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Business development within the first six months 2006

  • First six months: EBT increases by 84 per cent to EUR 28.4 million
  • Q2: Restrained trend in the old-age pension provisions area
  • Annual forecast adjusted to EUR 90 million EBT (an increase of 27 per cent compared to 2005)
  • Personnel change on the MLP AG Executive Board
Wiesloch, 7th August 2006 – Following restrained trends in the old-age pension provisions area during the second quarter of the business year, the financial services company MLP has adjusted its ambitious targets for 2006 and 2007 and now forecasts minimum pre-tax profits (EBT) of EUR 90 million for the current financial year (previous forecast: EUR 120 million). This corresponds to an increase of 27 per cent over the pre-tax profit for continuing business operations in 2005 (EUR 71.1 million).

The Supervisory Board has recalled Eugen Bucher with immediate effect as a member of the Executive Board at MLP AG at its meeting today. Uwe Schroeder-Wildberg, Chief Executive Officer at MLP AG, will be responsible for sales temporarily until a replacement for the position has been appointed.

The Executive Board launched targeted sales activities in July to encourage the brokerage business growth dynamics again. This encompasses a clear sales focus on old-age pension provisions. MLP will be concentrating on this area over the coming months, which is the most important provisional coverage issue for existing and potential clients following the major cuts in state pension provisions in Germany.

In the first six months of 2006 MLP increased pre-tax profit (EBT) by 84 per cent over last year to EUR 28.4 million (EUR 15.4 million). Net profit from continuing business operations has more than doubled to EUR 20.5 million (EUR 7.8 million). Total revenue climbed by twelve per cent to EUR 246.6 million (EUR 219.6 million).

In the period between April and June total revenue for the MLP Group rose by five per cent to EUR 116.8 million (EUR 111.2 million), pre-tax profit (EBT) climbed by 51 per cent to EUR 14.0 million (EUR 9.3 million). As announced several times before, brokerage business developed weaker during this period totalling EUR 91.5 million and roughly equating to the previous year’s level of EUR 91.2 million.

MLP will be publishing detailed business figures for the first six months of 2006 tomorrow on Tuesday, 8th August 2006.