02.11.2009 06:15:00

Boursorama: Third Quarter 2009 Results

Regulatory News:

Boursorama (Paris:BRS):

Highlights

Results

  • Net banking income: €51.4m (+8% at constant scope and exchange rates).
  • Gross Operating Profit €18.8m (+46% at constant scope and exchange rates).
  • Net income: €13.6m (vs. €16.5m in Q3 2008, including a €7.8m of non-recurrent disposal).

Business performance

  • Brokerage: number of executed orders was 25% higher in the third quarter of 2009 than in the year-earlier period, driven by the more buoyant market environment.
  • Banking: the number of new bank accounts opened in the third quarter rose 67% year-on-year, with 9,000 new accounts in France and Spain.
  • Savings: customer assets grew by 6% to €3.6bn, with rising markets lifting the value of mutual funds and good performance in life insurance and deposit accounts.
  • Media: revenue fell by 25% to €4m, as a result of the ongoing decline in advertising expenditure.

News

  • Faster growth for Boursorama Banque in France.
  • Spain and Germany: positive initial signs following the commercial introduction of new products.
  • Hugues Le Bret has been co-opted to Boursorama's Board of Directors.

Vincent Taupin, Chairman and Chief Executive Officer of Boursorama, made the following comments: « Boursorama's record third-quarter results illustrate once again the strength of the business model and the Group's growth potential. In France, Boursorama's attractive, high-quality banking service is continuing to boost growth. The Group has 270,000 customers in France, of whom almost 100,000 now do their day-to-day banking with Boursorama. Overall, ten years after floating, Boursorama has a customer base comprising 600,000 accounts and is a major European player in online finance ».

  • Record quarterly performance

With the European economic situation remaining tough, individuals are still seeking to minimise expenditure and are increasingly using the internet to compare prices. In the third quarter of 2009, stockmarkets continued to recover after the sharp falls seen in late 2008 and early 2009.

In France, Boursorama's banking model is becoming more popular as both domestic and foreign rivals launch online services. The Group's Spanish and German units have launched competitive and innovative products.

In this context, Boursorama has a strong brand and product range in France, and its units in other European countries are now well structured. This enabled the Group to achieve excellent financial performance in the third quarter of 2009. At constant scope and exchange rates, operating revenue and net banking income rose respectively by 9% and 8%. With operating expenses remaining under control, gross operating profit hit a record €18.8m, an increase of 46% at constant scope and exchange rates. Net income totalled €13.6m (vs. €16.5m in Q3 2008, including a non-recurrent profit of €7.8m generated by the disposal of Veritas).

  • Brokerage: 25% increase in order volume in Q3 2009 compared with Q3 2008

The strong rally in financial markets seen in the second quarter of 2009 (+16%) continued in the third. The EuroStoxx50 index rose by 20% between 1 July and 30 September 2009.

This caused brokerage order volume to rise by 25% year-on-year to 1.6m in Q3 2009. Commission per order also increased from €18.8 in Q3 2008 to €20.1 in Q3 2009.

Sales momentum remained very strong, with 9,760 new brokerage accounts opened in Q3, an increase of 14%, taking the total number of brokerage accounts to 396,638. In Germany, the Group's brokerage business showed greater resilience than its rivals, and OnVista Bank put in a remarkable performance, with almost 1,000 new accounts opened.

Operating revenue from brokerage activities was €32.0m, or 52% of the group total.

  • Banking: further acceleration in account openings

In France, momentum in the banking business continued in the third quarter of 2009, with a record 7,729 new accounts opened, an increase of 47% relative to Q3 2008. The Spanish banking business was launched, resulting in 1,085 new accounts. At end-September 2009, the Group had 96,104 bank accounts in total.

At the Group level, loans outstanding totalled €1.4bn and customer deposits €2.8bn at end-September 2009, up from €2.62bn at end-September 2008. Funds in "Livret" deposit accounts continued to grow strongly, totalling €534m at end-September 2009 as opposed to €376m a year earlier.

In the third quarter of 2009, banking revenue was €19.2m, which compares with €22.8m seen in the year-earlier period, mainly because of adverse movements in interest rates. Banking accounted for 31% of total group revenue in Q3 2009. Interest income totalled €18.0m, including interest income in the brokerage business (cash balances in securities accounts). Banking fees and commissions generated €1.3m.

  • Savings: customer assets more or less stable despite economic conditions

Although economic conditions were generally less favourable for the savings business, Boursorama demonstrated excellent resilience in the third quarter, due in particular to higher inflows of money into non-unit-linked life insurance policies. In the third quarter of 2009, Boursorama opened 3,620 savings accounts, taking the total to 104,870 in Europe versus 96,120 at end-September 2008.

- Life insurance: Assets under management rose by 13% to €1.79bn at end-September 2009, as opposed to €1.58bn a year earlier. This contrasts with the 5% growth in the broad market according to the FFSA's monthly figures in August 2009.

- Mutual funds: assets under management totalled €1.26bn at end-September 2009, as opposed to €1.42bn a year earlier, excluding the Caixa Plus fund, which was closed in October 2008.

As a result, despite a 5% decline in the European markets – as measured by the EuroStoxx50's performance in the year to 30 September 2009 – the Group's total saving assets (mutual funds, life insurance and deposit accounts) rose by 6% to €3.6bn at end-September 2009.

Operating revenue from the savings business was €3.4m in Q3 2009, accounting for 5% of the Group total.

  • Media: ongoing impact of weak economic conditions

Continuing depressed economic conditions prompted a number of advertisers, particularly issuers of financial products, to cut their advertising budgets.

- The media business in France generated revenue of €2.2m in Q3 2009, a fall of 16%.

- In Germany, revenue at OnVista was €1.7m, down 43% or 34% at constant scope.

In the third quarter of 2009, operating revenue in the media business was €4.0m, equal to 6% of the Group total.

  • News and outlook
  • France: Boursorama Banque is developing an unavoidable market presence

France's banking environment is becoming increasingly competitive with the arrival of new online banking providers in 2009. Boursorama Banque is benefiting from its strategy, unchanged since its launch, of being France's "cheapest bank". With its high profile, strong brand and targeted market position, Boursorama Banque is consistently developing a structuring presence in the online banking market.

  • Hugues Le Bret has been appointed to Boursorama's board.

Boursorama's Board of Directors has decided to co-opt Hugues Le Bret. Hugues Le Bret, currently head of communication at Société Générale, will replace Vincent Taupin as Chairman and CEO from 1 January 2010.

  • Third-quarter business levels in Spain and Germany show positive signs

In Spain, after installing a high-performance banking technology infrastructure, SelfBank has launched a full banking service. In addition to its established brokerage and savings operations, SelfBank has since 9 June been offering a comprehensive range of banking services: current accounts, savings accounts, credit cards and mortgages. The introduction of these new services caused performance indicators to surge in the third quarter. Brokerage order volume grew by 20% year-on-year, customer deposits rose by 16% and account openings increased fivefold.

In Germany, the reorganisation is complete and all brokerage and banking activities are now housed within a single corporate structure. In the third quarter, OnVista Bank launched a competitive and innovative brokerage service, including free buy trades for customers who keep a certain amount of money on deposit in their account. With more than 900 accounts opened in the third quarter, OnVista Bank saw the first fruits of this new offer in Q3. Performance in October 2009 confirms the positive trend.

About Boursorama

Founded in 1995, Boursorama is a major player in online deposit in Europe and is part of the Société Générale Group. It executed 4.7 million orders in the nine months to 30 September 2009, and had 597,600 direct accounts and total assets under management of €11.6 billion at end-September 2009. Boursorama Group operates in four countries. In France, it is market leader in online financial information with the www.boursorama.com portal and a key player in online banking under the Boursorama Banque brand. It is one of the top three online brokers in the UK (SelfTrade) and Spain (SelfBank). In Germany, Boursorama owns a 92.9% stake in OnVista AG, and operates under the OnVista Bank brand. Boursorama is listed on Eurolist by Euronext Paris -compartment B - ISIN: FR0000075228 (BRS) – Reuters: FMTX.LN – Bloomberg BRS FP. For all the latest financial news on Boursorama, go to: http://groupe.boursorama.fr

Sequential comparison of consolidated quarterly figures

(€ m)           Q3 2009                   Q3 2008        
    Group   France   Germany   UK   Spain   Group   France   Germany   UK   Spain
Operating revenue 61.9   49.5   3.7   6.7   1.9   59.2   42.4   7.1   8.0   1.6
Order processing costs -9.4 -6.8 -0.6 -1.7 -0.4 -8.7 -6.4 -0.6 -1.4 -0.3
Other banking operating costs -1.1 -1.1 0.0 0.0 0.1 -1.4 -0.8 -0.7 0.0 0.1
Net banking income 51.4 41.6 3.1 5.1 1.6 49.1 35.3 5.8 6.7 1.4
General costs (excl. mktg.) -27.2 -18.0 -4.1 -3.3 -1.7 -29.1 -17.7 -6.8 -3.5 -1.2
Marketing costs -3.7 -2.6 -0.2 -0.4 -0.5 -3.8 -2.4 -0.4 -0.8 -0.2
Depreciation and amortisation -1.8 -0.6 -0.7 0.0 -0.3 -2.0 -1.6 -0.3 0.0 0.0
Total operating costs   -32.6   -21.3   -5.0   -3.8   -2.5   -34.9   -21.7   -7.5   -4.4   -1.4
Gross operating profit   18.8   20.3   -2.0   1.3   -0.9   14.2   13.6   -1.7   2.2   0.0
Cost of risk -0.6 -0.6 0.0 0.0 0.0 -0.1 0.1 -0.2 0.0 0.0
Gains and losses on non-current assets   0.4   0.4   0.0   0.0   0.0   7.3   -0.5   7.8   0.0   0.0
Underlying pre-tax profit   18.6   20.2   -1.9   1.3   -0.9   21.3   13.2   5.9   2.3   0.0
Tax   -5.6   -5.7   0.5   -0.4   0.0   -4.8   -4.6   -0.2   0.0   0.0
Net income   13.0   14.5   -1.5   0.9   -0.9   16.5   8.6   5.7   2.3   0.0
Net income attributable to equity holders of the parent   13.6   14.5   -1.4   0.9   -0.5   16.5   8.6   5.7   2.3   0.0

Comparison of 9-month consolidated financial statements

(€ m)           9M 2009                   9M 2008        
    Group   France   Germany   UK   Spain   Group   France   Germany   UK   Spain
Operating revenue 176.6   140.6   11.3   19.8   5.0   191.9   130.2   31.2   23.2   7.3
Order processing costs -26.7 -19.2 -1.9 -4.5 -1.0 -26.5 -19.6 -1.8 -4.3 -0.8
Other banking operating costs -2.9 -3.0 -0.1 0.0 0.2 -8.7 -2.6 -6.2 0.0 0.1
Net banking income 147.0 118.3 9.3 15.2 4.2 156.7 108.0 23.2 18.9 6.6
General costs (excl. mktg.) -80.2 -54.1 -11.8 -9.4 -4.9 -91.1 -56.5 -20.7 -10.2 -3.7
Marketing costs -10.5 -7.1 -0.6 -1.5 -1.3 -14.5 -9.4 -1.4 -2.6 -1.1
Depreciation and amortisation -4.3 -2.5 -1.2 -0.1 -0.5 -4.8 -3.4 -1.2 -0.1 -0.1
Total operating costs   -95.0   -63.7   -13.5   -11.0   -6.8   -110.4   -69.3   -23.3   -12.9   -4.9
Gross operating profit   52.0   54.7   -4.3   4.2   -2.6   46.3   38.7   -0.1   5.9   1.8
Cost of risk -1.6 -1.8 0.2 0.0 0.0 -0.2 0.1 -0.2 0.0 0.0
Gains and losses on non-current assets   3.7   0.7   -11.0   0.0   14.0   7.7   -0.1   7.7   0.0   0.0
Underlying pre-tax profit   54.1   53.6   -15.1   4.2   11.4   53.8   38.7   7.4   5.9   1.8
Tax   -18.1   -17.2   0.4   -1.3   0.0   -14.2   -12.5   -1.1   0.0   -0.6
Net income   36.0   36.4   -14.7   2.9   11.4   39.6   26.2   6.3   5.9   1.2
Net income attributable to equity holders of the parent   37.3   36.4   -14.6   2.9   12.6   39.4   26.2   6.1   5.9   1.2

Key performance indicators

  2008   2009
    Q1   Q2   Q3   Q4   Total   Q1   Q2   Q3
             
Number of orders executed                                
France 1,104,554 930,354 954,523 1,234,305 4,223,736 988,132 1,133,721 1,154,018
Germany 118,101 91,038 114,629 126,110 449,878 96,297 100,976 102,056
Spain 58,036 42,995 44,145 51,099 196,275 45,338 52,037 52,982
UK   199,725   187,469   195,726   234,260   817,180   279,723   328,576   329,017
Group   1,480,416   1,251,856   1,309,023   1,645,774   5,687,069   1,409,490   1,615,310   1,638,073
 
New accounts opened                                
France 14,575 11,562 11,071 14,772 51,980 12,246 14,341 14,812
o/w deposit 3,850 4,094 3,097 2,103 13,144 2,375 3,235 3,359
o/w banking 5,747 4,558 5,275 5,667 21,247 5,956 6,725 7,729
Germany 322 350 487 828 1,987 631 631 904
Spain 660 471 442 634 2,207 763 1,013 1,917
UK   7,278   5,386   5,165   5,688   23,517   9,122   7,111   4,563
Group   22,835   17,769   17,165   21,922   79,691   22,762   23,096   22,196
"Livret" deposit accounts   3,973   3,395   3,977   3,614   14,959   2,994   2,659   4,340
 
Number of direct accounts                                
France 274,842 282,291 289,439 299,357 299,357 308,275 318,499 329,459
o/w deposit 83,412 87,120 89,770 90,550 90,550 92,826 96,053 98,603
o/w banking 67,921 70,621 74,691 78,904 78,904 83,543 88,657 94,798
Germany 21,925 21,878 21,959 22,359 22,359 22,469 22,772 23,264
Spain 23,123 23,440 23,737 24,247 24,247 24,779 25,702 27,513
UK   206,302   201,916   205,985   212,345   212,345   220,785   223,292   217,380
Group   526,192   529,525   541,120   558,308   558,308   576,308   590,265   597,616
"Livret" deposit accounts   15,011   18,203   21,892   25,402   25,402   27,941   30,154   34,130
 
Assets under management

(€ '000)

                               
Equity accounts and tax-efficient equity deposit plans 5,351,322 5,065,414 4,444,291 4,071,027 4,071,027 3,695,662 4,774,964 5,773,417
Mutual funds 1,467,758 1,498,077 1,415,889 1,176,793 1,176,793 1,146,948 1,203,041 1,256,382
Life insurance 1,529,228 1,591,855 1,584,626 1,516,139 1,516,139 1,557,988 1,668,783 1,786,355
Cash deposits 2,656,662 2,602,446 2,620,269 2,460,291 2,460,291 2,412,691 2,572,836 2,801,224
o/w "Livret" deposit accounts 298,250 323,198 376,239 400,467 400,467 425,836 453,582 534,155
Group total   11,004,969   10,757,792   10,065,075   9,224,249   9,224,249   8,813,288   10,219,624   11,617,377

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