Aurelius SE & Co. KGaA

Earnings Release • Nov 13, 2014

News Details

Corporate | 13 November 2014 07:30

AURELIUS enjoys strong growth in the third quarter; earnings forecast for 2014 raised again

AURELIUS AG / Key word(s): 9-month figures

13.11.2014 / 07:30

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AURELIUS enjoys strong growth in the third quarter; earnings forecast for 2014 raised again

– Consolidated EBITDA reaches record total of EUR 208.5 million (up 210.7%)

– Executive Board raises forecast for 2014 as a whole to over EUR 240 million (previously at least EUR 220 million)

– Cash and cash equivalents rise to EUR 368.2 million (up EUR 144.3 million)

– NAV increases to EUR 1,104.7 million

Munich, November 13, 2014 – The AURELIUS Group (ISIN DE000A0JK2A8) increased its total consolidated revenues by 4 percent to EUR 1,177.7 million in the first nine months of 2014 (Q1-Q3 2013: EUR 1,132.2 million) despite the sale of four subsidiaries. On an annualized basis, consolidated revenues totaled EUR 1,680.0 million. Total consolidated EBITDA more than tripled in the first nine months of 2014 to reach the record total of EUR 208.5 million (Q1-Q3 2013: EUR 67.1 million). Against the backdrop of these results and the positive outlook for the rest of 2014, the Executive Board is raising its forecast for EBITDA over 2014 as a whole to at least EUR 240 million from at least EUR 220 million previously.

Strong earnings performance across all activities

The good operating performance of the existing Group companies can be seen in a disproportionate rise of 21.5% in operating EBITDA to EUR 77.5 million (Q1-Q3 2013: EUR 63.8 million). This is also reflected in the good figures for cash flow from operating activities, which increased to EUR 125.6 million (Q1-Q3 2013: EUR 47.6). The acquisition of a total of six new Group companies in the first nine months of 2014 gave rise to income of EUR 76.7 million from the reversal of negative goodwill (bargain purchase income) (Q1-Q3 2013: EUR 20.9 million). So far this year, AURELIUS has acquired the IT consulting activities of Telvent Global Services in Spain and South America, the AKAD University, the international advertising marketer Publicitas, Scholl Footwear, B+P Gerüstbau, and IDS Individual Desktop Services. Reorganization of Group companies resulted in restructuring and non-recurring expenses of EUR 33.6 million (Q1-Q3 2013: EUR 19.0 million).

Four successful company sales deliver large contribution to earnings, cash and cash equivalents up EUR 144.3 million to EUR 368.2 million

The successful sale of the healthcare activities of brightONE to T-Systems, the disposal of Reederei Peter Deilmann and the two exits completed in the third quarter – Hungary-based Framochem and Switzerland-based connectis AG – yielded a gain of EUR 87.9 million for AURELIUS from the disposal of companies above book value in the first nine months of 2014, thus setting another record in the history of the company in this area as well (Q1-Q3 2013: EUR 1.4 million).

Cash and cash equivalents rose to EUR 368.2 million (December 31, 2013: EUR 223.9 million) mainly as a result of these disposals. At 32.0%, the consolidated equity ratio is still at a very solid level (December 31, 2013: 30.1%). The net asset value of the Group companies increased by 3.5% to total EUR 1,104.7 million at the reporting date of September 30, 2014 (June 30, 2014: EUR 1,067.6 million). The NAV figures of the individual Group companies are shown in the table at the end of this press release.

Outlook

The AURELIUS Executive Board remains optimistic for the rest of 2014 as well. “It’s proving to be a really exciting year for AURELIUS. We’re working hard on year-end business and expect to conduct more transactions during the few weeks that remain between now and the end of the year,” comments Aurelius CEO Dr. Dirk Markus.

Key figures (in EUR millions)

	01/01 – 09/30/2014	01/01 – 09/30/2013
Total consolidated revenues	1,177.7	1,132.2
Consolidated revenues (annualized) ²	1,680.0	1,581.1
Total consolidated EBITDA	208.5	67.1
of which income from the reversal of negative goodwill
(bargain purchase income)	76.7	20.9
of which restructuring and non-recurring expenses	-33.6	-19.0
of which income from the disposal of companies above book value	87.9	1.4
Consolidated operating EBITDA	77.5	63.8
Cash flow from operating activities ¹	125.6	47.6
	09/30/2014	12/31/2013
Cash and cash equivalents	368.2	223.9
Equity ratio ² (in %)	32.0	30.1

¹ The prior-year figures have been adjusted for comparison purposes, in accordance with the provisions of IFRS 5

² Incl. minorities

Net asset value of the AURELIUS Group companies:

Group companies / units	NAV at September 30, 2014 (in EUR millions)
Secop	244.4
UK Chemicals	160.5
Getronics IDS Group	130.6
German Education Business	79.5
GHOTEL	78.5
Fidelis HR	49.8
brightONE	31.2
HanseYachts AG	30.5
Berentzen	27.6
ISOCHEM	27.5
LD Didactic	26.5
Scholl Footwear	16.5
B+P Group	14.0
Publicitas	8.0
Blaupunkt Car Radio	5.1
Other (incl. net funds)	174.5
Total	1,104.7

ABOUT AURELIUS

AURELIUS has enjoyed international success in the market for company acquisitions and has been one of the leading European investment groups for many years. Operating out of offices in Munich, London, Stockholm and Madrid, AURELIUS acquires companies and corporate spin-offs throughout Europe with potential for development. Once under the AURELIUS umbrella, the subsidiaries are given a long-term strategic orientation and their potential developed while benefiting from the management experience and financial strength of the parent company. This is what makes AURELIUS a “good home” for companies and their employees.

At present, the AURELIUS Group encompasses 21 subsidiaries around the globe with facilities in Europe, Asia and the United States. Among others, these include traditional names like Blaupunkt and Berentzen together with numerous industrial enterprises. Companies are acquired in accordance with strict investment criteria, although there is no specific industry focus. Shares of AURELIUS AG are listed in the m:access segment of the Munich Stock Exchange and are traded on all German stock exchanges under ISIN DE000A0JK2A8.

To find out more, visit www.aureliusinvest.de .

CONTACT

Anke Banaschewski

Investor Relations & Corporate Communications

Phone +49 (89) 544799 – 0

Fax +49 (89) 544799 – 55

investor@aureliusinvest.de

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296849  13.11.2014