EQS-News

Blue Cap AG publishes 2023 annual report and proposes dividend of EUR 0.65 per share

EQS-News: Blue Cap AG / Key word(s): Annual Report/Dividend Blue Cap AG publishes 2023 annual report and proposes dividend of EUR 0.65 per share 24.04.2024 / 07:09 CET/CEST The issuer is solely responsible for the content of this announcement. Group revenue in financial year 2023 at EUR 273.3 million, adjusted EBITDA margin of 8.5% Net asset value (NAV) amounts to EUR 112.3 million as at 31 December 2023 Dividend proposal of EUR 0.65 per share follows proven dividend policy For 2024, the Executive Board forecasts revenue of EUR 270-290 million and an adjusted EBITDA margin of 8.5-9.5% Munich, 24 April 2024 - Blue Cap AG ("Blue Cap") today confirms the preliminary figures communicated on 13 March with its audited annual figures for the 2023 financial year. Overall, the financial year 2023 was characterised by considerable economic uncertainties, which led to burdens across the portfolio. Consolidated revenue(1) totalled EUR 273.3 million (previous year: EUR 291.3 million). The operating result (adjusted EBITDA(2)) totalled EUR 23.2 million (previous year: EUR 27.5 million), which corresponds to a margin of 8.5% (previous year: 9.3%) of total operating performance. Blue Cap continues to have a solid balance sheet and financing structure. At 36%, the equity ratio remained almost stable compared to the end of 2022 (37%). At 2.5 years (31 December 2022: 2.4), the net gearing ratio (including lease liabilities) remained well within the target corridor of less than 3.5 years. In addition, net financial debt was reduced significantly year-on-year and compared to the end of 2022 to EUR 58.9 million (31 December 2022: EUR 73.4 million). Net Asset Value The NAV as at 31 December 2023 was EUR 112.3 million (31 December 2022: EUR 160.8 million) or EUR 25 per share. The reduction compared to the previous year is due in particular to the lower operating result in the measurement period and lower valuation multiples in the market. In the Adhesives & Coating segment, the NAV increased due to the improvements achieved at Neschen as a result of the restructuring programme. By contrast, the Plastics segment recorded a devaluation due to the reduction in earnings at con-pearl. In the Business Services segment, reduced multiples at Transline had a negative impact on the NAV.