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 by 15.9% from € 254.6 million to € 214.0 million. It should be noted however that the first quarter of 2008 included the increase in the subsidized premiums for the Riester pension (the so-called “Riester step”). The total costs in the segment also decreased, falling by 9.8% to € 199.8 million. We were thus able to achieve earnings before interest and taxes of (EBIT) of € 14.4 million (€ 33.3 million). The rise in personnel expenses was mainly due to the acquisition of the independent financial broker ZSH as well as to general salary increases. The figure also includes €0.4 million of one-off restructuring expenses. On the other hand, we were able to significantly reduce the scheduled depreciation and amortisation as well as the other operating expenses by 18.2% and 5.9% respectively. Together with the financial result amounting to € –1.6 million (€ –0.7 million) we achieved earnings before taxes (EBT) in the period under review of € 12.8 million (€ 32.7 million).
The business development in the financial services segment in the second quarter of 2009 did not significantly deviate from the development in the overall first half-year. In the second quarter we achieved total revenues of € 97.0 million (€ 110.0 million). Earnings before interest and taxes (EBIT) amounted to € 5.4 million (€7.1 million). Earnings before taxes (EBT) totaled € 4.2 million (€ 7.0 million), with the financial result coming in at € –1.2 million (€ –0.1 million).
Total revenues and EBIT Financial services segment (in € million)
Feri segment
Total revenues in the Feri segment amounted to € 17.7 million (€ 23.2 million). Here, the
development in the first quarter continued during the second quarter. In view of the financial
and economic crisis, investors continued to exercise restraint with respect to the investment
of new monies. During the course of the second quarter the international capital
markets rallied, leading to an increase in managed assets. However the rise was not suffi
cient to prevent a fall in recurring fees. We were able to reduce total expenses in the
segment by 4.0% to € 19.9 million. However, it should be noted that this includes a one-off
restructuring expense amounting to € 0.7 million. We consequently achieved earnings
before interest and taxes (EBIT) of
In the Feri segment we generated total revenues of € 8.9 million (12.5 million) in the second quarter. As the total expenses only reduced slightly from € 10.2 million to € 10.1 million, we achieved earnings before interest and taxes (EBIT) of € –1.2 million (€ 2.3 million). With an almost unchanged financial result of € –0.05 million (€ –0.03 million), earnings before taxes (EBT) came in at € –1.2 million (€ 2.3 million).
Total revenues and EBIT Feri segment (in € million)
Segment holding
Total revenues in the Holding segment fell from € 12.0 million to € 6.8 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 € 4.0 million. Although personnel expenses and scheduled depreciation and amortisation decreased significantly, the other operative costs rose from € 7.9 million to € 9.8 million, mainly due to one-off expenses for capital market-relevant consulting services amounting to € 3.4 million in consequence of Swiss Life‘s stake in MLP. This led to earnings before interest and taxes (EBIT) of € –6.3 million (€ –0.01 million). The financial result in the period under review improved significantly and totaled € 2.6 million (€ 1.8 million). Overall, earnings before taxes (EBT) amounted to € –3.7 million (€ 1.8 million).
In the second quarter total revenues fell from € 7.9 million to € 3.6 million. Here too,
the previous year included a subsequent profit component from the sale of MLP Lebensversicherung
AG in 2005 amounting to € 3.7 million. We significantly reduced total expenses
in the segment by € 1.3 million to € 5.3 million. This led to earnings before interest and
taxes (EBIT) of € –1.7 million (€ 1.2 million) and earnings before taxes (EBT) including
the financial result of € 0.6 million