MPC Munchmeyer Petersen Capital AG · XETR:MPCK
MPC Munchmeyer Petersen Capital — MPC Capital — Investor Presentation (February 2020)
25 slides from MPC Munchmeyer Petersen Capital's investor presentation, February 2020
Slide 1: MPC Capital AG - Managing Real Assets
MANAGING REAL ASSETS |→ |→ 02 04 // 2020 2019 MPC CAPITAL AG
Slide 2: Agenda and disclaimer
MANAGING REAL ASSETS |→2 MPC CAPITAL AG AGENDA 1. INTRODUCTION 3 2. BUSINESS MODEL 6 3. STRATEGY AND GROWTH OBJECTIVES 13 4. FINANCIALS 17 5. APPENDIX 22 This presentation and the information contained herein (“the Presentation”) have been compiled with meticulous care and to the best of our knowled
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 selected real asset markets Total AuM1): €4.5bn > 370 assets + €4.5bn AuM 1), thereof €3.5bn in new i
Slide 4: Capital Market Profile
PUBLICLY LISTED SINCE 2000 WITH LONG-TERM COMMITMENT BY FOUNDING SHAREHOLDER MPC GROUP |→4 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) Freefloat Market cap (in €m) 67 2.0 Share pric
Slide 5: Business Model
|→5 1. INTRODUCTION 3 2. BUSINESS MODEL 6 3. STRATEGY AND GROWTH OBJECTIVES 13 4. FINANCIALS 17 5. APPENDIX 22
Slide 6: Asset Light Business Model
INTEGRATED ASSET MANAGER AND CO-INVESTOR WITH FOCUS ON SELECTED NICHE AREAS IN REAL ASSET MARKETS |→6 ASSET LIGHT BUSINESS MODEL RECURRING FEES FROM DEAL-DRIVEN TRANSACTION ATTRACTIVE RETURNS FROM MANAGEMENT SERVICES BUSINESS CO-INVESTMENTS + Focus on demand and concept driven strategies + Scalable
Slide 7: Diversified Income Streams from Asset Management and Investments
DIVERSIFIED INCOME STREAMS FROM HANDS-ON ASSET MANAGEMENT SERVICES AND INVESTMENTS |→7 FEE AND INCOME GENERATION SOURCING/ MANAGEMENT EXIT STRUCTURING Unique access to Efficient and high-quality operational services Extensive experience in developing highly attractive assets Additional value creatio
Slide 8: Asset Management: Three Core Asset Segments
STRONG VALUE PROPOSITION ALONG THE VALUE CHAIN IN THREE CORE ASSET SEGMENTS |→8 1 ASSET MANAGEMENT CURRENT REAL ESTATE SHIPPING INFRASTRUCTURE + Residential + Container vessels + Renewable energy PLATFORMS + Commercial + Bulk carriers + Tankers OPERATIONS + Investment, asset and property + Fully int
Slide 9: Investments: Investment Portfolio Significantly Increased
INVESTMENT PORTFOLIO OF MPC CAPITAL AG HAS SIGNIFICANTLY INCREASED OVER THE LAST FOUR YEARS |→9 2 INVESTMENTS FINANCIAL ASSETS CO-INVESTMENT PORTFOLIO ALLOCATION As per 31 Dec 2019 (Book value in €m) Excl. minorities (in %) 28.8 0.8 12% Equity Investments Real Estate Other loans 26% Shipping 62% Sha
Slide 10: Acquisitions: Track Record for Institutional Clients
MPC CAPITAL INITIATED PROJECTS FOR INSTITUTIONAL CLIENTS OF AT LEAST €0.8BN PER ANNUM | → 10 TRACK RECORD INSTITUTIONAL AUM BRIDGE SINCE 2016 (IN €BN) 3.5 +1.2 +1.0 +0.8 2.6 2.4 2.3 +0.3 +0.1 -0.3 +0.8 -0.8 1.7 -0.2 -1.2 -0.1 2016 2017 2018 2019 Institutional AuM Additions Revaluation Disposals DEAL
Slide 11: Project Pipeline
VISIBLE GROWTH THROUGH DETAILED PROJECT SHORT-LIST OF €1.7BN | → 11 PROJECT PIPELINE REAL ESTATE SHIPPING INFRASTRUCTURE Stage Volume (€m) % Short List Stage Volume (€m) % Short List Stage Volume (€m) % Short List SPA 140 25% SPA 19 2% SPA 8 3% Negotiations 63 11% Negotiations 275 31% Negotiations 5
Slide 12: Strategy and Growth Objectives
| → 12 1. INTRODUCTION 3 2. BUSINESS MODEL 6 3. STRATEGY AND GROWTH OBJECTIVES 13 4. FINANCIALS 17 5. APPENDIX 22
Slide 13: Growth in AuM Leads to Profitable Growth in Recurring Fees
GROWTH IN AUM LEADS TO PROFITABLE GROWTH IN RECURRING MANAGEMENT FEES | → 13 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 14: Strong Cash Proceeds from Business and Investment Activities
STRONG CASH PROCEEDS FROM PROFITABLE BUSINESS AND INVESTMENT ACTIVITIES | → 14 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 15: Growth Objectives and Financial Targets
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: Financials
| → 16 1. INTRODUCTION 3 2. BUSINESS MODEL 6 3. STRATEGY AND GROWTH OBJECTIVES 13 4. FINANCIALS 17 5. APPENDIX 22
Slide 17: Assets Under Management: Institutional vs. Retail
CROSSOVER DECEMBER 2018 TO DECEMBER 2019: INSTITUTIONAL VS. RETAIL BUSINESS | → 17 ASSETS UNDER MANAGEMENT (IN €BN) 1.2 -0.1 -0.2 COMMENTS -0.6 1.2 -0.3 4.5 + Institutional business accounts for 78% of 4.3 total AuM -0.8 1.0 + Assets attributable to institutional business in (22%) the amount of €1.2
Slide 18: 2019 Key Financials - P&L Highlights
INCREASE IN RECURRING MANAGEMENT FEES | → 18 2019 KEY FINANCIALS – P&L HIGHLIGHTS REVENUE EBT COMMENTS in €m in €m + Significant increase in recurring 46.8 management fees especially from 42.7 2.3 0.2 technical and commercial ship 5.3 6.1 management more than compensated the scheduled decline in ret
Slide 19: FY 2019 Key Financials - Earnings Before Tax
POSITIVE EBT 2019 AS NEW BUSINESS AGAIN COMPENSATES FOR DECREASE IN RETAIL REVENUE | → 19 FY 2019 KEY FINANCIALS – EARNINGS BEFORE TAX EARNINGS BEFORE TAX - BRIDGE FY 2018 - FY 2019 COMMENTS + Management Services: Significant increase in revenues from ship management services as a result of expansio
Slide 20: Balance Sheet and Guidance FY 2020
STRONG BALANCE SHEET TO SUPPORT FUTURE GROWTH | → 20 2019 KEY FINANCIALS – BALANCE SHEET & GUIDANCE FY 2020 EQUITY BALANCE SHEET STRUCTURE COMMENTS in €m in €m 151.2 + Intensive co-investment activities in 2019 contrasted to disposals from the 139.6 sale of assets and write-downs 135.5 + High equity
Slide 21: Appendix
| → 21 1. INTRODUCTION 3 2. BUSINESS MODEL 6 3. STRATEGY AND GROWTH OBJECTIVES 13 4. FINANCIALS 17 5. APPENDIX 22
Slide 22: Financial Performance 2015-2019
P&L AND BALANCE SHEET | → 22 FINANCIAL PERFORMANCE 2015 - 2019 INCOME STATEMENT (in €m) FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 Revenue 47.8 53.8 47.3 42.7 46.8 Other operating income 8.6 11.9 22.7 12.5 9.7 Cost of materials / Cost of purchased services -1.1 -1.6 -3.1 -3.5 -2.2 (in €m) FY 2014 FY 20
Slide 23: Financial Assets as of 31 December 2019
BALANCE SHEET | → 23 FINANCIAL ASSETS AS OF 31 DECEMBER 2019 CO-INVESTMENT PORTFOLIO Financial Current MPC Minorities Assets Assets Investment Real Estate Description 34.2 0.1 (3.3) 31.1 InTheCity Fund Dutch core office property fund 12.1 - (1.4) 10.6 Bajes Kwartier Dutch residential development pro
Slide 24: Management Team
| → 24 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 25: Investor Relations
IR CONTACT, TRADING INFORMATION & FINANCIAL CALENDAR | → 25 INVESTOR RELATIONS CONTACT FINANCIAL CALENDAR 2020 STEFAN ZENKER + 20 FEBRUARY 2020 HEAD OF INVESTOR RELATIONS Publication of Annual Report 2019 MPC MÜNCHMEYER PETERSEN CAPITAL AG + 30 APRIL 2020 Palmaille 67 Annual General Meeting in Hambu