AURELIUS posts record results in the first quarter of 2014

12.05.2014

AURELIUS posts record results in the first quarter of 2014

  • Highest EBITDA in the company’s history: EUR 66.2 million (+327%)
  • Successful exits deliver positive earnings contribution of EUR 32.0 million
  • Despite the exits, operating earnings were up 15%
  • Further improvement of balance sheet ratios and cash position
  • Continued high level of transaction activity

Munich, May 12, 2014 – AURELIUS Group (ISIN DE000A0JK2A8) (“AURELIUS”), the mid-market pan-European Investor focused on value creation through operational improvement, has posted the best quarterly results in its history for the first quarter of 2014. Total consolidated revenues rose to EUR 390.5 million (Q1 2013: EUR 377.0 million). Annualized consolidated revenues were EUR 1,648.3 million (Q1 2013: EUR 1,508.2 million).

Group EBITDA reaches a new record of EUR 66.2 million

AURELIUS reported increased earnings across all operating segments. Group EBITDA was EUR 66.2 million, the highest quarterly result in the company’s history (Q1 2013: EUR 15.5 million). The Group recognised EUR 15.9 million (Q1 2013: EUR 0 million) income from the reversal of negative goodwill (bargain purchase income) and the acquisition of new portfolio companies. These acquisitions included the IT consulting activities of Telvent in Spain and South America, and the add-on acquisition of Telenet GmbH Kommunikationssysteme, both of which were announced in Q1 2014. Restructuring and non-recurring expenses for the turnaround of portfolio companies were EUR 7.2 million (Q1 2013: EUR 6.9 million).

Substantial earnings effect of successful exits

The successful sale of the Healthcare Division of brightONE to T-Systems on January 31, 2014 and the sale of Reederei Peter Deilmann to Callista Private Equity produced positive earnings of EUR 32.0 million (Q1 2013: EUR 0 million). The continued positive development of portfolio companies was reflected in an operating EBITDA of EUR 25.5 million (Q1 2013: EUR 22.4 million). Cash flow from operating activities was EUR 22.6 million (Q1 2013 EUR 10.4 million).

Further improvement in balance sheet indicators and cash position

AURELIUS is ideally equipped for further profitable growth, with cash and cash equivalents of EUR 237.1 million (12/31/2013: EUR 223.9 million) and a Group equity ratio of 33.8% (12/31/2013: 30.1 %).

Continued high level of transaction activity

The acquisition of the internationally active Swiss advertising marketing firm Publicitas that was announced in April should be completed in the second quarter. The acquisition of Individual Desktop Solutions GmbH (IDS) from T-Systems International should be completed by mid- 2014. In addition, the acquisition of AKAD, the No. 2 provider in the market for private distance instruction, should be completed during the course of the second quarter. These transactions will generate a substantially positive effect on earnings in Q2 and Q3 2014.

Donatus Albrecht of the AURELIUS Executive Board said:

“We have been very active in the first months of 2014, and we still see an exciting market environment. We expect to announce further successes, with respect to both company acquisitions and company sales, in the coming months.”

Key Figures (in euro millions)

01/01 – 03/31/2014 01/01 – 03/31/2013
Total consolidated revenues 390.5 377.0
Total Groupwide EBITDA 66.2 15.5
of which bargain purchase income 15.9 -/-
of which restructuring and non-recurring expenses -7.2 -6.9
of which income on sales of equity investments above book value 32.0 -/-
Total Groupwide operating EBITDA 25.5 22.4
Cash flow from operating activities 22.6 10.4
03/31/2014 12/31/2013
Cash and cash equivalents 237.1 223.9
Equity ratio¹ (in %) 33.8 30.1

1) Including non-controlling interests.