Quarterly Report • Aug 29, 2022
Quarterly Report
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Committed to create value
We have been identifying investments in our attractive core markets for more than 25 years. As at 30 June 2022 we had a total volume of around EUR 4.5 billion assets under management.
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| Income Statement | ||
| Revenue | 18,733 | 15,965 |
| Earnings before tax | 24,342 | 2,266 |
| Earnings before tax (adjusted) | 7,8811 | 2,266 |
| Consolidated net profit | 22,847 | 1,755 |
| Assets under management / Balance Sheet | 30 June 2022 | 31 December 2021 |
| Assets under management (EUR billion) | 4.5 | 4.9 |
| Total assets | 144,648 | 134,559 |
| Financial assets | 57,925 | 56,415 |
| Liquidity2 | 50,774 | 38,497 |
| Equity | 120,228 | 100,761 |
| Equity ratio | 83.1% | 74.9% |
| Employees | H1 2022 | H1 2021 |
| Employees (average total) 3 | 169 | 200 |
| Personnel expenses | 9,639 | 10,847 |
After adjustment for profit of EUR 16.5 million attributable to the sale of Cairn Real Estate B.V.
Cash in hand, balances at the Bundesbank, bank balances and cheques
Of which 47 at joint ventures (H1 2021: 70)
We select, launch, develop, structure, actively manage and sell investments. Drawing on our many years of experience, we enable institutional investors to access attractive investments in dynamic markets offering opportunities for growth and returns. Our work is guided by the interests of our clients and we strongly believe in the projects in which we co-invest. We incorporate sustainability principles into all of our decision-making.
With its focus on profitable growth, our robust business model provides a strong foundation for covering the funding requirements of forward-looking global projects, including in selected niche markets. As a listed and responsible company with a strong family background, we have the financial and organisational flexibility to further expand our excellent position in the market.
Interim Financial Report 2022 MPC Capital AG 4
The first half of 2022 was a clear success for the MPC Capital Group. Despite the challenging underlying geopolitical and macroeconomic situation, we expanded our business operations and achieved a clear improvement in our financial indicators. This supplies further proof that our business model, which has several mainstays, is extremely robust.
Even disregarding the non-recurring effect of the sale of our Dutch real estate activities, we increased our earnings before tax by EUR 5.6 million to EUR 7.9 million. The sale of our subsidiary Cairn Real Estate B.V. also contributed around EUR 16.5 million to earnings.
The fall in management fees as a result of the Cairn sale was offset by a significant rise in management income from the Shipping and Renwables units. The Shipping unit in particular continued to benefit from high charter contracts and asset valuations in the first half of the year.
In every segment, global targets prompted by the energy transition are driving a massive need for investment in real assets, which we believe will provide huge momentum for MPC Capital's business model.
For example, we have launched a programme for new-build container ships that meet very rigorous sustainability standards, in some cases are able to run on climate-neutral methanol and have already been chartered out longterm right from delivery.
Then there is the field of renewables, which is of rapidly growing importance for us. We believe it offers ample scope for us to capitalise fully on the potential of our existing activities in the Caribbean and Latin America and to expand selectively into other markets. We have a proven, highly scalable business model on which to steadily expand our portfolio in the renewables area.
Overall, we consider ourselves to be outstandingly well placed to rise to the geopolitical and economic challenges that lie ahead of us. And that is not all: every crisis brings fresh opportunities. We are convinced they are a springboard to expanding our business further.
Kind regards, The Management Board of MPC Capital AG
Ulf Holländer (Chairman) Constantin Baack Dr Philipp Lauenstein
The war in Ukraine, growing pessimism about the economic outlook and concerns surrounding persistently high inflation led to high price losses on the stock markets in the first half of the year. Germany's leading index DAX slipped by 20 %, and the SDAX by all of 29 %. North America's markets equally took a hit from the worsening economic and geopolitical situation, reporting substantial first-half losses of between 15 % (Dow Jones) and 30 % (Nasdaq). The MSCI World shed 22 %.
MPC Capital shares performed relatively well amid the difficult market conditions and resisted the trend with a loss of around 10 % in the first half of 2022. The shares started the year trading at EUR 3.42, then – like the entire capital market – reacted to the outbreak of war in late February with significant losses, touching a first-half low of EUR 3.04 at the start of March. The trading price subsequently decoupled notably from the market trend to reach a high for the first half of EUR 3.80 in mid-April. At the end of the first half the shares were trading at EUR 3.10. The average trading volume of MPC Capital shares on Xetra was around 19,900 units per day. Market capitalisation on 30 June 2022 was around EUR 110 million.
Shareholders of companies whose shares are listed in the Scale Standard (Open Market) of the Frankfurt Stock Exchange are not subject to the obligation to submit voting rights notifications in accordance with the German Securities Trading Act (WpHG) . The shareholder structure is therefore presented to the best of the company's knowledge. / As at: August 2022
The Annual General Meeting of MPC Capital AG took place on 27 April 2022. To protect the health of the shareholders and employees of MPC Capital AG in light of the COVID-19 pandemic, it was held in the form of a virtual Annual General Meeting without the physical presence of shareholders or their proxies, as in the previous two years. All agenda items were carried by the required majorities. The parties attending and voting results as well as all other documents concerning the Annual General Meeting are permanently available on the Investor Relations web page of MPC Capital AG (www.mpc-capital.com).
Based on the proposal of the Management Board and Supervisory Board, the Annual General Meeting on 27 April 2022 resolved the distribution of a dividend of EUR 0.12 per share and therefore of a total amount of EUR 4.2 million for the 2021 financial year. The dividend of MPC Capital AG was paid entirely from the fiscally recognised contribution account within the meaning of Section 27 of the German Corporation Tax Act.
| WKN / ISIN | A1TNWJ / DE000A1TNWJ4 |
|---|---|
| Share capital / number of shares | EUR 35,248,484.00 / 35,248,484 units |
| Share class | Bearer shares with notional capital share of EUR 1.00 each |
| Trading venues | Open Market in Frankfurt am Main; electronic trading on Xetra; OTC in Berlin-Bremen, Düsseldorf, Hanover, Munich and Stuttgart |
| Market segment | Scale |
| Capital market partner | M.M.Warburg & CO |
| Designated sponsors | Baader Helvea, M.M.Warburg & CO |
| Analysts | Baader Helvea, Warburg Research |
| First day of trading | 28 September 2000 |
| Reuters code | MPCG.DE |
| Bloomberg | MPCK:GR |
| Datastream | D:MPC |
24 February 2022 Publication of Annual Report 2021
27 April 2022 Annual General Meeting of MPC Capital AG (virtual)
12 May 2022 Q1 2022 key figures
25 August 2022 Publication of Interim Financial Report 2022
17 November 2022 Q3 2022 key figures
Analyst conference at the Equity Forum 2022, Frankfurt am Main
Investor Relations - your contact
Stefan Zenker
Tel.: +49 (0) 40 380 22 4347 Fax: +49 (0) 40 380 22 4878 E-Mail: [email protected] www.mpc-capital.com/ir
MPC Münchmeyer Petersen Capital AG
Palmaille 67 D-22767 Hamburg
WKN A1TNWJ ISIN DE000A1TNWJ4
The MPC Münchmeyer Petersen Capital Group ("MPC Capital", "MPC Capital Group") is an internationally focused asset and investment manager, and also a co-investor for real asset investments and investment products. MPC Münchmeyer Petersen Capital AG ("MPC Capital AG") is the Group parent. It has been quoted on the stock market since 2000 and listed in the "Scale" segment of Deutsche Börse in Frankfurt since March 2017 (open market).
The MPC Capital Group develops and initiates real asset investments for institutional investors. Together with its subsidiaries and partners, the Group offers a broad spectrum of services encompassing the selection, initiating and structuring of an investment in real assets, the active management and administration of the asset, and the development and execution of an exit strategy tailored to the requirements of the investors.
The MPC Capital Group's product and service offering focuses on the three core segments Real Estate, Renewables and Shipping. With its many years of expertise and a comprehensive international network of partners, the MPC Capital Group seeks to identify market opportunities in order to match investment projects with investors.
The MPC Capital Group generates a stream of management fees from investment projects, as well as one-off and to some extent performance-based transaction fees from the onboarding and sale of assets. The MPC Capital Group is also routinely involved in investment projects as co-investor; it generates other operating income or income from equity investments through this channel.
The war in Ukraine and the consequences of the coronavirus pandemic weighed heavily on the global economy in the period under review. The further clear jump in commodity and energy prices triggered by the war, the knock-on effect of these price increases on inflation as well as interrupted global supply chains and lockdowns in Asia to suppress the pandemic had a clearly negative impact on global economic growth.
In this challenging market environment, MPC Capital's multiasset strategy proved very robust. The spread of the asset basis across the three segments Real Estate, Renewables and Shipping cushioned any adverse impact on the development in the first half of 2022 and enabled business to be expanded successfully.
Although rising commodity prices, disrupted supply chains and the shift in the interest rate environment also delayed the realisation of Real Estate and Renewables projects and created greater market uncertainty for investments managed by MPC Capital, the Shipping unit continued to benefit from high charter and asset valuations.
Global climate targets are prompting a massive need for investment in alternative forms of energy generation. Growing demand for investments in sustainable real assets is consequently giving the MPC Capital business model a further substantial lift.
At the end of 2021 MPC Capital took advantage of the healthy state of the real estate markets to focus its operations further and disposed of the Dutch subsidiary Cairn Real Estate B.V. ("Cairn") to a British investor for a net price of around EUR 30 million. The transaction was completed at the end of January 2022 and contributes an accounting profit of EUR 16.5 million to consolidated earnings before tax for the financial year in progress.
MPC Capital was able to realise further transaction proceeds from the successful sale of an office property in Erlangen.
In the spring, MPC Capital purchased a fourth property in the northwest of Hamburg for ESG Core Wohnimmobilien Deutschland, a fund focusing on sustainable residential properties in metropolitan regions. The fund is targeting a total investment volume of EUR 300 million and investing specifically in real estate projects that consistently meet a wide range of ESG criteria. Its equity of currently EUR 140 million has been raised from German institutional investors.
In the Renewables area MPC Capital secured further expansion for its portfolio in the Caribbean and Latin America.
MPC Capital currently holds a diversified portfolio through its listed platform MPC Energy Solutions and other investment vehicles. The portfolio spans wind and solar PV projects in eight countries with a power generation capacity of 130 megawatt already up and running. Further projects in the Caribbean and Latin America for a total of around 600 megawatt are under development.
MPC Capital is also examining other growth opportunities in markets elsewhere. In particular it has been analysing wind and solar PV projects in Europe. This interest led it to acquire a wind farm in Germany with a total capacity of some 11 megawatt in August 2022.
Together with international investors, MPC Capital has launched a new construction programme for six container ships each with a capacity of 5,500 standard containers, at a total investment volume of USD 420 million. The ships' special eco-design is among the most advanced and efficient currently available in container shipping. Their fuel consumption will be about 40 % lower compared to the existing fleet and the new vessels will be supplied ready for a later upgrade to carbon-neutral operation. Charter contracts with a total volume of USD 600 million over a period of seven years have already been secured for the ships.
MPC Capital has also initiated a project to build a further two container ships powered by climate neutral ("green") methanol. The vessels have a total investment volume of USD 78 million and a capacity of 1,300 standard containers (TEU) each. With their modern design and the most advanced propulsion technology based on green methanol, the vessels are among the first container ships to already comply with all the measures launched by the International Maritime Organization (IMO) to reduce emissions in shipping. From their delivery in 2024, both vessels are chartered to the Norwegian shipping company NCL for 15 years.
The two new-build programmes and the associated charter agreements for seven and 15 years respectively will play a huge role in further stabilising income streams from recurring management fees. MPC Capital is participating in the new-build programme on the basis of its co-investment strategy, with the prospect of further profit contributions.
As expected, the assets under management (AUM) of the MPC Capital Group as at 30 June 2022 declined to EUR 4.5 billion (31 December 2021: EUR 4.9 billion) with the disposal of Cairn.
New business brought in asset additions of EUR 0.2 billion. Conversely there were asset disposals amounting to EUR 1.5 billion, of which EUR 1.2 billion is attributable to the sale of Cairn. The transaction volume for the first half of 2022 was thus EUR 1.8 billion. Measurement and currency effects came to EUR 1.0 billion. These are mainly attributable to increased asset values in the Shipping segment and the strong US dollar.
Of the total of EUR 4.5 billion in assets under management, former retail business activities represent around EUR 0.8 billion (31 December 2021: EUR 0.9 billion).
Revenue for the MPC Capital Group came to EUR 18.7 million in the first half of 2022 (H1 2021: EUR 16.0 million). Asset management business generated recurring income totalling EUR 13.6 million (H1 2021: EUR 13.7 million). The fall in management fees from the sale of Dutch real estate business was offset by a significant rise in management income from the Shipping and Renwables units.
Income from transaction business jumped to EUR 5.0 million in the first half of 2022 (H1 2021: EUR 2.1 million). The increase is attributable to acquisitions and disposals in all three asset areas.
Other revenue for the first half of 2022 came to EUR 0.1 million (H1 2021: EUR 0.2 million).
Other operating income for the first half of 2022 came to EUR 22.0 million (H1 2021: EUR 5.8 million). It substantially comprised accounting profits from the disposal of Cairn, performancebased income from the Shipping segment and income from changes in exchange rates driven by the rise in the US dollar.
The cost of purchased materials was EUR 0.9 million (H1 2021: EUR 1.0 million).
Personnel expenses of EUR 9.6 million in the first half of 2022 were some EUR 1.2 million down on the prior-year period (H1 2021: EUR 10.8 million). The fall is mainly attributable to the sale of Cairn. The Group had an average of 169 employees in the first half of 2022 (H1 2021: 200), including 47 at joint ventures (H1 2021: 70).
Depreciation and write-downs for the first half of 2022 came to EUR 0.8 million (H1 2021: EUR 0.9 million).
Other operating expenses for the first half of 2022 were EUR 13.1 million (H1 2021: EUR 8.7 million). The substantial, non-recurring rise is due partly to exchange rate changes (H1 2022: EUR 2.1 million; H1 2021: EUR 0.1 million) and partly to depreciation and write-downs on receivables (H1 2022: EUR 3.6 million; H1 2021: EUR 0.9 million). Legal and consultancy costs amounted to EUR 2.5 million, on a par with the prior-year level (2021: EUR 2.6 million).
The result of associates carried at equity climbed sharply to EUR 9.0 million (H1 2021: EUR -0.3 million). The increase stems mainly from dividends distributed by MPC Container Ships. Conversely there were write-downs of financial assets totalling EUR 2.3 million (H1 2021: EUR 0.4 million) applied in response to the changed economic environment.
Consolidated earnings before tax (EBT) for the first six months of 2022 came to EUR 24.3 million. The operating result after adjustment for the sale of Cairn Real Estate B.V. (EBT adj.) was EUR 7.9 million. In the previous year, MPC Capital posted EBT of EUR 2.3 million. The EBT margin (adj.) thus improved from 14 % in the previous year to 42 % in the first half of 2022.
Overall, MPC Capital posted a consolidated profit after taxes of EUR 22.8 million for the first half of 2022 (H1 2021: EUR 1.8 million).
The total assets of the Group increased to EUR 144.6 million as at 30 June 2022 (31 December 2021: EUR 134.6 million).
Financial assets, which are broadly made up of MPC Capital AG's co-investments, came to EUR 57.9 million as at 30 June 2022 (31 December 2021: EUR 56.4 million). The change was driven partly by the disposal of Cairn. On the other hand there were new co-investments in the Shipping unit. Under its co-investment strategy MPC Capital is in particular participating as co-investor in the new-build programmes for efficient, sustainably operated container ships.
Total fixed assets came to EUR 60.4 million as at 30 June 2022 (31 December 2021: EUR 60.1 million).
Current assets as at 30 June 2022 increased to EUR 83.9 million (31 December 2021: EUR 74.3 million). Returns from the disposal of Cairn and dividends produced a marked rise in the cash position (cash in hand and bank balances) to EUR 50.8 million (31 December 2021: EUR 38.5 million). Conversely, receivables and other assets fell to EUR 33.1 million (31 December 2021: EUR 35.8 million).
Equity rose to EUR 120.2 million as at 30 June 2022 (31 December 2021: EUR 100.8 million). The equity ratio climbed from 74.9 % to 83.1 %.
Provisions were reduced by EUR 1.5 million to EUR 18.1 million as at 30 June 2022 (31 December 2021: EUR 19.6 million). Liabilities decreased sharply to EUR 6.2 million as at 30 June 2022 (31 December 2021: EUR 14.0 million).
The cash flow from operating activities came to EUR 16.8 million in the first half of 2022 (H1 2021: EUR 2.9 million).
The cash flow from investing activities in the period under review came to EUR 5.5 million (H1 2021: EUR 6.8 million). Payments for investments in financial assets amounted to EUR -26.0 million (H1 2021: EUR -9.8 million) and were in respect of co-investments connected to the launch of sustainable new-build programmes in container shipping. Proceeds from the disposal of financial assets came to EUR 33.4 million (H1 2021: EUR 16.6 million), for the most part from the disposal of Cairn.
The cash flow from financing activities amounted to EUR -4.4 million for the first half of 2022 (H1 2021: EUR 2.0 million) and resulted substantially from dividend distributions.
Overall, cash and cash equivalents as at 30 June 2022 came to EUR 50.8 million (H1 2021: EUR 36.4 million).
co-investor might fail to achieve the anticipated returns. In addition, the changed circumstances could prompt investors to hold back with the result that planned investments are delayed or not realised.
Conversely, MPC Capital sees market corrections as creating fresh opportunities for attractive investments. The change in the interest rate environment is initially expected to put the brakes on prices, above all in the real estate sector.
No other changes in the assessment of opportunities and risks occurred in the period under review.
The following forecasts contain assumptions that are not certain to materialise. If one or more assumptions fail to materialise, the actual events and developments may differ significantly from the forecasts presented.
In the first half of 2022 the MPC Capital Group had 169 employees on average (H1 2021: 200). Of these, 47 (H1 2021: 70) employees are attributed to MPC Capital from the equity investment in joint ventures.
The principal opportunities and risks associated with the expected development of the Group are presented in the Group Management Report for the 2021 financial year.
The war in Ukraine plus the combination of high inflation and rising interest rates have increased geopolitical and economic risks. This could mean that projects in which MPC Capital is involved as investment manager and in some cases also as
The war in Ukraine, rising inflation and higher interest rates have clearly dampened the underlying economic situation. The risks of a global recession have increased; meanwhile political risks, continuing high inflationary pressure and a still-restrictive monetary policy all act as headwinds on the global economy. In Germany and the eurozone, the economy finds itself in a phase of stagflation. In the United States, too, there have latterly been growing signs that growth is weakening. In China, the economy is suffering from the government's zero-COVID policy. The International Monetary Fund has correspondingly scaled back its growth forecasts for the world economy.
The strong uptick in inflation is inducing a more restrictive monetary policy across almost the entire world. The US Federal Reserve was the first to change its interest rate policy in March, with further adjustments expected. The European Central Bank has likewise terminated its bond purchasing and agreed an initial interest rate hike.
In this market situation the multi-asset strategy pursued by the MPC Capital Group, with the associated diversification of its asset basis within the segments, has proved to be robust.
On the operations side, the focus of business development in 2022 will be on the further expansion of the investment platforms for residential real estate in Germany and for renewable energy, and also of shipping activities.
MPC Capital expects the need for investment in the upcoming global ecological transformation to create huge growth opportunities for its business. Environmental aspects, social issues and corporate governance factors will become ever more important considerations when developing new investments.
Following the sell-off of activities in the Netherlands, MPC Capital is for the time being concentrating on the German real estate market.
In the Renewables area, MPC Capital is concentrating on expanding its investment strategy in Latin America and the Caribbean. It is also examining further growth opportunities in other markets, especially in Europe. Against a backdrop of pressure to achieve global climate targets, there is a huge need for investment.
In the Shipping unit, MPC Capital expects the very dynamic trend to continue and the capacity utilisation of the fleet managed by the MPC Capital Group to remain high, despite the increased market uncertainty. Since the start of the year there has been a high level of charter contracts with long contract periods. There is also growing interest in further new-build programmes, especially involving alternative, sustainable propulsion technologies. It is expected that the equity investment in MPC Container Ships ASA will continue to generate regular dividends.
The effects of the Cairn sale will lead to a marked drop in consolidated revenue, which the continuing expansion of the investment strategy should compensate for.
With regard to earnings, the Management Board expects adjusted consolidated earnings before tax (EBT adj.) for the 2022 financial year to be in the order of EUR 8.0 million to EUR 12.0 million. The disposal of the Cairn equity investment will additionally bring in extraordinary income of EUR 16.5 million.
The EBT margin (adj.) should continue to improve markedly because of the lower revenue level if the strong prior-year result is matched.
Liquidity is likely to improve substantially with a positive operating cash flow, the proceeds from the sale of Cairn and capital returns from co-investments. The equity ratio should remain above 70 %.
Depending on any additional investment opportunities arising for the further expansion of operating business, the Management Board aims to distribute approximately half of adjusted consolidated profit to the shareholders for the 2022 financial year.
Hamburg, 19 August 2022
Ulf Holländer (Chairman) Constantin Baack Dr Philipp Lauenstein
| Consolidated Balance Sheet | 18 |
|---|---|
| Consolidated Income Statement | 20 |
| Consolidated Statement of Changes in Equity | 21 |
| Consolidated Cash Flow Statement | 23 |
| Condensed Consolidated Financial Statements | 24 |
| EUR '000 | 30/06/2022 | 31/12 /2021 | ||
|---|---|---|---|---|
| A. | Fixed assets | 60,359 | 60,088 | |
| I. Intangible assets |
2,126 | 2,979 | ||
| 1. Purchased concessions, industrial rights and software | 266 | 226 | ||
| 2. Goodwill | 1,860 | 2,753 | ||
| II. Tangible assets | 308 | 694 | ||
| 1. Land, land rights and buildings, including buildings on third-party land | 185 | 550 | ||
| 2. Other fixtures and fittings, operating and office equipment | 122 | 144 | ||
| III. Financial assets | 57,925 | 56,415 | ||
| 1. Shares in affiliated companies | 696 | 537 | ||
| 2. Equity investments | 46,638 | 39,538 | ||
| 3. Investment securities | 8,344 | 8,344 | ||
| 4. Other loans | 2,248 | 7,996 | ||
| B. | Current assets | 83,881 | 74,268 | |
| I. Receivables and other assets |
33,107 | 35,771 | ||
| 1. Trade receivables | 5,635 | 8,540 | ||
| 2. Receivables from other long-term investees and investors | 7,018 | 9,991 | ||
| 3. Other assets | 20,453 | 17,240 | ||
| II. Cash in hand and bank balances | 50,774 | 38,497 | ||
| C. | Prepaid expenses | 408 | 204 | |
| Total assets | 144,648 | 134,559 |
| EUR '000 | 30/06/2022 | 31/12 /2021 |
|---|---|---|
| A. Equity |
120,228 | 100,761 |
| I. Subscribed capital |
35,248 | 35,248 |
| II. Additional paid-in capital | 51,917 | 51,917 |
| III. Net retained profits | 26,034 | 7,825 |
| IV. Difference in equity from currency translation | -64 | -26 |
| V. Minority interest | 7,093 | 5,797 |
| B. Provisions |
18,082 | 19,624 |
| 1. Provisions for taxes | 3,079 | 4,667 |
| 2. Other provisions | 15,003 | 14,957 |
| C. Liabilities |
6,212 | 14,006 |
| 1. Liabilities to banks | 547 | 771 |
| 2. Trade payables | 778 | 975 |
| 3. Liabilities to other long-term investees and investors | 863 | 3,771 |
| 4. Other liabilities | 4,024 | 8,489 |
| D. Deferred income |
126 | 168 |
| Total equity and liabilities | 144,648 | 134,559 |
from 1 January to 30 June 2022
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| 1. Revenue |
18,733 | 15,965 |
| 2. Other operating income |
21,979 | 5,756 |
| 3. Cost of materials: cost of purchased services |
-867 | -977 |
| 4. Personnel expenses |
-9,639 | -10,847 |
| a) Wages and salaries |
-8,597 | -9,610 |
| b) Social security, post-employment and other employee benefit costs | -1,041 | -1,237 |
| 5. Amortisation of intangible fixed assets and depreciation of tangible assets |
-793 | -947 |
| 6. Other operating expenses |
-13,108 | -8,650 |
| 7. Operating result |
16,305 | 300 |
| 8. Income from equity investments |
1,016 | 1,144 |
| 9. Other interest and similar income |
787 | 1,533 |
| 10. Write-downs on financial assets |
-2,323 | -359 |
| 11. Interest and similar expenses |
-441 | -103 |
| 12. Result of associates carried at equity |
8,998 | -250 |
| 13. Earnings before tax (EBT) |
24,342 | 2,266 |
| 14. Taxes on income |
-1,486 | -437 |
| 15. Earnings after tax (EAT) |
22,857 | 1,829 |
| 16. Other taxes |
-10 | -74 |
| 17. Consolidated net profit |
22,847 | 1,755 |
| 18. Minority interest |
-408 | -173 |
| 19. Profit carried forward (PY: loss carried forward) |
7,825 | -9,045 |
| 20. Dividend |
-4,230 | 0 |
| 21. Net retained profit (PY: net accumulated loss) |
26,034 | -7,464 |
| EUR '000 | Subscribed capital |
Additional paid-in capital |
Other retained earnings |
Net retained profits |
|---|---|---|---|---|
| As at 1 January 2022 | 35,248 | 51,917 | 0 | 7,825 |
| Ongoing acquisition of shares | 0 | 0 | 0 | 0 |
| Capital increase | 0 | 0 | 0 | 0 |
| Capital reduction | 0 | 0 | 0 | 0 |
| Profit distributions | 0 | 0 | 0 | -4,230 |
| Change in consolidation | 0 | 0 | 0 | 0 |
| Consolidated earnings | 0 | 0 | 0 | 22,439 |
| Currency translation differences | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 0 | 22,439 |
| As at 30 June 2022 | 35,248 | 51,917 | 0 | 26,034 |
Note: Rounding differences may occur.
| EUR '000 | Subscribed capital |
Additional paid-in capital |
Other retained earnings |
Net loss |
|---|---|---|---|---|
| As at 1 January 2021 | 33,471 | 54,092 | 10,804 | -9,045 |
| Ongoing acquisition of shares | 0 | -300 | 0 | 0 |
| Capital increase | 1,777 | 2,223 | 0 | 0 |
| Capital reduction | 0 | 0 | 0 | 0 |
| Profit distributions | 0 | 0 | 0 | 0 |
| Change in consolidation | 0 | 0 | -4,099 | 0 |
| Consolidated earnings | 0 | 0 | 0 | 1,582 |
| Currency translation differences | 0 | 0 | 0 | 0 |
| Total comprehensive income | 0 | 0 | 0 | 1,582 |
| As at 30 June 2021 | 35,248 | 56,015 | 6,705 | -7,464 |
| Consolidated equity |
Equity | Net retained profits |
Equity before attributed share of net retained profits |
Equity | Difference in equity from currency translation |
|---|---|---|---|---|---|
| 100,761 | 5,797 | 1,221 | 4,575 | 94,964 | -26 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 1,983 | 1,983 | 0 | 1,983 | 0 | 0 |
| -145 | -145 | 0 | -145 | 0 | 0 |
| -4,356 | -126 | -126 | 0 | -4,230 | 0 |
| -823 | -823 | -179 | -644 | 0 | 0 |
| 22,847 | 408 | 408 | 0 | 22,439 | 0 |
| -38 | 0 | 0 | 0 | -38 | -38 |
| 22,809 | 408 | 408 | 0 | 22,401 | -38 |
| 120,228 | 7,093 | 1,324 | 5,769 | 113,135 | -64 |
Note: Rounding differences may occur.
| Difference in equity from currency translation |
Equity | Equity before attributed share of net retained profits |
Net retained profits |
Equity | Consolidated equity |
|---|---|---|---|---|---|
| 16 | 89,337 | 5,525 | 1,405 | 6,931 | 96,268 |
| 0 | -300 | 0 | 0 | 0 | -300 |
| 0 | 4,000 | 0 | 0 | 0 | 4,000 |
| 0 | 0 | -104 | 0 | -104 | -104 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | -4,099 | -1,423 | -155 | -1,578 | -5,677 |
| 0 | 1,582 | 0 | 173 | 173 | 1,755 |
| -39 | -39 | 0 | 0 | 0 | -39 |
| -39 | 1,542 | 0 | 173 | 173 | 1,715 |
| -23 | 90,481 | 3,998 | 1,423 | 5,421 | 95,902 |
from 1 January to 30 June 2022
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| Cash flow from operating activities | 16,759 | 2,851 |
| Consolidated net profit | 22,847 | 1,755 |
| Amortisation of intangible assets and depreciation of tangible assets | 793 | 947 |
| Write-downs on financial assets | 2,323 | 359 |
| Result of associates carried at equity | -8,998 | 250 |
| Gain/loss on the disposal of intangible and tangible assets | -2,156 | 4 |
| Gain /loss on the disposal of financial assets | -16,827 | -2,610 |
| Changes in inventories, trade receivables and other assets not allocable to investing or financing activities |
15,630 | -477 |
| Changes in trade payables and other liabilities not allocable to investing or financing activities |
-3,380 | -532 |
| Changes in other provisions | 46 | -1,932 |
| Proceeds from dividends | 7,959 | 1,098 |
| Income tax expense | 1,486 | 437 |
| Income taxes received / paid | -3,284 | 2,267 |
| Interest expenses and interest income | 358 | 1,422 |
| Other non-cash expenses /income | -38 | -137 |
| Cash flow from investing activities | 5,495 | 6,771 |
| Payments for investments in intangible and tangible assets | -357 | -60 |
| Payments for investments in financial assets | -26,010 | -9,792 |
| Proceeds from the disposal of intangible and tangible assets | 200 | 0 |
| Proceeds from the disposal of financial assets | 33,438 | 16,552 |
| Effects of changes in consolidation | -1,776 | 0 |
| Interest received | 0 | 25 |
| Proceeds from dividends | 0 | 46 |
| Cash flow from financing activities | -4,365 | 1,984 |
| Repayments of borrowings | -329 | -318 |
| Interest paid | -12 | -16 |
| Proceeds from other shareholders | 1,983 | 0 |
| Payments to other shareholders | -271 | -1,682 |
| Dividends paid to other shareholders | -683 | 0 |
| Effects of changes in consolidation | -823 | 0 |
| Capital increase of MPC Capital AG (less costs of the capital increase) | 0 | 4,000 |
| Dividend paid by MPC Capital AG | -4,230 | 0 |
| Changes in cash and cash equivalents | 17,889 | 11,606 |
| Cash and cash equivalents at the start of the period | 38,497 | 24,750 |
| Effects of changes in consolidation | -5,612 | 0 |
| Cash and cash equivalents at the end of the period | 50,774 | 36,356 |
Note:
Rounding differences may occur.
Cash and cash equivalents corresponds to the balance sheet item "Cash in hand and bank balances".
Cash inflows that, in accordance with their economic character, result from cash inflows from non-current assets held in the course of operating activities (proceeds from disposals and dividends) are included in operating cash flow in the cash flow statement.
The cash and cash equivalents component from the joint ventures using proportionate consolidation amounts to EUR 2.5 million.
of MPC Münchmeyer Petersen Capital AG, Hamburg, as at 30 June 2022
The MPC Münchmeyer Petersen Capital Group ("MPC Capital", "MPC Capital Group") is an independent asset and investment manager for real asset investments. MPC Münchmeyer Petersen Capital AG ("MPC Capital AG") is the Group parent. Together with its subsidiaries, MPC Capital AG develops and manages real asset investments and investment products for international institutional investors, family offices and professional investors. The financial year of MPC Capital AG and of its included subsidiaries corresponds to the calendar year.
MPC Münchmeyer Petersen Capital AG is entered in the Commercial Register of the Hamburg District Court, Department B, under 72691 and its shares are listed in the "Scale" segment of Deutsche Börse AG. The company's registered office is Hamburg, Germany.
The interim consolidated financial statements of the MPC Capital Group as at 30 June 2022 have been prepared in accordance with Sections 290 ff. of German Commercial Code (HGB) and the additional requirements of the German Stock Corporation Act, and are based on the assumption of business continuation.
The following companies were fully consolidated for the first time in the first half of the 2022 financial year:
The following companies were deconsolidated in the first half of the 2022 financial year:
MPC Real Estate Solutions GmbH, Hamburg, was merged with MPC Capital GmbH, Hamburg, in the financial year.
The following changes result from the deconsolidation of Cairn Real Estate B.V., Amsterdam / Netherlands, whose shares were sold to a British investor at the end of January 2022 for strategic reasons, as well as from the intrayear switch from proportionate consolidation to full consolidation for Albis Shipping & Transport GmbH & Co. KG, Hamburg.
| EUR million | |
|---|---|
| A. Fixed assets | -3.5 |
| B. Current assets | -5.9 |
| C. Provisions | -1.0 |
| D. Liabilities | -0.1 |
| Revenue Other operating income |
-2.7 0.0 0.2 |
|---|---|
| Cost of purchased materials | |
| Gross profit | -2.5 |
| Personnel expenses | 1.4 |
| Other operating expenses | 0.9 |
| Financial result | -1.2 |
| Earnings before tax | -1.4 |
| Taxes on income | 0.0 |
| Earnings after tax / consolidated earnings | -1.4 |
| Costs | |||||
|---|---|---|---|---|---|
| EUR '000 | As at 01/01/2022 |
Additions | Disposals | Changes in consolidation / reclasses |
As at 30/06/2022 |
| l. Intangible assets | |||||
| 1. Purchased concessions, industrial rights and software |
1,930 | 53 | 7 | 5 | 1,981 |
| 2. Goodwill | 29,850 | 246 | 0 | -901 | 29,195 |
| 31,780 | 299 | 7 | -896 | 31,176 | |
| ll. Tangible assets | |||||
| 1. Land, land rights and buildings, including buildings on third-party land |
2,017 | 13 | 0 | -595 | 1,435 |
| 2. Other fixtures and fittings, operating and office equipment |
2,589 | 45 | 28 | -108 | 2,498 |
| 4,606 | 58 | 28 | -703 | 3,933 | |
| lll. Financial assets | |||||
| 1. Shares in affiliated companies | 4,554 | 158 | 0 | 0 | 4,712 |
| 2. Equity investments | 55,887 | 16,204 | 6,610 | -4,610 | 60,870 |
| 3. Investment securities | 8,344 | 0 | 0 | 0 | 8,344 |
| 4. Other loans | 16,440 | 371 | 4,196 | -3,995 | 8,620 |
| 85,225 | 16,733 | 10,806 | -8,605 | 82,546 | |
| Fixed assets | 121,611 | 17,090 | 10,841 | -10,204 | 117,655 |
| As at 01/01/2022 |
Additions | Disposals | Changes in consolidation / reclasses |
As at 30/06/2022 |
As at 30/06/2022 |
As at 31/12/2021 |
|---|---|---|---|---|---|---|
| 1,703 | 14 | 7 | 5 | 1,715 | 266 | 226 |
| 27,097 | 712 | 0 | -475 | 27,334 | 1,860 | 2,753 |
| 28,800 | 726 | 7 | -470 | 29,049 | 2,126 | 2,979 |
| 1,467 | 31 | 0 | -248 | 1,250 | 185 | 550 |
| 2,445 | 37 | 28 | -78 | 2,376 | 122 | 144 |
| 3,911 | 67 | 28 | -326 | 3,626 | 308 | 694 |
| 4,017 | 0 | 0 | 0 | 4,017 | 696 | 537 |
| 16,350 | 2 | 2,122 | 2 | 14,232 | 46,638 | 39,538 |
| 0 | 0 | 0 | 0 | 0 | 8,344 | 8,344 |
| 8,444 | 2,321 | 3,821 | -572 | 6,372 | 2,248 | 7,996 |
| 28,811 | 2,323 | 5,943 | -570 | 24,621 | 57,925 | 56,415 |
| 61,522 | 3,117 | 5,978 | -1,366 | 57,296 | 60,359 | 60,088 |
The intangible assets are predominantly made up of goodwill arising in the course of first-time consolidation of the following companies:
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| Albis Shipping & Transport GmbH & Co. KG, Hamburg | 1,860 | 1,698 |
| HCRE Beheerder B.V., Amsterdam / Netherlands | 0 | 621 |
| Harper Petersen Holding GmbH & Co. KG, Hamburg | 0 | 168 |
| MPC Capital GmbH, Hamburg | 0 | 157 |
| Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG, Hamburg | 0 | 108 |
| Goodwill | 1,860 | 2,753 |
Note: Rounding differences may occur.
The decrease in intangible assets is attributable especially to the straight-line depreciation method and to deconsolidation effects.
Leasehold improvements as well as operating and office equipment account for the bulk of tangible assets.
No write-downs on tangible assets were made.
Equity investments are made up as follows:
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| 1. Equity investments in associated companies | 26,606 | 15,986 |
| 2. Other equity investments | 20,032 | 23,552 |
| Equity investments | 46,638 | 39,538 |
Note: Rounding differences may occur.
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| 1. Equity investments in associated companies | 26,606 | 15,986 |
| CSI Beteiligungsgesellschaft mbH, Hamburg | 13,292 | 0 |
| Bluewater Investments GmbH & Co. KG, Hamburg | 8,063 | 8,262 |
| BB Amstel B.V., Amsterdam / Netherlands | 3,016 | 5,400 |
| Parque Eólico Wakuaipa S.A.S., Bogotá / Colombia | 908 | 812 |
| BBG Bulk Beteiligungs GmbH & Co. KG, Hamburg | 650 | 650 |
| Miscellaneous equity investments in associates | 677 | 862 |
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| 2. Other equity investments | 20,032 | 23,552 |
| MPC ECOBOX OPCO 2 GmbH & Co. KG, Hamburg | 4,156 | 1,682 |
| MPC Caribbean Clean Energy Fund LLC, Cayman Islands | 3,730 | 3,730 |
| MPC ECOBOX OPCO 1 GmbH & Co. KG, Hamburg | 3,382 | 1,374 |
| Zweite Sachwert Rendite-Fonds Deutschland Technology GmbH & Co. KG, Hamburg | 1,451 | 1,451 |
| Atlantic Bridge AS, Oslo / Norway | 1,109 | 1,109 |
| Stille Beteiligungen MPC IT Services GmbH & Co. KG, Hamburg | 840 | 840 |
| ECOBOX II AS, Oslo / Norway | 741 | 634 |
| Atlantic Breeze AS, Oslo / Norway | 628 | 628 |
| Atlantic Bay AS, Oslo / Norway | 589 | 589 |
| Njord Julie AS, Oslo / Norway | 507 | 681 |
| MPC Student Housing Venture I geschl. Investment-GmbH & Co. KG, Hamburg | 485 | 575 |
| AG CRE Maxis C.V., Amsterdam / Netherlands | 270 | 541 |
| AG CRE Netherlands C.V., Amsterdam / Netherlands | 60 | 26 |
| Burgundy Container AS, Oslo / Norway | 50 | 140 |
| CSI Beteiligungsgesellschaft mbH, Hamburg | 0 | 6,030 |
| AT&C Amstel Holdings B.V., Amsterdam / Netherlands* | 0 | 746 |
| Danubia Tanker AS, Oslo / Norway | 0 | 272 |
| Transit Holding II B.V., Amsterdam / Netherlands* | 0 | 128 |
| Other equity investments in fund limited partnerships | 2,032 | 2,375 |
Note: Rounding differences may occur.
* The equity investment was disposed of in the first half of the 2022 financial year.
MPC Capital indirectly holds shares in MPC Container Ships ASA through CSI Beteiligungsgesellschaft mbH, Hamburg, and Bluewater Investments GmbH & Co. KG, Hamburg.
The equity investment in CSI Beteiligungsgesellschaft mbH, Hamburg, is reported for the first time under equity investments in associated companies to reflect the increased shareholding as a result of a capital increase.
Investment securities are made up as follows:
| 30/06/2022 | 31/12/2021 |
|---|---|
| 8,344 | 8,344 |
| 8,344 | 8,344 |
Note: Rounding differences may occur.
At the start of 2021, under its co-investment strategy MPC Capital acquired a co-investor stake in the private placement – which it initiated – of MPC Energy Solutions N.V., whose shares are listed on the Oslo Stock Exchange.
The other loans are predominantly for project financing with a medium to long term of up to ten years.
The statement of changes in receivables is as follows:
| Maturities | |||||
|---|---|---|---|---|---|
| EUR '000 | Total | up to 1year |
over 1 year |
of which over 5 years |
|
| 30/06/2022 | 5,635 | 5,635 | 0 | 0 | |
| 1. Trade receivables | 31/12/2021 | 8,540 | 8,540 | 0 | 0 |
| 2. Receivables from other long-term investees | 30/06/2022 | 7,018 | 7,018 | 0 | 0 |
| and investors | 31/12/2021 | 9,991 | 9,991 | 0 | 0 |
| 30/06/2022 | 3,803 | 3,803 | 0 | 0 | |
| - of which from associated equity investments | 31/12/2021 | 754 | 754 | 0 | 0 |
| 30/06/2022 | 3,186 | 3,186 | 0 | 0 | |
| - of which from fund companies | 31/12/2021 | 9,173 | 9,173 | 0 | 0 |
| - of which from other equity investments | 30/06/2022 | 29 | 29 | 0 | 0 |
| 31/12/2021 | 63 | 63 | 0 | 0 | |
| 30/06/2022 | 2,075 | 2,075 | 0 | 0 | |
| - of which trade receivables | 31/12/2021 | 7,992 | 7,992 | 0 | 0 |
| 30/06/2022 | 4,943 | 4,943 | 0 | 0 | |
| - of which other assets | 31/12/2021 | 1,999 | 1,999 | 0 | 0 |
| 30/06/2022 | 20,453 | 13,611 | 6,842 | 0 | |
| 3. Other assets | 31/12/2021 | 17,240 | 10,270 | 6,970 | 0 |
| 30/06/2022 | 33,107 | 26,265 | 6,842 | 0 | |
| Receivables and other assets | 31/12/2021 | 35,771 | 28,801 | 6,970 | 0 |
Note: Rounding differences may occur.
Other assets are composed as follows:
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| Outstanding purchase price receivable from sales of shares | 9,778 | 6,082 |
| Advance payments and collateral | 6,633 | 6,823 |
| Income tax receivables | 2,512 | 2,302 |
| Loan receivables from project companies | 1,047 | 1,026 |
| Sales tax receivables | 310 | 508 |
| Creditors with debit balances | 23 | 163 |
| Miscellaneous assets | 151 | 337 |
| Other assets | 20,453 | 17,240 |
Bank balances and cash in hand are made up as follows:
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| Bank balances | 50,764 | 38,490 |
| Cash in hand | 10 | 7 |
| Cash in hand and bank balances | 50,774 | 38,497 |
Note: Rounding differences may occur.
A detailed analysis of the development of cash and cash equivalents is shown in the consolidated cash flow statement.
The details of the changes in equity are shown in the consolidated statement of changes in equity.
The fully paid-up share capital of MPC Capital AG remains unchanged at EUR 35.2 million (31 December 2021: EUR 35.2 million). The share capital is divided into 35,248,484 (31 December 2021: 35,248,484) no-par-value bearer shares each with a notional value of EUR 1.00.
The Management Board was authorised by the Annual General Meeting on 22 April 2021 to increase the share capital of the company, with the approval of the Supervisory Board, on one or several occasions until 21 April 2026 by up to a total of EUR 17,624,242.00 through the issuance of up to 17,624,242 new no-par-value bearer shares against cash and/or non-cash contributions (Authorised Capital 2021).
In the event of a capital increase, the shareholders are fundamentally to be granted a pre-emptive right; the statutory pre-emptive right may also be granted in such a form that the new shares are taken on wholly or in part by a bank or consortium of banks designated by the Management Board with the obligation to offer them to the shareholders of the company for subscription (indirect pre-emptive right pursuant to Section 186 (5) sentence 1 AktG). The Management Board is also authorised, with the approval of the Supervisory Board, to disapply pre-emptive rights
Additional paid-in capital remained unchanged at EUR 51.9 million as at 30 June 2022 (31 December 2021: EUR 51.9 million).
In the first half of the 2017 financial year the Management Board and the Supervisory Board resolved to establish a stock option plan for those employees of MPC Capital AG and its affiliated companies who participate in profit-sharing ("Stock Option Plan 2017"). The objectives of the Stock Option Plan 2017 remain to increase the commitment of employees (in particular senior executives) to the company, to motivate them and to enable them to participate directly in the company's success. A further aim of the plan is to enhance the attractiveness of MPC Capital AG to qualified employees.
The plan was approved by the shareholders at the 2015 Annual General Meeting.
The principal provisions and conditions relating to the share option plan are described in the following:
Under the Stock Option Plan 2017, subscription rights may be issued to employees of MPC Capital AG and employees of its affiliated companies ("Eligible Participants").
The subscription rights could be granted to the Eligible Participants from 02 January 2017. Further subscription rights could be granted up to the conclusion of 15 February 2022.
The subscription rights granted under the Stock Option Plan 2017 may be exercised for the first time on the fourth anniversary of their grant to the respective Eligible Participant ("Vesting Period"). After the end of the Vesting Period, the subscription rights may be exercised up to the fifth anniversary of the grant ("Exercise Period"). During the Exercise Period, the subscription rights may only be exercised at certain times ("Exercise Windows"). An Exercise Window begins in each case on the eleventh banking day in Hamburg ("Banking Day") following the publication of a quarterly, first-half or annual financial report of the company and ends at the conclusion of the tenth banking day after that date. If company does not publish quarterly or first-half financial reports, the number of Exercise Windows within the Exercise Period is reduced accordingly. The company may refuse to accept exercise notices from the Eligible Participants in the event that, during an Exercise Window, an ad hoc announcement is imminent as a result of national or European legal requirements corresponding to Section 15 of the German Securities Trading Act (Wertpapierhandelsgesetz, "WpHG") as drafted at that time or stock exchange regulations reflecting those requirements (e.g. in the terms and conditions regulating the Open Market on the Frankfurt Stock Exchange). In such cases, the exercise notice is deemed to have been accepted one day following publication of the ad hoc announcement. The Exercise Period is extended by one day if it expires on the day on which acceptance is refused by the company as a result of an ad hoc announcement.
The exercise price of a subscription right is equal to the average closing price for the company's shares of the same class in Xetra trading (or a comparable successor system) on the Frankfurt Stock Exchange during the three months prior to the date on which the stock option agreement is entered into. The minimum exercise price is EUR 1.00.
The subscription rights may only be exercised if the quoted price corresponding to the exercise price has at least doubled when compared to the average closing rate for the company's shares of the same class in Xetra trading (or a comparable successor system) on the Frankfurt Stock Exchange during three months prior to the date on which the subscription right is exercised.
A total of 9,418 subscription rights were granted.
As no equity settled options arise through exercise of the options, the option plan is regarded as a transaction between lenders and is therefore only reflected in the financial statements to the extent that options are in fact exercised.
Based on the proposal of the Management Board and Supervisory Board, the Annual General Meeting on 27 April 2022 resolved the distribution of a dividend of EUR 0.12 per share with a total amount of EUR 4.2 million for the 2021 financial year. The dividend of MPC Capital AG was paid entirely from the fiscally recognised contribution account within the meaning of Section 27 of the German Corporation Tax Act.
The provisions are made up as follows:
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| 1. Provisions for taxes for current taxes |
3,079 | 4,667 |
| 2. Other provisions | 15,003 | 14,957 |
| - Provisions for legal and consultancy expenses | 9,398 | 8,547 |
| - Provisions for expected losses | 2,112 | 2,112 |
| - Provisions for personnel expenses | 1,439 | 2,605 |
| - Provisions for audit of annual financial statements | 223 | 348 |
| - Miscellaneous provisions | 1,831 | 1,345 |
| Provisions | 18,082 | 19,624 |
Note: Rounding differences may occur.
The liabilities schedule below shows the maturity structure of liabilities:
| Maturities | |||||
|---|---|---|---|---|---|
| EUR '000 | Total | up to 1 year |
over 1 year |
of which over 5 years |
|
| 30/06/2022 | 547 | 547 | 0 | 0 | |
| 1. Liabilities to banks | 31/12/2021 | 771 | 443 | 328 | 0 |
| 30/06/2022 | 778 | 778 | 0 | 0 | |
| 2. Trade payables | 31/12/2021 | 975 | 975 | 0 | 0 |
| 30/06/2022 | 863 | 863 | 0 | 0 | |
| 3. Liabilities to other long-term investees and investors | 31/12/2021 | 3,771 | 3,771 | 0 | 0 |
| 30/06/2022 | 863 | 863 | 0 | 0 | |
| - of which from other liabilities | 31/12/2021 | 3,771 | 3,771 | 0 | 0 |
| 30/06/2022 | 4,024 | 2,792 | 1,232 | 0 | |
| 4. Other liabilities | 31/12/2021 | 8,489 | 7,375 | 1,114 | 0 |
| - of which taxes | 30/06/2022 | 268 | 268 | 0 | 0 |
| 31/12/2021 | 1,684 | 1,684 | 0 | 0 | |
| 30/06/2022 | 17 | 17 | 0 | 0 | |
| - of which social security | 31/12/2021 | 15 | 15 | 0 | 0 |
| 30/06/2022 | 6,212 | 4,980 | 1,232 | 0 | |
| Liabilities | 31/12/2021 | 14,006 | 12,564 | 1,442 | 0 |
Note: Rounding differences may occur.
The liabilities to banks comprise loans for project financing.
Trade payables essentially include liabilities from legal and consultancy costs as well as from ongoing asset management operations. These payables were somewhat lower than in the previous year for reporting date reasons.
Liabilities to other long-term investees or investors result in particular from unpaid contributions to project companies and from distributions received.
Other liabilities are composed as follows:
| EUR '000 | 30/06/2022 | 31/12/2021 |
|---|---|---|
| Liabilities from purchase price payments outstanding | 1,666 | 4,633 |
| Liabilities from project financing | 1,295 | 1,177 |
| Liabilities to the MPC Group | 369 | 173 |
| Wage tax liabilities | 268 | 465 |
| Liabilities to debtors with credit balances | 229 | 102 |
| Social security liabilities | 17 | 15 |
| VAT liabilities | 0 | 1,219 |
| Miscellaneous | 180 | 704 |
| Other liabilities | 4,024 | 8,489 |
Note: Rounding differences may occur.
There are contingent liabilities as defined in Section 251 HGB. These consist of default guarantees, fixed liability guarantees and liability risks for the provision of collateral for third-party liabilities.
There are warranties and guarantees totalling EUR 3.0 million (31 December 2021: EUR 3.4 million) essentially relating to directly enforceable warranties and guarantees. Their utilisation depends on a number of factors.
There are currently no indications that the MPC Capital Group will utilise the existing contingent liabilities. Utilisation of one or more contingent liabilities would have a considerable impact on the financial position of the MPC Capital Group.
Other financial obligations relate to rent and lease obligations in the amount of EUR 15.0 million (31 December 2021: EUR 2.4 million). This increase is mainly attributable to long-term rental agreements. Additional rent and lease obligations in the amount of EUR 0.1 million (31 December 2021: EUR 1.1 million) arise from the equity investments in the joint ventures.
Contributions by limited partners held in trust amount to EUR 0.9 billion (31 December 2021: EUR 1.3 billion). They essentially relate to the amounts entered on the Commercial Register for TVP Treuhand- und Verwaltungsgesellschaft für Publikumsfonds GmbH & Co. KG, Hamburg ("TVP"). If and to the extent that payments that are not covered by profits are made by funds on these contributions by limited partners held in trust, the risk of being sued is within the limits of Section 172 (4) HGB. TVP has scope for recourse against the respective trustors for the greater part of these contingent liabilities.
In addition MPC Investment Services GmbH, Hamburg, manages bank deposits in trust in the amount of EUR 47.5 million (31 December 2021: EUR 32.2 million).
Revenue essentially results from the provision of services.
The table below shows a breakdown by revenue type and region:
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| By revenue types | ||
| Management services | 13,633 | 13,659 |
| Transaction services | 4,952 | 2,109 |
| Miscellaneous | 148 | 197 |
| Revenue | 18,733 | 15,965 |
| By region | ||
| Germany | 18,209 | 11,146 |
| Netherlands | 2,691 | 7,087 |
| Hong Kong | 746 | 269 |
| Singapore | 271 | 203 |
| Panama | 0 | 68 |
| Consolidation | -3,184 | -2,808 |
| Revenue | 18,733 | 15,965 |
Note: Rounding differences may occur.
Other operating income is made up as follows:
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| Accounting profits from asset sales | 18,983 | 3,872 |
| Income from changes in exchange rates | 2,242 | 343 |
| Realised income from changes in exchange rates | 1,211 | 343 |
| Unrealised income from changes in exchange rates | 1,031 | 0 |
| Income from the reversal of provisions | 195 | 224 |
| Prior-period income | 12 | 413 |
| Income from the reversal of write-downs on receivables | 0 | 686 |
| Miscellaneous | 548 | 217 |
| Other operating income | 21,979 | 5,756 |
Note: Rounding differences may occur.
The other operating income results in particular from accounting profits from asset sales arising mainly through the disposal of the Dutch subsidiary Cairn Real Estate B.V.
In addition, within other operating income, EUR 0.2 million constitutes prior-period income mainly in the form of income from the reversal of provisions.
Costs of purchased services in connection with the management and maintenance of real estate and ships are a major component of this item.
Personnel expenses are composed as follows:
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| Wages and salaries | -8,597 | -9,610 |
| Social security, post-employment and other employee benefit costs | -1,041 | -1,237 |
| Personnel expenses | -9,639 | -10,847 |
Note: Rounding differences may occur.
There were 169 (H1 2021: 200) employees on average in the first half of the financial year. Of these, 47 employees (H1 2021: 70 employees) are attributed to MPC Capital from the equity investment in joint ventures.
Other operating expenses are composed as follows:
| EUR '000 | H1 2022 | H1 2021 |
|---|---|---|
| Write-downs on receivables | -3,565 | -878 |
| Legal and consultancy costs | -2,537 | -2,593 |
| Expenses from currency translation differences | -2,067 | -77 |
| Personnel recruitment and other personnel costs | -861 | -649 |
| IT costs | -817 | -1,120 |
| Cost of premises | -710 | -824 |
| Services | -514 | -518 |
| Insurance and subscriptions | -465 | -534 |
| Travel and hospitality expenses | -181 | -94 |
| Vehicle costs | -125 | -215 |
| Prior-period expenses | -76 | -292 |
| Communications costs | -72 | -100 |
| Advertising and events | -45 | -113 |
| Miscellaneous expenses | -1,075 | -644 |
| Other operating expenses | -13,108 | -8,650 |
Note: Rounding differences may occur.
Income from equity investments amounting to EUR 1.0 million (H1 2021: EUR 1.1 million) originated mainly from profit distributions by project companies.
Other interest and similar income amounting to a total of EUR 0.8 million (H1 2021: EUR 1.5 million) stems mainly from the loans for project financing.
In the first half of the financial year, write-downs of EUR 2.3 million (H1 2021: EUR 0.4 million) were required where permanent impairment is assumed. These write-downs relate to isolated value adjustments made out of due commercial prudence in light of the changed economic environment.
Interest and similar expenses arise particularly in the form of interest expenses for project financing.
The equity result of EUR 9.0 million (H1 2021: EUR -0.3 million) substantially comprises dividends from MPC Container Ships ASA.
After the reporting date of 30 June 2022, the MPC Capital Group acquired a wind farm in Germany with a total capacity of around 11 megawatt. This investment reflects the growth strategy of now also entering the European market with wind and solar PV projects.
Hamburg, 19 August 2022
Ulf Holländer (Chairman) Constantin Baack Dr Philipp Lauenstein
Interim Financial Report 2022 MPC Capital AG 38
To MPC Münchmeyer Petersen Capital AG
We have reviewed the condensed consolidated financial statements – comprising the balance sheet, income statement, statement of changes in equity, cash flow statement and condensed notes to the consolidated financial statements – as well as the interim management report of MPC Münchmeyer Petersen Capital AG, Hamburg, for the period from 1 January 2022 to 30 June 2022. The preparation of the condensed consolidated financial statements in accordance with German commercial law and of the interim management report in accordance with the "General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse" is the responsibility of the legal representatives of the company. Our responsibility is to issue a report on the condensed consolidated financial statements and the interim management report on the basis of our review.
We conducted the review of these condensed consolidated financial statements and this interim management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW – Institute of Public Auditors in Germany). Those standards require that we plan and perform the review such that, after critical appraisal, we can with a degree of certainty rule out that the condensed consolidated financial statements were not prepared in accordance with the German Commercial Code in material respects, or that the interim management report has not been prepared in accordance with the "General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse" in material respects. A review is in the first instance limited to interviewing employees of the company and making analytical assessments, and therefore does not offer the level of assurance achieved by an audit. As it was not within the scope of our mandate to conduct an audit, we cannot issue an audit opinion.
On the basis of our review, no matters have come to our attention that lead us to assume that the condensed consolidated financial statements were not prepared in accordance with the German Commercial Code in material respects or that the interim management report has not been prepared in accordance with the "General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse" in material respects.
Hamburg, 24 August 2022
BDO AG Wirtschaftsprüfungsgesellschaft
gez. Härle gez. Pixa German Public Auditor German Public Auditor
www.mpc-capital.com
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