13.07.2016
German Startups Group Berlin GmbH & Co. KGaA DE000A1MMEV4
DGAP-News: German Startups Group profitable again in the first half of 2016
DGAP-News: German Startups Group Berlin GmbH & Co. KGaA / Key word(s): Half
Year Results
German Startups Group profitable again in the first half of 2016
13.07.2016 / 15:04
The issuer is solely responsible for the content of this announcement.
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+++ Press release +++
for immediate publication
German Startups Group profitable again in the first half of 2016
- Profitable growth similar to previous year with net consolidated profit
of 1.9 million euros
- German Startups Group will not make use of the capital increase in the
amount of up to 27 million shares that was authorised by the General
Meeting
- The portfolio companies Service Partner One and Savedo achieve
increases in value as a result of financing rounds
Berlin, 13 July 2016 - German Startups Group, the second most active
venture capital provider in Germany in the time period since 2012 (CB
Insights, 2015), grew profitably again in the first half of 2016 at levels
similar to the same period in the previous year, according to preliminary
calculations. Therefore, the company has been continuously profitable since
its first full fiscal year (2012).
German Startups Group achieved a preliminary net consolidated profit of
approximately 1.9 million euros in the reporting period (1H 2015: 2.0
million euros). With an average of 11,564,829 shares, this equates to a net
profit of approximately 0.15 euros per share after the profit share for the
minority shareholders of the Exozet group (1H 2015: 0.30 euros). These
preliminary profits may change as a result of new findings into the
valuation of portfolio companies in the event that these findings cause a
value increase or decrease in the stakes held by German Startups Group.
The preliminary profit is attributed to an increase in value of 11 out of
25 minority shareholdings of particular significance to German Startups
Group, which comprise 89% of the total value of all 47 active minority
shareholdings, and can therefore be attributed to the breadth of the
portfolio. German Startups Group determines the fair value of its
stakeholdings predominantly on the basis of prices paid by third parties
for the same or similar shares. This is the case for 21 of 25 holdings that
are of particular signifiance to German Startups Group. The value of the
majority stake in the very well-performing Exozet Group is not assessed in
the consolidated financial statements, but rather fully consolidated.
Therefore, an increase in value cannot be entered into the balance sheet
and the profit and loss account, but will instead lead to the creation of
hidden reserves. As already announced, Exozet was able to increase its 1H16
revenue by 60% compared to 1H15 and at the same time, as opposed to 1H15
(losses of 0.25 million euros), achieved a profit of 0.41 million euros. It
should be noted that generally the first half of the year is seasonally
weaker than the second half of the year.
German Startups Group proposed a resolution at the Ordinary General Meeting
held on 23 March 2016 that would allow for a capital increase of up to 27
million shares and the authorisation of share capital. This capital
increase was authorised to be executed by 23 September 2016. Following the
company's own assessment and the current share price level, the management
has decided not to make use of this, as an issue of new shares
significantly under the net asset value of the company would not be
commercially beneficial for the company or its shareholders. The German
Startups Group is solidly and sustainably financed even without the capital
increase.
The positive development of the portfolio companies of German Startups
Group continues in the second half of 2016 as well. After the company
already announced, at the end of June, some of the developments within its
investment portfolio in the first half of 2016, German Startups Group has
since recorded further growths in value in two of its portfolio companies:
Service Partner One, a shareholding significant to German Startups Group,
achieved an increase in valuation following its recently finalised Series A
financing round of over 10 million US dollars. The digital office
management startup that records, according to its own statements, an
average monthly growth rate of 30% was able to win two reputable investors
with EQT Ventures and Target Global.
The portfolio company Savedo also appreciated in value. The FinTech
company, which offers online-optimised fixed-term deposits in other
European countries, received 5.6 million US dollars in the first closing of
its Series A financing round and was able to raise a further 2 million US
dollars in the second closing.
Press contact
German Startups Group
Theo Bonick
Tel: +49 174 7984135
Mail: [email protected]
German Startups Group - We love startups!
German Startups Group is a listed investment company based in Berlin that
focuses on young, fast-growing companies, so-called startups. The company
acquires majority and minority shareholdings mainly by providing venture
capital. The portfolio companies that German Startups Group holds also
stand to benefit from German Startups Group's expertise, experience and
network with respect to strategy development, financing rounds,
restructuring necessities, M&A transactions or selling the company,
including a possible IPO. According to its own assessment, German Startups
Group provides startups with so-called "smart money" by acquiring a
shareholding. Its focus is on companies whose products or business models
represent a disruptive innovation, allow for a high degree of scalability
to be expected, and in which it has a great deal of trust in the
entrepreneurial abilities of the founders to whom it feels that it obtains
early access to due to its close relationships to relevant players in the
startup scene. The geographical focus is on the German-speaking region.
Since it commenced with operations in 2012, German Startups Group has in
its opinion built up a diversified portfolio of investments in young
companies and become the second most active venture capital investor in
Germany since 2012 (CB Insights, Germany Venture Capital Overview). 25 of
the 47 minority stakeholdings in operationally active companies are of
particular significance to German Startups Group and together comprise 89%
of the total value of all 47 active minority stakeholdings. The ten core
holdings alone make up 57% of the value of all active minority
stakeholdings. According to German Startups Group, its investment portfolio
reflects a cross-section of extremely promising German startups of various
maturity stages ("Seed," "Early" and "Growth Stage," by German Startups
Group's own definition) and includes some of the most successful and best
known German startups.
More information is available on our website at www.german-startups.com.
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13.07.2016 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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