- Already two successful exits in the financial year 2022
- Consolidated turnover increases to € 5.68 million in the first half of 2022 compared to € 4.23 million in the same period of the previous year
- Portfolio value at € 49.9 million after € 52.5 million
as at 31 December 2021
- Net asset value (NAV) of € 48.0 million (31 December 2021: € 50.5 million)
- NAV per share at € 6.97 as of 30 June 2022
Munich, 14 September 2022 - Mountain Alliance AG (MA, ISIN DE000A12UK08) today publishes its half-year report 2022 as well as the net asset value as of 30 June 2022.
The first half of 2022 was primarily characterized by the tense economic and geopolitical environment. This has weighed on sentiment in the investment industry and public capital markets. The economic slowdown and rising cost of living are weighing on consumer sentiment, which was also partly noticeable in individual e-commerce-focused investments. Nevertheless, Mountain Alliance AG was able to significantly increase turnover year-on-year in the first half of 2022 and, contrary to the cautious industry sentiment, realize two successful exits.
Mountain Alliance AG generated a consolidated turnover of € 5.68 million in the first half of 2022, compared to € 4.23 million in the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) improved from minus € 1.22 million to minus € 0.30 million. Earnings before interest and taxes (EBIT) were also better at minus € 0.58 million after minus € 1.49 million in the previous year.
However, the burden on the capital markets had an impact on the financial result. It amounted to minus € 1.75 million in the first half of 2022, compared to € 7.42 million in the same period of the previous year, due in particular to the decline in the share prices of the listed investments Bio-Gate, Exasol and Asknet Solutions. Accordingly, earnings before taxes (EBT) totalled minus € 2.32 million after € 5.92 million in the same period of the previous year. The bottom line for the reporting period was a consolidated result of minus € 2.32 million compared to € 4.96 million in the first half of 2021. Earnings per Mountain Alliance share in the first half of 2022 were minus € 0.34 compared to € 0.75 in the same period of the previous year.
The portfolio of the four segments Technology, Digital Retail, Digital Business Services and Meta-Platforms & Media had a value of € 49.9 million as of 30 June 2022, compared to € 52.5 million as of 31 December 2021. Taking into account net financial liabilities of € 1.9 million (31 December 2021: € 2.0 million), the net asset value (NAV) of Mountain Alliance AG amounted to € 48.0 million after € 50.5 million by the end of 2021. Based on 6.886 million outstanding shares, the NAV per share as of 30 June 2022 was € 6.97, compared to € 7.34 as of 31 December 2021. The declining NAV development reflects in particular the negative share price development of the investments Bio-Gate, Exasol and Asknet Solutions mentioned above.
Net asset value calculation of the MA Group as of 30 June 2022
|NAV segment||in € million|
|Digital Business Services||7.5|
|Meta-Platforms & Media||4.4|
|Net financial liabilities||1.9|
|Net Asset Value (NAV)||48.0|
|NAV per share (in EUR)||6.97|
Notwithstanding the negative influence of the listed investments, the fundamental development of the core portfolio can be described as solid. Furthermore, the successful exits from Tillhub and the remaining investment in mybestbrands reflect the success of Mountain Alliance AG's strategy against the backdrop of the current capital market sentiment. This shows that Mountain Alliance is very well positioned with its portfolio strategy to benefit from technological change and the need for digitalization in business and society.
For the full year 2022, the Management Board is optimistic about the future and continues to expect an increase in consolidated turnover of 5% to 10%. In terms of net asset value, the Management assumes an organic increase of 5% for 2022 (based on the expected growth of the portfolio companies, increasing investor interest and value-enhancing acquisitions, subject to the future performance of the listed investments).
The forecast is subject to uncertainties against the background of possible economic effects due to further COVID-19 restrictions as well as possible distortions on the capital market and the global economy as a consequence of the Ukraine crisis. Further imponderables also arise from the ECB's future interest rate policy and its effects on the capital markets.
"Despite the challenging external environment, the first half of 2022 was satisfactory for our portfolio companies. Even though we were not able to escape the downward trend in stock market prices as of the reporting date, currently falling valuations for selected technology companies offer good entry opportunities and lucrative value enhancement potential. We intend to make greater use of these opportunities to expand our technology portfolio. The technological change and the enormous need for digitalization give us confidence about the development and future of our Company," says Manfred Danner, Management Board Member of Mountain Alliance AG.
The half-year report 2022 is available for download at www.mountain-alliance.de.