_Increase in revenue and earnings despite Covid-19 pandemic, bonus dividend of EUR 0.25 per share

Munich, 4 May 2021 Today, Blue Cap AG is publishing its audited consolidated financial statements for the 2020 financial year. Despite the challenges presented by the Covid-19 pandemic, revenue and earnings performed well in 2020. As previously reported, the key figures are above the range predicted in the forecast for 2020 that was adjusted due to the Covid-19 pandemic and are in line with the preliminary figures published in March 2021.

Consolidated revenue of the Blue Cap Group increased year-on-year to EUR 233 million (previous year: EUR 225.7 million). This improvement is due in particular to con-pearl being included for the full year for the first time since it was acquired in 2019. Adjusted EBITDA rose 23% to EUR 17.6 million (previous year: EUR 14.3 million). This corresponds to an improvement in the adjusted EBITDA margin to 7.6% (previous year: 6.4%). Adjusted EBIT came to EUR 8.9 million (previous year: EUR 6.8 million) in the 2020 financial year, corresponding to a margin of 3.8% (previous year: 3.0%).

The increase in the operating result was particularly attributable to cost savings and the good business development in Plastics Technology. The latter is the result of a positive order trend in the segment and the completion of further steps in the ongoing reorganisation process at con-pearl. Due to the increase in delivery volume and the positive gold trend, Carl Schaefer saw improvements to its revenue and earnings. On the other hand, extensive lockdown measures in Europe and the loss of trade fair construction business and cancelled events contributed to a drop in revenue for Neschen. The company was only able to make up for some of these losses by making cost savings. The companies nokra and Gämmerler, which are both in the Production Technology segment, were also confronted by a steep decline in project business as a result of the Covid-19 pandemic, which had a negative impact on the segment’s revenue and earnings. Planatol saw a drop in revenue in the graphics industry and in the area of adhesive application systems. These effects were largely offset by making cost savings, however. As a result, the operating result was only slightly below the prior-year level. A major influencing factor in the improved adjusted EBIT was the positive development of the minority interest Inheco.

The rise in equity to EUR 80.3 million (previous year: EUR 67 million) is due to positive business development and the proceeds from the sale of em-tec. Blue Cap recorded a very solid consolidated equity ratio of 40.5% (previous year: 33.3%) of total assets as a result.

The operating performance is also reflected in an increase in the net asset value (NAV) as of 31 December 2020. It rose to EUR 153.9 million (30 June 2020: EUR 138.5 million, +11%). This brings NAV per share to EUR 38.6. The rise in the second half of 2020 reflects the improved operational outlook in the corporate planning for the portfolio companies.

The Management Board and the Supervisory Board are proposing a dividend payout of EUR 1.00 per share (previous year: EUR 0.75) to this year’s Annual General Meeting on 25 June 2021. This comprises a base dividend of EUR 0.75 plus a bonus dividend of EUR 0.25 from the successful sale of em-tec GmbH. The proposed dividend corresponds to a total distribution of EUR 4 million. With this payout, the company wants its shareholders to participate fairly in its success.

In 2020, Blue Cap stepped up its focus on the topic of sustainability and began to develop a comprehensive ESG strategy. The company has therefore included a chapter dedicated to sustainability in its annual report for the first time.

Overall, the Management Board is satisfied with the company’s business development in 2020, especially given the current situation. Matthias Kosch, CFO: “The coronavirus pandemic presented the Blue Cap Group with a situation it had never faced before. However, our portfolio companies quickly put appropriate measures in place and responded to the challenges 2020 threw at them excellently. Even though we have made a good start to the new year, the outlook for 2021 is subject to some uncertainty. We will be focusing on the continued transformation of the portfolio and on pursuing the growth course that we have set out on.”

Based on the forecast published at the end of January, the Management Board expects consolidated revenue for 2021 as a whole of EUR 255 million to EUR 265 million, with an adjusted EBITDA margin of between 8.0% and 9.0%. The net debt ratio will be included as a new control parameter and should not exceed 2.75 years based on adjusted EBITDA. The target figures shown do not take into account effects from acquisitions or disposals of portfolio companies.

You can download the full Blue Cap AG annual report from our website under Investor Relations.