Munich, 17 April 2019 – Mountain Alliance AG (MA, ISIN DE000A12UK08) today announces its results for the fiscal year 2018.
- Significant portfolio expansion through acquisition of Mountain Technology AG
- Portfolio value rises to EUR 44.3 million
- Net asset value (NAV) increases to EUR 39.6 million
In the year under review, the acquisition of Mountain Technology AG enabled the company to significantly expand its investment portfolio by further digital growth companies. In particular, the investments in the technology leader for in-memory databases Exasol, movingimage with its leading enterprise video management solution and mixxt, a provider of specialized intranet applications, deserve special emphasis.
As of the balance sheet date 31 December 2018, the portfolio value of the four segments Technology, Digital Business Services, Digital Retail and Meta-Platforms & Media totalled EUR 44.3 million. After deduction of net financial liabilities of EUR 4.7 million, which mainly exist towards Mountain Partners AG, the NAV of Mountain Alliance AG amounted to EUR 39.6 million as of the valuation date. The TV business with the subsidiary getonTV deserves special mention here. Compared to a challenging year in 2017 with declining sales, the company recorded a clearly positive development in the 2018 financial year.
Mountain Alliance AG generated consolidated revenues of TEUR 20,253 in the 2018 financial year, compared to TEUR 16,695 in 2017, which represents an increase of 21%, mainly attributable to a stronger service business. Earnings before interest, taxes, depreciation and amortization (EBITDA) improved to TEUR minus 545 (previous year: TEUR minus 1,087). Earnings before interest and taxes (EBIT) reached TEUR minus 1,892 in 2018, compared to TEUR minus 1,813 in the previous year. The financial result amounted to TEUR 236 in the year under review after TEUR 2,483 in the previous year. With a consolidated result of TEUR minus 1,747 (previous year: TEUR 434), a result of TEUR minus 1,743 (previous year: TEUR 297) was attributable to the shareholders of Mountain Alliance AG. Earnings per share amounted to EUR minus 0.43 after EUR 0.09 in the previous year. With regard to the development of profits, it should be noted that in the year under review following an unexpected decline in the stock market price of the investment The Native SA a significant impairment of the respective investment arose. On the basis of IFRS accounting, this resulted in a non-cash burden on earnings in the low single-digit million range. However, due to the growth of the overall investment portfolio in the 2018 financial year and the revaluation of other investments, this had hardly any impact on the NAV.
The equity ratio improved from 69% in the previous year to 77% in the 2018 financial year. Excluding the loan liability to Mountain Partners AG, the equity ratio was 88% (previous year: 82%).
"The development in 2018 forms the basis for a successful business year 2019. We have succeeded in sustainably increasing the awareness of Mountain Alliance AG among investors. The expansion of our portfolio through the acquisition of Mountain Technology AG, which is enriching in every respect, offers us numerous growth potentials that we would like to exploit profitably. Our goal is to increase the value of our portfolio significantly and sustainably. This NAV increase comes from three sources: The increase in the value of existing investments, the increase in our investments in particularly promising portfolio companies and the acquisition of further portfolios outside the Mountain Partners Group," says Daniel Wild, CEO of Mountain Alliance AG.
In view of the continued moderately positive environment for investment companies, the Management Board of Mountain Alliance AG is targeting consolidated revenues in the range of EUR 20 million to EUR 22 million for the full year 2019. Overall, the company is aiming for a balanced to slightly positive consolidated result. In addition, the Management Board plans one to two exits per calendar year, which, however, cannot be quantified in terms of their impact on the income statement.
Net Asset Value calculation of the MA Group
|NAV Segment||in EUR million|
|Digital Business Services||10.0|
|Meta-Platforms & Media||4.4
|Net financial liabilities to Mountain Partners AG||4.7|
|Net Asset Value (NAV)||39.6|
|NAV per Share (in EUR)||6.55|
The complete Annual Report 2018 is available for download in the Investor Relations section at www.mountain-alliance.de.
About Mountain Alliance AG:
Mountain Alliance AG (MA) (ISIN: DE000A12UK08) is an investment company whose shares are listed in the SME segment m:access of the Munich Stock Exchange and in the Basic Board of the Frankfurt Stock Exchange. As a lean, transparent and experienced investor, the company is dedicated to the industry of the future, in which it has many years of know-how and an excellent network: the digital business. Mountain Alliance AG currently holds 36 portfolio companies in four segments: Technology, Digital Business Services, Digital Retail and Meta-Platforms & Media. Through its listing MA enables its shareholders a simple access to a diversified portfolio of digital assets.