AURELIUS with revenue growth and positive developments in its portfolio of subsidiaries in the first nine months of 2013

14.11.2013

AURELIUS with revenue growth and positive developments in its portfolio of subsidiaries in the first nine months of 2013

  • Consolidated revenues up 24 percent
  • Operational EBITDA up 4 percent to EUR 63.8 million despite disposals of profitable subsidiaries last year
  • Cash and cash equivalents at record high of EUR 268.1 million
  • Brisk transaction activities expected in the coming months 

Munich, November 14, 2013 – The Munich-based AURELIUS Group (ISIN DE000A0JK2A8) increased its consolidated revenues from continuing operations by 24 percent in the first nine months of 2013 (January 1 – September 30, 2013) to EUR 1,125.8 million (Q1-Q3 2012: EUR 905.8 million). This increase can essentially be attributed to the Group companies that have been acquired over the last twelve months. Annualized consolidated revenues amounted to EUR 1,581.1 million (Q1-Q3 2013: EUR 1,424.2 million), representing a rise of 11 percent.

The restructuring of most Group companies is continuing to run successfully, meaning that a significant number of the subsidiaries have contributed to the positive operational EBITDA recorded by the Group. The Group as a whole recorded operating earnings before interest, taxes and depreciation, amortization (EBITDA) of EUR 63.8 million in the first nine months of 2013, up four percent (Q1-Q3 2012: EUR 61.2 million), even though profitable subsidiaries were sold during the prior year and a number of new acquisitions have served to depress earnings as planned in 2013. At EUR 20.9 million, the income from the reversal of negative goodwill (bargain purchase income) from the companies acquired during the first nine months of the current year was much lower than in the equivalent period last year (Q1-Q3 2012: EUR 89.5 million). Restructuring expenses were also down, at EUR 19.0 million (Q1-Q3 2012: EUR 40.3 million). The gains on disposal amounted to EUR 1.4 million (Q1-Q3 2012: EUR 54.7 million), meaning that the EBITDA for the Group as a whole totaled EUR 67.1 million (Q1-Q3 2012: EUR 165.1 million).

The cash inflow from operating activities amounted to EUR 47.0 million after an outflow of EUR 1.2 million in the first nine months of 2012.

Cash and cash equivalents reached a record high of EUR 268.1 million at September 30, 2013 (December 31, 2012: EUR 244.7 million). The consolidated equity ratio of 30 percent is thus unchanged compared with year-end 2012.

Acquisition market for companies in situations of transition or distress remains strong

With the purchase of the NEC activities in the UK, Spain, Portugal, and Switzerland and the acquisition of HCM Gilde, a consultancy specializing in the field of personnel services, AURELIUS completed two further strategically important add-on acquisitions for its Getronics and fidelis HR subsidiaries in the third quarter. Furthermore, AURELIUS increased its holding in Getronics by a further eight percent by way of a capital increase. This means that, including add-on purchases, seven acquisitions have already been successfully carried out in 2013 to date.

AURELIUS is currently in a number of talks regarding further company acquisitions and disposals. “The fourth quarter traditionally sees an especially large number of transactions. Numerous decisions regarding purchases and disposals are taken at the end of the year. We’re again looking to profit from this trend this year,” says Dr. Dirk Markus, CEO of AURELIUS AG.

Key figures (EUR millions)

 

01/01 –

09/30/2013

01/01 – 09/30/2012

Change

 

 

 

 

Consolidated revenues ¹

1,125.8

905.8

+ 24%

Consolidated revenues (annualized) ¹

1,581.1

1,424.2

+ 11%

Total consolidated EBITDA

67.1

165.1

- 59%

thereof gains on the sale of deconsolidated subsidiaries

1.4

54.7

- 97%

thereof income from the reversal of negative goodwill

 

(bargain purchase income)

20.9

89.5

- 77%

thereof restructuring and non-recurring expenses

19.0

40.3

- 53%

Total consolidated operational EBITDA

63.8

61.2

+ 4%

Cash flow from operating activities ¹

47.0

-1.2

- / -

 

09/30/2013

12/31/2012

Change

Cash and cash equivalents

268.1

244.7

+ 10%

Equity ratio (%) ²

30.3

30.2

- / -

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

² Incl. minorities