KEY FIGURES
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 thousand | 2020 | 2019 * | 2018 |
|---|---|---|---|
| Revenue | 232,999 | 225,671 | 175,965 |
| Total output | 257,098 | 230,446 | 193,492 |
| EBITDA | 34,473 | 15,011 | 21,119 |
| EBIT | 21,373 | 21,373 | 13,998 |
| Consolidated net income | 16,492 | 2,819 | 12,547 |
Adjusted consolidated income statement **
| in EUR thousand | 2020 | 2019 * | 2018 |
|---|---|---|---|
| Adjusted revenue | 232,770 | 225,642 | 175,965 |
| Adjusted total output | 232,011 | 224,135 | 177,344 |
| Adjusted EBITDA | 17,618 | 14,333 | 8,590 |
| Adjusted EBITDA as % of total output, adjusted | 7.6% | 6.4% | 4.8% |
| Adjusted EBIT | 8,892 | 6,796 | 3,256 |
| Adjusted EBIT as % of total output, adjusted | 3.8% | 3.0% | 1.8% |
Statement of financial position
| in EUR thousand | 2020 | 2019 * | 2018 |
|---|---|---|---|
| Total assets | 198,502 | 201,340 | 160,137 |
| Equity | 80,301 | 66,986 | 66,862 |
| Equity ratio in % | 40.5 | 33.3 | 41.8 |
| Working capital (net) | 34,968 | 40,551 | 38,764 |
| Net financial debt | 28,354 | 48,905 | 33,978 |
| Net financial debt / adjusted EBITDA | 1.6 | 3.4 | 3.9 |
Investments, depreciation and amortisation
| in EUR thousand | 2020 | 2019 * | 2018 |
|---|---|---|---|
| Investments | 13,240 | 22,881 | 16,722 |
| _ of which in company acquisitions | 125 | 13,366 | 12,283 |
| - of which investment assets | 0 | 1,053 | 0 |
| _ of which in property, plant and equipment | 6,144 | 8,034 | 0 |
| _ of which in assets held for sale | 2,589 | 0 | 0 |
Statement of cash flows
| in EUR thousand | 2020 | 2019 * | 2018 |
|---|---|---|---|
| Cash flow from operating activities | 12,597 | 1,843 | 2,238 |
| Cash flow from investing activities | 14,122 | -18,945 | -9,770 |
| Cash flow from financing activities | -9,249 | 8,972 | 244 |
Share key figures
| in EUR | 2020 | 2019 * | 2018 |
|---|---|---|---|
| Number of shares, weighted average | 3,992,766 | 3,980,000 | 3,980,000 |
| Earnings per share *** | 4.15 | 0.71 | 3.14 |
| Dividend per share | 1.00 | 0.75 | 0.75 |
| Share price as of year-end (XETRA) | 17.75 | 16.80 | 16.00 |
| Market capitalisation at year-end in EUR million | 70.94 | 66.86 | 63.68 |
Non-financial indicators
| 2020 | 2019 | 2018 | |
|---|---|---|---|
| Employees (average) | 1,095 | 1,024 | 849 |
| _ of which trainees | 34 | 37 | 39 |
| Number of portfolio companies (as of 31 Dec) | 8 | 10 | 9 |
* 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 million | 30 June 2021 | 31 December 2020 | 30 June 2020 | 31 December 2019 |
|---|---|---|---|---|
| NAV of the business areas | 118.8 | 106.0 | 88.1 | 128.6 |
| _ Coating Technology | 42.8 | 42.9 | 39.5 | 60.9 |
| _ Adhesive Technology | 12.5 | 11.9 | 14.2 | 15.9 |
| _ Plastics Technology | 56.9 | 42.3 | 28.0 | 22.1 |
| _ Production Technology | 2.6 | 3.2 | 2.8 | 12.2 |
| _ Metal Technology | 4.0 | 5.6 | 3.6 | 3.5 |
| _ Medical Technology * | - | - | - | 14.0 |
| NAV of the minority interest ** | 29.1 | 26.1 | 26.0 | 3.0 |
| Net debt (–)/cash-in-hand – Blue Cap AG (+) | -1.9 | 9.9 | 12.3 | -2.8 |
| Carrying amount of properties less liabilities of asset holding company | 9.2 | 11.9 | 12.1 | 12.4 |
| Indicative NAV of the Group | 155.2 | 153.9 | 138.5 | 141.2 |
| Indicative NAV per share*** in EUR | 38.82 | 38.58 | 34.68 | 35.48 |
* 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
