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Wiesloch, 27th April 2021, 15:39 CET - On the basis of preliminary business figures for the first quarter of 2021, MLP recorded preliminary earnings before interest and taxes (EBIT) of around EUR 22 million (Q1 2021). This is significantly higher than the comparative figure from the same period in the previous year (Q1 2020: EUR 10.7 million).
Alongside overall positive development in terms of operations, this increase is in particular due to gains recorded in wealth management. In addition to a significant rise in assets under management and further growth in new business, this is due to an increase in performance-based compensation significantly above expectations. Performance-based compensation is accrued for the positive performance of investment concepts in wealth management and is largely recognised in income. The effect this performance-based compensation had on revenue amounted to around EUR 11.5 million in the first quarter of 2021 (Q1 2020: EUR 0.5 million).
Moreover, the expense from valuation result and loan loss provisions in the first quarter of 2021 fell by EUR 2.7 million compared to the same period of the previous year (Q1 2021: EUR -0.9 million, Q1 2020: EUR -3.6 million). In the previous year, the EBIT for the first quarter was affected due increased loan loss provisions and corona-related revaluations of own investments.
For the financial year 2021, MLP is still expecting an EBIT in the range of EUR 55 million to EUR 61 million despite the significant rise in EBIT in the first quarter 2021. This takes into account the continuing uncertainties due to the impact of the corona pandemic on the further course of business.
MLP will report the full financial figures for the first quarter of 2021 on 12 May 2021 as scheduled.
Performance-based compensation, assets under management, and EBIT represent alternative KPIs, which are described in further detail at: