DGAP-News: Gesco AG / Key word(s): Quarterly / Interim Statement 
Gesco AG: Strong start for GESCO in 2021 
2021-05-18 / 07:15 
The issuer is solely responsible for the content of this announcement. 
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Strong start for GESCO in 2021 
- Encouraging recovery in demand 
- Incoming orders and sales up significantly 
- EBIT margin sees substantial improvement 
- Good outlook for 2021 as a whole confirmed 
Wuppertal, 18 May 2021 - GESCO AG, an industrial group made up of market- and technology-leading SMEs listed in the 
Prime Standard, has released its quarterly statement for the first quarter of 2021, confirming the preliminary figures 
published as part of the virtual Accounts Press and Analysts' Conference on 27 April 2021 and the outlook for the full 
year already under way. 
Following a challenging financial year 2020, GESCO Group's companies recorded an encouraging recovery in demand in the 
first quarter of 2021. The business with stainless steel products was a driving factor in this development. However, 
other areas also recorded business volume that was significantly higher year on year. As in previous years, project 
business was subdued in the reporting period and is set to slowly but continuously gather steam over the course of the 
year. The Production Process Technology and Resources Technology segments reported significantly better sales and 
earnings figures than in the same quarter of the previous year, whereas development in the Healthcare and 
Infrastructure Technology segment was positively stable compared to the good first quarter in 2020. 
Incoming orders at GESCO Group stood at EUR 136.4 million in the reporting period and were therefore up by 18.8% year on 
year (Q1 2020 continued: EUR 114.8 million). Group sales also increased considerably and amounted to EUR 112.6 million 
(+10.5%). The reporting period ended with an order backlog of EUR 164.7 million (Q1 2020 continued: EUR 140.4 million). 
Improved utilisation and capacity adjustments made it possible to reduce the ratio of material expenditure to total 
output from 61.2% to 55.3% while also lowering the personnel expenditure ratio from 27.6% to 24.4 %. Earnings before 
interest, taxes, depreciation and amortisation (EBITDA) stood at EUR 11.4 million in total following EUR 6.3 million in the 
first quarter of 2020 (from continuing operations). On the heels of a slight decrease in depreciation and amortisation 
(no impairment losses were recognised in the reporting period), EBIT rose considerably in the first quarter of 2021 to 
stand at EUR 7.4 million following EUR 2.1 million in the same quarter of the previous year (Q1 2020 continued). As a 
result, the Group's EBIT margin improved significantly from 2.1% to 6.6%. 
Accompanied by an improvement in the financial result and a tax rate of 36.6%, Group net income after minority interest 
as generated by the eleven continuing companies stood at EUR 4.0 million. Group net income after minority interest had 
stood at EUR 1.2 million in the same quarter in the previous year (Q1 2020 continued). Accordingly, earnings per share 
amounted to EUR 0.37 following EUR 0.11 for the continuing business operations and EUR 0.04 including the discontinued 
business operations in the first quarter of 2020. 
On account of the slight increase in total assets (EUR 400.4 million vs. EUR 390.8 million as at 31 December 2020), the 
equity ratio stood at 57.8% as at the reporting date after most recently coming in at 58.3%. As a result, the equity 
ratio remained sufficient and well above the minimum ratio of 40%. At EUR 60.9 million, liquid assets reflected a further 
increase in the cash position as compared to the most recent reporting date (EUR 49.2 million). The solid financial 
parameters continue to provide a good starting position for further organic and inorganic growth. 
The Production Process Technology segment benefited primarily from good business involving stainless steel technology. 
Incoming orders increased markedly by 58.1% to stand at EUR 19.3 million, with segment sales rising to EUR 12.4 million 
(+23.8%). As usual, the production of machinery, plant and equipment already under way will only start to have an 
impact on sales and earnings over the course of the year in this segment. Segment EBIT amounted to EUR 1.1 million after 
EUR -1.1 million in the same period of the previous year (Q1 2020 continued). The segment's EBIT margin stood at 8.6%. 
Thanks to higher demand, especially in the tool and strip steel business, and the solid order situation for loading 
technology, the Resource Technology segment recorded a considerable increase in sales and a disproportionately steep 
rise in earnings. Sales revenues rose by 14.0% to EUR 67.0 million. EBIT stood at EUR 5.9 million after EUR 2.3 million in 
the first quarter of the previous year. The segment's EBIT margin therefore rose from 4.0% to 8.8%. The positive 
development was supported by all companies in the segment. 
The Healthcare and Infrastructure Technology segment continued to be in stable condition in the first quarter of 2021 
and demonstrated that it is largely resilient and unaffected by economic conditions in the capital goods industry. At EUR 
42.3 million, incoming orders were up by 20.2% year on year (from continuing business operations). At EUR 33.3 million 
and EUR 3.4 million respectively, both segment sales and EBIT were exactly on a par with the same quarter in the previous 
year (from continuing business operations). The EBIT margin improved slightly from 10.0% to 10.3%. 
Thanks to the successful start in the current financial year and the current overall conditions, GESCO confirms the 
outlook for the 2021 as a whole as already published on 27 April 2021. The Executive Board expects Group sales of 
between EUR 445 million and EUR 465 million and Group net income after minority interest of EUR 16.5 million to EUR 18.5 
million (both target ranges in principle before M&A activities and without changes to the scope of consolidation). 
In this context, Ralph Rumberg, CEO of GESCO AG, says: "It is still not possible to fully assess the impact of the 
coronavirus pandemic. The future developments continue to be associated with uncertainties. However, the economic 
recovery indicates a potential turning point from our perspective. The noticeable easing on the demand side led to 
catch-up effects in the reporting period. Only the months ahead will tell if these effects are going to last. We will 
intensively focus on our target portfolio architecture and achieve further success as part of our NEXT LEVEL strategy 
with the help of our excellence programmes. Doing so is the way to safeguard our company's future and remain successful 
in the long term with the Group." 
The complete interim statement for the first quarter of 2021 is available at https://www.gesco.de/en/investor-relations 
/financial-reports/. 
 
GESCO Group key figures (IFRS)        01/01/2021 - 31/03/2021 01/01/2020 - 31/03/2020                Change 
                                      (continuing operations) (continuing operations)                (in %) 
 
Incoming orders                EUR '000                 136,352                 114,789                  18.8 
Sales                          EUR '000                 112,631                 101,919                  10.5 
EBITDA                         EUR '000                  11,414                   6,337                  80.1 
EBIT                           EUR '000                   7,441                   2,107                >100.0 
EBIT margin                         %                     6.6                     2.1               450 bps 
EBT                            EUR '000                   7,009                   1,605                >100.0 
Group result^1)                EUR '000                   4,049                   1,171                >100.0 
Earnings per share                  EUR                    0.37                    0.11                >100.0 
Closing price^2)                    EUR                   23.80                   13.66                >100.0 
Employees^3)                      No.                   1,680                   1.759                  -4.5

^1) After minority interest. ^2) XETRA closing price as at the balance sheet date. ^3) Number as at the balance sheet date. About GESCO GESCO AG is an industrial group made up of market and technology leading companies in the capital goods industry with a focus on production process technology, resource technology, as well as healthcare and infrastructure technology. As a stock company listed in the Prime Standard, GESCO AG offers private and institutional investors access to a portfolio of hidden champions among Germany's industrial SMEs. Contact Julia Pschribülla Head of Investor Relations & Communications Tel +49 (0) 202 24820-18 Fax +49 (0) 202 24820-49 E-mail: investorrelations@gesco.de * presse@gesco.de * stimmrechte@gesco.de Internet: www.gesco.de -----------------------------------------------------------------------------------------------------------------------

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