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KAP AG Meets Revised 2023 Expectations Amidst Challenges and Plans Efficiency Boosts for 2024

KAP AG, a mid-sized industrial holding company, reported its 2023 financial year performance with revenues of €337.0 million, marking a 22.3% decrease from the previous year. This decline was attributed to the sale of a part of its flexible films segment and negative economic factors, adjusting for the divested operations, revenue stood at €316.7 million, a 12.1% yearly drop. The company's normalised EBITDA fell by 53.2% to €16.8 million, resulting in a 5.0% margin, primarily due to downturns in the engineered products, flexible films, and surface technologies segments.

In line with August 2023's revised forecast, KAP AG anticipated significant reductions in revenue and normalised EBITDA. The management acknowledges the impact of geopolitical tensions, rising energy costs, and economic adversities on their performance. Despite the challenges, KAP is optimistic about its future, attributing this to structural adjustments aimed at enhancing efficiency and lean operations across its segments.

Among its segments, the flexible films and engineered products experienced significant downturns, affected by inventory offloads and economic challenges, respectively. On the other hand, the precision components segment showed improvement, driven by a better product mix and streamlined production processes. In response to the year's performance, KAP AG will suspend its dividend to strengthen its financial base and improve profitability.

The company also continued its strategic portfolio development, selling seven companies within its flexible films segment. The audited annual report for 2023 and the forecast for the 2024 financial year will be available on KAP AG's website from 26th April 2024.

R. P.

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