AURELIUS confirms profitable growth track in the first nine months of 2008

27.11.2008

AURELIUS confirms profitable growth track in the first nine months of 2008

  • Consolidated revenue up to EUR 461.0 million
  • EBITDA at EUR 42.5 million
  • Operating Cash flow increases to EUR 17.4 million

Munich, 27 November 2008 – Munich-based industrial holding AURELIUS has sustained its profitable growth trend in the first nine months of 2008. According to the company’s figures which were released today, consolidated revenue was up from EUR 155.3 million, to EUR 461.0 million (+196.8 %). Earnings before interest, taxes, amortization and depreciation (EBITDA) fell slightly short of the previous year’s level of EUR 45.9 million at EUR 42.5 million (-7.4 %). This decline can be attributed to high one-off effects reported by AURELIUS in the previous year’s period mainly from the takeovers of Wellman International and Quelle La Source Group.

The structure of consolidated earnings significantly improved compared to the previous year. Positive one-off effects – resulting from the Bargain Purchase out of the first-time consolidation – totaled EUR 13.0 million for the first nine months and therefore were responsible for around 31 percent of EBITDA. In the same period in the previous year, positive one-off effects amounted to EUR 44.1 million which accounted for around 96 percent of EBITDA. Negative one-off effects, which resulted from actual restructuring expenses as well as the provision of expected restructuring expenses, amounted to EUR 7.3 million compared to EUR 9.5 million in the first nine months of 2007.

In the course of the acquisition of Berentzen Group, 14.9 percent of share capital was purchased as part of the voluntary public takeover bid, which is attributable to the fourth quarter. Due to this, AURELIUS will report a further low single digit million income (“Bargain Purchase”). The balance sheet key figures also improved at the end of the third quarter. Shareholders’ equity increased from EUR 75.4 million to EUR 147.6 million (+95.8 %). Non-current liabilities totaling EUR 68.1 million are therefore covered by equity at a ratio of 216.7 %. The equity ratio was up to 25.6 % as well as liquid funds, which increased to EUR 48.8 million (previous year: EUR 36.9 million).

Cash flow from operating activities increased compared to the previous year from EUR 6.4 million to EUR 17.4 million (+171.9 %). Free cash flow in contrast decreased from EUR 10.9 million in the previous year to EUR -1.6 million this year due to increased investment.

The most important key figures for business development at a glance:

Q1-Q3 2008

Q1-Q3 2007

Change

Consolidated revenue

in mEUR

461.0

155.3

196.8 %

Consolidated revenue (annualized)

in mEUR

981.7

460.0

113.4 %

EBITDA

in mEUR

42.5

45.9

-7.4 %

Consolidated earnings

in mEUR

25.5

30.6

-16.7 %

Operating cash flow

in mEUR

17.4

6.4

171.9 %

Free cash flow

in mEUR

-1.6

10.9

 

         

31/12/2007

30/092008

Change

Cash and cash equivalents

in mEUR

48.8

36.9

32.2 %

Equity

in mEUR

147.6

75.4

95.8 %

 

“The figures clearly show that AURELIUS is growing profitably in the current difficult market conditions and is showing strong operational development,” explains Dr. Dirk Markus, CEO at AURELIUS, referring to the figures. “We anticipate that this trend will continue and that 2008 will be a very successful year for us.”

The complete nine-month report 2008 is available for download online at www.aureliusinvest.de. For further information on AURELIUS AG please contact:AURELIUS AGInvestor Relations & Corporate CommunicationsTel +49 (89) 544799 - 56Fax +49 (89) 544799 - 55investor@aureliusinvest.de