(15) Discontinued operations
In view of further concentration on its core market Germany, in the fourth quarter of the financial year 2008 the management devised to sell MLP Finanzdienstleistungen AG, Vienna, Austria. In the third quarter 2009 MLP reached agreement in principle concerning the sale of its business unit in Austria to Aragon AG. The transaction is subject to the approval by the cartel authorities as well as by the financial market supervisory authorities in Austria. In the second quarter 2009 the decision was taken to close the dependent branch in the Netherlands.
The revenues and expenses from these and earlier discontinued operations are illustrated below:
Income statement for discontinued operations
| All figures in €‘000 | 3rd quarter 2009 | 3rd quarter 2008 | 9 months 2009 | 9 months 2008 |
|---|---|---|---|---|
| Revenues | 1,602 | 2,484 | 4,913 | 7,443 |
| Other revenues | 25 | 148 | 151 | 267 |
| Total revenues | 1,626 | 2,631 | 5,064 | 7,709 |
| Commission expenses | –440 | –895 | –1,967 | –2,969 |
| Personnel expenses | –1,331 | –1,291 | –4,249 | –5,630 |
| Depreciation and amortisation | – | –48 | –3 | –156 |
| Other operating expenses | –431 | –993 | –2,767 | –2,674 |
| Earnings before interest and taxes (EBIT) | –576 | –596 | –3,922 | –3,720 |
| Other interest and similar income | 1 | 4 | 8 | 12 |
| Other interest and similar expenses | 0 | 0 | –1 | 0 |
| Finance cost | 1 | 4 | 7 | 12 |
| Earnings before taxes (EBT) | –575 | –593 | –3,915 | –3,708 |
| Income taxes | –125 | –1 | –41 | –3 |
| Operating result | –700 | –593 | –3,956 | –3,711 |
| Earnings from the sale/closure before taxes | 300 | –380 | –1,020 | –488 |
| Income taxes | 12 | 30 | –1,431 | 133 |
| Earnings from the sale/closure after taxes | 312 | –349 | –2,452 | –355 |
| Earnings from discontinued operations after taxes | –388 | –943 | –6,408 | –4,066 |
| Earnings per share in € from discontinued operations | ||||
| basic | 0.00 | –0.01 | –0.06 | –0.04 |
| diluted | 0.00 | –0.01 | –0.06 | –0.04 |
The operative results in 2008 and 2009 contain solely the expenses and revenues of the foreign subsidiary in Austria and the branch in the Netherlands. Earnings from sale/closure before taxes in the first nine months 2009 include not only a figure of € –3,101 thsd. in connection with the sale or closure of the subsidiary in Austria and the branch in the Netherlands, but also subsequent expenses and income from previous discontinued operations amounting to € 2,081 thsd.
Income taxes
Within the framework of the tax audits for the years 2002 to 2006, findings were made, due to which € 1,455 thsd had to be recorded as liability. These amounts are associated with the discontinued foreign activities.