Aurelius SE & Co. KGaA

Earnings Release • Nov 14, 2011

News Details

Corporate | 14 November 2011 08:50

AURELIUS grows its business and increases its operating profit in the first nine months of 2011

AURELIUS AG / Key word(s): Quarter Results

14.11.2011 / 08:50

---

AURELIUS grows its business and increases its operating profit in the first nine months of 2011

– Consolidated revenues up 63 percent to EUR835.5 million

– Portfolio companies continue to perform well

– Acquisition of a 72.5 percent interest in HanseYachts AG completed in the fourth quarter

Munich, November 14, 2011 – The Munich-based AURELIUS Group (ISIN: DE000A0JK2A8) increased its consolidated revenues by 63 percent to EUR835.5 million in the first nine months of 2011 (Q1-Q3 2010: EUR514.1 million). This increase was driven in large part by the new subsidiaries acquired during the course of financial year 2010, which have been fully consolidated in the consolidated financial statements of AURELIUS for the first time in 2011. Adjusted for the reversal of negative goodwill arising on consolidation (so-called ‘bargain-purchase’ income), the earnings before interest, taxes, depreciation and amortization (EBITDA) for the first nine months of 2011 amounted to EUR44.9 million, reflecting an increase of 265 percent over the corresponding figure for the first nine months of 2010 (Q1-Q3 2010: EUR12.3 million). This increase reflects the positive performance of the Group’s portfolio companies. No bargain purchases were recognized in the first nine months of 2011. The acquisition of a 72.5 percent interest in HanseYachts AG was not completed until early November 2011 and will therefore lead to the recognition of bargain-purchase income in the fourth quarter. The figures for the first nine months of 2011 also do not include the effects from the sale of the investment in Wellman International to the Thai Indorama Group. The closing date for that transaction will occur during the fourth quarter. As of September 30, 2011, therefore, Wellman International has been presented as discontinued operations and is not contained in the EBITDA figure mentioned above. However, the EBITDA figure does contain the restructuring expenses and non-recurring negative effects incurred in connection with the reorganization of portfolio companies, in the total amount of EUR19.5 million (Q1-Q3 2010: EUR9.6 million). Many of these restructuring expenses and non-recurring effects were incurred in connection with the company Secop, which was acquired last year.

The operating cash flow for the first nine months of 2011 was negative, at EUR-7.7 million (Q1-Q3 2010: EUR24.2 million), particularly as a result of increasing the working capital of portfolio companies. As of September 30, cash and cash equivalents amounted to EUR137.9 million (12/31/2010: EUR177.2 million). The proceeds from the sale of Wellman International will be collected on the transaction closing date in the fourth quarter and are therefore not yet included in the current figure. The Group’s equity ratio was unchanged at 33 percent.

Acquisition of a 72.5 percent interest in HanseYachts AG completed in the fourth quarter

On September 9, 2011, Aurelius Development Invest GmbH, a wholly-owned subsidiary of AURELIUS, submitted a voluntary public take-over offer to the shareholders of HanseYachts AG (ISIN DE000A0KF6M8). Within the allowed acceptance period, this offer was accepted for shares representing 7.85 percent of share capital (= 502,617 shares) of HanseYachts AG. Including the shares purchased from the founder and former majority shareholder of HanseYachts AG, Michael Schmidt, AURELIUS holds 72.5 percent of the share capital of HanseYachts AG, now that the overall transaction has been completed.

Outlook

AURELIUS anticipates further acquisitions and sales of subsidiaries in the coming months. The operating performance of the Group’s existing portfolio companies is satisfactory on the whole and we expect that operating results will continue to improve in 2012. By way of exception, the compressor manufacturer Secop has encountered a substantial decrease in customer demand since the third quarter, by reason of the worsening market environment.

Key figures

		01/01 – 09/30/11	01/01 – 09/30/10 ¹	Change
Consolidated revenues ¹’²	mEUR	835.5	514.1	63%
EBITDA ¹’²	mEUR	44.9	57.4	-22%
thereof negative goodwill arising on consolidation (bargain purchases)	mEUR	-/-	45.1	-/-
thereof restructuring and non-recurring expenses	mEUR	-19.5	-9.6	+103%
Cash flow from operating activities	mEUR	-7.7	24.2	-132%
		09/30/11	12/31/10	Change
Cash and cash equivalents	mEUR	137.9	177.2	-22%
Equity ratio	in %	32.8	33.4	-2%

¹ The year-ago values were adjusted for comparison purposes, in accordance with IFRS 5.
² From continuing operations.

About AURELIUS

AURELIUS AG is an industrial holding company with a long-term investment horizon that specializes in the acquisition of companies with development potential. AURELIUS has many years of investment and management experience in various industries and sectors. AURELIUS improves the performance of its subsidiaries by providing management capacities and the necessary financial resources for investing in innovative products, sales and research. With offices in Munich and London and subsidiaries in Germany, Great Britain, France, Ireland, Poland, the Netherlands and Switzerland, AURELIUS operates throughout Europe. The shares of AURELIUS AG are traded in the Open Market segment of the Frankfurt Stock Exchange under ISIN DE000A0JK2A8. Additional information can be found at www.aureliusinvest.de .

Contact

Investor Relations & Corporate Communications

Telephone +49 (89) 544799 – 0

Fax +49 (89) 544799 – 55

investor@aureliusinvest.de

End of Corporate News

---

14.11.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.

The issuer is solely responsible for the content of this announcement.

DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.

Media archive at www.dgap-medientreff.de and www.dgap.de

---

146034  14.11.2011