AURELIUS enjoys strong growth in the 3rd quarter; earnings forecast for 2014 raised again

13.11.2014

AURELIUS enjoys strong growth in the 3rd quarter; earnings forecast for 2014 raised again

  • Consolidated EBITDA reaches record total of EUR 208.5 million (up 210.7%)
  • Executive Board raises forecast for 2014 as a whole to over EUR 240 million (previously at least EUR 220 million)
  • Cash and cash equivalents rise to EUR 368.2 million (up EUR 144.3 million)
  • NAV increases to EUR 1,104.7 million

Munich, November 13, 2014 – The AURELIUS Group (ISIN DE000A0JK2A8) increased its total consolidated revenues by 4 percent to EUR 1,177.7 million in the first nine months of 2014 (Q1–Q3 2013: EUR 1,132.2 million) despite the sale of four subsidiaries. On an annualized basis, consolidated revenues totaled EUR 1,680.0 million. Total consolidated EBITDA more than tripled in the first nine months of 2014 to reach the record total of EUR 208.5 million (Q1–Q3 2013: EUR 67.1 million). Against the backdrop of these results and the positive outlook for the rest of 2014, the Executive Board is raising its forecast for EBITDA over 2014 as a whole to at least EUR 240 million from at least EUR 220 million previously.

Strong earnings performance across all activities

The good operating performance of the existing Group companies can be seen in a disproportionate rise of 21.5% in operating EBITDA to EUR 77.5 million (Q1–Q3 2013: EUR 63.8 million). This is also reflected in the good figures for cash flow from operating activities, which increased to EUR 125.6 million (Q1-Q3 2013: EUR 47.6). The acquisition of a total of six new Group companies in the first nine months of 2014 gave rise to income of EUR 76.7 million from the reversal of negative goodwill (bargain purchase income) (Q1–Q3 2013: EUR 20.9 million). So far this year, AURELIUS has acquired the IT consulting activities of Telvent Global Services in Spain and South America, the AKAD University, the international advertising marketer Publicitas, Scholl Footwear, B+P Gerüstbau, and IDS Individual Desktop Services. Reorganization of Group companies resulted in restructuring and non-recurring expenses of EUR 33.6 million (Q1–Q3 2013: EUR 19.0 million).

Four successful company sales deliver large contribution to earnings, cash and cash equivalents up EUR 144.3 million to EUR 368.2 million

The successful sale of the healthcare activities of brightONE to T-Systems, the disposal of Reederei Peter Deilmann and the two exits completed in the third quarter – Hungary-based Framochem and Switzerland-based connectis AG – yielded a gain of EUR 87.9 million for AURELIUS from the disposal of companies above book value in the first nine months of 2014, thus setting another record in the history of the company in this area as well (Q1–Q3 2013: EUR 1.4 million).

Cash and cash equivalents rose to EUR 368.2 million (December 31, 2013: EUR 223.9 million) mainly as a result of these disposals. At 32.0%, the consolidated equity ratio is still at a very solid level (December 31, 2013: 30.1%). The net asset value of the Group companies increased by 3.5% to total EUR 1,104.7 million at the reporting date of September 30, 2014 (June 30, 2014: EUR 1,067.6 million). The NAV figures of the individual Group companies are shown in the table at the end of this press release.

The AURELIUS Executive Board remains optimistic for the rest of 2014 as well. “It’s proving to be a really exciting year for AURELIUS. We’re working hard on year-end business and expect to conduct more transactions during the few weeks that remain between now and the end of the year,” comments Aurelius CEO Dr. Dirk Markus.

Key figures (in EUR millions)

 

01/01 – 09/30/2014

01/01 – 09/30/2013

Total consolidated revenues  

1,177.7

1,132.2

Consolidated revenues (annualized) ²

1,680.0

1,581.1

Total consolidated EBITDA  

208.5

67.1

of which income from the reversal of negative goodwill (bargain purchase income)

76.7

20.9

of which restructuring and non-recurring expenses

33.6

19.0

of which income from the disposal of companies above book value

87.9

1.4

Consolidated operating EBITDA

77.5

63.8

 

 

 

Cash flow from operating activities ¹

125.6

47.6

 

09/30/2014

12/31/2013

Cash and cash equivalents

368.2

223.9

Equity ratio ² (in %)

32.0

30.1

¹ The prior-year figures have been adjusted for comparison purposes, in accordance with the provisions of IFRS 5

² Incl. minorities

Net asset value of the AURELIUS Group companies:

Group companies / units

NAV at September 30, 2014 (in EUR millions)

Secop

244.4

UK Chemicals

160.5

Getronics IDS Group

130.6

German Education Business

79.5

GHOTEL

78.5

Fidelis HR

49.8

brightONE

31.2

HanseYachts AG

30.5

Berentzen

27.6

ISOCHEM

27.5

LD Didactic

26.5

Scholl Footwear

16.5

B+P Group

14.0

Publicitas

8.0

Blaupunkt Car Radio

5.1

Other (incl. net funds)

174.5

Total

1,104.7