February 21, 2017 / 12:45 PM / 6 months ago

BRIEF-MLP sees increase in free own funds by changing group structure

Feb 21 (Reuters) - MLP AG:

* Decided on change in group structure. Through legal corporate separation, regulated banking and financial services business will be concentrated in one company and other brokerage and consulting services in other

* Says on basis of current capital adequacy requirements, Mlp expects free own funds to increase gradually by probably around 75 million euros ($79.01 million) by the end of 2021

* Expects that these measures will generate one-off exceptional costs of 9 million euros in 2017

* Taking into account these one-off exceptional costs, MLP is anticipating IFRS EBIT of at least 36 million euros for 2017, which corresponds to an increase of 17 percent over 2015 (30.7 million euros)

* Intends to base its dividend proposal for financial year 2017 on operating net profit (net profit before one-off exceptional costs) and will maintain a distribution rate of 50 to 70 percent

* It is anticipated that measures will be implemented in spring 2018

Source text for Eikon:

Further company coverage: ($1 = 0.9492 euros) (Gdynia Newsroom)

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