CENIT AG realized sales of EUR 147.2 million and EBIT of EUR 3.6 million in fiscal year 2020


Stuttgart, March 31st, 2021 - 2020 was another difficult year for the CENIT Group, mainly due to the effects of the Corona pandemic. The sales of EUR k 170,000 and EBIT of EUR k 9,000 still expected at the beginning of the fiscal year could therefore not be achieved. This is mainly due to declining sales in the areas of software and services, but also to the global pandemic-related restrictions in important markets for CENIT. Nevertheless, group-wide sales of EUR k 147,240 and EBIT of EUR k 3,631 were achieved. This was possible primarily due to a good fourth quarter and appropriate measures taken in good time, such as investment restraint, cost discipline and division-related short-time work. Thus, it was also possible to refrain from crisis-related personnel measures.

Results in detail
During the 2020 business year, CENIT group generated sales revenues of EUR k 147,240 (prior year: EUR k 171,711/-14.3%). Sales of CENIT’s proprietary software declined by -2.6% at EUR k 15,927 compared to EUR k 16,355. Sales revenues in CENITs consulting and services segment totaled EUR k 38,491 and thus declined by -22.2% on-year (2019: EUR k 49,486). Sales of third-party software decreased by around -12.4% to EUR k 92,513 (2019: EUR k 105,628).

The gross profit (operating output less cost of materials) amounted to EUR k 73,020 (2019: EUR k 86,742), representing a decrease of -15.8%.

CENIT achieved EBITDA in amount of EUR k 9,594 (2019: EUR k 15,238/-37.0%) and EBIT of EUR k 3,631 (2019: EUR k 9,195/-60.5%). Earnings per share were EUR 0.28 (2019: EUR 0.82).

Orders Development
During the 2020 business year, orders received by CENIT Group totaled EUR k 137,853 (2019: EUR k 165,545). Orders in hand on December 31, 2020 amounted to EUR k 37,836 (2019: EUR k 47,223).

Asset and Financial Situation
On the balance-sheet date, the company’s equity capital was EUR k 42,723 (2019: EUR k 40,940), representing an equity ratio of 51.2% (2019: 45.8%). On the balance-sheet date, bank deposits and liquid assets totaled EUR k 26,056 (2019: EUR k 18,461). The operative cash flow was EUR k 12,278 (2019: EUR k 11,682). Furthermore, in 2020, cash and cash equivalents were mainly influenced by returns of leasing liabilities in amount of EUR k 3,508 and investments in the amount of EUR k 904.

On December 31, 2020, CENIT group employed 711 (2019: 737). Consolidated personnel expenditures during the reporting period were EUR k 54,815 (2019: EUR k 60,300). CENIT currently provides training for 49 young professionals in a variety of occupations. Trainees include informatics and economics students from the Dual University of Baden-Württemberg (DHBW) and vocational trainees in the field of information technology.

At the Annual General Meeting on May 20, 2021, the Management and Supervisory Boards will propose to distribute a dividend of EUR 0.47 per share from CENIT AG's unappropriated profit of EUR 11,058 k. Due to the COVID-19 pandemic, the Management and Supervisory Boards had decided in May 2020 to suspend the dividend payment announced for fiscal year 2019 in order to be strengthened for the economic and financial challenges in 2020.

Based on the results now available for the financial year 2020, we would like to continue our original dividend policy and distribute 50% of the unappropriated profit 2019 (EUR k 7,853), which was carried forward to new account, to our shareholders.

Considering this, the financial strategy remains focused on maintaining a good and long-term rating, but also taking into account the shareholders' interest in receiving a dividend.

With the end of the Corona pandemic not yet predictable, CENIT expects the business environment to remain difficult. Nevertheless, the Management Board is optimistic about the future: With an equity ratio of more than 50%, CENIT has a solid basis for continuing to act as a strong and reliable partner for its customers.

For the fiscal year 2021, we therefore expect sales of around EUR k 152,000 and an EBIT of around EUR k 5,000, provided that the general conditions do not get significantly worse during the Corona pandemic.

The complete 2020 Annual Report is available in a German and English version on the CENIT homepage.

Tanja Marinovic
Tanja Marinovic
Marketing/ Investor Relations