EQS-News

AURELIUS Equity Opportunities reports results for the first nine months of 2022 - Seite 2

Net asset value (net) of EUR 909.0 million influenced by challenging market environment

The net asset value (net) of EUR 909.0 million at 9/30/2022 was below the level at the end of the first half (6/30/2022: EUR 1,004.2 million). This value is an expression of both a conservative valuation approach and the weaker operating performance of the portfolio companies. The net asset value (net) has been adversely impacted by the current macroeconomic environment. The Group’s portfolio companies are finding it hard to pass on the significantly higher energy costs to customers, as the recession anticipated by experts is already causing consumers to hold back on spending.

Whereas the net asset value of the portfolio companies declined by 13 percent, the net asset value (net) of the assets acquired as co-investments has risen by around 45 percent.

Consolidated cash and cash equivalents at 9/30/2022 were solid, at EUR 284.6 million (12/31/2021: EUR 444.0 million). This is to be seen as a successful outcome considering the sizable cash outflows for the dividend payment (EUR 41.5 million), share buybacks (EUR 35.0 million), and brisk investment activity, particularly in the segment of Co-Investments.

Brisk transaction activity despite the uncertain market environment

The market environment in the first nine months of 2022 was characterized by adjustments and uncertainties. Nonetheless, AURELIUS Equity Opportunities completed seven add-on acquisitions for existing portfolio companies, five co-investments, and four (partial) exits. Some of these transactions are highlighted in the following.

The European Imaging Group acquired majority stakes in two companies, CameraNu.nl in February and Cyfrowe.pl. in May. BMC Benelux completed the acquisition of the building materials division of De Rycke in March. Together with AURELIUS European Opportunities Fund IV, AURELIUS Equity Opportunities completed the acquisition of the British operations of McKesson Corporation (today: Hallo Healthcare Group) in April, that being the biggest acquisition in the Group’s history to date. The Group also pulled off an especially successful exit with the sale of AKAD University in February.