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MarketScreener Homepage  >  Equities  >  Xetra  >  Mutares AG    MUX   DE000A2NB650

MUTARES AG

(MUX)
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Mutares : achieves revenues of over EUR 200m, Adjusted EBITDA on target

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05/21/2019 | 01:35am EDT

DGAP-News: Mutares AG / Key word(s): Private Equity/Quarterly / Interim Statement
Mutares achieves revenues of over EUR 200m, Adjusted EBITDA on target

21.05.2019 / 07:30
The issuer is solely responsible for the content of this announcement.


Mutares achieves revenues of over EUR 200m, Adjusted EBITDA on target

  • Group revenues for the first three months of 2019 at over EUR 200 million
  • Balanced EBITDA, Adjusted EBITDA negative as expected in first quarter
  • Three acquisitions already made, including two add-ons and a new platform investment before the end of May
  • Outlook and targets for 2019 unchanged

Munich, May 21, 2019 - The Mutares Group (ISIN: DE000A2NB650) generated total revenues of EUR 203.3m in the first quarter of 2019 (Q1/2018: EUR 228.9m). The decline is mainly attributable to the units deconsolidated in the course of the 2018 financial year. A balanced operating result (EBITDA) was achieved (Q1/2018: EUR -3.4m), Adjusted EBITDA1) amounted to EUR -3.5m (Q1/2018: EUR -0.5m). While restructuring and other non-recurring expenses are not expected until the second quarter of 2019 for the companies newly acquired in the reporting period, the companies acquired in the fourth quarter of 2018 are still contributing to Adjusted EBITDA with operating losses.

Cash and cash equivalents amounted to EUR 85.4m as of March 31, 2019 (December 31, 2018: EUR 108.1m), the equity ratio of the Mutares Group was 26%, down from 33% as of December 31, 2018. This is mainly due to the first-time mandatory application of the new leasing regulations of IFRS 16, which contribute approximately EUR 50m to the increase in total assets in the balance sheet.

Operational milestones in the Engineering & Technology segment achieved
The quarter was marked by a market-related decline in revenue in the Automotive & Mobility segment and the achievement of important milestones in the Engineering & Technology segment: the Donges Group made initial gratifying progress in initiating its optimization program and integration into the Donges Group for the recent acquisitions of Kalzip and Normek. The Gemini Rail Group was able to achieve an initial implementation success with the improvement of its structural costs but is still contributing to Adjusted EBITDA with losses in the first quarter.

Acquisitions for the Engineering & Technology and Goods & Services segments
On the transaction side, three acquisitions were announced in the first quarter, including a new platform investment for the Goods & Services segment in France and two strategic acquisitions already completed for the Donges Group (Engineering & Technology segment).

Outlook and targets for 2019 confirmed
Following the three acquisitions already made in the first quarter, the Management Board is aiming for at least three further transactions in the 2019 financial year. With regard to the portfolio companies, further significant operational progress is expected, especially in the transaction-driven Engineering & Technology and Goods & Services segments.
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Net asset value of the portfolio
Based on developments in the segments and the relevant markets in the first quarter of 2019, the net asset values (NAV) for the segments were updated as at 31 March 2019. The NAV is calculated as the sum of the segment valuations (assets less the market value of debt plus net funds) with a company-specific WACC of 6 % to 11 % (average: 9 %) and a uniform conservative growth rate of 0.5 %. For the calculation of the NAV, only the sum-of-the-parts value of the individual segments is considered, i.e. transaction activity, turnaround expertise and the brand strength of Mutares are not included in the following calculation:
 



Segment
NAV as of 31.03.2019
(in million EUR)
Automotive & Mobility 51.6
Engineering & Technology 110.2
Goods & Services 21.5
Net cash & equivalents 22.5
Total

NAV per share (in EUR)
205.9

13.51
 


Comments on the NAV in Q1/2019:

Automotive & Mobility: STS Group AG was valued as at 31 March 2019 on the basis of the stock market price (XETRA) and the share held by Mutares AG.

1) Adjusted EBITDA is an EBITDA ratio adjusted for extraordinary, one-time effects. The calculation is based on reported Group EBITDA, adjusted for transaction-related income (bargain purchases), restructuring and other non-recurring expenses, and deconsolidation effects.

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Conference call today at 2:00 p.m.
A webcast conference call will be held today at 14:00 (CEST) in English for analysts, investors and press representatives. Registrations can be sent by e-mail to ir@mutares.de. The webcast presentation is available for download at www.mutares.de/investor-relations


Company profile of Mutares AG

Mutares AG, Munich (www.mutares.de), acquires medium-sized companies and parts of groups that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company. The shares of Mutares AG are listed on Frankfurt Stock Exchange under the ticker symbol "MUX" (ISIN: DE000A2NB650).

For more information:

Mutares AG
Corinna Lumpp
Manager Investor Relations & Strategy
Tel. +49 89 9292 7760
Email: ir@mutares.de
www.mutares.de

Press Contact
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel.: +49 89 12509 0331
Email: sh@crossalliance.com
www.crossalliance.com



21.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Mutares AG
Arnulfstr.19
80335 Munich
Germany
Phone: +49 (0)89-9292 776-0
Fax: +49 (0)89-9292 776-22
E-mail: ir@mutares.de
Internet: www.mutares.de
ISIN: DE000A2NB650
WKN: A2NB65
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Frankfurt (Scale), Stuttgart, Tradegate Exchange
EQS News ID: 813745

 
End of News DGAP News Service

813745  21.05.2019 

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© EQS 2019
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Sales 2019 1 052 M
EBIT 2019 50,8 M
Net income 2019 42,8 M
Debt 2019 37,0 M
Yield 2019 11,7%
P/E ratio 2019 2,61x
P/E ratio 2020 2,86x
EV / Sales2019 0,16x
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Last Close Price 8,52  €
Spread / Highest target 73,7%
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