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MLP SE Investor Presentation 2013

Jul 11, 2013

289_ip_2013-07-11_eecb825b-0e8d-4575-a6f6-5295f02f73b7.pdf

Investor Presentation

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Germany's leading independent consulting company

Strategy and Key Financials, July 2013

Agenda

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MLP – An Overview

Company profile

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Agenda

  • yMLP at a glance
  • yBusiness model
  • yKey Financials
  • yMLP AG Share
  • yOutlook

1522

24

3

5

Page 5 MLP – Company Presentation

Nationwide consulting for private and corporate clients

The MLP Group

  • Æ 169 Branch offices throughout Germany
  • Æ2,037 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

  • Serving affluent clients at MLP
  • HNWI with private estates > 5 million Euros are
  • 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

MLP – Unique business model

Private client consulting

Unique positioning in the market

Corporate and institutional client consulting

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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

Private Savings/Preferences

Source: TNS Infratest 2013

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

-

– Short-term oriented investment preferences among general public

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

Source: German association of Investment and Asset Management (BVI), Data end of year

+

    • High investment requirements from institutional investors
    • Institutional business shows steady growth

  • Risk aversion throughout the market

  • 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

35152224y MLP at a glance y Business model y Key Financials y MLP AG ShareyOutlook

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

2012: Total revenue rises by 4 percent

High momentum in Q4/2012

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

EBIT margin increases to 13%

MLP Group 2012

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* Adjusted for one-off exceptional costs

Q1/2013 influenced by strong previous Q4 and changeover to unisex tariffs

First Quarter revenues

  • EBIT falls to € 4.0 million due to decrease in revenue and changed revenue mix
  • Extremely strong year-end business is traditionally followed by a more modest start into the year
  • Following the extensive changes, consultants had to first familiarise themselves with the new unisex
  • First and second quarter traditionally of less importance
  • As is usual with the MLP business model, the second half-year in particular is crucially important to our full year performance

Agenda

y O
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y M
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MLP AG Share

Share details

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Agenda

y O
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t
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4
y M
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2
y K
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m
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y M
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MLP expects EBIT to range between € 65 and € 78 million

Outlook 2013 to 2015 – in each case compared to the previous year

2
0
1
3		 2
0
1
4		 2
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1
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-		 + + +

very positive: ++, positive: +, neutral: 0, negative: -, very negative: --

  • yContinuation of the strict cost management
  • y If necessary, temporarily higher expenditure – either for important future investments or for one-off initial costs in order to ease future expenditure requirements
  • y Outlook: EBIT of between € 65 and € 78 million in the financial years 2013 to 2015 – depending on the respective market development
  • y Due to our investments into future topics we expect EBIT to be at the lower end of the corridor in 2013

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

Cost are under control

Development of administration costs* Future development 2008 2009 2010 2011 2012 2013Cost basis for the coming years If required, additional targeted investments in future topics or to relieve future expenses € 8 million investments for future development 200220240260280300320[€ million] 295.4279.1274.3**251.7311.7

* Personnel expenses, depreciation and amortisation, other operating expenses

** Adjusted for one-off exceptional costs

Targeted investments in future topics

Outlook

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Important revenue drivers in 2013 Wealth Management Long-term care Occupational provision Utilisation of the extensive MLP client potential, also positive expectations for the Feri business Clients are increasingly focussing on long-term care - acceleration due to "Pflege Bahr" (supplementary long-term care insurance) Strong market position of MLP - still huge catch-up requirement in Germany Outlook

  • MLP had a very successful financial year 2012 and further improved all key figures
  • 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 quarter was influenced, as expected, by the strong final quarter 2012 and the changeover to new unisex tariffs
  • From a current perspective, the second quarter will remain below our expectations due to the difficult market environment but, as is usual with the MLP business model, the second half-year is crucial to our full year performance
  • Guidance reiterated: For the financial years 2013 to 2015 MLP expects high stability and forecasts that EBIT will be in the € 65 to € 78 million range

Contact

MLP Investor RelationsAlte Heerstr. 40, 69168 Wiesloch Germany

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

[email protected] www.mlp-ag.com

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