AURELIUS EQUITY OPPORTUNITIES SE & CO. KGAA

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AURELIUS Equity Opportunities begins the 2022 financial year with a robust first quarter

05/12/2022 | 01:32am EDT

DGAP-News: AURELIUS Equity Opportunities SE & Co. KGaA / Key word(s): Quarter Results
AURELIUS Equity Opportunities begins the 2022 financial year with a robust first quarter

12.05.2022 / 07:30
The issuer is solely responsible for the content of this announcement.


AURELIUS Equity Opportunities begins the 2022 financial year with a robust first quarter

  • Total consolidated revenues reach EUR 759.9 million, annualized consolidated revenues come to EUR 2,975.8 million
  • Operating EBITDA comes to EUR 49.7 million
  • Modest increase in net asset value to EUR 1,014.7 million
  • High level of transaction activity, with five add-on acquisitions and three more co-investments already
  • Outlook marked by uncertain market environment

Munich, May 12, 2022 ? AURELIUS Equity Opportunities SE & Co. KGaA (?AURELIUS?; ISIN DE000A0JK2A8) publishes its results for the first quarter of 2022. Total consolidated revenues came to EUR 759.9 million (Q1 2021: EUR 809.7 million). The decline from the first quarter of last year is largely attributable to the sale of Office Depot Europe in the fourth quarter of 2021. Nonetheless, annualized consolidated revenues from continued operations rose further to EUR 2,975.8 million (Q1 2021: EUR 2,673.2 million).

?The first quarter of 2022 proves that our portfolio is exceptionally robust and has been enlarged. Thus, resilient performance is possible even in complex, crisis-ridden times. Our strategy of supporting the portfolio companies with the profound operations expertise of our internal experts is a crucial success factor,? said Matthias Täubl, CEO of AURELIUS Equity Opportunities.

Solid operating EBITDA of EUR 49.7 million

The operating EBITDA of the combined Group came to EUR 49.7 million in the first quarter (Q1 2021: EUR 55.7 million). It was largely driven by developments in the Industrial Production and Retail & Consumer Products segments. It includes restructuring and non-recurring expenses for the reorientation of Group companies, which amounted to EUR 13.0 million in the first quarter of 2022, less than the year-ago comparison figure (Q1 2021: EUR 19.3 million). The result of the fair value measurement of co-investments, which is included in the reconciliation statement for the first time, amounted to EUR 4.2 million in the first quarter of 2022. There is no retrospective comparison figure because the co-investment structure was established jointly with AURELIUS European Opportunities Fund IV only in April 2021.

Gains on exits amounted to EUR 38.2 million (Q1 2021: EUR 37.8 million). They mainly consisted of the proceeds from the sale of AKAD University, which had been significantly improved during the time it belonged to AURELIUS. The EBITDA of the combined Group rose to EUR 79.1 million (Q1 2021: EUR 74.2 million).

Modest increase in net asset value despite uncertain market environment

At March 31, 2022, the net asset value (NAV) of the Group companies came to EUR 1,014.7 million, that being modestly higher than the corresponding figure at the end of 2021 (12/13/2021: EUR 1,004.7 million). The total NAV includes the NAV of the Group?s co-investments in the amount of EUR 26.9 million. This initial figure includes the fair values of Advanced Power Solutions and Enerveo and the purchase price for Minova. The NAV per share came to EUR 36.11, representing an improvement over the corresponding figure at the end of 2021 (12/13/2021: EUR 35.26).

The ongoing geopolitical uncertainties associated with the war in Ukraine made it necessary to apply a flat-rate safety discount at the end of 2021. At the reporting date of 3/31/2022, this safety discount is included in the valuations of the portfolio companies.

At EUR 403.0 million, Group-level cash and cash equivalents were satisfactory as of March 31, 2022 (12/13/2021: EUR 444.0 million), especially considering the cash outflows of approx. EUR 70 million for acquisitions and the still active share buyback program with a volume of more than EUR 10 million at the reporting date. The equity ratio rose slightly to 26.5 percent (12/13/2021: 26.0 percent).

Significant transactions, sharpened portfolio focus, and enhanced ESG commitment

The first quarter of 2022 was characterized by a high level of transaction activity on the part of AURELIUS Equity Opportunities.

In the category of add-on acquisitions to strengthen existing portfolio companies, AURELIUS Equity Opportunities acquired five new companies. In January, BGP Building Partners Group acquired the container trading firm Container Handelsbüro Peter Bonitz e. K. End of March, BMC Benelux acquired De Rycke Baumaterialien and the European Imaging Group acquired CameraNU.nl B.V. Furthermore, VAG acquired RTS a Brazilian supplier of valve solutions. After that, the European Imaging Group also purchased a majority interest in Cyfrowe.pl. upon the closing date in May 2022.

Acting together with AURELIUS European Opportunities Fund IV, AURELIUS Equity Opportunities also expanded the jointly held portfolio through additional acquisitions. In February, Minova was purchased from the Australian company Orica Limited as part of a global carve-out transaction. Minova is a globally active manufacturer and supplier of ground support and bolting systems and services to mining and infrastructure customers. After that, Ceramic Tile Distributors (CTD) was purchased from Saint-Gobain as part of a global carve-out transaction. CTD is a specialized British supplier of premium-quality ceramic tiles with a leading position in the B2B market. The acquisition closed at the start of April 2022.

The largest acquisition in the company?s history to date was completed with the acquisition of the British operations of McKesson Corporation, including the brands LloydsPharmacy, John Bell & Croyden, and AAH Pharmaceuticals. This transaction was successfully finalized at the start of April 2022. Of particular interest is the highly successful sale of AKAD University, Germany?s oldest private distance university, to Galileo Global Education, Europe?s biggest education group, in the first quarter of 2022.

?Also in the past quarter, our ability to sustainably and successfully drive strategic growth and enhance shareholder value is attested by the strength of our portfolio, including both new acquisitions and exits. We strive every day to offset macroeconomic imbalances and navigate uncertainties also by leveraging the operational closeness to our portfolio companies,? Täubl said.

AURELIUS Equity Opportunities is also further sharpening its focus on ESG topics. AURELIUS deepened its own commitment by joining the United Nations Global Compact, the world?s most important initiative for sustainable and responsible corporate governance, as well as the national subsidiary German Global Compact Network, as announced in April 2022.

Outlook: Exact developments are hard to predict in the current market environment, additional analyst firm commences coverage

Providing an outlook for the remainder of 2022 is difficult in today?s especially complex market environment. Generally speaking, however, the positive trend of deal activity, which is an essential aspect of the Group?s business model, can be expected to continue. The Group will also focus on continuing to closely support the portfolio companies with operational expertise.

?We have brought the challenging first quarter to a successful conclusion. What this means for AURELIUS Equity Opportunities is that we are pursuing the exact right strategy. This was also proven by the acquisition of the UK operations of McKesson Corporation under the co-investment structure ? the biggest transaction in the history of our company. Moreover, an additional analyst firm, Pareto Securities, has commenced coverage of AURELIUS Equity Opportunities with a buy recommendation. This expert assessment also proves that our untapped potential is high. Nonetheless, we must remain vigilant because the outlook is subject to a high degree of macroeconomic uncertainty,? Täubl comments.

AURELIUS Equity Opportunities will hold its 2022 annual general meeting on June 21, 2022.

 

Key figures

(in EUR millions) 1/1 ? 3/31/2021 1/1 ? 3/31/2022
Total consolidated revenues 809.7 759.9
Consolidated revenues (annualized) 1,2 2,673.2 2,975.8
EBITDA of the combined Group 74.2 79.1
of which gains on bargain purchases . / . . / .
of which restructuring and non-recurring expenses -19.3 -13.0
of which revaluation effect of co-investments accounted for at equity ./. 4.2
thereof gains on exits 37.8 38.2
Operating EBITDA of the combined Group 55.7 49.7
Consolidated profit1,³ 31.5 34.3
Group earnings per share (in EUR)1 1.11 1.19
  12/31/2021 3/31/2022
Assets 2,281.2 2,325.6
of which cash and cash equivalents 444.0 403.0
Liabilities 1,688.7 1,709.0
of which financial liabilities 379.4 417.0
Equity³ 592.5 616.6
Equity ratio³ (in %) 26.0 26.5
Number of employees at the reporting date2 11,141 10,869
 

1) The prior-year consolidated statement of comprehensive income has been adjusted for comparison purposes in accordance with IFRS 5.
2) From continued operations.
3) Including non-controlling interests.

Net Asset Value of the AURELIUS Portfolio (in EUR millions)

  NAV at 3/31/2022
Industrial Production 382.0
Retail & Consumer Products 281.3
Services & Solutions 84.4
NAV of the portfolio companies 747.7
Other 240.1
Co-Investments 26.9
Total NAV 1,014.7
NAV per share in EUR 36.11
 

NAV has been presented on a net basis since December 31, 2021. For this purpose, expected transaction costs to be incurred upon the sale of portfolio companies and all expected management compensation attributable to individual portfolio companies are deducted from the gross NAV figure. This methodology is now separately applied to calculate the NAVs of the portfolio companies instead of deducting an aggregate figure. Thus, the total NAV for the first quarter of 2022 is exactly equivalent to the potential net cash inflows of AURELIUS Equity Opportunities.

 

ABOUT AURELIUS

AURELIUS is a pan-European alternative investment firm. Deep operational expertise and experience enable AURELIUS to accelerate value creation within its portfolio companies. The Group has offices in London, Luxembourg, Munich, Amsterdam, Stockholm, Milan and Dusseldorf.

Our key investment platforms are AURELIUS European Opportunities IV fund and the listed AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8, Ticker Symbol: AR4), which specialise in corporate carve-out transactions and acquiring companies with development potential in the mid-market. The investment strategy?s core element is growth of its portfolio companies, supported by a team of almost 100 operating taskforce experts.

AURELIUS Group additionally operates in the areas of growth capital, real estate and alternative lending solutions. AURELIUS Growth Investments participates in leveraged buyouts in mid-market succession situations. AURELIUS Real Estate Opportunities focuses on real estate investments, the value of which can be increased in the long-term by means of active management. AURELIUS Finance Company provides flexible lending solutions to firms across Europe.

With its group charity AURELIUS Refugee Initiative e.V., AURELIUS provides comprehensive support to refugees on their way towards a better life.

To find out more, visit www.aurelius-group.com

CONTACT
AURELIUS Group
Investor Relations
Phone (GER): +49 (89) 5447990
Phone (UK): +44 (0) 20 7440 0480

E-mail: investor@aurelius-group.com



12.05.2022 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.
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Language: English
Company: AURELIUS Equity Opportunities SE & Co. KGaA
Ludwig-Ganghofer-Straße 6
82031 Grünwald
Germany
Phone: +49 (0)89 544 799-0
Fax: +49 (0)89 544 799-55
E-mail: info@aureliusinvest.de
Internet: www.aureliusinvest.de
ISIN: DE000A0JK2A8
WKN: A0JK2A
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Hamburg, Munich (m:access), Stuttgart, Tradegate Exchange
EQS News ID: 1350137

 
End of News DGAP News Service

1350137  12.05.2022 

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Sales 2022 2 721 M 2 887 M 2 887 M
Net income 2022 70,8 M 75,1 M 75,1 M
Net Debt 2022 207 M 219 M 219 M
P/E ratio 2022 9,04x
Yield 2022 6,60%
Capitalization 629 M 667 M 667 M
EV / Sales 2022 0,31x
EV / Sales 2023 0,30x
Nbr of Employees 10 869
Free-Float 89,2%
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Number of Analysts 4
Last Close Price 22,72 €
Average target price 47,40 €
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Managers and Directors
Dirk Markus Chairman-Executive Board
Matthias Täubl Chief Executive Officer
Richard Schulze-Muth Chief Financial Officer
Christian Dreyer Chairman-Supervisory Board
Frank Forster Chief Compliance Officer & General Counsel
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