Media | 14 August 2013 07:31
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MLP generates total revenue of about EUR 224 million in the first half-year 2013 – H1: Total revenue EUR 224.3 million – 4 percent below the previous year (H1 2012: EUR 233.7 million) – EBIT totals EUR 4.9 million – around EUR 3.5 million of the announced EUR 8 million future investments already booked in the first half-year – Q2: Revenue from commissions and fees of EUR 98.1 million (Q2 2012: EUR 99.3 million), 1 percent below the previous year – Positive development in wealth management continues, significant pick-up expected in old-age provision and health insurance – Outlook for 2013 to 2015 reiterated Wiesloch, 14th August 2013 – In the first half-year 2013 MLP, the independent financial services and wealth management consulting company generated total revenue of EUR 224.3 million. Following the strong final quarter in 2012 and the changeover to the new unisex insurance tariffs which led to the expectedly decrease in the first quarter, revenue from commissions and fees in the second quarter remained slightly below MLP’s expectations, and fell by 1 percent. This shortfall was mainly attributable to the prevailing difficult market conditions in old-age provision and in health insurance, however significant growth was achieved in wealth management and in loans and mortgages. EBIT (earnings before interest and tax) fell to EUR 4.9 million in the first half-year due to the decrease in revenue, the changed revenue mix and temporary expenses of EUR 3.5 million within the framework of the announced future investments programme. MLP expects to see a significant pick-up in the second half-year and reiterates its outlook for 2013. ‘Our market conditions remain difficult, as shown once again by the second quarter. In old-age provision, and especially in health insurance, many clients are currently hesitant – although the number of consultation appointments is high,’ comments Chief Executive Officer Dr. Uwe Schroeder-Wildberg. ‘In recent years MLP has adapted to this difficult environment and demonstrated its ability to work successfully, even in the face of such challenging conditions. We are therefore confident about the second half-year and expect to see a continuation of the very pleasing development in wealth management as well as a significant pick-up in the other consulting areas.’
H1: Total revenue of EUR 224.3 million – gains in wealth management
The revenue breakdown by consulting areas shows the decreases in old-age provision and in health insurance. Both of these areas were significantly affected by the introduction of new unisex tariffs on 21st December 2012, such that, especially in the first quarter, the MLP consultants had to first familiarise themselves with the new products. The generally difficult market environment was also evident in the second quarter. Particularly in health insurance, many clients remain hesitant ahead of the German parliamentary elections in the autumn. Against this background, revenue fell to EUR 25.6 million (EUR 31.8 million). In old-age provision the public uncertainty stemming from the euro crisis, as well as, to an increasing extent, the intensive discussions concerning the low interest rate environment have led to a wait-and-see approach with respect to the conclusion of long-term contracts. Consequently, revenue in the first half-year fell from EUR 97.4 million to EUR 83.5 million. In non-life insurance revenue remained stable and amounted to EUR 22.5 million (EUR 22.6 million). The decrease in the insurance areas was largely balanced by the performance in wealth management where revenue in the first six months of the year rose from EUR 49.2 million to EUR 65.3 million. In addition to the successful development in the private client business at MLP, the Group also benefitted from growth at the subsidiary Feri. The great interest of many clients in purchasing property is shown in loans and mortgages. Following a significant rise in the second quarter, H1 revenue increased by 9 percent to EUR 6.0 million (EUR 5.5 million); additional earnings from the joint venture company MLP Hyp amounted to EUR 0.3 million (EUR 0.4 million). ‘In the first half-year MLP once again benefitted from its significantly broadened revenue mix. Above all, wealth management, which we have systematically strengthened in recent years, is making a very important contribution to our corporate success,’ comments Uwe Schroeder-Wildberg.
Lower EBIT due to revenue decrease and implemented investments
The balance sheet strength of MLP is reflected in an equity ratio of 24.0 percent at 30th June 2013. At this reference date, the core capital ratio stood at 17.7 percent which far exceeds the 8 percent level currently prescribed by the supervisory body for banks such as MLP.
Q2: Total revenue of EUR 107.9 million
Assets under management rise to EUR 22.7 billion
11,700 new clients
Dividend payment of 32 cents per share
Outlook for 2013 to 2015: EBIT expected to range within a corridor of EUR 65 to 78 million
Overview of the key figures
*) 31st March 2013
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 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 14.08.2013 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: | investorrelations@mlp.de | |
| 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 |
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| 225736 14.08.2013 |