Marburg (pta007/15.05.2019/08:00) - -
* Growth drivers cloud computing and online trading; renewable energies benefit from favourable weather conditions
* EBITDA increases in all three segments
* Debt further reduced, equity ratio 53.85 %
* Forecast for fiscal year 2019 confirmed
As expected, 3U HOLDING AG (ISIN DE0005167902) significantly increased its consolidated revenue in the first quarter of 2019. It reached EUR 13.12 million, 20.26% more than in the same quarter of the previous year (Q1/2018: EUR 10.91 million). Cloud computing and online trading were again the main growth drivers. Favourable weather conditions led to a noticeable increase in revenue in the renewable energies segment. Wind and solar energy also made a pleasing contribution to the Group's EBITDA. Earnings before interest, taxes, depreciation and amortization increased disproportionately by 43.06% to EUR 2.06 million (Q1/2018: EUR 1.44 million). Consolidated net income rose by 36.11 % to EUR 0.49 million (Q1/2019: EUR 0.36 million).
As expected, the ITC (Information and Telecommunications Technology) segment recorded a slight decline in revenue of 7.56 % from EUR 3.70 million to EUR 3.44 million. On the other hand, the other subdivisions recorded a positive development. The cloud computing business in the subsidiary weclapp grew by 55.38 % compared to the first quarter of 2018. The growth-related increase in personnel and selling expenses led to a decline in the EBITDA margin from around 34 % to around 25 %. The increasing share of cloud computing business in this segment nevertheless contributes to the disproportionately high increase in EBITDA by 58.33% to EUR 0.76 million (Q1/2018: EUR 0.48 million). Also, thanks to the low depreciation and amortization in this business area, the segment result increased by 77.42% to EUR 0.55 million (Q1/2018: EUR 0.31 million).
The good wind yield combined with high solar irradiation led to a 40.94 % increase in sales in the renewable energies segment to EUR 2.41 million (Q1/2018: EUR 1.71 million). At EUR 1.99 million, segment EBITDA grew by 30.92 % compared with EUR 1.52 million in the first three months of 2018 to EUR 1.99 million. After depreciation on wind turbines and interest expenses for the loans used there, segment earnings amounted to EUR 0.80 million, an increase of 11.11 % (Q1/2018: EUR 0.72 million).
The SHAC (Sanitary, Heating and Air Conditioning Technology) segment also achieved strong revenue growth of 35.25 % to EUR 7.29 million (Q1/2018: EUR 5.39 million). In particular, the strategically important e-commerce business of the Selfio subsidiary grew disproportionately by 43 % in this segment and more than tripled EBITDA. The rise in the cost of materials ratio in the SHAC segment to 76.79% (Q1/2018: 75.45%) could not be offset by the decline in the share of personnel and other expenses: Although EBITDA was slightly positive again for the first time at EUR 0.03 million (Q1/2018: EUR 0.04 million), the segment result remained negative at EUR 0.06 million (Q1/2018: EUR 0.01 million, including tax income of EUR 0.04 million). The measures initiated to expand logistics capacities and optimize processes will lead to a noticeable improvement in margins in the future as planned.
Increase in cash and cash equivalents and equity
The cash inflow from operating activities developed positively and reached EUR 1.68 million (Q1/2018: cash inflow EUR 0.24 million). As cash outflows from investing and financing activities were lower than in the first quarter of 2018, a positive cash flow of EUR 0.08 million (Q1/ 2018: negative cash flow: EUR -1.24 million) was generated despite the continued scheduled loan repayments. Cash and cash equivalents rose accordingly to EUR 8.47 million (1 January 2019: EUR 8.38 million).
Total assets increased to EUR 77.92 million (31.12.2018: EUR 74.49 million). The balance sheet extension is mainly due to the first-time application of the new accounting standard IFRS16 (Leasing). Capitalised rights of use amounting to EUR 3.35 million are offset by leasing liabilities amounting to EUR 3.28 million. As a result of the progress in business operations, inventories increased to EUR 7.45 million (31.12.2018: EUR 6.99 million). Current loan repayments led to a 3.76 % decrease in non-current and current financial liabilities to EUR 22.32 million (31.12.2018: EUR 23.19 million). Equity reached EUR 41.96 million (31.12.2018: EUR 41.44 million) thanks to the result for the period. Due to the balance sheet extension, the equity ratio decreased slightly to 53.85 % (31.12.2018: 55.63 %).
Forecast for 2019 confirmed
Following the good start into the 2019 financial year, the Management Board has reaffirmed its forecast and expects a significant increase in sales. Revenues in the range of EUR 51.0 million to EUR 55.0 million are expected to be generated in 2019. EBITDA is expected to rise to between EUR 7.0 million and EUR 9.0 million. However, according to current planning, consolidated earnings will again be between EUR 1.0 million and EUR 2.0 million due to higher depreciation and amortization and higher tax expenses.
"Since the beginning of 2019 we have unabatedly continued our course of profitable growth," emphasizes Michael Schmidt, CEO of 3U HOLDING AG. "It remains our key objective to develop our technologies innovatively, remove obstacles to growth and tap new potential. And this is already making a significant contribution to sales and earnings growth today. In particular, we are deliberately building up personnel in the most important business segments."
The Announcement for the first quarter of the 2019 financial year will be published today, on 15 May 2019. It can be downloaded from the company's website at www.3U.net under "Investor-Relations/Publications".
Dr Joachim Fleïng
3U HOLDING AG
Tel.: +49 (0) 6421 999-1200
Fax: +49 (0) 6421 999-1222
3U HOLDING AG (www.3U.net) has its headquarters in Marburg, Germany, and was founded in 1997. It is the operating management and investment holding company at the head of the 3U Group. It acquires, operates and sells companies in the three segments of Information and Telecommunications Technology (ITC), Renewable Energies (RE) and Sanitary, Heating and Air Conditioning Technology (SHAC). The 3U Group has successful and profitable business models based on megatrends in all three segments. It continues to expand its business activities dynamically, particularly in its strongest growth areas of cloud computing and online trading, in which it is striving to achieve leading positions in the market.
3U HOLDING AG's shares are traded on XETRA, Tradegate and on the German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
|emitter:||3U HOLDING AG|
|contact person:||Dr. Joachim Fleing|
|phone:||+49 6421 999-1200|
|stock exchanges:||regulated market in Frankfurt; free market in Dusseldorf, free market in Hamburg, free market in Munich, free market in Stuttgart; open market in Berlin, Tradegate|