12.11.2015
MLP AG DE0006569908
MLP AG: MLP confirms results for the first nine months of 2015
(DGAP-Media / 12.11.2015 / 07:32)
MLP confirms results for the first nine months of 2015
- 9 M: Total revenue up from EUR 344.7 million to EUR 369.5 million, pro
forma EBIT (prior to acquisitions) at EUR 8.3 million (EUR 9.4 million)
- As already communicated, Q3 burdened by external effects
- Significant pick-up in business development anticipated at the year end
Wiesloch, 12th November 2015 - MLP AG confirms its preliminary results for
the third quarter and the first nine months of 2015 which the company
already communicated in advance on 26th October. Supported by broad-based
growth across almost all consulting areas, the Group increased total
revenue in the period from January to September by 7 percent.
Acquisition-adjusted earnings before interest and tax (pro forma EBIT)
amounted to EUR 8.3 million and thus remained slightly below the previous
year. Development was burdened by negative external factors in the third
quarter. MLP anticipates a significant acceleration in business development
during the fourth quarter.
In the first nine months, total revenue rose from EUR 344.7 million to EUR
369.5 million. Here, revenue from commissions and fees increased from EUR
314.8 million to EUR 341.1 million. Interest income totalled EUR 16.1
million (9M 2014: EUR 17.1 million) and thus came in slightly below the
previous year due to low interest rate environment. Other revenue amounted
to EUR 12.3 million (EUR 12.8 million).
Successful development in almost all consulting areas
MLP recorded the largest absolute growth in wealth management. After nine
months, revenue increased by EUR 15.6 million compared to the previous
year, rising to EUR 121.3 million (EUR 105.7 million). Viewing the third
quarter in isolation, business development fell short of expectations. This
was due to high volatility in the capital markets which resulted in
significantly lower inflows from performance fees than in the previous
year. On account of the negative capital market development, assets under
management decreased to EUR 27.9 billion (30th June, 2015: EUR 29.2
billion).
On a nine-month basis MLP also achieved growth in non-life insurance (up by
24 percent to EUR 36.7 million) and in health insurance (up by 6 percent to
EUR 33.6 million). In the real estate area, MLP significantly increased
revenue not only in loans and mortgages (up by 22 percent to EUR 11.1
million) but also in brokerage. This is shown under other commissions and
fees which rose from EUR 5.4 million to EUR 10.4 million.
In old-age provision, the framework conditions remain very difficult due to
the interest rate situation and the continuing discussion about life
insurers and their products. In view of these factors, revenue amounted to
EUR 128,0 million and thus remained below the level of the previous year
(EUR 133.1 million).
9M: Pro forma EBIT totals EUR 8.3 million
Acquisition-adjusted earnings before interest and tax (pro forma EBIT)
stood at EUR 8.3 million (EUR 9.4 million). Including the acquisition of
the DOMCURA Group, whose earnings have been consolidated since end of July
2015, EBIT amounted to EUR 7.4 million (EUR 9.4 million). This development
is due to the frequently mentioned seasonal nature of the DOMCURA business
model. Consequently, this subsidiary records very strong earnings in the
first quarter of each year, followed by an arithmetic loss from Q2 to Q4.
As expected, however, overall annual earnings are significantly positive.
MLP Group net profit in the first nine months totalled - mainly influenced
by the already communicated additional tax expense in the third quarter -
EUR 3.7 million (EUR 7.2 million).
Q3, as communicated, burdened by external special items
In the third quarter total revenue increased from EUR 117.8 million to EUR
122.9 million. Within this figure, non-life insurance, health insurance,
loans and mortgages as well as real estate brokerage all posted gains.
However, as already communicated within the framework of the preliminary
figures, the third quarter was influenced by special items. In addition to
the very difficult market environment in old-age provision, performance
fees in wealth management decreased significantly due to the volatility in
the capital markets. Pro forma EBIT totalled EUR 0.2 million (Q3 2014: EUR
4.9 million), EBIT stood at EUR -0.7 million (EUR 4.9 million). In
addition, in the third quarter MLP booked a one-off exceptional charge
within the finance cost amounting to EUR -2.0 million as well as a
retrospective tax payment of EUR -1.1 million. Both effects are due to an
additional tax expense which primarily stems from the international
activities of MLP which were already terminated in 2007. On account of
these exceptional items, Group net profit amounted to EUR -2.9 million (EUR
3.4 million).
19,300 new clients
In the first nine months of 2015 MLP welcomed 19,300 new clients (9M 2014:
18,900). The total number of clients rose to 854,900 (30th June, 2015:
850,800). At 30th September, 2015 the number of client consultants stood at
1,914 (30th June, 2015: 1,913).
Integration of DOMCURA proceeding according to plan
The integration of DOMCURA continues to run according to plan. MLP acquired
the underwriting agency in the third quarter of 2015, in order to develop
new potential in the non-life insurance domain. Already in spring 2016 the
first joint concepts will be made available to MLP clients. In addition, in
the third quarter MLP expanded it range of product offerings in the private
health insurance area. Since then the company offers non-clients a tariff
optimisation check-up in return for a flat-rate service fee.
Outlook
In its business model MLP traditionally generates a large portion of its
revenue and earnings in the fourth quarter - especially in the last six
weeks of the year. In this year too, MLP anticipates a significant
acceleration in business development in the remaining weeks. However, as
already communicated at the end of October, MLP will presumably not be able
achieve the originally targeted slight increase in EBIT compared to the
financial year 2014. This development is due to the aforementioned effects
in the third quarter, a strong fourth quarter in the previous year as well
as to the continuingly very difficult environment in old-age provision. MLP
confirms that the full-year administration costs (defined as personnel
expenses, other operating expenses as well as depreciation and impairments)
will amount to around EUR 255 million (without consideration of the DOMCURA
acquisition).
Overview of the key figures
MLP Group Q3/ Q3/ Change 9 months 9 months Change (in EUR million) 2015 2014 in % 2015 2014* in % Revenue 119.9 115.1 4.2 357.2 331.9 7.6 Revenue from commissions 114.6 109.4 4.8 341.1 314.8 8.4 and fees Interest income 5.3 5.7 -7.0 16.1 17.1 -5.8 Other revenue 3.1 2.6 19.2 12.3 12.8 -3.9 Total revenue 122.9 117.8 4.3 369.5 344.7 7.2 Pro forma EBIT (prior to 0.2 4.9 -95.9 8.3 9.4 -11.7 acquisitions) Earnings before interest -0.7 4.9 >-100 7.4 9.4 -21.3 and tax (EBIT) Earnings before tax (EBT) -2.8 4.9 >-100 5.0 9.3 -46.2 Group net profit -2.9 3.4 >-100 3.7 7.2 -48.6 Earnings per share -0.03 0.03 >-100 0.03 0.07 -57.1 (diluted) in EUR Total number of clients ─ ─ ─ 854,900 850,800** 0.5 Consultants ─ ─ ─ 1,914 1,913** 0.1*) Previous year's values adjusted **) At 30th June, 2015 About MLP: The MLP Group is the partner of choice for all financial matters - for private clients, companies and institutional investors. With our four brands, each of which enjoys a leading position in their respective markets, we offer a broad range of services: - MLP Finanzdienstleistungen AG: The dialogue partner for all financial matters - FERI AG: The investment company for institutional investors and high net-worth individuals - DOMCURA AG: The underwriting agency, focussing on private and commercial non-life insurance - TPC GmbH: The specialist in occupational pension provision management for companies The views of our clients represent the starting point in each of these fields. Building on this, we then present our clients with suitable options in a comprehensible way so that they can make the right financial decisions themselves. For the implementation, we examine the offers of all relevant product providers in the market. Our product ratings are based on scientifically substantiated market and product analyses. Manfred Lautenschläger and Eicke Marschollek founded MLP in 1971. Just under 2,000 client consultants and around 1,800 employees work at MLP. End of Media Release --------------------------------------------------------------------- Issuer: MLP AG Key word(s): Finance 12.11.2015 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: MLP AG Alte Heerstraße 40 69168 Wiesloch Germany Phone: +49 (0)6222-308-8320 Fax: +49 (0)6222-308-1131 E-mail: [email protected] Internet: www.mlp-ag.de ISIN: DE0006569908 WKN: 656990 Indices: SDAX Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich; Terminbörse EUREX End of News DGAP Media --------------------------------------------------------------------- 412107 12.11.2015
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