Segment report
The MLP Group structures its business into the following operative segments:
- Financial services
- Feri
- Holding
A detailed description of the individual segments is contained in the Annual Report 2008.
Financial services segment
Total revenues in the financial services segment fell significantly, declining by 19.1% to € 117.0 million (€ 144.6 million). It should however be noted that the first quarter of 2008 included the increase in the subsidised premiums for the Riester pension (the so-called “Riester step”). The total costs also decreased in this segment but we were only able to achieve earnings before interest and taxes (EBIT) of € 9.0 million (€ 26.3 million). The rise in personnel expenses was acquisition-related as well as being attributable to general salary increases and new hires. The other operating expenses increased mainly due to higher IT costs. Together with the financial result amounting to € –0.4 million (€ –0.6 million) we achieved pre-tax profit (EBT) of € 8.6 million (€ 25.7 million).
Total revenues and EBIT Financial services segment (in € million)
Feri segment
Total revenues in the Feri segment amounted to € 8.8 million (€ 10.7 million). In view of the ongoing financial and economic crisis investors continued to exercise restraint with respect to the investment of new monies. The international capital markets also declined in the period under review, leading to a fall in managed assets and thereby also to reduced recurring fees. The decrease in total costs by 7.5% to € 9.8 million was unable to compensate for the decline in total revenues. We consequently achieved earnings before interest and taxes (EBIT) of € –1.0 million (€ 0.2 million). Pre-tax profit (EBT) amounted to € –1.0 million (€ 0.4 million).
Total revenues and EBIT Feri (in € million)
Holding segment
Total revenues in the Holding segment fell from € 4.1 million to € 3.2 million. The total revenues figure in the previous year included a subsequent profit component from the sale of MLP Lebensversicherung AG in 2005 amounting to € 0.3 million. The other operating expenses in this segment rose from €3.4 million to € 6.1 million primarily due to one-off consulting services. This led to a decline in earnings before interest and tax (EBIT) from € –1.3 million to € –4.6 million. The financial result fell from € 2.4 million to € 2.0 million. Thus, pre-tax profit (EBT) amounted to € –2.6 million (€ 1.2 million).