Quarterly Report • Nov 13, 2009
Quarterly Report
Open in ViewerOpens in native device viewer
Interim Group Report for the first nine months and the third quarter 2009
| All figures in € million | 3rd quarter 2009 | 3rd quarter 20081 | 9 months 2009 | 9 months 20081 | Change |
|---|---|---|---|---|---|
| Continuing operations | |||||
| Total revenues | 113.9 | 123.8 | 345.3 | 406.1 | –15.0% |
| Revenues | 109.4 | 117.4 | 330.2 | 378.1 | –12.6% |
| Other revenues | 4.5 | 6.4 | 15.1 | 28.0 | –46.2% |
| Earnings before interest and taxes (EBIT) | 7.1 | 3.4 | 12.9 | 39.2 | –67.0% |
| EBIT margin (in %) | 6.2% | 2.7% | 3.7% | 9.7% | – |
| Earnings from continuing operations | 5.1 | 1.4 | 5.0 | 18.8 | –73.6% |
| Earnings per share (diluted) in € | 0.05 | 0.01 | 0.05 | 0.19 | –73.7% |
| MLP Group | |||||
| Net profit (total) | 4.7 | 0.5 | –1.4 | 14.8 | >-100.0% |
| Earnings per share (diluted) in € | 0.05 | 0.01 | –0.01 | 0.15 | >-100.0% |
| Capital expenditure | 0.6 | 1.8 | 3.6 | 8.2 | –56.1% |
| Shareholders' equity | – | – | 396.1 | 2 429.1 |
–7.7% |
| Equity ratio | – | – | 28.0% | 2 28.0% |
– |
| Balance sheet total | – | – | 1,413.2 | 2 1,534.4 |
–7.9% |
| Clients3 | – | – | 781,000 | 2 728,000 |
7.3% |
| Consultants3 | – | – | 2,360 | 2 2,413 |
–2.2% |
| Branch offices3 | – | – | 245 | 2 241 |
1.7% |
| Employees3 | – | – | 1,789 | 2,030 | –11.9% |
| 3 Arranged new business |
|||||
| Old-age provisions (premium sum in € billion) | 1.1 | 1.2 | 3.0 | 4.2 | –29.4% |
| Health insurances (annual premium) | 12.2 | 12.0 | 36.2 | 33.5 | 8.1% |
| Loans and mortgages | 360 | 189 | 931 | 710 | 31.1% |
| Funds under management in € billion | – | – | 12.5 | 2 11.4 |
9.8% |
1 Adjustment of previous year's figures, see note 3
2 As at December 31, 2008
3 Continuing operations
| Interim Management Report for the first nine months and the third quarter 2009 | 5 |
|---|---|
| Macroeconomic environment | 5 |
| Situation within the industry and the competitive environment | 6 |
| Company situation | 8 |
| Results of operations | 8 |
| Net assets | 12 |
| Financial position | 14 |
| Capital measures | 15 |
| Personnel | 16 |
| Communication and advertising activities | 16 |
| Legal corporate structure and executive bodies | 17 |
| Segment report | 17 |
| Risk report | 20 |
| Related party disclosures | 20 |
| Outlook for the current financial year/forecast | 20 |
| Events subsequent to the reporting date | 23 |
| Investor relations | 23 |
| Consolidated income statement and statement of comprehensive income | 25 |
| Consolidated balance sheet | 27 |
| Consolidated cashflow statement | 28 |
| Statement of changes in equity | 29 |
| Notes to the consolidated financial statements | 30 |
| General information | 34 |
| Executive bodies at MLP AG | 45 |
| Financial calendar | 46 |
MLP is the leading independent financial and investment adviser for academics and other discerning clients. The company integrates a multitude of products and services of various banks, insurance and investment companies to offer a financial concept that is tailored to the requirements of each individual client. MLP clients benefit from a holistic advisory approach covering all economic aspects that is guided by their particular requirements at their respective stages in life.
MLP has around 25o branches in Germany, where around 2,36o consultants support and advise 78o,ooo clients.
MLP holds a full banking licence and together with the MLP Group company Feri Finance AG manages assets of around € 12.5 billion – making the company the leading independent asset-gatherer in Germany. The training provided at the MLP Corporate University is regarded as the benchmark in the financial consultancy industry. This is demonstrated by the fact that the MLP Corporate University holds the coveted seal of approval granted by the European Foundation for Management Development (EFMD) and thus belongs to a small circle of twelve renowned corporate universities which can claim this status accolade.
In the third quarter, the development of the German economy – in which MLP generates 98% of its total revenues – was heavily influenced by the economic and financial crisis. Following the extremely sharp decline in economic output in the first quarter (–3.5% compared to the preceding quarter), initial signs of a stabilisation, albeit at a low level, began to emerge during the second quarter. This trend also continued in the third quarter. The gross domestic product (GDP) in the second quarter 2oo9 grew by o.3% compared to the preceding quarter. For the third quarter experts expect a growth of o.8%. This stabilization is mainly attributable to the positive effects of the extensive monetary and fiscal measures implemented by the central banks and individual governments.
Over the course of the year so far, private consumption has stabilized the overall economy. The purchasing power of private households continued to be buoyed particularly by only moderate falls in employment and a calm price environment. The labour market continues to exhibit remarkable stability and resilience – due to usual seasonal fluctuations the unemployment rate in September fell to 8.o% from 8.1% in the preceding quarter.
In the third quarter, as well as during the entire period under review, the difficult macroeconomic environment negatively affected MLP's business development. We regard the reluctance of our clients to commit to longer-term provision and investment decisions as being the major cause of the sales declines in our core areas of old-age pension provision and wealth management. In our view, this hesitancy stems from uncertainty about the future development of the economy and the labour market.
Sources: Federal Statistical Office, German Institute for Economic Research
The market for old-age pension provision was unable to escape the negative effects of the economic and financial crisis. This is evident in the continued restraint exhibited by clients with respect to private old-age pension provision – an aspect that is particularly illustrated by a current survey commissioned by Postbank and conducted by the Allensbach Institute for Demoscopic Research. Over 17% of all employed persons in Germany have reduced or terminated their private old-age pension provision as a consequence of the economic and financial crisis. One in three of the work force states that they would currently have no income from private pension provision in their retirement years.
This negative development is also demonstrated by figures issued by the GDV (German Insurance Association). New business in the first nine months of 2oo9 declined by around 16% – a trend that also heavily impacted MLP. Total revenues in the old-age pension provision business fell by 15.1%.
In the third quarter the market for private comprehensive and supplementary health insurance once again remained relatively unaffected by the financial and economic crisis. Following the reform of the German healthcare system in 2oo7, the higher premiums that were then incurred by many state healthcare scheme insurees coupled with the increasingly restricted levels of treatment and care covered by this insurance led to a heightened level of awareness on the part of many consumers of the requirement for greater private healthcare provision in the future. This, in turn, led to a rise in demand for private comprehensive or supplementary health insurance – an aspect also confirmed in this year's MLP Health Report.
Percentage of people who have considered taking out further supplementary health insurance:
Base: Federal Republic of Germany, state healthcare system insurees Source: MLP Health Report 2009
MLP was able to benefit from this positive trend in the market. Revenues in the health insurance area rose slightly by o.3% in the period under review.
The financial and economic crisis also very negatively impacted the market for wealth management, as exemplified by registered net outflows from German retail investment funds for the period January to September 2oo9 amounting to € 1.6 billion. In the same period of the previous year the industry recorded € 16.4 billion of inflows. However, very different developments are evident for the various types of funds. Whereas the very low interest rates in the short-term investment domain caused investors to withdraw around € 22.9 billion from money market funds, the positive stock market development since the end of the first quarter led to inflows into equity-based investment funds amounting to € 9.8 billion.
Overall however, the fund assets of the German retail fund industry has not yet regained the volume held before the crisis. At the reporting reference date on September 3o, 2oo9, € 636.2 billion were invested in German retail funds. At the same point in time during the previous year the corresponding figure amounted to € 67o.1 billion.
Contrary to this trend, MLP managed to achieve growth in assets under management compared to September 3o, 2oo8 from € 11.3 billion to € 12.5 billion.
Source: German Federal Association of Investment and Asset Management
The financial and economic crisis has further intensified the competitive situation within the financial services market in Germany and accelerated the consolidation of the highly fragmented market - although these developments were initially triggered by a tightening of the legal framework conditions (EU Insurance Mediation Directive, Markets in Financial Instruments Directive (MiFID) and amendments to German Insurance Contract Law). Smaller and medium-sized financial brokers in particular continue to be faced with the challenge of implementing the new requirements within a sensible economic framework.
MLP is playing an active role in this market consolidation. At the beginning of the year we further strengthened our sales capabilities in the German market through the concluded acquisition of the independent financial broker ZSH (see also section on "Legal corporate structure and executive bodies", page 17).
On a nine-month basis, total revenues fell by 15% to € 345.3 million (€ 4o6.1 million) – the same period in the previous year having benefited from the final rise in the subsidised premiums for the "Riester" pension scheme which accounted for around € 4o million. Due to the effects of the economic and financial crisis earnings before interest and taxes (EBIT) fell from € 39.2 million to € 12.9 million. This figure includes exceptional and one-off expenses for capital market-relevant consulting services amounting to € 2.9 million in consequence of Swiss Life's stake in MLP. In addition, there was a one-off charge amounting to around € 1.7 million on account of restructuring measures at subsidiaries. Net profit from continuing operations amounted to € 5.o million (€ 18.8 million).
MLP's business in the third quarter picked up despite the continuingly difficult framework conditions. Total revenues rose by 8% compared to the second quarter, climbing to € 113.9 million. (Q2 2oo9: € 1o5.9 million). As anticipated, total revenues fell slightly compared to the corresponding quarter of the previous year (Q3 2oo8: € 123.8 million), which was significantly less influenced by the far-reaching economic and financial crisis. At the same time, MLP considerably improved its profit situation: EBIT for the period July to September amounted to € 7.1 million and thus more than doubled compared to the previous quarter as well as to the corresponding figure of the previous year. Net profit from continuing operations also rose by over 1oo%.
The analysis of revenues in the third quarter shows growth in the areas of health insurance, non-life insurance as well as loans and mortgages. The continuing focus by many clients on increasing their risk protection led to an increase in revenues in non-life insurance of 25% compared to the previous year to € 3.5 million (Q3 2oo8: € 2.8 million). In health insurance, revenues rose to € 1o.4 million (Q3 2oo8: € 1o.2 million). In the loans and mortgages business, revenues from commissions and fees increased by 4o%, climbing to € 3.5 million (Q3 2oo8: € 2.5 million). In this respect, MLP benefited from a heightened level of interest in property acquisition.
The restraint on the part of many clients with respect to medium and long-term investments continues to be reflected in the development of the old-age pension provision business as well as in wealth management – although both areas are showing a rising trend. In old-age pension provision, revenues rose to € 65.1 million compared to € 6o.1 million in the second quarter (Q3 2oo8: € 7o.8 million). In wealth management, revenues increased from € 15.9 million between April and June to € 18.7 million in the third quarter (Q3 2oo8: € 19.4 million).
In the first nine months of the current financial year the commission expenses fell largely in line with revenues from commissions and fees, decreasing by 15.7% to € 1o9.9 million.
Due to the generally lower level of interest rates, both the interest income as well as interest expenses fell significantly from € 3o.1 million to € 24.8 million and from € –15.9 million to € –9.9 million. MLP improved the interest result which amounted to € 14.9 million (€ 14.2 million).
Thanks to the cost reduction programme that was initiated in the first quarter 2oo9 we were already able to reduce the fixed costs by the end of the third quarter which fell from € 221.2 million to € 212.9 million. Personnel expenses rose by 4.1% to € 83.o million due to acquisitions, general salary increases and one-off restructuring expenses (€ 1.5 million). In this respect, the quarters showed different developments. Whereas personnel expenses rose by 6.9% in the first half year, we were able to reduce these by 1.5% in the third quarter (see also section on "Personnel", page 16). Scheduled depreciation and amortisation fell significantly, decreasing by 11.6% to € 13.o million. Other operating expenses also fell considerably. In the first nine months of 2oo8 they amounted to € 126.8 million but reduced to just € 116.8 million in the period under review, corresponding to a decrease of 7.9%.
After adjustment of the fixed costs to take account of one-off restructuring expenses at subsidiaries amounting to € 1.7 million as well as acquisition-related cost increases (€ 4.2 million), the achieved cost reductions amounted to € 17.1 million or 7.7 %. We are thus on schedule with respect to our planned cost reductions. By the end of 2o1o we intend to reduce the fixed cost base by € 34 million, of which € 24 million are to be achieved in the current financial year. In the first nine months we have achieved cost savings in almost all areas, particularly in training and seminar expenses, consulting and auditing costs and expenses for representation purposes.
We also significantly improved our financial result in the period under review. Following a figure of € –9.o million in the same period last year, the financial result in the period under review came in at € –1.1 million. This improvement was mainly due to a dividend payment to the minority shareholders of Feri Finance AG that was lower than in the previous year (€ +5.5 million), higher interest income due to higher liquidity (€ +o.8 million) and lower interest expenses (€ +5.o million).
Taxes on earnings in the period under review amounted to € 6.9 million (€ 11.3 million). The tax ratio increased from 37.6% to 58.1%. That was mainly due to two special effects. The dividend payment to the minority shareholders of Feri Finance AG is not valued as a tax-recognised expense. In addition, in the second quarter 2oo9 we booked a liability for tax back-payments amounting to € 1.4 million following the completion of a tax audit for the years 2oo2 to 2oo6.
Apart from the already mentioned exceptions, the development of expenses in the third quarter was similar to the overall period under review.
In the first nine months MLP generated net profit from continuing operations amounting to € 5.o million (€ 18.8 million).
In the period under review, after-tax earnings from discontinued operations (further explanations are provided in the "notes", page 42) amounted to € –6.4 million (€ –4.1 million). This resulted in a Group loss of € 1.4 million (Group profit € 14.8 million). The basic and diluted earnings per share amounted to € –o.o1 (€ o.15).
The initiated cost reduction measures enabled MLP to significantly improve the result in the third quarter despite falling total revenues. In the continuing operations earnings amounted to € 5.1 million (€ 1.4 million). Earnings from discontinued operations also improved, coming in at € –o.4 million (€ –o.9 million). This, in turn, led to a significantly improved net profit figure in the third quarter which rose from € o.5 million to € 4.7 million.
| All figures in € million | 9 months 2009 | 9 months 2008 | Change |
|---|---|---|---|
| Total revenues | 345.3 | 406.1 | –15.0% |
| EBIT | 12.9 | 39.2 | –67.1% |
| EBIT margin | 3.7% | 9.7% | – |
| Finance cost | –1.1 | –9.0 | 87.8% |
| EBT | 11.9 | 30.2 | –60.6% |
| EBT margin | 3.4% | 7.4% | – |
| Income taxes | –6.9 | –11.3 | –38.9% |
| Net profit (continuing operations) | 5.0 | 18.8 | –73.4% |
| Net margin | 1.4% | 4.6% | – |
As we did not provide a quantitative forecast at the beginning of the year for the development of our total revenues and the result due to the financial and economic crisis, it is only possible to make a qualitative comparison of the actual and forecast business development. Our reserved assumptions concerning revenue development in MLP's core areas of old-age pension provision and wealth management proved to be correct. In the first nine months of the current financial year our clients were very hesitant with respect to the conclusion of longer-term provision contracts and to investments in wealth management concepts. Our cost reduction programme is running precisely to schedule (see section on "Development of expenses", page 9).
Positive development in the capital market and light inflows lifted assets under management in the third quarter to € 12.5 billion (June 3o, 2oo9: € 11.7 billion) – representing the highest figure achieved so far in the history of MLP. New business in old-age pension provision is also showing signs of a pick-up. Following € o.9 billion and € 1.o billion in the first and second quarters of 2oo9 respectively, the premium sum in the third quarter amounted to € 1.1 billion. On a nine-month basis this results in a new business figure of € 3.o billion (9M 2oo8: € 4.2 billion), whereby the corresponding period in the previous year was significantly influenced by the so-called "Riester" step. The occupational pensions business area once again accounted for a larger portion of new business, contributing 9% (full year 2oo8: 8%).
In terms of new clients, the third quarter proved to be the strongest quarter so far of the current financial year – in which MLP welcomed 9,2oo new clients. Overall, in the period from January to September MLP was able to gain more than 24,ooo new clients, thus taking the total number of clients to 781,ooo. The number of consultants stood at 2,36o (June 30, 2oo9: 2,4o5).
Compared to December 31, 2oo8 the total assets of the MLP Group fell by 7.9% from € 1.53 billion to € 1.41 billion.
On the asset side of the balance sheet the intangible assets rose from € 162.4 million to € 171.1 million due mainly to additionally capitalised company goodwill from an acquisition.
There was a pleasing increase in financial investments and cash. Together, these amounted to € 255.1 million (€ 218.o million) at the end of the third quarter. The change arose partly due to the profit transfer by our subsidiary MLP Finanzdienstleistungen AG and the purchase of securities which also led to a corresponding decrease in receivables from banks from the banking business. Effects in the opposite direction were the dividend payment and tax pre-payments.
Due to usual seasonal fluctuations other receivables and assets fell from € 147.1 million to € 88.5 million. This mainly contains receivables from insurance companies for whom we have brokered insurance contracts. Due to the usual seasonal business development these rise considerably at the year end and then reduce during the course of the financial year.
Our tax refund claims rose from € 26.9 million to € 41.7 million, due primarily to the capitalization of income taxes for the current financial year and tax receivables resulting from a tax audit.
| All figures in € million | Sep 30, 2009 | Dec 31, 2008 | Change |
|---|---|---|---|
| Intangible assets | 171.1 | 162.4 | 5.4% |
| Property, plant and equipment | 80.9 | 80.4 | 0.6% |
| Investment property | 11.5 | 11.7 | –1.7% |
| Shares accounted for using | |||
| the equity method | 1.9 | 2.3 | –17.4 % |
| Deferred tax assets | 2.5 | 1.3 | 92.3% |
| Receivables from clients | |||
| from the banking business | 303.2 | 275.4 | 10.1 % |
| Receivables from banks | |||
| from the banking business | 454.1 | 605.6 | –25.0% |
| Financial investments | 201.4 | 179.9 | 12.0% |
| Tax refund claims | 41.7 | 26.9 | 55.0% |
| Other receivables and | |||
| other assets | 88.5 | 147.1 | –39.8% |
| Cash and cash equivalents | 53.8 | 38.1 | 41.2% |
| Non-current assets held | |||
| for sale and disposal groups | 2.6 | 3.3 | –21.2% |
| Total | 1,413.2 | 1,534.4 | –7.9% |
The equity capital of the MLP Group decreased in the period under review, falling from € 429.1 million to € 396.1 million. This was mainly due to the dividend distribution for the financial year 2oo8 amounting to € 3o.2 million. The equity ratio at September 3o, 2oo9 remained unchanged at 28.o%. The equity capital situation of the Group remains very good.
The other liabilities fell in accordance with usual seasonal variations by 27.1% to € 172.4 million.
The changes to our deposit business are shown in the liabilities towards clients and banks from the banking business. Whilst the liabilities towards banks remained unchanged at € 25.1 million, the liabilities towards clients fell by 4.9% to € 74o.6 million. This was mainly due to a reduction in client the short-term deposits of clients due to the generally very low level of interest rates.
The investment of client deposits is shown on the assets side of the balance sheet under the items receivables from clients and banks from the banking business. These also decreased compared to end of the financial year 2oo8, falling by 14.o% to € 757.3 million. Whereas receivables from clients rose by 1o.1% to € 3o3.2 million, the funds invested at banks fell by 25.o% to € 454.1 million.
Findings were made during the course of a tax audit for the financial years 2oo2 to 2oo6 that led to tax receivables and tax liabilities. Our tax refund claims increased accordingly from € 26.9 million to € 41.7 million. A further reason for this rise is the capitalization of income taxes for the current financial year. On the other hand, the tax liabilities significantly increased as a result of the audit. They rose from € o to € 12.3 million. MLP assumes with a high degree of probability that payments for items amounting to € 8.5 million will not have to be made and will take legal steps in this respect if necessary (contingent liability).
| All figures in € million | Sep 30, 2009 | Dec 31, 2008 | Change |
|---|---|---|---|
| Shareholders' equity | 396.1 | 429.1 | –7.7% |
| Provisions | 53.7 | 52.9 | 1.5% |
| Deferred tax liabilities | 9.7 | 9.6 | 1.0% |
| Liabilities towards clients | |||
| from the banking business | 740.6 | 778.8 | –4.9% |
| Liabilities towards banks | |||
| from the banking business | 25.1 | 25.0 | 0.4% |
| Tax liabilities | 12.3 | – | 100.0 % |
| Other liabilities | 172.4 | 236.4 | –27.1% |
| Liabilities in connection with | |||
| non-current assets held | |||
| for sale and disposal groups | 3.4 | 2.6 | 30.8% |
| Total | 1 ,413.2 | 1,534.4 | –7.9% |
Cash flow from operating activities in the continuing operations in the first nine months of the current financial year increased compared to the previous year, rising from € 66.o million to € 79.4 million. The positive change is influenced, among other factors, by the profit transfer by the subsidiary MLP Finanzdienstleistungen AG to MLP AG and by further changes in receivables from banks from the banking business. For the same reason, cash flow from operating activities in the third quarter rose from € –17.1 million to € 13.9 million.
Cash flow from the investment activities of the continuing operations also developed positively, improving from € –134.1 million to € 34.3 million. In the third quarter of the previous year the inflow of funds resulting from the implemented capital increase were invested in the form of term deposits. These matured during the current financial year and were only partially reinvested. The improvement in cash flow from investment activities in the third quarter was due to the same reason, rising from € –113.o million to € –26.4 million.
Our cash flow from the financing activities of the continuing operations reduced in the period under review from € 63.9 million to € –31.o million. In the current financial year the only significant payment flow was the distribution of the dividend amounting € 3o.2 million. In the comparative period last year we had inflows of around € 125 million from a capital increase, stacked against payments for dividends and the repurchase of our own shares amounting to € 49.o million and € 11.5 respectively. No significant financing activities were carried out in the third quarter. Cash flow thus amounted to € –o.8 million. In the third quarter 2oo8 the figure reached € 124.4 million, which was mainly due to the already mentioned inflows from the capital increase.
At the end of the first nine months of the current financial year the Group's liquid funds stood at € 156 million, representing a fall of € 54 million compared to the beginning of the year. At the end of the first half-year liquid funds amounted to € 188 million. The reduction is mainly due to the dividend payment amounting to € 3o.2 million and the redeployment of short-term to medium-term investments (around € 4o 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.
| All figures in € million | 3rd quarter 2009 3rd quarter 2008 | 9 months 2009 | 9 months 2008 | |
|---|---|---|---|---|
| Cash flows from operating activities | 13.9 | –17.1 | 79.4 | 65.9 |
| Cash flows from investing activities | –26.4 | –113.0 | 34.3 | –134.1 |
| Cash flows from financing activities | –0.8 | 124.4 | –31.0 | 63.9 |
| Changes in cash and cash equivalents | –13.3 | –5.8 | 82.7 | –4.2 |
| Cash and cash equivalents at the beginning of the period | 134.0 | 30.5 | 38.0 | 36.7 |
| Inflows/outflows due to divestments | –0.05 | –0.03 | –0.06 | –7.7 |
| Cash and cash equivalents at the end of period | 120.7 | 24.7 | 120.7 | 24.7 |
No significant capital measures were undertaken during the period under review. Through the exercising of convertible debentures that were issued during the course of an employee share plan, the number of shares rose by 16,597 units and the equity capital increased by € 117 thsd.
In the first nine months of the current financial year we invested € 3.6 million (€ 8.2 million) throughout the Group, which was significantly less than in the comparative period. Around 79% of the investment was allocated to the financial services segment. Here we continue to invest mainly in the improvement of IT support for client consulting activities and all relevant client care processes. The investment volume is considerably less this year as our IT systems have now reached a level of performance that is regarded as exemplary in our industry. All investments were financed from current cash flows.
At September 3o, 2oo9 the MLP Group had a total of 1,789 employees, constituting a fall of 241 people compared to the previous year. This was mainly due to a fall in the number of marginal part-time employees. Without taking the number of marginal part-time employees into account, the number of employees has remained constant at 1,534 (1,533) despite the acquisition of the independent financial broker ZSH at the start of 2oo9. It should however be noted that we outsourced part of our IT to a large IT service provider on August 1, 2oo9. Within the framework of this action, 55 employees in this areas were offered the opportunity to become employees of our IT partner Hewlett Packard (HP).
Further information concerning the development of personnel expenses and the employee structure are contained in the section "Profit situation", page 8 ff and in the "notes", page 38.
| Segments | September 30, 2009 | September 30, 2008 |
|---|---|---|
| Financial services | 1,513 | 1,767 |
| Feri | 265 | 253 |
| Holding | 11 | 10 |
| Total | 1,789 | 2,030 |
In the communication and advertising areas MLP heightened its profile in the third quarter, particularly with its Health Report 2oo9 as well as with one of the largest German grant programmes for medical students.
The MLP Health Report – a representative study that we conduct in conjunction with the Allensbach Institute for Demoscopic Research and with the support of the German Medical Association – assesses the current state of the German healthcare system. In addition to expectations of future development and current aspects of healthcare policy, the study also examines the economic situation and career perspectives of doctors. Further information as well as the possibility to order the MLP Health Report can be found at www.mlp-gesundheitsreport.de.
In September MLP carried out the Assessment Center of the new student grant programme "Medical Excellence" that started in April 2oo9 and is one of the largest student grant programmes in Germany. Through "Medical Excellence" MLP is supporting, in cooperation with the publication "Ärzte Zeitung", 15 undergraduate medical and dentistry students with a grant amounting to € 5oo per semester. The grant is not only aimed at academics with excellent study achievements but is also intended to reward a high level of scientific and social commitment displayed by the students.
During the period under review MLP successfully completed the acquisition of the independent financial broker ZSH and fully consolidated the company in February. This step enables MLP to targetedly strengthen its position among the medical client group. ZSH was founded in 1973 and provides services to wealthy private clients as well as to medical doctors and dentists and covers all aspects of provision and financial planning.
With effect from March 1, 2oo9 the Executive Board of MLP AG was enlarged to include the position of a Chief Operating Officer (COO). On February 16, 2oo9 the Supervisory Board appointed Ralf Schmid to this position as the new member of the Executive Board with a contract until December 31, 2o12.
In mid September MLP successfully sold its business unit in Austria to Aragon AG. MLP will book the proceeds from this sale after closing – probably in the fourth quarter – to its discontinued operations.
The MLP Group structures its business into the following operating segments:
A detailed description of the individual segments is contained on pages 211 ff of the Annual Report 2oo8.
Total revenues in the financial services segment in the first nine months of the current financial year amounted to € 319.4 million, representing a fall of 13.1%. The previous year's figure included revenues in the first quarter 2oo8 due to the increase in the subsidised premiums for the "Riester" pension (so-called Riester step). Total costs in the segment during the period under review reduced by only 1o.2% to a total of € 297.4 million. This led to a fall in earnings before interest and taxes (EBIT) from € 37.o million to € 22.2 million.
Personnel expenses in the first nine months rose by 5.9% to € 61.3 million. This was mainly due to the acquisition of the independent financial broker ZSH and to general salary increases. This figure also contains € o.8 million of one-off restructuring expenses. On the other hand we were able to significantly reduce the scheduled depreciation and amortisation as well as the other operating expenses. The scheduled depreciation and amortisation decreased by 12.9% to € 8.8 million and the other operating expenses fell by 7.8% to € 1o8.4 million.
Earnings before taxes (EBT) amounted to € 2o.5 million (€ 36.2 million) with the financial result coming in at € –1.7 million (€ –o.8 million).
In the third quarter we managed to halt the negative result trend. On the one hand, total revenues in the segment declined from € 113.o to € 1o5.4 million, corresponding to a fall of 6.7%. However, thanks to cost savings, we were able to reduce the total expenses by 1o.9%, corresponding to a decrease from € 1o9.6 million to € 97.7 million. This led to a significant improvement in earnings before interest and taxes (EBIT) in the third quarter from € 3.6 million to € 7.8 million. With an almost unchanged financial result amounting to € –o.1 million, this led to earnings before taxes (EBT) of € 7.7 million (€ 3.5 million).
Total revenues in the Feri segment in the period under review amounted to € 26.6 million, corresponding to a fall of 22.o%. In view of the financial and economic crisis, clients remain very hesitant with respect to the investment of new monies in wealth management concepts. Furthermore, funds within existing portfolios are being invested more risk-adversely. Both factors have a negative effect on fees and thus on the total revenues in this segment.
Total expenses in the period under review amounted to € 28.8 million, corresponding to a fall of 6.5% which was not as pronounced as the fall in total revenues. Particularly in the personnel expenses area, which accounts for around 66% of the total expenses, we were unable to achieve savings in tune with the development of the total revenues. Personnel expenses rose slightly by 2.7% to € 19.1 million. This figure includes one-off expenses of € o.7 million. On the other hand we were able to significantly reduce the scheduled depreciation and amortisation as well as the other operating expenses. The scheduled depreciation and amortisation fell by 1o.o% to € 1.8 million and the other operating expenses decreased by 23.1% to € 7.o million.
This led to earnings before interest and taxes (EBIT) of € –2.2 million (€ 3.3 million). Together with the financial result amounting to € –o.1 million (€ o.2 million) we achieved earnings before taxes of € –2.3 million (€ 3.5 million).
The business development in the third quarter was similar to the overall period under review. Total revenues amounted to € 8.9 million (€ 1o.9 million). With total expenses of € 8.9 million (€ 1o.o million) we achieved earnings before interest and taxes (EBIT) of € –o.o3 million (€ o.8 million). The financial result remained almost unchanged at € –o.o2 million (€ –o.o3 million) leading to earnings before taxes (EBT) of € –o.o5 million (€ o.8 million).
Total revenues in the Holding segment in the first nine months of the current financial year amounted to € 1o.o million, constituting a significant fall of 35.9%. The previous year's figures included a subsequent profit component from the sale of MLP Lebensversicherung AG in 2oo5 amounting to € 4.o million.
With respect to the expenses we were able to considerably reduce both the personnel expenses as well as the scheduled depreciation and amortisation by 18.8% and 7.7% to € 2.6 million and € 2.4 million respectively. The other operating costs rose from € 11.2 million to € 12.1 million. This was mainly attributable to one-off expenses for capital market-relevant consulting services amounting to € 2.9 million in consequence of Swiss Life's stake in MLP.
Following earnings before interest and taxes (EBIT) in the previous year amounting to € –1.4 million we achieved a figure of only € –7.1 million in the period under review. The financial result in this segment improved significantly, rising by 81.o% to € 3.8 million. This led to earnings before tax (EBT) of € –3.3 million (€ o.7 million).
In the third quarter 2oo9 total expenses in the Holding segment decreased by 2o.o% to € 4.o million. Total revenues came to € 3.2 million (€ 3.6 million) and earnings before interest and taxes (EBIT) improved from € –1.4 million to € –o.8 million. The financial result also rose, climbing from € o.3 million to € 1.2 million. Overall, this led to an improvement in earnings before taxes (EBT) from € –1.1 million to € o.4 million.
There were no significant changes in the risk situation of the Group during the period under review. Despite the continuing financial and economic crisis there were no exceptional burdens within the framework of our counterparty default risks, market price risks, liquidity risks, operational or other risks. The Group continues to have adequate liquid funds. At the reporting date of September 3o, 2oo9 our core capital ratio of 21.2% far exceeded the required 8% prescribed by the supervisory body.
At the present time no existence-threatening risks to the MLP Group have been identified.
A detailed presentation of the corporate risks as well as a detailed description of our risk management is contained in our risk and disclosure report on pages 73 to 92 of the Annual Report 2oo8.
Related party disclosures are contained in the notes.
Following a period of stabilisation that was already apparent in the second quarter 2oo9, the state of the German economy improved slightly in the third quarter. Economic forecasts for Germany – MLP's core market – have been upgraded slightly in recent months. In its published Autumn projection, the German federal government is now only anticipating a decline in economic performance of –5.o% (previously –6.o%). For 2o1o expectations are now for growth of 1.2%, compared with the previously predicted figure of o.5%.
Forecast: German Federal Government
German companies are also anticipating an improvement in the future economic development in Germany. At the end of September the ifo (Institute for Economic Research) business climate index rose by 6 points compared to the end of the half-year and stood at 95.7.
Source: ifo Institute for Economic Research
The stable price climate and income-supporting measures of the economic stimulus packages will continue to support private consumption. However, the effects of the manufacturing slowdown on the labour market are expected to become more pronounced in the fourth quarter and during next year. Experts anticipate a rise in the rate of unemployment from 8.o% at the end of September to 8.3% at the end of 2oo9. In 2o1o, the unemployment rate is expected to reach 9.5%.
Uncertainty will therefore remain concerning developments within the labour market and the level of incomes. For now, clients are thus likely to remain concerned and to postpone their long-term investment decisions. For MLP, the macroeconomic framework conditions will thus remain difficult.
For the entire financial services industry the financial and economic crisis will remain the determining factor for business development for the remainder of this year and far into next year. Almost all market participants are suffering from hesitancy on the part of clients concerning long-term investment decisions, particularly within the areas of old-age pension provision and wealth management. This reluctance in these core areas for MLP will continue to affect business development in the fourth quarter as well as in the next financial year. We do not expect this situation to change until there is a sustainable economic recovery.
The German coalition government agreement concluded in October between the CDU, CSU and FDP political parties for the new legislative period contains many important policy course decisions in fields of politics relevant to MLP. One of the positive aspects will be the abolition of the three-year lock-out period for a transfer to private health insurance that is expected to take effect in 2o11. Furthermore, MLP welcomes other stated intentions such as the standardisation of the requirements for financial consultants, further strengthening of the capital-based old-age pension provision and the supplementation of statutory nursing care insurance through capital-based funding.
In view of our client and quality-oriented approach to financial consulting, a universal legal framework for the brokerage of financial services will assist us to continue to successfully promote ourselves vis-à-vis our competitors. The strengthening of private old-age pension provision, the increase in competition and self-responsibility in the healthcare system as well as the introduction of capital-based nursing care insurance will further increase the consultation requirements of our clients.
During the fourth quarter and the next financial year the financial and economic crisis will remain the determining factor for our business development. Although the economy in Germany has stabilised in the second and third quarters, the full year is still expected to show a 5% decline in the gross national product. The situation within the labour market is expected to worsen in the fourth quarter and in 2o1o. Both of these factors are unsettling for our clients and lead to hesitancy and restraint, particularly in the areas of old-age pension provision and wealth management. The future development of our clients' demand and investment behaviour is therefore heavily burdened with uncertainty. In view of such circumstances we continue to refrain from giving a specific revenue and earnings forecast for the current financial year.
Traditionally, the fourth quarter, particularly the last few weeks of the year, significantly influence MLP's result for the full year. Despite the continuingly difficult business environment, MLP has been registering a pick-up in its year-end business since October. We currently anticipate that there will be a further pick-up over the coming weeks. At the same time we are continuing to benefit from our cost reduction measures and will achieve our savings objective. As previously announced, MLP will reduce its fixed costs by € 24 million to € 29o million by the end of 2oo9 and to € 28o million by the end of 2o1o. Overall, MLP's aim remains to develop better than the market.
Compared to the start of the year our opportunities (see also Annual Report 2oo8, pages 1o4 to 1o6) resulting from the changes in the framework conditions have altered in two respects. As a substantial economic pick-up in Germany from the third quarter has failed to materialize, the degree of willingness on the part of our clients to invest in long-term old-age pension and wealth management concepts has not improved. The changes to the framework conditions for financial consultants and brokers, in old-age pension and healthcare provision as well as for nursing care insurance (see section on "Coalition agreement contains many important policy course decisions", page 22) decided upon by the new government improve our opportunities with respect to the brokerage of corresponding financial products.
Changes to the corporate strategy, business performance and other opportunities have not occurred.
In the course of planned focus on its core market Germany, MLP took the decision during the fourth quarter of the financial year 2oo8 to sell MLP Finanzdienstleistungen AG, Vienna, Austria. In the third quarter 2oo9 MLP reached agreement in principle with Aragon AG regarding the sale of this business. The transaction was subject to approval by the cartel authority and the financial market supervisory body in Austria. The Austrian cartel authority has now granted approval for the transaction. Approval by the financial market supervisory body is still outstanding.
Beyond that there were no notable events after the balance sheet reference date that affected the MLP Group's net assets, financial position or profit situation.
Following the weak start to the stock market year 2oo9 due to the financial and economic crisis, the stock markets advanced considerably in the period from April to June. This trend also continued in the third quarter. The Dow Jones Industrial Average rose by 7.5% in the first nine months of the year. The DAX moved up by over 14% and the MDAX, on which the MLP share is listed, recorded a gain of 28%. The rise in German financial stocks was somewhat weaker. The DAXsector Financial Services increased by only 1o%.
Source: Deutsche Börse
Until the beginning of May the MLP share followed the general development on the stock markets. Both the downtrend until the end of the first quarter as well as the subsequent share price recovery moved in line with the overall indices. However from May the MLP share was unable to follow the continued upward direction of the markets. At the start of the year the share price stood at € 9.91 and then fell during the course of the first quarter to as low as € 5.25. The closing price on September 3o, 2oo9 stood at € 7.93.
| 9 months 2009 | 2008 | |
|---|---|---|
| Opening price | € 9.91 | € 10.74 |
| Highest price | € 10.98 | € 14.25 |
| Lowest price | € 5.25 | € 8.18 |
| Closing price | € 7.93 | € 9.80 |
| Dividend for the previous year | € 0.28 | € 0.50 |
| Market capitalisation (end of the period under review) | € 855,470,462 | € 1,057,039,182 |
MLP was placed third in the MDAX category in this year's awards for the best Annual Report 2oo8 presented by "manager magazin". In the direct industry comparison we actually improved our standing by one place and achieved second position among the financial stocks. Each year, under the scientific guidance of Prof. Baetge, the "manager magazin" analyses the annual reports of the major German and European stock marketlisted companies and presents awards to those companies that best provide their investors with comprehensive and reliable information.
| All figures in €'000 | Note | 3rd quarter 2009 | 3rd quarter 2008 * | 9 months 2009 | 9 months 2008 * |
|---|---|---|---|---|---|
| Revenues | (6) | 109,438 | 117,435 | 330,236 | 378,058 |
| Other revenues | 4,473 | 6,377 | 15,068 | 28,003 | |
| Total revenues | 113,910 | 123,812 | 345,304 | 406,061 | |
| Commission expenses | –37,145 | –40,669 | –109,870 | –130,311 | |
| Interest expenses | –2,372 | –5,669 | –9,897 | –15,948 | |
| Personnel expenses | (7) | –26,010 | –26,380 | –82,995 | –79,692 |
| Depreciation and amortisation | –4,288 | –4,432 | –13,046 | –14,730 | |
| Other operating expenses | (8) | –37,133 | –43,548 | –116,835 | –126,753 |
| Earnings from shares accounted for using the equity method | 101 | 257 | 257 | 564 | |
| Earnings before interest and taxes (EBIT) | 7,064 | 3,371 | 12,919 | 39,191 | |
| Other interest and similar income | 2,131 | 1,453 | 6,719 | 3,790 | |
| Other interest and similar expenses | –1,100 | –1,583 | –7,778 | –12,803 | |
| Finance cost | (9) | 1,031 | –130 | –1,059 | –9,013 |
| Earnings before taxes (EBT) | 8,095 | 3,242 | 11,859 | 30,178 | |
| Income taxes | –2,986 | –1,827 | –6,895 | –11,337 | |
| Earnings from continuing operations after taxes | 5,109 | 1,415 | 4,965 | 18,841 | |
| Earnings from discontinued operations after taxes | –388 | –943 | –6,408 | –4,066 | |
| Net profit | 4,721 | 472 | –1,443 | 14,775 | |
| Net profit attributable to | |||||
| owners of the parent company | 4,721 | 472 | –1,443 | 14,775 | |
| Earnings per share in€** | |||||
| from continuing operations | |||||
| basic | 0.05 | 0.01 | 0.05 | 0.19 | |
| diluted*** | 0.05 | 0.01 | 0.05 | 0.19 | |
| from continuing and discontinued operations | |||||
| basic | 0.05 | 0.00 | –0.01 | 0.15 | |
| diluted*** | 0.05 | 0.01 | –0.01 | 0.15 |
* Previous year's value adjusted. The adjustments are disclosed under note 3
** Basis of calculation: Average number of shares at September 30, 2009: 107,866,137, Potential shares (convertible debentures): 962,869
*** The ordinary shares resulting from the conversion of convertible debentures are treated as shares already issued
| All figures in €'000 | 3rd quarter 2009 | 3rd quarter 2008 * 9 months 2009 | 9 months 2008 * | |
|---|---|---|---|---|
| Net profit | 4,721 | 472 | –1,443 | 14,775 |
| Other comprehensive income | ||||
| Securities marked to market | –481 | –1,305 | –1,455 | –2,196 |
| Income tax relating to components of other | ||||
| comprehensive income | –31 | 192 | –73 | 257 |
| Other comprehensive income, net of tax | –512 | –1,113 | –1,528 | –1,939 |
| Total comprehensive income for the year | 4,209 | –641 | –2,971 | 12,837 |
| Total comprehensive income attributable to | ||||
| owners of the parent company | 4,209 | –641 | –2,971 | 12,837 |
* Previous year's value adjusted. The adjustments are disclosed under note 3
| Note All figures in €'000 |
September 30, 2009 December 31, 2008 | |
|---|---|---|
| Intangible assets | 171,085 | 162,422 |
| Property, plant and equipment | 80,924 | 80,409 |
| Investment property | 11,499 | 11,700 |
| Shares accounted for using the equity method | 1,902 | 2,319 |
| Deferred tax assets | 2,519 | 1,326 |
| Receivables from clients from the banking business | 303,240 | 275,433 |
| Receivables from banks from the banking business (10) |
454,075 | 605,580 |
| Financial investments (11) |
201,379 | 179,941 |
| Tax refund claims | 41,709 | 26,870 |
| Other receivables and other assets (12) |
88,527 | 147,051 |
| Cash and cash equivalents | 53,767 | 38,088 |
| Non-current assets held for sale and disposal groups (13) |
2,620 | 3,281 |
| Total | 1,413,245 | 1,534,418 |
| Note All figures in €'000 |
September 30, 2009 December 31, 2008 | |
|---|---|---|
| Equity (14) |
396,070 | 429,125 |
| Provisions | 53,670 | 52,896 |
| Deferred tax liabilities | 9,683 | 9,597 |
| Liabilities towards clients from the banking business | 740,615 | 778,835 |
| Liabilities towards banks from the banking business | 25,050 | 25,024 |
| Tax liabilities | 12,308 | – |
| Other liabilities (12) |
172,424 | 236,361 |
| Liabilities in connection with non-current assets held for sale | ||
| and disposal groups | 3,423 | 2,581 |
| Total | 1,413,245 | 1,534,418 |
| All figures in €'000 | 9 months 2009 | 9 months 2008 |
|---|---|---|
| Cashflow from operating activities | 79,656 | 66,238 |
| Cashflow from investing activities | 34,185 | –142,201 |
| Cashflow from financing activities | –31,047 | 63,928 |
| Changes in cash and cash equivalents | 82,794 | –12,035 |
| Changes in cash and cash equivalents due to exchange rate movements | – | – |
| Cash and cash equivalents at the end of the period | 121,241 | 25,141 |
| Thereof discontinued operations All figures in €'000 |
9 months 2009 | * 9 months 2008 |
| Cashflow from operating activities | 212 | 312 |
| Cashflow from investing activities | –107 | –8,127 |
| Cashflow from financing activities | – | – |
| Changes in cash and cash equivalents | 105 | –7,815 |
| Changes in cash and cash equivalents due to exchange rate movements | – | – |
| Cash and cash equivalents at the end of the period | 562 |
| All figures in €'000 | 3rd quarter 2009 | 3rd quarter 2008 |
|---|---|---|
| Cashflow from operating activities | 13,756 | –17,595 |
| Cashflow from investing activities | –26,425 | –113,288 |
| Cashflow from financing activities | –819 | 124,376 |
| Changes in cash and cash equivalents | –13,488 | –6,507 |
| Changes in cash and cash equivalents due to exchange rate movements | – | – |
| Cash and cash equivalents at the end of the period | 121,241 | 25,141 |
| Thereof discontinued operations | ||
| All figures in €'000 | 3rd quarter 2009 | * 3rd quarter 2008 |
| Cashflow from operating activities | –168 | –480 |
| Cashflow from investing activities | –46 | –254 |
| Cashflow from financing activities | – | – |
| Changes in cash and cash equivalents | -214 | –734 |
| Changes in cash and cash equivalents due to exchange rate movements | – | – |
| Cash and cash equivalents at the end of the period | 562 | 417 |
* Previous year's value adjusted. The adjustments are disclosed under note 3
| All figures in €'000 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Equity attributable to MLP AG shareholders |
Non control |
Total share |
||||||
| Share capital |
Capital reserves |
Securities marked to market |
Other compre hensive income |
Treasury stock |
Total | ling interests |
holders' equity |
|
| As at January 1, 2008 | 108,812 | 16,056 | –151 | 370,749 | –155,805 | 339,660 | 63 | 339,723 |
| Dividend | – | – | – | –48,996 | – | –48,996 | – | –48,996 |
| Exertion of conversion rights | 65 | 1,202 | – | – | – | 1,267 | – | 1,267 |
| Acquisition of treasury stock | – | – | – | – | –11,455 | –11,455 | – | –11,455 |
| Reduction of capital – | ||||||||
| § 237 AktG | –10,821 | 10,821 | – | –167,260 | 167,260 | 0 | – | 0 |
| Acquisition of remaining shares | ||||||||
| of BERAG | – | – | – | – | – | – | –63 | –63 |
| Increase of capital – § 202 AktG | 9,799 | 113,964 | – | – | – | 123,763 | – | 123,763 |
| Transactions with owners | –957 | 125,987 | – | –216,256 | 155,805 | 64,579 | –63 | 64,516 |
| Total comprehensive income | – | – | –1,939 | 14,775 | – | 12,837 | – | 12,837 |
| As at September 30, 2008 | 107,856 | 142,043 | –2,089 | 169,268 | 0 | 417,077 | 0 | 417,077 |
| As at January 1, 2009 | 107,861 | 142,084 | –97 | 179,278 | – | 429,125 | – | 429,125 |
| Dividend | – | – | – | –30,201 | – | –30,201 | – | –30,201 |
| Exertion of conversion rights | 17 | 100 | – | – | – | 117 | – | 117 |
| Transactions with owners | 17 | 100 | – | –30,201 | – | –30,084 | – | –30,084 |
| Total comprehensive income | – | – | –1,528 | –1,443 | – | –2,971 | – | –2,971 |
| As at September 30, 2009 | 107,878 | 142,184 | –1,625 | 147,634 | – | 396,070 | – | 396,070 |
| All figures in €'000 | Financial services | |
|---|---|---|
| 3rd quarter 2009 | 3rd quarter 2008* | |
| Revenues | 101,691 | 109,271 |
| of which with other segments | 32 | 69 |
| Other revenues | 3,699 | 3,686 |
| of which with other segments | 636 | 591 |
| Total revenues | 105,390 | 112,957 |
| Commission expenses | –36,970 | –40,490 |
| Interest expenses | –2,372 | –5,946 |
| Personnel expenses | –19,101 | –19,290 |
| Depreciation and amortisation | –2,867 | –2,884 |
| Other operating expenses | –36,348 | –40,978 |
| Earnings from shares accounted for using the equity method | 101 | 257 |
| Segment earnings before interest and taxes (EBIT) | 7,833 | 3,626 |
| Other interest and similar income | 97 | 129 |
| Other interest and similar expenses | –243 | –263 |
| Finance cost | –146 | –134 |
| Earnings before taxes (EBT) | 7,688 | 3,492 |
| Income taxes | – | – |
| Earnings from continuing operations after taxes | – | – |
| Earnings from discontinued operations after taxes | –1,151 | –593 |
| Net profit | – | – |
* Previous year's value adjusted. The adjustments are disclosed under note 3
| Feri | Holding | Consolidation/Other | Total | ||||
|---|---|---|---|---|---|---|---|
| 3rd quarter 2009 | 3rd quarter 2008 | 3rd quarter 2009 3rd quarter 2008 | 3rd quarter 2009 3rd quarter 2008* | 3rd quarter 2009 3rd quarter 2008* | |||
| 7,778 | 8,233 | – | – | –32 | –69 | 109,438 | 117,435 |
| – | – | – | – | –32 | –69 | – | – |
| 1,086 | 2,655 | 3,169 | 3,590 | –3,481 | –3,553 | 4,473 | 6,377 |
| – | – | 2,845 | 2,963 | –3,481 | –3,553 | – | – |
| 8,864 | 10,887 | 3,169 | 3,590 | –3,513 | –3,622 | 113,910 | 123,812 |
| –134 | –256 | – | – | –42 | 77 | –37,145 | –40,669 |
| – | – | – | – | 1 | 278 | –2,372 | –5,669 |
| –6,017 | –6,226 | –892 | –864 | – | – | –26,010 | –26,380 |
| –608 | –686 | –813 | –863 | – | – | –4,288 | –4,432 |
| –2,138 | –2,875 | –2,262 | –3,261 | 3,615 | 3,567 | –37,133 | –43,548 |
| – | – | – | – | – | – | 101 | 257 |
| –33 | 844 | –798 | –1,398 | 61 | 299 | 7,064 | 3,371 |
| 0 | 9 | 2,038 | 1,634 | –4 | –319 | 2,131 | 1,453 |
| –19 | –39 | –841 | –1,322 | 3 | 41 | –1,100 | –1,583 |
| –19 | –30 | 1,196 | 312 | –1 | –278 | 1,031 | –130 |
| –52 | 814 | 399 | –1,086 | 60 | 21 | 8,095 | 3,242 |
| – | – | – | – | – | – | –2,986 | –1,827 |
| – | – | – | – | – | – | 5,109 | 1,415 |
| – | – | – | – | 764 | –350 | –388 | –943 |
| – | – | – | – | – | – | 4,721 | 472 |
| All figures in €'000 | ||
|---|---|---|
| ---------------------- | -- | -- |
| 9 months 2009 | 9 months 2008* | |
|---|---|---|
| 307,888 | 352,075 | |
| 114 | 88 | |
| 11,506 | 15,457 | |
| 1,879 | 1,823 | |
| 319,394 | 367,532 | |
| –109,069 | –129,337 | |
| –9,899 | –16,226 | |
| –61,332 | –57,917 | |
| –8,765 | –10,092 | |
| –108,372 | –117,550 | |
| 257 | 564 | |
| 22,213 | 36,974 | |
| 774 | 307 | |
| –2,486 | –1,100 | |
| –1,712 | –793 | |
| 20,501 | 36,181 | |
| – | – | |
| – | – | |
| –8,395 | –4,746 | |
| – | – | |
| Financial services |
| Sep 30, 2009 | Dec 31, 2008 | |
|---|---|---|
| Segment assets | 1,027,747 | 1,157,796 |
* Previous year's value adjusted. The adjustments are disclosed under note 3
| Feri | Holding | Consolidation/Other | Total | ||||
|---|---|---|---|---|---|---|---|
| 9 months 2009 | 9 months 2008 | 9 months 2009 | 9 months 2008 | 9 months 2009 | 9 months 2008* 9 months 2009 | 9 months 2008* | |
| 22,583 | 26,427 | – | – | –235 | –444 | 330,236 | 378,058 |
| 122 | 355 | – | – | –235 | –444 | – | – |
| 4,028 | 7,668 | 9,979 | 15,575 | –10,445 | –10,698 | 15,068 | 28,003 |
| – | 83 | 8,566 | 8,792 | –10,445 | –10,698 | – | – |
| 26,611 | 34,095 | 9,979 | 15,575 | –10,680 | –11,142 | 345,304 | 406,061 |
| –843 | –1,050 | – | – | 43 | 77 | –109,870 | –130,311 |
| – | – | – | – | 3 | 278 | –9,897 | –15,948 |
| –19,109 | –18,569 | –2,554 | –3,206 | – | – | –82,995 | –79,692 |
| –1,836 | –2,045 | –2,445 | –2,593 | – | – | –13,046 | –14,730 |
| –7,038 | –9,140 | –12,073 | –11,187 | 10,648 | 11,124 | –116,835 | –126,753 |
| – | – | – | – | – | – | 257 | 564 |
| –2,215 | 3,290 | –7,092 | –1.411 | 13 | 337 | 12,919 | 39,191 |
| 18 | 279 | 9,355 | 14,226 | –3,428 | –11,022 | 6,719 | 3,790 |
| –98 | –106 | –5,533 | –12,135 | 338 | 538 | –7,778 | –12,803 |
| –80 | 173 | 3,822 | 2,090 | –3,090 | –10,483 | –1,059 | –9,013 |
| –2,295 | 3,464 | –3,271 | 680 | –3,076 | –10,146 | 11,859 | 30,178 |
| – | – | – | – | – | – | –6,895 | –11,337 |
| – | – | – | – | – | – | 4,965 | 18,841 |
| – | – | – | – | 1,987 | 680 | –6,408 | –4,066 |
| – | – | – | – | – | – | –1,443 | 14,775 |
| Sep 30, 2009 | Dec 31, 2008 | Sep 30, 2009 | Dec 31, 2008 | Sep 30, 2009 | Dec 31, 2008 | Sep 30, 2009 | Dec 31, 2008 |
|---|---|---|---|---|---|---|---|
| 103,530 | 110,920 | 488,611 | 517,416 | –206,644 | –251,714 | 1,413,245 | 1,534,418 |
The consolidated financial statements were prepared by MLP AG, Wiesloch, Germany, the 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 fields of old-age provision including corporate pension business, healthcare, financing, wealth management and banking services.
The interim financial report has been prepared in line with the regulations set out in IAS 34 "Interim financial 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 financial statements at December 31, 2oo8.
Apart from the exception detailed in note 3, the same consolidation principles and accounting policies as for the consolidated financial statements of the financial year 2oo8 have been applied to this interim financial report. These are presented in the Group notes of the annual report 2oo8 that can be downloaded from the company's website (www.mlp.de).
The interim financial report has been drawn up in euros (€), the functional currency of MLP AG. Unless the notes state otherwise, all amounts are rounded to the nearest thousand euros (€'ooo). Both single and cumulative figures are values with the smallest rounding difference. As a result, differences to reported total amounts may arise when the individual values are added up.
The accounting policies applied are the same as those used in the financial year 2oo8, with the following exceptions:
In view of further concentration on its core market Germany, in the fourth quarter of the financial year 2oo8 the management devised to sell MLP Finanzdienstleistungen AG, Vienna, Austria. In the third quarter 2oo9, MLP reached agreement in principle regarding the sale of its business unit in Austria to Aragon AG. The transaction is subject to the approval by the cartel authorities as well as the financial market supervisory authorities in Austria. Beyond this the decision to close the dependent branch in the Netherlands was taken in the second quarter 2oo9.
For this reason the revenues and expenses of MLP Finanzdienstleistungen AG, Vienna, Austria, and the branch of MLP Finanzdienstleistungen AG in the Netherlands were reclassified to the earnings from discontinued operations. The previous year's figures were adjusted accordingly. The reporting changes have no effect on net profit or earnings per share.
The table below illustrates the effects of the changes in the accounting policies on the previous year's figures:
| All figures in €'000 | 9 months 2008 adjusted |
9 months 2008 as reported |
IFRS 5 |
|---|---|---|---|
| Revenues | 378,058 | 385,501 | –7,443 |
| Other revenues | 28,003 | 28,269 | –267 |
| Total revenues | 406,061 | 413,770 | –7,709 |
| Commission expenses | –130,311 | –133,280 | 2,969 |
| Interest expenses | –15,948 | –15,948 | – |
| Personnel expenses | –79,692 | –85,322 | 5,630 |
| Depreciation and amortisation | –14,730 | –14,886 | 156 |
| Other operating expenses | –126,753 | –129,427 | 2,674 |
| Earnings from shares accounted for using the equity method | 564 | 564 | – |
| Earnings before interest and taxes (EBIT) | 39,191 | 35,471 | 3,720 |
| Other interest and similar income | 3,790 | 3,802 | –12 |
| Other interest and similar expenses | –12,803 | –12,803 | 0 |
| Finance cost | –9,013 | –9,001 | –12 |
| Earnings before taxes (EBT) | 30,178 | 26,470 | 3,708 |
| Income taxes | –11,337 | –11,340 | 3 |
| Earnings from continuing operations | 18,841 | 15,130 | 3,711 |
| Earnings from discontinued operations | –4,066 | –355 | –3,711 |
| Net profit | 14,775 | 14,775 | – |
| Earnings per share in€ | |||
| from continuing operations | |||
| basic | 0.19 | 0.15 | |
| diluted | 0.19 | 0.15 | |
| from continuing and discontinued operations | |||
| basic | 0.15 | 0.15 | |
| diluted | 0.15 | 0.15 |
In the financial year 2oo9, the revised IAS 1 "Presentation of Financial Statements" is to be used for the first time. IAS 1 (revised) extends the profit and loss account to include a transition of profit/loss to the overall net earnings with reporting of the components of the other earnings (statement of comprehensive income). This also changes the presentation of the statement of changes in equity. In the statement of changes in equity, transactions with owners are shown separately. Profit/Loss and other earnings are apportioned to the individual equity capital components. The previous year's figures were adjusted accordingly. Neither net profit nor earnings per share have changed as a result of this changed presentation.
Furthermore, in the financial year 2oo9 the following new or revised standards are to be used for the first time:
The first-time use of these standards was not relevant for MLP at September 3o, 2oo9.
In order to strengthen its market position among medics, MLP purchased all company shares in ZSH Vermittlung von Versicherungen und Vermögensanlagen Verwaltungs GmbH, Heidelberg, and all limited partners' shares in ZSH Vermittlung von Versicherungen und Vermögensanlagen GmbH & Co KG, Heidelberg ("ZSH-Group") on February 4, 2oo9.
The object of ZSH-Group is the administration and brokerage of all types of insurance policies and investments, real estate and loans as well as the provision of other services economically related to the aforementioned objects.
The provisional purchase price for the acquisition amounts to € 11,723 thsd and will be paid from liquid assets. At the time of preparation of the interim consolidated financial statements the purchase price allocation from this acquisition had not been concluded. The provisional differential amount which results from the difference between the anticipated purchase costs of the company acquisition and the provisional fair value of assets, liabilities and contingent liabilities identified so far amounts to € 14,oo4 thsd. It is shown as goodwill. See below for the calculation of the provisional goodwill.
| All figures in €'000 | Carrying amount before purchase |
Adjustment | Fair value |
|---|---|---|---|
| Intangible assets | 475 | – | 475 |
| Property, plant and equipment | 4,809 | – | 4,809 |
| Financial investments | 123 | – | 123 |
| Other receivables and | |||
| other assets | 3,391 | – | 3,391 |
| Cash and cash equivalents | 1,738 | – | 1,738 |
| Provisions | –1,499 | – | –1,499 |
| Liabilities | –9,895 | – | –9,895 |
| Net assets | –859 | – | –859 |
| Pro rata net assets | 100% | –859 | |
| Goodwill | 14,004 | ||
| Purchase price | 11,723 | ||
| Incidental acquisition expenses | 1,422 | ||
| Acquisition costs | 13,145 | ||
| Cash outflow to date due to the acquisition | 11,381 |
The ZSH-Group contributed € –1,652 thsd to nine months result. If the business merger had taken place at the beginning of the year, the net profit would have been € –1,296 thsd and the revenues from continuing operations for the first nine months of 2oo9 would have totalled € 331,696 thsd.
The financial crisis and the associated fears of recession remain the determining negative factors for client demand for professional financial consulting services. Due to seasonal influences on its business operations, the Group nevertheless anticipates a higher level of net profit from continuing operations in the fourth quarter than was achieved in the previous quarters.
| All figures in €'000 | 3rd quarter 2009 | 3rd quarter 2008 | 9 months 2009 | 9 months 2009 |
|---|---|---|---|---|
| Old-age provision | 65,066 | 70,847 | 188,019 | 221,476 |
| Wealth management | 18,682 | 19,423 | 51,751 | 60,904 |
| Health insurance | 10,362 | 10,228 | 33,149 | 33,040 |
| Non-life insurance | 3,493 | 2,818 | 22,164 | 21,614 |
| Loans and mortgages | 3,463 | 2,543 | 7,960 | 8,300 |
| Other commissions and fees | 929 | 840 | 2,426 | 2,577 |
| Commission and fees | 101,994 | 106,697 | 305,468 | 347,911 |
| Interest income | 7,443 | 10,737 | 24,768 | 30,147 |
| Total | 109,438 | 117,435 | 330,236 | 378,058 |
Personnel expenses increased from € 79,692 thsd to € 82,995 thsd. The increase is primarily due to the acquisition of ZSH-Group and to one-off restructuring expenses amounting to € 1,487 thsd.
At September 3o, 2oo9, the MLP Group had the following numbers of employees in the strategic fields of business:
| September 30, 2009 | of which part-time employees |
September 30, 2008 | of which part-time employees |
|
|---|---|---|---|---|
| Financial services | 1,513 | 188 | 1,767 | 443 |
| Feri | 265 | 66 | 253 | 53 |
| Holding | 11 | 1 | 10 | 1 |
| Total | 1,789 | 255 | 2,030 | 497 |
The number of employees in the financial services segment includes 58 employees of ZSH-Group.
| All figures in €'000 | 3rd quarter 2009 | 3rd quarter 2008 | 9 months 2009 | 9 months 2008 |
|---|---|---|---|---|
| IT costs | 12,120 | 12,270 | 34,766 | 33,598 |
| Cost of premises | 5,812 | 5,831 | 17,202 | 16,657 |
| Audit and consultancy costs | 1,306 | 3,010 | 8,781 | 10,037 |
| Training and seminars | 1,456 | 3,711 | 6,646 | 10,037 |
| Communication requirements | 2,591 | 2,042 | 6,196 | 7,273 |
| Banking-related expenses | 1,959 | 2,122 | 6,129 | 6,104 |
| Allowances for bad debts | 2,666 | 1,918 | 5,917 | 5,593 |
| Advertising expenses | 1,696 | 1,960 | 5,759 | 6,543 |
| Rental and leasing | 1,368 | 1,258 | 4,084 | 3,737 |
| Representation and entertainment expenses | 902 | 2,041 | 3,618 | 5,223 |
| Expenses for consultants and branch office managers | 979 | 1,147 | 2,669 | 4,011 |
| Insurances | 476 | 492 | 1,896 | 1,938 |
| Premiums and fees | 608 | 255 | 1,516 | 1,009 |
| Office supplies | 435 | 620 | 1,448 | 2,168 |
| Travel expenses | 488 | 652 | 1,416 | 1,920 |
| Vehicle costs | 357 | 400 | 1,121 | 1,021 |
| Other personnel costs | 232 | 487 | 877 | 1,538 |
| Expenses for corporate communications | 196 | 408 | 691 | 1,198 |
| Losses on the disposal of intangible assets and | ||||
| property, plant and equipment | 30 | 21 | 289 | 97 |
| Currency translation expenses | –10 | 56 | 41 | 251 |
| Share-based payment (convertible debentures) | – | 111 | – | 513 |
| Sundry other operating expenses | 1,466 | 2,735 | 5,773 | 6,286 |
| Total | 37,133 | 43,548 | 116,835 | 126,753 |
The increase in IT costs is primarily due to higher computer centre and consulting expenses in connection with the provision of an expanded spectrum of services as well as the optimization of applications. The audit and consultancy costs include one-off expenses in connection with the stake held by Swiss Life amounting to € 2.9 million. Expenses for training and seminars were reduced due to the implementation of costsaving measures within the sales area. Reductions in expenses for training and seminars as well as for representation and entertainment were achieved due to the implementation of savings measures in the sales area. The decrease in advertising expenditure is attributable to less advertising as well as to reduced sponsoring and cooperation engagements. The sundry other operational expenses mainly comprise external services, repairs and maintenance costs, donations, gestures of goodwill as well as other taxes.
| All figures in €'000 | 3rd quarter 2009 | 3rd quarter 2008 | 9 months 2009 | 9 months 2008 |
|---|---|---|---|---|
| Other interest and similar income | 2,131 | 1,453 | 6,719 | 3,790 |
| Interest from financial instruments | –926 | –1,297 | –7,262 | –12,178 |
| Accrued interest on pension provisions | –147 | –144 | –440 | –431 |
| Losses on the disposal of financial investments | –27 | –142 | –76 | –193 |
| Other interest and similar expenses | –1,100 | –1,583 | –7,778 | –12,803 |
| Finance cost | 1,031 | –130 | –1,059 | –9,013 |
The increase in other interest and similar income results from the interest on the higher volume of cash funds, revenues from the sale of securities and from interest on tax credits due to the tax audit for the years 2oo2 to 2oo6. The decrease in other interest and similar expenses is mainly attributable to dividend payments to the other shareholders of Feri Finance AG amounting to € 2,368 thsd (previous year: € 7,83o thsd) as well as to falling interest from the purchase price liability for Feri Finance AG.
The reduction in receivables from banks which fell from € 6o5,58o thsd to € 454,o75 thsd is mainly attributable to the profit transfer payment by MLP Finanzdienstleistungen AG to MLP AG which is now shown as cash and cash equivalents and financial investments, to the fall in investments due to lower client deposits and to the purchase of new securities.
| All figures in €'000 | September 30, 2009 | December 31, 2008 |
|---|---|---|
| Available for sale | ||
| Debt securities and holdings in investment funds | 41,386 | 47,885 |
| Investments | 4,398 | 4,227 |
| Held-to-maturity securities | 45,482 | 22,828 |
| Loans and receivables | 110,113 | 105,002 |
| Total | 201,379 | 179,941 |
The rise in financial investments mainly results from the addition of new securities.
Due to the seasonally stronger year-end business, high receivables from insurance companies as well as high liabilities towards commercial agents at December 31, 2oo8 had to be disclosed. They were then balanced out in the first quarter of 2oo9. A lower amount of receivables and liabilities were built up in the third quarter of 2oo9.
This balance sheet item includes the discontinued operations of MLP Finanzdienstleistungen AG, Vienna, Austria and of the branch of MLP Finanzdienstleistungen AG in the Netherlands. The holdings in investment funds included and held for sale per December 31, 2oo8 were to be reclassified to the balance sheet item "Financial investments". Due to the financial crisis the originally anticipated sale of the investment fund holdings could not be realised within the twelve-month period stipulated by IFRS 5.
The share capital consists of 1o7,877,738 (December 31, 2oo8: 1o7,861,141) no-par-value shares in MLP AG. In the first 9 months 2oo9, 16,597 new shares were issued through the exercising of rights conversion. In total, so far 258,665 new shares have been issued through issued convertible debentures.
In accordance with the resolution passed at the Annual General Meeting on June 16, 2oo9, a dividend of € o.28 per share was to be paid for the financial year 2oo8. For the financial year 2oo7 MLP AG distributed a dividend amounting to € o.5o per share in the second quarter of 2oo8.
In view of further concentration on its core market Germany, in the fourth quarter of the financial year 2oo8 the management devised to sell MLP Finanzdienstleistungen AG, Vienna, Austria. In the third quarter 2oo9 MLP reached agreement in principle concerning the sale of its business unit in Austria to Aragon AG. The transaction is subject to the approval by the cartel authorities as well as by the financial market supervisory authorities in Austria. In the second quarter 2oo9 the decision was taken to close the dependent branch in the Netherlands.
The revenues and expenses from these and earlier discontinued operations are illustrated below:
| All figures in €'000 | 3rd quarter 2009 | 3rd quarter2008 | 9 months 2009 | 9 months 2008 |
|---|---|---|---|---|
| Revenues | 1,602 | 2,484 | 4,913 | 7,443 |
| Other revenues | 25 | 148 | 151 | 267 |
| Total revenues | 1,626 | 2,631 | 5,064 | 7,709 |
| Commission expenses | –440 | –895 | –1,967 | –2,969 |
| Personnel expenses | –1,331 | –1,291 | –4,249 | –5,630 |
| Depreciation and amortisation | – | –48 | –3 | –156 |
| Other operating expenses | –431 | –993 | –2,767 | –2,674 |
| Earnings before interest and taxes (EBIT) | –576 | –596 | –3,922 | –3,720 |
| Other interest and similar income | 1 | 4 | 8 | 12 |
| Other interest and similar expenses | 0 | 0 | –1 | 0 |
| Finance cost | 1 | 4 | 7 | 12 |
| Earnings before taxes (EBT) | –575 | –593 | –3,915 | –3,708 |
| Income taxes | –125 | –1 | –41 | –3 |
| Operating result | –700 | –593 | –3,956 | –3,711 |
| Earnings from the sale/closure before taxes | 300 | –380 | –1,020 | –488 |
| Income taxes | 12 | 30 | –1,431 | 133 |
| Earnings from the sale/closure after taxes | 312 | –349 | –2,452 | –355 |
| Earnings from discontinued operations after taxes | –388 | –943 | –6,408 | –4,066 |
| Earnings per share in € | ||||
| from discontinued operations | ||||
| basic | 0.00 | –0.01 | –0.06 | –0.04 |
| diluted | 0.00 | –0.01 | –0.06 | –0.04 |
The operative results in 2oo8 and 2oo9 contain solely the expenses and revenues of the foreign subsidiary in Austria and the branch in the Netherlands. Earnings from sale/closure before taxes in the first nine months 2oo9 include not only a figure of € –3,1o1 thsd in connection with the sale or closure of the subsidiary in Austria and the branch in the Netherlands, but also subsequent expenses and income from previous discontinued operations amounting to € 2,o81 thsd.
Within the framework of the tax audits for the years 2oo2 to 2oo6, findings were made, due to which € 1,455 thsd had to be recorded as liability. These amounts are associated with the discontinued foreign activities.
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 financial investments which can be converted into cash at any time and which are only subject to minor value fluctuation risks.
| All figures in €'000 | September 30, 2009 | September 30, 2008 |
|---|---|---|
| Cash and cash equivalents | 53,767 | 25,806 |
| Cash and cash equivalents, contained in | ||
| non-current assets held for sale and disposal groups | 562 | – |
| Restraints | – | –17 |
| Other investments < 3 months | 70,000 | 146 |
| Liabilities to banks due on demand | –3,088 | –794 |
| Cash and cash equivalents | 121,241 | 25,141 |
The receivables from financial institutions of MLP Finanzdienstleistungen AG are not included in cash and cash equivalents as they are to be attributed to the current business activities of the banking business segment (formerly: MLP Bank AG).
In the current financial year the cash flow from investment activity is primarily influenced by maturing fixed-term money deposits that were invested with a remaining term of over 3 months and are in connection with the capital increase during the previous financial year. The change of cash flow of financing activities is also mainly influenced by the capital increase during the previous financial year. For more information we refer to the management report.
In the financial year 2oo9 the operating segment financial services was expanded due to the addition of ZSH-Group which was acquired on February 4. In addition, the expenses and revenues associated with the branch of MLP Finanzdienstleistungen AG in the Netherlands were reclassified to discontinued operations.
The change in segment assets is influenced by the acquisition of ZSH-Group and the profit transfer from MLP Finanzdienstleistungen AG.
Beyond this there were no significant changes compared to December 31, 2oo8.
Within the framework of the tax audit for the years 2oo2 to 2oo6, findings were made that could potentially lead to income tax back-payments. MLP assumes a high degree of probability that payments for items amounting to 8.5 million will not have to be made and will take legal steps in this respect if necessary.
Beyond this there were no significant changes compared to December 31, 2oo8.
Compared to December 31, 2oo8 there were no significant changes in the relationships and no significant business with related companies and persons.
The cartel authorities in Austria have now approved the transaction between MLP and Aragon AG. Approval by the financial market supervisory authorities in Austria is still outstanding.
Beyond this there were no notable events after the balance sheet date which may affect the MLP Group's net assets, financial position or results of operations.
Wiesloch, November 1o, 2oo9 MLP AG
Executive Board
Dr. Uwe Schroeder-Wildberg Gerhard Frieg Muhyddin Suleiman Ralf Schmid
Dr. Uwe Schroeder-Wildberg (Chairman, appointed until December 31, 2o12)
Gerhard Frieg (Product Management and Purchasing, appointed until May 18, 2o12)
Ralf Schmid (Chief Operating Officer, Member of the Executive Board of MLP AG since March 1, 2oo9, appointed until December 31, 2o12)
Muhyddin Suleiman (Sales, appointed until September 3, 2o12)
Dr. Peter Lütke-Bornefeld (Chairman)
Dr. h. c. Manfred Lautenschläger (Vice Chairman)
Dr. Claus-Michael Dill
Maria Bähr (Employee representative)
Norbert Kohler (Employee representative)
Tel +49 (o) 6222 • 3o8 • 832o Fax +49 (o) 6222 • 3o8 • 1131 [email protected]
Tel +49 (o) 6222 • 3o8 • 831o Fax +49 (o) 6222 • 3o8 • 1131 [email protected]
| November 11 | Results for the 3rd quarter (Publication of the financial interim report) |
|---|---|
| November 18 | Roadshow, London |
| November 19 | WestLB German Conference, Frankfurt/Main |
| January 11-13 | Commerzbank German Investment Seminar, New York |
|---|---|
| January 18-21 | Cheuvreux German Corporate Conference, Frankfurt/Main |
| February 24 | Preliminary results 2009 |
| March 25 | MLP Group Annual Report 2009 |
| May 12 | Results for the 1st quarter (Publication of the financial interim report) |
| May 20 | Annual General Meeting 2010 |
| May 21 | Dividend payment 2010 |
| August 12 | Results for the 2nd quarter (Publication of the financial interim report) |
| November 11 | Results for the 3rd quarter (Publication of the financial interim report) |
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 significantly 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 prognoses reflect 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.de
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.