Munich, August 13, 2020 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) published its interim consolidated financial statements for the first half of 2020 on today’s date. Total consolidated revenues amounted to EUR 1,628.1 million in the first half of 2020, slightly less than the corresponding figure for the comparable period of last year (EUR 1,890.4 million) due to the sale of large companies in the second half of 2019 and first half of 2020. Annualized consolidated revenues from continued operations reached EUR 3,027.9 million (H1 2019: EUR 3,234.3 million).

Most of the Group’s companies have weathered the crisis well so far, the portfolio is well positioned: Solid operating EBITDA of the combined Group in the amount of EUR 75.3 million

The EBITDA of the combined Group quintupled to EUR 258.0 million in the first half of 2020 (H1 2019: EUR 53.8 million). The restructuring and non-recurring expenses incurred in the turnaround of portfolio companies amounted to EUR 44.4 million, which was slightly higher than the year-ago figure (H1 2019: EUR 42.0 million). AURELIUS completed four company acquisitions in the first half of 2020. Consequently, gains on bargain purchases reached EUR 145.0 million in the first half of 2020 (H1 2019: EUR 0 million).

Gains on exits amounted to EUR 82.1 million in the first half of 2020 (H1 2019: EUR -6.8 million). This figure mainly includes the proceeds from the sale of the GHOTEL Group, which was completed in late February 2020.

Despite the sales of several highly profitable subsidiaries in the last few months (GHOTEL Group, Solidus Solutions, Scandinavian Cosmetics), the operating EBITDA of the combined Group amounted to EUR 75.3 million (H1 2019: EUR 102.6 million). The closeness of the nearly 100 AURELIUS operations experts to the portfolio companies paid off handsomely in the last few months. Their years-long expertise and experience in dealing with exceptional situations that they bring to bear at the portfolio companies on a daily basis made an important contribution to the fact that most of the Group companies have weathered the crisis well so far. Where possible, government assistance programs such as the short-time work benefit have been utilized for additional support.

“This crisis and the global economic fallout are unprecedented. But crisis management is what we do best! Thanks to our nearly 15 years of experience in managing and turning around companies in special situations, we kept AURELIUS and its portfolio companies on an even keel in the first half of 2020,” said Dr. Dirk Markus, CEO of AURELIUS Equity Opportunities. “We are well positioned financially and operationally and are therefore well prepared to handle the long-term fallout from this crisis and generate further sustainable growth from this strong position.”

At EUR 959.8 million, the net asset value of the AURELIUS portfolio at June 30, 2020 was slightly below the level at the end of the first quarter of 2020 (March 31, 2020: EUR 984.3 million). The net asset value per share was EUR 31.19. At the reporting date, cash and cash equivalents amounted to EUR 394.5 million, higher than the corresponding figure at the end of the first quarter of 2020 (March 31, 2020: EUR 385.6 million).

Outlook: Considerable increase in acquisition deal flow expected from autumn onward

Economies across the world have been severely damaged by the ongoing COVID-19 pandemic. AURELIUS has weathered the crisis well so far and the management will do everything possible to keep it this way in the future.

The current economic conditions have caused considerable turmoil in the market for corporate transactions. “For the last 15 years, we have successfully acquired, restructured and then sold companies in crisis and exceptional situations. This experience is helping us master this unprecedented crisis. We believe that the ongoing COVID-19 pandemic will give rise to numerous opportunities for new company acquisitions. We are watching the market very closely and anticipate several attractive acquisitions in the coming months,” Dr. Dirk Markus said.

Key figures

¹⁾ The prior-year consolidated statement of comprehensive income and consolidated statement of cash flows have been adjusted for comparison purposes in accordance with IFRS 5.
²⁾ From continued operations.
³⁾ Including non-controlling interests.

Net asset value of the AURELIUS portfolio (in EUR millions)