Münster, 14 February 2023: According to preliminary calculations, Vectron Systems AG (Vectron) closed the business year 2022 according to the accounting method IFRS with a decline in sales to EUR 25.2 million (2021: EUR 38.2 million), as already announced. At the same time, EBITDA deteriorated to EUR -4.0 million (2021: EUR 4.7 million). This result includes one-off restructuring charges of EUR 1.5 million. Without this one-off expense, EBITDA would have been EUR -2.5 million. 

The decline in turnover was mainly due to the fact that in the past financial year 2022 the extraordinarily strong demand resulting from the legally required fiscalisation of the health insurance funds in 2021 ceased to exist. In addition to this effect, the reluctance to buy due to economic concerns then made itself felt throughout the industry.

In contrast, the monthly recurring revenues (MRR) developed very positively. These increased by 37 per cent in the full year 2022 compared to the previous year 2021, from EUR 6.6 million to EUR 8.9 million.

In addition to the significant decline in turnover, the result was also burdened by one-off expenses resulting from the "Fit for Future" cost-cutting programme. The restructuring costs incurred, primarily for severance payments, in the amount of EUR 1.5 million, were booked to the past financial year 2022. By outsourcing hardware production steps and consistent process optimisations, the company expects monthly savings of about EUR 250,000 in the future. This effect will be noticeably reflected in Vectron's figures from the second half of 2023.

In addition, Vectron will benefit from the acquisition of acardo group AG (acardo) in the current business year. The couponing specialist will be fully consolidated at Vectron Systems AG since January 2023. Currently the company from Dortmund is working on the necessary adjustments for the supplies to an IFRS group reporting, so that from the 1st quarter 2023 provisionally consolidated figures according to IFRS should be presented. According to HGB accounting, acardo's management is planning sales of around EUR 12.5 million and EBITDA of around EUR 2.8 million in 2023. 

Due to the cost reduction programme "Fit for Future" and the takeover of the profitable acardo business, Vectron plans to achieve a sustainable positive result again from the full year 2023.


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