Blue Cap AG: Preliminary figures for the first half of 2024 show stable development
_Half-year revenue of EUR 129.2 million in line with expectations and slightly below previous year's level (previous year: EUR 145.4 million)
_Adjusted EBITDA margin of 8.4% above previous year (7.9%); positive trend continues in Q2 at 8.5% (Q1 2024: 8.3%)
_Annual forecast confirmed with consolidated revenue of EUR 270-290 million and an adjusted EBITDA margin of 8.5-9.5%
Munich, July 24, 2024 According to preliminary calculations, Blue Cap AG ("Blue Cap") can look back on a solid first half-year in line with expectations. Accordingly, the Management Board confirms the full-year forecast of April 24, 2024.
Blue Cap generated consolidated group revenue of EUR 129.2 million in the first half of 2024 (previous year: EUR 145.4 million). Of this, EUR 62.7 million was generated in the second quarter (Q1 2024: EUR 66.5 million). The operating result (adjusted(1) EBITDA) amounted to EUR 11.1 million in the first half of the year (previous year: EUR 11.5 million). Positive developments in the order situation and successful transformation processes were offset by lower order volumes and continued customer restraint. Overall, these developments led to an increase in the adjusted EBITDA margin to 8.5% in Q2 2024. For the first half of 2024, this results in an operating result of 8.4% (previous year: 7.9%) of total operating performance.
Group key figures at a glance
| EUR m | Q1 2024 | Q2 2024 | H1 2024 | H1 2023 |
|---|---|---|---|---|
| Revenue | 66.5 | 62.7 | 129.2 | 145.4 |
| Adjusted EBITDA | 5.8 | 5.3 | 11.1 | 11.5 |
| Adjusted EBITDA margin in % | 8.3 | 8.5 | 8.4 | 7.9 |
Blue Cap continues to have a solid balance sheet and financing structure. The net leverage ratio (including lease liabilities) has increased slightly to 2.6 years (31.03.2024: 2.4). However, it remains within the target corridor of less than 3.5 years.
Very different development in the portfolio
As at June 30, 2024, Blue Cap's portfolio includes seven majority shareholdings, which are allocated to the Plastics, Adhesives & Coatings, Business Services and Others segments, as well as one minority shareholding. In a persistently difficult environment, Blue Cap's portfolio is experiencing a very varied development of the individual investments.
The Plastics segment benefited from a positive margin trend and a stable order intake at con-pearl. H+E showed stable development in line with expectations and held its own in an automotive market that continued to be characterized by strong volatility. Overall, the segment increased its revenue from EUR 50.5 million in the first half of 2023 to EUR 52.3 million.
There was a significant improvement in the Adhesives & Coatings segment compared to 2023. This is primarily due to a good result from Neschen. The completed fitness program and the focus on the Industrial Applications business segment were the main performance drivers here. Planatol experienced an improved profitability in the first half of 2024.
With regard to the Business Services segment, there are still signs of restraint in the respective markets. As expected, HY-LINE fell short of the previous year's strong result in the first half of the year. Transline also felt the effects of customer restraint and fell short of the previous year in terms of sales and earnings.
In the Others segment, Blue Cap's smallest investment, nokra, was down on the previous year due to project postponements. By concluding a distribution agreement for the North and Central American market in the first half of 2024, nokra laid the foundation for its regional expansion. At the minority shareholding Inheco, the transformation measures completed in the first half of 2024 showed initial success and were reflected in a stabilized EBITDA.
Segment key figures at a glance
| EUR m | H1 2024 | H1 2023 | Changes in % or in basis points (bps) |
|---|---|---|---|
| Plastics | |||
| Revenue | 52.3 | 50.5 | 3.6% |
| Adjusted EBITDA | 6.4 | 5.9 | 8.5% |
| Adjusted EBITDA margin in % | 12.0 | 11.7 | 30 bps |
| Adhesives & Coatings | |||
| Revenue | 42.1 | 43.3 | -2.8% |
| Adjusted EBITDA | 4.6 | 1.4 | >100% |
| Adjusted EBITDA margin in % | 10.6 | 3.3 | >100 bps |
| Business Services | |||
| Revenue | 33.9 | 49.9 | -32.1% |
| Adjusted EBITDA | 1.2 | 4.9 | -75.5% |
| Adjusted EBITDA margin in % | 3.5 | 9.6 | >100 bps |
| Others (*) | |||
| Revenue | 3.1 | 4.0 | -22.5% |
| Adjusted EBITDA | -1.1 | -0.1 | >100% |
| Adjusted EBITDA margin in % | -35.8 | -3.0 | >100 bps |
Note: rounding differences are possible
(*) The Others segment includes nokra
Forecast for 2024 confirmed
The preliminary key financial figures for the first half of the year are in line with the Management Board's expectations. It therefore confirms the existing forecast for the current financial year of achieving Group sales of between EUR 270-290 million, an adjusted EBITDA margin of between 8.5-9.5% and a net gearing ratio of less than 3.5 years.
Important note
On the occasion of the published figures, a conference call with the Management Board of Blue Cap AG will take place today at 2:00 pm. You can register via this link (see below). Following the conference call, the presentation will be available on our website at https://www.blue-cap.de/en/investor-relations/presentations/.
The key figures disclosed in this press release are preliminary. Further details about the company can be found on the website: www.blue-cap.de/en/investor-relations/. The complete half-year report 2024 will be published at the end of August 2024.
1) Adjustments: Adjusted for extraordinary, out-of-period and other effects from reorganization measures and one-off effects
