After a pre-tax loss (EBT) in 2020 of just under EUR 10 million and a collapse in turnover of 26 percent, the Group returned to growth in 2021 and reported a Group turnover of EUR 168 million as well as a pre-tax profit (EBT) of EUR 6 million. “It is important to stress that our cash flow and our EBITDA were always positive even during the crisis”, highlights cfo Harold Kostka. Ceo Florestan von Boxberg is convinced that, in spite of current procurement problems, Wintersteiger will finally overcome the downturn caused by Coronavirus this year and exceed the EUR 200 million turnover threshold for the first time.
The pandemic caught the company, and particularly its ski rental customers in Division Sports, off guard. Turnover in the previously dominant division collapsed by 30 percent in 2020. It increased again by 23 percent in 2021, but was considerably below pre-pandemic levels. An increase over 2019 is only expected in 2022. “We are proud that Sports was always able to post a balanced result during this difficult phase”, says Boxberg, who trusts the division’s business model.
Wintersteiger used the crisis as an opportunity for company acquisitions and a product drive. The general importer for Norway and Sweden was acquired in 2021. At the start of 2022, a majority stake was acquired in a mechanical engineering company for the Division Woodtech near Stuttgart, along with a minority stake in an IT company in Vienna. Last year the Divisions Seedmech and Woodtech also saw strong growth up to EUR 44 million (plus 38 percent) and EUR 39 million (plus 18 percent) respectively.
Strain was also placed on the result for 2020 due to restructuring costs in the Division Metals, which in 2021 developed to be the most profitable of the four divisions in relative terms due to a new orientation and strong positioning with electromobility suppliers as well clear internationalization. “In 2021 all of our divisions posted profits in spite of significant investments in the future”, highlights Kostka.
In 2022, with turnovers of around EUR 50 million per division, Wintersteiger will reach a size that allows more independence. This was the argument the Management Board used when announcing the spin-off of the four divisions into independent companies, a production and supply chain limited company and the formation of a strategic holding as a major project for the current year. “We are delegating decisions to the areas where they can be made proficiently and quickly,” says Boxberg in presenting the restructuring. “This will allow us to focus even more on the needs of our customers in the divisions, and the production company will be able to further drive forward the industrialization of our products”. Kostka adds, “the holding will act as the link, which combines finance, IT, HR, legal, marketing, and M&A activities”.
