MPC Munchmeyer Petersen Capital AG · XETR:MPCK
MPC Munchmeyer Petersen Capital — MPC Capital — Investor Presentation (November 2019)
29 slides from MPC Munchmeyer Petersen Capital's investor presentation, November 2019
Slide 1: MPC Capital AG – Managing Real Assets
MANAGING REAL ASSETS |→ |→ Nov 2019 04 / 2019 MPC CAPITAL AG
Slide 2: Agenda and disclaimer
MANAGING REAL ASSETS |→2 MPC CAPITAL AG AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 5 3. HIGHLIGHTS 2019 8 4. FINANCIALS 9M 2019 11 5. OUTLOOK 15 6. APPENDIX 18 This presentation and the information contained herein (“the Presentation”) have been compiled with meticulous care and to the best of our k
Slide 3: MPC Capital AG at a Glance
ASSET LIGHT MANAGEMENT SERVICES COMBINED WITH FOCUSED INVESTMENT APPROACH |→3 MPC CAPITAL AG AT A GLANCE BUSINESS OVERVIEW COMPANY STRUCTURE + Asset Manager and Co-Investor focused on niche areas in Total AuM1): €4.2bn > 300 assets selected real asset markets + €4.2bn AuM 1), thereof €2.6bn in new i
Slide 4: Agenda
|→4 AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 5 3. HIGHLIGHTS 2019 8 4. FINANCIALS 9M 2019 11 5. OUTLOOK 15 6. APPENDIX 18
Slide 5: Asset Light Business Model
INTEGRATED ASSET MANAGER AND CO-INVESTOR WITH FOCUS ON SELECTED NICHE AREAS IN REAL ASSET MARKETS |→5 ASSET LIGHT BUSINESS MODEL RECURRING FEES FROM DEAL-DRIVEN TRANSACTION ATTRACTIVE RETURNS FROM MANAGEMENT SERVICES BUSINESS CO-INVESTMENTS + Focus on demand and concept driven + Co-investment with i
Slide 6: Asset Management
STRONG VALUE PROPOSITION ALONG THE VALUE CHAIN IN THREE CORE ASSET SEGMENTS |→6 ASSET MANAGEMENT CURRENT REAL ESTATE SHIPPING INFRASTRUCTURE + Residential + Container vessels + Renewable energy PLATFORMS + Commercial + Bulk carriers + Industrial opportunities + Tankers OPERATIONS + Investment, asset
Slide 7: Agenda
|→7 AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 5 3. HIGHLIGHTS 2019 8 4. FINANCIALS 9M 2019 11 5. OUTLOOK 15 6. APPENDIX 18
Slide 8: Highlights 2019
NEW PROJECTS AND EXPANSION OF OPERATING PLATFORMS IN ALL ASSET SEGMENTS |→8 HIGHLIGHTS 2019 REAL ESTATE SHIPPING HEALTH CARE REAL ESTATE HARPER PETERSEN + Initiation of strategy + Merger of Contchart and Harper Petersen + Acquistion of a €30m portfolio of Health Care properties in the + Formation of
Slide 9: Highlights 2019
NEW PROJECTS AND EXPANSION OF OPERATING PLATFORMS IN ALL ASSET SEGMENTS |→9 HIGHLIGHTS 2019 INFRASTRUCTURE CORPORATE MPC CARIBBEAN CLEAN ENERGY FUND (CCEF) CORPORATE STRUCTURE AND COST MANAGEMENT + Fund raising to facilitate investments in clean energy projects + Outsourcing of legacy trustee servic
Slide 10: Agenda
| → 10 AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 5 3. HIGHLIGHTS 2019 8 4. FINANCIALS 9M 2019 11 5. OUTLOOK 15 6. APPENDIX 18
Slide 11: 9M 2019 Key Financials – P&L Highlights / Guidance
ON TRACK FOR FY 2019 GUIDANCE AT ENHANCED REVENUE QUALITY | → 11 9M 2019 KEY FINANCIALS – P&L HIGHLIGHTS / GUIDANCE REVENUE EBT COMMENTS in €m in €m + Slight increase in recurring management 30.2 30.9 fees, compensating continuing/expected 0.2 0.6 decline of retail business 2.9 3.9 + Lower transacti
Slide 12: 9M 2019 Key Financials – EBT Bridge
POSITIVE EBT 9M 2019 AS NEW BUSINESS AGAIN COMPENSATES FOR DECREASE IN RETAIL REVENUE | → 12 9M 2019 KEY FINANCIALS – EBT BRIDGE EARNINGS BEFORE TAX – BRIDGE 9M 2018 / 9M 2019 COMMENTS in €m + Net increase in revenues, despite lower transaction activity and decrease in legacy fees + Financial Result
Slide 13: 9M Key Financials – Balance Sheet Highlights
INVESTMENT PORTFOLIO OF MPC CAPITAL AG HAS SIGNIFICANTLY INCREASED OVER THE LAST YEARS | → 13 9M KEY FINANCIALS – BALANCE SHEET HIGHLIGHTS EQUITY CO-INVESTMENT PORTFOLIO ALLOCATION 2015 – 2019 (in €m/%) Excl. minorities (in %) 151 142 134 136 13% 102 113 112 Real Estate 93 Equity 80 79% Total Balanc
Slide 14: Agenda
| → 14 AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 5 3. HIGHLIGHTS 2019 8 4. FINANCIALS 9M 2019 11 5. OUTLOOK 15 6. APPENDIX 18
Slide 15: Strategy and Growth Objectives
MPC’S MAIN OBJECTIVE IS TO BECOME A LEADING MANAGER FOR REAL ASSETS IN SELECTED MARKETS | → 15 STRATEGY AND GROWTH OBJECTIVES GROWTH OBJECTIVES FINANCIAL TARGETS 1 Increase assets under management +€0.5 - 1.0bn new AuM p.a. at improved margins 2 Leverage existing platform EBT margin > 30% > 3 Income
Slide 16: MPC Capital
MPC Capital
Slide 17: Agenda
| → 17 AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 5 3. HIGHLIGHTS 2019 8 4. FINANCIALS 9M 2019 11 5. OUTLOOK 15 6. APPENDIX 18
Slide 18: Capital Market Profile
PUBLICLY LISTED SINCE 2000 WITH LONG-TERM COMMITMENT BY FOUNDING SHAREHOLDER MPC GROUP | → 18 CAPITAL MARKET PROFILE SHAREHOLDER STRUCTURE SHARE PRICE AND MARKET CAP 8.0 8% 6.0 MPC Group 33.5m Freefloat 4.0 shares 48% 44% Thien & Heyenga Market cap (in €m) 2.0 Freefloat Market cap (in €m) 65 Share p
Slide 19: Fee and Income Generation
DIVERSIFIED INCOME STREAMS FROM HANDS-ON ASSET MANAGEMENT SERVICES AND INVESTMENTS | → 19 FEE AND INCOME GENERATION SOURCING/ MANAGEMENT EXIT STRUCTURING Unique access to highly Efficient and high-quality operational services Extensive experience in attractive assets and Additional value creation th
Slide 20: Acquisitions – Track Record
MPC CAPITAL INITIATED PROJECTS FOR INSTITUTIONAL CLIENTS OF AT LEAST €0.8BN PER ANNUM | → 20 TRACK RECORD INSTITUTIONAL AUM BRIDGE SINCE 2016 (IN €BN) +1.0 +0.8 2.4 2.6 +0.2 2.6 2.3 +0.3 +0.1 -0.1 +0.8 -0.8 1.7 -0.2 -1.2 -0.1 2016 2017 2018 H1 2019 Institutional AUM Additions Revaluation Disposals D
Slide 21: Project Pipeline
VISIBLE GROWTH THROUGH DETAILED PROJECT SHORT-LIST OF €2.0BN | → 21 PROJECT PIPELINE REAL ESTATE SHIPPING INFRASTRUCTURE Stage Volume (€m) % Short List Stage Volume (€m) % Short List Stage Volume (€m) % Short List SPA 144 19% SPA 17 2% SPA 13 3% Negotiations 179 23% Negotiations 271 31% Negotiations
Slide 22: Strategy and Growth Objectives
GROWTH IN AUM LEADS TO PROFITABLE GROWTH IN RECURRING MANAGEMENT FEES | → 22 STRATEGY AND GROWTH OBJECTIVES INCREASE ASSETS UNDER MANAGEMENT 1 Target new institutional assets p.a. €0.5-1.0bn AuM Retail vs. Institutional + Continuous net growth in institutional assets with regular disposals + Linear
Slide 23: Strategy and Growth Objectives
STRONG CASH PROCEEDS FROM PROFITABLE BUSINESS AND INVESTMENT ACTIVITIES | → 23 STRATEGY AND GROWTH OBJECTIVES ADDITIONAL INCOME FROM INVESTMENT 3 Target blended IRR 15% ACTIVITIES MPC Capital investment portfolio + Proceeds from capital increases in 2016 and 2018 were used to ramp up co-investment s
Slide 24: Assets Under Management (in €bn)
CROSSOVER DECEMBER 2018 TO JUNE 2019: INSTITUTIONAL VS. RETAIL BUSINESS | → 24 ASSETS UNDER MANAGEMENT (IN €BN) 0.2 4.3 -0.1 0.2 0.0 -0.1 4.2 COMMENTS -0.2 + Institutional business accounts for 61% of total AuM 1.7 1.6 (40%) (39%) + Assets attributable to institutional business in the amount of €0.2
Slide 25: 9M 2019 Key Financials – Balance Sheet
STRONG BALANCE SHEET TO SUPPORT FUTURE GROWTH | → 25 9M 2019 KEY FINANCIALS – BALANCE SHEET EQUITY BALANCE SHEET STRUCTURE COMMENTS in €m in €m 151.2 141.7 + Intensive co-investment activities: 135.5 €32m in financial assets added in FY 2018 and 9M 2019 + High equity ratio of 79% provides solid 112.
Slide 26: Financial Performance 2015–2019
P&L AND BALANCE SHEET | → 26 FINANCIAL PERFORMANCE 2015 - 2019 INCOME STATEMENT (in €m) FY 2015 FY 2016 FY 2017 FY 2018 HY 2018 HY 2019 Revenue 47.8 53.8 47.3 42.7 19.7 20.0 Other operating income 8.6 11.9 22.7 12.5 9.4 4.0 Cost of materials / Cost of purchased services -1.1 -1.6 -3.1 -3.5 -1.3 -0.7
Slide 27: Financial Assets as of 30 June 2019
BALANCE SHEET |→ 27 FINANCIAL ASSETS AS OF 30 JUNE 2019 CO-INVESTMENT PORTFOLIO Financial Assets Current Assets Minorities MPC Investment Real Estate Description 28.4 4.2 (3.3) 29.4 InTheCity Fund Dutch core office property fund 5.0 3.5 (1.4) 7.1 Growth Fund Dutch logistics + light industrial proper
Slide 28: Management Team
| → 28 MANAGEMENT TEAM SUPERVISORY BOARD DR. AXEL SCHROEDER JOACHIM LUDWIG DR. OTTMAR GAST Chairman of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board since 2015 since 2015 since 2018 Previously 15 years as CEO Executive Board member Chairman of the Advisory Boa
Slide 29: Investor Relations
IR CONTACT, TRADING INFORMATION & FINANCIAL CALENDAR |→ 29 INVESTOR RELATIONS CONTACT FINANCIAL CALENDAR 2019 STEFAN ZENKER + 23 JANUARY 2019 HEAD OF INVESTOR RELATIONS German Corporate Conference, Frankfurt (UniCredit/Kepler Cheuvreux) MPC MÜNCHMEYER PETERSEN CAPITAL AG Palmaille 67 + 15 FEBRUARY 2