DGAP-News: Mutares SE & Co. KGaA / Key word(s): Quarter Results/Quarterly / Interim Statement 
Mutares SE & Co. KGaA: Mutares with strong first quarter 2021 - two acquisitions and two exits 
2021-05-11 / 07:25 
The issuer is solely responsible for the content of this announcement. 
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Mutares with strong first quarter 2021 - two acquisitions and two exits 
  . Group revenues increase by 56% to EUR 493.8 million (Q1 2020: EUR 315.7 million) 
  . Consulting revenues of the Holding Company already at EUR 10.9 million (Q1 2020: EUR 7.2 million) 
  . EBITDA up 38% to EUR 53.8 million (Q1 2020: EUR 39.0 million) 
  . Adjusted EBITDA significantly increased to a positive level (Q1 2020: EUR -10.4 million) 
  . Pleasant high transaction activity with two acquisitions and two exits 
  . Outlook 2021 confirmed: significant growth in revenues expected 
Munich, 11 May 2021 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) generated consolidated revenues of EUR 493.8 million 
in the first quarter of 2021 (Q1 2020: EUR 315.7 million). The revenue growth is mainly attributable to the high 
transaction activity in the financial year 2020 with eleven acquisitions as well as the significant recovery after the 
COVID-19 pandemic. In line with the growth of the portfolio, Mutares SE & Co. KGaA ("Mutares Holding") increased its 
revenues from consulting by 51% to EUR 10.9 million in the first quarter (Q1 2020: EUR 7.2 million). 
At EUR 53.8 million (Q1 2020: EUR 39.0 million), Group EBITDA was 38% higher than in the first quarter of the previous 
year. Adjusted EBITDA^1) amounted to EUR +0.3 million (Q1 2020: EUR -10.4 million) and improved significantly thanks to 
the partly very positive development in the portfolio companies, in particular STS Group, Donges Group, KICO Group and 
BEXity. 
Cash and cash equivalents in the Group amounted to EUR 180.3 million as of 31 March 2021 (31 December 2020: EUR 145.3 
million), and the equity ratio of Mutares Group was at 18%, higher than as of 31 December 2020 (16%). 
Continued high transaction activity and successful bond increase 
As expected, the first quarter of 2021 was characterized by high transaction activity: 
In addition to the two exits of Balcke-Dürr Rothemühle Deutschland to the Howden Group and of Nexive to Poste Italiane, 
both of which were announced in December 2020 and successfully completed in January 2021 with a ROIC (Return on 
Invested Capital) greater than 10, the sale of the shares in STS Group AG to Adler Pelzer Group was announced in March 
2021. 
On the acquisition side, Mutares successfully closed two transactions in the first quarter with the acquisition of EXI 
from Ericsson and Clecim from Primetals Technologies. After 31 March 2021, Mutares also successfully closed the 
acquisitions of Carglass Maison Group from Belron and of La Rochette from RDM Group. In addition, an agreement was 
signed to acquire ADComms from Panasonic Europe, which promises high synergy potential with the existing Gemini Rail 
Group in the UK rail market. The closing of the acquisition of Lapeyre from Saint-Gobain, already signed in December, 
is still expected for the second quarter of 2021. 
Furthermore, in February 2021 Mutares increased the bond issued originally in financial year 2020 by EUR 10.0 million 
to a total volume of now EUR 80.0 million. The placement was made with institutional investors. The additional capital 
will be used to finance the further growth of the portfolio and additional value-enhancing investments. 
Revenues significantly expanded in all segments 
In the Automotive & Mobility segment, revenues for the first quarter of 2021 increased to EUR 187.0 million (Q1 2020: 
EUR 124.8 million). This was mainly due to the platform acquisitions of SFC Solutions and iionvis, which were completed 
in July and November 2020, respectively. EBITDA amounted to EUR -1.6 million after EUR 34.8 million in the first 
quarter of 2020, the latter being mainly driven by transaction-related income (bargain purchases) and was thus clearly 
positive. Adjusted EBITDA on the other hand increased to EUR 4.1 million (Q1 2020: EUR -3.3 million), in particular due 
to the optimization achieved at STS Group and KICO Group. 
The Engineering & Technology segment recorded an increase in revenues to EUR 177.3 million in the first quarter of the 
financial year 2021, compared with EUR 105.9 million in the same period of the previous year. The increase was mainly 
due to the acquisitions of the new platform investments Lacroix + Kress as well as Royal De Boer and Japy Tech in the 
fourth quarter of 2020 and the add-on acquisitions for the Donges Group and for the Balcke-Dürr Group in the course of 
the first half of 2020. Segment EBITDA increased to EUR 38.5 million in the first quarter of 2021 (Q1 2020: EUR 2.0 
million) and benefited significantly from the income related to the acquisition of Clecim as of 31 March 2021, as well 
as the successful exit of Balcke-Dürr Rothemühle in Germany. Adjusted EBITDA improved to EUR -1.0 million (Q1 2020: EUR 
-4.2 million) despite a negative market environment at EUPEC and Gemini Rail Group and the still negative earnings 
contributions from Royal De Boer and Japy Tech. This was due to encouraging progress in the development of the Donges 
Group and an already positive contribution from Lacroix + Kress, acquired in November 2020, which benefited from a 
positive development on the raw materials market. 
Revenues in the Goods & Services segment climbed to EUR 129.4 million in the first quarter of 2021 (Q1 2020: EUR 84.9 
million). The increase in revenues is mainly attributable to the platform investments of Terranor Group and SABO 
completed in the second half of 2020. Segment EBITDA amounted to EUR 16.7 million (Q1 2020: EUR 2.6 million), 
benefiting from the successful sale of Nexive and the transaction-related income from the acquisition of EXI. Adjusted 
EBITDA of EUR -3.0 million (Q1 2020: EUR -2.6 million) was burdened by the significantly negative earnings contribution 
from the Nexive Group, which has since been sold, while the development at BEXity and the new platform investments 
Terranor Group and SABO were very pleasing. 
Adjusted EBITDA differs significantly along the three phases of value creation that investments usually go through 
during their ownership of the Mutares Group (Realignment, Optimization and Harvesting). 
Operational phase within the framework of the      Allocated investments as of 31 Revenues in EUR   Adj. EBITDA in EUR 
Mutares business model                             March 2021                     million           million 
Realignment                                        Royal de Boer & Japy Tech      43.9              -11.7 
                                                   iinovis 
                                                   TréfilUnion 
                                                   EUPEC 
                                                   Clecim ^2) 
                                                   EXI ^2) 
                                                   Nexive ^3) 
Optimization                                       SFC/Elastomer/Plati Group      215.2             1.1 
                                                   Balcke-Dürr Group 
                                                   Gemini Rail Group 
                                                   Lacroix + Kress 
                                                   Terranor Group 
                                                   KICO Group 
                                                   PrimoTECS 
                                                   SABO 
Harvesting                                         STS Group                      234.6             10.7 
                                                   Donges Group 
                                                   BEXity 
                                                   keeeper Group 
                                                   Cenpa

Outlook

Mutares confirms the guidance for the financial year 2021 communicated in the context of the publication of the Annual Report 2020. Accordingly, the Executive Board expects a significant increase in revenues, driven by all three segments. At the same time, the Executive Board also confirms the communicated expectations for the annual result of Mutares SE & Co. KGaA ("Mutares Holding") of an exit-independent net income on consolidated revenues of 1%. This is based on management fees (consisting of consulting revenues and dividends). Based on current planning, the Executive Board assumes that the ability of Mutares SE & Co. KGaA to pay dividends is also ensured for the financial year 2021 at least at the level of market expectations.

^1) Adjusted EBITDA is an EBITDA performance indicator adjusted for special effects. The calculation is based on reported Group EBITDA adjusted for transaction-related income (bargain purchases), restructuring and other non-recurring expenses, and deconsolidation effects.

²^)The acquisitions of Clecim and EXI were completed on 31 March 2021. As a result, neither of them will contribute revenues or adjusted EBITDA to the Group in the first quarter of 2021.

³^)The sale of Nexive to Poste Italiane was successfully completed in January 2021. Nexive therefore continued to contribute revenue and adjusted EBITDA to the Group for one month.

Conference call today at 14:00

A video and telephone conference (webcast) in English will be held today at 2:00 p.m. (CEST) for analysts, investors and members of the press. Registrations for this are possible by e-mail to ir@mutares.de. The presentation shown via webcast can be downloaded at www.mutares.de/investor-relations.

Company profile Mutares SE & Co. KGaA

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May 11, 2021 01:26 ET (05:26 GMT)