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Aurelius SE & Co. KGaA
Earnings Release • May 2, 2017
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Earnings Release
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Corporate | 2 May 2017 07:00
AURELIUS publishes good earnings for Q1 2017
DGAP-News: AURELIUS Equity Opportunities SE & Co. KGaA / Key word(s): Quarter Results
02.05.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
AURELIUS publishes good earnings for Q1 2017
– Quarterly figures positively impacted by the first-time consolidation of Office Depot Europe
– EBITDA for the combined group nearly tripled at EUR 293.2 million (Q1 2016: EUR 101.2 million)
– Operating EBITDA rises 69 percent for Group entities to EUR 41.3 million (Q1 2016: EUR 24.5 million)
– Successful SECOP exit: dividend proposal increased to EUR 4.00 per share, new share repurchase program launched
Munich, May 2, 2017 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) published figures today for the first quarter of 2017. Total consolidated revenues increased by 68 percent to EUR 1,153.8 million (Q1 2016: EUR 684.6 million). At EUR 4,052.4 million, consolidated revenues on an annualized basis also increased considerably (Q1 2016: EUR 2,640.6 million).
EBITDA for the combined group increased disproportionately in the first quarter of 2017 to EUR 293.2 million (Q1 2016: EUR 101.2 million). As a result of the very good operating performance of the Group entities, in particular by Getronics, Studienkreis, HanseYachts AG, and SECOP, operating earnings before interest, tax, depreciation and amortization (EBITDA) for the combined group increased by 69 percent to EUR 41.3 million in the first quarter of 2017 (Q1 2016: EUR 24.5 million).
EBITDA for the combined group also includes income from the reversal of negative goodwill from capital consolidation (“bargain purchase”) in the amount of EUR 265.1 million from the entities acquired in the first quarter of 2017 (Q1 2016: EUR 27.3 million). In particular, the European business activities (“Office Depot Europe”) of U.S.-based Office Depot, Inc., acquired as of January 1, 2017, contributed to this. The purchase price allocations for the entities acquired in the first quarter of 2017 are not yet completed and are therefore provisional.
At the end of April 2017, AURELIUS announced the sale of its subsidiary SECOP to the Nidec Group, which is based in Kyoto (Japan). With this sale, AURELIUS increased the capital it invested by around 11 times. AURELIUS will realize a positive impact on earnings of around EUR 100 million from this sale.
In light of this successful transaction and based on well-advanced plans for additional sales in the coming months, the Executive Board will double its dividend proposal for the Annual General Meeting to EUR 4.00 per share (EUR 1.00 base dividend plus a EUR 3.00 special dividend per share) (from previously EUR 2.00 per share (EUR 1.00 base dividend plus a EUR 1.00 special dividend per share)). This signifies an increase of 63 percent compared with previous year (EUR 2.45 per share).
A new share repurchase program in the total amount of up to EUR 50 million was also started on April 27, 2017.
Liquid funds amounted to EUR 473.8 million as of March 31, 2017 (December 31, 2016: EUR 416.4 million); the equity ratio was 26.6 percent (December 31, 2016: 27.1%). The net asset value of Group entities increased to EUR 1,437.0 million (December 31, 2016: EUR 1,420.9 million).
Key figures (in EUR millions)
| 1/1 – 3/31/2017 | 1/1 – 3/31/2016 | |
| Total consolidated revenues | 1,153.8 | 686.4 |
| Consolidated revenues (annualized) ¹ | 4,052.4 | 2,640.6 |
| EBITDA combined group | 293.2 | 101.2 |
| of which negative goodwill | 265.1 | 27.3 |
| from capital consolidation (“bargain purchase”) | ||
| of which restructuring and non-recurring expenses | -13.2 | -8.2 |
| of which income from the disposal of equity investments in excess of the carrying amounts | -/- | 57.6 |
| EBITDA combined group operating | 41.3 | 24.5 |
| 3/31/2017 | 12/31/2016 | |
| Liquid funds | 473.8 | 416.4 |
| Equity ratio² (in %) | 26.6 | 27.1 |
¹ From continuing operations.
² Incl. non-controlling interests.
Net Asset Value of AURELIUS Group entities (in EUR millions)
| Group entities | NAV as of 3/31/2017 |
| IT Services and Systems | 221.7 |
| Chemicals | 162.2 |
| Education and Training | 118.4 |
| Health and Beauty Care | 54.5 |
| Retail and Consumer Goods | 212.5 |
| Construction | 51.1 |
| Industrial | 258.8 |
| Hospitality | 45.4 |
| Other | 312.4 |
| Total | 1,437.0 |
ABOUT AURELIUS
AURELIUS Group is a pan-European asset manager with offices in Munich, London, Stockholm and Madrid. Over the last ten years AURELIUS has grown from a local turnaround investor to an international multi-asset manager investing in a wide range of sectors and across the capital structure.
AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8, Ticker Symbol: AR4) represents the listed entity within the AURELIUS Group that focusses on investing in Special Situations and MidMarket transaction opportunities. AURELIUS Equity Opportunities currently has 24 portfolio companies located across Europe which employ around 25,000 people and generate annual revenues of more than EUR 4.0 billion. The shares of AURELIUS Equity Opportunities are traded on all German stock exchanges.
With its group charity AURELIUS Refugee Initiative, AURELIUS provides comprehensive support for refugees on their way towards a better life.
To find out more, visit www.aureliusinvest.com
CONTACT
AURELIUS Group
Anke Banaschewski
Investor Relations & Corporate Communications
Phone: +49 (89) 544799-0
Fax: +49 (89) 544799-55
E-Mail: [email protected]
Contact:
AURELIUS Group
Anke Banaschewski
Investor Relations & Corporate Communications
Phone: +49 (89) 544799-0
Fax: +49 (89) 544799-55
E-Mail: [email protected]
02.05.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | AURELIUS Equity Opportunities SE & Co. KGaA |
| Ludwig-Ganghofer-Straße 6 | |
| 82031 Grünwald | |
| Germany | |
| Phone: | +49 (0)89 544 799-0 |
| Fax: | +49 (0)89 544 799-55 |
| E-mail: | [email protected] |
| Internet: | www.aureliusinvest.de |
| ISIN: | DE000A0JK2A8 |
| WKN: | A0JK2A |
| Listed: | Regulated Unofficial Market in Berlin, Munich, Stuttgart, Tradegate Exchange; Open Market in Frankfurt |
| End of News | DGAP News Service |