_Despite effects of the coronavirus pandemic, preliminary revenue and earnings are above previous year’s figures

Munich, 25 March 2021 According to preliminary, as yet unaudited annual figures, Blue Cap AG achieved consolidated revenue of EUR 232.3 million in the 2020 financial year and an operating result (adjusted EBITDA) of EUR 17.7 million. Both figures are within the range last forecast in January and are above the previous year’s figures.

The Covid-19 pandemic had a strong impact on the business development of the subsidiaries last year. Thanks to the fast action to put measures in place both at Group and portfolio company level, Blue Cap’s companies fared well overall through the crisis over the past year. While preliminary figures show consolidated revenue growing 3% year-on-year to EUR 232.3 million (previous year: EUR 225.7 million), adjusted EBITDA saw a significant increase of 24% (previous year: EUR 14.3 million) to EUR 17.7 million. The adjusted EBITDA ratio also rose from 6.4% of total output in the previous year to 7.6%. The positive business development is particularly down to the first-time consolidation of the con-pearl Group, which was acquired in 2019. In addition to the effects of the successful restructuring measures, con-pearl was able to participate in the growth of the e-commerce and logistics industry.

Preliminary figures for adjusted EBIT show an increase of 32% to EUR 9.0 million (previous year: EUR 6.8 million). This increase is partly thanks to the very positive business development of the medical technology manufacturer INHECO Industrial Heating & Cooling GmbH. The company benefited from the significant increase in investment in the laboratory automation segment during the Covid-19 pandemic. This greatly compensated for the exit and deconsolidation of em-tec GmbH, which was sold successfully in April 2020.

Preliminary equity figures for the Group came to around EUR 80 million at the end of the year. This is approximately 20% higher than as of 31 December 2019 (EUR 67 million) and corresponds to an equity ratio of around 40% (previous year: 33%) of total assets. The percentage increase is mainly the result of the disposal gains generated through the sale of em-tec GmbH.

“Last year we moved quickly to put measures in place to minimise the impact of the Covid-19 crisis. The key to this successful action was the collaboration between Blue Cap as a holding company and the management teams of our subsidiaries. Despite the more difficult conditions, our portfolio companies showed a stable overall performance, thanks predominantly to the wide diversification of our portfolio,” says Matthias Kosch, CFO of Blue Cap AG.

Blue Cap kicked off 2021 with the acquisition of the Hero Group. The company develops and manufactures high-quality plastic parts and assemblies for vehicle interiors and the household appliance industry. With more than 200 employees, Hero generates revenue of around EUR 40 million. In the current year, Blue Cap AG is planning to continue on its growth course and will review additional financing options for planned add-on acquisitions and new acquisitions.

The figures published in this press release are preliminary. The annual report with audited figures, additional information on the 2020 financial year and a dividend proposal will be published in May. In addition to financial key figures, the annual report will also include a short sustainability report for the first time. In the future, the topic of sustainability will join financial key figure management as a key element of Blue Cap AG’s transformation process at its subsidiaries.