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    MEIA   DE000MAG0008

MEINAUTO GROUP AG

(MEIA)
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PRESS RELEASE : MeinAuto Group successfully completes debt refinancing to support growth

10/06/2021 | 02:01am EST

DGAP-News: MeinAuto Group AG / Key word(s): Corporate Action MeinAuto Group successfully completes debt refinancing to support growth 2021-10-06 / 08:00 The issuer is solely responsible for the content of this announcement.

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MeinAuto Group successfully completes debt refinancing to support growth

- MeinAuto Group completes debt refinancing with new 7-year, EUR175 million Term Loan B via sole mandated lead arranger and sole bookrunner, Bank of America Europe DAC

- MeinAuto Group is the leading online platform for digital new car sales in Germany

- MeinAuto Group continued its strong growth trajectory in H1 2021, recording EUR118.5 million in adjusted revenues, an adjusted EBITDA of EUR18.5 million, and a continued increase in active subscriber numbers in both its B2B and B2C segment to 47,224 Munich, 6 October 2021 - MeinAuto Group AG, the leading online platform for digital new car sales in Germany, today announced the refinancing of its existing EUR140 million debt facility with the net proceeds of a new 7-year, EUR175 million Term Loan B maturing in 2028. The new facility will provide the Company with incremental financial flexibility and simultaneously reduce the company's annual interest payments by approximately EUR2.5 million. The proceeds of the new Term Loan were applied to repay the outstanding debt facility and pay related transaction fees and expenses, with the remainder to be used to finance the continued expansion of MeinAuto Group's profitable business.

Guus Stoelinga, CFO of MeinAuto Group: "We are pleased to complete this refinancing, which strengthens our balance sheet, increases our free cash flow and provides additional financial flexibility to continue our growth plans. This includes investments in online marketing and branding, as well as expanding our vehicle subscription pool. We are excited to have been able to refinance our existing credit facility and raise incremental capital as we continue to reshape the online new car market and reinforce our position as the leading online platform for digital new car sales in Germany."

MeinAuto Group offers a transparent search and smart comparison for more than 40 brands and 500 new car models, delivered in a convenient and fully digital online buying process and optionally supported by expert sales consultants. Customers can choose from a wide variety of purchase options focusing on flexible subscription solutions, including comprehensive mobility services. In H1 2021, MeinAuto Group registered 17.5 million visits on its MeinAuto.de website. During the same period, the company grew its active subscriber base to 47,224 and generated a total of 17,980 new car orders in both its B2C and B2B segment.

In H1 2021, MeinAuto Group continued its strong and profitable growth (on an adjusted EBITDA basis). In the first six months of 2021 the Group's adjusted revenue^[1] grew by 21% to EUR118.5 million (H1 2020: EUR97.9 million) and adjusted EBITDA^[2] grew by 28.5% to EUR18.5 million (H1 2020: EUR14.4 million). During the same period, the Group's B2C segment grew by 29.5%, generating adjusted revenues of EUR69.8 million (H1 2020: EUR53.9 million), while the Group's B2B segment grew by 10.7% to EUR48.7 million (H1 2020: EUR44.0) million.

With the strong performance of its B2C segment, the Group has continued to outgrow the German new car market. Even as new car registrations in Germany decreased by 19%^[3] from 2019 to 2020 due to Covid-19 related effects, B2C subscription orders on MeinAuto.de increased by 40%.

Bank of America Europe DAC acted as lead arranger and bookrunner for the transaction. About MeinAuto Group

MeinAuto Group is the leading online platform for digital new car sales in Germany. In a market where customers are increasingly looking online for usership rather than ownership solutions, the MeinAuto Group brands offer a fully digital, affordable, and transparent monthly subscription for new vehicles and comprehensive services for all relevant brands and models in the German market. MeinAuto Group is headquartered in Oberhaching near Munich, employs around 380 people and achieved revenues of more than EUR200 million in 2020. For more information please visit www.meinauto-group.com.

Media contact Christoph Erhard Kekst CNC Phone: +49 173 530 9425 Email: Christoph.Erhard@kekstcnc.com ^[1] Adjusted Revenue means revenue of our reportable segments less (i) revenue from sales of previously subscribed vehicles, plus (ii) costs of sale in relation to direct vehicle sales and (iii) income from release of vehicle related provisions. ^[2] Adjusted EBITDA means net loss before interest, taxes, depreciation and amortization adjusted to include costs directly related to the subscribed vehicles, especially interest expenses for the financing of the vehicles and depreciation of the vehicles and excludes group refinancing structuring cost, legal and consulting fees related to non-ordinary course of business, structuring-/transaction costs, cost for the realignment of sales and business processes and other non-recurring adjustments, which management does not believe reflect the regular operating performance of MeinAuto Group's core business. ^[3] "MeinAuto Group commercial study", February 2021, Roland Berger

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2021-10-06 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

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Language:     English 
Company:      MeinAuto Group AG 
              Grünwalder Weg 34 
              82041 Oberhaching 
              Germany 
Phone:        089-63266120 
E-mail:       info@meinAuto-group.de 
Internet:     https://www.meinauto.de/ 
ISIN:         DE000MAG0008 
WKN:          MAG000 
Listed:       Regulated Market in Frankfurt (Prime Standard) 
EQS News ID:  1238543 
Notierung vorgesehen / intended to be listed 
 
End of News   DGAP News Service 
=------------ 

1238543 2021-10-06

Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1238543&application_name=news

(END) Dow Jones Newswires

October 06, 2021 02:00 ET (06:00 GMT)

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Managers and Directors
Rudolf Rizzolli Chairman-Management Board & CEO
Martin Karl Enderle Chairman-Supervisory Board