Quarterly Report • May 15, 2018
Quarterly Report
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| All figures in € million | 1st quarter 2018 |
1st quarter 2017 |
Change in% |
|---|---|---|---|
| MLP Group | |||
| Total revenue | 167.9 | 163.0 | 3.0% |
| Revenue | 164.7 | 158.9 | 3.7% |
| Other revenue | 3.2 | 4.0 | –20% |
| Earnings before interest and taxes (EBIT) (before one-off expenses – operating EBIT) |
13.0 | 13.3 | –2.3% |
| Earnings before interest and taxes (EBIT) | 13.0 | 12.5 | 4.0% |
| EBIT margin (%) | 7.7% | 7.7% | – |
| Net profit | 9.3 | 8.6 | 8.1% |
| Earnings per share (diluted/undiluted) in € | 0.09 | 0.08 | 12.5% |
| Cashflow from operating activities | 66.7 | 26.1 | >100% |
| Capital expenditure | 3.2 | 1.2 | >100% |
| Shareholders' equity | 422.1 | 404.91 | 4.2% |
| Equity ratio (%) | 18.6% | 18.7%1 | – |
| Balance sheet total | 2,270.3 | 2,169.51 | 4.6% |
| Private clients (Family) | 532,100 | 529,1001 | 2.4% |
| Corporate and institutional clients | 20,200 | 19,8001 | –90.2% |
| Consultants | 1,890 | 1,9091 | –1.2% |
| Branch offices | 132 | 1451 | –9.0% |
| University teams | 59 | 581 | – |
| Employees | 1,715 | 1,674 | 2.4% |
| Arranged new business | |||
| Old-age provisions (premium sum) | 638.2 | 566.7 | 12.6% |
| Loans and mortgages | 506.1 | 507.1 | –0.2% |
| Assets under management in € billion | 33.9 | 33.91 | 7.3% |
1 As of December 31, 2017.
This quarterly Group statement presents significant events and business transactions of the first quarter of 2018 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. Just under 1,900 selfemployed client consultants and more than 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 2017 Annual Report. The national economic climate, the industry situation and the competitive environment have also not changed significantly in comparison with the 2017 Annual Report.
As reported by the Share Indices Taskforce, the MLP SE share has no longer been a member of the SDAX since March 19, 2018. Our objective is to return to this index through continued successful development of our operating business.
There were no changes to the corporate structure in the reporting period.
The MLP Group made a positive start to the new year. Earnings before interest and taxes (EBIT) in the first quarter were 4.5% above the corresponding figure from the previous year and slightly below the level of operating EBIT recorded in Q1 2017. Total revenue increased by 3.1% over the previous year. Above all, MLP benefited from significant revenue increases in the non-life insurance, wealth management, loans and mortgages and real estate consulting segments. The health insurance segment was not quite able to reach the previous year's revenue level. Despite an increase in new business, revenue in the old-age provision segment was slightly below the previous year's level – due to effects resulting from application of the new IFRS 15 accounting standard. The situation is also compounded further by the fact that new business is not yet fully reflected in revenue.
In the first three months of the year, MLP was able to acquire 4,000 (4,900) new family clients.
As of March 31, 2018, the MLP Group served 532,100 family clients (December 31, 2017: 529,100) and 20,200 corporate and institutional clients (December 31, 2017: 19,800).
In the time period from January to March 2018, total revenue of the MLP Group increased by 3.0% to € 167.9 million (€ 163.0 million). At € 160.4 million (€ 153.8 million), commission income made by far the largest contribution to this. Interest income of € 4.4 million (€ 5.1 million) was below the previous year's level.
The breakdown by consulting areas shows growth in the wealth management, in which revenue rose by 3.9% to € 47.5 million (€ 45.7 million). New business continued to display very positive development, both at our subsidiary FERI and among MLP's private clients. This enabled us to more than compensate for lower performance fees. At € 33.9 billion, assets under management remained stable as at March 31, 2018 (December 31, 2017: € 33.9 billion).
Revenue in the non-life insurance area rose 6.4% to € 56.2 million (€ 52.8 million), reflecting 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 € 371.7 million (€ 360.1 million).
In the old-age provision area, new business displayed positive development in the first quarter. The brokered premium sum increased by 12.6% to € 638.2 million (€ 566.7 million). The occupational pension provision contributed 20.9% to this. Revenue was not quite able to keep pace with this development, among other things due to effects resulting from application of the new IFRS 15 accounting standard, and at € 33.7 million was below the previous year's level (€ 35.2 million). At € 11.7 million, revenue in the health insurance area remained virtually unchanged from the previous year (€ 11.9 million).
Revenue in the loans and mortgages area rose by 36.8% to € 5.2 million (€ 3.8 million). Revenue in the real estate brokerage also increased significantly to € 4.9 million. In the previous year, this was still disclosed under "Other commissions and fees". It contributed € 3.4 million towards this figure in the same period of the previous year. Other commissions and fees were € 1.2 million (€ 1.1 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 remuneration 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 remuneration of the depository bank and fund sales.
Set against the background of higher commission income, commission expenses increased to € 87.6 million in the fi rst quarter of 2018 (€ 82.2 million). At € 0.2 million, interest expenses were below the previous year's level (€ 0.5 million). The total cost of sales thereby increased to € 87.8 million (€ 82.7 million).
Administrative expenses (defi ned as the sum of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) amounted to € 68.0 million and thus remained at the same level as the previous year (€ 67.5 million). Personnel expenses increased slightly to € 31.4 million (€ 29.9 million). Depreciation/amortisation and impairments remain unchanged at € 3.8 million (€ 3.8 million). Other operating expenses fell slightly to € 32.8 million (€ 33.8 million). This previous year's fi gure includes one-off expenses of € 0.8 million associated with the change in company structure.
Earnings before interest and taxes (EBIT) rose to € 13.0 million in the first quarter (€ 12.5 million). In the first quarter of the previous year, one-off costs of € 0.8 million were accrued for the announced change in company structure.
The finance cost remained at € –0.4 million (€ –0.4 million). On this basis, earnings before taxes (EBT) were € 12.6 million (€ 12.0 million). The tax rate was 26.2%. Net profit rose to € 9.3 million (€ 8.6 million). The diluted and basic earnings per share were € 0.09 (€ 0.08).
| All figures in € million | Q1 2018 | Q1 2017 | Change in% |
|---|---|---|---|
| Total revenue | 167.9 | 163.0 | 3.0% |
| Gross profit1 | 80.1 | 80.3 | –0.2% |
| Gross profit margin (%) | 47.7 | 49.3% | – |
| EBIT | 13.0 | 12.5 | 4.0% |
| EBIT margin (%) | 7.7% | 7.7% | – |
| Finance cost | –0.4 | –0.4 | 0.0% |
| EBT | 12.6 | 12.0 | 5.0% |
| EBT margin (%) | 7.5% | 7.4% | – |
| Income taxes | –3.3 | –3.5 | –5.7% |
| Net profit | 9.3 | 8.6 | 8.1% |
| Net margin (%) | 5.5% | 5.3% | – |
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 2017 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 in part by noncurrent 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, 2018, liabilities due to clients and financial institutions in the banking business of € 1,547.5 million (December 31, 2017: € 1,501.2 million) were offset on the assets side of the balance sheet by receivables from clients and financial institutions in the banking business of € 1,378.6 million (December 31, 2017: € 1,336.2 million).
We did not perform any increase in capital stock in the reporting period.
Cash flow from operating activities increased to € 66.7 from € 26.1 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 € –24.9 million to € –2.6 million. More time deposits matured in the reporting period than in the same period of the previous year.
| in € million | Q1 2018 | Q1 2017 |
|---|---|---|
| Cash and cash equivalents at beginning of period | 301.0 | 184.8 |
| Cash flow from operating activities | 66.7 | 26.1 |
| Cash flow from investing activities | –2.6 | –24.9 |
| Cash flow from financing activities | – | – |
| Change in cash and cash equivalents | 64.1 | 1.3 |
| Cash and cash equivalents at end of period | 365.1 | 186.1 |
As at the end of the first quarter of 2018, the MLP Group has access to cash holdings of around € 400 million. A good level of liquid funds therefore remains available. Thus, 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 was € 3.2 million at the end of March 2018 (€ 1.2 million). The vast majority of capital expenditure was invested in the financial consulting segment, focusing in particular on investments in software and IT. We financed all capital expenditure from cash flow.
As of March 31, 2018 the balance sheet total of the MLP Group was € 2,270.3 million (December 31, 2017: € 2,169.5 million). On the assets side, receivables from clients in the banking business remained at € 708.7 million (December 31, 2017: € 702.0 million), i.e. at the same level recorded at the end of 2017. Receivables from banks in the banking business increased to € 669.9 million as a result of higher investments in daily deposits due on demand, as well as higher promissory note bonds (December 31, 2017: € 634.2 million). Financial investments decreased to € 147.6 million (December 31, 2017: € 158.5 million); this is essentially due to shifting of funds to other forms of investment. Other receivables and assets rose slightly to € 132.9 million (December 31, 2017: € 125.7 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. In the course of initial adoption of the new IFRS 15 accounting standard, there were additional effects that served to increase this item and more than compensated for the typical decline in the first quarter.
The shareholders' equity of the MLP Group increased to € 422.1 million as of the reporting date (December 31, 2017: € 404.9 million). The increase in shareholders' equity reflects various effects, including those resulting from initial adoption of the accounting regulations in IFRS 9 and IFRS 15, which have been in force since January 1, 2018. While initial adoption of IFRS 15 had a positive impact of € 11.9 million on shareholders' equity, initial adoption of IFRS 9 had a negative effect of € 4.0 million. In connection with IFRS 15, anticipated sales revenue from regular acquisition commission and trail commission resulting from contracts concluded prior to January 1, 2018 and paid by the insurer throughout the contribution period are brought forward and shown in the initial adoption of the new accounting standards as if they had already been booked in accordance with the new standard on December 31, 2017. This was performed in the initial adoption on January 1, 2018 through a one-off increase in shareholders' equity without any effects on net income and without touching the income statement. Group net profit of € 9.3 million also contributed to the increase. The equity ratio remained virtually unchanged at 18.6% (December 31, 2017: 18.7%).
At € 95.4 million (December 31, 2017: € 88.7 million), provisions were slightly above the previous year. Among other things, this was due to higher allocation to provisions for bonus schemes, as well as a new provision that was established in the course of implementing the new IFRS 9 accounting standard. Liabilities due to clients in the banking business increased to € 1,480.1 million (December 31, 2017: € 1,439.8 million) and reflect the continued rise in client deposits. Liabilities due to banks in the banking business rose to € 67.4 million (December 31, 2017: € 61.4 million). This can mainly be attributed to a higher volume of promotional loans being passed on to our clients. Other liabilities rose to € 187.3 million (December 31, 2017: € 154.9 million), primarily as a result of increased liabilities from the underwriting business of 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.
In the financial year 2017 the brokerage branch of activity was spun off from MLP Banking AG with retroactive effect from October 1, 2017. With this step, all regulated banking activities, including investment advisory services, were bundled at MLP Banking AG, while all other consulting services are now provided by the new MLP Finanzberatung SE. You can find detailed information on this in the MLP Annual Report 2017 in the chapter entitled "Fundamental principles of the Group".
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 described demerger means that no comparison figures from the previous year are available for the Financial consulting and banking segments.
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 was € 86.4 million in the first quarter. Sales revenue were € 80.7 million. Other revenue was € 5.7 million.
Commission expenses were € 40.1 million. The "Interest expenses" item no longer exists since the described separation of the broker and banking business. This now resides in the Banking segment. Personnel expenses amounted to € 16.6 million. Depreciation/amortisation and impairment was € 2.8 million. Other operating expenses were € 24.1 million.
EBIT reached € 3.0 million. The finance cost declined to € –0.3 million. EBT was € 2.6 million.
Total revenue in the reporting period was € 18.9 million. Sales revenue was € 18.1 million. Other revenue amounted to € 0.8 million. Revenue from the interest rate business stood at € 4.4 million.
Commission expenses were € 7.4 million. Interest expenses amounted to € 0.2 million.
Personnel expenses reached € 2.6 million. Depreciation/amortisation and impairment was € 0.0 million. Other operating expenses were € 8.7 million.
EBIT amounted to € 0.8 million. At a finance cost of € 0.0 million, EBT was € 0.8 million.
At € 34.7 million (€ 35.1 million), total Q1 revenue in the FERI segment remained at the same level as the previous year. It was therefore possible to almost completely compensate for lower performance-based remuneration (performance fees) resulting from capital market developments. Commission expenses were € 21.0 million (€ 20.1 million). The slight increase can essentially be attributed to the greater proportion of new business compared to the previous year. At € 7.3 million (€ 7.0 million), personnel expenses remained at virtually the same level as in the previous year. EBIT declined to € 3.7 million as a result of the lower performance fees (€ 4.8 million). EBT reached € 3.7 million (€ 4.8 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.
Total revenue rose to € 36.1 million (€ 32.4 million) in Q1. Revenue increased to € 35.9 million (€ 32.2 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 € 23.2 million (€ 20.5 million). These are essentially accrued as variable remuneration for brokerage services.
At € 5.9 million, administrative expenses were slightly above the previous year's level (€ 5.3 million). Thereof personnel expenses accounted for € 3.9 million (€ 3.5 million). Other operating expenses were € 1.7 million (€ 1.5 million).
EBIT rose to € 6.9 million (€ 6.4 million). With a finance cost of € 0.0 million (€ 0.0 million), EBT also amounted to € 6.9 million (€ 6.4 million).
The Holding segment does not have active operations. Total revenue in the first quarter amounted to € 2.2 million (€ 2.5 million) and essentially results from the letting of buildings to affiliated companies. At € 1.0 million (€ 1.0 million), personnel expenses remained at the previous year's level. Other operating expenses decreased to € 2.1 million (€ 2.8 million). The previous year's figure also includes expenses of € 0.5 million in connection with further optimisation of the Group structure. EBIT therefore reached € –1.3 million (€ –1.8 million). EBT was € –1.4 million (€ –1.9 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 1,715 (1,674) in the reporting period. The increase can essentially be attributed to employees returning from parental leave, as well as new hirings.
| Segment | March 31, 2018 | March 31, 2017 |
|---|---|---|
| Financial services | – | 1,204 |
| Financial consulting | 1,056 | – |
| Banking | 175 | – |
| FERI | 222 | 217 |
| DOMCURA | 256 | 247 |
| Holding | 6 | 6 |
| Total | 1,715 | 1,674 |
As of March 31, 2018, 1,890 self-employed client consultants worked for MLP. The slight decline can essentially be attributed to the typical seasonal effects.
Developments in the first quarter 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 2017 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 2018 | 1st quarter 2017 |
|---|---|---|
| Revenue | 164,741 | 158,944 |
| Other Revenue | 3,200 | 4,021 |
| Total revenue | 167,941 | 162,965 |
| Commission expenses | –87,630 | –82,192 |
| Interest expenses | –161 | –540 |
| Loan loss provisions | 510 | –714 |
| Personnel expenses | –31,355 | –29,923 |
| Depreciation and impairments | –3,786 | –3,791 |
| Other operating expenses | –32,816 | –33,811 |
| Earnings from investments accounted for using the equity method | 332 | 478 |
| Earnings before interest and tax (EBIT) | 13,034 | 12,472 |
| Other interest and similar income | 53 | 61 |
| Other interest and similar expenses | –458 | –510 |
| Valuation result not relating to operating activities | –6 | – |
| Finance cost | –411 | –449 |
| Earnings before tax (EBT) | 12,624 | 12,023 |
| Income taxes | –3,309 | –3,458 |
| Net profit | 9,314 | 8,565 |
| Of which attributable to | ||
| owners of the parent company | 9,314 | 8,565 |
| Earnings per share in €* | ||
| basic/diluted | 0.09 | 0.08 |
*Basis of calculation: average number of ordinary shares outstanding at March 31, 2018: 109,334,686.
| All figures in €'000 | 1st quarter 2018 | 1st quarter 2017 |
|---|---|---|
| Net profit | 9,314 | 8,565 |
| Gains/losses due to the revaluation of defined benefit obligations | – | 886 |
| Deferred taxes on non-reclassifiable gains/losses | 50 | –260 |
| Non reclassifiable gains/losses | 50 | 626 |
| Gains/losses from changes in the fair value of | ||
| available-for-sale securities | – | 652 |
| Deferred taxes on non-reclassifiable gains/losses | – | –132 |
| Reclassifiable gains/losses | – | 520 |
| Other comprehensive income | 50 | 1,147 |
| Total comprehensive income | 9,364 | 9,712 |
| Of which attributable to | ||
| owners of the parent company | 9,364 | 9,712 |
| All figures in €'000 | March 31, 2018 | Dec. 31, 2017 |
|---|---|---|
| Intangible assets | 160,347 | 161,838 |
| Property, plant and equipment | 62,726 | 61,861 |
| Investments accounted for using the equity method | 4,465 | 4,132 |
| Deferred tax assets | 5,584 | 8,035 |
| Receivables from clients in the banking business | 708,701 | 701,975 |
| Receivables from banks in the banking business | 669,911 | 634,150 |
| Financial assets | 147,572 | 158,457 |
| Tax refund claims | 12,997 | 12,346 |
| Other receivables and assets | 132,902 | 125,741 |
| Cash and cash equivalents | 365,115 | 301,013 |
| Total | 2,270,319 | 2,169,547 |
| All figures in €'000 | March 31, 2018 | Dec. 31, 2017 |
|---|---|---|
| Shareholders' equity | 422,147 | 404,935 |
| Provisions | 95,382 | 88,737 |
| Deferred tax liabilities | 10,511 | 9,531 |
| Liabilities due to clients in the banking business | 1,480,080 | 1,439,805 |
| Liabilities due to banks in the banking business | 67,442 | 61,383 |
| Tax liabilities | 7,495 | 10,243 |
| Other liabilities | 187,262 | 154,913 |
| Total | 2,270,319 | 2,169,547 |
| All figures in €'000 | 1st quarter 2018 | 1st quarter 2017 |
|---|---|---|
| Cash and cash equivalents at the beginning of the period | 301,013 | 184,829 |
| Cashflow from operating activities | 66,739 | 26,108 |
| Cashflow from investing activities | –2,638 | –24,855 |
| Cashflow from financing activities | – | – |
| Change in cash and cash equivalents | 64,102 | 1,253 |
| Cash and cash equivalents at the end of the period | 365,115 | 186,082 |
| All figures in €'000 | 1st quarter 2018 | 1st quarter 2017 |
|---|---|---|
| Non-life insurance | 56,204 | 52,847 |
| Wealth management | 47,493 | 45,710 |
| Old-age provision | 33,715 | 35,195 |
| Health insurance | 11,682 | 11,869 |
| Loans and mortgages | 5,221 | 3,772 |
| Real estate property* | 4,886 | 3,369 |
| Other commissions and fees | 1,182 | 1,072 |
| Total commission income | 160,384 | 153,835 |
| Interest income | 4,357 | 5,109 |
| Total | 164,741 | 158,944 |
*Revenue from the brokerage of real estate objects was included in other commissions and fees in the previous year.
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, 2017 | 109,335 | 146,727 | 1,252 | –12,752 | 139,024 | 383,585 |
| Net profit | – | – | – | – | 8,565 | 8,565 |
| Other comprehensive income | – | – | 520 | 626 | – | 1,147 |
| Total comprehensive income | – | – | 520 | 626 | 8,565 | 9,712 |
| As of March 31, 2017 | 109,335 | 146,727 | 1,773 | –12,126 | 147,589 | 393,296 |
| 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 |
*Reclassifiable gains/losses.
| Financial consulting | Banking | ||||
|---|---|---|---|---|---|
| All figures in €'000 | 1st quarter 2018 | 1st quarter 2017 1st quarter 2018 | 1st quarter 2017 | ||
| Revenue | 80,728 | – | 18,066 | – | |
| Other revenue | 5,674 | – | 796 | – | |
| Total revenue | 86,402 | – | 18,862 | – | |
| Commission expenses | –40,082 | – | –7,394 | – | |
| Interest expenses | – | – | –161 | – | |
| Loan loss provisions | –179 | – | 777 | – | |
| Personnel expenses | –16,612 | – | –2,583 | – | |
| Depreciation and impairments | –2,766 | – | –23 | – | |
| Other operating expenses | –24,147 | – | –8,650 | – | |
| Earnings from investments accounted for using the equity method | 332 | – | – | – | |
| Segment earnings before interest and tax (EBIT) | 2,951 | – | 828 | – | |
| Other interests and similar income | 56 | – | –2 | – | |
| Other interest and similar expenses | –365 | – | –10 | – | |
| Valuation result not relating to operating activities | –3 | – | – | – | |
| Finance cost | –312 | – | –12 | – | |
| Earnings before tax (EBT) | 2,639 | – | 816 | – | |
| Income taxes | – | – | – | – | |
| Net profit | – | – | – | – | |
| 1st quarter 2018 | 1st quarter 2017 | |
|---|---|---|
| 97,906 | 94,208 | |
| 2,825 | 2,982 | |
| 100,731 | 97,190 | |
| –46,603 | –42,921 | |
| –161 | –541 | |
| 598 | –617 | |
| –19,195 | –18,363 | |
| –2,789 | –2,744 | |
| –29,142 | –29,341 | |
| 332 | 478 | |
| 3,772 | 3,141 | |
| 54 | 66 | |
| –375 | –402 | |
| –3 | – | |
| –324 | –337 | |
| 3,448 | 2,805 | |
| – | – | |
| – | – | |
| Financial services |
| FERI | DOMCURA | Holding | Consolidation | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | |
| 34,078 | – | 35,932 | – | – | – | –4,064 | – | 164,741 | ||
| 637 | – | 158 | – | 2,230 | – | –6,295 | – | 3,200 | ||
| 34,716 | – | 36,090 | – | 2,230 | – | –10,360 | – | 167,941 | ||
| –21,020 | – | –23,201 | – | – | – | 4,066 | – | –87,630 | ||
| – | – | – | – | – | – | – | – | –161 | ||
| 38 | – | –127 | – | – | – | – | – | 510 | ||
| –7,283 | – | –3,892 | – | –985 | – | – | – | –31,355 | ||
| –292 | – | –309 | – | –396 | – | – | – | –3,786 | ||
| –2,464 | – | –1,685 | – | –2,146 | – | 6,275 | – | –32,816 | ||
| – | – | – | – | – | – | – | – | 332 | ||
| 3,695 | – | 6,874 | – | –1,296 | – | –18 | – | 13,034 | ||
| 8 | – | 6 | – | 3 | – | –16 | – | 53 | ||
| –7 | – | –1 | – | –98 | – | 23 | – | –458 | ||
| – | – | – | – | –4 | – | – | – | –6 | ||
| 1 | – | 5 | – | –98 | – | 7 | – | –411 | ||
| 3,696 | – | 6,879 | – | –1,395 | – | –11 | – | 12,624 | ||
| – | – | – | – | – | – | – | – | –3,309 | ||
| – | – | – | – | – | – | – | – | 9,314 | 8,565 |
| Total | Consolidation | Holding | DOMCURA | FERI | |||||
|---|---|---|---|---|---|---|---|---|---|
| 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 | 1st quarter 2017 | 1st quarter 2018 |
| 164,741 | –1,392 | –3,176 | – | – | 32,208 | 35,932 | 33,921 | 34,078 | |
| 3,200 | –2,831 | –2,650 | 2,493 | 2,230 | 168 | 158 | 1,209 | 637 | |
| 167,941 | –4,223 | –5,826 | 2,493 | 2,230 | 32,375 | 36,090 | 35,130 | 34,716 | |
| –87,630 | 1,364 | 3,194 | – | – | –20,539 | –23,201 | –20,096 | –21,020 | |
| –161 | – | – | – | – | – | – | – | – | |
| 510 | – | – | – | – | –97 | –127 | – | 38 | |
| –31,355 | – | – | –1,020 | –985 | –3,494 | –3,892 | –7,046 | –7,283 | |
| –3,786 | – | – | –473 | –396 | –283 | –309 | –292 | –292 | |
| –32,816 | 2,802 | 2,621 | –2,829 | –2,146 | –1,529 | –1,685 | –2,913 | –2,464 | |
| 332 | – | – | – | – | – | – | – | – | |
| 13,034 | –57 | –11 | –1,828 | –1,296 | 6,433 | 6,874 | 4,783 | 3,695 | |
| 53 | –16 | –16 | –2 | 3 | 2 | 6 | 11 | 8 | |
| –458 | 28 | 23 | –106 | –98 | –14 | –1 | –15 | –7 | |
| –6 | – | – | – | –4 | – | – | – | – | |
| –411 | 12 | 7 | –107 | –98 | –12 | 5 | –5 | 1 | |
| 12,624 | –46 | –4 | –1,936 | –1,395 | 6,421 | 6,879 | 4,778 | 3,696 | |
| –3,309 | – | – | – | – | – | – | – | – | |
| 9,314 | – | – | – | – | – | – | – | – |
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