17 May 2018
Hamburg, May 17, 2018 - MPC Capital AG (Deutsche Börse Scale, ISIN DE000A1TNWJ4), an international asset and investment manager of real assets, generated revenues of EUR 10.1 million and EBT of EUR 1.1 million in the first quarter of financial year 2018. The decrease compared to the first quarter of 2017 (revenues: EUR 12.0 million, EBT: EUR 2.3 million) results primarily from declining revenues from legacy business, which could not yet be fully offset by revenues from new business with institutional customers. However, the establishment of additional asset management mandates and increasing transaction activity are expected to lead to an increase in total revenues again in the further course of the year.
Sales and EBT in Q1 still below previous year's level
Revenues from Management Services amounted to EUR 8.1 million in the first quarter of 2018 (previous year: EUR 10.0 million). Roughly a half comes from the technical and commercial management of container ships and bulk carriers by the Group companies Ahrenkiel Steamship and Contchart. At EUR 2.0 million, revenues from Transaction Services were on a par with the prior-year quarter.
Earnings before taxes (EBT) after the first three months amounted to EUR 1.1 million (previous year: EUR 2.3 million). The EBT is affected by one-off costs for the capital increase placed at the beginning of March. As a result of the capital measure, the equity ratio improved to 81.3% as of the balance sheet date 31 March 2018 (31 December 2017: 75.5 %). Cash and cash equivalents increased to EUR 37.3 million (31 December 2017: EUR 28.9 million).
Expansion of vessel fleet with rising charter rates
The gradual expansion of the container ship and bulk carrier fleet under management is expected to result in a significant increase in ongoing management fees in the further course of the year. A substantial part of the fleet of MPC Container Ships ASA, in which MPC Capital AG holds an interest as part of its co-investment strategy, has only been taken over into management in recent weeks. The revenues generated in this way will therefore only be reflected in the results of the following quarters. At the same time, charter rates have recently developed very positively, especially for container vessels of the feeder class, which should provide additional impetus for sales development in 2018.
Expansion of investment strategies in the areas of real estate and infrastructure
In the real estate sector, the further expansion of MPC Capital's investment strategies is being driven forward. The focus is currently on the acquisition of new micro living projects in Germany, Spain and Portugal. In the Netherlands, "Bajes Kwartier", one of the largest inner-city housing projects in Amsterdam with an investment volume of around EUR 300 million, is about to break ground.
MPC Capital's Renewables team is currently working to further expand the investment platform for renewable energy projects in the Caribbean. The financing agreements for more than USD 60 million for the platform's seed asset, the Paradise Park solar PV project in Jamaica, were signed this week.
Forecast 2018 confirmed
For the full year 2018, MPC Capital expects Group sales growth of at least 10% and a disproportionate increase in EBT.
Note: The figures for the first quarter of 2018 were not audited and were not subject to an audit review.
About MPC Capital AG
MPC Capital AG is an international asset and investment manager for real asset investments. Together with its subsidiaries, the company develops and manages real asset investments and investment products for international institutional investors, family offices and professional investors. Its focus is on the asset categories Real Estate, Shipping and Infrastructure. MPC Capital AG has been quoted on the stock exchange since 2000 and has around 270 employees group-wide.
MPC Capital AG
Head of Investor Relations & Public Relations
Tel. +49 40 38022-4347