RINGMETALL SE
(formerly RINGMETALL AG)
INTERIM REPORT 1ST HALF YEAR 2021
RINGMETALL SE
(formerly RINGMETALL AG)
INTERIM FINANCIAL REPORT 2021
BUSINESS MODEL AND STRUCTURE | 6 |
ECONOMIC REPORT FOR THE HALF YEAR 2021 | 7 |
GENERAL ECONOMIC SITUATION | 7 |
BUSINESS DEVELOPMENT AND SITUATION OF THE RINGMETALL GROUP | 7 |
General business development | 7 |
Net assets, financial position and results of operations | 8 |
Summarizing overall statement | 9 |
RISK AND OPPORTUNITY REPORT | 9 |
OUTLOOK | 10 |
DECLARATION OF THE LEGAL REPRESENTATIVES | 10 |
THE RINGMETALL GROUP | 11 |
CONSOLIDATED BALANCE SHEETS ASSETS | 11 |
CONSOLIDATED BALANCE SHEETS LIABILITIES | 12 |
CONSOLIDATED PROFIT AND LOSS STATEMENT | 13 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 14 |
CONSOLIDATED STATEMENT OF CASH FLOWS (SHORT) | 15 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 16 |
SELECTED EXPLANATORY NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS | 18 |
NOTES TO THE CONSOLIDATED PROFIT AND LOSS STATEMENT AND OTHER RESULTS | 29 |
FORWARD-LOOKING STATEMENTS | 36 |
SUPPLEMENTARY INFORMATION | 37 |
REFERENCE | 37 |
LEGAL NOTICE | 37 |
IMPRINT | 37 |
Ringmetall SE | Interim Financial Report 2021 | 2 |
TO THE SHAREHOLDER
KEY FIGURES OF THE GROUP
P&L KEY FIGURES | H1 2021 | H1 2020 | ∆ | ∆ % | ||
EUR '000 | ||||||
Group Revenues | 78,289 | 62,320 | 15,969 | 25.6% | ||
Total Output | 63,066 | 16,004 | 25.4% | |||
79,070 | ||||||
Gross Profit | 30,169 | 7,200 | 23.9% | |||
37,369 | ||||||
EBITDA | 6,495 | 4,807 | 74.0% | |||
11,302 | ||||||
EBIT | 3,370 | 4,842 | 143.7% | |||
8,212 | ||||||
Consolidated Net Profit | 1,792 | 4,208 | 234.8% | |||
6,000 | ||||||
BALANCE SHEET KEY FIGURES | 30.06.2021 | 31.12.2020 | ∆ | ∆ % | ||
EUR '000 | ||||||
Fixed assets | 70,841 | 66,021 | 4,820 | 7.3% | ||
Current assets | 51,246 | 35,392 | 15,854 | 44.8% | ||
Equity | 49,589 | 4,427 | 8.9% | |||
54,016 | ||||||
Equity ratio | 47.9 % | |||||
43.5 % | ||||||
Liabilities | 60,757 | 47,152 | 13,605 | 28.9% | ||
Balance sheet total | 103,547 | 20,635 | 19.9% | |||
124,182 | ||||||
OTHER KEY FIGURES | 30.06.2021 | 30.6.2020 | ∆ | ∆ % | ||
Employees (average of period) | 726 | 701 | 25 | 3.6% | ||
Gross profit: Temporary staff are reported under personnel expenses and not under cost of materials, as this is more in line with the Group's economic approach.
Ringmetall SE | Interim Financial Report 2021 | 3 |
LETTER FROM THE MANAGEMENT BOARD
Dear Shareholders,
Dear customers and business partners,
COVID-19 and the global impact of the pandemic will continue to determine large parts of our lives and business processes in 2021. However, unlike in 2020, we are all now better able to accept the imponderables of the pandemic as an unchangeable part of our lives and to cope with this new environment as well as possible.
For us - the Ringmetall Group - too, COVID-19 brought hard cuts, to which we had to react resolutely and not without privations. Nevertheless, we have managed to master this extraordinary challenge extremely well up to the present time. We have adapted our production to the new conditions and implemented a large number of efficiency enhancement measures to become more flexible and effective. We have therefore been able to largely dispense with short-time working in the course of the pandemic so far. What's more, the number of employees in the Group has grown further, not least as a result of the acquisition of HOSTO Stolz GmbH & Co. KG in May of this year.
With the acquisition of HOSTO, we have further consolidated our position as the world's leading manufacturer of drum closure systems and at the same time expanded our production know-how. The company was previously our largest competitor in the field of clamping ring production for the tinplate industry in Europe. The company's products are generally considered to be of very high quality. In recent years, HOSTO has generated annual revenues of EUR 8 to 10 million with a single-digit EBITDA margin and around 80 employees. The integration of the new company as an additional production site, mainly into the Group subsidiary Berger Global, is proceeding according to plan. In the process, individual production areas are being reallocated between Ringmetall Group company locations in order to realize production synergies and optimize production processes and capacity utilization.
In addition to our operational efforts and the successful adaptation of processes and workflows, significantly rising steel prices and exchange rates developing in our favor have given us a tailwind. All this has resulted in record sales and earnings in the 1st half 2021. Our consolidated revenues increased significantly by
25.6 percent to EUR 78.3 million. We also achieved strong organic growth of 9.9 percent. In terms of earnings before interest, taxes, depreciation and amortization, we succeeded in achieving significantly disproportionate growth. At EUR 11.3 million, it was 74.0 percent higher than in the previous year. At 14.3 percent, our EBITDA margin was close to our medium-term development target of 15 percent.
At the 2021 Annual General Meeting on 16 June, our shareholders almost unanimously approved the change of legal form of Ringmetall AG to a European Company (Societas Europaea, SE) and the simultaneous conversion of bearer shares to registered shares. This was successfully completed in August. As Ringmetall SE, we are now even more clearly committed to our international structure and, via the information from our share register, we will be able to enter into dialog with our shareholders even more easily in the future.
The business performance to date in the 3rd quarter makes us confident that we will also be operationally successful in the 2nd half of 2021. In view of the unchanged high momentum in business development, we are
Ringmetall SE | Interim Financial Report 2021 | 4 |
again raising our forecast for the full year 2021. Based on a conservative estimate, we now expect consolidated revenues of between EUR 150 and 160 million and EBITDA of between EUR 17 and 19 million.
It remains to be hoped that we all manage to weather the further course of the pandemic well, given the circumstances. We believe that the Ringmetall Group is currently well prepared. Even if the future should present us with a bumpy road in the longer term.
We would therefore like to thank you for continuing to accompany us on our journey and wish you personally all the best. Stay healthy!
Yours sincerely
The Management Board of Ringmetall SE
Christoph Petri | Konstantin Winterstein |
Ringmetall SE | Interim Financial Report 2021 | 5 |
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Ringmetall AG published this content on 15 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 September 2021 20:41:04 UTC.