Mutares achieves revenues of over EUR 200m, Adjusted EBITDA on target

  • Group revenues for the first three months of 2019 at over EUR 200 million
  • Balanced EBITDA, Adjusted EBITDA negative as expected in first quarter
  • Three acquisitions already made, including two add-ons and a new platform investment before the end of May
  • Outlook and targets for 2019 unchanged

Munich, May 21, 2019 – The Mutares Group (ISIN: DE000A2NB650) generated total revenues of EUR 203.3m in the first quarter of 2019 (Q1/2018: EUR 228.9m). The decline is mainly attributable to the units deconsolidated in the course of the 2018 financial year. A balanced operating result (EBITDA) was achieved (Q1/2018: EUR -3.4m), Adjusted EBITDA1) amounted to EUR -3.5m (Q1/2018: EUR -0.5m). While restructuring and other non-recurring expenses are not expected until the second quarter of 2019 for the companies newly acquired in the reporting period, the companies acquired in the fourth quarter of 2018 are still contributing to Adjusted EBITDA with operating losses.

Cash and cash equivalents amounted to EUR 85.4m as of March 31, 2019 (December 31, 2018: EUR 108.1m), the equity ratio of the Mutares Group was 26%, down from 33% as of December 31, 2018. This is mainly due to the first-time mandatory application of the new leasing regulations of IFRS 16, which contribute approximately EUR 50m to the increase in total assets in the balance sheet.

Operational milestones in the Engineering & Technology segment achieved

The quarter was marked by a market-related decline in revenue in the Automotive & Mobility segment and the achievement of important milestones in the Engineering & Technology segment: the Donges Group made initial gratifying progress in initiating its optimization program and integration into the Donges Group for the recent acquisitions of Kalzip and Normek. The Gemini Rail Group was able to achieve an initial implementation success with the improvement of its structural costs but is still contributing to Adjusted EBITDA with losses in the first quarter.

Acquisitions for the Engineering & Technology and Goods & Services segments

On the transaction side, three acquisitions were announced in the first quarter, including a new platform investment for the Goods & Services segment in France and two strategic acquisitions already completed for the Donges Group (Engineering & Technology segment).

Outlook and targets for 2019 confirmed

Following the three acquisitions already made in the first quarter, the Management Board is aiming for at least three further transactions in the 2019 financial year. With regard to the portfolio companies, further significant operational progress is expected, especially in the transaction-driven Engineering & Technology and Goods & Services segments.

Net asset value of the portfolio

Based on developments in the segments and the relevant markets in the first quarter of 2019, the net asset values (NAV) for the segments were updated as at 31 March 2019. The NAV is calculated as the sum of the segment valuations (assets less the market value of debt plus net funds) with a company-specific WACC of 6 % to 11 % (average: 9 %) and a uniform conservative growth rate of 0.5 %. For the calculation of the NAV, only the sum-of-the-parts value of the individual segments is considered, i.e. transaction activity, turnaround expertise and the brand strength of Mutares are not included in the following calculation:



NAV as of 31.03.2019
(in million EUR)
Automotive & Mobility 51.6
Engineering & Technology 110.2
Goods & Services 21.5
Net cash & equivalents 22.5


NAV per share (in EUR)



Comments on the NAV in Q1/2019:

Automotive & Mobility: STS Group AG was valued as at 31 March 2019 on the basis of the stock market price (XETRA) and the share held by Mutares AG.

1) Adjusted EBITDA is an EBITDA ratio adjusted for extraordinary, one-time effects. The calculation is based on reported Group EBITDA, adjusted for transaction-related income (bargain purchases), restructuring and other non-recurring expenses, and deconsolidation effects.

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Company profile of Mutares SE & Co. KGaA

Mutares SE & Co. KGaA, Munich (, acquires medium-sized companies and parts of groups with headquarter in Europe that are being sold in the course of a repositioning process at their owners and show a clear potential for operational improvement. Mutares actively supports and develops its portfolio companies with its own investment and consulting teams as well as through acquisitions of strategic add-ons. The aim is to achieve a clear value increase with a focus on sustainable, long-term growth of the portfolio company. In 2019, Mutares’ portfolio companies generated consolidated revenues of EUR 1,016 million and employed more than 6,500 people worldwide. The shares of Mutares SE are listed on Frankfurt Stock Exchange under the ticker symbol “MUX” (ISIN: DE000A2NB650).