Quarterly Report • May 15, 2019
Quarterly Report
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| All figures in € million | 1st quarter 2019 |
1st quarter 2018 |
Change in% |
||
|---|---|---|---|---|---|
| MLP Group | |||||
| Total revenue | 177.8 | 167.9 | 5.9% | ||
| Revenue | 174.0 | 164.7 | 5.6% | ||
| Other revenue | 3.8 | 3.2 | 18.8% | ||
| Earnings before interest and taxes (EBIT) | 12.5 | 13.0 | –3.8% | ||
| EBIT margin (%) | 7.0% | 7.7% | – | ||
| Net profit | 9.1 | 9.3 | –2.2% | ||
| Earnings per share (diluted/undiluted) in € | 0.08 | 0.09 –11.1% |
|||
| Cashflow from operating activities | 117.0 | 66.7 | 75.4% | ||
| Capital expenditure | 1.2 | 3.2 | –62.5% | ||
| Shareholders' equity | 429.2 | 424.81 | 1.0% | ||
| Equity ratio (%) | 16.6% | 17.5%1 | – | ||
| Balance sheet total | 2,579.9 | 2,421.01 | 6.6% | ||
| Private clients (Family) | 543,250 | 541,1501 | 0.4% | ||
| Corporate and institutional clients | 21,000 | 20,8921 | –0.5% | ||
| Consultants | 1,910 | 1,9281 | –0.9% | ||
| Branch offices | 131 | 1311 | 0.0% | ||
| University teams | 84 | 771 | 9.1% | ||
| Employees | 1,745 | 1,715 | 1.7% | ||
| Arranged new business | |||||
| Old-age provisions (premium sum) | 722.1 | 659.92 | 13.5% | ||
| Loans and mortgages | 492.1 | 506.1 | –2.8% | ||
| Assets under management in € billion | 36.3 | 34.51 | 5.2% |
1 As of December 31, 2018.
2 Figure adjusted.
This quarterly Group statement presents significant events and business transactions of the first quarter of 2019 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 four 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 our clients 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 1,900 selfemployed client consultants and over 1,700 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 the course of the reporting period no changes occurred to the fundamental principles described in the MLP Group's 2018 Annual Report. The Overall economic climate, the industry situation and the competitive environment have also not changed significantly in comparison with the 2018 Annual Report.
In the reporting period, Willy F.O. Köster GmbH and Walther Versicherungsmakler GmbH were merged with nordias GmbH with retroactive effect from January 1, 2019.
MLP Finanzberatung SE, a 100% subsidiary of MLP SE, signed a contract to acquire a 75.1% stake in the DEUTSCHLAND.Immobilien Group on March 19. The DEUTSCHLAND.Immobilien Group is a marketplace for investment properties and collaborates with around 5,800 sales partners. The comprehensive online platform comprises both third party real estate projects and, in selected areas, also real estate projects developed in-house – above all in the field of senior-citizen housing and nursing care. The company will continue to pursue and further strengthen this successful business model. There is also additional synergy potential in the existing business with MLP's private clients and in the MLP Group overall. The transaction is expected to be completed in Q3 2019.
On the basis of the resolution of the Annual General Meeting from June 29, 2017 to buy back own shares, a total of 536,209 shares with a pro rata amount of € 1.00 each in the share capital were bought back at an average price of € 4.3525 per share in the time period from December 12, 2018 to March 1, 2019. This corresponds to around 0.48% of our share capital of € 109,334,686. The buyback was used to serve a participation programme for our self-employed commercial agents and office managers. The respective buybacks were published in detail on our company's website. Following transfer of the shares to the eligible participants, a total of 386 shares remain in the company's own portfolio.
The MLP Group began the year with further growth in revenue. Revenue rose by 5.6% over the previous year. Above all, MLP benefited from revenue increases in the old-age provision, non-life insurance, wealth management and in health insurance. Following a very strong closing quarter in 2018, revenue in the real estate brokerage was slightly below the previous year's high figure. In the loans and mortgages business, revenue remained at the same level as the previous year. Earnings before interest and taxes (EBIT) were virtually unchanged in the first quarter relative to the previous year's high level.
In the first three months of the year, MLP was able to acquire 4,100 (4,000) new family clients. As of March 31, 2019, the MLP Group served a total of 543,250 family clients (December 31, 2018: 541,150) and around 21,000 corporate and institutional clients (December 31, 2018: 20,892).
In the time period from January to March 2019, total revenue of the MLP Group increased by 5.9% to € 177.8 million (€ 167.9 million). At € 169.8 million (€ 160.4 million), commission income made by far the largest contribution to this. Revenue from the interest rate business of € 4.3 million (€ 4.4 million) was below the previous year's level.
The breakdown by consulting field shows a growth of 12.8% in the old-age provision, in which revenue increased from € 33.7 million to € 38.0 million. Accordingly, the new business displayed a positive development in the first quarter. The brokered premium sum increased by 9.4% to € 722.1 million (€ 659.9 million). The occupational pension provision area contributed 28.6% to this. Revenue in the wealth management area continued to enjoy positive development and increased to € 50.2 million (€ 47.5 million). The MLP Group in particular benefited from increased new business, as well as greater performance-based income from alternative investment concepts at the subsidiary FERI. The drop in performance fees observed in the first quarter in light of volatile investment markets were therefore more than compensated. Assets under management rose to a new record level of € 36.3 billion as at March 31, 2019 (December 31, 2018: € 34.5 billion).
Revenue in the non-life insurance area rose 6.6% to € 59.9 million (€ 56.2 million), reflecting the positive development at both DOMCURA and MLP. The portfolio of non-life insurance policies also enjoyed positive development. The premium volume received through the MLP Group rose to € 392.8 million (December 31, 2018: € 385.6 million).
At € 12.1 million, revenue in the health insurance area was also up on the previous year (€ 11.7 million).
Following the very strong quarter recorded in the previous year, revenue in the loans and mortgages business reached € 5.1 million (€ 5.2 million). Following significant gains in the fourth quarter of the previous year, revenue in the real estate brokerage was below the previous year's figure at € 3.3 million (€ 4.9 million). Other commissions and fees were € 1.1 million (€ 1.2 million).
Commission expenses primarily comprise performance-linked commission payments to our 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 commissions paid in the FERI segment, which in particular result from the activities in the fi eld of fund administration. Variable expenses are, for example, accrued in this business segment due to compensation of the depository bank and fund sales.
Set against the background of higher commission income, commission expenses increased to € 94.1 million in the fi rst quarter of 2019 (€ 87.6 million). Interest expenses amounted to € 0.1 million (€ 0.2 million). The total cost of sales thereby increased to € 94.2 million (€ 87.8 million).
Expenses attributable to loan loss provisions amounted to € 0.7 million. Income of € 0.5 million was recognised under this item in the previous year. The increase in loan loss provisions can essentially be attributed to impairment losses recognised in the banking segment.
Administrative expenses (defi ned as the sum of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) amounted to € 70.8 million and thus were slightly above the previous year's level (€ 68.0 million). Personnel expenses rose to € 33.6 million (€ 31.4 million). There are various reasons for this, including general salary rises, as well as higher variable compensation and profi t-sharing payments resulting from the successful economic development of the company. Depreciation/amortisation and impairments increased to € 6.3 million (€ 3.8 million). This increase can essentially be attributed to the change in the treatment of leasing liabilities as a result of the new IFRS 16 accounting standard, which has been in force since January 1, 2019. This had the opposite eff ect on other operating expenses, which declined from € 32.8 million to € 30.9 million. In addition one-off consulting expenses of 0.4 million were accrued in the fi rst quarter in the course of acquiring the announced majority stake in the DEUTSCHLAND.Immobilien Group.
At € 12.5 million in the first quarter, earnings before interest and taxes (EBIT) remained virtually at the same high level as in the previous year (€ 13.0 million). In comparison with the development of total revenue, EBIT remained below the previous year due to the described effects in terms of administration costs, as well as higher loan loss provisions.
Finance cost was virtually unchanged at € –0.2 million (€ –0.4 million). On this basis, earnings before taxes (EBT) were € 12.3 million (€ 12.6 million). The tax rate was 25.5%. Net profit amounted to € 9.1 million (€ 9.3 million). The diluted and basic earnings per share were € 0.08 (€ 0.09).
| All figures in € million | Q1 2019 | Q1 2018 | Change in% |
|---|---|---|---|
| Total revenue | 177.8 | 167.9 | 5.9% |
| Gross profit1 | 83.6 | 80.1 | 4.4% |
| Gross profit margin (%) | 47.0% | 47.7% | – |
| EBIT | 12.5 | 13.0 | –3.8% |
| EBIT margin (%) | 7.0% | 7.7% | – |
| Finance cost | –0.2 | –0.4 | 50.0% |
| EBT | 12.3 | 12.6 | –2.4% |
| EBT margin (%) | 6.9% | 7.5% | – |
| Income taxes | –3.1 | –3.3 | 6.1% |
| Net profit | 9.1 | 9.3 | –2.2% |
| Net margin (%) | 5.1% | 5.5% | – |
1 Definition: Gross profit is the result of total revenue less commission expenses and interest expenses.
You can find detailed information on the objectives of the financial management in the MLP Group 2018 Annual Report under "Financial position"/"Objectives of financial management" at www.mlp-annual-report.com.
At present, we are not using any borrowed funds in the form of securities or promissory note bond issues to finance the Group long-term. Our non-current assets are financed 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, 2019, liabilities due to clients and financial institutions in the banking business of € 1,789.9 million (December 31, 2018: € 1,720.5 million) were offset on the assets side of the balance sheet by receivables from clients and financial institutions in the banking business of € 1,457.9 million (December 31, 2018: € 1,455.2 million).
We did not perform any increase in capital stock in the reporting period.
Cash flow from operating activities increased to € 117.0 from € 66.7 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 € –2.6 million to € –1.3 million. Cash flow from financing activities changed through the first-time adoption of IFRS 16.
As at the end of Q1 2019, the MLP Group has access to cash holdings of around € 554 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.
As at the end of March 2019, the investment volume financed from cash flow of the MLP Group was € 1.2 million (€ 3.2 million). The vast majority of capital expenditure was invested in the financial consulting segment, focusing in particular on investments in software and IT.
As of March 31, 2019 the balance sheet total of the MLP Group was € 2,579.9 million (December 31, 2018: € 2,421.0 million). On the assets side of the balance sheet, the item "Property, plant and equipment" increased to € 132.5 million (€ 78.3 million). This increase can be attributed to the change in the treatment of leasing transactions as a result of the new IFRS 16 accounting standard to be applied from January 1, 2019 onwards. According to the new standard, usage rights from leasing transactions must be disclosed under this item. As of March 31, 2019, these usage rights were € 54.9 million. The counterpart on the equity side of the balance sheet is disclosed under other liabilities. At € 756.7 million (December 31, 2018: € 761.0 million), receivables from clients in the banking business remained at the year-end level of 2018. Receivables from banks in the banking business remained almost unchanged at € 701.2 million (December 31, 2018: € 694.2 million). Financial assets remained stable at € 165.5 million (December 31, 2018: € 165.3 million). Other receivables and assets declined slightly to € 146.0 million. (December 31, 2018: € 158.1 million). This item essentially contains 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.
The shareholders' equity of the MLP Group increased to € 429.2 million as of the reporting date (December 31, 2018: € 424.8 million). Group net profit of € 9.1 million also contributed to the increase. The equity ratio was 16.6% (December 31, 2018: 17.5%).
Provisions rose to € 104.7 million (December 31, 2018: € 94.5 million). Among other things, this increase can be attributed to a higher allocation to provisions for bonus schemes, as well as pensions. Liabilities due to clients in the banking business increased to € 1,702.4 million (December 31, 2018: € 1,638.9 million) and reflect the continued rise in client deposits. Liabilities due to banks in the banking business rose to € 87.5 million (December 31, 2018: € 81.6 million). This can mainly be attributed to a higher volume of promotional loans being passed on to our clients. Other liabilities rose to € 240.6 million (December 31, 2018: € 165.8 million), primarily due to the described effects resulting from application of the IFRS 16 standard. The figure includes leasing liabilities of € 55.0 million, as well as increased liabilities from the underwriting business at DOMCURA. Lower commission claims of our consultants had an opposing effect. Due to our typically strong year-end business, the commission claims of our consultants increase markedly on the balance sheet date of December 31, and then decline again in the subsequent quarters.
The MLP Group is broken down into the following segments:
The financial consulting segment includes revenue from all fields of consulting – i.e. old-age provision, health and non-life insurance, as well as loans & mortgages and real estate brokerage. The banking segment brings together all banking services for both private and corporate clients – from wealth management, accounts and cards, through to the interest rate business. 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 Holding segment does not have active operations.
Total revenue in the Financial Consulting segment rose to € 89.8 million in the first quarter. (€ 86.4 million). Sales revenue increased to € 84.2 million (€ 80.7 million) while other revenue remained at the previous year's level of € 5.6 million (€ 5.7 million).
As a result of higher sales revenue, commission expenses increased to € 42.7 million (€ 40.1 million). Personnel expenses increased slightly to € 17.4 million (€ 16.6 million). Among other things, this increase can be attributed to general salary rises. Depreciation and impairment rose as a result of the described IFRS 16 effect, and amortisation expenses for usage rights associated with this increased to € 4.8 million (€ 2.8 million). These leasing expenses were previously disclosed under other operating expenses, which in turn fell to € 23.1 million (€ 24.1 million). However, higher expenses within the scope of our digitalization strategy, as well as consulting expenses in the course of acquiring the DEUTSCHLAND.Immobilien Group served to counteract the positive effect in this item.
EBIT was € 2.2 million as a result of higher expenses (€ 3.0 million). Finance cost amounted to € –0.2 million (€ –0.3 million). EBT reached € 2.0 million (€ 2.6 million).
At € 19.1 million, total revenue in the reporting period was slightly above the previous year's figure (€ 18.9 million). Sales revenue remained unchanged at € 18.1 million (€ 18.1 million). Other revenue was € 1.0 million (€ 0.8 million). Interest income was € 4.3 million (€ 4.4 million).
Commission expenses declined slightly to € 7.2 million (€ 7.4 million). Interest expenses decreased to € 0.1 million (€ 0.2 million).
Expenses attributable to loan loss provisions amounted to € 0.5 million. Income of € 0.8 million was recognised under this item in the previous year. The increase in loan loss provisions can essentially be attributed to impairment charges.
Personnel expenses increased slightly to € 2.9 million, essentially as a result of general salary rises (€ 2.6 million). Depreciation/amortisation and impairments remained unchanged at € 0.0 million (€ 0.0 million). Other operating expenses fell to € 8.1 million (€ 8.7 million).
Particularly in light of higher loan loss provisions, EBIT was € 0.3 million (€ 0.8 million). With a finance cost of € 0.0 million (€ 0.0 million), EBT was € 0.3 million (€ 0.8 million).
Total revenue in the FERI segment rose by 8.9 % to € 37.8 million in the first quarter (€ 34.7 million). Sales revenue increased to € 36.8 million (€ 34.1 million). Supported by increased new business, as well as greater performance-based income from alternative investment concepts it was therefore possible to compensate lower performance fees resulting from capital market developments. Commission expenses increased to € 23.3 million (€ 21.0 million) as a result of a rise in revenue. Personnel expenses increased slightly to € 7.7 million (€ 7.3 million). As a result of the higher total revenue, EBIT improved to € 4.0 million (€ 3.7 million). EBT reached € 3.9 million (€ 3.7 million).
The DOMCURA segment primarily generates revenue from the brokering of non-life insurance policies. 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.
Total revenue rose by 9.4% to € 39.5 million (€ 36.1 million) in Q1. Sales revenue increased to € 39.3 million (€ 35.9 million). This primarily reflects the premium volumes received. Other revenue remained at € 0.2 million (€ 0.2 million). Set against the background of higher revenue, commission expenses increased to € 25.2 million (€ 23.2 million). These are essentially accrued as variable compensation for brokerage services.
At € 6.2 million, administrative expenses were slightly above the previous year's level (€ 5.9 million). € 4.0 million (€ 3.9 million) thereof were attributable to personnel expenses. Depreciation/amortisation and impairments increased to € 0.5 million (€ 0.3 million). Other operating expenses remained unchanged at € 1.7 million (€ 1.7 million).
EBIT rose to € 8.0 million (€ 6.9 million). With a finance cost of € 0.0 million (€ 0.0 million), EBT amounted to € 7.9 million (€ 6.9 million).
The Holding segment does not have active operations. Total revenue amounted to € 2.3 million (€ 2.2 million) in the first quarter and essentially results from the letting of buildings to affiliated companies. Personnel expenses rose to € 1.6 million (€ 1.0 million). This increase can in particular be attributed to greater expenses for variable compensation due to the successful business development. Other operating expenses decreased to € 2.0 million (€ 2.1 million). EBIT therefore reached € –1.7 million (€ –1.3 million). EBT was € –1.8 million (€ –1.4 million).
As MLP is a knowledge-based service provider, qualified and motivated employees and consultants represent the most important foundation for sustainable company success. The focus is therefore on continuous further development of personnel work, qualifications and further training, as well as recruiting new consultants.
The number of employees rose to 1,745 (1,715) in the reporting period. The increase can essentially be attributed to employees returning from parental leave, as well as new recruitments.
| Segment | March 31, 2019 | March 31, 2018 |
|---|---|---|
| Financial consulting1 | 1,057 | 1,056 |
| Banking | 184 | 175 |
| FERI | 235 | 222 |
| DOMCURA | 263 | 256 |
| Holding | 6 | 6 |
| Total | 1,745 | 1,715 |
1 Including TPC, ZSH and MLP Dialog
As of March 31, 2019, 1,910 self-employed client consultants worked for MLP. This corresponds to 20 more consultants than in the previous year. The decline relative to the end of 2018 (1,928) is essentially the result of the familiar seasonal effects in the first quarter.
Developments in Q1 2019 were within the scope of our expectations. Following on from the first three months of the year, we remain committed to the statements made in the forecast section of the 2018 Annual Report. You can find details on our forecast in the Annual Report of the MLP Group at www.mlp-annual-report.com.
| All figures in €'000 | 1st quarter 2019 | 1st quarter 2018 |
|---|---|---|
| Revenue | 174,011 | 164,741 |
| Other Revenue | 3,801 | 3,200 |
| Total revenue | 177,812 | 167,941 |
| Commission expenses | –94,081 | –87,630 |
| Interest expenses | –133 | –161 |
| Valuation result/Loan loss provisions | –727 | 510 |
| Personnel expenses | –33,631 | –31,355 |
| Depreciation and impairments | –6,301 | –3,786 |
| Other operating expenses | –30,934 | –32,816 |
| Earnings from investments accounted for using the equity method | 515 | 332 |
| Earnings before interest and tax (EBIT) | 12,522 | 13,034 |
| Other interest and similar income | 148 | 53 |
| Other interest and similar expenses | –429 | –458 |
| Valuation result not relating to operating activities | 36 | –6 |
| Finance cost | –246 | –411 |
| Earnings before tax (EBT) | 12,276 | 12,624 |
| Income taxes | –3,132 | –3,309 |
| Net profit | 9,144 | 9,314 |
| Of which attributable to | ||
| owners of the parent company | 9,144 | 9,314 |
| Earnings per share in €* | ||
| basic/diluted | 0.08 | 0.09 |
*Basis of calculation: average number of ordinary shares outstanding at March 31, 2019: 109,172,063.
| All figures in €'000 | 1st quarter 2019 | 1st quarter 2018 |
|---|---|---|
| Net profit | 9,144 | 9,314 |
| Gains/losses due to the revaluation of defined benefit obligations | –5,257 | – |
| Deferred taxes on non-reclassifiable gains/losses | 1,546 | 50 |
| Non reclassifiable gains/losses | –3,710 | 50 |
| Other comprehensive income | –3.710 | 50 |
| Total comprehensive income | 5,433 | 9,364 |
| Of which attributable to | ||
| owners of the parent company | 5,433 | 9,364 |
| All figures in €'000 | March 31, 2019 | Dec. 31, 2018 |
|---|---|---|
| Intangible assets | 154,042 | 155,892 |
| Property, plant and equipment | 132,451 | 78,270 |
| Investments accounted for using the equity method | 4,701 | 4,186 |
| Deferred tax assets | 6,397 | 5,368 |
| Receivables from clients in the banking business | 756,661 | 761,027 |
| Receivables from banks in the banking business | 701,237 | 694,210 |
| Financial assets | 165,534 | 165,279 |
| Tax refund claims | 14,095 | 12,758 |
| Other receivables and assets | 145,963 | 158,123 |
| Cash and cash equivalents | 498,809 | 385,926 |
| Total | 2,579.890 | 2,421,038 |
| All figures in €'000 | March 31, 2019 | Dec. 31, 2018 |
|---|---|---|
| Shareholders' equity | 429,193 | 424,826 |
| Provisions | 104,720 | 94,485 |
| Deferred tax liabilities | 9,450 | 10,245 |
| Liabilities due to clients in the banking business | 1,702,364 | 1,638,892 |
| Liabilities due to banks in the banking business | 87,530 | 81,625 |
| Tax liabilities | 6,045 | 5,197 |
| Other liabilities | 240,588 | 165,768 |
| Total | 2,579,890 | 2,421,038 |
| All figures in €'000 | 1st quarter 2019 | 1st quarter 2018 |
|---|---|---|
| Cash and cash equivalents at the beginning of the period | 385,926 | 301,013 |
| Cashflow from operating activities | 116,991 | 66,739 |
| Cashflow from investing activities | –1,340 | –2,638 |
| Cashflow from financing activities | –2,768 | – |
| Change in cash and cash equivalents | 112,883 | 64,102 |
| Cash and cash equivalents at the end of the period | 498,809 | 365,115 |
| All figures in €'000 | 1st quarter 2019 | 1st quarter 2018 |
|---|---|---|
| Non-life insurance | 59,885 | 56,204 |
| Wealth management | 50,243 | 47,493 |
| Old-age provision | 38,017 | 33,715 |
| Health insurance | 12,115 | 11,682 |
| Loans and mortgages | 5,123 | 5,221 |
| Real estate property | 3,306 | 4,886 |
| Other commissions and fees | 1,070 | 1,182 |
| Total commission income | 169,759 | 160,384 |
| Interest income | 4,252 | 4,357 |
| Total | 174,011 | 164,741 |
Equity attributable to MLP SE shareholders
| All figures in €'000 | Share capital | Capital reserves | Gains/losses from changes in the fair value of available-for-sale securities* |
Revaluation gains/ losses related to defined benefit obligations after taxes |
Retained earnings |
Total share-holders equity |
|---|---|---|---|---|---|---|
| As of Jan. 1, 2018 | 109,335 | 148,754 | 959 | –12,184 | 158,072 | 404,935 |
| Effects from first-time adoption of IFRS 9 and IFRS 15 |
– | – | –959 | – | 8,807 | 7,848 |
| As of Jan. 1, 2018 | 109,335 | 148,754 | – | –12,184 | 166,880 | 412,783 |
| Net profit | – | – | – | – | 9,314 | 9,314 |
| Other comprehensive income | – | – | – | 50 | – | 50 |
| Total comprehensive income | – | – | – | 50 | 9,314 | 9,364 |
| As of March 31, 2018 | 109,335 | 148,754 | – | –12,135 | 176,194 | 422,147 |
| As of Jan. 1, 2019 | 109,167 | 149,227 | – | –12,518 | 178,951 | 424,826 |
| Treasury Stock | –372 | – | – | – | –1,260 | –1,632 |
| Share-based payment | – | 565 | – | – | – | 565 |
| Transactions with owners | –372 | 565 | – | – | –1,260 | –1,067 |
| Net profit | – | – | – | – | 9,144 | 9,144 |
| Other comprehensive income | – | – | – | –3,710 | – | –3,710 |
| Total comprehensive income | – | – | – | –3,710 | 9,144 | 5,433 |
| As of March 31, 2019 | 108,794 | 149,792 | – | –16,228 | 186,835 | 429,193 |
*Reclassifiable gains/losses.
| Financial consulting | Banking | ||||
|---|---|---|---|---|---|
| All figures in €'000 | 1st quarter 2019 | 1st quarter 2018 1st quarter 2019 | 1st quarter 2018 | ||
| Revenue | 84,202 | 80,728 | 18,101 | 18,066 | |
| Other revenue | 5,562 | 5,674 | 997 | 796 | |
| Total revenue | 89,764 | 86,402 | 19,097 | 18,862 | |
| Commission expenses | –42,733 | –40,082 | –7,202 | –7,394 | |
| Interest expenses | – | – | –81 | –161 | |
| Valuation result/Loan loss provisions | –121 | –179 | –513 | 777 | |
| Personnel expenses | –17,384 | –16,612 | –2,891 | –2,583 | |
| Depreciation and impairments | –4,798 | –2,766 | –32 | –23 | |
| Other operating expenses | –23,079 | –24,147 | –8,091 | –8,650 | |
| Earnings from investments accounted for using the equity method | 515 | 332 | – | – | |
| Segment earnings before interest and tax (EBIT) | 2,165 | 2,951 | 287 | 828 | |
| Other interests and similar income | 154 | 56 | 7 | –2 | |
| Other interest and similar expenses | –325 | –365 | –7 | –10 | |
| Valuation result not relating to operating activities | 10 | –3 | – | – | |
| Finance cost | –161 | –312 | 0 | –12 | |
| Earnings before tax (EBT) Income taxes |
2,004 – |
2,639 – |
287 – |
816 – |
|
| Net profit | – | – | – | – |
| Total | Consolidation | Holding | DOMCURA | FERI | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1st quarter 2018 | 1st quarter 2019 | 1st quarter 2018 | 1st quarter 2019 | 1st quarter 2018 | 1st quarter 2019 | 1st quarter 2018 | 1st quarter 2019 | 1st quarter 2018 | 1st quarter 2019 |
| 174,011 164,741 |
–4,064 | –4,357 | – | – | 35,932 | 39,278 | 34,078 | 36,787 | |
| 3,801 3,200 |
–6,295 | –6,233 | 2,230 | 2,330 | 158 | 178 | 637 | 967 | |
| 177,812 167,941 |
–10,360 | –10,590 | 2,230 | 2,330 | 36,090 | 39,456 | 34,716 | 37,754 | |
| –94,081 –87,630 |
4,066 | 4,289 | – | – | –23,201 | –25,159 | –21,020 | –23,277 | |
| –133 –161 |
– | –52 | – | – | – | – | – | – | |
| –727 510 |
– | – | – | – | –127 | –81 | 38 | –12 | |
| –33,631 –31,355 |
– | – | –985 | –1,597 | –3,892 | –4,048 | –7,283 | –7,711 | |
| –6,301 –3,786 |
– | – | –396 | –413 | –309 | –506 | –292 | –552 | |
| –30,934 –32,816 |
6,275 | 6,194 | –2,146 | –2,020 | –1,685 | –1,689 | –2,464 | –2,250 | |
| 515 332 |
– | – | – | – | – | – | – | – | |
| 12,522 13,034 |
–18 | –158 | –1,296 | –1,700 | 6,874 | 7,974 | 3,695 | 3,953 | |
| 148 53 |
–16 | 40 | 3 | –22 | 6 | –35 | 8 | 3 | |
| –429 –458 |
23 | 100 | –98 | –95 | –1 | –8 | –7 | –94 | |
| 36 –6 |
– | – | –4 | 23 | – | 2 | – | 0 | |
| –246 –411 |
7 | 140 | –98 | –94 | 5 | –41 | 1 | –91 | |
| 12,276 12,624 |
–11 | –18 | –1,395 | –1,794 | 6,879 | 7,933 | 3,696 | 3,863 | |
| –3,132 –3,309 |
– | – | – | – | – | – | – | – | |
| 9,144 9,314 |
– | – | – | – | – | – | – | – |
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