July 7, 2022

PAT-Kruger Group BV (PAT-Kruger) cs Annual figures and explanation:

The 2021 annual figures are ready in draft form. Given the international nature of PAT-Kruger, the final annual figures will be ready in October 2022. In short, we are awaiting approvals for the mutual operating companies from the respective (international) accountants.

The EBITDA 2021 amounts to -/- € 42.000. This is € 36.000 lower than the EBITDA reported in the prospectus, as a result of the additional costs incurred in connection with the (additional) work for the NPEX loan. These costs have been charged to the 2021 result as much as possible.

The consolidated turnover amounts to € 4.726.000 (the intercompany turnover of € 311.000 has been corrected).

The gross profit margin is 65% and is higher than the forecast figures we maintain for the coming years.

After refinancing, the following events occurred:

  • The Letter Of Understanding (LOU) with the current owners of the already announced sensor manufacturer has been signed and the DD process is now underway. The effective takeover date is September 30, 09.
  • PAT-Kruger has a joint venture (50% interest) in the startup Atla Propulsion Controls BV (Atla). The prospects for this JV are so positive that the numbers are already in the black.

The market:
The market in which PAT-Kruger operates is clearly looking for a new balance due to the events in Ukraine. The emphasis of the business/revenue is currently mainly in Europe. The market in the Middle East is starting to get going again. There has been a delay in the order flow.

With the impending takeover of a sensor manufacturer, whereby the 2022 turnover will fully accrue to PAT-Kruger and the JV in Atla, we maintain the (EBITDA) forecast for 2022 as included in the Prospectus.

The organisation:
From July 2022, the organization has been expanded with a senior Finance Manager.
We have also expanded the Advisory Board (RvA), as indicated in the prospectus, with an advisor with a financial profile.

The next step is to set up and improve our MIS.