MPC Münchmeyer Petersen Capital AG (MPCK); reports slight decline in the Q119 results from lower transaction activity

Published on 16-05-2019 09:36:09
Author Milosz Papst

Today MPC published its financial results for Q119, posting €10.0m in revenues and €0.7m in EBT, which is slightly below Q118 results of €10.1m and €1.1m respectively. The decline was mainly due to lower transaction activity,partially offset by higher revenues from asset management. The company reconfirmed guidance for a slight increase in sales and, at least, a break-even on an EBT level.

Revenues from transaction services decreased from €2.0m in Q118 to €0.9m in Q119. This is a continuation of a negative trend started in 2018, when MPC recorded an over 40% decrease compared to FY17 (which was mostly attributable to H218). On the other hand, revenues from management services increased to €8.9m, compared to €8.1m in Q118, on the back of an expansion of the managed vessel fleet. MPC also expanded its technical management offering for tankers and further grew its technical management business for bulk carriers.

The company improved its equity ratio to 81.8% at end-March 2019 (end-December 2018: 74.3%), with a reduction in current liabilities translating into a decline in cash and cash equivalents to €15.8m (December 31, 2018: €28.6m).

In the real estate segment, MPC Capital shifted its focus towards health care properties, with the acquisition of three medical centers in the Netherlands. The targeted initial investment volume in healthcare real estate amounts to €70m. At the same time, MPC aims to dispose of its office real estate portfolio in Netherlands, which will still be managed by the company following the sale.

At the end of April 2019, MPC signed a financing agreement for the wind power project “Tilawind” in Costa Rica, worth around $50m. This is a second asset of the MPC Clean Energy Fund, which lets the company further expand the investment platform for renewable energy projects in the Caribbean.

Author: Milosz Papst

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