PRESS RELEASE : Brockhaus Capital Management AG: Successful management during the coronavirus pandemic: revenue of EUR 51.6 million in line with adjusted forecast - high operating margin of 24%

DGAP-News: Brockhaus Capital Management AG / Key word(s): Annual Report/Annual Results 
Brockhaus Capital Management AG: Successful management during the coronavirus pandemic: revenue of EUR 51.6 million in 
line with adjusted forecast - high operating margin of 24% 
2021-04-15 / 07:05 
The issuer is solely responsible for the content of this announcement. 
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Successful management during the coronavirus pandemic: revenue of EUR 51.6 million in line with adjusted forecast - high 
operating margin of 24% 
- Revenue in Environmental Technologies segment (Palas) up +31% on previous year 
- Projects postponed by customers in the Security Technologies segment (IHSE) due to continuing travel restrictions and 
social distancing requirements 
- Internationalization and strong acquisition pipeline for the first half of 2021 
Frankfurt am Main, 15 April 2021. Brockhaus Capital Management AG (BKHT, ISIN: DE000A2GSU42, "BCM"), a long-term 
oriented technology group focused on acquiring high-margin and high-growth technology champions within the German 
Mittelstand, announced its results for fiscal year 2020 on 15 April 2021. 
BCM brought the 2020 fiscal year to a successful conclusion: Despite the continuing impact of the COVID-19 pandemic, 
BCM Group generated revenue of EUR 51.6 million. This is a decline of only 5% from the record level achieved in the 
previous (pro forma) year 2019 and is in line with the adjusted forecast. This also underlines the strategic direction 
of BCM's focus on acquiring high-margin and high-growth technology leaders within the German Mittelstand. Based on 
adjusted EBITDA of EUR 12.3 million, the Group's operating margin of around 24% is significantly higher than in the 
preceding quarters. Free cash flow before taxes and costs of the initial stock market listing amounted to EUR 9.4 
million. On a non-pro forma basis, i.e., if inorganic growth resulting from the acquisition of IHSE in 2019 is 
included, the Group's revenue increased by +211.5%. 
"During this coronavirus crisis, it has been imperative to show resilience against challenges. That is something we 
managed very well. Especially the products of our subsidiary Palas for the quality assurance of respiratory masks 
recorded strong demand during the pandemic. The revenue level that we achieved, combined with high profitability, is an 
excellent outcome in one of the most difficult fiscal years and shows that we have the right line-up as a technology 
group," says Marco Brockhaus, CEO of BCM. 
Strong demand for Palas test rigs for quality assurance of respiratory masks 
The Environmental Technologies segment, which consists of Palas, performed extremely well in the reporting period: 
compared with fiscal year 2019, Palas recorded revenue growth of +31% to EUR 18.1 million. Palas offers one of the 
leading technologies for high-precision measurement and characterization of even the smallest air particles, such as 
fine dust and nanoparticles. Since the spring of 2020, this technology has increasingly been used to test the quality 
of respiratory masks. In the wake of the COVID-19 pandemic, public interest in the topic of "aerosols" and the 
effectiveness of respiratory masks has jumped significantly. As a specialist for aerosol technology, Palas developed 
test rigs for respiratory masks as early as in the first quarter of 2020 and launched them successfully in the market. 
Among other applications, the system is used by the German government to assure the quality of masks imported from 
China to Germany. 
Travel restrictions and social distancing requirements hamper IT infrastructure projects of IHSE customers 
The Security Technologies segment, consisting of the IHSE Group, saw the postponement of customer projects due to 
international travel restrictions and social distancing rules, which led to a decline in revenue by -17%. This was 
partly offset by continuous growth in the basic business with smaller customers and primarily impacted the 
international markets, while the EMEA business continued to develop positively. IHSE is a global technology leader for 
KVM (keyboard, video, mouse) solutions, enabling highly secure, latency-reduced and loss-free data transfer in 
mission-critical applications such as police and fire department control rooms, air traffic control, or hospitals. Due 
to the relevance of KVM technology in an environment of increasing digitization and connectivity, BCM expects 
significant catch-up effects as the COVID-19 pandemic recedes. 
As one of the key strategic initiatives of the Group, BCM is actively working together with Palas and IHSE toward 
further internationalization. To this end, Palas established its own sales entity in Shanghai during the third quarter 
of 2020 and IHSE is also planning to open a local presence in China in order to take advantage of the growth 
opportunities of the Chinese market and to become less affected by travel barriers. 
"We are confident for 2021 that the fight against the pandemic will be won thanks to the increasing rollout of 
vaccines. On this basis, and because of our strict focus on technology leaders with price setting power within their 
niche markets, we expect a sustained upswing for the entire Group," says Marco Brockhaus. 
In the current fiscal year 2021, BCM Group expects organic revenue growth of +20% to EUR 62 million. The adjusted EBITDA 
margin is projected to increase slightly and therefore amount to more than the 24% achieved in 2020. 
With regard to inorganic growth driven by further acquisitions, CEO Marco Brockhaus is optimistic: 
"In terms of acquisitions, we are anticipating a strong first half of 2021 with a very well filled transaction 
pipeline." 
The 2020 Annual Report is now available at https://ir.bcm-ag.com/websites/brockhaus/English/3000/publications.html. 
 
Financial Calendar 
May 15, 2021 Quarterly Report Q1 2021 
June 16, 2021 Annual General Meeting 2021 
 
About Brockhaus Capital Management 
Brockhaus Capital Management AG (BKHT, ISIN: DE000A2GSU42, "BCM"), based in Frankfurt/Main, is a technology group 
acquiring high-margin and high-growth technology champions with B2B business models in the German Mittelstand. With a 
unique platform approach and a long-term horizon, BCM actively and strategically supports its subsidiaries in achieving 
long-term profitable growth beyond industry and country boundaries. At the same time, BCM offers a gateway into these 
non-listed German technology champions, which are otherwise inaccessible to capital market investors. 
For further information please visit www.bcm-ag.com 
Contact Details 
For investors: 
Brockhaus Capital Management - Paul Göhring 
Head of Investor Relations 
Phone: [phone] 
Fax: [phone] 
E-Mail: [e-mail] 
For media: 
USC - Svenja Lahrmann 
Phone: [phone] 
E-Mail: [e-mail] 
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2021-04-15 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      Brockhaus Capital Management AG 
              Thurn-und-Taxis-Platz 6 
              60313 Frankfurt am Main 
              Germany 
Phone:        [phone] 
Fax:          [phone] 
E-mail:       [e-mail] 
Internet:     http://bcm-ag.com 
ISIN:         DE000A2GSU42 
WKN:          A2GSU4 
Listed:       Regulated Market in Frankfurt (Prime Standard) 
EQS News ID:  1184940 
 
End of News   DGAP News Service 
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1184940 2021-04-15

(END) Dow Jones Newswires

April 15, 2021 01:06 ET (05:06 GMT)