- Significant revenue increase in a challenging market environment
- Transaction business from the renewable energies sector at a high level
- 2020 forecast further suspended
Hamburg, November 12, 2020 - The business model of MPC Capital AG (Deutsche Börse Scale, ISIN DE000A1TNWJ4), an international asset and investment manager of real assets, continued to prove robust against the economic impact of the COVID 19 pandemic in the third quarter of 2020.
Revenues in the third quarter increased significantly by 34% from EUR 11.0 million to EUR 14.7 million due to strong transaction business. While management fees fell slightly from EUR 9.7 million to EUR 8.8 million, transaction fees reached a high level at EUR 5.7 million, to which the Renewable Energies segment contributed significantly . In contrast, income from the sale of assets from the co-investment portfolio was significantly lower than in the previous year and the company incurred one-off expenses in connection with the implementation of the focus strategy. Earnings before taxes (EBT) thus came in at EUR 0.3 million in the third quarter of 2020 (Q3 2019: EUR 0.5 million).
Cumulatively, the MPC Capital Group's revenues increased by 28% to EUR 39.5 million in the first nine months of 2020 (9M 2019: EUR 30.9 million). At EUR 28.8 million, management fees were more than 5% higher than in the same period of the previous year (EUR 27.5 million) and primarily reflect the continuous growth in the Shipping segment. The establishment of a joint venture between MPC Capital’s subsidiary Ahrenkiel Steamship and Singapore-based Wilhelmsen Ship Management, as announced in July 2020, and the corresponding sale of 50% of the shares in Ahrenkiel Steamship were closed as planned at the end of September 2020.
At EUR 8.1 million, transaction fees were significantly higher than the previous year's figure of EUR 2.9 million. This increase reflects in particular the successful transaction activity in the renewable energy sector. In addition, there were further transactions from the Real Estate and Shipping segments.
Earnings before taxes (EBT) amounted to EUR 1.5 million for the first nine months of 2020 (9M 2019: EUR 2.3 million). The decline is the result of one-off expenses in connection with the company's focus on sustainably profitable and high-growth investment strategies. Cash and cash equivalents amounted to around EUR 17.5 million on 30 September 2020. The equity ratio was 74 percent.
Against the background of the economic implications of the COVID 19 pandemic, the Management Board of MPC Capital AG has decided to suspend its forecast for the current fiscal year 2020 due to the unclear further development of business. In particular, the effects of the second wave of infections on the business of MPC Capital cannot be conclusively assessed at this time. Provided that economic conditions improve again and visibility for the current financial year increases, the Management Board will resume a forecast for the 2020 financial year and communicate it immediately to the capital market.
Note: The figures for the third quarter and the first nine months of 2020 have not been audited and have not been subject to an auditor's review.
About MPC Capital AG (mpc-capital.com)
MPC Capital AG is an internationally active asset and investment manager specialising in real asset investments. Together with its subsidiaries, the company develops and manages 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 290 employees group-wide.
MPC Capital AG
Stefan Zenker, Head of Investor Relations & Public Relations
Phone +49 40 38022-4347
This communication contains future-related statements that are to some degree subject to risks and uncertainties. Future results may deviate considerably from those currently expected due to various risk factors and uncertainties such as changes in the business, economic and competitive situation, exchange rate fluctuations, uncertainties arising from legal disputes or investigative proceedings, and access to financial resources. MPC Capital AG assumes no responsibility whatsoever for updating the future-related statements contained in this communication.