Media | 29 February 2012 07:31
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MLP AG / Key word(s): Finance/
Preliminary results:
– Q4: Total revenues rise by 9 percent to EUR 189.0 million – with old-age provision contributing EUR 123.3 million, representing an increase of 17 percent compared to the previous year – Full year: Total revenues climb to EUR 545.5 million (2010: EUR 522.6 million), operating EBIT rises by 11 percent to EUR 52.3 million – Earnings influenced by previously announced, one-off exceptional costs – efficiency programme remains on track – The Executive Board proposes a total dividend of 60 cents per share – Outlook 2012: Operating EBIT margin to rise to 15 percent Wiesloch/Frankfurt, 29th February 2012 – MLP concluded the financial year with significant growth in revenues and operating profit. Buoyed by growth in all consulting areas, total revenues rose by 4 percent to EUR 545.5 million in 2011; operating earnings before interest and taxes (EBIT before one-off exceptional costs) increased by 11 percent to EUR 52.3 million. This successful development was considerably supported by the strong business performance in the fourth quarter, in which total revenues grew by 9 percent compared to the same period of the previous year. In old-age provision the comparative growth in the period from October to December amounted to 17 percent. Earnings were only burdened by the previously announced, one-off exceptional costs, resulting in a fall in Group net profit for the financial year 2011 to EUR 12.5 million. In view of the excellent liquidity and equity capital situation of the MLP Group, the Executive Board proposes a total dividend of 60 cents per share. ‘We are very satisfied with our performance, particularly in the fourth quarter. MLP can grow even in the face of challenging market conditions – an aspect that we demonstrated once again in 2011,’ comments Chief Executive Officer Dr. Uwe Schroeder-Wildberg. ‘MLP now has a stronger foundation than ever before. We have undertaken important realignments for the future as well as further improving our competitive position through our investment and efficiency programme.’
Full year: Growth in all consulting areas
The breakdown of the revenues from commissions and fees shows that in 2011 MLP achieved growth in all consulting areas. The largest contributor to the revenues was old-age provision, which accounted for EUR 292.9 million, representing a 2 percent increase over the previous year (EUR 288.3 million). This performance significantly benefited from a very successful fourth quarter in which old-age provision – supported, among other aspects, by the growth in occupational pension provision – rose by 17 percent to EUR 123.3 million (Q4 2010: EUR 105.6 million). The strongest growth was recorded in health insurance where revenues amounted to EUR 79.9 million (2010: EUR 61.3 million) – a rise of 30 percent. Here, MLP benefited, among other aspects, from the abolition of the three-year waiting period for insurees wishing to switch to private health insurance. In wealth management which contains both the subsidiary Feri as well as the MLP private client business, revenues rose slightly by EUR 0.3 million to EUR 78.8 million (EUR 78.5 million). The relatively modest revenue development was due to the turbulence on the capital markets in response to the European debt crisis which, particularly in the second half-year, led to client hesitancy throughout the industry. On the other hand, and against a background of uncertainty in the markets, client interest in purchasing their own residential property remains high. This led to a rise in revenues from loans and mortgages from EUR 12.2 million to EUR 13.5 million. The additional earnings from the joint venture company MLP Hyp amounted to EUR 1.2 million (EUR 1.3 million). ‘In 2011, MLP benefited more than ever before from its holistic consulting approach. Whereas the uptrend in the previous quarters of the year was supported by wealth management, loans and mortgages, non-life insurance and particularly health insurance, the final quarter was led by revenue generation in old-age provision,’ comments Uwe Schroeder-Wildberg. ‘Today, MLP is founded on several stable pillars which complement each other.’
Operating EBIT rises by 11 percent
Dividend proposal of 60 cents per share
Q4: Total revenues increase by 9 percent, operating EBIT plus 12 percent
New business in old-age provision above the previous year
New client acquisition accelerates significantly
Goal for 2012: Increase the operating EBIT margin to 15 percent
At the same time MLP reiterates its goal to reduce the fixed costs for the financial year 2012 to around EUR 249 million – representing a cost reduction of EUR 30 million compared to the financial year 2010. From a current perspective MLP does not expect to incur any one-off exceptional costs in 2012. ‘We remain on track with our efficiency programme and in 2012 we will already benefit from the implemented measures,’ comments Reinhard Loose. ‘Overall we are thus on course to achieve our goal of increasing the operating EBIT margin in 2012 to 15 percent.’ MLP publishes its Annual Report on 22nd March 2012. The MLP Annual General Meeting 2012 is scheduled to convene on 26th June 2012. Overview of the key figures
*) 30th September 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 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 29.02.2012 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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| 158566 29.02.2012 |