Voting rights announcement from Mr Juergen Beck-Bazlen, as at 13 November 2023
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Archive for year: 2023
- Double-digit revenue and profit growth in Renewable Energies and ITC
- Temporary drag on SHAC e-commerce from weak construction activity
- Management Board revises guidance for 2023
Marburg, 8 November 2023 – In the first nine months of 2023 (9M 2023), the consolidated revenue of 3U HOLDING AG (ISIN DE0005167902) from continued operations came in at around EUR 37.8 million, virtually unchanged from the year-earlier level (EUR 37.6 million). Revenue from the two profitable segments of ITC and Renewable Energies was raised further compared with the previous year’s period. Continuing on from the first half year, the SHAC segment also outperformed the market and Germany’s e-commerce industry in terms of revenue in the reporting period. Against the backdrop of a difficult economic environment and the associated all-pervasive decline in e-commerce and in the construction industry, making up the shortfall in the third quarter of 2023 compared with the previous year was not possible, however. This shortfall is principally attributable to the rise in interest rates and political uncertainty, compounded by delays surrounding the German Buildings Energy Act (GEG) which is essential for the energy transition. The development of the 3U Group’s segment which generates the highest revenue was not fully compensated either by renewed, pleasing growth in the other areas of business.
EBITDA
3U generated other operating income of EUR 1.4 million in the first nine months of 2023. In the previous year’s period, the Group was still recording extraordinary income under this item of EUR 12.8 million from selling office space in the InnoHubs office complex and further progress made in construction in Würzburg. By contrast, the cost of materials ratio (cost of materials as a percentage of revenue) came in at 63.4 % in the period from January to September 2023, reflecting a decline compared with the year-earlier period (64.9 %). The personnel expenses ratio stood at 17.4 % in the first nine months of 2023 compared with 15.9 % in the year-earlier period. Other operating expenses declined to EUR 5.4 million in the reporting period (previous year: EUR 12.5 million). Despite higher maintenance costs incurred by repair work carried out on a wind turbine in Roge in the first quarter of 2023, the share of other operating expenses in revenue stood at 14.3 %, thus falling significantly short of the year-earlier level (33.2 %). The decline is to be seen mainly in the context of the costs associated with the sale of InnoHubs office space in the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 3.4 million in the first nine months of the financial year 2023 (previous year: EUR 7.9 million). In 2022, EBITDA was essentially impacted by the extraordinary income from the InnoHubs building project. Consequently, the Group’s EBITDA margin came in at 9.0 % following on from 21.0 % in the year-earlier reporting period.
Group result
Depreciation and amortisation in the Group amounted to EUR 2.5 million in the first nine months of 2023 (previous year: EUR 2.5 million). The financial result (balance of interest expenses and interest income) was boosted by the interest-bearing financial investments in the current reporting period, resulting in EUR 1.8 million in total, up from EUR –0,2 million in the first nine months of 2022. The tax expenses stood at EUR 0.7 million in the period under review compared with the year-earlier figure of EUR 1.6 million. A positive result (net of minority interest) was therefore achieved for the period in an amount of EUR 1.6 million (previous year: EUR 2.9 million). Accordingly, diluted and basic earnings per share stood at EUR 0.04 in the reporting period (previous year: EUR 0.08).
Segment performance
At EUR 10.4 million, the ITC segment generated revenues from continued operations which exceeded the year-earlier figure by approximately 14.8 % (previous year: EUR 9.1 million). The Data Center & Managed Services business in particular achieved substantial revenue growth, as opposed to Voice Retail that continued to decline in line with expectations. The interim report as at 30 September 2023 comprises the revenue and results of the acquired cs companies on a pro-rata basis. Excluding these components, revenue growth over the first nine months of 2023 came in at around 8.2 %. Thanks to internal efficiency improvements and an increase in service revenue, segment EBITDA of EUR 2.8 million was generated in the first nine months of 2023 (previous year: EUR 2.4 million). The EBITDA margin improved from 26.0 % in the year-earlier period to currently 26.6 %.
The Renewable Energies segment registered lower wind yield in the third quarter of 2023, while solar irradiation was higher than expected measured against the long-term average. While the market price of electricity declined again to a new low, the conditions negotiated for power purchase agreements (PPAs) in 2023 generally had a positive impact on the segment’s growth. Despite temporary downtime and the repair of a wind turbine at the start of the year, the revenue generated by the wind turbines and the solar park amounted to around EUR 6.0 million during the reporting period, reflecting a year-on-year increase of 10.1 % (previous year: EUR 5.4 million). In the first nine months of 2023, EBITDA improved significantly to EUR 4.4 million on the back of advantageous feed-in rates, reflecting growth of 75.9 % (previous year: EUR 2.5 million). The EBITDA margin increased to 73.3 %, up from 45.8 % in the previous year.
In management’s opinion, the outlook for the SHAC segment with its focus on the megatrends of e-commerce, DIY and climate compatible heating systems remains excellent in the medium to long term. The development of the segment’s business over the period under review was nevertheless unable to decouple from the overall economic environment: According to information from the German Federal Association of E-Commerce and Mail-Order Trade (BEVH), the revenues of Germany’s e-commerce sector contracted by 13.9 % year on year across the industry from the start of July through to the end of September 2023. High interest rates keep conditions difficult in the construction industry. For instance, the number of building permits for single-family homes issued over the period from January to August dropped by 37.8 % according to the German Federal Statistical Office. In addition, a great obstacle to growth in the year so far has proved to be the virtually non-existent planning certainty regarding the funding schemes for the domestic use of environmentally compatible heating systems emanating from political uncertainties and delays surrounding the GEG which is essential for accelerating the energy transition. However, seeing as the German Bundestag passed the amended GEG on 8 September 2023, we currently assume that the prospects for a market recovery as from 2024 are positive again. Although business in the SHAC segment outperformed the sectoral environment in the first nine months of 2023, the segment nevertheless recorded a decline in revenue and earnings. Segment revenue totalled EUR 21.8 million in the period under review, down 7.2 % in a year-on-year comparison (EUR 23.5). In terms of earnings, compensating the decline in revenue through cost discipline and more effective warehouse management was not possible. EBITDA therefore decreased from EUR 0.09 million in the previous year’s period to EUR –0.90 million.
Key financials
As of 30 September 2023, the 3U Group had cash and cash equivalents of EUR 64.8 million at its disposal (31 December 2022: EUR 189.7 million). The virtually full payout of 3U HOLDING AG’s profit available for distribution to the shareholders is also reflected in the Group’s equity. As of 31 December 2022, the consolidated result had increased to EUR 159.0 million essentially due to the disposal of weclapp SE. The profit carryforward as of 2023 September 2023 amounted to EUR 45.7 million, bringing consolidated equity to EUR 96.5 million as of the same date (31 December 2022: EUR 211.2 million). Since the 3U Group was in a position to reduce its liabilities in the first nine months of the financial year 2023, the consolidated balance sheet continues to report a very sound equity ratio of 75.4 % (31 December 2022: 86.7 %).
“We have delivered double-digit growth rates in revenue and earnings in the ITC and Renewable Energies segments, which is a huge achievement,” affirms Uwe Knoke, Board member responsible for strategy and business development at 3U HOLDING AG. “On the other hand, the second and third quarter of 2023 saw the construction industry suffer a significant slump. This situation temporarily put the brakes on us in the SHAC segment and has left its mark on the financial statements. These unforeseeable, massive upheavals in the economy have prompted us to adjust the outlook we communicated in March to current conditions.”
Outlook
The gratifying development in the two segments of ITC and Renewable Energies is expected to continue, with the acquisition of the cs Group in the remaining months of 2023 also making a special contribution. Due to the difficult economic environment and the associated all-pervasive decline in e-commerce and in the construction sectors, particularly in the second and third quarter of 2023, 3U HOLDING AG’s Management Board specified its guidance for the current financial year as follows: The targets announced for 2023 are expected to be slightly lower compared with the range originally communicated. Accordingly, consolidated revenue is anticipated in a range of between EUR 52.0 million and EUR 56.0 million (formerly: EUR 55.0 million to EUR 60.0 million). In terms of EBITDA, the Management Board expects earnings before interest, tax, depreciation and amortisation of approximately EUR 4.5 million to EUR 6.0 million (formerly: EUR 6.0 million to EUR 8.0 million). Consolidated net income is forecast to settle in a range of between EUR 1.5 million to EUR 2.5 million (formerly: EUR 2.5 million to EUR 3.5 million).
The actual operating result may be higher or lower than forecast here due to the acquisition or sale of the Group’s operating units. The resulting effects can only be planned for to limited extent, however. The 3U Group remains true to its corporate purpose of creating value in the interest of its shareholders and all stakeholders and will continue to pursue its strategic course of expanding successful parts of the business successfully in the long term and, given the relevant demand, of selling them at attractive conditions.
In harmony with the Group’s corporate strategy and its MISSION 2026, the Management Board is addressing a series of investment undertakings. Along with purchasing companies or customer bases in the financial year 2024 this pertains notably to repowering the Langendorf wind farm. Options for further, very promising investments are meticulously assessed on a running basis.
As Uwe Knoke explains: “The medium-and long-term outlook for 3U remains bright, as outlined in our MISSION 2026. Despite lacklustre conditions in the online sales sector environment, we are working rigorously on achieving our strategic goals. Through launching our pioneering ThermCube and meanwhile expanding the range of complementary products in the photovoltaic business, for instance, we have certainly done our homework thoroughly in our SHAC segment in 2023 to be well prepared for the market growth anticipated from the new GEG.”
Interim report
The quarterly announcement on the first nine months of 2023 will be published today. The announcement will be posted on the company’s website and will be available for downloading under the “Investor Relations” heading, “Publications”.
Contact
Thomas Fritsche
Investor Relations
3U HOLDING AG
Tel.: +49 (0)6421 999- 1200
email: IR@3U.net
About 3U:
3U HOLDING AG (www.3U.net), based in Marburg, Germany, was founded in 1997. As the operating management and investment holding company, it heads up the 3U Group. With a view to increasing the value for the shareholders, employees, customers, suppliers and all stakeholders, the company acquires, operates and sells companies in the three segments of ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology). The 3U Group operates successfully and profitably with its business models in mega trends in all three segments and is striving to attain market leadership in particular with its e-commerce business model.
3U HOLDING AG shares are traded on XETRA, Tradegate and on German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
Marburg, 7 November 2023 – 3U HOLDING AG (ISIN DE0005167902) has successfully concluded its share buyback offer addressed to its shareholders for the purchase of a total of 3,670,051 no-par value bearer shares against payment of a fixed price of EUR 2.45. Upon expiry of the period of acceptance on 1 November 2023 (24:00 CET), a total of 3,240,665 were submitted for repurchase, equivalent to 88.3 % of the maximum repurchase volume. Accordingly, all offers tendered by the shareholders were considered in full, and there was no oversubscription. The purchase price for repurchasing the shares amounted to around EUR 7.9 million in total.
The purchase price will be paid in accordance with Item 3.4 of the Offering Document pari passu with the transfer of the 3U shares tendered for repurchase, with completion expected on 9 November 2023.
“3U’s share buyback offer was very well received and I am delighted with the successful outcome. In accordance with the Annual General Meeting of 15 May 2023, and in the interest of our shareholders, we can now use the shares we have repurchased also for acquisitions, alongside the purposes provided for in the authorising resolution, and thus accelerate our growth trajectory,” explains Uwe Knoke, Board member responsible for strategy and business development at 3U HOLDING AG.
“3U enjoys a very good liquidity position, also after the share buyback, and achieves positive operating cash flows. We are therefore realising our strategic goals step by step as laid down under our MISSION 2026 and steadily continue our successful journey of generating value,” Uwe Knoke adds.
Following the completion of the transaction, the Group will hold around 8.82 % of the share capital in the form of treasury shares. The treasury shares held by 3U do not carry voting or dividend rights.
Contact
Thomas Fritsche
Investor Relations
3U HOLDING AG
Tel.: +49 (0)6421 999- 1200
email: IR@3U.net
About 3U:
3U HOLDING AG (www.3U.net), based in Marburg, Germany, was founded in 1997. As the operating management and investment holding company, it heads up the 3U Group. With a view to increasing the value for the shareholders, employees, customers, suppliers and all stakeholders, the company acquires, operates and sells companies in the three segments of ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology). The 3U Group operates successfully and profitably with its business models in mega trends in all three segments and is striving to attain market leadership in particular with its e-commerce business model.
3U HOLDING AG shares are traded on XETRA, Tradegate and on German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
The annual targets are no longer achievable due to the more difficult economic conditions and the associated industry-wide decline in e-commerce and in the construction sector. This decline is largely attributable to the rise in interest rates and the political uncertainties and delays surrounding the Building Energy Act.
Accordingly, the continuing weak overall economic development, especially in the second and third quarter of 2023, leads the Management Board of 3U HOLDING AG to concretize its forecast for the current financial year. For 2023, the target figures are thus expected to be slightly below the originally communicated ranges. Accordingly, consolidated revenues are expected to be around EUR 52.0 to 56.0 million (previously: EUR 55.0 to 60.0 million). In terms of EBITDA, the Management Board expects earnings before interest, taxes, depreciation and amortization of around EUR 4.5 to 6.0 million (previously: EUR 6.0 to 8.0 million). The expectations for net income are in a range of EUR 1.5 to 2.5 million (previously: EUR 2.5 to 3.5 million).
3U will publish the figures for the first nine months of 2023 as scheduled on November 8.
- selfio.de as the rising star in the league of the top-rated e-commerce shops in the home technology segment
- With selfio, DIYers can draw on extensive support in their renovation projects
Marburg, 30 October 2023 – selfio.de, the leading online shop for home technology products in the group of 3U HOLDING AG (ISIN DE0005167902), has been awarded the “TREND-SHOP 2024” by the COMPUTER BILD magazine and the market research portal Statista. Online traders who have enjoyed the greatest success in recent years have therefore been honoured for the fourth time.
The 3U subsidiary’s e-commerce shop ranks among the Top Shops 2024 in the “Home Technology” segment. The “Technical Quality” and “Growth” received “very high” and “very strong” ratings from the jury. The comprehensive offer of home technology products, flanked by numerous product innovations for saving energy, combined with a reliable customer service and excellent advisory service, runs like a thread through the entire market presence of the 3U’s e-commerce operations, which is one of the 3U Group’s strategic focuses.
“We are delighted by this award. We now have proof of our unceasing endeavours to improve ourselves and live up to the expectations of our customers. We place emphasis not only on providing suitable products for our customers but also on being a reliable point of contact in this dynamic sector. Our journey lies ahead of us, and we greatly appreciate the trust of our customers,” says Roger Moore, Selfio GmbH’s Managing Director.
The long list for this year’s ranking features 10,000 online shops. Retailers were required to produce evidence of relevant turnover and online traffic in the last two years. Marketplace vendors, portals for commercial customers or traders with a presence purely in a foreign language were not considered. Shops who only offer digital merchandise or focus on subscriptions and contracts were not included either.
The award was made on the basis of a detailed analysis, with the defined drivers specified as online access (traffic), revenue growth and technical quality. Sub-scores were defined for all three criteria. The 750 shops with the highest overall score were given the Trend Shop 2024 accolade.
The list is divided up into eight categories: “Motor, Sport & Outdoor”, “Office, Technology & Media”, “Leisure, Game & Hobby”, “Garden & Handicraft,”, “Food & Health”, “Fashion & Accessories”, “Universal Suppliers” and “Home”. The categories are each divided into several sub-segments.
Grade overview: In the case of 12 of the 53 shops in the “Home Technology” segment, “Technical Quality” was rated as “excellent”, with 33 as “very high” and another eight with “high”. The growth of 18 participants was rated as “excellent”, with 15 as “very strong”, and 20 as “strong”.
Further Information:
Thomas Fritsche
Investor Relations
3U HOLDING AG
Tel.: +49 6421 999-1200
Fax: +49 6421 999-1222
E-Mail: IR@3U.net
About 3U:
3U HOLDING AG (www.3u.net) has its headquarters in Marburg, Germany, and was founded in 1997. It is the operating management and investment holding company at the head of the 3U Group. For the purpose of increasing value for its shareholders, employees, customers, suppliers and all stakeholders, it acquires, operates and sells companies in the three segments ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology).The 3U Group has successful and profitable business models based on megatrends in all three segments and is striving to achieve leading positions in the market, in particular with its e-commerce business area. 3U HOLDING AG’s shares are traded on XETRA, Tradegate and on the German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
Disclosure of insider information pursuant to Art. 17 MAR
Marburg, Germany, 22 September 2023 – The Management Board of 3U HOLDING AG (ISIN DE0005167902) resolved today, with the consent of the Supervisory Board, to repurchase up to 3,670,051 shares of the company (representing up to 10 % of the share capital at the time of the authorisation resolution) by way of a voluntary public share buyback offer at an offer price of EUR 2.45 per share.
The offer price is equivalent to a premium of around 9.4 % based on the arithmetic average of the price of the company’s shares in the closing auction in Xetra trading on the Frankfurt stock exchange over the last ten trading days before the publication of this decision to make a public tender offer.
With the public share buyback offer, the Management Board is making use of the authorisation granted by the Annual General Meeting on 15 May 2023 to acquire treasury shares in accordance with Sect. 71 Para. 1 No. 8 AktG. The repurchased shares may be used for all purposes in accordance with the authorisation resolution; however, the preferred purpose is to be used to finance future acquisitions of other companies.
The acceptance period for the repurchase offer starts on 5 October 2023, 00:00 a.m. (CET) and ends at midnight/12:00 p.m. (CET) on 1 November 2023, subject to shortening or extension. If more than 3,670,051 3U shares are tendered for repurchase under the repurchase offer, declarations of acceptance will be considered proportionally on a pro rata basis. Further details of the repurchase offer are contained in the offer document, which will be published on 5 October 2023 on the Company’s website (www.3u.net) in the section Investor Relations – The Share – Repurchase Offer and subsequently also in the German Federal Gazette (Bundesanzeiger) at www.bundesanzeiger.de.
Further Information:
Thomas Fritsche
Head of Investor Relations
Tel.: +49 (0)6421 999-1200
Fax: +49 (0)6421 999-1222
email: ir@3u.net
Issuer:
3U HOLDING AG
Frauenbergstr. 31-33
35039 Marburg
Germany
LEI: 529900VVQ4470YJ67K26
Commercial Register: District Court Marburg HRB 4680
ISIN DE0005167902
Trading venues: XETRA, Tradegate, Frankfurt, Berlin, Hamburg/Hanover, Düsseldorf, Munich, Stuttgart
About 3U:
3U HOLDING AG (www.3u.net) has its headquarters in Marburg, Germany, and was founded in 1997. It is the operating management and investment holding company at the head of the 3U Group. For the purpose of increasing value for its shareholders, employees, customers, suppliers and all stakeholders, it acquires, operates and sells companies in the three segments ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology).The 3U Group has successful and profitable business models based on megatrends in all three segments and is striving to achieve leading positions in the market, in particular with its e-commerce business area. 3U HOLDING AG’s shares are traded on XETRA, Tradegate and on the German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
- Presence on the capital market supports corporate purpose of value enhancement
- Open, transparent communication remains core task
Marburg, 4 September 2023 – From the beginning of September 2023, Thomas Fritsche will assume full responsibility for corporate communications and investor relations at 3U HOLDING AG (ISIN DE0005167902). He has already played a key role in 3U’s investor relations team since 1 April 2023. The Marburg-based management and investment holding company is listed in the Prime Standard on the Frankfurt Stock Exchange and traditionally places great value on open and transparent communication with all stakeholders.
“3U has developed rapidly in recent years, has added new highlights to its track record of value enhancement and has now set itself ambitious goals once again for the next few years,” explains Thomas Fritsche: “Communicating the milestones along the way to market participants and the public continuously and in detail is an extremely interesting task that I will gladly take on with full commitment.”
Uwe Knoke, Management Board member responsible for strategy and business development at 3U HOLDING AG, emphasises: “In order to achieve our corporate purpose of increasing value for our stakeholders and thus also the goals of our MISSION 2026, continuous and reliable communication, especially with investors, plays a decisive role. We intend to further expand and intensify it. With Thomas Fritsche, we have gained a Head of Investor Relations who, thanks to his many years of experience and excellent technical and economic understanding, has already strengthened our positioning on the capital market and will continue to do so successfully. In addition, he supports the 3U Management Board team significantly in the preparations already underway for a possible IPO of the Group company Selfio.”
Before joining 3U HOLDING AG, Thomas Fritsche (born 1970) was Vice President Corporate Communications, Investor Relations and Capital Markets at Corestate Capital Holding S.A., Luxembourg. Further stations in his professional career as an investor relations officer were previously Jenoptik AG, Bechtle AG and Analytik Jena AG. After training as a communications engineer, Fritsche studied industrial engineering at the University of Applied Sciences in Jena and at the University of Keele (UK), where he obtained degrees in national economics, monetary economics as well as international marketing and market research.
His predecessor, Dr Joachim Fleïng, had held the position of Head of Investor Relations since the beginning of 2019. After the scheduled expiry of his employment contract on 31 August 2023, he will continue to be available to 3U in an advisory position.
Further Information:
Thomas Fritsche
Investor Relations
3U HOLDING AG
Tel.: +49 6421 999-1200
Fax: +49 6421 999-1222
E-Mail: IR@3U.net
About 3U:
3U HOLDING AG (www.3u.net) has its headquarters in Marburg, Germany, and was founded in 1997. It is the operating management and investment holding company at the head of the 3U Group. For the purpose of increasing value for its shareholders, employees, customers, suppliers and all stakeholders, it acquires, operates and sells companies in the three segments ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology).The 3U Group has successful and profitable business models based on megatrends in all three segments and is striving to achieve leading positions in the market, in particular with its e-commerce business area. 3U HOLDING AG’s shares are traded on XETRA, Tradegate and on the German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
- Founded in 1990, cs Group pursues growth strategy with comprehensive customer support and cloud solutions for medium-sized businesses
- 3U aims at stronger expansion of managed services portfolio and regional presence
- Joint activities in product range and sales can be realised quickly
Marburg, 30 August 2023 – 3U HOLDING AG (ISIN DE0005167902) is acquiring all shares in cs communication Systems GmbH, based in Pleidelsheim and with locations in Nuremberg and Leipzig, as well as cs network GmbH, also in Pleidelsheim (together “cs Group”, https://www.citrus.tel). A corresponding purchase agreement was signed on 2 August 2023. The final closing conditions have been fully met as of today. The purchase price payment will be made using 3U’s existing financial resources. As usual, the parties have agreed not to disclose the exact terms of the transaction.
The cs Group has been successfully active in the telecommunications technology market since 1990 and, with currently almost 50 employees, specialises in telecommunications systems, cloud solutions, network and fibre optic technology. Today, the main focus is on migrating the telecommunications systems of corporate customers to the cloud and connecting their internal and external communications to Microsoft Teams. The cs group offers its approximately 400 existing customers a comprehensive package of services ranging from consulting and project planning to the sale, rental and brokerage of leasing contracts for telecommunications hardware and software to the installation, maintenance and ongoing support of communications solutions and networks. The cs group addresses the market for medium-sized companies and public clients with 20 to 300 office workplaces. It has already established a sound and promising growth strategy by acquiring new customers and upselling existing customers. The brands and offerings of the cs Group will be continued in the ITC segment of 3U. In the 2022 financial year, the group achieved a revenue of around EUR 8.2 million and is profitable.
“The cs Group is very well established in the market and has well-trained specialists. In our ITC segment, the acquisition will allow us to further expand our comprehensive portfolio of innovative solutions in telecommunications and information technology and in particular our range of managed services, as well as strengthen our presence in southern Germany,” says Uwe Knoke, Member of the Management Board for Strategy and Business Development at 3U HOLDING AG. “The range of services and corporate culture at cs and at 3U are a very good fit – together we will continue the sustainable profitable growth into the future.”
Peter Frohmüller, founder and managing partner of the cs Group, adds: “We are pleased to have found a competent partner and an economically strong new owner, who will continue our many years of successful activity with a high level of commitment and will consistently drive our growth strategy forward. For our employees, customers and our entire setting, we could not have found a better succession arrangement.”
Further Information:
Thomas Fritsche
Investor Relations
3U HOLDING AG
Tel.: +49 6421 999-1200
Fax: +49 6421 999-1222
E-Mail: IR@3U.net
About 3U:
3U HOLDING AG (www.3u.net) has its headquarters in Marburg, Germany, and was founded in 1997. It is the operating management and investment holding company at the head of the 3U Group. For the purpose of increasing value for its shareholders, employees, customers, suppliers and all stakeholders, it acquires, operates and sells companies in the three segments ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology).The 3U Group has successful and profitable business models based on megatrends in all three segments and is striving to achieve leading positions in the market, in particular with its e-commerce business area.
3U HOLDING AG’s shares are traded on XETRA, Tradegate and on the German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
- Significant time and cost savings for do-it-yourselfers and craftspeople
- Innovative complete system addresses growing demand for CO2-neutral heating
- Utility model protection granted; patent applied for
- Important contribution to achieving climate goals
Marburg and Koblenz, 16 August 2023 – PELIA Gebäudesysteme GmbH and Selfio GmbH, subsidiaries of 3U HOLDING AG (ISIN DE0005167902), officially launched the distribution of their ThermCube (https://thermcube.de) on 16 August 2023 with a live event broadcast on YouTube. The modular, prefabricated “Heat Pump Heating Centre in a Rack” enables the quick and cost-effective installation of a complete heat pump system and thus makes it easier for homeowners to switch to CO2-neutral heating, which will soon be required by law.
According to the German Heat Pump Association (Bundesverband Wärmepumpe e.V.), more than 200,000 heat pumps were installed in Germany in 2022 alone, and a further increase in demand is expected from next year. Across Europe, the EU Heat Pump Report 2022 estimates demand at a total of 50 million heat pumps by 2030. In view of the shortage of skilled workers, a heating system that is easy and quick to install can effectively help meet this demand and sustainably reduce the use of fossil fuels.
The ThermCube revolutionises heat pump installation
The core element of the ThermCube is a climate-friendly heat pump. All standardised hydraulic modules and control units required for its operation are permanently installed, hydraulically connected, and electrically prewired. The use of the pre-assembled complete system therefore reduces the connection time of the heating system to a fraction of the previous installation time. The ThermCube also drastically reduces the time and effort required for planning, configuration and procurement by builders and craftspeople. The components and assemblies used come from well-known brand manufacturers and are subject to documented quality controls. Installation and operation of the ThermCube are usually eligible for subsidies according to the applicable subsidy guidelines.
The ThermCube is suitable for detached and semi-detached houses with a total heat requirement of 6-11 kW, both in new and existing buildings. The footprint is less than 1 sqm. It can be installed in the house by do-it-yourselfers and also by non-specialist craftspeople. Special knowledge or special tools are not required. Only for the final dismantling and commissioning a specialised company must be commissioned. The German Patent and Trademark Office has already granted utility model protection for the ThermCube. A patent application has been filed.
Craft businesses specialising in plumbing, electrical or heating construction can also procure the ThermCube from the 3U companies. The significantly lower time expenditure enables them to process more orders with the same team of skilled workers. The ThermCube facilitates work on the construction site and ensures better planning and cost control.
“Climate-friendly, CO2-neutral heating is currently one of the most discussed topics in the entire industry. With the introduction of the new cost-efficient and climate-friendly heating centres, we are making a further contribution to reducing CO2 emissions and dependence on fossil fuels such as gas and oil,” emphasises Uwe Knoke, Member of the Management Board for Strategy and Business Development at 3U HOLDING AG. “But it should also prove to be a significant driver for the planned rapid and sustainable growth in sales and earnings in our SHK segment. We expect demand to be good and tend to increase further and have already secured our market entry by prudent stocking of components and parts. With the ThermCube, we are expanding our product range with an innovative, economically interesting system and are tending to open up new market segments, such as the prefabricated house sector. The sales launch of the ThermCube is thus an important milestone in the course of our ‘MISSION 2026’.”
Further Information:
Dr. Joachim Fleing
Investor Relations
3U HOLDING AG
Tel.: +49 6421 999-2211
Fax: +49 6421 999-1222
E-Mail: IR@3U.net
About 3U:
3U HOLDING AG (www.3u.net) has its headquarters in Marburg, Germany, and was founded in 1997. It is the operating management and investment holding company at the head of the 3U Group. For the purpose of increasing value for its shareholders, employees, customers, suppliers and all stakeholders, it acquires, operates and sells companies in the three segments ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning Technology).The 3U Group has successful and profitable business models based on megatrends in all three segments and is striving to achieve leading positions in the market, in particular with its e-commerce business area.3U HOLDING AG’s shares are traded on XETRA, Tradegate and on the German regional stock exchanges (ISIN: DE0005167902; identifier: UUU).
- Sales growth in the Renewable Energies and ITC segment
- SHAC segment gains market share despite sales decline
- Management Board expects catch-up effects in the SHAC market and reaffirms forecast for 2023
Marburg, August 14, 2023 – Group revenue of 3U HOLDING AG (ISIN DE0005167902) from continued operations of EUR 25.09 million in the first half of 2023 (H1 2023) was at the level of the first half of 2022 (H1 2022: EUR 25.36 million). Revenues in the two high-margin businesses ITC (Information and Telecommunications Technology) and Renewable Energies increased further compared to the previous year. Sales in the SHAC (sanitary, heating and air conditioning technology) segment also once again outperformed the German online retail sector as a whole, but suffered a year-on-year decline against the backdrop of the downturn in the construction industry, particularly in the second quarter. This development of the strongest segment in terms of sales in the 3U Group could not be fully compensated by the pleasing growth of the other business units. Consequently, the sales proportions of the segments in the Group also changed slightly. The segment ITC generated 25.2% (H1 2022: 24.0%) of total revenues in the first half of the year, the segment Renewable Energies 17.3% (H1 2022: 16.4%) and SHAC 58.7% (H1 2022: 60.7%).
The interim financial statements as at 30 June 2023 no longer comprise the information of the cloud computing business in the subgroup of weclapp SE which was deconsolidated in the financial year 2022. Consequently, the figures from continued operations from the first half of 2022 respectively the second quarter of 2022 are used for year-on-year comparison.
EBITDA
In the first half of 2022, 3U HOLDING still recorded other operating income of EUR 9.01 million, mainly from the InnoHubs property development project. In the current reporting period, this income was significantly lower at EUR 0.84 million. The cost of materials ratio (cost of materials as a percentage of sales) was slightly lower than in the first half of 2022 at 62.8%, while the personnel expense ratio was slightly higher at 16.7%. Despite increased maintenance expenses due to the repair of a wind turbine in Roge in the first quarter of 2023, the ratio of other operating expenses to sales was now significantly lower than in the previous year at 14.3% (H1 2022: 33.2%), largely due to the costs incurred at the time in connection with the sale of InnoHubs space in the comparable period of the previous year.
Against this backdrop, Group earnings before interest, taxes, depreciation and amortisation (EBITDA) decreased to EUR 2.59 million in the first half of the 2023 financial year (H1 2022: EUR 5.99 million). As a result, the EBITDA margin at Group level reached 10.3% after 23.6% in the first six months of the previous year.
Group result
At EUR 1.69 million, depreciation and amortisation in the first half of 2023 was at the same level as in the corresponding period of the previous year (H1 2022: EUR 1.67 million). As expected, 3U recorded a positive financial result of EUR 1.44 million in the first six months of 2023 (H1 2022: EUR -0.14 million).
The consolidated result attributable to the shareholders of the parent company amounted to EUR 1.60 million in the first half of 2023 (H1 2022: EUR 2.47 million). Earnings per share were EUR 0.04 (basic and diluted) in the reporting period.
Segment results
The ITC segment posted revenue growth of 4.2% in the reporting period. In the first six months of 2023, segment revenue of EUR 6.33 million was achieved (H1 2022: EUR 6.08 million). The Data Center & Managed Services business was able to significantly increase its revenue by more than 46%. Due to internal efficiency improvements and thanks to increasing service revenues, the segment’s EBITDA increased by 13.9%. It reached EUR 1.80 million after EUR 1.58 million in the first half of 2022. The EBITDA margin of the ITC segment was thus 28.5% (H1 2022: 26.1%).
Wind yield and solar radiation were around 15% lower in the first half of 2023 than in the same period of the previous year, when wind and sun were strong. In addition, the temporary standstill of a wind turbine at the Roge wind farm in the first quarter of 2023 had a negative impact on sales. In contrast, the improved delivery conditions from the electricity supply contracts agreed for 2023 for the Klostermoor and Roge wind farms made a significant contribution to the revenue growth of the Renewable Energies Segment. Revenue increased by a total of 4.6% to EUR 4.34 million (H1 2022: EUR 4.15 million). Against the backdrop of the repair costs for the turbine in Roge, the segment EBITDA reached a total of EUR 3.21 million, which corresponds to a slight decline of 1.8% (H1 2022: EUR 3.27 million).
The Management continues to believe that the prospects for the SHAC segment, with its focus on the megatrends of e-commerce and climate-friendly or CO2-neutral heating systems, are excellent in the medium to long term. In the reporting period, however, the current business was not able to decouple itself from the overall economic environment. According to the Bundesverband E-Commerce und Versandhandel (BEVH), sales in the German online trade industry shrank by 12% in the second quarter of 2023, while the number of building permits issued for residential buildings nationwide slumped by 36%, according to the Federal Statistical Office. Thus, although business in the SHAC segment again outperformed the industry environment, it still recorded a decline in revenue and earnings. At EUR 14.72 million, segment revenue in the first half of 2023 was 4.4% lower than in the same period of the previous year (H1 2022: EUR 15.40 million). EBITDA declined from EUR -0.06 million in the same period of the previous year to EUR -0.44 million in the first half of 2023 due to lower contribution margins.
Cash flow and financials
Cash flow from operating activities amounted to EUR 0.03 million in the first six months (H1 2022: EUR 2.18 million), which, in addition to a lower result, is mainly due to a significantly lower increase in current trade payables and the change in other liabilities. Investing activities in the reporting period resulted in a cash outflow of EUR 3.74 million (H1 2022: cash outflow of EUR 3.52 million). Investments in investment property relate to the acquisition of office space in the InnoHubs building in Würzburg originally used by the former Group company weclapp, which is now intended for letting to third parties. Investments in tangible assets mainly comprise the acquisition of a plot of land for the construction of a new company headquarters in Marburg.
The cash outflow from financing activities came to EUR 117.97 million in the reporting period (H1 2022: EUR 0.57 million) and is mainly due to the distribution of the dividend for the 2022 financial year in the amount of EUR 3.20 per share. In total, cash and cash equivalents decreased as expected by EUR 121.68 million (H1 2022: decrease of EUR 1.91 million). Cash and cash equivalents amounted to EUR 68.03 million on 30 June 2023 (31 December 2022: EUR 189.70 million and 30 June 2022: EUR 10.80 million).
The almost complete distribution of the balance sheet profit of 3U HOLDING AG to the shareholders is also reflected in the Group’s equity. As of 31 December 2022, the consolidated net income was mainly increased by the sale of weclapp SE and amounted to EUR 159.0 million. The profit carried forward as of 30 June 2023 totalled EUR 45.74 million. As debt was also EUR 3.40 million lower as of 30 June 2023 than as of 31 December 2022, the consolidated balance sheet continues to show a very solid equity ratio of 76.9% (31 December 2022: 86.7%).
“At the half-year 2023, we are very satisfied with the development of our segments ITC and Renewable Energies,” affirms Uwe Knoke, member of 3U HOLDING AG’s management board. “However, the fact that many do-it-yourselfers and homeowners were irritated by the political debates about the so-called heating law hampered us in the SHAC segment in the second quarter and left its mark on the half-year results. However, the sharp downturn in the sector leads us to expect catch-up effects in the coming months. With the imminent launch of our innovative ThermCube, ‘the all-in-one cabinet-housed heat pump heating system’, we are very well positioned for this.”
The Management Board affirms its guidance announced in March and anticipates strong organic growth in 2023. Revenue in 2023 is expected in a range of between EUR 55.0 million and EUR 60.0 million. In view of the lower level of other income in line with expectations and the significantly higher proportion of lower margin retail business, the Management Board anticipates EBITDA of EUR 6.0 million to EUR 8.0 million. Net profit of the 3U Group is therefore expected in a range of between EUR 2.5 million and EUR 3.5 million.
The actual operating result may be higher or lower than forecast here due to the acquisition or sale of the Group’s operating units. The resulting effects can only be planned for to limited extent, however. The 3U Group remains true to its corporate purpose of creating value in the interest of its shareholders and all stakeholders and will continue to pursue its strategic course of expanding successful parts of the business successfully in the long term and, given the relevant demand, of selling them at attractive conditions.
In harmony with the corporate strategy, the Management Board is addressing a series of investment undertakings. Along with purchasing companies or customer bases in the financial year 2023 this pertains notably to repowering the Langendorf wind farm. Options for further very promising investments are meticulously assessed on a running basis.
Uwe Knoke explains further: “The medium- and long-term perspectives of 3U, as we presented them in our MISSION 2026, remain favourable, and we continue to work consistently on the implementation of our strategic measures. Temporary downturns in the industry environment can be balanced out by us as a diversified management and investment holding company. They strengthen us in our operating activities in the intact megatrends of digitalization, e-commerce and renewable energies, and in our aspiration to increase value in the interests of all stakeholders.”
Half-year financial report
The interim statement on the first half of the 2023 financial year will be published on today, 14 August 2023. The report can be downloaded from the company’s website (www.3U.net) under the “Investor Relations/Publications” heading.
For further information:
Thomas Fritsche
Investor Relations
3U HOLDING AG
Tel.: +49 (0)6421 999-1200
Fax: +49 (0)6421 999-1222
email: IR@3U.net
About 3U:
Founded in 1997, 3U HOLDING AG (www.3U.net) has its headquarters in Marburg, Germany. It heads up the 3U Group as the operating management and investment holding company. With the aim of enhancing value for the shareholders, the employees, customers, suppliers and all stakeholders, 3U acquires, operates and sells companies in the three segments of ITC (Information and Telecommunications Technology), Renewable Energies and SHAC (Sanitary, Heating and Air Conditioning). The 3U Group operates successfully and profitably in megatrends through its business models in all three segments and strives to achieve leading positions in the various markets, especially with its e-commerce business model. 3U HOLDING AG shares are traded on XETRA, Tradegate and on German regional stock exchanges (ISIN: DE0005167902; stock symbol: UUU).
Profile
3U HOLDING AG acquires, operates and sells companies in the three segments of Information and Telecommunications Technology (ITC), Renewable Energies (RE) and Sanitary, Heating and Air Conditioning Technology (SHAC) with the objective of creating value added for all stakeholders. The 3U Group operates successfully through its business models which are aligned to megatrends in all three segments. The Group strives to achieve market leadership, especially in its e-commerce business model.
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