HALF-YEAR FINANCIAL REPORT 2020

MBB SE, Berlin

MBB in figures

Page 1

MBB in figures

Half year

2020

2019

2020 /

(unaudited)

2019

Earnings figures (adjusted*)

€k

€k

%

Revenue

328,854

251,395

30.8

Operating performance

327,544

251,657

30.2

Total performance

337,120

263,060

28.2

Cost of materials

-179,634

-159,972

12.3

Staff costs

-100,507

-63,596

58.0

EBITDA

28,721

24,207

18.6

EBITDA margin

8.8%

9.6%

EBIT

14,685

16,303

-9.9

EBIT margin

4.5%

6.5%

EBT

9,142

15,641

-41.6

EBT margin

2.8%

6.2%

Consolidated net profit after non-controlling interests

6,566

5,200

26.3

eps in €

1.11

0.84

32.1

Average number of shares in circulation

5,936

6,198

Earnings figures (IFRS)

€k

€k

%

EBITDA

25,416

24,207

5.0

Consolidated net profit

3,520

4,941

-28.8

eps in €

0.59

0.80

-26.3

Figures from the statement

30 Jun

31 Dec

of financial position (IFRS)

€k

€k

%

Non-current assets

347,476

346,084

0.4

Current assets

460,068

498,608

-7.7

thereof cash and equivalents**

308,613

340,193

-9.3

Issued capital (share capital)

5,932

5,941

-0.2

Other equity

463,706

468,611

-1.0

Total equity

469,638

474,552

-1.0

Equity ratio

58.2%

56.2%

Non-current liabilities

146,297

149,919

-2.4

Current liabilities

191,609

220,221

-13.0

Total assets

807,544

844,692

-4.4

Net debt (-) or

net cash (+)**

215,286

249,838

-13.8

Employees

3,485

3,505

-0.6

  • For details of adjustments please see the information on the results of operations, financial position and net assets in the interim Group management report.
  • This figure includes physical gold reserves and securities.

Contents

Page 2

Contents

MBB in figures

1

Contents

2

Welcome note from the Executive Management

3

Interim Group management report

4

Business and economic conditions

4

Business development

4

Financial position and financial performance

5

Segment performance

6

Employees

7

Report on risks and opportunities

7

Outlook

7

IFRS half-year consolidated financial statements for 2020

8

Notes to the interim consolidated financial statements

15

Accounting

15

Accounting policies

15

Goodwill

15

Segment reporting

15

Dividend

16

Changes in contingent liabilities

16

Related party transactions

16

Events after the end of the reporting period

16

Review

16

Responsibility statement

16

Financial calendar

17

Contact

17

Legal notice

18

Welcome note from the Executive Management

Page 3

Welcome note from the Executive Management

Dear Shareholders,

In the first half of 2020, the outbreak of the COVID-19 pandemic brought the world to a standstill that would previously have been hard to imagine. Lockdowns and other drastic measures to combat the pandemic not only limited people's social lives, but also precipitated a dramatic economic slump. With fiscal and monetary policy stimulus measures running to the trillions, governments and central banks are now attempting to ameliorate the economic collapse.

MBB has also keenly felt the effects of the pandemic. However, the diversification of the MBB Group achieved in recent years has borne fruit, and the economic downturn in individual business areas has been compensated by positive developments in others. Overall, in spite of COVID-19, MBB's performance in the first half of the year was remarkably robust, with revenue growth of 30.8% to €328.9 million and an EBITDA margin of 8.8%.

In particular, the MBB companies affected the most by COVID-19 include Aumann, Delignit and OBO, which together form the Technological Applications segment. This segment's revenue declined by 32.9% to €118.5 million in the first half of the year, with EBITDA of €0.8 million. At Aumann, the slump in the automotive industry affected both the company's incoming orders and its profitability. Moreover, to improve its cost structure, Aumann has decided to close its smallest German location. At Delignit, production had to be scaled back significantly for several weeks owing to customer shutdowns.

In the Consumer Goods segment as well, which comprises Hanke Tissue and CT Formpolster, the impact of the pandemic caused revenue to decline, though this was less severe than in the Technological Applications segment at -13.5%. The reasons for this decline were firstly the weak demand for commercial tissue products and secondly reduced mattress sales due to shop closures.

At €171.9 million, the Service & Infrastructure segment contributed more than half of the MBB Group's revenue in the first half of the year. The segment's contribution to consolidated EBITDA was also substantial at €24.9 million. This was thanks not just to the growth of the energy infrastructure companies acquired last year, Friedrich Vorwerk and Bohlen & Doyen, but also a significant increase in revenue to €33.9 million at the IT security specialist DTS.

The strength of the Service & Infrastructure segment during an economically more than challenging phase highlights the crisis resilience of the energy infrastructure and IT security industries. Thanks to this resil- ience, MBB's management is again aiming for its original forecast for the year of revenue of more than €660 million and an adjusted EBITDA margin of between 8% and 10% despite the COVID-19 pandemic. With net liquidity in the Group of €215.3 million, €180.8 million of which relates to the MBB SE holding company, MBB is excellently positioned for new acquisitions, for which we anticipate a significant increase in the number of opportunities.

Yours,

The Executive Management of MBB SE

Interim Group management report

Page 4

Interim Group management report

MBB SE is a medium-sized,family-owned company that forms the MBB Group together with its subsidiar- ies.

Business and economic conditions

The global economic climate was largely defined by the impact of the global COVID-19 pandemic in the first half of 2020. The measures taken to curb the spread of the virus led to the closure of shops lasting several weeks, production shutdowns and cost-cutting programmes all over the world, which together resulted in a significant decline in business activity.

The recession sparked by the COVID-19 pandemic caused a double-digit decline in German GDP in the second quarter of 2020. As things currently stand, the economic recovery is largely dependent on there being no second wave. Overall, the German Institute for Economic Research (DIW) is forecasting that German GDP will slump by 9.4% year-on-year for 2020 as a whole.

Developments on the sub-markets relevant to MBB were mixed. The consequences of the COVID-19 pandemic have hit the automotive industry especially hard. According to figures from the German Association of the Automotive Industry (VDA), 43% fewer cars were registered in the European Union compared to the first half of the previous year. New registrations fell by 27% in China and by 23% in the US. The dramatic slump in consumer demand, the intermittent disruption of supply chains and the shutdown of production lines for weeks at a time caused car production in Germany to fall to its lowest level in 45 years in the first half of 2020, down 40% year-on-year at 1.5 million vehicles. Developments were similar in the commercial vehicle sector.

According to figures from the German Association for Information Technology, Telecommunications and New Media (Bitkom), the German IT market is slightly more robust than Germany's overall economy. While the market volume expanded by 1.7% to €169.1 billion in 2019, Bitkom is forecasting a decline of approximately 3.3% to €163.5 billion for 2020. In particular, the main drivers of this decline are IT hardware (down 7.5%) and consumer electronics (down 7.0%), which are less relevant to MBB.

The forecast for the German energy industry is also better than for the economy as a whole. The German Federal Association of the Energy and Water Industry (BDEW) rates the energy industry as having among the highest investment of any sector in Germany, with more than €320 billion projected by 2030. It forecasts that the industry will deliver key economic stimulus even before the end of 2020, which might allow GDP in Germany to rise by 0.6% year-on-year. The energy industry would therefore contribute substantially to the economic recovery from the recession brought about by COVID-19.

Business development

In the first six months of 2020, MBB achieved revenue growth of 30.8% year-on-year to €328.9 million (previous year: €251.4 million). EBITDA climbed by 18.6% as against the previous year to €28.7 million in the same period (previous year: €24.2 million). The EBITDA margin was down at 8.8% in the first half of 2020 after 9.6% in the same period of the previous year. Adjusted earnings per share amounted to €1.11, an increase of 32.1% as against the same period of the previous year. The MBB Group had 3,485 employees as at the end of the reporting period, 20 fewer than as at the end of 2019.

The growth of the MBB Group in the first half of the year is thank to the positive development of the Service & Infrastructure segment, which generated revenue of €171.9 million. The segment comprises DTS, which specialises in IT security products and the Friedrich Vorwerk Group acquired in the 2019 financial year, which also included the Bohlen & Doyen companies acquired in December 2019. DTS contributed to the segment's success with further revenue growth of 11.6%. At €138.0 million, the revenue generated by the Friedrich Vorwerk Group, which operates in the energy infrastructure sector, exceeded our expectations. The companies of the Service & Infrastructure segment are yet to experience any significant negative effects due to COVID-19.

The Technological Applications segment, which comprises the listed companies Aumann and Delignit in addition to OBO, which specialises in tooling products, reported a drop in revenue of 32.9% to €118.5 mil- lion. Much of this decline was anticipated and relates to weak incoming orders at Aumann in the past financial year. The tense market situation elicited cost sensitivity on the part of customers in the automotive industry. In conjunction with the optimisation of its corporate structure, Aumann AG has ceased operating at its Hennigsdorf location. The negative non-recurring earnings effect caused by this of €3.0 million was adjusted for. Both Delignit and OBO, after an initially promising start to the year, came to feel the force of the COVID-19 pandemic in the second quarter. The segment's EBITDA margin was

Interim Group management report

Page 5

therefore less than 1% in the first half of the year. Within the MBB Group, the Technological Applications segment is likely to be the one hit hardest by the effects of the COVID-19 pandemic.

The Consumer Goods segment, which comprises the mattress manufacturer CT Formpolster and the tissue product specialist Hanke, reported a decline in revenue of 13.4% to €38.5 million with EBITDA of €3.6 million (previous year: €3.7 million). The impact of the COVID-19 pandemic on the Consumer Goods segment is thus less pronounced than on the Technological Applications segment, though the companies within the segment are nonetheless feeling the effects.

MBB acquired 305,000 shares in Aumann AG in total at a price of 2.5 Mio. € over the counter in the first half of 2020. Its shareholding is therefore 40.00% as at the end of the reporting period (31 Decem- ber 2019: 38.00%).

On 18 March 2020, the Board of MBB SE resolved to exercise the authorisation granted by the Annual General Meeting on 28 May 2019 to purchase treasury shares and to purchase up to 594,075 treasury shares with a volume of not more than €3.0 million at a price of €55.00 per share over the counter in the period from 20 March 2020 up to and including 30 June 2020. The share buyback programme ended on 30 June 2020. In total, 8,498 shares with a total value of €0.4 million were repurchased.

The Board and Executive Management of MBB SE wish for the shareholders to participate appropriately in the company's success. Given the high liquidity level, the very successful 2019 financial year and the moderate overall impact of the COVID-19 pandemic to date, the Board intends to propose a small increase in the dividend for the 2019 financial year to €0.70 per entitled share at the Annual General Meeting. This would be the tenth year in a row in which the base dividend has been increased.

In conjunction with the COVID-19 pandemic, the Annual General Meeting has been postponed until 24 August 2020.

Financial position and financial performance

The financial position and financial performance are still on track. At €328.9 million, the consolidated revenue of the MBB Group is 30.8% higher year-on-year after the first six months of the 2020 financial year (€251.4 million). The significant growth is largely thanks to the companies acquired in the second half of 2019.

Revenue by quarters

in millions of €

200

171,8

157,1

156,4

184,3

150

128,5

122,9

100

50

0

Q1

Q2

Q3

Q4

2019

2020

Other operating income of €9.6 million (previous year: €11.4 million) includes income from measurement at equity of €3.7 million, income from own work capitalised of €0.9 million, income from the offsetting of remuneration in kind of €0.7 million, income from securities of €0.5 million, income from the reversal of provisions of €0.5 million, currency translation income of €0.3 million and other income of €3.0 mil- lion. Own work capitalised relates to development costs recognised at Aumann AG.

The adjusted cost of materials rose at a slower rate than revenue, climbing by 12.3% to €179.6 million, while adjusted staff costs increased by 58.0% to €100.5 million in the first half of 2020. The change in the cost structure is as a result of the different portfolio structure than in the same period of the previous year.

Adjusted overheads of €28.3 million (previous year: €15.3 million) were incurred, including maintenance expenses, legal and consulting costs, advertising costs, insurance premiums, travel expenses and costs of third-party services in particular. The increase largely results from the acquisition of the Friedrich Vorwerk Group in the second half of 2019.

Interim Group management report

Page 6

Adjusted EBITDA was €28.7 million in the first half of the 2020 financial year after €24.2 million in the same period of the previous year. Adjustments included non-recurring expenses incurred in connection with the optimisation of the Aumann Group's cost structure and vertical integration. These are mainly costs in the amount of €3.0 million due to the discontinuation of operations at the Hennigsdorf location.

EBITDA by quarters

in millions of €

30

27,2

25

20

13,315,8

12,9

16,2

15

10,9

10

5

0

Q1

Q2

Q3

Q4

2019

2020

Adjusted depreciation and amortisation climbed by €6.1 million as against the previous year to €14.0 million (previous year: €7.9 million). These figures have been adjusted for depreciation and amortisation on assets of €4.9 million capitalised in connection with purchase price allocation. There were also adjustments for impairment losses of €0.3 million on the assets of the Hennigsdorf location.

This results in adjusted EBIT of €14.7 million (previous year: €16.3 million).

Taking net finance costs of €-5.5 million into account, adjusted EBT amounted to €9.1 million (previous year: €15.6 million). The negative net financial costs essentially result from the non -controlling interests of Friedrich Vorwerk KG (GmbH & Co.).

Adjusted consolidated net profit after non-controlling interests amounts to €6.6 million (previous year: €5.2 million) or €1.11 (previous year: €0.84) per share in the first half of 2020.

Equity amounts to €469.6 million as at 30 June 2020 (31 December 2019: €474.6 million). Based on total

consolidated assets of €807.5 million (31 December 2019: €844.7 million), the equity ratio is 58.2% as at the end of the reporting period after 56.2% as at 31 December 2019.

The MBB Group had cash funds (including securities and physical gold reserves) of €308.6 million as at 30 June 2020 (31 December 2019: €340.2 million), €182.1 million of which is attributable to MBB SE. The deduction of consolidated financial liabilities of €93.3 million (31 December 2019: €90.4 million) resulted in a net cash position for the MBB Group of €215.3 million as against €249.8 million as at 31 Decem- ber 2019.

Segment performance

The following segments are reported:

  • Service & Infrastructure
  • Consumer Goods
  • Technological Applications

External revenue in the Service & Infrastructure segment climbed significantly to €171.9 million as a result of the Vorwerk acquisition (previous year: €30.4 million). With a moderate rise in the EBITDA margin, EBITDA amounted to a gratifying €24.9 million for the period from 1 January to 30 June 2020 (previous year: €4.5 million).

Revenue and EBITDA declined significantly year-on-year in the Technological Applications segment. In the first half of 2020, the segment's external revenue amounts to €118.5 million (previous year: €176.5 mil- lion) with adjusted EBITDA of €0.8 million (previous year: €16.7 million). The performance of all companies in the segment was impacted by the slump in demand caused by the COVID -19 pandemic.

External revenue in the Consumer Goods segment decreased to €38.5 million (previous year: €44.5 mil- lion), owing to the drop in revenue in shop-based mattress sales due to COVID-19 (CT Formpolster) and

Interim Group management report

Page 7

the decline in demand for tissue products in the commercial sector (Hanke). Segment EBITDA is stable year-on-year at €3.6 million (€3.7 million).

Employees

The number of people employed by the MBB Group decreased by 0.6% from 3,505 as at 31 Decem- ber 2019 to 3,485 as at 30 June 2020. The MBB Group is also currently training 214 apprentices and employees in dual study programmes.

Report on risks and opportunities

The risks and opportunities for the business development of the MBB Group are described in the Group management report for the 2019 financial year, which is available on our website www.mbb.com. The current COVID-19pandemic is described in detail there. The assessment applies unchanged. MBB SE's risk management system is suitable for identifying risks early on and taking immediate action .

Outlook

Despite the COVID-19 pandemic, MBB is able to confirm its original forecast for 2020 of more than €660 million in revenues and an adjusted EBITDA margin of 8-10%. Until today, this forecast was subject to uncertainty given the negative impact of COVID-19 on some business areas of MBB. Management now expects that the weakness of the affected areas can be compensated by the positive development of the Service & Infrastructure segment.

Berlin, 18 August 2020

The Executive Management of MBB SE

IFRS half-year consolidated financial statements for 2020

Page 8

IFRS half-year consolidated financial statements for 2020

IFRS consolidated statement of profit or loss

1 Jan -

1 Jan -

(unaudited)

30 Jun 2020

30 Jun 2019

€k

€k

Revenue

328,854

251,395

Increase (+) / decrease (-) in finished goods

and work in progress

-1,310

262

Operating performance

327,544

251,657

Other operating income

9,576

11,403

Total performance

337,120

263,060

Cost of raw materials and supplies

-98,050

-122,437

Cost of purchased services

-84,140

-37,535

Cost of materials

-182,190

-159,972

Wages and salaries

-77,941

-51,096

Social security

and pension costs

-22,906

-12,500

Staff costs

-100,847

-63,596

Other operating expenses

-28,667

-15,285

Earnings before interest, taxes, depreciation,

and amortisation (EBITDA)

25,416

24,207

Amortisation and depreciation expense

-19,213

-8,614

Earnings before interest and taxes (EBIT)

6,203

15,593

Finance revenue

144

399

Finance costs

-1,365

-1,061

Earnings attributable to non-controlling interests

-3,157

0

Net finance costs

-4,378

-662

Earnings before taxes (EBT)

1,825

14,931

Income tax expense

-818

-4,645

Other taxes

-408

-210

Profit or loss for the period

599

10,076

Non-controlling interests

2,921

-5,135

Consolidated net profit

3,520

4,941

Earnings per share (in €)

0.59

0.80

IFRS half-year consolidated financial statements for 2020

Page 9

IFRS consolidated statement of comprehensive income

1 Jan -

1 Jan -

(unaudited)

30 Jun 2020

30 Jun 2019

€k

€k

Consolidated net profit

3,520

4,941

Non-controlling interests

-2,921

5,135

Profit or loss for the period

599

10,076

Items that may be subsequently reclassified

to profit and loss

Fair value changes bonds and gold

341

698

Currency translation differences

-1,079

258

Items that not be subsequently reclassified

to profit and loss

Pension reserve

22

0

Fair value changes shares and gold

-1,717

9,360

Other comprehensive income after taxes

-2,433

10,316

Comprehensive income for the reporting period

-1,834

20,392

thereof attributable to:

0

- Shareholders of the parent company

1,315

14,589

- Non-controlling interests

-3,149

5,803

IFRS half-year consolidated financial statements for 2020

Page 10

IFRS consolidated statement of comprehensive income

1 April -

1 April -

(unaudited)

30 Jun 2020

30 Jun 2019

€k

€k

Revenue

157,053

122,930

Increase (+) / decrease (-) in finished goods

and work in progress

-337

1,460

Operating performance

156,716

124,390

Other operating income

6,067

9,060

Total performance

162,783

133,450

Cost of raw materials and supplies

-47,409

-62,205

Cost of purchased services

-43,953

-21,064

Cost of materials

-91,362

-83,269

Wages and salaries

-38,722

-25,517

Social security

and pension costs

-10,412

-6,195

Staff costs

-49,134

-31,712

Other operating expenses

-12,657

-7,551

Earnings before interest, taxes, depreciation,

and amortisation (EBITDA)

9,630

10,918

Amortisation and depreciation expense

-9,763

-4,346

Earnings before interest and taxes (EBIT)

-133

6,572

Other interest and similar income

39

222

Interest and similar expenses

-580

-500

Earnings attributable to non-controlling interests

-2,077

0

Net finance costs

-2,618

-278

Earnings before taxes (EBT)

-2,751

6,294

Income tax expense

467

-2,035

Other taxes

-195

-103

Profit or loss for the period

-2,479

4,156

Non-controlling interests

3,181

-1,986

Consolidated net profit

702

2,170

Earnings per share (in €)

0.12

0.37

IFRS half-year consolidated financial statements for 2020

Page 11

Statement of financial position

30 Jun 2020

31 Dec

2019

Assets (IFRS)

unaudited

audited

€k

€k

Non-current assets

Concessions, industrial property rights and similar rights

21,667

25,278

Goodwill

44,449

44,449

Advance payments and assets under development

654

134

Intangible assets

66,770

69,861

Land and buildings

including buildings on third-party land

81,308

80,021

Technical equipment and machinery

50,431

51,176

Other equipment, operating and office equipment

22,168

22,138

Advance payments and assets under development

4,906

4,514

Property, plant and equipment

158,813

157,849

Investments in associates

15,340

13,214

Investment securities

91,132

89,549

Other loans

1,288

1,281

Financial assets

107,760

104,044

Deferred tax assets

14,133

14,330

347,476

346,084

Current assets

Raw materials and supplies

18,565

17,778

Work in progress

7,032

7,384

Finished goods and commodities

13,014

13,876

Advance payments

6,336

8,023

Inventories

44,947

47,061

Trade receivables

48,815

73,101

Contract assets

130,562

113,042

Other current assets

18,263

14,760

Trade receivables

and other current assets

197,640

200,903

Gold

4,088

3,570

Securities

4,697

3,169

Financial assets

8,785

6,739

Cash in hand

79

84

Bank balances

208,617

243,821

Cash in hand, bank balances

208,696

243,905

460,068

498,608

Total assets

807,544

844,692

IFRS half-year consolidated financial statements for 2020

Page 12

Statement of financial position

30 Jun 2020

31 Dec

2019

Equity and liabilities (IFRS)

unaudited

audited

€k

€k

Equity

Issued capital

5,932

5,941

Capital reserve

254,366

253,260

Legal reserve

61

61

Retained earnings

83,601

82,286

Non-controlling interests

125,678

133,004

469,638

474,552

Non-current liabilities

Liabilities to banks

42,462

47,297

Liabilities to non-controlling interests

23,844

20,686

Liabilities from participation rights

9,963

9,963

Other liabilities

6,334

6,469

Lease liabilities

14,559

12,068

Pension provisions

28,433

28,387

Other provisions

1,156

1,195

Deferred tax liabilities

19,546

23,854

146,297

149,919

Current liabilities

Liabilities to banks

26,497

22,128

Contract liabilities

26,635

35,424

Trade payables

42,316

56,707

Liabilities to non-controlling interests

3,951

7,540

Other liabilities

20,320

28,962

Lease liabilities

9,809

8,863

Provisions with the nature of a liability

37,649

35,438

Tax provisions

10,232

7,750

Other provisions

14,200

17,409

191,609

220,221

Total equity and liabilities

807,544

844,692

IFRS half-year consolidated financial statements for 2020

Page 13

Consolidated statement of cash flows

1 Jan -

1 Jan -

(unaudited)

30 Jun 2020

30 Jun 2019

€k

€k

1. Cash flow from operating activities

Earnings before interest and taxes (EBIT)

6,203

15,593

Adjustments for non-cash transactions

Amortisation and depreciation

19,213

8,614

Increase (+) / decrease (-) in provisions

-3,180

-4,822

Gains (-) / losses (+) from disposal of PPE

457

-398

Results from equity investments

-3,663

0

Other non-cash expenses / income

-149

150

Change in working capital:

12,678

3,544

Increase (-) / decrease (+) in inventories, trade receivables

and other assets

6,154

-9,271

Decrease (-) / increase (+) in trade payables

and other liabilities

-32,852

-19,218

-26,698

-28,489

Income taxes paid

-3,707

-4,054

Interest received

144

399

-3,563

-3,655

Cash flow from operating activities

-11,380

-13,007

2. Cash flow from investing activities

Investments (-) / divestments (+) intangible assets

-1,973

-3,528

Investments (-) / divestments (+) property, plant and equipment

-9,086

-5,968

Investments (-) / divestments (+) of financial assets and securities

-5,650

-6,978

Business combination (less cash and cash equivalents received)

-563

-6,468

Cash flow from investing activities

-17,272

-22,942

3. Cash flow from financing activities

Payments to non-controlling interests

-168

-2,212

Profit distribution to shareholders

0

-4,099

Payments for the acqisition of shares without change of control

-2,486

0

Share buy back programme

-425

0

Payments from capital reductions

0

-62,082

Proceeds from borrowing financial loans

12,376

14,716

Repayments of financial loans

-9,991

-8,781

Payments for finance lease

-4,444

-1,321

Interest payments

-1,340

-1,040

Cash flow from financing activities

-6,478

-64,819

Cash and cash equivalents at end of period

Change in cash and cash equivalents

(Subtotal 1-3)

-35,130

-100,768

Effects of changes in foreign exchange rates (non-cash)

-79

-16

Cash and cash equivalents at start of reporting period

243,905

307,515

Cash and cash equivalents at end of period

208,696

206,731

Composition of cash and cash equivalents

Cash in hand

79

19

Bank balances

208,617

206,712

Reconciliation to liquidity reserve on 30 Jun

2020

2020

Cash and cash equivalents at end of period

208,696

206,731

Gold

4,088

3,188

Securities

95,829

82,841

Liquidity reserve on 30 Jun

308,613

292,760

IFRS half-year consolidated financial statements for 2020

Page 14

Statement of changes in consolidated equity (unaudited)

Retained earnings

Issued

Capital

Legal

Currency

Fair Value

Pension

Other re-

Generated

Share of

Non-

Consoli-

capital

reserve

reserve

translation

rerserves

reserve

serves

consoli-

sharehold-

controlling

dated

difference

dated eq-

ers

interests

equity

uity

of MBB SE

€k

€k

€k

€k

€k

€k

€k

€k

€k

€k

€k

1 Jan 2019

6,587

316,241

61

-703

130

-1,774

0

53,228

373,770

125,522

499,292

Dividends paid

0

0

0

0

0

0

0

-4,099

-4,099

-2,394

-6,493

Subtotal

6,587

316,241

61

-703

130

-1,774

0

49,129

369,671

123,128

492,799

Amounts recognised in other comprehensive income

0

0

0

0

12,413

-1,338

0

0

11,075

-443

10,632

Currency translation difference

0

0

0

225

0

0

0

0

225

10

235

Consolidated net profit

0

0

0

0

0

0

0

26,945

26,945

7,653

34,598

Total comprehensive income

0

0

0

225

12,413

-1,338

0

26,945

38,245

7,220

45,465

Put-Option ISL

0

0

0

0

0

0

-2,741

0

-2,741

-685

-3,426

Share buy back

-646

-61,418

0

0

0

0

0

0

-62,064

0

-62,064

Acquisition ISL

0

0

0

0

0

0

0

0

0

1,778

1,778

Others

0

-1,563

0

0

0

0

0

0

-1,563

1,563

0

31 Dec 2019

5,941

253,260

61

-478

12,543

-3,112

-2,741

76,074

341,548

133,004

474,552

Dividends paid

0

0

0

0

0

0

0

0

0

-168

-168

Subtotal

5,941

253,260

61

-478

12,543

-3,112

-2,741

76,074

341,548

132,836

474,384

Amounts recognised in other comprehensive income

0

0

0

0

-1,219

17

0

0

-1,202

-152

-1,354

Currency translation difference

0

0

0

-1,003

0

0

0

0

-1,003

-76

-1,079

Consolidated net profit

0

0

0

0

0

0

0

3,520

3,520

-2,921

599

Total comprehensive income

0

0

0

-1,003

-1,219

17

0

3,520

1,315

-3,149

-1,834

Share buy back programme

-9

-416

0

0

0

0

0

0

-425

0

-425

Acquisition of non-controlling interests

0

1,522

0

0

0

0

0

0

1,522

-4,009

-2,487

30 Jun 2020

5,932

254,366

61

-1,481

11,324

-3,095

-2,741

79,594

343,960

125,678

469,638

Notes to the interim consolidated financial statements

Page 15

Notes to the interim consolidated financial statements

Accounting

The interim financial report of the MBB Group for the period 1 January to 30 June 2020 was prepared on the basis of the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) as adopted in the EU. It was prepared in accordance with IAS 34 .

Accounting policies

The accounting policies adopted are the same as those applied in preparing the consolidated financial statements as at 31 December 2019. The preparation of the financial statements is influenced by accounting policies and assumptions and estimates affecting the amount and reporting of recognised as- sets, liabilities, contingent liabilities and income and expense items. Matters relating to revenue are deferred intra-year.

Goodwill

The carrying amount of goodwill is unchanged at €44,449 thousand (31 December 2019: €44,449 thou- sand). Owing to the effects of the COVID-19 pandemic, goodwill was tested for impairment as at the end of the reporting period. The impairment test as at 30 June 2020 confirmed the recoverability of all capitalised goodwill.

Segment reporting

The management of the MBB Group defines the segments as reported in the interim Group management report. Segment liabilities do not include any liabilities for taxes, finance lease liabilities or liabilities to banks.

1 Jan - 30 Jun 2020

Technological

Consumer

Service &

Recon-

Group

(unaudited)

Applications

Goods

Infrastructure

ciliation

€k

€k

€k

€k

€k

Revenue from third parties

118,453

38,538

171,863

0

328,854

Other segments

0

30

218

-248

0

Total revenue

118,453

38,568

172,081

-248

328,854

EBITDA

-2,475

3,562

24,932

-603

25,416

Amortisation and depreciation

4,546

1,710

12,825

132

19,213

Investments

1,924

1,127

8,507

Segment assets

252,868

52,440

160,768

Segment liabilities

77,527

15,313

102,104

1 Jan - 30 Jun 2019

Technological

Consumer

Service &

Recon-

Group

(unaudited)

Applications

Goods

Infrastructure

ciliation

€k

€k

€k

€k

€k

Revenue from third parties

176,516

44,498

30,381

0

251,395

Other segments

0

45

184

-229

0

Total revenue

176,516

44,543

30,565

-229

251,395

EBITDA

16,713

3,694

4,478

-678

24,207

Amortisation and depreciation

3,863

1,708

2,932

111

8,614

Investments

6,422

547

1,961

Segment assets

282,058

52,681

33,238

Segment liabilities

98,148

15,777

14,877

Notes to the interim consolidated financial statements

Page 16

Dividend

The Board intends to propose an increase in the dividend for the 2019 financial year to €0.70 per entitled share at the Annual General Meeting on 24 August 2020.

Changes in contingent liabilities

There were no changes in contingent liabilities as against 31 December 2019.

Related party transactions

Business transactions between consolidated Group companies and unconsolidated Group companies are conducted at arm's-length conditions.

Events after the end of the reporting period

There were no significant events after the end of the reporting period.

Review

The condensed interim consolidated financial statements as at 30 June 2020 and the interim Group management report were neither audited in accordance with section 317 of the Handelsgesetzbuch (HGB - German Commercial Code) nor reviewed by an auditor.

Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the results of operations, financial position and net assets of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Berlin, 18 August 2020

The Executive Management of MBB SE

Financial calendar

Page 17

Financial calendar

Montega Hamburger Investorentag Conference

Hamburg

20 August 2020

Annual General Meeting of MBB SE

Berlin

24 August 2020

Commerzbank Corporate Conference

Hamburg

2 September 2020

HAIB Stockpicker Summit

Stockholm

3 September 2020

Berenberg & GS German Corporate Conference

Munich

22 September 2020

CIC Market Solutions Forum

Paris

9 - 10 November 2020

Q3 Quarterly Report

13 November 2020

German Equity Forum

Frankfurt

16 - 18 November

End of 2020 financial year

31 December 2020

We would also like to inform you of our MBB newsletter, which you can subscribe to at www.mbb.com/newsletter. We also offer an RSS feed that can be found at www.mbb.com/rss.

Contact

MBB SE Joachimsthaler Str. 34 10719 Berlin

Tel.: +49 (0) 30 844 15 330

Fax.: +49 (0) 30 844 15 333 www.mbb.com request@mbb.com

Legal notice

Page 18

Legal notice

MBB SE

Joachimsthaler Str. 34

10719 Berlin

MBB.COM

Attachments

  • Original document
  • Permalink

Disclaimer

MBB SE published this content on 18 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2020 06:22:10 UTC