Corporate | 12 August 2011 08:30

Operating performance of AURELIUS portfolio companies continues to impress

AURELIUS AG / Key word(s): Half Year Results

12.08.2011 / 08:30

Operating performance of AURELIUS portfolio companies continues to impress in the first half of 2011

– Half-year revenues up 61 percent to EUR650.7 million

– EBITDA of EUR36.1 million reflects operating strength of subsidiaries

– Acquisition and exit activities stepped up

– 65 percent interest in HanseYachts AG acquired at start of third quarter

Munich, August 12, 2011 – The Munich-based AURELIUS Group (ISIN: DE000A0JK2A8) increased its consolidated revenues by 61 percent to EUR650.7 million (2010: EUR404.8 million) in the first half of 2011. Besides the major expansion of the portfolio of subsidiaries in the second half of 2010, this rise can be attributed to the strong performance of the subsidiaries overall. This is similarly reflected in earnings before interest, taxes, depreciation and amortization (EBITDA) which have quadrupled to EUR36.1 million compared with the equivalent period last year (first half of 2010: EUR8.9 million, adjusted for the reversal of negative goodwill [bargain purchase]). No bargain purchases were recorded in the first half of the year. The EBITDA was, however, depressed by restructuring and non-recurring expenses of EUR15.5 million (2010: EUR3.6 million), notably at newly acquired subsidiaries.

The net cash outflow from operating activities amounted to EUR5.3 million (2010: EUR28.9 million) due primarily to the build-up of working capital in the subsidiaries. Cash and cash equivalents remained at a high level at the close of the half-year, with a total of EUR154.5 million (December 31, 2010: EUR177.2 million). At 32%, the Group equity ratio continues to represent a solid foundation for the corporate group (December 31, 2010: 33%).

Acquisition and exit activities stepped up
AURELIUS’s Blaupunkt subsidiary strategically reinforced its market position in June 2011 by acquiring KWest GmbH based in Schlitz near Fulda. With KWest, Blaupunkt is greatly increasing its development capacity in Europe. The Schlitz facility is being expanded to form the new European development hub for Blaupunkt. Furthermore, the portfolio of the acquired KWest represents a perfect fit with the Blaupunkt range. Back in May 2011, AURELIUS’s connectis subsidiary strengthened its core business by acquiring Grouptec, an ICT company similarly based in Switzerland. Grouptec is a leading specialist in Microsoft Unified Communication & Collaboration solutions.

During the current third quarter, AURELIUS reached agreement on the acquisition of a 64.67 percent interest in HanseYachts AG (ISIN: DE000A0KF6M8) with Michael Schmidt, the company’s chairman, founder and previous majority shareholder. Formed in 1990, HanseYachts is a listed company that has established itself as the third-biggest series manufacturer of yachts in the world over the last 21 years.

Parallel to these acquisitions, the British online book distributor Book Club Associates (BCA) was sold to the similarly Britain-based Webb Group mail-order company in March 2011.

Outlook
Subject to future general economic developments and the developments on the international capital markets, AURELIUS expects its subsidiaries to continue performing well in the second half of 2011.

The complete report on the first half of 2011 is available to download at www.aureliusinvest.de .

Key figures

		01/01 – 06/30/2011	01/01 – 06/30/2010 ¹	Change
Consolidated revenues ¹’²	EUR millions	650.7	404.8	61%
Consolidated revenues (annual.) ²	EUR millions	1,275.4	801.0	59%
EBITDA ¹’²	EUR millions	36.1	54.0	-33%
Restructuring and non-recurring expenses	EUR millions	15.5	3.6	331%
Consolidated profit/loss	EUR millions	-10.8	9.5	-214%
Earnings per share
basic ¹’²	EUR	-0.89	2.99	-130%
diluted ¹’²	EUR	-0.89	2.99	-130%
Cash flow from operating activities	EUR millions	-5.3	28.9	-118%
Cash flow from investing activities	EUR millions	-26.0	-18.4	-41%
Free cash flow	EUR millions	-31.3	10.5	-398%
		06/30/2011	12/31/2010	Change
Assets	EUR millions	1,009.5	1,060.1	-5%
thereof cash and cash equivalents	EUR millions	154.5	177.2	-13%
Liabilities	EUR millions	685.7	706.0	-3%
thereof financial liabilities	EUR millions	212.5	187.9	13%
Shareholders’ equity ³	EUR millions	323.9	354.1	-9%
Equity ratio ³	%	32.1	33.4	-4%
Workforce at the reporting date		6,683	6,803	-2%

¹ The prior-year figures have been adjusted for comparison purposes, in accordance with the provisions of IFRS 5

² From continuing operations

³ Incl. minorities

Contact:
AURELIUS AG
Investor Relations & Corporate Communications
Phone +49 (0)89 544799 – 0
Fax +49 (0)89 544799 – 55
investor@aureliusinvest.de

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135427  12.08.2011