(36) Discontinued operations/disposal groups
In order to restructure its foreign business operations, MLP has been looking for a buyer for MLP Finanzdienstleistungen AG, Vienna, Austria, since the fourth quarter of the financial year 2008. The expenses and income from this and earlier discontinued operations are illustrated below.
By valuing the assets of the discontinued operations at less than the carrying amount and fair value less costs of disposal, MLP achieved the following results:
| All figures in €’000 | 2008 | 2007 |
|---|---|---|
| MLP Finanzdienstleistungen AG, Vienna | – | – |
| MLP Private Finance plc., London | – | 3,277 |
| MLP Private Finance Correduria de Seguros S.A., Madrid | – | 173 |
| MLP Private Finance AG, Zurich | – | – |
The net assets break down as follows:
| All figures in €’000 | 2008 | 2007 |
|---|---|---|
| Intangible assets | 581 | – |
| Property, plant and equipment | 424 | 1 |
| Other receivables and other assets | 1,116 | 497 |
| Cash and cash equivalents | 399 | 965 |
| Deferred taxes | 31 | – |
| Provisions | –324 | – |
| Liabilities | –2,257 | –1,187 |
| Net assets | –29 | 276 |
The previous year’s figure shows the deconsolidated net assets of MLP Private Finance plc., London, UK, and MLP Private Finance Correduria de Seguros S.A., Madrid, Spain.
Income statement of discontinued operations
| All figures in €’000 | 2008 | 2007 |
|---|---|---|
| Revenues | 7,749 | 10,913 |
| Other revenues | 467 | 348 |
| Total revenues | 8,217 | 11,261 |
| Commission expenses | –4,200 | –4,644 |
| Personnel expenses | –5,453 | –5,390 |
| Depreciation and amortisation | –182 | –257 |
| Other operating expenses | –2,844 | –8,046 |
| Earnings before interest and taxes (EBIT) | –4,463 | –7,076 |
| Other interest and similar income | 17 | 122 |
| Other interest and similar expenses | –4 | –6 |
| Finance cost | 13 | 115 |
| Earnings before taxes (EBT) | –4,450 | –6,961 |
| Income taxes | –3 | 473 |
| Earnings from discontinued operations after taxes | –4,454 | –6,488 |
| Earnings from the sale of operations before taxes | –1,634 | –9,432 |
| Income taxes | –183 | 597 |
| Earnings from the sale of operations after taxes | –1,817 | –8,835 |
| Net earnings from discontinued operations after taxes | –6,271 | –15,322 |
The operating result in 2008 only includes the expenses and income of the foreign subsidiary in Austria.
The loss disclosed in the item “Earnings from the sale of operations before taxes” for 2008 includes subsequent expenses and income from the earlier discontinuation of operations, and expenses amounting to € 134 thsd which were previously accrued in connection with the process of selling MLP Finanzdienstleistungen AG, Vienna, Austria.
Earnings per share
The earnings per share of the discontinued operations is disclosed in note 42.