29 August 2014
Hamburg, 29 August 2014 - MPC Münchmeyer Petersen Capital AG (Deutsche Börse Entry Standard, ISIN DE000A1TNWJ4) sees initial signs of a business recovery in a fundamentally changed market environment in the first-half figures that it presents today. Following the far-reaching restructuring of the Group and the completion of the company's debt clearance, the first measures to reposition it as an asset and investment manager for real asset investments are having an effect.
Revenue for the MPC Capital Group climbed 9 % to EUR 15.8 million in the first half of 2014. While traditional fund management business contracted by just under 11 % to EUR 12.5 million, income from the structuring of transactions in the Real Estate and Maritime segments increased substantially to EUR 2.9 million. The restructuring process brought additional savings that translated into a further slight improvement in almost all expense items. Overall, the Group reports earnings before interest and taxes (EBIT) of EUR 2,098 thousand for the first half of 2014. Consolidated net profit climbed to EUR 995 thousand in the first half of 2014.
Repositioning as service provider for institutional investors
The period under review brought some initial success for the MPC Capital Group with its repositioning as a service provider for institutional investors. Following the far-reaching regulatory changes in the market for closed-end funds that have led to a complete reshuffle of the industry in recent years since the wake of the financial crisis, MPC Capital now derives the bulk of its new business from professional capital investment work. Its focus is on the segments real estate, maritime investments and infrastructure.
The regulated entity of Deutsche SachCapital has been created by way of a flanking strategy. In February 2014 the MPC Capital subsidiary became one of the first companies in Germany to receive a permit to operate as an investment fund manager; this means it can now issue and manage Alternative Investment Funds (AIF) in accordance with the strict rules of the German Investment Code (KAGB).
In the real estate area, a few weeks ago MPC Capital established a joint venture with the Danish Sparinvest Group to develop projects for student accommodation in Germany. In the Netherlands the local subsidiary of MPC Capital took full control of the companies that manage the real estate funds of ABN AMRO MeesPierson with effect from the end of 2013. The team at the Dutch subsidiary is also involved in structuring transactions in the office property market segment, where it recorded a first high-profile success in March 2014 with the acquisition of the "Blaak 16" tower in Rotterdam.
The merger of MPC Steamship with the Hamburg shipping companies Ahrenkiel and Thien & Heyenga to form the new entity Ahrenkiel Steamship in April 2014 has at a stroke increased the significance of MPC Capital as an expert for maritime investments. The company is thus able to tap into renewed interest in the shipping markets among professional investors.
Ferrostaal Capital GmbH, established last year and in which MPC Capital AG holds an equity investment of just under 50 %, has embarked upon its first major infrastructure project. On behalf of a Portuguese consortium Ferrostaal Capital is structuring the financing for one of Europe's biggest wind farms, representing an investment volume of EUR 220 million.
Management Board confirms full-year forecast
"The successful figures for the first half of 2014 support our belief that there are good prospects for MPC Capital as an investment manager of real asset investment products, even in a fundamentally altered market environment," remarked Dr Axel Schroeder, CEO of MPC Capital AG, upon the publication of the first-half figures. "There are plenty of indications that our plan to reposition the MPC Capital Group is working."
For 2014 overall, the Management Board confirms its forecast of revenue of around EUR 30 million along with a positive operating result in the single-digit millions and consolidated earnings in the low single-digit millions.