DGAP-News: AURELIUS grows its business and increases its operating profit in the first nine months of 2011
(firmenpresse) - DGAP-News: AURELIUS AG / Key word(s): Quarter Results
AURELIUS grows its business and increases its operating profit in the
first nine months of 2011
14.11.2011 / 08:50
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AURELIUS grows its business and increases its operating profit in the first
nine months of 2011
- Consolidated revenues up 63 percent to EUR835.5 million
- Portfolio companies continue to perform well
- Acquisition of a 72.5 percent interest in HanseYachts AG completed in
the fourth quarter
Munich, November 14, 2011 - The Munich-based AURELIUS Group (ISIN:
DE000A0JK2A8) increased its consolidated revenues by 63 percent to EUR835.5
million in the first nine months of 2011 (Q1-Q3 2010: EUR514.1 million).
This increase was driven in large part by the new subsidiaries acquired
during the course of financial year 2010, which have been fully
consolidated in the consolidated financial statements of AURELIUS for the
first time in 2011. Adjusted for the reversal of negative goodwill arising
on consolidation (so-called 'bargain-purchase' income), the earnings before
interest, taxes, depreciation and amortization (EBITDA) for the first nine
months of 2011 amounted to EUR44.9 million, reflecting an increase of 265
percent over the corresponding figure for the first nine months of 2010
(Q1-Q3 2010: EUR12.3 million). This increase reflects the positive
performance of the Group's portfolio companies. No bargain purchases were
recognized in the first nine months of 2011. The acquisition of a 72.5
percent interest in HanseYachts AG was not completed until early November
2011 and will therefore lead to the recognition of bargain-purchase income
in the fourth quarter. The figures for the first nine months of 2011 also
do not include the effects from the sale of the investment in Wellman
International to the Thai Indorama Group. The closing date for that
transaction will occur during the fourth quarter. As of September 30, 2011,
therefore, Wellman International has been presented as discontinued
operations and is not contained in the EBITDA figure mentioned above.
However, the EBITDA figure does contain the restructuring expenses and
non-recurring negative effects incurred in connection with the
reorganization of portfolio companies, in the total amount of EUR19.5
million (Q1-Q3 2010: EUR9.6 million). Many of these restructuring expenses
and non-recurring effects were incurred in connection with the company
Secop, which was acquired last year.
The operating cash flow for the first nine months of 2011 was negative, at
EUR-7.7 million (Q1-Q3 2010: EUR24.2 million), particularly as a result of
increasing the working capital of portfolio companies. As of September 30,
cash and cash equivalents amounted to EUR137.9 million (12/31/2010:
EUR177.2 million). The proceeds from the sale of Wellman International will
be collected on the transaction closing date in the fourth quarter and are
therefore not yet included in the current figure. The Group's equity ratio
was unchanged at 33 percent.
Acquisition of a 72.5 percent interest in HanseYachts AG completed in the
fourth quarter
On September 9, 2011, Aurelius Development Invest GmbH, a wholly-owned
subsidiary of AURELIUS, submitted a voluntary public take-over offer to the
shareholders of HanseYachts AG (ISIN DE000A0KF6M8). Within the allowed
acceptance period, this offer wasaccepted for shares representing 7.85
percent of share capital (= 502,617 shares) of HanseYachts AG. Including
the shares purchased from the founder and former majority shareholder of
HanseYachts AG, Michael Schmidt, AURELIUS holds 72.5 percent of the share
capital of HanseYachts AG, now that the overall transaction has been
completed.
Outlook
AURELIUS anticipates further acquisitions and sales of subsidiaries in the
coming months. The operating performance of the Group's existing portfolio
companies is satisfactory on the whole and we expect that operating results
will continue to improve in 2012. By way of exception, the compressor
manufacturer Secop has encountered a substantial decrease in customer
demand since the third quarter, by reason of the worsening market
environment.
Key figures
01/01-09/30/11 01/01-09/30/10
Consolidated revenues¹'²mEUR 835.5 514.1 ' 63%
EBITDA¹'²mEUR 44.9 57.4 22%
thereof negative goodwill arising on
consolidation (bargain purchases) mEUR -/- 45.1 -/-
thereof restructuring and non-recurring
expenses mEUR -19.5 -9.6 +103%
Cash flow from operating activities mEUR -7.7 24.2 -132%
09/30/11 12/31/10
Cash and cash equivalents mEUR 137.9 177.2 -22%
in
Equity ratio % 32.8 33.4 -2%
¹The year-ago values were adjusted for comparison purposes, in accordanceAbout AURELIUS
with IFRS 5.²From continuing operations.
AURELIUS AG is an industrial holding company with a long-term investment
horizon that specializes in the acquisition of companies with development
potential. AURELIUS has many years of investment and management experience
in various 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. With
offices in Munich and London and subsidiaries in Germany, Great Britain,
France, Ireland, Poland, the Netherlands and Switzerland, AURELIUS operates
throughout Europe. 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
Telephone +49 (89) 544799 - 0
Fax +49 (89) 544799 - 55
investor(at)aureliusinvest.de
End of Corporate News
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146034 14.11.2011
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