AURELIUS publishes its 2017 annual report: provisional, record-year numbers confirmed

28.03.2018

AURELIUS publishes its 2017 annual report: provisional, record-year numbers confirmed

  • Total consolidated revenues exceed EUR 4 billion
  • EBITDA of the combined Group at the record level of EUR 627.7 million characterized by numerous transactions
  • Operating EBITDA at the previous year‘s level despite sales of profitable companies
  • Audited net asset value of the portfolio: EUR 1,541.0 million (+ 1.3% over Q3 2017)
  • KPMG to be proposed as the independent auditor for financial year 2018
  • Entrepreneur Christian Dreyer to join the Supervisory Board 

Munich, March 28, 2018 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) published its annual report for the record year 2017 on today’s date. It shows total consolidated revenues of EUR 4,047.3 million (2016: EUR 2,892.3 million) and annualized consolidated revenues from continued operations of EUR 3,612.7 million (2016: EUR 2,067.9 million).

EBITDA of the combined Group at the record level of EUR 627.7 million characterized by numerous transactions

Overall, AURELIUS generated record EBITDA of the combined Group of EUR 627.7 million in financial year 2017. This figure includes income from the reversal of negative goodwill arising on capital consolidation (“bargain purchase” income) from the companies acquired in 2017 in the amount of EUR 447.1 million (2016: EUR 69.7 million). The bulk of this bargain purchase income can be attributed to the acquisition of the European business activities of the US-based Office Depot Group (“Office Depot Europe”). Furthermore, the Danish do-it-yourself (DIY) retail chain Silvan and the Swiss animal feed business of the US-based Cargill Group, now trading under the name Granovit, were purchased in financial year 2017. The AURELIUS group subsidiary Calumet Photographic acquired the online retailer Wex Photographic as part of an add-on transaction in order to strengthen its own business. The majority of the French catamaran manufacturer Privilège Marine SAS was also acquired, leading to substantial synergies with the AURELIUS group company HanseYachts. The Conaxess Trade Group purchased Galleberg AS, one of Norway’s leading distributors of brand items to grocery, convenience, gastronomy, health and lifestyle retail. EBITDA of the combined Group also includes the positive contribution to earnings from company sales in the amount of EUR 193.9 million (2016: EUR 43.9 million).

Operating EBITDA at the previous year’s level despite sales of profitable companies

At EUR 114.9 million, operating EBITDA reached the previous year's level (2016: EUR 114.0 million), despite the purchase of not-yet profitable and the sale of profitable Group subsidiaries, showing that the measures implemented by AURELIUS’ operational function specialists for the reorientation of Group subsidiaries are taking effect.

Net asset value of the portfolio audited for the first time: EUR 1,541.0 million (+1.3% over Q3 2017)

The net asset value of AURELIUS Group companies was presented in the combined management report and was therefore included in the audit of the consolidated financial statements for the first time this year. It amounted to EUR 1,541.0 million as of December 31, 2017 and was therefore 1.3 percent higher than as of September 30, 2017 (see the table at the end of this press release).

KPMG to be proposed as the independent auditor for financial year 2018

The Supervisory Board has spent the last months deliberating on the nomination of the independent auditor for financial year 2018. In its meeting of today’s date, the Supervisory Board resolved to propose that the annual general meeting to be held on May 18, 2018 elect KPMG Wirtschaftsprüfungsgesellschaft, Munich branch, as the auditor of the separate and consolidated financial statements for financial year 2018. KPMG is one of the world’s four biggest accounting firms.

Entrepreneur Christian Dreyer to join the Supervisory Board

As announced already on March 26, 2018, Prof. Dr. Wössner will resign from his office as member and Chairman of the Supervisory Board for age reasons, because he will celebrate his 80th birthday in the autumn of 2018. His resignation will take effect upon the close of the annual general meeting to be held on May 18, 2018. Prof. Dr. Wössner served as the Chairman of the Advisory Board since 2012, as a member of the Supervisory Board since June 2016, and since that time as Chairman of the Supervisory Board. The Executive Board and Supervisory Board wish to thank Prof. Dr. Wössner for his excellent work and trustful cooperation in the last years.

The Supervisory Board will propose that the shareholders at this year’s general meeting elect Christian Dreyer, entrepreneur from Salzburg, to the Supervisory Board of AURELIUS Equity Opportunities SE & Co. KGaA. After studying engineering at ETH Zurich, Christian Dreyer earned an MBA from the INSEAD business school in the French city of Fontainebleau. After that, he worked for McKinsey & Company in Munich, among other firms, and served as CEO of the exchange-listed companies SkiData AG, Salzburg, and SMT Scharf AG in Hamm. He successfully floated shares of Hansen Sicherheitstechnik AG, a company which he founded, on the stock exchange in 2006.

The complete 2017 annual report can be downloaded over the Internet under www.aureliusinvest.com.

Key figures

(in € millions)

1/1-12/31/2016

1/1-12/31/2017

Total consolidated revenues

2,892.3

4,047.3

Consolidated revenues (annualized) 1,2

2,067.9

3,612.7

EBITDA of the combined Group

148.4

627.7

- of which goodwill arising on capital consolidation (“bargain purchase” income)

69.7

447.1

- of which restructuring and non-recurring expenses

79.2

128.2

- of which earnings from exits

43.9

193.9

Consolidated Operating EBITDA

114.0

114.9

Consolidated profit/loss 1,3

10.5

484.5

Consolidated earnings per share (diluted, in EUR) 1

-1.19

6.56

Cash flow from operating activities 1

1.1

-132.8

Cash flow from investing activities 1

26.6

432.0

Free cash flow 1

27.7

299.2

     
 

12/31/2016

12/31/2017

Assets

1,796.6

2,202.1

 of which liquid funds

416.4

606.3

Liabilities

1,310.1

1,573.5

 of which financial liabilities

366.2

520.5

Equity 3

486.5

628.6

Equity ratio 3 (in %)

27.1

28.5

Number of employees at the reporting date

21,806

19,263

1 The prior-year consolidated statement of comprehensive income and the consolidated statement of cash flows were adjusted for comparison purposes according to the provisions of IFRS 5.
2 From continued operations.
3 Including non-controlling interests.

Audited net asset value of AURELIUS Group entities according to IFRS 8 (in € millions)

Group entities

NAV as of 12/31/2017

Industrial Production

355.7

Retail & Consumer Products

477.9

Services & Solutions

125.3

NAV of portfolio companies

958.9

Other

582.1

Total

1,541.0