AURELIUS Equity Opportunities announces very good preliminary numbers for financial year 2020 – EBITDA of the combined Group rises to EUR 431.1 million

12.03.2021

AURELIUS Equity Opportunities announces very good preliminary numbers for financial year 2020 – EBITDA of the combined Group rises to EUR 431.1 million

  • In last year’s challenging environment, the EBITDA of the combined Group reached EUR 431.1 million, considerably higher than the prior-year figure of EUR 271.4 million
  • Operating EBITDA came to EUR 167.6 million, at the level of the previous year (2019: EUR 168.9 million) despite the coronavirus pandemic
  • Very solid cash holdings of EUR 422.9 million after redemption of the convertible bond
  • Positive outlook for a transaction-intensive year in 2021

Munich, March 12, 2021 – Based on preliminary, not yet audited numbers, AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) generated total consolidated revenues of EUR 3,230.1 million in the 2020 financial year (2019: EUR 3,612.1 million), which was in line with expectations. Annualized consolidated revenues from continued operations amounted to EUR 3,415.8 million, after EUR 3,131.6 million in the previous year.

In last year’s challenging environment, the EBITDA of the combined Group reached EUR 431.1 million, considerably higher than the prior-year figure of EUR 271.4 million

The significant increase in the EBITDA of the combined Group to EUR 431.1 million (2019: EUR 271.4 million) is mainly attributable to the transactions conducted in the 2020 financial year. A profit of EUR 78.7 million (2019: EUR 139.5 million) was generated by gains on exits, especially the successful sale of the GHOTEL Group in February 2020. In total, AURELIUS Equity Opportunities acquired six corporate groups, generating gains on bargain purchases of EUR 292.2 million (2019: EUR 65.3 million) in the 2020 financial year.

The AURELIUS portfolio was strengthened in the 2020 financial year by these six new acquisitions: ConverterTec (formerly: Renewable Power Systems, producer of converters for the wind power industry) / SEG Electronics (developer and producer of protective relays), Distrelec (online distributor) / Nedis (wholesaler of electronics products), GKN Wheels & Structures (manufacturer of off-highway wheels), Pullman Fleet Solutions (commercial vehicle fleet operator), Zentia (formerly: Armstrong Ceiling Solutions, producer of mineral fiber ceiling tiles and grid systems) and ZIM Flugsitz (manufacturer of economy and premium economy aircraft seats).

Operating EBITDA came to EUR 167.6 million, at the level of the previous year despite the coronavirus pandemic

The operating EBITDA of EUR 167.6 million (2019: EUR 168.9 million) clearly shows that AURELIUS Equity Opportunities made it through the coronavirus-dominated year 2020 very well. The extreme closeness of the AURELIUS operations experts to our Group companies made it possible to react quickly and comprehensively to the coronavirus crisis as soon as it began in the spring of 2020. Thanks to extensive countermeasures and the operational support afforded by AURELIUS, we managed to navigate most of our portfolio companies through the crisis very well. Restructuring and non-recurring expenses of EUR 107.4 million were incurred for the restructuring of Group companies; this figure was only negligibly higher than the prior-year figure of EUR 102.3 million, confirming the resilience of the Group’s portfolio companies.

Very solid cash holdings of EUR 422.9 million after redemption of the convertible bond

Despite the redemption of the convertible bond in the amount of EUR 103.0 million in December 2020, the Group has very solid cash holdings of EUR 422.9 million (December 31, 2019: EUR 435.7 million), which it can put to good use in seizing the opportunities in the M&A markets arising from the disruptions caused by the coronavirus pandemic.

“2021 will be an exciting year. More companies in exceptional situations will come onto the market. We therefore see a multitude of opportunities for expanding our portfolio with attractive new acquisitions. We are ideally equipped for this with currently around EUR 100 million in non-operating cash and our experienced team, who have shown that they can successfully guide the company through tough times. In addition to our accustomed transaction volumes, we would also like to increasingly pursue larger acquisitions with the aid of co-investments,” said Matthias Täubl, CEO of AURELIUS Equity Opportunities. “In addition to the focus on our transaction activities, I am especially committed to communicating with our shareholders and building the company’s value. In 2020, we already launched a comprehensive transparency initiative that we intend to supplement with additional measures in the current year. I am therefore pleased that the strong results of 2020 provide an excellent basis for increasing the value of AURELIUS Equity Opportunities further. We want our shareholders to participate in this success in the future as well.”

The complete Annual Report 2020 will be published on March 31, 2021.

Key figures

 (in EUR millions)

1/1 - 12/31/2019

1/1 - 12/31/2020

Total consolidated revenues

3,612.1

3,230.1

Annualized consolidated revenues 1,2

3,131.6

3,415.8

EBITDA of the combined Group

271.4

431.1

of which gains on bargain purchases

65.3

292.2

of which restructuring and non-recurring expenses

-102.3

-107.4

of which gains on exits

139.5

78.7

Operating EBITDA of the combined Group

168.9

167.6

 

12/31/2019

12/31/2020

Cash and cash equivalents

435.7

422.9

Equity ratio 3 (in %)

17%

21%

1 The prior-year consolidated statement of comprehensive income has been adjusted in accordance with IFRS 5.
2 From continued operations.
3 Including minority interests.