DGAP-News: mutares AG / Key word(s): Half Year Results
mutares AG: mutares positions itself for future development

15.09.2016 / 09:30
The issuer is solely responsible for the content of this announcement.


mutares positions itself for future development

The mutares Group (ISIN: DE000A0SMSH2) closed the first half of 2016 with
stable revenues and a reduced profitability due to one-off effects. A
strong focus was put on establishing the required organization structure as
a basis for further growth of the group. The new segmentation of the
portfolio sharpens mutares' profile and the investment focus.

Due to robust organic growth group revenues in the first half of 2016 have
been stable at EUR 310.6m (previous year: EUR 311.6m) despite of
significantchanges in the portfolio. Particularly STS Acoutistics and
GeesinkNorba contributed to this performance. Given the full transaction
pipeline mutares expects besides the recent acquisition of Sonoco Paper
France, now Cenpa, several further big transactions until the end of the
year. The group's operative result (EBITDA) accounts for EUR 4.0m (previous
year: EUR 12.9m) due to negative one-off effects. mutares expects a
significant catch-up effect in the second half of the year and is convinced
to achieve its mid-term objectives. Further details are to be found in
today's published half-year report.

Preparation for further growth

In the first half of 2016, mutares significantly invested in the
development of the team and the infrastructure. Following an extensive
planning period, mutares moved into a new and much bigger office in Munich.
Seven professionals joined the team and will complement its skill set with
their expertise, experience, and network. Also in Paris mutares moved into
a new office that provides the space for further growth and for the
operational management of the French portfolio. mutares considerably
increased its recruiting activities and expects to expand the team until
the end of the year.

Sharpened investment focus

The current portfolio has been segmented into five industry sectors. Thus
the profile and the core competencies of mutares as operational,
sustainable investor get distinctly emphasized. The visibility and the
network of mutares in the sectors will profit from the improved focus.
Thereby mutares expects better growth opportunities. The segment Automotive
& Industrials is mutares' home turf and represents today about 40 percent
of the group's NAV. In the automotive supply industry mutares established
an excellent reputation as an expert and reliable business partner. mutares
intends to develop this sector by new platform investments and bigger add-
on acquisitions.


Segment                                                    Share in the NAV
Automotive & Industrial                                                 40%
Construction & Infrastructure                                           24%
Consumer Goods & Logistics                                              13%
Engineering & Technology                                                12%
Wood & Paper                                                            11%


The segment Wood & Paper shows how successful a cluster can be build. In
all segments mutares expects high market dynamics and the potential for
attractive acquisitions and exits.

NAV of the mutares Group


Portfolio companies                       NAV as of June 30, 2016 (in mEUR)
EUPEC / BSL                                                            74.1
STS Acoustics                                                          54.8
Elastomer Solutions                                                    41.6
A+F                                                                    35.6
GeesinkNorba                                                           26.8
Artmadis                                                               24.3
Zanders                                                                15.8
Norsilk                                                                14.1
Others (incl. net cash)                                                23.8
Total                                                                 310.9


The valuation has been done by applying a discounted cash-flow model and
taking into account the forecasts of the current year and the budgets for
the coming two years of each portfolio company. The annual growth rates
following the detailed planning period have been set for each company
specifically between 0.5 and 1.5 percent according to the relevant
industry. The discount rates are the WACCs (weighted average cost of
capital) of each of the portfolio companies. The WACCs are industry and
country specific and lie between 4.9 and 10.0 percent.

Company profile of mutares AG

mutares AG, Munich (www.mutares.de), acquires companies, that are being
sold in the course of a repositioning process at their owners and that show
a clear operational improvement potential. Getting engaged with its own
teams, mutares actively supports its portfolio companies to achieve a clear
value increase. The focus of the operational work is to ensure sustainable,
long-term growth. The shares of mutares AG are traded in the Open Market of
the Frankfurt Stock Exchange (Entry Standard) under the symbol MUX (ISIN:

For further information, please contact:

mutares AG
Soh-Pih Mariette Nikolai
Investor Relations & Corporate Communications
Tel. +49 89 9292776-0
Fax +49 89 9292776-22


15.09.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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   Language:    English                                              
   Company:     mutares AG                                           
                80335 Munich                                         
   Phone:       +49 (0)89-9292 776-0                                 
   Fax:         +49 (0)89-9292 776-22                                
   E-mail:      ir@mutares.de                                        
   Internet:    www.mutares.de                                       
   ISIN:        DE000A0SMSH2                                         
   WKN:         A0SMSH                                               
   Listed:      Regulated Unofficial Market in Berlin, Stuttgart,    
                Tradegate Exchange; Open Market (Entry Standard) in  
   End of News    DGAP News Service  

501975 15.09.2016