Quarterly Report • May 13, 2022
Quarterly Report
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GESCO AG Quarterly statement for the first quarter 1 January to 31 March 2022
In autumn 2018, the Executive Board and Supervisory Board of GESCO AG developed and adopted the "NEXT LEVEL" strategy. Based on a jointly developed vision for GESCO as a group of "hidden champions", the strategy defines key directions for the strategic and operational development of the Group in the coming years.
In 2022, GESCO expanded the strategy framework with the NEXT LEVEL 25 strategy and specified the targets to be reached by 2025: Group sales are to increase to € 1 billion with a 10% EBIT margin. This increase in sales is to be achieved through both organic and inorganic growth. By 2025, the investment portfolio should consist of 3 anchor investments and 12 basic investments.
In addition to the established excellence programmes to expand market share and increase operating performance, the digitalisation of GESCO Group will be driven forward in the future. The focus will be increasingly on digital business models and digital workflows to increase efficiency. The second key element is our ESG strategy, which will become increasingly important both for us and in the markets we address.
... € 1 billion sales with 10 % EBIT
Key figures
| T€ | 01/01/2022 ‒ 03/31/2022 (continued) |
01/01/2021 ‒ 03/31/2021 (continued) |
Change (in %) |
|---|---|---|---|
| Incoming orders | 168,784 | 136,352 | 23.8 |
| Sales | 138,118 | 112,631 | 22.6 |
| EBITDA | 17,815 | 11,414 | 56.1 |
| EBIT | 13,343 | 7,441 | 79.3 |
| EBIT margin (in %) | 9.7 | 6.6 | 305 bp |
| EBT | 14,133 | 7,009 | > 100.0 |
| Group result1) | 8,821 | 4,049 | > 100.0 |
| Earnings per share (in €) | 0.81 | 0.37 | > 100.0 |
| Closing price (in €)2) | 23.90 | 15.25 | 56.7 |
| Employees3) | 1,800 | 1,680 | 7.1 |
1) After minority interests. 2) XETRA closing price on the balance sheet date. 3) Number as at the balance sheet date.
Source: Bloomberg, share performance indexed and in %.
Due to the war, which has now been going on for three months, the problems associated with the Corona pandemic have receded into the background in the public perception, but continue to affect day-to-day business. In addition, extremely high energy prices and an inflation rate not seen in Germany since the 1970s are unsettling. In view of these difficult conditions, we were proud to be able to report not only on a thoroughly successful 2021 financial year at our annual press and analysts' conference on 21 April, but also on a positive first quarter in the new financial year.
We can see significant improvements in all so-called KPIs (Key Performance Indicators). Order intake (Q1/2022: € 168.8 million; Q1/2021: € 136.4 million) and sales (Q1/2022: € 138.1 million; Q1/2021: € 112.6 million) increased by a good 20% compared to the same quarter last year, while net income (Q1/2022: € 8.8 million; Q1/2021: € 4.0 million) more than doubled. As in the previous year, the now increasingly visible progress in the subsidiaries, not least due to the Excellence Programmes introduced, is also decisive for the significant improvement in the Group's key figures in the first quarter of 2022. The subsidiaries continued to succeed in compensating for the considerable price increases for materials and energy through swift price adjustments. The positive development was also supported by a lower tax rate based on the tax optimisation of the structure of GESCO Group in Germany.
As of 1 January 2022, the stainless steel specialist HUBL GmbH was reorganised into the former Production Process Technology segment. To underpin the associated focus on process technology, the Production Process Technology segment was consequently renamed Process Technology. Previously, HUBL GmbH was assigned to the Health and Infrastructure Technology segment.
In a second step, the independent subsidiaries Sommer & Strassburger GmbH & Co KG (S&S) and Hubl GmbH were merged at the end of the first quarter under the newly created holding structure INEX-solutions GmbH.
The newly created Edelstahl Group primarily addresses the growth sectors of pharmaceuticals/biotech, semiconductors, food/water technology and chemicals. The growth drivers for these industries are the growing and ageing world population, increasing digitalisation and rising demand for food. All four sectors are already addressed by S&S and Hubl in different weightings and are processed in parallel. By bundling the application expertise of both companies, new solution possibilities for plants with extended scopes are created.
In order to be able to leverage further synergies, the focus is on the joint use of the process-specific knowledge acquired over many years as well as organisational synergies on the customer side. The now substantial size of the company also plays an important role, as many customers are significantly larger and prefer a strong partner with broad expertise and extensive capacities.
The attractive business segment of INEX-solutions is to be strengthened both through organic growth and inorganically through the acquisition of suitable companies, thus further increasing customer attractiveness.
The term of office of CFO Kerstin Müller-Kirchhofs ended on 30 April 2022. The Supervisory Board and I are very grateful to her for her excellent work. GESCO AG is in a better overall position today than ever before.
Ms Andrea Holzbaur was introduced as her successor. She brings to her new position extensive CFO experience gained in international industrial companies as well as a passion for hidden champions such as those gathered under the GESCO umbrella. Ms Holzbaur will take up her position on 1 October 2022.
The 2022 business year is under the heading "In Leadership". With this, we also want to set standards in human resources development in our subsidiaries, as we have already been doing for several years with our other Excellence Programmes.
For our aspiration to develop the subsidiaries into world market leaders, we need the best teams. And this is where LEADEX comes in. LEADEX stands for Leadership Excellence. It is about leadership quality in an ever more rapidly changing environment. While the other Excellence Programmes focus mainly on processes and products, LEADEX is about the people in our companies. We bring together the right people who enjoy success and who are willing to give their best as a team. This results in success - and that in turn attracts people who also want to be successful. This creates a self-reinforcing effect and that is exactly what LEADEX is all about.
Due to the current developments in Ukraine and Russia, in particular the sanctions imposed on Russia, there are various effects on the German economy, especially in the event of a supply shortage / supply stop of Russian energy. The effects of an energy bottleneck in the German economy would affect our subsidiaries to varying degrees. The dynamics of the current situation do not currently allow for more precise statements regarding the extent of the impact.
With the excellent start to the new business year behind us, we are looking ahead to the current business year with confidence despite these very challenging conditions. We therefore confirm the outlook for the full year 2022, which we published on 21 April 2022 at the virtual BPK: With Group sales in a range of € 565 million to € 585 million, we expect consolidated net income after minority interests in a range of € 28.0 million to € 30.5 million. This forecast does not, of course, take into account planned acquisitions.
6
Nevertheless, we have precise ideas about what our target portfolio architecture should look like. With our NEXT LEVEL 25 strategy, we have described the path towards this goal. In 2025, we want to achieve sales of 1 billion with 3 anchor investments and 12 basic investments, while achieving an EBIT margin of 10%.
With the first quarter of 2022, we have taken another big step towards our milestone in 2025 and we look forward to continuing the journey with you, our shareholders.
Wuppertal, Germany, May 2022
Ralph Rumberg CEO
With effect from 1 January 2022, the stainless steel specialist HUBL GmbH was reorganised into the former Production Process Technology segment. In order to underpin the associated focus on process technology, the Production Process Technology segment was consequently renamed Process Technology. HUBL GmbH was previously assigned to the Health and Infrastructure Technology segment.
With the increasing phasing out of pandemic-induced restrictions, GESCO Group companies experienced a continuation of the previous year's pleasing business development in the first quarter of 2022. Key drivers for the positive business development were the stainless steel products business and the expansion of business at Setter. However, the volume of business in other areas was also significantly higher than in the same period of the previous year. Overall, all segments recorded a pleasing increase in sales and earnings.
GESCO Group's incoming orders reached € 168.8 million in the reporting period and were thus significantly above the previous year's quarter value of € 136.4 million (+23.8% vs. Q1/2021). Group sales amounted to € 138.1 million and exceeded the previous year's quarter by 22.6% (Q1/2021: € 112.6 million).
sales were generated by the GESCO Group in the reporting period, 22.6 % more than in the same quarter of the previous year.
Due to the strong increase in material prices, the cost of materials ratio rose from 55.3% to 61.1% compared to the same quarter of the previous year. In contrast, the personnel cost ratio fell further from 24.4% to 22.2% due to efficiency improvements and increased capacities. Other operating income was higher than in the same quarter of the previous year. Other operating expenses developed slightly underproportionally to sales. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached a total of € 17.8 million in the reporting period (Q1 2021: € 11.4 million).
QUARTERLY STATEMENT Q1 2022
Depreciation and amortisation decreased by 29 basis points compared to the same quarter last year. There was no unscheduled depreciation. At € 13.3 million, EBIT in the reporting period was noticeably higher than in the same quarter of the previous year (Q1/2021: € 7.4 million) and resulted in an EBIT margin of 9.7% (Q1/2021: 6.6%).
With an improved financial result and a tax rate of now 30.9% (Q1/2021: 36.6%) resulting from an optimised Group structure in 2021 and a newly concluded profit and loss transfer agreement, Group net income after minority interests was € 8.8 million (Q1/2021: € 4.0 million). Earnings per share for continuing operations reached € 0.81 in the reporting period (Q1/2021: € 0.37).
consolidated net income after minority interests were achieved (Q1/2021: € 4.0 million). This results in earnings per share of € 0.81 (Q1/2021: € 0.37).
GESCO AG reclassified the stainless steel specialist HUBL GmbH into the former Production Process Technology segment with effect from 1 January 2022. In order to underpin the associated focus on process technology, the Production Process Technology segment was consequently renamed Process Technology. Previously, HUBL GmbH was assigned to the Health and Infrastructure Technology segment. The comparative figures for the previous year were adjusted accordingly in the (Production) Process Technology and Health and Infrastructure Technology segments.
The Process Technology segment achieved an order intake of € 34.6 million in the reporting period, which led to a significantly increased order backlog of € 71.2 million as of the reporting date (Q1/2021: € 43.2 million). Segment sales increased by 22.1% from € 18.2 million in the first quarter of the previous year to € 22.2 million. As is usual in this segment, the production of machines and plants was started, which will only be completed in the further course of the year and thus have an effect on sales and results. Therefore, the segment EBIT is usually not very meaningful in the first quarter. It reached € 1.4 million in the reporting period after € 1.8 million in the same period of the previous year (Q1/2021). The segment's EBIT margin was thus 6.3% (Q1/2021: 10.0%). The significant increase in sales and the positive contribution to earnings were mainly driven by the stainless steel technology business.
For the year as a whole, we expect a continuing recovery in machinery and plant construction, as well as an increase in sales due to highmargin growth in stainless steel processing. Compared to the same period last year, the segment should therefore show a noticeable increase in sales and earnings for the year as a whole.
For the year as a whole, we expect a continuing recovery in machinery and plant construction, as well as an increase in sales due to high-margin growth in stainless steel processing.
The Resources Technology segment also benefited from increased demand in the reporting period. Order intake amounted to € 87.1 million and was increased by 16.6% compared to the same period of the previous year (Q1/2021). Sales increased by 19.3% from € 67.0 million (Q1/2021) to € 79.9 million. Segment EBIT amounted to € 10.7 million after € 5.9 million in the first quarter of the previous year (Q1/2021). The segment EBIT margin increased in this context from 8.8% (Q1/2021) to 13.4%. All companies in the segment drove the noticeable increase in sales and earnings, combined with improved margins.
As a result of the good demand and the material price effects in the tool and strip steel sector on the one hand and the impairments in loading technology due to the war in Ukraine as well as the continuing supply bottlenecks on the other hand, we expect a decent increase in sales but no significant increase in earnings for the full year compared to the previous year.
All companies in the Resources Technology segment drove the noticeable increase in sales and earnings, combined with improved margins.
In the first quarter of 2022, the Health Care and Infrastructure Technology segment once again documented its extensive resilience and independence from the economic trend in the capital goods industry and is once again in stable condition. Nevertheless, the segment continues to feel a strong reluctance to invest in the hospitals due to the Corona pandemic. In addition, it should be noted in the quarterly comparison that the acquisition of UMT with its subsidiary Krömker took place in June 2021.
Order intake in the segment developed very positively and improved by 45.9% to € 47.1 million compared to the same quarter of the previous year. As a result, the order backlog rose to € 57.0 million at the end of the quarter (Q1/2021: € 32.9 million). Only a small part of this is due to the acquisition of UMT with its subsidiary Krömker.
Sales increased to € 36.0 million in the reporting period (Q1/2021: € 27.5 million). The segment's EBIT margin improved by 38 basis points to 10.1% in the reporting period (Q1/2021: 9.7%). For the year as a whole, we expect an overall positive sales development at almost all companies in the segment and a further improvement in the EBIT margin.
Order intake in the Health Care and Infrastructure Technology segment segment developed very positively and improved by 45.9 % to € 47.1 million compared to the same quarter of the previous year.
As of the balance sheet date, the balance sheet total of € 469.3 million was around 4% higher than the level at the beginning of the financial year of € 449.5 million. Non-current assets remained almost unchanged, while current assets increased by 9% from € 260.0 million to € 283.1 million. At € 42.8 million, cash and cash equivalents recorded a decrease of € 14.9 million, which was mainly due to the build-up of inventories and higher receivables and other assets, which is common at the beginning of the year. In addition, a larger project order that had been developed and the stopped delivery of goods to Russia contributed to the increase in current assets.
The balance sheet ratios remain extremely solid and the gearing ratio low. The equity ratio of 55.3% as of the reporting date was slightly below the figure as of 31 December 2021 (56.9%), despite an increase in equity. Non-current liabilities were reduced by just under 5% by reducing liabilities to banks and lowering provisions for pensions.
Along with the significant increase in orders on hand and sales, current liabilities also increased by 15.2% to € 144.2 million. Trade payables (+51.0%) and other liabilities (+21.4%) increased the most.
As at the reporting date, GESCO Group employed a total of 1,800 people in its continuing operations (continuing operations as at 31 March 2021: 1,680). Compared to the figure of 1,783 as at 31 December 2021, the Group workforce thus increased only slightly in the reporting period.
The increase of around 7% compared to 31 March 2021 is mainly due to the significant increase in the workforce at the subsidiaries Hubl, Setter (especially at the US company Setterstix Inc.), Sommer&Strassburger and, last but not least, UMT , which was acquired in June 2021.
1,800
people were employed in the continuing operations of GESCO Group as at the reporting date.
Overall, the workforce in the Resources Technology segment remained almost unchanged compared to the previous year's reporting date, whereas the Process Technology segment increased by just under 10% and the Health and Infrastructure Technology segment by around 16%, not least due to the acquisition of the UMT Group. It should be noted that Hubl was still allocated to the Health and Infrastructure Technology segment at the time of comparison and to the Process Technology segment as of 31 March 2022.
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 2021 essentially remain valid and we therefore refer to the detailed presentation in the annual report for the 2021 financial year. The report can be found on the Internet at www.gesco.de/investor-relations/finanzberichte.
On 21 April 2022, GESCO published its outlook for the financial year 2022, which envisages Group sales in the range of € 565 to 585 million and Group net income after minority interests in the range of € 28.0 to 30.5 million (both target ranges before M&A activities and without changes in the scope of consolidation).
Expectations for the 2022 financial year may change in the short term, as the effects of the ongoing war in Ukraine are difficult to forecast. Material and energy costs have increased massively in recent quarters and further price increases are foreseeable as sanctions against Russia intensify. In addition, international supply chains are not only affected by the war, but also by the (fight against the) Corona pandemic, as well as very high logistics costs.
At the beginning of March, GESCO had informed that CFO Kerstin Müller-Kirchhofs would not be extending her Executive Board contract, which expired on 30 April 2022, for a further term. At the end of April, GESCO announced the appointment of Ms Andrea Holzbaur as her successor. Ms Holzbaur will take up her position on 1 October 2022.
| Assets A. Non-current assets I. Intangible assets 1. Industrial property rights and similar rights and assets as well as licences to such rights and assets 27,182 2. Goodwill 38,848 3. Prepayments 36 66,066 II. Tangible assets 1. Land and buildings 58,626 2. Technical plant and machinery 27,964 3. Other plant, fixtures and fittings 15,252 4. Prepayments and assets under construction 2,184 104,026 III. Financial investments 1. Shares in affiliated companies 0 2. Shares in companies recognised at equity 2,187 3. Investments 156 4. Other loans 9,371 11,714 IV. Other assets 191 V. Deferred tax assets 4,237 186,234 B. Current assets I. Inventories 1. Raw materials, supplies and consumables 41,486 36,953 2. Unfinished products and services 33,118 26,883 3. Finished products and goods 71,500 60,243 4. Prepayments 1,026 758 147,130 124,837 II. Receivables and other assets 1. Trade receivables 78,851 68,433 2. Amounts owed by affiliated companies 2,955 2,098 3. Amounts owed by companies recognised at equity 802 364 4. Other assets 9,086 5,469 91,694 76,364 III. Cash and credit with financial institutions 42,811 57,714 IV. Accounts receivable and payable 1,432 1,057 V. Assets held for sale 0 |
T€ | 03/31/2022 | 12/31/2021 |
|---|---|---|---|
| 28,002 | |||
| 38,806 | |||
| 146 | |||
| 66,954 | |||
| 59,361 | |||
| 28,800 | |||
| 15,616 | |||
| 2,589 | |||
| 106,366 | |||
| 0 | |||
| 2,123 | |||
| 156 | |||
| 9,371 | |||
| 11,650 | |||
| 183 | |||
| 4,410 | |||
| 189,563 | |||
| 283,067 | 0 259,972 |
||
| 469,301 | 449,535 |
| T€ | 03/31/2022 | 12/31/2021 |
|---|---|---|
| Equity and liabilities | ||
| A. Equity | ||
| I. Subscribed capital |
10,839 | 10,839 |
| II. Capital reserves | 72,398 | 72,398 |
| III. Revenue reserves | 170,551 | 164,479 |
| IV. Own shares | 0 | 0 |
| V. Other comprehensive income | - 3,469 | - 4,448 |
| VI. Minority interests (incorporated companies) | 9,328 | 12,466 |
| 259,647 | 255,734 | |
| B. Non-current liabilities |
||
| I. Minority interests (partnerships) |
- 29 | 51 |
| II. Provisions for pensions | 10,840 | 11,932 |
| III. Other non-current provisions | 505 | 494 |
| IV. Liabilities to financial institutions | 29,985 | 32,343 |
| V. Lease liabilities | 15,473 | 16,034 |
| VI. Other liabilities | 906 | 996 |
| VII. Deferred tax liabilities | 7,801 | 6,761 |
| 65,481 | 68,611 | |
| C. Current liabilities | ||
| I. Other provisions |
7,162 | 8,508 |
| II. Liabilities | ||
| 1. Liabilities to financial institutions | 46,841 | 43,997 |
| 2. Lease liabilities | 3,157 | 3,238 |
| 3. Trade payables | 23,755 | 15,735 |
| 4. Payments received on account of orders | 19,417 | 16,822 |
| 5. Liabilities to affiliated companies | 705 | 1,391 |
| 6. Liabilities to companies recognised at equity | 0 | 0 |
| 7. Other liabilities | 42,901 | 35,344 |
| 136,776 | 116,527 | |
| III. Accounts receivable and payable | 235 | 155 |
| IV. Liabilities directly relating to assets held for sale | 0 | 0 |
| 144,173 | 125,190 | |
| 469,301 | 449,535 |
| T€ | 01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2021 |
|---|---|---|
| CONTINUING OPERATIONS | ||
| Sales revenues | 138,118 | 112,631 |
| Change in stocks of finished and unfinished products | 6,592 | - 880 |
| Other company-produced additions to assets | 162 | 123 |
| Other operating income | 2,636 | 1,602 |
| Total income | 147,508 | 113,476 |
| Material expenses | - 84,432 | - 62,319 |
| Personnel expenses | - 30,679 | - 27,517 |
| Other operating expenses | - 14,556 | - 12,202 |
| Impairment losses on financial assets | - 26 | - 24 |
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 17,815 | 11,414 |
| Amortisation of intangible assets and depreciation on | ||
| property, plant and equipment | - 4,472 | - 3,973 |
| Earnings before interest and tax (EBIT) | 13,343 | 7,441 |
| Earnings from investments | 1,034 | 0 |
| Earnings from companies valued at equity | 137 | - 3 |
| Income from lending financial assets | 90 | 0 |
| Other interest and similar income | 3 | 91 |
| Impairment of financial assets | 0 | 0 |
| Interest and similar expenses | - 533 | - 525 |
| Third-party profit share in partnerships | 59 | 5 |
| Financial result | 790 | - 432 |
| Earnings before tax (EBT) | 14,133 | 7,009 |
| Taxes on income and earnings | - 4,365 | - 2,566 |
| Earnings from continuing operations | 9,768 | 4,443 |
| DISCONTINUED OPERATIONS | ||
| Earnings from discontinued operations | 0 | - 19 |
| Consolidated annual earnings | 9,768 | 4,424 |
| Minority interests in the profits of corporations | - 594 | - 1,342 |
| Consolidated net earnings after minority interests | 9,174 | 12,386 |
| of which: Shares held by third parties in incorporated companies |
||
| Earnings from continuing operations | 947 | 394 |
| Earnings from discontinued operations | 0 947 |
- 6 388 |
| Shares held by GESCO shareholders | ||
| Earnings from continuing operations | 8,821 | 4,049 |
| Earnings from discontinued operations | 0 | - 13 |
| 8,821 | 4,036 | |
| Earnings per share (€) | ||
| From continuing operations | 0.81 | 0.37 |
| From continuing and discontinued operations | 0.81 | 0.37 |
| T€ | 01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2021 |
|---|---|---|
| Consolidated annual earnings | 9,768 | 4,424 |
| Revaluation of benefit obligations not impacting income | 811 | 337 |
| Items not reclassifiable to the profit and loss account | 811 | 337 |
| Difference from currency translation | ||
| a) Reclassification to the profit and loss account | 0 | 183 |
| b) Change in value not affecting profit or loss | 266 | 848 |
| Difference from currency translation from companies valued at equity | ||
| a) Reclassification to the Profit and Loss account | 0 | 0 |
| b) Change in value not affecting profit or loss | - 72 | - 51 |
| Market valuation of hedging instruments | ||
| a) Reclassification to the Profit and Loss account | 0 | 0 |
| b) Change in value not affecting profit or loss | - 9 | - 174 |
| Revaluation reserve | ||
| a) Reclassification to the Profit and Loss account | 0 | 0 |
| b) Change in value not affecting profit or loss | 0 | 0 |
| Items reclassifiable to the profit and loss account | 185 | 806 |
| Other comprehensive income | 996 | 1,143 |
| Comprehensive income for the period | 10,764 | 5,567 |
| of which shares held by third parties in incorporated companies | 847 | 520 |
| of which shares held by GESCO shareholders | 9,917 | 5,047 |
| T€ | Subscribed capital |
Capital reserves | Revenue reserves |
Own shares | |
|---|---|---|---|---|---|
| As at 01/01/2021 | 10,839 | 72,364 | 137,871 | 0 | |
| Dividends | 0 | ||||
| Acquisition of own shares | 0 | ||||
| Sale of own shares | 0 | ||||
| Sale of shares in subsidiaries | - 165 | ||||
| Group net loss / income for the period | 4,036 | 0 | |||
| As at 31/03/2021 | 10,839 | 72,364 | 141,742 | 0 | |
| As at 01/01/2022 | 10,839 | 72,398 | 164,479 | 0 | |
| Dividends | 0 | ||||
| Transaction costs capital increase | 0 | ||||
| Acquisition of own shares | 0 | ||||
| Sale of own shares | 0 | 0 | 0 | ||
| Acquisition of shares in subsidiaries | - 2,675 | ||||
| Sale of shares in subsidiaries | 0 | ||||
| Group net loss / income for the period | 8,747 | 0 | |||
| As at 03/31/2022 | 10,839 | 72,398 | 170,551 | 0 |
| T€ | Production Process Technology |
Resource Technology |
Healthcare and Infrastructure Technology |
||||
|---|---|---|---|---|---|---|---|
| 01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2022 |
01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2022 |
01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2022 |
||
| Order backlog (number / reporting date) |
71,208 | 43,206 | 109,269 | 88,524 | 57,036 | 32,922 | |
| Incoming orders (consolidated) |
34,632 | 29,374 | 87,074 | 74,707 | 47,078 | 32,271 | |
| Sales revenues | 22,174 | 18,158 | 79,904 | 66,986 | 36,042 | 27,516 | |
| of which with other segments |
0 | 22 | 2 | 3 | 0 | 4 | |
| Depreciation and amortisation |
|||||||
| (annual accounts) | 452 | 468 | 1,251 | 1,258 | 941 | 914 | |
| thereof unscheduled according to IAS 36 |
0 | 0 | 0 | 0 | 0 | 0 | |
| EBIT | 1,391 | 1,808 | 10,732 | 5,902 | 3,626 | 2,663 | |
| Investments | 543 | 315 | 863 | 387 | 344 | 1,034 | |
| Employees (number / reporting date) |
535 | 489 | 730 | 733 | 512 | 437 |
| Equity | Minority interests (incorporated companies) |
Total | Hedging instruments |
Revaluation of pensions |
Exchange equalisation items |
|---|---|---|---|---|---|
| 227,770 | 12,128 | 215,642 | 174 | - 3,386 | - 2,220 |
| - 1,070 | - 1,070 | 0 | |||
| 0 | 0 | 0 | |||
| 0 | 0 | 0 | |||
| - 995 | - 995 | 0 | 165 | ||
| 5,567 | 520 | 5,047 | - 174 | 317 | 868 |
| 231,272 | 10,583 | 220,689 | 0 | - 2,904 | - 1,352 |
| 255,734 | 12,466 | 243,268 | - 14 | - 3,215 | - 1,219 |
| - 713 | - 713 | 0 | |||
| 0 | |||||
| 0 | |||||
| 0 | |||||
| - 6,138 | - 3,272 | - 2,866 | - 117 | - 74 | |
| 0 | 0 | 0 | |||
| 10,764 | 847 | 9,917 | - 9 | 791 | 388 |
| 259,647 | 9,328 | 250,319 | - 23 | - 2,541 | - 905 |
| Production Process Resource Healthcare and Technology Technology Infrastructure Technology |
GESCO AG / other companies |
Reconciliation | Group | ||||
|---|---|---|---|---|---|---|---|
| 01/01/2022 – 01/01/2021– 01/01/2022 – 01/01/2021– 01/01/2022 – 01/01/2021– 03/31/2022 03/31/2022 03/31/2022 03/31/2022 03/31/2022 03/31/2022 |
01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2022 |
01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2022 |
01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2022 |
|
| 71,208 43,206 109,269 88,524 57,036 32,922 34,632 29,374 87,074 74,707 47,078 32,271 |
0 0 |
0 0 |
0 0 |
0 0 |
237,513 168,784 |
164,652 136,352 |
|
| 22,174 18,158 79,904 66,986 36,042 27,516 |
389 | 302 | - 391 | - 331 | 138,118 | 112,631 | |
| 0 22 2 3 0 4 |
389 | 302 | - 391 | - 331 | 0 | 0 | |
| 468 1,251 1,258 941 914 |
30 | 33 | 1,798 | 1,300 | 4,472 | 3,973 | |
| 0 0 0 0 0 |
0 | 0 | 0 | 0 | 0 | 0 | |
| 10,732 5,902 3,626 2,663 |
- 1,718 | - 1,686 | - 688 | - 1,246 | 13,343 | 7,441 | |
| 315 863 387 344 1,034 |
33 | 21 | 80 | 412 | 1,863 | 2,169 | |
| 730 733 512 437 |
23 | 21 | 0 | 0 | 1,800 | 1,680 |
| T€ | 01/01/2022 – 03/31/2022 |
01/01/2021– 03/31/2021 |
|---|---|---|
| Group net loss / income for the period (including share attributable to minority interests in incorporated companies) |
9,768 | 4,424 |
| Amortisation of intangible assets and depreciation on property, plant and equipment |
4,472 | 3,973 |
| Earnings from companies valued at equity | - 137 | 3 |
| Share attributable to minority interests in partnerships | - 59 | - 5 |
| Decrease in non-current provisions | - 80 | - 25 |
| Other non-cash income | 47 | 203 |
| Cash flow for the year | 14,011 | 8,573 |
| Losses from the disposal of tangible / intangible assets | 0 | 1 |
| Gains from the disposal of tangible / intangible assets | - 18 | - 5 |
| Increase / decrease in inventories, trade receivables and other assets | - 37,742 | - 8,404 |
| Increase in trade payables and other liabilities | 16,805 | 13,796 |
| Cash flow from ongoing business activity | - 6,944 | 13,961 |
| Incoming payments from disposals of tangible / intangible assets | 899 | 12 |
| Disbursements for investments in tangible assets | - 1,574 | - 1,620 |
| Disbursements for investments in intangible assets | - 208 | - 137 |
| Disbursements for investments in financial assets | - 1 | - 3 |
| Proceeds from the sale of consolidated companies and other business units | 0 | 3,500 |
| Cash flow from investment activity | - 884 | 1,752 |
| Disbursements to minority interests | - 999 | - 1,093 |
| Disbursements for the purchase of non-governing shares | - 5,875 | 0 |
| Incoming payments from taking out (financial) loans | 3,400 | 3,700 |
| Disbursements for the repayment of (financial) loans | - 2,914 | - 6,230 |
| Disbursements for the repayment of leasing liabilities | - 722 | - 551 |
| Cash flow from funding activity | - 7,110 | - 4,174 |
| Changes in cash and cash equivalents | - 14,938 | 11,539 |
| Exchange rate-related changes in cash and cash equivalents | 35 | 122 |
| Cash and cash equivalents on 01/01 | 57,714 | 49,226 |
| Cash and cash equivalents on 12/31 | 42,811 | 60,887 |
| Cash and cash equivalents on 12/31 from continuing operations | 42,811 | 60,887 |
The report on the three-month period (1 January to 31 March 2022) of the financial year 2022 (1 January to 31 December 2022) of GESCO Group was prepared based on the International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB). It has been prepared in accordance with IAS 34. Unless otherwise stated, the accounting policies applied correspond to those of the consolidated financial statements as at 31 December 2021. The preparation of the financial statements is influenced by recognition and measurement methods as well as assumptions and estimates that affect the amount and presentation of recognised assets, liabilities and contingent liabilities as well as income and expense items. Sales-related items are accrued during the year. The previous year's figures were adjusted due to the segment change of Hubl GmbH.
13 May 2022 Publication quarterly statement Q1
23 – 25 May 2022 Spring Conference (Equity Forum, Frankfurt)
12 August 2022 Publication quarterly statement Q2 14 November 2022 Publication quarterly statement Q3
15 – 16 November 2022 Munich Capital Markets Conference (GBC, Munich)
28 – 30 November 2022 German Equity Forum (German Stock Exchange, Frankfurt)
(Wuppertal)
Autumn Conference (Equity Forum, Frankfurt)
Zurich Capital Markets Conference (ZKK, Zurich)
Peter Alex Head of Investor Relations & Communications GESCO AG Johannisberg 7 42103 Wuppertal
Phone +49 202 24820-18 Fax +49 202 24820-49
[email protected] www.gesco.de
If you would like to be informed regularly, please notify us by e-mail or telephone. Alternatively, use the order function on our website at www.gesco.de/en/investor-relations/ service-ir-contact. We will be happy to add you to our permanent mailing list.
This interim report contains forward-looking statements based on current assumptions and forecasts made by the Executive Board of GESCO AG. These statements are therefore subject to risks and uncertainties. The actual results and business development of GESCO AG and GESCO Group may differ materially from the estimates made in this interim report. GESCO AG assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
A German version of the interim report is also available; in case of any discrepancies, the German version of the Interim Notice shall prevail.
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