Newsletter Q1 2024
Dear shareholders,
Ladies and Gentlemen,
Last week, we released an announcement revealing that, according to initial calculations, the Adjusted EBITDA margin exceeds our previous forecast of 7-8%. Our Management Board anticipates a figure of 8.3-8.5% for the past fiscal year. The improved margin is attributed to a better-than-expected operational performance in the fourth quarter of the year, as well as successfully negotiated compensation payments due to lower-than-anticipated orders. At the beginning of the quarter, these were not foreseeable to this extent. We will provide further details on this matter as part of the release of preliminary financial figures for the fiscal year 2023. In this newsletter, as always, we aim to provide you with in-depth insights into the daily operations of our group.
In the "Portfolio News" section, discover the key topics that occupied our portfolio companies in the fourth quarter of 2023. Additionally, explore how we strengthen leadership within our organizations through targeted training and coaching in the leadership domain. Join us in the "Portfolio Deep Dive" as we invite you to learn more about the turnaround at our portfolio company INHECO.
Please contact us if you have any questions or suggestions at ir@blue-cap.de.
We wish you an interesting read and thank you for your interest!
Best regards,
Your Blue Cap team
Blue Cap Insights
Carolin Scheffer, Director of People & Culture at Blue Cap AG, explains in an article how targeted leadership training can facilitate the transformation of companies. Using the specific example of our portfolio company Neschen, you will learn how leadership trainings tailored to the company contribute to fostering team development and strengthening the production area within the organization.
Portfolio News
_con-pearl: Since November 2023, a new Managing Director has joined the North American branch, tasked primarily with advancing expansion in the USA. The potential is significant, given the scarcity of comparable product providers in the region, and customers in the USA are just beginning to appreciate con-pearl's sustainability expertise.
_Neschen: In the fourth quarter, Neschen divested a part of its trading division. Through an asset deal, the company parted ways with Filmolux France. A long-term agreement for the distribution of Neschen products was established with the acquirer.
_HY-LINE: As part of the realignment to ONE HY-LINE, the company restructured its sales leadership. Former Director of Sales, Gerhard Wilp, passed the baton to Erik Eyb. With this change, the leadership team in the sales department is now complete, setting the stage for a clear and customer-oriented sales structure.
_Transline: In October 2023, the four sister companies – medax, Transline Deutschland, Transline Software Localization, and Micado – merged to form Transline Deutschland GmbH. As part of this process, Medax was renamed Transline Life Sciences, remaining dedicated to its specialization in technical texts ranging from medicine, pharmaceuticals, and chemistry to biotechnology and medical technology.
_INHECO has appointed Tek-Matic as its exclusive distribution partner in the North American region, formalizing an agreement with the company. Through this partnership, INHECO aims to offer its customers even more innovative solutions and optimal service.
Portfolio Deep Dive
Raphael Freundl, Investment Manager at Blue Cap AG, and Lisa Marie Schraml, Investor Relations Manager at Blue Cap AG, discuss the "Restart 2023" turnaround program at our portfolio company INHECO. Raphael Freundl shares intriguing insights and provides a glimpse into the future development of the company.
Capital market and share
_1 Shortly after revising our forecast for the fiscal year 2023, we release relevant financial figures for the third quarter of 2023. As customary, our Management Board explains these figures in an Earnings Call, accessible to both retail investors and analysts, as well as institutional investors and members of the press. On the same day, Dr. Henning von Kottwitz (CEO) conducts an interview on boersenradio.de (see below).
_2 We unveil our strategy update "Blue Cap 2026." The core of the strategy implementation involves a significant increase in M&A transactions and the continued active transformation of portfolio companies. Read the press release here (see below).
_3 The future direction of Blue Cap is a focal point in investor meetings at the German Equity Forum ("Deutsches Eigenkapitalforum").
_4 boersengefluester.de reports on an interview with Dr. Henning von Kottwitz about Blue Cap and its evolved strategy (see below).
_5 The shareholder magazine "Aktienlust" interviews our CEO: Dr. Henning von Kottwitz discusses topics such as our acquisition strategy, M&A goals for the coming years, and Blue Cap's dividend policy. You can listen to the entire video here (see below).
Market capitalization (31 Dec 2023): € 79 mn
1-year performance (31 Dec 2023): -29%
3-year performance (31 Dec 2023): 0%
Share price development of Blue Cap AG in index comparison from 10/01/2023 to 12/31/2023, in %
Sources: Stock Exchange Frankfurt (XETRA)
Upcoming dates *)
Mid March 2024: Publication of preliminary financial figures for FY 2023
End of April 2024: Publication Annual Report FY 2023
25 April 2024: 37th MKK – Munich Capital Markets Conference, Munich
13-15 May 2024: Equity Forum Spring Conference, Frankfurt/Main
03 July 2024: m:access Conference Investment Companies, Munich
*) expected
