AURELIUS reports good start in the first quarter of 2015

13.05.2015

AURELIUS reports good start in the first quarter of 2015

  • Consolidated revenues up 11 percent to EUR 433.9 million (Q1 2014: EUR 390.5 million)
  • Operating EBITDA raised to EUR 26.7 million (Q1 2014: EUR 25.5 million) despite several successful company disposals
  • Three acquisitions already completed in 2015 – further busy deal activity planned
  • International strategy: conversion into SE & Co. KGaA planned

Munich, May 13, 2015 – The AURELIUS Group (ISIN DE000A0JK2A8) has made a very good start to the 2015 fiscal year, increasing its total consolidated revenues by 11 percent in the first quarter of 2015 to EUR 433.9 million (Q1 2014: EUR 390.5 million). On an annualized basis, consolidated revenues rose by 5 percent to EUR 1,735.6 million (Q1 2014: EUR 1,648.3 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the Group as a whole increased by 5 percent in the first quarter of 2015 to EUR 26.7 million (Q1 2014: EUR 25.5 million). This was achieved even though several profitable companies were sold and new, as yet unprofitable subsidiaries were purchased during the 2014 fiscal year. The restructuring and non-recurring expenses for the reorganization of the Group companies amounted to EUR 10.9 million in the reporting period (Q1 2014: EUR 7.2 million). As no company acquisitions were closed and there were no exits in the first quarter of 2015, no income from the reversal of negative goodwill (bargain purchase income) or income from the disposal of companies accrued.

Two of the three acquisitions already announced in the 2015 fiscal year – the European operations of the Tavex Group, the European Crafts business of Coats, and the solid board and graphic board activity of the Smurfit Kappa Group – were already completed in the second quarter of 2015. The acquisition of the European Crafts business of Coats is similarly scheduled for closing in the next few weeks.

Together with cash and cash equivalents of EUR 304.2 million (December 31, 2014: EUR 328.4 million), an equity ratio of 25.4 percent (December 31, 2014: 26.2 percent) at March 31, 2015 forms a solid foundation for further growth.

As no further Group companies were acquired or divested in the first quarter of 2015, the net asset value of the AURELIUS Group companies remains unchanged at EUR 1,150.6 million.

To allow the AURELIUS Group to press ahead with its international expansion, the Company plans to change its legal form to SE & Co. KGaA. The annual general meeting of shareholders on June 15, 2015 will be asked to adopt a resolution in this regard. The proposed change of legal form is intended to secure a key competitive edge by enabling the executive bodies to take prompt actions and decisions, thus providing a more solid foundation for the AURELIUS Group to continue with its systematic growth strategy.

Outlook

AURELIUS expects transaction activity to remain brisk over the rest of the 2015 fiscal year. “We are eyeing up several highly promising add-on acquisitions, with up to eight purchases looking possible in 2015. We will also be active on the exit side this year,” comments AURELIUS CEO Dr. Dirk Markus. “The focus at the upcoming annual general meeting will be on the further development of the AURELIUS Group. With the big change of legal form to SE & Co. KGaA proposed by the Executive Board and Supervisory Board, we aim to meet the challenges of our international expansion head on and start the next chapter in the Company’s success story.”                                                                                                                            

Key figures (in EUR millions)

 

01/01-03/31/2015

01/01-03/31/2014

Total consolidated revenues

433.9

390.5

Consolidated revenues (annualized) ²

1,735.6

1,648.3

Total consolidated EBITDA

15.8

66.2

of which income from the reversal of negative goodwill (bargain purchase income)

- / -

15.9

of which restructuring and non-recurring expenses

-10.9

-7.2

of which income from the disposal of companies above book value

 - / -

32

Consolidated operating EBITDA

26.7

25.5

 

3/31/2015

12/31/2014

Cash and cash equivalents

304.2

328.4

Equity ratio ¹ (in %)

25.4

26.2

¹) Incl. minorities

²) From continuing operations