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The business development of MLP AG in the third quarter was largely characterised by the severe volatility on the capital markets. Revenues from performance fees in the wealth management segment was therefore significantly below the budgeted level. In comparison with the third quarter of the previous year, this effect alone led to a reduction in earnings before interest and taxes (EBIT) of EUR -2.4 million. In addition, the field of old-age provision continues to be characterised by discernible reservations due to the ongoing discussions regarding life insurers and their products. Overall, MLP anticipates a pro forma EBIT (adjusted for the acquisition of DOMCURA) in the third quarter of EUR 0.2 million (Q3 2014: EUR 4.9 million).
Furthermore, MLP will also record one-off expenses of EUR -2.0 million under finance costs and a retrospective tax payment of EUR -1.1 million in the third quarter. This is due to an additional tax expense that originates primarily from MLP's international business activities, which were already terminated by 2007. As a result of this one-off effect, a Group net profit of EUR -2.9 million is anticipated (Q3 2014: EUR 3.4 million).
After the first nine months the pro forma EBIT (prior to acquisitions) is EUR 8.3 million (9M 2014: EUR 9.4 million). MLP is anticipating a significant acceleration in terms of business development at the end of the year. In light of the effects mentioned, a strong fourth quarter in the previous year and the fact that the markets for old-age provision remain very difficult, the slight increase in EBIT over the previous year that had previously been targeted will probably not be achieved.
All reported figures are provisional.