Performance indicators
As already described in the section "Internal control system", the following key performance indicators are used in the Group's financial reporting for the purpose of managing the Group:
Financial performance indicators
The following key figures were recorded for the Group in the reporting year:
| Key figures Group | 2024 | 2023 | ||
| Sales revenues | 476,034 KEUR | 479,337 KEUR | ||
| EBIT | 42,815 KEUR | 34,505 KEUR | ||
| EBIT margin | 9.0% | 7.2% | ||
| Cash flow from ordinary activities | 53,105 KEUR | 48,712 KEUR | ||
| Return on equity | 16.6% | 14.1% | ||
| Equity ratio | 65.0% | 61.3% |
As was already apparent in the first two quarters of 2024, the slight increase in sales forecast in the 2023 annual report could not be achieved. The sales forecast was therefore adjusted at the end of the first half of the year to the target of achieving the same level of sales by the end of the 2024 financial year as in the previous year. Overall, a decline of 0.7% was recorded in 2024. Nevertheless, despite the challenges posed by the negative construction trend in the core market of Germany and the growth market of France, the financial year matched the high level of the previous year. Details on the analysis of turnover can be found in the Earnings situation section.
In the 2023 Group management report, a slight increase in EBIT was forecast for 2024. The main factors contributing to this positive development include the optimization of logistics and freight costs, the focus on increasing productivity at the production sites, favourable raw material prices and increased awareness of cost-cutting measures. At the same time, however, an increase in personnel costs, depreciation and amortization and other operating expenses was expected. The earnings-reducing effect of depreciation and amortization was slightly higher than originally planned. In contrast, the increase in other operating expenses was kept at a low level, contrary to the anticipated moderate increase. This is due in particular to sales and advertising expenses, outgoing freight as well as administrative and operating costs. The forecast increase in personnel expenses was also limited by a cautious personnel policy due to the complex economic conditions. As a result, EBIT rose from EUR 34,505 thousand to EUR 42,815 thousand, which corresponds to an increase of 24.1% and therefore represents a significant increase. Accordingly, EBIT increased more strongly than expected. Further details on the analysis of the earnings performance can be found in the earnings situation section.
The EBIT margin recorded a slight increase of 1.8 percentage points in the reporting year, although the 2023 annual report still assumed a stable level. This is due to the strong increase in EBIT despite sales remaining the same. The forecast was adjusted to a slight increase in the EBIT margin in the first half of the year.
Contrary to the forecast of a moderate reduction in the 2023 annual report, cash flow from operating activities recorded a solid increase. This positive development is mainly due to the increase in earnings after taxes.
The return on equity recorded a moderate increase in the reporting year, contrary to expectations of a stable level. This increase of 2.5 percentage points is attributable to the rise in EBIT.
Contrary to the forecast of a stable equity ratio in the last Group management report, the equity ratio increased slightly in 2024 and amounted to 65.0% (61.3). Debt was reduced moderately, while equity benefited from the better-than-expected result.
In addition to financial performance indicators, the Group also uses non-financial performance indicators.
Non-financial performance indicators
The non-financial performance indicators in the Group were as follows:
| Key figures Group | 2024 | 2023 | ||
| Capacity utilization | 80.9% | 78.7% | ||
| Novelty ratio | 25.2% | 28.5% | ||
| Health ratio | 95.6% | 95.1% |
In the 2023 Group management report, the capacity utilization forecast was assessed with a slight increase. The increase in capacity utilization in the dry adhesives segment compensated for the slight decline in the dry mortar and wet adhesives segments due to capacity expansions, particularly at the Waco plant. As a result, there was a slight increase in capacity utilization across the Group as a whole. In 2024, the production volume of the Uzin Utz Group remained at a constant level due to a slight increase in sales volumes.
The novelty rate fell from 28.5% to 25.2% in the reporting year and therefore recorded a moderate decline, as expected. This is mainly due to high-turnover products from the dry-mix mortar and dry-mix adhesives segments, which were launched more than five years ago and were therefore excluded from the counter in the reporting year.
At 95.6% (95.1), the health rate within the Group remained at roughly the same level as the previous year and is therefore in line with our forecast from the previous year, which assumed no significant change. The health ratio therefore remains at a very high level.