MLP AG: MLP AG results Q1 2011: 'MLP starts the new financial year with significant growth'
(firmenpresse) - MLP AG / Key word(s): Finance/
MLP AG: MLP AG results Q1 2011: 'MLP starts the new financial year
with significant growth'
DGAP-Media / 12.05.2011 / 07:30
MLP starts the new financial year with significant growth
- Total revenues increase by 8 percent to EUR 130.8 million (Q1 2010: EUR
121.2 million)
- EBIT more than doubles to EUR 8.6 million (EUR 4.0 million) despite
one-off exceptional costs; operating EBIT amounts to EUR 11.8 million
- Net profit rises from EUR 2.0 million to EUR 4.6 million
- Outlook: Increase in the operating EBIT margin to 15 percent by the end
of 2012
Wiesloch, 12th May 2011 - MLP, the independent financial services and
wealth management consulting company, has made a successful start to 2011.
In the first quarter, total revenues rose by 8 percent to EUR 130.8 million
(Q1 2010: EUR 121.2 million). Despite one-off exceptional costs, earnings
before interest and taxes (EBIT) rose over-proportionally - and more than
doubled to EUR 8.6 million (EUR 4.0 million). 'Despite the continuingly
difficult market conditions in old-age provision, we increased revenues in
the first quarter and significantly grew earnings. We are therefore very
satisfied with our start to the year,' comments MLP Chief Executive Officer
Dr. Uwe Schroeder-Wildberg.
Revenues from commissions and fees rise by 9 percent
The rise in total revenues was primarily attributable to the revenues from
commissions and fees, which grew by 9 percent to EUR 118.6 million (EUR
109.1 million) in the period from January to March 2011. Interest income
increased slightly by EUR 0.7 million to EUR 6.9 million, whilst other
revenues declined from EUR 5.9 million to EUR 5.3 million.
The breakdown of the revenues from commissions and fees shows a very
dynamic development in the healthcare area, where revenues more than
doubled to EUR 28.0 million (EUR 12.9 million). The greater demand was
primarily attributable to the shortening of the waiting period for
employees wishing to change to private healthcare insurance as well as to
clients' increasingly sceptical perception of the statutory healthcare
system following the most recent healthcare reform and the extensive public
discussion. The positive trend of recent quarters also continued in the
wealth management area - where revenues rose by 5 percent to EUR 19.3
million (EUR 18.3 million). This figure also reflects positive new business
development, both at MLP as well as at the subsidiary Feri. One of the more
noticeable current aspects is the desire of many clients to buy their own
home. Against this background, revenues in loans and mortgages increased by
48 percent from EUR 2.1 million to EUR 3.1 million. At the same time, the
earnings from the joint venture company MLP Hyp, through which MLP conducts
a considerable further portion of its property mortgages, doubled to EUR
0.2 million (EUR 0.1 million). Revenues in non-life insurance increased
modestly, rising by 2 percent to EUR 16.8 million (EUR 16.4 million). 'We
successfully focussed our consulting activities on private health insurance
and also achieved growth in all other areas where market conditions
permitted. This once again highlights the strengths of our holistic
consulting approach,' explains Uwe Schroeder-Wildberg.
However, the framework conditions in old-age provision remain difficult as
the entire market is still beset by reluctance and hesitancy on the part of
clients with respect to the conclusion of long-term contracts.
Consequently, revenues in the first quarter fell from EUR 58.9 million to
EUR 50.5 million. 'From a current perspective and on a full-year basis, we
still expect to achieve stable revenues in old-age provision,' comments
Chief Financial Officer Reinhard Loose.
EBIT more than doubled
In the first quarter, EBIT increased significantly to EUR 8.6 million (EUR
4.0 million). In addition to premature costs within the framework of the
participation programme for MLP consultants and employees amounting to EUR
1.4 million, this figure also includes a one-off exceptional charge of EUR
3.2 million. This cost was mainly due to severance payment costs, incurred
within the framework of the announced investment and efficiency programme.
Operating EBIT thus amounted to EUR 11.8 million.
As planned, the final dividend payment to the minority shareholders of the
subsidiary Feri Finance AG reduced the financial result in the first
quarter by EUR 1.7 million. Net profit from continuing operations thus
amounted to EUR 4.6 million (EUR 2.0 million). Group net profit rose to EUR
4.7 million (EUR 1.7 million). Liquid funds remained at a high level and
amounted to around EUR 226 million at 31st March 2011 (31st December 2010:
EUR 223 million).
Assets under Management continue to rise
In the first quarter, the volume of assets managed by the MLP Group further
increased against the overall market trend. At 31st March 2011, Assets
under Management stood at EUR 19.9 billion (31st December 2010: EUR 19.8
billion). In old-age provision, the premium sum amounted to EUR 0.9 billion
and was thus slightly below the previous year (Q1 2010: EUR 1.0 billion).
Occupational pensions accounted for 10 percent of this figure (full year
2010: 9 percent).
7,800 new clients
MLP welcomed 7,800 (8,000) new clients in the period from January to March.
The total number of clients rose to 778,000 (31st December 2010: 774,500).
The number of consultants fell to 2,222 (31st December 2010: 2,273).
Investment and efficiency programme initiated
A few weeks ago MLP initiated an extensive programme, focussing on
investments to strengthen its future growth. In addition to a marketing
campaign, the measures also include a significant increase in visibility at
the branch locations, even more effective support for MLP consultants as
well as further optimisation of processes. At the same time, MLP has pulled
forward and accelerated the implementation of its previously planned
efficiency measures in order to develop highly profitably even in the
presence of higher investment costs.
Outlook 2012: Increase in the operating EBIT margin to 15 percent
As already communicated, the concentration of the efficiency measures into
the current financial year will result in one-off exceptional costs in 2011
of around EUR 30 million, of which MLP has already booked around EUR 3.2
million in the first quarter. From 2012, the programme contributes towards
a significant increase in the previously planned efficiency measures.
Overall, by the end of 2012 MLP expects to achieve a sustainable reduction
of at least EUR 30 million in its annual fixed costs. MLP maintains its
objective to increase the operating EBIT margin to 15 percent in 2012.
Overview of the key figures
Continuing operations(in EUR million) Q1/2011 Q1/2010 Change in %*) 12/31/2010.
Revenues 125.5 115.3 9
Revenues from commissions and fees 118.6 109.1 9
Interest income 6.9 6.2 11
Other revenue 5.3 5.9 -10
Total revenues 130.8 121.2 8
Earnings before interest and tax (EBIT) 8.6 4.0>100
Earnings before tax (EBT) 7.6 3.5>100
Net profit 4.6 2.0>100
Earnings per share (diluted) in EUR 0.04 0.02 100
Private clients 778,000 774,500* -
Consultants 2,222 2,273* -2
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 19.9
billion and supports more than 778,000 private and over 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 provision, financial
investment, 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 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
Deutschland
Phone: +49 (0)6222-308-1135
Fax: +49 (0)6222-308-8351
E-mail: investorrelations(at)mlp.de
Internet: www.mlp.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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Datum: 12.05.2011 - 07:30 Uhr
Sprache: Deutsch
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