Aurelius Equity Opportunities has reported a 63 per cent increase in consolidated revenues to EUR1,926.9 million in the first nine months of 2016.
Consolidated revenues increased by 51 per cent year on year to EUR2,749.3 million, with growth significantly boosted by company acquisitions during the past 12 months.
Aurelius Equity Opportunities generated EBITDA of EUR122.0 million for the combined group in the first nine months of 2016 (Q1-Q3 2015: EUR165.6 million).
Operating EBITDA amounted to EUR83.8 million despite the sale of several profitable group subsidiaries, reflecting the solid operating performance of most group portfolio companies, notably SECOP, Studienkreis, and Getronics (Q1-Q3 2015: EUR95.4 million).
Having completed six company acquisitions in the first half of 2016, two additional acquisitions were carried out in the third quarter; in July, Aurelius acquired the British cosmetic clinic operator The Hospital Group and in August 2016, Aurelius Group entity B+P Gerüstbau acquired construction and specialty scaffolder BSB Group, as part of an add-on acquisition. The total income realised was EUR77.3 million, which resulted from the reversal of negative goodwill from capital consolidation over the nine month period (Q1-Q3 2015: EUR101.4 million).
In September 2016, Aurelius sold its remaining shares in the listed subsidiary Berentzen Group to institutional and private investors. This, alongside the sale of group portfolio companies fidelis HR and Tavex resulted in inflows of EUR90 million to Aurelius Equity Opportunities, over the nine month period.
As of 30 September 2016, the net asset value of group entities was EUR1,353.3 million – an increase of 8 per cent on the previous year (31 December 2015 EUR1,252.7 million).
Dr Dirk Markus, chairman of Aurelius Equity Opportunities’ executive board, says: "This is another excellent set of results for the group, reflecting strong deal momentum in the UK and on the Continent. Having carried out two additional company disposals in the fourth quarter of 2016, we anticipate more corporate transactions in the coming months. We also see great potential in the pending acquisition of Office Depot Europe, for which, Aurelius submitted a binding offer in September. The transaction is expected to complete in the coming months, subject to the usual consulting processes, the approval of the responsible antitrust authorities and any additional closing conditions.
“In the fourth quarter, Aurelius Equity Opportunities also launched two share repurchase programmes of up to EUR52 million. With liquid funds of more than EUR360 million, we are in a strong position to continue our ongoing dynamic growth strategy using our own resources, as well as pursue an attractive dividend policy. Furthermore, following the share repurchase programmes, we are also able to retain a major proportion of our profits within the company."