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A U R E L I U S E Q U I T Y O P P O R T U N I T I E S
9 - M O N T H S 2 0 1 8 E A R N I N G S C A L L , N O V E M B E R 8 , 2 0 1 8
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This material is for your general information only. The information in this material should neither be regarded as an offer nor a solicitation
to buy, sell or otherwise deal with any investment referred to herein and is not intended for distribution to, or use by, any person in any
country, including the United States, where the investment funds and services referred to are not authorized or registered for distribution
or in which the dissemination of information on the funds or services is forbidden. None of the information, whether in part or full, shall be
copied, reproduced or redistributed in any form. This notice does not constitute a security prospectus. No guarantee, warranty or
representation, express or implied, is given as to the accuracy or completeness of the information contained herein; and neither of the
persons mentioned in this material, nor any other company or unit belonging to the AURELIUS Group, nor any of its officers, directors or
employees accept any liability or responsibility in respect to the information or any recommendations expressed herein.
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K E Y F A C T S 9 M 2 0 1 8
Total consolidated revenues at EUR 2.79bn (- 11 %), annualized revenues EUR 3.86bn (+ 13 %)
Good operating performance despite record disposals in FY 2017
Net Asset Value of portfolio companies +19 % since January 1, 2018, total NAV currently at EUR 1.37bn
Three platform investments and seven strategic add-on acquisitions in the first nine months
Distribution of a record dividend of EUR 141m in May 2018
Partial conversion of convertible bond (YTD: EUR 63.2m nominal amount)
New share buyback program kicked off in August 2018
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T R A N S A C T I O N S 9 M 2 0 1 8 : T H R E E P L A T F O R M I N V E S T M E N T S B O U G H T A N D O N E S O L D
January 2018
AURELIUSsells
tomanagement
February 2018
AURELIUSacquires
from Connect Group
July 2018
AURELIUSacquires
fromBlackstone
October 2018*
AURELIUSacquires
x
fromRexnord
* Signing October 2018 / Closing expected for Q4 2018
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T R A N S A C T I O N S 9 M 2 0 1 8 : S E V E N A D D - O N A C Q U I S I T I O N S
addon
addon
GÖTTINGENGÖTTINGEN
addon
addon
January 2018
AURELIUS subsidiarySolidus acquires
fromPHI Industrial
February 2018
AURELIUS subsidiaryGHOTEL acquires
from aprivate owner
April 2018
AURELIUS subsidiaryGHOTEL acquires
from aprivate owner
April 2018
AURELIUS subsidiaryB+P Gerüstbau acquires
from theinsolvency administrator
August 2018
AURELIUS subsidiarySolidus acquires
from management
addon
addon
Northern Paper Board Ltd
addon
July 2018
AURELIUS subsidiaryScandinavian Cosmetics
acquires
fromprivate owners
October 2018
AURELIUS subsidiaryGHOTEL acquires
four hotels in Düsseldorf, Gütersloh, Salzburg (AT),
Osnabrück
fromArcadia Hotelbetriebs
GmbH
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S TAT U S P O R T F O L I O ( 1 1 . 2 0 1 8 )
Current level of maturity
Date of acquisition
Turn
arou
ndO
ptim
isat
ion
Gro
wth
2006 2008 2009 2010
Licensing business
2011 2012 2013 2014 2015 2016 2017
Scholl Footwear
Europe
2018
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K E Y F I G U R E S 9 M 2 0 1 8
(in EURm) 1/1 - 9/30/2017 1/1 - 9/30/2018
Total consolidated revenues 3,133.7 2,791.7
Consolidated revenues (annualized) ¹ 3,406.9 3,858.3
EBITDA of the combined Group 575.1 37.4
- of which gains on bargain purchases 346.2 12.8
- of which restructuring and non-recurring expenses -83.0 -57.7
- of which income from sales of investments above book value 215.4 2.6
Operating EBITDA of the combined Group 96.5 79.7
12/31/2017 9/30/2018
Cash and cash equivalents 606.3 291.1
Equity ratio ² (in %) 28.5 25.6
1) From continued operations.2) Including non-controlling interests.
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N E T A S S E T V A L U E O F A U R E L I U S P O R T F O L I OS E P T E M B E R 3 0 , 2 0 1 8
Based on DCF-model
Data used are actuals as of Q3 2018 plus forecast 6/6 2018 and budgets of the Group companies for the next two years (2019+2020), 0.5 % growth rate thereafter
For listed subsidiary HanseYachts AG respective marketcap instead of DCF was used
WACC (weighted average cost of capital) is based on respective individual peer groups, ranging from 5.07 % to11.41 % (average 7.90 %)
EVOLUTION OVER TIME
NAV of portfolio companies up by 19 % since January 1, 2018
Other NAV component down due to
Payment of dividend EUR 141m (May 2018)
Partial conversion of convertible bond
MODE OF CALCULATION
by sector in EURmServices & Solutions 138.0Industrial Production 475.6Retail & Consumer Products 525.0NAV of portfoliocompanies 1,138.6Other 227.5Total 1,366.1
by vintage in EURm in %< 18 months 65.9 5.818 months - 36 months 468.2 41.1> 36 months 604.5 53.1Total 1,138.6 100.0
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O U T L O O K 2 0 1 8 / 2 0 1 9
Consolidated revenues slightly below previous year’s level, annualized revenues 2018 slightly above previous year’s level
Operating EBITDA at average of previous years (around EUR 100m) despite sale of very profitable businesses in FY 2017
Closing of platform investment VAG expected in Q4 2018
More acquisition activity before year end and several profitable exits in financial year 2019
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F I N A N C I A L C A L E N D A R / R E S E A R C H
FINANCIAL CALENDAR
November 26-28, 2018
December 5, 2018
March 27, 2019
May 9, 2019
July 19, 2019
August 8, 2019
November 7, 2019
RESEARCH
Hauck Aufhäuser
Commerzbank
Berenberg
Baader/Helvea
Oddo/BHF
Eigenkapitalforum, Frankfurt
Berenberg European Corporate Conference, Pennyhill
Annual Report 2018
Press release Q1 2019
Annual General Meeting 2019
Half-year report 2019
Press release 9M 2019
€ 85.00/buy (8/2/2018)
€ 82.00/buy (8/9/2018)
€ 69.00/buy (8/9/2018)
€ 66.10/buy (10/8/2018)
€ 54.00/buy (8/24/2018)
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C O N TA C T
Germany/Austria/SwitzerlandAURELIUS Equity Opportunities SE & Co. KGaAAnger PalaisUnterer Anger 3 80331 Munich/GermanyTelephone +49 89 544 799-0Telefax +49 89 544 799-55
Ludwig-Ganghofer-Strasse 6 82031 Gruenwald/GermanyTelephone+49 89 4520 527-0Telefax +49 89 4520 527-10E-Mail [email protected]
Investor Relations & Corp. CommunicationsAnke [email protected] +49 89 544 799-0Telefax +49 89 544 799-55
UK/Ireland3rd Floor, 1 Savile RowLondon W1S 3JR/United KingdomTelephone +44 20 74400480E-Mail [email protected]
NordicsGardsvagen 11B SE - 169 70 Solna/SwedenTelephone +46 8 12410375E-Mail [email protected]
IberiaVelázquez, 53, 2º Izqda28001 Madrid/SpainTelephone +34 610 776 987E-Mail [email protected]