Financial and press releases

INDUS proposes dividend of EUR 1.20 per share

Bergisch Gladbach, 20 March 2024

  • High free cash flow leaves scope for acquisitions and distributions
  • EBIT margin climbs to 8.3%
  • EUR 70 million planned for acquisitions in 2024

The financial year 2023 saw the portfolio companies of INDUS Holding AG grow their operating income (EBIT) to EUR 149.6 million (previous year: EUR 133.7 million) in what was a challenging market. Sales remained stable at EUR 1.80 billion (previous year: EUR 1.80 billion). The EBIT margin rose to 8.3% (previous year: 7.4%). In addition to a good operating performance, lower impairment losses than in the previous year totaling EUR 19.3 million (previous year: EUR 42.8 million) had a positive effect. Adjusted EBITA, i.e. operating income (EBIT) plus PPA depreciation and impairments, stood at EUR 188.1 million (previous year: EUR 194.3 million). PPA depreciation totaled EUR 19.2 million (previous year: EUR 17.8 million).

“Our business model is geared not only to the further development of our portfolio companies but also to the continuous acquisition of new promising enterprises,” says Dr. Johannes Schmidt, Chairman of the Board of Management of the INDUS Group. “PPA depreciation through profit or loss, i.e. depreciation of intangible assets and property, plant, and equipment arising from the purchase price allocation for new acquisitions, is a direct consequence of the initial consolidation of these acquisitions. We are using adjusted EBITA as an additional key performance indicator to make these effects even more transparent in the future.”

Engineering, Infrastructure and Materials segments make relatively equal contributions to sales and income

The Engineering segment was able to grow its share in the Group’s sales and income in the past financial year in spite of difficult conditions. Sales climbed to EUR 599.6 million (previous year: EUR 580.9 million), driven by a pick-up in demand, especially in sectors such as measurement and control engineering, cleanroom systems, and automation. In addition, there was inorganic growth of 1.3% resulting from the acquisition of HEIBER+SCHRÖDER and HELD. The segment’s adjusted EBITA rose to EUR 73.5 million (previous year: EUR 71.6 million). Operating income (EBIT) climbed to EUR 57.0 million (previous year: EUR 47.4 million). The EBIT margin reached 9.5% (previous year: 8.2%).

The companies in the Infrastructure segment were faced with a sharp drop in demand in the construction sector. At EUR 582.2 million, sales were only slightly below the previous year’s EUR 586.0 million, though. This includes inorganic growth of 0.8% from the acquisition of QUICK Bauprodukte. Adjusted EBITA stood at EUR 61.8 million (previous year: EUR 68.6 million). Operating income (EBIT) amounted to EUR 49.3 million (previous year: EUR 51.3 million). The EBIT margin was 8.5% (previous year: 8.8%).

Sales in the Materials segment, which generates the highest sales and, in 2023, also the highest income, declined to EUR 619.9 million (previous year: EUR 636.8 million), and adjusted EBITDA stood at EUR 66.7 million (previous year: EUR 67.5 million). EBIT nevertheless climbed to EUR 57.3 million (previous year: EUR 49.9 million). The EBIT margin increased to 9.2% (previous year: 7.8%). An even better performance was prevented by a decline in demand, especially in customer segments such as agricultural engineering, construction equipment, and the steel industry. Most of the companies operating in the medical consumables and aids sector were able to increase their results.

Earnings after taxes climb to EUR 56.1 million

Having sold the last companies classified as discontinued operations, INDUS has completed its repositioning as defined the ‘PARKOUR perform’ strategy update; income from discontinued operations amounted to EUR -27.8 million (previous year: EUR -123.9 million). The Group’s earnings after taxes increased to EUR 56.1 million (previous year: EUR -41.4 million).

Strong free cash flow leaves scope for acquisitions and dividend

Operating cash flow climbed to EUR 240.1 million (previous year: EUR 137.1 million). The Group was able to generate free cash flow of EUR 198.9 million (previous year: EUR 101.5 million), not least thanks to the strong decrease in working capital, which stood at EUR 466.9 million at the end of the year (previous year: EUR 496.7 million).

The Group’s equity ratio stood at 37.3% (previous year: 36.8%). Cash and cash equivalents totaled EUR 265.8 million at the end of the year (previous year: EUR 127.8 million). This high amount is due to the fact that an acquisition was not realised at the end of 2023. At 2.0 years, the debt repayment period, i.e. the net-debt-to-EBITDA ratio, was below the maximum target of 2.5 years.

Besides the new acquisition of QUICK Bauprodukte, an amount of EUR 61.9 million (previous year: EUR 54.5 million) was invested in property, plant, and equipment and intangible assets to strengthen the portfolio.

The greenhouse gas emission intensity (Scope 1 and 2), a key performance indicator used to measure the INDUS Group’s sustainability performance, was reduced by 36% to 49.21 t CO2/ million EUR GVA (previous year: 75.94 t CO 2/ million EUR GVA).

Proposed dividend corresponds to dividend yield of 5.4% and distribution ratio of 38.3%

Earnings per share of the continuing operations rose to EUR 3.10 (previous year: EUR 3.04). In keeping with INDUS’ long-term dividend policy, which provides for the distribution of up to 50% of INDUS Holding AG’s distributable profit to the shareholders, the Board of Management and the Supervisory Board will propose a divided of EUR 1.20 per share to the Annual Shareholders’ Meeting on 22 May 2024 (previous year: EUR 0.80 per share). This corresponds to a dividend yield of 5.4% (previous year: 3.6%) and a distribution ratio of 38.3% (previous year: 79.0%).

Outlook on 2024: INDUS expects growing sales although general environment remains uncertain

“We successfully sold loss-making discontinued operations in 2023,” says Dr. Johannes Schmidt. “Now we are looking ahead and will focus on continued growth.” Following the acquisition of all shares in GRIDCOM and the acquisition of AI specialist GESTALT ROBOTICS in March 2024, INDUS most recently acquired the remaining 15% in TECALEMIT Inc. TECALEMIT Inc., a niche supplier of equipment platforms for the fuel and tire inflation sector and a member of HORNGROUP, has been successfully operating in the North American market since 2013. A total of EUR 70 million has been budgeted for acquisitions in 2024.

“The macroeconomic outlook for 2024 remains subdued,” says Schmidt. But having successfully repositioned the INDUS Group, we will be able to operate successfully in this difficult market environment and expect to grow our sales. We also assume that results in the Infrastructure segment will clearly pick up again.” For the full year 2024, the INDUS Board of Management projects sales of between EUR 1.85 billion and EUR 1.95 billion, operating income (EBIT) of between EUR 145 million and 165 million and free cash flow in excess of EUR 110 million.

Click here for the full Annual Report of INDUS Holding AG. An overview of the key performance indicators is available here.


This press release contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of INDUS Holding AG and comprise known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. INDUS Holding AG assumes no obligation to updated forward-looking statements.

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