Quarterly Report • Nov 10, 2016
Quarterly Report
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Quarterly Group Statement for the fi rst nine months of 2016
| All figures in € million | 3rd quarter 2016 |
3rd quarter 20152 |
9 months 2016 |
9 months 20152 |
Change in % |
|---|---|---|---|---|---|
| MLP Group | |||||
| Total revenue | 135.0 | 122.9 | 418.7 | 367.8 | 13.8% |
| Revenue | 128.8 | 119.9 | 404.5 | 357.2 | 13.2% |
| Other revenue | 6.2 | 3.0 | 14.2 | 10.6 | 34.0% |
| Earnings before interest and tax (EBIT) (before one-off exceptional costs – operating EBIT) |
6.6 | –0.7 | 16.1 | 7.4 | >100% |
| Earnings before interest and tax (EBIT) | 3.8 | –0.7 | 11.5 | 7.4 | 55.4% |
| EBIT margin (%) | 2.8% | –0.6% | 2.7% | 2.0% | – |
| Net profit | 4.0 | –2.9 | 9.6 | 3.7 | >100% |
| Earnings per share (diluted/undiluted) in € | 0.04 | –0.03 | 0.09 | 0.03 | >100% |
| Cashflow from operating activities | 19.5 | 9.8 | 83.9 | 48.6 | 72.6% |
| Capital expenditure | 2.1 | 3.1 | 5.9 | 8.7 | –32.2% |
| Shareholders' equity | – | – | 373.9 | 385.81 | –3.1% |
| Equity ratio (%) | – | – | 20.7% | 22.0%1 | – |
| Balance sheet total | – | – | 1,808.8 | 1,752.71 | 3.2% |
| Private clients (Family) | – | – | 514,600 | 510,2001 | 0.9% |
| Corporate and institutional clients | – | – | 18,600 | 18,2001 | 2.2% |
| Consultants | – | – | 1,924 | 1,9431 | –1.0% |
| Branch offices | – | – | 151 | 1561 | –3.2% |
| Employees | – | – | 1,745 | 1,803 | –3.2% |
| Arranged new business | |||||
| Old-age provisions (premium sum) | 769.4 | 764.4 | 2,075.6 | 2,014.2 | 3.0% |
| Loans mortgages | 415.9 | 473.7 | 1,300.7 | 1,372.1 | –5.2% |
| Assets under management in € billion | – | – | 30.0 | 29.01 | 3.4% |
1 As of December 31, 2015.
2 As of 2016, loan loss provisions are disclosed as a separate item. For this reason, the previous year's disclosure was adjusted.
This quarterly group statement presents the key events and business transactions of the first nine months of 2016 and updates forecast-based information in the last joint management report. The Annual Report is available on our website at www.mlp-ag.com and also at www.mlp-annual-report.com.
In the description of the MLP Group's financial position, net assets and results of operations pursuant to International Financial Reporting Standards (IFRS), the previous year's figures are given in brackets.
The information in this quarterly Group statement has neither been verified by an auditor nor subjected to a review.
The MLP Group is the partner for all financial matters – for private clients as well as for companies and institutional investors. With our four brands, each of which enjoys a leading position in their respective markets, we offer a broad range of services:
The views and expectations of our clients always represent the starting point in each of these fields. Building on this, we then present our clients with suitable options in a comprehensible way so that they can make the right financial decisions themselves. For the implementation we examine the offers of all relevant product providers in the market. Our products are selected and rated on the basis of scientifically substantiated market and product analyses.
Manfred Lautenschläger and Eicke Marschollek founded MLP in 1971. Just under 2,000 client consultants and almost 1,800 employees work at MLP.
The values disclosed in the following quarterly statement have been rounded to one decimal place. As a result, differences to reported total amounts may arise when adding up the individual values.
In the course of the reporting period no changes occurred to the fundamental principles of the group as described in the MLP Group's 2015 Annual Report. The national economic climate, the industry situation and the competitive environment have also not changed significantly in comparison with the 2015 Annual Report.
The figures from the same quarter in the previous year are only partially comparable with the current results from the first nine months of 2016, particularly with regard to revenues in the non-life insurance area. This is because the DOMCURA Group was only included in the consolidation scope of the MLP Group from end of July 2015.
The following changes to the scope of consolidation occurred in the first nine months. Our subsidiary FERI AG announced the sale of FERI Eurorating Services AG to Scope Corporation AG on June 30, 2016. The transaction was then concluded on August 1, 2016. FERI is now continuing to focus on its core strengths of investment management, investment consulting and investment research, as well as on strategic further development to become the leading investment company in Germany, Luxembourg, Switzerland and Austria.
In the course of the ongoing focus on the corporate structure in the DOMCURA Group, Ralf W. Barth GmbH and F&F Makler AG were merged with nordias GmbH Versicherungsmakler.
The MLP Group recorded positive business development in the first nine months of the year. Compared to the previous year, in part significant gains were made in the relevant KPIs. Total revenue and commission income were both above the same period of the previous year. The old-age provision area, the wealth management area and the non-life insurance area all recorded gains in the third quarter. Looking at the first nine months, the old-age provision area was able to maintain the same level as in the previous year despite a one-off positive effect in Q1 of the previous year and was thereby able to continue to buck the negative market trend. Sales revenues in the wealth management business were slightly above the previous year. The non-life insurance are more than doubled its revenue, primarily due to the revenue contributions from DOMCURA. The health insurance business recorded a slight increase at the end of the first nine months and thereby continued to display better development than the market. In the loans and mortgages area, it was not quite possible to reach the previous year's record result. Other commission and fees, an item that primarily reflects brokerage of real estate, was considerably below the previous year.
With the acquisition of the DOMCURA Group at the end of July 2015, the results of the first nine months are now more important than in previous years. This is because the new subsidiary generates most of its earnings in the first three months of each year. It then records a loss in quarters two to four, as the non-life insurance premiums are largely collected at the start of the year. However, the fourth quarter still remains the most important overall for the MLP Group. This is when a large proportion of total revenue and earnings are generated in the financial services segment.
The activities to gain new clients continued to develop positively in the first nine months of the year. As announced well in advance, the MLP Group has adapted the way it counts clients to the enhanced Group structure. Since Q1 2016 we have differentiated in our reporting according to family clients served at MLP Finanzdienstleistungen AG and in the FERI Group, and according to corporate and institutional clients. These include clients in the field of occupational pension provision as well as institutional clients at FERI and sales partners at DOMCURA. On the basis of this definition, the MLP Group served 514,600 family clients at the end of September (December 31, 2015: 510,200). In the first nine months of the year, the gross number of newly acquired family clients increased by 8.4% to 14,200 (13,100). In addition, the MLP Group provided its services for 18,600 corporate and institutional clients (December 31, 2015: 18,200).
In the time period from January to September, the total revenue of the MLP Group increased to € 418.7 million (€ 367.8 million). Commission income, which increased by 14.0% to € 388.9 million (€ 341.1 million), made the greatest contribution to this. Revenue from the interest rate business of € 15.5 million (€ 16.1 million) was slightly below the previous year's level. Following € 10.6 million in the previous year, other revenue stood at € 14.2 million. This increase can essentially be attributed to a settlement payment in legal proceedings.
When examining the individual fields of consulting, the non-life insurance area continues to display significant growth with revenues having more than doubled to € 85.6 million (€ 36.7 million). Around € 54.3 million of this can be attributed to the subsidiary DOMCURA, which was acquired in July 2015. When examining the same period of the previous year, the revenue contribution was around € 6.4 million, as the first consolidation of the new subsidiaries only took place in the third quarter of 2015.
At € 127.2 million after the fi rst nine months (€ 128.0 million), revenues in the old-age provision area were able to get back to the previous year's level despite a one-off positive effect in the fi rst quarter of 2015. As communicated in the report on Q1 2015, this is due to correction of an incorrect settlement by a product partner. The brokered premium sum of new business increased by 3.0 % to € 2,075.6 million (€ 2,014.2 million).
In the wealth management business, assets under management reached the € 30.0 billion mark for the fi rst time in company history at the end of the third quarter (June 30, 2016: € 29.3 billion). At € 122.9 million (€ 121.3 million), revenue in the wealth management business was slightly above the previous year. This can largely be attributed to a signifi cant increase in revenues in the third quarter.
Revenue in the health insurance area was € 34.0 million after the first nine months (€ 33.6 million). Following the record level set in the previous year, revenue from the loans and mortgages business reached € 10.4 million (€ 11.1 million). In this fi eld of consulting, the requirements of the EU Mortgage Credit Directive (Wohnimmobilienkreditrichtlinie, WiKR) that has been in place since March 2016 have had a negative impact on business throughout the market. Other commission and fees generated € 8.8 million, following € 10.4 million in the same period of the previous year. The demand for real estate objects exceeded the current portfolio that MLP was able to provide for clients here. For this reason MLP already included further project partners in its brokerage activities in the course of the second quarter and is continuously examining others.
Business development at MLP Hyp GmbH still was very encouraging in the fi rst nine months of the year. MLP holds a 49.8 % stake in this company, which is operated as a joint venture together with mortgage broker Interhyp. At € 1.5 million, the earnings of the company that are attributable to MLP are above the previous year's already high level (€ 1.4 million). This is refl ected in the income statement under the item "Earnings from investments accounted for using the equity method" and is therefore not part of the revenue from the loans and mortgages business.
Commission expenses primarily comprise performance-linked commission payments to consultants. This item also includes the commissions paid in the DOMCURA segment. These variable expenses occur due to the remuneration of brokerage services in the non-life insurance business. Added to these are the commissions paid in the FERI segment, which in particular result from the activities in the field of fund administration. Variable expenses are, for example, accrued in this business segment due to remuneration of the depository bank and fund sales.
Set against the background of increased commission income, commission expenses increased to € 201.6 million in the first nine months of 2016 (€ 167.4 million). As is the case with commission income, the increase can essentially be attributed to the new subsidiary DOMCURA, which was acquired last year. At € 1.2 million, interest expenses were slightly below the previous year's level (€ 1.4 million). The total cost of sales thereby increased to € 202.8 million (€ 168.8 million).
Loan loss provisions, which MLP has disclosed in a dedicated item since Q1 2016, were € 1.9 million (€ 0.9 million) after the first nine months of 2016. This is largely due to a greater write-down on receivables in the FERI segment, which was already accrued in the first quarter of 2016.
Administrative expenses (defined as the sum of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) increased to € 203.9 million (€ 192.1 million). This includes administrative expenses at DOMCURA of € 16.3 million (€ 3.6 million). DOMCURA was only included in the consolidation scope in the course of the third quarter of 2015. Personnel expenses in the MLP Group were € 89.8 million (€ 81.0 million). Other operating expenses were € 103.2 million (€ 99.3 million). Both of these increases can essentially be attributed to the expenses accrued at DOMCURA. Depreciation/amortisation and impairment amounted to € 10.9 million, following € 11.8 million in the previous year. However, the previous year's figure included impairment losses on a let building in Q2.
As announced at the start of the year, one-off expenses of approximately € 15 million will be incurred through planned efficiency measures during the financial year 2016. MLP recorded € 4.6 million of these expenses in the first nine months of the year, which are distributed fairly equally across the items of "Personnel expenses", "Depreciation and impairments" and "Other operating expenses".
Operating earnings before interest, taxes and one-off special expenses (operating EBIT) more than doubled to € 16.1 million (€ 7.4 million) in the first nine months. Including the oneoff expenses of € –4.6 million, EBIT amounted to € 11.5 million (€ 7.4 million). The higher commission income and higher other revenue played a key part in this positive development.
At € –0.5 million (€ –2.3 million), finance cost improved significantly. Reason for the one-off expenses in the previous year were interest payments on a retrospective tax payment. Earnings before tax (EBT) were thereby € 11.0 million, following € 5.0 million in the previous year. The tax rate was 13.4%. For the period of the previous year it was 27.5% due to a retrospective tax payment as a result of a regular tax audit. At the same time an altered profit appropriation had a reducing effect on the tax rate during the year. Net profit amounted to € 9.6 million (€ 3.7 million). The diluted and basic earnings per share were € 0.09 (€ 0.03).
| All figures in € million | 9 months 2016 | 9 months 2015 | Change in% |
|---|---|---|---|
| Total revenue | 418.7 | 367.8 | 13.8% |
| Gross profit1 | 215.9 | 199.0 | 8.5% |
| Gross profit margin (%) | 51.6% | 54.1% | – |
| Operating EBIT | 16.1 | 7.4 | >100% |
| Operating EBIT margin (%) | 3.8% | 2.0% | – |
| EBIT | 11.5 | 7.4 | 55.4% |
| EBIT margin (%) | 2.7% | 2.0% | – |
| Finance cost | –0.5 | –2.3 | –78.3% |
| EBT | 11.0 | 5.0 | >100% |
| EBT margin (%) | 2.6% | 1.4% | – |
| Income taxes | –1.5 | –1.4 | 7.1% |
| Net profit | 9.6 | 3.7 | >100% |
| Net margin (%) | 2.3% | 1.0% | – |
1 Definition: Gross profit is the result of total revenue less commission expenses and interest expenses.
You can find detailed information on the aims of the financial management in the MLP Group 2015 Annual Report under "Financial position" / "Aims of financial management" at www.mlp-annual-report.com.
The MLP business model is comparatively low in capital intensity and generates high cash flows. However, increased capital requirements have been budgeted in order to meet the revised definition of equity and stricter requirements of Basel III.
At present, we are not using any borrowed funds in the form of securities or promissory note bond issues to finance the Group long-term. Our non-current assets are financed in part by noncurrent liabilities. Current liabilities due to clients and banks in the banking business represent further refinancing funds that are generally available to us in the long term.
As of September 30, 2016, liabilities due to clients and banks in the banking business of € 1,232.5 million (December 31, 2015: € 1,125.7 million) were offset on the assets side of the balance sheet by receivables from clients and financial institutions in the banking business of € 1,163.4 million (December 31, 2015: € 1,143.0 million).
We did not perform any increase in capital stock in the reporting period.
Cash flow from operating activities increased to € 83.9 from € 48.6 million in the same period of the previous year. Here, significant cash flows result from the deposit business with our clients and from the investment of these funds.
Cash flow from investing activities changed from € –5.8 million to € –36.3 million. A higher volume of new investments in time deposits were made in the reporting period than in the same period of the previous year.
As at the end of the third quarter 2016, the MLP Group has cash and cash equivalents of around € 212 million. The liquidity situation therefore remains good. There are sufficient cash reserves available to the MLP Group. Alongside cash holdings, free lines of credit are also in place.
The investment volume of the MLP Group was € 5.9 million (€ 8.7 million) in the first nine months of 2016. The vast majority of investments were made in the financial services segment focusing in particular on investments in software and IT.
On the reporting date, September 30, 2016, the balance sheet total of the MLP Group was € 1,808.8 million (€ 1,752.7 million). On the assets side of the balance sheet, changes essentially affected the following items: Receivables from clients in the banking business increased to € 613.2 million (€ 542.7 million). This increase can largely be attributed to an increase in loan exposure. Receivables from banks in the banking business declined to € 550.2 million (€ 600.3 million). This decrease can mainly be attributed to higher deposits at the Deutsche Bundesbank as well as increased financial investments. Financial investments increased to € 162.8 million (€ 147.9 million) due to redeployment of other forms of investment. The tax refund claim declined to € 12.9 million (€ 14.9 million). This can be attributed to a reimbursement of corporation tax overpayments. Other receivables and assets essentially comprise receivables from insurers for whom we broker insurance policies. Due to the typically strong year-end business, these increase considerably at the end of the year and then decline again during the course of the following financial year. This item declined to € 87.5 million on the reporting date (December 31, 2015: € 112.5 million). Cash and cash equivalents increased to € 129.0 million as a result of reporting-date factors (December 31, 2015: € 77.5 million), reflecting a temporarily increased level of deposits at Deutsche Bundesbank. At the same time, this item is positively influenced by the contributions of the profit/loss transfer agreements in place, while among others the payment of dividends had a negative impact.
On the reporting date, September 30, 2016, the shareholders' equity of the MLP Group was € 373.9 million (December 31, 2015: € 385.8 million). This decrease can essentially be attributed to the € 13.1 million total dividend payout to our shareholders in June of this year. The balance sheet equity ratio was 20.7% (December 31, 2015: 22.0%).
At € 84.1 million (December 31, 2015: € 86.5 million), provisions remained slightly below the previous year's level. Liabilities due to clients in the banking business rose to € 1,199.1 million, essentially as a result of increased client deposits (December 31, 2015: € 1,102.6 million). Liabilities due to banks in the banking business rose to € 33.4 million (December 31, 2015: € 23.1 million), essentially due to the increased refinancing investments. Other liabilities declined to € 103.5 million (December 31, 2015: € 140.2 million). Due to our typically strong year-end business, the commission claims of our consultants increase markedly on the balance sheet date, December 31, and then decline again in the subsequent quarters.
The financial services segment reflects revenue from all fields of consulting – i.e. old-age provision, health and non-life insurance, wealth management and loans & mortgages. The FERI segment primarily generates revenue from the wealth management field of consulting, while the DOMCURA segment generates most of its revenue from the non-life insurance business. You can find a detailed description of the individual segments in the 2015 Annual Report of the MLP Group at www.mlp-annual-report.com "Economic report" / "Segment report".
At € 267.9 million (€ 270.4 million), total revenue in the financial services segment remained at the previous year's level. Here it is important to note that the previous year's figure was positively influenced by a one-off effect in the old-age provision segment in the first quarter of 2015. Sales revenues were € 260.7 million (€ 263.3 million). At € 7.2 million (€ 7.1 million), other revenue remained virtually unchanged.
Commission expenses were € 115.1 million (€ 112.7 million). Among other factors, the slight increase can be attributed to effects of the remuneration model introduced last year within the scope of our recruiting measures. At € 1.2 million, interest expenses are slightly below the previous year (€ 1.4 million). This is due to the ongoing period of low interest rates. At € 56.1 million, personnel expenses remained virtually unchanged (€ 55.3 million). Depreciation/amortisation and impairment were € 7.3 million (€ 7.6 million). Other operating expenses were € 90.4 million, following € 89.5 million in the previous year.
EBT declined to € –1.8 million (€ 4.6 million). The measures implemented to date within the scope of the efficiency programme had a negative impact with non-recurring expenses of around € –3.8 million in the first nine months. Operating EBIT was therefore € 2.0 million. The previous year's figure was also positively influenced by the described one-off effect in the old-age provision segment.
The finance cost amounted to € –0.4 million (€ –0.2 million). EBT was therefore € –2.2 million, following € 4.4 million in the previous year.
The FERI segment represents the activities of the FERI Group. Revenue is primarily generated in this segment from the wealth management field of consulting.
Total revenue in the FERI segment was € 94.5 million, following € 93.5 million in the previous year. After Q1 and Q2 were well below the equivalent quarters in the previous year due to difficult capital market development, the performance-based remuneration for the performance of client portfolios (performance fees) in Q3 increased significantly above the level recorded in the same quarter of the previous year and reached the level recorded in 2014.
At € 53.0 million (€ 52.7 million), commission expenses remained at the previous year's level. Loan loss provisions were € 0.7 million (€ 0.0 million) and can be attributed to a write-down on receivables in the first quarter of the year. At € 31.3 million (€ 31.9 million), administrative expenses remained slightly below the previous year's level. However, personnel expenses remained stable at € 21.7 million (€ 21.3 million) and depreciation/amortisation and impairment charges remained unchanged at € 1.3 million (€ 1.3 million). Other operating expenses dropped to € 8.3 million (€ 9.3 million). Among others, higher consulting costs within the scope of acquiring the license to operate as a capital management company (KVG), played a part in the previous year.
EBIT increased to € 9.6 million (€ 8.9 million) due to higher revenues. The measures implemented to date within the scope of the efficiency programme had a negative impact with one-off costs of around € –0.2 million in the first nine months. Operating EBIT was therefore € 9.8 million. With a finance cost of € 0.2 million (€ –0.1 million), EBT was € 9.8 million (€ 8.7 million).
The DOMCURA segment primarily generates revenue from the brokering of non-life insurance. DOMCURA's business model is characterised by a high degree of seasonality. Accordingly, the subsidiary records high sales revenue and comparably high earnings in the first quarter of each year. This is then followed by a loss in Q2 to Q4. Since DOMCURA was only included in the Group consolidation scope from end of July 2015, any comparisons with the results of the first nine months in the previous year are of limited usefulness.
Sales revenues were € 55.7 million (€ 6.7 million) in the first nine months. This primarily reflects the premium volumes received. With other revenue of € 1.8 million (€ 0.2 million), total revenue was € 57.5 (€ 6.9 million).
Commission expenses amounted to € 36.3 million (€ 4.3 million). These are essentially accrued as variable remuneration for brokerage services. Administrative expenses were € 16.3 million (€ 3.6 million). € 9.8 million (€ 2.0 million) of these costs are attributable to personnel expenses. Depreciation/amortisation and impairment amounted to € 1.0 million (€ 0.3 million). Other operating expenses were € 5.5 million (€ 1.3 million).
EBIT amounted to € 4.9 million (€ –0.9 million). EBT was also € 4.9 million (€ –0.9 million).
The Holding segment does not have active operations. At € 11.0 million (€ 8.2 million), total revenue generated in the first nine months was significantly above the previous year's level. This increase can essentially be attributed to a settlement payment in legal proceedings. However, lower revenue from the letting of buildings served to counteract this.
At € 2.3 million (€ 2.4 million), personnel expenses remained at the previous year's level. Depreciation and impairment expenses declined to € 1.4 million (€ 2.6 million). The previous year's higher figure was the result of a greater one-off write-down due to revaluation of a property in the previous year. At € 8.2 million, other operating expenses also remained at the previous year's level (€ 8.1 million).
Due to greater total revenue, EBIT was € –1.0 million (€ –5.1 million) after the first nine months of the year. The measures implemented to date within the scope of the efficiency programme had a negative impact with one-off costs of around € –0.7 million in the first nine months. Operating EBIT was therefore € –0.3 million. The finance cost was € –0.4 million, following € –2.1 million in the previous year. The tax effect already described had a significant negative impact on the previous year's earnings. EBT was € –1.4 million (€ –7.2 million).
As MLP is a knowledge-based service provider, qualified and motivated employees and consultants represent the most important foundation for sustainable company success. The focus is therefore on continuous further development of personnel work, qualifications and further training, as well as recruiting new consultants.
The number of employees in the MLP Group fell to 1,745 in the reporting period (September 30, 2015: 1,803). This development can be attributed to two key factors. The first focuses on the effects of the efficiency programme and a reduction in the number of temporary staff in the financial services segment. This figure dropped to 42 in the period under review (September 30, 2015: 75). The second revolves around the sale of FERI EuroRating, with the closing completed on August 1, 2016 and which had an impact on the number of employees in the FERI segment.
| Segment | September 30, 2016 |
September 30, 2015 |
|---|---|---|
| Financial services | 1,265 | 1,302 |
| FERI | 206 | 234 |
| Holding | 6 | 7 |
| Total (without DOMCURA) | 1,477 | 1,543 |
| DOMCURA | 268 | 260 |
| Total (with DOMCURA) | 1,745 | 1,803 |
At 1,924, the number of freelance client consultants displayed a slight downward trend at the end of the first nine months (December 31, 2015: 1,943), but was still higher than the number from the comparable period in the previous year (September 30, 2015: 1.922).
Development in the first nine months was in line with expectations. Following on from the first nine months of the year, we remain committed to the statements made in the forecast section of the 2015 Annual Report. You can find details on our forecast in the Annual Report of the MLP Group at www.mlp-annual-report.com.
| 3rd quarter | 3rd quarter | 9 months | 9 months | |
|---|---|---|---|---|
| All figures in €'000 | 2016 | 2015* | 2016 | 2015* |
| Revenue | 128,801 | 119,895 | 404,458 | 357,217 |
| Other Revenue | 6,209 | 2,956 | 14,200 | 10,576 |
| Total revenue | 135,010 | 122,851 | 418,658 | 367,793 |
| Commission expenses | –64,607 | –59,123 | –201,623 | –167,426 |
| Interest expenses | –246 | –516 | –1,172 | –1,357 |
| Loan loss provisions | –217 | –228 | –1,867 | –875 |
| Personnel expenses | –29,193 | –26,625 | –89,824 | –80,992 |
| Depreciation and impairments | –4,624 | –2,927 | –10,924 | –11,806 |
| Other operating expenses | –33,008 | –34,700 | –103,200 | –99,327 |
| Earnings from investments accounted for using the equity method | 685 | 538 | 1,488 | 1,371 |
| Earnings before interest and tax (EBIT) | 3,800 | –729 | 11,537 | 7,380 |
| Other interest and similar income | 113 | 193 | 631 | 396 |
| Other interest and similar expenses | –192 | –2,233 | –1,140 | –2,740 |
| Finance cost | –79 | –2,040 | –509 | –2,344 |
| Earnings before tax (EBT) | 3,721 | –2,769 | 11,028 | 5,037 |
| Income taxes | 237 | –134 | –1,477 | –1,385 |
| Net profit | 3,957 | –2,904 | 9,552 | 3,652 |
| Of which attributable to | ||||
| owners of the parent company | 3,957 | –2,904 | 9,552 | 3,652 |
| Earnings per share in €** | ||||
| basic/diluted | 0.04 | –0.03 | 0.09 | 0.03 |
*As of 2016, loan loss provisions are disclosed as a separate item. For this reason, the previous year´s disclosure was adjusted. **Basis of calculation: average number of ordinary shares outstanding at September 30, 2016: 109,334,686.
| 3rd quarter | 3rd quarter | 9 months | 9 months | |
|---|---|---|---|---|
| All figures in €'000 | 2016 | 2015 | 2016 | 2015 |
| Net profit | 3,957 | –2,904 | 9,552 | 3,652 |
| Gains/losses due to the revaluation of defined benefit obligations | –3,330 | 1,602 | –11,647 | 1,602 |
| Deferred taxes on non-reclassifiable gains/losses | 972 | –468 | 3,400 | –468 |
| Non reclassifiable gains/losses | –2,358 | 1,134 | –8,247 | 1,134 |
| Gains/losses from changes in the fair value of | ||||
| available-for-sale securities | 299 | –128 | –15 | –356 |
| Deferred taxes on non-reclassifiable gains/losses | –85 | –47 | –40 | 66 |
| Reclassifiable gains/losses | 215 | –175 | –55 | –290 |
| Other comprehensive income | –2,144 | 959 | –8,302 | 844 |
| Total comprehensive income | 1,814 | –1,945 | 1,250 | 4,496 |
| Of which attributable to | ||||
| owners of the parent company | 1,814 | –1,945 | 1,250 | 4,496 |
| September 30, | December 31, | |
|---|---|---|
| All figures in €'000 | 2016 | 2015 |
| Intangible assets | 169,839 | 174,504 |
| Property, plant and equipment | 63,545 | 65,745 |
| Investments accounted for using the equity method | 3,133 | 3,481 |
| Deferred tax assets | 10,634 | 7,033 |
| Receivables from clients in the banking business | 613,215 | 542,696 |
| Receivables from banks in the banking business | 550,240 | 600,339 |
| Financial assets | 162,767 | 147,916 |
| Tax refund claims | 12,868 | 14,893 |
| Other receivables and assets | 87,478 | 112,531 |
| Cash and cash equivalents | 129,035 | 77,540 |
| Non-current assets held for sale | 6,040 | 6,040 |
| Total | 1,808,795 | 1,752,719 |
| September 30, | December 31, | |
|---|---|---|
| All figures in €'000 | 2016 | 2015 |
| Shareholders' equity | 373,883 | 385,753 |
| Provisions | 84,058 | 86,536 |
| Deferred tax liabilities | 10,240 | 10,549 |
| Liabilities due to clients in the banking business | 1,199,056 | 1,102,569 |
| Liabilities due to banks in the banking business | 33,433 | 23,095 |
| Tax liabilities | 4,596 | 4,006 |
| Other liabilities | 103,529 | 140,211 |
| Total | 1,808,795 | 1,752,719 |
| All figures in €'000 | 9 months 2016 |
9 months 2015 |
|---|---|---|
| Cashflow from operating activities | 83,893 | 48,591 |
| Cashflow from investing activities | –36,278 | –5,796 |
| Cashflow from financing activities | –13,120 | –18,339 |
| Change in cash and cash equivalents | 34,495 | 24,456 |
| Cash and cash equivalents at the end of the period | 129,035 | 96,574 |
| All figures in €'000 | 3rd quarter 2016 |
3rd quarter 2015 |
|---|---|---|
| Cashflow from operating activities | 19,518 | 9,846 |
| Cashflow from investing activities | –16,282 | –9,394 |
| Cashflow from financing activities | – | – |
| Change in cash and cash equivalents | 3,236 | 451 |
| Cash and cash equivalents at the end of the period | 129,035 | 96,574 |
| All figures in €'000 | Share capital | Capital reserves | Gains/losses from changes in the fair value of available-for-sale securities* |
Revaluation gains/ losses related to defined benefit obligations after taxes |
Retained earnings |
Total shareholders equity |
|---|---|---|---|---|---|---|
| As of January 1, 2015 | 107,878 | 142,184 | 1,460 | –10,730 | 136,004 | 376,795 |
| Dividend | – | – | – | – | –18,339 | –18,339 |
| Increase of capital – §202 of the German Stock Corporation Act (AktG) |
1,457 | 4,543 | – | – | – | 6,000 |
| Transactions with owners | 1,457 | 4,543 | – | – | –18,339 | –12,339 |
| Net profit | – | – | – | – | 3,652 | 3,652 |
| Other comprehensive income after taxes |
– | – | –290 | 1,134 | – | 844 |
| Total comprehensive income | – | – | –290 | 1,134 | 3,652 | 4,496 |
| As of September 30, 2015 | 109,335 | 146,727 | 1,170 | –9,596 | 121,317 | 368,952 |
| As of January 1, 2016 | 109,335 | 146,727 | 1,212 | –8,968 | 137,448 | 385,753 |
| Dividend | – | – | – | – | –13,120 | –13,120 |
| Transactions with owners | – | – | – | – | –13,120 | –13,120 |
| Net profit | – | – | – | – | 9,552 | 9,552 |
| Other comprehensive income after taxes |
– | – | –55 | –8,247 | – | –8,302 |
| Total comprehensive income | – | – | –55 | –8,247 | 9,552 | 1,250 |
| As of September 30, 2016 | 109,335 | 146,727 | 1,158 | -17,215 | 133,881 | 373,883 |
*Reclassifiable gains/losses.
| Financial services | |||
|---|---|---|---|
| All figures in €'000 | 3rd quarter 2016 |
3rd quarter 2015* |
|
| Revenue | 85,017 | 85,921 | |
| Other revenue | 1,627 | 1,518 | |
| Total revenue | 86,644 | 87,439 | |
| Commission expenses | –38,873 | –38,621 | |
| Interest expenses | –246 | –516 | |
| Loan loss provisions | –217 | –236 | |
| Personnel expenses | –17,316 | –17,564 | |
| Depreciation and impairments | –3,437 | –1,721 | |
| Other operating expenses | –29,120 | –30,499 | |
| Earnings from investments accounted for using the equity method | 685 | 538 | |
| Segment earnings before interest and tax (EBIT) | –1,880 | –1,180 | |
| Other interests and similar income | 14 | 11 | |
| Other interest and similar expenses | –80 | –91 | |
| Finance cost | –65 | –80 | |
| Earnings before tax (EBT) | –1,945 | –1,260 | |
| Income taxes | – | – | |
| Net profit | – | – |
*As of 2016, loan loss provisions are disclosed as a separate item. For this reason, the previous year´s disclosure was adjusted.
| Total | Consolidation | Holding | DOMCURA | FERI | |||||
|---|---|---|---|---|---|---|---|---|---|
| 3rd quarter 2015* |
3rd quarter 2016 |
3rd quarter 2015 |
3rd quarter 2016 |
3rd quarter 2015 |
3rd quarter 2016 |
3rd quarter 2015 |
3rd quarter 2016 |
3rd quarter 2015 |
3rd quarter 2016 |
| 119,895 | 128,801 | –908 | –934 | – | – | 6,725 | 12,110 | 28,157 | 32,608 |
| 2,956 | 6,209 | –2,846 | –3,385 | 2,651 | 5,938 | 155 | 1,011 | 1,478 | 1,017 |
| 122,851 | 135,010 | –3,754 | –4,319 | 2,651 | 5,938 | 6,880 | 13,122 | 29,635 | 33,625 |
| –59,123 | –64,607 | 771 | 870 | – | – | –4,323 | –8,116 | –16,950 | –18,488 |
| –516 | –246 | 1 | 1 | – | – | – | – | – | – |
| –217 | – | – | – | – | 8 | 19 | – | –19 | |
| –26,625 | –29,193 | – | – | –633 | –688 | –1,967 | –3,287 | –6,461 | –7,902 |
| –4,624 | – | – | –496 | –472 | –272 | –319 | –437 | –396 | |
| –34,700 | –33,008 | 2,936 | 3,429 | –2,467 | –2,797 | –1,265 | –2,151 | –3,405 | –2,369 |
| 685 | – | – | – | – | – | – | – | – | |
| 3,800 | –46 | –19 | –946 | 1,981 | –940 | –732 | 2,383 | 4,450 | |
| 113 | –2 | –1 | 174 | –3 | 5 | 4 | 5 | 99 | |
| –2,233 | –192 | 39 | 22 | –2,141 | –104 | 0 | –1 | –40 | –29 |
| –79 | 38 | 21 | –1,967 | –108 | 5 | 3 | –36 | 70 | |
| 3,721 | –8 | 1 | –2,913 | 1,873 | –935 | –729 | 2,347 | 4,520 | |
| 237 | – | – | – | – | – | – | – | – | |
| 3,957 | – | – | – | – | – | – | – | – |
| Financial services | ||
|---|---|---|
| 9 months 9 months |
||
| All figures in €'000 | 2016 2015* |
|
| Revenue | 260,708 263,320 |
|
| Other revenue | 7,225 7,116 |
|
| Total revenue | 267,933 270,436 |
|
| Commission expenses –115,147 |
–112,650 | |
| Interest expenses | –1,179 –1,359 |
|
| Loan loss provisions | –1,136 –725 |
|
| Personnel expenses | –56,089 –55,327 |
|
| Depreciation and impairments | –7,259 –7,600 |
|
| Other operating expenses | –90,444 –89,514 |
|
| Earnings from investments accounted for using the equity method | 1,488 1,371 |
|
| Segment earnings before interest and tax (EBIT) | –1,834 4,632 |
|
| Other interests and similar income | 113 144 |
|
| Other interest and similar expenses | –509 –385 |
|
| Finance cost | –396 –241 |
|
| Earnings before tax (EBT) | –2,230 4,391 |
|
| Income taxes | – – |
|
| Net profit | – – |
*As of 2016, loan loss provisions are disclosed as a separate item. For this reason, the previous year´s disclosure was adjusted.
| FERI | DOMCURA | Holding | Consolidation | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | |
| 2016 | 2015* | 2016 | 2015* | 2016 | 2015* | 2016 | 2015 | 2016 | |
| 91,285 | 89,879 | 55,673 | 6,725 | – | – | –3,208 | –2,708 | 404,458 | |
| 3,196 | 3,623 | 1,826 | 155 | 10,951 | 8,180 | –8,997 | –8,497 | 14,200 | |
| 94,481 | 93,502 | 57,499 | 6,880 | 10,951 | 8,180 | –12,205 | –11,205 | 418,658 | |
| –52,968 | –52,740 | –36,316 | –4,323 | – | – | 2,808 | 2,287 | –201,623 | |
| – | – | – | – | – | – | 8 | 2 | –1,172 | |
| –734 | –22 | 4 | 8 | – | –137 | – | – | –1,867 | |
| –21,673 | –21,291 | –9,811 | –1,967 | –2,250 | –2,408 | – | – | –89,824 | |
| –1,265 | –1,307 | –967 | –272 | –1,433 | –2,626 | – | – | –10,924 | |
| –8,283 | –9,290 | –5,541 | –1,265 | –8,237 | –8,103 | 9,305 | 8,845 | –103,200 | |
| – | – | – | – | – | – | – | – | 1,488 | |
| 9,557 | 8,852 | 4,867 | –940 | –969 | –5,094 | –85 | –71 | 11,537 | |
| 350 | 22 | 30 | 5 | 171 | 254 | –33 | –29 | 631 | |
| –120 | –128 | –4 | 0 | –604 | –2,373 | 97 | 146 | –1,140 | |
| 230 | –105 | 26 | 5 | –433 | –2,119 | 64 | 117 | –509 | |
| 9,787 | 8,747 | 4,893 | –935 | –1,402 | –7,212 | –20 | 46 | 11,028 | |
| – | – | – | – | – | – | – | – | –1,477 | |
| – | – | – | – | – | – | – | – | 9,552 |
November 22, 2o16 Company presentation at German Equity Forum in Frankfurt.
February 23, 2o17 Publication of the results for the financial year 2o16 – Annual analyst conference and press conference in Frankfurt.
March 23, 2o17 Publication of the annual report for the financial year 2o16.
May 11, 2o17 Publication of the financial results for the first quarter 2o17.
June 29, 2o17 Annual General Meeting (AGM) of MLP AG in Wielsoch MLP AG holds its AGM at the Palatin Congress Center in Wiesloch.
August 10, 2o17 Publication of the financial results for the half-year and the second quarter 2o17.
MLP AG Alte Heerstraße 40 69168 Wiesloch Tel +49 (0) 6222 • 308 • 8320 Fax +49 (0) 6222 • 308 • 1131 www.mlp-ag.com
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