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PRESS RELEASE : Mutares SE & Co. KGaA: Mutares publishes Annual Report 2020 - Group revenues at new record level and highest holding result in the Company's history

04/08/2021 | 01:26am EDT
DGAP-News: Mutares SE & Co. KGaA / Key word(s): Annual Report/Annual Results 
Mutares SE & Co. KGaA: Mutares publishes Annual Report 2020 - Group revenues at new record level and highest holding 
result in the Company's history 
2021-04-08 / 07:25 
The issuer is solely responsible for the content of this announcement. 
Mutares publishes Annual Report 2020 - Group revenues at new record level and highest holding result in the Company's 
- Group revenues at new record level of EUR 1,583.9 million (previous year: EUR 1,015.9 million), up 56% year-on-year 
- Group EBITDA also at record level of EUR 142.7 million (previous year: EUR 79.2 million) 
- Dividend-relevant net income at Holding level increases by 48% to EUR 33.4 million (previous year: EUR 22.5 million) 
and already meets target of 2% of Group revenues 
- Dividend proposal of EUR 1.50 per share underlines sustainable and performance-oriented dividend policy 
Munich, 8 April 2021 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has published its annual report for the year 2020. 
Despite the restrictions imposed by COVID-19, the financial year 2020 was characterized by accelerated transaction 
activity, as evidenced by a total of eleven successfully completed acquisitions, including eight platform and three 
add-on acquisitions. Due to the positive business development, the Management Board and the Supervisory Board will 
propose to the Annual General Meeting on 20 May 2021, a dividend consisting of a basis dividend plus a performance 
dividend totaling to EUR 1.50 per share. 
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). In 
addition, the portfolio companies Balcke-Dürr Group, keeeper Group and Donges Group were strengthened through further 
add-on acquisitions. 
In addition to the eleven completed acquisitions, Mutares was able to announce further acquisitions for which closing 
took place after the balance sheet date or is still pending: Agreements were signed for the acquisition of Lapeyre, 
Clecim France (formerly: Primetals Technologies France), EXI (formerly: Ericsson Italia Services), La Rochette and a 
majority stake of 80% in the Carglass Maison Group. 
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 buyout, 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 with regard to 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. 
Annual net profit of the Holding Company at record level 
The management fees (consisting of consulting revenues and dividends) of the Holding Company increased 
disproportionately by 61% to EUR 66.5 million (previous year: EUR 41.3 million) and led to a dividend-relevant net 
income of EUR 33.4 million (previous year: EUR 22.5 million) at the Holding Company level. The target figure for the 
total return on revenues of 2%, which was announced at the Capital Markets Day in October 2020 for the financial year 
2023, was thus already slightly exceeded. Due to the positive business development, the Management Board and 
Supervisory Board will propose to the Annual General Meeting on 20 May 2021, a dividend consisting of a basis dividend 
plus a performance dividend totaling to EUR 1.50 per share. 
Group revenues and Group EBITDA at record levels 
In the financial year 2020, the Mutares Group achieved revenue growth of 56% to EUR 1,583.9 million (previous year: EUR 
1,015.9 million). Group EBITDA, which includes gains from bargain purchases, grew by 80% to EUR 142.7 million (previous 
year: EUR 79.2 million), reflecting the brisk transaction activity. Adjusted EBITDA^1) adjusted for one-off effects 
amounted to EUR -28.8 million (previous year: EUR 7.5 million). This development is mainly due to the negative earnings 
contributions of the new acquisitions and thus also a consequence of the high transaction activity. 
Group key figures for the financial year 2020: 
in EUR million                                        2020       2019 
Revenues                                           1,583.9    1,015.9 
EBITDA                                               142.7       79.2 
Income from bargain purchases                       -207.8     -102.6 
Restructuring and other non-recurring expenses        41.1       31.0 
Deconsolidation effects                               -4.9        0.0 
Adjusted EBITDA^1)                                   -28.8        7.5 
Consolidated annual result                            19.7       16.7 
Earnings per share^2) (EUR)                           1.78       1.37 
                                                31.12.2020 31.12.2019 
Balance sheet total                                1,327.2      848.5 
thereof cash and cash equivalents                    145.3       79.7 
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.

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 
                                                  SFC Solutions Group 
                                                  Lacroix + Kress 
                                                  Terranor Group 
                                                  KICO Group 
                                                  Royal de Boer & Japy Tech 
Optimization                                      Balcke-Dürr Group                274.3            -13.0 
                                                  keeeper Group 
                                                  Plati Group 
Harvesting                                        Donges Group                     720.5            +29.6 
                                                  STS Group 
                                                  Gemini Rail Group 
                                                  Elastomer Solutions Group 

Gratifying operational development

Key figures 2020 by segments:

in EUR million             Revenues Adjusted EBITDA 
Automotive & Mobility         602.4           -13.3 
Engineering & Technology      534.7             7.6 
Goods & Services              446.7           -17.0 
Corporate & Consolidation       0,0            -6.1 
Total                       1,583.9           -28.8 

Revenues in the Automotive & Mobility segment climbed to EUR 602.4 million (previous year: EUR 450.4 million) due to the inclusion of the new platform investments. Segment EBITDA amounted to EUR 65.7 million (previous year: EUR 13.6 million). This includes gains from bargain purchases from the platform acquisitions of SFC Solutions Group, PrimoTECS and iinovis. Adjusted EBITDA adjusted for special effects declined (EUR -13.3 million; previous year: EUR 15.6 million) due to the negative impact of the COVID-19 pandemic and the still negative earnings contributions from the new acquisitions.

The Engineering & Technology segment recorded an increase in revenues to EUR 534.7 million in 2020 (previous year: EUR 482.0 million). The increase is due to the full-year effect of the add-on acquisitions made in the course of the previous year and the first-time inclusion of the platform investment Lacroix + Kress acquired in the financial year 2020. The significant increase in EBITDA to EUR 59.7 million (previous year: EUR -3.8 million) is also attributable to this. The significant increase in Adjusted EBITDA to EUR 7.6 million (previous year: EUR 4.7 million) primarily reflects the successfully completed restructuring at the Donges Group, while the Balcke-Dürr Group and EUPEC burdened the operating result with lower activity in the context of the COVID-19 pandemic.

(MORE TO FOLLOW) Dow Jones Newswires

April 08, 2021 01:25 ET (05:25 GMT)

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Net income 2021 234 M 280 M 280 M
Net Debt 2021 90,6 M 109 M 109 M
P/E ratio 2021 2,47x
Yield 2021 5,66%
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EV / Sales 2021 0,19x
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Duration : Period :
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Robin Laik Chief Executive Officer
Mark Friedrich Chief Financial Officer
Volker Rofalski Chairman-Supervisory Board
Johannes Laumann Chief Investment Officer
Micha Bloching Member-Supervisory Board
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