Mutares SE & Co. KGaA

Investor Presentation • Nov 23, 2020

Earnings Report Mutares SE & Co. KGaA for Q3 2020¹

Munich, 10 November 2020

1) According to German GAAP

Disclaimer

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

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Statement of Profit and Loss

High acquisition activity in last months drives P&L

mEUR	Q3 2020	Q3 2019
Revenues	23.0	13.3
Other income	1.3	3.5
Purchased services	-1.5	-1.0
Personnel expenses	-9.8	-7.7
Other expenses	-13.9	-8.5
EBITDA	-1.0	-0.4
Financial result	-4.5	0.3
Net Result	-5.6	-0.2

• P&L reflects the high level of acquisitions and the corresponding growth of the Mutares holding
• Revenues consist of consulting income and management fees charged to portfolio companies
• Reversal of formerly recorded write-offs is the main component of other income
• Increase in personnel expenses and other expenses due to the recent growth of the company (recruitment of new staff & establishment of new offices) and higher accruals for yearly bonus
• Financial result includes bond-related expenses as well as write-off on shares in affiliated companies
• Net income usually negative throughout the year as positive contribution from dividend income is usually recorded in Q4

Balance Sheet

Increase in total assets due to bond placement and bond tap

mEUR	30/09/2020	31/12/2019	mEUR	30/09/2020	31/12/2019
Financial assets	51.2	42.6	Total equity	58.0	78.9
Other non-current assets	0.4	0.4
Non-current	51.6	43.0	Provisions	5.1	4.5
assets
Receivables &
Other assets	48.6	41.5	Bond	70.0	0.0
Cash & equivalents	35.3	9.2	Trade & other liabilities	2.4	10.3
Current assets	83.9	50.7	Liabilities	72.4	10.3
Total assets	135.5	93.7	Total equity & liab.	135.5	93.7

• Financial assets contain shares in affiliated companies and long-term loans to affiliated companies; receivables are toward affiliated companies resulting from consulting/management fees as well as dividends
• Bond placement led to an increase in cash as well as in liabilities

Cash Flow

Proceeds from bond lead to a significant increase in cash

mEUR	Q3 2020
Net result	-5.6
Financial result	4.5
Other non-cash expense (+)/income (-)	-2.1
Increase (+)/ decrease (-) in provisions	0.6
Increase (+)/ decrease (-) in trade payable	-3.8
Cash flow from operating activities	-6.4
Net investments (-) in affiliated companies (shares, loans, other receivables)	-19.2
Cash flow from investing activities	-19.2
Net proceeds (+) from bond	68.4
Dividends paid (-)	-15.2
Interest paid (-)	-1.5
Cash flow from financing activities	51.7
Cash and cash equivalents at the beginning of the period	9.2
Cash and cash equivalents at the end of the period	35.3

▪ Cash flow from operating activities based on net loss for Q3 2020 YTD and repayment of trade payables (essentially towards Mutares Management SE) negative

▪ Cash flow from investing activities represents investments in portfolio companies

▪ Net proceeds from bond with major impact on cash flow from financing activities