DGAP-News: Endor AG
/ Key word(s): Dividend/Half Year Results
Endor AG: Successful Annual General Meeting 2021 and subdued sales and earnings development in 1st half of 2021
- First dividend of EUR 4.00 per share
- Capital increase from own funds resolved as a precondition for planned share split
- 1st half of 2021 with sales and earnings development subdued by global logistics problems
The basis for the first-time dividend proposal was the extremely successful development in 2020, with Endor Group sales more than doubling from EUR 38.8 million in the previous year to EUR 90.2 million. The Endor Group's net income tripled from EUR 4.2 million to EUR 12.4 million in fiscal 2020, thus meeting all forecasts. This development could not be continued entirely in the first half of 2021. A successful first quarter of 2021 with a doubling of sales was followed by a second quarter that was strongly characterized by a very limited ability to deliver. In total, sales in the first half of 2021 were down two percent on the previous year at EUR 35.4 million. The reasons lie in particular in the ongoing disruptions to global logistics chains and flows of goods, resulting in products from producers and suppliers in Asia not arriving at Endor warehouses or arriving with significant delays. Added to this are temporary delays in development and start-up difficulties in the production of individual new products, which reduce daily output.
Thomas Jackermeier, CEO of Endor AG: "Unfortunately, we have been missing our most important sales drivers in the store since April. Wheel bases in the lower and middle range as well as our most popular steering wheels have been sold out for months. Nevertheless, I am glad that we have reached the sales level of the previous year. We will be able to make up for the lost sales to a large extent next year." The lack of sales and contribution margins in the first half of 2021, in combination with an investment strategy that continues to be consistently implemented in order to adapt structures to the overall strong growth, also led to a slowdown in earnings development. Accordingly, Group EBIT amounted to EUR 2.6 million, compared with EUR 10.2 million in the prior-year period. Thomas Jackermeier: "We are not satisfied with the performance in the first half of the year and Q3 will also be difficult. I also do not expect that we will be able to make up for this as early as 2021. But the demand especially for the newly introduced products is enormous and we will feel the positive effects clearly in 2022. For 2021, Endor AG expects sales at Group level to be on a par with the previous year or at best slightly higher, and EBIT to be lower than in 2020.
The Annual General Meeting also approved a capital increase from own funds in the amount of 13.6 million euros. Accordingly, the share capital would increase from previously 1.9 million euros to 15.5 million euros. This is in preparation for a share split in which shareholders will receive seven additional shares for each share held without additional payment. A key objective of the share split is to increase liquidity through the then higher number of shares in circulation.
Further resolutions of the Annual General Meeting concerned elections to the Supervisory Board of Endor AG. The previous Supervisory Board members Thomas Mayrhofer and Richard Rösener had resigned from their mandates by best mutual agreement with the Company at the end of the Annual General Meeting. Ingo Weber and Rudolf Dittrich were elected as their successors.
About Endor AG www.endor.ag
Endor sells its products under the FANATEC brand via e-commerce primarily to end customers in Europe, USA, Canada, Australia and Japan. Endor also sells driving school simulators in cooperation with Vogel Verlag. Endor AG, headquartered in Landshut, was founded in 1997 and currently employs 165 people. Within the group, 206 people work for Endor worldwide, including freelancers. In 2020, the company generated a consolidated turnover of 90 million euros according to preliminary figures.
Endor AG, Investor Relations, Phone: +49(0)871-9221 222, E-Mail: firstname.lastname@example.org
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31.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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