14.11.2013
MLP AG DE0006569908
MLP AG: MLP posts revenue of almost EUR 339 million in the first nine months of 2013
(DGAP-Media / 14.11.2013 / 07:31)
MLP posts revenue of almost EUR 339 million in the first nine months of
2013
- 9M: Total revenue amounts to EUR 338.8 million, some 5 percent below
the previous year (EUR 355.3 million)
- EBIT totals EUR 12.3 million - around EUR 4.6 million of the announced
EUR 8 million future investments were made in the first nine months
- High number of consulting appointments in Q3: very positive development
in wealth management, loans and mortgages as well as non-life insurance
- More difficult framework conditions in old-age provision and in health
insurance
- Further pick-up in business expected in the coming weeks
Wiesloch, 14th November 2013 - MLP, the independent financial services and
wealth management consulting company generated total revenue of EUR 338.8
million in the first nine months of 2013 - representing a decrease of 5
percent compared to the same period in 2012. The consulting areas of wealth
management, loans and mortgages as well as non-life insurance were, in
part, significantly above the previous year. However, in health insurance,
and particularly in old-age provision, the market burdens increased in
recent months. Due to the fall in revenue, EBIT (earnings before interest
and tax) decreased to EUR 12.3 million.
In the third quarter EBIT amounted to EUR 7.3 million, which was the
largest quarterly contribution so far in this financial year. On the
revenue side, a pick-up in business was evident during this period, such
that total revenue grew by 6 percent compared to the previous quarter. In
the final quarter MLP expects - as is customary in its business model - a
further increase in momentum.
'Our consultants intensively care for their clients, an aspect which can be
seen in our loans and mortgages revenue as well as in wealth management and
in non-life insurance. In old-age provision, particularly the debate about
low interest rates as well as the negative headlines concerning life
insurance contracts have added to the already hesitant stance of many
clients,' comments Chef Executive Officer Dr. Uwe Schroeder-Wildberg. 'MLP
is well equipped to cope with this more difficult market environment. In
the first nine months of the year we benefitted once again from the
measures we have undertaken in recent years such as the establishment of
stable revenue sources like wealth management and occupational provision as
well as the considerable reduction of our administration costs.'
9M: Significant increase in wealth management
In the period from January to September 2013 total revenue amounted to EUR
338.8 million (9M 2012: EUR 355.3 million). Revenue from commissions and
fees accounted for the largest portion of this figure and totalled EUR
308.0 million (EUR 319.6 million). Due to the lower interest rate
environment, interest income fell by 17 percent to EUR 17.2 million (EUR
20.6 million). Other revenue decreased from EUR 15.1 million to EUR 13.6
million.
The revenue breakdown by consulting areas shows significant growth in
wealth management. Here, revenue rose from EUR 83.7 million to EUR 100.4
million - an increase of 20 percent. The private client business at MLP as
well as the subsidiary FERI both contributed to this positive business
development. In non-life insurance revenue rose from EUR 26.7 million to
EUR 27.1 million; when viewing the third quarter in isolation, the increase
amounted to 12 percent (from EUR 4.1 million to EUR 4.6 million). The
growth in loans and mortgages reflects the currently high level of interest
shown by many clients with respect to purchasing their own home - on a nine
month basis revenue here climbed by 11 percent to EUR 9.8 million (9M 2012:
EUR 8.8 million). Additional earnings from the joint venture company MLP
Hyp amounted to EUR 0.7 million (EUR 0.7 million).
On the other hand, revenue in health insurance decreased. In this
consulting area many clients remained hesitant due to political
uncertainties. Revenue thus fell from EUR 45.5 million to EUR 36.2 million.
In old-age provision, the market environment has been difficult since the
outbreak of the financial crisis in 2008 and the subsequent debate
surrounding the European debt crisis, as many citizens are reluctant to
commit to long-term contracts. The public discussions about the currently
low interest rates, the negative reports about life insurance contracts and
fears about possible post-election tax increases further burdened the
market environment. For the full-year, new business with monthly saving
rates is therefore expected to decline throughout the industry. Against
this background, revenue at MLP in the first months decreased by 14 percent
to EUR 131.6 million (EUR 152.3 million). 'Private and occupational old-age
provision are becoming ever more important as a result of falling state
pensions and the changing demographic situation - and there is no way
around it. We must, however, recognise that many clients are currently very
hesitant despite the strong need for provision,' comments Chief Financial
Officer Reinhard Loose.
EBIT falls due to decrease in revenue
In the first nine months EBIT fell to EUR 12.3 million (EUR 26.4 million)
which was primarily attributable to lower revenue. The administration costs
(personnel expenses, depreciation and amortisation as well as other
operating expenses) amounted to EUR 180.6 million and were thus around EUR
4 million less than in the corresponding period of the previous year - even
though MLP booked approximately EUR 4.6 million of the temporary expenses
announced in February during the period from January to September. In
total, MLP will incur around EUR 8 million of temporary expenditure in the
financial year 2013 - either in order to make important investments for the
future or to relieve expenses in subsequent years through one-off initial
costs. Group net profit amounted to EUR 9.5 million (EUR 18.8 million).
The balance sheet strength of MLP is evident in the equity ratio of
24.7 percent at September 30, 2013. At this reference date the core capital
ratio stood at 17.2 percent - and thus significantly exceeded the 8 percent
stipulated by the supervisory body for banks such as MLP.
Q3: Pick-up compared to the previous quarter
When viewed in insolation, total third quarter revenue of EUR 114.5 million
remained below the same period in the previous year (Q3 2012: EUR 121.5
million). However, compared to the second quarter (Q2 2013: EUR 107.9
million) a pick-up was evident. EBIT fell to EUR 7.3 million (Q3 2012: EUR
11.0 million); Group net profit decreased to EUR 5.3 million (EUR 8.4
million).
Managed assets rose to EUR 23.7 billion
At the end of the third quarter, assets under management stood at EUR 23.7
billion (June 30, 2013: EUR 22.7 billion). The premium sum in old-age
provision fell to EUR 2.1 billion (9 M 2012: EUR 2.4 billion). Occupational
pensions accounted for 13 percent of this figure (11 percent). The rise in
the loans and mortgages volume from EUR 1.0 billion to EUR 1.2 billion
highlights the currently increased importance of building loans for
clients.
18,900 new clients
In the first nine months of the financial year MLP welcomed 18,900 new
clients (21,600). The number of consultants fell slightly to 1,996 (June
30, 2013: 2,012).
Outlook: Further pick-up expected during the coming weeks
In its business model, MLP traditionally generates the majority of its
revenue and earnings in the fourth quarter. In this respect, particularly
the final weeks of the financial year greatly influence the full-year
result. Following a pick-up in business since September, MLP expects to see
a further upwards trend in revenue through to the end of the year. 'MLP is
a well-positioned company with a strong balance sheet, a very competitive
cost structure and a broad revenue base,' comments Uwe Schroeder-Wildberg.
'Despite the increased market burdens, we will therefore still generate
solid earnings in 2013.' For the financial years 2014 and 2015, MLP
reiterates its forecast for EBIT to range within a corridor of EUR 65 to 78
million.
Overview of the key figures
MLP Group Q3/ Q3/ Change 9 months 9 months Change (in EUR million) 2013 2012 in % 2013 2012 in % Revenue 109.2 118.0 -7 325.2 340.2 -4 Revenue from commissions 103.4 111.3 -7 308.0 319.6 -4 and fees Interest income 5.7 6.7 -15 17.2 20.6 -17 Other revenue 5.3 3.6 47 13.6 15.1 -10 Total revenue 114.5 121.5 -6 338.8 355.3 -5 Earnings before interest 7.3 11.0 -34 12.3 26.4 -53 and tax (EBIT) Earnings before tax (EBT) 7.4 11.1 -33 12.4 27.1 -54 Group net profit 5.3 8.4 -37 9.5 18.8 -49 Earnings per share (diluted 0.05 0.08 -38 0.09 0.17 -47 ) in Euro Clients 825,600 821,000* 1 Consultants 1,996 2,012* -1*) June 30, 2013 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 around EUR 24 billion and supports more than 825,000 private and 5,000 corporate clients or employers. 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 provision, financial investment, health insurance, non-life insurance, loans and mortgages and banking. Private individuals with assets of over 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, MLP also provides companies within dependent 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 --------------------------------------------------------------------- Issuer: MLP AG Key word(s): Finance 14.11.2013 Dissemination of a Press Release, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's 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)6222-308-1135 Fax: +49 (0)6222-308-8351 E-mail: [email protected] Internet: www.mlp-ag.de ISIN: DE0006569908 WKN: 656990 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München; Terminbörse EUREX End of News DGAP-Media --------------------------------------------------------------------- 239822 14.11.2013
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