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OFFON

MUTARES SE & CO. KGAA

(MUX)
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PRESS RELEASE : Mutares with high momentum: Record revenues in the first half of 2021 and increased guidance until 2023 with target of at least EUR 5 billion in consolidated revenues

09/07/2021 | 01:31am EDT

DGAP-News: Mutares SE & Co. KGaA / Key word(s): Half Year Report/Forecast Mutares with high momentum: Record revenues in the first half of 2021 and increased guidance until 2023 with target of at least EUR 5 billion in consolidated revenues 2021-09-07 / 07:30 The issuer is solely responsible for the content of this announcement.

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Mutares with high momentum: Record revenues in the first half of 2021 and increased guidance until 2023 with target of at least EUR 5 billion in consolidated revenues

- Mutares' consulting revenues grow by 58.3% to EUR 22.8 million in H1 2021 (H1 2020: EUR 14.4 million)

- Group revenues grow 76.3% year-on-year to EUR 1,093.9 million (H1 2020: EUR 620.5 million)

- Guidance increased by more than 50% with targeted Group revenues of at least EUR 5 billion by 2023

- Examination of options for financing further growth, including uplisting to the regulated market (Prime Standard)

Munich, 7 September 2021 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) ("Mutares" and, together with its consolidated subsidiaries, "Group") reported revenues growth to EUR 22.8 million in H1 2021 (H1 2020: EUR 14.4 million) and growth of consolidated revenues to EUR 1,093.9 million (H1 2020: EUR 620.5 million). The net result of Mutares amounts to EUR 19.9 million (H1 2020: EUR -4.8 million) for the first half of 2021, influenced by the earnings contribution from the sale of the shares in STS Group AG. The significant revenues growth is mainly based on the high transaction activity in the first half of 2021 with already seven completed acquisitions.

At EUR 411.5 million (H1 2020: EUR 41.5 million), Group EBITDA was 891.5% higher than in the previous year. Adjusted EBITDA^1) amounts to EUR -4.6 million (H1 2020: EUR -16.7 million) and improved significantly thanks to the restructuring progresses in the portfolio companies, in particular at Donges Group, Elastomer Solutions Group, KICO Group and BEXity.

Cash and cash equivalents in the Group amounted to EUR 246.1 million as of 30 June 2021 (31 December 2020: EUR 145.3 million), and the Group's equity ratio increased significantly to 26% compared to 16% as of 31 December 2020.

High transaction activity on buy- and sell-side

The first half of 2021 was again characterized by high transaction activity. In total, Mutares successfully completed three exits and seven acquisitions in the reporting period.

On the exit side, Mutares realized the sale of Balcke-Dürr Rothemühle to Howden Group, of Nexive to Poste Italiane and the exit of STS Group to Adler Pelzer Group in the first half of 2021. In addition, Mutares successfully completed the sale of Cenpa and the sale of TréfilUnion, EUPEC and La Meusienne after the closing date of 30 June 2021, and initiated the sale of Norsilk.

Even more active than the sell-side, Mutares has taken advantage of opportunities on the buy-side in the first half of 2021 and remains on a dynamic growth path with seven completed acquisitions with annual revenues of approximately EUR 1.3 billion. In the first six months of 2021, Mutares successfully completed six platform acquisitions with EXI, Clecim, Repartim/Maisoning Group, Lapeyre, La Rochette Cartonboard and ADComms, as well as an add-on acquisition for Terranor Group with NCC Road Services in Denmark. After 30 June 2021, two further transactions have also already been completed, one add-on acquisition, Permasteelisa Group for the Donges Group, and one platform acquisition, namely three exterior plants from Magna. In addition, three further acquisitions have been signed after 30 June 2021: for Rasche Umformtechnik as an add-on for PrimoTECS, for Ganter Construction & Interior as a platform for the Goods & Services segment, and for Innomotive Systems Hainichen as a platform for the Automotive & Mobility segment. The closing of these three transactions is expected for this year.

The Management Board sees the current market situation as a unique opportunity to further accelerate the successful growth path. The pace set in recent months is therefore to be increased further and new markets such as Benelux and Poland are to be developed more quickly. The Management Board is therefore currently examining various options for financing further strategic growth, including a capital increase with subscription rights combined with an uplisting to the regulated market of the Frankfurt Stock Exchange (Prime Standard). Mutares will make final decisions at a later date, depending on the market and other conditions. Hauck & Aufhäuser, Jefferies and Duxebridge Capital are acting as financial advisors to Mutares.

Revenues grow significantly in all segments

In the Automotive & Mobility segment, revenues increased to EUR 353.0 million in the first half of 2021 (H1 2020: EUR 216.4 million). This was due to organic growth compared to the prior-year period, which was impacted by COVID-19, and the platform acquisitions of SFC Solutions and iinovis, which were completed in July and November 2020, respectively. Segment EBITDA of EUR -2.6 million (H1 2020: EUR 2.4 million) was below the prior-year figure, which was positively impacted by bargain purchases of EUR 18.6 million. Adjusted EBITDA for the segment increased to EUR 4.7 million (H1 2020: EUR -13.8 million), which is attributable in particular to the optimization successes and positive earnings contributions at the STS Group, the Elastomer Solutions Group and the KICO Group.

The Engineering & Technology segment recorded an increase in revenues to EUR 413.0 million in the first half of 2021 compared to EUR 241.6 million in the first half of 2020. The main contributors to the increase were the new platform acquisitions Lacroix + Kress as well as Royal De Boer and Japy Tech in the fourth quarter of 2020, the acquisitions of the reporting period (Clecim and La Rochette Cartonboard) as well as the add-on acquisitions for the Donges Group and the Balcke-Dürr Group made in 2020. Segment EBITDA increased to EUR 35.3 million in the first half of 2021 (H1 2020: EUR 23.1 million), benefiting mainly from the acquisition of Clecim and the gains on disposal of Balcke-Dürr Rothemühle. The segment's Adjusted EBITDA was EUR -7.1 million in H1 2021, compared to EUR 0.7 million in H1 2020, due to the negative market environment at EUPEC and Gemini Rail Group and the still negative earnings contributions from Royal De Boer and Japy Tech.

Revenues in the Goods & Services segment climbed to EUR 327.9 million in H1 2021 (H1 2020: EUR 162.5 million). The increase in revenues was mainly due to the acquisition of Lapeyre, the largest acquisition in Mutares history in terms of revenues and number of employees, as well as the platform acquisitions from Terranor Group and SABO completed in the second half of 2020. Segment EBITDA amounted to EUR 404.5 million (H1 2020: EUR 23.2 million). The acquisition of Lapeyre and the disposal of Nexive had a positive impact in particular. Adjusted EBITDA for the segment was EUR -3.8 million after six months in financial year 2021 (H1 2020: EUR -1.5 million). The still negative earnings contributions from EXI and Repartim/Maisoning Group more than offset the restructuring successes at BEXity and the platform investments Terranor Group and SABO.

Adjusted EBITDA differs significantly along the three phases of the portfolio companies' value creation cycle that investments usually go through once the acquisition of the respective entity or asset has been completed (Realignment, Optimization and Harvesting).

 
 
 Operational phase within the value       Allocated investments as of 30   Revenues in EUR     Adj. EBITDA^1 in EUR 
 creation cycle                           June 2021                        million             million 
 
 Realignment                              Lapeyre                          142.3               -19.5 
                                          Royal de Boer & Japy Tech 
                                          iinovis 
                                          TréfilUnion 
                                          EUPEC 
                                          EXI 
                                          Clecim 
                                          Repartim/Maisoning Group 
 
 Optimization                             Balcke-Dürr Group                450.5               -8.5 
                                          Gemini Rail Group 
                                          ESF Industrial Solutions Group 
                                          Lacroix + Kress 
                                          Terranor Group 
                                          KICO Group 
                                          PrimoTECS 
                                          SABO 
                                          La Rochette Cartonboard 
 
 Harvesting                               STS Group                        501.1               21.9 
                                          Donges Group 
                                          BEXity 
                                          keeeper Group 
                                          Cenpa 
 ^1) Adjusted EBITDA is an EBITDA performance indicator adjusted for special factors. The calculation is based on reported Group EBITDA adjusted for transaction-related income (bargain purchases), restructuring and other non-recurring expenses, and deconsolidation effects. 

Outlook

(MORE TO FOLLOW) Dow Jones Newswires

September 07, 2021 01:30 ET (05:30 GMT)

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Financials
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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Managers and Directors
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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