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GESCO AG
Quarterly Report • May 9, 2025
181_rns_2025-05-09_ab56807f-77f2-46fe-8f9e-a2300b807940.pdf
Quarterly Report
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Q1 2025 Quarterly statement
Interim consolidated financial statements Q1/2025
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
Contents
| Our strategy | 3 |
|---|---|
| Q1/2025 Highlights | 5 |
| GESCO Group at a glance—Key figures |
5 |
| Share price performance in the 2025 fiscal year | 6 |
| Current shareholder structure | 6 |
| Commentary Q1/2025 | 7 |
| Changes in the scope of consolidation | 7 |
| Business performance, sales and earnings development in the Group | 7 |
| Development of the segments | 8 |
| Financial position and net assets | 9 |
| Workforce | 9 |
| Opportunities and risks | 10 |
| Outlook | 10 |
| Events after the end of the reporting period | 10 |
| Interim consolidated financial statements Q1/2025 | 11 |
| Consolidated Balance Sheet | 11 |
| Consolidated Profit and loss statement | 12 |
| Consolidated Statement of Comprehensive Income | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Group segment report | 14 |
| Consolidated Cash Flow Statement | 15 |
| Explanatory notes | 16 |
| Financial calendar | 17 |
| Shareholder contact/Imprint | 18 |
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
Our strategy
Our strategic approach is based on acquiring, holding and developing healthy, medium-sized industrial companies. GESCO is more than a holding company—we are a platform that gives our subsidiaries operational independence while allowing them to benefit from the resources and expertise of GESCO SE. Our goal remains unchanged: to establish a powerful group of market and technology leaders.
Many successful SMEs are looking for a suitable succession solution. GESCO offers itself here as a supportive partner. We give entrepreneurs the flexibility to exit or remain active and work with us to develop the company in the long term.
Targets for each portfolio company
CAGR, of which at least > 5% organic >7%
ROS >10%
ROCE >15%
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
The new segment structure increases transparency and focus
Materials Refinement & Distribution
Focus: Processes
Health Care & Life Science
Focus: Products
Industrial Assets & Infrastructure
Focus: Projects
Q1/2025 Highlights
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
Q1/2025 Highlights
Start to the fiscal year 2025 as expected
Order intake at previous year's level (previous year adjusted: €132.8 million)
Sales up 6% (previous year adjusted: €114.7 million)
GESCO Group at a glance—Key figures
| 01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/20241 |
Change | ||
|---|---|---|---|---|
| Incoming orders | thousand € | 132,087 | 142,293 | −7.2% |
| Sales | thousand € | 121,712 | 124,297 | −2.1% |
| EBITDA | thousand € | 8,164 | 8,555 | −4.6% |
| EBIT | thousand € | 4,099 | 4,037 | 1.5% |
| ROS (in %) | % | 3.4% | 3.2% | 12 bp |
| EBT | thousand € | 3,155 | 2,901 | 8.8% |
| Group earnings2 | thousand € | 2,017 | 1,786 | 12.9% |
| Earnings per share (in €) | € | 0.19 | 0.16 | 21.8% |
| Closing price (in €)3 | € | 16.00 | 17.45 | −8.3% |
| Employees4 | No. | 1,471 | 1,838 | −19.9% |
1 Including the foundry and steel divisions and AstroPlast sold at the end of 2024.
2 After minority interests
3 XETRA closing price on the balance sheet date
4 Number on the balance sheet date, without trainees
Q1/2025 Highlights
Commentary Q1/2025
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
Share price performance in the 2025 fiscal year
Source: Onvista, share price trends indexed and in %.
Current shareholder structure
Commentary Q1/2025
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
Commentary Q1/2025
Changes in the scope of consolidation
There were no changes to the scope of consolidation in the reporting period.
At the end of 2024, AstroPlast and the two Doerrenberg divisions Foundry and Steelworks were sold. For better comparability, the previous year has been partially adjusted for the sold company and divisions and then reported as 'adjusted' for the previous year.
Business performance, sales and earnings development in the Group
According to the leading economic research institutes, the German economy is still in a crisis characterised by significant domestic and foreign policy changes. Economic policy uncertainty in Germany is high, not least due to the change of government and the protectionist trade policy of the USA. It is not yet possible to predict whether the far-reaching scope for public borrowing adopted by the Bundestag and Bundesrat will have an impact in the short term.
The economic weakness in Germany is both cyclical and structural in nature. German companies are facing intense international competition, particularly from China. Since the energy crisis, some production in the energy-intensive industry has also been permanently lost.
GDP is forecast to increase by just 0.1% in the current year. Weaker momentum is expected in the summer half of 2025 in particular due to US customs policy, which will delay the recovery. An expansive fiscal policy should revitalise the economy in the further course of the year. GDP is forecast to increase by 1.3% in the coming year.
The industry association VDMA is also pessimistic for the mechanical and plant engineering sector, which is particularly relevant for GESCO, and expects a further contraction in the current year.
When comparing the quarterly figures for the first quarter of 2025 and the first quarter of 2024 presented in this quarterly report, it should be noted that there were significant changes at the turn of the year. The subsidiary AstroPlast was sold in December 2024 as part of a management buyout. The foundry and steelworks divisions at Doerrenberg were sold with effect from 31 December 2024. Both divested divisions and AstroPlast are included in the figures for the first quarter of 2024. In addition, GESCO SE has implemented a new segmentation of its portfolio companies as of 1 January 2025.
In the segment reporting, AstroPlast is shown outside the new segments together with GESCO SE and other companies. However, the sold business divisions of Doerrenberg are included in the Materials Refinement & Distribution segment in the previous year.
The segments are more homogeneous now and thus facilitate internal reporting and understanding by investors.
Commentary Q1/2025
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
They are orientated towards known sales markets and are even more closely aligned with the respective business models of the individual subsidiaries. The three segments also reflect the strategic focus on high value-added and customer-centred business models relating to industrial processes, products and projects. GESCO will report on the following three segments starting with this quarterly statement:
Materials Refinement & Distribution: This segment comprises the companies Doerrenberg, PGW and Funke. These companies generate added value for customers through complex production processes and the ability to deliver highly specialised primary materials and semi-finished products quickly. They are characterised both by their ability to master global supply chains and ensuring the highest quality standards in their processes. Their diversification in terms of different sales markets and global customers makes them more resilient to economic fluctuations.
Health Care & Lifescience: This segment comprises the companies Setter, INEX and AMTRION. The companies in this segment offer customised products and solutions. They are aimed at the fast-growing markets in the healthcare, medical, pharmaceutical and food sectors. Thanks to their innovative strength, which is closely aligned with real customer needs, they are well placed to fulfil the increasing requirements in these key areas.
Industrial Assets & Infrastructure: With SVT, MAE and Kesel, this segment includes companies that are leaders in mechanical and plant engineering within their infrastructure markets. They are all globally positioned, relevant players on international markets. Their excellent skills in managing large and complex projects help them to fulfil even highly individual customer requirements efficiently and on time.
Against the backdrop of the conditions described above, order intake developed satisfactorily in the first quarter. Thanks primarily to very good order intake at SVT, order intake across all segments was 8.5% higher than sales in the reporting period. At €132.1 million, order intake was roughly on par with the adjusted figure for the previous year of €132.8 million.
Group sales declined moderately by 2.1% to €121.7 million compared with the same period of the previous year (Q1 2024: €124.3 million). Adjusted for the companies and business units sold, this represents an increase of 6.1% (previous year adjusted: €114.7 million).
The cost of materials and personnel expenses are significantly lower than the previous year's figures due to the changes in the scope of consolidation. While the cost of materials fell by €5.5 million to €69.8 million, personnel expenses decreased by €2.8 million to €31.3 million. This results in a significantly lower cost of materials ratio of 57.3% (same period in the previous year: 60.6%) and a personnel expenses ratio of 25.7% (same period in the previous year: 27.4%).
Other operating expenses increased by €0.6 million. EBITDA therefore totalled €8.2 million in the reporting period (Q1 2024: €8.6 million).
Depreciation and amortisation increased by 10.0% to €4.1 million (Q1 2024: €4.5 million). EBIT rose moderately to €4.1 million in the reporting period (Q1 2024: €4.0 million; adjusted: €4.7 million).
Group earnings after minority interests totalled €2.0 million (Q1 2024: €1.8 million). Earnings per share therefore totalled €0.19 (Q1 2024: €0.16).
Development of the segments
The three segments developed very heterogeneously in the first quarter.
In the Materials Refinement & Distribution segment, it should be noted that the sales and earnings figures for the two sold business units at Doerrenberg are included in the figures for the first quarter of 2024.
Commentary Q1/2025
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
The ongoing reluctance to place orders led to a decline in order intake in this segment during the reporting period, from €66.2 million in Q1 2024 to €56.8 million. This resulted in an order backlog of €48.2 million as at the reporting date (Q1 2024: €65.1 million)
Segment sales fell by 11.4% from €64.7 million in the first three months of the previous year to €57.3 million. EBIT reached €2.4 million in the reporting period after €2.5 million in the same period of the previous year, which corresponds to an EBIT margin of 4.2% (Q1 2024: 3.9%).
The Health Care & Lifescience segment has recently stabilised. Incoming orders totalled €38.9 million, a decrease of 7.3% compared to the same period of the previous year. However, sales increased by 7.0% and totalled €42.2 million (Q1 2024: €39.4 million). The increase in segment EBIT to €4.0 million after €3.5 million in the same period of the previous year was primarily due to a reduction in personnel expenses in addition to the increase in sales.
The companies in the Industrial Assets & Infrastructure segment recorded a strong first quarter compared to the previous year, primarily due to the particularly good performance of SVT.
Overall, the segment recorded a significant increase in incoming orders of 21.5% to €36.4 million. This means that the order backlog remains at a pleasingly high level.
At €22.2 million, sales in the reporting period were 31.8% higher than in the previous year (Q1 2024: €16.9 million). Overall, this results in a book-to-bill ratio of 1.65 in this segment.
The earnings figures do not reflect the favourable development of the segment. This is due to the seasonal nature of the project business. Sales and the associated earnings contributions are usually significantly higher in the second half of the year than in the first half. At € −0.1 million (Q1 2024: €0.2 million), segment EBIT was similarly low as in the previous year. The personnel adjustments made and the seasonal nature of the business models will lead to a significant increase in EBIT over the course of the year.
Financial position and net assets
At €438.7 million, total assets on the balance sheet date were 1.2% higher than the level at the beginning of the financial year of €433.3 million. Non-current assets were almost unchanged at €176.2 million (−1.0%), while current assets increased by 2.8% from €255.3 million to €262.5 million.
Trade receivables increased by 5.1% to €70.1 million. At €31.1 million, cash and cash equivalents remain at a high level (31 December 2024: €33.3 million)
The balance sheet ratios remain extremely solid, and the gearing ratio is low. While equity increased in absolute terms, the equity ratio of 61.7% as at the reporting date was below the figure reported as at 31 December 2024 (62.3%), primarily due to the increase in total assets. Non-current liabilities fell by 7.7% to €51.4 million; this is mainly due to the lower liabilities to banks (€ −3.8 million).
In line with the increase in current assets, current liabilities also rose by 8.3% compared to the beginning of the year to €116.5 million. This was mainly due to the increase in trade payables (+59.6%) to €24.0 million.
Workforce
As at the reporting date, GESCO Group employed a total of 1,471 people (excluding trainees), compared to 1,838 as at 31 March 2024. The sharp decline in the workforce is primarily due to the sale of AstroPlast and the Foundry and Steelworks divisions at Doerrenberg at the end of 2024. The personnel structure was also adjusted in the Health Care & Life Science segment.
Commentary Q1/2025
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
Opportunities and risks
The general statements on opportunities and risks as well as the presentation of specific individual risks in the consolidated financial statements as at 31 December 2024 essentially remain valid and we therefore refer to the detailed presentation in the annual report for the 2024 fiscal year. The report can be accessed online at https://gesco.de/en/investor-relations/financial-reports ↗.
Outlook
Business development in 2025 will be characterised by the individual framework conditions of the subsidiaries, but also by the general uncertainty resulting from the further course of the war in Ukraine, general geopolitical tensions and economic upheaval, particularly as a result of US economic policy.
The Executive Board naturally stands by the forecast for the 2025 financial year issued at the end of April, according to which the Executive Board expects sales to increase to €485 – 515 million in the current financial year (2024 adj.: €480.1 million) and consolidated net income (after minority interests) of €13 –17 million (2024 adj.: €13.1 million).
This forecast does not take into account planned transactions.
Events after the end of the reporting period
GESCO SE published its annual financial statements for 2024 on 29 April 2025 and published its forecast for fiscal year 2025 at the annual accounts press and analysts' conference held on the same day.
No other events of particular significance occurred after the end of the reporting period.
Interim consolidated financial statements Q1/2025
Consolidated Balance Sheet
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Interim consolidated financial statements Q1/2025
Consolidated Balance Sheet
Assets
| in thousand € | 03/31/2025 | 12/31/2024 |
|---|---|---|
| Tangible assets | 79,575 | 80,798 |
| Right-of-use assets | 16,105 | 16,688 |
| Goodwill | 38,896 | 38,988 |
| Other intangible assets | 17,211 | 18,044 |
| Other financial assets | 18,002 | 17,044 |
| At-equity valued investments | 1,465 | 1,825 |
| Deferred tax assets | 4,964 | 4,657 |
| Non-current assets | 176,218 | 178,044 |
| Inventories | 148,549 | 144,300 |
| Trade receivables | 70,070 | 66,668 |
| Other financial assets | 10,132 | 8,668 |
| Income tax receivables | 2,649 | 2,346 |
| Cash and cash equivalents | 31,113 | 33,290 |
| Current assets | 262,513 | 255,272 |
| Total assets | 438,732 | 433,316 |
Equity and Liabilities
| in thousand € | 03/31/2025 | 12/31/2024 |
|---|---|---|
| Subscribed capital | 10,354 | 10,354 |
| Capital reserve | 72,433 | 72,433 |
| Accumulated earnings for the period and other reserves | 182,331 | 181,563 |
| Equity attributable to shareholders | 265,118 | 264,350 |
| Non-controlling interests | 5,749 | 5,737 |
| Total equity | 270,867 | 270,087 |
| Financial liabilities | 21,949 | 25,795 |
| Other provisions | 522 | 522 |
| Other liabilities | 394 | 394 |
| Lease liabilities | 13,571 | 14,255 |
| Deferred tax liabilities | 6,304 | 6,049 |
| Pension provisions | 8,631 | 8,615 |
| Non-current liabilities | 51,371 | 55,630 |
| Trade payables | 23,973 | 15,021 |
| Financial liabilities | 31,370 | 31,472 |
| Lease liabilities | 3,320 | 3,360 |
| Other provisions | 8,250 | 7,327 |
| Income tax liabilities | 4,304 | 4,877 |
| Other liabilities | 45,278 | 45,542 |
| Current liabilities | 116,494 | 107,599 |
| Total liabilities | 438,732 | 433,316 |
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
- Explanatory notes
- Financial calendar
- Shareholder contact/Imprint
| in thousand € | 01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
|---|---|---|
| Sales | 121,712 | 124,297 |
| Changes in inventory | 2,414 | 6,937 |
| Capitalised own work | 18 | 175 |
| Other operating income | 573 | 1,467 |
| Total output | 124,717 | 132,876 |
| Cost of materials | −69,769 | −75,322 |
| Personnel expenses | −31,312 | −34,083 |
| Other operating expenses | −15,472 | −14,871 |
| Impairment losses on financial assets | 0 | −45 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 8,164 | 8,555 |
| Depreciation and amortisation of non-current and current assets |
−4,065 | −4,518 |
| Earnings before interest, taxes (EBIT) | 4,099 | 4,037 |
| Earnings from investments | 0 | 0 |
| Earnings from companies recognised at equity | −188 | −9 |
| Other interest and similar income | 117 | 116 |
| Interest and similar expenses | −872 | −1,243 |
| Other financial result | −1 | 0 |
| Financial result | −944 | −1,136 |
| Earnings before taxes (EBT) | 3,155 | 2,901 |
| Taxes on income and earnings | −1,024 | −856 |
| Group earnings | 2,131 | 2,045 |
| Earnings attributable to non-controlling interests | −114 | −259 |
| Total comprehensive income | 2,017 | 1,786 |
| Earnings per share (€) | 0.19 | 0.16 |
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
| in thousand € | 01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
|---|---|---|
| Group earnings | 2,131 | 2,045 |
| Revaluation of defined benefit obligations not affecting net income | 0 | 0 |
| Items that cannot be reclassified to the Profit and Loss account | 0 | 0 |
| Currency conversion difference | −1,352 | 281 |
| Market valuation of hedging instruments | 0 | −9 |
| Items transferable to Profit and Loss account | −1,352 | 272 |
| Other earnings | −1,352 | 272 |
| Total earnings for the period | 780 | 2,317 |
| of which minority interests in companies | 12 | 270 |
| of which attributable to GESCO shareholders | 768 | 2,047 |
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
| Accumulated earnings for the period | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in thousand € | Subscribed capital |
Capital reserves | Retained earnings |
Own shares | OCI financial instruments |
OCI pensions | Currency adjustments items |
Group share | Total minority interests |
Total equity |
| As of 01/01/2024 | 10,828 | 72,433 | 192,464 | −392 | 13 | −1,510 | −2,117 | 271,719 | 5,935 | 277,654 |
| Net income/loss | 0 | 0 | 1,786 | 0 | 0 | 0 | 0 | 1,786 | 270 | 2,056 |
| Gains/losses recognised in OCI (including deferred taxes) |
0 | 0 | 0 | 0 | −9 | 0 | 270 | 261 | 0 | 261 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisition/sale of treasury shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisition of shares in subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in scope of consolidation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total earnings for the reporting period | 0 | 0 | 1,786 | 0 | −9 | 0 | 270 | 2,047 | 270 | 2,317 |
| Balance as at 03/31/2024 | 10,828 | 72,433 | 194,250 | −392 | 4 | −1,510 | −1,847 | 273,766 | 6,205 | 279,971 |
| Balance as at 01/01/2025 | 10,354 | 72,433 | 192,769 | −8,360 | −139 | −1,870 | −838 | 264,350 | 5,737 | 270,087 |
| Net income/loss | 0 | 0 | 2,018 | 0 | 0 | 0 | 0 | 2,018 | 114 | 2,131 |
| Gains/losses recognised in OCI (including deferred taxes) |
0 | 0 | 0 | 0 | 0 | 0 | −1,250 | −1,250 | −102 | −1,352 |
| Deferred taxes recognised in OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisition/sale of treasury shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total earnings for the reporting period | 0 | 0 | 2,018 | 0 | 0 | 0 | −1,250 | 768 | 12 | 780 |
| Balance as at 03/31/2025 | 10,354 | 72,433 | 194,787 | −8,360 | −139 | −1,870 | −2,088 | 265,117 | 5,749 | 270,867 |
Consolidated Statement of Changes in Equity
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Group segment report
Consolidated Cash Flow Statement
| Materials Refinement & Distribution |
Health Care & Life Science |
Industrial Assets & Infrastructure |
GESCO SE, AstroPlast Other companies |
Reconciliation | Group | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in thousand € | 01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
| Order backlog | 48.179 | 65.080 | 38.657 | 38.271 | 100.154 | 103.523 | 0 | 3.554 | 0 | 0 | 186.989 | 210.428 |
| Incoming orders (consolidated) | 56.755 | 66.178 | 38.920 | 42.001 | 36.412 | 29.960 | 0 | 4.154 | 0 | 0 | 132.087 | 142.293 |
| Sales revenue | 57.317 | 64.713 | 42.184 | 39.441 | 22.211 | 16.850 | 0 | 3.398 | 0 | −105 | 121.712 | 124.297 |
| IC sales revenue | −1.919 | −1.949 | −1.465 | −1.756 | −651 | −616 | −44 | −211 | 14 | 14 | −4.065 | −4.518 |
| Depreciation and amortisation (separate financial statements) |
2.396 | 2.505 | 4.018 | 3.522 | −85 | 168 | −2.251 | −2.159 | 22 | 0 | 4.099 | 4.037 |
| EBIT | 4,2% | 3,9% | 9,5% | 8,9% | −0,4% | 1,0% | 3,4% | 3,2% | ||||
| Investments | 1.219 | 2.345 | 272 | 406 | 343 | 660 | 87 | 86 | 0 | 0 | 1.921 | 3.498 |
| Employees without trainees | 490 | 652 | 571 | 628 | 400 | 472 | 10 | 86 | 0 | 0 | 1.471 | 1.838 |
| Employees with trainees | 502 | 666 | 578 | 635 | 412 | 484 | 10 | 92 | 0 | 0 | 1.502 | 1.877 |
Group segment report
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
| in thousand € | 01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
|---|---|---|
| Profit for the period | 2,131 | 2,045 |
| Total net profit for the period and net profit from discontinued operations | 2,131 | 2,045 |
| Losses (+)/gains (−) from the disposal of non-current assets | −15 | −6 |
| Depreciation (+)/write-ups (−) on fixed assets | 4,065 | 4,518 |
| Reclassifications and other non-cash expenses/income | 2,326 | −235 |
| Cash flow from operating activities | 8,507 | 6,322 |
| Increase (−)/decrease (+) in inventories | −4,966 | 0 |
| Increase (−)/decrease (+) in receivables and other assets | −5,690 | −14,041 |
| Increase (+)/decrease (−) in provisions | 1,271 | 0 |
| Increase (+)/decrease (−) in liabilities and other liabilities | 9,059 | 15,304 |
| Working capital | −326 | 1,263 |
| Interest paid and interest-like payments | −762 | −872 |
| Interest received and interest-like income | 121 | 109 |
| Payments for income taxes | −1,969 | −1,076 |
| Cash flow from operating activities | 5,572 | 5,746 |
| Proceeds from the sale of fixed assets (excluding financial assets) | 86 | 116 |
| Proceeds from the sale/repayment of financial assets | 443 | 0 |
| Acquisition of intangible assets and property, plant and equipment | −1,473 | −204 |
| Acquisition of financial assets and other financial investments | −1,327 | −2,616 |
Cash flow from investing activities −2,271 −2,704
Consolidated Cash Flow Statement
| in thousand € | 01/01/2025 – 03/31/2025 |
01/01/2024 – 03/31/2024 |
|---|---|---|
| Proceeds from financial loans and financial liabilities | 0 | 11,658 |
| Payments for financial loans and financial liabilities | −3,889 | −6,427 |
| Payments for lease obligations | −1,040 | −835 |
| Cash flow from financing activities | −4,929 | 4,396 |
| Cash-effective change in cash and cash equivalents | −1,629 | 7,438 |
| Currency adjustments | −548 | 95 |
| Change in cash and cash equivalents | −2,177 | 7,533 |
| Cash and cash equivalents at the beginning of the period | 33,290 | 34,464 |
| Cash and cash equivalents at the end of the period | 31,113 | 41,997 |
| Change in cash and cash equivalents | −2,177 | 7,533 |
Interim consolidated financial statements Q1/2025
- Consolidated Balance Sheet
- Consolidated Profit and loss statement
- Consolidated Statement of Comprehensive Income
- Consolidated Statement of Changes in Equity
- Group segment report
- Consolidated Cash Flow Statement
Explanatory notes
Explanatory notes
The report for the three-month period (1 January to 31 March 2025) of fiscal year 2025 (1 January to 31 December 2025) of GESCO Group was prepared on the basis of the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB).
Unless otherwise stated, the accounting and valuation principles applied correspond to those of the consolidated financial statements as at 31 December 2024. The preparation of the financial statements is influenced by recognition and valuation methods as well as assumptions and estimates that affect the amount and presentation of the assets, liabilities and contingent liabilities recognised as well as the income and expense items. Revenue-related items are recognised on an accrual basis during the year.
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Financial calendar
Financial calendar
12 – 14 May 2025 Equity Forum Frankfurt
25 June 2025 AGM in Duesseldorf
13 August 2025 Publication Half-Year Report 2025
01 – 02 September 2025 Equity Forum Frankfurt 22 – 25 September 2025 Baader Investment Conference Munich
12 November Publication Quarterly Statement Q3 2025
24 – 26 November 2025 German Equity Forum Frankfurt a. M.
Interim consolidated financial statements Q1/2025
Consolidated Profit and loss statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Cash Flow Statement
Shareholder contact/Imprint
Shareholder contact/Imprint
Peter Alex Head of Investor Relations & Communications GESCO SE Johannisberg 7 42103 Wuppertal Germany
Phone +49 202 24820-18 Fax +49 202 24820-49
[email protected] https://gesco.de/en/ ↗
If you would like to be informed regularly, please notify us by email or telephone. We will be happy to add you to our IR distribution list.
Publisher GESCO SE Johannisberg 7 42103 Wuppertal Germany
Phone +49 202 24820-0 Fax +49 202 24820-49
[email protected] https://gesco.de/en/ ↗
Concept/Design Kirchhoff Consult GmbH, Hamburg, Germany
Important notice:
This 3-month report contains forward-looking statements that are based on the current assumptions and forecasts of the Executive Board of GESCO SE. These statements are therefore subject to risks and uncertainties. The actual results and business development of GESCO SE and GESCO Group may differ materially from the estimates given in this interim statement. GESCO SE assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
This 3-month report is also available in English; in the event of deviations, the German version of the 3-month report shall prevail.