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MLP SE

Investor Presentation • Sep 25, 2013

289_ip_2013-09-25_8c3b33bf-d31e-420c-b2df-7e7bf49e4ebe.pdf

Investor Presentation

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Germany's leading independent consulting company

Reinhard Loose, CFO

Page 1 MLP – Company Presentation German Investment Conference Munich, September 25, 2013

Agenda

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MLP – An Overview

Company profile

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Agenda

36162224y MLP at a glance y Business model y Key Financials y MLP AG ShareyOutlook

MLP – a broad-based consulting house The MLP Group

Nationwide consulting for private and corporate clients

The MLP Group

  • Æ 169 Branch offices throughout Germany
  • Æ2,012 Consultants

International representations

  • Feri:
  • •Vienna
  • •Milan
  • •Sankt Gallen
  • •Luxembourg

International offerings across networks

Unique positioning in the market

Private client consulting

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Researched based independent consulting

  • Full banking license
  • Serving affluent clients at MLP
  • HNWI with private estates > 5 million Euros are served by Feri
  • Innovative multi-asset/multi-manager approach
  • Product-independent market assessments
  • Broad-based research as basis for investment
  • MLP clients benefit from Feri's expertise
  • Close cooperation between Feri and MLP in direct mandates

MLP – Unique business model

Private client consulting

Unique positioning in the market

Corporate and institutional client consulting

Independent consulting and concepts for corporate clients Registered as a broker Nationwide consulting services Consulting covering all aspects of company pension schemes and remuneration Efficient establishment of innovative concepts and solutions Combination of company and private solutions Comprehensive risk management for companies Straightforward Company Pensions at MLP More complex Company Pensions at TPC / Feri TPC is member of the International Benefits NetworkCorporate clients Institutional clients Investment Management Feri Trust GmbH• Strategic asset allocation • Investment Management • Alternative Investments• Risk Overlay Consulting / Family Office Feri Institutional & Family Office GmbH• Financial consulting • Asset structuring and -controlling • Asset ProtectionFund AdministrationFeri Trust (Luxembourg) S.A. • Ideal set up for all Investment strategies • Structuring and floatation of funds• Complements MLP Group's range of services

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Unique positioning in the market

Rating

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C
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s		 M
ke
ly
is
t a
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na
s		 In
i
ia
t
to
rs		 Fu
d
&
inv
tm
ts
n
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n
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ty
o
p
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r
•
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ing
p
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fra
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tu
s
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re
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rv
e
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a
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s		 M
ke
t s
a
r
rv
ey
s
u
&
M
F
ina
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l
a
c
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nc
ke
t
d
ta
m
a
r
a		 In
i
ia
t
to
rs
In
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te
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e
s
Inv
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e
s
rs		 Inv
du
tm
t p
ts
e
s
e
n
ro
c
Ins
t
i
tu
t
io
l
na
•
Re
ta
i
l
•

Market Environment

Old-age provision

Statutory pension level decreases

[before tax]

Source: Report Federal Ministry of Labour and Welfare 2012

+

    • Increasing need for private provision – statutory pension level decreases
    • Wide scope of state subsidies/allowances and tax breaks for citizens in Germany

Private Savings/Preferences

Source: TNS Infratest2013

– Uncertainty among consumers leads to hesitancy regarding long-term investments

-

– Short-term oriented investment preferences among general public

Market Environment

Healthcare

Future development of healthcare system Increasing awareness of long-term care

Insufficient level of care provided by the

Good healthcare cover only through private provision

Good healthcare cover costs a lot ofmoney on top of the state health insurance system premium

Large proportion no longer benefits from medical advances

Source: ContinentaleKrankenversicherung AG

+

    • Due to demographic development private provision in general is becoming more and more important
    • Greater focus in long-term care due to decreasing level of statutory coverage and introduction of new state-subsidised product in January 2013
  • –

Source: MLP Health Report, IfD polls

Political discussion regarding private health insurance causes uncertainty and hesitance among consumers

-

– German consumers not yet familiar with long-term care provision

Market Environment

Wealth Management

€
In
b
i
l
l
io
n		 2
0
0
8		 2
0
1
2
Ins
i
io
l
t
tu
t
na		 6
4
1,
7		 9
8
1,
6		 %
5
3,
0
M
tu
l
Fu
d
a
n
s
u		 5
7
5,
8		 7
2
9,
7		 %
2
6,
7

+

  • +High investment requirements from institutional investors
  • +Institutional business shows steady growth
– R
i
k
i
s
a
v
e
r
s
o
n		 h
h
t
t
r
o
u
g
o
u		 h
k
t
e
m
a
r		 t
e
--- ---------------------------------------------------------- ------------------------------------------------ --------------------------------- --------

Inflows from private clients particularly into money market-related products such as money market funds and fixed income funds

-

Preference for short term investments

Agenda

y M
L
P
l
t
a
a
g
a
n
c
e		 3
y B
i
d
l
s
n
e
s
s
m
o
e
u		 6
y K
F
i
i
l
e
n
a
n
c
a
s
y		 1
6
y M
L
P
A
G
S
h
a
r
e		 2
2
y O
l
k
t
o
o
u		 2
4

Foundations for stable future development

FY 2012 – Successful transformation

Broadening of the business model

  • yExpansion of wealth management
  • yDevelopment of occupational pensions business
  • yImprovement of revenue quality through recurring revenues

Comprehensive efficiency management

y Reduction of administration costs by a total of € 60 million without limitation of strategic further development

Improved Profitability

yEBIT margin increased to 13% despite difficult markets

Significant rise in EBIT

FY 2012 – High seasonality in business development – Second half of the year is crucial

* Adjusted for one-off exceptional costs

Improved revenue mix

FY 2012 – Substantial increase in recurring revenues

FY 2005(Revenue from commissions and fees: € 467.9 million)

FY 2012(Revenue from commissions and fees: € 518.0 million)

  • +In 2012 the share of recurring revenues reached more than 50% – increased from around a third in 2005
  • +Wealth management now plays an important role
  • +Improved revenue mix supports stability in total revenue

H1/2013 influenced by difficult market conditions and changeover to unisex tariffs

H1/2013 revenues

Wealth management largely compensates for decrease in the insurance areas

H1/2013 revenue split

Revenue

[in € million]

Q
2
2
0
1
2		 Q
2
2
0
1
3		 Δ
%
i
n		 H
1
2
0
1
2		 H
1
2
0
1
3		 Δ
%
i
n
O
l
d-
i
i
a
g
e
p
r
o
v
s
o
n		 4
8.
4		 4
4.
6		 8
-		 9
7.
4		 8
3.
5		 1
4
-
W
l
h
t
t
e
a
m
a
n
a
g
e
m
e
n		 2
9.
9		 3
3.
6		 1
2		 4
9.
2		 6
5.
3		 3
3
H
l
t
h
i
e
a
n
s
u
r
a
n
c
e		 1
2.
7		 1
1.
7		 8
-		 3
1.
8		 2
6
5.		 2
0
-
N
l
i
f
i
o
n-
e
n
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r
a
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e		 4.
7		 4.
3		 9
-		 2
2.
6		 2
2.
5		 0
*
L
d
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s		 2.
6		 3.
0		 1
5		 5.
5		 6.
0		 9
O
h
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0		 1.
0		 0 1.
9		 1.
7		 1
1
-
I
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m
e		 6.
6		 5.
6		 1
5
-		 1
3.
9		 1
1.
5		 1
7
-

*excluding MLP Hyp

Agenda

y O
l
k
t
u
o
o		 2
4
y G
S
M
L
P
A
h
a
r
e		 2
2
y K
F
i
i
l
e
y
n
a
n
c
a
s		 1
6
y B
i
d
l
u
s
n
e
s
s
m
o
e		 6
y M
L
P
l
t
a
a
g
a
n
c
e		 3

MLP AG Share

Share details

S
h
d
i
l
t
a
r
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e
a
s		 S
h
t
t
d
i
a
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g
:
F
F
l
t
r
e
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o
a
:
A
t
d
i
l
v
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r
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r
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g
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e
:
W
K
N
:
I
S
I
N
:
E
h
x
c
a
n
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e
s
:		 1
0
7,
8
7
7,
7
3
8
3
1
%
7.
7
(
De
f
in
i
ion
De
he
B
örs
)
t
tsc
u
e
4
3,
8
0
0
(
Xe
tra
ha
da
in
2
0
1
3
)
, s
res
p
er
y
6
6
9
9
0
5
D
E
0
0
0
6
5
6
9
9
0
8
f
X
E
T
R
A
F
k
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a
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c
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,
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S
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c
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r
e		 D
h.
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f
d
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t
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c.
a
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a
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t
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a
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f
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t
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o
a
(
De
f.
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B
örs
)
tsc
e
u
H
i
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i
t
a
r
r
s
s
s
o
c
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e
s		 2
3.
3
%
5
fre
Dr
h.
Ma
d
c.
n
Fre
f
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t
9.
9
0
%
e
La
h
l
äg
ten
sc
er
u
%
9.
8
9
6.
6
7
%
6.
2
7
%
Sw
fe
iss
L
i
6.
0
3
%
3
7.
7
1
%
An
l
i
ka
g
e
9.
7
0
%
H
D
I
/
Ta
lan
x
La
h
l
äg
ten
u
sc
er
A
l
l
ian
S
E
Ba
ia
z
rm
en
C
R
h
e
s
e
a
r
c
o
e
r
a
g
e
v		 H
S
B
C
C
J
P
M
o
r
g
a
n
a
z
a
n
o
v
e
E
i
/
E
S
N
t
q
n
e
u
B
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h
L
a
n
a
u
s
a
m
p
e
M
i
F
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t
a
n
r
s
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d
d
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h
t
n
e
p
e
n
e
n
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s
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a
r
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d
L
B
o
r		 O
i
h
P
T
6.
3
0
t
v
e
r
w
e
g
U
d
i
h
t
P
T
6.
2
0
n
e
r
w
e
g
B
P
T
6.
8
0
u
y
B
P
T
5.
4
0
u
y
f
U
d
P
T
5.
3
0
n
e
r
p
e
r
o
r
m
H
l
d
P
T
0
0
5.
o
H
l
d
P
T
4.
9
0
o

All figures as of September 10, 2013

Agenda

y O
t
l
k
o
o
u		 2
4
y M
L
P
A
G
S
h
a
r
e		 2
2
y K
F
i
i
l
e
n
a
n
c
a
s
y		 1
6
y B
i
d
l
s
n
e
s
s
m
o
e
u		 6
y M
L
P
t
l
a
a
g
a
n
c
e		 3

MLP expects EBIT to range between € 65 and € 78 million

Outlook 2013 to 2015 – in each case compared to the previous year

2
0
1
3		 2
0
1
4		 2
0
1
5
R
l
d-
i
i
e
v
e
n
u
e
o
a
g
e
p
r
o
v
s
o
n
-		 0 0 +
R
h
l
t
h
i
e
v
e
n
u
e
e
a
n
s
u
r
a
n
c
e
-		 0 + +
R
l
t
h
t
e
e
n
e
e
a
m
a
n
a
g
e
m
e
n
v
u
w
-		 + + +

very positive: ++, positive: +, neutral: 0, negative: -, very negative: --

  • yContinuation of the strict cost management
  • y If necessary, temporarily higher expenditure – either for important future investments or for one-off initial costs in order to ease future expenditure requirements
  • y Outlook: EBIT of between € 65 and € 78 million in the financial years 2013 to 2015 – depending on the respective market development
  • y Due to our investments into future topics we expect EBIT to be at the lower end of the corridor in 2013
  • yBut difficult market environment for the year-end business

Administration costs reduced by € 60 million – Solid basis for the future

Cost are under control

* Personnel expenses, depreciation and amortisation, other operating expenses

** Adjusted for one-off exceptional costs

Targeted investments in future topics

Outlook

I
T
/
O
i
i
t
r
g
a
n
s
a
o
n		 C
C
d
i
d
P
t
r
e
a
r
r
o
c
e
s
s
o
r
•
i
i
f
S
i
M
I
T-
h
l
d
t
t
t
t
g
r
a
o
n
o
y
s
e
m
s
n
o
e
c
o
u
•
S
f
i
e
r
v
c
e
s
o
r
l
t
t
c
o
n
s
u
a
n
s		 S
i
C
i
"
N
M
L
P-
D
l
t
e
w
e
r
v
c
e
e
n
r
e
a
o
g
"
S
i
l
(
A
i
l
i
i
d
i
l
i
d
)
t
t
t
t
t
t
t
t
t
u
p
p
o
r
n
g
c
o
n
s
u
a
n
s
r
r
a
n
g
n
g
c
e
n
a
p
p
o
n
m
e
n
s,
u
p
a
n
g
c
e
n
a
a…
•
S
(
)
d
d
i
d
i
i
b
i
i
i
f
f
h
t
t
t
a
n
a
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s
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s
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s
s
c
a
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a
r
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s…
x
u
u
•
Æ
i
i
i
f
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d
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t
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c
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a
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c
r
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i
f
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t
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w
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p
p
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:
T
i
r
a
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e
e
•
I
d
d
t
t
n
e
g
r
a
e
e
g
r
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e
p
r
o
g
r
a
m
•
I
h
i
t
n
e
r
n
s
p
•
N
B
h
e
w
r
a
n
c
e
s		 S
f
f
f
l
d
b
l
i
h
b
h
i
i
d
i
i
i
h
d
l
i
i
h
i
i
t
t
t
t
t
t
t
e
e
c
e
e
s
a
s
m
e
n
o
n
e
w
r
a
n
c
o
c
e
s
n
s
n
g
u
s
e
o
c
a
o
n
s
w
n
e
n
s
v
e
H
Q
t
s
u
p
p
o
r
:
U
i
i
i
i
f
d
i
i
i
t
t
t
n
e
r
s
c
e
s
o
c
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e
o
n
a
c
q
s
o
n
v
y
u
u
•
–
T
G
d
t
t
a
r
g
e
r
o
u
p
y
o
u
n
g
g
r
a
u
a
e
s
:
•
N
M
k
i
t
e
a
r
e
n
g
w
i
c
a
m
p
a
g
n		 W
l
h
M
t
t
e
a
a
n
a
g
e
m
e
n
i
i
P
M
d
F
t
r
n
e
a
o
c
u
s
•

Almost half of the announced future investments already undertaken

In total around € 8 million additional investments planned for 2013

Development of temporary expenditures

[in € million]

Important revenue drivers in 2013 Wealth Management Long-term care Occupational provision Utilisation of the extensive MLP client potential, also positive expectations for the Feri business Clients are increasingly focussing on long-term care - acceleration due to "Pflege Bahr" (supplementary long-term care insurance) Strong market position of MLP - still huge catch-up requirement in Germany Outlook

  • •MLP had a very successful financial year 2012 and further improved all key figures
  • • 2012 demonstrated the importance of the early implementation of the efficiency programme and the broadening of the business model
  • • MLP is benefitting from the strengthening of the wealth management and occupational pension businesses and will further increase the proportion of recurrent revenues
  • • Business development in the first half-year affected by difficult market conditions in old-age provision and health insurance as well as by the changeover to new unisex tariffs –both business fields behind expectations in the first half year
  • • As is usual with the MLP business model, the second half-year is crucial to our full year performance
  • • Year-end goal remains achievable – but market environment for the year-end business has become more difficult during the last weeks

Contact

MLP Investor RelationsAlte Heerstr. 40, 69168 Wiesloch Germany

  • • Jan Berg, Head of Corporate Communications Tel.: +49 (0) 6222 308 4595
  • • Andreas Herzog, Senior Manager Investor Relations and Financial CommunicationsTel.: +49 (0) 6222 308 2272

[email protected] www.mlp-ag.com

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