- WKN: 656990
- ISIN: DE0006569908
- Land: Germany
Nachricht vom 10.05.2012 | 07:32
MLP AG: MLP starts the new financial year with significant growth in earnings
MLP AG / Key word(s): Finance/
MLP starts the new financial year with significant growth in earnings
- Q1 Group net profit doubles from EUR 4.7 million to EUR 9.4 million
- EBIT rises by 44 percent to EUR 12.4 million - efficiency programme continues to bear fruit
- Total revenues decrease slightly to EUR 121.5 million (Q1 2011: EUR 130.8 million) as anticipated
- Assets under Management climb to EUR 20.5 billion
- Guidance reiterated - operating EBIT margin to rise to 15 percent
Wiesloch, 10th May 2012 - MLP, the independent financial services and wealth management consulting company, started the financial year 2012 with significant growth in earnings, doubling net profit in the first quarter to EUR 9.4 million. Compared to the previous year's quarter, earnings before interest and taxes (EBIT) rose by 44 percent to EUR 12.4 million, with operating EBIT (EBIT before one-offs) increasing by 5 percent. In this respect, MLP continued to benefit from the successful progression of its efficiency programme. Following strong performance in the same quarter of the previous year, total revenues in Q1 2012 decreased as anticipated to EUR 121.5 million.
'Also after completion of the first quarter, MLP remains fully on course and we confirm our target for this financial year,' comments Chief Executive Officer Dr. Uwe Schroeder-Wildberg. 'In view of our strong performance in the same quarter last year, we are satisfied with the revenue development in Q1. With respect to earnings, we continue to reap the benefits of our successful efficiency management programme.'
Revenues from commissions and fees decreased following a strong performance in the same quarter of the previous year
The breakdown into the individual consulting areas reveals that the decrease in total revenues was primarily due to strong private health insurance revenues in the corresponding quarter of the previous year. Legislation changes which came into effect from 1st January 2011 enabled employees to more easily switch to private health insurance and led to a catch-up effect in the first quarter of 2011. Revenues from health insurance amounting to EUR 19.1 million in the first quarter of 2012 were thus below the previous year (EUR 28.0 million) but still significantly above the first quarters of 2009 and 2010 (Q1 2009: EUR 13.7 million, Q1 2010: EUR 12.9 million). Following the strong final quarter in 2011, revenues in old-age provision fell by 3 percent to EUR 48.9 million (EUR 50.5 million). In wealth management, revenues amounted to EUR 19.2 million and thus remained at the level of the previous year (EUR 19.3 million). Non-life insurance grew by 7 percent to EUR 17.9 million (EUR 16.8 million). Loans and mortgage revenues decreased to EUR 2.9 million (EUR 3.1 million); additional earnings from the joint venture company MLP Hyp amounted to EUR 0.2 million (EUR 0.2 million).
Significant rise in earnings
The increase in earnings reflects the benefit of MLP's early implementation of the efficiency programme: during the period from January to March alone, MLP reduced administration costs by almost EUR 8 million; after consideration of the one-off exceptional costs in the same period of the previous year, operating fixed costs decreased by nearly EUR 5 million. The balance sheet strength of MLP is demonstrated by an equity ratio of 28 percent and liquid funds of approximately EUR 184 million at 31st March 2012 (31st December 2011: EUR 171 million).
Assets under Management climb to EUR 20.5 billion
6,500 new clients
MLP accredited as a training provider for the qualification of Certified Financial Planner
In February, MLP presented its new wealth management fee structure. Accordingly, clients in new business are credited with all trailer commissions that MLP receives from investment companies for the brokerage of their products. Unlike most intermediaries and banks in the market, which retain trailer commissions as well as levying additional fees, MLP charges its wealth management clients a blanket annual fee.
Guidance: Operating EBIT margin to rise to 15 percent
Furthermore MLP confirms its goal for the year of increasing the operating EBIT margin to 15 percent (2011: 9.6 percent). 'Our efficiency programme remains on schedule,' comments Chief Financial Officer Reinhard Loose. 'At the same time, we are confident that MLP will continue to pick up momentum during the coming months and that we will be able to grow our revenues.'
Overview of the key figures
*) 31st December 2011
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
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