- Portfolio value rises to EUR 45.6 million after EUR 44.3 million in the previous year
- Net asset value (NAV) improves to EUR 40.1 million (previous year: EUR 39.6 million)
- NAV per share at EUR 6.39 as of 31 December 2019
Munich, 12 May 2020 – Mountain Alliance AG (MA, ISIN DE000A12UK08) today publishes its annual report 2019 and Net Asset Value as of 31 December 2019.
The year under review was mainly influenced by two factors. On the one hand, the revenue performance was affected by declining proceeds in the service business due to a weak TV-market. On the other hand, the Mountain Alliance Group attracted a high level of interest from strategic investors with its investments. This includes the partial exit of the investment in Exasol, the technology leader for in-memory analytics databases.
As of the balance sheet date 31 December 2019, the portfolio value of the four segments Technology, Digital Business Services, Digital Retail and Meta-Platforms & Media totalled EUR 45.6 million compared to EUR 44.3 million in the previous year. After deduction of net financial liabilities of EUR 5.5 million the NAV of Mountain Alliance AG amounted to EUR 40.1 million as of the valuation date compared to EUR 39.6 million in the previous year.
Mountain Alliance AG generated consolidated revenues of TEUR 13,512 in the 2019 financial year, compared to TEUR 20,253 in 2018. This represents a decrease of 33%, which is mainly attributable to the challenging TV-market in general and therefore a lower than expected development of the consolidated service companies, especially getonTV GmbH. Earnings before interest and taxes (EBIT) reached TEUR minus 2,209 in 2019, compared to TEUR minus 1,892 in the previous year. The financial result increased to TEUR 523 in the year under review after TEUR 236 in the previous year. With a consolidated result of TEUR minus 1,751 (previous year: TEUR minus 1,747), a result of TEUR minus 1,751 (previous year: TEUR minus 1,743) was attributable to the shareholders of Mountain Alliance AG. Earnings per share increased to EUR minus 0.29 compared to EUR minus 0.43 in the previous year.
The Group's total assets increased slightly to TEUR 43,483 as of 31 December 2019 (previous year: TEUR 43,121). The equity ratio is stable at 75% as of the 2019 balance sheet date compared to 77% in the previous year.
The aim of Mountain Alliance AG is to further increase the growth rate in the medium term. With the successful capital increase against cash contribution in the amount of EUR 3.0 million at the end of April 2020, the Company has set the foundation for further expansion. The Management Board of Mountain Alliance AG is continuously evaluating opportunities to acquire new investments and to increase and sell existing investments. The goal is still to make one or two exits per year. At the same time, the management continuously monitors the further course of the coronavirus pandemic and the resulting consequences for the portfolio companies.
A connection or correlation between the pandemic and the business development in the portfolio companies of Mountain Alliance AG can neither be proven nor quantified. Due to the complex uncertainties of estimation, the impact on future macroeconomic and industry developments cannot be reliably determined at the time of reporting.
Net Asset Value calculation of the MA Group
|NAV Segment||in EUR million|
|Digital Business Services||8.3|
|Meta-Platforms & Media||5.2
|Net financial liabilities||5.5|
|Net Asset Value (NAV)||40.1|
|NAV per Share (in EUR)||6.39|
Due to the intended transition of Mountain Alliance to a leading manager of digital assets, the focus for the current fiscal year will remain on the net asset value of the portfolio.
The complete Annual Report 2019 is available for download in the Investors section at www.mountain-alliance.de.