Media | 10 November 2011 07:32
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MLP AG / Key word(s): Finance/
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
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 mortgages from 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
Q3: Total revenues slightly above previous year's level despite the difficult market environment
New business in old-age provision at the previous year's level
22,800 new clients
Extensive marketing campaign initiated
Goal for 2012: Increase the operating EBIT margin to 15 percent
As communicated in April, the concentration of the efficiency measures on the current 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
*) 30th June 2011
About MLP:
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 10.11.2011 Dissemination of a Press Release, transmitted by DGAP – a company of EquityStory 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: | investorrelations@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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