12.05.2016
MLP AG DE0006569908
MLP AG: MLP starts the new year with operating EBIT EUR 8.8 million
DGAP-Media / 12.05.2016 / 07:38
MLP starts the new year with operating EBIT EUR 8.8 million
- Q1: Total revenue rises from EUR 130.0 to EUR 152.4 million
- At EUR 8.8 million, operating earnings before interest and tax (EBIT)
is 26 % above the previous year (Q1 2015: EUR 7.0 million)
- Outlook: Efficiency measures introduced on schedule, as announced EBIT
level should rise again significantly from 2017 onwards
Wiesloch, May 12, 2016 - The MLP Group enjoyed a good start to 2016 with an
increase in total revenue from EUR 130.0 million to EUR 152.4 million.
Around EUR 30.7 million of this can be attributed to DOMCURA, the
subsidiary acquired in June 2015 whose business model generates high
premiums in the first quarter of each year and which was not yet included
in the previous year's figure. Operating earnings before interest and taxes
(EBIT) increased from EUR 7.0 million to EUR 8.8 million.
From January to March 2016, early indicators for future revenue performance
developed positively. For example, the number of new family clients gained
in comparison with the same period of the previous year increased by 13.5
percent to 4,200 (Q1 2015: 3,700). New business in the field of old-age
provision also recorded gains.
"The market is still not making it easy for us and we need to fight hard
for our success. We registered several positive signals in the first three
months of the year, although these still need to consolidate. In addition
to this, the efficiency measures we announced in February were introduced
on schedule. We are generally satisfied with the start to the year, not
least because our new offer at DOMCURA is displaying pleasing development.
The renewed debate on the future of private old-age provision, which is in
many cases characterised by ignorance, serves to underline just how
difficult our environment remains," comments Chief Executive Officer Dr.
Uwe Schroeder-Wildberg.
Total revenue increases to EUR 152.4 million
Total revenue rose to EUR 152.4 million in the first quarter (Q1 2015: EUR
130.0 million). At EUR 143.6 million (EUR 120.3 million), commission income
made the greatest contribution. At EUR 5.2 million (EUR 5.6 million),
interest income was slightly below the previous year's figure.
The breakdown by consulting fields reveals significant growth in the field
of non-life insurance, in which revenues increased from EUR 20.1 million to
EUR 50.7 million. Around EUR 30.5 million of this is attributable to the
newly acquired subsidiary DOMCURA, which recorded a successful start to the
year. The field of loans and mortgages also recorded gains with revenue of
EUR 3.6 million (EUR 3.2 million). Both the health insurance business (EUR
11.8 million compared to EUR 11.8 million in the same quarter of the
previous year) and other commission and fees (EUR 2.4 million compared to
EUR 2.5 million in the same quarter of the previous year) are at the Q1
2015 level. Other commission and fees primarily reflect the brokerage of
real estate objects, which has been significantly intensified since 2014.
At EUR 582 million, new business in the field of old-age provision is 2
percent above the previous year (EUR 570 million). Yet despite this,
revenue in this field of consulting declined from EUR 42.0 million to EUR
36.1 million. This can largely be attributed to a one-time positive effect
in the same period of the previous year. As communicated one year ago, this
is due to the rectification of an incorrect account settlement by a product
partner. The field of wealth management continued to display positive
development and assets under management increased to EUR 29.3 billion as at
March 31, 2016 (December 31, 2015: EUR 29.0 billion). At EUR 38.9 million
(Q1 2015: EUR 40.7 million), revenues displayed a slight downward trend.
This was due to the very strong capital market development recorded in the
previous year.
Operating EBIT up to EUR 8.8 million
EBIT rose to EUR 8.7 million in the first quarter (EUR 7.0 million).
Operating EBIT stood at EUR 8.8 million, since the one-off expenses
announced within the scope of the efficiency measures will mainly be
accrued from Q2 onwards. Net profit for the period is EUR 6.2 million,
following EUR 5.2 million in the previous year.
MLP serves 511,000 family as well as 18,300 corporate clients
As announced at the annual press conference, the MLP Group is adapting the
way it counts clients to the revised Group structure. As of this quarter
MLP will differentiate between family clients - whether at MLP, ZSH or FERI
- on the one hand and corporate and institutional clients on the other.
This group includes clients in the field of occupational pension provision
as well as institutional clients at FERI and sales partners at DOMCURA.
Accordingly, the Group served 511,000 family clients as at March 31
(December 31, 2015: 510,200), as well as 18,300 corporate and institutional
clients (December 31, 2015: 18,200).
The number of consultants displays the standard seasonal dip expected at
the start of the year. As of March 31, some 1,931 client consultants were
working for MLP (December 31, 2015: 1,942).
Outlook: Significant increase in EBIT still anticipated for 2017
In February, MLP introduced measures to further tighten the cost management
approach of the last few years. The aim is to significantly reduce costs
once again in the financial year 2017 and the following years and to
achieve a positive EBIT effect of around EUR 15 million compared to the
financial year 2015. As announced, this will incur one-off expenses of
approximately EUR 15 million in the financial year 2016.
The efficiency measures have been launched over the last few weeks. "We are
on schedule and are thereby laying the foundations to once again record a
significant increase in EBIT from the financial year 2017 onwards,"
comments Chief Financial Officer Reinhard Loose.
An overview of key figures
MLP Group Q1/2016 Q1/2015 Change in % (in EUR million) Revenue 148.8 125.9 18 Commission income 143.6 120.3 19 Interest income 5.2 5.6 -7 Other revenue 3.6 4.1 -12 Total revenue 152.4 130.0 17 Operating EBIT 8.8 7.0 26 Earnings before interest and tax 8.7 7.0 24 (EBIT) Earnings before tax (EBT) 8.6 6.9 25 Net profit for the period 6.2 5.2 19 Earnings per share (diluted) in 0.06 0.05 20 euros Family Clients 511,000 510,200* 0 Corporate/Institutional Clients 18,300 18,200* 0 Consultants 1,931 1,942* -1*) As at December 31, 2015 About MLP: The MLP Group is the partner for all financial matters - for private clients as well as for 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 expert for institutional investors and high net-worth individuals - DOMCURA AG: The underwriting agency focusing on private and commercial non-life insurance products - TPC GmbH: The specialist in occupational pension provision management for companies The views and expectations of our clients always 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 12.05.2016 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 Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich; Terminbörse EUREX End of News DGAP Media --------------------------------------------------------------------------- 462835 12.05.2016
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