Here you can obtain an overview of the Blue Cap Group’s key figures, including its net asset value, and the company’s development over time.

Consolidated income statement
in EUR thousand20202019 *2018
Total output257,098230,446193,492
Consolidated net income16,4922,81912,547

Adjusted consolidated income statement **
in EUR thousand20202019 *2018
Adjusted revenue232,770225,642175,965
Adjusted total output232,011224,135177,344
Adjusted EBITDA17,61814,3338,590
Adjusted EBITDA as % of total output, adjusted 7.6%6.4%4.8%
Adjusted EBIT8,8926,7963,256
Adjusted EBIT as % of total output, adjusted3.8%3.0%1.8%

Statement of financial position
in EUR thousand20202019 *2018
Total assets198,502201,340160,137
Equity ratio in %40.533.341.8
Working capital (net)34,96840,55138,764
Net financial debt28,35448,90533,978
Net financial debt / adjusted EBITDA1.63.43.9

Investments, depreciation and amortisation
in EUR thousand20202019 *2018
Investments 13,24022,88116,722
_ of which in company acquisitions12513,36612,283
- of which investment assets01,0530
_ of which in property, plant and equipment6,1448,0340
_ of which in assets held for sale2,58900

Statement of cash flows
in EUR thousand20202019 *2018
Cash flow from operating activities12,5971,8432,238
Cash flow from investing activities14,122-18,945-9,770
Cash flow from financing activities-9,2498,972244

Share key figures
in EUR20202019 *2018
Number of shares, weighted average3,992,7663,980,0003,980,000
Earnings per share ***4.150.713.14
Dividend per share 1.00 0.750.75
Share price as of year-end (XETRA)17.7516.8016.00
Market capitalisation at year-end in EUR million70.9466.8663.68

Non-financial indicators
Employees (average)1,0951,024849
_ of which trainees343739
Number of portfolio companies (as of 31 Dec)8109

* Consolidated financial statements converted to IFRS for the 2019 financial statements; previous year’s figures also converted
** Without extraordinary, prior-period and other effects resulting from reorganisation measures and one-off effects
*** Diluted and basic

Indicative net asset value

In order to value the investments in the individual companies and to improve the transparency of the Group’s potential enterprise value, Blue Cap AG calculates the net asset value (NAV) every six months. The procedure is based on the guidelines for comparable private equity companies and is set out in the International Private Equity and Venture Capital Guidelines (IPEV Guidelines).

The NAV corresponds to the fair value of the portfolio companies included in the business areas, less net financial liabilities. The value is calculated using a discounted cash flow model. The calculation is based on the approved budget planning of the individual portfolio companies. Furthermore, the indicative NAV includes a value for the net debt of the holding company and properties that are either used by the company itself or are leased to third parties. The minority interest in INHECO is included in the calculation at fair value.

Indicative NAV
EUR million30 June 202131 December 202030 June 202031 December 2019
NAV of the business areas118.8106.088.1128.6
_ Coating Technology42.842.939.560.9
_ Adhesive Technology12.511.914.215.9
_ Plastics Technology56.942.328.022.1
_ Production Technology2.63.22.812.2
_ Metal Technology4.
_ Medical Technology *---14.0
NAV of the minority interest **
Net debt (–)/cash-in-hand – Blue Cap AG (+)-1.99.912.3-2.8
Carrying amount of properties less liabilities of asset holding company9.211.912.112.4
Indicative NAV of the Group 155.2153.9138.5141.2
Indicative NAV per share*** in EUR38.8238.5834.6835.48

* Due to the sale of em-tec GmbH this business area no longer exists.
** The minority stake in INHECO Industrial Heating & Cooling GmbH has been recognised at fair value since the 2020 half-year report, as with the majority shareholdings, to reflect the company’s positive business development.
*** Based on the number of shares on the reporting date 30 June 2021: 3,996,628, 31 December 2020: 3,996,628, 30 June 2020: 3,996,628, 31 December 2019: 3,980,000

Hello, my name is Lisa Marie Schraml

Investor Relations & Corporate Communications

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