Munich, May 7, 2024 – Mountain Alliance AG (MA, ISIN DE000A12UK08) today publishes its annual report 2023 and its Net Asset Value (NAV) as at December 31, 2023. The annual report of Mountain Alliance AG has been prepared in accordance with the German Commercial Code (HGB) and the German Stock Corporation Act (AktG).
The business development of Mountain Alliance AG in the reporting year was influenced by the challenging geopolitical conditions with the ongoing war in Ukraine and the Middle East conflict that emerged in October 2023, as well as the challenging economic development overall. Mountain Alliance AG generated sales of € 150,217 in the financial year 2023 in accordance with the German Commercial Code (HGB), compared to € 69,603 in the previous year. Earnings after taxes amounted to € -1,097,173 after € -835,406 in the previous year. On a net basis, the net loss for the financial year 2023 amounted to € -1,097,484 after a loss of € -835,893 in the previous year. The earnings performance reflects, in particular, inflationary trends in personnel costs, higher interest payments due to rising market interest rates, lower income from investments compared to the previous year and impairments in the course of the sale of the listed investments in Exasol AG and Bio-Gate AG as part of the strategic focus.
These factors also influenced the performance of the portfolio, while the core portfolio excluding the listed investments remained largely stable. The portfolio value was € 47.5 million as at December 31, 2023, after € 49.3 million as at December 31, 2022. The decline was mainly due to the price losses of the listed investments Exasol AG and Bio-Gate AG, which have since been sold. Considering net financial liabilities of € 1.8 million, the net asset value (NAV) of Mountain Alliance AG amounted to € 45.7 million after € 47.4 million at the end of 2022. Based on 6,885,584 outstanding shares, the NAV per share as at December 31, 2023, was € 6.64 compared to € 6.89 as at December 31, 2022.
"With the sale of the listed investments, Mountain Alliance AG took an important step in 2023 to better emphasize our core competence on the capital market, namely investing in promising private companies via our network in the venture capital market. With this focus, Mountain Alliance offers attractive access and thus added value for investors. With Lingoda, among others, we have attractive investments in our portfolio in terms of value, which are also ready for exit. After focusing our business in 2023 and adjusting our cost base, the focus for 2024 and beyond will be on the strategic and operational expansion of the existing portfolio and increasing NAV," says Dr. Hans Ulrich Tetzner, CEO of Mountain Alliance AG.
Calculation of MA Group´s Net Asset Value as at December 31, 2023
NAV Segment in € million
Technology 30.8
Digital Business Services 5.5
Digital Retail 6.4
Meta-Platforms & Media 2.6
Investment Portfolio Value 45.3
Net Financial Liabilities 1.8
Net Asset Value (NAV) 45.7
NAV per Share (in EUR) 6.64
Within the portfolio, the expansion at our investment AlphaPet, which focuses on premium pet food, is one of the highlights of the financial year 2023. The acquisition of the organic wet food brand Herrmann's Manufaktur in the first quarter of 2023 strengthens AlphaPet's market position in Europe and, with annual sales of around € 200 million, makes it one of the leading digital brand platforms for pet food. Following the successful partial exits from AlphaPet in the past, Mountain Alliance is currently aiming to sell its remaining stake of around 1%.
The online language learning platform Lingoda, in which Mountain Alliance AG holds around 7% and is also the most valuable investment with a valuation of over € 200 million in the latest financing round, continued to grow in the financial year 2023, which is reflected in a corresponding increase in value.
Mountain Alliance AG's goal remains to expand the portfolio in the medium term through organic growth and thus position it for promising exits in the medium term. However, the geopolitical uncertainties and declining economic momentum significantly limit the accuracy of the forecast, meaning that the aforementioned target figures are subject to the assumption that external factors do not deteriorate substantially.
The Annual Report 2023 is available for download at www.mountain-alliance.de.
