Key figures for the first half-year 2020

	1st half 2020	1st half 2019
(thousands of euros)
Net revenue	100,588	112,813
Gross margin	55,944	56,957
Operating profit	3,355	5,867
Net profit (attributable to shareholders)	-550	3,745
Net profit per share (euros)	-0.43	2.91

Revenue and results for the first half of 2020

The consolidated revenue amounted to €101 million and as such was 11% lower than last year. Rollepaal’s revenue was consolidated in the 2020 figures, but not in the 2019 figures. Due to the corona crisis, there was a significant drop in revenue, particularly in the second quarter. The gross margin was appreciably higher (55.6% versus 50.5%), however the absolute gross margin was €1.0 million lower in comparison to the first half of 2019. Due to the consolidation of Rollepaal, and despite other cost savings, fixed costs were €1.6 million higher while making use of the NOW scheme. This resulted in a significantly lower operating profit (EBIT) of €3.3 million in comparison to 2019 (€5.9 million). The net profit was -€550K (2019: €3.7 million). The net profit also includes the deconsolidation of Stork.

At Food & Industrial Systems revenue amounted to €46.1 million (-8%). Due to global measures relating to the COVID-19 virus, it was not possible to complete projects and new projects were deferred. Revenue considerably or significantly declined at Pas Reform, Lan Handling Technologies and Rollepaal. The reduced revenue in turn resulted in a significant drop in operating profit to €2.2 million (5.0% of revenue) in the first half-year.

At €55.1 million, Plastic Components’ revenue was 14% lower in comparison to the same period last year. Many car manufacturers in the automotive sector temporarily halted production. Spending in other markets also declined, including food and beverages in the out-of-home segment. The relative gross margin rose slightly and costs decreased appreciably. As a result, the operating profit amounted to €1.8 million (3.4% of revenue).

Bart Aangenendt (CEO) on the past half-year:

“The past half-year was highly exceptional and Stork’s deconsolidation in particular is painful. Furthermore, we are observing that our diversification and decentralised structure with independent companies help us to quickly and effectively respond. Despite the significant and immediate drop in revenue experienced by our companies we proved to be able to achieve a positive operating profit over the first half-year. Due to the many uncertainties in various markets, we are unable to make any specific statements about the year as a whole.”

2020 Semi-annual Report

The Semi-annual Report is available at www.hydratec.nl

The figures in the semi-annual report are unaudited.

Hydratec Industries NV Profile

Hydratec is a listed, globally operating specialist in industrial systems and components and has two core activities:

• Food & Industrial Systems: Design and production of systems by:
  • Royal Pas Reform Hatchery Technologies in Zeddam (NL)
  • Lan Handling Technologies in Tilburg (NL) and Halfweg (NL)
  • Rollepaal Holding in Dedemsvaart (NL)

• Plastic Components: Design, production and assembly of plastic components by:
  • Timmerije in Neede (NL)
  • Helvoet Rubber & Plastics Technologies with production facilities in Hellevoetsluis (NL), Tilburg (NL), Lommel (BE), München (DE), Pune (IN), Kaniow (PL) and Wroclaw (PL)

Hydratec Industries is listed on Euronext Amsterdam NV (ISIN NL0009391242, ticker: HYDRA).