First quarter results of AURELIUS reflect negative impact of the economic crisis coinciding with favorable investment opportunities
- Preliminary figures show a first-time operating loss resulting from the economic crisis
- A significant bargain purchase effect nevertheless allowed EBITDA to grow to EUR 31.8 million at the same time
Munich, 12 May 2009. In the first quarter of 2009, the effects of the global economic crisis were reflected in the operating performance of AURELIUS, the industrial holding company headquartered in Munich. According to the preliminary figures made available today, the Group generated revenue from continuing operations of EUR 195.9 million in the first three months compared to EUR 127.2 million in the previous year (+54.0 %). The increase in revenue is mainly attributable to acquisitions made in the second half of 2008 and in the first quarter of 2009 and their addition to the consolidated group of AURELIUS AG.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased significantly in a like manner, rising to EUR 31.8 million compared to EUR 4.4 million in the previous year (+622.7 %). The strong increase was due to the bargain purchase effect from BCA, Consinto and LD Didactic recognized under acquisition accounting during the initial consolidation of these companies in the first quarter of 2009. The bargain purchase effects from Blaupunkt are not yet included since the initial consolidation of that company has not yet been completed at this time. The operating activities of AURELIUS were noticeably impacted by the negative economic environment, posting a loss of approximately EUR 3.6 million.
Dr. Dirk Markus, Chairman of the AURELIUS Management Board, commented on this: "Our corporate group, like others, was unable to escape the effects of the extremely negative market environment. While we are also benefiting from this situation, in that it offers us a multitude of attractive investment opportunities our operating businesses had to cope with significant declines in revenue and results at the same time. The French mail order operations and the ‘Industrial Production’ segment were hit particularly hard."
AURELIUS intends to take advantage of the current favorable investment opportunities by actively pursuing further acquisitions and has set cash funds in the range of 8 figures in euro aside for that purpose.
The company will publish the complete first quarter report on 28 May 2009.