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KAP AG
Quarterly Report • May 20, 2019
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Quarterly Report
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Q1 2019 QUARTERLY REPORT
1 JANUARY TO 31 MARCH 2019
SUCCESSFUL START TO THE 2019 FINANCIAL YEAR – KAP IS ON COURSE TO ACHIEVE ITS OBJECTIVES FOR THE FULL YEAR
- On a comparable basis, revenue grew 3.4% to EUR 102.6 million
- Normalised EBITDA increased disproportionately by 5.7% to EUR 13.0 million
- Normalised EBITDA margin increased by a further 0.3 percentage points to 12.7%
- Forecast for the full year confirmed
KAP Group made a successful start to the 2019 financial year. In the first quarter, the segments and their associated companies were able to maintain their position in a challenging economic environment. Overall, the growth trajectory followed since the introduction of the segment strategy continued. On a comparable basis, profitability increased as planned with a slight increase in revenues. "As expected, our five segments are benefiting early in the year from their great market position in attractive niche markets, asserting themselves within a weak overall economy. Our segment strategy along with the measures initiated to increase revenue and profitability in the individual segments is showing initial successes. These will gradually solidify and take full effect in the 2020 financial year. But we've already been able to increase our EBITDA margin by another 0.3 percentage points to a total of 12.7%," says Guido Decker, CEO of KAP AG.
| Q1 2019 | Q1 2018 | Change in% | ||
|---|---|---|---|---|
| Revenue | EUR millions | 102.6 | 99.2 | 3.4 |
| EBITDA | EUR millions | 11.1 | 11.7 | –5.1 |
| Normalisations | EUR millions | 1.9 | 0.6 | 216.7 |
| Normalised EBITDA | EUR millions | 13.0 | 12.3 | 5.7 |
| Normalised EBITDA margin | % | 12.7 | 12.4 | 2.2 |
KAP Group
CONTINUATION OF THE PROFIT-ORIENTED GROWTH COURSE
Revenue increased by 3.4% to EUR 102.6 million in Q1 2019 (previous year: EUR 99.2 million). The previous year's figure has been adjusted for the revenue contributions of Geiger Fertigungstechnologie GmbH, which was sold in the 2018 financial year. In Q1 2018, Geiger still contributed around EUR 14.1 million to revenue and EUR 1.7 million to EBITDA. From a regional perspective, growth stimulus came from Portugal and Poland in particular. At EUR 13.0 million, adjusted earnings before interest, taxes, depreciation and amortisation ("normalised EBITDA") surpassed last year's strong result by 5.7% (previous year: EUR 12.3 million).
The equity capital ratio was therefore a comfortable 49.6% (31 December 2018: 51.6%) with total assets of EUR 401.1 million (31 December 2018: EUR 376.0 million).
BUSINESS PERFORMANCE IN Q1 2019 UNDERPINS FORECAST FOR THE FULL YEAR
Against a background of satisfactory performance in Q1 2019, the Executive Board confirms expectations for the 2019 financial year. Revenue is thus expected to be achieved in a range between EUR 400 and 430 million and EBITDA in a range between EUR 45 and 53 million.
SEGMENT REPORTING: SATISFACTORY DEVELOPMENT IN THE FIVE SEGMENTS
| Q1 2019 | Q1 2018 | Change in% | ||
|---|---|---|---|---|
| Revenue | EUR millions | 42.5 | 43.2 | -1.6 |
| EBITDA | EUR millions | 3.7 | 3.6 | 2.8 |
| EBITDA margin | % | 8.7 | 8.3 | 4.8 |
| Investments | EUR millions | 0.6 | 2.0 | -70.0 |
| Employees | 1,028 | 1,052 | -2.3 |
Revenue in the engineered products segment almost reached the previous year's level in Q1 2019 at EUR 42.5 million (previous year: EUR 43.2 million). The tyres, defence, roofing and flooring product areas in particular developed positively in the reporting period. By contrast, the conveyor belts product area experienced a slight decline as a result of delays in one customer placing orders. EBITDA improved by 2.8% to EUR 3.7 million (previous year: EUR 3.6 million). This was partly due to the positive effects of measures taken to realise synergies that are intended to lead to lasting improvements in the cost base. The EBITDA margin accordingly improved by 0.4 percentage points to 8.7% (previous year: 8.3%).
The focus of investing activities was again particularly on the fields of fire retardant products and electromobility. Due to the impact of the reporting date, investments lessened overall by 70.0% to EUR 0.6 million (previous year: EUR 2.0 million). As at 31 March 2019, 1,028 people were employed in the segment (previous year: 1,052), which is 2.3% fewer than at the same reporting date of the previous year.
| Q1 2019 | Q1 2018 | Change in% | ||
|---|---|---|---|---|
| Revenue | EUR millions | 23.3 | 23.0 | 1.3 |
| EBITDA | EUR millions | 2.7 | 2.7 | 0.0 |
| EBITDA margin | % | 11.6 | 11.7 | -0.9 |
| Investments | EUR millions | 0.3 | 0.3 | 0.0 |
| Employees | 324 | 316 | 2.5 |
flexible films
engineered products
The flexible films segment continued its growth course unchanged in Q1 2019. Revenue improved slightly by 1.3% to EUR 23.3 million (previous year: EUR 23.0 million). EBITDA remained unchanged at EUR 2.7 million (previous year: EUR 2.7 million). The EBITDA margin thus decreased by 0.1 percentage points to 11.6% (previous year: 11.7%). Overall, the segment's companies benefited from their strong market position. This meant it was possible to offset the existing negative effects as a result of the reticence of a British customer due to the ongoing Brexit uncertainties and as a result of currency effects. Positive impetus should arise beginning in H2 as a result of initial synergy effects, particularly from purchasing.
In the reporting period, the segment's companies once again invested an amount of EUR 0.3 million (previous year: EUR 0.3 million). The number of people employed in the segment as of 31 March 2019 increased slightly by 2.5% to 324 (previous year: 316).
surface technologies
| Q1 2019 | Q1 2018 | Change in% | ||
|---|---|---|---|---|
| Revenue | EUR millions | 18.0 | 6.5 | >100 |
| EBITDA | EUR millions | 3.4 | 1.2 | >100 |
| EBITDA margin | % | 18.9 | 18.5 | 2.2 |
| Investments | EUR millions | 1.7 | 0.1 | >100 |
| Employees | 813 | 311 | >100 |
The surface technologies segment is the newest segment within the KAP Group. The acquisition of Heiche Group led to a significant expansion of operating activities, but because the acquisition was only completed in the second half of 2018, Heiche Group was not yet part of the segment in Q1 2018. Revenue grew accordingly to EUR 18.0 million in Q1 2019 (previous year: EUR 6.5 million) and EBITDA to EUR 3.4 million (previous year: EUR 1.2 million). The Polish site in particular developed positively. Here, substantial new orders were secured in anodisation. At the same time, the segment realised its first synergy effects by creating a central sales structure and bundling key account management in accordance with the segment strategy. The EBITDA margin improved disproportionately by 0.4 percentage points to 18.9% (previous year: 18.5%).
The investment volume was EUR 1.7 million in the reporting period (previous year: EUR 0.1 million). The focus of investing activities was in particular the automation of packaging. As at 31 March 2019, 813 people were employed in the segment (previous year: 311). This is an increase of 502 employees.
| Q1 2019 | Q1 2018 | Change in% | ||
|---|---|---|---|---|
| Revenue | EUR millions | 5.3 | 8.0 | -33.8 |
| EBITDA | EUR millions | 0.6 | 1.0 | -40.0 |
| EBITDA margin | % | 11.3 | 12.5 | -9.6 |
| Investments | EUR millions | 0.7 | 0.3 | >100 |
| Employees | 124 | 130 | -4.6 |
it/services
.
Revenue in the it/services segment decreased by 33.8% to EUR 5.3 million in Q1 2019 (previous year: EUR 8.0 million). This expected decrease is due to the settlement of a major order that took place in the same quarter of the previous year and led to an extraordinary contribution to revenue in that quarter. In particular, the Internet of things (IoT) and Industry 4.0 areas continued to develop very satisfactorily. The market launch of the new software products lived up to expectations and initial sales were realised already in Q1 2019. EBITDA was EUR 0.6 million (previous year: EUR 1.0 million). The EBITDA margin accordingly decreased by 1.2 percentage points to 11.3% (previous year: 12.5%).
Overall, the investment volume increased substantially to EUR 0.7 million (previous year: EUR 0.3 million). As at 31 March 2019, 124 people were employed in the segment's companies (previous year: 130), which is 4.6% fewer than at the same reporting date of the previous year.
precision components
| Q1 2019 | Q1 2018 | Change in% | ||
|---|---|---|---|---|
| Revenue | EUR millions | 14.6 | 19.4 | -24.7 |
| EBITDA | EUR millions | 1.8 | 2.9 | -37.9 |
| EBITDA margin | % | 12.3 | 14.9 | -17.4 |
| Investments | EUR millions | 0.2 | 0.8 | >-100 |
| Employees | 638 | 739 | -13.7 |
As expected, revenue in the Precision components segment fell by 24.7% in Q1 2019 to EUR 14.6 million (previous year, not including Geiger: EUR 19.4 million). This was mainly caused by the abandonment of orders with low margins due to the closure of the Haslach site in 2018 and delayed production start-ups for new products. EBITDA decreased 37.9% to EUR 1.8 million (previous year, not including Geiger: EUR 2.9 million). The EBITDA margin accordingly decreased by 2.6 percentage points to 12.3% (previous year: 14.9%).
The investment volume was EUR 0.2 million in Q1 2019 (previous year: EUR 0.8 million). As of 31 March 2019, the number of staff employed in the segment was 638, 101 lower than the previous year (previous year: 739).
DEVELOPMENT OF THE KAP GROUP IN Q1 2019
CONSOLIDATED STATEMENT OF INCOME
| in € thousands | Q1 2019 | Q1 2018 |
|---|---|---|
| Revenue | 102,564 | 99,158 |
| Change in inventories and other own work capitalised | -59 | 1,242 |
| Total performance | 102,505 | 100,400 |
| Other operating income | 3,881 | 2,805 |
| Cost of materials | -55,018 | -58,113 |
| Personnel expenses | -25,222 | -21,434 |
| Depreciation and amortisation of intangible assets, property, plant and equipment and investment property |
-7,575 | -5,282 |
| Other operating expenses | -15,095 | -11,960 |
| Operating earnings | 3,476 | 6,416 |
| Interest earnings | -745 | -752 |
| Other financial earnings | 99 | -548 |
| Financial earnings | -646 | -1,300 |
| Gains/losses from continuing operations before income taxes | 2,830 | 5,117 |
| Income taxes | 1,757 | -1,679 |
| Earnings from continuing operations | 4,587 | 3,437 |
| Earnings from discontinued operations after taxes | - | 945 |
| Earnings after taxes | 4,587 | 4,382 |
| Earnings share of non-controlling interests | -124 | -245 |
| Earnings attributable to shareholders of KAP AG | 4,463 | 4,137 |
| Undiluted earnings per share (EUR) | ||
| Earnings from continuing operations | 0.62 | 0.46 |
| Earnings from discontinued operations | - | 0.14 |
| 0.60 | ||
| Diluted earnings per share (EUR) | ||
| Earnings from continuing operations | 0.62 | 0.46 |
| Earnings from discontinued operations | - | 0.14 |
| 0.60 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/LOSS
| in € thousands | Q1 2019 | Q1 2018 |
|---|---|---|
| Consolidated earnings after taxes | 4,587 | 4,382 |
| Unrealised gains from currency translation | 290 | -302 |
| Unrealised gains from the disposal of available-for-sale financial assets | 0 | 0 |
| Items that may be reclassified to the statement of income in the future | 290 | -302 |
| Actuarial gains from defined-benefit pension plans | - | - |
| Deferred taxes on actuarial gains/losses from defined-benefit pension plans | - | - |
| Items that will not be reclassified to the statement of income in the future | - | - |
| Other comprehensive income after taxes | 290 | -302 |
| of which other comprehensive income after taxes attributable to non-controlling interests | 0 | 0 |
| of which other comprehensive income after taxes attributable to shareholders of KAP AG | 290 | -302 |
| Consolidated total comprehensive income | 4,876 | 4,079 |
| of which consolidated total comprehensive income attributable to non-controlling interests | 131 | 245 |
| of which consolidated total comprehensive income attributable to shareholders of KAP AG | 4,745 | 3,834 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| in € thousands | 31.03.2019 | 31.12.2018 | 31.03.2018 |
|---|---|---|---|
| ASSETS | |||
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 41,764 | 42,327 | 22,531 |
| Property, plant and equipment | 183,628 | 169,026 | 134,532 |
| Investment property | 4,601 | 4,678 | 4,803 |
| Financial assets accounted for using the equity method | 0 | 0 | 0 |
| Other financial assets | 1,351 | 1,374 | 1,253 |
| Deferred tax assets | 4,851 | 4,813 | 5,696 |
| 236,195 | 222,218 | 168,815 | |
| Current assets | |||
| Inventories | 72,886 | 70,062 | 71,621 |
| Trade receivables | 77,871 | 62,935 | 75,683 |
| Income tax refund claims | 2,687 | 2,631 | 2,861 |
| Other receivables and assets | 5,907 | 6,400 | 11,004 |
| Cash and cash equivalents | 5,578 | 11,727 | 5,917 |
| 164,930 | 153,755 | 167,086 | |
| Non-current assets held for sale and | |||
| discontinued operations | - | - | 34,996 |
| 401,125 | 375,973 | 370,897 |
| in € thousands | 31.03.2019 | 31.12.2018 | 31.03.2018 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| EQUITY AND LIABILITIES | |||
| Equity and reserves | |||
| Subscribed capital | 20,177 | 20,177 | 18,272 |
| Capital reserve | 86,840 | 86,840 | 61,456 |
| Reserves | -15,161 | -15,358 | -15,389 |
| Retained earnings | 104,366 | 99,903 | 103,158 |
| Equity attributable to shareholders of KAP AG | 196,222 | 191,560 | 167,497 |
| Non-controlling interests | 2,586 | 2,400 | 5,463 |
| 198,808 | 193,960 | 172,960 | |
| Non-current liabilities | |||
| Provisions for pensions and similar obligations | 17,941 | 18,080 | 18,341 |
| Non-current financial liabilities | 61,907 | 59,399 | 54,758 |
| Deferred tax liabilities | 12,013 | 13,309 | 6,458 |
| Other non-current liabilities | 349 | 349 | - |
| 92,209 | 91,137 | 79,558 | |
| Current liabilities | |||
| Other provisions | 25,483 | 25,154 | 30,010 |
| Current financial liabilities | 41,477 | 28,115 | 36,258 |
| Trade payables | 30,225 | 24,292 | 33,030 |
| Income tax liabilities | 4,376 | 4,895 | 2,942 |
| Other liabilities | 8,547 | 8,419 | 12,142 |
| 110,108 | 90,876 | 114,383 | |
| Liabilities in connection with discontinued operations | - | - | 3,996 |
| 401,125 | 375,973 | 370,897 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| in € thousands | Q1 2019 | Q1 2018 |
|---|---|---|
| Earnings before interest and tax | 3,575 | 6,820 |
| Depreciation and amortisation of non-current assets (offset against write-ups) | 7,575 | 6,040 |
| Changes in provisions | 127 | 75 |
| Other non-cash expenses and income | 226 | -289 |
| Gains/losses from the disposal of non-current assets and discontinued operations | -37 | -123 |
| Cash flow from operating activities before changes in assets and liabilities | 11,467 | 12,524 |
| Changes in inventories, receivables and other assets not attributable to investing and financing activities |
-16,629 | -24,425 |
| Changes in payables and other liabilities not attributable to investing and financing activities | 5,986 | 8,676 |
| Cash flow from operating activities before interest and income taxes | 824 | -3,225 |
| Interest paid and received | -689 | -647 |
| Income taxes paid and received | -666 | -860 |
| Cash flow from operating activities | -530 | -4,732 |
| Proceeds from disposal of property, plant and equipment (including investment property) | 211 | 124 |
| Investments in property, plant and equipment (including investment property) | -3,807 | -8,042 |
| Investments in intangible assets | -58 | -262 |
| Proceeds from the disposal of financial assets | 26 | 24 |
| Investments in financial assets | -2 | -17 |
| Cash inflow from the disposal of consolidated companies | - | - |
| Cash outflow from the addition of consolidated companies | - | - |
| Disbursements by granting loans | -3 | - |
| Cash flows from investing activities | -3,632 | -8,173 |
| in € thousands | Q1 2019 | Q1 2018 |
|---|---|---|
| Proceeds from capital increase | - | - |
| Dividend paid to shareholders | - | - |
| Cash inflow from borrowing | 253 | 8,788 |
| Cash inflow from repayments of financial receivables | 1 | 3 |
| Disbursements for the repayment of financial liabilities | -2,267 | - |
| Cash flow from financing activities | -2,014 | 8,791 |
| Changes in cash and cash equivalents | -6,176 | -4,115 |
| Effect of exchange-rate, consolidation and valuation changes on cash and cash equivalents | 28 | -41 |
| Cash and cash equivalents at start of period | 11,727 | 10,079 |
| Cash and cash equivalents at end of period | 5,578 | 5,923 |
STATEMENT OF CHANGES IN EQUITY
| Capital reserve | Revenue reserves | ||||
|---|---|---|---|---|---|
| in € thousands | Subscribed capital |
Currency differences | Available-for-sale financial assets |
||
| 01.01.2018 | 17,224 | 48,811 | -20,521 | 0 | |
| Consolidated profit for the period | - | - | - | - | |
| Other comprehensive income before taxes | - | - | -302 | - | |
| Deferred tax on other comprehensive income | - | - | 0 | - | |
| Total comprehensive income | - | - | -302 | - | |
| Inflation adjustment pursuant to IAS 29 | - | - | 0 | - | |
| Capital increase | 1,049 | 12,645 | 0 | - | |
| Capital reduction | - | - | 0 | - | |
| Dividends | - | - | 0 | - | |
| Changes in the scope of consolidation | - | - | 0 | - | |
| Withdrawals | - | - | 0 | - | |
| Other changes | - | - | 0 | - | |
| 31.03.2018 | 18,272 | 61,456 | -20,823 | - | |
| 01.01.2019 | 20,177 | 86,840 | -20,566 | - | |
| Consolidated profit for the period | - | - | - | - | |
| Other comprehensive income before taxes | - | - | 283 | - | |
| Deferred tax on other comprehensive income | - | - | 0 | - | |
| Total comprehensive income | - | - | 283 | - | |
| Inflation adjustment pursuant to IAS 29 | - | - | 0 | - | |
| Capital increase | - | - | 0 | - | |
| Capital reduction | - | - | 0 | - | |
| Dividends | - | - | 0 | - | |
| Changes in the scope of consolidation | - | - | 0 | - | |
| Withdrawals | - | - | 0 | - | |
| Other changes | - | - | 0 | - | |
| 31.03.2019 | 20,177 | 86,840 | -20,283 | - | |
| -15,086 10,432 98,874 149,822 5,366 155,187 - - - 4,137 4,137 245 4,382 - - -302 - -302 - -302 - - - - - - - - - -302 4,137 3,834 245 4,079 - - - - - - - - - - - - 13,694 13,694 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -147 - 147 147 -15,389 10,432 103,158 167,497 5,463 172,960 -15,358 10,455 99,903 191,560 2,400 193,960 - - - 4,463 4,463 124 4,587 - - - 283 283 7 290 - - - - - - - - - 283 4,463 4,746 131 4,877 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -84 -84 -29 0 55 |
Total equity | Non-controlling interests |
Equity attributable to KAP shareholders |
Consolidated retained earnings |
Total | Other | Actuarial gains/losses |
|---|---|---|---|---|---|---|---|
| - 4,998 | |||||||
| -4,998 | |||||||
| -5,247 | |||||||
| 198,808 | 2,586 | 196,222 | 104,366 | -15,161 | 10,455 | -5,247 |
Revenue reserves
Continuing operations
SEGMENT REPORTING BY BUSINESS AREA
| engineered products | flexible films | it/services | |||||
|---|---|---|---|---|---|---|---|
| in € thousands | Q1 2019 | Q1 2018 | Q1 2019 | Q1 2018 | Q1 2019 | Q1 2018 | |
| Revenue with third parties | 42,538 | 43,232 | 23,297 | 23,016 | 4,139 | 6,976 | |
| Revenue with other segments | - | - | 0 | - | 1,193 | 1,035 | |
| Revenue | 42,538 | 43,232 | 23,297 | 23,016 | 5,331 | 8,012 | |
| Segment result¹ | 3,719 | 3,634 | 2,699 | 2,735 | 566 | 952 | |
| Scheduled depreciation and amortisation | 1,973 | 1,880 | 933 | 834 | 244 | 212 | |
| Operating profit | 1,746 | 1,754 | 1,766 | 1,901 | 323 | 740 | |
| Interest income | 73 | 76 | 9 | 8 | 6 | 11 | |
| Interest expenses | 900 | 854 | 218 | 200 | 17 | 15 | |
| Income taxes | -4 | 15 | 42 | 93 | 8 | 10 | |
| Investments | 610 | 1,965 | 347 | 349 | 681 | 319 | |
| Working capital | 66,509 | 60,985 | 27,141 | 27,050 | 2,661 | 2,689 | |
| Employees as of 31 December | 1,028 | 1,052 | 324 | 316 | 124 | 130 |
¹ The segment result is defined as segment EBITDA.
| Reconciliation | surface technologies | precision components | |||
|---|---|---|---|---|---|
| Q1 2018 | Q1 2019 | Q1 2018 | Q1 2019 | Q1 2018 | Q1 2019 |
| 0 | 2 | 6,508 | 17,955 | 19,425 | 14,634 |
| - | - | 3 | 10 | - | 1 |
| 0 | 2 | 6,510 | 17,965 | 19,425 | 14,635 |
| -366 | -1,896 | 1,200 | 3,421 | 2,913 | 1,778 |
| 269 | 299 | 962 | 2,983 | 1,060 | 1,077 |
| -635 | -2,196 | 238 | 438 | 1,853 | 700 |
| 1,065 | 1,323 | 4 | 25 | 4 | 39 |
| 368 | 340 | 57 | 292 | 355 | 283 |
| 1,224 | -570 | 245 | -1,256 | 91 | 24 |
| 5,842 | 354 | 115 | 1,668 | 755 | 202 |
| 2,637 | -904 | 1,951 | 6,613 | 19,265 | 18,597 |
| 35 | 42 | 311 | 813 | 739 | 638 |
¹ The segment result is defined as segment EBITDA.
FINANCIAL CALENDAR
| 03.07.2019 | Annual General Meeting |
|---|---|
| 04.07.2019 | Dividend announcements |
| 29.08.2019 | Publication of the Q2 2019 interim report |
| 21.11.2019 | Publication of the Q3 2019 interim report |
| 25.–27.11.2019 | Analyst/investor conference (as part of the Deutsches Eigenkapitalforum 2019, Frankfurt am Main) |
| April 2020 | Publication of the 2019 Annual Report |
| May 2020 | Publication of the Q1 2020 interim report |
All dates are subject to change. We publish all the dates above together with additional dates and any updates to these on https://www.kap.de/en/investor-relations/calendar.
CONTACT
Nadine Kaldenbach Investor Relations
Telephone +49 661 103-716 Email [email protected]
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements. These statements are based on current estimates and forecasts by the Executive Board and on the information currently available to the Executive Board. Such statements are subject to risks and uncertainties that are mostly difficult to assess and are generally outside the scope of KAP AG's and its subsidiaries' control. These include the future market environment and economic conditions, the behaviour of other market participants, the successful integration of new acquisitions, the realisation of anticipated synergy effects and measures taken by government agencies. Should any of these or other uncertainties and imponderables materialise or should the assumptions on which the statements made are based prove to be inaccurate, actual results could differ materially from those expressed or implied by such statements. KAP AG does not assume any special obligation going beyond the legal requirements to update forward-looking statements made in this report.
ROUNDING
The figures in this report have been rounded in accordance with established commercial practice. Rounding differences may thus occur, meaning that the result of adding the individual figures together does not always precisely correspond to the total specified.
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KAP AG Edelzeller Straße 44 36043 Fulda Germany