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    93M1   DE000A289V03

MPH HEALTH CARE AG

(93M1)
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27 EUR   -0.74%
06/11ORIGINAL-RESEARCH : MPH Health Care AG (von First Berlin Equity Research GmbH): Buy
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06/02PRESS RELEASE : MPH Health Care AG: result Q1-2021
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06/02MPH HEALTH CARE AG : result Q1-2021
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MPH Health Care : Annual Report 2020

05/28/2021 | 03:23am EDT

Health

Care AG

ANNUAL REPORT

2020

2

Health

Care AG

Guiding principle

As an investment company, the strategic focus of MPH Health Care AG's activities is on companies from the high-growth segments of the health care market and the real estate industry. The health care market includes both the segment financed by health insurance companies ("first health care market") and the privately financed segment (so-called "second health care market"). Considering the demographic development in Germany and Europe, we assume that the first and second health care markets will continue to grow in the coming years. A society that is getting older due to increasing life expectancy needs a stable supply of medication over a longer period of time. In addition, health and body awareness and the demand for medical-aesthetic services are increasing in old age.

MPH wants to exploit the resulting potential by working in partnership with its portfolio companies. The aim is to generate profitable growth in the companies through active further development, thereby increasing the value of the respective portfolio company itself and the enterprise value of MPH Health Care AG. However, MPH Health Care AG is not exclusively focused on the health care and real estate markets. There are also investment opportunities in other high-growth sectors, we would like to exploit and expand upon.

Key areas of MPH Health Care AG

LISTED INVESTMENTS

Health

SEGMENTS

Care AG

BEAUTY

PHARMA

REAL

ESTATE

INVESTMENTS

AREAS

Plastic and

Trade and

Integrated real estate

aesthetic

manufacture of

investment manager

treatments

generics, original and

Acquisition & disposal

BUSINESS

Distribution of

EU-pharmaceuticals

as well as medical

of investments

medical products

products

Project development

(self-payer market)

(financed by insurance)

new residential construction

private homes

UNLISTED INVESTMENTS

VENTURES

Cytostatic solutions for cancer therapies

European pharmacy mail order business

Incubator for new ideas and business models

(telemedicine, diagnostics, etc.)

3

Content

Letter to the Shareholders...............................................................................................................

4

Net Asset Value of MPH and Company Portfolio Overview ........................................................

6

MPH on the Capital Market.............................................................................................................

7

Short profile of Investments ..........................................................................................................

7

M1 Kliniken AG.........................................................................................................................

8

HAEMATO AG........................................................................................................................

10

CR Capital AG.........................................................................................................................

12

Report by the Supervisory Board..................................................................................................

14

Management Report.....................................................................................................................

20

1. Business Model..................................................................................................................

20

2. Business Report.................................................................................................................

20

3. Business Performance......................................................................................................

26

4. Supplementary Report and Forecast Report....................................................................

28

5. Risk Report ........................................................................................................................

29

6. Risk Report regarding the use of Financial Instruments ................................................

32

7. Report on Branches ..........................................................................................................

32

8. Final Declaration According to § 312 (3) AktG................................................................

32

IFRS Financial Statements............................................................................................................

35

IFRS Annex ....................................................................................................................................

43

Further Information.......................................................................................................................

69

4

Letter to the Shareholders

Dear Shareholders,

Ladies and Gentlemen,

MPH Health Care AG experienced a turbulent development in the 2020 - just like our key investments. On balance, we realized a net loss of EUR 70.4 m in the 2020 financial year (previous year: net profit of EUR 11.1 m). Equity decreased from EUR 271.6 m to EUR 201.3 m. The net asset value (NAV) per share as at December 31, 2020 was EUR 47.01 (previous year: equivalent to EUR 63.45), following a capital reduction in the ratio of 10:1 in July 2020. Liabilities were reduced by EUR 12.1 m (56.1%) from EUR 21.5 m to EUR 9.4 m. The equity ratio thus increased from 92.7% to 95.5% as of 31 December 2020.

The result is mainly due to the fair value loss of the financial assets as of the balance sheet date 31.12.2020. MPH Health Care AG is an investment company whose investments are reported as financial assets under the balance sheet item "Financial assets" and are valued "at fair value through profit or loss" as of the balance sheet date. The net loss for the year therefore results essentially from unrealised and non-cash losses from this fair value measurement of the investments as at the reporting date, which result from the lower stock market prices of the investments compared with the previous year's reporting date.

M1 Kliniken AG continued its profitable growth course in 2020 and further expanded its market leadership in Germany. As a leading private provider of health care services in the field of beauty medicine, the group of companies is benefiting from the rising demand for plastic and aesthetic treatments. The number of outpatient treatments in the M1 Group in Germany and the international markets amounted to around 270,000 treatments despite pandemic-related temporary closures of clinics and specialist centres. In the financial year 2020, the M1 Group was able to increase consolidated Group revenue by more than 100% to EUR 159.6 m (previous year: EUR 77.2 m). This includes sales of HAEMATO AG for the period August to December 2020 in the amount of EUR 102.8 m. Earnings before taxes fell from EUR 12.7 m to EUR 8.8 m. Consolidated net income for the year fell to EUR 7.4 m (previous year: EUR 9.7 m), significantly influenced by a two-monthpandemic-related lockdown in the German market in spring 2020 as well as in some cases even longer lockdowns in foreign markets. Expansion will be puhed forward in the coming years.

Letter to the Shareholders

5

With effect from July 1, 2020, MPH Health Care AG contributed all shares held in HAEMATO AG to M1 Kliniken AG by way of a capital increase through contributions in kind. This is primarily intended to promote the own-brand business in both companies. We believe that by joining forces in an entrepreneurial alliance both companies will benefit even more from each other, which will ultimately have a positive impact on their share prices and thus on the results of MPH Health Care AG.

According to the preliminary IFRS financial statements for the 2020 financial year, HAEMATO AG was able to increase its revenue by 20.5% to EUR 238.3 m and increase EBITDA by 74.8% to EUR 3.3 m. The operating result (EBIT) rose from kEUR -19 to EUR 1.6 m. The equity ratio increased from 56.2 % (previous year) to 74.2 %.

HAEMATO AG specialises in drugs for the treatment of chronic diseases and sees further growth potential for the future. At the end of March 2021, the company received special approval from the Federal Institute for Drugs and Medical Devices (BfArM) for a rapid antigen test for self-administration by laypersons. This will further strengthen the "Medical Devices/COVID-19 Diagnostics" business area, which was already identified as promising and newly established in the 2020 financial year in the wake of the Corona pandemic.

CR Capital AG (formerly CR Capital Real Estate AG) was able to continue its successful course in 2020, almost unaffected by the COVID-19 pandemic, and continue to grow profitably. According to preliminary, unaudited figures, the company achieved a net profit of around EUR 45 m. The equity ratio is expected to exceed 90 %. As of February 2021, approximately 600 units were in the construction phase or about to start construction. CR Capital invests in investments along the real estate value chain that offer affordable housing and attractive investment opportunities.

Although the operational performance of the listed investments M1 Kliniken AG, HAEMATO AG and CR Capital Real Estate AG was quite positive in the past financial year, this development has not yet been reflected in MPH's results. However, we assume that there is catch-up potential in this respect in the coming periods. The further development in 2021 also depends on the progress of the COVID-19 pandemic. At this point in time, no reliable statements can be made about the duration of the pandemic and its subsequent effects, such as further virus mutations. However, the current increase in the rate of vaccination, the increase in the proportion of vaccinated and recovered persons in the population, and the reduction in incidence levels give reason to hope that the current restrictions will soon be eased and that the COVID-19 virus will become more "manageable" to a certain extent.

Due to the continuing uncertainties in the wake of the Corona pandemic and in order to have sufficient financial leeway for the expansion of our investments, we will propose at the upcoming Annual General Meeting of MPH Health Care AG that the net profit for the 2020 financial year shall be carried forward in full to new account and that no dividend be distributed.

Finally, I would like to express my sincere thanks for the commitment of the employees of the MPH Group and wish everyone involved continued good health.

Berlin, May 6, 2021

Patrick Brenske

(Management Board)

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

MPH Health Care AG published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 May 2021 07:22:01 UTC.


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Financials
Sales 2021 44,8 M 53,2 M 53,2 M
Net income 2021 40,6 M 48,2 M 48,2 M
Net Debt 2021 - - -
P/E ratio 2021 28,7x
Yield 2021 5,51%
Capitalization 116 M 138 M 138 M
Capi. / Sales 2021 2,60x
Capi. / Sales 2022 4,86x
Nbr of Employees 424
Free-Float 50,0%
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 27,20 €
Average target price 75,00 €
Spread / Average Target 176%
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Managers and Directors
Patrick Brenske Chairman-Management Board
Andrea Grosse Chairman-Supervisory Board
Sabine Meck Member-Supervisory Board
Ulrich Wandschneider Deputy Chairman-Supervisory Board