MLP SE

Earnings Release • Nov 15, 2002

News Details

Ad-hoc | 15 November 2002 08:00

MLP AG english

MLP maintains robust growth path in third quarter Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– MLP maintains robust growth path in third quarter – Total revenues increase up 14 percent in Q3; increase in number of clients for Q3 to 495,000 – Earnings before taxes (EBT) for 2002 considerably higher than EUR 100 million; operating profit additionally burdened by general conditions In the 3rd quarter of 2002 MLP withstood the weak economic environment and external criticism and continued to grow. In contrast to the general market trend MLP reported an increase of 14 percent in total revenues for the 3rd quarter of EUR 246.5 million (2001: 215.6 million). Insurance premiums increased strongly by 23 percent to EUR 127.6 million (2001: EUR 104.2 million). The success of MLP Finanzdienstleistungen AG (MLP’s consulting and broker division) is reflected in its sales revenues that have risen by 26 percent to EUR 81.6 million (2001: 64.8 million). From an overall group perspective, sales revenues rose by five percent under-proportionately as a result of consolidation effects and lower revenues in the banking and asset management segment. As expected, pre-tax profit in Q3 was lower than for the same quarter in 2001 totaling EUR 7.7 million (2001: 15.3 million). The DVFA earnings per share declined for the first nine months from 44 cent to 36 cent. This was caused mainly by the fact that the number of shares was increased to 108.6 million in comparison with last year’s figure of 79.2 million. The number of MLP consultants increased considerably in the 3rd quarter by 22 percent to 2,971 (2001: 2,442). Earnings before taxes (EBT) for 2002 will considerably exceed EUR 100 million including proceeds from the sale of the first slice of the 50 percent stake in MLP- Lebensversicherung AG, Austria. The continuing weakness of capital markets, the planned changes in matters of taxation and social security contributions in Germany as well as the public discussion about the Riester pension have burdened the general conditions traditionally leading to a strong business at year end. In light of this background an operating profit of EUR 100 million seems quite difficult to reach. From today’s point of view however, the 4th quarter will contribute a considerable part to the operating profit for the full year 2002. MLP again expects to see clear double-figure growth rates for the coming years. end of ad-hoc-announcement (c)DGAP 15.11.2002 ——————————————————————————– WKN: 656990; ISIN: DE0006569908; Index: DAX Listed: Amtlicher Markt in Frankfurt und Stuttgart; Freiverkehr in Berlin, Bremen, Düsseldorf und Hamburg; EUREX 150800 Nov 02