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DGAP-News: Blue Cap AG / Key word(s): Quarterly / Interim Statement
Munich, 25 April 2022 - Blue Cap AG, an investment company listed in the Scale segment, has made a positive start to the current year, and has confirmed its full-year forecast. At the end of the first quarter, consolidated group revenue increased significantly to EUR 82.7 million compared to the previous year's figure (PY: EUR 55.9 million). Adjusted EBITDA(1) improved to EUR 8.2 million (PY: EUR 4.7 million). The adjusted EBITDA margin stood at 9.6% after the first three months (PY: 8.1%). Adjusted EBIT reached a value of EUR 4.9 million (PY: EUR 2.5 million). This corresponds to a margin of 5.7% (PY: 4.3%) of total operating performance. The significant increases in the financial indicators are in particular due to the new acquisitions of H+E Group, HY-LINE Group and Transline, as well as the positive development in the Plastics segment. Although the sales of Gämmerler and Carl Schaefer reduced sales compared to the previous year, they had a clearly positive effect on the adjusted EBITDA margin.
After completing the acquisition of Transline in March 2022, Blue Cap AG has an unchanged solid balance sheet quality. Group equity amounted to EUR 109.2 million at the end of the quarter (PY: EUR 86.7 million). At 37% of the group's total assets, the equity ratio thus approximates the previous year's level (PY: 37.5%). The net debt ratio, defined as the ratio of net financial liabilities (including leasing liabilities) to adjusted EBITDA, stood at 2.8 (PY: 2.9) and thus below the target of 3.5.
Developments in the business segments
As of 31 March 2022, Blue Cap's portfolio includes eight majority holdings, which are allocated to the Plastics, Adhesives & Coatings, Business Services and Others segments, as well as a minority stake.
In the Plastics segment, con-pearl benefited from a consistently very good logistics order book, while H+E continues to be confronted with supply chain issues and currently declining call orders on the part of OEMs. Uniplast's earnings performance is adversely affected by rises in raw material and energy prices, which the company can only pass on to its customers with a time lag.
Planatol from the Adhesives & Coatings segment showed positive momentum due high customer demand. Conversely, Neschen continued to suffer from supply and production bottlenecks in the first quarter, which were noticeable in the areas of graphic applications and industrial coatings.
The Business Services segment includes the two recently acquired portfolio companies HY-LINE and Transline. The HY-LINE Group has shown positive development since its acquisition and first-time consolidation in September 2021. With continued considerable order intake and a high order backlog, the ability to deliver individual products gradually improved in the first quarter. Transline was initially consolidated on March 1, 2022.
Nokra (Others) remained impacted by delivery bottlenecks and resulting project postponements in the first quarter but is of minor importance for the group figures due to its small size.
Segment key figures at a glance
Note: Rounding differences are possible
The Management Board of Blue Cap AG confirms the most recently announced forecast and expects consolidated revenue of between EUR 305-325 million and an adjusted EBITDA margin of between 9-10% for the 2022 financial year. The direct consequences of the Russia-Ukraine war are of insignificant importance for the Group due to low sales in Russia and Ukraine. However, the indirect implications, in particular the effects on material and energy prices and supply chains, are currently difficult to assess and quantify. These can change the forecast as the financial year progresses.
(1) Adjustments to reflect extraordinary, prior-periodic and other effects from reorganization measures and one-off effects, as well as effects arising from the purchase price allocations
Blue Cap AG is a capital market-listed investment company founded in 2006 and headquartered in Munich. The company invests in medium-sized companies in the B2B sector and supports them in their entrepreneurial development. These are headquartered in the DACH region, typically generate revenue of between 30 and 80 million euros and have an intact core business. Blue Cap holds mostly majority stakes in nine companies in the adhesives technology & coating technology, plastics technology, production technology, medical technology and business services sectors. The companies in the Blue Cap Group develop independently and each pursue their own growth strategies. The group currently employs around 1,300 people in Germany and other European countries. Blue Cap AG is listed on the over-the-counter market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; stock exchange symbol: B7E). www.blue-cap.de
Contact: Blue Cap AG, Lisa Marie Schraml, Investor Relations & Corporate Communications, Tel. +49 89 288909-24; firstname.lastname@example.org
25.04.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Blue Cap AG
+49 89-288 909 24
+49 89 288 909 19
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich, Stuttgart, Tradegate Exchange
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