Mutares SE & Co. KGaA

Investor Presentation • Aug 12, 2022

Earnings Report¹ | Mutares SE & Co. KGaA | H1 2022

Munich, 11 August 2022

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Disclaimer

This document has been prepared by Mutares SE & Co. KGaA solely for the use in thispresentation.

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Statement of Profit and Loss

High transaction activity drives P&L Comments

mEUR	H1 2022	H1 2021
Revenues	28.7	22.8
Other income	10.9	0.4
Purchased services	-6.8	-0.8
Personnel expenses	-8.6	-8.9
Other expenses	-14.0	-17.4
EBITDA	10.2	-4.0
Financial result	4.0	24.0
Net Result	14.2	19.9

• Revenues comprise consulting revenues and management fees charged to portfolio companies. The increase vs. H1 2021 is driven by the high level of acquisitions in the last 18 months
• Other income mainly impacted by a repayment of an intercompany loan with nominal value above book value
• Purchased services in 2022 mainly include expenses charged on from Mutares' country subsidiaries in connection with restructuring services for portfolio companies (shown in other expenses in H1 2021)
• Personnel and other expenses in H1 2021 affected by non-recurrent share-based compensation
• Last year's Financial result is positively impacted by the divesture of STS Group AG at the end of Q2 2021
• Net Result on a positive level as a combination of the effects listed above

Balance sheet

Increase in total assets follows growth and investment in the portfolio

mEUR	30/06/2022	31/12/2021	mEUR	30/06/2022	31/12/2021
Financial assets	68.3	65.5	Total equity	215.2	231.9
Other non-current assets	0.5	0.4
Non-current assets	68.8	65.9	Provisions	13.4	7.8
Receivables & Other assets	266.5	234.4	Bond	80.0	80.0
Cash & equivalents	12.5	44.9	Trade & other liabilities	39.3	25.5
Current assets	279.1	279.3	Liabilities	119.3	105.5
Total assets	347.8	345.2	Total equity & liab.	347.8	345.2

Comments

• Financial assets contain shares in affiliated companies and long-term loans to affiliated companies; Receivables exist toward affiliated companies resulting from consulting services and management fees as well as dividends and loans granted
• Equity decreases in connection with dividend payment in Q2 2022, partly offset by positive net result
• Increase in provisions linked to an acquisition completed in Q1 2022 for that cash has been received Rounding differences may occur

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Cash Flow

Continuous investment in portfolio companies reflected in investing cash flow Comments

mEUR	H1 2022	H1 2021
Net result	14.2	19.9
Financial result	-4.0	-24.0
Non-cash expense (+)/ income (-)	-13.1	4.5
Increase (-)/ decrease (+) in other assets	3.7	-1.1
Increase (+)/ decrease (-) in provisions	-0.4	1.2
Increase (+)/ decrease (-) in trade payable	-6.8	-4.9
Cash from operating activities	-6.4	-4.3
Net investments (-) in affiliated companies (shares, loans, other receivables)	-21.5	32.1
Proceeds (+) from short-term financials assets	29.9	0.0
Cash from investing activities	8.4	32.1
Net proceeds (+) from bond	0.0	9.8
Dividends paid (-)	-30.9	-23.1
Interest paid (-)	-3.4	-2.4
Proceeds (+) from sale of treasury shares	0.0	3.4
Cash from financing activities	-34.4	-12.4
Cash and cash equivalents at the beginning of the period	44.9	26.5
Cash and cash equivalents at the end of the period	12.5	41.9

• Cash flow from operating activities usually negative throughout the year
• Cash flow from investing activities represents investments in portfolio companies. Last year's positive effect is driven by the proceeds resulting from the divesture of STS Group AG; proceeds from short term financial assets contribute positively in Q2 2022
• Dividends paid in Q2 2022 with impact on cash flow from financing activities

Rounding differences may occur

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