MPC Münchmeyer Petersen Capital : Interim Report 2024 Report
MPCK.DE
INTERIM FINANCIAL REPORT 2024
WE ARE
MPC CAPITAL
MPC Capital is a global investment and asset manager for infrastructure projects. In the areas of maritime and energy infrastructure, MPC Capital initiates and manages investment solutions for institutional investors. MPC Capital is characterized by tailor-made investment structures, excellent project access and integrated asset management expertise. With 280 employees, the MPC Capital Group manages assets under management (AuM) of EUR 4.8 billion. As a responsible company with a family background that has been listed on the stock exchange since 2000, MPC Capital actively contributes to financing the investment needs to achieve global climate goals.
MPC Capital Group in figures
EUR '000
Income Statement
Revenue
Earnings before taxes (EBT)
Consolidated net profit
Assets under Management / Bilanz
Assets under management (EUR billion)
Total assets
Financial assets
Liquidity1
Equity
Equity ratio
Employees
Employees (average total)2
Personnel expenses
H1 2024
21,248
16,542
13,576
30 June 2024
4.8
147,364
77,546
31,432
123,948
84.1%
H1 2024
211
13,189
H1 2023
17,151
9,213
7,914
31 December 2023
4.1
152,077
56,022
61,140
129,522
85.2%
H1 2023
157
9,418
EUR 4.8 bn
over EUR 20 bn
approx. 200
Assets under Management
Investment volume
Assets
Interim Financial Repor t 2024 MPC Capital AG 2
Contents
11 Interim Group Management Report
Interim Financial Repor t 2024 MPC Capital AG 3
FOREWORD BY THE MANAGEMENT BOARD
Interim Financial Repor t 2024 MPC Capital AG 4
Foreword by the Management Board
DE A R SH A REHOL DER S,
In the new composition of the Management Board, we are very pleased to present you the results of a successful first half of 2024. The visibility of our operating performance has once again increased significantly on all levels.
Refined strategy: Transition from a multi-asset approach to a focused infrastructure strategy
With today's presentation of our half-year financial results, we are also initiating a renewed focused strategy, which is a consistent evolution of MPC Capital's previous positioning as a multi-asset investment and asset manager in real assets.
In the future, we will position MPC Capital as an investment manager for infrastructure projects. The dedicated focus will be on maritime and energy infrastructure - two areas in which MPC Capital has already been active and successful for many years. Those areas offer significant growth opportunities for the coming years. Real estate, on the other hand, will no longer play a role with regards to new business activities.
Structural Growth Markets
Our further refined strategy focuses on the structural growth market of alternative investments and within that on global infrastructure where we see attractive supply and demand dynamics:
order to comply to regulatory frameworks. MPC Capital has been active in real assets sector for 30 years and we have invested around EUR 20 billion for our clients during this period. In recent years, the focus on infrastructure and its historically tight access for institutional clients has increased significantly. As a result, assets under management (AuM) related to energy transition are growing at a significantly faster rate (+35 % CAGR 2021-2023) compared to traditional AuM (+10 % CAGR).
Competitive advantage increases access to assets
Today, MPC Capital holds a strong competitive positioning and relevant scale, particularly in maritime infrastructure. With our integrated business model of investment activities coupled with integrated management services, we have decisive advantages when it comes to asset access and sourcing in structurally tight markets. Besides maritime, we see attractive growth opportunities also in energy infrastructure, where we have established a yet much smaller but certainly relevant position in Latin American. Those frontier markets are complex to navigate from a political and economic perspective and do not come with any subsidy support. We hence feel confident to leverage this know-how and build on this strength also in other markets such as Europe where the energy transition is happening in front of our doorstep with much reduced complexity albeit still highly attractive niches.
Highly profitable and resilient business model
Our current growth momentum is coupled with a resilient business model which has gradually been built over the past few years offering a good mix of recurring as well as highly profitable one-off revenue streams:
Interim Financial Repor t 2024 MPC Capital AG 5
Foreword by the Management Board
Strong financial and balance sheet position
Our balance sheet is strong with an equity ratio of 84 % and a cash position of EUR 31 million with virtually no financial debt. It provides us with sufficient flexibility to drive profitable growth going forward.
In recent years, we have built and substantially expanded our co-investment portfolio from a low single-digit million amount to a total portfolio size of around EUR 88 million today. Importantly, this is only the book value according to German GAAP. The market value is currently almost twice as high. From an initial "skin in the game" approach, our co-investment activity has developed into a strategic and highly profitable pillar of our business model. With the co-investments we successfully exited, we have been able to achieve an average return of around 30 % (IRR).
Capital market activities
With full support of our anchor shareholder, we as a management team are fully convinced and determined of our short-, medium- and long-term growth prospects. While we will consistently focus on the operational development of the company, we believe that the current market capitalization of EUR 140 million, which alone is covered by the market value of our co-investment portfolio, does at all reflect the fundamental value of the company, including the recurring revenues from our operating service business.
Against this backdrop, we will continue to intensify our capital market activities. This includes investor roadshows, attendance of relevant conferences and other formats to regularly communicate with the capital market. On the day of publication of this report, we will hold an earnings call, and will gradually extend the scope of our brokerage and analyst universe that cover our stock.
A central component of our corporate strategy remains the stringent allocation of capital. Thanks to the high visibility of our results and our strong balance sheet, we will continue to return a significant portion of our earnings to our shareholders while consequently pursuing our growth objectives.
F.l.T.r.: Dr. Philipp Lauenstein,
Constantin Baack,
Christian Schwenkenbecher
We look forward to exchanging ideas with you and to continuing the successful development of MPC Capital.
Greetings
Constantin Baack, CEO
Dr. Philipp Lauenstein, CFO
Christian Schwenkenbecher, CCO
Interim Financial Repor t 2024 MPC Capital AG 6
MPC CAPITAL SHARES IN THE FIRST HALF OF 2024
Interim Financial Repor t 2024 MPC Capital AG 7
MPC Capital shares
STRONG M A RKE T PERF ORM A NCE DRIVEN BY N A RROW F IEL D OF COMPA NIES
Despite the muted economic development, most companies in both the United States and Europe managed to outperform their own profit guidance. In the United States, the major technology stocks continued to perform well on the stock markets. The technology index Nasdaq gained 17 % and the S&P 500, where the leading technology stocks now account for over 30 percent, saw its value grow by almost 15 %. However this development was carried by a very narrow field of stocks; a majority of US stocks experienced a negative market performance over recent months.
The picture was similar in Germany; whereas the DAX gained around 9 % in the first half of the year, again thanks to a handful of major corporations, the SDAX grew by only 3 %. The MDAX actually slipped by 7 % in the same period.
The heavy losses on stock markets worldwide at the start of August brought home just how fragile and volatile the first-half performance was, with its dependence on a handful of big players. The strong selling pressure was triggered principally by uncertainty over a potential escalation in the Middle East and the possibility that the boom in artificial intelligence is coming to an end.
P OSITIVE PERF ORM A NCE BY MP C CA PITA L SH A RES
Buoyed by strong trading figures, a positive outlook and an attractive dividend, the shares of MPC Capital AG performed very dynamically to reach a new five-year high of EUR 4.68 in mid-June. The share price performance of MPC Capital was equally very positive. The shares gained just over 25 % in the first half. In addition, MPC Capital AG distributed a dividend of EUR 0.27 per share at the start of May. The shares opened the 2024 stock market year trading at EUR 2.98, which was also the first-half low. The trading price at the end of the first half was EUR 4.16 - around one euro up on one year previously. The average trading volume of MPC Capital shares on Xetra was around 10,000 units per day. Market capitalization on 30 June 2024 was around EUR 150 million.
2024 first-half performance, indexed
MPC Capital
DAX
SDAX
60 %
40 %
20 %
0 %
-20 %
Jan 2024
Feb 2024
Mar 2024
Apr 2024
May 2024
Jun 2024
Interim Financial Repor t 2024 MPC Capital AG 8
MPC Capital shares
SH A REHOL DER STRUCTURE A S AT 30 JUNE 2024
The family office of the founding Schroeder family, MPC Münchmeyer Petersen & Co. GmbH, acquired further shares in the first half of 2024 and increased its shareholding to 51 %. Individual family members also acquired shares amounting to 22 % of the total number of shares.
Freefloat
27 %
MPC Münchmeyer
Petersen & Co. GmbH
(Family Office)
Other
51 %
family holdings
22 %
Number of shares: 35,248,484
Shareholders of companies whose shares are listed in the Scale Standard (Open Market) of the Frankfur t Stock Exchange are not subject to the obligation to submit voting rights notifications in accordance with the German Securities Trading Act (WpHG) . The shareholder structure is therefore presented to the best of the Company 's knowledge.
A NNUA L GENER A L MEE TING
The Annual General Meeting of MPC Capital AG took place on 13 June 2024. All agenda items were carried by the required majorities. The parties attending and the voting results as well as all other documents concerning the Annual General Meeting are permanently available on the Investor Relations web page of MPC Capital AG (www.mpc-capital.com).
Core Data for MPC Capital AG
WKN / ISIN
Share capital / number of shares
Share class
Trading venues
DISTRIBUTION OF A DIVIDEND IN THE A MOUNT OF EUR 0 . 27 PER SH A RE
Based on the proposal of the Management Board and Supervisory Board, the Annual General Meeting on 13 June 2024 resolved the distribution of a dividend of EUR 0.27 per share with a total amount of EUR 9.5 million for the 2023 financial year. The dividend of MPC Capital AG was paid entirely from the fiscally recognized contribution account within the meaning of Section 27 of the German Corporation Tax Act.
A1TNWJ / DE000A1TNWJ4
EUR 35,248,484.00 / 35,248,484 units
Bearer shares with notional capital share of EUR 1.00 each
Open Market in Frankfurt am Main; electronic trading on Xetra;
OTC in Berlin-Bremen, Düsseldorf, Hanover, Munich and Stuttgart
Directors' Dealings
23 May 2024
Joachim Ludwig
23 May 2024
Elbrock GmbH, Dr. Axel Schroeder
23 May 2024
Dr. Philipp Lauenstein
23 May 2024
Constantin Baack
23 May 2024
Ulf Holländer
23 May 2024
Christian Schwenkenbecher
Purchase of shares
144,928
1,068,115
28,986
72,464
57,972
28,986
Market segment
Capital market partner
Designated sponsors
Analysts
First day of trading
Reuters code
Bloomberg
Ticker symbol
Scale
M.M.Warburg & CO
Baader Helvea, M.M.Warburg & CO
Hauck Aufhäuser, Montega, Warburg Research
28 September 2000
MPCG.DE
MPCK:GR
MPCK
Interim Financial Repor t 2024 MPC Capital AG 9
Financial calendar
Financial calendar 2024
7 March 2024
22 August 2024
Publication of Annual Report 2023
Hamburg Investors Conference
8 May 2024
17 October 2024
Q1 2024 key figures
Warburg "Klein aber fein" Investment Conference, Munich
13 June 2024
14 November 2024
Annual General Meeting of MPC Capital AG
Q3 2024 key figures
22 August 2024
25-27 November 2024
Investor Relations - Your Contact
Publication of Interim Financial Report 2024
Analyst conference at the Equity Forum, Frankfurt am Main
Stefan Zenker
Tel.: +49 (40) 38022 4200
E-Mail:[email protected]
www.mpc-capital.com/ir
MPC Münchmeyer Petersen Capital AG
Palmaille 67
D-22767 Hamburg
WKN A1TNWJ
ISIN DE000A1TNWJ4
Interim Financial Repor t 2024 MPC Capital AG 10
Disclaimer
MPC Münchmeyer Petersen Capital AG published this content on 22 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on August 22, 2024 at 05:02:09 UTC.