Portfolio companies partly affected by corona restrictions. Net Asset Value (NAV) is at 5.58 Euro
Berlin, 02 September 2020. MPH Health Care AG (ISIN: DE000A0L1H32) today reports on the development of the company and the investment portfolio in the first half of 2020. The company’s Net Asset Value (NAV) at the end of the first half of 2020 was 5.58 euros per share (previous year 5.86 euros per share). Due to the current uncertainties in connection with the corona pandemic, the listed investments HAEMATO AG and M1 Kliniken AG each decided at their annual general meetings in July 2020 not to pay dividends in order to strengthen liquidity. The shareholders of MPH AG also decided on 22 July 2020 at the Annual General Meeting not to pay a dividend for the past financial year 2019 in order to maintain sufficient financial reserves for further growth.
MPH’s listed and major associated companies developed as follows in the first half of 2020:
HAEMATO AG was able to ensure the regular course of business as far as possible despite the corona restrictions with numerous organisational measures and to guarantee a constant supply of goods to customers. With a turnover of 115.8 million Euros in the first half of 2020 the company exceeded the previous year’s value by a good 23 %. EBITDA for the first six months amounts to TEUR 2,066, which is also around 23 % above the comparable figure for the previous year of TEUR 1,675. The equity ratio as of 30 June 2020 increased from 56.2 % (previous year) to 61.3 %.
In the first quarter of 2020, M1 Kliniken AG was able to continue its strong growth course of the 2019 financial year. Three new practices (London, Liverpool and Graz) have already been opened. For the second half of 2020, further practice openings are firmly on the agenda.
In the course of the corona pandemic, however, the practices and clinics had to close from 23 March 2020 and could only be reopened step by step in the course of May. Although the M1 is experiencing an ongoing increase in demand for medical and aesthetic services, the two-month closure resulted in a loss of revenue. IFRS consolidated sales in the first half of 2020 amounted to EUR 29.1 million compared to EUR 32.9 million in the first half of 2019. Earnings before taxes (EBT) for the reporting period fell to TEUR 2,523 (after TEUR 5,183 as of 30 June 2019).
For CR Capital Real Estate AG, the fiscal year 2019 developed very positively. In order to set the course for future growth and the expansion of the business model towards a real estate investment company, accounting was changed to IFRS 10 at the end of last year. Due to the valuation of the investments of CR Capital Real Estate AG at fair value, the net income for the year increased to more than EUR 90 million (previous year: EUR 7.8 million). Equity rose to approx. EUR 200 million (previous year: EUR 35.4 million).
At the end of July 2020, CR Capital Real Estate AG announced its intention to establish a real estate investment company in the legal form of a Real Estate Investment Trust (REIT AG) together with financial investors. Investments will mainly be made in newly built residential properties in Berlin and in the Berlin suburbs. With the future REIT AG, CR Capital Real Estate AG will offer private investors lucrative and tax-advantageous investment opportunities in real estate even for smaller amounts.
The half-year report 2020 of MPH Health Care AG is available for download at: www.mph-ag.de/investor-relations.