Mutares AG publishes preliminary figures for FY2017 – Group revenues and operating earnings significantly higher than previous year

Mutares AG (ISIN: DE000A0SMSH2) publishes preliminary, unaudited Group figures for financial year 2017 based on International Financial Reporting Standards (IFRS). As expected, Group revenues and operating earnings (EBITDA) in 2017 were significantly higher than in the previous year.

Mutares was able to increase group revenues by around 38 percent to EUR 899.7 million (previous year: EUR 650.1 million) in the past financial year. The companies of STS Group, Balcke-Dürr Group and La Meusienne, which were included in the consolidated financial statements for the first time, contributed in particular to this. Operating earnings (EBITDA) of Mutares Group amounted to EUR 67.1 million in 2017 (previous year: EUR 50.6 million). With the 2017 financial year (and the previous year’s figures), the company reports for the first time on the basis of IFRS.

As a result of the large number of acquisitions, the Automotive segment was a key factor for Mutares with an increase in revenues of around 107 percent to EUR 344.1 million (previous year: EUR 166.1 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by around 350 percent to EUR 56.8 million (previous year: EUR 12.6 million). Key success factors were in particular targeted add-on acquisitions of STS Group1) and the very successful ramp-up of the elastomer site in Mexico.

Revenues of the portfolio companies in the Engineering & Technology segment increased by around 65 percent to EUR 213.2 million (previous year: EUR 129.1 million), while the operating earnings (EBITDA) decreased to EUR 17.4 million (previous year: EUR 36.3 million). This decline was due in particular to restructuring measures at the Balcke-Dürr Group, which led to a successful turnaround and form the basis for future growth.

Revenues in the Construction & Infrastructure segment rose by 133 percent to EUR 65.1 million (previous year: EUR 28.0 million) due to the acquisition of La Meusienne in the past financial year. EBITDA amounted to EUR 7.3 million (previous year: EUR -6.3 million).

In the past financial year, the portfolio companies in the Wood & Paper segment achieved growth in revenues of around 15 percent to EUR 178.8 million (previous year: EUR 155.8 million). Earnings before interest, taxes, depreciation and amortization fell significantly to EUR -4.5 million (previous year: EUR 13.8 million). This was mainly due to the development of raw material prices, in particular pulp, as well as restructuring expenses, which already showed initial successes.

The portfolio companies in the Consumer Goods & Logistics segment recorded a decline in revenues of around 42 percent to EUR 98.6 million (previous year: EUR 171.3 million), mainly due to changes in the customer structure and the sale of Grosbill. The segment EBITDA of EUR -18.1 million (previous year: EUR -1.6 million) was strongly influenced by was strongly affected by impairment losses.

Mutares AG will publish the financial report for financial year 2017 including the audited consolidated financial statements on June 13, 2018 and explain it in a conference call for analysts, investors and journalists from 2 p.m. onwards, taking into account the first-time application of IFRS.

1) Assuming STS Group had already existed in its current form since January 1, 2017, pro forma revenues of EUR 425.2 million and adjusted pro forma EBITDA of EUR 23.8 million were calculated for 2017. Pro Forma means the calculated revenues and EBITDA assuming the financial statements and consolidation of all add-on transactions within the STS Group as of January 1, 2017. Adjusted refers to the consideration of pro forma EBITDA for one-time effects such as the realization of bargain purchases based on IFRS 3 and transaction-related costs.