AURELIUS with strong growth in the first half of 2010


AURELIUS with strong growth in the first half of 2010

  • Group revenues rising by 25 per cent
  • Quantum leap due to acquisition of Danfoss Household Compressors

Munich, 23 August, 2010 – The Munich-based industrial holding AURELIUS AG (ISIN: DE000A0JK2A8) has continued its strong growth trend in 2010. Due to the acquisition of the French chemical group ISOCHEM and Danfoss Household Compressors the annualised group revenues will clearly exceed the one billion mark this year. In the first half of 2010 AURELIUS group revenues considerably rose by 25 per cent to 420.1 million euros (previous year: 335.0 million euros) with the first inclusion of the 2009 acqusitions on the complete reporting period having significant influence. The French ISOCHEM Group, newly acquired in fiscal year 2010, has been included in these revenues since 31 March 2010. The acquisition of Danfoss Household Compressors will be finally completed with the closing of the transaction expected by the end of September.

With cash and cash equivalents of 168.2 million euros as of 30 June 2010 (plus eight per cent compared to the end of 2009) and a constant equity ratio of 34 per cent compared to 31 December 2009 the AURELIUS Group continues to have a considerably solid base and disposes of substantial cash for further subsidiaries and acquisitions.

The profit development of the first half has been marked by strong changes in the consolidation group. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 37.5 million euros (previous year: 62.1 million euros). The decrease mainly results from the lower profit from the reversal of negative goodwill (bargain purchase) compared to the first half of 2009. EBITDA was further influenced by negative one-off effects of 3.6 million euros resulting from restructuring expenses of the group subsidiaries (previous year: 7.7 million euros).

Cash flow from operating activities rose to 30.4 million euros (previous year: 4.0 million euros) during the first six months of the current fiscal year 2010. Total equity was increased by seven per cent to 246.0 million euros as of 30 June 2010 (31 December 2009: 229.3 million euros).

After the reporting period, in July 2010, AURELIUS and Danfoss Group, Nordborg/Denmark, agreed on the acquisition of the Danfoss Household Compressors division. Danfoss Household Compressors is a leading manufacturer of hermetic compressors for freezers and refrigerators, light commercial applications and 12-24-48 volts DC-compressors for mobile applications. The acquisition comprises the complete business activities of Danfoss Household Compressors in Germany, China, Slovenia and Slovakia and is subject to approval by the responsible antitrust authorities.