Quarterly Report • May 14, 2021
Quarterly Report
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| All figures in € million | Q1 2021 | Q1 2020 | Change in % |
|---|---|---|---|
| MLP Group | |||
| Total revenue | 221.4 | 193.7 | 14.3 |
| Revenue | 215.6 | 189.4 | 13.8 |
| Other revenue | 5.8 | 4.3 | 34.9 |
| Earnings before interest and taxes (EBIT) | 21.8 | 10.7 | +>100 |
| EBIT margin (%) | 9.8 | 5.5 | – |
| Net profit | 15.8 | 7.6 | +>100 |
| Earnings per share (diluted/basic) (in €) | 0.15 | 0.07 | +>100 |
| Cash flow from operating activities | 273.5 | 163.7 | 67,1 |
| Capital expenditure | 2.2 | 2.2 | 0 |
| Shareholders' equity | 469.3 | 454.0 1 | 3.4 |
| Equity ratio (in %) | 13.8 | 14.0 1 | – |
| Balance sheet total | 3,408.1 | 3,235.0 1 | 5.4 |
| Private clients (families) | 555,200 | 554,900 1 | 0.1 |
| Corporate and institutional clients | 22,400 | 22,500 1 | –0.4 |
| Consultants | 2,069 | 2,086 1 | –0.8 |
| Branch offices | 129 | 129 1 | 0 |
| University teams | 102 | 102 1 | 0 |
| Employees | 1.890 | 1.836 | 2.9 |
| Brokered new business | |||
| Old-age provision (premium sum) | 745.3 | 685.4 | 8.7 |
| Loans and mortgages | 719.9 | 610.8 | 17.9 |
| Assets under management (in € billion) | 48.2 | 42.7 1 | 12.9 |
| Non-life insurance (premium volume) | 434.4 | 430.8 1 | 0.8 |
| Real estate (brokered volume) | 111.9 | 90.1 | 24.2 |
1 As of December 31, 2020
19 Revenue
This quarterly Group statement presents significant events and business transactions of the first quarter of 2021 and updates forecast-oriented information contained in the last joint management report. The Annual Report is available on our website at www.mlp-se.com and also at www.mlp-annual-report.com. In the description of the MLP Group's financial position, net assets and results of operations pursuant to International Financial Reporting Standards (IFRS), the previous year's figures are given in brackets. The information in this quarterly Group statement has neither been verified by an auditor nor subjected to a review.
The MLP Group is the partner for all financial matters – for private clients, as well as companies and institutional investors. With our five brands, each of which enjoys a leading position in their respective markets, we offer a broad range of services:
The views and expectations of our clients always represent the starting point in each of these fields. Building on this, we then present them with suitable options in a comprehensible way so that they can make the right financial decisions themselves. In advising and supporting our clients, we examine the offers of all relevant product providers in the market. Our product ratings are based on scientifically substantiated market and product analyses.
Manfred Lautenschläger and Eicke Marschollek founded MLP in 1971. More than 2,000 self-employed client consultants and around 1,800 employees work at MLP.
The values disclosed in the following quarterly statement have been rounded to one decimal place. As a result, differences to reported total amounts may arise when adding up the individual values.
In comparison with the corporate profile described in MLP's 2020 Annual Report, the changes presented below were made during the reporting period. These relate to organisation and administration.
You can find detailed information on our business model, our corporate structure and our control system in the MLP Group Annual Report 2020 at www.mlp-annual-report.com.
On February 8, 2021, MLP Assekuranzmakler Holding GmbH (formerly: MLP Consult GmbH) signed the acquisition agreement for 100 % of the shares in RVM Versicherungsmakler GmbH & Co. KG., including its key subsidiaries ("RVM"). With its well-established business model, the industrial insurance broker RVM has a strong focus on small and medium-sized enterprises and supports more than 2,500 companies in this segment. The acquisition constitutes the essential basis for developing the commercial and industrial insurance market segment. The intention is to add small market members to RVM and thus establish a broker group that can operate at eye level with the top ten in Germany in the medium term. The transaction was completed as scheduled on April 1, 2021, with economic effect from January 1, 2021. In line with IFRS stipulations, changes in the earnings of these entities are reported in shareholders' equity up to the actual closing date. The income statement is therefore only affected as of April 1, 2021.
On the basis of the resolution of the Annual General Meeting from June 29, 2017 to buy back own shares, a total of 543,236 shares with a pro rata amount of € 1.00 each in the share capital were bought back at an average price of € 6.2588 per share in the time period from January 4, 2021 to March 12, 2020. This corresponds to around 0.5 % of our share capital of € 109,334,686. The buyback was used to serve a participation programme for our self-employed commercial agents and branch office managers. The respective buybacks were published in detail on our company's website. After transfer of the shares to the beneficiaries, 20,598 shares remain in treasury.
The MLP Group continued the positive trend of the last few quarters and increased total revenue by 14.3 % to € 221.4 million between January and March. This is the highest figure for total revenue in an opening quarter since 2003. MLP achieved gains in virtually all fields of consulting here. A significant improvement in revenue was recorded above all in wealth management (+39.8 %). Revenue also continued to develop positively in the consulting fields of real estate brokerage (+ 16.0 %), loans and mortgages (+ 11.6 %), health insurance (+ 8.4 %), as well as non-life insurance (+ 4.0 %). Following declines in 2020 due to the effects of the coronavirus pandemic, old-age provision revenue displayed stable development in the first quarter of 2021 (-0.5 %). In terms of key figures, MLP was able to increase assets under management in the Group to a new record level of € 48.2 billion. In March, our subsidiary FERI was able to secure the consulting mandate for alternative investment allocations for five professional pension funds. The total value of the mandate is approximately € 5 billion and, alongside managing the existing investments, also encompasses new investments in the field of alternative investment strategies. At the same time we also able to increase assets under management for private clients at MLP Banking. The non-life insurance premium volume rose to € 434.4 million.
Total earnings before interest and taxes (EBIT) were significantly above the previous year's level in the first quarter, in particular due to the highly dynamic development of wealth management revenue.
The activities to gain new clients continued to develop positively in the first quarter of the year. By the end of March, MLP was able to acquire a gross total of 4,600 (4,500) new family clients.
As of the end of March 2021, the MLP Group served a total of 550,200 family clients (December 31, 2020: 554,900) and 22,400 corporate and institutional clients (December 31, 2020: 22,500).
The total revenue generated by the MLP Group rose significantly to € 221.4 million (€ 193.7 million). This represents an increase of 14.3 % over the same period in the previous year. Commission income increased by 14.6 % to € 212.4 million (€ 185.3 million). The ongoing period of low interest rates meant that revenue from the interest rate business continued to decline to € 3.3 million (€ 4.1 million). Following € 4.3 million in the previous year, other revenue was € 5.7 million.
This positive development of the individual fields of consulting continued in Q1. The greatest growth was recorded in the wealth management business where revenue rose sharply from € 55.3 million to € 77.3 million (+39.8 %). This very positive development can, in particular, be attributed to significantly higher performance fees than in the previous year.
Revenue in the non-life insurance field of consulting increased by 4.0 % to € 67.1 million (€ 64.5 million). The health insurance consulting field was also able to record gains. Revenue in this field rose by 8.4 % to € 14.2 million (€ 13.1 million).
Following declines in 2020 due to effects associated with the coronavirus pandemic, old-age provision revenue displayed stable development in the first quarter and was € 39.2 million, following € 39.4 million in the previous year. At € 745.3 million (€ 685.1 million), the brokered premium sum was 8.7 % above the previous year's level. In comparison with the same quarter of the previous year, a higher number of provision solutions that had already been concluded at the end of the previous year had a contractual start date of January 1. The occupational pension provision business accounted for a share of 21.9 %.
Revenue from real estate brokerage increased by 16.0 % to € 8.7 million (€ 7.5 million). Loans and mortgages revenue rose by 11.6 % to € 4.8 million (€ 4.3 million).
Other commission and fees were € 1.0 million, following € 1.3 million in the previous year.
Commission expenses primarily comprise performance fees paid to consultants. This item also includes the commissions paid in the DOMCURA segment. These variable expenses occur due to the compensation of brokerage services in the non-life insurance business. Added to these are the commissions paid in the FERI segment, which in particular result from the activities in the field of fund administration. Variable compensation is, for example, accrued in this business segment from compensation of the depository bank and fund sales. Commission expenses are also accrued in the Holding and Others segment. These are essentially the result of expenses from real estate development at DEUTSCHLAND.Immobilien. Against a backdrop of increased commission income, commissions expenses were also above the previous year at € 114.4 million (€ 106.0 million). Net commission income therefore rose to € 98.0 million (€ 79.3 million).
The inventory changes were € -0.4 million in the reporting period (€ 2.3 million). These result from real estate development and represent the change in asset values generated in the current phase of the projects within the reporting period. This item will increase in future as the respective projects progress and then decline again with the gradual sale of project units. At € 0.1 million (€ 0.1 million), interest expenses remained at the same level as the previous year. The total cost of sales (defined as the sum of inventory changes, commission expenses and interest expenses) increased over the previous year's figure to € 114.9 million (€ 103.8 million).
Loan loss provisions fell significantly from € –3.6 million to € –0.9 million. This decline can essentially be attributed to the Banking segment. The previous year's figure was, in particular, burdened by increased loan loss provisions and revaluations of proprietary investments due to the effects of the coronavirus pandemic.
Administrative expenses (defined as the sum of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) totalled € 84.8 million and were thus above the previous year's level (€ 76.4 million). Personnel expenses rose by 16.3 % to € 42.0 million (€ 36.1 million). Factors contributing to this increase are higher variable compensation, a slightly higher overall number of employees, and general salary increases. At € 6.9 million (€ 6.8 million), depreciation/amortisation and impairment remained virtually unchanged. Other operating expenses rose to € 35.9 million (€ 33.5 million).
Earnings at MLP Hyp, which are disclosed as earnings from investments accounted for using the equity method as a joint venture with Interhyp, increased to € 1.0 million (€ 0.7 million). This item also comprises earnings of the project enterprises of the DI Group included at equity. These were just under € 0.0 million (€ 0.1 million) in the reporting period. Total earnings from investments accounted for using the equity method were € 1.0 million (€ 0.8 million).
On the basis of the described increase in commission income, particularly in the wealth management business, and lower expenses recognised under loan loss provisions and remeasurement gains or losses, earnings before interest and taxes doubled to € 21.8 million (€ 10.7 million) in the period from January to March 2021.
| EBIT development (all figures in € million) | |||
|---|---|---|---|
| Q1 2021 | 21.8 | ||
| Q1 2020 | 10.7 |
The finance cost in the reporting period was € –0.9 million (€ –0.9 million). Earnings before taxes thus increased to € 20.9 million following € 9.8 million in the previous year. The tax rate was 24.4 % (22.4 %). Group net profit was € 15.8 million (€ 7.6 million). The diluted and basic earnings per share were € 0.15 (€ 0.07).
All figures in € million Q1 2021 Q1 2020 Change in % Total revenue 221.4 193.7 14.3 Gross profit 1 106.5 89.9 18.6 Gross profit margin (%) 48.1 46.4 – EBIT 21.8 10.7 +>100 EBIT margin (%) 9.8 5.5 – Finance cost –0.9 –0.9 0 EBT 20.9 9.8 +>100 EBT margin (%) 9.4 5.1 – Income taxes –5.1 –2.2 29.0 Net profit 15.8 7.6 +>100 Net margin (%) 7.1 3.9 –
Structure and changes in earnings in the Group
1 Definition: Gross profit is the result of total revenue less commission expenses, interest expenses and any inventory changes.
You can find detailed information on the objectives of financial management in the 2020 Annual Report of the MLP Group at www.mlp-annual-report.com.
For the log-term financing of the group, we currently only use borrowed funds to a very limited extent in the form of securities or promissory note bond issues to finance the Group long-term. Our non-current assets are financed in part by non-current liabilities. Current liabilities due to clients and banks in the banking business represent further refinancing funds that are generally available to us in the long term.
As of March 31, 2021, liabilities due to clients and financial institutions in the banking business which amounted to € 2,486.7 million (December 31, 2019: € 2,379.4 million) were offset on the assets side of the balance sheet by receivables from clients and financial institutions in the banking business of € 1,521.1 million (December 31, 2019: € 1,632.1 million).
We did not perform any increase in capital stock in the reporting period.
Cash flow from operating activities increased to € 273.5 from € 163.7 million in the same period of the previous year. Here, significant cash flows result from the deposit business with our clients and from the investment of these funds.
Cash flow from investing activities changed from € 3.9 million to € -58.7 million. The outflow of cash and cash equivalents relates to the acquisition of RVM by MLP Assekuranzmakler Holding GmbH. MLP Finanzberatung SE granted MLP Assekuranzmakler Holding GmbH a loan for this acquisition.
As at the end of the first quarter of 2021, the MLP Group has access to cash holdings of around € 1,160 million. A good level of liquid funds therefore remains available. There are sufficient cash reserves available to the MLP Group. Alongside cash holdings, free lines of credit are also in place.
The investment volume of the MLP Group amounted to € 2.2 million (€ 2.2 million) in the first quarter of 2021. The vast majority of investments were made in the Financial Consulting segment. Investments in operating and office equipment, as well as software and IT represented one focus here.
As of March 31, 2021, the balance sheet total of the MLP Group was € 3,408.1 million (December 31, 2020: € 3,235.0 million). On the assets side of the balance sheet, intangible assets remained virtually unchanged at € 177.4 million (December 31, 2020: € 178.9 million). Property, plant and equipment were € 128.2 million (€ 125.1 million). Receivables from clients in the banking business also remained unchanged at € 886.1 million (December 31, 2020: € 880.6 million). Receivables from financial institutions in the banking business decreased to € 635.0 million (December 31, 2020: € 751.5 million). The decrease was mainly due to lower investments in time deposits and a lower volume of promissory note loans. Financial investments were € 198.4 million (December 31, 2020: € 197.6 million). Other receivables and other assets rose to € 240.9 million (December 31, 2020: € 199.8 million), significantly influenced by higher receivables in connection with the acquisition of RVM. This item also includes commission receivables from insurers resulting from the brokerage of insurance products. Due to the typically strong year-end business, these increase considerably at the end of the year and then decline again during the course of the following financial year. Cash and cash equivalents rose markedly to € 1,097.5 million (December 31, 2020: € 859.0 million). This increase can be mainly attributed to higher cash funds.
The "Inventories" item in the balance sheet essentially represents the assets of the project enterprises within the DI Group. As of March 31, 2021, € 17.4 million were reported under this balance sheet item (December 31, 2020: € 17.8 million).
As of the reporting date of March 31, 2020, the shareholders' equity of the MLP Group increased to € 469.3 million (December 31, 2020: € 454.0 million). Minority interests are disclosed in the balance sheet due to the completed transaction in 2019 to acquire a majority stake in the DI Group. As of December 31, 2020 they were € 0.7 million (December 31, 2019: € 0.8 million). The balance sheet equity ratio was 13.8 % (December 31, 2020: 14.0 %).
Provisions increased slightly to € 118.9 million (December 31, 2020: 115.8. Liabilities due to clients in the banking business increased to € 2,371.0 million (December 31, 2020: € 2,271.9 million) and reflect a further increase in client deposits. Liabilities due to banks in the banking business rose to € 115.7 million (December 31, 2020: € 107.5 million). Other liabilities increased to € 308.7 million (December 31, 2020: € 265.7 million). The increase is in particular the result of higher liabilities from the underwriting business as well as liabilities in connection with the acquisition of RVM.
The MLP Group is broken down into the following segments:
The Financial Consulting segment includes revenue generated in the fields of consulting of old-age provision, health and non-life insurance, loans & mortgages and real estate brokerage. This figure also includes revenue from real estate brokerage in the DI Group. All banking services for both private and corporate clients, from wealth management, accounts and cards, through to the interest rate business, are brought together in the Banking segment. The FERI segment primarily generates revenue from the wealth management field of consulting, while the DOMCURA segment generates most of its revenue from the non-life insurance business.
The segment Holding and Others, since completion of the transaction to acquire a majority stake in the DI Group on September 2, 2019, also includes the project companies of the DI Group. Expenses from real estate development are disclosed under "Commission expenses. The "Inventory changes" item also results from real estate development and represents the changes in assets generated in the current phase of the projects within the reporting period. This item will increase as the respective projects progress and then decline again with the gradual sale of project units.
With the acquisition of RVM, MLP has laid the crucial foundation for developing the commercial and industrial insurance market segment. The objective with the acquisition of RVM is to lay the foundations for the systematic expansion of the new industrial insurance broker segment. The acquisition has been completed on schedule in the second quarter of 2021, with economic effect from January 1, 2021. As soon as the new segment has been integrated into the income statement, we will report on it here.
Total revenue in the Financial Consulting segment was € 100.0 million in Q1 (€ 97.8 million). Sales revenue was € 92.6 million (€ 91.3 million) while other revenue was € 7.4 million (€ 6.6 million).
Commission expenses were € 48.0 million (€ 47.2 million). Loan loss provisions stood at € –0.2 million (€ –0.3 million). Personnel expenses amounted to € 20.9 million (€ 18.8 million). Depreciation/amortisation and impairment remained at € 5.0 million (€ 5.0 million). Other operating expenses totalled € 25.7 million (€ 24.7 million). EBIT reached € 1.2 million (€ 2.5 million). Finance cost amounted to € –0.7 million (€ –0.8 million). EBT was € 0.5 million (€ 1.7 million).
Total revenue in the Banking segment was € 24.4 million (€ 22.0 million) in the first quarter of which sales revenue represented € 23.7 million (€ 21.2 million) and other revenue € 0.7 million (€ 0.8 million). Commission expenses amounted to € 10.4 million (€ 9.0 million).
Interest expenses were € 0.0 million (€ 0.1 million). Loan loss provisions declined considerably to € –0.6 million (€ –3.1 million). The previous year's higher figure was essentially due to increased loan loss provisions and revaluations of proprietary investments due to the effects of the coronavirus pandemic. Personnel expenses amounted to € 3.6 million (€ 3.3 million), while depreciation/amortisation and impairment was € 0.1 million (€ 0.1 million). Other operating expenses amounted to € 9.3 million (€ 9.2 million).
Particularly in the light of the reduction in the "Remeasurement gains or losses/Loan loss provisions" item, EBIT improved to € 0.4 million (€ –2.8 million). With a finance cost of € 0.0 million (€ 0.0 million), EBT was € 0.5 million (€ –2.8 million).
Total revenue in the FERI segment rose by 47.7 % to € 58.8 million (€ 39.8 million) in the reporting period, while sales revenue increased from € 39.3 million to € 58.4 million. As a result of higher revenue, commission expenses increased to € 31.9 million (€ 24.8 million). Loan loss provisions remained virtually unchanged at € 0.0 million (€ 0.1 million).
Personnel expenses rose to € 10.1 million (€ 7.6 million). Above all, higher variable expenses than in the same quarter of the previous year should be taken into account here. Depreciation/amortisation and impairment remained unchanged at € 0.6 million (€ 0.6 million). Other operating expenses fell slightly to € 2.3 million (€ 2.5 million). EBIT rose markedly to € 13.9 million (€ 4.4 million). This was essentially due to increased new business, as well as an increase in performance-linked compensation that was significantly above expectations. With a finance cost of € –0.1 million (€ –0.1 million), EBT was € 13.8 million (€ 4.3 million).
The DOMCURA segment primarily generates revenue from the brokering of non-life insurance. DOMCURA's business model is characterised by a high degree of seasonality. Accordingly, the subsidiary records high revenue and comparably high earnings in the first quarter of each year. This is then typically followed by a loss from Q2 to Q4.
Sales revenue rose to € 45.3 million (€ 42.8 million) in Q1. This primarily reflects the premium volumes received. Other revenue was unchanged at € 0.4 million (€ 0.4 million). Total revenue increased to € 45.7 million (€ 43.2 million). Commission expenses rose to € 28.7 million (€ 27.4 million) as a result of higher revenue. These are essentially accrued as variable compensation for brokerage services.
At € 7.4 million (€ 7.1 million), administration expenses were slightly above the previous year's level. € 5.0 million (€ 4.7 million) thereof were attributable to personnel expenses. Depreciation/amortisation and impairments remained unchanged at € 0.6 million (€ 0.6 million). At € 1.8 million (€ 1.8 million), other operating expenses remained at the previous year's level. EBIT rose by 11.6 % to € 9.6 million (€ 8.6 million) in the reporting period. With a finance cost of € –0.1 million (€–0.1 million), EBT was € 9.5 million (€ 8.6 million).
Total revenue generated in Q1 in the Holding and Others segment was € 6.2 million (€ 3.2 million) higher than in the previous year. This figure includes a rise in sales revenue of € 2.4 million (€ 0.0 million), which essentially reflects the real estate business generated by the DI Group. Other revenue amounted to € 3.8 million (€ 3.2 million).
Commission expenses were € 1.3 million (€ 2.3 million). Inventory changes were € -0.4 million (€ 2.3 million), while personnel expenses accounted for € 2.4 million (€ 1.6 million). Depreciation/amortisation and impairments remained constant at € 0.6 million (€ 0.6 million). Other operating expenses rose to € 3.9 million (€ 2.6 million).
EBIT was € –2.4 million (€ –1.6 million). Finance cost declined to € –0.5 million (€ –0.4 million). EBT therefore reached € –3.0 million (€ –2.0 million).
As MLP is a knowledge-based service provider, qualified and motivated employees and self-employed client consultants represent the most important foundation for sustainable company success. Recruitment of new consultants as well as their qualification and further development therefore represents an important focus along with a continuous development of our HR work.
The number of employees rose to 1,890 in the reporting period (1,836). This can essentially be attributed to a higher number of employees returning from parental leave, as well as new hirings.
Development of number of employees by segment (excluding MLP consultants)
| Segment | March 31, 2021 | March 31, 2020 |
|---|---|---|
| Financial Consulting 1 | 1,114 | 1,091 |
| Banking | 199 | 192 |
| FERI | 222 | 222 |
| DOMCURA | 306 | 290 |
| Holding and Others 2 | 49 | 41 |
| Total | 1,890 | 1,836 |
1 Including TPC, ZSH, DI Sales, DI Web, DI IT and MLP Dialog
2 Since 2019 including DI AG and DI Projects
Employee turnover is typically higher in the first quarter. Accordingly, the number of self-employed client consultants at the end of the first quarter was 2,069 (December 31, 2020: 2,086) and significantly above the same quarter of the previous year (March 31, 2020: 1,995). As of March 31, 2021, MLP operated 129 representative offices (December 31, 2020: 129). The number of university teams increased to 102 at the end of the first three months (December 31, 2020: 102).
Development in the first quarter was significantly above our expectations. This is essentially due to the extremely dynamic development in wealth management with performance fees significantly above expectations. We already communicated this on April 27, 2021 as part of our preliminary results announcement.
We are largely reaffirming our qualitative revenue performance forecast. However, in contrast to our original forecast from the start of the year in which we anticipated constant revenue levels in wealth management, we are now expecting slightly higher revenue figures in wealth management for the full financial year following the highly dynamic development observed in the first quarter. We are still anticipating a slight increase in old-age provision and a strong increase in both non-life insurance and property development, while health insurance and loans & mortgages are likely to remain largely unchanged.
MLP still anticipates recording EBIT in a corridor between € 55 million and € 61 million for 2021. Uncertainties that remain due to the effects of the coronavirus pandemic and could potentially impact business performance are taken into account here. We also confirm the mid-term planning, based on which EBIT is likely to rise to around € 75 to 85 million by the end of 2022.
You can find details on our forecast in the Annual Report of the MLP Group at www.mlp-annual-report.com.
| 1st quarter | 1st quarter | |
|---|---|---|
| All figures in €'000 | 2021 | 2020 |
| Revenue | 215,648 | 189,412 |
| Other revenue | 5,771 | 4,283 |
| Total revenue | 221,420 | 193,695 |
| Inventory changes | -389 | 2,264 |
| Commission expenses | -114,374 | -105,995 |
| Interest expenses | -81 | -120 |
| Valuation result/loan loss provisions | -912 | -3,605 |
| Personnel expenses | -41,993 | -36,100 |
| Depreciation and impairments | -6,909 | -6,819 |
| Other operating expenses | -35,932 | -33,466 |
| Earnings from investments accounted for using the equity method | 1,007 | 814 |
| Earnings before interest and taxes (EBIT) | 21,837 | 10,668 |
| Other interest and similar income | 65 | 30 |
| Other interest and similar expenses | -889 | -915 |
| Valuation result not relating to operating activities | -102 | -25 |
| Finance cost | -926 | -910 |
| Earnings before taxes (EBT) | 20,911 | 9,758 |
| Income taxes | -5,103 | -2,182 |
| Net profit | 15,808 | 7,575 |
| of which attributable to | ||
| owners of the parent company | 15,888 | 7,818 |
| minority interests | -80 | -243 |
| Earnings per share in €1 | ||
| basic/diluted | 0.15 | 0.07 |
1 Basis of calculation: average number of ordinary shares outstanding as of March 31, 2021: 109, 248,477.
| All figures in €'000 | 1st quarter 2021 |
1st quarter 2020 |
|---|---|---|
| Net profit | 15,808 | 7,575 |
| Gains/losses due to the revaluation of defined benefit obligations | 2,957 | -534 |
| Deferred taxes on non-reclassifiable gains/losses | -870 | 157 |
| Non-reclassifiable gains/losses | 2,087 | -378 |
| Other comprehensive income | 2,087 | -378 |
| Total comprehensive income | 17,895 | 7,198 |
| of which attributable to | ||
| owners of the parent company | 17,975 | 7,441 |
| minority interests | -80 | -243 |
| All figures in €'000 | March 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Intangible assets | 177,400 | 178,872 |
| Property, plant and equipment | 128,156 | 125,069 |
| Investments accounted for using the equity method | 6,432 | 5,426 |
| Deferred tax assets | 9,309 | 9,580 |
| Receivables from clients in the banking business | 886,108 | 880,649 |
| Receivables from banks in the banking business | 635,034 | 751,466 |
| Financial assets | 198,361 | 197,623 |
| Inventories | 17,428 | 17,817 |
| Tax refund claims | 11,473 | 9,733 |
| Other receivables and assets | 240,920 | 199,753 |
| Cash and cash equivalents | 1,097,522 | 859,041 |
| Total | 3,408,144 | 3,235,028 |
| All figures in €'000 | March 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Equity attributable to MLP SE shareholders | 468,558 | 453,243 |
| Minority interests | 696 | 776 |
| Total shareholders' equity | 469,254 | 454,019 |
| Provisions | 118,878 | 115,799 |
| Deferred tax liabilities | 8,381 | 9,167 |
| Liabilities due to clients in the banking business | 2,370,963 | 2,271,919 |
| Liabilities due to banks in the banking business | 115,652 | 107,471 |
| Tax liabilities | 16,338 | 10,932 |
| Other liabilities | 308,678 | 265,722 |
| Total | 3,408,144 | 3,235,028 |
| All figures in €'000 | 1st quarter 2021 |
1st quarter 2020 |
|---|---|---|
| Cash and cash equivalents at beginning of period | 859,041 | 510,778 |
| Cash flow from operating activities | 273,546 | 163,683 |
| Cash flow from investing activities | -58,674 | 3,938 |
| Cash flow from financing activities | 23,610 | -2,982 |
| Change in cash and cash equivalents | 238,481 | 164,639 |
| Cash and cash equivalents at end of period | -2,203 | - |
| Cash and cash equivalents at beginning of period | 1,095,318 | 675,417 |
| All figures in €'000 | 1st quarter 2021 |
1st quarter 2020 |
|---|---|---|
| Wealth management | 77,284 | 55,311 |
| Non-life insurance | 67,114 | 64,452 |
| Old-age provision | 39,246 | 39,377 |
| Health insurance | 14,194 | 13,118 |
| Real estate brokerage | 8,680 | 7,492 |
| Loans and mortgages | 4,849 | 4,328 |
| Other commission and fees | 999 | 1,256 |
| Total commission income | 212,366 | 185,336 |
| Interest income | 3,283 | 4,076 |
| Total | 215,648 | 189,412 |
.
| All figures in €'000 | Share capital | Capital reserves |
Revaluation gains/losses related to defined benefit obligations after taxes |
Retained earnings |
Total | Minority interests | Total shareholders' equity |
|---|---|---|---|---|---|---|---|
| As of Jan. 1, 2020 | 109,334 | 149,853 | -17,547 | 194,966 | 436,605 | 787 | 437,392 |
| Acquisition of treasury stock | -566 | - | - | -2,641 | -3,207 | - | -3,207 |
| Share-based payment | - | 636 | - | - | 636 | - | 636 |
| Transactions with owners | -566 | 636 | - | -2,641 | -2,572 | - | -2,572 |
| Net profit | - | - | - | 7,818 | 7,818 | -243 | 7,575 |
| Other comprehensive income | - | - | -378 | - | -378 | - | -378 |
| Total comprehensive income | - | - | -378 | 7,818 | 7,441 | -243 | 7,198 |
| As of March 31, 2020 | 108,768 | 150,489 | -17,925 | 200,143 | 441,474 | 544 | 442,018 |
| As of Jan. 1, 2021 | 109,326 | 149,918 | -20,995 | 214,994 | 453,243 | 776 | 454,019 |
| Acquisition of treasury stock | -543 | - | - | -2,869 | -3,412 | - | -3,412 |
| Share-based payment | - | 752 | - | - | 752 | - | 752 |
| Transactions with owners | -543 | 752 | - | -2,869 | -2,659 | - | -2,659 |
| Net profit | - | - | - | 15,888 | 15,888 | -80 | 15,808 |
| Other comprehensive income | - | - | 2,087 | - | 2,087 | - | 2,087 |
| Total comprehensive income | - | - | 2,087 | 15,888 | 17,975 | -80 | 17,895 |
| As of March 31, 2020 | 108,783 | 150,670 | -18,908 | 228,013 | 468,558 | 696 | 469,254 |
| Financial Consulting | Banking | FERI | DOMCURA | Holding and Others | Consolidation | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | 1st quarter | |
| All figures in €'000 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |
| Revenue | 92,551 | 91,259 | 23,712 | 21,202 | 58,353 | 39,257 | 45,342 | 42,848 | 2,401 | 2 | -6,711 | -5,157 | 215,648 | 189,412 |
| of which total inter-segment revenue | 5,106 | 3,933 | 1,605 | 1,223 | - | - | - | - | - | - | -6,711 | -5,157 | - | - |
| Other revenue | 7,441 | 6,581 | 729 | 816 | 448 | 576 | 369 | 353 | 3,783 | 3,242 | -6,999 | -7,285 | 5,771 | 4,283 |
| of which total inter-segment revenue | 3,326 | 3,433 | 656 | 736 | - | - | 2 | - | 3,015 | 3,116 | -6,999 | -7,285 | - | - |
| Total revenue | 99,993 | 97,841 | 24,440 | 22,018 | 58,802 | 39,833 | 45,711 | 43,201 | 6,184 | 3,244 | -13,710 | -12,442 | 221,420 | 193,695 |
| Inventory changes | - | - | - | - | - | - | - | - | -389 | 2,264 | - | - | -389 | 2,264 |
| Commission expenses | -47,983 | -47,246 | -10,443 | -9,010 | -31,892 | -24,799 | -28,726 | -27,351 | -1,298 | -2,265 | 5,968 | 4,676 | -114,374 | -105,995 |
| Interest expenses | - | - | 9 | -65 | - | - | - | - | - | - | -90 | -55 | -81 | -120 |
| Valuation result/loan loss provisions | -173 | -272 | -595 | -3,116 | -18 | 57 | -89 | -125 | -37 | -148 | - | - | -912 | -3,605 |
| Personnel expenses | -20,920 | -18,776 | -3,578 | -3,342 | -10,145 | -7,594 | -4,978 | -4,746 | -2,372 | -1,642 | - | - | -41,993 | -36,100 |
| Depreciation and impairment | -5,018 | -5,007 | -96 | -94 | -557 | -568 | -614 | -572 | -624 | -578 | - | - | -6,909 | -6,819 |
| Other operating expenses | -25,694 | -24,746 | -9,296 | -9,158 | -2,319 | -2,542 | -1,751 | -1,766 | -3,908 | -2,583 | 7,037 | 7,328 | -35,932 | -33,466 |
| Earnings from investments accounted for using the equity method |
1,009 | 729 | - | - | - | - | - | - | -2 | 85 | - | - | 1,007 | 814 |
| Segment earnings before interest and tax (EBIT) |
1,213 | 2,522 | 442 | -2,766 | 13,870 | 4,388 | 9,553 | 8,641 | -2,446 | -1,623 | -795 | -494 | 21,837 | 10,668 |
| Other interest and similar income | 92 | 26 | 30 | 3 | -6 | -2 | -81 | -58 | 103 | 40 | -74 | 21 | 65 | 30 |
| Other interest and similar expenses | -727 | -811 | -12 | -6 | -91 | -92 | -7 | -10 | -616 | -440 | 564 | 444 | -889 | -915 |
| Valuation result not relating to operating activities |
-98 | -25 | - | - | - | - | - | - | -5 | - | - | - | -102 | -25 |
| Finance cost | -733 | -811 | 18 | -2 | -97 | -93 | -88 | -68 | -517 | -400 | 490 | 465 | -926 | -910 |
| Earnings before tax (EBT) | 480 | 1,711 | 461 | -2,768 | 13,773 | 4,294 | 9,465 | 8,573 | -2,963 | -2,023 | -305 | -29 | 20,911 | 9,758 |
| Income taxes | -5,103 | -2,182 | ||||||||||||
| Net profit | 15,808 | 7,575 | ||||||||||||
| Of which attributable to | ||||||||||||||
| owners of the parent company | 15,888 | 7,818 | ||||||||||||
| minority interests | -80 | -243 |
February 25, 2021 Publication of the results for the financial year 2020. Annual press and analyst conference.
March 25, 2021 Publication of the Annual Report for the financial year 2020.
May 12, 2021 Publication of the results for the first quarter 2021.
June 24, 2021 Virtual Annual General Meeting (AGM) of MLP SE in Wiesloch.
August 12, 2021 Publication of the results for the first half-year and the second quarter 2021.
November 11, 2021
Publication of the results for the first nine months and the third quarter 2021.
MLP SE
Alte Heerstraße 40 69168 Wiesloch Tel +49 (0) 6222 • 308 • 8320 Fax +49 (0) 6222 • 308 • 1131 www.mlp-se.com
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