Business
Eureko B.V. 3 Months Results
Eureko B.V. 3 Months Results.
About this update from Baltic Classifieds Group Plc
[{"type":"text","content":"\n Banco Comercial Portugues S.A.\n22 May 2002\n\n\n \n(Lisbon, May 22, 2002) On behalf and at request of our participated company \nEureko B.V., and given its relevance to Banco Comercial Portugues (BCP, NYSE: \nBPC, BCPPRA), we herein announce the company 1st Quarter results:\n\n\n Eureko B.V. announces results for the three months to 31 March 2002\n\n'Eureko B.V. announced its unaudited results for the three-month period ending \n31 March 2002.' \n\nHighlights:\n\n• Operating Companies' contribution up 45.8% at EUR 61.4 million\n\n• Consolidated Net Income of EUR 80.2 million, down 5.2%(1) from the same \n period in 2001\n\n• Operating profit of EUR 104.4 million (2001: EUR 112.9 million)\n\n• Total Gross Written Premiums reached EUR 2,260.2 million, an increase of \n 10.9% from 2001\n\n• Life Gross Written Premiums up 13.5% at EUR 1,129.5 million\n\n• Non-Life Gross Written Premiums up 9.5% at EUR 565.7 million\n\n• Health Gross Written Premiums up 7.1% at EUR 565 million\n\n• Total Assets under Management at EUR 109.1 billion, down 2.9% from 31 \n December 2001\n\n• Banking customer funds up 6.5% at EUR 6,652.4 million from 31 December 2001\n\n• ROE of 13.7% (2001:10.7%)\n\nMain developments in the first quartet of 2002:\n\n• In Poland, the agreement reached in the last quarter of 2001 \n (the 2nd addendum), by which Eureko would acquire an incremental stake of \n 21% in PZU by direct sale, was revoked by the Polish Government. Discussions \n are under way to set a new timing for PZU's IPO, at which Eureko has the \n right to acquire a 21% stake.\n\n\n(1) Eureko posted a profit of EUR 102.6 million in the first three months of \n 2001, which included a EUR 18 million profit from PZU Zycie SA reported to \n the year 2000\n\n\nArnold Hoevenaars, Chief Executive Officer of Eureko, commented:\n\n'The results of the Eureko Group in the first quarter of 2002 reflect a clear \nrecovery of the profitability of our operations.\n\n'Both our Operating Companies and our Associated companies registered strong \ngrowth in their contribution to the Group results, at EUR 61.4 million and \nEUR 21.4 million, respectively. \n\nAll our Operating Companies reported profits. Conversely, we have experienced a \ndecrease of Other Results (inclusive of the Holding company costs), at \nEUR - 2.6 million, reflecting mainly the ...