AMADEUS FIRE AG: Final figures for fiscal year 2022

Press release

Final figures of the fiscal year 2022

Frankfurt/Main, March 21, 2023. The Amadeus FiRe Group confirms its preliminary figures for 2022 financial year 2022. Consolidated revenue increased by 9.3% to € 407.1 million. Operating EBITA rose to € 68.0 million. Revenues and operating EBITA reached new record levels.

The personnel services segment in particular achieved an excellent growth in operating results of 23 percent. The segment's three services - temporary staffing, permanent placement and interim and project management - all performed strongly. With a 37 percent increase in revenues, permanent placement once again stood out in this positive development. The annual result was slightly clouded by unusually high sick leave, especially in the fourth quarter. For the last quarter alone, this resulted in a negative impact on revenues and EBITA of more than € 3 million.

In the training segment, the latest positive development created a good starting position for the year 2023. However, the full year 2022 is characterised by a clearly subdued development with a decline in the segment result of 46 percent.

The successes achieved in the personnel services segment could not fully compensate for the weak results in the training segment. The overall Group target was slightly missed due to the described wave of sick leave in the fourth quarter of 2022.

For the 2022 financial year, consolidated net income attributable to shareholders of Amadeus FiRe AG amounted to € 38,4 million (previous year: € 34,0 million) and undiluted earnings per share reached € 6.71, compared to € 5.95 in the previous year.

The committed debt following the acquisition of Comcave in 2019 is almost settled. The net debt ratio was further reduced to a value of 0.8 at the end of 2022. Full repayment is foreseeable and is the reason for entering into follow-up financing with better conditions, which offers a high level of security in the long term coupled with flexible financial scope.

Based on the targeted equity and liquidity position as well as the high operating earnings and liquidity power, the Management Board, together with the Supervisory Board, plans to adjust the dividend policy and increase the dividend payout ratio to 2/3 of the net profit for the period. Accordingly, a dividend of € 4.50 per share will be proposed to the Annual General Meeting after € 3.04 in the previous year, an increase of 48 percent.

Outlook and guidance for 2022

The expansion of the personnel services organisation successfully carried out in 2022 is to be continued in 2023. In addition, significantly more participants are to be trained once again. The fundamental goal is to achieve noticeable growth in both segments.

Companies' willingness to hire and invest in employees is becoming less and less related to the economic development and is noticeably driven by the prevailing scarcity of qualified personnel and managers. The relevant personnel services and training markets in Germany will continue to be characterised by a shortage of qualifications and skills on the one hand and a high demand for human resources and skilled workers on the other. Being a specialist operating exclusively in Germany, this represents a fundamentally positive business environment for the Amadeus FiRe Group.

Macroeconomic development should continue to stabilise over the course of 2023. The original strong fears of recession do not appear to be materialising. Nevertheless, the economic development is still subject to some uncertainties. This should initially only have a minor impact on the Amadeus FiRe Group, but risks arising from dynamic global changes remain high and may have a corresponding impact on the forecast.

The Amadeus FiRe Group's and the management board's target for 2023 is to pursue the steady path of organisational growth in all areas. The goal is to achieve revenues of € 440 million to € 470 million and an operating EBITA of € 73 million to € 79 million. This corresponds to an average growth in revenues and operating results of around 11 percent. The contribution of the training segment to earnings should be disproportionately high.

The Annual Report 2022 will be published on the company's website (https://www.amadeus-fire.de/en/investor-relations/financial-reports/) on Tuesday, 21 March 2023.

Amadeus FiRe AG
Jan Hendrik Wessling
Investor Relations
Phone: +49 (69) 96 876-180
Investor-Relations@Amadeus-FiRe.de