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MUTARES SE & CO. KGAA

(MUX)
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PRESS RELEASE : Mutares SE & Co. KGaA: Mutares SE & Co. KGaA reports preliminary figures for the financial year 2020 - new record revenue and strong increase in earnings at Holding Level

03/17/2021 | 01:27am EDT
DGAP-News: Mutares SE & Co. KGaA / Key word(s): Preliminary Results 
Mutares SE & Co. KGaA: Mutares SE & Co. KGaA reports preliminary figures for the financial year 2020 - new record 
revenue and strong increase in earnings at Holding Level 
2021-03-17 / 07:25 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
Mutares SE & Co. KGaA reports preliminary figures for the financial year 2020 - new record revenue and strong increase 
in earnings at Holding Level 
- Group revenues grow by 57% to over EUR 1.5 billion (2019: EUR 1.0 billion) thanks to high transaction activity 
- Dividend-relevant net income at Holding level increases by 48% to EUR 33.4 million (2019: EUR 22.5 million) and 
already meets target of 2% of Group revenues 
 
Munich, 17 March 2021 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) today published preliminary, unaudited figures for 
the fourth quarter of 2020 and the financial year 2020. The reporting period was characterized by accelerated 
transaction activity despite the constraints and additional challenges resulting from the COVID-19 pandemic. With a 
total of eleven acquisitions, including eight platforms and three add-on acquisitions, the Mutares Group significantly 
drove growth and exceeded the targets it had set itself. 
 
Group revenues and net income of the Holding Company at record level 
The strong recovery from the negative impact of the COVID-19 pandemic from the spring accelerated significantly again 
at the end of the year. In Q4 2020, the Mutares Group recorded a significant growth of 81% in revenues to EUR 522.0 
million (Q4 2019: EUR 287.8 million). 
Revenues from the Holding Company's consulting business amounted to EUR 8.9 million in the fourth quarter, an increase 
of 47% year-on-year (Q4 2019: EUR 6.0 million). 
The management fees (consisting of consulting revenues and dividends) of the Holding Company increased 
disproportionately by 62% to EUR 66.5 million (2019: EUR 41.3) and lead to a dividend-relevant net income of EUR 33.4 
million (2019: EUR 22.5 million) at the Holding Company level. The target return on sales of 2%, which was announced at 
the Capital Markets Day in October 2020 for the financial year 2023, was thus already slightly exceeded. 
"2020 marked a challenging but absolutely successful year for us. In addition to the very strong growth in Group 
revenues and Holding Company earnings, we were able to increase our bond issued in 2020 to EUR 80.0 million in the 
meantime in order to tackle our targets of EUR 3.0 billion in Group revenues and at least EUR 60.0 million in Holding 
Company earnings even more aggressively by financial year 2023 at the latest. At the same time, we were able to further 
diversify our portfolio regionally and in the segments in order to be able to achieve our result in any situation," 
said Johannes Laumann, CIO of Mutares SE & Co. KGaA. 
 
Record year for acquisitions, completion of four exits 
In the past financial year, Mutares has driven the expansion of the Group with eight completed platform acquisitions 
(PrimoTECS, SFC Solutions, Nexive, SABO, Lacroix + Kress, Terranor, iinovis as well as Royal De Boer and Japy Tech). 
Moreover, Mutares was able to announce further acquisitions, the closing of which was still pending as of the balance 
sheet date: agreements were signed to acquire Lapeyre, Primetals Technologies France, Ericsson Italia Services, La 
Rochette as well as a majority stake of 80% in the Carglass Maison Group. 
In addition to the eight completed platform acquisitions, the Balcke-Dürr Group, keeeper Group and Donges Group 
shareholdings were strengthened by further acquisitions as add-ons. 
Furthermore, despite the uncertainties caused by the COVID-19 pandemic, Mutares managed to successfully close four exit 
transactions in financial year 2020, exceeding the targets of a seven to tenfold Return on Invested Capital (ROIC). 
These include the sale of the Polish company of the Balcke-Dürr Group to the Wallstein Group, the activities of BEXity 
in the Czech Republic as part of a management buy-out, the sale of KLANN Packaging to the investment holding Accursia 
Capital, and the sale of the STS Acoustics division. 
The year 2021 also got off to an excellent start in the area of exits: In addition to the two transactions completed in 
January of Balcke-Dürr Rothemühle Deutschland to the Howden Group and the sale of Nexive to Poste Italiane, the sale of 
the shares in STS Group AG to the Adler Pelzer Group was announced in March. 
 
Group revenues and Group-EBITDA 
Group EBITDA, which includes bargain purchase gains, also reflected the brisk transaction activity with growth of 36% 
to EUR 7.8 million (Q4 2019: EUR 5.9 million). Adjusted EBITDA^1), adjusted for non-recurring items, amounts to EUR 
-12.3 million (Q4 2019: EUR 1.9 million). This development is due in particular to the negative earnings contributions 
from new acquisitions and is therefore also a consequence of the high level of transaction activity. 
Based on the full year 2020, the Mutares Group achieved revenue growth of 57.0% to EUR 1,595.3 million (2019: EUR 
1,015.9 million). In this context, Group EBITDA increased to EUR 142.7 million (2019: EUR 79.2 million), benefiting 
from the transactions, while full-year Adjusted EBITDA was impacted by the negative earnings contributions of the newly 
acquired companies as well as the effects of the COVID-19 pandemic and amounted to EUR -28.8 million (2019: EUR 7.5 
million). 
The 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                            December 2020                    million          million 
Realignment                                       Nexive                           586.2            -39.6 
                                                  BEXity 
                                                  SFC Solutions Group 
                                                  Lacroix + Kress 
                                                  Terranor Group 
                                                  KICO Group 
                                                  PrimoTECS 
                                                  Royal de Boer & Japy Tech 
                                                  iinovis 
                                                  TréfilUnion 
                                                  SABO 
Optimization                                      Balcke-Dürr Group                274.3            -13.0 
                                                  keeeper Group 
                                                  Plati Group 
                                                  Cenpa 
Harvesting                                        Donges Group                     731.9            +29.6 
                                                  STS Group 
                                                  Gemini Rail Group 
                                                  Elastomer Solutions Group 
                                                  Eupec 

Preliminary, unaudited Group key figures for financial year 2020:

in EUR million                                             2020             2019 
Revenues                                                1,595.3          1,015.9 
EBITDA                                                    142.7             79.2 
 
Income from bargain purchases                            -207.8           -102.6 
Restructuring and other non-recurring expenses             41.2             30.9 
Deconsolidation effects                                    -4.9              0.0 
 
Adjusted EBITDA                                           -28.8              7.5 
Consolidated annual result                                 19.7             16.7 
Earnings per share^2)^(EUR)                                1.65             1.37 
 
                                               As of 12/31/2020 As of 12/31/2019 
Balance sheet total                                     1,327.2            848.5 
thereof cash and cash equivalents                         145.3             79.9 
thereof equity                                            207.2            208.2 
Equity ratio                                                16%              24% 

^1) Adjusted EBITDA is an EBITDA performance indicator adjusted for special factors that presents the operating performance of the shareholdings in a transparent manner and makes operating earnings power comparable. 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) Diluted as well as undiluted.

Shareholder Value Creation and Dividend Policy

The capital market strategy communicated in October 2020 includes operating targets for revenues and profitability as well as a split between the basis dividend and the performance dividend. The foundation for the basis dividend is the income from management fees in the reporting year. In addition, the performance dividend represents a further shareholder participation in significant exit successes.

Mutares SE & Co. KGaA will publish the audited figures for the financial year 2020, the annual report and the dividend proposal on 8 April 2021. On this date, the Management will present the business development 2020 and provide an outlook for the financial year 2021.

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Financials
Sales 2021 2 592 M 3 088 M 3 088 M
Net income 2021 155 M 184 M 184 M
Net Debt 2021 130 M 155 M 155 M
P/E ratio 2021 2,41x
Yield 2021 7,00%
Capitalization 309 M 368 M 368 M
EV / Sales 2021 0,17x
EV / Sales 2022 0,15x
Nbr of Employees 12 000
Free-Float 57,0%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 27,75 €
Last Close Price 20,55 €
Spread / Highest target 50,9%
Spread / Average Target 35,0%
Spread / Lowest Target 7,06%
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Managers and Directors
NameTitle
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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