_ Consolidated revenue of EUR 190.2 million up 10% on previous year’s value (EUR 173.6 million)
_ At 8.2%, the adjusted EBITDA margin is also above the previous year’s figure (6.5%)
_ Quarterly figures and outlook dominated by challenges on global procurement markets
_ Blue Cap AG updates forecast for the full year 2021 to the lower end of the previously published forecast range

Munich, 28 October 2021 Today, Blue Cap AG is announcing its key financial figures for the first nine months of 2021. According to these figures, consolidated revenue as of the end of the third quarter rose to EUR 190.2 million (previous year: EUR 173.6 million), in particular as a result of new acquisitions. At EUR 15.9 million, adjusted EBITDA saw an improvement compared to the previous year’s value (EUR 11.6 million). The adjusted EBITDA margin came to 8.2% at the end of the first nine months of the year (previous year: 6.5%). Adjusted EBIT attained a value of EUR 7.8 million (previous year: EUR 5.1 million). This corresponds to a margin of 4.0% (previous year: 2.9%) of total output.

Preliminary equity figures for the Group came to around EUR 97 million at the end of the quarter (previous year: EUR 80.3 million). These preliminary figures put equity at around 38% of consolidated total assets, and thus at the same level as the previous year (38.9%). The net debt ratio, defined as the ratio of net financial liabilities to adjusted EBITDA, rose to 2.3 as of the end of the third quarter (previous year: 2.4, Q2 2021: 1.7). This is down to the increase in financial liabilities through the acquisition of HY-LINE, while the group of companies has only been contributing to the operating result since September due to the acquisition during the year. The indicator remains below the target value of 2.75.

Performance of operating segments
The Plastics Technology segment remained on its growth course overall in the third quarter. The positive order trend in con-pearl’s logistics business was well able to compensate for the weaker revenue generated by Hero, largely due to the ongoing chip shortage and the related drop in call-off orders by automotive manufacturers. Planatol, which operates in the Adhesive Technology segment, outperformed expectations thanks to an increase in domestic demand. As in the previous quarter, coating specialist Neschen continued to be confronted with reduced order volumes for Filmolux and a decline in industrial business. The status of deliveries at the precious metal specialist Carl Schaefer remained tense, leading to lower revenue and earnings in the Metal Technology segment compared to the previous year. In Production Technology, there was a slight relief to the difficult situation seen so far this year, as Nokra was able to book in some new system projects. The new portfolio company HY-LINE, which joined the Group in September, can report a large order backlog. The company also saw a slight easing in the availability of its primary products, which had a positive impact on revenue in September. Processing Inheco’s large order backlog also led to significant growth in earnings for the medical technology manufacturer.

Outlook and forecast update
Overall, Blue Cap continues to expect growth in its revenue and operating profit for 2021 as a whole. For the final quarter of the year, management expects the macroeconomic challenges in the markets relevant to its portfolio companies to persist. In particular, the scarcity of raw materials and materials, and the problems with logistics, pose a risk to the company’s performance. “We and our portfolio companies are closely observing the ongoing challenges on the global procurement markets in order to be able to respond quickly to delivery problems and price effects,” comments Matthias Kosch, CFO of Blue Cap.

Because of this and the third quarter of 2021 being weaker than anticipated, the Management Board updated its previously published forecast on 27 October 2021. Blue Cap now expects consolidated revenue in the lower range of its previous forecast of EUR 265 million to EUR 275 million and an adjusted EBITDA margin that is also in the lower range of its previous forecast of 8% to 9%. This new forecast is subject to further acquisitions and disposals of shareholdings.