QUARTERLY FINANCIAL REPORT MARCH 31, 2016
MBB SE, Berlin
MBB in figures
Page 1 MBB in figuresThree months (unaudited) | 2016 | 2015 | Δ 2016 / 2015 |
IFRS | IFRS | ||
Earnings figures | thou | thou | % |
Revenue | 78,216 | 60,241 | 29.8 |
Operating performance | 78,926 | 59,579 | 32.5 |
Total performance | 79,453 | 61,333 | 29.5 |
Cost of materials | -49,956 | -37,248 | 34.1 |
Staff costs | -17,382 | -13,873 | 25.3 |
EBITDA | 7,806 | 6,449 | 21.0 |
EBITDA margin | 9.9% | 10.8% | |
EBIT | 5,793 | 4,622 | 25.3 |
EBIT margin | 7.3% | 7.8% | |
EBT | 5,603 | 4,363 | 28.4 |
EBT margin | 7.1% | 7.3% | |
Consolidated net profit after | |||
non-controlling interests | 3,689 | 3,102 | 18.9 |
Number of shares | 6,600 | 6,600 | |
eps in * | 0.56 | 0.47 | 19.1 |
Figures from the statement of financial position | 31 Mar thou | 31 Dec thou | % |
Non-current assets | 98,622 | 98,530 | 0.1 |
Current assets | 135,384 | 124,044 | 9.1 |
there of cash and equivalents** | 59,275 | 53,976 | 9.8 |
Issued capital (share capital) | 6,587 | 6,587 | 0.0 |
Other equity | 85,288 | 81,152 | 5.1 |
Total equity | 91,875 | 87,739 | 4.7 |
Equity ratio | 39.3% | 39.4% | |
Non-current liabilities | 58,487 | 60,429 | -3.2 |
Current liabilities | 83,644 | 74,406 | 12.4 |
Total assets Net debt (-) or net cash (+)** | 234,006 13,899 | 222,574 8,091 | 5.1 71.8 |
Employees 1,368 1,343 1.9
* Based on the average number of shares outstanding.
** This figure includes physical gold stocks and securities.
Contents
Page 2 ContentsInterim Group Management Report 3
Business and economic conditions 3
Results of operations, financial position and net assets 3
Report on risks and opportunities 4
Report on expected developments 4
IFRS interim consolidated financial statements for Q1 2016 5
Notes to the interim consolidated financial statements 11
Changes in contingent liabilities 12
Interim Group Management Report
Page 3 Interim Group Management ReportMBB SE is a family-owned, medium-sized corporation that forms the MBB Group together with its subsidiaries.
Business and economic conditionsAccording to the forecast of the International Monetary Fund (IMF) of April 2016, global economic growth is expected to reach 3.2% in 2016, after 3.1% in the previous year. The IMF still warns of long- term stagnation as low commodity prices have dampened both consumption and investments, particu- larly in emerging economies. China is facing another adjustment to its economic structure and will grow by 6.5% this year according to the IMF's estimates. Growth of 2.4% has been anticipated for the USA this year and the eurozone is expected to grow by 1.5% - like Germany.
The sub-markets relevant to MBB grew significantly in some cases in the first quarter of 2016. Accord- ing to the German Association of the Automotive Industry (VDA), the three most significant car markets Western Europe (+8%), China (+9%) and the USA (+3%) experienced growth. Growth was the result of the fall in oil prices, the strong demand for replacement investments and low interest rates driving the willingness to invest - among other things. A value-added tax cut on cars with less than 1.6 litre en- gines, which has been effective in China since the autumn of 2015, is also supporting demand.
All of MBB's subsidiaries have sufficient order backlog and constant incoming orders. Catch-up effects were recently apparent in plant engineering, which reported only moderate incoming orders in the first quarter of the previous year.
Results of operations, financial position and net assetsThe Group's results of operations, net assets and financial position are positive. In the first three months of the 2016 financial year, the consolidated revenue of the MBB Group was up 29.8% year-on- year at 78.2 million (previous year: 60.2 million). Excluding the Aumann Group acquired at the end of 2015, the MBB Group would have generated revenue of 67.5 million in the first quarter of 2016, which equates to organic growth of 12.1%.
Other operating income of 0.5 million (previous year: 1.8 million) includes income from sales of securities and other income from securities of 0.3 million in addition to other income of 0.2 million.
The ratio of cost of materials to the total operating performance of 78.9 million in the first three months of 2016 (previous year: 59.6 million) slightly increased from 62.5% in the same period of the previous year to 63.3%.
EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 21.0% to
7.8 million (previous year: 6.4 million). After depreciation and amortisation of 2.0 million, EBIT (earnings before interest and taxes) for the MBB Group amounted to 5.8 million (previous year:
4.6 million). Adjusted for net finance costs of minus 0.2 million, EBT (earnings before taxes) amount- ed to 5.6 million (previous year: 4.4 million). The consolidated net profit after non-controlling inter- ests was 3.7 million (previous year: 3.1 million) or 0.56 per share (based on an average of 6,586,775 shares outstanding) in the first three months.
The consolidated statement of financial position as at 31 March 2016 reported equity of 91.9 million (31 December 2015: 87.7 million). Based on total consolidated assets of 234.0 million, the equity ratio was therefore 39.3% after 39.4% as at 31 December 2015.
As at 31 March 2016, the MBB Group had financial liabilities of 45.4 million (31 December 2015: 37.1 million) and cash and cash equivalents including securities and physical gold reserves of 59.3 million (31 December 2015: 54.0 million). Accordingly, net cash from the above liabilities and cash positions of the MBB Group amounted to 13.9 million compared to 8.1 million as at 31 December 2015.
Segment performanceThe following segments are reported:
Technical Applications
Industrial Production
Trade & Services
Revenue and EBIT in the Technical Applications segment increased substantially. In the first three months of 2016, external revenue in this segment amounted to 46.5 million (previous year:
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