AURELIUS publishes its Annual Report 2011

29.03.2012

AURELIUS publishes its Annual Report 2011

  • Numerous successful transactions were completed in 2011
  • The Group‘s operating performance was positive on the whole
  • Net profit weighed down considerably by impairment losses and non-recurring effects
  • Dividend raised by 54%
  • Outlook for 2012 is positive, further transactions expected in the first six months

Munich, March 29, 2012 – The AURELIUS Group (ISIN: DE000A0JK2A8) increased its consolidated revenues by 45% to EUR 1,077.6 million (PY: EUR 743.6 million) and exhibited a generally positive performance in financial year 2011. On an annualized basis, consolidated revenues amounted to EUR 1,157.6 million (PY: EUR 1,083.8 million). AURELIUS completed additional successful transactions in 2011, including the sale of Book Club Associates (BCA), Great Britain, in March 2011, the sale of Wellman International, Ireland (the biggest “exit” in the company‘s history) in November 2011 and the acquisition of a 72.91% interest in HanseYachts AG. The subsidiary Consinto was sold at the beginning of 2012. In accordance with IFRS 5, these company sales necessitated a retroactive adjustment of the prior-year results. Therefore, the subsidiaries sold in financial year 2011 and up to the date of preparation of the annual financial statements are no longer presented in the revenue and earnings figures for financial years 2010 and 2011.

Earnings

The operating earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for initial consolidation effects and extraordinary effects or non-recurring expenses, amounted to EUR 89.4 million in financial year 2011 (PY: EUR 84.9 million), representing an increase of 5% over the corresponding prior-year figure. This result reflected the positive operating performance of the Group‘s companies in 2011, with few exceptions; above all, the operating EBITDAs of the sold companies BCA, Wellman and Consinto, totaling EUR 8.7 million, are no longer included in this result.

The earnings before interest, taxes, depreciation and amortization (EBITDA) presented in the income statement for 2011 amounted to EUR 64.8 million (PY: EUR 226.8 million); that figure includes restructuring expenses and non-recurring expenses in the amount of EUR 27.8 million (PY: EUR 16.1 million). The difference in the EBITDA presented for both years resulted from the fact that the EBITDA for 2010 included income from the reversal of negative goodwill arising on consolidation (so-called “bargain-purchase” income), in the amount of EUR 157.8 million (including income from the purchase of loans below their nominal value). In financial year 2011, these effects, which resulted from the acquisition of a 72.91% interest in HanseYachts AG, only amounted to EUR 3.2 million.

The net profit was weighed down in particular by impairment losses recognized in the intangible assets and property, plant and equipment of the subsidiaries SECOP (plant in Slovenia) and ISOCHEM (plant in Pont de Claix) arising in particular from the closures and capacity reductions of those companies, and by the impairment loss recognized in the carrying amount of the minority investment in Compagnie de Gestion et des Prêts. As a result of these effects, the consolidated net loss of minus EUR 63.9 million was considerably less than the consolidated net income reported for 2010 (PY: EUR 138.8 million).

Executive Board and Supervisory Board propose a 54% dividend increase

The company‘s Executive Board and Supervisory Board will propose to the annual shareholders‘ meeting to be held on May 25, 2012 that the dividend to be paid from the distributable profit of AURELIUS AG be raised to EUR 2.00 per share. The dividend will be composed of a base dividend, which has been raised from EUR 1.30 in the prior year to EUR 1.50, and a one-time special dividend of EUR 0.50, based on the successful company sales of the last few months.

Outlook for the AURELIUS Group

Having already completed three transactions in the first quarter of 2012, AURELIUS has gotten off to a good start in the current financial year 2012. We acquired the activities of the IT service provider Getronics in Europe and Asia/Pacific and the Spanish IT consulting firm Thales CIS; furthermore, our subsidiary Consinto was successfully sold. Furthermore, our acquisition pipeline is well filled and we expect to complete other transactions in the first half of 2012. Also on the exit side, we are confident that we will be able to report further successful transactions in the further course of the year.

Subject to the condition of continued positive economic conditions, we expect that most of our subsidiaries will generate revenue increases and further improvements in their operating results in 2012.

The complete Annual Report 2011 is available as a download at www.aureliusinvest.de.

Key figures (in euro millions)

 

01/01-12/312011

01/01-12/31 2010 ¹

Change

Consolidated revenues ¹‘²

1,077.6

743.6

44.9%

Consolidated revenues (annualized) ²

1,157.6

1,083.8

6.8%

EBITDA (operating)

89.4

84.9

5.3%

plus negative goodwill arising on consolidation

 

 

 

(“bargain-purchase” income)

3.2

157.8

-98.0%

Less restructuring and non-recurring expenses

27.8

16.1

72.7%

EBITDA (presented) ¹‘²

64.8

226.8

-71.4%

Consolidated profit

-63.9

138.8

-146.0%

Earnings per share

 

 

 

  basic¹‘² (in EUR)

-5.94

17.18

-134.6%

  diluted¹‘² (in EUR)

-5.94

17.15

-134.6%

Cash flow from operating activities

52.6

130.0

-59.5%

Cash flow from investing activities

-36.9

-64.2

42.5%

Free cash flow

15.7

65.8

-76.1%

       

 

12/31/2011

12/31/2010

Change

Assets

943.6

1,060.1

-11.0%

  thereof cash and cash equivalents

154.4

177.2

-12.9%

Liabilities

661.1

706.0

-6.4%

  thereof financial liabilities

185.7

187.9

-1.2%

Equity³

282.5

354.1

-20.2%

Equity ratio³ (in %)

29.9

33.4

-10.5%

Number of employees at the reporting date

6,631

6,803

-2.5%

  ¹ Prior-year figures were adjusted for comparison purposes, in accordance with IFRS 5. ² From continuing operations. ³ Including non-controlling interests.