Quarterly Report • Nov 14, 2017
Quarterly Report
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Quarterly Group Statement for the fi rst nine months of 2017
| All figures in € million | 3rd quarter 2017 |
3rd quarter 2016 |
9 months 2017 |
9 months 2016 |
Change in % |
|---|---|---|---|---|---|
| MLP Group | |||||
| Total revenue | 140.1 | 135.0 | 440.7 | 418.7 | 5.3% |
| Revenue | 134.7 | 128.8 | 426.3 | 404.5 | 5.4% |
| Other revenue | 5.4 | 6.2 | 14.4 | 14.2 | 1.4% |
| Earnings before interest and tax (EBIT) (before one-off exceptional costs – operating EBIT) |
5.6 | 6.6 | 21.5 | 16.1 | 33.5% |
| Earnings before interest and tax (EBIT) | 0.1 | 3.8 | 14.6 | 11.5 | 27.0% |
| EBIT margin (%) | 0.0% | 2.8% | 3.3% | 2.7% | – |
| Net profit | 0.6 | 4.0 | 11.1 | 9.6 | 15.6% |
| Earnings per share (diluted/undiluted) in € | 0.01 | 0.04 | 0.10 | 0.09 | 11.1% |
| Cashflow from operating activities | 43.8 | 19.5 | 51.2 | 83.9 | –39.0% |
| Capital expenditure | 2.4 | 2.1 | 5.2 | 5.9 | –11.9 |
| Shareholders' equity | – | – | 386.5 | 383.61 | 0.8% |
| Equity ratio (%) | – | – | 18.8% | 19.7%1 | – |
| Balance sheet total | – | – | 2,056.0 | 1,944.11 | 5.8% |
| Private clients (Family) | – | – | 526,500 | 517,4001 | 1.8% |
| Corporate and institutional clients | – | – | 19,600 | 19,2001 | 2.1% |
| Consultants | – | – | 1,883 | 1,9401 | –2.9% |
| Branch offices | – | – | 146 | 1461 | 0.0% |
| Employees | – | – | 1,678 | 1,745 | –3.8% |
| Arranged new business | |||||
| Old-age provisions (premium sum) | 733.9 | 769.4 | 1,970.4 | 2,075.6 | –5.1% |
| Loans mortgages | 354.5 | 415.9 | 1,321.4 | 1,300.7 | 1.6% |
| Assets under management in € billion | – | – | 32.7 | 31.51 | 3.8% |
1 As of December 31, 2016.
This quarterly Group statement presents the key events and business transactions of the first nine months of 2017 and updates the forecast-based information of the last joint management report. The Annual Report is available on our website at www.mlp-se.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 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 all 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. In advising and supporting our clients, we examine the offers of all relevant product providers in the market. Our product ratings are based on scientifically substantiated market and product analyses.
Manfred Lautenschläger and Eicke Marschollek founded MLP in 1971. Around 1,900 self-employed client consultants and just under 1,700 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 described in the MLP Group's 2016 Annual Report. The national economic climate, the industry situation and the competitive environment have also not changed significantly in comparison with the 2016 Annual Report.
As per the resolution of the Annual General Meeting from June 29, 2017, MLP AG was converted to a Societas Europaea (SE) with effect from September 21, 2017. The change of the stock market listing was performed on September 22, 2017. The rights of the shareholders, the company's membership in the SDAX index and the stock exchange code remain unaffected by this.
Schwarzer Familienholding GmbH was already merged with MLP SE in the first half of the year with retroactive effect from January 1, 2017. Since this time, DOMCURA AG and nordias GmbH insurance brokers are 100% subsidiaries of MLP SE alongside MLP Finanzdienstleistungen AG and FERI AG.
There were no changes to the IFRS scope of consolidation in the reporting period. Within the scope of further optimising the Group structure, the supervisory scope of consolidation was already tightened in the first half of the year. Since this time, DOMCURA AG and ZSH GmbH are classified as so-called "other companies". As a result of this, regulatory equity capital increased to around € 240 million as of September 30, 2017. In a further step, MLP Finanzdienstleistungen AG is expected to be split into the two companies MLP Banking AG and MLP Finanzberatung SE at the end of November 2017. The prerequisites for establishing the respective branches of activity from a tax perspective were put in place on September 30, 2017. In future, all regulated bank activities will be handled by MLP Banking AG, while the brokerage business will be managed by MLP Finanzberatung SE.
The MLP Group recorded positive development in the first nine months of the financial year. In the first nine months and the third quarter total revenue and commission income were above the figures for the same period of the previous year. The positive trend recorded by both the wealth management and the real estate brokerage area in the first half of the year, which is disclosed under other commission and fees, also continued in the first nine months with significant growth.
As of September 30, 2017 the old-age provision area was still below the previous year. In this consulting field, MLP continues to be impacted by the significant reservations of many consumers throughout the market when it comes to signing long-term contracts. In the health insurance, we were able to increase revenue above the previous year's figure in the third quarter. Looking at the first nine months we are back on the track of stable development.
Although the first nine months of the year have become more significant in the last few years as a result of MLP's strategic further development, the seasonality of our business means that the fourth quarter continues to deliver significant profit contributions.
The activities to gain new clients continued to develop positively in the first nine months of the year. By the end of September, MLP was able to acquire 15,300 new family clients, which represents an increase of 7.0% over the same period in the previous year. Around 15% of these new clients were acquired online.
As of September 30, 2017, the MLP Group served a total of 526,500 family clients (December 31, 2016: 519,800) and 19,600 corporate and institutional clients (December 31, 2016: 19,200).
In the time period from January to September, the total revenue of the MLP Group increased to € 440.7 million (€ 418.7 million). This increase was bolstered by growth in commission income to € 412.0 million (€ 388.9 million). As a result of the ongoing low interest rate environment, at € 14.3 million (€ 15.5 million) revenue from the interest rate business was below the previous year. Following € 14.2 million in the previous year, other revenue reached € 14.4 million.
Looking at the individual consulting segments, significant growth was again generated in the wealth management area, with a rise in revenue by 13.8% to € 139.8 million (€ 122.9 million). MLP is benefiting from an increase in new business both at its subsidiary FERI and its own private client business. Assets under management rose to € 32.7 billion as of September 30, 2017 (December 31, 2016: € 31.5 billion).
At € 1,970.4 million after nine months, the brokered premium sum in the old-age provision is still slightly below the previous year (€ 2,075.6 million). With € 122.0 (€ 127.2 million) million revenue is still slightly below the previous year's fi gure.
With an increase of 6.1 %, the non-life insurance segment also displayed positive development in the nine-month period. Following € 85.6 million in the previous year, revenue reached € 90.8 million at the end of September. Having recorded good development in the third quarter, in which revenue rose 6.5 % over the previous year, revenue from the health insurance segment in the fi rst nine months remained at the previous year's level at € 34.2 million (€ 34.0 million).
Revenue from the brokerage of real estate objects, which is refl ected in other commission and fees, recorded a signifi cant gain. It increased by 59.1 % to € 14.0 million after nine months (€ 8.8 million). Revenue from the loans and mortgages business also displayed positive development, increasing from € 10.4 million to € 11.2 million. Business development at MLP Hyp, which is not included in revenue from the loans and mortgages business, was also very encouraging. MLP holds a 49.8 % stake in this company, which is operated as a joint venture together with mortgage broker Interhyp. At € 1.8 million (€ 1.5 million), the share of company earnings that are attributable to MLP are signifi cantly higher as of September 30, 2017 than the previous year.
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.
Commission expenses increased to € 218.4 million (€ 201.6 million). This was largely due to the increase in commission income. At € 0.9 million (€ 1.2 million), interest expenses were below the previous year's level. The total cost of sales thereby increased to € 219.3 million (€ 202.8 million). The loan loss provisions amounted to € 1.0 million in the first nine months (€ 1.9 million). The previous year's higher figure can largely be attributed to greater amortisation in the FERI segment in the first quarter of 2016.
Administrative expenses (defined as the total of personnel expenses, depreciation/amortisation and impairment, as well as other operating expenses) remained virtually stable at € 207.6 million (€ 203.9 million). Personnel expenses in the Group were € 88.9 million (€ 89.8 million). Depreciation/amortisation and impairment was € 11.4 million (€ 10.9 million). Other operating expenses increased to € 107.3 million (€ 103.2 million). This item includes costs relating to the implementation of the Markets in Financial Instruments Directive (MiFID II) and the Insurance Distribution Directive (IDD). Following the further clarification of the requirements over the course of the year, these costs are higher after nine months than anticipated at the start of the year.
As announced at the beginning of the year, one-off expenses of approximately € 9 million will be incurred during the financial year 2017 for the further optimisation of the Group structure. MLP recorded € 6.9 million (€ 4.6 million) of these expenses in the first nine months, € 5.5 million (€ 2.8 million) of this is attributable to the third quarter. Administration costs for the first nine months are therefore € 200.7 million (€ 199.3 million).
Operating earnings before interest, taxes and one-off special expenses (operating EBIT) earnings before interest and tax) increased by 33.5% to € 21.5 million (€ 16.1 million) during the first nine months. Including the one-off expenses of € 6.9 million, EBIT amounted to € 14.6 million (€ 11.5 million). The higher commission income played a key part in this positive development.
The finance cost in the reporting period was € –0.7 million (€ –0.5 million). Earnings before tax (EBT) were thereby € 13.9 million, following € 11.0 million in the previous year. The tax rate was 20.3%. Net profit amounted to € 11.1 million (€ 9.6 million). The diluted and basic earnings per share were € 0.10 (€ 0.09).
| All figures in € million | 9M 2017 | 9M 2016 | Change in % |
|---|---|---|---|
| Total revenue | 440.7 | 418.7 | 5.3% |
| Gross profit* | 221.4 | 215.9 | 2.5% |
| Gross profit margin (%) | 50.2% | 51.6% | – |
| Operating EBIT | 21.5 | 16.1 | 33.5% |
| Operating EBIT margin (%) | 4.9% | 3.8% | – |
| EBIT | 14.6 | 11.5 | 27.0% |
| EBIT margin (%) | 3.3% | 2.7% | – |
| Finance cost | –0.7 | –0.5 | –40.0% |
| EBT | 13.9 | 11.0 | 26.4% |
| EBT margin (%) | 3.2% | 2.6% | – |
| Income taxes | –2.8 | –1.5 | 86.7% |
| Net profit | 11.1 | 9.6 | 15.6% |
| Net margin (%) | 2.5% | 2.3% | – |
Structure and changes in earnings in the Group
* Definition: Gross profit is the result of total revenue less commission expenses and interest expenses.
You can find detailed information on the objectives of the financial management in the MLP Group 2016 Annual Report under "Financial position"/"Objectives 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, 2017, liabilities due to clients and financial institutions in the banking business which amounted to € 1,455.6 million (December 31, 2016: € 1,308.8 million) were offset on the assets side of the balance sheet by receivables from clients and financial institutions in the banking business of € 1,332.8 million (December 31, 2016: € 1,217.5 million).
We did not perform any increase in capital stock in the reporting period.
Cash flow from operating activities declined to € 51.2 from € 83.9 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 € –36.3 million to € –15.5 million. More time deposits matured in the reporting period than in the same period of the previous year.
As of the end of Q3, 2017, the MLP Group has access to cash holdings of around € 309 million. A good level of liquid funds therefore remains available. 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 € 5.2 million (€ 5.9 million) in the first nine months of 2017. The vast majority of investments were made in the financial services segment focusing in particular on investments in software and IT.
As of September 30, 2017, the balance sheet total of the MLP Group was € 2,056.0 million (December 31, 2016: € 1,944.1 million). Receivables from clients in the banking business increased to € 691.0 million (December 31, 2016: € 626.5 million). This can essentially be attributed to the increase in promotional loans directly passed on to our clients and own-resource loans, as well as a higher investment volume in promissory note bonds. Receivables from banks in the banking business also increased to € 641.8 million as a result of higher investments in fixed-term deposits, as well as higher promissory note bonds (December 31, 2016: € 591.0 million). A lower volume of daily deposits due on demand had the opposite effect. Financial assets rose to € 173.5 million (December 31, 2016: € 162.3 million) and are essentially the result of redeployment of other forms of investment. Other receivables and assets declined to € 91.0 million (December 31, 2016: € 122.8 million). This item essentially contains commission receivables from insurers resulting from the brokerage of insurance products. 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. Cash and cash equivalents increased to € 211.7 million (December 31, 2016: € 184.8 million). This increase can be attributed to a greater investment volume at the German Bundesbank.
As of the reporting date of September 30, 2017, the shareholders' equity of the MLP Group was € 386.5 million (December 31, 2016: € 383.6 million). The balance sheet equity ratio was 18.8% (December 31, 2016: 19.7%). The drop can essentially be attributed to the pronounced increase in client deposits and the higher balance sheet total resulting from this. The equity ratio rose to 16.1% as a result of the increase in attributable equity capital. This is due to the adjustment of the supervisory scope of consolidation that was performed in the course of further optimising the Group structure.
Provisions decreased to € 83.8 million (December 31, 2016: € 91.2 million). This decrease is essentially due to lower allocations to provisions for bonus schemes. Liabilities due to clients in the banking business increased to € 1,399.4 million (December 31, 2016: € 1,271.1 million) and reflect a further increase in client deposits. Liabilities due to banks in the banking business rose to € 56.2 million (December 31, 2016: € 37.7 million). This can mainly be attributed to a higher volume of promotional loans being passed on to our clients. Other liabilities fell to € 117.4 million (December 31, 2016: € 146.9 million). Among other things, this reflects the lower liabilities from the underwriting business at DOMCURA, as well as lower commission claims of our consultants. 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 normalise 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 2016 Annual Report of the MLP Group at www.mlp-annual-report.com "Economic report"/"Segment report".
At € 278.5 million, total revenue in the financial services segment is slightly above the previous year's level (€ 267.9 million). Revenue rose to € 268.1 million (€ 260.7 million). Other revenue amounted to € 10.4 million (€ 7.2 million). This includes around € 1.3 million in revenue from the transfer of costs to MLP AG within the scope of further optimising the Group structure.
Commission expenses rose to € 122.7 million (€ 115.1 million), largely due to the higher commission income, as well as greater expenses for participation programmes. Interest expenses amounted to € 0.9 million (€ 1.2 million). The cost of sales was therefore € 123.6 million (€ 116.3 million).
Following € 1.1 million in the previous year, loan loss provisions amounted to € 1.0 million. Personnel expenses declined to € 55.0 million (€ 56.1 million). Depreciation/amortisation and impairments increased to € 8.3 million (€ 7.3 million), largely due to capitalisation and writedowns in the field of IT. At € 94.8 million, other operating expenses were above the previous year's level (€ 90.4 million). This item includes around € 5.6 million in one-off expenses for further optimising the Group structure. EBIT declined to € –2.3 million (€ –1.8 million) as a result of this. This figure includes total one-off expenses of around € 4.7 million (€ 3.8 million), which were accrued within the scope of further optimising the Group structure. At € –0.5 million, the finance cost remained virtually unchanged (€ –0.4 million). EBT was € –2.8 million (€ –2.2 million).
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 increased significantly by 12.1 % to € 105.9 million (€ 94.5 million) in the first nine months, with sales revenue rising from € 91.3 million to € 102.9 million. This increase can above all be attributed to higher performance-based remuneration for the positive performance of client portfolios (performance fees). As a result of higher revenue, commission expenses increased to € 60.6 million (€ 53.0 million). The loan loss provision decreased to € 0.0 million (€ 0.7 million). The previous year's higher figure was due to a writedown on receivables in the first quarter of 2016.
At € 21.6 million (€ 21.7 million), personnel expenses remained at the previous year's level. Depreciation/amortisation and impairment was € 0.9 million (€ 1.3 million). Other operating expenses declined to € 7.8 million (€ 8.3 million). EBIT increased to € 15.0 million (€ 9.6 million) as a result of the significant improvement in revenue. With a finance cost of € 0.0 million (€ 0.2 million), EBT was € 15.0 million (€ 9.8 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 revenue and comparably high earnings in the first quarter of each year This is then typically followed by a loss from Q2 to Q4.
Revenue rose to € 59.1 million (€ 55.7 million) in the first nine months. This primarily reflects the premium volumes received. Other revenue increased € 3.3 million (€ 1.8 million). This was due to a final statement of accounts of expiring contracts with insurers that was already performed in the second quarter. As a result total revenue rose to € 62.3 million (€ 57.5 million). Commission expenses increased to € 38.8 million as a result of higher revenue (€ 36.3 million). These are essentially accrued as variable remuneration for brokerage services.
At € 16.1 million (€ 16.3 million), administration expenses remained at the same level as the previous year. Thereof personnel expenses accounted for € 10.0 million (€ 9.8 million). At € 0.9 million (€ 1.0 million), depreciation/amortisation and impairment remained at a stable level. Other operating expenses were € 5.2 million (€ 5.5 million). EBIT rose to € 7.5 million (€ 4.9 million). With an unchanged finance cost of € 0.0 million (€ 0.0 million), EBT was € 7.5 million (€ 4.9 million).
The Holding segment does not have active operations. Total revenue in the Holding segment declined to € 7.1 million in the first nine months (€ 11.0 million). The previous year's higher figure was essentially due to a settlement payment received in connection with a lawsuit.
Personnel expenses remained unchanged at € 2.3 million (€ 2.3 million). Depreciation/amortisation and impairment was € 1.3 million (€ 1.4 million). Other operating expenses rose to € 8.9 million (€ 8.3 million). This increase can be attributed to one-off expenses for further optimising the Group structure.
EBIT declined to € –5.4 million (€ –1.0 million), largely due to the higher other revenue in the previous year, as well as one-off expenses totalling € 2.2 million in the current year. The finance cost was € –0.3 million (€ –0.4 million). EBT therefore reached € –5.7 million (€ –1.4 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, recruiting new consultants and further training.
The number of employees declined to 1,678 (1,745) in the reporting period. The decline can essentially be attributed to a lower number of temporary staff, the effects of the efficiency programme and non-renewal of limited-term contracts that expired.
| Segment | September 30, 2017 |
September 30, 2016 |
|---|---|---|
| Financial services | 1,195 | 1,265 |
| FERI | 227 | 206 |
| DOMCURA | 250 | 268 |
| Holding | 6 | 6 |
| Total | 1,678 | 1,745 |
At 1,883, the number of freelance client consultants displayed a slight downward trend at the end of the first nine months (December 31, 2016: 1,940).
Development in the first nine months of the financial year was in line with expectations. You can find details on our forecast in the "Forecast" section and under "Events after the balance sheet date" of the MLP Group Annual Report at www.mlp-annual-report.com
Taking into account anticipated one-off expenses of € 9 million for optimising the corporate structure of the Group, MLP expects to record an EBIT of at least € 36 million and an operating EBIT of at least € 45 million. The Executive Board intends to base its dividend proposal for the financial year 2017 on the operating net profit (before one-off expenses) and will maintain a distribution rate of 50 to 70 percent. MLP can now confirm this forecast after the first nine months.
We already reported in the second quarter on adjustments to our qualitative revenue development forecasts by consulting field. Accordingly, we are now anticipating slightly increasing revenue in the wealth management segment. In the health insurance segment, we expect to record stable sales revenue for the financial year. Our revenue forecasts in the old-age provision and non-life insurance segments remain unchanged. Here we are still anticipating a stable development and a slight increase respectively.
| 3rd quarter | 3rd quarter | 9 months | 9 months | |
|---|---|---|---|---|
| All figures in €'000 | 2017 | 2016 | 2017 | 2016 |
| Revenue | 134,745 | 128,801 | 426,340 | 404,458 |
| Other Revenue | 5,399 | 6,209 | 14,369 | 14,200 |
| Total revenue | 140,144 | 135,010 | 440,709 | 418,658 |
| Commission expenses | –68,536 | –64,607 | –218,382 | –201,623 |
| Interest expenses | 444 | –246 | –895 | –1,172 |
| Loan loss provisions | –571 | –217 | –1,016 | –1,867 |
| Personnel expenses | –28,599 | –29,193 | –88,876 | –89,824 |
| Depreciation and impairments | –3,764 | –4,624 | –11,354 | –10,924 |
| Other operating expenses | –39,644 | –33,008 | –107,312 | –103,200 |
| Earnings from investments accounted for using the equity method | 638 | 685 | 1,768 | 1,488 |
| Earnings before interest and tax (EBIT) | 111 | 3,800 | 14,642 | 11,537 |
| Other interest and similar income | 29 | 113 | 159 | 631 |
| Other interest and similar expenses | –168 | –192 | –880 | –1,140 |
| Finance cost | –139 | –79 | –721 | –509 |
| Earnings before tax (EBT) | –28 | 3,721 | 13,921 | 11,028 |
| Income taxes | 590 | 237 | –2,820 | –1,477 |
| Net profit | 562 | 3,957 | 11,101 | 9,552 |
| Of which attributable to | ||||
| owners of the parent company | 562 | 3,957 | 11,101 | 9,552 |
| Earnings per share in €* | ||||
| basic/diluted | 0.01 | 0.04 | 0.10 | 0.09 |
*Basis of calculation: average number of ordinary shares outstanding at September 30, 2017: 109,334,686.
| 3rd quarter | 3rd quarter | 9 months | 9 months | |
|---|---|---|---|---|
| All figures in €'000 | 2017 | 2016 | 2017 | 2016 |
| Net profit | 562 | 3,957 | 11,101 | 9,552 |
| Gains/losses due to the revaluation of defined benefit obligations | –1,216 | –3,330 | 1,377 | –11,647 |
| Deferred taxes on non-reclassifiable gains/losses | 357 | 972 | –404 | 3,400 |
| Non reclassifiable gains/losses | –859 | –2,358 | 973 | –8,247 |
| Gains/losses from changes in the fair value of | ||||
| available-for-sale securities | –1,529 | 299 | –696 | –15 |
| Deferred taxes on non-reclassifiable gains/losses | 460 | –85 | 283 | –40 |
| Reclassifiable gains/losses | –1,069 | 215 | –414 | –55 |
| Other comprehensive income | –1,929 | –2,144 | 559 | –8,302 |
| Total comprehensive income | –1,366 | 1,814 | 11,660 | 1,250 |
| Of which attributable to | ||||
| owners of the parent company | –1,366 | 1,814 | 11,660 | 1,250 |
| September 30, | December 31, | |
|---|---|---|
| All figures in €'000 | 2017 | 2016 |
| Intangible assets | 163,617 | 168,419 |
| Property, plant and equipment | 61,906 | 63,365 |
| Investments accounted for using the equity method | 3,413 | 3,751 |
| Deferred tax assets | 8,372 | 9,063 |
| Receivables from clients in the banking business | 690,980 | 626,479 |
| Receivables from banks in the banking business | 641,790 | 590,972 |
| Financial assets | 173,528 | 162,286 |
| Tax refund claims | 9,617 | 12,115 |
| Other receivables and assets | 91,049 | 122,776 |
| Cash and cash equivalents | 211,706 | 184,829 |
| Total | 2,055,978 | 1,944,055 |
| All figures in €'000 | September 30, 2017 |
December 31, 2016 |
|---|---|---|
| Shareholders' equity | 386,498 | 383,585 |
| Provisions | 83,804 | 91,225 |
| Deferred tax liabilities | 9,453 | 9,898 |
| Liabilities due to clients in the banking business | 1,399,359 | 1,271,070 |
| Liabilities due to banks in the banking business | 56,249 | 37,720 |
| Tax liabilities | 3,198 | 3,646 |
| Other liabilities | 117,417 | 146,911 |
| Total | 2,055,978 | 1,944,055 |
| All figures in €'000 | 9 months 2017 |
9 months 2016 |
|---|---|---|
| Cash and cash equivalents at the beginning of the period | 184,829 | 94,540 |
| Cashflow from operating activities | 51,163 | 83,893 |
| Cashflow from investing activities | –15,539 | –36,278 |
| Cashflow from financing activities | –8,747 | –13,120 |
| Change in cash and cash equivalents | 26,877 | 34,495 |
| Cash and cash equivalents at the end of the period | 211,706 | 129,035 |
| All figures in €'000 | 3rd quarter 2017 |
3rd quarter 2016 |
|---|---|---|
| Cash and cash equivalents at the beginning of the period | 158,375 | 125,799 |
| Cashflow from operating activities | 43,772 | 19,518 |
| Cashflow from investing activities | 18,306 | –16,282 |
| Cashflow from financing activities | –8,747 | – |
| Change in cash and cash equivalents | 53,331 | 3,236 |
| Cash and cash equivalents at the end of the period | 211,706 | 129,035 |
| 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 |
|---|---|---|---|---|---|
| 385,753 | |||||
| 9,552 | |||||
| – | – | –55 | –8,247 | – | –8,302 |
| – | – | –55 | –8,287 | 9,552 | 1,250 |
| – | – | – | – | –13,120 | –13,120 |
| 109,335 | 146,727 | 1,158 | –17,215 | 133,881 | 373,883 |
| 109,335 | 146,727 | 1,252 | –12,752 | 139,024 | 383,585 |
| – | – | – | – | 11,101 | 11,101 |
| – | – | –414 | 973 | – | 559 |
| – | – | –414 | 973 | 11,101 | 11,660 |
| – | – | – | – | –8,747 | –8,747 |
| 109,335 | 146,727 | 839 | –11,779 | 141,378 | 386,498 |
| 109,335 – |
146,727 – |
1,212 – |
–8,968 – |
137,448 9,552 |
*Reclassifiable gains/losses.
| Financial services | |||
|---|---|---|---|
| All figures in €'000 | 3rd quarter 2017 |
3rd quarter 2016 |
|
| Revenue | 88,032 | 85,017 | |
| Other revenue | 5,477 | 1,627 | |
| Total revenue | 93,509 | 86,644 | |
| Commission expenses | –41,043 | –38,873 | |
| Interest expenses | 444 | –246 | |
| Loan loss provisions | –571 | –217 | |
| Personnel expenses | –17,721 | –17,316 | |
| Depreciation and impairments | –2,787 | –3,437 | |
| Other operating expenses | –35,641 | –29,120 | |
| Earnings from investments accounted for using the equity method | 638 | 685 | |
| Segment earnings before interest and tax (EBIT) | –3,173 | –1,880 | |
| Other interests and similar income | 28 | 14 | |
| Other interest and similar expenses | –111 | –80 | |
| Finance cost | –83 | –65 | |
| Earnings before tax (EBT) | –3,256 | –1,945 | |
| Income taxes | – | – | |
| Net profit | – | – |
| Total | Consolidation | Holding | DOMCURA | FERI | |||||
|---|---|---|---|---|---|---|---|---|---|
| 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter | 3rd quarter |
| 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 |
| 128,801 | 134,745 | –934 | –1,217 | – | – | 12,110 | 12,911 | 32,608 | 35,019 |
| 6,209 | 5,399 | –3,385 | –3,771 | 5,938 | 2,108 | 1,011 | 739 | 1,017 | 846 |
| 135,010 | 140,144 | –4,319 | –4,988 | 5,938 | 2,108 | 13,122 | 13,651 | 33,625 | 35,865 |
| –64,607 | –68,536 | 870 | 1,219 | – | – | –8,116 | –8,555 | –18,488 | – 20,157 |
| –246 | 444 | 1 | – | – | – | – | – | – | – |
| –571 | – | – | – | – | 19 | – | –19 | – | |
| –29,193 | –28,599 | – | – | –688 | –553 | –3,287 | –3,085 | –7,902 | –7,239 |
| –4,624 | –3,764 | – | – | –472 | –397 | –319 | –296 | –396 | –284 |
| –33,008 | –39,644 | 3,429 | 3,754 | –2,797 | –3,374 | –2,151 | –2,101 | –2,369 | –2,282 |
| 638 | – | – | – | – | – | – | – | – | |
| 111 | –19 | –16 | 1,981 | –2,216 | –732 | –387 | 4,450 | 5,903 | |
| 29 | –1 | – | –3 | –7 | 4 | 7 | 99 | 1 | |
| –168 | 22 | 26 | –104 | –97 | –1 | –3 | –29 | 18 | |
| –139 | 21 | 26 | –108 | –104 | 3 | 4 | 70 | 19 | |
| –28 | 1 | 10 | 1,873 | –2,321 | –729 | –383 | 4,520 | 5,922 | |
| 590 | – | – | – | – | – | – | – | – | |
| 562 | – | – | – | – | – | – | – | – | |
| Financial services | |||
|---|---|---|---|
| 9 months | 9 months | ||
| All figures in €'000 | 2017 | 2016 | |
| Revenue | 268,135 | 260,708 | |
| Other revenue | 10,387 | 7,225 | |
| Total revenue | 278,522 | 267,933 | |
| Commission expenses | –122,655 | –115,147 | |
| Interest expenses | –895 | –1,179 | |
| Loan loss provisions | –1,006 | –1,136 | |
| Personnel expenses | –54,956 | –56,089 | |
| Depreciation and impairments | –8,327 | –7,259 | |
| Other operating expenses | –94,796 | –90,444 | |
| Earnings from investments accounted for using the equity method | 1,768 | 1,488 | |
| Segment earnings before interest and tax (EBIT) | –2,345 | –1,834 | |
| Other interests and similar income | 100 | 113 | |
| Other interest and similar expenses | –604 | –509 | |
| Finance cost | –504 | –396 | |
| Earnings before tax (EBT) | –2,849 | –2,230 | |
| Income taxes | – | – | |
| Net profit | – | – |
| Total | Consolidation | Holding | DOMCURA | FERI | |||||
|---|---|---|---|---|---|---|---|---|---|
| 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months | 9 months |
| 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 |
| 404,458 | 426,340 | –3,208 | –3,699 | – | – | 55,673 | 59,053 | 91,285 | 102,850 |
| 14,200 | 14,369 | –8,997 | –9,436 | 10,951 | 7,076 | 1,826 | 3,291 | 3,196 | 3,051 |
| 418,658 | 440,709 | –12,205 | –13,135 | 10,951 | 7,076 | 57,499 | 62,344 | 94,481 | 105,901 |
| –201,623 | –218,382 | 2,808 | 3,661 | – | – | –36,316 | –38,769 | –52,968 | –60,618 |
| –1,172 | –895 | 8 | – | – | – | – | – | – | – |
| –1,867 | –1,016 | – | – | – | – | 4 | –10 | –734 | – |
| –89,824 | –88,876 | – | – | –2,250 | –2,329 | –9,811 | –9,969 | –21,673 | –21,622 |
| –10,924 | –11,354 | – | – | –1,433 | –1,267 | –967 | –888 | –1,265 | –872 |
| –103,200 | –107,312 | 9,305 | 9,418 | –8,237 | –8,899 | –5,541 | –5,231 | –8,283 | –7,803 |
| 1,768 | – | – | – | – | – | – | – | – | |
| 11,537 | 14,642 | –85 | –56 | –969 | –5,419 | 4,867 | 7,477 | 9,557 | 14,985 |
| 159 | –33 | –24 | 171 | 46 | 30 | 23 | 350 | 13 | |
| –1,140 | –880 | 97 | 91 | –604 | –296 | –4 | –36 | –120 | –35 |
| –721 | 64 | 67 | –433 | –250 | 26 | –13 | 230 | –22 | |
| 13,921 | –20 | 11 | –1,402 | –5,669 | 4,893 | 7,465 | 9,787 | 14,963 | |
| 11,028 –1,477 |
–2,820 | – | – | – | – | – | – | – | – |
| 11,101 | – | – | – | – | – | – | – | – | |
| 9,552 |
November 28, 2017 Company presentation at German Equity Forum in Frankfurt.
February 28, 2018 Publication of the results for the financial year 2o17 – Annual analyst conference and press conference.
March 28, 2018 Publication of the annual report for the financial year 2o17.
May 15, 2018 Publication of the financial results for the first quarter 2o18.
June 14, 2018 Annual General Meeting (AGM) of MLP SE in Wiesloch. MLP SE holds its AGM at the Palatin Congress Center in Wiesloch.
August 9, 2018 Publication of the financial results for the half-year and the second quarter 2o18.
November 14, 2018 Publication of the financial results for the first nine months and the third quarter 2o18.
MLP SE Alte Heerstraße 40 69168 Wiesloch Tel +49 (0) 6222 • 308 • 8320 Fax +49 (0) 6222 • 308 • 1131 www.mlp-se.com
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