MLP SE

Earnings Release • Aug 15, 2002

News Details

Ad-hoc | 15 August 2002 08:00

MLP AG english

MLP AG: MLP remains on growth course despite shortterm turbulence Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MLP AG: MLP remains on growth course despite shortterm turbulence Heidelberg, 15 August 2002 – Despite the negative environment, MLP was still able to improve total revenue in the second quarter by approx. 11 percent to 263.1 million euro (237.7). Pre-tax earnings fell by 19 percent to 28.6 million euro (35.2). In the first half-year of 2002 MLP’s total revenue grew by 15 percent to 505.9 million euro (438.9). In particular, insurance premiums (246.0) rose by 30 percent. Pre-tax earnings totalled 51.9 million euro and fell slightly short of the 53.8 million euro achieved in the previous year. In the first half-year of 2002 MLP generated a cash flow from current business activities of 51.5 million euro (13.5). Due mainly to the capital increase, the DVFA result in the first half-year fell from 38 cents to 31 cents. Earnings per share for the second quarter were 17 cents (25). Several factors have led the executive board of MLP AG to revise its forecasts for the year 2002. – Lower new business expectations. In view of the negative discussion surrounding MLP, consultation resources which were previously utilised for new client acquisition have been temporarily redirected towards strengthening the existing customer relationships. – Very weak capital market. The continued very weak state of the capital markets is negatively influencing the profit target. – Muted response to the “Riester-Rente” (Riester pension scheme). Due to the prevailing “wait and see” attitude which is also evident amongst MLP clients, the revenue expectations for this segment have been revised downwards. – New tariff for the unit-linked insurance policy. Starting April 2002 a change in result realisation of acquisition earnings has occurred. – External consultancy and communication expenses. Notable extraordinary charges have also arisen from consultation and communication activities. The multitude of negative factors will, from a current perspective, lead to a fall in pre-tax earnings in 2002 to around 100 million euro, significantly below the previous year (150.7). The revenue arising from the sale of the 50 percent holding in MLP-Lebensversicherung, Vienna, to the UNIQA group has been earmarked for reducing the reinsurance quota and is not taken into account in the above earnings forecast. Contact: Michael Pfister Tel. +49-6221-308-1130 Fax. +49-6221-308-1131 end of ad-hoc-announcement (c)DGAP 15.08.2002 ——————————————————————————– WKN: 656990; ISIN: DE0006569908; Index: DAX Listed: Amtlicher Markt in Frankfurt und Stuttgart; Freiverkehr in Berlin, Bremen, Düsseldorf und Hamburg; EUREX 150800 Aug 02