUR). KTM Power Sports AG Bauernstraße 9, A-4600 Wels Tel: +43 (0) 7242 / 694 02 ir@ktmpowersports.com www.ktm.com 02/2006 LOCATIONAUSTRIA 61 50 48 46 44 42 40 38 36 34
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The Magazine for Business Location
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