AI assistant
MBB SE Interim / Quarterly Report 2024
279_10-q_2024-11-14_eab52a48-a94b-44b7-843d-6adeccf482aa.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
INTERIM STATEMENT 30 SEPTEMBER 2024
MBB SE, Berlin
MBB in figures
| Nine months | 2024 | 2023 | 2024 |
|---|---|---|---|
| (unaudited) | 2023 | ||
| Earnings figures (adjusted*) | €k | €k | \% |
| Revenue | 764,580 | 691,047 | 10.6 |
| Operating performance | 764,640 | 692,045 | 10.5 |
| Total performance | 785,846 | 716,461 | 9.7 |
| Cost of materials | $-423,506$ | $-430,177$ | $-1.6$ |
| Personnel expenses | $-216,970$ | $-187,424$ | 15.8 |
| EBITDA | 93,190 | 49,564 | 88.0 |
| EBITDA margin | $12.2 \%$ | $7.2 \%$ | |
| EBIT | 59,801 | 19,300 | 209.8 |
| EBIT margin | $7.8 \%$ | $2.8 \%$ | |
| EBT | 61,284 | 21,053 | 191.1 |
| EBT margin | $8.0 \%$ | $3.0 \%$ | |
| Consolidated net profit after non-controlling interests | 20,407 | 4,427 | 360.9 |
| eps in $€$ | 3.76 | 0.77 | 387.3 |
| Average number of shares in circulation (in thousand) | 5,431 | 5,742 | |
| Earnings figures (IFRS) | €k | €k | \% |
| EBITDA | 89,923 | 47,973 | 87.4 |
| Consolidated net profit after non-controlling interests | 17,279 | 2,545 | 578.9 |
| eps in $€$ | 3.18 | 0.44 | |
| Figures from the statement of financial position (IFRS) | 30 Sep | 31-Dec | |
| €k | €k | \% | |
| Non-current assets | 411,939 | 396,366 | 3.9 |
| Current assets | 753,882 | 752,655 | 0.2 |
| thereof liquid funds** | 481,469 | 529,635 | $-9.1$ |
| Issued capital (share capital) | 5,436 | 5,716 | $-4.9$ |
| Other equity | 748,733 | 758,192 | $-1.2$ |
| Total equity | 754,170 | 763,908 | $-1.3$ |
| Equity ratio | 64.7\% | 66.5\% | |
| Non-current liabilities | 111,189 | 102,662 | 8.3 |
| Current liabilities | 300,463 | 282,450 | 6.4 |
| Total assets | 1,165,821 | 1,149,020 | 1.5 |
| Net cash ( + ) or net debt (-) ** | 418,514 | 475,293 | $-11.9$ |
| Employees (as of closing date) | 4,009 | 3,782 | 6.0 |
- For a detailed account of the adjustments, please refer to the information provided in the section on results of operations, financial position and net assets.
** This figure includes the value of physical gold stocks and securities.
Percentages and figures in this report may be subject to rounding differences.
Business development, result of operations, financial position and net assets
Business Development
In the first nine months of the financial year, MBB increased its revenue by $10.6 \%$ from $€ 691.0$ million to $€ 764.6$ million. In the same period, adjusted EBITDA increased by $88.0 \%$ from $€ 49.6$ million to $€ 93.2$ million. At $12.2 \%$, the adjusted EBITDA margin was significantly higher than in the same period of the previous year, when it was $7.2 \%$. Adjusted earnings per share totalled $€ 3.76$ and were therefore several times higher than in the previous year (previous year: $€ 0.77$ ).
The Service \& Infrastructure segment, which comprises Friedrich Vorwerk and DTS, increased its revenue by $17.3 \%$ year-on-year to $€ 411.1$ million. Friedrich Vorwerk recorded revenue growth of $23.3 \%$ to $€ 339.1$ million, which is also due to a record revenue of $€ 145.0$ million in the third quarter. At DTS, order shifts from the third to the fourth quarter led to a slight decline in nine-month revenue of $4.6 \%$ to $€ 72.1$ million. The segment's EBITDA increased significantly by $92.9 \%$ to $€ 60.1$ million, which corresponds to an EBITDA margin of $14.6 \%$. The significant increase in profitability is attributable to Friedrich Vorwerk, which was able to double its EBITDA margin from $7.4 \%$ in the previous year to $14.7 \%$. This excellent business performance is due to the high-quality order backlog of $€ 1,178.2$ million, which clearly demonstrates the rapidly growing demand for innovative infrastructure solutions within the context of the energy transition. In the first nine months, DTS was also able to slightly increase its EBITDA margin to $14.4 \%$ (previous year: $14.3 \%$ ).
Order intake at Friedrich Vorwerk totalled $€ 516.4$ million in the first nine months which is more than 1.5 times the revenues generated in the same period. Particularly noteworthy is the major order for the realisation of the onshore underground cable connection in the BalWin3 and LanWin4 connection projects with a total volume in the substantial three-digit million range attributable to Friedrich Vorwerk. Against the backdrop of the excellent development in the first nine months of the year and an unchanged positive outlook, Friedrich Vorwerk raised its forecast for 2024 for the second time on 21 October 2024 and now expects revenues of $€ 430$ million to $€ 460$ million with profitability at $14 \%$ to $15 \%$ EBITDA margin.
The Technological Applications segment, which comprises the listed companies Aumann and Delignit, recorded revenue growth of $5.8 \%$ to $€ 283.3$ million in the first nine months of the year (previous year: $€ 267.7$ million). The segment's EBITDA also rose significantly by $46.4 \%$ to $€ 27.5$ million (previous year: $€ 18.8$ million). Aumann increased its revenue by $16.8 \%$ to $€ 233.1$ million and almost doubled its adjusted EBITDA once again from $€ 14.1$ million to $€ 25.7$ million. Aumann thus achieved an adjusted EBITDA margin of $11.0 \%$ (previous year: $7.0 \%$ ). In a challenging market environment, the company's order intake of $€ 157.9$ million and the order backlog of $€ 223.6$ million after nine months are both below the high level of the previous year. Aumann has narrowed its forecast for the 2024 financial year to revenues of around $€ 320$ million and an EBITDA margin at the upper end of the forecast range of $9 \%$ to $11 \%$. Delignit is confronted with a significant weakness in demand from major OEM customers in an increasingly strained situation in the automotive industry and therefore recorded a decline its revenue in the first nine months. In view of the subdued demand, Delignit adjusted its annual forecast on 18 October 2024 and now expects revenue of $€ 63$ to $€ 67$ million with an EBITDA margin of $4 \%$ to $6 \%$.
The Consumer Goods segment comprises the mattress manufacturer CT Formpolster and Hanke, which specialises in tissue products. The segment's revenue declined by $4.1 \%$ to $€ 70.4$ million (previous year: $€ 73.5$ million), which is due in particular to the temporarily weaker consumer demand in the furniture and mattress market. However, the segment's EBITDA of $€ 5.9$ million was significantly higher than in the previous year (previous year: $€ 0.2$ million). The main driver for this is that the high energy price fixing of the previous year no longer applies to Hanke, enabling Hanke to return to its usual high profitability.
As part of the voluntary public share buyback offer 2024/I with an acceptance period from 5 February to 4 March 2024, MBB SE acquired 393,522 of its own shares at a price of $€ 96.00$ per no-par-value share. This corresponds to around $6.9 \%$ of the share capital and a total purchase price excluding incidental acquisition costs of $€ 37.8$ million.
MBB SE acquired 691,729 shares in Friedrich Vorwerk Group SE in the first nine months of the year, meaning that its stake in the company now amounts to $50.32 \%$ (31 December 2023: $46.86 \%$ ).
Aumann AG also acquired 348,272 treasury shares in the first nine months as part of a share buy-back programme with a total value of $€ 6.0$ million. Aumann AG held treasury shares amounting to $5.9 \%$ as at 30 September 2024.
The vesting period of MBB SE's 2020 stock option programme ended on 26 August 2024. The number of exercisable stock options was determined at the end of the vesting period of the 2020 stock option
programme. In September 2024, a total of 113,299 options from the 2020 stock option programme were exercised at an average exercise price of $€ 39.52$ per option. The cash inflow from the exercise of options by the programme beneficiaries in the third quarter amounted to $€ 4.5$ million. Treasury shares held by the company were used to fulfil the programme. The personal income tax of the programme beneficiaries relating to the exercise of the stock option rights is borne by MBB SE. In addition to the utilisation of the provision recognised over the term of the programme in the amount of $€ 3.0$ million, personnel expenses of $€ 1.8$ million were recognised in the third quarter for the taxation of the countervailing benefit. The actual countervailing benefit is determined on the basis of the share price on the day the shares are transferred to the programme beneficiaries. The payment for the taxation of the countervailing benefit in the amount of $€ 4.8$ million was not due until October 2024, consequently the corresponding liability remains to be recognised as of 30 September 2024.
The personnel expenses in connection with the 2020 stock option programme are recognised as 'EBITDA adjustment items'. The adjustment item for MBB SE's 2020 stock option programme in the first nine months of 2024 amounted to $€ 2.8$ million (previous year: $€ 1.0$ million). The increase in the adjustment effect results from the aforementioned additional personnel expenses for the taxation of the countervailing benefit.
Results of operations, financial position and net assets
The MBB Group's net assets, financial position and results of operations are very strong despite the volatile overall economic developments. At $€ 764.6$ million, consolidated revenue after nine months of the financial year 2024 is $10.6 \%$ above last year's level (previous year: $€ 691.0$ million).
Income from joint ventures and associates totalled $€ 8.6$ million (previous year: $€ 12.1$ million) and relate to joint ventures of Friedrich Vorwerk. Other operating income of $€ 12.7$ million (previous year: $€ 12.3$ million) includes income from securities of $€ 2.5$ million, income from the offsetting of remuneration in kind of $€ 2.4$ million, income from capitalised own work of $€ 2.1$ million, income from reimbursements and grants of $€ 1.6$ million, income from currency translation of $€ 0.8$ million and other income of $€ 3.2$ million. Own work capitalised mainly relates to the capitalisation of development costs at Aumann.
Cost of materials decreased by $1.6 \%$ to $€ 423.5$ million, while adjusted personnel expenses increased by $15.8 \%$ to $€ 217.0$ million due to the increase in the number of employees from 3,782 to 4,009 and the higher collective wage agreements.
Other operating expenses amounted to $€ 52.2$ million (previous year: $€ 49.3$ million) in the first nine months. In particular, this includes maintenance and repair expenses, legal and consulting fees, advertising expenses, insurance premiums, travel expenses and other external services.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by $88.0 \%$ to $€ 93.2$ million (previous year: $€ 49.6$ million). This corresponds to an adjusted EBITDA margin of $12.2 \%$ (previous year: $7.2 \%$ ). In the first nine months of 2024, adjusted personnel expenses of $€ 3.3$ million were incurred (previous year: $€ 1.6$ million) in connection with MBB SE's and Aumann AG's stock option programs. With the completion of MBB SE's 2020 stock option programme, these adjustments will significantly reduce from the fourth quarter of 2024.
EBITDA (adj.) nach Quartalen in Mio. $€$
Adjusted depreciation and amortisation increased by $10.3 \%$ year-on-year to $€ 33.4$ million after nine months of the financial year 2024. Adjustments relate to the depreciation and amortisation of assets amounting to $€ 0.5$ million capitalised as part of purchase price allocations (previous year: $€ 1.7$ million).
This resulted in an adjusted EBIT (earnings before interest and taxes) of $€ 59.8$ million (previous year: $€ 19.3$ million).
Taking into account the financial result of $€ 1.5$ million (previous year: $€ 1.8$ million), adjusted earnings before taxes (EBT) amounted to $€ 61.3$ million (previous year: $€ 21.1$ million).
The adjusted consolidated net income after minority interests amounted to $€ 20.4$ million (previous year: $€ 4.4$ million) or $€ 3.76$ per share (previous year: $€ 0.77$ per share) in the first nine months.
Consolidated equity amounted to $€ 754.2$ million as of 30 September 2024 (31 December 2023: $€ 763.9$ million). In relation to the consolidated total assets of $€ 1,165.8$ million (31 December 2023: $€ 1,149.0$ million), the equity ratio slightly decreased to $64.7 \%$ compared to $66.5 \%$ as of 31 December 2023. The reduction in consolidated equity in the first nine months was mainly due to the acquisition of treasury shares by MBB SE ( $€-37.8$ million) and by Aumann AG ( $€-6.0$ million), the acquisition of an additional $3.46 \%$ stake in Friedrich Vorwerk ( $€-11.1$ million) as well as due to profit distributions to MBB shareholders ( $€-5.4$ million) and non-controlling interests ( $€-3.1$ million). This was partly offset by the fair value measurement of gold and securities ( $€ 11.2$ million) and earnings after taxes according to IFRS of $€ 36.2$ million generated in the first nine months of 2024. From those, $€ 17.3$ million is attributable to shareholders of MBB SE and $€ 19.0$ million is attributable to non-controlling interests.
As of 30 September 2024 the MBB Group had liquid funds (including securities and physical gold holdings) of $€ 481.5$ million (31 December 2023: $€ 529.6$ million), of which $€ 281.6$ million were attributable to MBB SE (31 December 2023: €311.5 million). After deducting the Group's financial debt of $€ 63.0$ million (31 December 2023: $€ 54.3$ million), the MBB Group's net cash position amounts to $€ 418.5$ million, compared to $€ 475.3$ million as of 31 December 2023. Of this amount, $€ 281.4$ million are attributable to MBB SE (31 December 2023: €311.1 million).
Net cash was reduced by the acquisition of treasury shares by MBB SE ( $€-37.8$ million) and by Aumann AG ( $€-6.0$ million), net investments in property, plant and equipment and intangible assets ( $€-41.3$ million), payments to increase the shareholding in Friedrich Vorwerk ( $€-11.1$ million) as well as profit distributions to non-controlling interests made from equity ( $€-3.1$ million) and made from liabilities by subsidiaries in the legal form of a partnership ( $€-0.6$ million). Conversely, the net cash increased due to the cash flow from operating activities of $€ 40.4$ million and cash inflows from the sale of treasury shares in the context of share-based payments of $€ 4.5$ million. Non-cash effects had an impact on net cash, particular the measurement of gold and securities at fair value ( $€ 11.2$ million) as well as the commencement of new leases and the associated increase in lease liabilities ( $€-4.6$ million).
In the first nine months, investments were made in bonds totalling $€ 30.6$ million and shares amounting to $€ 7.6$ million. This was offset by proceeds from maturing bonds totalling $€ 35.9$ million and sales of shares amounting to $€ 16.4$ million. In the consolidated cash flow statement, these effects are recognised in cash flow from investing activities.
Events after the end of the reporting period
MBB SE resolved on 30 October 2024 to make use of the authorisation granted by the Annual General Meeting on 26 June 2024 to acquire treasury shares in accordance with Section 71 para. 1 no. 8 AktG. The company intends to buy back its own shares with a maximum volume of $€ 15.0$ million up to a price of $€ 120.00$ per share via the stock exchange from 15 November 2024. The share buyback program is scheduled to end on 30 April 2025 at the latest.
Furthermore, the Executive Management as well as the Board decided on 30 October 2024 to cancel all 280,223 treasury shares for the purpose of a capital reduction. This corresponds to $4.90 \%$ of the current share capital. The number of shares will therefore be reduced from 5,716,392 to 5,436,169.
Outlook
In the light of the increase in profitability in the first nine months of the year, the Executive Management of MBB once again raises its full-year adjusted EBITDA margin forecast from previously more than $10 \%$ to now $12 \%$. MBB continues to expect revenues to increase to $€ 1$ billion.
Berlin, 14 November 2024
The Executive Management of MBB SE
IFRS interim consolidated financial statements
Percentages and figures in this report may be subject to rounding differences.
| Nine months | |||
|---|---|---|---|
| IFRS consolidated statement of profit or loss | $1 \mathrm{jan}-30$ | $1 \mathrm{jan}-30$ | |
| Unqualified | 2022 | ||
| Revenue | 764,580 | 691,047 | |
| Increase ( + ) or decrease (-) in finished goods and work in progress | 61 | 998 | |
| Operating performance | 764,640 | 692,045 | |
| Income from joint ventures and associates | 8,551 | 12,080 | |
| Other operating income | 12,655 | 12,337 | |
| Total performance | 785,846 | 716,461 | |
| Cost of raw materials and supplies | $-244,685$ | $-253,954$ | |
| Cost of purchased services | $-178,821$ | $-176,223$ | |
| Cost of materials | $-423,506$ | $-430,177$ | |
| Wages and salaries | $-172,505$ | $-148,899$ | |
| Social security and pension costs | $-47,732$ | $-40,117$ | |
| Personnel expenses | $-220,237$ | $-189,015$ | |
| Other operating expenses | $-52,180$ | $-49,297$ | |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 89,923 | 47,973 | |
| Depreciation and amortisation expense | $-33,881$ | $-31,956$ | |
| Earnings before interest and taxes (EBIT) | 56,042 | 16,017 | |
| Finance income | 6,441 | 4,138 | |
| Finance costs | $-2,885$ | $-2,274$ | |
| Earnings attributable to non-controlling interests | $-2,094$ | $-77$ | |
| Net finance costs | 1,463 | 1,787 | |
| Earnings before taxes (EBT) | 57,505 | 17,804 | |
| Income tax expense | $-20,128$ | $-7,922$ | |
| Other taxes | $-1,130$ | $-635$ | |
| Earnings after taxes | 36,247 | 9,247 | |
| thereof attributable to: | |||
| - Shareholders of MBB SE | 17,279 | 2,545 | |
| - Non-controlling interests | 18,968 | 6,702 | |
| Basic earnings per share (in €) | 3.18 | 0.44 | |
| Diluted earnings per share (in €) ${ }^{1}$ | 3.18 | 0.44 |
[^0]
[^0]: ${ }^{1}$ The previous year's figure for diluted earnings per share has been adjusted (see section III. 9 in the notes to the consolidated financial statements for financial year 2023).
| Nine months | 1 Jan - 30 Sep 2024 | 1 Jan - 30 Sep 2025 |
|---|---|---|
| IFRS consolidated statement of comprehensive income | ||
| Unstudited | $\mathrm{c}_{2}$ | $\mathrm{c}_{3}$ |
| Earnings after taxes | 36,247 | 9,247 |
| Items that may be subsequently reclassified to profit and loss | ||
| Fair value changes bonds and gold | 3,367 | 7 |
| Currency translation differences | 345 | 108 |
| Reclassifications to profit or loss (debt instruments) | 535 | 1,496 |
| Items that may not be subsequently reclassified to profit and loss | ||
| Fair value changes shares | 7,839 | 10,882 |
| Other comprehensive income after taxes | 12,086 | 12,492 |
| Comprehensive income for the reporting period | 48,334 | 21,739 |
| thereof attributable to: | ||
| - Shareholders of the parent company | 29,265 | 14,873 |
| - Non-controlling interests | 19,068 | 6,866 |
| ICR Quarter | ||
|---|---|---|
| IFRS consolidated statement of profit or loss | 1 Jul- 30 Sep 2024 | 1 Jul- 30 Sep 2025 |
| Unaudited | (c) | (c) |
| Revenue | 297,578 | 263,869 |
| Increase ( + ) or decrease (-) in finished goods and work in progress | 1,116 | 1,110 |
| Operating performance | 298,694 | 264,979 |
| Income from joint ventures and associates | 3,057 | 5,270 |
| Other operating income | 2,137 | 3,343 |
| Total performance | 303,887 | 273,591 |
| Cost of raw materials and supplies | $-93,141$ | $-102,880$ |
| Cost of purchased services | $-76,358$ | $-71,021$ |
| Cost of materials | $-169,498$ | $-173,901$ |
| Wages and salaries | $-61,118$ | $-51,438$ |
| Social security and pension costs | $-17,338$ | $-13,934$ |
| Personnel expenses | $-78,456$ | $-65,373$ |
| Other operating expenses | $-20,818$ | $-17,201$ |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 35,115 | 17,116 |
| Depreciation and amortization expense | $-11,514$ | $-10,936$ |
| Earnings before interest and taxes (EBIT) | 23,602 | 6,180 |
| Finance income | 2,017 | 1,467 |
| Finance costs | $-969$ | $-833$ |
| Earnings attributable to non-controlling interests | $-1,328$ | 98 |
| Net finance costs | $-281$ | 732 |
| Earnings before taxes (EBT) | 23,321 | 6,912 |
| Income tax expense | $-9,617$ | $-2,737$ |
| Other taxes | $-524$ | $-294$ |
| Earnings after taxes | 13,180 | 3,881 |
| thereof attributable to: | ||
| - Shareholders of MBB SE | 4,045 | 1,374 |
| - Non-controlling interests | 9,135 | 2,507 |
| Basic earnings per share (in €) | 0.76 | 0.24 |
| Diluted earnings per share (in €) ${ }^{1}$ | 0.76 | 0.24 |
[^0]
[^0]: ${ }^{1}$ The previous year's figure for diluted earnings per share has been adjusted (see section III. 9 in the notes to the consolidated financial statements for financial year 2023).
| IFR Quarter | ||
|---|---|---|
| IFRS consolidated statement of comprehensive income | 1 Jul- 30 Sep 2024 | 1 Jul- 30 Sep 2025 |
| Consulted | ||
| Earnings after taxes | 13,180 | 3,881 |
| Items that may be subsequently reclassified to profit and loss | ||
| Fair value changes bonds and gold | 2,787 | $-148$ |
| Currency translation differences | 38 | $-813$ |
| Reclassifications to profit or loss (debt instruments) | 648 | 150 |
| Items that may not be subsequently reclassified to profit and loss | ||
| Fair value changes shares | 1,083 | $-2,812$ |
| Other comprehensive income after taxes | 4,556 | $-3,623$ |
| Comprehensive income for the reporting period | 17,736 | 257 |
| thereof attributable to: | ||
| - Shareholders of the parent company | 8,657 | $-2,326$ |
| - Non-controlling interests | 9,079 | 2,583 |
| Statement of financial position | 30 Sep 2024 | 31 Dec 2023 |
|---|---|---|
| Equity and liabilities (IFRS) | unaudited | audited |
| 66 | 66 |
| Equity | ||
|---|---|---|
| Issued capital | 5,436 | 5,716 |
| Capital reserve | 436,771 | 469,193 |
| Legal reserve | 61 | 61 |
| Retained earnings and other comprehensive income | 98,800 | 80,355 |
| Non-controlling interests | 213,102 | 208,582 |
| 754,170 | 763,908 | |
| Non-current liabilities | ||
| Liabilities to banks | 24,687 | 23,044 |
| Lease liabilities | 9,172 | 10,759 |
| Liabilities from participation rights | 10,213 | 10,213 |
| Contract liabilities | 675 | 810 |
| Liabilities to non-controlling interests | 4,061 | 1,967 |
| Other liabilities | 1,748 | 2,769 |
| Pension provisions | 18,928 | 18,928 |
| Other provisions | 2,334 | 4,739 |
| Deferred tax liabilities | 39,371 | 29,433 |
| 111,189 | 102,662 | |
| Current liabilities | ||
| Liabilities to banks | 20,491 | 12,473 |
| Lease liabilities | 8,606 | 7,865 |
| Trade payables | 61,450 | 66,316 |
| Contract liabilities | 82,204 | 97,086 |
| Liabilities to non-controlling interests | 1,295 | 1,787 |
| Other liabilities | 40,359 | 33,028 |
| Accruals | 41,024 | 37,278 |
| Income tax liabilities | 8,116 | 8,997 |
| Other provisions | 36,917 | 17,619 |
| 300,463 | 282,450 | |
| Total equity and liabilities | 1,165,821 | 1,149,020 |
| Consolidated statement of cash flows | $\begin{aligned} & 1 \text { Jan }-30 \text { Sep } \ & 2024 \ & 6 \mathrm{~s} \end{aligned}$ | $\begin{aligned} & 1 \text { Jan }-30 \text { Sep } \ & 2025 \ & 6 \mathrm{~s} \end{aligned}$ |
|---|---|---|
| Earnings before interest and taxes (EBIT) | 56,042 | 16,017 |
| Depreciation and amortisation expense | 33,881 | 31,956 |
| Increase ( + ), decrease (-) in provisions | 16,865 | 11,475 |
| Gains (-), Losses (+) from disposal of non-current assets | $-100$ | $-197$ |
| Income from joint ventures and associates | $-8,551$ | $-12,080$ |
| Other non-cash expenses and income | 1,276 | 310 |
| Adjustments for non-cash transactions | 43,372 | 31,464 |
| Reclassifications | $-1,008$ | 790 |
| Increase (-), decrease (+) in inventories, receivables and other assets | $-45,880$ | $-88,624$ |
| Decrease (-), increase (+) in trade payables and other liabilities | $-11,470$ | 58,869 |
| Change in working capital | $-57,350$ | $-29,755$ |
| Income taxes paid | $-8,767$ | $-13,152$ |
| Interest received | 8,055 | 5,270 |
| Dividend proceeds from joint ventures and associates | 29 | 2,741 |
| Cash flow from operating activities | 40,373 | 13,375 |
| Investments (-), divestments (+) of intangible assets | $-5,847$ | $-6,060$ |
| Investments (-), divestments (+) of property, plant and equipment | $-35,490$ | $-29,143$ |
| Investments (-), divestments (+) of long-term financial assets and securities | 14,206 | $-57,467$ |
| Business combination (less cash received) | $-126$ | 0 |
| Cash flow from investing activities | $-27,257$ | $-92,670$ |
| Proceeds from equity contributions from other shareholders | 0 | 7,989 |
| Payments for transaction costs from the issue of equity instruments | 0 | $-322$ |
| Profit distribution to shareholders | $-5,376$ | $-5,716$ |
| Payments to non-controlling interests | $-3,628$ | $-3,793$ |
| Purchase of own shares | $-37,778$ | $-7,002$ |
| Acquisition of treasury shares by subsidiaries | $-5,972$ | $-6,870$ |
| Proceeds from sale of treasury shares relating to share-based payments | 4,478 | 0 |
| Payments for (-), proceeds from disposal of (+) shares without change of control | $-11,094$ | $-18,079$ |
| Proceeds from borrowings | 20,585 | 21,533 |
| Repayments of loans | $-11,190$ | $-30,783$ |
| Payments for lease liabilities | $-5,160$ | $-6,768$ |
| Interest payments | $-2,819$ | $-2,237$ |
| Cash flow from financing activities | $-57,954$ | $-52,048$ |
| Cash and cash equivalents at end of period | ||
| Change in cash and cash equivalents (Subtotal 1-3) | $-44,839$ | $-131,342$ |
| Effects of changes in foreign exchange rates (non-cash) | 14 | $-116$ |
| Cash and cash equivalents at beginning of period | 313,901 | 362,706 |
| Cash and cash equivalents at end of period | 269,077 | 231,248 |
| Composition of cash and cash equivalents | ||
| Cash on hand | 39 | 51 |
| Bank balances | 269,038 | 231,198 |
| Reconsultation to liquid funds as of 30 September | 2024 | 2023 |
| Cash and cash equivalents at end of period | 269,077 | 231,248 |
| Gold | 6,042 | 4,491 |
| Securities | 206,351 | 214,784 |
| Liquid funds as of 30 September | 481,469 | 450,523 |
| Segment reporting | 2024 | 2023 | A 2024 / 2023 |
|---|---|---|---|
| Time months (unjustified) | 85 | 85 | 85 |
| Service \& Infrastructure | |||
| Revenue | 411,091 | 350,365 | 60,727 |
| EBITDA (adjusted) | 60,123 | 31,172 | 28,951 |
| Segment assets | 334,830 | 332,621 | 2,209 |
| Segment liabilities | 140,894 | 132,779 | 8,115 |
| Technological Applications | |||
| Revenue | 283,297 | 267,737 | 15,560 |
| EBITDA (adjusted) | 27,522 | 18,796 | 8,725 |
| Segment assets | 242,959 | 274,205 | $-31,247$ |
| Segment liabilities | 133,107 | 155,295 | $-22,187$ |
| Consumer Goods | |||
| Revenue | 70,443 | 73,480 | $-3,037$ |
| EBITDA (adjusted) | 5,866 | 165 | 5,701 |
| Segment assets | 60,607 | 56,130 | 4,477 |
| Segment liabilities | 19,043 | 21,794 | $-2,751$ |
| Reconciliation | |||
| Service \& Infrastructure | $-135$ | $-400$ | 265 |
| Technological Applications | $-21$ | $-40$ | 19 |
| Consumer Goods | $-87$ | $-96$ | 9 |
| Revenue | $-243$ | $-536$ | 293 |
| EBITDA (adjusted) | $-321$ | $-569$ | 248 |
| Group | |||
| Third party revenue Service \& Infrastructure | 410,956 | 349,965 | 60,992 |
| Third party revenue Technological Applications | 283,276 | 267,697 | 15,579 |
| Third party revenue Consumer Goods | 70,356 | 73,385 | $-3,029$ |
| Revenue | 764,580 | 691,047 | 73,533 |
| EBITDA (adjusted) | 93,190 | 49,564 | 43,625 |
Financial calendar
Deutsches Eigenkapitalforum
25 - 27 November 2024
End of Financial Year
31 December 2024
This document is an English translation of the original report written in German. In the event of discrepancies, the authoritative German version of the document shall take precedence.
Both language versions are available on the Internet at
https://www.mbb.com/ir/berichte.html
Please subscribe to our MBB newsletter at www.mbb.com/newsletter.
Contact
MBB SE
Joachimsthaler Straße 34
10719 Berlin
Tel.: +49 3084415330
Fax.: +49 3084415333
www.mbb.com
[email protected]
Imprint
MBB SE
Joachimsthaler Straße 34
10719 Berlin
MBB.COM