21.12.2020 Gesco AG  DE000A1K0201

DGAP-News: GESCO AG closes mobility technology segment, undertakes largest portfolio adjustment in company history and renews outlook for financial year 2020


 

DGAP-News: Gesco AG / Key word(s): Disposal/Forecast
GESCO AG closes mobility technology segment, undertakes largest portfolio adjustment in company history and renews outlook for financial year 2020

21.12.2020 / 21:38
The issuer is solely responsible for the content of this announcement.


  • GESCO AG divests six subsidiaries
  • Milestone in implementation of NEXT LEVEL
  • Improved profitability, strengthened balance sheet
  • Outlook for year as a whole renewed
  • Focus on acquisitions
Wuppertal, 21 December 2020 - GESCO AG has concluded a contract today on the sale of a group of six subsidiaries. The acquirer is a fund of Evoco AG, Zurich, an investor specialised in the acquisition and development of medium-sized portfolios. The transaction constitutes the closing of GESCO's mobility technology segment as well as the largest portfolio adjustment in company history. The transaction is carried out within the scope of the NEXT LEVEL strategy and aims at making the portfolio more profitable, robust and guaranteeing future viability.

The four companies that make up the mobility technology segment as well as Frank Walz- und Schmiedetechnik GmbH and C.F.K. CNC-Fertigungstechnik Kriftel GmbH will be divested. The closing of the transaction is expected to take place for five of the six companies shortly after the signing of the contract; for Paul Beier GmbH & Co. KG from the mobility technology segment, the closing is subject to the granting of regulatory approval.

Based on the figures for financial year 2020, GESCO will thereby dispose of roughly € 90 million in Group sales and some € -15 million in Group EBIT, which consists of an operating loss of around € -1.5 million and € -13.5 million in impairment losses from impairment tests already carried out in the summer of 2020.

The purchase price amounts to € 27 million and is accompanied by a net cash inflow of € 15 million, which is partially earmarked for reduction of liabilities and partially for acquisitions. In addition, the buyer assumes net liabilities, pension obligations and lease liabilities of in total approximately € 28 million.

Taking into account the transaction and better-than-expected operating business, the outlook for continuing operations for 2020 as a whole has been renewed. The Executive Board now expects Group sales of approximately € 400 million (previously: exceeding € 450 million including the companies which have been sold). In terms of Group net income for the year after minority interest before impairment losses, the Executive Board had expected to at least break even; taking into account the impairment losses, this corresponded to a figure at or exceeding € -13.5 million. Upon completion of the transaction, the Executive Board now expects Group net income for the year after minority interest from continuing operations of roughly € 5 million.

GESCO CFO Kerstin Müller-Kirchhofs: "We are divesting ourselves of low-margin sales and thereby increasing the profitability of the Group. In doing so, we will be significantly streamlining the balance sheet, reducing liabilities and strengthening the equity ratio. In combination with adequate liquid assets, we are well positioned for both investments in internal growth as well as external Group expansion through acquisitions."

GESCO CEO Ralph Rumberg: "GESCO will remain a long-term investor, we always purchase companies with the intention of holding and developing them in the long term. At the same time, we have to have the freedom to divest ourselves of subsidiaries for strategic reasons and in exceptional cases, as we have also done in the past. In Evoco, we were able to find a responsible investor with an entrepreneurial approach. The sale of the mobility segment is a milestone in the implementation of NEXT LEVEL. Upon completion of this complex and demanding transaction, we are now fully focusing our management capacity and financial resources on the profitable development of the existing portfolio as well as on the expansion of the Group through the further acquisition of attractive SMEs."

The central information of this press release was published today in the form of an ad hoc announcement.

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.

Investor Relations - Oliver Vollbrecht
Phone: +49 202 24820-18 - Fax: +49 202 24820-49
E-mail: [email protected] - Website: www.gesco.de



21.12.2020 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.

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Language: English
Company: Gesco AG
Johannisberg 7
42103 Wuppertal
Germany
Phone: +49 (0)202 248200
Fax: +49 (0)202 2482049
E-mail: [email protected]
Internet: www.gesco.de
ISIN: DE000A1K0201
WKN: A1K020
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1156784

 
End of News DGAP News Service

1156784  21.12.2020 

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Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 482,48 547,19 580,25 439,62 397,23 488,05 530,00
EBITDA1,2 49,75 57,40 68,38 44,04 33,36 62,19 58,00
EBITDA-Marge3 10,31 10,49 11,78 10,02 8,40 12,74 10,94
EBIT1,4 22,14 33,79 42,10 23,47 16,69 44,57 41,50
EBIT-Marge5 4,59 6,18 7,26 5,34 4,20 9,13 7,83
Jahresüberschuss1 9,73 18,17 25,77 13,73 -15,98 29,46 27,40
Netto-Marge6 2,02 3,32 4,44 3,12 -4,02 6,04 5,17
Cashflow1,7 41,92 38,51 13,75 38,55 59,65 51,70 50,00
Ergebnis je Aktie8 0,79 1,49 2,46 1,14 -1,53 2,48 2,30
Dividende8 0,35 0,60 0,90 0,23 0,00 0,98 0,75
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Mazars

INVESTOR-INFORMATIONEN
©boersengefluester.de
Gesco
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1K020 26,200 Kaufen 283,99
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
10,08 16,03 0,62 18,97
KBV KCV KUV EV/EBITDA
1,22 5,49 0,58 5,06
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
Hauptversammlung
0,00 0,98 3,74 24.08.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
13.05.2022 12.08.2022 14.11.2022 21.04.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
5,42% 7,49% 2,75% 25,96%
    
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Beteiligungen , A1K020 , GSC1 , XETR:GSC1