_Operating result above the previous year’s level, further improvement in margin

Munich, 28 April 2021 Blue Cap AG has recorded solid business development in the first quarter of 2021 following a successful financial year in 2020. The key financial figures are within the range forecast in January for the current year.

Cumulative consolidated revenue for the first three months came to EUR 55.9 million, up 13.6% compared to the same period of the previous year (EUR 64.7 million). Revenue for the first quarter, however, is only comparable with the previous year to a limited extent due to changes in the consolidated group. The newly acquired Hero Group joined the consolidated group in March 2021, while SMB-David and em-tec, which has been sold, no longer feature in the annual figures.

Furthermore, the coronavirus pandemic had not yet had an impact on the figures in the first quarter of the previous year. The coating specialist Neschen Coating GmbH was still feeling the effects of the ongoing lockdown in its European operations over the last quarter. The well-performing industrial business was only partly able to compensate for this. The reduction in delivery volumes at Carl Schaefer Gold- und Silberscheideanstalt GmbH as a result of ongoing lockdown measures also had a negative impact on revenue growth. As a result of changes to Gämmerler GmbH’s business model, no new systems will be produced and instead the company will focus on the profitable service and spare parts business. This means Gämmerler will contribute less to consolidated revenue in the future, but with a simultaneous improvement in earnings.

By contrast, con-pearl GmbH and Uniplast Knauer GmbH & Co. KG showed solid development in terms of revenue thanks to a large packaging order and additional requests, respectively. Uniplast’s contribution to revenue is smaller than in the same period of the previous year, however, due to the loss of the plant in Bad Laasphe. The portfolio companies Planatol GmbH and nokra Optische Prüftechnik und Automation GmbH recorded revenue broadly at the same level as the previous year.
The operating result (adjusted EBITDA) came to EUR 4.69 million as of the end of the first quarter. This corresponds to growth of 5.9% compared to the first quarter of 2020 (previous year: EUR 4.43 million). At 8.1%, the (adjusted) EBITDA margin was up significantly on the previous year (6.7%).

Blue Cap AG is including the net debt ratio as an economic control parameter for the first time this year. This is calculated as the ratio of financial liabilities less cash and cash equivalents in relation to adjusted EBITDA. The target value should be 2.75 years at the most. In the first quarter of 2021, the net debt ratio was 1.8 years and thus significantly below the previous year’s value of 3.25. This significant improvement is mainly due to a considerable reduction in financial liabilities.

The economic environment will also remain challenging over the next few months. Uncertainties surrounding the future course of the Covid-19 pandemic and the situation on the procurement markets could influence the business activities of individual portfolio companies. However, due to the solid results seen in the first quarter and other expected developments, the Management Board of Blue Cap is sticking to its forecast for the 2021 financial year published in January.