12/05/2021

12 May 2021
12 May 2021, Comments Comments Off on Revenue up over 9% in first three months of 2021 for Knaus Tabbert
Revenue up over 9% in first three months of 2021 for Knaus Tabbert

In the first three months of the current financial year, Knaus Tabbert AG, one of Europe’s leading manufacturers of
recreational vehicles, recorded a 9.2 percent increase in revenues to €238.9 million (2019: €218.8 million). At €28.1 million, adjusted EBITDA was up 21.8 percent compared to the previous year’s figure of €23.1 million.

The total number of vehicles sold in the first three months of 2021 amounted to 7,088, compared to 6,853 in the previous year. The strong increase in caravanning utility vehicles (upgraded camper vans) reflects the company’s strategic focus on the sale of high-quality motorised vehicles. With the number of CUVs (upgraded camper vans) sold reaching 1,735 (previous year: 1,335), Knaus Tabbert has set a new record in this category. The KNAUS
model BoxStar was in particularly high demand.

“We are undergoing profitable growth and are stepping up our growth course! In the first three months of this year, we were once again able to increase both revenues and adjusted EBITDA. Our growth offensive will create close to 600 new jobs in 2021 alone, and will be accompanied by substantial investments in our locations and products,” explains Wolfgang Speck, CEO of Knaus Tabbert.

In addition, a record order backlog of 18,860 pre-ordered vehicles as of 31 March 2021 offers a high degree of planning security for the current financial year 2021 and beyond. This is particularly true in view of the sustained positive environment surrounding caravanning, which is experiencing rising popularity among young people and a growing trend towards regional tourism. Knaus Tabbert is convinced that it will be able to successfully meet the
further increase in demand for recreational vehicles in the European growth market.

The rental platform RENT AND TRAVEL can also look back on a very successful start into the 2021 rental season. As of the end of the reporting period, 31 March 2021, bookings increased by 19.6 % to 6,624 compared to the same period of the previous year. This rise demonstrates that RENT AND TRAVEL was launched at exactly the right time, around four
years ago. Moreover, Knaus Tabbert is increasingly attracting a younger audience to this leisure activity in the spirit of a “shared economy”. Approximately 25 % of all bookings are made directly via www.rentandtravel.de or our RENT AND TRAVEL app.

“Our customers, dealers and rental companies are delighted with the products of our WEINSBERG, TABBERT, T@B, KNAUS and MORELO brands! With RENT AND TRAVEL, young people in particular find the perfect introduction to the
wonderful world of caravanning. Thanks to the persistently high demand for our recreational vehicles, we are starting into our first full financial year following the IPO with an order backlog of more than 18,000 units – the largest in the history of Knaus Tabbert,” continued Wolfgang Speck.

The Premium segment, which comprises the KNAUS, TABBERT, WEINSBERG and T@B brands, recorded an increase in revenues to €203.8 million (previous year: €189.8 million). In the Luxury segment, which is served by the MORELO brand, Knaus Tabbert substantially increased its revenues by 21.0 percent to €35.1 million.

Before one-time expenses and special items, adjusted EBITDA amounted to €28.1 million, representing an increase of 21.8 percent (previous year: €23.1 million). At 11.8 percent, the adjusted EBITDA margin was 1.3 percentage points above the previous year’s value. Including one-time expenses, EBITDA in the reporting period improved by 20.5
percent to €27.6 million (previous year: €22.9 million). Adjusted EBIT stood at €23.1 million (previous year: €18.4 million); the EBIT margin reached 9.7 percent. After deducting finance costs and taxes, net profit amounts to €16.1
million (previous year: €12.4 million).

In the first three months of 2021, Knaus Tabbert generated positive cash flows from operating activities in the amount of €36.5 million, compared to €27.5 million in the same period of the previous year. This marked increase resulted both from a significant rise in consolidated net income by 29.8 percent to €16.1 million in the first three months, and from the further reduction of working capital. Cash flows from investing activities increased to €5.1 million in the first quarter, compared to €4.0 million in the same period of the previous year. Significant cash outflows occurred in connection with the planned investments to increase production capacities at the Jandelsbrunn (GER), Schlüsselfeld (GER) and Nagyoroszi (HU) sites.

The total workforce of the Group – including apprentices and temporary workers – increased from 2,887 in the same period of the previous year to 3,237 as of 31 March in the reporting period 2021.

“Our strong financial base will open up a wide range of growth options in the future and provide us with a high degree of flexibility to respond to challenges,” says Marc Hundsdorf, CFO of Knaus Tabbert. “Besides continuing to consistently increase our key financial figures, our focus in 2021 will be on the strategic implementation of non-financial targets – particularly in the area of ESG – to make the Knaus Tabbert share even more attractive and more widely
known to a broad group of investors.”

Against the backdrop of the developments to date in the current financial year, Knaus Tabbert confirms its forecast for the full year 2021, as communicated in the Annual Report on 31 March 2021. Consequently, on the basis of a prudent entrepreneurial assessment, the Management Board anticipates an increase in revenues in the range of 20 – 22 % for 2021. We also expect a significant increase in adjusted EBITDA despite anticipated material cost increases, disruptions to production due to delivery bottlenecks at our suppliers and start-up expenses resulting from the strong increase in production. The adjusted EBITDA margin will be roughly at the previous year’s level of approximately 8 %. For the following years, we expect growth dynamics to remain high. Economies of scope and scale within the Group should lead to a steady improvement in the quality of results. This forecast is based on the assumption that there will be no major corona-related shutdowns or delays in production beyond the current restrictions, e.g. due to problems in supply chains or additional governmental measures.

Knaus Tabbert AG is one of Europe’s leading manufacturers of recreational vehicles with its headquarters in Jandelsbrunn, Lower Bavaria. It operates further sites in Mottgers and Schlüsselfeld in Germany, and in Nagyoroszi in Hungary. The company has been listed in the Prime Standard segment of the Frankfurt Stock Exchange (ISIN: DE000A2YN504) since September 2020. With its brands KNAUS, TABBERT, T@B, WEINSBERG, MORELO and its
internet platform RENT-AND-TRAVEL, the company generated revenues of nearly 800 million euros and produced more than 24,000 recreational vehicles with a workforce of approximately 3,000 in 2020.

For further information, please visit www.knaustabbert.de