MLP SE

Interim / Quarterly Report • Aug 14, 2020

Interim Group report for the first half year and second quarter of 2020

All figures in € million	Q2 2020	Q2 2019	H1 2020	H1 2019	Change in %
MLP Group
Total revenue	165.3	151.4	359.0	329.2	9.1
Revenue	158.2	147.8	347.6	321.8	8.0
Other revenue	7.1	3.6	11.4	7.4	54.1
Earnings before interest and taxes (EBIT)	8.1	-0.3	18.8	12.2	54.1
EBIT margin (in %)	4.9	0.0	5.2	3.7
Net profit	5.6	-0.1	13.1	9.0	45.6
Earnings per share (diluted/basic) (in €)	0.05	0.00	0.12	0.08	50.0
Cash flow from operating activities	-4.7	12.1	159.0	129.1	23.2
Capital expenditure	2.5	1.9	4.7	3.0	56.7
Shareholders' equity			423.7	437.4 1	-3.1
Equity ratio (in %)			14.1	15.6 1
Balance sheet total			3,006.3	2,799.6 1	7.4
Private clients (families)			552,400	549,580 1	0.5
Corporate and institutional clients			21,900	21,850 1	0.2
Consultants			2,014	1,981 1	1.7
Branch offices			129	130 1	-0.8
University teams			98	ਰੇਤੇ ।	5.4
Employees			1,835	1,746	5.1
Brokered new business
Old-age provision (premium sum)	740.6	791.1	1,426.0	1,513.1	-5.8
Loans and mortgages	585.3	483.4	1,196.1	975.4	22.6
Assets under management (in € billion)			39.6	39.2 1	1.0
Non-life insurance (premium volume)			419.4	405.5 I	3.4
Real estate (brokered volume)	79.4	58.6	157.3	98.1	60.3

THE FIRST HALF YEAR AND SECOND QUARTER 0F 2020 AT A GLANCE

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Table of contents

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Introductory notes

Profile

The MLP Group is the partner for all financial matters.

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Investor Relations

The MLP share

Key figures on the MLP share

	H1 2020	H1 2019
Share capital as of June 30, 2020	109,334,686 1	109,334,686 2
Share price at the beginning of the year	€ 5.60	€ 4.36
Highest price	€ 5.98	€ 4.80
Lowest price	€ 3.73	€ 3.86
Share price as of June 30, 2020	€ 5.46	€ 4.15
Dividends for the previous year	€ 0.21	€ 0.20
Market capitalisation (end of reporting period)	€ 596,967,386	€ 453,738,947

Share buyback

Shareholder structure

MLP Annual General Meeting

Interim Group management report for the first half year and second quarter of 2020

FU NDAMENTAL PRINC IPLES OF TH E GROU P

Change to organisation and administration

Changes in the scope of consolidation

Research and development

EC ONOMIC REPORT

Overall economic climate

Industry situation and competitive environment

Old-age provision

Wealth management

Non-life insurance

Health insurance

Real estate

Loans and mortgages

Competition and regulation

BU SINESS PERFORMANC E

New clients

RESU LTS OF OPERATIONS

Development of total revenue

Analysis of expenses

Earnings trend

	EBIT development (all figures in € million)
H1 2020		18.8
H1 2019	12.2

All figures in € million	H1 2020	H1 2019	Change in %
Total revenue	359.0	329.2	9.1
Gross profit 1	173.8	155.7	11.6
Gross profit margin (in %)	48.4	47.3
EBIT	18.8	12.2	54.1
EBIT margin (in %)	5.2	3.7
Finance cost	-1.0	-0.6	-66.7
EBT	17.8	11.6	53.4
EBT margin (in %)	5.0	3.5	-
Income taxes	-4.7	-2.6	-80.8
Net profit	13.1	9.0	45.6
Net margin (in %)	3.6	2.7

FINANC IAL POSITION

Aims of financial management

Financing analysis

Liquidity analysis

All figures in € million	Q2 2020	Q2 2019	H1 2020	H1 2019
Cash and cash equivalents at beginning of period	675.4	498.8	510.8	385.9
Cash flow from operating activities	-4.7	12.1	159.0	129.1
Cash flow from investing activities	-57.2	-14.4	-53.2	-15.7
Cash flow from financing activities	-25.9	-24.8	-28.9	-27.5
Change in cash and cash equivalents	-87.8	-27.1	76.8	85.8
Cash and cash equivalents at end of period	587.6	471.7	587.6	471.7

Capital expenditure analysis

NET ASSETS

Analysis of the asset and liability structure

All figures in € million	June 30, 2020	Dec 31, 2019	Change in %
Intangible assets	180.8	183.1	-1.3
Property, plant and equipment	129.2	130.9	-1.3
Investments accounted for using the equity method	3.5	5.1	-45.7
Deferred tax assets	9.1	7.3	19.8
Receivables from clients in the banking business	832.4	872.2	-4.8
Receivables from banks in the banking business	848.0	728.1	14.1
Financial assets	226.6	178.6	21.2
Inventories	13.4	10.5	21.6
Tax refund claims	8.2	4.5	45.1
Other receivables and assets	167.3	168.6	-0.8
Cash and cash equivalents	587.6	510.8	13.1
Total	3,006.3	2,799.6	6.9

All figures in € million	June 30, 2020	Dec 31, 2019	Change in %
Shareholders' equity	423.7	437.4	-3.2
Minority interests	0.3	0.8	-166.7
Provisions	95.5	101.6	-6.4
Deferred tax liabilities	9.7	10.7	-10.3
Liabilities due to clients in the banking business	2,142.7	1,894.8	11.6
Liabilities due to banks in the banking business	101.3	98.4	2.9
Tax liabilities	8.5	6.1	28.2
Other liabilities	224.9	250.6	-11.4
Total	3,006.3	2,799.6	6.9

Comparison of actual and forecast business performance

SEGMENT REPORT

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Financial Consulting segment

Banking segment

FERI segment

DOMCURA segment

Holding and Others segment

EMPLOYEES AND SELF -EMPLO YED C LIENT C ONSU LTANTS

Segment	June 30, 2020	June 30, 2019
Financial Consulting 1	1,087	1,054
Banking	193	186
FERI	224	236
DOMCURA	289	264
Holding and Others 2	42	୧
Total	1,835	1,746

RISK AND OPPORTU NITY REPORT

FOREC AST

Future overall economic development

Future industry situation and competitive environment

Anticipated business development

Income statement and statement of comprehensive income

Income statement for the period from January 1 to June 30, 2020

All figures in €'000	Notes	Q2 2020	Q2 2019	H1 2020	H1 2019
Revenue	(6)	158,209	147,777	347,621	321,788
Other revenue		7,106	3,644	11,389	7,445
Total revenue		165,315	151,421	359,010	329,233
Inventory changes		636	-	2,900	-
Commission expenses	(7)	-81,876	-79,152	-187,871	-173,233
Interest expenses		-97	-151	-217	-284
Valuation result/loan loss provisions		638	-768	-2,966	-1,495
Personnel expenses		-37,891	-32,198	-73,992	-65,829
Depreciation and impairments	(9)	-6,965	-6,296	-13,784	-12,597
Other operating expenses	(10)	-32,644	-33,927	-66,110	-64,860
Earnings from investments accounted for using the equity method		975	758	1,789	1,273
Earnings before interest and tax (EBIT)		8,093	-314	18,760	12,208
Other interest and similar income		968	46	998	193
Other interest and similar expenses		-917	-398	-1,832	-827
Valuation result not relating to operating activities		-92	6	-118	41
Finance cost	(11)	-41	-347	-951	-593
Earnings before tax (EBT)		8,051	-661	17,809	11,615
Income taxes		-2,495	552	-4,677	-2,580
Net profit		5,556	-109	13,132	9,035
Of which attributable to
owners of the parent company		5,813	-109	13,631	9,035
minority interests		-257	-	-500	-
Earnings per share in €1
basic/diluted		0.05	0.00	0.12	0.08

1 Basis of calculation: average number of ordinary shares outstanding as of June 30, 2020: 109,210,816.

Statement of comprehensive income for the period from January 1 to June 30, 2020

	Q2	Q2	H1	H1
All figures in €'000	2020	2019	2020	2019
Net profit	5,556	-109	13,132	9,035
Gains/losses due to the revaluation of defined benefit obligations	-2,281	-1,691	-2,815	-6,948
Deferred taxes on non-reclassifiable gains/losses	671	504	828	2,050
Non-reclassifiable gains/losses	-1,610	-1,187	-1,988	-4,897
Other comprehensive income	-1,610	-1,187	-1,988	-4,897
Total comprehensive income	3,946	-1,296	11,144	4,138
Of which attributable to
owners of the parent company	4,203	-1,296	11,643	4,138
minority interests	-257	-	-500	-

Statement of financial position

Assets as of June 30, 2020

All figures in €'000	Notes	June 30, 2020	Dec 31, 2019
Intangible assets		180,771	183,070
Property, plant and equipment	(12)	129,249	130,914
Investments accounted for using the equity method		3,485	5,138
Deferred tax assets		9,138	7,254
Receivables from clients in the banking business		832,441	872,175
Receivables from banks in the banking business		847,992	728,085
Financial assets	(13)	226,624	178,584
Inventories		13,437	10,533
Tax refund claims		8,228	4,493
Other receivables and assets	(14)	167,344	168,587
Cash and cash equivalents		587,624	510,778
Total		3,006,333	2,799,611

Liabilities and shareholders' equity as of June 30, 2020

All figures in €'000	Notes	June 30, 2020	Dec 31, 2019
Equity attributable to MLP SE shareholders		423,406	436,605
Minority interests		288	787
Total shareholders' equity	(15)	423,694	437,392
Provisions		95,454	101,596
Deferred tax liabilities		9,740	10,690
Liabilities due to clients in the banking business		2,142,691	1,894,843
Liabilities due to banks in the banking business		101,330	98,409
Tax liabilities		8,524	6,113
Other liabilities	(14)	224,900	250,568
Total		3,006,333	2,799,611

Condensed statement of cash flow

Condensed statement of cash flow for the period from January 1 to June 30, 2020

All figures in €'000	H1 2020	H1 2019
Cash flow from operating activities	158,987	129,056
Cash flow from investing activities	-53,215	-15,733
Cash flow from financing activities	-28,926	-27,524
Change in cash and cash equivalents	76,846	85,799
Cash and cash equivalents at end of period	587,624	471,725

Condensed statement of cash flow for the period from April 1 to June 30, 2020

All figures in €'000	Q2 2020	Q2 2019
Cash flow from operating activities	-4,696	12,065
Cash flow from investing activities	-57,153	-14,393
Cash flow from financing activities	-25,944	-24,756
Change in cash and cash equivalents	-87,793	-27,084
Cash and cash equivalents at end of period	587,624	471,725

Statement of changes in equity

Statement of changes in equity for the period from January 1 to June 30, 2020

	Equity attributable to MLP SE shareholders
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 January 1, 2019	109,167	149,227	-12,518	178,951	-	-	424,826
Acquisition of treasury stock	168	-	-	555	-	-	722
Share-based payment	-	-1,555	-		-	-	-1,555
Dividend	-	-	-	-21,867	-	-	-21,867
Transactions with owners	168	-1,555	-	-21,312	-	-	-22,699
Net profit	-	-	-	9,035	-	-	9,035
Other comprehensive income	-	-	-4,897		-	-	-4,897
Total comprehensive income	-	-	-4,897	9,035	-	-	4,138
As of June 30, 2019	109,334	147,672	-17,415	166,674	-	-	406,264
As of January 1, 2020	109,334	149,853	-17,547	194,966	436,605	787	437,392
Acquisition of treasury stock	-8	-	-	-266	-274	-	-274
Share-based payment	-	-1,610	-	-	-1,610	-	-1,610
Dividend	-	-	-	-22,958	-22,958	-	-22,958
Transactions with owners	-8	-1,610	-	-23,225	-24,842	-	-24,842
Net profit	-	-	-	13,631	13,631	-500	13,132
Other comprehensive income	-	-	-1,988	-	-1,988	-	-1,988
Total comprehensive income	-	-	-1,988	13,631	11,643	-500	11,144
As of June 30, 2020	109,326	148,243	-19,535	185,372	423,406	288	423,694

1 Reclassifiable gains/losses.

Notes to the interim financial statements of the Group

1 Information about the company

2 Principles governing the preparation of the financial statements

3 Adjustment to the accounting policies and effects of the coronavirus pandemic on reporting

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Effects of the coronavirus pandemic

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Seasonal influences on the business operations

Reportable business segments

Information regarding reportable business segments (quarterly comparison)

		Financial Consulting Banking FERI		DOMCURA Holding and Others		Consolidation		Total
All figures in €'000	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019	Q2 2020	Q2 2019
Revenue	73,583	74,442	20,743	19,950	49,162	39,235	17,783	16,284	15	-	-3,076	-2,133	158,209	147,777
of which total inter-segment revenue	1,720	1,323	1,356	810	-	-	-	-	-	-	-3,076	-2,133	-	-
Other revenue	4,782	5,044	4,155	1,258	1,593	871	617	446	3,215	2,205	-7,256	-6,181	7,106	3,644
of which total inter-segment revenue	3,425	3,188	715	824	-	-	-	-	3,115	2,169	-7,256	-6,181	-	-
Total revenue	78,365	79,486	24,897	21,208	50,755	40,106	18,400	16,730	3,230	2,205	-10,332	-8,313	165,315	151,421
Inventory changes	-	-	-	-	-	-	-	-	636	-	-	-	636	-
Commission expenses	-37,423	-37,352	-8,592	-8,375	-25,574	-24,245	-12,303	-11,260	-555	-	2,570	2,080	-81,876	-79,152
Interest expenses	-	-	-63	-138	-	-	-	-	-	-	-34	-14	-97	-151
Valuation result/loan loss provisions	-175	-34	814	-743	-131	-60	107	69	24	0	-	-	638	-768
Personnel expenses	-17,434	-16,755	-3,020	-3,138	-11,622	-8,046	-4,217	-3,700	-1,598	-558	-	-	-37,891	-32,198
Depreciation and impairments	-5,101	-4,741	-94	-62	-565	-563	-600	-527	-605	-404	-	-	-6,965	-6,296
Other operating expenses	-24,544	-24,874	-8,714	-8,753	-1,892	-2,158	-1,834	-1,722	-3,032	-2,611	7,373	6,191	-32,644	-33,927
Earnings from investments accounted for using the equity method	977	758	-	-	-	-	-	-	-2	-	-	-	975	758
Segment earnings before interest and tax (EBIT)	-5,334	-3,513	5,229	0	10,972	5,034	-448	-409	-1,902	-1,369	-423	-56	8,093	-314
Other interest and similar income	45	95	912	7	-20	-5	-41	-12	79	-42	-7	3	968	46
Other interest and similar expenses	-750	-289	-36	-12	-112	-114	-10	-8	-485	-87	476	112	-917	-398
Valuation result not relating to operating activities	-73	4	-	-	-	0	-	-1	-19	3	-	-	-92	6
Finance cost	-778	-191	876	-6	-133	-118	-50	-21	-426	-126	469	115	-41	-347
Earnings before tax (EBT)	-6,112	-3,703	6,105	-6	10,839	4,915	-499	-430	-2,328	-1,496	46	58	8,051	-661
Income taxes													-2,495	552
Net profit													5,556	-109
Of which attributable to
owners of the parent company													5,813	-109
minority interests													-257	-

Information regarding reportable business segments (half-yearly comparison)

		Financial Consulting			Banking FERI		DOMCURA		Holding and Others		Consolidation		Total
All figures in €'000	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019	H1 2020	H1 2019
Revenue	164,843	158,643	41,945	38,051	88,419	76,022	60,631	55,562	16	-	-8,232	-6,490	347,621	321,788
of which total inter-segment revenue	5,653	4,882	2,579	1,608	-	-	-	-	-	-	-8,232	-6,490	-	-
Other revenue	11,364	10,607	4,970	2,255	2,170	1,838	970	624	6,457	4,535	-14,542	-12,413	11,389	7,445
of which total inter-segment revenue	6,859	6,458	1,452	1,618	-	-	-	-	6,231	4,337	-14,542	-12,413	-	-
Total revenue	176,206	169,250	46,915	40,306	90,588	77,860	61,601	56,186	6,473	4,535	-22,774	-18,903	359,010	329,233
Inventory changes	-	-	-	-	-	-	-	-	2,900	-	-	-	2,900	-
Commission expenses	-84,669	-80,085	-17,601	-15,576	-50,372	-47,522	-39,655	-36,419	-2,820	-	7,246	6,369	-187,871	-173,233
Interest expenses	-	-	-128	-219	-	-	-	-	-	-	-89	-66	-217	-284
Valuation result/loan loss provisions	-447	-155	-2,302	-1,256	-75	-72	-19	-12	-124	0	-	-	-2,966	-1,495
Personnel expenses	-36,210	-34,139	-6,363	-6,030	-19,216	-15,757	-8,963	-7,748	-3,240	-2,155	-	-	-73,992	-65,829
Depreciation and impairments	-10,108	-9,538	-188	-94	-1,133	-1,115	-1,172	-1,033	-1,182	-817	-	-	-13,784	-12,597
Other operating expenses	-49,290	-47,953	-17,871	-16,844	-4,434	-4,408	-3,600	-3,410	-5,615	-4,631	14,701	12,386	-66,110	-64,860
Earnings from investments accounted for using the equity method	1,706	1,273	-	-	-	-	-	-	82	-	-	-	1,789	1,273
Segment earnings before interest and tax (EBIT)	-2,812	-1,348	2,463	287	15,359	8,987	8,192	7,565	-3,525	-3,069	-917	-214	18,760	12,208
Other interest and similar income	71	249	915	14	-22	-2	-99	-46	118	-64	14	43	998	193
Other interest and similar expenses	-1,561	-614	-41	-19	-204	-208	-19	-16	-925	-182	919	212	-1,832	-827
Valuation result not relating to operating activities	-98	14	-	-	0	-	-	1	-19	26	-	-	-118	41
Finance cost	-1,588	-351	874	-5	-226	-209	-118	-61	-826	-220	934	254	-951	-593
Earnings before tax (EBT)	-4,400	-1,699	3,337	282	15,133	8,778	8,074	7,503	-4,351	-3,289	17	41	17,809	11,615
Income taxes													-4,677	-2,580
Net profit													13,132	9,035
Of which attributable to
owners of the parent company													13,631	9,035
minority interests													-500	-

6 Revenue

	Q2	Q2	H1	H1
All figures in €'000	2020	2019	2020	2019
Wealth management	64,866	54,464	120,178	104,707
Non-life insurance	23,776	21,841	88,228	81,726
Old-age provision	39,493	45,956	78,870	83,973
Health insurance	12,091	11,686	25,209	23,801
Real estate brokerage	8,617	4,836	16,109	8,142
Loans and mortgages	4,441	3,874	8,769	8,997
Other commissions and fees	1,037	921	2,294	1,991
Total commission income	154,321	143,577	339,657	313,336
Interest income	3,887	4,200	7,964	8,452
Total	158,209	147,777	347,621	321,788

7 Commission expenses

8 Personnel expenses/Number of employees

			June 30, 2020			June 30, 2019
		of which executive employees		of which executive employees		of which executive employees
Financial Consulting	1,087	36	24	1,054	32	25
Banking	193	6	3	186	6	4
FERI	224	9	28	236	7	45
DOMCURA	289	9	20	264	9	14
Holding and Others	42	1	4	6	1	-
Total	1,835	61	79	1,746	55	88

9 Depreciation and impairments

Q2 2020	Q2 2019	H1 2020	H1 2019
2,501	2,074	4,962	4,291
4,420	4,222	8,778	8,306
1,520	1,347	3,004	2,702
2,900	2,875	5,773	5,604
6,921	6,296	13,740	12,597
44	-	44	-
44	-	44	-
44	-	44	-
6,965	6,296	13,784	12,597

10 Other operating expenses
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All figures in €'000	Q2 2020	Q2 2019	H1 2020	H1 2019
IT operations	11,976	11,622	24,123	23,257
Consultancy	3,540	3,126	6,378	6,118
Administration operations	2,846	2,537	5,409	5,089
External services – banking business	2,272	2,229	5,037	4,257
Other external services	2,258	2,777	4,400	5,490
Expenses for commercial agents	2,124	1,028	2,988	1,534
Representation and advertising	1,265	1,385	2,709	2,691
Premiums and fees	1,046	1,026	2,217	2,313
Insurance	770	1,199	1,758	1,742
Training and further education	435	1,117	1,607	2,009
Maintenanc e	545	815	1,308	1,473
Other employee-related expenses	426	515	1,046	1,061
Goodwill	274	84	1,030	126
Travel expenses	288	1,712	1,022	2,563
Entertainment	6	1,079	793	1,742
Audit	315	405	607	725
Supervisory Board compensation	234	237	467	470
Rental and leasing	205	72	302	240
Sundry other operating expenses	1,820	960	2,908	1,961
Total	32,644	33,927	66,110	64,860

11 Finance cost

All figures in €'000	Q2 2020	Q2 2019	H1 2020	H1 2019
Other interest and similar income	968	46	998	193
Other interest and similar expenses	-917	-398	-1,832	-827
Valuation result not relating to operating activities	-92	6	-118	41
Finance cost	-41	-347	-951	-593

12 Property, plant and equipment

13 Financial assets

All figures in €'000	June 30, 2020	Dec 31, 2019
AC	106,994	90,214
FVPL	9,832	10,095
Debenture and other fixed income securities	116,826	100,309
FVPL	5,022	5,398
Shares and other variable yield securities	5,022	5,398
Fixed and time deposits (loans and receivables)	94,937	64,996
Investments in non-consolidated subsidiaries	7,990	7,751
Investments	1,850	131
Total	226,624	178,584

Other accounts receivables and assets/other liabilities

Shareholders' equity

16 Notes to the statement of cash flow

Cash and cash equivalents
All figures in €'000	June 30, 2020	June 30, 2019
Cash and cash equivalents	587,624	471,725
Loans ≤3 months	-	–
Cash and cash equivalents	587,624	471,725

17 Contingent assets and liabilities, as well as other liabilities

18 Additional information on financial instruments

							June 30, 2020
	Carrying amount					Fair value	No financial instruments according to IFRS 9
All figures in €'000		Carrying amount correspond s to fair value	Stage 1	Stage 2	Stage 3	Total
Financial assets measured at fair value through profit or loss (FVPL)	16,703	1,850	4,732	9,830	-	16,412	7,990
Financial investments (share certificates and structured bonds)	9,832	-	-	9,830	-	9,830	-
Financial investments (share certificates and investment fund shares)	5,022	-	4,732	-	-	4,732	-
Investments	1,850	1,850	-	-	-	1,850	7,990
Financial assets measured at amortised cost (AC)	2,600,065	1,025,960	50,170	790,156	768,232	2,634,518	37,266
Receivables from banking business – clients	832,441	102,898	-	-	768,232	871,130	-
Receivables from banking business – banks	847,992	110,423	-	733,494	-	843,917	-
Financial assets (fixed and time deposits)	84,939	84,939	-	-	-	84,939	-
Financial assets (loans)	9,998	9,998	-	-	-	9,998	-
Financial assets (bonds)	106,994	-	50,170	56,662	-	106,832	-
Other receivables and assets	130,078	130,078	-	-	-	130,078	37,266
Cash and cash equivalents	587,624	587,624	-	-	-	587,624	-
Financial liabilities measured at amortised cost	2,415,164	2,286,514	-	131,210	-	2,417,725	53,757
Liabilities due to banking business – clients	2,142,691	2,114,814	-	28,226	-	2,143,040	-
Liabilities due to banking business – banks	101,330	557	-	102,984	-	103,541	-
Other liabilities	171,144	171,144	-	-	-	171,144	53,757
Sureties and warranties*	2,978	2,978				2,978
Irrevocable credit commitments*	66,520	66,520				66,520

* Off balance sheet items. Figures before loan loss provisions .

		Dec 31, 2019

	Carrying amount					Fair value	No financial instruments according to IFRS 9
All figures in €'000		Carrying amount correspond s to fair value	Stage 1	Stage 2	Stage 3	Total
Financial assets measured at fair value through profit or loss (FVPL)	15,624	131	5,398	10,095	-	15,624	7,751
Financial investments (share certificates and structured bonds)	10,095	-	-	10,095	-	10,095
Financial investments (share certificates and investment fund shares)	5,398	-	5,398	-	-	5,398
Investments	131	131	-	-	-	131	7,751
Financial assets measured at amortised cost (AC)	2,404,730	974,901	43,935	652,310	773,625	2,444,772	30,105
Receivables from banking business – clients	872,175	139,310	-	-	773,625	912,934
Receivables from banking business – banks	728,085	121,335	-	605,159	-	726,493
Financial assets (fixed and time deposits)	54,997	54,997	-	-	-	54,997
Financial assets (loans)	9,999	9,999	-	-	-	9,999
Financial assets (bonds)	90,214	-	43,935	47,152	-	91,087
Other receivables and assets	138,482	138,482	-	-	-	138,482	30,105
Cash and cash equivalents	510,778	510,778	-	-	-	510,778
Financial liabilities measured at amortised cost	2,183,603	2,059,708	-	123,676	-	2,183,384	60,217
Liabilities due to banking business – clients	1,894,843	1,868,918	-	25,884	-	1,894,802
Liabilities due to banking business – banks	98,409	439	-	97,791	-	98,230
Other liabilities	190,351	190,351	-	-	-	190,351	60,217
Sureties and warranties*	3,799	3,799				3,799
Irrevocable credit commitments*	54,631	54,631				54,631

* Off balance sheet items. Figures before loan loss provisions.

Type	Valuation technique	Significant, non-observable input factors	Relationship between significant, non-observable input factors and measurement at fair value
Receivables from banking business – clients with agreed maturity	The valuation model takes into account the present value of the anticipated future cash inflows/outflows throughout the remaining term, which are discounted using a risk-free discount rate. The discount rate is based on the current yield curve. Credit and default risks, administration costs and expected return on equity are taken into account when determining future cash flows.	Adjustment of cash flows by:  credit and counterparty default risks  administration costs  expected return on equity	The estimated fair value would increase (decrease) if:  the credit and default risk were to fall (rise)  the admin costs were to fall (rise)  the expected return on equity were to fall (rise).

19 Related party disclosures

20 Events after the balance sheet date

Dr. Uwe Schroeder-Wildberg Manfred Bauer Reinhard Loose

Dr. Uwe Schroeder-Wildberg Manfred Bauer Reinhard Loose

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