DGAP-Media: MLP AG: 'MLP begins the year with a significant rise in earnings'
(firmenpresse) - MLP AG / Finance
12.05.2010 07:33
Dissemination of a Media Release, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
'MLP begins the year with a significant rise in earnings'
- Q1: EBIT increases by 26 percent to EUR 4.0 million
- Slight fall in total revenues to EUR 121.2 million
- Positive signs in private and corporate client business
- Assets under Management climb to EUR 17.7 billion
- Further pick-up in business expected
Wiesloch, 12th May 2010 - MLP, the independent financial services and
wealth management consulting company, has begun the financial year 2010
with a significant rise in earnings - despite having to operate in a market
environment still beset by the effects of the economic and financial
crisis. In the first quarter, earnings before interest and tax (EBIT) rose
by 26 percent to EUR 4.0 million (Q1 2009: EUR 3.2 million). Total revenues
- significantly affected by lower interest income - fell slightly to EUR
121.2 million (EUR 125.5 million).
'Although the market environment remains generally tense, we are
nevertheless seeing positive signs in our private client and corporate
client business areas and have laid a good foundation in the first quarter
for the coming months,' comments MLP Chief Executive Officer Dr. Uwe
Schroeder-Wildberg.
All the early indicators for future revenue development moved in a positive
direction in the period from January to March. Accordingly, MLP welcomed
8,000 new clients, 1,400 more than in the same period last year (6,600).
Assets under Management, which form the foundation for future revenue in
wealth management, climbed from EUR 17.0 billion (31.12.2009) to EUR 17.7
billion. New business in old-age pension provision also rose compared to
the same period last year, increasing from EUR 0.9 billion to EUR 1.0
billion. Occupational pension scheme business accounted for 15 percent of
this new business and thus contributed to a higher degree than ever before.
In private health insurance, annual premiums rose to EUR 15.9 million (EUR
13.2 million).
Rising revenue in wealth management and non-life insurance
The positive development in new business is not yet fully reflected in the
revenues from commissions and fees. Here, revenues in old-age pension
provision amounted to EUR 58.9 million and thus remained around 6 percent
below the previous year (EUR 62.9 million). In the private health insurance
business, revenues fell to EUR 12.9 million (EUR 13.7 million). However,
MLP achieved growth in the wealth management business which rose by 7
percent to EUR 18.3 million (EUR 17.2 million). Continued high demand for
greater risk provision helped to increase revenue from non-life insurance
by 8 percent to EUR 16.4 million (EUR 15.2 million). Combining all the
consulting areas together, revenues from commissions and fees totalled EUR
109.1 million - almost equalling the previous year's figure of EUR 111.6
million. However, interest income was clearly regressive, falling by 33
percent to EUR 6.2 million (EUR 9.2 million) due to the prevailing low
interest rates. Total revenues thus amounted to EUR 121.2 million (EUR
125.5 million).
Significant rise in earnings
EBIT was burdened by an exceptional expense amounting to EUR 2.0 million
that was incurred due to premature hedging costs within the framework of
the participation programme for MLP consultants and employees.
Nevertheless, this figure still rose by 26 percent to EUR 4.0 million (EUR
3.2 million). The annual dividend distribution to the minority shareholders
of the subsidiary Feri Finance AG reduced the financial result in the first
quarter, as planned, by EUR 0.7 million. This resulted in net profit from
continuing operations of EUR 2.0 million (EUR 0.1 million). The net profit
of the MLP Group rose significantly to EUR 1.7 million (EUR -1.4 million).
Liquid funds stood at around EUR 205 million and therefore remain at a high
level (31.12.2009: EUR 210 million).
MLP gains 8,000 new clients in the first quarter
Pleasing progress was made through the acquisition of 8,000 new clients in
the first quarter although the total number of private clients fell to
764,500 (31.12.2009: 785,500). This was due to data matching with product
partners and new processes, through which MLP is further improving the
interfaces to product partners and thereby further enhancing the quality of
costumer data. The number of consultants remained constant at 2,384
(31.12.2009: 2,383).
MLP registered for accreditation for CFP vocational training
In the first quarter of 2010, MLP registered its Financial Planner
vocational training course at the Corporate University for accreditation by
the German Financial Planning Standards Board. Through this step MLP will
enable its consultants to prepare themselves for the Certified Financial
Planner (CFP) certification. The CFP is the highest internationally
recognised training standard for financial consultants. The first training
class starts in July.
Outlook: EBIT margin to rise to 15 percent by the end of 2012
As already communicated in February, the framework conditions will remain
challenging for MLP, particularly during the first half-year of 2010.
'However we expect the environment to stabilise further and that our
business will steadily pick up,' comments Andreas Dittmar, Head of Finance
at MLP. Simultaneously, MLP still intends to reduce its fixed costs in the
financial year 2010 by a total of EUR 10 million.
The medium-term outlook also remains unchanged: MLP maintains its objective
of increasing EBIT margin to 15 percent by the end of 2012 - representing
almost a doubling of this figure compared to the financial year 2009 (7.9
percent).
Overview of the key figures
Continuing operations(in EUR million) Q1/2010 Q1/2009 Change. in %*) 31/12/2009.
Revenues 115.3 120.8 -5
Revenues from commissions and fees 109.1 111.6 -2
Interest income 6.2 9.2 -33
Other revenues 5.9 4.7 26
Total revenues 121.2 125.5 -3
Earnings before interest and tax 4.0 3.2 26
(EBIT)
Earnings before tax (EBT) 3.5 1.7>100
Net profit 2.0 0.1>100
Earnings per share (diluted) in EUR 0.02 0.00>100
Clients 764,500 785,500* -3
Consultants 2,384 2,383* -
Jan Berg
Leiter Media Relations MLP AG
Alte Heerstraße 40, 69168 Wiesloch
Tel.: +49 (0) 62 22-308-4595
Fax: +49 (0) 62 22-308-1131
E-Mail: jan.berg(at)mlp.de
Internet: www.mlp-ag.de
12.05.2010 07:33 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: MLP AG
Alte Heerstraße 40
69168 Wiesloch
Deutschland
Internet: www.mlp.de
End of News DGAP-Media
---------------------------------------------------------------------------Unternehmensinformation / Kurzprofil:
Datum: 12.05.2010 - 07:33 Uhr
Sprache: Deutsch
News-ID 20720
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 196 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-Media: MLP AG: 'MLP begins the year with a significant rise in earnings'"
steht unter der journalistisch-redaktionellen Verantwortung von
MLP AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
