- Revenue: €433.5 million, up 25.4% year on year
- Normalised EBITDA: €35.9 million, up 2.6%
- Guidance forecast for full year realised despite difficult background conditions
- Challenging fourth quarter due to time lag in passing on cost increases and to supply chain issues at key customer groups
- Dividend of €1.00 per share proposed
- Focus on further efficiency enhancement in 2023 – outlook for slight growth in revenue and normalised EBITDA
Fulda, 27 April 2023 – KAP AG (“KAP”), a mid-sized industrial holding company listed on the stock exchange, achieved its guidance forecast in the 2022 financial year despite challenging economic conditions. Indeed, the company generated revenue of €433.5 million, up 25.4% on 2021, and normalised EBITDA of €35.9 million, up 2.6%. Excluding the contribution to revenue from the acquisition of Haogenplast, this corresponds to organic revenue growth of 11.4%. However, with a normalised EBITDA margin of 8.3%, KAP has fallen short of its target of at least 10%. This reflects the fact that it was not possible to pass on to customers the significant cost increases for energy and raw materials, particularly in the fourth quarter, in full or immediately.
The global supply chain difficulties in the automotive industry were clearly reflected in the surface technologies segment. In addition, it was not possible to pass on the rise in costs in full nor immediately. However, revenue in the segment still increased by around 13.4% to €65.3 million (previous year: €57.6 million). Normalised EBITDA decreased, however, by 34.6% to €6.8 million in the reporting period (previous year: €10.4 million). The normalised EBITDA margin decreased by 7.7 percentage points to 10.4% (previous year: 18.1%) as a result of various effects in connection with the supply chain issues.
The precision components segment also struggled with the challenges facing the automotive industry, both in terms of revenue and at earnings level. Nevertheless, the segment recorded a 17.5% increase in revenue in the 2022 financial year to €45.6 million (previous year: €38.8 million). Normalised EBITDA dropped significantly to €-0.1 million (previous year: €1.6 million). The drop is mainly due to prices only being passed on partly and with a time lag.
Proposed dividend: €1.00 per share
The Management Board and the Supervisory Board propose distributing an attractive dividend of €1.00 per share. However, the Management Board and Supervisory Board will review the proposal again before the Annual General Meeting against the background of the dynamic framework conditions.
About KAP AG
KAP AG is a listed industrial holding company focused on upper mid-size operating companies that seizes attractive growth opportunities in their respective niche markets. Specifically, KAP AG currently focuses on four distinct operating segments: engineered products, flexible films, surface technologies and precision components. The Group lets its shareholders participate in the long-term sustainable value development through an attractive dividend. KAP AG currently has some 2,700 employees at 24 locations in eleven countries. KAP AG is a Participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. KAP AG’s shares are listed on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard, ISIN DE0006208408).