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MLP SE — Investor Presentation 2007
Jan 10, 2007
289_ip_2007-01-10_8cd7b358-5f09-4262-b654-b334027bda9b.pdf
Investor Presentation
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MLP – Unique positioning within Germany´s financial services sector
Uwe Schroeder-Wildberg, CEO
Dresdner Kleinwort German Investment Seminar
New York, January 10, 2007
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Overview
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MLP´s business model and growth perspectives
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Growth opportunity wealth management
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MLP & Feri – unique positioning in the financial services market
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Q3 2006 highlights
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Summary
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Appendix
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Additional information on Q3 and 9M 2006 results
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Contact
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MLP Private Finance: Intelligent concepts for retirement provision, insurance coverage, investment and finance
Target group focus + Quality of advice + Independence
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One-stop for lifetime financial solutions
Added value for the client: financial planning
Retirement University Employment 1st Child Property 2nd Setting up Inheritance University Hobbies Child business children Travelling
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Planning Old-age provision management Insurance coverage Non-Life management Health management Retirement provision Solutions Loan and mortgage management Health Wealth management Consumption Cash management
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Attractive framework conditions
Huge potential for qualified consulting
Old age pension provision:
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Large provision gaps still exist within the population
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High complexity
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Further strain on the state pension scheme
Health provision:
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Great need for reform
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Demand for individualised services is rising
Brokerage guideline:
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Increased requirements of IT
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Minimum qualification as a barrier to market entry
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Target group focus
- Great need for provision and consulting
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Quality of consulting and training
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Successful consulting with complex solution models
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Training for MLP consultants far exceeds the minimum standard
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Long-term client relationship
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� Independence/Market position
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Unique product portfolio
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Strong partners
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Best perspectives through attractive framework conditions and clear positioning
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Low average age offers high potential
Reasons for the expansion of wealth management
Clients by age
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----- Start of picture text ----- 180,000160,000140,000120,000100,00080,00060,00040,00020,0000<25 25-29 30-34 35-39 40-44 45-49 >50----- End of picture text -----
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MLP clients’ income and savings quotas clearly exceed average levels
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The average age of a MLP client is 35.5 years
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Already 25 per cent of clients are older than 40
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Increasing added value potentials
Reasons for the expansion of wealth management
Potential sales revenues MLP Finanzdienstleistungen AG per year and client
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----- Start of picture text ----- [€]3.0002.5002.0001.5001.0005000 Age25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65Other Wealth managementHealthcare provisions Old age/retirement provisions----- End of picture text -----
� Wealth management gains significant importance with growing age
- The number of 40+ clients within the existing MLP customer base alone is set to double within 5 years
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Attractive market environment in wealth management
MLP fulfils the decisive criteria for a successful client relationship
Criteria for a successful client relationship (selection)
| Criteria | 1 | 3 | 5 | |
|---|---|---|---|---|
| Quality of client service | 4,7 | |||
| Consistency of client service | 4,7 | |||
| Investment performance/track record | 3,8 | |||
| Expertise and knowledge of customer advisor | 3,7 |
1 = lowest significance; 5 = highest significance
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Germany is, with more than 25% of all wealthy individuals, Europe’s biggest private banking market
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More than 4 million customers have financial assets > 100,000 €
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Annual growth of 6% in financial assets forecasted
Source: Roland Berger “Private Banking in Deutschland“ 02/2006
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Targeted expansion of wealth management
Strategic steps
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Targeted recruitment of additional personnel
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Installation of competence centre in progress
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BaFin grants MLP Finanzdienstleistungen AG licence to act as financial investment agent and advisor under § 32 KWG
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MLP, as the first major independent sales organization, can cover the full spectrum of investment vehicles
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Over 250 MLP consultants trained and licensed
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Majority stake in Feri Finance AG
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MLP acquired stake in Feri Finance AG
Key facts of the transaction
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MLP acquired a 56.6% equity stake in Feri Finance AG
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Temporary option to buy remaining stake
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Purchase price for the acquired shares is € 64.4 million
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MLP finances Feri stake through liquid assets
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Feri to continue with its successful business model
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Feri partners express long term commitment
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Feri – the ideal partner for MLP
Reasons for the partnership
| � | Acknowledged core expertise in asset allocation / asset management | ||
|---|---|---|---|
| 1. | Expertise/Know how | �� | Excellent advisory skillsWide-ranging institutional and economic expertise |
| 2. | Brand | � | Excellent reputation in the market |
| awareness | � | Excellent standing with clients | |
| 3. | Assets | �� | MLP: 2.4 billion EUR AuM *)Feri: 8.0 billion EUR AuM / Controlaround 10 billion EUR Assets underManagement / Control |
� New dimension for integrated financial and provision planning
*) without sight, time and saving deposit
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Feri in overview
Complementary business areas and innovative services
Feri Wealth Management (FWM)
Private clients
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Family Trust Services
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Asset Allocation
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Multi Asset concepts
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Manager Selection
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Reporting & Controlling
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Feri Rating & Feri Institutional Research (FRR) Advisors (FIA)
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Financial and Real Investors
Institutional clients
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Asset Liability Consulting
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Industry-Rating
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Capital Market-Rating
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Asset Allocation
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Manager Selection
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Real Estate-Rating
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Funds-Rating
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Alternative Investments
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Reporting & Controlling
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Econometric Forecasts
Key data 2005: 8,0 billion Euro AuM / C around 180 employees 35m Euro Revenue
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MLP Wealth Management‘s added value
Exclusive investment strategies now available for discerning private clients for the time
Market
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&
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Product sales based on past performance
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Standardised solutions
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Utilisation of a very limited investment universe/spectrum
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Hardly any continuity in reviewing client objectives and actual performance
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Individual and integrated consultancy based on client objectives
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“
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• Best of approach“ with usage of all investment options
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Solutions restricted to HNWI (>500T €) are now made available to sophisticated clients
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Risk-adjusted performance
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Comprehensive After-Sales-Service
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Excellent transparency through extensive reporting
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MLP AG Organigram
Unique positioning in the financial services market
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----- Start of picture text ----- MLP AGMLP FinanzdienstleistungenMLP Bank AG Feri Finance AGAGService platform specifically Independent and integrated Know-how for developinggeared to client service consulting of MLP clients innovative asset conceptsneedsAdvisory for/Servicing ofHigh Net Worth Individualsand institutional clients----- End of picture text -----
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MLP Bank – a major USP that sets MLP apart
Efficient and service-driven transaction platform
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Liquidity management
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- Checking account
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- Credit card
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Financing
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- Overdraft and collateral loan
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- Real Estate and Practice Financing
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- Credit Card
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Service wealth management
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Investment account management
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Online Banking • Reporting
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Bundling of client cash flow
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Allocation of liquidity
- Independent port between producer and client -
Instrument for winning
- customer commitment and
loyalty
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Systematic implementation of the best of approach on the bank‘s own transaction platform
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Having own bank is a crucial prerequisite for service-driven wealth management
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Targeted expansion of integrated consulting
Summary – the MLP approach to consulting
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----- Start of picture text ----- Wealth managementNon-lifeFinancinginsuranceAcademics +discerning clientsService Advisoryquality Integrated, independent advice servicesthroughout the Cash-Health entire lifecycle ManagementInsuranceRetirementprovisions----- End of picture text -----
� Wealth management as add-on core competency to supplement retirement and healthcare provisions
� In future, MLP can fulfill their promise to offer lifelong and integrated financial advice in yet more comprehensive form
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----- Start of picture text ----- Joint effort to tap market opportunitiesIncrease in client penetration through transfer of know-howAmbitions /Client servicephilosophyFamilyOfficeWealthManagementPrivateBankingPrivateFinanceAssetManagementProductsClient assets in€ thousand1‘ - 100‘ 100‘ - 1.000‘ 1.000‘ - 5.000‘ 5.000‘ - 50.000‘ > 50.000‘Page 17IndividualizationStandardization----- End of picture text -----
Business Highlights Q3 2006
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Positive development in the private health insurance and loans and mortgages business segments
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Ongoing discussion about the reform of the healthcare system in Germany causes doubts about the sustainability of the state-run healthcare system
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High demand for private healthcare insurance
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Preparations for the new EU brokerage guideline completed
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Revenue 9M above previous year's level
Total revenue
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----- Start of picture text ----- [€ mln.]----- End of picture text -----
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----- Start of picture text ----- 375.4127.1 128.8 346.7120300302.0284.880 104.7 104.52004010013.6 17.5 38.6 51.58.8 6.9 23.2 21.80 0Q3 2005 Q3 2006 9M 2005 9M 2006----- End of picture text -----
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----- Start of picture text ----- Other revenue----- End of picture text -----
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----- Start of picture text ----- Revenue bank business----- End of picture text -----
Revenue brokerage business
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9M 2006: Increased revenue and earnings
| in € mln. | Q3 2006 | Q3 2005 | 9M 2006 | 9M 2005 | �Total revenue + 8% |
| Total | 128.8 | 127.1 | 375.4 | 346.7 | �EBIT + 16% |
| revenue | |||||
| EBIT | 16.0 | 16.3 | 40.1 | 34.6 | �EBT + 39% |
| Finance cost | 1.5 | 1.3 | 5.8 | -1.5 | |
| EBT | 17.5 | 17.7 | 46.0 | 33.1 | �Net profit almost do |
| Taxes | -6.5 | -7.4 | -14.4 | -15.0 | |
| Net profit | 11.0 | 10.2 | 31.6 | 18.1 | |
| EPS in € | 0.11 | 0.10 | 0.30 | 0.17 | |
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EBT + 39%
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� Net profit almost doubled
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Clients and Consultants
Consulting and sales segment
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----- Start of picture text ----- Clients* 679,000669,000660,000650,000640,000630,00030/06/06 30/09/06----- End of picture text -----
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----- Start of picture text ----- Consultants*----- End of picture text -----
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----- Start of picture text ----- 2,5512,5332,5002,3002,10030/06/06 30/09/06----- End of picture text -----
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----- Start of picture text ----- Revenue per client (€)*4704654604604504409M 2005 9M 2006----- End of picture text -----
Revenue per consultant (€ K)*
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----- Start of picture text ----- 124125,000114115,000105,00095,0009M 2005 9M 2006----- End of picture text -----
*excluding Switzerland
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Summary
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Independent financial advice – excellent growth perspectives in Germany
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Extensive realignment of MLP Group completed with acquisition of Feri Finance AG
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Business development 9M 2006
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Successful integrated sales approach in 9M 2006
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Market potential in the pension provision business segment not yet fully utilized
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Productivity of MLP sales force is the benchmark in the German financial services market
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Strong momentum for year-end business needed
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Appendix
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Additional information on Q3 and 9M 2006 results
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Contact
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9M 2006: Strong performance in the health insurance business segment
Revenue from brokerage business, 9M 06 (9M 05): € 302.0 mln. (€ 284.8 mln.)
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----- Start of picture text ----- (5.0)[in %] (2%)[€ mln.] (10.8) [(7.1)][6.4]10.2 [10.4] Pension provisions (4%) 3% [4%] [2%] (2%)(16.0) 17.0 Health insurance (6%) 6%Non-life insuranceInvestments 15%45.6(12%)(33.3)Loans and mortgages212.4Other 70%(212.6)(75%)----- End of picture text -----
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Q3 2006: Revenue from pension provision products slightly below previous year's high level
Revenue from brokerage business, Q3 06 (Q3 05): € 104.5 mln. (€ 104.7 mln.)
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----- Start of picture text ----- [€ mln.] (3.5) (3.3) [in %] (3%) (3%)(2%)4.1 2.2 (1.8) [2%]3.5 3% [4%]Pension provisions(2.3) 1.9 (2%) 2%Health insuranceNon-life insurance 14%14.8(10%)(10.1)InvestmentsLoans and mortgagesOther75%78.0 (80%)(83.7)----- End of picture text -----
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Ongoing cost control
Expenses
| in €mln.Q3 2006Q3 20059M 20069M 2005 | in €mln.Q3 2006Q3 20059M 20069M 2005 | in €mln.Q3 2006Q3 20059M 20069M 2005 | in €mln.Q3 2006Q3 20059M 20069M 2005 |
|---|---|---|---|
| Expenses forbrokerage business48.249.6136.1 126.0Expenses forbankingbusiness5.13.915.0 10.9 | |||
| Fixed costsPersonnel expenses17.816.857.751.3Depreciation4.14.312.613.2Operating expenses37.636.2114.0110.7 | |||
| 114.0 | |||
| Total fixed costs | 59.5 | 57.3 | 184.3175.2 |
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Development of variable expenses proportional to revenue
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Fixed costs developed as planned
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Mixed new business figures
Consulting and sales segment and banking segment
| in € mln. | Q3 2006 | Q3 2005 | 9M 2006 | 9M 2005 |
|---|---|---|---|---|
| Consulting and sales segmentSegment revenueEarnings before taxes(EBT) | 107.617.6 | 315.5292.342.035.5 | ||
| 108.9 | ||||
| 15.7 | ||||
| New businessOld-age provision (in € bln.)Health insuranceLoans and mortgagesInflows into fundsFunds under management (in € bln.) | 2.314.9296291 | 4.34.455.836.89637657686233.12.9* | ||
| 1.5 | ||||
| 21.9 | ||||
| 314 | ||||
| 215 | ||||
| EBT foreign operations ** | -1.1 | -0.3 | -3.2-2.6 | |
| EBIT margin (in %) | 14.3 | 17.7 | 13.113.7 | |
| Banking segmentSegment revenueEarnings before taxes(EBT) | 13.81.6 | |||
| 17.6 | 51.6 | |||
| 2.1 |
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New business in the health insurance business segment increased by 52 %
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Brokerage of loans and mortgages increased by 26 %
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Unsatisfactory development in the old-age pension provision segment
*as per 31/12/05 ** excluding Switzerland
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Strong balance sheet
Assets
| All figures in € '000 | 30/09/06 | 31/12/05 |
|---|---|---|
| Intangible assets | 31,726 | 22,917 |
| Property, plant and equipment | 89,716 | 94,746 |
| Investment property | 15,165 | 15,538 |
| Deferred tax assets | 188 | 1,568 |
| Receivables from | ||
| banking business | 612,349 | 511,023 |
| Financial investments | 43,322 | 236,741 |
| Tax refund claims | 19,859 | 19,184 |
| Receivables and other assets | 103,738 | 150,293 |
| Cash and cash equivalents | 152,063 | 130,003 |
| Assets from operations | ||
| to be discontinued | 942 | - |
| 1,069,068 | 1,182,013 |
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Liquid funds of € 152 mln.
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Decrease due to
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share buyback programme
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dividend payments of € 63 mln.
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� Share buyback programme currently stands at € 136 mln.
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Strong influence of dividend payments and share buy-backs on shareholders´ equity
Shareholders‘ Equity and Liabilities
| All figures in € '000 | 30/09/06 | 31/12/05 |
|---|---|---|
| Equity attributable to | ||
| MLP AG shareholdersMinorityinterest | 313,31563 | 455,12963 |
| Total shareholders equity | 313,378 | 455,192 |
| Other provisions | 29,318 | 32,659 |
| Deferred tax liabilities | 1,761 | 1,265 |
| Liabilities due to | ||
| banking business | 603,154 | 499,282 |
| Tax liabilities | 7,420 | 13,977 |
| Other liabilities | 113,494 | 179,638 |
| Liabilities from operations | ||
| to be discontinued | 543 | - |
| 1,069,068 | 1,182,013 |
Equity ratio fell from 39 % to 29 %
� Decrease in other liabilities due to normal seasonal business development
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Contact
MLP Investor Relations Alte Heerstraße 40 69168 Wiesloch Germany
Contact: Investor Relations:
Helmut Achatz, Head of Investor Relations Klaus Dieter Ringel, Manager Investor Relations
Tel. +49 (0) 6222 308 8320 Fax.+49 (0) 6222 308 1131 E-mail: [email protected]
MLP Investor Relations information on the internet: Financial reports, presentations and calendar etc. under http://www.mlp.de
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