- Strong first half-year with focus on sustainable investments and further optimisation of the portfolio
- Further significant improvement in profitability in operating business
- Sale of Dutch real estate business leads to additional income
- Forecast for full year confirmed
Hamburg, 25 August 2022 - MPC Capital AG (Deutsche Börse Scale, ISIN DE000A1TNWJ4), an international asset and investment manager of real assets, today publishes its half-year financial report 2022.
The first half of 2022 was very successful for the MPC Capital Group. Despite the adverse economic and geopolitical conditions, MPC Capital's business model and diversified asset base in the three segments Real Estate, Renewables and Shipping mitigated negative effects on performance in the first half of 2022 and enabled a successful development of the business.
High transaction volume with acquisitions and exits in all three asset segments
The MPC Capital Group's revenues amounted to EUR 18.7 million in the first half of 2022 (H1 2021: EUR 16.0 million). The asset management business generated recurring revenues of EUR 13.6 million (H1 2021: EUR 13.7 million). The decline in management fees due to the sale of the Dutch real estate business was offset by a significant increase in management revenues from the Shipping and Renewables segments.
Revenues from the transaction business increased significantly in the first half of 2022 to EUR 5.0 million (H1 2021: EUR 2.1 million). The increase is due to acquisitions and exits in all three asset classes. In addition, the returns from the co-investment portfolio made a significant contribution to the result in the first half of 2022.
Other operating income amounted to EUR 22.0 million in the first half of 2022 (H1 2021: EUR 5.8 million). It mainly comprised the book gains from the sale of the Dutch real estate business in the amount of EUR 16.5 million.
Significant improvement in profitability
After the first six months of 2022, consolidated earnings before taxes (EBT) amounted to EUR 24.3 million. The operating EBT adjusted for the proceeds from the sale of the Dutch real estate business (EBT adj.) was EUR 7.9 million. In the same period of the previous year, MPC Capital achieved an EBT of EUR 2.3 million. The EBT margin (adj.) thus improved significantly from 14% in the previous year to 42% in the first half of 2022.
Overall, MPC Capital AG generated a consolidated net income after taxes of EUR 22.8 million in the first half of 2022 (H1 2021: EUR 1.8 million).
EUR 4.5 billion assets under management
The assets under management of the MPC Capital Group decreased to EUR 4.5 billion as at 30 June 2022 (31 December 2021: EUR 4.9 billion). New business resulted in asset additions of EUR 0.2 billion. This was offset by asset disposals of EUR 1.5 billion, of which EUR 1.2 billion is attributable to the sale of the Dutch real estate business.
The transaction volume in the first half of 2022 was thus EUR 1.8 billion. Valuation and currency effects amounted to EUR 1.0 billion and were due in particular to increased asset values in the Shipping segment and the strong US dollar.
Financial assets, which mainly comprise the co-investments of MPC Capital AG, amounted to EUR 57.9 million as at 30 June 2022 (31 December 2021: EUR 56.4 million). On the one hand, the change is due to the sale of the Dutch real estate business. On the other hand, there were new co-investments in the Shipping division. As part of its co-investment strategy, MPC Capital participated in particular as a co-investor in the new construction programmes for efficient and sustainably operated container ships.
Inflows from the sale of the Dutch real estate business and the profitable business performance in the first half of 2022 led to a significant increase in cash and cash equivalents to EUR 50.8 million (31 December 2021: EUR 38.5 million).
Forecast for the full year 2022 confirmed
For the 2022 financial year, a significant decline in Group revenue is expected due to the sale of the Dutch real estate business. On the earnings side, the Management Board continues to expect earnings before taxes (EBT adj.) of between EUR 8.0 million and EUR 12.0 million for the 2022 financial year, adjusted for the proceeds from the sale of the Dutch real estate business. The EBT margin (adj.) should continue to improve significantly as a result of the lower revenue level if the strong prior-year result is achieved again.
Ulf Holländer, CEO of MPC Capital AG: "In all segments, the global goals in connection with the energy turnaround are resulting in an immense need for investment in real assets, which we can also expect to provide a strong tailwind for MPC Capital's business model. Overall, we believe we are excellently positioned to best overcome the geopolitical and economic challenges that lie ahead. And what's more, every crisis also offers new opportunities. We are convinced that we can take advantage of these to further expand our business."
Key Group figures for H1 2022
01/01 - 30/06/2022
01/01 - 30/06/2021
of which from management services
of which from transaction services
of which miscellaneous
Other operating income
Operating result (EBIT)
Earnings before tax (EBT)
Earnings before tax (adjusted) (EBT adj.)
EBT margin (adj.)
Consolidated net profit
Employees (Average for the period)2
Assets under management (EUR billion)
Cash in hand and bank balances
Equity ratio (%)
Unless otherwise stated, all figures in thousand euros
1) Adjusted for the profit of EUR 16.5 million attributable to the sale of Cairn Real Estate B.V.
2) Of which 47 at joint ventures (H1 2021: 70)
Chief Financial Officer Dr. Philipp Lauenstein will comment on the figures for the first half of the year today at 11:00 a.m. CEST as part of a presentation at the Hamburger Investorentag. All interested investors, analysts and journalists are cordially invited to attend. You can register via the following link:
About MPC Capital AG (www.mpc-capital.de)
MPC Capital is a global asset and investment manager for real assets in the areas of real estate, renewables and shipping. Its range of services includes the selection, initiation, development and structuring of investments, through active management to divestment. With approximately 170 employees and over 25 years of experience, MPC Capital offers institutional investors access to investments in selected markets with attractive growth and return opportunities. As a responsible company with a family background that has been listed on the stock exchange since 2000, MPC Capital contributes to meeting the financing needs to achieve global climate goals.
MPC Capital AG
Head of Investor Relations & Public Relations
Tel. +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.