Final business figures 2020 of Ringmetall AG slightly ahead of preliminary figures

- Group revenues of EUR 118.0 million only 2.2 percent down on previous year despite pandemic effects
- EBITDA increases by 21.4 percent to EUR 12.2 million thanks to consistent cost management
- Operating cash flow increases significantly by 27.5 percent to EUR 12.2 million

Munich, 30 April 2020 - Ringmetall AG (ISIN: DE0006001902), a leading international specialist supplier in the packaging industry, today published its audited annual report for 2020. On the earnings side, the company performed even better than initially expected on the basis of the preliminary figures.

Despite the tense economic environment caused by the pandemic, Group revenues were down by only 2.2 percent at EUR 118.0 million (2019: EUR 120.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA), on the other hand, increased significantly by 21.4 percent to EUR 12.2 million (2019: EUR 10.0 million), also as a result of consistent cost management geared to day-to-day business. Compared to the annual forecast, both Group revenues and EBITDA are therefore in the upper half of the forecast ranges.

Looking separately at the effects of steel price development, inorganic and organic growth, the following effects on segment sales emerged in 2020:

Industrial Packaging
- Effect of steel price development on segment revenues: -7.7 percent
- Effect of company acquisitions on segment revenues: +7.5 percent
- Effect of organic business development on segment revenues: -0.8 percent

Industrial Handling
- Effect of organic business development on segment revenues: -13.8 percent

The key figures for the 2020 financial year are as follows:

In the Industrial Packaging segment, revenues of EUR 108.3 million were only marginally down on the previous year, although parts of the inliner business were heavily dependent on the food service sector and therefore had to absorb a drop in sales. However, the core business with drum closure systems in particular proved to be very robust and benefited from the fact that a large proportion of the production plants were classified as system-relevant and were therefore able to continue production even during the first lockdown. As a result of consistent cost management geared to day-to-day business combined with optimization in the use of materials, the business unit's EBITDA totaled EUR 13.8 million, up 13.4 percent on the previous year.

By contrast, the Industrial Handling business segment was significantly negatively impacted by restrained demand from the material handling equipment sector. In particular, sales to one major customer fell significantly short of forecast volumes. Overall, revenues of EUR 9.7 million were 13.8 percent lower than in the previous year. On the cost side, however, it was also possible to adjust personnel costs in line with the order situation, thus containing the extent of the negative impact. At EUR 0.4 million, EBITDA was nevertheless down 61.4 percent.

In detail, the development of the segment was as follows:

At EUR 12.2 million, operating cash flow was up EUR 2.6 million or 27.5 percent on the previous year (2019: EUR 9.6 million). Cash and cash equivalents also increased by EUR 2.6 million or 73.4 percent to EUR 6.2 million at the end of the year (31 December 2019: EUR 3.6 million). At EUR 49.6 million, consolidated equity was almost at the previous year's level (31 December 2019: EUR 50.0 million). Due to the increase in total assets, the equity ratio was down slightly at 47.9 percent (31 December 2019: 50.0 percent).

The forecast for the 2021 financial year is deliberately conservative in view of the developments in connection with COVID-19, which can still only be assessed to a limited extent. The Management Board assumes that the pandemic and its economic impact will continue to affect the global economy for significant parts of 2021. Accordingly, the Group is expected to generate revenues of between EUR 115 and 125 million and stable EBITDA of between EUR 11 and 13 million. The estimate is based on an unchanged steel price, unchanged exchange rates of the euro to the US dollar, the Turkish lira and the British pound compared with year-end 2020. It also does not include effects from acquisitions planned for 2021, including transaction costs.

The Management Board of Ringmetall AG invites to the next video conference in the context of the upcoming publication of the business figures for the first quarter of 2021 on 6 May 2021. The complete Annual Report 2020 is available for download on the company's website. This and further information on the Ringmetall Group and its affiliated subsidiaries can be found at www.ringmetall.de.

Contact:
Ingo Middelmenne
Investor Relations
Ringmetall AG
Phone: +49 (0 )89 45 220 98 12
Mobile: +49 (0 )174 90 911 90
Email: middelmenne@ringmetall.de

About the Ringmetall Group
Ringmetall is a leading international specialist supplier in the packaging industry. The Industrial Packaging business unit offers high-security closure systems and inliners for industrial drums for the chemical, petrochemical, pharmaceutical and food processing industries. The Industrial Handling Business Unit develops application-optimized vehicle attachments for handling and transporting packaging units. In addition to the Group headquarters in Munich, Ringmetall is represented by worldwide production and sales subsidiaries in Germany, Great Britain, Spain, Italy, Turkey, the Netherlands as well as China and the USA. Worldwide, Ringmetall generates sales of around EUR 120 million per year.