AURELIUS Equity Opportunities with solid operating performance in the first nine months of 2016

AURELIUS Equity Opportunities with solid operating performance in the first nine months of 2016

  • Consolidated revenues rise 63 percent to EUR 1,926.9 million
  • Operating EBITDA increased considerably in the third quarter
  • A total of eight company acquisitions in the first nine months of 2016
  • Three successful sales lead to a cash inflow of more than EUR 90 million
  • Net Asset Value EUR 1,353.3 million

Munich, November 10, 2016 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) increased its consolidated revenues in the first nine months of 2016 by 63 percent to EUR 1,926.9 million (Q1-Q3 2015: EUR 1,184.2 million). Consolidated revenues on an annualized basis increased by 51 percent to EUR 2,749.3 million. The company acquisitions of the past 12 months contributed significantly to this growth.

Solid operating performance, brisk employment activity and three successful company disposals

Overall, AURELIUS Equity Opportunities generated EBITDA of EUR 122.0 million for the combined group in the first nine months of 2016 (Q1-Q3 2015: EUR 165.6 million). Operating EBITDA amounted to EUR 83.8 million despite the sale of several profitable Group subsidiaries and reflects the solid operating performance of most of the Group entities, in particular the subsidiaries SECOP, Studienkreis, and Getronics (Q1-Q3 2015: EUR 95.4 million).

After six company acquisitions already in the first half of 2016, two additional acquisitions were carried out in the third quarter of 2016. In July AURELIUS acquired the British cosmetic clinic operator "The Hospital Group", while in August 2016 the AURELIUS Group entity B+P Gerüstbau acquired the construction and specialty scaffolder BSB Group as part of an add-on acquisition. In total, income was realized from this in the amount of EUR 77.3 million from the reversal of negative goodwill from capital consolidation in the nine month period (Q1-Q3 2015: EUR 101.4 million).

In September 2016, AURELIUS sold its remaining shares of the listed subsidiary Berentzen Group AG to institutional and private investors. As a result of the sale of Group entities fidelis HR, Tavex, and the Berentzen Group, a total of more than EUR 90 million flowed to AURELIUS Equity Opportunities in the nine month period of 2016.

The net asset value of Group entities as of September 30, 2016, was EUR 1,353.3 million – an increase of eight percent compared to the end of fiscal year 2015 (December 31, 2015: EUR 1,252.7 million).

Positive outlook

"We carried out two additional company disposals in the current fourth quarter and anticipate more corporate transactions in the coming months", says Dr. Dirk Markus, Chairman of the Executive Board of AURELIUS Equity Opportunities. "We also see great potential in the pending acquisition of Office Depot Europe." At the end of September, AURELIUS submitted a binding offer to acquire the European business activities of Office Depot, Inc., a corporate group based in the U.S. The transaction, which will remain subject to the usual consulting processes of the Office Depot Group and the approval of the responsible antitrust authorities as well as additional closing conditions, is expected to be completed in the next few months.

In the current fourth quarter, AURELIUS Equity Opportunities also launched two share repurchase programs with a volume of up to EUR 52 million. "With liquid funds of more than EUR 360 million, we are not only in a position to continue along our dynamic growth course based on our own resources and to pursue an attractive dividend policy, a major portion of our profits will also remain in the company thanks to the repurchase of shares", says Dr. Dirk Markus.

Key figures (in € millions)

 

1/1 - 9/30/2016

1/1 - 9/30/2015

Change

 

 

 

 

Total consolidated revenues

2,147.8

1,440.6

+49%

Consolidated revenues (annualized) ¹

2,749.3

1,823.2

+ 51%

EBITDA, Group total

122.0

165.6

- 26%

of which negative goodwill from capital consolidation ("bargain purchase")

77.3

101.4

- 24%

of which restructuring and non-recurring expenses

43.5

31.2

+ 39%

of which income from the disposal of equity investments over the carrying amounts

4.4

- / -

> 100%

EBITDA, Group operating

83.8

96.4

- 13%

       

 

9/30/2016

12/31/2015

Change

Cash and cash equivalents

361.8

548.9

- 34%

Equity ratio 1 (in %)

 24

28

 - 14%

1 Incl. non-controlling interests

Net Asset Value of AURELIUS Group entities (in € millions)

Group entities/units

9/30/2016

SECOP

255.6

UK Chemicals

151.1

IT Services

209.4

GHOTEL Group

49.2

German Education Business

68.2

Scholl Footwear

51.8

B+P Gerüstbau

29.9

LD Didactic

15.9

Publicitas

7.3

ISOCHEM Group

23.6

HanseYachts

32.4

UK Polymers

14.5

Solidus

56.4

UK Healthcare

51.2

MEZ

21.3

Reuss-Seifert

15.8

Conaxess

33.1

Working Links

8.0

Calumet

4.6

Other (incl. net cash funds)

254.0

Total

     1,353.30