Letter to shareholders 1. Quarter of2024
Dr. Sebastian Grabmaier, CEO
3
Management Board letter to shareholders
DEAR SHAREHOLDERS, DEAR BUSINESS PARTNERS,
JDC Group AG has made an excellent start to 2024 and was able to significantly increase its revenues in the first quarter of 2024 compared to the same quarter of the previous year. Group revenues grew by
21.6 percent to EUR 53.3 million in the first three months of 2024 compared to the same quarter of the previous year. Quarterly revenues thus also significantly exceeded revenues in the fourth quarter of 2023, which is not only very pleasing against the backdrop of very good year-end business, but also exceeded the 50 million mark for a quarter for the first time.
The first quarter was characterized by the following developments:
The mood on the capital markets continues to brighten compared to the previous year 2023. In addition to the usual strong insurance business, the reinvigorated investment and financing business in particular is contributing to revenue growth, and the figures for the real estate and investment business are also clearly positive again. The JDC Group was able to grow in all customer groups and segments: while the broker business, including the newly acquired partners of the Top Ten Group, increased by a strong 21 percent, the key account business even achieved growth of almost 30 percent. And fortunately, the Advisory segment also grew again for the second quarter in a row, by almost 7 percent.
The key figures for the company's business development are therefore all pleasing: the number of new applications rose by around 13 percent and the number of portfolio transfers initiated even increased by around 58 percent. New business in the life and motor vehicle insurance products developed particularly positively: The motor vehicle insurance product group impressed with an application growth of over 60 percent and life insurance with an application growth of around 25 percent compared to the same quarter of the previous year. The insurance premiums collected thus exceeded EUR 1.2 billion for the first time.
4 | JDC GROUP | Letter to shareholders Q1/2024 |
Results for the first quarter of 2024
Group revenues rose by 21.6 percent to EUR 53.3 million in the first quarter of 2024 (Q1 2023: EUR 43.8 million). Compared to the previous quarter, Q4 2023, this represents growth of 9.2 percent (Q4 2023: EUR 48.8 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) improved significantly in the first quarter to kEUR 4,067 (Q1 2023: kEUR 3,185), an increase of 27.7 percent. Earnings before interest and taxes (EBIT) rose even more sharply by 39.6 percent to kEUR 2,523 compared to kEUR 1,808 in the previous year.
Equity amounted to EUR 53.9 million as at March 31, 2024. The equity ratio thus rose to a solid 38.3 percent (December 31, 2023: EUR 52.8 million and 37.2 percent).
Overview
in kEUR | Q1/2024 | Q1/2023 | Changes | ||||
kEUR | kEUR | in % | |||||
Revenues | 53,319 | 43,832 | 21.6 | ||||
Advisortech | 48,340 | 39,445 | 22.6 | ||||
Advisory | 8,713 | 8,156 | 6.8 | ||||
Holding/Consolidation | -3,734 | -3,769 | 0.9 | ||||
EBITDA | 4,067 | 3,185 | 27.7 | ||||
EBIT | 2,523 | 1,808 | 39.6 | ||||
EBT | 2,252 | 1,453 | 55.0 | ||||
Net profit | 2,093 | 1,433 | 46.0 | ||||
THE INDIVIDUAL DIVISIONS DEVELOPED AS FOLLOWS:
Advisortech
The Advisortech division increased its revenue by 22.6 percent to EUR 48.3 million in the first three months of 2024 (Q1 2023: EUR 39.4 million). Compared to the strong previous quarter of Q4 2023, this represents further growth of 13.9 percent (Q4 2023: EUR 42.4 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 27.9 percent to
EUR 4.2 million in the first three months of 2024, which is significantly higher than the previous year's figure of EUR 3.3 million.
Earnings before interest and taxes (EBIT) also rose by more than 30 percent to EUR 3.0 million in the first three months of 2024 (Q1 2023: EUR 2.3 million).
5
Marcus Rex, CSO/CMO
6 | JDC GROUP | Letter to shareholders Q1/2024 |
Ralph Konrad, CFO, CIO
7
Advisory
In the Advisory business unit, revenues also increased in the first three months of 2024 compared to the same period of the previous year. They rose by around 7 percent to EUR 8.7 million (Q1 2023: EUR 8.2 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) in the Advisory segment rose by more than 10 percent to EUR 0.7 million in the first three months (Q1 2023: EUR 0.6 million).
Earnings before interest and taxes (EBIT) rose by around 26 percent to EUR 0.4 million in the first three months of 2024 (Q1 2023: EUR 0.3 million).
Outlook
We confirm our positive assessment and the published guidance for the remainder of 2024:
In 2024, the company expects revenues growth to EUR 205 to 220 million and EBITDA of EUR 14.5 to 16.0 million on the basis of cooperation agreements already concluded.
Thanks to employees and shareholders
Once again, we would like to express our special thanks to our employees and sales partners at
JDC Group AG and our subsidiaries, whose commitment and motivation form the basis of our success.
We would also like to thank our shareholders, who believe in our business model and support and endorse the Management Board and Supervisory Board.
We would be delighted if you would continue to accompany us on our journey and remain
Yours sincerely
Dr. Sebastian Grabmaier | Ralph Konrad | Marcus Rex |
8 | JDC GROUP | Letter to shareholders Q1/2024 |
Consolidated income statement
01/01/- | 01/01/- | ||||
31/03/2024 | 31/03/2023 | ||||
kEUR | kEUR | ||||
1. | Revenues | 53,319 | 43,832 | ||
2. | Capitalised services | 331 | 395 | ||
3. | Other operating income | 426 | 223 | ||
4. | Commission expenses | -38,486 | -31,498 | ||
5. | Personnel expenses | -8,095 | -6,898 |
6. Depreciation and amortisation of tangible and
intangible assets | -1,544 | -1,377 | |||
7. | Other operating expenses | -3,429 | -2,870 | ||
8. | Income from investments | 19 | 0 | ||
9. | Share of income from associated companies | 67 | 4 | ||
10. | Income from securities | 0 | -1 | ||
11. | Financial income | 116 | 5 | ||
12. | Impairment losses on financial instruments | 0 | 0 | ||
13. | Financial expenses | -472 | -362 | ||
14. | Operating profit/loss | 2,252 | 1,453 | ||
15. | Income tax expenses | -120 | 25 | ||
16. | Other tax expenses | -39 | -45 | ||
17. | Net profit | 2,093 | 1,433 | ||
of which attributable to minorities | 0 | 11 | |||
thereof attributable to parent company's shareholders | 2,093 | 1,422 | |||
18. | Earnings per share | 0.16 | 0.11 | ||
Consolidated financial statements
Consolidated income statement | 9 |
Consolidated cash flow statement
Segment reporting
Consolidated balance sheet
Consolidated cash flow statement
01/01/- | 01/01/- | Changes compared |
31/03/2024 | 31/03/2023 | to previous year |
kEUR | kEUR | kEUR |
1. | Result for the period | 2,093 | 1,433 | 660 | ||||
2. | + | Depreciation and amortisation of fixed assets | 1,544 | 1,378 | 166 | |||
3. | -/+ | Decrease/increase of provisions | -252 | 59 | -311 | |||
4. | -/+ | Other non-cash itemised income/expenses | 3 | -97 | 100 | |||
5. | -/+ | Profit/loss from disposals of fixed assets | 0 | 0 | 0 | |||
6. | -/+ | Increase/decrease of inventories, accounts receivable as well as other assets | 2,703 | 2,666 | 37 | |||
7. | -/+ | Decrease/increase of accounts payable as well as other liabilities | -2,092 | -1,365 | -727 | |||
8. - /+ | Income taxes paid/refunded | 0 | 0 | 0 | ||||
9. | = | Cash flow from operating activities | 3,999 | 4,074 | -75 | |||
10. | + | Cash receipts from disposals of intangible assets | 0 | 0 | 0 | |||
11. | - | Cash payments for investments in intangible assets | -389 | -734 | 345 | |||
12 | + | Cash receipts from disposals of fixed assets | 0 | 0 | 0 | |||
13. | - | Cash payments for investments in intangible assets | -60 | -263 | 203 | |||
14. | + | Cash receipts from disposals of financial assets | 174 | 0 | 174 | |||
15. | - | Cash payments for investments in financial assets | -1,296 | -6 | -1,290 | |||
16. | + | Cash receipts from the disposal of consolidated companies | 0 | 0 | 0 | |||
17. | - | Cash payments for the acquisition of consolidated companies | -1,830 | -33 | -1,797 | |||
18. | - | Cash payments for investments funds within the borders of short-term finance disposition | 0 | 0 | 0 | |||
19. | + | Cash receipts from investments funds within the borders of short-term finance disposition | 0 | 0 | 0 | |||
20. | = | Cash flow from investment activities | -3,401 | -1,036 | -2,365 | |||
21. | + | Cash receipts/payment to equity | 0 | 0 | 0 | |||
22. | + | Payments received for stock options issued | 77 | 77 | 0 | |||
23. | - | Payments from the purchase of own shares | -1,105 | 0 | -1,105 | |||
24. | + | Cash receipts from issuance of bonds | 0 | 0 | 0 | |||
25. | - | Payments from the redemption of bonds | 0 | 0 | 0 | |||
26. | + | Cash receipts from borrowings | 0 | 0 | 0 | |||
27. | - | Cash payments from loan redemptions | -3 | 0 | -3 | |||
28. | - | Payments for the repayment part of the rental and leasing obligations | -490 | -361 | -129 | |||
29. | - | Paid interests | -4 | 0 | -4 | |||
30. | = | Cash flow from financing activities | -1,525 | -284 | -1,241 | |||
31. | Changes in cash and cash equivalents (total of pos. 9, 20, 30) | -927 | 2,754 | -3,681 | ||||
32. | + | Cash and Cash equivalents at the beginning of the period | 26,362 | 16,672 | 9,690 | |||
33. | = | Cash and Cash equivalents at the end of the period | 25,435 | 19,426 | 6,009 | |||
Breakdown of cash and cash equivalents | ||||||||
Cash and cash in banks | 25,435 | 19,426 | 6,009 | |||||
Current liabilities due to banks | 0 | 0 | 0 | |||||
25,435 | 19,426 | 6,009 | ||||||
10 | JDC GROUP | Letter to shareholders Q1/2024 |
Segment reporting
Advisortech | Advisory | |||||||
Q1/2024 | Q1/2023 | Q1/2024 | Q1/2023 | |||||
kEUR | kEUR | kEUR | kEUR | |||||
Segment income | ||||||||
Revenues | 48,340 | 39,445 | 8,713 | 8,156 | ||||
of which with other segments | 526 | 280 | 3,237 | 3,519 | ||||
Total segment income | 48,340 | 39,445 | 8,713 | 8,156 | ||||
Capitalised services | 331 | 395 | 0 | 0 | ||||
Other income | 356 | 152 | 81 | 75 | ||||
Segment expenses | ||||||||
Commissions | -36,417 | -29,685 | -5,745 | -5,519 | ||||
Personnel expenses | -5,674 | -4,825 | -1,527 | -1,239 | ||||
Depreciation and amortisation | -1,184 | -1,000 | -274 | -293 | ||||
Other | -2,765 | -2,220 | -861 | -872 | ||||
Total segment expenses | -46,039 | -37,730 | -8,407 | -7,924 | ||||
EBIT | 2,988 | 2,262 | 387 | 307 | ||||
EBITDA | 4,172 | 3,262 | 661 | 600 | ||||
Income from investments | 19 | 0 | 0 | 0 | ||||
Income from at-equity valuation | 67 | 4 | 0 | 0 | ||||
Other interest and similar income | 162 | 112 | 16 | 7 | ||||
Yield on other securities | 0 | -1 | 0 | 0 | ||||
Depreciation of financial assets | 0 | 0 | 0 | 0 | ||||
Other interest and similar expenses | -608 | -437 | -229 | -142 | ||||
Financial result | -360 | -322 | -214 | -136 | ||||
Segment earnings before tax (EBT) | 2,628 | 1,940 | 173 | 171 | ||||
Tax expenses | -36 | 40 | -125 | -44 | ||||
Segment's net profit (EAT) | 2,592 | 1,980 | 48 | 127 | ||||
Minority interests | 0 | 11 | 0 | 0 | ||||
Segment net profit after minority interests | 2,592 | 1,968 | 48 | 127 | ||||
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JDC Group AG published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 06:07:08 UTC.