DGAP-News

Knaus Tabbert grows and achieves top adjusted EBITDA result in challenging economic environment - Seite 2

Including changes in inventory, the company's total operating performance of €577.3 million was only slightly below the previous year's figure of €586.8 million despite the temporary shutdown of production facilities in April due to the coronavirus pandemic. A change in the product mix and advantageous purchasing effects led to an improvement in the material cost ratio of 1.9 percentage points to 68.9%. Other operating expenses as a percentage of total operating performance were around 0.7 percentage points higher than in 2019, at 8.7%. This was due in large part to additional expenses for hygiene and safety measures at Knaus Tabbert's sites, at the Caravan Salon in Dusseldorf and in the dealer network.

Adjusted EBITDA improved at disproportionate rate over the first three quarters

Before non-recurring expenses and one-time costs, particularly transaction and consulting fees, adjusted EBITDA amounted to €47.4 million, compared to €44.9 million over the same period 2019, an increase of 5.4%. The adjusted EBITDA margin was 8.2%, some 0.5 percentage points above the prior-year figure of 7.7%. Excluding one-off effects, EBITDA as of the end of September improved by 4.8% to €46.4 million (previous year: €44.3 million). EBIT amounted to €32.3 million (previous year: €31.7 million) ; the EBIT margin reached 5.6 percent (previous year: 5.4 percent). After deduction of interest and taxes, net profit remained at the previous year's level of €21.2 million (2019: €21.3 million).

High operating cash flow demonstrates Knaus Tabbert's financial strength

In the first nine months of 2020, Knaus Tabbert generated a positive operating cash flow of €35.0 million (previous year: €12.0 million) from its business activities. With an increase of 192%, this is almost triple the figure for the corresponding period 2019. The sharp increase is also the result of an efficient working capital management. At €21.2 million (2019: €21.3 million), the net result is approximately even with last year's figure.