(3) Adjustments to the accounting policies
The accounting policies applied are the same as those used in the financial year 2008, with the following exceptions:
In view of further concentration on its core market Germany, in the fourth quarter of the financial year 2008 the management devised and began to actively implement a plan to sell MLP Finanzdienstleistungen AG, Vienna, Austria. Furthermore, in the second quarter 2009 the decision was made that the branch of MLP Finanzdienstleistungen AG in the Netherlands would be closed.
For this reason the revenues and expenses of MLP Finanzdienstleistungen AG, Vienna, Austria, and the MLP branch of MLP Finanzdienstleistungen AG in the Netherlands were reclassified to the earnings from discontinued operations. The previous year’s figures were adjusted accordingly. The reporting changes have no effect on net profit or earnings per share.
The table below illustrates the effects of the changes in the accounting policies on the previous year’s figures:
| All figures in €‘000 | 1st half year 2008 adjusted |
1st half year 2008 as reported |
IFRS 5 |
|---|---|---|---|
| Revenues | 260,623 | 265,582 | |
| Other revenues | 21,626 | 21,745 | –119 |
| Total revenues | 282,249 | 287,327 | –5,078 |
| Commission expenses | –89,642 | –91,716 | 2,074 |
| Interest expenses | –10,279 | –10,279 | – |
| Personnel expenses | –53,313 | –57,652 | 4,339 |
| Depreciation and amortisation | -10,298 | –10,406 | 108 |
| Other operating expenses | –83,205 | –84,886 | 1,681 |
| Earnings from shares accounted for using the equity method | 307 | 307 | – |
| Earnings before interest and taxes (EBIT) | 35,820 | 32,696 | 3,124 |
| Other interest and similar income | 2,337 | 2,346 | –8 |
| Other interest and similar expenses | –11,220 | –11,221 | – |
| Finance cost | –8,883 | –8,875 | –8 |
| Earnings before taxes (EBT) | 26,937 | 23,821 | 3,116 |
| Income taxes | –9,510 | –9,512 | 2 |
| Earnings from continuing operations | 17,427 | 14,309 | 3,118 |
| Earnings from discontinued operations | –3,123 | –5 | –3,118 |
| Net profit | 14,303 | 14,303 | – |
| Earnings per share in € | |||
| from continuing operations | |||
| basic | 0.18 | 0.15 | |
| diluted | 0.18 | 0.14 | |
| from continuing and discontinued operations | |||
| basic | 0.15 | 0.15 | |
| diluted | 0.14 | 0.14 |
In the financial year 2009, the revised IAS 1 “Presentation of Financial Statements” is to be used for the first time. IAS 1 (revised) extends the profit and loss account to include a transition of profit/loss to the overall net earnings with reporting of the components of the other earnings (statement of comprehensive income). This also changes the presentation of the statement of changes in equity. In the statement of changes in equity, transactions with owners are shown separately. Profit/Loss and other earnings are apportioned to the individual equity capital components. The previous year’s figures were adjusted accordingly. Neither net profit nor earnings per share have changed as a result of this changed presentation.
Furthermore, in the financial year 2009 the following new or revised standards are to be used for the first time:
- IFRS 2 “Vesting conditions and cancellations”,
- IFRS 3 and IAS 27 “Business combinations phase II”,
- IAS 32 and IAS 1 “Puttable financial instruments”,
- IFRS 1 and IAS 27, “Cost of an investment in a subsidiary, jointly-controlled entity or associate”,
- The collective standard passed by the IASB in May 2008,
- IFRIC 12 “Service concession arrangements”,
- IFRIC 15 “Agreements for the construction of real estate”,
- IFRIC 16 “Hedges of a net investment in a foreign operation”.
The first-time use of these standards was not relevant for MLP at June 30, 2009.