MLP AG: MLP increases revenues in the first nine months - operating EBIT rises
(firmenpresse) - MLP AG / Key word(s): Finance/
MLP AG: MLP increases revenues in the first nine months - operating
EBIT rises
DGAP-Media / 10.11.2011 / 07:32
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MLP increases revenues in the first nine months - operating EBIT rises
- Total revenues increase to EUR 356.5 million (9M 2010: EUR 348.8
million)
- Operating EBIT rises by 10 percent to EUR 18.7 million (EUR 17.0
million)
- Q3: Total revenues of EUR 116.3 million slightly above previous year's
level (Q3 2010: EUR 116.0 million) despite the difficult market
environment; upward trend in old-age provision continued
- Earnings affected predominantly by the previously announced one-off
exceptional costs - efficiency programme running according to plan
- Outlook: Operating EBIT margin to rise to 15 percent in 2012
Wiesloch, 10th November 2011 - MLP has increased revenues in the first nine
months of the financial year 2011 by 2 percent to EUR 356.5 million. At the
same time, operating earnings before interest and taxes (EBIT before
one-off exceptional costs) increased by 10 percent to EUR 18.7 million. The
third quarter contributed significantly to this positive development -
despite considerably more difficult framework conditions than in the
comparative quarter, total revenues amounted to EUR 116.3 million being
slightly above the level of the previous year. At the same time, the
previously announced investment and efficiency programme continues to run
according to plan.
'Due to the upheavals on the capital markets, the discussions concerning
the European debt crisis and the cooling economy, the environment in the
second half-year has deteriorated once again and many investors are
adopting a cautious stance,' comments MLP Chief Executive Officer Dr. Uwe
Schroeder-Wildberg. 'We have coped well with this difficult market
environment and achieved a successful third quarter. After nine months of
the current financial year we are on target in all matters which clearly
demonstrates the strength of our business.'
9 months: Revenues from commissions and fees rise by 3 percent
In the period from January to September 2011, MLP increased total revenues
by 2 percent to EUR 356.5 million (9M 2010: EUR 348.8 million). This growth
was mainly driven by the successful development in revenues from
commissions and fees which rose by 3 percent to EUR 322.8 million (EUR
313.4 million). Interest income also developed positively, amounting to EUR
20.9 million (EUR 18.8 million). However, other revenues decreased, falling
by 23 percent to EUR 12.8 million (EUR 16.6 million).
The breakdown of the revenues from commissions and fees shows that the
strongest growth was in health insurance where revenues grew by 44 percent
to EUR 56.8 million (EUR 39.4 million). The rise in demand was mainly due
to the abolition of the three-year waiting period for employees wishing to
switch to private health insurance as well as to the increasingly sceptical
perception of the level of services and care provided by the state
healthcare system. In wealth management, revenues rose by 4 percent to EUR
59.2 million (EUR 57.1 million) thanks to positive business development at
both MLP and the subsidiary Feri. Against the backdrop of uncertainty on
the capital markets, clients' interest in buying their own home remained
high and helped to expand revenues from loans and mortgagesfrom EUR 7.9
million to EUR 9.3 million. At the same time the earnings from the joint
venture company MLP Hyp increased from EUR 0.8 million to EUR 0.9 million.
Revenues from non-life insurance amounted to EUR 25.0 million and were thus
also slightly above the previous year (EUR 23.9 million).
In old-age provision MLP maintained the upward trend. Although revenues in
the third quarter 2011 fell slightly by 2 percent to EUR 62.7 million (Q3
2010: EUR 64.1 million), the decrease continued to reduce compared to the
first quarter (minus 14 percent) and to the second quarter (minus 6
percent). At the same time, the premium sum for new business amounted to
EUR 1.0 billion and thus remained exactly at the level of the previous year
(Q3 2010: EUR 1.0 billion).
9 months: Operating EBIT rises by 10 percent
Operating EBIT in the first nine months increased by 10 percent from EUR
17.0 million to EUR 18.7 million. As already announced in April, one-off
exceptional costs were incurred within the framework of the investment and
efficiency programme which amounted to EUR 14.1 million during the period
from January to September 2011. This resulted in EBIT of EUR 4.6 million
(9M 2010: EUR 17.0 million). Group net profit fell accordingly to EUR 2.0
million (EUR 12.5 million). At 30th September 2011, liquid funds amounted
to EUR 159 million (30th June 2011: EUR 160 million).
Q3: Total revenues slightly above previous year's level despite the
difficult market environment
Compared to the reporting period 2010, MLP slightly increased total
revenues in the third quarter 2011 which amounted to EUR 116.3 million (Q3
2010: EUR 116.0 million). Compared to the second quarter 2011, this
corresponds to a rise of 6 percent (Q2 2011: EUR 109.3 million). Here, MLP
benefitted, above all, from stable development in revenues from commissions
and fees which totalled EUR 105.3 million (Q3 2010: EUR 104.6 million).
Operating EBIT decreased from EUR 8.7 million to EUR 6.5 million. After
adjustment for one-off exceptional costs of around EUR 3.6 million, EBIT
amounted to EUR 2.9 million (EUR 8.7 million). Group net profit fell
correspondingly to EUR 1.7 million (EUR 7.2 million).
New business in old-age provision at the previous year's level
In old-age provision the premium sum in the first nine months of the
financial year 2011 stood at EUR 2.9 billion (9M 2010: EUR 3.0 billion).
Occupational pensions accounted for 10 percent of this figure (full year
2010: 9 percent). When viewing the third quarter in isolation, the premium
sum in old-age provision amounted to EUR 1.0 billion and thus remained at
the level of the previous year (Q3 2010: EUR 1.0 billion). Assets under
Management fell to EUR 19.3 billion (30th June 2011: EUR 20.6 billion) due
to the markedly negative performance of numerous investment sectors in the
third quarter.
22,800 new clients
In the period from January to September 2011 MLP welcomed 22,800 new
clients (9M 2010: 24,500). The total number of clients rose to 785,500
(30th June 2011: 781,000). The number of consultants decreased slightly to
2,160 (30th June 2011: 2,186).
Extensive marketing campaign initiated
At the end of the third quarter MLP began to roll out an extensive
marketing campaign which aims to highlight the position of MLP as a
reliable partner for academics with respect to their financial planning
needs as well as to further increase MLP's profile. The campaign is being
run in print, TV and online media.
Goal for 2012: Increase the operating EBIT margin to 15 percent
The fourth quarter of the year, particularly the last few weeks, have
traditionally a significantly influence on MLP's full year result, and the
independent financial services and wealth management consulting company
expects to register a further pick-up in business during the coming weeks.
'We have laid down a firm foundation in the third quarter and anticipate a
successful final quarter despite the challenging environment,' comments
Chief Financial Officer Reinhard Loose.
As communicated in April, the concentration of the efficiency measures on
thecurrent financial year will result in one-off exceptional costs of
approximately EUR 30 million in 2011, of which MLP has already booked
around EUR 14.1 million in the first nine months. From 2012, the
investment and efficiency programme contributes to a significant increase
in efficiency. Overall, by the end of 2012 MLP expects to achieve a
sustainable reduction in its annual fixed costs of at least EUR 30 million.
'Our efficiency programme remains on schedule and we are therefore well on
our way to achieving our goal of increasing the operating EBIT margin to 15
percent in 2012,' explains Reinhard Loose.
Overview of the key figures
Continuing operations Q3/ Q3/ Change 9 months 9 months Change*) 30th June 2011
(in EUR million) 2011 2010 in % 2011 2010 in %
Revenues 112 111 1 343.7 332.3 3
.3 .0
Revenues from 105 104 1 322.8 313.4 3
commissions and fees .3 .6
Interest income 7.0 6.4 9 20.9 18.8 11
Other revenues 4.0 5.0 -20 12.8 16.6 -23
Total revenues 116 116 0 356.5 348.8 2
.3 .0
Operating EBIT (before 6.5 8.7 -25 18.7 17.0 10
one-off exceptional
costs
Earnings before 2.9 8.7 -67 4.6 17.0 -73
interest and tax
(EBIT)
Earnings before tax 3.0 9.4 -68 4.2 17.0 -75
(EBT)
Net profit 1.6 6.8 -76 1.4 12.3 -89
Group net profit 1.7 7.2 -76 2.0 12.5 -84
Earnings per share 0.02 0.07 -71 0.02 0.12 -83
(diluted) in EUR
Clients 785,500 781,00 1
0*
Consultants 2,160 2,186* -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 19.3
billion and supports more than 785,500 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. 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 AGAlte 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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