9M: MLP records significant increase in both EBIT and total revenue

  • At EUR 47.3 million after nine months, EBIT is 76 percent above the previous year's level (9M 2020: EUR 26.8 million). A marked increase to EUR 15.9 million was also recorded in the third quarter (Q3 2020: EUR 8.1 million)
  • 9M: Total revenue up 20 percent to a new record high of EUR 632.2 million (9M 2020: EUR 525.4 million)
  • Revenue increases in all consulting fields, above all in the fields of real estate brokerage (plus 53 percent) and wealth management (plus 35 percent)
  • Forecast for 2021: As already communicated, EBIT anticipated significantly above the upper end of the corridor of EUR 55 to 61 million
  • MLP confirms planning for 2022: anticipated EBIT of EUR 75 to 85 million

Wiesloch, November 11, 2021 – The MLP Group was able to further accelerate the growth trend of the past quarters and increased total revenue by 20 percent in the first nine months of 2021 to a new all-time high of EUR 632.2 million. The increase in revenue recorded in the third quarter was 27 percent. MLP recorded growth across all fields of consulting. Two areas made a particularly important contribution to this positive development in the first nine months of the year: real estate brokerage with an increase of 53 percent and wealth management with an increase of 35 percent. As an important key figure, assets under management in the MLP Group rose once again and reached a new all-time high of EUR 52.9 billion; non-life insurance premium volume increased to EUR 549.3 million. Old-age provision, which recorded a decline last year due to the effects of the coronavirus pandemic, rose by 11 percent to EUR 137.9 million after the 9 months. At EUR 47.3 million, earnings before interest and taxes (EBIT) are significantly above the previous year's figure. As already communicated, MLP is now expecting to significantly surpass the upper end of the previously forecast EBIT corridor of EUR 55 to 61 million for the year 2021.

"We are very satisfied with the performance we have seen in the first nine months of the year. Our broad-based growth is once again spread across all fields of consulting – despite operating in an environment that continues to be characterised by a high degree of competition, the effects of the coronavirus crisis, severe regulatory pressure, low interest rates and a whole host of political uncertainties. Thanks to the strategic further development of the last few years, however, MLP enjoys a high degree of stability in conjunction with a wide range of growth levers," comments Chief Executive Officer Dr. Uwe Schroeder-Wildberg.

9M: Total revenue increases to EUR 632.2 million

Total revenue rose by 20 percent to EUR 632.2 million in the first nine months of 2021 (9M 2020: EUR 525.4 million). At the same time, commission income increased from EUR 500.3 million to EUR 608.8 million. At EUR 9.6 million, interest income was significantly below the previous year's level (EUR 11.7 million). Taking the third quarter on its own, total revenue increased by 27 percent to EUR 210.4 million (Q3 2020: EUR 166.3 million).

The breakdown by consulting fields for the period from January to September shows the strongest growth rates in the real estate brokerage with a rise of 53 percent (revenue increased from EUR 26.0 million to EUR 39.7 million). Wealth management also displayed significant growth of 35 percent to EUR 249.8 million (9M 2020: EUR 185.6 million). This can be attributed to highly successful new business at both FERI and MLP Banking AG and, as already communicated, performance fees which after nine months are significantly above the previous year's level (EUR 41.6 million vs. EUR 19.9 million). These are accrued for the performance of investment concepts and are largely recognised in the income statement. With regard to the important key figure of assets under management, MLP recorded a new all-time high of EUR 52.9 billion as of September 30, 2021 (June 30, 2021: EUR 51.4 billion). The portfolio volume of non-life insurance contracts also rose further to EUR 549.3 million (June 30, 2021: EUR 547.0 million). An additional factor here was the first-time consolidation of RVM at EUR 95.9 million. Non-life insurance revenue after nine months of 2021 rose to EUR 121.4 million (9M 2020: EUR 110.6 million). MLP increased health insurance revenue by 10 percent to EUR 40.8 million (EUR 37.1 million). In old-age provision, MLP recorded a noticeable recovery following the declines caused by the coronavirus pandemic throughout 2020. Here, revenue was up 11 percent to EUR 137.9 million after the first nine months of 2021, compared to EUR 124.5 million in the same period of the previous year. This growth was bolstered by both private and occupational pension provision.

9M: Significant rise in EBIT

At EUR 47.3 million after nine months, MLP recorded a significant increase in EBIT over the previous year's figure (9M 2020: EUR 26.8 million). This was driven primarily by the significant increase in EBIT to EUR 21.8 million in the first quarter (Q1 2020: EUR 10.7 million) and to EUR 15.9 million in the third quarter (Q3 2020: EUR 8.1 million).

Number of family clients increases to 559,500

As of September 30, 2021, the MLP Group provided its services to 559,500 family clients (June 30, 2021: 557,100). At 14,500, the gross number of newly acquired family clients in the first nine months of the year was well above the previous year (September 30, 2020: 13,100). In addition, the Group provided its services to 24,600 corporate and institutional clients (June 30, 2021: 24,500).

2,051 client consultants were working for MLP as of September 30, 2021. The figure therefore remained constant relative to the comparative values for both the previous year (2,052) and the previous quarter (2,053). However, MLP is anticipating a slight rise in the number of client consultants over the previous year.

Planning for 2022 confirmed

Following the successful performance in the first nine months and as already communicated, MLP is forecasting EBIT significantly above the upper end of the corridor of EUR 55 to 61 million for the year 2021. At the same time, MLP once again confirms its planning, based on which EBIT is likely to rise to around EUR 75 to 85 million by the end of 2022. "We are carrying forward the momentum from the first nine months into the important closing quarter. MLP will also record strong earnings in 2021, whereby the remaining weeks of the year will be crucial in terms of the concrete figure. However, we are anticipating lower performance fees in comparison with the closing quarter in the previous year," comments Reinhard Loose, Chief Financial Officer. "In addition to this, our growth levers are continuing to develop as planned and we are on track to hit our 2022 targets."

An overview of key figures

MLP Group (in EUR million) Q3/2021 Q3/2020 Change in % 9 months 2021 9 months 2020 Change in %
Revenue 206.9 164.3 26 618.4 512.0 21
Commission income 203.7 160.6 27 608.8 500.3 22
Interest income 3.2 3.7 -14 9.6 11.7 -18
Other revenue 3.5 2.0 -75 13.8 13.4 3
Total revenue 210.4 166.3 27 632.2 525.4 20
Earnings before interest and taxes (EBIT) 15.9 8.1 96 47.3 26.8 76
Earnings before taxes (EBT) 15.0 7.1 +>100 44.6 25.0 78
Net profit 10.0 5.2 92 31.2 18.3 70
Earnings per share (diluted/basic) in EUR 0.09 0.05 80 0.29 0.17 71
Family Clients 559,500 557,100* 0
Corporate, institutional clients 24,600 24,500* 0
Client Consultants 2,051 2,053* 0

*) As of June 30, 2021