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OFFON

MUTARES SE & CO. KGAA

(MUX)
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Mutares : Earnings Report for Mutares SE & Co. KGaA for H1 2021

09/09/2021 | 06:52pm EDT

Earnings Report Mutares SE & Co. KGaA for H1 2021¹

Munich, 7 September 2021

1) According to German GAAP

1

Disclaimer

This document has been prepared by Mutares SE & Co. KGaA solely for the use in thispresentation.

The information contained in this document has not been independently verified. No representation or warranty - whether expressed or implied - is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

This document contains forward-looking statements that are based on current estimates and assumptions made by the management of Mutares SE & Co. KGaA , and other information currently available to them. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. Various known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. Mutares SE & Co. KGaA does not intend or assume any obligation to update any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and is based on numerous assumptions which may or may not prove to becorrect.

This presentation and its contents are confidential and are not for release, reproduction, publication or distribution, in whole or in part, directly or indirectly, in or into or from the United States of America, Canada, Australia, Japan or any jurisdiction where such distribution is unlawful. This presentation is not an offer or invitation to buy or sell securities in any jurisdiction.

By accepting this document, you agree with theforegoing.

2

Statement of Profit and Loss

Sale of STS Group, as well as high acquisition activity drive P&L

mEUR

H1 2021

H1 2020

Revenues

22.8

14.4

Other income

0.4

1.1

Purchased services

-0.8

-1.3

Personnel expenses

-8.9

-6.7

Other expenses

-17.4

-8.9

EBITDA

-4.0

-1.3

Financial result

24.0

-3.4

Net Result

19.9

-4.8

Comments

  • P&L reflects the high acquisitions activity and the corresponding growth of the Mutares holding; further, the divesture of STS Group AG positively impacts the net result
  • Revenues comprise consulting revenues and management fees charged to portfolio companies
  • Increase in personnel expenses and other expenses due to the growth of the company (recruitment of new staff & establishment of new offices) as well as in connection with stock options
  • Financial result is positively impacted by the divesture of STS Group AG at the end of Q2 2021
  • Net Result on a positive level as a combination of the effects listed above

Rounding differences may occur

3

Balance Sheet

Increase in total assets follows growth and investment in the portfolio

mEUR

30.06.2021

31.12.2020

Financial assets

60.6

69.6

Other non-current assets

0.5

0.4

Non-current assets

61.1

70.1

Receivables & Other

109.3

83.8

assets

Cash & equivalents

41.9

26.5

Current assets

151.4

110.2

Total assets

212.5

180.3

Comments

mEUR

30.06.2021

31.12.2020

Total equity

99.3

94.5

Provisions

7.5

6.3

Bond

80.0

70.0

Trade & other liabilities

25.7

9.4

Liabilities

105.7

79.4

Total equity & liab.

212.5

180.3

  • Financial assets contain shares in affiliated companies and long-term loans to affiliated companies; receivables exist toward affiliated companies resulting from consulting services and management fees as well as dividends and loans granted
  • Equity increases in connection with positive net result, as well as treasury shares used in the context of the stock option plan; dividend payment in Q2 2021 on the other hand reduces equity

Rounding differences may occur

4

Cash Flow

Divestures of STS Group AG leads to a significant cash-in at the end of Q2 2021

mEUR

H1 2021

H1 2020

Net result

19.9

-4.8

Financial result

-24.0

-3.4

Non-cash expense (+)/ income (-)

4.5

-0.9

Increase (-)/ decrease (+) in other assets

-1.1

0.0

Increase (+)/ decrease (-) in provisions

1.2

-0.7

Increase (+)/ decrease (-) in trade payable

-4.9

-3.2

Cash from operating activities

-4.3

-6.2

Net investments (-) in affiliated companies

32.1

-12.3

(shares, loans, other receivables)

Cash from investing activities

32.1

-12.3

Net proceeds (+) from bond

9.8

49.0

Dividends paid (-)

-23.1

-15.2

Interest paid (-)

-2.4

-0.8

Proceeds (+) from sale of treasury shares

3.4

0.0

Cash from financing activities

-12.4

33.0

Cash and cash equivalents at the beginning of

26.5

9.2

the period

Cash and cash equivalents at the end of the

41.9

23.7

period

Comments

  • Cash flow from operating activities usually negative throughout the year
  • Cash flow from investing activities is positively impacted by the proceeds resulting from the divesture of STS Group AG
  • Dividends paid in Q2 2021 with impact on cash flow from financing activities

Rounding differences may occur

5

Disclaimer

Mutares SE & Co. KgaA published this content on 09 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2021 22:51:02 UTC.


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Sales 2021 2 238 M 2 597 M 2 597 M
Net income 2021 237 M 275 M 275 M
Net Debt 2021 130 M 151 M 151 M
P/E ratio 2021 1,51x
Yield 2021 6,96%
Capitalization 480 M 556 M 557 M
EV / Sales 2021 0,27x
EV / Sales 2022 0,18x
Nbr of Employees 15 515
Free-Float 57,1%
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Number of Analysts 4
Last Close Price 23,35 €
Average target price 31,38 €
Spread / Average Target 34,4%
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Robin Laik Chief Executive Officer
Mark Friedrich Chief Financial Officer
Volker Rofalski Chairman-Supervisory Board
Christian Bardorsch Manager-Information Technology
Kristian Schleede Chief Operating & Restructuring Officer
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