Quarterly Report • Nov 14, 2012
Quarterly Report
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Interim Group Report for the fi rst nine months and the third quarter 2012
| All fi gures in € million | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 | Change |
|---|---|---|---|---|---|
| Continuing operations | |||||
| Total revenue | 121.5 | 116.3 | 355.3 | 356.5 | – 0.3 % |
| Revenue | 118.0 | 112.3 | 340.2 | 343.7 | – 1.0 % |
| Other revenue | 3.6 | 4.0 | 15.1 | 12.8 | 18.0 % |
| Operating EBIT (before one-off exceptional costs) | 11.1 | 6.5 | 26.7 | 18.7 | 42.8 % |
| Earnings before interest and tax (EBIT) | 11.1 | 2.9 | 26.7 | 4.6 | >100 % |
| EBIT margin (%) | 9.1 % | 2.5 % | 7.5 % | 1.3 % | >100 % |
| Earnings from continuing | |||||
| operations | 8.3 | 1.6 | 18.6 | 1.4 | >100 % |
| Earnings per share (diluted) in € | 0.08 | 0.02 | 0.17 | 0.01 | >100 % |
| MLP Group | |||||
| Net profi t (total) | 8.3 | 1.7 | 18.6 | 2.0 | >100 % |
| Earnings per share (diluted) in € | 0.08 | 0.02 | 0.17 | 0.02 | >100 % |
| Cash fl ow from operating activities | – 4.1 | 0.6 | 27.1 | 56.8 | –52.3 % |
| Capital expenditure | 3.5 | 2.3 | 11.0 | 4.1 | >100 % |
| Shareholders' equity | – | – | 353.2 | 399.3 1 | – 11.5 % |
| Equity ratio | – | – | 25.0 % | 26.8 % 1 | – 6.8 % |
| Balance sheet total | – | – | 1,412.4 | 1,487.8 1 | – 5.1 % |
| Clients2 | – | – | 807,600 | 794,500 1 | 1.6 % |
| Consultants 2 | – | – | 2,099 | 2,132 1 | – 1.5 % |
| Branch offi ces 2 | – | – | 174 | 178 1 | – 2.2 % |
| Employees | – | – | 1,517 | 1,563 | – 2.9 % |
| Arranged new business 2 | |||||
| Old-age provisions (premium sum in € billion) | 1.0 | 1.0 | 2.4 | 2.9 | – 17.2 % |
| Loans and mortgages | 358.0 | 329.0 | 986.0 | 1,030.0 | – 4.3 % |
| Assets under management in € billion3 | – | – | 20.9 | 20.2 1 | 3.5 % |
[Table 01]
1 As of December 31, 2011.
2 Continuing operations.
3 Calculated according to the method of the German Association of Investment and Asset Management (BVI).
MLP is Germany's leading independent consulting company. Supported by comprehensive research, the Group provides a holistic consulting approach that covers all economic and fi nancial questions for private and corporate clients, as well as institutional investors. The key aspect of the consulting approach is the independence from insurance companies, banks and investment fi rms. The MLP Group manages total assets of more than € 2o.9 billion and supports more than 8o5,ooo private and 5,ooo corporate clients or employers. The fi nancial services and wealth management consulting company was founded in 1971 and holds a full banking licence.
The concept of the founders, which still remains the basis of the current business model, is to provide long-term consulting for academics and other discerning clients in the fi elds of provision, fi nancial investment, health insurance, non-life insurance, loans and mortgages and banking. Private individuals with assets above € 5 million and institutional clients benefi t from extensive wealth management and consulting services as well as receiving economic forecasts and ratings provided by the subsidiaries of the Feri Group. Supported by its subsidiary TPC and the joint venture HEUBECK-FERI Pension Asset Consulting GmbH, MLP also provides companies with independent consulting and conceptual services in all issues pertaining to occupational pension schemes and remuneration as well as asset and risk management.
The values disclosed in the following management report have been rounded to one decimal place. Consequently, differences to reported total amounts may arise when adding up the individual values.
In the fi rst nine months of 2o12 the German economy continued to develop robustly, albeit with decreased momentum. According to calculations by the Federal Statistics Offi ce, the gross domestic product (GDP) rose by o.3 % in the second quarter of 2o12, compared to a growth rate of o.5 % in the fi rst three months of this year – and there are signs that the rate of growth in the third quarter will be unchanged. The DIW (German Institute for Economic Research) estimates that economic output in Q3 increased by o.3 % compared to the previous quarter. However, the experts expect that the fourth-quarter growth rate will fall to o.2 %. Economic development continued to be hampered by the European sovereign debt crisis as well as the weaker global economy. Nevertheless, domestic demand remained stable thanks to income increases across broad sections of the population. According to the DIW economists, domestic consumption has increasingly become one of the supporting pillars of the economy. In the third quarter the German labour market also remained resilient. Figures issued by the Federal Employment Agency show that the unemployment rate in September fell slightly to 6.5 %, compared to 6.6 % in the previous year. However, after adjustment for seasonal fl uctuations, the underlying fi gure remained at 6.8 % and the Federal Employment Agency noted that in September the usual autumn pick-up was less pronounced than in the previous year.
The MLP Group generated almost all of its total revenue in Germany. In the fi rst nine months of the fi nancial year 2o12, the economic situation had no positive effect on business development in Germany. In view of the high degree of uncertainty within the macroeconomic environment, and particularly due to the European debt crisis, consumers in Germany remain generally hesitant with respect to making commitments to long-term future investments.
[Figure 01]
During the period under review the European debt crisis and the associated debate concerning the security and stability of the euro currency continued to weigh heavily on consumers' minds. These concerns, coupled with hesitancy on the part of many citizens with respect to long-term investments, signifi cantly impacted the market for old-age provision products in Germany. According to a survey conducted by the Allensbach Institute, 46 % of respondents expressed increasing concerns about their old-age provision as a result of the high level of debt held by many Eurozone countries and the euro crisis in general. The appeal of material assets such as real estate continues to grow compared to classical old-age provision products. In this respect, two thirds of those surveyed regard home ownership as an ideal form of old-age provision. Overall, the average actual monthly expenditure on old-age provision fell further, whereas the estimated necessary monthly costs of securing an adequate level of old-age provision rose further (see chart). The environment for old-age provision thus remains challenging.
Against this background the premium sum at MLP during the period from January to September 2o12 decreased from € 2.9 billion to € 2.4 billion. However, this development stabilised during the third quarter with a premium sum amounting to € 1.o billion – equal to the corresponding fi gure of the same period in the previous year.
[Figure 02]
The occupational pensions business makes a signifi cant contribution towards the overall oldage provision revenue at MLP and accounted for 11% of the premium sum in the fi rst nine months of the fi nancial year 2o12 (9M 2o11:1o %). In cooperation with our subsidiary TPC (TPC THE PENSION CONSULTANCY GmbH) we were thus able to further develop our successful business base.
Against the backdrop of two-tier healthcare in Germany, the general public remains sceptical of the future scope of benefi ts that will be provided by the state healthcare system. A current study conducted by the health insurer "Continentale Krankenversicherung" revealed that there is deep-seated concern about the future scope of treatments and services offered by the statutory health scheme (see chart). Consequently, many people seek to cover their requirements through full private or supplementary healthcare insurance. Of particular note is the expectation on the part of the respondents that private health insurance will be best to meet their requirements for a good standard of healthcare over the longer term and enable them to benefi t from medical advances. Additionally, private health insurance is perceived as offering a better cost/benefi t ratio and greater transparency than the state healthcare system .
Despite these generally favourable framework conditions the market for private health insurance remained restrained in the fi rst nine months of the fi nancial year 2o12. This development was attributable to a change in legislation which was introduced on January 1, 2o12, enabling employees with state healthcare insurance to switch more easily to private healthcare. This led to a catch-up effect, particularly at the start of 2o11.
Accordingly, MLP recorded a decrease in this consulting area in the fi rst nine months. Revenue amounted to € 45.5 million and was thus below the fi rst nine months of 2o11 (€ 56.8 million) but above the corresponding periods in 2o1o and 2oo9.
[Figure 03]
In the third quarter 2o12 the German investment fund industry once again experienced net infl ows. In the period from January to September 2o12 retail funds registered net infl ows amounting to € 12.o billion and the months from July until September alone accounted for € 5.7 billion of new monies. In view of the diffi cult market environment, the largest infl ows were recorded in low-risk, fi xed income funds which at the reference date had grown by € 2o.1 billion, whereas equity-based funds experienced net outfl ows amounting to € 6.5 billion at the reference date.
In view of the European debt crisis and concerns about the stability of the euro, the trend towards US dollar-denominated fi xed income funds continued. Investment monies held by institutional investors continued to fi nd their way into specialist funds and by the end of September, managers of specialist funds had taken in more than € 43 billion of new money. At the reference date on September 3o, 2o12 total fund assets managed by German investment fund companies had risen to € 1,971 billion, representing an increase of 1o.6 % compared to the start of the year.
At MLP, managed assets stood at € 2o.9 billion as of September 3o, 2o12 and were thus also signifi cantly higher than the level of December 31, 2o11 (€ 2o.2 billion).
[Figure 04]
The competitive situation has not fundamentally changed in the fi rst nine months of the fi nancial year 2o12 and the industry still has a heterogeneous structure. There are numerous consultants and intermediaries – from banks and insurance companies through to independent fi nancial brokers. They employ different business models, which among other aspects, are differentiated by the breadth of their product portfolio and the consulting approach they adopt as well as by the quality of the consulting provided. Clients therefore experience vastly different levels of quality within the industry. In private client consulting, MLP primarily competes against the banks.
Market regulation is of particular relevance to the future competitive situation. In this respect, the German government made two important decisions last year which were designed to further improve the level of investor protection, the impact of which will begin to be felt during the coming months. Firstly, this concerns the Investor Protection Act ("Anlegerschutz- und Funktionsverbesserungsgesetz") which includes new training standards, a register for all investment advisors as well as so-called product information sheets. These regulations apply to securities service providers such as MLP. Secondly, the revision of the fi nancial investment brokerage and asset investment legislation ("Gesetz zur Novellierung des Finanzanlagenvermittler- und Vermögensanlagerechts") which applies to the hitherto largely unregulated section of the market not covered by the banking supervisory authority. Among other aspects, this legislation also specifi es new training requirements for the brokerage of open and closed funds by intermediaries and largely imposes information, consulting and documentation obligations on this market sector which already apply for banks.
During the coming years additional legislation will further tighten the requirements for all market participants which will lead to an acceleration of market consolidation (see page 91 et seq. of the Annual Report 2o11).
In the period from January to September total revenue amounted to € 355.3 million and therefore remained at the level of the previous year (€ 356.5 million). Revenue from commissions and fees totalled € 319.6 million (€ 322.8 million) and accounted for the largest portion of this fi gure. Interest income stood at € 2o.6 million and thus remained at the level of the previous year (€ 2o.9 million). Other revenue amounted to € 15.1 million compared to € 12.8 million in the fi rst nine months of 2o11 .
The revenue breakdown by consulting areas shows that MLP benefi ted above all from the continued dynamic momentum in wealth management. In the fi rst nine months, revenue rose by 41% to € 83.7 million (€ 59.2 million). Viewing the third quarter in isolation, the increase amounted to 82%. This growth was signifi cantly supported by positive business development at the subsidiary Feri which has become an important pillar of MLP's portfolio. Non-life insurance also developed successfully – revenue in the fi rst nine months amounted to € 26.7 million, corresponding to an increase of 7% compared to the previous year (€ 25.o million).
In private health insurance, revenue in the fi rst nine months amounted to € 45.5 million and thus remained signifi cantly below the previous year (€ 56.8 million). This fall was attributable to a change in the law from January 1, 2o11 which made it easier for employees to switch to private health insurance. This led to a catch-up effect, particularly in the fi rst quarter 2o11. Third quarter revenue totalled € 13.7 million and thus remained below the same period in the previous year (€ 15.1 million) but above the second quarter (Q2 2o12: € 12.7 million).
In the third quarter an upward trend was also evident in old-age provision. The premium sum for new business stood at € 1.o billion and was thus at the level of the previous year (€ 1.o billion). Following a pick-up in business, particularly in September, this development has yet to be fully refl ected in the revenue. In the third quarter, revenue amounted to € 54.9 million and was therefore below the same quarter in the previous year (€ 62.7 million) but above the second quarter 2o12 (Q2 2o12: € 48.4 million). Revenue in old-age provision for the fi rst nine months of 2o12 totalled € 152.3 million (9M 2o11: € 169.6 million).
Viewing the third quarter 2o12 in isolation, MLP increased total revenue by 4.5 % to € 121.5 million (€ 116.3 million). Here, revenue from commissions and fees developed positively and amounted to € 111.3 million (€ 1o5.3 million), considerably supported by the pleasing development in wealth management. Interest income decreased slightly to € 6.7 million (€ 7.o million). Other revenue also fell slightly to € 3.6 million (€ 4.o million).
Overall, the revenue development highlights just how important it was to signifi cantly broaden the business model in recent years. Consequently, MLP was able to compensate for the continuingly diffi cult market environment in old-age provision and the decrease in health insurance through signifi cant increases particularly in wealth management.
In the fi rst nine months of the fi nancial year 2o12 commission expenses increased from € 135.5 million to € 139.o million. This rise was due to higher commission expenses in the Feri segment which, as previously communicated, resulted from business growth at the Luxembourgbased subsidiary that specialises in the administration of funds. Expenses in this business fi eld include costs for items such as custodian banks and fund sales. Interest expenses amounted to € 5.8 million and thus remained slightly below the corresponding fi gure in the previous year (€ 6.3 million).
Personnel expenses in the fi rst nine months of 2o12 fell from € 85.4 million to € 72.8 million. The decrease was attributable, on the one hand, to the fact that MLP was able to reduce personnel expenses as planned within the framework of the effi ciency program. In addition, in the same period of the previous year personnel expenses were infl ated by one-off exceptional costs for severance payments. Other operating expenses decreased from € 114.2 million to € 1o2.1 million.
Overall, MLP continued its successful effi ciency management program: in the fi rst nine months of the fi nancial year 2o12 the fi xed cost base (defi ned as the sum of personnel costs, depreciation and amortization as well as other operating expenses) after adjustment for exceptional costs in the previous year amounting to € 14.1 million, decreased by € 12.4 million compared to the same period in 2o11 and by € 22.8 million compared to the fi rst nine months of 2o1o.
EBIT (Earnings before interest and tax) in the fi rst nine months rose from € 4.6 million to € 26.7 million. As the same period in the previous year included one-off exceptional costs of € 14.1 million, the increase in operating EBIT (EBIT before one-off exceptional costs) amounted to 43 %. The fi nancial result improved from € –o.5 million to € o.2 million. This rise is primarily attributable to the absence of dividends paid to the former shareholders of Feri AG in the fi rst half-year following MLP's scheduled acquisition of the remaining shares in April 2o11. Group net profi t rose from € 2.o million to € 18.6 million.
In the third quarter EBIT rose signifi cantly compared to the same period in the previous year, climbing from € 2.9 million to € 11.1 million. One-off exceptional costs in the same period of the previous year totalled € 3.6 million, leading to a 71 % rise in operating EBIT from € 6.5 million to € 11.1 million. The fi nancial result decreased from € o.2 million to € –o.1 million. This fall was mainly due to higher interest income in the same period of the previous year.
The Group result amounted to € 8.3 million (€ 1.7 million) based on the previously communicated reduced tax rate of 25 %.
| in € million | 9 months 2012 | 9 months 2011 | Change |
|---|---|---|---|
| Total revenue | 355.3 | 356.5 | –0.3 % |
| EBIT | 26.7 | 4.6 | >100 % |
| EBIT margin | 7.5 % | 1.3 % | >100 % |
| Finance costs | 0.2 | – 0.5 | – |
| EBT | 26.9 | 4.2 | >100 % |
| EBT margin | 7.6 % | 1.2 % | >100 % |
| Income tax | – 8.3 | – 2.8 | >100 % |
| Net profi t (continuing operations) | 18.6 | 1.4 | >100 % |
| Net margin | 5.2 % | 0.4 % | >100 % |
[Table 02]
At the start of the fi nancial year 2o12 we provided a forecast for the development of our fi xed costs which, for the full year, are targeted to decrease to € 249 million – corresponding to a reduction of € 3o million compared to the fi nancial year 2o1o and € 24 million compared to 2o11. In addition, we reiterated our forecast to achieve an operating margin (before one-off costs and acquisitions) with respect to EBIT (Earnings before interest and tax) of 15 % in 2o12. In addition to these quantitative year-end targets we also provided a qualitative estimate of revenue development (see page 85 et seq. of the Annual Report 2o11). Accordingly, in 2o12 we expected to achieve moderate growth in old-age provision and in health insurance. In wealth management, we expected to achieve stronger growth – not least, due to excellent potential at our subsidiary Feri.
In the fi rst nine months our expectations with respect to the wealth management business were fulfi lled and exceeded – with revenue rising by 41.4 % to € 83.7 million. However, in health insurance and old-age provision, revenue remained below the same period in the previous year. Despite the diffi cult prevailing market conditions, a slight pick-up was noticeable in both areas in the third quarter and should strengthen towards the year end. At the same time, we expect the dynamic development in wealth management to continue. However, the further revenue development remains somewhat uncertain due to the continuingly diffi cult market conditions.
The development of expenses was also as planned. In the fi rst nine months of 2o12 we have achieved a signifi cant portion of our targeted cost savings (see section on "Development of expenses", page 1o) and all the necessary measures have been initiated to achieve the year-end effi ciency goal.
At September 3o, 2o12 Assets under Management had risen considerably to € 2o.9 billion (June 3o, 2o12: € 2o.2 billion). In old-age provision the premium sum after nine months stood at € 2.4 billion and was thus below the previous year (€ 2.9 billion). Occupational pension business accounted for 11% of this fi gure. Viewing the third quarter in isolation, the volume of new business stood at € 1.o billion – equal to the corresponding period of the previous year (€ 1.o billion).
In the fi rst nine months MLP welcomed 21,6oo new clients (22,8oo). The total number of clients rose to 8o7,6oo (June 3o, 2o12: 8o4,4oo). The number of consultants stood at 2,o99 and thus remained almost unchanged compared to the fi gure in the previous quarter (June 3o, 2o12: 2,1o4).
At the balance sheet reference date on September 3o, 2o12, the total assets of the MLP Group amounted to € 1,412.4 million, corresponding to a decrease of 5.1 % compared to the total net assets at December 31, 2o11 which then amounted to € 1,487.8 million.
The main infl uencing factor on this change on the asset side of the balance sheet was the reduction in fi nancial investments from € 232.o million at December 31, 2o11 to € 153.2 million at September 3o, 2o12. This development is due not only to the dividend distribution by MLP AG in the second quarter, but also to the restructuring of capital within the Group, comprising a capital increase at MLP Finanzdienstleistungen AG by MLP AG amounting to € 3o million in the third quarter. On the liabilities side, the fall was primarily attributable to the reduction in equity capital, which in turn was signifi cantly infl uenced by the dividend payment to the shareholders of MLP AG (€ 64.7 million).
On the assets side of the balance sheet, other accounts receivable and other assets decreased from € 143.6 million to € 1o8.3 million in accordance with usual seasonal fl uctuations. This item mainly consists of receivables from insurance companies for whom we have brokered insurance contracts. Due to the usual strong year-end business these rise signifi cantly at the end of the year and then fall again during the course of the following fi nancial year.
Receivables from banks and clients in the banking business increased from € 847.7 million at December 31, 2o11 to € 878.6 million at September 3o, 2o12 due to investment of higher client deposits. On the liabilities side, this is mainly refl ected in liabilities towards clients from the banking business.
| in € million | Sept. 30, 2012 | Dec. 31, 2011 | Change |
|---|---|---|---|
| Intangible assets | 140.3 | 140.3 | 0.0 % |
| Property, plant and equipment | 72.9 | 71.6 | 1.8 % |
| Investment property | 7.4 | 7.5 | – 1.3 % |
| Shares accounted for using the equity method | 2.3 | 2.9 | – 20.7 % |
| Deferred tax assets | 3.0 | 4.7 | – 36.2 % |
| Receivables from clients in the banking business | 418.5 | 360.1 | 16.2 % |
| Receivables from banks in the banking business | 460.1 | 487.6 | – 5.6 % |
| Financial investments | 153.2 | 232.0 | – 34.0 % |
| Tax refund claims | 13.5 | 6.1 | >100.0 % |
| Other accounts receivable and other assets | 108.3 | 143.6 | – 24.6 % |
| Cash and cash equivalents | 32.8 | 31.4 | 4.5 % |
| Total | 1,412.4 | 1,487.8 | – 5.1 % |
[Table 03]
Equity capital decreased from € 399.3 million at December 31, 2o11 to € 353.2 million due to the dividend payment for the fi nancial year 2o11 in the second quarter amounting to € 64.7 million. This represents a slight improvement of € 8.5 million compared to June 3o, 2o12. The equity capital position of MLP thus remains very good with an equity ratio of 25.o %.
Other changes on the assets side of the balance sheet were primarily recorded in the item "Other liabilities" which decreased from € 147.6 million to € 86.8 million. This was partly due to lower commission claims by our consultants. Due to our usually strong year-end business, the commission claims by the consultants rise sharply at the balance sheet reference date on December 31, but then fall again in the following quarters. The development of our deposit business is shown in the liabilities towards clients and banks. The liabilities towards clients from the bank business increased compared to December 31, 2o11 by € 35.o million to € 862.4 million.
| in € million | Sept. 30, 2012 | Dec. 31, 2011 | Change |
|---|---|---|---|
| Shareholders' equity | 353.2 | 399.3 | – 11.5 % |
| Provisions | 85.0 | 87.8 | – 3.2 % |
| Deferred tax liabilities | 9.4 | 9.4 | 0.0 % |
| Liabilities due to clients in the banking business | 862.4 | 827.4 | 4.2 % |
| Liabilities due to banks in the banking business | 11.0 | 14.5 | – 24.1 % |
| Tax liabilities | 4.7 | 1.6 | >100.0 % |
| Other liabilities | 86.8 | 147.6 | – 41.2 % |
| Total | 1,412.4 | 1,487.8 | – 5.1 % |
| [Table 04] |
Cash fl ow from operating activities in the continuing operations decreased to € 27.1 million compared to € 56.8 million in the same period of the previous year. Here, the main payments result from the deposit business with our clients and from the investment of these monies.
Cash fl ow from investment activities in the continuing operations changed from € –38.7 million to € 37.6 million. In the period under review, matured term deposits amounting to a net value of € 45.o million were not reinvested, whereas in the comparative period, term deposits amounting to a net value of € 35.o million were reinvested.
The change in cash fl ow from fi nancing activities in the continuing operations is primarily due to the purchase of the remaining Feri shares in the same period of the previous year as well as, on the other hand, to higher dividend payments during the period under review .
Overall, at September 3o, 2o12 the Group's liquid funds stood at around € 127 million. The liquidity situation therefore remains very good. The Group has adequate liquidity reserves available. In addition to the liquid funds, MLP also has access to free credit lines.
| in € million | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011* |
|---|---|---|---|---|
| Cash and cash equivalents at the | ||||
| beginning of the period | 67.1 | 56.3 | 51.4 | 125.5 |
| Cash fl ow from operating activities | – 4.0 | – 0.1 | 27.1 | 56.0 |
| Cash fl ow from investing activities | – 10.2 | 3.6 | 37.6 | – 38.7 |
| Cash fl ow from fi nancing activities | – | – | – 64.7 | – 83.0 |
| Changes in cash and cash equivalents | –14.3 | 3.5 | 0 | – 65.8 |
| Infl ows/outfl ows due to divestments | – | 0.7 | – | 0.8 |
| Change in cash and cash equivalents from changes in the scope of consolidation |
– | – | 1.4 | – |
| Cash and cash equivalents at the end of the period |
52.8 | 60.5 | 52.8 | 60.5 |
[Table 05]
* Adjustment of previous year's fi gures. See page 28.
No capital measures were undertaken during the period under review.
Capital measures
In the fi rst nine months of 2o12 MLP invested € 11.o million which – as already communicated at the beginning of the year – exceeded the corresponding investment fi gure for the same period in the previous year (€ 4.1 million). Most of this amount was allocated to investments in the fi nancial services segment – mainly for software and IT infrastructure. All investments were fi nanced from current cash fl ows.
In the fi rst nine months of 2o12 total revenue remained stable whereas earnings before interest and tax (EBIT) rose signifi cantly. In this respect, MLP benefi ted from a lower cost base, and a large portion of the fi xed cost reductions (defi ned as the total of personnel expenses, depreciation and amortizations, other operating expenses) that MLP is striving to achieve for the full year were already achieved in the fi rst three quarters. After conclusion of the fi rst nine months, MLP still has a very good equity capital base and liquidity. Overall, we are satisfi ed with the business development and regard the economic position of the Group as positive – both at the end of the period under review as well as at the time of the preparation of the interim report.
The number of employees reduced during the period under review and was in line with the announced framework. At the reference date on September 3o, 2o12 the Group had a total of 1,517 employees, 46 less than at the end of the same quarter in the previous year and 11 less than at June 3o, 2o12.
The reduction compared to September 3o, 2o11 primarily results from the implementation of the personnel measures that were communicated in the second quarter of 2o11. The effects of these measures were particularly noticeable from the third quarter 2o11 through to the fi rst quarter of 2o12. The slight change compared to June 3o, 2o12 is due to a lower number of employees in the branches.
| Sept. 30, 2012 | Sept. 30, 2011 | |
|---|---|---|
| Financial Services | 1,258 | 1,304 |
| Feri | 251 | 249 |
| Holding | 8 | 10 |
| Total | 1,517 | 1,563 |
[Table 06]
Throughout the fi rst nine months MLP continued to execute its image campaign which was rolled out in 2o11. The carefully positioned advertisements and spots portray MLP as a reliable partner and a specialist provider of holistic fi nancial planning solutions for academics. The conveyed message "Those who make their career their life's work, should expect the same passion from their fi nancial advisor", highlights the lasting value of high quality fi nancial consulting.
The October issue of the MLP client magazine Forum focuses on the upcoming introduction of unisex rates. Other topics include a section on why the scope of services and treatment offered to policy holders are such important criteria when considering long-term care and health insurance cover, and how MLP enables clients to sustainably invest in the future. The eMagazin can be accessed at www.forum-mlp.de (German only).
Support for students also played an important role for MLP during the period under review: At the end of September, the 15 recipients of the "Medical Excellence" grant initiative were selected. The "Medical Excellence" initiative is the most comprehensive grant program for medical students in Germany and provides successful candidates with € 5oo per semester for a period of three years. The support program was instigated by the Manfred Lautenschläger Foundation and is managed by MLP . In addition, at the end of June the selection process for the recipients of the "MINT Excellence" grants was completed. The application phase for the internal internship program "Join the Best" has been running since the end of May.
MLP further expanded its sponsorship involvement in basketball and for the new season has taken on the commitment of title sponsor of the Heidelberg Pro-A-team that now plays under the name "MLP Academics Heidelberg". In addition to basketball, MLP's other main sponsorship measures focus on the promotion of culture.
During the period under review on March 2o, 2o12 the Supervisory Board of MLP AG unanimously extended the existing service contract of the Chief Executive Offi cer Dr. Uwe Schroeder-Wildberg by fi ve years to December 31, 2o17.
On January 2, 2o12 the renaming of Feri AG was implemented. Previous to that date, the company had operated under the name Feri Finance AG für Finanzplanung und Research. Feri AG heads a corporate group of companies for investment consulting and management, economic research and ratings and is a wholly-owned subsidiary of MLP AG.
Following a decision taken on March 22, 2o12 and with effect from January 1, 2o12, the previously for minority reasons non-consolidated Luxembourg-based subsidiaries Family Private Fund Management Company Sàrl, Ferrum Fund Management Company Sàrl, Ferrum Pension Management Sàrl and Private Trust Management Company Sàrl were retrospectively amalgamated with the since 2o11 fully consolidated Feri Trust (Luxemburg) S.A. (up to March 22, 2o12: Institutional Trust Management Company Sàrl).
Following a decision taken on May 1o, 2o12 the previously, for minority reasons non-consolidated German subsidiary MLP Media GmbH was retrospectively amalgamated with the fully-consolidated MLP Finanzdienstleistungen AG with effect from January 1, 2o12 .
There were no further changes within the corporate structure and the executive bodies of the MLP Group. A detailed description of the corporate structure and the executive bodies is contained on pages 33 et seq. of our Annual Report 2o11.
The MLP Group structures its business into the following operating segments:
A detailed description of the individual segments is contained on pages 56 et seq. of the Annual Report 2o11.
In the fi rst nine months of 2o12 total revenue in the fi nancial service segment decreased compared to the same period in the previous year, falling from € 325.5 million to € 297.4 million. The reduction was mainly due to lower revenue in the old-age provision and health insurance consulting areas (see "results of operations").
Despite lower total revenue, earnings grew signifi cantly – a development which was primarily attributable to the cost reductions arising from the on-going effi ciency program as well as to one-off exceptional costs in the same period of the previous year. Against this backdrop, personnel expenses and other operating expenses fell considerably. EBIT (Earnings before interest and tax) in the fi rst nine months thus amounted to € 25.6 million compared to € 12.4 million in the same period of the previous year. The fi nancial result improved from € –o.6 million to € –o.2 million. This led to improved Earnings before tax (EBT) which climbed from € 11.8 million to € 25.4 million.
Compared to the same period of the previous year, third quarter total revenue decreased from € 1o6.3 million to € 97.1 million. EBIT rose from € 6.o million to € 8.7 million. EBT increased from € 5.9 million to € 8.6 million .
In the fi rst nine months of 2o12 the total revenue of Feri AG rose by 87.7 % to € 62.3 million (€ 33.2 million), mainly due to the greater business volume at the Luxembourg subsidiary, higher performance-related remuneration for investment concepts as well as successful new business. At the same time, commission expenses increased as a result of higher revenue in Luxembourg. On the other hand, lower personnel expenses had a positive effect .
The third quarter comparison is even more distinct. Compared to the same period in the previous year, Feri AG increased total revenue by 112.2 % to € 26.1 million (€ 12.3 million). EBIT rose from € –2.o million to € 4.2 million. EBT improved from € –2.o million to € 4.1 million.
In the Holding segment total revenue fell in the fi rst nine months of 2o12 from € 8.3 million to € 7.5 million. The reduction in personnel expenses compensated for the slight rise in other operating expenses, thus leading to EBIT of € 5.2 million which remained at the level of the same period in the previous year. The fi nancial result in the same period decreased from € 2.4 million to € o.4 million. This fall was due to the dividend distribution of our subsidiary Feri AG as well as to partial forwarding of the dividend to the remaining former shareholders of Feri AG in the fi nancial year 2o11. Following the acquisition of the remaining Feri shares, no further dividend payments will be made to the former shareholders from 2o12. Earnings before tax decreased correspondingly from € –2.8 million to € –4.8 million
In the third quarter, total revenues amounted to € 2.5 million and thus remained almost constant (€ 2.6 million). EBIT decreased slightly from € –1.1 million to € –1.7 million.
There were no signifi cant changes in the risk situation of the MLP Group during the period under review. There were no exceptional burdens within the framework of our counterparty default risks, market price risks, liquidity risks, and operational or other risks in the fi rst nine months of the fi nancial year 2o12. The MLP Group has adequate liquid funds. At the reporting date on September 3o, 2o12, our core capital ratio stood at 17.7 % and continued to far exceed the 8 % level prescribed by the supervisory body. At the present time, no existence threatening risks to the MLP Group have been identifi ed .
A detailed presentation of our corporate risks as well as a detailed description of our risk management are contained in our risk and disclosure report on pages 65 to 85 of the Annual Report 2o11.
Related party disclosures are contained in the notes of the Annual Report 2o11, page 2oo et seq.
In its current autumn projection, the Federal Government is predicting real gross domestic product (GDP) growth of o.8 % in 2o12. According to the forecast, the German economy is expected to grow by 1.o % in 2o13. However, the release of the autumn report by the leading economic research institutes made it necessary to signifi cantly downsize expectations for economic growth. In their spring report, the experts were still predicting economic growth of o.9 % in 2o12 and 2.o% in 2o13. In their forecast, they anticipate that, in particular, there will be an increase in domestic demand that will establish itself as one of the main pillars of growth. Economists' expectations of rising imports and higher gross fi xed capital formation support this forecast and are expected to mitigate the negative effects of lower exports. However, with a view to the Eurozone, the experts remain pessimistic. For 2o12 they calculate that economic output will fall by o.5 % followed by slight growth of o.1% in the coming year. With respect to German salaries and wages, the Federal Government expects increases in this year and next year to be above the rate of infl ation. Based on wage rises of 2.8 % in 2o12 and 2.6 % in 2o13 as well as price increases of 2.o % this year and 1.9 % in the coming year, the economists forecast a rise in real wages of o.8 % and o.7 % respectively.
MLP anticipates that its private target client group can benefi t from the economic framework data and that these clients will maintain their relatively favourable overall fi nancial position. At the same time, particularly the high earning target client group individuals are aware of the need to invest in private provision to close the gap between their working-life salaries and their expected state pension. However, the evident hesitancy to commit to longer-term investments is likely to persist – not least due to the discussion and debate surrounding the European debt crisis.
[Figure 09]
Source: German Government, real GDP
A detailed description of the framework conditions for our most important markets – old-age provision, health insurance and wealth management – is contained in our Annual report 2o11 on pages 85 et seq. During the fi rst nine months of the fi nancial year 2o12 there were no signifi cant changes to the overall situation.
Private old-age provision is an important topic for German society. An increasing number of citizens are concerned about their ability to maintain a decent standard of living in their oldage. In addition, and in response to the demographic development, several reforms have been introduced that have led to signifi cant reductions in the statutory pension scheme – which, in turn, considerably increase the requirement for private provision measures.
At the same time, state subsidies for private and occupational old-age provision have been signifi cantly expanded. In order to address these complex topics, high quality consulting will be necessary, from which MLP should be able to markedly benefi t during the coming years. However, in the short term, the market for old-age provision remains characterised by hesitancy on the part of many consumers with respect to longer-term investments – not least due to the continuing discussion surrounding the debt crisis in Europe .
In the health provision business area the trend towards private health and long-term care insurance remains unbroken. The rising costs within the healthcare system make further reforms in the medium to long term unavoidable. We therefore anticipate that more and more people will wish to switch from the state healthcare system to private health insurance – at least in the form of private supplementary health cover. Accordingly, for 2o12 we expect to assist a large number of clients to choose a suitable full health insurance or supplementary insurance policy to cover their needs. The capping of acquisition commissions and the extension of the cancellation liability period of intermediaries in private health insurance also exert an infl uence on the health provision consulting area. These measures will further alter the market landscape and make business signifi cantly more diffi cult for some sections of the industry. However, for MLP as a client-oriented provider with very low cancellation rates and comprehensive existing client care operations, the effects of such measures are, from a current perspective, manageable. Compared to the current situation, we expect that trailing commissions will play a greater role.
We also see further growth potential in the wealth management area – both in the MLP private client market as well as at Feri. According to the World Wealth Report published by Merrill Lynch Global Wealth Management and Capgemini in October 2o11, Germany is home to over 924,ooo millionaires, 7.2 % more than the previous year. Furthermore, the fi nancial industry expects large account and portfolio reallocations to take place in the coming years – due to generation changes as well as to the fact that Swiss banks have lost some of their appeal to large German investors.
Changes to the consulting legislation will also play an important role in the market development. Following the numerous steps taken by the legislator during recent years in order to improve the level of professionalism in the market, new measures were passed in 2o11 such as the Investor Protection Act and the revision of fi nancial investment brokerage and asset investment legislation. Furthermore, implementation of the European guidelines Markets in Financial Instruments II (MIFID II) and Insurance Mediation Directive (IMD II) is planned during the coming years. Proposals for both of these new regulations have already been tabled by the European Commission but must fi rst be discussed and passed by the European Committees. Only then can they be incorporated into national law. From a current perspective, these regulations are expected to come into effect in 2o16.
Overall, the trend towards quality and transparency will continue to strengthen. In general, MLP as a quality provider will benefi t from these developments whilst the consolidation in the market accelerates. In the fi rst nine months of 2o12 MLP once again highlighted its client orientation by further increasing the degree of transparency in wealth management. Accordingly, since February MLP has been passing on all retrocessions – trailing commissions from capital investment companies – to its clients. Overall, MLP offers one of the most attractive cost/benefi t ratios on the market.
MLP also emphasised its quality advantage over the market with respect to training: In January the Financial Planning Standards Board Deutschland e. V. accredited MLP as a provider of training for the qualifi cation of Certifi ed Financial Planner (CFP). The CFP is the highest internationallyrecognised training standard for fi nancial consultants. In gaining this status, MLP Corporate University has now become one of just three accredited training institutes in Germany – the other two being the European Business School in Oestrich-Winkel and the Frankfurt School of Finance & Management.
The high level of MLP client satisfaction was recently demonstrated by consistently positive ratings from clients. In September, MLP once again achieved fi rst place in a survey conducted by the online assessment portal "WhoFinance.de" concerning the quality of fi nancial consulting in Germany. MLP was placed ahead of Quirin Bank, Deutsche Bank and the Volks- & Raiffeisenbanken. On the "WhoFinance.de" portal, clients can rate the quality of their fi nancial consultants at banks, insurance companies and other fi nancial services providers. They have the opportunity to comment on, and assess the performance of their advisors, taking aspects such as consulting competence and service quality into account.
For 2o12 MLP continues to expect to achieve a sustainable reduction in annual fi xed costs (defi ned as the sum of personnel expenses, depreciation and amortisation as well as other operating expenses) to around € 249 million – which is some € 3o million less than in the fi nancial year 2o1o. In the fi rst nine months of 2o12 alone, MLP decreased the operating fi xed costs by € 12.4 million compared to the same period in 2o11 and by € 22.8 million compared to the fi rst nine months of 2o1o. The effi ciency program is thus fully on track.
We expect the revenue weighting to differ from our expectations at the beginning of the year. In accordance with previous trends in the year we anticipate that wealth management will generate even stronger growth than previously anticipated. In old-age provision, it is still within the realms of possibility for MLP to maintain or slightly exceed the level of revenue achieved in the previous year. However, this will require very high momentum in the fourth quarter. In health insurance too we expect to see a pick-up in business in the fi nal three months of the year – but we will be unable to fully recover the existing shortfall from the fi rst nine months of 2o12 compared to the same period of the previous year.
Despite the challenging framework conditions, our goal to achieve an operating EBIT margin (before one-off costs and acquisitions) of 15 % in the fi nancial year 2o12 is still achievable.
Signifi cant changes to the opportunities resulting from the framework conditions, corporatestrategic opportunities or business opportunities did not occur during the period under review. Relevant detailed explanations are contained in the Annual Report 2o11 on page 96 et seq .
There were no notable events subsequent to the reporting date which may affect the MLP Group's net assets, fi nancial position or results of operations.
The developments of global stock markets in the fi rst nine months of the fi nancial year 2o12 was characterised by high volatility. Core issues during this period included the development of the global economy as well as the European sovereign debt crisis, coupled with the concerns surrounding the stability of the euro. During this time frame both of these factors led to rises and falls on the stock markets, in some cases accompanied by high momentum. The intensity of these movements was a particular refl ection of the nervousness and uncertainty of the market participants. At the beginning of the year, initially favourable economic data and corporate fi gures from the United States of America as well as positive economic signs from Germany paved the way for signifi cant price gains. By the middle of March the German benchmark index DAX had advanced by more than 1,ooo points and reached 7,194 points, representing an increase of 17.5 % compared to the start of the year. However, by the end of the fi rst quarter the global economic environment was deteriorating and attention was once again focussed more closely on the European debt crisis. The effect on the fi nancial markets was substantial. By the end of June the German DAX had completely surrendered its previous gains and fell to a year low of 5,914.43 on June 5, 2o12 – a pullback of 17.8 % within three months. As a result of large-scale bond market intervention by the European Central Bank (ECB) and by the Bank of England (BoE) as well as assurances by the ECB President Mario Draghi, that the ECB would utilise all available means to preserve European monetary union, the German stock market once again rallied signifi cantly. However, during this second recovery phase the German small cap shares were no longer able to mirror the momentum of the benchmark index. Whilst the DAX soared more than 25 % above its previous low and reached 7,44o.49 points on September 21, the SDAX index climbed by just 1o.5 % in the same period – peaking at 5,o68.51 points and thus remained signifi cantly below its year high of 5,252.22 points on March 28. This highlights the tendency of investors in the third quarter to increasingly concentrate their investments in companies with a high market capitalization and high liquidity.
Source: German Stock Exchange
The MLP share was unable to escape the volatility of the stock markets. During the fi rst halfyear the MLP share essentially shadowed the movements of the overall market but did not participate in the recovery phase of the indexes at the beginning of the third quarter. Persistent selling pressure following the dividend payment (total of € o.6o per share) led to a fall in the MLP share price, culminating in a year low of € 4.17 on July 26. This was immediately followed by a high-momentum recovery phase during which the share price rose by around 17 % within the space of just a few trading days, reaching € 4.85 at the start of August. Following a further rise through to the end of the third quarter, the share closed at € 5.o6 on September 28 which corresponded to its price at the end of June.
Further information concerning the MLP share is available from our Investor Relations page on the MLP website at www.mlp-ag.com under the heading "MLP-share".
| 9 months 2012 | 9 months 2011 | |
|---|---|---|
| Share price at the beginning of the year | € 5.05 | € 7.64 |
| Share price high | € 6.86 | € 7.85 |
| Share price low | € 4.19 | € 4.71 |
| Share price at the end of the quarter | € 5.06 | € 4.79 |
| Dividend for the previous year | € 0.60 | € 0.30 |
| Market capitalisation (End of reporting period) | € 545,753,476.54 | € 516,734,365.02 |
[Table 07]
This year, for the 18th time, the publication "Manager Magazin" presented the "Best Annual Report" award. Commissioned by Manager Magazin, a team of 4o assessors led by Prof. Jörg Baetge from the University of Münster scrutinised 16o Annual Reports and Interim Reports issued in 2o11 by the major stock-market listed companies in Germany. The results, based on over 5oo empirical assessment criteria, were evaluated by a total of 6o examiners in a multistage process. MLP AG was awarded second place in the SDAX category for its Annual Report 2o11. The experts paid particular attention to the conciseness of the reports as well as to their credibility and reporting effi ciency.
| All fi gures in €'000 | Notes | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 |
|---|---|---|---|---|---|
| Revenue | (6) | 117,958 | 112,318 | 340,151 | 343,694 |
| Other revenue | 3,590 | 4,015 | 15,098 | 12,788 | |
| Total revenue | 121,548 | 116,334 | 355,250 | 356,482 | |
| Commission expenses | (7) | – 50,162 | – 43,791 | – 138,970 | – 135,546 |
| Interest expenses | – 1,648 | – 2,105 | – 5,844 | – 6,269 | |
| Personnel expenses | (8) | – 23,627 | – 24,783 | – 72,835 | – 85,407 |
| Depreciation and amortisation | – 2,977 | – 3,520 | – 9,525 | – 11,337 | |
| Other operating expenses | (9) | – 32,301 | – 39,606 | – 102,065 | – 114,175 |
| Earnings from shares accounted for using the equity method | 301 | 359 | 688 | 869 | |
| Earnings before interest and tax (EBIT) | 11,134 | 2,888 | 26,699 | 4,617 | |
| Other interest and similar income | 264 | 513 | 1,287 | 2,561 | |
| Other interest and similar expenses | – 378 | – 357 | – 1,123 | – 3,015 | |
| Finance cost | (10) | –115 | 156 | 164 | –454 |
| Earnings before tax (EBT) | 11,019 | 3,044 | 26,863 | 4,163 | |
| Income taxes | – 2,685 | – 1,419 | – 8,293 | – 2,760 | |
| Earnings from continuing operations after tax | 8,335 | 1,625 | 18,571 | 1,403 | |
| Earnings from discontinued operations after tax | – | 112 | – | 630 | |
| Net profi t | 8,335 | 1,737 | 18,571 | 2,032 | |
| Of which attributable to | |||||
| owners of the parent company | 8,335 | 1,737 | 18,571 | 2,032 | |
| Earnings per share in €* | |||||
| From continuing operations | |||||
| basic | 0.08 | 0.02 | 0.17 | 0.01 | |
| diluted | 0.08 | 0.02 | 0.17 | 0.01 | |
| From continuing and discontinued operations | |||||
| basic | 0.08 | 0.02 | 0.17 | 0.02 | |
| diluted | 0.08 | 0.02 | 0.17 | 0.02 | |
* Basis of calculation: Average number of shares at September 30, 2012: 107,877,738. [Table 08]
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 |
|---|---|---|---|---|
| Net profi t | 8,335 | 1,737 | 18,571 | 2,032 |
| Other comprehensive income | ||||
| Gains / losses from changes in the fair value of available-for-sale securities | 104 | – 534 | – 51 | – 1,079 |
| Deferred taxes recognized on components of other comprehensive income | – 1 | 62 | 45 | 104 |
| Other comprehensive income after tax | 103 | –472 | –6 | –975 |
| Total comprehensive income for the year | 8,438 | 1,265 | 18,565 | 1,057 |
| Total comprehensive income attributable to | ||||
| owners of the parent company | 8,438 | 1,265 | 18,565 | 1,057 |
[Table 09]
| All fi gures in €'000 | Notes | Sept. 30, 2012 | Dec. 31, 2011 |
|---|---|---|---|
| Intangible assets | 140,278 | 140,331 | |
| Property, plant and equipment | 72,902 | 71,569 | |
| Investment property | 7,422 | 7,481 | |
| Shares accounted for using the equity method | 2,333 | 2,863 | |
| Deferred tax assets | 3,008 | 4,688 | |
| Receivables from clients in the banking business | (11) | 418,451 | 360,148 |
| Receivables from banks in the banking business | (11) | 460,136 | 487,557 |
| Financial assets | (12) | 153,235 | 232,024 |
| Tax refund claims | 13,518 | 6,140 | |
| Other accounts receivable and other assets | (13) | 108,348 | 143,640 |
| Cash and cash equivalents | 32,814 | 31,350 | |
| Total | 1,412,445 | 1,487,792 |
[Table 10]
| All fi gures in €'000 Notes |
Sept. 30, 2012 | Dec. 31, 2011 |
|---|---|---|
| Shareholders' equity (14) |
353,180 | 399,341 |
| Provisions | 85,032 | 87,849 |
| Deferred tax liabilities | 9,408 | 9,428 |
| Liabilities due to clients in the banking business | 862,380 | 827,413 |
| Liabilities due to banks in the banking business | 11,038 | 14,540 |
| Tax liabilities | 4,651 | 1,585 |
| Other liabilities (13) |
86,756 | 147,635 |
| Total | 1,412,445 | 1,487,792 |
| All fi gures in €'000 | 9 months 2012 | 9 months 2011 * |
|---|---|---|
| Cash fl ow from operating activities | 27,146 | 56,798 |
| Cash fl ow from investing activities | 37,643 | – 38,748 |
| Cash fl ow from fi nancing activities | – 64,727 | – 82,988 |
| Change in cash and cash equivalents | 63 | –64,938 |
| Cash and cash equivalents at the end of the period | 52,810 | 60,527 |
| Thereof discontinued operations | ||
| Cash fl ow from operating activities | – | 826 |
| Cash fl ow from investing activities | – | – |
| Cash fl ow from fi nancing activities | – | – |
| Change in cash and cash equivalents | – | 826 |
| Cash and cash equivalents at the end of the period | – | – |
| * The settlement payment for the acquisition of the remaining shares in Feri AG amounting to € 50,620 thsd was reclassifi ed from | [Table 12] |
cash fl ow from investment activities to cash fl ow from fi nancing activities.
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 |
|---|---|---|
| Cash fl ow from operating activities | –4,042 | 595 |
| Cash fl ow from investing activities | – 10,243 | 3,601 |
| Cash fl ow from fi nancing activities | – | – |
| Change in cash and cash equivalents | –14,284 | 4,196 |
| Cash and cash equivalents at the end of the period | 52,810 | 60,527 |
| Thereof discontinued operations | ||
| Cash fl ow from operating activities | – | 650 |
| Cash fl ow from investing activities | – | – |
| Cash fl ow from fi nancing activities | – | – |
| Change in cash and cash equivalents | – | 650 |
| Cash and cash equivalents at the end of the period | – | – |
| [Table 13] |
| All fi gures in €'000 | Share capital |
Capital reserves |
Gains/losses from changes in the fair value of available for-sale securities |
Other equity |
Total shareholders' equity |
|---|---|---|---|---|---|
| As of Jan. 1, 2011 * | 107,878 | 142,184 | 1,193 | 168,731 | 419,984 |
| Dividend | – | – | – | – 32,363 | – 32,363 |
| Changes to the scope of consolidation | – | – | – | 37 | 37 |
| Transactions with owners | – | – | – | – 32,326 | – 32,326 |
| Total comprehensive income | – | – | – 975 | 2,032 | 1,057 |
| As of September 30, 2011 | 107,878 | 142,184 | 218 | 138,437 | 388,715 |
| As of Jan. 1, 2012 | 107,878 | 142,184 | 424 | 148,857 | 399,341 |
| Dividend | – | – | – | – 64,727 | – 64,727 |
| Transactions with owners | – | – | – | –64,727 | –64,727 |
| Total comprehensive income | – | – | – 6 | 18,571 | 18,565 |
| As of September 30, 2012 | 107,878 | 142,184 | 417 | 102,701 | 353,180 |
* Previous year's values adjustments are disclosed in the annual report 2011 on page 134. [Table 14]
| Financial Services | |||
|---|---|---|---|
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 | |
| Revenue | 94,295 | 104,368 | |
| of which total inter-segment revenue | 1,276 | 2,045 | |
| Other revenue | 2,831 | 1,930 | |
| of which total inter-segment revenue | 476 | 421 | |
| Total revenue | 97,126 | 106,298 | |
| Commission expenses | – 38,463 | – 43,086 | |
| Interest expenses | – 1,649 | – 2,105 | |
| Personnel expenses | – 16,291 | – 17,607 | |
| Depreciation/amortization | – 1,854 | – 2,294 | |
| Impairment | – | 9 | |
| Other operating expenses | – 30,472 | – 35,592 | |
| Earnings from shares accounted for using the equity method | 301 | 359 | |
| Segment earnings before interest and tax (EBIT) | 8,699 | 5,982 | |
| Other interest and similar income | 110 | 54 | |
| Other interest and similar expenses | – 164 | – 144 | |
| Finance cost | – 55 | – 91 | |
| Earnings before tax (EBT) | 8,644 | 5,892 | |
| Income taxes | |||
| Earnings from continuing operations after tax | |||
| Earnings from discontinued operations after tax | – | 112 | |
| Net profi t (total) | |||
| Feri | Holding | Consolidation | Total | ||||
|---|---|---|---|---|---|---|---|
| 3rd quarter 2012 | 3rd quarter 2011 | 3rd quarter 2012 | 3rd quarter 2011 | 3rd quarter 2012 | 3rd quarter 2011 | 3rd quarter 2012 | 3rd quarter 2011 |
| 25,136 | 10,114 | – | – | – 1,473 | – 2,164 | 117,958 | 112,318 |
| 197 | 119 | – | – | – 1,473 | – 2,164 | – | – |
| 921 | 2,172 | 2,471 | 2,642 | – 2,633 | – 2,728 | 3,590 | 4,015 |
| – | – | 2,156 | 2,307 | – 2,633 | – 2,728 | – | – |
| 26,057 | 12,286 | 2,471 | 2,642 | – 4,106 | – 4,893 | 121,548 | 116,334 |
| – 12,856 | – 2,798 | – | – | 1,157 | 2,092 | – 50,162 | – 43,791 |
| – | – | – | – | 1 | 1 | – 1,648 | – 2,105 |
| – 6,272 | – 6,290 | – 1,065 | – 886 | – | – | – 23,627 | – 24,783 |
| – 489 | – 558 | – 634 | – 677 | – | – | – 2,977 | – 3,529 |
| – | – | – | – | – | – | – | 9 |
| – 2,221 | – 4,676 | – 2,470 | – 2,151 | 2,862 | 2,813 | – 32,301 | – 39,606 |
| – | – | – | – | – | – | 301 | 359 |
| 4,220 | – 2,036 | – 1,698 | – 1,071 | – 87 | 13 | 11,134 | 2,888 |
| 2 | 11 | 154 | 452 | –2 | – 4 | 264 | 513 |
| – 89 | – 17 | – 212 | – 213 | 87 | 17 | – 378 | – 357 |
| – 87 | –6 | –58 | 240 | 85 | 13 | –115 | 156 |
| 4,133 | – 2,042 | – 1,756 | – 832 | –2 | 26 | 11,019 | 3,044 |
| – 2,685 | –1,419 | ||||||
| 8,335 | 1,625 | ||||||
| – | 112 | ||||||
| 8,335 | 1,737 | ||||||
| [Table 15] |
| All fi gures in €'000 Revenue of which total inter-segment revenue Other revenue of which total inter-segment revenue Total revenue |
Financial Services | ||
|---|---|---|---|
| 9 months 2012 | 9 months 2011 | ||
| 286,672 | 317,344 | ||
| 3,780 | 2,144 | ||
| 10,772 | 8,188 | ||
| 1,337 | 1,264 | ||
| 297,444 | 325,532 | ||
| Commission expenses | – 114,536 | – 132,503 | |
| Interest expenses | – 5,846 | – 6,271 | |
| Personnel expenses | – 51,153 | – 61,422 | |
| Depreciation/amortization | – 6,142 | – 7,005 | |
| Impairment | – | – 619 | |
| Other operating expenses | – 94,817 | – 106,223 | |
| Earnings from shares accounted for using the equity method | 688 | 869 | |
| Segment earnings before interest and tax (EBIT) | 25,638 | 12,358 | |
| Other interest and similar income | 307 | 160 | |
| Other interest and similar expenses | – 534 | – 723 | |
| Finance cost | – 227 | – 563 | |
| Earnings before tax (EBT) | 25,412 | 11,795 | |
| Income taxes | |||
| Earnings from continuing operations after tax | |||
| Earnings from discontinued operations after tax | – | 630 | |
| Net profi t (total) |
| Feri | Holding | Consolidation | Total | ||||
|---|---|---|---|---|---|---|---|
| 9 months 2012 | 9 months 2011 | 9 months 2012 | 9 months 2011 | 9 months 2012 | 9 months 2011 | 9 months 2012 | 9 months 2011 |
| 57,683 | 28,714 | – | – | – 4,203 | – 2,365 | 340,151 | 343,694 |
| 423 | 221 | – | – | – 4,203 | – 2,365 | – | – |
| 4,609 | 4,456 | 7,537 | 8,330 | – 7,819 | – 8,186 | 15,098 | 12,788 |
| – | – | 6,482 | 6,922 | – 7,819 | – 8,186 | –8,186 | – |
| 62,291 | 33,170 | 7,537 | 8,330 | – 12,022 | – 10,551 | 355,250 | 356,482 |
| – 28,000 | – 5,185 | – | – | 3,567 | 2,142 | – 138,970 | – 135,546 |
| – | – | – | – | 2 | 2 | – 5,844 | – 6,269 |
| – 18,527 | – 19,403 | – 3,155 | – 4,582 | – | – | – 72,835 | – 85,407 |
| – 1,482 | – 1,628 | – 1,901 | – 2,085 | – | – | – 9,525 | – 10,718 |
| – | – | – | – | – | – | – | –619 |
| – 7,799 | – 9,522 | – 7,711 | – 6,829 | 8,262 | 8,400 | – 102,065 | – 114,175 |
| – | – | – | – | – | – | 688 | 869 |
| 6,483 | – 2,568 | – 5,231 | – 5,166 | – 192 | – 7 | 26,699 | 4,617 |
| 11 | 28 | 1,059 | 4,860 | – 90 | –2,487 | 1,287 | 2,561 |
| – 243 | – 29 | – 643 | – 2,498 | 297 | 235 | – 1,123 | – 3,015 |
| – 231 | –1 | 416 | 2,361 | 206 | – 2,251 | 164 | – 454 |
| 6,252 | – 2,569 | – 4,815 | – 2,805 | 15 | – 2,258 | 26,863 | 4,163 |
| – 8,293 | – 2,760 | ||||||
| 18,571 | 1,403 | ||||||
| – | 630 | ||||||
| 18,571 | 2,032 | ||||||
| [Table 16] |
The consolidated fi nancial statements were prepared by MLP AG, Wiesloch, Germany, the ultimate parent company of the MLP Group. MLP AG is listed in the Mannheim Commercial Register under the number HRB 332697 at the address Alte Heerstraße 4o, 69168 Wiesloch, Germany .
Since it was founded in 1971, MLP has been operating as a broker and adviser for academics and other discerning clients in the fi elds of old-age provision including occupational pension provision, health care, non-life insurance, fi nancing, wealth management and banking services.
The interim fi nancial report has been prepared in line with the regulations set out in IAS 34 "Interim fi nancial reporting". It is based on the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) as well as the interpretations of the International Financial Reporting Interpretation Committee (IFRIC), as applicable within the European Union (EU). In accordance with the provisions of IAS 34, the scope of the report has been reduced compared to the consolidated fi nancial statements at December 31, 2o12 .
The same consolidation principles and accounting policies as for the consolidated fi nancial statements of the fi nancial year 2o11 have been applied to this interim fi nancial report. These are presented in the Group notes of the annual report 2o11 that can be downloaded from the company's website (www.mlp-ag.com).
The interim fi nancial report has been drawn up in euros (€), which is the functional currency of the parent company. Unless otherwise specifi ed, all amounts are stated in thousands of euros (€'ooo). Both single and cumulative fi gures are values with the smallest rounding difference. As a result, differences to reported total amounts may arise when the individual values shown are added up.
The accounting policies applied are the same as those used in the fi nancial statements at December 31, 2o11 except the standards and interpretations to be used for the fi rst time in the fi nancial year 2o12 .
In the fi nancial year 2o12 the following new or revised standards are to be used for the fi rst time:
• Amendment to IFRS 7 "Financial Instruments: Disclosures".
MLP does not expect any effects on the net assets, fi nancial position or profi t situation from the amendment to IFRS 7 (adopted by the EU in November 2o11), but there may be more detailed information requirements.
Following a resolution passed on March 22, 2o12 and with effect from January 1, 2o12, the previously, for minority reasons, non-consolidated Luxembourg-based subsidiaries Family Private Fund Management Company Sàrl, Ferrum Fund Management Company Sàrl, Ferrum Pension Management Sàrl and Private Trust Management Company Sàrl were retrospectively merged with the since 2o11 fully consolidated Feri Trust (Luxembourg) S.A. (up to March 22, 2o12: Institutional Trust Management Company Sàrl).
A resolution passed on May 1o, 2o12 and with effect from January 1, 2o12, the previously, for minority reasons, non-consolidated subsidiary MLP Media GmbH, Wiesloch was retrospectively merged with the fully consolidated MLP Finanzdienstleistungen AG.
Due to the seasonal development of its business, the Group generally expects earnings from continuing operations to be higher in the second half-year than in the fi rst half-year.
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 |
|---|---|---|---|---|
| Old-age provision | 54,916 | 62,735 | 152,277 | 169,617 |
| Wealth management | 34,485 | 19,026 | 83,653 | 59,231 |
| Health insurance | 13,716 | 15,086 | 45,491 | 56,837 |
| Non-life insurance | 4,127 | 4,180 | 26,735 | 24,975 |
| Loans and mortgages | 3,283 | 3,153 | 8,787 | 9,320 |
| Other commission and fees | 780 | 1,101 | 2,637 | 2,858 |
| Commission and fees | 111,307 | 105,280 | 319,579 | 322,838 |
| Interest income | 6,651 | 7,039 | 20,572 | 20,856 |
| Total | 117,958 | 112,318 | 340,151 | 343,694 |
[Table 17]
Commission expenses decreased in the period from January 1 to September 3o, 2o12 compared to the same period of the previous year from € 135,546 thsd to € 138,97o thsd. They mainly contain commissions and other remuneration components for the self-employed MLP consultants. For further explanations please refer to the section "Results Of Operations" of the Group Interim Management Report.
Personnel expenses decreased in the period from January 1 to September 3o, 2o12 compared to the same period of the previous year from € 85,4o7 thsd. to € 72,835 thsd. For further explanations please refer to the section "Personnel" of the Group Interim Management Report.
At September 3o, 2o12, the MLP Group had the following numbers of employees in the strategic fi elds of business:
| All fi gures in €'000 | Sept. 30, 2012 | of which part-time employees |
Sept. 30, 2011 | of which part-time employees |
|---|---|---|---|---|
| Financial Services | 1,258 | 108 | 1,304 | 113 |
| Feri | 251 | 65 | 249 | 59 |
| Holding | 8 | – | 10 | – |
| Total | 1,517 | 173 | 1,563 | 172 |
[Table 18]
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 |
|---|---|---|---|---|
| IT operations | 10,570 | 12,321 | 32,347 | 36,527 |
| Rental and leasing | 3,608 | 3,714 | 11,092 | 11,757 |
| Administration operations | 3,247 | 3,373 | 9,538 | 9,921 |
| Consultancy | 2,425 | 3,254 | 8,876 | 9,071 |
| Representation and advertising | 1,653 | 2,400 | 6,929 | 6,631 |
| External services – banking business | 1,819 | 1,945 | 5,238 | 5,225 |
| Premiums and fees | 813 | 894 | 3,671 | 3,200 |
| Training and further education | 713 | 518 | 2,546 | 3,161 |
| Travel expenses | 439 | 578 | 2,143 | 3,130 |
| Write-downs and impairments of other receivables and other assets |
911 | 1,219 | 1,428 | 3,016 |
| Expenses for commercial agents | 1,196 | 730 | 2,684 | 2,511 |
| Insurance | 620 | 629 | 2,068 | 2,219 |
| Entertainment | 414 | 394 | 1,974 | 2,193 |
| Write-downs and impairments of other receiv | ||||
| ables from clients in the banking business | 814 | 934 | 2,037 | 1,996 |
| Maintenance | 440 | 456 | 1,229 | 1,321 |
| Other personnel costs | 297 | 238 | 956 | 898 |
| Audit | 219 | 202 | 633 | 641 |
| Expenses from the disposal of assets | 123 | 369 | 200 | 440 |
| Sundry other operating expenses | 1,979 | 5,437 | 6,477 | 10,317 |
| Total | 32,301 | 39,606 | 102,065 | 114,175 |
The costs of IT operations are mainly attributable to IT services and computer center services that have been outsourced to an external service provider. The consulting costs are made up of tax advice costs, legal advice costs as well as general and IT consulting costs. The expenses for administration operations contain costs relating to building operations, offi ce costs and communication costs. Expenses for representation and advertising include costs incurred due to media presence and client information activities. The item "External services – banking business" mainly contains securities settlement and transaction costs in connection with the MLP credit card. Depreciation and impairment on other receivables and other assets comprise allowances for receivables from commercial agents. Expenses for commercial agents include costs for former consultants and the training allowance granted for new consultants. Sundry other operating expenses essentially comprise external services, expenses for the participation program, car costs and Supervisory Board remuneration.
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 |
|---|---|---|---|---|
| Other interest and similar income | 264 | 513 | 1,287 | 2,561 |
| Interest and similar expenses from fi nancial instruments |
– 46 | – 37 | – 125 | – 2,054 |
| Accrued interest on pension provisions | – 333 | – 321 | – 998 | – 962 |
| Other interest and similar expenses | –378 | –357 | –1,123 | –3,015 |
| Finance cost | –115 | 156 | 164 | –454 |
[Table 20]
The improved fi nancial result is primarily attributable to the absence of dividend payments to former shareholders of Feri AG, which, in the previous year, led to interest expenses amounting to € 1,74o thsd. On the other hand, there was no recurrence of expenses and revenue from interest swaps which positively infl uenced the fi nancial result in the previous year.
The receivables from banking business increased from € 847,7o5 thsd per December 31, 2o11 to € 878,587 thsd per September 3o, 2o12. For further explanations please refer to the section "Financial Position" of the Group Interim Management Report .
| All fi gures in €'000 | Sept. 30, 2012 | Dec. 31, 2011 |
|---|---|---|
| Bonds and other fi xed-income securities | ||
| Held-to-maturity investments | 96,593 | 108,768 |
| Securities rated at fair value through profi t and loss | 5,035 | 4,606 |
| 101,628 | 131,374 | |
| Shares and other variable yield securities | ||
| Available-for-sale fi nancial assets | 6,837 | 8,522 |
| Securities rated at fair value through profi t and loss | 1,766 | 2,089 |
| 8,602 | 10,611 | |
| Fixed-term deposits (loans and receivables) | 40,253 | 105,265 |
| Investments in subsidiaries and associates | ||
| (available-for-sale fi nancial assets) | 2,753 | 2,774 |
| Total | 153,235 | 232,024 |
| [Table 21] |
The decrease in fi nancial investments is primarily attributable to the outfl ow of fi xed-term deposits .
Due to the seasonally stronger year-end business, high receivables from insurance companies as well as high liabilities towards commercial agents at December 31, 2o11 had to be shown which were then balanced out in the fi rst quarter of 2o12. A lower amount of receivables and liabilities were built up in the fi rst nine months of 2o12.
As of September 3o, 2o12 the share capital of MLP AG is made up of 1o7,877,738 (December 31, 2o11: 1o7,877,738) no-par-value shares .
In accordance with the resolution passed at the Annual General Meeting June 26, 2o12 a dividend of € 64,727 thsd (previous year: € 32,363 thsd) was to be paid for the fi nancial year 2o11 This corresponds to € o.6o per share (previous year: € o.3o) .
The consolidated cash fl ow statement shows how cash and cash equivalents have changed in the course of the year as a result of infl ows and outfl ows of funds. As per IAS 7 "Statement of Cash Flows", differentiation is made between cash fl ows from operating activities, from investing activities and from fi nancing activities .
The Cash fl ow from operating activities results from cash fl ows that cannot be defi ned as investing or fi nancing activities. This is determined on the basis of the consolidated net profi t for the year from continuing operations, current earnings and profi t from the sale of discontinued operations. As part of the indirect determination of cash fl ow, the changes in balance sheet items due to operating activities are adjusted by effects from changes to the scope of consolidation and currency translations. The changes in the respective balance sheet items can therefore only be partially aligned with the corresponding values in the published consolidated balance sheets. For further explanations please refer to the section "Financial Position" of the Management Report.
The Cash fl ow from investing activities is mainly infl uenced by the investment of monies in fi xed-term deposits as well as by matured term investments.
The Cash fl ow from fi nancing activity represents cash-related equity changes, loans used and paid back, as well as payments for the acquisition of additional shares in subsidiaries.
Cash and cash equivalents with a term to maturity of not more than three months are recorded under cash and cash equivalents. Cash equivalents are short-term fi nancial investments which can be converted into cash at any time and which are only subject to minor value fl uctuation risks.
| All fi gures in €'000 | Sept. 30, 2012 | Sept. 30, 2011 |
|---|---|---|
| Cash | 31,417 | 40,528 |
| Loans ≤ 3 months | 20,000 | 20,000 |
| Liabilities to banks due on demand | – 5 | – 1 |
| Change in cash and cash equivalents from changes to the scope of consolidation | 1,397 | – |
| Cash and cash equivalents | 52,810 | 60,527 |
| [Table 22] |
MLP Finanzdienstleistungen AG receivables from banks are included in cash and cash equivalents provided they are separable as own-account investing activities. Inseparable elements are allocated to the operating business of the business segment "bank" and thus to the cash fl ow from operating activities.
There were no signifi cant changes compared to December 31, 2o11.
Net income from discontinued operations breaks down as follows:
| All fi gures in €'000 | 3rd quarter 2012 | 3rd quarter 2011 | 9 months 2012 | 9 months 2011 |
|---|---|---|---|---|
| Operating profi t | ||||
| Earnings from the sale/disclosure of operations before tax |
– | 158 | – | 890 |
| Income taxes | – | – 46 | – | – 260 |
| Earnings from the sale of operations after tax |
– | 112 | – | 630 |
| Earnings from discontinued operations after tax |
– | 112 | – | 630 |
| Earnings per share in € | ||||
| from discontinued operations | ||||
| basic and diluted | – | 0.01 | – | 0.01 |
| [Table 23] |
There were no signifi cant changes compared to December 31, 2o11.
Within the scope of the ordinary business, legal transactions under standard market conditions were made between the Group and members of the Executive Board and the Supervisory board. Beyond this there were no signifi cant changes compared to December 31, 2o11.
There were no notable events after the balance sheet date which may affect the MLP Group's net assets, fi nancial position or results of operations.
Wiesloch, November 13, 2o12
MLP AG
Executive Board
Dr. Uwe Schroeder-Wildberg Manfred Bauer Reinhard Loose Muhyddin Suleiman
| 05 Figure 01 | German Gross Domestic Product, change |
|---|---|
| in % compared to the previous quarter | |
| 06 Figure 02 | Gap between target and actual expenses for |
| old-age provision | |
| 07 Figure 03 | How will the healthcare system develop |
| in the future? | |
| 08 Figure 04 | Infl ows and outfl ows in various types of mutual |
| investment funds in Germany Jan. – Aug. 2012 | |
| 10 Figure 05 | Total revenue from continuing operations |
| 11 Figure 06 | EBIT from continuing operations |
| 18 Figure 07 | Total revenue and EBIT for the Financial Services |
| segment | |
| 18 Figure 08 | Total revenue and EBIT for the Feri segment |
| 20 Figure 09 | Expected growth in GDP in Germany |
| 23 Figure 10 | Development of the operating EBIT margin |
| 2004–2012 |
24 Figure 11 MLP share, SDAX and DAXsector Financial Services in the fi rst nine months 2012
02 Table 01 MLP Key fi gures
| 11 Table 02 | Earnings development of continuing operations | |
|---|---|---|
| 13 Table 03 | Assets as of September 30, 2012 | |
| 13 Table 04 | Liabilities and shareholders' equity as of | |
| September 30, 2012 | ||
| 14 Table 05 | Condensed statement of cash fl ow in continuing | |
| operations | ||
| 15 Table 06 | Number of employees | |
25 Table 07 Key fi gures of the MLP share
| 26 Table 08 | Income statement for the period from |
|---|---|
| January 1 to September 30, 2012 | |
| 27 Table 09 | Statement of comprehensive income |
| for the period from January 1 to September 30, 2012 | |
| 27 Table 10 | Assets as of September 30, 2012 |
| 27 Table 11 | Liabilities and shareholders' equity as of |
| September 30, 2012 | |
| 28 Table 12 | Condensed statement of cash fl ow for the |
| period from January 1 to September 30, 2012 | |
| 28 Table 13 | Condensed statement of cash fl ow for the period |
| from July 1 to September 30, 2012 | |
| 29 Table 14 | Statement of changes in equity |
| 30 Table 15 | Segment reporting (quarterly comparison) | |
|---|---|---|
| 32 Table 16 | Segment reporting (nine-month comparison) | |
| 35 Table 17 | Revenue | |
| 36 Table 18 | Personnel expenses/Number of employees | |
| 36 Table 19 | Other operating expenses | |
| 37 Table 20 | Finance cost | |
| 38 Table 21 | Financial assets | |
| 39 Table 22 | Cash and cash equivalents | |
| 40 Table 23 | Net income from discontinued operations | |
Dr. Uwe Schroeder-Wildberg (Chairman, appointed until December 31, 2o17)
Manfred Bauer (Product Management, appointed until April 3o, 2o15)
Reinhard Loose (Controlling, IT and Procurement, Accounting, Risk Management, appointed until January 31, 2o14)
Muhyddin Suleiman (Sales, appointed until September 3, 2o17)
Dr. Peter Lütke-Bornefeld (Chairman, appointed until 2o13)
Dr. h. c. Manfred Lautenschläger (Vice chairman, appointed until 2o13)
Dr. Claus-Michael Dill (appointed until 2o13)
Johannes Maret (appointed until 2o13)
Maria Bähr (Employee representative, appointed until 2o13)
Norbert Kohler (Employee representative, appointed until 2o13)
Telephone +49 (o) 6222 • 3o8 • 832o Fax +49 (o) 6222 • 3o8 • 1131 E-Mail [email protected]
Telephone +49 (o) 6222 • 3o8 • 831o Fax +49 (o) 6222 • 3o8 • 1131 E-Mail [email protected]
Many factors can contribute to the actual results of the MLP group differing signifi cantly from the prognoses made in such statements.
MLP AG accepts no obligation to the public for updating or correcting prognoses .All prognoses and predictions are subject to various risks and uncertainties which can lead to the actual results numerically differing from expectations. The prognoses refl ect the points of view at the time when they were made.
This documentation includes certain prognoses and information on future developments founded on the conviction of MLP AG's Executive Board and on assumptions and information currently available to MLP AG. Words such as "expect", "estimate", "assume", "intend", "plan", "should" "could", "project" and similar terms used in reference to the company describe prognoses based on certain factors subject to uncertainty.
NOVEMBER
November 14, 2o12 Publication of the results for the fi rst nine months and the third quarter 2o12
November 19, 2o12 Roadshow in London
February 28, 2o13 Annual press conference and analysts conference
MARCH March 27, 2o13 Publication of the Annual Report 2o13
MAY May 15, 2o13 Publication of the fi nancial results for Q1
JUNE June o6, 2o13 Annual General Meeting of the MLP AG in Mannheim
AUGUST August 14, 2o13 Publication of the fi nancial results for the fi rst half of the year and the second quarter
NOVEMBER
November 14, 2o13 Publication of the fi nancial results for the fi rst nine month and the third quarter
All updated Investor Relations dates can be found in our fi nancial calendar at: http://www.mlp-ag.com/investor-relations/calendar
MLP AG Alte Heerstraße 40 69168 Wiesloch, Germany Tel +49 (0) 6222 • 308 • 8320 Fax +49 (0) 6222 • 308 • 1131 www.mlp-ag.com
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