Mutares Se & Co. Kgaa · XETR:MUX
Mutares Se & Co. Kgaa — H1 2020 Earnings Presentation
20 slides from Mutares Se & Co. Kgaa's earnings presentation, Aug 11, 2020
Slide 1: Earnings Call H1 2020
Earnings Call H1 2020 Munich, 11 August 2020
Slide 2: Disclaimer
Disclaimer This document has been prepared by Mutares SE & Co. KGaA solely for the use in this presentation. The information contained in this document has not been independently verified. No representation or warranty - whether expressed or implied – is made as to, and no reliance should be placed
Slide 3: Speakers
Speakers Management Board Mark Friedrich Johannes Laumann CFO CIO 3
Slide 4: Agenda
Agenda 1 Business model 2 Summary 3 Financials 4 Outlook 4
Slide 5: Business model overview
1 Business model Business model overview Mutares targets sustainable risk adjusted returns with clear dividend focus Realization Growth & Cash Dividends 04 Consulting Flow 03 Harvesting 02 The ultimate objective of Mutares is to Income Optimization actively promote the realization of the company’s v
Slide 6: Best in class turnaround investor achieves supreme value creation
1 Business model Best in class turnaround investor achieves supreme value creation More than 50% of value creation is non-cyclical based on special situations Take calculated risk of Request cash loss-making businesses funding from seller Value creation Turn-around & crystalize Invest the money for
Slide 7: Successful track record
1 Business model Successful track record Mutares targets ROIC with current Vintage1) portfolio of 7-10x Category # Investments Net proceeds Return on invested (Values in EURm except (Initial + holding period) (Consulting, dividends and capital2) return multiples) (partial) exits) (x) Past investment
Slide 8: Highlights of the first half of 2020
2 Summary Highlights of the first half of 2020 Brisk transaction activity, COVID-19 with negative impact on profitability ⌐ High frequency of acquisitions continues: five new platforms acquired in H1 2020, one additional in H2 2020 already; three add-on acquisitions strengthening existing platforms
Slide 9: Mutares portfolio grows to currently 18 platforms
2 Summary Mutares portfolio grows to currently 18 platforms Five new platforms aquired in H1 2020, one already in H2 2020 Automotive & Mobility Engineering& Technology Goods & Services Rubber mouldings Energy efficiency & filters Industry & hygienic coreboard Acquired in 2009 from Diehl Group Acquir
Slide 10: Key financial data of the first half of 2020
3 Financials Key financial data of the first half of 2020 Revenue growth of 40% due to significant M&A activity compensating negative effects from COVID-19 Group Group Group Group cash & Group equity Revenues EBITDA Adj. EBITDA equivalents ratio EUR EUR EUR EUR % 620.5m 41.5m -16.7m 109.3m 16.3% H1
Slide 11: Consolidated Statement of Profit and Loss
3 Financials Consolidated Statement of Profit and Loss M&A activity and COVID-19 driving P&L mEUR H1 2020 H1 2019 Δ abs. Δ in % Revenues 620.5 443.2 177.3 40.0% +/- Change in inventories -1.6 12.8 -14.4 >-100% Other income 78.5 77.1 1.4 1.8% Cost of material -390.2 -277.7 -112.5 40.5% Personnel expe
Slide 12: Adjusted EBITDA
3 Financials Adjusted EBITDA Newly acquired entities and COVID-19 with negative impact on profitability mEUR H1 2020 H1 2019 Δ abs. Δ in % EBITDA 41.5 67.1 -25.6 -38.2% Income from bargain purchases -65.8 -70.8 -5.0 -7.1% Restructuring and other non-recurring 9.2 3.7 5.5 >100% expenses Deconsolidati
Slide 13: Consolidated Balance Sheet
3 Financials Consolidated Balance Sheet Cash-in from bond issue and acquisitions lead to an increase in total assets mEUR 30/06/2020 31/12/2019 mEUR 30/06/2020 31/12/2019 Intangible assets 65.8 58.7 Total equity 160.6 208.2 PP&E 184.0 176.4 Financial liabilities 196.5 117.7 Right of use assets 141.8
Slide 14: Segment Financials (1/2)
3 Financials Segment Financials (1/2) Automotive & Mobility Engineering & Technology ⌐ Due to COVID-19 and despite new platform ⌐ Now the largest segment in the Group in terms of investments, revenue only at level of H1 2019 revenue: increase mainly due to the add-on ⌐ EBITDA benefits from bargain p
Slide 15: Segment Financials (2/2)
3 Financials Segment Financials (2/2) Goods & Services ⌐ Sharp increase in revenues due to the acquisition of new platform investments (TréfilUnion, keeeper Group and BEXity) ⌐ EBITDA benefits from bargain purchase of keeeper Tableware ⌐ All entities except TréfilUnion with positive Adjusted EBITDA
Slide 16: Well diversified portfolio along the lifecycle
3 Financials Lifecycle Status Well diversified portfolio along the lifecycle Comments Revenues Adj. EBITDA ⌐ Re-assessment of Plati, keeeper, 325.3 Harvesting Balcke-Dürr, Donges Group and Gemini compared to YE 2019 ⌐ Mutares’ portfolio companies usually undergo three operational phases: 5.0 (1) Rea
Slide 17: We will continue our path for sustainable growth
4 Outlook We will continue our path for sustainable growth… …and to increase the attractiveness of the Mutares share for investors Challenging environment due to COVID-19, expectation of more M&A activity in H2 2020 Already two closings and one signing in July 2020 Targeted revenue (incl. signed acq
Slide 18: Capital Markets Day – Save the Date!
4 Outlook Capital Markets Day – Save the Date! 18
Slide 19: Questions & Answers
MUTARES Questions & Answers ae ( Niet x = TALS or
Slide 20: Contact
Contact Investor Relations Upcoming dates Baader Investment Conference, Munich, 25 September 2020 Capital Markets Day, Frankfurt/Main, 20 October 2020 Publication of Q3 information, Investor Call, 10 November 2020 Mutares SE & Co. KGaA Deutsches Eigenkapital Forum, Frankfurt/Main, 16-18 November 202
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