AURELIUS publishes its results for the first quarter of 2018

03.05.2018

AURELIUS publishes its results for the first quarter of 2018

  • Total consolidated revenues reach EUR 912.3 million
  • Operating EBITDA reaches EUR 21.5 million despite changes in portfolio companies 
  • Additional acquisitions strengthen the AURELIUS portfolio

Munich, May 3, 2018 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000AOJK2A8) published its results for the first quarter of 2018 on today’s date. The total consolidated revenues of EUR 912.3 million were modestly lower than the year-ago figure (Q1 2017: EUR 1,153.8 million) particularly due to the sale of Secop, Getronics and the Studienkreis Group in financial year 2017. Annualized consolidated revenues came to EUR 3,687.2 million (Q1 2017: EUR 4,052.4 million).

The EBITDA of the combined Group reached EUR 10.7 million (Q1 2017: EUR 293.2 million); the prior-year figure was heavily influenced by gains on bargain purchases of Office Depot Europe, which was acquired on January 1, 2017. In the first quarter of 2018, gains on bargain purchases amounted to EUR 4.5 million (Q1 2017: EUR 265.1 million). The purchase price allocations for the companies acquired in the first quarter of 2018 have not yet been completed and are therefore provisional. The restructuring and non-recurring expenses for the restructuring of group companies amounted to EUR 17.9 million (Q1 2017: EUR 13.2 million). Income from sales of investments above book value amounted to EUR 2.6 million (Q1 2017: 0).

Operating EBITDA reaches EUR 21.5 million despite changes in portfolio companies 

The operating EBITDA of the combined Group amounted to EUR 21.5 million in the first quarter of 2018 (Q1 2017: EUR 41.3 million) despite sales of profitable companies and acquisitions of companies in the financial years 2017 and 2018 that are still undergoing the restructuring process. 

Additional acquisitions strengthen the AURELIUS portfolio

The globally active multi-channel book dealer Bertram Group (formerly: Connect Books) in the United Kingdom was acquired in the first quarter of 2018. In addition, AURELIUS completed the acquisition of Abelan Board Industrial, a prestigious producer of packaging solutions made of cardboard and solid board, as an add-on acquisition for the Group subsidiary Solidus Solutions. The AURELIUS subsidiary GHOTEL hotel & living acquired a 4-star hotel and the corresponding hotel property in Göttingen in March 2018.

As of March 31, 2018, cash and cash equivalents amounted to EUR 443.7 million (December 31, 2017: EUR 606.3 million) and the equity ratio was 28.4 percent (December 31, 2017: 28.5%). The net asset value of the AURELIUS portfolio totaled EUR 1,544.5 million (December 31, 2017: EUR 1,541.0 million).

Key figures (in € millions)

 

1/1 – 3/31/2017

1/1 – 3/31/2018

Total consolidated revenues

1,153.8

912.3

Consolidated revenues (annualized)¹

4,052.4

3,687.2

EBITDA of the combined Group

293.2

10.7

of which gains on bargain purchases

265.1

4.5

 

 

 

of which restructuring and non-recurring expenses 

-13.2

-17.9

of which income from sales of investments above book value 

-/-

2.6

Operating EBITDA for the combined Group 

41.3

21.5

 

12/31/2017

3/31/2018

Cash and cash equivalents

606.3

443.7

Equity ratio² (in %)

28.5

28.4

¹) From continued operations.

²) Including non-controlling interests.

Net asset value of AURELIUS portfolio (in € millions)

 

3/31/2018

Industrial Production

398.3

Retail & Consumer Products

529.0

Services & Solutions

132.6

NAV of portfolio companies

1,059.9

Other

484.6

Total

1,544.5