Quarterly Report • May 18, 2011
Quarterly Report
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Interim Group Report for the fi rst quarter 2011
| All fi gures in € million | 1st quarter 2011 | 1st quarter 2010 | Change |
|---|---|---|---|
| Continuing operations | |||
| Total revenue | 130.8 | 121.2 | 7.9 % |
| Revenue | 125.5 | 115.3 | 8.8 % |
| Other Revenue | 5.3 | 5.9 | – 10.2 % |
| Earnings before interest and tax (EBIT) |
8.6 | 4.0 | >100 % |
| EBIT margin (%) | 6.6 % | 3.3 % | – |
| Earnings from continuing operations |
4.6 | 2.0 | >100 % |
| Earnings per share (diluted) in € | 0.04 | 0.02 | >100 % |
| MLP Group | |||
| Net profi t (total) | 4.7 | 1.7 | >100 % |
| Earnings per share (diluted) in € | 0.04 | 0.02 | >100 % |
| Cash fl ow from operating activities | 48.9 | 43.3 | 12.9 % |
| Capital expenditure | 0.6 | 1.0 | – 40.0 % |
| Shareholders' equity | 432.6 | 428.41 | 1.0 % |
| Equity ratio | 28.9 % | 28.5 %1 | – |
| Balance sheet total | 1,498.5 | 1,505.41 | – 0.5 % |
| Clients2 | 778,000 | 774,5001 | 0.5 % |
| Consultants 2 | 2,222 | 2,2731 | – 2.2 % |
| Branch offi ces 2 | 186 | 1921 | – 3,1 % |
| Employees | 1,626 | 1,706 | – 4.7 % |
| Arranged new business 2 | |||
| Old-age provisions (premium sum in € billion) | 0.9 | 1.0 | – 10.0 % |
| Loans and mortgages | 370.0 | 262.0 | 41.2 % |
| Assets under management in € billion 1 |
19.9 | 19.81 | 0.5 % |
As at December 31, 2010. 2 Continuing operations.
[Table 01]
MLP is Germany's leading independent consulting company. Supported by comprehensive research, the Group provides a holistic consulting approach that covers all economic and fi nancial questions for private and corporate clients, as well as institutional investors. The key aspect of the consulting approach is the independence of insurance companies, banks and investment fi rms. The MLP Group manages total assets of more than € 19.9 billion and supports more than 778,ooo private and more than 4,ooo corporate clients. The fi nancial services and wealth management consulting company was founded in 1971 and holds a full banking licence.
The concept of the founders, which still remains the basis of the current business model, is to provide long-term consulting for academics and other discerning clients in the fi elds of old-age provision, wealth management, health insurance, non-life insurance, loans and mortgages and banking. Those with assets above € 5 million are looked after by the subsidiary Feri Family Trust. Moreover, the Group provides consulting services to institutional investors via Feri Institutional Advisors GmbH. Supported by its subsidiary TPC and the joint venture HEUBECK-FERI Pension Asset Consulting GmbH, MLP also provides companies with independent consulting and conceptual services in all issues pertaining to occupational pension schemes and asset and risk management.
The German economy grew by 3.6 % in 2o1o and this positive development also continued in the fi rst quarter of the current fi nancial year. According to initial estimates, the gross domestic product in the fi rst quarter rose by o.9 % compared to the fourth quarter 2o1o. The macroeconomic situation in Germany is extremely important to the overall business development of MLP as the company generates almost 1oo % of its revenue in this market. Despite rising infl ation due to the increases in the price of oil and other commodities, the tsunami disaster and nuclear reactor accident in Japan, the events in North Africa and the EU debt crisis, the positive trend remains unbroken. In the fi rst quarter, the favourable development of the overall economy also had a positive effect on the labour market in Germany, where the number of people without jobs continued to fall. At the end of the fi rst quarter, the unemployment rate stood at just 7.6 %, compared to 8.5 % at the end of March 2o1o.
The favourable economic development during the period under review had only a partially positive infl uence on the business development of MLP. Although we were able to achieve signifi cant revenue growth in the areas of health insurance and wealth management, business in old-age provision continued to decline. Here the effects of the economic and fi nancial crisis continued to prevail and our clients remain hesitant with respect to the conclusion of long-term old-age provision contracts.
[Figure 01]
In the fi rst quarter of the current fi nancial year, the old-age provision market in Germany remained diffi cult. Although the general public is acutely aware of the need for greater investment in private and occupational pensions due to the reduction of benefi ts provided by the state pension scheme, clients still remain hesitant with respect to the conclusion of long-term old-age provision contracts. According to fi gures recently released by the Gesamtverband der Deutschen Versicherungswirtschaft e.V. (German Insurance Association), new business for life insurance declined in the fi rst quarter 2o11. This trend was also confi rmed by a survey carried out by the opinion research institute TNS Infratest, which reported that the willingness of the German public to put money aside for old-age provision has decreased. The proportion of the population who invest money in old-age provision declined from 68 % to 62 % .
MLP was unable to escape this trend. In the fi rst quarter 2o11 our revenue in old-age provision fell from € 58.9 million to € 5o.5 million.
What effect do the fi nancial crisis and its possible consequences have on the most important saving targets of the German population?
[Figure 02]
The health insurance market in Germany developed very positively during the period under review. The changes to the legal framework conditions that were decided upon last year, and which came into effect on January 1, 2o11, have had a positive effect on demand for full private health insurance and supplementary health insurance. The reform included the following key components :
The adopted amendments and the continuing discussion about the fi nanceability of the German state health insurance system are strengthening clients' conviction that, in future, the fi nanceability of this system can only be secured through further rises in premiums and further reductions in the catalogue of treatments and services provided. Consequently, there is an increasing willingness on the part of clients to cover health risks in the form of full private health insurance or through supplementary health insurance policies. During the period under review our revenue in this area more than doubled and rose to € 28.o million.
[Figure 03]
The German investment fund industry recorded positive development in the fi rst quarter 2o11 but private investors were nevertheless infl uenced by the events in Japan and North Africa as well as by the EU debt crisis - and consequently withdrew € 4.6 billion from retail funds during the period from January to March. On the other hand, institutional investors entrusted some € 14.4 billion of new monies to funds. The outfl ows due to withdrawals by private investors particularly affected equity and fi xed income funds. At the reporting reference date on March 31, 2011, registered investment funds in Germany managed total assets of € 1,791.6 billion, corresponding to a fall of 2.1% compared to the end of 2o1o.
These positive developments in wealth management were also apparent at the MLP Group during the period under review. In the fi rst quarter 2o11 we succeeded in generating infl ows of funds from private and institutional clients. At March 31, 2o11, managed client monies (Assets under Management) amounted to € 19.9 billion compared to € 19.8 billion at December 31, 2o1o.
The competitive situation in the German fi nancial services market did not fundamentally change in the fi rst quarter 2o11. The market continues to be highly fragmented. Banks and insurance companies with their respective sales channels, as well as associated sales organisations and brokers all compete for market share. The regulatory framework conditions have a signifi cant infl uence on the competition in the market. During the period under review, the German Bundestag passed the Investor Protection Act. Following the negative experiences during the fi nancial crisis, the new law seeks to protect investors by providing them with more information, stipulating higher training standards for fi nancial consultants and allowing greater sanction possibilities in cases of misguided advice. It remains to be seen whether these objectives will be achieved (see also chapter "Outlook/Forecast").
The ongoing regulation of the fi nancial services market will increase competition among the providers and thereby further accelerate consolidation within the market.
MLP made a successful start to 2o11. In the fi rst quarter, total revenue rose by 8 % to € 13o.8 million (€ 121.2 million). The increase in total revenue was primarily attributable to the revenue from commissions and fees, which grew by 9 % to € 118.6 million (€1o9.1 million) in the period from January to March. Interest income rose slightly by € o.7 million to € 6.9 million, whilst other revenue declined from € 5.9 million to € 5.3 million .
The breakdown of the revenue from commissions and fees shows very dynamic development in the healthcare area where revenue more than doubled to € 28.o million (€ 12.9 million). The main reasons for the increased demand were the shortening of the waiting period for employees wishing to switch to private healthcare insurance as well as an increasingly sceptical perception of the statutory healthcare system following the most recent healthcare reform and the extensive public discussion. The positive trend of recent quarters also continued in the wealth management area – where revenue rose by 5 % to € 19.3 million (€ 18.3 million). This fi gure refl ects the positive new business development, both at MLP as well as at our subsidiary Feri. One of the more noticeable current aspects is the desire on the part of many clients to buy their own home. Against this background, revenue in loans and mortgages increased by 48 % from € 2.1 million to € 3.1 million. At the same time, the earnings from the joint venture company MLP Hyp, through which MLP conducts a considerable further portion of its residential property mortgages business, doubled to € o.2 million (€ o.1 million). Revenue in non-life insurance increased modestly, rising by 2 % to € 16.8 million (€ 16.4 million). However, the framework conditions in old-age provision remain diffi cult, as the entire market is still beset by reluctance and hesitancy on the part of clients with respect to the conclusion of long-term contracts. Consequently, revenue in the fi rst quarter fell from € 58.9 million to € 5o.5 million.
In the fi rst quarter of the current fi nancial year the mainly variable commission expenses rose from € 4o.3 million to € 48.3 million. On the other hand, interest expenses decreased from € 2.5 million to € 2.2 million.
Personnel expenses rose from € 27.6 million to € 29.9 million. This fi gure includes one-off exceptional costs within the framework of our announced investment and effi ciency programme (see also outlook report).
We were able to signifi cantly reduce other operating expenses in the fi rst quarter which decreased by 9.8 % to € 38.5 million. This fi gure also refl ects the success of our effi ciency measures in the previous fi nancial year. Thanks to process optimisation and savings in almost all areas of the company, we succeeded in reducing the other operating expenses. This item also includes one-off exceptional costs resulting from our announced investment and effi ciency programme.
In the fi rst quarter, EBIT (earnings before interest and taxes) rose sharply to € 8.6 million (€ 4.o million). In addition to premature costs within the framework of the participation programme for MLP consultants and employees amounting to € 1.4 million, this fi gure also includes one-off exceptional costs of € 3.2 million. These were mainly due to severance payment costs, incurred within the framework of the announced investment and effi ciency programme. Operating EBIT thus amounted to € 11.8 million .
As planned, the fi nal dividend payment to the minority shareholders of the subsidiary Feri Finance AG reduced the fi nancial result in the fi rst quarter by € 1.7 million. This resulted in net profi t from continuing operations of € 4.6 million (€ 2.0 million). Group net profi t rose to € 4.7 million (€ 1.7 million). Earnings per share (basic and diluted) thus amounted to € o.o4 (€ o.o2).
| in € million | 1st quarter 2011 | 1st quarter 2010 | Change |
|---|---|---|---|
| Total revenue | 130.8 | 121.2 | 7.9 % |
| EBIT | 8.6 | 4.0 | >100 % |
| EBIT margin | 6.6 % | 3.3 % | – |
| Finance costs | – 1.0 | – 0.5 | >100 % |
| EBT | 7.6 | 3.5 | >100 % |
| EBT margin | 5.8 % | 2.9 % | – |
| Income tax | – 2.9 | – 1.6 | 81.3 % |
| Net profi t (continuing operations) | 4.6 | 2.0 | >100 % |
| Net margin | 3.5 % | 1.7 % | – |
[Table 02]
In the fi rst quarter, the volume of assets managed by the MLP Group further increased against the overall market trend. At March 31, 2o11, Assets under Management stood at € 19.9 billion (December 31, 2o1o: € 19.8 billion). In old-age provision, the premium sum amounted to € o.9 billion and was thus only slightly below the previous year (Q1 2o1o: € 1.o billion). Occupational pensions accounted for 1o % of this fi gure (full year 2o1o: 9 % ).
MLP welcomed 7,8oo (8,ooo) new clients in the period from January to March. The total number of clients rose to 778,ooo (December 31, 2o1o: 774,5oo). The number of consultants fell to 2,222 (December 31, 2o1o: 2,273).
At the balance sheet reference date on March 31, 2o11 total assets of the MLP Group stood at € 1,498.5 million, corresponding to a decrease of o.5 % compared to December 31, 2o1o. The main changes on the asset side of the balance sheet relate to four items. Our receivables from fi nancial institutions fell by € 16.o million to € 469.o million. The change is primarily attributable to the profi t transfer from our subsidiary MLP Finanzdienstleistungen AG for the fi nancial year 2o1o and to the new investment of monies. Due to the redeployment of liquid funds into longer-term investments, our fi nancial investments increased by € 5o.5 million to € 3o3.2 million. Other accounts receivable and other assets fell from € 122.o million to € 92.2 million as a result of usual seasonal variations. This item mainly consists of receivables from insurance companies for whom we have brokered insurance contracts. Due to the usual strong year-end business, these rise signifi cantly at the end of the year and then fall again during the course of the following fi nancial year.
| in € million | March 31, 2011 | Dec 31, 2010 | Change |
|---|---|---|---|
| Intangible Assets | 146.4 | 148.2 | – 1.2 % |
| Property, plant and equipment | 73.2 | 74.4 | – 1.6 % |
| Investment property | 11.1 | 11.2 | – 0.9 % |
| Shares accounted for using the equity method | 3.1 | 2.9 | 6.9 % |
| Deferred tax assets | 3.5 | 3.3 | 6.1 % |
| Receivables from clients in the banking business | 341.1 | 343.5 | – 0.7 % |
| Receivables from banks in the banking business | 469.0 | 485.0 | – 3.3 % |
| Financial investments | 303.2 | 252.7 | 20.0 % |
| Tax refund claims | 9.3 | 11.8 | – 21.2 % |
| Other accounts receivable and other assets | 92.2 | 122.0 | – 24.4 % |
| Cash and cash equivalents | 46.3 | 50.5 | – 8.3 % |
| Total | 1,498.5 | 1,505.4 | – 0.5 % |
[Table 03]
On the liabilities side of the balance sheet equity capital rose from € 428.4 million to € 432.6 million and the equity capital position of the Group therefore remains very good. The equity ratio improved slightly from 28.5 % to 28.9 %. The change was mainly attributable to the profi t in the period under review .
The development of our deposit business is shown in the liabilities due to clients and fi nancial institutions. Liabilities due to clients from the banking business increased from € 819.3 million to € 830.9 million. These mainly consist of deposits in the areas of open and instant access accounts as well as deposits in connection with our credit card business.
Other liabilities reduced by 12.9 % to € 154.7 million. These mainly contain commission claims by our consultants and fell in the fi rst quarter in line with usual seasonal variations. Due to our usually strong year-end business, the commission claims by our consultants rise sharply at the balance sheet reference date on December 31, but then fall again in the following quarters .
| in € million | March 31, 2011 | Dec 31, 2010 | Change |
|---|---|---|---|
| Shareholders' equity | 432.6 | 428.4 | 1.0 % |
| Provisions | 52.6 | 52.0 | 1.2 % |
| Deferred tax liabilities | 10.7 | 10.6 | 0.9 % |
| Liabilities due to clients in the banking business | 830.9 | 819.3 | 1.4 % |
| Liabilities due to banks in the banking business | 14.9 | 16.4 | – 9.1 % |
| Tax liabilities | 2.0 | 1.1 | 81.8 % |
| Other liabilities | 154.7 | 177.7 | – 12.9 % |
| Total | 1,498.5 | 1,505.4 | – 0.5 % |
[Table 04]
In the fi rst quarter 2o11 cash fl ow from operating activities in continuing operations improved slightly to € 49.o million, compared to € 46.5 million in the previous year .
Cash fl ow from investing activities in the continuing operations improved from € –48.7 million to € 27.o million. Here, matured term deposits were not reinvested during the period under review, whereas in the fi rst quarter 2o1o investments were made in term deposits with a duration of more than three months.
Our cash fl ow from fi nancing activities in the continuing operations also developed positively during the period under review, improving from € –2.2 million in the fi rst quarter of the previous year to € –o.oo3 million in the period under review .
After the fi rst three months, the Group's total liquid assets stood at € 226 million. The liquidity situation therefore remains very good. The Group has adequate liquidity reserves available. In addition to the liquid funds, MLP also has access to free credit lines.
| in € million | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| Cash and cash equivalents at the beginning of the period | 125.5 | 123.6 |
| Cash fl ows from operating activities | 49.0 | 46.5 |
| Cash fl ows from investing activities | 27.0 | – 48.7 |
| Cash fl ows from fi nancing activities | – 0.003 | – 2.2 |
| Changes in cash and cash equivalents | 75.9 | – 4.4 |
| Infl ows/outfl ows due to divestments | – 0.1 | – 3.2 |
| Cash and cash equivalents at the end of the period | 201.3 | 116.0 |
[Table 05]
No capital measures were undertaken during the period under review.
During the period under review we invested € o.6 million compared to € 1.o million in the previous year. 7o % of this fi gure was allocated to the fi nancial services sector – mainly for software as well as for operating and offi ce equipment (including hardware). A signifi cant portion of the funds was allocated to projects designed to improve IT support for client consulting activities. All investments were fi nanced from current cash fl ows.
In the fi rst quarter of the current fi nancial year MLP increased revenue despite the continuingly diffi cult market conditions in old-age provision. Together with the successful cost reduction measures, this led to a signifi cant improvement in Group earnings. The equity capital base and the liquidity of the Group both increased during the period under review. We are therefore very satisfi ed with MLP's performance in the fi rst quarter and regard the economic position of the Group as positive – both at the end of the period under review as well as at the time of preparation of the interim report.
The number of employees reduced further during the period under review. At the reference date on March 31, the MLP Group had a total of 1,626 employees, corresponding to a reduction of 8o people compared to March 31, 2010. Without taking the number of marginal part-time employees into account, the number of employees decreased by 36 to 1,446. The development of personnel expenses is shown in the section "Results of operations ".
During the period under review MLP received the "Top Employer Germany" award for the fi fth consecutive time and further improved its score in terms of image, work-life balance and employee remuneration. Through this award, the Corporate Research Foundation Institute (CRF), which is one of the leading research companies in the area of employer certifi cation and employer branding, once again confi rmed MLP's outstanding corporate and employee culture.
| March 31, 2011 | March 31, 2010 | |
|---|---|---|
| Financial Services | 1,367 | 1,435 |
| Feri | 247 | 257 |
| Holding | 12 | 14 |
| Total | 1,626 | 1,706 |
[Table 06]
In 2o11 MLP celebrates its 4oth anniversary. To mark the occasion, the company is planning numerous activities under the theme "4o Years of MLP – next generation of fi nancial consulting". One of the fi rst highlights of the anniversary year will be the "MLP Surfi n' Tour 2o11". During this road show which starts in May, MLP will be a guest at over 3o university sites throughout Germany and will be recreating the atmosphere of the company's foundation under the theme "Come and ride the wave of success". The new edition of the client magazine FORUM also includes extensive content on the company's anniversary year. The range of offerings is rounded off with a fi lm in which MLP enters into a dialogue with the next generation – the children of MLP consultants. The fi lm, together with other initiatives can be viewed on the MLP website .
In February 2o11, MLP awarded international scholarships to 16 students within the framework of the "Join the best" competition which MLP runs in cooperation with Global Players and the Handelsblatt publishing group as media partner. Through this initiative, which has been taking place annually since 2oo4, the participating companies make a joint contribution towards promoting the international mobility of young academics. The chosen students are invited to take up two to six-month international internships at renowned companies and institutions, each of which involves a specifi c project and which was set up exclusively for "Join the best". In addition, a further 100 internships were awarded during the company contact fair .
On March 31, and by amicable arrangement, Ralf Schmid, Chief Operating Offi cer (COO) of the MLP Group as well as a member of the Executive Boards of MLP AG and the subsidiary MLP Finanzdienstleistungen AG, resigned from his positions on both boards in order to pursue new professional challenges elsewhere. His duties were reassigned and split among the other members of the Executive Board. The board position vacancy will not be refi lled.
On February 1 Reinhard Loose took up his duties as Chief Financial Offi cer. The Supervisory Board appointed Mr. Loose to this position in November 2o1o.
The MLP Group structures its business into the following operating segments:
A detailed description of the individual segments is contained on pages 212 et seq. of the Annual Report 2o1o.
Total revenue in the fi nancial services segment during the period under review rose by 8.3 % to € 121.3 million. This was due to positive development in the areas of wealth management, fi nancing and non-life insurance. The development in the area of health insurance was particularly positive (further details are contained in the section "Results of Operations").
The earnings situation in the fi nancial services segment improved signifi cantly in the fi rst quarter. Earnings before interest and taxes (EBIT) more than doubled, rising from € 5.3 million in the fi rst quarter 2o1o to € 11.5 million in the period under review. In addition to the increase in total revenue, this improvement was also particularly attributable to the decrease in other operating expenses which fell by 9.7 % to € 37.1 million. The fi nancial result remained unchanged and amounted to € –o.3 million. This led to earnings before taxes (EBT) in the fi nancial services segment of € 11.1 million (€ 5.o million).
Our subsidiary Feri Finance AG, which forms the Feri segment, also reported positive development in total revenue during the period under review. These rose by 6.8 % to a total of € 9.4 million. Earnings before interest and tax (EBIT) amounted to € –o.4 million (€ –o.2 million). The lack of improvement in EBIT in the fi rst quarter – despite an increase in total revenue – was mainly due to the development of personnel expenses. These rose by € o.7 million to a total of € 6.5 million.
Together with the fi nancial result, MLP achieved earnings before tax (EBT) in this segment amounting to € –o.4 million (€ –o.2 million) .
Total revenue in the Holding segment fell from € 3.3 million to € 3.o million in the fi rst quarter 2o11. Earnings before interest and tax (EBIT) amounted to € –2.5 million (€ –1.o million). In addition to lower total revenue, this decline was also particularly due to the rise in personnel expenses from € 1.3 million to € 2.9 million. This fi gure also includes one-off exceptional costs within the framework of our previously announced investment and effi ciency programme. The fi nancial result in this segment improved from € o.7 million to € 1.6 million. Overall, MLP achieved earnings before tax (EBT) in the Holding segment amounting to € –o.9 million (€ –o.3 million).
There were no signifi cant changes in the risk situation of the MLP Group during the period under review. Even in the aftermath of the fi nancial and economic crisis there were no exceptional burdens within the framework of our counterparty default risks, market price risks, liquidity risks, and operational or other risks. The MLP Group has adequate liquid funds. At the reporting date on March 31, 2o11, our core capital ratio amounted to 23.o % and continued to far exceed the 8 % level prescribed by the supervisory body. At the present time, no existence threatening risks to the MLP Group have been identifi ed.
A detailed presentation of our corporate risks as well as a detailed description of our risk management are contained in our risk and disclosure report on pages 85 to 1o4 of the Annual Report 2o1o.
Related party disclosures are contained in the notes of the Annual Report 2o1o, page 228 et seq.
During the fi rst quarter, expectations concerning the future macroeconomic development in Germany – where MLP generates almost 1oo % of its revenue – improved further. Whereas at the end of 2o1o, leading economic experts were still forecasting that the German economy would grow by 2.2 % in the current year, the experts then revised their fi gures after the end of the fi rst quarter and now expect the economy to expand by 2.6 %. The growth forecasts for 2012 remain unchanged at 2.o %.
The labour market in particular is expected to benefi t from the positive economic development. According to the spring forecast issued by the federal government, the average unemployment fi gure is likely to fall to 2.9 million this year and decrease further to 2.7 million in 2o12. This development also has an infl uence on the disposable income of private households which is expected to rise by 3.3 % during the current year.
Overall, and from a current perspective, the macroeconomic framework conditions remain favourable for MLP. Risk factors for the forecast positive development continue to be the rising infl ation, the political instability in North Africa and, above all, the EU debt crisis.
A description of the framework conditions for our most important markets – old-age provision, health insurance and wealth management – is contained in our Annual Report 2o1o on page 1o4 et seq. During the fi rst three months of the fi nancial year 2o11 there were no signifi cant changes to the overall situation.
Based on the demographic development in Germany, we continue to expect high need for private old-age provision and occupational pensions. Sooner or later this situation should lead to rising demand for old-age provision products.
The demand for full private health insurance or supplementary health insurance will rise. On January 1, 2o11 premiums for statutory health insurance increased. At the same time, the waiting period for insurees wishing to switch to private health insurance was cut from three years to one year. We expect this situation to have a positive effect on our business in 2o11 and 2o12.
The wealth management market also offers growth potential. We intend to further increase our Assets under Management – both in our private client business as well as for institutional investors.
The ongoing regulation has become a determining factor for competition within the market for the distribution of fi nancial services. This will intensify competition and thereby accelerate the consolidation in the market. Through our quality approach, client orientation and clear commitment to transparency we stand to benefi t from this development.
At the start of April MLP initiated extensive investments. At the same time we are accelerating our ongoing effi ciency programme and pulling forward measures, which were originally planned for implementation by the end of 2o13, into the current fi nancial year. The measures will focus on strengthening the MLP brand through an extensive marketing campaign, signifi cant improvement of visibility at the branch locations, even more effective support for MLP consultants as well as further optimisation of processes.
The concentration of the effi ciency measures into the current fi nancial year will result in one-off exceptional costs of around € 3o million in 2o11. From 2o12, the programme will contribute towards a signifi cant increase in the previously planned effi ciency measures. Overall, and on this basis, MLP expects to achieve a sustainable reduction in annual fi xed costs of at least € 3o million by the end of 2o12.
| 2011 | 2012 | |
|---|---|---|
| Revenue old-age provision | ||
| Revenue wealth management | ||
| Revenue health insurance | ||
| [Table 07] |
Following completion of the fi rst quarter of 2o11 we see no reason to amend the qualitative revenue forecast provided in our Annual Report 2o1o. In wealth management and in health insurance we anticipate a continuation of the positive development from the fi nancial year 2o1o. We expect to achieve revenue growth, both in 2o11 as well as in 2o12. The provision of a forecast for the area of old-age provision is a far more diffi cult proposition and is subject to greater uncertainty. From a current perspective, we still expect to achieve stable revenue in this area for the current fi nancial year, followed by a slight increase in 2o12. We also maintain our medium-term objective which we formulated at the start of 2o1o – to achieve an operating EBIT margin of 15 % in 2o12.
Signifi cant changes to the opportunities resulting from the framework conditions, corporatestrategic opportunities or business opportunities did not occur during the period under review. Relevant detailed explanations are contained in the Annual Report 2o1o on page 114 et seq .
In April 2o11, MLP AG acquired the remaining 43.4 % share holding in Feri Finance AG as planned. The purchase price of the shares which were held solely by the Feri managing partners provisionally amounts to € 5o.6 million. MLP had already acquired a 56.6 % holding in Feri in autumn 2oo6.
At the start of April MLP initiated extensive investments. At the same time MLP is accelerating its ongoing effi ciency programme and pulling forward measures, which were originally planned for implementation by the end of 2o13, into the current fi nancial year. The measures will focus on strengthening the MLP brand through an extensive marketing campaign, signifi cant improvement of our visibility at the branch locations, even more effective support for MLP consultants as well as further optimisation of processes. Relevant details are contained in the section "Outlook for the current fi nancial year/Forecast".
The development in the stock markets during the fi rst quarter of the current fi nancial year was infl uenced by the tsunami disaster and reactor accident in Japan, the political events in North Africa, rising commodity prices and the EU debt crisis. In general, the markets stagnated but the US American markets managed to push ahead. In the period under review the Dow Jones index climbed by 6.4 % to 12,32o points. The DAX rose slightly and closed 1.8 % higher at 7,o41 points at the end of the quarter. The small cap index SDAX hardly changed at all. At the close of trading on March 31, 2o11, the index stood at 5,144 points, corresponding to a slight fall of o.6 % compared to the end of 2o1o. The DAX sector Financial Services index – the index for fi nancial services companies in Germany – rose by 1.1 % compared to the end of 2o1o.
At the end of the period under review the MLP share stood at € 6.53, corresponding to a fall of 14.1 % compared to the end of 2o1o. During the period under review, the MLP share price fl uctuated between a high of € 7.85 at the beginning of February and a low of € 6.47 during the middle of March.
Further information concerning the MLP share is available from our Investor Relations page on the MLP website at www.mlp-ag.com under the heading "MLP share".
| 1st quarter 2011 | 1st quarter 2010 | |
|---|---|---|
| Share price at the beginning of the quarter | € 7.64 | € 8.27 |
| Share price high | € 7.85 | € 8.27 |
| Share price low | € 6.47 | € 6.69 |
| Share price at the end of the quarter | € 6.53 | € 7.80 |
| Dividend for the previous year | € 0.30* | € 0.25 |
| Market capitalisation (end of reporting period) | € 704,441,629.14 | € 841,446,356.40 |
* Subject to the approval of the Annual General Meeting on June 10, 2011. [Table 08]
In the fi nancial year 2o1o we signifi cantly improved the earnings situation of the company. This performance also enables us to increase the dividend payment to our shareholders. The Executive and Supervisory Boards are therefore proposing an increase in the dividend from € o.25 to € o.3o per share for approval by shareholders at the Annual General Meeting on June 1o, 2o11 - representing a dividend distribution of € 32.4 million to our shareholders. This is also in line with the dividend policy we have adopted during the past two years of distributing almost 1oo % of Group net profi t. As in previous years, shareholders can receive the dividend tax-free.
The next Annual General Meeting of MLP AG will take place on June 1o, 2o11 at the Congress Center Rosengarten in Mannheim, Germany. Further information about the MLP Annual General Meeting 2o11 is available from our Investor Relations page on the Internet at www.mlp-ag.com.
| All fi gures in €'000 | Notes | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|---|
| Revenue | (5) | 125,526 | 115,289 |
| Other revenue | 5,316 | 5,903 | |
| Total revenue | 130,842 | 121,191 | |
| Commission expenses | – 48,292 | – 40,324 | |
| Interest expenses | – 2,174 | – 2,470 | |
| Personnel expenses | (6) | – 29,889 | – 27,618 |
| Depreciation and amortisation | – 3,622 | – 4,112 | |
| Other operating expenses | (7) | – 38,527 | – 42,732 |
| Earnings from shares accounted for using the equity method | 234 | 103 | |
| Earnings before interest and tax (EBIT) | 8,572 | 4,039 | |
| Other interest and similar income | 1,248 | 1,663 | |
| Other interest and similar expenses | – 2,245 | – 2,163 | |
| Finance cost | (8) | – 997 | – 499 |
| Earnings before tax (EBT) | 7,576 | 3,540 | |
| Income taxes | – 2,947 | – 1,550 | |
| Earnings from continuing operations after tax | 4,628 | 1,990 | |
| Earnings from discontinued operations after tax | 22 | – 287 | |
| Net profi t | 4,651 | 1,703 | |
| Of which attributable to | |||
| owners of the parent company | 4,651 | 1,703 | |
| Earnings per share in €* | |||
| From continuing operations | |||
| basic | 0.04 | 0.02 | |
| diluted** | 0.04 | 0.02 | |
| From continuing and discontinued operations | |||
| basic | 0.04 | 0.02 | |
| diluted** | 0.04 | 0.02 | |
| * Basis of calculation: Average number of shares at March 31, 2011: 107,877,738, Potential shares (convertible debentures): 450,207. |
[Table 09] |
** The ordinary shares resulting from the conversion of convertible debentures are treated as shares already issued.
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| Net profi t | 4,651 | 1,703 |
| Other comprehensive income | ||
| Securities marked to market | – 606 | 1.703 |
| Tax expense | 91 | – 12 |
| Other comprehensive income after tax | – 515 | 1,691 |
| Total comprehensive income for the year | 4,135 | 3,394 |
| Total comprehensive income attributable to | ||
| owners of the parent company | 4,135 | 3,394 |
| All fi gures in €'000 | Notes | March 31, 2011 | March 31, 2010 |
|---|---|---|---|
| Intangible assets | 146,360 | 148,157 | |
| Property, plant and equipment | 73,230 | 74,403 | |
| Investment property | 11,112 | 11,178 | |
| Shares accounted for using the equity method | 3,144 | 2,910 | |
| Deferred tax assets | 3,453 | 3,283 | |
| Receivables from clients in the banking business | 341,074 | 343,453 | |
| Receivables from banks in the banking business | (9) | 468,972 | 485,023 |
| Financial assets | (10) | 303,223 | 252,687 |
| Tax refund claims | 9,301 | 11,846 | |
| Other accounts receivable and other assets | (11) | 92,243 | 121,999 |
| Cash and cash equivalents | 46,345 | 50,470 | |
| Total | 1,498,455 | 1,505,411 | |
| [Table 11] |
| All fi gures in €'000 | Notes | March 31, 2011 | March 31, 2010 |
|---|---|---|---|
| Shareholders' equity | (12) | 432,614 | 428,390 |
| Provisions | 52,608 | 51,960 | |
| Deferred tax liabilities | 10,681 | 10,551 | |
| Liabilities due to clients in the banking business | 830,875 | 819,294 | |
| Liabilities due to banks in the banking business | 14,938 | 16,391 | |
| Tax liabilities | 2,032 | 1,109 | |
| Other liabilities | (11) | 154,708 | 177,716 |
| Total | 1,498,455 | 1,505,411 | |
[Table 12]
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| Cash fl ow from operating activities | 48,932 | 43,299 |
| Cash fl ow from investing activities | 26,950 | – 48,711 |
| Cash fl ow from fi nancing activities | – 3 | – 2,172 |
| Change in cash and cash equivalents | 75 ,880 | – 7 ,584 |
| Cash and cash equivalents at the end of the period | 201,345 | 116 ,040 |
| Thereof discontinued operations | ||
| Cash fl ow from operating activities | – 63 | – 3,187 |
| Cash fl ow from investing activities | – | – |
| Cash fl ow from fi nancing activities | – | – |
| Change in cash and cash equivalents | – 63 | – 3 ,187 |
| Cash and cash equivalents at the end of the period | 0 | 0 |
[Table 13]
| Equity attributable to MLP AG shareholders | |||||
|---|---|---|---|---|---|
| All fi gures in €'000 | Share capital |
Capital reserves |
Securities marked to market |
Other equity |
Total shareholders' equity |
| As at Jan 1, 2010 | 107,878 | 142,184 | – 1,573 | 170,044 | 418,532 |
| Transactions with owners | – | – | – | – | – |
| Total comprehensive income | – | – | 1,691 | 1,703 | 3,394 |
| As at March 31, 2010 | 107,878 | 142,184 | 118 | 171,747 | 421,926 |
| As at Jan 1, 2011 | 107,878 | 142,184 | 1,193 | 177,136 | 428,390 |
| Changes to the scope of consolidation | – | – | – | 88 | 88 |
| Transactions with owners | – | – | – | 88 | 88 |
| Total comprehensive income | – | – | –515 | 4,651 | 4,135 |
| As at March 31, 2011 | 107,878 | 142,184 | 677 | 181,875 | 432,614 |
[Table 14]
| Financial services | |||
|---|---|---|---|
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 | |
| Revenue | 117,120 | 107,492 | |
| of which total inter-segment revenue | 60 | 56 | |
| Other revenue | 4,176 | 4,528 | |
| of which total inter-segment revenue | 430 | 442 | |
| Total revenue | 121,296 | 112,020 | |
| Commission expenses | – 47,851 | – 39,998 | |
| Interest expenses | – 2,174 | – 2,471 | |
| Personnel expenses | – 20,563 | – 20,537 | |
| Depreciation/amortisation and impairment | – 2,363 | – 2,759 | |
| Other operating expenses | – 37,127 | – 41,082 | |
| Earnings from shares accounted for using the equity method | 234 | 103 | |
| Segment earnings before interest and tax (EBIT) | 11,452 | 5,276 | |
| Other interest and similar income | 58 | 97 | |
| Other interest and similar expenses | – 380 | – 415 | |
| Finance cost | – 322 | – 318 | |
| Earnings before tax (EBT) | 11,130 | 4,958 | |
| Income taxes | |||
| Earnings from continuing operations after tax | |||
| Earnings from discontinued operations after tax | 22 | – 287 | |
| Net profi t (total) | |||
| Feri | Holding | Consolidation/Other | Total | ||||
|---|---|---|---|---|---|---|---|
| 1st quarter 2011 | 1st quarter 2010 | 1st quarter 2011 | 1st quarter 2010 | 1st quarter 2011 | 1st quarter 2010 | 1st quarter 2011 | 1st quarter 2010 |
| 8,510 | 7,876 | – | – | – 105 | – 80 | 125,526 | 115,289 |
| 45 | 23 | – | – | – 105 | – 78 | 0 | 0 |
| 877 | 928 | 3,001 | 3,336 | – 2,738 | – 2,890 | 5,316 | 5,903 |
| – | – | 2,308 | 2,448 | – 2,738 | – 2,890 | 0 | 0 |
| 9,387 | 8,804 | 3,001 | 3,336 | – 2,842 | – 2,970 | 130,842 | 121,191 |
| – 461 | – 401 | – | – | 20 | 76 | – 48,292 | – 40,324 |
| – | – | – | – | 1 | 1 | – 2,174 | – 2,470 |
| – 6,462 | – 5,770 | – 2,863 | – 1,311 | – | – | – 29,889 | – 27,618 |
| – 526 | – 592 | – 732 | – 760 | – | – | – 3,622 | – 4,112 |
| – 2,301 | – 2,264 | – 1,875 | – 2,243 | 2,776 | 2,856 | – 38,527 | – 42,732 |
| – | – | – | – | – | – | 234 | 103 |
| – 364 | – 222 | – 2,470 | – 977 | – 46 | – 37 | 8,572 | 4,039 |
| 7 | 1 | 3,659 | 2,577 | – 2,477 | – 1,011 | 1,248 | 1,663 |
| – 3 | – 3 | – 2,070 | – 1,906 | 209 | 161 | – 2,245 | – 2,163 |
| 4 | – 3 | 1,590 | 671 | – 2,269 | – 850 | – 997 | – 499 |
| – 360 | – 225 | – 880 | – 306 | – 2,314 | – 887 | 7,576 | 3,540 |
| – 2,947 | – 1,550 | ||||||
| 4,628 | 1,990 | ||||||
| – | – | 22 | – 287 | ||||
| 4,651 | 1,703 | ||||||
| [Table 15] |
The consolidated fi nancial statements were prepared by MLP AG, Wiesloch, Germany, the ultimate parent company of the MLP Group. MLP AG is listed in the Mannheim Commercial Register under the number HRB 332697 at the address Alte Heerstraße 4o, 69168 Wiesloch, Germany.
Since it was founded in 1971, MLP has been operating as a broker and adviser for academics and other discerning clients in the fi elds of old-age provision including occupational pension provision, health care, fi nancing, wealth management and banking services.
The interim fi nancial report has been prepared in line with the regulations set out in IAS 34 "Interim fi nancial reporting". It is based on the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) as well as the interpretations of the International Financial Reporting Interpretation Committee (IFRIC), as applicable within the European Union (EU). In accordance with the provisions of IAS 34, the scope of the report has been reduced compared to the consolidated fi nancial statements at December 31, 2o1o .
The same consolidation principles and accounting policies as for the consolidated fi nancial statements of the fi nancial year 2o1o have been applied to this interim fi nancial report. These are presented in the Group notes of the annual report 2o1o that can be downloaded from the company's website (www.mlp-ag.com).
The interim fi nancial report has been drawn up in euros (€), which is the functional currency of the parent company. Unless otherwise specifi ed, all amounts are stated in thousands of euros (€'ooo). Both single and cumulative fi gures are values with the smallest rounding difference. As a result, differences to reported total amounts may arise when the individual values shown are added up.
The accounting policies applied are the same as those used in the fi nancial statements at December 31, 2o1o except the standards and interpretations to be used for the fi rst time in the fi nancial year 2o11.
In the fi nancial year 2o11 the following new or revised standards are to be used for the fi rst time:
• Improvement to IFRSs 2o1o.
MLP does not expect any effects on the net assets, fi nancial position or profi t situation from the improvements to IFRS 2o1o (adopted by the EU in February 2o11), but there may be more detailed information requirements.
Business development in the health insurance area was positively infl uenced by the healthcare reform that came into effect on January 1, 2o11. In old-age provision, clients remain hesitant with respect to the conclusion of longer-term old-age provision contracts.
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| Old-age provision | 50,508 | 58,860 |
| Health insurance | 28,044 | 12,859 |
| Wealth management | 19,349 | 18,324 |
| Non-life insurance | 16,811 | 16,396 |
| Loans and mortgages | 3,127 | 2,120 |
| Other commission and fees | 775 | 570 |
| Comission and fees | 118,613 | 109,129 |
| Interest income | 6,912 | 6,159 |
| Total | 125,526 | 115,289 |
| [Table 16] |
Personnel expenses increased from € 27,618 thsd to € 29,889 thsd. This was mainly due to restructuring costs.
At March 31, 2o11, the MLP Group had the following numbers of employees in the strategic fi elds of business:
| All fi gures in €'000 | March 31, 2011 | of which part-time employees |
March 31, 2010 | of which part-time employees |
|---|---|---|---|---|
| Financial services | 1,367 | 122 | 1,435 | 155 |
| Feri | 247 | 57 | 257 | 68 |
| Holding | 12 | 1 | 14 | 1 |
| Total | 1,626 | 180 | 1,706 | 224 |
[Table 17]
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| IT operations | 12,197 | 11,688 |
| Rental and leasing | 3,943 | 4,491 |
| Administration operations | 3,244 | 3,499 |
| Consultancy | 3,014 | 3,544 |
| Representation and advertising | 1,923 | 1,816 |
| Training and further education | 1,913 | 1,908 |
| Write-downs and impairments of other accounts receivable and other assets |
1,695 | 1,796 |
| External services – banking business | 1,610 | 1,796 |
| Travel expenses | 1,251 | 903 |
| Premiums and fees | 1,240 | 1,624 |
| Entertainment | 1,149 | 1,085 |
| Expenses for commercial agents | 832 | 1,517 |
| Insurance | 745 | 731 |
| Write-downs and impairments of other receivables from clients in the banking business |
524 | 1,299 |
| Maintenance | 523 | 380 |
| Other personnel costs | 307 | 298 |
| Audit | 232 | 347 |
| Expenses from the disposal of assets | 7 | 9 |
| Sundry other operating expenses | 2,178 | 4,002 |
| Total | 38,527 | 42,732 |
[Table 18]
The costs of IT operations are mainly attributable to IT services and computer centre services that have been outsourced to an external service provider. The expenses for administration operations contain costs relating to building operations, offi ce costs and communication costs. External services - banking business mainly contain securities settlement and transaction costs in connection with the MLP credit card. The consulting costs are made up of tax advice costs, legal advice costs as well as general and IT consulting costs. The costs recognised under representation and advertising are attributable to media presence and client information activities. Write-downs and impairments of other accounts receivable and other assets comprise allowances for receivables from commercial agents. The expense for commercial agents includes expenses for former consultants and the training allowance for new consultants. Sundry other operating expenses mainly consist of external services, car costs, donations and specialist literature.
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| Other interest and similar income | 1,248 | 1,663 |
| Interest and similar expenses from fi nancial instruments | – 1,923 | – 1,851 |
| Accrued interest on pension provisions | – 321 | – 312 |
| Other interest and similar expenses | – 2,245 | – 2,163 |
| Finance cost | – 997 | – 499 |
[Table 19]
The fall in the fi nancial result is mainly due to higher dividend payments to the other managing partners of Feri Finance AG amounting to € 1,740 thsd (previous year: € 653 thsd) as well as to the non-recurrence of interest income that arose during the previous year in connection with an audit. On the other hand, there were lower expenses from interest rate swaps as well as the absence of interest expenses relating to interest on the acquisition price liabilities for Feri Finance AG
The change in receivables from banks in the banking business, which fell from € 485,o23 thsd to € 468,972 thsd, is mainly attributable to the profi t transfer payment by MLP Finanzdienstleistungen AG to MLP AG for the fi nancial year 2o1o and to the new investment of monies.
| All fi gures in €'000 | March 31, 2011 | March 31, 2010 |
|---|---|---|
| Available for sale | ||
| Debt securities and holdings in investment funds | 38,127 | 40,639 |
| Investments | 3,240 | 3,385 |
| Held-to-maturity securities | 96,576 | 83,379 |
| Loans and receivables | 165,280 | 125,284 |
| Total | 303,223 | 252,687 |
[Table 20]
The rise in fi nancial investments is primarily attributable to the investment of MLP AG's liquid funds in fi xed-term deposits as well as to the addition of fi xed income securities at MLP Finanzdienstleistungen AG. Impairments were made to securities acquired for the hedging of the participation programme.
Due to the seasonally stronger year-end business, high receivables from insurance companies as well as high liabilities towards commercial agents at December 31, 2o1o had to be shown which were then balanced out in the fi rst quarter of 2o11. A lower amount of receivables and liabilities were built up in the fi rst quarter of 2o11.
The share capital of MLP AG is made up of 1o7,877,738 no-par-value shares (December 31, 2o1o: 1o7,877,738 no-par-value shares). In the fi rst quarter 2o11 no new no-par-value shares were issued through the exercising of rights of conversion .
The Executive and Supervisory Board propose to the Annual General Meeting on June 1o, 2o11 a dividend of € 32,363 thsd (previous year: € 26,969 thsd) for the fi nancial year 2o1o. This corresponds to € o.3o per share (previous year: o.25 € per share) .
The cash fl ow from operating activities results from cash fl ows that cannot be defi ned as investing or fi nancing activities. This is determined on the basis of the consolidated net profi t for the year from continuing operations, current earnings and profi t from the sale of discontinued operations. As part of the indirect determination of the cash fl ow, the changes in statement of fi nancial position items due to operating activities are adjusted by effects from changes to the scope of consolidation and currency translation. The changes in the respective statement of fi nancial position items can therefore only be partially aligned with the corresponding values in the published consolidated statement of fi nancial positions. Cash fl ow from operating activities has increased by € 5,633 thsd to € 48,932 thsd .
The cash fl ow from investing activities is mainly infl uenced by the investment of cash in fi xed term deposits as well as by matured term investments. In the period under review, fi xed-term deposits were not extended. In the comparative period it was invested in fi xed-term deposits with a term of >3 months.
Cash and cash equivalents with a term to maturity of not more than three months are recorded under cash and cash equivalents. Cash equivalents are short-term fi nancial investments which can be converted into cash at any time and which are only subject to minor value fl uctuation risks.
| All fi gures in €'000 | March 31, 2011 | March 31, 2010 |
|---|---|---|
| Cash and cash equivalents | 46,345 | 46,198 |
| Loans < 3 months | 155,000 | 70,000 |
| Liabilities to banks due on demand | – 1 – 158 |
|
| Cash and cash equivalents | 201,345 | 116,040 |
[Tabelle 21]
The receivables from banks of MLP Finanzdienstleistungen AG are not included in cash and cash equivalents, as they are to be attributed to the operating activities of the banking business segment.
There were no signifi cant changes compared to December 31, 2o1o.
Expenses and income from discontinued operations break down as follows.
| All fi gures in €'000 | 1st quarter 2011 | 1st quarter 2010 |
|---|---|---|
| Operating profi t | – | – |
| Earnings from the sale/disclosure of operations before tax | 32 | – 305 |
| Income taxes | – 9 | 18 |
| Earnings from the sale of operations after tax | 22 | – 287 |
| Earnings from discontinued operations after tax | 22 | – 287 |
| Earnings per share in € | ||
| from discontinued operations | ||
| basic and diluted | 0.00 | 0.00 |
| [Table 22] |
There were no signifi cant changes compared to December 31, 2o1o.
Ralf Schmid, Chief Operating Offi cer of the MLP Group as well as a member of the Executive Boards of MLP AG and MLP Finanzdienstleistungen AG, resigned from both boards on March 21, 2011. Reinhard Loose took up his duties as Chief Financial Offi cer on February 1, 2o11.
Beyond this there were no signifi cant changes compared to December 31, 2o1o.
In April 2o11 MLP acquired the remaining 43.4 % shares in Feri Finance AG. The purchase price provisionally amounts to € 5o.6 million. Also in April 2o11, the ongoing effi ciency programme was accelerated and the effi ciency measures are being concentrated into the current fi nancial year (2o11). This is expected to lead to one-off exceptional costs in the fi nancial year 2011 of around € 3o million.
Beyond this there were no notable events after the balance sheet date which may affect the MLP Group's net assets, fi nancial position or results of operations.
Wiesloch, May 11, 2o11
MLP AG
Executive Board
Dr. Uwe Schroeder-Wildberg Manfred Bauer Reinhard Loose Muhyddin Suleiman
| 05 Figure 01 | German Gross Domestic Product, change |
|---|---|
| in % compared to the previous quarter | |
| 06 Figure 02 | What effect do the fi nancial crisis and its possible |
| consequences have on the most important | |
| saving targets of the German population? | |
| 07 Figure 03 | Financial viability of the German healthcare system |
| 08 Figure 04 | Infl ows and outfl ows in various types of mutual |
| funds in Germany in Q1 2011 | |
| 09 Figure 05 | Total revenue from continuing operations |
| 11 Figure 06 | EBIT from continuing operations |
| 17 Figure 07 | Total revenue and EBIT for the fi nancial services |
| segment | |
| 18 Figure 08 | Total revenue and EBIT for the Feri segment |
| 19 Figure 09 | Expected growth in GDP in Germany |
| 21 Figure 10 | Development of the operating EBIT margin |
| 2007–2012 |
22 Figure 11 MLP share, SDAX and DAXsector Financial Services in Q1 2011
02 Table 01 MLP Key fi gures
| 10 Table 02 | Earnings development of continuing operations | |
|---|---|---|
| 12 Table 03 | Assets as at March 31, 2011 | |
| 13 Table 04 | Liabilities and shareholders' equity as at | |
| March 31, 2011 | ||
| 14 Table 05 | Condensed statement of cash fl ows in continuing | |
| operations | ||
| 15 Table 06 | Number of employees | |
| 20 Table 07 | Anticipated development of revenue 2011 to 2012 |
23 Table 08 Key fi gures of the MLP share
| 24 Table 09 | Income statement for the period from |
|---|---|
| January 1 to March 31, 2011 | |
| 24 Table 10 | Statement of comprehensive income |
| for the period from January 1 to March 31, 2011 | |
| 25 Table 11 | Assets as at March 31, 2011 |
| 25 Table 12 | Liabilities and shareholders' equity as at |
| March 31, 2011 | |
| 26 Table 13 | Consolidated statement of cash fl ows for the period |
| from January 1 to March 31, 2011 | |
| 27 Table 14 | Statement of changes in equity |
| 28 Table 15 | Segement reporting | |
|---|---|---|
| 31 Table 16 | Revenue | |
| 31 Table 17 | Personnel expenses/Number of employees | |
| 32 Table 18 | Other operating expenses | |
| 33 Table 19 | Finance cost | |
| 33 Table 20 | Financial assets | |
| 35 Table 21 | Notes on the consolidated statement of cash fl ows | |
| 36 Table 22 | Income statement of discontinued operations |
Dr. Uwe Schroeder-Wildberg (Chairman, appointed until December 31, 2o12)
Manfred Bauer (Product management and purchasing, appointed until April 3o, 2o15)
Reinhard Loose (Chief Financial Offi cer, since February 1, 2o11, appointed until Januar 31, 2o14)
Ralf Schmid (Chief Operating Offi cer, until March 31, 2o11)
Muhyddin Suleiman (Sales, appointed until September 3, 2o11)
Dr. h. c. Manfred Lautenschläger (Vice chairman, elected until 2o13)
Dr. Claus-Michael Dill (elected until 2o13)
Johannes Maret (elected until 2o13)
Maria Bähr (Employee representative, elected until 2o13)
Norbert Kohler (Employee representative, elected until 2o13)
Telephone +49 (o) 6222 • 3o8 • 832o Fax +49 (o) 6222 • 3o8 • 1131 E-Mail [email protected]
Telephone +49 (o) 6222 • 3o8 • 831o Fax +49 (o) 6222 • 3o8 • 1131 E-Mail [email protected]
November 1o, 2o11
Publication of the fi nancial results for the fi rst nine months of the year and for the third quarter. MLP publishes the Interim Report for the fi rst nine months and the third
quarter.
Roadshow in Frankfurt and London. MLP presents its business activities, strategy and the long-term outlook for the company to investors.
Publication of the fi nancial results for the fi rst half of the year and for the second quarter. MLP publishes the Interim Report for the fi rst half of the year and for the second quarter.
Roadshow in Frankfurt and London. MLP presents its business activities, strategy and the long-term outlook for the company to investors.
June 1o, 2o11 Annual General Meeting of MLP AG in Mannheim, Germany. MLP AG convenes for the Annual General Meeting at the Rosengarten Mannheim, Germany.
May 12, 2o11 Publication of the fi nancial results for the fi rst quarter. MLP publishes the Interim Report for the fi rst quarter.
More information at: www.mlp-ag.com/investor-relations
prognosis
This documentation includes certain prognoses and information on future developments founded on the conviction of MLP AG's Executive Board and on assumptions and information currently available to MLP AG. Words such as "expect," "anticipate," "estimate," "assume," "intend," "plan," "should," "could," "project" and other similar terms used in reference to the company describe prognoses based on certain factors subject to uncertainty.
Many factors can contribute to the actual results of the MLP Group differing signifi cantly from the prognoses made in such statements.
MLP AG accepts no liability to the public for updating or correcting prognoses. All prognoses and predictions are subject to various risks and uncertainties, which can lead to the actual results differing from expectations. The prognosis refl ect the points of view at the time when they were made.
MLP AG Alte Heerstraße 40 69168 Wiesloch, Germany Tel +49 (0) 6222 • 308 • 0 Fax +49 (0) 6222 • 308 • 9000 www.mlp-ag.com
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