Ad hoc: MPC Capital AG publishes key figures for the first quarter of 2020 and suspends forecast for 2020
11 May 2020 - 18:31 CET/CEST
DISCLOSURE OF INSIDE INFORMATION ACC. TO ARTICLE 17 MAR
MPC Capital AG publishes key figures for the first quarter of 2020 and suspends forecast for 2020
- Expansion of Management Services in the first quarter
- Financial outlook 2020 suspended due to the impact of the COVID 19 pandemic
- Virtual Annual General Meeting on May 25, 2020
Hamburg, 11 May 2020 - The Hamburg-based asset and investment manager MPC Capital AG (Deutsche Börse, Scale, ISIN DE000A1DNWJ4) increased its revenues by EUR 1.4 million to EUR 11.4 million in the first quarter of fiscal year 2020. Revenues from Management Services increased from EUR 8.9 million in the previous year to EUR 10.3 million in the first quarter of 2020, which is mainly attributable to the expansion of the shipping business. MPC Capital had expanded its activities in this area with the Harper Petersen joint venture and the investment in Albis Shipping & Transport in the fourth quarter of 2019. At EUR 0.8 million, revenues from Transaction Services were slightly down on the same quarter of the previous year (EUR 0.9 million).
Earnings before tax (EBT) amounted to EUR 0.6m after the first three months (previous year: EUR 0.7m). The increased profitability of the services business was offset by lower income from co-investments of MPC Capital AG.
Suspension of the 2020 forecast
Against the background of the ongoing COVID 19 pandemic, the Management Board of MPC Capital AG has decided to suspend its forecast for the current fiscal year 2020. Given the increased market uncertainties, investment decisions are expected to be significantly delayed. Furthermore, the implications of the COVID-19 pandemic for valuations in MPC Capital AG's core asset markets cannot be clearly projected yet. It is therefore not possible to predict at this point in time if and when transactions on which the planning is based can be carried out. Effects on the Company's co-investment portfolio cannot be excluded if the Corona crisis continues for a longer period of time.
The Company believes that it is well equipped to deal with the COVID 19 crisis in the best possible way. Following the extensive redemption of financial liabilities in the first quarter of 2020, the equity ratio as of March 31, 2020 was around 74.6% (December 31, 2019: 70.9%) and the liquidity position was around EUR 13.8 million (December 31, 2019: EUR 20.6 million).
Virtual Annual General Meeting on May 25, 2020
Furthermore, the Management Board and Supervisory Board of MPC Capital AG have decided to make use of the new regulations of the so-called COVID-19 Act for the Annual General Meeting and to hold the Annual General Meeting virtually on May 25, 2020.
Note: The figures for the first quarter of 2019 have not been audited and have not been subject to an auditor's review.
Contact and disclosing person pursuant to Article 17 of MAR
MPC Capital AG
Head of Investor Relations & Public Relations
Tel. +49 40 38022-4347
Head of Investor & Public Relations
+49 (40) 380 22 - 4347