Financial news

Top adjusted EBITDA result

KNAUS TABBERT AGpublished at 12.11.2020 at 07:00

Knaus Tabbert grows and achieves top adjusted EBITDA result in challenging economic environment

  • Revenues after nine months at €573 million, ca. 3% higher than the previous year
  • Despite April lockdown, adjusted EBITDA improved by more than 5% to €47 million after nine months; adjusted EBITDA margin rose to 8.2%
  • Efficient working capital management boosts operating cashflow by 192% to €35 million
  • Accelerated growth in Q3: Revenues rise by 33.5% to €213.8 million.
  • Record order backlog of 22,327 vehicles (+61%) ensures visibility and planning security for mid‐term growth
  • 2020 outlook confirmed: Revenues and EBITDA expected to be at previous year’s level

November 12, 2020, Jandelsbrunn, Germany. Knaus Tabbert, one of Europe’s leading manufacturers of recreational vehicles, significantly increased its revenues in Q3. At the same time, the company almost completely caught up with April’s corona‐related production backlog.

"We are immensely proud to be able to present such excellent results in the first report following our IPO. Revenues and adjusted EBITDA margin grew once more during the first nine month of this unusual year, and we are still benefitting from the positive impact of the Caravan Salon trade fair in Dusseldorf‟,  says Wolfgang Speck, CEO of Knaus Tabbert. „Caravanning now stands for a type of recreational activity that offers optimum comfort, privacy and freedom. Heightened environmental awareness and the growing popularity of regional tourism will further strengthen this trend in the long term."

Revenues rise over the reporting period thanks to strong demand

Overall, the company posted revenues of about €573.1 million for the nine months ending September (previous year: €554.2 million),  a year‐on‐year increase of 3.4%. EBITDA before one‐time costs and effects improved disproportionately by 5.4 percent to over €47 million.

Including changes in inventory, the company’s total operating performance of €577.3 million was only slightly below the previous year’s figure of €586.8 million despite the temporary shutdown of production facilities in April due to the coronavirus pandemic. A change in the product mix and advantageous purchasing effects led to an improvement in the material cost ratio of 1.9 percentage points to 68.9%. Other operating expenses as a percentage of total operating performance were around 0.7 percentage points higher than in 2019, at 8.7%. This was due in large part to additional expenses for hygiene and safety measures at Knaus Tabbert’s sites, at the Caravan Salon in Dusseldorf and in the dealer network.

Adjusted EBITDA improved at disproportionate rate over the first three quarters

Before non‐recurring expenses and one‐time costs, particularly transaction and consulting fees, adjusted EBITDA amounted to €47.4 million, compared to €44.9 million over the same period 2019, an increase of 5.4%. The adjusted EBITDA margin was 8.2%, some 0.5 percentage points above the prior‐year figure of 7.7%. Excluding one‐off effects, EBITDA as of the end of September improved by 4.8% to €46.4 million (previous year: €44.3 million).  EBIT amounted to €32.3 million (previous year: €31.7 million) ; the EBIT margin reached 5.6 percent (previous year: 5.4 percent). After deduction of interest and taxes, net profit remained at the previous year’s level of €21.2 million (2019: €21.3 million).

High operating cash flow demonstrates Knaus Tabbert's financial strength

In the first nine months of 2020, Knaus Tabbert generated a positive operating cash flow of €35.0 million (previous year: €12.0 million) from its business activities. With an increase of 192%, this is almost triple the figure for the corresponding period 2019. The sharp increase is also the result of an efficient working capital management. At €21.2 million (2019: €21.3 million),  the net result is approximately even with last year’s figure.

Accelerated growth in Q3 2020

In the third quarter 2020, Knaus Tabbert achieved revenues of €213.8 million (2019: €160.2 million),  an increase of 33.5%. In addition to the overall strong development of the company, the significant year‐on‐year increase is also due to catch‐up effects resulting from the temporary corona‐related closures this spring at Knaus Tabbert and its dealer network. Including changes in inventories, total operating performance rose by 31% to €217.9 million (previous year: €166.1 million).  Adjusted EBITDA also grew significantly to €13.7 million (previous year: €7.8 million).  This resulted in an adjusted EBITDA margin of 6.3%, a rise of 1.6 percentage points over the previous year. The strong growth was also reflected in EBIT, which climbed to €8.9 million (previous year: €3.1 million),  resulting in an EBIT margin of 4.1% (previous year: 1.9%).  Overall, net profit was €5.8 million in Q3 2020 (previous year: €1.6 million). 

"Our successful IPO was the most important milestone in Q3,‟ says Knaus Tabbert CFO Marc Hundsdorf. „We significantly expanded our shareholder base and collected additional funds, which we have started to allocate. We have already started to lay the foundations for the expansion of our production capacity at our factory in Hungary and are thus preparing for further growth."

Shareholders’ equity rose from €103.3 million to €113.6 million as a result of the IPO, an increase of 10%. The equity ratio rose accordingly to 35.6% (previous year: 29.9%).

High demand and successful presence at Caravan Salon trade fair in Dusseldorf push order volume to a record 22,300 vehicles

With 22,327 vehicles (previous year: 13,834),  corresponding to an order volume worth around €656 million (2019: €411 million),  Knaus Tabbert had a record order volume as of the reporting date, which provides planning security well into the 2021 fiscal year.

Besides the effects of the temporary reduction in value‐added tax in Germany, incoming orders at this year’s Caravan Salon, which took place under challenging conditions, also contributed to the well‐filled order book. The world’s largest trade fair for motor homes, caravans and camping took place in Dusseldorf in September under strict hygiene and safety standards. The company’s broad range of vehicles across all segments – from the classic T@B and WEINSBERG, KNAUS and TABBERT brands to the upscale luxury class of the MORELO brand – met with a great response at the fair.

In addition, the company recorded a significant increase in inquiries via its online rental platform „RENT & TRAVEL‟.  The number of rental vehicles held by our affiliated partners increased by around a quarter year‐on‐year, and the number of rentals rose significantly by 153%. „RENT & TRAVEL‟ paves the way for a younger target group in particular to familiarize themselves with this popular type of vacation.

Outlook confirmed: Revenues and EBITDA expected to be at previous year's level

Taking into consideration the positive developments in the third quarter, Knaus Tabbert confirms its outlook for the full 2020 fiscal year, according to which the company expects revenues and EBITDA to be roughly at the previous year’s level. In fiscal year 2019, revenues were €780.4 million while EBITDA stood at €64.3 million. The outlook is based on the assumption that no additional significant extraordinary charges or interruptions of business operations will occur from the further development of the corona pandemic. Knaus Tabbert will publish the final figures for the 2020 fiscal year on March 31, 2021.

The company will present its results in a call for media and investors later this morning.

Key figure 1
Q3 2020
Q3 2019
9M 2020
9M 2019
34 %
3.4 %
EBITDA (adj.) 2
77 %
5.4 %
adj. EBITDA margin 3
6.3 %
4.7 %
1.6 pp
8.2 %
7.7 %
0.5 pp
189.1 %
1.9 %
EBIT margin 3
4.1 %
1.9 %
2.3 pp
5.6 %
5.4 %
0.2 % pp

1 in million euros, unless otherwise indicated; 2 adjusted for one‐time costs and effects, particularly transaction and consulting costs; 3 related to gross performance

About the Knaus Tabbert AG

Knaus Tabbert AG is a leading manufacturer of leisure vehicles in Europe. The company’s headquarters are located in Jandelsbrunn, Germany. Its other locations can be found 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. In the year 2023 it generated sales of 1.44 billion euros with its KNAUS, TABBERT, T@B, WEINSBERG, MORELO brands and the RENT AND TRAVEL rental service, had over 4000 employees and produced more than 30,000 leisure vehicles.


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Preliminary figures and forward‐looking statements are subject to risks and uncertainties and may significantly deviate from the actual results. With regard to forward‐looking statements in particular, risks and uncertainties are to a large extent determined by factors that are outside of Knaus Tabbert AG’s sphere of influence and that can currently not be estimated with an adequate degree of certainty. These factors include, inter alia, future market conditions and economic developments, the actions of other market participants, the utilisation of anticipated synergy effects as well as legislative and political decisions. Knaus Tabbert AG does not consider itself obliged to publish any corrections to these forward‐looking statements for the purpose of adjusting them to events or circumstances that eventuate after the publishing date of these materials.

Definition of alternative performance measures (APMs)
The Definition of the alternative performance measures corresponds to the respective definition in the prospectus of Knaus Tabbert AG, which is available at „‐relations/information‐on‐the‐ipo/‟.