Thimm Group closed the 2020 financial year in a robust position, despite the challenges caused by COVID-19. Revenue dropped only slightly to €605m (2019: €623m). Operating profit before extraordinary expenses also fell only slightly to €56.7m (2019: €57.5m).
Despite the pandemic, the company invested a total of €27.7m, primarily on expansions to its Eastern European sites. The total number of employees decreased slightly from 3,512 employees in the previous year to 3,376 as of the end of December, including 126 apprentices.
“One of the reasons for the Group’s slight drop in revenue due to the coronavirus pandemic can be attributed to the decline in customer demand in the German automotive industry, one of the main customer sectors in our Thimm Packaging Systems business division,” says Mathias Schliep, Chairman of the Management Board. “As a result of the first lockdown in spring 2020, the automotive industry completely shut down or significantly scaled back its production in the second quarter for many weeks. Only in the third quarter did a significant increase in demand in this business division generate revenue at the pre-pandemic level. In an annual comparison, lower raw material prices also led to lower sales prices on the sales side. Despite an overall increase in sales volumes, the resulting revenue losses could not be fully compensated for.”
He conitnues, “Despite the pandemic, Thimm Group performed well in a challenging 2020 financial year. We expect sales to increase further in 2021, particularly in the Thimm pack’n’display and Christiansen Print business divisions. The continuous growth of online commerce will also have a positive effect on our business development. Overall, we are expecting revenue increases due to the sales volumes, provided there are no further pandemic-related restrictions. However, increasing paper, freight and energy prices will also have an impact on the result.”
