DGAP-News: Operating performance of AURELIUS portfolio companies continues to impress
(firmenpresse) - DGAP-News: AURELIUS AG / Key word(s): Half Year Results
Operating performance of AURELIUS portfolio companies continues to
impress
12.08.2011 / 08:30
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Operating performance of AURELIUS portfolio companies continues to impress
in the first half of 2011
- Half-year revenues up 61 percent to EUR650.7 million
- EBITDA of EUR36.1 million reflects operating strength of subsidiaries
- Acquisition and exit activities stepped up
- 65 percent interest in HanseYachts AG acquired at start of third
quarter
Munich, August 12, 2011 - The Munich-based AURELIUS Group (ISIN:
DE000A0JK2A8) increased its consolidated revenues by 61 percent to EUR650.7
million (2010: EUR404.8 million) in the first half of 2011. Besides the
major expansion of the portfolio of subsidiaries in the second half of
2010, this rise can be attributed to the strong performance of the
subsidiaries overall. This is similarly reflected in earnings before
interest, taxes, depreciation and amortization (EBITDA) which have
quadrupled to EUR36.1 million compared with the equivalent period last year
(first half of 2010: EUR8.9 million, adjusted for the reversal of negative
goodwill [bargain purchase]). No bargain purchases were recorded in the
first half of the year. The EBITDA was, however, depressed by restructuring
and non-recurring expenses of EUR15.5 million (2010: EUR3.6 million),
notably at newly acquired subsidiaries.
The net cash outflow from operating activities amounted to EUR5.3 million
(2010: EUR28.9 million) due primarily to the build-up of working capital in
the subsidiaries. Cash and cash equivalents remained at a high level at the
close of the half-year, with a total of EUR154.5 million (December 31,
2010: EUR177.2 million). At 32%, the Group equity ratio continues to
represent a solid foundation for the corporate group (December 31, 2010:
33%).
Acquisition and exit activities stepped up
AURELIUS's Blaupunkt subsidiary strategically reinforced its market
position in June 2011 by acquiring KWest GmbH based in Schlitz near Fulda.
With KWest, Blaupunkt is greatly increasing its development capacity in
Europe. The Schlitz facility is being expanded to form the new European
development hub for Blaupunkt. Furthermore, the portfolio of the acquired
KWest represents a perfect fit with the Blaupunkt range. Back in May 2011,
AURELIUS's connectis subsidiary strengthened its core business by acquiring
Grouptec, an ICT company similarly based in Switzerland. Grouptec is a
leading specialist in Microsoft Unified Communication&Collaboration
solutions.
During the current third quarter, AURELIUS reached agreement on the
acquisition of a 64.67 percent interest in HanseYachts AG (ISIN:
DE000A0KF6M8) with Michael Schmidt, the company's chairman, founder and
previous majority shareholder. Formed in 1990, HanseYachts is a listed
company that has established itself as the third-biggest series
manufacturer of yachts in the world over the last 21 years.
Parallel to these acquisitions, the British online book distributor Book
Club Associates (BCA) was sold to the similarly Britain-based Webb Group
mail-order company in March 2011.
Outlook
Subject to future general economic developments and the developments on the
international capital markets, AURELIUS expects its subsidiaries to
continue performing well in the second half of2011.
The complete report on the first half of 2011 is available to download at
www.aureliusinvest.de.
Key figures
01/01 - 06/ 01/01 - 06/30/ Chan
30/2011 2010¹ge
EUR
Consolidated revenues¹'²millions 650.7 404.8 61%
Consolidated revenues EUR
(annual.)²millions 1,275.4 801.0 59%
EUR
EBITDA¹'²millions 36.1 54.0 -33%
Restructuring and non- EUR
recurring expenses millions 15.5 3.6 331%
EUR
Consolidated profit/loss millions -10.8 9.5 -214%
Earnings per share
basic¹'²EUR -0.89 2.99 -130%
diluted¹'²EUR -0.89 2.99 -130%
Cash flow from operating EUR
activities millions -5.3 28.9 -118%
Cash flow from investing EUR
activities millions -26.0 -18.4 -41%
EUR
Free cash flow millions -31.3 10.5 -398%
Chan
06/30/2011 12/31/2010 ge
EUR
Assets millions 1,009.5 1,060.1 -5%
thereof cash and cash EUR
equivalents millions 154.5 177.2 -13%
EUR
Liabilities millions 685.7 706.0 -3%
thereof financial EUR
liabilities millions 212.5 187.9 13%
EUR
Shareholders' equity³millions 323.9 354.1 -9%
Equity ratio³% 32.1 33.4 -4%
Workforce at the reporting
date 6,683 6,803 -2%
¹The prior-year figures have been adjusted for comparison purposes, inContact:
accordance with the provisions of IFRS 5²From continuing operations³Incl. minorities
AURELIUS AG
Investor Relations&Corporate Communications
Phone +49 (0)89 544799 - 0
Fax +49 (0)89 544799 - 55
investor(at)aureliusinvest.de
End of Corporate News
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