AURELIUS reports good operating performance in the first half of 2019

08.08.2019

AURELIUS reports good operating performance in the first half of 2019

  • Total consolidated revenues come to EUR 1.9 billion, in line with the year-ago figure
  • Continued good operating performance of portfolio companies 
  • Increased transaction activity, including both acquisitions and exits; record exit of Solidus to be completed in Q3 

Munich, August 8, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) published its consolidated interim financial statements for the first half of 2019 on today’s date. Total consolidated revenues for the first half of 2019 came to EUR 1,890.4 million, in line with the year-ago figure (EUR 1,874.9 million). Annualized consolidated revenues from continued operations rose modestly to EUR 3,536.1 million (H1 2018: EUR 3,419.6 million).

Continued good operating performance of portfolio companies 

The operating EBITDA of the combined Group rose to EUR 102.6 million (H1 2018: EUR 54.0 million). This positive development was particularly driven by the portfolio companies HanseYachts AG, the Scandinavian Cosmetics Group, Solidus Solutions and Calumet Wex. Moreover, the first-time mandatory application of the new IFRS 16 (lease accounting) in effect since January 1, 2019 also made a positive contribution. The EBITDA of the combined Group came to EUR 53.8 million (H1 2018: EUR 30.2 million). 

Restructuring and non-recurring expenses for the restructuring of portfolio companies increased to EUR 42.0 million (H1 2018: EUR 35.2 million). There were no company acquisitions in the first half of 2019 and therefore no gains on bargain purchases were recognized (H1 2018: EUR 8.8 million). The sale of Solidus Solutions announced in late June 2019 should be finalized in the third quarter, leading to a positive earnings contribution of approx. EUR 100 million.

The net asset value of the AURELIUS portfolio at June 30, 2019 was largely unchanged at EUR 1.4 billion (December 31, 2018: EUR 1.4 billion). Cash and cash equivalents amounted to EUR 179.6 million at the reporting date (December 31, 2018: EUR 290.8 million). The equity ratio was 19 percent, as compared to 25 percent at December 31, 2018. The decline is mainly attributable to the first-time application of IFRS 16, which led to an increase in total assets.

Increased transaction activity, including both acquisitions and exits; record exit of Solidus to be completed in Q3 

AURELIUS announced the sale of Solidus Solutions, the biggest exit in the history of AURELIUS, at the end of the first half of 2019. This transaction is expected to be completed in September 2019. AURELIUS successfully acquired BT Fleet Solutions from BT Group Plc in early August. Based in Solihull, United Kingdom, BT Fleet Solutions is the industry leader among commercial end-to-end vehicle fleet operators, with an extensive offering of fleet management services for all phases of the motor vehicle lifecycle. Its network comprises 65 own maintenance and repair shops, 500 partner shops and more than 50 mobile engineers and mechanics. AURELIUS expects to acquire four to six companies in 2019. The current portfolio will be expanded both organically and by means of strategic add-on acquisitions. The Executive Board also anticipates further company sales in the current financial year. 

 

Key figures

(in EUR millions)

1/1-6/30/2018

1/1-6/30/2019

Total consolidated revenues

1,874.9

1,890.4

Annualized consolidated revenues 1,2

3,419.6

3,536.1

EBITDA of the combined Group

30.2

53.8

- of which gains on bargain purchases

8.8

- / -

- of which restructuring and non-recurring expenses 

-35.2

-42.0

- of which gains on exits 

2.6

-6.8

Operating EBITDA of the combined Group 

54.0

102.6

Consolidated profit/loss 1,3

-21.0

-51.0

Earnings per share (basic, in EUR) 1,2

-0.75

-1.95

Cash flow from operating activities 1

-58.9

-33.3

Cash flow from investing activities 1

-87.1

-54.0

Free cash flow 1

-146.0

-87.3

 

12/31/2018

6/30/2019

Assets 

2,148.5

2,529.4

  of which cash and cash equivalents 

290.8

179.6

Liabilities 

1,612.3

2,048.5

  of which financial liabilities 

480.6

455.2

Equity 3

536.2

481.0

Equity ratio 3 (in %)

25.0

19.0

Number of employees at the reporting date 

15,131

13,304

1) The previous-year consolidated statement of comprehensive income and consolidated statement of cash flows were adjusted for comparison purposes in accordance with IFRS 5.

2) From continued operations.

3) Incl. minority interests.

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

 

6/30/2019 

Industrial Production

485.6

Retail & Consumer Products

509.6

Services & Solutions

146.6

Net asset value of portfolio companies 

1,141.8

Other

239.8

Total

1,381.6