AURELIUS records higher consolidated revenues and profit in first half of 2012

14.08.2012

AURELIUS records higher consolidated revenues and profit in first half of 2012

  • Half-year revenues up 27% to €577.4 million
  • EBITDA up 39% to €43.0 million
  • Pleasing performance in all three business activities
  • Further growth expected across 2012 as a whole

Munich, August 14, 2012 – The Munich-based AURELIUS Group (ISIN: DE000A0JK2A8) increased its consolidated revenues by 27% in the first half of 2012 to €577.4 million (first half of 2011: €453.3 million). This increase can be attributed primarily to the acquisitions that have been completed over the last twelve months.

The earnings before interest, taxes, depreciation and amortization (EBITDA) rose by a strong 39% to €43.0 million (first half of 2011: €30.9 million). This total includes income of €24.6 million (first half of 2011: €0 million) from the reversal of negative goodwill (bargain purchase income) from the companies acquired in the first half of 2012 – Thales CIS, the Feedback Group and Getronics – as well as restructuring and non-recurring expenses of €17.3 million (first half of 2011: €15.5 million). The operational EBITDA amounted to €35.7 million accordingly (first half of 2011: €46.4 million). In accordance with the provisions of IFRS 5, the operational EBITDA of the companies sold are no longer included in this total. The profit or loss of the Getronics activities that were acquired effective May 2, 2012 was only incorporated in the figures for the first half of 2012 for a period of two months accordingly.

On account of the provisions of IFRS 5, the gain on the sale of Consinto to DATAGROUP on February 16, 2012 is, however, included in the profit/loss from discontinued operations and not recognized EBITDA. The gain on the sale of Schabmüller GmbH to the ZAPI Group will be posted in the third quarter, yielding a considerable contribution to profits worth several tens of millions of euros.

The other key figures reflect the solid performance of AURELIUS. All in all, a consolidated profit of €16.0 million was achieved in the first half of 2012 (first half of 2011: loss of €10.8 million). The net cash outflow from operating activities totaled €1.1 million (first half of 2011: outflow of €11.1 million), while the cash and cash equivalents totaled €159.6 million (December 31, 2011: €154.4 million). After the dividend payment of €19.2 million, the Group equity ratio at the reporting date of June 30 amounted to 25% (December 31, 2011: 30%).

Pleasing performance in all three business activities

Success has been achieved in all three business activities: the acquisition of companies, the operational development of our portfolio companies, and the disposal of portfolio companies.

AURELIUS has already been very active in that regard, with the acquisition of IT consultancy Thales CIS, Madrid, Spain, in the first quarter, the acquisition of the Getronics activities in Europe and Asia from Netherlands-based KPN effective May 2, 2012 and the platform acquisition of the Feedback Group based in Crowborough, UK, for our LD Didactic subsidiary. The acquisition from BayerCropscience of its production facility in Norwich, UK, that was announced in April is scheduled for completion by the end of the third quarter.

The operational development of the portfolio companies is for the most part going well. Two successfully restructured portfolio companies have already been sold during the current fiscal year, with the disposal of Consinto in February and Schabmüller at the end of July.

Further growth expected across 2012 as a whole

The first half of 2012 has gone well for AURELIUS. Several transactions have been successfully completed on both the acquisition and the exit side. Thanks to the generally good performance of the portfolio companies, the Executive Board expects AURELIUS to record solid growth again across 2012 as a whole. This positive outlook presupposes that the demanding economic environment does not deteriorate further. AURELIUS has a very solid financial base from which it can expand by means of both organic growth and further acquisitions.

The complete report on the first half of 2012 is available to download at www.aureliusinvest.de.