Good afternoon, everyone, and welcome to the Mutares earnings call for Q1 2024. On the call today, the CEO, Robin Laik, and the CFO, Mark Friedrich, will present the results and most relevant events of Q1 2024. After the presentation, they will be available to answer your questions. The presentation shown is available on the Mutares website after the call. Before we start, I would like to remind you that this presentation contains forward-looking statements, including projections which may not develop as currently expected. I therefore kindly ask you to take note of the precautionary warning about forward-looking statements that is included in the materials on our website. Now let me hand over to Robin Laik.
Yeah, good afternoon from my side, dear investors, dear ladies, gentlemen. My name is Robin Laik, and I'm the founder of Mutares. Today we would like to look at our business model, and that's what I will start with, then the key highlights of the first quarter. The financials will be then presented by Mark, and I will come back with the outlook of the entire year in the future. So, what are we doing? What are we doing in general? That's also my personal background, so I was a restructuring manager for big corporates, working for groups like L'Oréal Group, and where I was in charge for underperforming assets. These underperforming assets, you can either close them down, which is for a European big group quite complex, or you can try to restructure them by yourself.
The key problem is that in many cases, the good management is not available anymore. They have left the company already. And then you need external consultants, and then you take the McKinsey guys in, or you take the Roland Berger, the PwC, very good consultants in, but you don't have a real management team. And in many of these cases, then you decide to go for an exit. And this was my former role. My former role was I was heading the M&A department, and then I took over now the other side. I wanted to be one of these investors, and I knew it costs me like, two years until the company is restructured when I'm on the corporate side.
And that's why at that time we decided when starting the Mutares adventure 16 years ago that I will go to these big corporates, and we will ask them to be cheaper than a shutdown than a closure and to be more efficient than the big corporate can operate themselves. And by this we started the Mutares adventure here in Munich, where I'm talking to you today, and today as you can see we are in 11 European countries, and we are quite proud and happy that we will open now India, Shanghai, China, and also the US. So we are an international company going to these big corporates worldwide and asking them, "Do you have carve-out companies portfolios that do not work?" And we will enter with our own teams into these companies, and we will make it cheaper than a restructuring by yourself or a close down.
This is our Mutares DNA. We ask then the seller to fund the business with a strong balance sheet. The business per se that we acquire is self-funded, for we ask the seller to pay us for doing the restructuring which is necessary in the companies to acquire. We buy these companies via shelf companies. We do not buy them by the ultimate holding company, but we have more than 50 companies which are holding companies which then acquire. This is important as we do not want to be influenced directly by the losses which appear in the operations. We do generate profit day one. Why do we generate profit day one when after having acquired?
So we pay a certain purchase price, but then we send our consulting team in, and we ask the portfolio company that we acquired that our consultants are paid day one. And by this we have a consulting income which is today like EUR 10 million on a monthly basis. The second source of profit that we do have is dividends. When a company's turned around, we take our dividends off the company portfolio company which is profitable. And the third source of profit is the exits. So we have three different sources of profit: consulting income, dividend, and exits. And by this we generate our main KPI which is the net result of the holding, and I'm quite happy to present today that we are quite strong, starting quite strong in Q1 2024. So in which companies do we invest? This is very engineering-driven, very much automotive.
So we have a part, a sector which is automotive business where we do almost EUR 3 billion today. Then we have businesses which are engineering, machine tooling-driven, also very German-based. This is our second sector. Then we have a service part. The service parts that we do logistics, for example, this third part, and then the fourth part which we just opened is consumer and retail. So we want to have a very big footprint when it comes to our local offices, but we also want to have a wide footprint when it comes to the sectors in which we do invest. And always with the same criteria. When we invest into a company, we are looking on a strong balance sheet that we can do the restructuring of the business of the existing business.
And that's why we in many cases only pay a symbolic price as a purchase price, but we ask for cash in the company. We ask for fixed assets in the company and current assets that these assets help us to pay for the restructuring which is necessary for the P&L looks very weak. So we buy companies that do have maybe EUR 500 million in sales, but also EUR 50 million cash loss. And this brings me to the next point. So the target company we are looking for is a company EUR 100 million-EUR 750 million in turnover and in 90% of the cases cash losing. And our, our main saying is we want to be recognized. So if a big corporate decides to exit one of these companies, it must be first in mind they should think about Mutares. First in mind, first in choice.
Today we are quite happy for we are now included in the SDAX in Germany and due to the strong performance in sales, but also in net income of the holding. So we start here with our, with, with the time in 2020, but we could also start in 2017. This time the company had about EUR 1 billion in sales and only EUR 20 million net profit on holding level. This net profit which is composed in consulting income, in dividends, and exit proceeds. Three years in a row, so only EUR 20 million net income. Then we together with the team, we said, "What can we do to bring this company in 2018 until 2028 to a EUR 10 billion company, to a EUR 5 billion company?" And at that time the company had one billion in sales. So we thought, "How can we bring more sales?
How can we buy more companies? What can we bring, what can we do to have more dynamics in our business?" And at that moment we had an office in Munich. We had an office in Paris and in Milano. We decided to open up many European offices. And today we have 11 European offices and three offices abroad. And this was our idea that we wanted to grow to EUR 5 billion and we wanted to have EUR 100 million net profit until 2028. And we are very happy that last year we achieved already the EUR 4.7 billion in sales and more than EUR 100 million net profit. And now we have given us new targets, for we want stronger to grow.
That's also why we opened India, China, and the U.S., for we said now until 2028 we want to have a company which is a EUR 10 billion company with EUR 200 million net profit. And where is it also reflected? It's reflected in both in the development of our bond facility which we issued, as well as on the share price and on the share development of the dividends. So as you can see here, we paid out EUR 1.50 in 2020 and 2021. We increased this dividend to 1.75 last year, and this year we changed even our dividend policy for before it was a minimum dividend of EUR 1. And now we said our minimum dividend is EUR 2. And we even give a bonus dividend this year of EUR 0.25. That's why we will come up with EUR 2.25 dividend on our this year shareholder meeting.
So when we buy these companies, we cluster our business and our operational team in four different stages. So we have like 150 people on board, and they're helping us in the entire value chain. They'll say take over key, key positions when it comes to CEO, when it comes to production, when it comes to sales. And we really enter into these companies, a team of 5-10 people. We enter into this company, and then the really dirty and hard work starts. For these companies, they do not make money. In these companies, there are many conflicts. So we have conflicts with the works council in many cases. There are conflicts with the customer for the product was not delivered in time, was quality issues. We have problems with the suppliers which not have been paid.
When we enter into these companies, we try to bring all stakeholders on the table and to solve the issue. Our, our target is that we want to solve an issue for a big corporate. This is in many cases really tough work. So you have to go to the customers, you have to go to the works council, and you have to convince them that if everyone helps together, we will bring the company back on track and make the company strong again and profitable again. So in the acquisition phase, what we do is, and we already invested here, you see here EUR 427 million. This is what we paid as a purchase price or as an equity commitment into the company. And then we start earning money. How do we do it?
We send our team in, and our team will start then the restructuring and will help our companies to be profitable to come to the optimization. In optimization stage, we are already profitable. Mainly we take our team out and send them to the next acquisition that we do, and then we decide what to do. Should we go for an add-on? So we successfully did, for example, with HILO Group, which I will present later on, or do we go for an exit in this situation and, or take out dividends in this portfolio company which is already profitable? Then we go to a stage which is called harvesting where we really look on exiting and do our third stream of profit which is the exit proceeds.
If you look on our portfolio, it's quite a wide range of different companies. I just want to name today maybe Efacec, a company which is in the electric distribution in Portugal, which we bought from the Portuguese State. When we entered into this company, we took a big team in and we asked Christian and Wolf, two individuals, to run the show there together with the local team. We were there just for the 100 days meeting, and it was very successfully presented what the company is now going to improve, how we are going to improve in the different sectors. We are quite well on track here in the development of this company. But as you can see, we have quite a balanced portfolio.
This is also important to us for we want not to be dependent on early cycle business or late cycle business. So we want to have companies which are non-cyclic. We want to have companies which are in the early stage, but also in the late stage that we do not depend too much on the economic development in each of these countries. And we don't want to be only dependent on different sectors. That's why today Mutares is really a global player which looks for international expansion in Asia, in, in, in India, and also in the US. Some of the highlights of last year. So, when we acquired, and I will show later on the HILO Group, we have now acquired Prinz, a deal that is long on our table, and we're very happy that we successfully could acquire this company and now increase our footprint.
Now we have a Chinese entity which we have acquired in addition to a German one and a Bulgarian one. We acquired Temakinho, also new to us. This is now in the food business in Italy where we run kind of sushi shops in Italy. And we bought Magirus, the firefighting company in Germany, but not only in Germany, in Italy. So it's a very international company which is selling firefighting cars. And on the capital market bonds, we increased our bonds. So today we talk about a EUR 250 million ticket that we achieved on the financing side, and we were able to increase now the dividend for this year, as already mentioned, to EUR 2.25 per share. And that's why the share price shows a very nice development.
On the sell side, thanks to our Nordics team, we were able to to exit Frigoscandia, a cooling logistic player in the Nordics where we were very successfully selling this company to Dachser after having acquired it from the Norwegian Post, restructured it, sold some French businesses which were not really fitting to the business anymore, acquired the Nordic business, and we're very successfully selling this company early this year. That's why the net result in Q1 looks quite promising. We sold as well Valti. Look to India, and this is of, for me personally, something special for my father. He came from the northern part of India, and he left in the 50s to Germany to study in Germany. They came from a very rich family.
My father's family, they had coal mines, copper mines, and they left India, and he lost everything for everything was nationalized. Communism came into India, and so he had no belongings anymore, and he started from scratch. Coming now to India back in my father's home country fulfills me, of course, with a lot of gratitude, and I'm very happy. Today we already talk about the company that we have in India. We have two different companies. We bought SFC from Cooper Standard after having acquired, this was only a EUR 50 million business with almost EUR 10 million cash loss. We sent our team in. At that time, it was run by Nimit.
Nimit was running today our Indian operations, and he turned this company to a EUR 70 million company and EUR 10 million cash flow positive company with a heavy restructuring that he has to undergo there. So he closed down plants, he opened new plants. But today we, we are very, we have very successfully managed the turnaround in this company, and we opened up our MoldTecs plant that we bought from Mann+Hummel, which is now going to start. We just opened it. So we have already a footprint in India, and we will open our, our new office now in Mumbai, run by Nimit, which will be then operating. And there we are looking exactly for the same we are looking here in Europe. So we are looking for underperforming assets that, a big corporate could not, turn around anymore.
We want to enter with our own team, with our own Indian team, then to do the turnaround for these companies and make the company profitable again. When we acquired SFC India, in our board meetings, so often we discuss about the closure of SFC India. And when I look today what has happened in, in this few years as a company which is running so, properly and, after such a short period of time, really, really profitable again. So what are our, our customers today? And, when I was in India, I visited the main customers. I went to Tata, to Maruti, and, and Volkswagen. And for, for us, it's, it's so important that we are close to the customers. For if we want to do the restructuring, we need at first to have the trust of the customer.
You need to have the trust of the works council. You need to have the trust of the unions. You need to talk to the people and understand where is really the issue. What is the problem? For we have to listen and to help the companies to be profitable again. And then they told me, Mr. Laik, when you acquired SFC India, I went into your plant. This was one of the purchasing managers of Tata told me, and he said it was so complex, different units fighting each other, and your CEO was not able to control the situation anymore. But now, after you have put your team in, the situation calmed down, and today we talk about a very profitable business. And that's what we want to show.
That's what we want to show, by the way, to the seller, that it is better to give us the company and that we take over as an entrepreneur. For what we do when we buy these companies, we do simply run these companies like I run my own household. So one of these, these golden rules is that we will not spend more than money what's coming in, and we cannot play the banks for our customers. But we can, we have to bring this company into a situation where we bring best in class product at the right time to our customer. That's our job, and that's what we have to do on a very entrepreneurial way. Just having a word on HILO Group. HILO is a company producing locking system and hinges for car industry. And, when we bought KICO, the situation was the following.
We bought this company, but we had a severe problem with Porsche and quality issues. We were before; it was only a producer of parts, and all of a sudden we were a system supplier, and we were not able to fix the issue. Then we sent our team in with Radu, who is today an engineering head at Mutares, and we asked him to do the turnaround and to fix the problem with Porsche. And he was able to do so, turned around KICO Group, and then we decided to go for add-on acquisitions. And we bought from the Chinese state.
We bought ISH, a company based in China and Germany, had a lot of new order intake, and were able to bring then this group together and to think about where to produce, what are the customers where we have these Chinese customers, the European ones. And then we bought HPC and Prinz Kinematics that I just mentioned, which are all working in the same sector, locking and hinges. But today we talk about a EUR 300 million company, and bringing all these companies together helps us in different ways. So on the one side, you are stronger with your customer. If you go now to VW and you can produce them from China, from Bulgaria, from Romania, but also from Germany, you have a different footprint which is very beneficial to them.
And on the other side, when you buy steel, it's easier to buy steel if you have five companies than if you have only one. So the critical mass is simply there. And by this, I would like to conclude my first speech, and I would like to hand over to our CFO, Mark.
Thanks, Robin. So when looking at the financials, and like always, we start with a big overview of the development in the group where we reached almost EUR 1.4 billion of sales. And when looking at the right side, taking a first glance here at the different development of the segments, we see that it's actually quite mixed. We see that automotive and mobility increased quite substantially in revenue, but also in profitability.
The other segments experience a bit of a setback in Adjusted EBITDA, but I will run through the different reasons when running through the different segments. Overall, the development is quite on track, compared to what we communicated just a couple of weeks ago, the guidance for 2024. Mutares Holding reached almost EUR 30 million of revenues in consulting, so run rate approximately EUR 10 million a month, and was obviously benefiting from the closing of the exit of Frigoscandia in Q1 and thereby reached a bit more than EUR 50 million of net income already in Q1.
Starting with automotive and mobility, and you see it right away, just the five groups that we have here in the segment are combining the majority of sales, reaching EUR 600 million, mainly driven by M&A activity, especially for the FerrAl United Group where we accomplished a lot of transactions in 2023. The profitability pretty much picks up a lot due to the progress and transformation programs, especially in SFC Group, but also in part of the FerrAl United Group. On the other hand, we see a bit of a challenging environment for Peugeot where we planned an expansion to Asia that is a bit lagging behind, where we now kind of changed a bit the way of approaching the markets. We think that also the entry with Mutares China and now with Mutares India can support the way forward for Peugeot.
In addition, also in 2024, M&A activity will remain a key part of the development of the segment. We just heard from Robin what he talked, what he explained about the development of HILO Group, where it totally made sense to add two new entities to combine the existing two entities under the HILO Group. Engineering and technology is a segment that is suffering a bit due to the challenging environment in the construction industry. On the other hand, we also have a really decent development at all companies that are more leaning towards the energy infrastructure business. So Efacec looks from the way forward quite interesting, them also quite okay. Then we have, in addition, the Steyr Motors that is a producer of special engines for special vehicles looks also quite good. We will see it in the lifecycle.
We finally also made quite good progress at ADComms and Gemini. Then coming to goods and services, quite a broad segment, as always, where we increased revenue by approximately 50% due to mainly the M&A activity. So the majority goes here clearly to the former Arriva Group. And in addition, Terranor Group is developing quite decent, quite nice when it comes to the organic development. And that's what you see here with approximately EUR 12 million revenue that is contributing to the almost EUR 290 million. On the other hand, we also see across the board here, even though you might not see it in the Adjusted EBITDA, quite a good development in the progress of the transformation programs so that we are looking here ahead with a very good feeling when it comes to pretty much all of these entities here in the segment.
Then the last segment, retail and food, where we still have Lapeyre dominating the segment, and the market remains clearly challenging in France here where we saw the setback here in organic growth, so a decrease in revenue compared to last year where the team is now focusing a lot on improving the cost base. It looks quite good what they find here and what we can deliver throughout the year. So also here we are confident when it comes to the execution of the transformation program and quite confident, at least looking a year ahead when the market may be normalized, then also that the revenue is picking up. The M&A activity also in all segments here, also a key factor for the development with adding approximately EUR 50 million of revenues.
As always in the communication in Q1, we cluster pretty much the segment into the new or into the phases newly based on the development that we saw in the transformation programs and also the budgets that have been approved by us. You see that we have added now a lot into optimization. Right in the middle, that the top remains quite unchanged. As always, that we add all new companies that have been recently acquired, let's say in the last 12 months, are still remain in the realignment.
When explaining a bit more about the ones that we stuck out here with the color with the red, we see that we moved Steyr Motors from realignment to harvesting right away because we pretty much did all we can and now focusing a lot on customer development, increasing the order intakes, and thereby developing a lot the top line. There's not much left on the cost side. So the transformation program is quite well executed. It's all about development, developing the company from a top line perspective. That's why we have moved it right away into the harvesting stage because the company is able to also deliver dividends.
Then we have in the optimization phase, the FerrAl United Group where we accomplish a lot of add-on acquisitions in 2023, and it's now all about, pretty much executing on the synergy potential that we had in mind here. Then you see in the middle also Go Collective, Mobilitas and Relobus. So the former Arriva Group where we are also a bit ahead of track when it comes to transformation program. We are back on the market in terms of tendering and are quite confident that, the companies will develop throughout the year quite well. Then we also highlighted, Guascor Energy where we had a complicated year, 2023. We're not executing as fast as we wanted the transformation program, but have now changed here and there a bit what we thought might be executed better.
Now we see a bit of or we see a nice progress here. That's why we also said it's now time for the optimization program. The budget looks quite good and quite improved compared to last year. We have Conexus, a company that is operating mainly in the electricity business, so a company that is known formally as Sirti. Then we have combined it with the telco business, formerly known as EXI. The company was providing a budget that is 180% turnaround compared to last year with a full order book, especially for the energy part. Therefore, the company is well on track delivering quite a positive adjusted EBITDA throughout the year.
And then last but not least, Gemini and ADComms where we finally were able to ramp up revenues, especially at Gemini, quite substantially compared to last year, pretty much adding more than 50% here. Also in ADComms, we reached a milestone just a couple of weeks ago by signing a big contract here that will put us in the position to now focus on the execution of that contract and even coming back to market to win other contracts. That's why we have now also lifted Gemini and ADComms to optimization. When looking at the right side, you see that the optimization bucket is now quite loaded when it comes to revenue. That's due to the big portfolio companies that are now in the bucket here, namely FerrAl, Amaneos, and Lapeyre, and that will continue throughout the year.
We will see that revenue is coming to the realignment phase where we most likely will add, obviously, new companies too. We are overall quite okay with a clustering of segment. We obviously focus a lot on the delivery of the transformation programs that have been agreed by us and focusing on kind of smart transactions when it comes to the M&A side. With this, I hand o
ver back to Robin for the closing. Thank you, Mark. Yeah, standstill is not allowed. We are on a very fast track here. When we look on our pipeline meeting, we see a lot of opportunities that are globally now presented to us in India. I just had a talk with an advisor in the U.S. and in Europe as well.
So we see in China as well, of course, we see a lot of deal opportunities. And this is for you a very attractive access to a market which is normally closed. We are a stock-listed company, but we run as a private equity fund, and it is still owned by the family in majority. So I myself we do have 25% as a family, and we have shown over the last years we promised and we delivered. I mean, this helps if, after 16 years, in most of the years we improved our dividend. And this is our strategy that we want to be very dividend-friendly, very growth-oriented. So our target is to buy one company a month, which in this year has happened until now, and we are very transparent.
So everything that we do, being a stock-listed company now in the SDAX, we have to explain, and we are proud to explain it. That's also why we are proud that we are, of course, long-term investors where we focus very much on environment, on social, and on governance. I'm coming to our targets again. We are quite happy that we were able to achieve EUR 100 million net profit across these resources, the three pillars, consulting income, dividend, and exit proceeds last year. And as already shown by Mark, we are now at EUR 50 million net income after Q1. The target is that we want to achieve more than EUR 100 million to be better than last year. But it's a daily fight for the right deal. It's a daily fight to make this company profitable. And it's also tough.
I mean, we have we have seen situations which we have not seen before, which we have not calculated before, for example, the higher interest rates, or we have not calculated the Ukraine war. We have not calculated COVID. And there are so many risks. Worldwide, people, investors sometimes ask me, Mr. Laik, how can you do it? How can you fulfill? And my answer is always only with the team and with our 250 people in total on board, which are all super strong individuals who fight every day for improving. And stand still is not possible at Mutares. And that's why I'm very happy to have this presentation today and looking forward now for your questions. Thank you. Thank you very much.
Ladies and gentlemen, if you would like to ask a question now and you are dialed in the conference call, please press nine and the star key on your telephone keypad. If you would like to withdraw your question again, please press nine and star again. So one moment for the first question, please. All right. The first question comes from Zafer Rüzgar from Pareto Securities . Please go ahead.
Yes. Hello, gentlemen, and thank you for taking my questions. I have two questions. The first question is regarding your net income and the composition of the net income. Can you guide us through the moving parts of your net income in the first quarter? For example, what was the exact net gain from Frigoscandia? And did you also have in the first quarter maybe somewhat higher OpEx compared to the prior quarters?
So starting with the first part of your question, so the Frigoscandia contribution is around EUR 50 million. We have a bit of an earnout here, still outstanding depending on the result of Frigoscandia in the next couple of years. And you're totally right. We had a bit of one-off expenses that are included partly in the OPEX. Approximately EUR 2.5 million is allocated to the increase in the bond, the EUR 100 million. And we had approximately EUR 3 million on the divestment of Valti.
Okay. So around EUR 5.5 million more than usually. Okay. Yeah.
Okay. Got it. Thanks. And my second question is regarding the automotive segment and relatively strong performance here. That was a bit surprising. I mean, given the fact that this is at least what we hear from the market, the overall sector is facing increasing headwinds and demand is going down.
So how should we think about the adjusted EBITDA you achieved here in the first quarter? Is that the expected run rate for the rest of the year?
No, it's not. So clear answer, no. It's not 4x that makes up the whole year. We had a one-off effect here in the FerrAl United Group, which is the one-off compensation. And on the other end, we see good progress in the transformation. Nevertheless, we don't see that this is continuing like this. The main question in these days is, are these one-off compensations not more normal than one-off? So that's why we leave it in the adjusted EBITDA. And therefore, you see the high number, but it's not the run rate. And it's very difficult for us to predict what are the call-offs from the automotive companies.
So I was once a CEO of an automotive company, and at that time, you had a detailed planning how much sales each month will come. These days, it's very difficult to predict how much volumes you will really sell.
Okay. Understood. Is there any kind of guidance for this segment you can share with us for the Adjusted EBITDA? I mean, last year, it was slightly positive. Is this what we can at least expect for this year, or?
Exactly. I think we can at least expect that it remains positive until the end of the year. Should be also not just slightly, should be actually positive. I think what's key is what I said during the presentation is that M&A remains a key factor for the segment in order to still look into the right add-on acquisitions for the different groups.
I think this is something that remains key besides what we need to do on the ground in the participations within our daily work.
Okay. Fine. Thank you. That's it from my side. Thank you very much.
Thanks a lot. Ladies and gentlemen, if you wish to ask a question, please press nine and star key on your telephone keypad. We are moving on. The next question is from Marie-Thérèse Grübner of Hauck Aufhäuser Investment Banking. Please go ahead.
Yes. Good afternoon. Do you hear me well? We do. Thank you. Okay. Wonderful. Thanks. Better than last time. Okay. Again, apologies for last time. Apologies for that. So I do have a couple of questions, and I will ask them one by one if you don't mind.
So the first question has to do with the holding level financials, which obviously are very important with respect to the dividend, etc. So what I would like to understand is what is the sort of the annual level of costs we should factor in at holding level given your expansion into India, China? Yeah. Maybe that's the first question. I think it doesn't change the picture. The expenses that we have for these two countries. When looking at India, the agreed budget is a bit of headhunting and the office that combined maybe EUR 500,000 in 2024. And also when looking at China, where we have ramped up the ops team quite substantially already to seven people. So actually, China by itself should be financed within the country.
We gave it a kickstart here in the beginning of the year and will do one more or one more contribution in May that combined then the total amount that we spent then for China, approximately EUR 2 million. So the expansion that we do here to these two countries and maybe when also adding the U.S., less than EUR 5 million. But this is also to be explained why only these short amounts or limited amounts. So we do take, like in China, seven operations guys. So we have in China three M&A guys. Now we added seven operationals, and we sent these guys into our portfolio companies, and they get paid by the portfolio companies to our consulting income. That's why this is not an overhead cost. This is a variable cost which brings money to holding.
Okay. Excellent. Thanks.
The next question has to do with the level of dividends we can expect at holding level. I mean, in the first quarter, I guess portfolio income is the consulting income that you have received, or is this a separate line? No. So in Q1, we have not included any dividend. So we pretty much included the exit of Frigoscandia into financial income, even though it's a dividend. But as communicated, we have a minimum dividend of EUR 2, which would represent with 20 million shares, about EUR 40 million. Okay. And so in terms of the dividends that you want to collect from the companies that can pay dividends to you, should we assume it's more or less that level, or what? I think all of this is a bit early now, right?
So we have an entire forecast for the year, which will be an increase in comparison to this year. This is our guidance. And how it will split up depends a bit on the exit proceeds that we will achieve in addition, plus the dividends.
Okay. And maybe one more question on the holding level. What was the cash at holding level as of end Q1, and what cash inflow do you expect from Frigoscandia?
So at the end of Q1, we had a bit more than EUR 100 million. So. And we have not consumed the earnout yet. So might be throughout the year, EUR 2-3 million more, but that's it. Okay. And then Frigoscandia, it has closed, right? It has closed. Exactly. Okay. So the money is in already. Okay. Okay.
And then I had maybe one question on the retail and food segment, which is the new segment you split out. So I mean, is there a way you can isolate the companies that delivered negative EUR 2.3 million in adjusted EBITDA in Q1 2023? What was their contribution to adjusted EBITDA in Q1 2024, just to get a sense of how those have developed? So retail and food. So two of the six companies were not there a year ago. So we only. Well, three, actually. Also, Gläser and Magirus was not there. So we talk only about Fasana, keeeper, Lapeyre. And what we see is pretty much that the keeeper is doing quite well, really according to budget in Q1, which was not the same performance in a year ago. And Fasana also improving slightly, but that doesn't change the picture here also in the segment.
So the development is pretty much dominated by Lapeyre. And that's where I also said that the organic growth that you see or setback that you see on the right side here where it's a bit more than 10%, that is actually Lapeyre. So we have a setback in the market of approximately 10% in revenue. And therefore, the adjusted EBITDA is also developing negatively in Q1 compared to a year ago. Okay. So we talked about retail and food, right? Lapeyre is in that bracket. Yeah. Exactly.
All right. Okay. No, that's fine. Okay. Thanks a lot. These were my questions.
Thank you very much. There are no more questions in the queue as of now. So dear participants, if you would like to ask a question, please press nine star on your telephone keypad now. So one moment for the last question, please.
To raise a question, you can press nine and the star key. So there seem to be no questions to be incoming. So I give the floor back to Mr. Laik and Mr. Friedrich. Yeah. Thanks a lot for your attendance and looking forward to this exciting year where we have now this global footprint and this growing team. And we hope that we can deliver as we promised. See you at the latest in Q2. Thank you. Bye-bye.