DGAP-News

MPC Capital AG publishes 2020 First Half Report - Seite 2

Other revenue for the first half of the year came to EUR 2.4 million (H1 2019: EUR 0.4 million). This item is essentially made up of one-off, non-recurring income from the Shipping unit, for which there is a comparable amount in cost of purchased materials.

EBIT rises thanks to focusing and savings - COVID-19-related write-downs erode EBT

The operating result (EBIT) was improved substantially from EUR -4.2 million in the prior-year period to EUR 1.2 million in the first half of 2020 as a result of the focus on profitable, high-growth business areas and cost savings implemented.

In the previous year, high investment income led to positive earnings before taxes (EBT) in the amount of EUR 1.8 million. In the first half of 2020, impairment adjustments of EUR 2.5 million had to be made to MPC Capital's co-investment portfolio due to the impact of the pandemic on container shipping. EBIT for the first half of 2020 of EUR 1.2 million was consequently around EUR 0.6 million down on the prior-year period.

Overall, MPC Capital AG posted a consolidated profit after tax of EUR 0.1 million for the first half of 2020 (H1 2019: EUR 1.2 million).

EUR 4.3 billion assets under management

The assets under management of the MPC Capital Group as at 30 June 2020 totalled EUR 4.3 billion, around EUR 0.2 billion down on the level as at 31 December 2019 (EUR 4.5 billion). New business brought in asset additions of EUR 0.3 billion. On the other side of the equation there were asset disposals amounting to EUR 0.2 billion. The measurement and currency effects came to EUR -0.3 billion.

Financial assets, which primarily comprise co-investments by MPC Capital, fell from EUR 74.6 million as at 31 December 2019 to EUR 68.0 million as at 30 June 2020. The decline stems mainly from an impairment adjustment on the shares held indirectly in MPC Container Ships ASA as well as from the sale of shares in the BMG portfolio. The cash position declined to EUR 15.4 million (31 December 2019: EUR 20.6 million) substantially as a result of the scaling-back of liabilities as at 30 June 2020. The equity ratio improved from 70.9 % to 76.3 %.