- Three successful exits
- Portfolio value of € 49.3 million (previous year: € 52.5 million) influenced by weaker prices of listed investments
- Net asset value (NAV) at € 47.5 million (previous year: € 50.5 million) or € 6.89 per share (previous year: € 7.34)
- Consolidated sales up 13% to € 11.4 million (previous year: € 10.1 million)
- Successful further development of the core portfolio
Munich, May 10, 2023 - Mountain Alliance AG (MA, ISIN DE000A12UK08) today publishes its Annual Report 2022 and the Net Asset Value of its investment portfolio as of December 31, 2022.
The financial year 2022 was characterized by capital markets affected by geopolitical developments, rising inflation as well as consumer restraint. Nevertheless, Mountain Alliance AG succeeded in realizing three profitable (partial) exits, further developing the portfolio and achieving a positive sales development at the fully consolidated investments.
Mountain Alliance AG increased consolidated sales in the financial year 2022 by 13% to € 11.42 million (previous year: € 10.10 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) improved from € -1.11 million to € -0.68 million. Earnings before interest and taxes (EBIT) also improved from € -1.82 million in the previous year to € -1.25 million. However, the negative development on the stock market had an adverse effect on the share price performance of the listed shareholdings Bio-Gate AG and Exasol AG. Their price losses exceeded the value gains in the core portfolio, which was reflected in a financial result of € -1.75 million (previous year: € 5.92 million) in the financial year 2022. Accordingly, earnings before taxes (EBT) amounted to € -2.99 million, compared with € 4.10 million in the previous year. For the reporting period, consolidated earnings amounted to € -2.52 million compared to € 3.77 million in the previous year. Earnings per Mountain Alliance share in fiscal year 2022 were thus € -0.38, compared to € 0.55 in the same period of the previous year.
The investment portfolio had a value of € 49.3 million as of December 31, 2022 (previous year: € 52.5 million). The declining development reflects the negative price development of the listed investments. Taking into account the net financial liabilities of € 1.8 million, the net asset value (NAV) of Mountain Alliance AG amounted to € 47.5 million as of the balance sheet date 2022 (previous year: € 50.5 million). This results in a NAV per share of € 6.89 as of December 31, 2022 compared to € 7.34 as of December 31, 2021.
The Group's total assets decreased to € 46.7 million as of December 31, 2022 (December 31, 2021: € 50.8 million). The equity ratio is at a solid level of 86% (December 31, 2021: 84%).
"Fiscal 2022 was visibly impacted by external factors. Against this backdrop, we were able to position ourselves well compared to many of our peers. In particular, the successful further development in the portfolio, for example, the substantial expansion steps at AlphaPet, volders and Qwello, makes us optimistic for the future. The profitable exits at mybestbrands and Tillhub as well as the positive partial exit at AlphaPet clearly show that we can realize significant value enhancement potentials with our investment focus on innovative technology-focused companies," says Manfred Danner, CEO of Mountain Alliance AG.
Looking ahead to fiscal 2023 and beyond, the Management Board is fundamentally confident. However, the external conditions that continue to prevail with regard to macroeconomic development, the interest rate environment and the further course of the war in Ukraine, as well as the associated consequential effects under certain circumstances, limit the accuracy of the forecast. Provided there is no substantial deterioration compared with the status quo, the Management Board considers increases in the value of the investment portfolio to be the most realistic scenario.
For the current financial year, Mountain Alliance AG is targeting an increase in consolidated revenue of 5% to 10%. In terms of NAV, the Management Board anticipates an organic increase of 5% to 10%, starting from € 47.5 million in 2022. This estimate is subject to the future performance of the listed investments and based on the growth of the portfolio companies, the increasing interest of investors in the investments and value-enhancing acquisitions.
The Annual Report 2022 is available for download at www.mountain-alliance.de.
