Financial and press releases

INDUS publishes preliminary figures: Successfully on path to normality

Bergisch Gladbach, 23 February 2022

  • Clear increase in sales and EBIT
  • Earnings growth in all five segments, with three segments exceeding expectations

The portfolio of INDUS Holding AG showed its strengths in a difficult environment in FY 2021, with the portfolio companies growing their sales by around 12% to EUR 1.74 billion (previous year: EUR 1.56 billion) according to preliminary, unaudited figures. EBIT increased more than fourfold to approx. EUR 115 million (previous year: EUR 25.1 million). The EBIT margin climbed from 1.6% in the previous year to 6.6%. All segments contributed to this good earnings performance, with three of the five segments exceeding expectations. As a result, sales and operating income (EBIT) are more or less back at the pre-Covid level.

“This is a very good starting position on our way back to the desired normality”, says Dr. Johannes Schmidt, Chairman of the INDUS Group’s Board of Management. “After the dynamic economic development in the first half of 2021, there was an economic setback in the third quarter. In the second half of the fourth quarter, our portfolio companies again performed better than expected.”

The growing business led to the expected increase in working capital during the year. Some of the companies increased their inventories to hedge again anticipated price increases and material shortages. At approx. EUR 136 million, operating cash flow is therefore lower than in the previous year (EUR 174.4 million).

Over the year as a whole, the Construction/Infrastructure, Engineering, and Metals Technology segments showed a very gratifying performance. The portfolio companies in these three segments were able to increase their sales and operating income (EBIT) noticeably in spite of supply bottlenecks and strongly rising material prices. The Medical Engineering/Life Science segment showed a moderate performance. The automotive industry is undergoing a profound transformation. The portfolio companies in this segment need time for this process. “We continue to reduce the weight of the Automotive Technology segment within the INDUS portfolio”, says Johannes Schmidt. “This is not least reflected in the sale of the WIESAUPLAST Group at the end of 2021.”

INDUS invested approx. EUR 143 million in the portfolio in 2021. Besides investments in fixed assets, the Group acquired hidden champions such as JST and WIRUS at portfolio level, FLACO as a complementary addition as well as 35% of the shares in TECALEMIT INC. to obtain the controlling majority. In addition, INDUS was able to sign the contract for the acquisition of HEIBER + SCHRÖDER in December 2021.

In spite of the high total investments, which were made possible by the March 2021 capital increase while maintaining the stable balance sheet ratios, the INDUS Group was able to reduce its net debt. By the end of the year, the repayment term, i.e. the net-debt-to-EBITDA ratio, had returned to the target range of 2.0 to 2.5 years. The equity ratio clearly exceeded the 40% target.

The full financial statements for the financial year 2021 including the forecast for the financial year 2022 will be published on the company’s website on 23 March 2022.  For the 2022 financial calendar, visit

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