Ad hoc: MPC Capital publishes nine-month figures for 2022 and significantly raises full-year forecast for 2022
14 Nov 2022 - 10:33 CET/CEST
DISCLOSURE OF INSIDE INFORMATION ACC. TO ARTICLE 17 MAR
- Very positive operating development in the first nine months of 2022
- Full-year forecast for EBT adj. increased to approximately EUR 15.0 million
- Continued interest in investments in real assets in connection with the energy transition
- Forecast for full year confirmed
Hamburg, 14 November 2022 - Hamburg-based asset and investment manager MPC Münchmeyer Petersen Capital AG ("MPC Capital", Deutsche Börse Scale, ISIN DE000A1TNWJ4) increased its consolidated revenues to EUR 27.1 million in the first nine months of the financial year 2022 from EUR 24.6 million in the previous year. Management fees amounted to EUR 21.2 million (9M 2021: EUR 20.3 million), transaction fees to EUR 5.7 million (9M 2021: EUR 4.1 million).
Consolidated earnings before taxes (EBT) came in at EUR 28.8 million after the first nine months of 2022. The operating EBT adjusted for the proceeds from the sale of the Dutch real estate business (EBT adj.) amounted to EUR 12.3 million. In the same period of the previous year, MPC Capital generated an EBT of EUR 5.1 million. The EBT margin (adj.) therefore improved significantly from 21% in the previous year to 45% in the first nine months of 2022.
Cash and cash equivalents (cash on hand and bank balances) increased to EUR 57.7 million as of September 30, 2022 (December 31, 2021: EUR 38.5 million). The equity ratio was 82% (December 31, 2021: 75%).
Significant increase in earnings forecast
Despite the challenging economic and geopolitical conditions, the positive business development from the first half of 2022 continued in the second half of the year above the assumptions on which the original forecast was based. EBT adj. after nine months was already above the forecast range for the full-year 2022, and further earnings contributions are expected for the fourth quarter of 2022.
Against this background, the Management Board has decided to significantly raise the EBT adj. forecast for the full-year 2022 from the original range of EUR 8.0 million to EUR 12.0 million to approximately EUR 15.0 million. The forecast for consolidated revenues in 2022 remains unchanged.
The positive outlook and the increased earnings forecast are primarily due to the continued high earnings contributions from the co-investment portfolio, which include both regular investment returns and profits from realized exits. In addition, MPC Capital benefits from continuously increasing interest in investments in real assets in connection with the energy transition. For example, MPC Capital was able to initiate long-term investment projects for container ships with methanol propulsion in the third quarter of 2022. Demand for renewable energy projects also remains high.
Substantial growth in dividend expected
The Management Board intends to pay out around half of the Group's net income after taxes and minorities, adjusted for the proceeds from the sale of the Dutch real estate business, to shareholders as a dividend. This would represent a significant increase compared with the dividend for the financial year 2021. The Management Board will propose the exact amount for the dividend with the presentation of the consolidated financial statements for 2022 in spring 2023.
Note: The figures for the third quarter and the first nine months of 2022 have not been audited or reviewed.
This release contains forward-looking statements that are subject to certain risks and uncertainties. Future results could differ materially from those currently anticipated due to various risk factors and uncertainties, including, among others, changes in business, economic and competitive conditions, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. MPC Capital AG does not assume any responsibility to update the forward-looking statements contained in this release.
Contact and disclosing person pursuant to Article 17 of MAR
MPC Capital AG
Head of Investor Relations & Public Relations
Tel. +49 40 38022-4347
About MPC Capital AG (www.mpc-capital.com)
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.