AURELIUS publishes good earnings for Q1 2017

AURELIUS publishes good earnings for Q1 2017

  • Quarterly figures positively impacted by the first-time consolidation of Office Depot Europe
  • EBITDA for the combined group nearly tripled at EUR 293.2 million (Q1 2016: EUR 101.2 million)
  • Operating EBITDA rises 69 percent for Group entities to EUR 41.3 million (Q1 2016: EUR 24.5 million)
  • Successful SECOP exit: dividend proposal increased to EUR 4.00 per share, new share repurchase program launched

Munich, May 2, 2017 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) published figures today for the first quarter of 2017. Total consolidated revenues increased by 68 percent to EUR 1,153.8 million (Q1 2016: EUR 684.6 million). At EUR 4,052.4 million, consolidated revenues on an annualized basis also increased considerably (Q1 2016: EUR 2,640.6 million).

EBITDA for the combined group increased disproportionately in the first quarter of 2017 to EUR 293.2 million (Q1 2016: EUR 101.2 million). As a result of the very good operating performance of the Group entities, in particular by Getronics, Studienkreis, HanseYachts AG, and SECOP, operating earnings before interest, tax, depreciation and amortization (EBITDA) for the combined group increased by 69 percent to EUR 41.3 million in the first quarter of 2017 (Q1 2016: EUR 24.5 million). 

EBITDA for the combined group also includes income from the reversal of negative goodwill from capital consolidation ("bargain purchase") in the amount of EUR 265.1 million from the entities acquired in the first quarter of 2017 (Q1 2016: EUR 27.3 million). In particular, the European business activities ("Office Depot Europe") of U.S.-based Office Depot, Inc., acquired as of January 1, 2017, contributed to this. The purchase price allocations for the entities acquired in the first quarter of 2017 are not yet completed and are therefore provisional.

At the end of April 2017, AURELIUS announced the sale of its subsidiary SECOP to the Nidec Group, which is based in Kyoto (Japan). With this sale, AURELIUS increased the capital it invested by around 11 times. AURELIUS will realize a positive impact on earnings of around EUR 100 million from this sale. 

In light of this successful transaction and based on well-advanced plans for additional sales in the coming months, the Executive Board will double its dividend proposal for the Annual General Meeting to EUR 4.00 per share (EUR 1.00 base dividend plus a EUR 3.00 special dividend per share) (from previously EUR 2.00 per share (EUR 1.00 base dividend plus a EUR 1.00 special dividend per share)). This signifies an increase of 63 percent compared with previous year (EUR 2.45 per share). 

A new share repurchase program in the total amount of up to EUR 50 million was also started on April 27, 2017. 

Liquid funds amounted to EUR 473.8 million as of March 31, 2017 (December 31, 2016: EUR 416.4 million); the equity ratio was 26.6 percent (December 31, 2016: 27.1%). The net asset value of Group entities increased to EUR 1,437.0 million (December 31, 2016: EUR 1,420.9 million).

Key figures (in EUR millions)

 

1/1 - 3/31/2017

1/1 - 3/31/2016

Total consolidated revenues

1,153.8

686.4

Consolidated revenues (annualized) ¹

4,052.4

2,640.6

EBITDA combined group

293.2

101.2

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

265.1

27.3

of which restructuring and non-recurring expenses

-13.2

-8.2

of which income from the disposal of equity investments in excess of the carrying amounts

-/-

57.6

EBITDA combined group operating

41.3

24.5

 

3/31/2017

12/31/2016

Liquid funds

473.8

416.4

Equity ratio² (in %)

26.6

27.1

¹ From continuing operations.
² Incl. non-controlling interests.

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

Group entities

NAV as of 3/31/2017

IT Services and Systems

221.7

Chemicals

162.2

Education and Training

118.4

Health and Beauty Care

54.5

Retail and Consumer Goods

212.5

Construction

51.1

Industrial

258.8

Hospitality

45.4

Other

312.4

Total

1,437.0