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MLP SE Investor Presentation 2009

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
2
0
0
8		 H
1
2
0
0
9		 i
%
n
O
l
d
i
i
i
-a
g
e
p
e
n
s
o
n
p
r
o
s
o
n
v		 6
3
2		 6
0
1		 4
9
-		 1
0
6
5		 1
2
3
0		 1
8
4
-
H
l
h
i
t
e
a
n
s
u
r
a
n
c
e		 1
1.
4		 9
1		 2
0
3
-		 2
2
8		 2
2
8		 0
1
-
N
l
i
f
i
o
n
e
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s
r
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-		 3
2		 3
4		 7
0		 1
8
8		 1
8
7		 0
7
-
W
l
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t
t
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a
m
a
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m
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n		 2
1.
0		 1
5
9		 2
4
3
-		 4
1.
5		 3
3
1		 2
0
3
-
L
d
t
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a
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s
a
n
m
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s		 2
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5		 6
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-		 5
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5		 2
1.
9
-
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s		 1.
0		 0
8		 1
4
1
-		 1.
7		 1.
5		 1
3
8
-

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
2
2
0
0
9		 H
1
2
0
0
8		 H
1
2
0
0
9
T
l
t
o
a
r
e
e
n
e
s
v
u		 1
2
6
4		 1
0
5
9		 2
8
2
2		 2
3
1
4
E
B
I
T		 1
0
7		 2
4		 3
8
5		 5
9
F
i
t
n
a
n
c
e
c
o
s		 0
8
-		 0
6
-		 8
9
-		 2
1
-
E
B
T		 9
9		 1
8		 2
6
9		 3
8
T
a
e
s
x		 1
2
-		 2
2
-		 9
5
-		 3
9
-
f
N
i
t
t
e
p
r
o		 8
8		 0
4
-		 1
7
4		 0
1
-
E
P
S
i
€
n
(
)
d
i
l
d
t
e
u		 0
0
9		 0
0
0		 0
1
8		 0
0
0
  • • 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
2
2
0
0
8		 Q
2
2
0
0
9		 H
1
2
0
0
8		 H
1
2
0
0
9
(
)
T
l
A
N
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t
o
a
r
e
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e
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e
s
,		 2
7		 1
6		 5
1		 3
4		 f
P
l
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l
a
n
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s
a
e
o
•
A
i
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A
t
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O
f
(
)
i
i
A
N
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t
t
t
p
e
r
a
n
g
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e
p
r
o
,		 1
2
-		 1
7
-		 3
1
-		 3
3
-
R
i
h
/
i
t
t
e
s
r
c
r
n
g
c
a
r
g
e
s
m
s
c
u
u		 0
0		 1
3
-		 0
1
-		 1
3
-
(
C
)
/
T
b
k-
H
i
t
a
x
a
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p
a
y
m
e
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c		 0
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-		 0
1		 1
4
-
T
l
f
i
t
t
t
o
a
n
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p
r
o		 1
2
-		 4
6
-		 3
1
-		 6
0
-

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
0
0
6
2
0
0
9
I
i
b
l
t
t
n
a
n
g
e
a
s
s
e
s		 1
6
2
4		 1
7
3
3
F
i
i
l
i
t
t
n
a
n
c
a
n
v
e
s
m
e
n
s		 1
9
9
7		 1
9
4
8
C
h
d
h
i
l
t
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s		 3
8
1		 4
4
7
i
O
h
b
l
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t
t
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r
r
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c
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v
a
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s
a
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e
r
a
s
s
e
s		 1
4
1
7		 9
5
1
S
h
h
l
d
'
i
t
a
r
e
o
e
r
s
e
q
u
y		 4
2
9
1		 3
9
1
8
O
h
l
i
b
i
l
i
i
t
t
e
r
a
e
s		 2
3
6
4		 1
8
1
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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