Media | 14 November 2013 07:31
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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
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
The balance sheet strength of MLP is evident in the equity ratio of
Q3: Pick-up compared to the previous quarter
Managed assets rose to EUR 23.7 billion
18,900 new clients
Outlook: Further pick-up expected during the coming weeks
Overview of the key figures
*) June 30, 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 14.11.2013 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: | 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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