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MLP SE

Investor Presentation • Sep 1, 2009

289_ip_2009-09-01_cd975434-9bd0-437c-a2fc-b30026f9ecaf.pdf

Investor Presentation

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H1 and Q2 2009 Results

Andreas Dittmar, Head of Finance

August 12, 2009

Agenda

  • Highlights H1 and Q2 2009
  • Financial details H1 and Q2 2009
  • Clients and consultants
  • Outlook and summary
  • •Questions & Answers

Highlights H1 & Q2 2009

  • •Financial and economic crisis continued during H1 2009
  • Following a sharp downturn in Q1, early indicators show a stabilization of the German economy in Q2 and for the rest of the year
  • •However, expectations for German GDP growth for 2009 remain at -6%
  • Due to uncertainty caused by the ongoing economic crisis, private and institutional clients were still reluctant to invest long-term and invested risk-aversely
  • •Robust development in core business areas in H1 2009
  • Positive cost development in Q2: Successful implementation of cost savings program
  • •Sale of Austrian subsidiary announced

• Highlights H1 & Q2 2009

• Financial details H1 & Q2 2009

  • Clients and consultants
  • Outlook and summary
  • •Questions & Answers

H1: Robust revenue development

Total revenues

Q2: Clients were risk-averse and reluctant to make long-term investment decisions

Total revenues

Old-age pension provision and wealth management affected by crisis

Revenues – commissions and fees

Q
2
2
0
0
8		 Q
2
2
0
0
9		 i
%
n		 H
1
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0
0
8		 H
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9		 i
%
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-

Customer focus on occupational pension business and disability insurances

Revenues – commissions and fees, H1 2009: € 203.5 m

AuM increased

New Business and Assets under Management

[in € bn]

[in € bn]

Earnings influenced by crisis and one-offs

Continuing operations

Income statement

Q
2
2
0
0
8		 Q
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2
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9		 H
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  • • H1 EBIT includes
  • •€ 3.4m defense costs
  • € 1.1m restructuring charges Q2
  • € 1.4m extraordinary tax expenses in Q2

Discontinued operations

Discontinued operations

Income statement discontinued operations

Q
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8		 Q
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-

Successful cost cutting in Q2: Fixed costs down by € 11m

Development of fixed costs

Strong liquidity

MLP Group – selected balance sheet items

3
1
/
1
2
/
2
0
0
8		 /
/
3
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6
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s		 2
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0
2
9
%
  • •Liquid funds € 188m
  • •Equity ratio 27.6%

  • Seasonal decline in other receivables and other liabilities

  • Highlights H1 & Q2 2009

  • Financial details H1 & Q2 2009
  • Clients and consultants
  • Outlook and summary
  • •Questions & Answers

Positive development in number of clients continued in Q2

Number of clients

Sales force: Focus on quality

Number of consultants

• Revenue per consultant H1 2009: € 86,000

  • Highlights H1 & Q2 2009
  • Financial details H1 & Q2 2009
  • Clients and consultants
  • Outlook and summary
  • •Questions & Answers

Targeted cost reduction of € 34 m

Fixed costs (excluding acquisition-related cost increases)

  • Cost savings of € 12m in 2009 and a further € 10m in 2010
  • In addition: No re-occurrence in 2009 of € 12m of one-time expenses incurred in 2008

Outlook and summary

  • •Market environment remained difficult during H1 2009
  • • Cost-cutting program shows first success:
  • Fixed cost base reduced in Q2
  • Target: Reduce fixed costs by € 34m by the end of 2010
  • • Pick-up in business expected, especially in Q4
  • Leverage of business model fully in place in Q4
  • Sales focus in H2 on higher disposal income of clients due to federal economic stimulus packages ("Bürgerentlastungsgesetz")

  • •Outlook 2009 reiterated: MLP aims to outperform the market

  • Highlights H1 & Q2 2009

  • Financial details H1 & Q2 2009
  • Clients and consultants
  • Outlook and summary
  • •Questions & Answers

Contact

MLP Investor RelationsAlte Heerstr. 4069168 WieslochGermany

  • Helmut Achatz, Head of Investor Relations
  • Ines Kittlitz, Manager Investor Relations

Tel.: +49 (0) 6222 308 1135 Fax: +49 (0) 6222 308 1131

[email protected] www.mlp-ag.de

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