DGAP-Media: MLP AG: Q2: MLP posts a significant rise in earnings - total revenues increase by five percent
(firmenpresse) - MLP AG / Finance
12.08.2010 07:33
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Q2: MLP posts a significant rise in earnings
- total revenues increase by five percent
- EBIT almost doubles to EUR 4.3 million (Q2 2009: EUR 2.2 million)
- Total revenues rise to EUR 111.6 million (EUR 105.9 million)
- Assets under Management reach a new record high of EUR 18.7 billion -
increasing by EUR 1.0 billion in the second quarter alone
- Further pick-up in business expected particularly in the fourth quarter
Wiesloch, 12th August 2010 - In the second quarter MLP achieved gains in
both revenue and profit. Total revenues increased by 5 percent to EUR 111.6
million (Q2 2009: EUR 105.9 million), earnings before interest and tax
(EBIT) climbed by 95 percent to EUR 4.3 million
(EUR 2.2 million). Net profit rose to EUR 3.1 million (EUR -0.5 million).
'The positive signs detected at the beginning of the year have been
confirmed during recent months. Despite the continued presence of difficult
framework conditions we were able to increase key figures in the second
quarter and achieved significant growth, particularly in revenues from
commissions and fees,' comments MLP-Chief Executive Officer Dr. Uwe
Schroeder-Wildberg.
Significant rise in revenues within wealth management
In the second quarter, revenues from commissions and fees increased across
all the consulting areas, rising to EUR 99.7 million and representing an 8
percent gain compared to the same quarter in the previous year (EUR 91.9
million). The breakdown analysis shows a significant pick-up in wealth
management business where revenues rose by 18 percent to
EUR 18.8 million (EUR 15.9 million). In the private health insurance area,
the growth was even more striking - revenue climbed by 51 percent to EUR
13.7 million (EUR 9.1 million). Demand for greater risk provision also
remains high, leading to a 12-percent rise in non-life insurance revenues
to EUR 3.8 million (EUR 3.4 million). Old-age pension provision amounted to
EUR 59.7 million and thus almost equalled the previous year's level (EUR
60.1 million). However, interest income fell due to the prevailing low
interest rates, declining by 22 percent to EUR 6.3 million (EUR 8.1
million).
Half -year: Significant rise in earnings
Total revenues for the first half-year amounted to EUR 232.8 million and
were thus slightly above the previous year (H1 2009: EUR 231.4 million).
EBIT rose by 54 percent to EUR 8.3 million (EUR 5.4 million). Net profit
from continuing operations totalled EUR 5.1 million (EUR -0.4 million).
Group net profit also increased significantly to EUR 5.3 million (EUR -6.5
million). At 30th June, MLP had liquid funds of EUR 192 million (31.3.2010:
EUR 205 million).
Assets under Management reach a new record high
Thanks to positive new business with private investors and, in particular,
institutional clients, Assets under Management reached a new all-time high
of EUR 18.7 billion. This corresponds to an increase of EUR 1.0 billion
compared to 31st March 2010 (EUR 17.7 billion) - the highest quarterly
growth rate in the history of MLP. 'Through this achievement we have laid
down an important foundation for future revenues in wealth management,'
comments Uwe Schroeder-Wildberg. The premium sum of new business in old-age
pension provision in the first half-year rose slightly to EUR 2.0 billion
(H1 2009: EUR 1.9 billion). Occupational pensions accounted for 12 percent
of this figure (Full year 2009: 10 percent). In the health insurance
business, annual premiums climbed to EUR 23.3 million (EUR 20.6 million).
MLP gains 16,000 clients in the first half-year
In the first half-year MLP gained a gross total of 16,000 private clients
(H1 2009: 15,100). Thus the total number of clients stands at 767,000. The
number of consultants stands at 2,359 (31.3.2010: 2,384).
MLP wins several awards
During the second quarter MLP received several awards for the quality of
its consulting services. In a client assessment survey conducted in May by
the online portal 'WhoFinance.de', MLP once again achieved the top grade
for its consulting and was ranked in second position overall. According to
a publication by the investor magazine 'Börse Online', MLP achieved the
best overall ranking in a survey conducted by the private university WHU -
Otto Beisheim School of Management concerning client satisfaction in the
private banking segment - ahead of Merck Finck and Berenberg Bank.
Outlook: Increase in EBIT margin to 15 percent by the end of 2012
Overall, the framework conditions are likely to remain difficult during the
coming months. 'Despite the improving situation, the market is still quite
a long way from the level before the outbreak of the far-reaching economic
and financial crisis,' comments Andreas Dittmar, Head of Finance at MLP.
'However, we expect to achieve a further significant pick-up in business,
particularly in the traditionally important fourth quarter.' In addition,
MLP stands by its goal to reduce its fixed costs in 2010 by a total of
EUR 10 million.
MLP's medium-term objective is to increase the EBIT margin to
15 percent by the end of 2012 (2009: 7.9 percent).
Overview of the key figures
Continuing operations Q2/ Q2/ Change 6 6 Change*) Adjustments in Q1 2010
(in EUR million) 2010 2009 in % month- month- in %
s2010 s2009
Revenue 106.0 100.0 6 221.3 220.8 0
Revenue from 99.7 91.9 8 208.8 203.5 3
commissions and fees
Interest income 6.3 8.1 -22 12.4 17.3 -28
Other revenue 5.7 5.9 -3 11.6 10.6 9
Total revenue 111.6 105.9 5 232.8 231.4 1
Earnings before 4.3 2.2 95 8.3 5.4 54
interest and tax
(EBIT)
Earnings before tax 4.1 1.6>100 7.6 3.3>100
(EBT)
Net profit 3.1 -0.5>100 5.1 -0.4>100
Earnings per share 0.03 0.00>100 0.05 0.00>100
(diluted) in EUR
Clients 767,00 785,50 -2
0* 0**
Consultants 2,359 2,383** -1
**) 31.12.2009
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 of insurance companies, banks and
investment firms. The MLP Group manages total assets of more than EUR 18.7
billion and supports more than 765,000 private and 4,000 corporate clients.
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 old-age pension provision, wealth
management, healthinsurance, non-life insurance, loans and mortgages and
banking. Those with assets above EUR 5 million are looked after by the
subsidiary Feri Family Trust. Moreover, the Group provides consulting
services to institutional investors via Feri Institutional Advisors GmbH.
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 asset and risk management.
12.08.2010 07:33 Ad hoc announcement, Financial News and Press 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
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