DGAP-News: mutares AG

Mutares AG: Mutares releases NAV for 31 December 2017

Munich, Germany. Mutares AG (ISIN: DE000A0SMSH2) looks back on a successful 2017 which was marked by continued growth. The Group publishes a NAV of EUR 398.6 million as of 31 December 2017, representing an annual increase of 29%. The main drivers of the revaluation are the Automotive and Engineering & Technology segments.

The Mutares Group looks back on a successful year 2017 with many transactions. This is reflected in a significant net cash position and a significant increase in the reported net asset value (NAV) from EUR 307.9 million at the beginning of the year to EUR 398.6 million at the end of the year.

The main drivers for the positive development of NAV were the continued progressive integration of the acquisitions of the STS Group in the Automotive segment as well as the successfully completed repositioning and complementary inorganic growth of the Balcke-Dürr Group in the Engineering & Technology segment.

In the Automotive segment, the revaluation of the commercial vehicle system supplier STS Group based on the budget for 2018/2019 includes a first cautious estimate of the synergy and growth potential arising from the plants acquired from Plastic Omnium and the integration and optimization of the plants acquired from Mecaplast in December 2016. In particular, the Chinese sites exhibit a significantly successful development, and first positive synergy effects have materialized from the development of group functions such as purchasing and sales.

The Engineering & Technology segment grew strongly in 2017 characterized by two transactions and the successful turnaround of the Balcke-Dürr Group with promising prospects for the current year 2018. The NAV of the newly acquired Donges SteelTec was valued on the basis of the early stage of the repositioning phase.

In the Construction & Infrastructure segment, market recovery is generally slower than anticipated, leading to a sluggish development of operating margins.

With regard to the Wood & Paper segment, Zanders was affected by rising raw material prices, in particular pulp. For Cenpa, a slight easing in the prices of recovered paper grades lead to decreasing material cost.

The Consumer Goods & Logistics segment was revalued based on market conditions.

1) Adjusted by a purchase price payment/receivable

About the Methodology: NAV is calculated based on a DCF analysis per company, using the detailed budget figures for the next three years, including an industry-standard WACC (Ø 6.4%) as well as a terminal value based on a growth rate of 1.5%.

On this occasion, a conference call with CEO Robin Laik and CFO Mark Friedrich will be held in English today, 5 March 2018 at 2:00 pm CET. To register, please send an email to ir@mutares.de.

Company profile of Mutares AG
Mutares AG, Munich (www.mutares.de), acquires medium-sized companies and parts of groups that are sold during a repositioning and have a clear potential for operational improvement. Mutares actively supports develops its portfolio companies with its own investment and operational professionals as well as through acquisitions of strategic add ons. The aim is to achieve a significant increase in value focusing on sustainable growth of the portfolio company. Mutares AG shares are traded on the Frankfurt Stock Exchange under the symbol "MUX" (ISIN: DE000A0SMSH2).

For further information, please contact us:
Mutares AG
Soh-Pih Mariette Nikolai
Investor Relations & Corporate Communications
Tel. +49 89 9292776-0
Fax +49 89 9292776-22
ir@mutares.de
www.mutares.de