DGAP-Media: MLP AG: MLP maintains positive trend with growth in revenues and earnings
(firmenpresse) - MLP AG / Key word(s): Finance
11.11.2010 07:33
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MLP maintains positive trend with growth in revenues and earnings
- Q3: Total revenues increase to EUR 116.0 million, EBIT rises to EUR 8.7
million
- 9M: Significant jump in earnings - EBIT climbs to EUR 17.0 million (45
percent increase), net profit almost triples
- Assets under Management continue to grow, with EUR 19.3 billion again
reaching a record high
- Outlook: Further pick-up in business anticipated for the year-end
Wiesloch, 11th November 2010 - In the third quarter MLP, the independent
financial services and wealth management consulting company, further
expanded its growth in earnings and again generated growth in revenues.
In this respect, revenues rose across almost all the consulting areas,
whilst earnings continued to benefit from the on-going and successful cost
management programme. MLP also achieved further growth in Assets under
Management - which climbed to a new record high - as well as generating
growing momentum in new client acquisition.
'We maintained the positive trend, building on our performance in the
previous quarter, in which we achieved our first revenue growth since the
outbreak of the financial and economic crisis,' comments MLP Chief
Executive Officer, Dr. Uwe Schroeder-Wildberg. 'The successful third
quarter creates a good foundation for the final quarter of the year which
is traditionally a very important one for MLP.'
In the period from July to September total revenues rose from EUR 113.9
million to EUR 116.0 million, representing an increase of 4 percent over
the second quarter (Q2 2010: EUR 111.6 million). Earnings before interest
and tax (EBIT) grew by 38 percent to EUR 8.7 million (Q3 2009: EUR 6.3
million). Net profit increased significantly, rising by 48 percent to EUR
6.8 million (EUR 4.6 million).
Growth in wealth management, health insurance and non-life insurance
In the third quarter, revenues from commissions and fees from all
consulting areas amounted to EUR 104.6 million, representing an increase of
3 percent compared to the same period in the previous year (EUR 102.0
million). The highest growth rate was achieved in health insurance, where
revenues rose by 23 percent from EUR 10.4 million to EUR 12.8 million. In
wealth management, business development reflected the gradually-returning
confidence of investors with respect to capital market-related products -
an aspect which helped MLP to achieve a 7 percent rise in revenues to EUR
20.0 million (EUR 18.7 million). The continuingly high demand for greater
risk provision boosted revenues in non-life insurance which rose by 6
percent to EUR 3.7 million (EUR 3.5 million). The development in old-age
pension provision business remained stable and amounted to EUR 64.1 million
(EUR 65.1 million). The improving momentum is reflected in the comparison
with the second quarter, during which revenues from old-age provision
products only amounted to EUR 59.7 million. Due to the prevailing lower
interest rates, interest income fell to EUR 6.4 million (Q3 2009: EUR 7.4
million).
9 months: Net profit almost triples
On a nine-month basis, total revenues were also slightly above the previous
year, amounting to EUR 348.8 million (9M 2009: EUR 345.3 million). EBIT
grew by 45 percent to EUR 17.0 million (EUR 11.7 million). Net profitfrom
the continuing operations almost tripled, climbing to EUR 11.9 million (EUR
4.1 million); group net profit also rose significantly to EUR 12.5 million
(EUR - 2.3 million). The rise in earnings also reflects the success of the
on-going efficiency programme: in the period from January to September MLP
reduced its fixed costs by some EUR 7 million - thereby already achieving a
large portion of the total planned savings target of EUR 10 million for
2010. The balance sheet strength of MLP is reflected in the equity ratio
of 28 percent as well as its liquid funds of around EUR 197 million at 30th
September 2010 (30th June 2010: EUR 192 million).
Further rise in Assets under Management
Thanks to the positive development in new business with private clients and
institutional investors as well as to the current up-trend in the capital
markets, Assets under Management continued to grow, reaching a new record
high of EUR 19.3 billion (30th June 2010: EUR 18.7 billion). In old-age
pension provision, the premium sum remained stable in the first nine
months, amounting to EUR 3.0 billion (9M 2009: EUR 3.0 billion).
Occupational pension business accounted for around 11 percent of this
figure (Full year 2009: 10 percent). In private health insurance, annual
premiums rose to EUR 38.2 million (EUR 31.3 million).
MLP gains 24,500 new clients in the first nine months
In the first three quarters of the year MLP welcomed a total of 24,500 new
private clients (9M 2009: 24,500). In this respect, the third quarter
proved to be the strongest quarter of the year so far - resulting in 8,500
new clients. The total number of clients thus stands at 771,000 (30th June
2010: 767,000). At 30th September, the number of consultants amounted to
2,317 (30th June 2010: 2,359).
Further market regulation is taking shape
Following adoption by the federal cabinet of the draft legislation
concerning investor protection ('Anlegerschutzgesetz') in September,
further regulation of the industry is taking shape. Whereas institutes with
a banking licence - such as MLP - are subject to supervision by the Federal
Financial Supervisory Authority (BaFin), it is planned that brokers of
closed-end funds will, in future, be supervised by the trade licensing
offices.
'That would be a disservice to investor protection, as the trade licensing
offices adopt a significantly laxer approach to monitoring and supervision
as well as having fewer possibilities for applying sanctions,' comments Uwe
Schroeder-Wildberg. According to announcements, the initiation of further
new regulatory measures can be expected during the coming months. 'Many
market participants will find it difficult to keep pace with the stricter
requirements.'
Outlook: Further pick-up in business expected at the year-end
Traditionally, the fourth quarter - and particularly the final weeks of the
year - have a significant influence on the full-year result of MLP.
'Despite the positive development in the past quarters and the more
favourable economic environment, the German private and corporate client
market nevertheless remains challenging,' explains Andreas Dittmar, Head of
Finance at MLP. 'However, the business in October further improved compared
with the third quarter as a whole, and we expect to see a further pick-up
in business during the coming weeks.' MLP's medium-term goal remains to
increase EBIT margin to 15 percent by the end of 2012 (2009: 7.9 percent).
Overview of the key figures
Continuing Q3/ Q3/ Change 9 months 9 months Change*) Adjustments in Q1 2010
operations(in EUR 2010 2009 in % 2010 2009 in %
million)
Revenues 111 109 1 332.3 330.2 1
.0 .4
Revenues from 104 102 3 313.4 305.5 3
commissions and .6 .0
fees
Interest income 6.4 7.4 -14 18.8 24.8 -24
Other revenue 5.0 4.5 11 16.6 15.1 10
Total revenues 116 113 2 348.8 345.3 1
.0 .9
Earnings before 8.76.3 38 17.0 11.7 45
interest and tax
(EBIT)
Earnings before tax 9.4 7.3 29 17.0 10.7 59
(EBT)
Net profit 6.8 4.6 48 11.9 4.1>100
Earnings per share 0.06 0.04 50 0.11 0.04>100
(diluted) in EUR
Clients 771,00 767,00 -
0* 0**
Consultants 2,317 2,359** -2
**) 30.6.2010
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 19.3
billion and supports more than 771,000 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, health insurance, 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.
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
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Language: English
Company: MLP AG
Alte Heerstraße 40
69168 Wiesloch
Deutschland
Internet: www.mlp.de
End of Announcement DGAP-Media
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