Exceet divestments generate strong cash position

In 2021, exceet sold together with GS Swiss PCB AG and exceet Secure Solutions GmbH two operating entities, which constituted a substantial part of the group. Currently the only remaining operating company is Lucom GmbH Elektrokomponenten und Systeme, but also disclosed as a discontinued operation due to an ongoing sale process.

All operating activities are already sold respectively disclosed as discontinued operations, continuing operations of exceet include holding companies and their costs.

The financial result includes interest received and interest paid for deposits and exchange differences mainly caused by the CHF/EUR.

The result of discontinued operations includes the operating result of the companies including the transaction costs for the sale and the gain on sale. Discontinued operations include the sold companies exceet Secure Solutions GmbH and GS Swiss PCB AG. Also included is Lucom GmbH Elektrokomponenten und Systeme, which is classified as for sale under IFRS 5.

Balance sheet positions are heavily impacted by the disposal of two companies and the disclosure of discontinued operations of the remaining operating company.

As of December 31, 2021, the total assets of exceet Group amounted to €122.5 million, compared to €57.2 million as of December 31, 2020. The significant change comes from the gain from the disposals of the two companies, reflected in the result for the year and increase in cash.

Non-current assets amounted to 0.7 million EUR (31.12.2020: 28.4 million EUR).

Current assets amount to EUR 121.8 million at 31.12.2021, compared to EUR 28.8 million at 31.12.2020. Cash and cash equivalents amounted to 116.8 million EUR as at 31.12.2021 (31.12.2020: 16.6 million EUR) due to the sales of GS Swiss PCB AG and exceet Secure Solution GmbH.

As of December 31, 2021, exceet Group’s equity amounted to €118.2 million, compared to €40.6 million as of December 31, 2020. This represents an equity ratio1) of 96.5% (2020: 70.9%).

Other current liabilities amounted to 2.4 million euros at 31.12.2021 compared to 0.6 million euros at 31.12.2020 due to unpaid transaction costs at the balance sheet date of 2.2 million euros and the liability for derivative financial instruments amounted to 0.7 million euros based on the valuation of a CHF/EUR forward contract at 31.12.2021 (31.12.2020: EUR 0.0 million).

The total amount of current liabilities decreased to 4.3 million EUR (31.12.2020: 8.8 million EUR). The decrease is due to the sales of GS Swiss PCB AG and exceet Secure Solutions GmbH.

Cash flow from operating activities contributed €4.0 million (2020: €7.4 million), investing cash flow €97.6 million. euros due to disposals (2020: 6.7 million euros). Financial debt payments of EUR 3.2 million (2020: EUR 0.7 million and an additional EUR 35.1 million for the special distribution of dividends) and an exchange rate effect of minus 1, EUR 9 million (2020: EUR 0.2 million) are other cash positions in 2021.

Outlook

2022 will be a new start for exceet with “Focus in New Investments”.

Currently, the 2022 operating result (EBIT) depends on the administrative costs of the holding companies and significantly on the contributions of any new investments in 2022. The overall performance of the exceet group (including discontinued operations) will be affected by the operational performance of Lucom GmbH Elektronikkomponenten und Systeme until disposal plus the potential gain from its disposal.

Due to the high cash reserve from the disposals, exceet is currently forced to pay administrative costs to the banks, which will increase interest charges and impact the net result.

The continuing business currently only includes holding companies. For these companies, the Group excepted foresees operating costs of approximately 1.5 million euros in 2022.

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