MLP AG / Key word(s): Profit Warning
05.11.2013 18:11
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MLP AG adjusts its forecast for the financial year 2013 to more difficult
market conditions
Based on the preliminary key figures for the first nine months of 2013 and
on business development in the first few weeks of the fourth quarter, MLP
is revising its expectations for the full year. The company is thereby
taking account of the increased market burdens in old-age provision and in
health insurance, to which it has already alluded during the course of
recent months. For the full year 2013, the management continues to
anticipate solid earnings development but no longer expects to achieve
earnings before interest and tax (EBIT) of at least EUR 65 million. For the
financial years 2014 and 2015 MLP reiterates its EBIT forecast, which is
expected to range within a corridor of EUR 65 to 78 million.
According to preliminary key figures MLP generated stable total revenue of
EUR 338.8 million in the first nine months of 2013 (9M 2012: EUR 355.3
million) and EBIT of EUR 12.3 million (9M 2012: EUR 26.4 million). Third
quarter EBIT amounted to EUR 7.3 million (Q3 2012: EUR 11.0 million), this
is largest quarterly contribution so far in this financial year. Compared
to the previous quarter, total revenue rose by 6 percent to EUR 114.5
million (Q2 2013: EUR 107.9 million), but remained below the corresponding
quarter of the previous year (Q3 2012: EUR 121.5 million).
Since September MLP has recorded a pick-up in business compared to the
previous months. However, as a result of the prevailing market conditions,
business development remained below the high level of momentum achieved in
the preceding years so far. This situation also continued in October and in
the first few days of November.
Nevertheless, the number of consulting appointments remains high - an
aspect which resulted in pleasing development in the areas of wealth
management and non-life insurance as well as in loans and mortgages.
However, MLP recorded significant decreases in old-age provision and in
health insurance. In private health insurance many clients remain hesitant
due to the public debate prior to the German parliamentary elections as
well as to the still undecided issues associated with the formation of the
new federal government. In old-age provision the current low interest rate
environment, negative reports about life insurance contracts and fears
about possible post-election tax increases have led to even greater
hesitancy on the part of clients throughout the industry.
In the fourth quarter MLP anticipates a further pick-up in business
development.
The detailed results of the third quarter and of the first nine months of
2013 will be published, as announced, on 14th November 2013.
05.11.2013 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: MLP AG
Alte HeerstraÃe 40
69168 Wiesloch
Germany
Phone: +49 (0)6222-308-1135
Fax: +49 (0)6222-308-8351
E-mail: investorrelations@mlp.de
Internet: www.mlp-ag.de
ISIN: DE0006569908
WKN: 656990
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Stuttgart;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München; Terminbörse EUREX
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: MLP AG: MLP AG adjusts its forecast for the financial year 2013 to more difficult market conditions
| Source: EQS Group AG