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MLP SE

Investor Presentation • Nov 18, 2013

289_ip_2013-11-18_9b92ec8c-98c6-42f9-bd3a-ecd1308a1510.pdf

Investor Presentation

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Germany's leading independent consulting company

Reinhard Loose, CFO

Page 1 MLP – Company Presentation RoadshowLondon, November 18, 2013

Agenda

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MLP – An Overview

Company profile

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Agenda

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y B
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y O
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5

MLP – a broad-based consulting house The MLP Group

Nationwide consulting for private and corporate clients

The MLP Group

  • Æ 170 Branch offices throughout Germany
  • Æ1,996 Consultants

International representations

  • Feri:
  • •Vienna
  • •Milan
  • •Sankt Gallen
  • •Luxembourg

International offerings across networks

Unique positioning in the market

Private client consulting

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Researched based independent consulting

  • Full banking license
  • Serving affluent clients at MLP
  • HNWI with private estates > 5 million Euros are served by Feri
  • Innovative multi-asset/multi-manager approach
  • Product-independent market assessments
  • Broad-based research as basis for investment
  • MLP clients benefit from Feri's expertise
  • Close cooperation between Feri and MLP in direct mandates

MLP – Unique business model

Private client consulting

Unique positioning in the market

  • yIndependent consulting and concepts for corporate clients
  • yRegistered as a broker
  • yNationwide consulting services
  • y Consulting covering all aspects of company pension schemes and remuneration
  • y Efficient establishment of innovative concepts and solutions
  • yCombination of company and private solutions
  • yComprehensive risk management for companies
  • yStraightforward Company Pensions at MLP
  • yMore complex Company Pensions at TPC / Feri
  • yTPC is member of the International Benefits Network
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Unique positioning in the market

Rating

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&
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F
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Ins
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•
Re
ta
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l
•

Market Environment

Old-age provision

Statutory pension level decreases

[before tax]

Source: Report Federal Ministry of Labour and Welfare 2012

+

    • Increasing need for private provision – statutory pension level decreases
    • Wide scope of state subsidies/allowances and tax breaks for citizens in Germany

Source: Postbanksurvey old-age provision in Germany 2013/2014 / IfD polls

– Uncertainty among consumers leads to hesitancy regarding long-term investments

-

  • – Low interest rates and negative reports about life insurance contracts have led to greater hesitancy
  • – Short-term oriented investment preferences for savings – real estate preference for provision

Market Environment

Healthcare

Insufficient level of care provided by the

Good healthcare cover only through private provision

Good healthcare cover costs a lot ofmoney on top of the state health insurance system premium

Large proportion no longer benefits from medical advances

Source: Continentale Krankenversicherung AG

+

    • Due to demographic development private provision in general is becoming more and more important
    • Greater focus in long-term care due to decreasing level of statutory coverage and introduction of new state-subsidised product in January 2013

Source: MLP Health Report, IfD polls

– Political discussion regarding private health insurance causes uncertainty and hesitance among consumers

-

– German consumers not yet familiar with long-term care provision

Market Environment

Wealth Management

€
In
b
i
l
l
io
n		 2
0
0
8		 2
0
1
2
Ins
i
io
l
t
tu
t
na		 6
4
1,
7		 9
8
1,
6		 %
5
3,
0
M
tu
l
Fu
d
a
n
s
u		 5
7
5,
8		 7
2
9,
7		 %
2
6,
7

+

  • +High investment requirements from institutional investors
  • +Institutional business shows steady growth
– R
i
k
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s
a
v
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s
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n		 h
h
t
t
r
o
u
g
o
u		 h
k
t
e
m
a
r		 t
e
--- ---------------------------------------------------------- ------------------------------------------------ --------------------------------- --------

Inflows from private clients particularly into money market-related products such as money market funds and fixed income funds

-

Preference for short term investments

Agenda

y M
L
P
l
t
a
a
g
a
n
c
e		 3
y B
i
d
l
u
s
n
e
s
s
m
o
e		 6
y K
F
i
i
l
e
y
n
a
n
c
a
s		 1
7
y G
S
M
L
P
A
h
a
r
e		 2
3
y O
l
k
t
u
o
o		 2
5

Foundations for stable future development

FY 2012 – Successful transformation

Broadening of the business model

  • yExpansion of wealth management
  • yDevelopment of occupational pensions business
  • yImprovement of revenue quality through recurring revenues

Comprehensive efficiency management

y Reduction of administration costs by a total of € 60 million without limitation of strategic further development

Improved Profitability

yEBIT margin increased to 13% despite difficult markets

Significant rise in EBIT

FY 2012 – High seasonality in business development – Second half of the year is crucial

* Adjusted for one-off exceptional costs

Improved revenue mix

FY 2012 – Substantial increase in recurring revenues

FY 2005(Revenue from commissions and fees: € 467.9 million)

FY 2012(Revenue from commissions and fees: € 518.0 million)

  • +In 2012 the share of recurring revenues reached more than 50% – increased from around a third in 2005
  • +Wealth management now plays an important role
  • +Improved revenue mix supports stability in total revenue

9M 2013 influenced by more difficult market conditions

9M 2013 revenues

  • y EBIT falls to € 12.3 million (9M 2012: € 26.4 million) due to decrease in revenue and changed revenue mix
  • y More difficult market conditions in old-age provision and in health insurance
  • y Very positive development in wealth management continues
  • y Non-life and loans and mortgages show remarkable increase
  • y Slight pick-up in business since September – increased momentum expected in the upcoming weeks
  • y Remaining weeks of the year of high importance for full-year result

Increase in wealth management, loans and mortgages and non-life insurance

9M 2013 revenue split

Revenue

[in € million]

Q
3
2
0
1
2		 Q
3
2
0
1
3		 Δ
i
%
n		 9
M
2
0
1
2		 9
M
2
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1
3		 Δ
i
%
n
O
l
d-
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p
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4.
9		 4
8.
1		 1
2
-		 1
5
2.
3		 1
3
1.
6		 1
4
-
W
l
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m
a
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m
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4.
5		 3
1
5.		 2 8
3.
7		 1
0
0.
4		 2
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H
l
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7		 1
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7		 2
2
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5.
5		 3
6.
2		 2
0
-
N
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e
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c
e		 4.
1		 4.
6		 1
2		 2
6.
7		 2
1
7.		 2
*
L
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a
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m
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3		 3.
8		 1
5		 8.
8		 9.
8		 1
1
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6		 2.
9		 1
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I
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c
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m
e		 6.
7		 5.
7		 1
5
-		 2
0.
6		 1
7.
2		 1
7
-

*excluding MLP Hyp

Agenda

y O
t
l
k
o
o
u		 2
5
y G
S
M
L
P
A
h
a
r
e		 2
3
y K
F
i
i
l
e
n
a
n
c
a
s
y		 1
7
y B
i
d
l
s
n
e
s
s
m
o
e
u		 6
y M
L
P
t
l
a
a
g
a
n
c
e		 3

MLP AG Share

Share details

S
h
d
t
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l
a
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a
s		 S
h
t
t
d
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s
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:
F
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:
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:
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N
:
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N
:
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x
c
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s
:		 1
0
7,
8
7
7,
7
3
8
%
3
7.
7
1
(
De
f
in
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t
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De
tsc
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B
örs
)
u
e
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2
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(
Xe
ha
da
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2
0
1
3
)
tra
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p
er
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6
5
6
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9
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6
9
9
0
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2
3.
5
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f
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t
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u
9.
8
9
%
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7
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2
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%
6.
0
3
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7.
7
An
l
i
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e
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7
/
H
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3.
0
1
%
A
l
l
ian
S
E
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rm
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z		 Ma
fre
d
n
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sc
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iss
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g
e		 H
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q
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i
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t
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B
o
r		 N
l
P
T
0
0
t
5.
e
u
r
a
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d
i
h
P
T
6.
2
0
t
n
e
r
w
e
g
A
l
t
P
T
5.
3
0
c
c
u
m
u
a
e
H
l
d
P
T
4.
0
7
o
U
d
f
P
T
4.
6
0
n
e
r
p
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r
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m
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l
d
P
T
5.
0
0
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H
l
d
P
T
4.
7
0
o

All figures as of September 10, 2013

Agenda

y O
l
k
t
u
o
o		 2
5
y G
S
M
L
P
A
h
a
r
e		 2
3
y K
F
i
i
l
e
y
n
a
n
c
a
s		 1
7
y B
i
d
l
u
s
n
e
s
s
m
o
e		 6
y M
L
P
l
t
a
a
g
a
n
c
e		 3

Administration costs reduced by € 60 million – Solid basis for the future

Cost are under control

Administration costs

* Personnel expenses, depreciation and amortisation, other operating expenses

** Adjusted for one-off exceptional costs

Targeted investments in future topics

Outlook

/
I
T
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i
i
t
r
g
a
n
s
a
o
n		 C
i
C
d
d
P
t
r
e
a
r
r
o
c
e
s
s
o
r
•
M
i
i
f
I
T-
S
i
h
l
d
t
t
t
t
g
r
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n
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s
e
m
s
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c
o
u
•
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f
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v
c
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s
o
r
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t
t
c
o
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s
a
n
s
u		 N
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C
M
L
P-
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l
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p
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Announced investments still on track

Outlook

Development of temporary expenditures

[in € million]

Expected growth in wealth management

Outlook 2013

2
0
1
3
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Very positive: ++, positive: +, neutral: 0, negative: -, very negative: --

  • • Development of administration costs slightly better than expected at the beginning of the year
  • • Comprehensive efficiency management of recent years and broadened revenue base foundation for further solid earnings development
  • • EBIT target range still between € 65 and € 78 million in the financial years 2014 and 2015

Q4 significantly contributes to our full year performance

Outlook

[in € million]

Contribution of the fourth quarter to the FY EBIT* (2009-2012)

  • • Operating EBIT in Q4 in recent years between €30.0 and € 47.7 million
  • • Upcoming weeks are crucial to the year-end result

*operating EBIT

Additional potential in the last quarter

Outlook

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Summary

  • • Very successful financial year 2012 demonstrated the importance of the early implementation of the efficiency programme and the broadening of the business model
  • • MLP is benefitting from the strengthening of the wealth management and occupational pension businesses and will further increase the proportion of recurrent revenues
  • • Business development in the first nine months 2013 affected by increasing difficult market conditions in old-age provision and health insurance
  • • Pick-up since September and increasing momentum expected until the end of the year
  • • Comprehensive efficiency management of recent years and broadened revenue base foundation for further solid earnings development 2013
  • • EBIT target range still between € 65 to € 78 million in the financial years 2014 and 2015

Contact

MLP Investor RelationsAlte Heerstr. 40, 69168 Wiesloch Germany

  • • Jan Berg, Head of Corporate Communications Tel.: +49 (0) 6222 308 4595
  • • Andreas Herzog, Team Head Investor Relations and Financial CommunicationsTel.: +49 (0) 6222 308 2272

[email protected] www.mlp-ag.com

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