MLP SE Q2 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Henry Wendisch - NuWays AG - Analyst : Thanks for the presentation. Also congratulations on the strong results. As always, I have the same question that was asked, but also a couple of other questions. So first of all, want to know the specific amount of performance fees if you have it and also the capital in and outflows going into REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 14, 2024 / 12:00PM, MLPG.DE - Q2 2024 MLP SE Earnings Call assets under management. And you also used to report the net liquidity figure back in the days. I haven't seen it in the report or in the presentation. So if you could provide us with that figure as well, that would be very nice. My second question is regarding operating cash flow. It stands at roughly EUR150 million for the first half of the year, which is very solid. If we look back at the history, it always fluctuate given the banking business has negative or positive working capital swing. Would you assume for the remainder of the year rather stable development of operating cash flow? Or do you see maybe some negative swings from the banking business in the second half of the year? Third question is regarding M&A strategy. As I've seen, it's still -- I mean, the watch list is obviously full, you have a high net liquidity figure. But I think that the valuations for industrial brokers that you want to acquire are still a little bit too high or has anything changed in that regard? And my fourth question is regarding the non-life insurance portfolio, which went up 7%, but the non-life revenues up were only up 2.5%. What's the reason behind the divergence of those two? Is it that the margin mix has worsened or is that a temporary thing? If you could provide a little more color on that would be very, very helpful. And my fifth question is regarding Deutschland.Immobilien. We have seen a positive EUR6 million valuation result, which is not related to operating activities, which should stem from a positive valuation of debt at Deutschland.Immobilien. Could you provide any more color on this? Like, is this a one-off thing or other similar actions planned in the future? And like, what has been driven this EUR6 million positive effect? I mean, you've also done the capital increase at Deutschland.Immobilien and you now own 100%. So this might be in the same relation. And also on Deutschland.Immobilien, my sixth question, is that you've written that the -- it's still the only segment that is dragging down EBIT, was negative EUR8.7 million in the first half of the year. But you also write that you expect significantly positive effects in the coming quarters and that you have limited the risk of the real estate development. Is this positive effect that you speak of stemming from an increasing top line? Or would you say top line is rather still muted and rather constant going forward and you can actually decrease costs by, like, a substantial amount? And also given that you now own 100% of Deutschland.Immobilien and you have subscribed capital increase at your subsidiaries, is it fair to assume that you're very much still convinced of its prospect? Otherwise we wouldn't have invested or reinvested in Deutschland.Immobilien. And my last question, my second last question for the day, is there still -- or how would you describe the risk of another goodwill impairment in the fourth quarter at Deutschland.Immobilien? And then a strategic question also on your financial home and consultant portal. You said that it allows 100% online consultancy. And then I've asked myself, could it be open to, like, online customers, which are not MLP customers yet. So like an additional sales funnel that may be useful for people who want to have a software just to place all their assets, insurance policies, and securities account? Or would this rather cannibalize the quality and the personal touch of your consulting services? So lots of questions from my side. I hope that's not too much.

Question: Henry Wendisch - NuWays AG - Analyst : I can always ask them again. So no problem.

Question: Henry Wendisch - NuWays AG - Analyst : Yes, very happy. Just one little follow up. So the positive effect that you expect Deutschland.Immobilien, that should come from increasing top line but not from decreasing costs, right? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 14, 2024 / 12:00PM, MLPG.DE - Q2 2024 MLP SE Earnings Call