DGAP-News: AURELIUS publishes its Annual Report 2011
(firmenpresse) - DGAP-News: AURELIUS AG / Key word(s): Final Results
AURELIUS publishes its Annual Report 2011
29.03.2012 / 11:02
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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/ 01/01 - 12/31/¹Prior-year figures were adjusted for comparison purposes, in accordance
31/2011 2010¹Change
Consolidated revenues¹'²1,077.6 743.6 44.9%
Consolidated revenues (annualized)²1,157.6 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)¹'²64.8 226.8 -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%
Equity³282.5 354.1 -20.2%
Equity ratio³(in %) 29.9 33.4 -10.5%
Number of employees at the
reporting date 6,631 6,803 -2.5%
with IFRS 5.²From continuing operations.³Including non-controlling interests.
About AURELIUS
The AURELIUS Group specializes in acquiring companies with development
potential and providing them with operational support. With respect to the
acquisition of subsidiaries, AURELIUS strives to identify, analyze, develop
and exploit all available opportunities in the market. The AURELIUS Group
understands itself to be a GOOD HOME for its subsidiaries on a long-term
basis. Although its acquisition activities are not limited to a certain
sector, AURELIUS has placed a certain emphasis on the following sectors:
industrial enterprises, chemicals, business services, consumer goods/food&beverage and telecommunications, media&technology.
AURELIUS has many years of investment and management experience in
different industries and sectors. AURELIUS improves the performance of its
subsidiaries by providing management capacities and the necessary financial
resources for investing in innovative products, sales and research.
AURELIUS is a globally active company with offices in Munich and London and
subsidiaries in Germany, Great Britain, France, Poland, Hungary, the
Netherlands, Switzerland, Norway, Slovakia and Slovenia, as well as China
and Malaysia. The shares of AURELIUS AG are traded in the Open Market
segment of the Frankfurt Stock Exchange under ISIN DE000A0JK2A8. Additional
information can be found at www.aureliusinvest.de.
Contact
Investor Relations&Corporate Communications
Phone +49 (89) 544799 - 0
Fax +49 (89) 544799 - 55
investor(at)aureliusinvest.de
End of Corporate News
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