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Wiesloch, 27th April 2020, 16:15 CET - MLP SE today updated its forecast for the year 2020, incorporating the effects on ongoing performance to be anticipated as a result of the coronavirus pandemic. Despite a solid first quarter, MLP is now antici-pating a decrease in earnings before interest and tax (EBIT) compared to the previous year (2019: EUR 47.1 million) in a range from EUR 34 to 42 million. Until now, MLP had forecast a slight increase in EBIT for 2020 over the 2019 figure (EUR 47.1 million).
MLP is facing a difficult market environment due to the coronavirus crisis, particularly in the second quarter. Above all, this is impacting its old-age provision, real estate brokerage and wealth management busi-ness. The updated forecast is based on the assumption that general conditions will start to improve again from the third quarter 2020 on-wards and then gradually normalise.
Based on the still provisional figures, MLP increased total revenue in the first quarter of 2020 to around EUR 193.7 million (Q1 2019: EUR 177.8 million). EBIT for the first quarter at EUR 10.7 million is slightly below the previous year's level (EUR 12.5 million). MLP started to feel the initial effects of the coronavirus crisis in the second half of March, mainly due to increased risk provisions, market value fluctuations and revaluations of, among other things, promissory note loans.
EBIT represents an alternative KPI that is described in further detail at: