AURELIUS publishes its 2014 Annual Report – Revenue and earnings at record level

26.03.2015

AURELIUS publishes its 2014 Annual Report – Revenue and earnings at record level

  • Total consolidated revenue reached EUR 1,595.8 million in 2014 (+5%)
  • EBITDA of the combined group at EUR 209.4 million (+136%)
  • Financial year 2014 characterized by successful purchase and sales transactions
  • Recommended dividend increase to EUR 2.00 per share (2013: EUR 1.05)
  • Net Asset Value rises to EUR 1,150.6 million

Munich, March 26, 2015 – The AURELIUS Group (ISIN DE000A0JK2A8) published its annual report today for the 2014 financial year – the most successful financial year so far in the Company's history. Accordingly, AURELIUS increased its total consolidated revenue by five percent to EUR 1,595.8 million (2013: EUR 1,525.2 million). Consolidated revenue on an annual basis increased by eight percent to EUR 1,725.3 million (2013: EUR 1,602.2 million). At EUR 209.4 million (2013: EUR 88.6 million), EBITDA of the combined group rose to a new record level in the Company's history.

Financial year 2014 characterized by successful purchase and sales transactions

In addition to solid operating performance in nearly all areas of the Company, the transactions of the past financial year had a very positive impact on the Group's net profit, which made an operating EBITDA of EUR 96.6 million (2013: EUR 106.2 million) possible. Net operating profit was strained by the acquisition of new equity investments that still had a negative impact on profit or loss and the sales of profitable equity investments following their successful realignment.

AURELIUS acquired seven promising entities in 2014, including Telvent Global Services's IT consulting activities in Spain and South America, the education enterprise AKAD University, internationally active advertising marketer Publicitas, Scholl Footwear, B+P Gerüstbau, IDS Individual Desktop Solutions, and the British recycling enterprise ECOPlastics. The investment portfolio was also expanded by two add-on acquisitions with the acquisition of Telenet GmbH telecommunication systems by brightONE and TMP Technic Marketing Products GmbH by Berentzen. AURELIUS realized total income from the reversal of negative goodwill from the capital consolidation ("bargain purchase") in the amount of EUR 70.1 million (2013: EUR 36.7 million) from the acquisition of these entities.

Income was generated in the amount of EUR 102.5 million (2013: EUR 0 million) as a result of the sale of subsidiaries in excess of their carrying amount in 2014. In particular, the successful sale of the brightONE's Healthcare operations to T-systems and the sales of the Swiss ICT service provider connectis and the Hungarian chemical subsidiary Framochem contributed to this income.

High level of cash – record dividend of EUR 2.00 per share recommended

AURELIUS increased its liquid assets at the end of the financial year by over EUR 100 million to EUR 328.4 million (December 31, 2013: EUR 223.9 million) in particular as a result of the proceeds from the successful sales of brightONE Healthcare, connectis, and Framochem in financial year 2014. The shareholders of AURELIUS AG should also participate in the Company's success for the 2014 financial year. Therefore, the Company's Executive Board and Supervisory Board will recommend the distribution of a dividend in the amount of EUR 2.00 per share from retained profits to the annual general meeting on June 15, 2015. The dividend comprises a 14 percent higher base dividend of EUR 0.80 (2013: EUR 0.70) and a 243 percent higher participation dividend from successful business acquisitions of EUR 1.20 (2013: EUR 0.35). Consequently, the planned distribution volume amounts to a record level of EUR 63.4 million (2013: EUR 33.3 million).

The Net Asset Value of the portfolio companies was increased by 4.2 percent compared to the third quarter of 2014 to EUR 1,150.6 million (September 30, 2014: EUR 1,104.7 million).

Outlook

Two new acquisitions involving the Tavex Group's European business and Coats' European Craft business were already carried out at the beginning of financial year 2015, both of which are expected to be completed in the second quarter of 2015. AURELIUS also continues to boast a very well-filled transaction pipeline and is working intensively on the completion of further transactions.

"In light of the positive market environment and a promising pipeline, I expect sustained and energetic transaction activity for the current financial year. Our offices in London, Madrid, and Stockholm will also contribute increasingly to this activity", says Dr. Dirk Markus, Chief Executive Officer of AURELIUS. "We are confident that we will also achieve a number of acquisitions in 2015 amounting to least the magnitude reported for 2014."

The complete 2014 Annual Report can be downloaded over the Internet under www.aureliusinvest.de.

Key figures (in EUR millions)

 

1/1-12/31/2014

1/1-12/31/2013¹

 

 

 

Total consolidated revenue

1,595.8

1,525.2

Consolidated revenue (annualized) ²

1,725.3

1,602.2

EBITDA, Group total

209.4

88.6

of which negative goodwill from
the capital consolidation ("bargain purchase")

70.1

36.7

of which restructuring and non-recurring expenses

-59.8

-58.8

of which sale of subsidiaries in excess of their carrying amount

102.5

-/-

EBITDA, Group operating

96.6

106.2

Consolidated profit or loss ³

100.8

-1.7

Earnings per share (in EUR) ¹

3.14

0.16

Cash flows from operating activities 2

109.9

54.3

Cash flows from investing activities2

40.8

-47.4

Free cash flow2

150.8

6.9

     

 

12/31/2014

12/31/2013

 

 

 

Assets

1,454.9

1,215.4

of which liquid assets

328.4

223.9

Liabilities

1,074.4

848.1

of which financial liabilities

164.4

135.6

Equity ³

380.5

367.3

Equity as a percentage of assets ³

26.2

30.2

Number of employees at the reporting date

12,442

11,110

1) The prior-year consolidated statement of comprehensive income was adjusted for comparison purposes according to the provisions set forth under IFRS 5 and in accordance with IFRS 3.45 ff.

2) From continuing operations.

3) Incl. non-controlling interests.

 

Net Asset Value of the AURELIUS portfolio companies (in EUR millions)

Portfolio companies/units

NAV as of 12/31/2014

 

 

Secop

246.7

UK Chemicals

158.4

GetronicsIDS Group

128.2

GHOTEL

112.0

German Education Business

72.5

fidelis HR

57.4

Scholl

46.1

brightONE

34.5

B+P

33.5

LD Didactic

32.4

HanseYachts AG

27.7

Publicitas

25.9

ISOCHEM

24.6

Berentzen

23.5

EcoPlastics

3.6

Other (incl. net financial resources)

123.6

Total

1,150.6