The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Henry Wendisch - NuWays AG - Analyst
: Hi, good afternoon. And thank you, Reinhard for your presentation and congratulations. On the results, I have a couple of questions. So let's get
started. Yeah, obviously, our government is not as stable as you are. But this is why I'd like to ask, do you see any potential impact from a potentially
non-pass rent page? I don't know the exact English word? Or do you any other stuff that could happen if the budget for 2025 is not passed by the
end of this year?
The second question is a little bit detailed, but also given the macroeconomic environment in Germany, would you mind sharing the exposure of
the industrial broker segment? I have looked at the website, they have all different kinds of industrial segments covered. But is it like mainly focused
on maybe renewables or automotive or any cluster risk that might be in the industrial brokerage segment, so we can look out for that?
Thirdly, I'd like to always know the net liquidity figure and also the net inflows into assets under management, if that is valuable. And then following
up number four on real estate. The recovery is obviously visible in brokerage, but not so much in development. Maybe help me out a little here. In
your areas of consulting, you report no sales from development.
But at the segment level of Deutschland Immobilien, you recorded EUR10 million of sales. So the difference, is that also brokerage coming at the
Deutschland Immobilien level? Or how can we see this difference? Because I always thought Deutschland Immobilien is a developer in that sense
and the brokerage commissions are charged at the FI level.
Also, when will you resume development projects? I think most of them are on stop right now. And also based on current developments, how
likely do you feel that there will be another goodwill impairment of Deutschland Immobilien in the fourth quarter? So the goodwill is now at EUR20
million. It's come down significantly over the last two years. But as of now, how do you see a risk for another goodwill impairment in the fourth
quarter? That was a long question. But now the fifth one, also looking at Q4, I know there's a lot that can happen still until the end of December.
But as of now, with capital markets performing quite well, how do you feel about the chances of performance fee contributions also for the fourth
quarter?
And then after the fourth quarter, it's time for the full-year results. And then I would like to know a little bit more on dividend policy. What part do
like one-off effects from the performance fee contribution, for example, so that positively affect earnings per share also play a role when it comes
to the dividend?
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NOVEMBER 14, 2024 / 1:00PM, MLPG.DE - Q3 2024 MLP SE Earnings Call
So I would not expect any special dividend from your side, but maybe after three years of a constant dividend, you may want to share a little bit
more that the dividend might be increased. Also maybe like a payout ratio that you might have in mind. And also given that your net liquidity is
quite high, in my view, you could definitely afford to raise dividends. So maybe give us a little bit more light on that topic. And that's it already.
Thanks.
Question: Henry Wendisch - NuWays AG - Analyst
: Yes. Most of them. Just one little follow-up. I was wondering because in your area of consulting, you reported no sales from development in Q3,
but at the segment level of Deutschland.Immobilien, it was EUR10 million. So what's the difference? Where is it coming from? Is this -- you probably
asked it already, you have two cash-generating units within Deutschland.Immobilien. One is the brokerage business. So that is -- the rest must be
in brokerage, right?
Question: Henry Wendisch - NuWays AG - Analyst
: I see. Okay. Thank you.
Question: Jochen Schmitt - Bankhaus Metzler - Analyst
: Thank you. Good afternoon. I have one question on MLP Banking, please. Loan loss provisioning increased in Q3 year-over-year and the reasons
seem to be provisions on individual loans. Could you please comment a bit more in detail which type of loans were affected? And what is the
corresponding outlook for Q4? That's my question. Thank you.
Question: Jochen Schmitt - Bankhaus Metzler - Analyst
: Thank you.
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