DGAP-News: MPC Capital AG publishes 2020 First Half Report
DGAP-News: MPC Münchmeyer Petersen Capital AG
/ Key word(s): Half Year Results
MPC Capital AG publishes 2020 First Half Report - Revenue growth and improved operating profitability in challenging market environment Hamburg, 27 August 2020 - MPC Capital AG (Deutsche Börse Scale, ISIN DE000A1TNWJ4), an international real asset and investment manager, today publishes its 2020 Interim Financial Report. Diversification of asset base contributes to resilience of MPC Capital's business model The course of the first half-year has shown that the multi-asset strategy of MPC Capital AG has so far proven to be comparatively resistant to the economic effects of the COVID-19 pandemic. With the asset base's high level of diversification and the steadily growing spread within the asset areas, the impact on the business of the MPC Capital Group has so far been modest. At the same time, MPC Capital has broadened the basis of its shipping activities in recent years, so that in the first half of 2020 the weaker container business was largely compensated by a strong tanker market. Solid growth in asset management and transaction business Revenue for the MPC Capital Group rose to EUR 24.8 million in the first half of 2020 (H1 2019: EUR 20.0 million). The increase substantially reflects the integration of the equity investment in the tanker specialist Albis Shipping & Transport conducted in Q4 2019. Management fees amounted to EUR 20.0 million, some 12 % up on the prior-year period (EUR 17.8 million). Transaction fees of EUR 2.4 million were around EUR 0.6 million higher than the weak first half of the previous year (EUR 1.8 million). They related primarily to transactions in the Real Estate unit. Other revenue for the first half of the year came to EUR 2.4 million (H1 2019: EUR 0.4 million). This item is essentially made up of one-off, non-recurring income from the Shipping unit, for which there is a comparable amount in cost of purchased materials. EBIT rises thanks to focusing and savings - COVID-19-related write-downs erode EBT The operating result (EBIT) was improved substantially from EUR -4.2 million in the prior-year period to EUR 1.2 million in the first half of 2020 as a result of the focus on profitable, high-growth business areas and cost savings implemented. In the previous year, high investment income led to positive earnings before taxes (EBT) in the amount of EUR 1.8 million. In the first half of 2020, impairment adjustments of EUR 2.5 million had to be made to MPC Capital's co-investment portfolio due to the impact of the pandemic on container shipping. EBIT for the first half of 2020 of EUR 1.2 million was consequently around EUR 0.6 million down on the prior-year period. Overall, MPC Capital AG posted a consolidated profit after tax of EUR 0.1 million for the first half of 2020 (H1 2019: EUR 1.2 million). EUR 4.3 billion assets under management Financial assets, which primarily comprise co-investments by MPC Capital, fell from EUR 74.6 million as at 31 December 2019 to EUR 68.0 million as at 30 June 2020. The decline stems mainly from an impairment adjustment on the shares held indirectly in MPC Container Ships ASA as well as from the sale of shares in the BMG portfolio. The cash position declined to EUR 15.4 million (31 December 2019: EUR 20.6 million) substantially as a result of the scaling-back of liabilities as at 30 June 2020. The equity ratio improved from 70.9 % to 76.3 %. Forecast for 2020 full year remains suspended In particular the risk of further waves of infection and the corresponding tightening of restrictions on economic and social activity continues to lead to delayed investment decisions. Furthermore, uncertainties remain with regard to the development of asset valuations in MPC Capital's core markets. If the economic conditions become more predictable and visibility for the financial year in progress improves, the Management Board will resume forecasting for the 2020 financial year and communicate its view to the capital market. Key Group figures for H1 2020
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.
27.08.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | MPC Münchmeyer Petersen Capital AG |
Palmaille 75 | |
22767 Hamburg | |
Germany | |
Phone: | +49 (0)40 380 22-0 |
Fax: | +49 (0)40 380 22-4878 |
E-mail: | [email protected] |
Internet: | www.mpc-capital.de |
ISIN: | DE000A1TNWJ4 |
WKN: | A1TNWJ |
Indices: | Scale 30 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1123669 |
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1123669 27.08.2020