• 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.

Portfolio

As at 31 December 2023, Blue Cap's continued portfolio contained seven majority shareholdings allocated to the segments Plastics, Adhesives & Coatings, Business Services and Others, as well as one minority holding.

In the Plastics segment, con-pearl was able to report a good result, which was however below the previous year’s level, despite a noticeable decline in demand and the anticipated postponement of a major order from the logistics sector. H+E closed 2023 slightly better than in the previous year in a very challenging market environment.

The Adhesives & Coatings segment benefited in terms of earnings from the positive effects of the turnaround programme at Neschen. Planatol, on the other hand, was affected by a significant decline in demand throughout the year, which was felt in almost all business units.

The Business Services segment performed slightly better in terms of revenue than in the previous year. HY-LINE was able to more than compensate for the reduced order intake in the second half of the year thanks to a strong first half of the year. Transline recorded a stable order intake in 2023 and performed slightly better than in the previous year.

In the Others segment, Blue Cap's smallest investment, nokra, was down on the previous year due to increased costs while revenue remained constant. An extensive turnaround programme was initiated at the minority holding Inheco as a result of a significant slump in demand.

Segment key figures (continued) at a glance

Note: Rounding differences are possible
(*)bps=basis points; (**)The Others segment includes nokra, the Group's holding and real estate management companies, and the holding Gämmerler, which was already sold in financial year 2022.

Dividend

Based on the business performance in 2023, the Executive Board and Supervisory Board will propose the payment of a base dividend of EUR 0.65 per share (previous year: EUR 0.90) to the Annual General Meeting, which is expected to be held in person on 24 June 2024. Blue Cap is thus following its proven dividend policy, which provides for a base dividend depending on the Group's operating performance and a special dividend in the event of successful sales with a good return on invested capital. The proposed dividend corresponds to a dividend yield of around 3.7% (based on the 2023 year-end closing price on XETRA). As there were no significant sales successes, a special dividend will not be paid.

Guidance 2024

As already communicated in mid-March, the Executive Board expects a slight increase in revenue for the full year 2024 with an increasing adjusted EBITDA margin. The forecast for Group revenue published in today's annual report is therefore in the range of EUR 270 to 290 million and for the adjusted EBITDA margin between 8.5% and 9.5%. This is based on the increase in demand in the Plastics and Adhesives & Coatings segments as well as the anticipated improvements from the transformation measures already initiated in the portfolio. With its "Blue Cap 2026" strategy update announced at the end of 2023, the Executive Board is pursuing the goal of increasing the NAV per share to EUR 60 by the end of the 2026 financial year. The core of the strategy implementation is a significant increase in M&A transactions with a focus on special situations and the continued active transformation of the portfolio companies.

The audited annual financial statements are available for download on the website www.blue-cap.de in the Investor Relations section (direct link: https://www.blue-cap.de/investor-relations/berichtswelt/).

⁽¹⁾ The information in this release always relate to continued operations unless otherwise stated. Continued operations include all portfolio companies with the exception of the Knauer-Uniplast Group, which was sold in June 2023.
⁽²⁾ Adjustments: adjusted for extraordinary, out-of-period and other effects from reorganisation measures and one-off effects as well as for effects arising from purchase price allocations

About Blue Cap AG

Blue Cap AG is a Munich-based investment company founded in 2006 and listed on the capital market. The company acquires medium-sized companies from the B2B sector in special situations and supports them in their entrepreneurial development with the aim of selling them profitably at a later date. The acquired companies are headquartered in the DACH region, generate sales of between EUR 20 and 200 million and have a sustainably stable core business. Blue Cap mostly holds majority stakes in eight companies from the Adhesives & Coating Technology, Plastics Technology, Production Technology, Life Sciences and Business Services sectors. The Group currently employs around 1,200 people in Germany and other European countries. Blue Cap AG is listed on the open market (Scale, Frankfurt and m:access, Munich; ISIN: DE000A0JM2M1; ticker symbol: B7E). www.blue-cap.de

Contact:

Blue Cap AG
Lisa Marie Schraml
Investor Relations & Corporate Communications
Phone +49 89 288909-24
lschraml@blue-cap.de