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MLP SE Interim / Quarterly Report 2020
289_10-q_2020-08-14_0821e551-b40c-4b20-baac-46ab61fe237c.pdf
Interim / Quarterly Report
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Interim Group report for the first half year and second quarter of 2020
| All figures in € million | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 | Change in % |
|---|---|---|---|---|---|
| MLP Group | |||||
| Total revenue | 165.3 | 151.4 | 359.0 | 329.2 | 9.1 |
| Revenue | 158.2 | 147.8 | 347.6 | 321.8 | 8.0 |
| Other revenue | 7.1 | 3.6 | 11.4 | 7.4 | 54.1 |
| Earnings before interest and taxes (EBIT) | 8.1 | -0.3 | 18.8 | 12.2 | 54.1 |
| EBIT margin (in %) | 4.9 | 0.0 | 5.2 | 3.7 | |
| Net profit | 5.6 | -0.1 | 13.1 | 9.0 | 45.6 |
| Earnings per share (diluted/basic) (in €) | 0.05 | 0.00 | 0.12 | 0.08 | 50.0 |
| Cash flow from operating activities | -4.7 | 12.1 | 159.0 | 129.1 | 23.2 |
| Capital expenditure | 2.5 | 1.9 | 4.7 | 3.0 | 56.7 |
| Shareholders' equity | 423.7 | 437.4 1 | -3.1 | ||
| Equity ratio (in %) | 14.1 | 15.6 1 | |||
| Balance sheet total | 3,006.3 | 2,799.6 1 | 7.4 | ||
| Private clients (families) | 552,400 | 549,580 1 | 0.5 | ||
| Corporate and institutional clients | 21,900 | 21,850 1 | 0.2 | ||
| Consultants | 2,014 | 1,981 1 | 1.7 | ||
| Branch offices | 129 | 130 1 | -0.8 | ||
| University teams | 98 | ਰੇਤੇ । | 5.4 | ||
| Employees | 1,835 | 1,746 | 5.1 | ||
| Brokered new business | |||||
| Old-age provision (premium sum) | 740.6 | 791.1 | 1,426.0 | 1,513.1 | -5.8 |
| Loans and mortgages | 585.3 | 483.4 | 1,196.1 | 975.4 | 22.6 |
| Assets under management (in € billion) | 39.6 | 39.2 1 | 1.0 | ||
| Non-life insurance (premium volume) | 419.4 | 405.5 I | 3.4 | ||
| Real estate (brokered volume) | 79.4 | 58.6 | 157.3 | 98.1 | 60.3 |
THE FIRST HALF YEAR AND SECOND QUARTER 0F 2020 AT A GLANCE
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Table of contents
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Introductory notes
Profile
The MLP Group is the partner for all financial matters.
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Investor Relations
The MLP share
Key figures on the MLP share
| H1 2020 | H1 2019 | |
|---|---|---|
| Share capital as of June 30, 2020 | 109,334,686 1 | 109,334,686 2 |
| Share price at the beginning of the year | € 5.60 | € 4.36 |
| Highest price | € 5.98 | € 4.80 |
| Lowest price | € 3.73 | € 3.86 |
| Share price as of June 30, 2020 | € 5.46 | € 4.15 |
| Dividends for the previous year | € 0.21 | € 0.20 |
| Market capitalisation (end of reporting period) | € 596,967,386 | € 453,738,947 |
Share buyback
Shareholder structure
MLP Annual General Meeting
Interim Group management report for the first half year and second quarter of 2020
FU NDAMENTAL PRINC IPLES OF TH E GROU P
Change to organisation and administration
Changes in the scope of consolidation
Research and development
EC ONOMIC REPORT
Overall economic climate
Industry situation and competitive environment
Old-age provision
Wealth management
Non-life insurance
Health insurance
Real estate
Loans and mortgages
Competition and regulation
BU SINESS PERFORMANC E
New clients
RESU LTS OF OPERATIONS
Development of total revenue
Analysis of expenses
Earnings trend
| EBIT development (all figures in € million) | ||
|---|---|---|
| H1 2020 | 18.8 | |
| H1 2019 | 12.2 |
| All figures in € million | H1 2020 | H1 2019 | Change in % |
|---|---|---|---|
| Total revenue | 359.0 | 329.2 | 9.1 |
| Gross profit 1 | 173.8 | 155.7 | 11.6 |
| Gross profit margin (in %) | 48.4 | 47.3 | |
| EBIT | 18.8 | 12.2 | 54.1 |
| EBIT margin (in %) | 5.2 | 3.7 | |
| Finance cost | -1.0 | -0.6 | -66.7 |
| EBT | 17.8 | 11.6 | 53.4 |
| EBT margin (in %) | 5.0 | 3.5 | - |
| Income taxes | -4.7 | -2.6 | -80.8 |
| Net profit | 13.1 | 9.0 | 45.6 |
| Net margin (in %) | 3.6 | 2.7 |
FINANC IAL POSITION
Aims of financial management
Financing analysis
Liquidity analysis
| All figures in € million | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 |
|---|---|---|---|---|
| Cash and cash equivalents at beginning of period | 675.4 | 498.8 | 510.8 | 385.9 |
| Cash flow from operating activities | -4.7 | 12.1 | 159.0 | 129.1 |
| Cash flow from investing activities | -57.2 | -14.4 | -53.2 | -15.7 |
| Cash flow from financing activities | -25.9 | -24.8 | -28.9 | -27.5 |
| Change in cash and cash equivalents | -87.8 | -27.1 | 76.8 | 85.8 |
| Cash and cash equivalents at end of period | 587.6 | 471.7 | 587.6 | 471.7 |
Capital expenditure analysis
NET ASSETS
Analysis of the asset and liability structure
| All figures in € million | June 30, 2020 | Dec 31, 2019 | Change in % |
|---|---|---|---|
| Intangible assets | 180.8 | 183.1 | -1.3 |
| Property, plant and equipment | 129.2 | 130.9 | -1.3 |
| Investments accounted for using the equity method | 3.5 | 5.1 | -45.7 |
| Deferred tax assets | 9.1 | 7.3 | 19.8 |
| Receivables from clients in the banking business | 832.4 | 872.2 | -4.8 |
| Receivables from banks in the banking business | 848.0 | 728.1 | 14.1 |
| Financial assets | 226.6 | 178.6 | 21.2 |
| Inventories | 13.4 | 10.5 | 21.6 |
| Tax refund claims | 8.2 | 4.5 | 45.1 |
| Other receivables and assets | 167.3 | 168.6 | -0.8 |
| Cash and cash equivalents | 587.6 | 510.8 | 13.1 |
| Total | 3,006.3 | 2,799.6 | 6.9 |
| All figures in € million | June 30, 2020 | Dec 31, 2019 | Change in % |
|---|---|---|---|
| Shareholders' equity | 423.7 | 437.4 | -3.2 |
| Minority interests | 0.3 | 0.8 | -166.7 |
| Provisions | 95.5 | 101.6 | -6.4 |
| Deferred tax liabilities | 9.7 | 10.7 | -10.3 |
| Liabilities due to clients in the banking business | 2,142.7 | 1,894.8 | 11.6 |
| Liabilities due to banks in the banking business | 101.3 | 98.4 | 2.9 |
| Tax liabilities | 8.5 | 6.1 | 28.2 |
| Other liabilities | 224.9 | 250.6 | -11.4 |
| Total | 3,006.3 | 2,799.6 | 6.9 |
Comparison of actual and forecast business performance
SEGMENT REPORT
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Financial Consulting segment
Banking segment
FERI segment
DOMCURA segment
Holding and Others segment
EMPLOYEES AND SELF -EMPLO YED C LIENT C ONSU LTANTS
| Segment | June 30, 2020 | June 30, 2019 |
|---|---|---|
| Financial Consulting 1 | 1,087 | 1,054 |
| Banking | 193 | 186 |
| FERI | 224 | 236 |
| DOMCURA | 289 | 264 |
| Holding and Others 2 | 42 | ୧ |
| Total | 1,835 | 1,746 |
RISK AND OPPORTU NITY REPORT
FOREC AST
Future overall economic development
Future industry situation and competitive environment
Anticipated business development
Income statement and statement of comprehensive income
Income statement for the period from January 1 to June 30, 2020
| All figures in €'000 | Notes | Q2 2020 |
Q2 2019 |
H1 2020 |
H1 2019 |
|---|---|---|---|---|---|
| Revenue | (6) | 158,209 | 147,777 | 347,621 | 321,788 |
| Other revenue | 7,106 | 3,644 | 11,389 | 7,445 | |
| Total revenue | 165,315 | 151,421 | 359,010 | 329,233 | |
| Inventory changes | 636 | - | 2,900 | - | |
| Commission expenses | (7) | -81,876 | -79,152 | -187,871 | -173,233 |
| Interest expenses | -97 | -151 | -217 | -284 | |
| Valuation result/loan loss provisions | 638 | -768 | -2,966 | -1,495 | |
| Personnel expenses | -37,891 | -32,198 | -73,992 | -65,829 | |
| Depreciation and impairments | (9) | -6,965 | -6,296 | -13,784 | -12,597 |
| Other operating expenses | (10) | -32,644 | -33,927 | -66,110 | -64,860 |
| Earnings from investments accounted for using the equity method | 975 | 758 | 1,789 | 1,273 | |
| Earnings before interest and tax (EBIT) | 8,093 | -314 | 18,760 | 12,208 | |
| Other interest and similar income | 968 | 46 | 998 | 193 | |
| Other interest and similar expenses | -917 | -398 | -1,832 | -827 | |
| Valuation result not relating to operating activities | -92 | 6 | -118 | 41 | |
| Finance cost | (11) | -41 | -347 | -951 | -593 |
| Earnings before tax (EBT) | 8,051 | -661 | 17,809 | 11,615 | |
| Income taxes | -2,495 | 552 | -4,677 | -2,580 | |
| Net profit | 5,556 | -109 | 13,132 | 9,035 | |
| Of which attributable to | |||||
| owners of the parent company | 5,813 | -109 | 13,631 | 9,035 | |
| minority interests | -257 | - | -500 | - | |
| Earnings per share in €1 | |||||
| basic/diluted | 0.05 | 0.00 | 0.12 | 0.08 |
1 Basis of calculation: average number of ordinary shares outstanding as of June 30, 2020: 109,210,816.
Statement of comprehensive income for the period from January 1 to June 30, 2020
| Q2 | Q2 | H1 | H1 | |
|---|---|---|---|---|
| All figures in €'000 | 2020 | 2019 | 2020 | 2019 |
| Net profit | 5,556 | -109 | 13,132 | 9,035 |
| Gains/losses due to the revaluation of defined benefit obligations | -2,281 | -1,691 | -2,815 | -6,948 |
| Deferred taxes on non-reclassifiable gains/losses | 671 | 504 | 828 | 2,050 |
| Non-reclassifiable gains/losses | -1,610 | -1,187 | -1,988 | -4,897 |
| Other comprehensive income | -1,610 | -1,187 | -1,988 | -4,897 |
| Total comprehensive income | 3,946 | -1,296 | 11,144 | 4,138 |
| Of which attributable to | ||||
| owners of the parent company | 4,203 | -1,296 | 11,643 | 4,138 |
| minority interests | -257 | - | -500 | - |
Statement of financial position
Assets as of June 30, 2020
| All figures in €'000 | Notes | June 30, 2020 | Dec 31, 2019 |
|---|---|---|---|
| Intangible assets | 180,771 | 183,070 | |
| Property, plant and equipment | (12) | 129,249 | 130,914 |
| Investments accounted for using the equity method | 3,485 | 5,138 | |
| Deferred tax assets | 9,138 | 7,254 | |
| Receivables from clients in the banking business | 832,441 | 872,175 | |
| Receivables from banks in the banking business | 847,992 | 728,085 | |
| Financial assets | (13) | 226,624 | 178,584 |
| Inventories | 13,437 | 10,533 | |
| Tax refund claims | 8,228 | 4,493 | |
| Other receivables and assets | (14) | 167,344 | 168,587 |
| Cash and cash equivalents | 587,624 | 510,778 | |
| Total | 3,006,333 | 2,799,611 |
Liabilities and shareholders' equity as of June 30, 2020
| All figures in €'000 | Notes | June 30, 2020 | Dec 31, 2019 |
|---|---|---|---|
| Equity attributable to MLP SE shareholders | 423,406 | 436,605 | |
| Minority interests | 288 | 787 | |
| Total shareholders' equity | (15) | 423,694 | 437,392 |
| Provisions | 95,454 | 101,596 | |
| Deferred tax liabilities | 9,740 | 10,690 | |
| Liabilities due to clients in the banking business | 2,142,691 | 1,894,843 | |
| Liabilities due to banks in the banking business | 101,330 | 98,409 | |
| Tax liabilities | 8,524 | 6,113 | |
| Other liabilities | (14) | 224,900 | 250,568 |
| Total | 3,006,333 | 2,799,611 |
Condensed statement of cash flow
Condensed statement of cash flow for the period from January 1 to June 30, 2020
| All figures in €'000 | H1 2020 |
H1 2019 |
|---|---|---|
| Cash flow from operating activities | 158,987 | 129,056 |
| Cash flow from investing activities | -53,215 | -15,733 |
| Cash flow from financing activities | -28,926 | -27,524 |
| Change in cash and cash equivalents | 76,846 | 85,799 |
| Cash and cash equivalents at end of period | 587,624 | 471,725 |
Condensed statement of cash flow for the period from April 1 to June 30, 2020
| All figures in €'000 | Q2 2020 |
Q2 2019 |
|---|---|---|
| Cash flow from operating activities | -4,696 | 12,065 |
| Cash flow from investing activities | -57,153 | -14,393 |
| Cash flow from financing activities | -25,944 | -24,756 |
| Change in cash and cash equivalents | -87,793 | -27,084 |
| Cash and cash equivalents at end of period | 587,624 | 471,725 |
Statement of changes in equity
Statement of changes in equity for the period from January 1 to June 30, 2020
| Equity attributable to MLP SE shareholders | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| All figures in €'000 | Share capital | Capital reserves | Revaluation gains/losses related to defined benefit obligations after taxes |
Retained earnings |
Total | Minority interests |
Total shareholders' equity |
||||
| As of January 1, 2019 | 109,167 | 149,227 | -12,518 | 178,951 | - | - | 424,826 | ||||
| Acquisition of treasury stock | 168 | - | - | 555 | - | - | 722 | ||||
| Share-based payment | - | -1,555 | - | - | - | -1,555 | |||||
| Dividend | - | - | - | -21,867 | - | - | -21,867 | ||||
| Transactions with owners | 168 | -1,555 | - | -21,312 | - | - | -22,699 | ||||
| Net profit | - | - | - | 9,035 | - | - | 9,035 | ||||
| Other comprehensive income | - | - | -4,897 | - | - | -4,897 | |||||
| Total comprehensive income | - | - | -4,897 | 9,035 | - | - | 4,138 | ||||
| As of June 30, 2019 | 109,334 | 147,672 | -17,415 | 166,674 | - | - | 406,264 | ||||
| As of January 1, 2020 | 109,334 | 149,853 | -17,547 | 194,966 | 436,605 | 787 | 437,392 | ||||
| Acquisition of treasury stock | -8 | - | - | -266 | -274 | - | -274 | ||||
| Share-based payment | - | -1,610 | - | - | -1,610 | - | -1,610 | ||||
| Dividend | - | - | - | -22,958 | -22,958 | - | -22,958 | ||||
| Transactions with owners | -8 | -1,610 | - | -23,225 | -24,842 | - | -24,842 | ||||
| Net profit | - | - | - | 13,631 | 13,631 | -500 | 13,132 | ||||
| Other comprehensive income | - | - | -1,988 | - | -1,988 | - | -1,988 | ||||
| Total comprehensive income | - | - | -1,988 | 13,631 | 11,643 | -500 | 11,144 | ||||
| As of June 30, 2020 | 109,326 | 148,243 | -19,535 | 185,372 | 423,406 | 288 | 423,694 |
1 Reclassifiable gains/losses.
Notes to the interim financial statements of the Group
1 Information about the company
2 Principles governing the preparation of the financial statements
3 Adjustment to the accounting policies and effects of the coronavirus pandemic on reporting
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Effects of the coronavirus pandemic
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Seasonal influences on the business operations
Reportable business segments
Information regarding reportable business segments (quarterly comparison)
| Financial Consulting Banking FERI |
DOMCURA Holding and Others |
Consolidation | Total | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| All figures in €'000 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 | Q2 2020 | Q2 2019 |
| Revenue | 73,583 | 74,442 | 20,743 | 19,950 | 49,162 | 39,235 | 17,783 | 16,284 | 15 | - | -3,076 | -2,133 | 158,209 | 147,777 |
| of which total inter-segment revenue | 1,720 | 1,323 | 1,356 | 810 | - | - | - | - | - | - | -3,076 | -2,133 | - | - |
| Other revenue | 4,782 | 5,044 | 4,155 | 1,258 | 1,593 | 871 | 617 | 446 | 3,215 | 2,205 | -7,256 | -6,181 | 7,106 | 3,644 |
| of which total inter-segment revenue | 3,425 | 3,188 | 715 | 824 | - | - | - | - | 3,115 | 2,169 | -7,256 | -6,181 | - | - |
| Total revenue | 78,365 | 79,486 | 24,897 | 21,208 | 50,755 | 40,106 | 18,400 | 16,730 | 3,230 | 2,205 | -10,332 | -8,313 | 165,315 | 151,421 |
| Inventory changes | - | - | - | - | - | - | - | - | 636 | - | - | - | 636 | - |
| Commission expenses | -37,423 | -37,352 | -8,592 | -8,375 | -25,574 | -24,245 | -12,303 | -11,260 | -555 | - | 2,570 | 2,080 | -81,876 | -79,152 |
| Interest expenses | - | - | -63 | -138 | - | - | - | - | - | - | -34 | -14 | -97 | -151 |
| Valuation result/loan loss provisions | -175 | -34 | 814 | -743 | -131 | -60 | 107 | 69 | 24 | 0 | - | - | 638 | -768 |
| Personnel expenses | -17,434 | -16,755 | -3,020 | -3,138 | -11,622 | -8,046 | -4,217 | -3,700 | -1,598 | -558 | - | - | -37,891 | -32,198 |
| Depreciation and impairments | -5,101 | -4,741 | -94 | -62 | -565 | -563 | -600 | -527 | -605 | -404 | - | - | -6,965 | -6,296 |
| Other operating expenses | -24,544 | -24,874 | -8,714 | -8,753 | -1,892 | -2,158 | -1,834 | -1,722 | -3,032 | -2,611 | 7,373 | 6,191 | -32,644 | -33,927 |
| Earnings from investments accounted for using the equity method |
977 | 758 | - | - | - | - | - | - | -2 | - | - | - | 975 | 758 |
| Segment earnings before interest and tax (EBIT) |
-5,334 | -3,513 | 5,229 | 0 | 10,972 | 5,034 | -448 | -409 | -1,902 | -1,369 | -423 | -56 | 8,093 | -314 |
| Other interest and similar income | 45 | 95 | 912 | 7 | -20 | -5 | -41 | -12 | 79 | -42 | -7 | 3 | 968 | 46 |
| Other interest and similar expenses | -750 | -289 | -36 | -12 | -112 | -114 | -10 | -8 | -485 | -87 | 476 | 112 | -917 | -398 |
| Valuation result not relating to operating activities |
-73 | 4 | - | - | - | 0 | - | -1 | -19 | 3 | - | - | -92 | 6 |
| Finance cost | -778 | -191 | 876 | -6 | -133 | -118 | -50 | -21 | -426 | -126 | 469 | 115 | -41 | -347 |
| Earnings before tax (EBT) | -6,112 | -3,703 | 6,105 | -6 | 10,839 | 4,915 | -499 | -430 | -2,328 | -1,496 | 46 | 58 | 8,051 | -661 |
| Income taxes | -2,495 | 552 | ||||||||||||
| Net profit | 5,556 | -109 | ||||||||||||
| Of which attributable to | ||||||||||||||
| owners of the parent company | 5,813 | -109 | ||||||||||||
| minority interests | -257 | - |
Information regarding reportable business segments (half-yearly comparison)
| Financial Consulting | Banking FERI |
DOMCURA | Holding and Others | Consolidation | Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| All figures in €'000 | H1 2020 | H1 2019 | H1 2020 | H1 2019 | H1 2020 | H1 2019 | H1 2020 | H1 2019 | H1 2020 | H1 2019 | H1 2020 | H1 2019 | H1 2020 | H1 2019 |
| Revenue | 164,843 | 158,643 | 41,945 | 38,051 | 88,419 | 76,022 | 60,631 | 55,562 | 16 | - | -8,232 | -6,490 | 347,621 | 321,788 |
| of which total inter-segment revenue | 5,653 | 4,882 | 2,579 | 1,608 | - | - | - | - | - | - | -8,232 | -6,490 | - | - |
| Other revenue | 11,364 | 10,607 | 4,970 | 2,255 | 2,170 | 1,838 | 970 | 624 | 6,457 | 4,535 | -14,542 | -12,413 | 11,389 | 7,445 |
| of which total inter-segment revenue | 6,859 | 6,458 | 1,452 | 1,618 | - | - | - | - | 6,231 | 4,337 | -14,542 | -12,413 | - | - |
| Total revenue | 176,206 | 169,250 | 46,915 | 40,306 | 90,588 | 77,860 | 61,601 | 56,186 | 6,473 | 4,535 | -22,774 | -18,903 | 359,010 | 329,233 |
| Inventory changes | - | - | - | - | - | - | - | - | 2,900 | - | - | - | 2,900 | - |
| Commission expenses | -84,669 | -80,085 | -17,601 | -15,576 | -50,372 | -47,522 | -39,655 | -36,419 | -2,820 | - | 7,246 | 6,369 | -187,871 | -173,233 |
| Interest expenses | - | - | -128 | -219 | - | - | - | - | - | - | -89 | -66 | -217 | -284 |
| Valuation result/loan loss provisions | -447 | -155 | -2,302 | -1,256 | -75 | -72 | -19 | -12 | -124 | 0 | - | - | -2,966 | -1,495 |
| Personnel expenses | -36,210 | -34,139 | -6,363 | -6,030 | -19,216 | -15,757 | -8,963 | -7,748 | -3,240 | -2,155 | - | - | -73,992 | -65,829 |
| Depreciation and impairments | -10,108 | -9,538 | -188 | -94 | -1,133 | -1,115 | -1,172 | -1,033 | -1,182 | -817 | - | - | -13,784 | -12,597 |
| Other operating expenses | -49,290 | -47,953 | -17,871 | -16,844 | -4,434 | -4,408 | -3,600 | -3,410 | -5,615 | -4,631 | 14,701 | 12,386 | -66,110 | -64,860 |
| Earnings from investments accounted for using the equity method |
1,706 | 1,273 | - | - | - | - | - | - | 82 | - | - | - | 1,789 | 1,273 |
| Segment earnings before interest and tax (EBIT) |
-2,812 | -1,348 | 2,463 | 287 | 15,359 | 8,987 | 8,192 | 7,565 | -3,525 | -3,069 | -917 | -214 | 18,760 | 12,208 |
| Other interest and similar income | 71 | 249 | 915 | 14 | -22 | -2 | -99 | -46 | 118 | -64 | 14 | 43 | 998 | 193 |
| Other interest and similar expenses | -1,561 | -614 | -41 | -19 | -204 | -208 | -19 | -16 | -925 | -182 | 919 | 212 | -1,832 | -827 |
| Valuation result not relating to operating activities |
-98 | 14 | - | - | 0 | - | - | 1 | -19 | 26 | - | - | -118 | 41 |
| Finance cost | -1,588 | -351 | 874 | -5 | -226 | -209 | -118 | -61 | -826 | -220 | 934 | 254 | -951 | -593 |
| Earnings before tax (EBT) | -4,400 | -1,699 | 3,337 | 282 | 15,133 | 8,778 | 8,074 | 7,503 | -4,351 | -3,289 | 17 | 41 | 17,809 | 11,615 |
| Income taxes | -4,677 | -2,580 | ||||||||||||
| Net profit | 13,132 | 9,035 | ||||||||||||
| Of which attributable to | ||||||||||||||
| owners of the parent company | 13,631 | 9,035 | ||||||||||||
| minority interests | -500 | - |
6 Revenue
| Q2 | Q2 | H1 | H1 | |
|---|---|---|---|---|
| All figures in €'000 | 2020 | 2019 | 2020 | 2019 |
| Wealth management | 64,866 | 54,464 | 120,178 | 104,707 |
| Non-life insurance | 23,776 | 21,841 | 88,228 | 81,726 |
| Old-age provision | 39,493 | 45,956 | 78,870 | 83,973 |
| Health insurance | 12,091 | 11,686 | 25,209 | 23,801 |
| Real estate brokerage | 8,617 | 4,836 | 16,109 | 8,142 |
| Loans and mortgages | 4,441 | 3,874 | 8,769 | 8,997 |
| Other commissions and fees | 1,037 | 921 | 2,294 | 1,991 |
| Total commission income | 154,321 | 143,577 | 339,657 | 313,336 |
| Interest income | 3,887 | 4,200 | 7,964 | 8,452 |
| Total | 158,209 | 147,777 | 347,621 | 321,788 |
7 Commission expenses
8 Personnel expenses/Number of employees
| June 30, 2020 | June 30, 2019 | |||||
|---|---|---|---|---|---|---|
| of which executive employees |
of which executive employees |
of which executive employees |
||||
| Financial Consulting | 1,087 | 36 | 24 | 1,054 | 32 | 25 |
| Banking | 193 | 6 | 3 | 186 | 6 | 4 |
| FERI | 224 | 9 | 28 | 236 | 7 | 45 |
| DOMCURA | 289 | 9 | 20 | 264 | 9 | 14 |
| Holding and Others | 42 | 1 | 4 | 6 | 1 | - |
| Total | 1,835 | 61 | 79 | 1,746 | 55 | 88 |
9 Depreciation and impairments
| Q2 2020 | Q2 2019 | H1 2020 | H1 2019 |
|---|---|---|---|
| 2,501 | 2,074 | 4,962 | 4,291 |
| 4,420 | 4,222 | 8,778 | 8,306 |
| 1,520 | 1,347 | 3,004 | 2,702 |
| 2,900 | 2,875 | 5,773 | 5,604 |
| 6,921 | 6,296 | 13,740 | 12,597 |
| 44 | - | 44 | - |
| 44 | - | 44 | - |
| 44 | - | 44 | - |
| 6,965 | 6,296 | 13,784 | 12,597 |
| 10 Other operating expenses | |
|---|---|
| ----------------------------- | -- |
| All figures in €'000 | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 |
|---|---|---|---|---|
| IT operations | 11,976 | 11,622 | 24,123 | 23,257 |
| Consultancy | 3,540 | 3,126 | 6,378 | 6,118 |
| Administration operations | 2,846 | 2,537 | 5,409 | 5,089 |
| External services – banking business | 2,272 | 2,229 | 5,037 | 4,257 |
| Other external services | 2,258 | 2,777 | 4,400 | 5,490 |
| Expenses for commercial agents | 2,124 | 1,028 | 2,988 | 1,534 |
| Representation and advertising | 1,265 | 1,385 | 2,709 | 2,691 |
| Premiums and fees | 1,046 | 1,026 | 2,217 | 2,313 |
| Insurance | 770 | 1,199 | 1,758 | 1,742 |
| Training and further education | 435 | 1,117 | 1,607 | 2,009 |
| Maintenanc e | 545 | 815 | 1,308 | 1,473 |
| Other employee-related expenses | 426 | 515 | 1,046 | 1,061 |
| Goodwill | 274 | 84 | 1,030 | 126 |
| Travel expenses | 288 | 1,712 | 1,022 | 2,563 |
| Entertainment | 6 | 1,079 | 793 | 1,742 |
| Audit | 315 | 405 | 607 | 725 |
| Supervisory Board compensation | 234 | 237 | 467 | 470 |
| Rental and leasing | 205 | 72 | 302 | 240 |
| Sundry other operating expenses | 1,820 | 960 | 2,908 | 1,961 |
| Total | 32,644 | 33,927 | 66,110 | 64,860 |
11 Finance cost
| All figures in €'000 | Q2 2020 | Q2 2019 | H1 2020 | H1 2019 |
|---|---|---|---|---|
| Other interest and similar income | 968 | 46 | 998 | 193 |
| Other interest and similar expenses | -917 | -398 | -1,832 | -827 |
| Valuation result not relating to operating activities |
-92 | 6 | -118 | 41 |
| Finance cost | -41 | -347 | -951 | -593 |
12 Property, plant and equipment
13 Financial assets
| All figures in €'000 | June 30, 2020 | Dec 31, 2019 |
|---|---|---|
| AC | 106,994 | 90,214 |
| FVPL | 9,832 | 10,095 |
| Debenture and other fixed income securities | 116,826 | 100,309 |
| FVPL | 5,022 | 5,398 |
| Shares and other variable yield securities | 5,022 | 5,398 |
| Fixed and time deposits (loans and receivables) | 94,937 | 64,996 |
| Investments in non-consolidated subsidiaries | 7,990 | 7,751 |
| Investments | 1,850 | 131 |
| Total | 226,624 | 178,584 |
Other accounts receivables and assets/other liabilities
Shareholders' equity
16 Notes to the statement of cash flow
| Cash and cash equivalents | ||
|---|---|---|
| All figures in €'000 | June 30, 2020 | June 30, 2019 |
| Cash and cash equivalents | 587,624 | 471,725 |
| Loans ≤3 months | - | – |
| Cash and cash equivalents | 587,624 | 471,725 |
17 Contingent assets and liabilities, as well as other liabilities
18 Additional information on financial instruments
| June 30, 2020 | |||||||
|---|---|---|---|---|---|---|---|
| Carrying amount |
Fair value | No financial instruments according to IFRS 9 |
|||||
| All figures in €'000 | Carrying amount correspond s to fair value |
Stage 1 | Stage 2 | Stage 3 | Total | ||
| Financial assets measured at fair value through profit or loss (FVPL) |
16,703 | 1,850 | 4,732 | 9,830 | - | 16,412 | 7,990 |
| Financial investments (share certificates and structured bonds) |
9,832 | - | - | 9,830 | - | 9,830 | - |
| Financial investments (share certificates and investment fund shares) |
5,022 | - | 4,732 | - | - | 4,732 | - |
| Investments | 1,850 | 1,850 | - | - | - | 1,850 | 7,990 |
| Financial assets measured at amortised cost (AC) | 2,600,065 | 1,025,960 | 50,170 | 790,156 | 768,232 | 2,634,518 | 37,266 |
| Receivables from banking business – clients | 832,441 | 102,898 | - | - | 768,232 | 871,130 | - |
| Receivables from banking business – banks | 847,992 | 110,423 | - | 733,494 | - | 843,917 | - |
| Financial assets (fixed and time deposits) | 84,939 | 84,939 | - | - | - | 84,939 | - |
| Financial assets (loans) | 9,998 | 9,998 | - | - | - | 9,998 | - |
| Financial assets (bonds) | 106,994 | - | 50,170 | 56,662 | - | 106,832 | - |
| Other receivables and assets | 130,078 | 130,078 | - | - | - | 130,078 | 37,266 |
| Cash and cash equivalents | 587,624 | 587,624 | - | - | - | 587,624 | - |
| Financial liabilities measured at amortised cost | 2,415,164 | 2,286,514 | - | 131,210 | - | 2,417,725 | 53,757 |
| Liabilities due to banking business – clients | 2,142,691 | 2,114,814 | - | 28,226 | - | 2,143,040 | - |
| Liabilities due to banking business – banks | 101,330 | 557 | - | 102,984 | - | 103,541 | - |
| Other liabilities | 171,144 | 171,144 | - | - | - | 171,144 | 53,757 |
| Sureties and warranties* | 2,978 | 2,978 | 2,978 | ||||
| Irrevocable credit commitments* | 66,520 | 66,520 | 66,520 |
* Off balance sheet items. Figures before loan loss provisions .
| Dec 31, 2019 | ||||
|---|---|---|---|---|
| Carrying amount |
Fair value | No financial instruments according to IFRS 9 |
|||||
|---|---|---|---|---|---|---|---|
| All figures in €'000 | Carrying amount correspond s to fair value |
Stage 1 | Stage 2 | Stage 3 | Total | ||
| Financial assets measured at fair value through profit or loss (FVPL) |
15,624 | 131 | 5,398 | 10,095 | - | 15,624 | 7,751 |
| Financial investments (share certificates and structured bonds) |
10,095 | - | - | 10,095 | - | 10,095 | |
| Financial investments (share certificates and investment fund shares) |
5,398 | - | 5,398 | - | - | 5,398 | |
| Investments | 131 | 131 | - | - | - | 131 | 7,751 |
| Financial assets measured at amortised cost (AC) | 2,404,730 | 974,901 | 43,935 | 652,310 | 773,625 | 2,444,772 | 30,105 |
| Receivables from banking business – clients | 872,175 | 139,310 | - | - | 773,625 | 912,934 | |
| Receivables from banking business – banks | 728,085 | 121,335 | - | 605,159 | - | 726,493 | |
| Financial assets (fixed and time deposits) | 54,997 | 54,997 | - | - | - | 54,997 | |
| Financial assets (loans) | 9,999 | 9,999 | - | - | - | 9,999 | |
| Financial assets (bonds) | 90,214 | - | 43,935 | 47,152 | - | 91,087 | |
| Other receivables and assets | 138,482 | 138,482 | - | - | - | 138,482 | 30,105 |
| Cash and cash equivalents | 510,778 | 510,778 | - | - | - | 510,778 | |
| Financial liabilities measured at amortised cost | 2,183,603 | 2,059,708 | - | 123,676 | - | 2,183,384 | 60,217 |
| Liabilities due to banking business – clients | 1,894,843 | 1,868,918 | - | 25,884 | - | 1,894,802 | |
| Liabilities due to banking business – banks | 98,409 | 439 | - | 97,791 | - | 98,230 | |
| Other liabilities | 190,351 | 190,351 | - | - | - | 190,351 | 60,217 |
| Sureties and warranties* | 3,799 | 3,799 | 3,799 | ||||
| Irrevocable credit commitments* | 54,631 | 54,631 | 54,631 |
* Off balance sheet items. Figures before loan loss provisions.
| Type | Valuation technique | Significant, non-observable input factors |
Relationship between significant, non-observable input factors and measurement at fair value |
|---|---|---|---|
| Receivables from banking business – clients with agreed maturity |
The valuation model takes into account the present value of the anticipated future cash inflows/outflows throughout the remaining term, which are discounted using a risk-free discount rate. The discount rate is based on the current yield curve. Credit and default risks, administration costs and expected return on equity are taken into account when determining future cash flows. |
Adjustment of cash flows by: credit and counterparty default risks administration costs expected return on equity |
The estimated fair value would increase (decrease) if: the credit and default risk were to fall (rise) the admin costs were to fall (rise) the expected return on equity were to fall (rise). |
19 Related party disclosures
20 Events after the balance sheet date
Dr. Uwe Schroeder-Wildberg Manfred Bauer Reinhard Loose
Dr. Uwe Schroeder-Wildberg Manfred Bauer Reinhard Loose
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