Yesterday Mutares released its FY18 results, posting a decrease in sales from €899.7m to €865.1m. EBITDA declined from €67.1m to €49.1m. However, adjusted EBITDA increased from negative €27.9m to positive €4.5m, driven by positive operational performancein its portfolio companies, Balcke-Duerr Group in particular. Adjusted EBITDA for the continued portfolio amounted to €14.5m (FY17: negative €7.3m).
According to Mutares, its sales were negatively affected by the deconsolidation of portfolio companies, Zanders and Artmadis (the former became insolvent and the latter is being liquidated). In addition, its new portfolio holdings, Gemini Rail Group, Kalzip, STF and KSS contributed to Mutares’ sales only throughout part of the year (starting Q318 or Q418) upon completion of the acquisitions.
In FY19 the company has already acquired two companies for its platform investment Donges Group, Normek and FDT. Mutares intends to enter into at least three further transactions in FY19. The company will also merge five segments of its portfolio into three: Automotive & Mobility, Engineering & Technology and Goods & Services.
Finally, Mutares has revealed that it plans to change its corporate structure to a partnership limited by shares (SE & Co. KGaA). The company highlights that it will secure the company’s long-term growth strategy as it will improve the decision making process. The company’s share capital will remain unchanged and its shares will continue to be listed.
Author: Milosz Papst