EQS-News: KAP DELIVERS SOLID PERFORMANCE IN FIRST HALF OF 2024
EQS-News: KAP AG
/ Key word(s): Half Year Report
KAP DELIVERS SOLID PERFORMANCE IN FIRST HALF OF 2024
Fulda, 29 August 2024 – KAP AG (“KAP”), a mid-sized industrial holding company listed on the stock exchange (German securities identification number: WKN 620840; ISIN: DE0006208408), delivered a solid performance in the first half of 2024 in a challenging environment. The structural measures with which the Company is rigorously responding to the weak demand are taking effect as planned. At €168.4 million, the KAP Group’s revenue in the first half of 2024 was 6.9% below the previous year’s level of €180.9 million (on a comparable basis, i.e. excluding the subsection of the flexible films segment sold in April 2023). It should be noted that the level of revenue was particularly high in the first quarter of 2023 on account of pent-up demand, while demand in important submarkets increasingly returned to normal in the first half of 2024. Revenue in the flexible films segment developed positively, while the other segments were noticeably affected by weak customer demand in the automotive sector. Normalised earnings before interest, taxes, depreciation and amortisation (“normalised EBITDA”) increased in the first half of 2024 by 15.5% to €16.4 million (previous year: €14.2 million on a comparable basis). This significant increase reflects the positive effects of the structural measures to increase efficiency that have been introduced and are currently in the implementation phase. The normalised EBITDA margin improved accordingly by 1.9 percentage points to 9.7% (previous year: 7.8% on a comparable basis). The positive effects of the structural measures – as well as a slight upturn in customer demand – are even more evident when looking at the second quarter of 2024 in isolation. During this period, revenue rose by 3.0% to €85.3 million (previous year: €82.8 million on a comparable basis), while normalised EBITDA actually increased by 75.6% to €7.9 million (previous year: €4.5 million on a comparable basis). Marten Julius, member and Spokesman of the Management Board of KAP AG: “It’s clear from the performance in the second quarter that we’re on the right track. Our structural measures are taking effect as planned and have already led to a noticeable improvement in the Group’s profitability. In the second half of the year, we will continue to focus on becoming even more efficient and effective at all levels. We are monitoring the economic environment closely and analysing which changes and additions to the investment portfolio would make sense and promise potential. We are actively and successfully shaping our segments. This is also evident in the development of the flexible films segment, whose profile we sharpened last year through the sale of a subsection, and which is now developing extremely well.” Profitability of engineered products and flexible films segments increases substantially In the flexible films segment, revenue in the first half of 2024 increased by 4.9% to €53.5 million (previous year: €51.0 million on a comparable basis). This development reflects the good positioning of the segment companies in the pool liners segment in the first normal season since the pandemic. The period during the pandemic was characterised by an initial steep increase in demand, followed by a significant decline and a slow reduction of inventories by segment customers. The structural measures implemented are already having the planned effect in this segment as well. Accordingly, normalised EBITDA improved substantially by 25.0% to €9.5 million (previous year: €7.6 million on a comparable basis). Accordingly, the normalised EBITDA margin of 17.8% (previous year: 14.9%) was 2.9 percentage points higher than in the previous year. The development of revenue in the surface technologies segment in the reporting period was marked by persistently weak demand from the automotive sector. Growth momentum remained low and, in Germany in particular, there was a noticeable fall in the number of new registrations of electric cars and, in turn, the associated demand for surface coatings for automotive parts. Against this background, revenue decrease by 11.2% to €32.5 million (previous year: €36.6 million). Lower efficiency due to a decline in the utilisation of existing capacities led to a decrease in normalised EBITDA of €0.7 million to €2.8 million (previous year: €3.5 million). The normalised EBITDA margin narrowed by 1.1 percentage points to 8.6% (previous year: 9.7%). The precision components segment saw revenue decrease in the first half of 2024 by 9.2% to €25.5 million (previous year: €28.1 million). The main reasons for the decline were the reticence of customers from the automotive sector and continued sluggish demand for e-bike components. As a result of the lower capacity utilisation, normalised EBITDA came to €1.3 million (previous year: €1.7 million). The normalised EBITDA margin narrowed slightly by 0.7 percentage points to 5.3% (previous year: 6.0%). Guidance forecast for the 2024 financial year confirmed The complete half-year report 2024 can be downloaded from https://www.kap.de/en/investor-relations/reports-amp-presentations/financial-reports. Contact:
About KAP AG
29.08.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | KAP AG |
Edelzeller Straße 44 | |
36043 Fulda | |
Germany | |
Phone: | 06611030 |
Fax: | 0661103830 |
E-mail: | office@kap.de |
Internet: | www.kap.de |
ISIN: | DE0006208408 |
WKN: | 620840 |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1976069 |
End of News | EQS News Service |
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1976069 29.08.2024 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
The most important financial data at a glance | ||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
Sales1 | 389,83 | 372,80 | 322,66 | 345,62 | 433,47 | 316,70 | 325,00 | |
EBITDA1,2 | 37,90 | 36,17 | 34,14 | 56,58 | 43,51 | 59,56 | 23,00 | |
EBITDA-Margin3 | 9,72 | 9,70 | 10,58 | 16,37 | 10,04 | 18,81 | 7,08 | |
EBIT1,4 | 13,84 | -10,58 | 4,18 | 31,43 | 6,63 | 3,07 | -6,00 | |
EBIT-Margin5 | 3,55 | -2,84 | 1,30 | 9,09 | 1,53 | 0,97 | -1,85 | |
Net Profit (Loss)1 | 14,75 | -14,12 | -2,68 | 39,86 | -1,69 | -0,11 | -7,95 | |
Net-Margin6 | 3,78 | -3,79 | -0,83 | 11,53 | -0,39 | -0,04 | -2,45 | |
Cashflow1,7 | 20,68 | 35,51 | 55,21 | 8,31 | 16,89 | 18,52 | 0,00 | |
Earnings per share8 | 2,05 | -1,82 | -0,35 | 5,14 | -0,22 | -0,02 | -1,03 | |
Dividend per share8 | 2,00 | 0,00 | 1,75 | 1,00 | 1,50 | 0,00 | 0,00 |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: Forvis Mazars
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
INVESTOR-INFORMATION | ||||||
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KAP | ||||||
WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
620840 | DE0006208408 | AG | 73,79 Mio € | 15.05.1987 | Kaufen | 9F2FGMVJ+HC |
PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
13,57 | 9,83 | 1,38 | 7,79 | 0,47 | 3,99 | 0,22 |
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
1,50 | 0,00 | 0,00 | 0,00% |
Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
12.07.2024 | 28.05.2024 | 29.08.2024 | 21.11.2024 | 26.04.2024 |
Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
-3,23% | -8,25% | -32,62% | -32,62% | +0,00% |
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