AURELIUS publishes results for the first quarter of 2019

09.05.2019

AURELIUS publishes results for the first quarter of 2019

  • Total consolidated revenues rise to EUR 965.8 million
  • Portfolio shows good operational performance
  • Positive outlook for the remainder of the 2019 financial year

Munich, May 9, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000AoJK2A8) published its results for the first quarter of 2019 on today’s date. Total consolidated revenues rose to EUR 965.8 million (Q1 2018: EUR 912.3 million). Annualized consolidated revenues from continued operations increased to EUR 3,796.8 million (Q1 2018: EUR 3,464.8 million).

Portfolio shows good operational performance

The operating EBITDA of the combined Group rose to EUR 44.2 million in the first quarter (Q1 2018: EUR 21.5 million). It was positively influenced by the good operational performance particularly of the portfolio companies SOLIDUS, GHOTEL-Group, HanseYachts and Calumet Wex. However, the first-time mandatory application of the new IFRS 16 (lease accounting) also had a positive effect. The EBITDA of the combined Group reached EUR 29.4 million in the first quarter of 2019 (Q1 2018: EUR 10.7 million). 

Because there were no company acquisitions in the first quarter of 2019, no gains on bargain purchases were recognized (Q1 2018: EUR 4.5 million). Restructuring and non-recurring expenses for the restructuring of portfolio companies rose to EUR 24.9 million (Q1 2018: EUR 17.9 million), mainly due to intensive restructuring efforts for prior-year acquisitions. Gains on exits came to EUR 10.1 million (Q1 2018: EUR 2.6 million).

Cash and cash equivalents amounted to EUR 220.8 million at March 31, 2019 (December 31, 2018: EUR 290.8 million). The equity ratio reached 19.2 percent (December 31, 2018: 25.0%). The decline resulted mainly from the first-time application of IFRS 16, which led to an increase in total assets. The net asset value of the AURELIUS portfolio was EUR 1,378.8 million (December 31, 2018: EUR 1,400.9 million).

Positive outlook for the remainder of the 2019 financial year

The portfolio consisting currently of 21 Group companies was considerably enhanced in the last months. In the coming months, the Executive Board of AURELIUS Equity Opportunities expects multiple profitable exits, as well as several additional acquisitions. 

Key figures (in EUR millions)

 

1/1 – 3/31/2018

1/1 – 3/31/2019

Total consolidated revenues 

912.3

965.8

Annualized consolidated revenues 1,2

3,464.8

3,796.8

EBITDA of the combined Group 

10.7

29.4

- of which gains on bargain purchases 

4.5

-/-

- of which restructuring and non-recurring expenses 

-17.9

-24.9

- of which gains on exits 

2.6

10.1

Operating EBITDA of the combined Group

21.5

44.2

 

12/31/2018

3/31/2019

Cash and cash equivalents

290.8

220.8

Equity ratio 3 (in %)

25.0

19.2

1The prior-year consolidated statement of comprehensive income was adjusted for comparison purposes according to the provisions set forth under IFRS 5.
2From continued operations.
3Including non-controlling interests.

Net asset value of the AURELIUS portfolio (in EUR millions)

 

3/31/2019

Industrial Production

513.1

Retail & Consumer Products

506.7

Services & Solutions

124.8

NAV of portfolio companies 

1,144.6

Other

234.2

Total

1,378.8