MLP AG: MLP concludes 2011 with growth in revenues and earnings after a dynamic fourth quarter
(firmenpresse) - MLP AG / Key word(s): Finance/
MLP AG: MLP concludes 2011 with growth in revenues and earnings after
a dynamic fourth quarter
DGAP-Media / 29.02.2012 / 07:31
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Preliminary results:
MLP concludes 2011 with growth in revenues and earnings after a dynamic
fourth quarter
- Q4: Total revenues rise by 9 percent to EUR 189.0 million - with
old-age provision contributing EUR 123.3 million, representing an
increase of 17 percent compared to the previous year
- Full year: Total revenues climb to EUR 545.5 million (2010: EUR 522.6
million), operating EBIT rises by 11 percent to EUR 52.3 million
- Earnings influenced by previously announced, one-off exceptional costs
- efficiency programme remains on track
- The Executive Board proposes a total dividend of 60 cents per share
- Outlook 2012: Operating EBIT margin to rise to 15 percent
Wiesloch/Frankfurt, 29th February 2012 - MLP concluded the financial year
with significant growth in revenues and operating profit. Buoyed by growth
in all consulting areas, total revenues rose by 4 percent to EUR 545.5
million in 2011; operating earnings before interest and taxes (EBIT before
one-off exceptional costs) increased by 11 percent to EUR 52.3 million.
This successful development was considerably supported by the strong
business performance in the fourth quarter, in which total revenues grew by
9 percent compared to the same period of the previous year. In old-age
provision the comparative growth in the period from October to December
amounted to 17 percent. Earnings were only burdened by the previously
announced, one-off exceptional costs, resulting in a fall in Group net
profit for the financial year 2011 to EUR 12.5 million. In view of the
excellent liquidity and equity capital situation of the MLP Group, the
Executive Board proposes a total dividend of 60 cents per share.
'We are very satisfied with our performance, particularly in the fourth
quarter. MLP can grow even in the face of challenging market conditions -
an aspect that we demonstrated once again in 2011,' comments Chief
Executive Officer Dr. Uwe Schroeder-Wildberg. 'MLP now has a stronger
foundation than ever before. We have undertaken important realignments for
the future as well as further improving our competitive position through
our investment and efficiency programme.'
Full year: Growth in all consulting areas
Total revenues in the full year 2011 rose by 4 percent to EUR 545.5 million
(2010: EUR 522.6 million). This performance was primarily driven by the
successful development in revenues from commissions and fees, which
increased by 6 percent to EUR 498.5 million (EUR 472.2 million). Interest
income also showed pleasing development, amounting to EUR 28.2 million (EUR
25.2 million), whereas other revenue fell by 26 percent to EUR 18.8 million
(EUR 25.3 million).
The breakdown of the revenues from commissions and fees shows that in 2011
MLP achieved growth in all consulting areas. The largest contributor to the
revenues was old-age provision, which accounted for EUR 292.9 million,
representing a 2 percent increase over the previous year (EUR 288.3
million). This performance significantly benefited from a very successful
fourth quarter in which old-age provision - supported, among other aspects,
by the growth in occupational pension provision - rose by 17percent to EUR
123.3 million (Q4 2010: EUR 105.6 million). The strongest growth was
recorded in health insurance where revenues amounted to EUR 79.9 million
(2010: EUR 61.3 million) - a rise of 30 percent. Here, MLP benefited, among
other aspects, from the abolition of the three-year waiting period for
insurees wishing to switch to private health insurance. In wealth
management which contains both the subsidiary Feri as well as the MLP
private client business, revenues rose slightly by EUR 0.3 million to EUR
78.8 million (EUR 78.5 million). The relatively modest revenue development
was due to the turbulence on the capital markets in response to the
European debt crisis which, particularly in the second half-year, led to
client hesitancy throughout the industry. On the other hand, and against a
background of uncertainty in the markets, client interest in purchasing
their own residential property remains high. This led to a rise in revenues
from loans and mortgages from EUR 12.2 million to EUR 13.5 million. The
additional earnings from the joint venture company MLP Hyp amounted to EUR
1.2 million (EUR 1.3 million). 'In 2011, MLP benefited more than ever
before from its holistic consulting approach. Whereas the uptrend in the
previous quarters of the year was supported by wealth management, loans and
mortgages, non-life insurance and particularly health insurance, the final
quarter was led by revenue generation in old-age provision,' comments Uwe
Schroeder-Wildberg. 'Today, MLP is founded on several stable pillars which
complement each other.'
Operating EBIT rises by 11 percent
Operating EBIT in the financial year 2011 increased by 11 percent to EUR
52.3 million (EUR 47.0 million). As previously announced, one-off
exceptional costs were incurred within the framework of the investment and
efficiency programme which totalled EUR 33.4 million in the period from
January to December. EBIT thus amounted to EUR 18.9 million (EUR 47.0
million). Group net profit fell accordingly to EUR 12.5 million (EUR 34.1
million). At 31st December 2011, liquid funds amounted to EUR 171 million
(31st December 2010: EUR 223 million) and the equity ratio stood at 26.8
percent (31st December 2010: 27.6 percent).
Dividend proposal of 60 cents per share
Based on this excellent capital backing MLP is continuing the reliable
dividend policy of recent years. In this respect, the Executive Board
proposes a total dividend of 60 cents per share. In doing so, MLP is
paying a constant regular dividend (2010: 30 cents) as well as distributing
30 cents per share based on surplus liquidity not needed for the operating
business. 'Even in a year with one-off exceptional costs, our balance
sheet strength still enables us to pay a stable dividend,' comments Chief
Financial Officer Reinhard Loose. 'In doing so, we once again highlight
that the MLP share remains among the attractive dividend-bearing shares in
Germany.'
Q4: Total revenues increase by 9 percent, operating EBIT plus 12 percent
In the fourth quarter MLP generated total revenues of EUR 189.0 million,
making this period by far the strongest quarter of the financial year 2011
and representing a significant increase of 9 percent over the comparative
period in the previous year (Q4 2010: EUR 173.7 million). Operating EBIT
rose by 12 percent to EUR 33.6 million (EUR 30.0 million), such that MLP
earned 64 percent of its operating EBIT for the full year during the period
from October to December. Due to previously announced, one-off exceptional
costs of EUR 19.3 million, EBIT amounted to EUR 14.2 million (EUR 30.0
million), Group net profit fell accordingly to EUR 10.4 million (EUR 21.6
million).
New business in old-age provision above the previous year
The premium sum in old-age provision in the financial year 2011 amounted to
EUR 5.2 billion - and was thus 4 percent above the previous year (2010:
EUR 5.0 billion). Occupational pensions accounted for a higher proportion
of this business, making up 13 percent of this figure (2010: 9 percent) and
showing very pleasing development, particularly in the finalquarter. At
the end of the year Assets under Management rose again above the EUR 20
billion mark and at 31st December 2011 amounted to EUR 20.2 billion (30th
September 2011: EUR 19.3 billion).
New client acquisition accelerates significantly
In 2011 MLP welcomed a total of 34,600 new clients (2010: 34,000). The
strongest gains were achieved in the fourth quarter, resulting in 11,800
new clients and representing a 24 percent increase compared to the same
period in the previous year (Q4 2010: 9,500). At the end of the year the
number of consultants stood at 2,132 (30th September 2011: 2,160).
Goal for 2012: Increase the operating EBIT margin to 15 percent
In the financial year 2012 the macroeconomic framework conditions will
deteriorate considerably. In this respect, the Federal Government
anticipates that the German gross domestic product will grow by 0.7
percent, compared to 3.0 in the previous year. Within the financial
consulting sector the market conditions remain challenging. In view of the
on-going discussion surrounding the European debt crisis, both private and
corporate clients are likely to remain hesitant. In this environment MLP
expects to make slight revenue gains in old-age provision and in health
insurance and to achieve stronger growth in wealth management. However, on
account of the challenging market conditions this development remains
somewhat uncertain.
At the same time MLP reiterates its goal to reduce the fixed costs for the
financial year 2012 to around EUR 249 million - representing a cost
reduction of EUR 30 million compared to the financial year 2010. From a
current perspective MLP does not expect to incur any one-off exceptional
costs in 2012. 'We remain on track with our efficiency programme and in
2012 we will already benefit from the implemented measures,' comments
Reinhard Loose. 'Overall we are thus on course to achieve our goal of
increasing the operating EBIT margin in 2012 to 15 percent.'
MLP publishes its Annual Report on 22nd March 2012. The MLP Annual General
Meeting 2012 is scheduled to convene on 26th June 2012.
Overview of the key figures
Continuing operations (in Q4/ Q4/ Change 12 12 Change*) 30th September 2011
EUR million) 2011 2010 in % months months in %
2011 2010
Revenues 183 165 11 526.7 497.3 6
.0 .1
Revenues from commissions 175 158 11 498.5 472.2 6
and fees .6 .8
Interest income 7.3 6.3 16 28.2 25.2 12
Other revenues 6.0 8.7 -31 18.8 25.3 -26
Total revenues 189 173 9 545.5 522.6 4
.0 .7
Operating EBIT (before one- 33.6 30.0 12 52.3 47.0 11
off exceptional costs)
Earnings before interest and 14.2 30.0 -53 18.9 47.0 -60
tax (EBIT)
Earnings before tax (EBT) 14.5 30.1 -52 18.7 47.1 -60
Net profit 10.8 21.8 -50 12.2 34.1 -64
Group net profit (including 10.4 21.6 -52 12.5 34.1 -63
discontinued operations)
Diluted earnings per share 0.10 0.20 -50 0.12 0.31 -61
(including discontinued
operations) in EUR
Clients 794,5 785,5 1
00 00*
Consultants 2,132 2,160* -1
About MLP:
MLP is Germany's leading independent consulting company. Supported by
comprehensive research, the Group provides a holistic consulting approach
that covers all economic and financial questions for private and corporate
clients, as well as institutional investors. The key aspect of the
consulting approach is the independence from insurance companies, banks and
investment firms. The MLP Group manages total assets of more than EUR 20.2
billion and supports more than 794,500 private and 5,000 corporate clients
or employers. The financial services and wealth management consulting
company was founded in 1971 and holds a full banking licence.
The concept of the founders, which still remains the basis of the current
business model, is to provide long-term consulting for academics and other
discerning clients in the fields of provision, financial investment, health
insurance, non-life insurance, loans and mortgages and banking. Private
individuals with assets above EUR 5 million and institutional clients
benefit from extensive wealth management and consulting services as well as
receiving economic forecasts and ratings provided by the subsidiaries of
the Feri Group. Supported by its subsidiary TPC and the joint venture
HEUBECK-FERI Pension Asset Consulting GmbH, MLP also provides companies
with independent consulting and conceptual services in all issues
pertaining to occupational pension schemes and remuneration as well as
asset and risk management.
End of Media Release
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Language: English
Company: MLP AG
Alte Heerstraße 40
69168 Wiesloch
Germany
Phone: +49 (0)6222-308-1135
Fax: +49 (0)6222-308-8351
E-mail: investorrelations(at)mlp.de
Internet: www.mlp-ag.de
ISIN: DE0006569908
WKN: 656990
Listed: Regulierter Markt in Frankfurt (Prime Standard),
Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg,
Hannover, München; Terminbörse EUREX
End of News DGAP-Media
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