Endor AG: Successful Annual General Meeting 2021 and subdued sales and earnings development in 1st half of 2021

- First dividend of EUR 4.00 per share

- Capital increase from own funds resolved as a precondition for planned share split

- 1st half of 2021 with sales and earnings development subdued by global logistics problems

Landshut, August 31, 2021 - Endor AG was confirmed in its growth course by its shareholders at the virtual Annual General Meeting 2021. All resolutions were passed with a large majority. A dividend was also approved for the first time. A dividend of EUR 4.00 per share or a total of EUR 7.7 million will be distributed.

The basis for the first-time dividend proposal was the extremely successful development in 2020, with Endor Group sales more than doubling from EUR 38.8 million in the previous year to EUR 90.2 million. The Endor Group's net income tripled from EUR 4.2 million to EUR 12.4 million in fiscal 2020, thus meeting all forecasts. This development could not be continued entirely in the first half of 2021. A successful first quarter of 2021 with a doubling of sales was followed by a second quarter that was strongly characterized by a very limited ability to deliver. In total, sales in the first half of 2021 were down two percent on the previous year at EUR 35.4 million. The reasons lie in particular in the ongoing disruptions to global logistics chains and flows of goods, resulting in products from producers and suppliers in Asia not arriving at Endor warehouses or arriving with significant delays. Added to this are temporary delays in development and start-up difficulties in the production of individual new products, which reduce daily output.

Thomas Jackermeier, CEO of Endor AG: "Unfortunately, we have been missing our most important sales drivers in the store since April. Wheel bases in the lower and middle range as well as our most popular steering wheels have been sold out for months. Nevertheless, I am glad that we have reached the sales level of the previous year. We will be able to make up for the lost sales to a large extent next year." The lack of sales and contribution margins in the first half of 2021, in combination with an investment strategy that continues to be consistently implemented in order to adapt structures to the overall strong growth, also led to a slowdown in earnings development. Accordingly, Group EBIT amounted to EUR 2.6 million, compared with EUR 10.2 million in the prior-year period. Thomas Jackermeier: "We are not satisfied with the performance in the first half of the year and Q3 will also be difficult. I also do not expect that we will be able to make up for this as early as 2021. But the demand especially for the newly introduced products is enormous and we will feel the positive effects clearly in 2022. For 2021, Endor AG expects sales at Group level to be on a par with the previous year or at best slightly higher, and EBIT to be lower than in 2020.

The Annual General Meeting also approved a capital increase from own funds in the amount of 13.6 million euros. Accordingly, the share capital would increase from previously 1.9 million euros to 15.5 million euros. This is in preparation for a share split in which shareholders will receive seven additional shares for each share held without additional payment. A key objective of the share split is to increase liquidity through the then higher number of shares in circulation.

Further resolutions of the Annual General Meeting concerned elections to the Supervisory Board of Endor AG. The previous Supervisory Board members Thomas Mayrhofer and Richard Rösener had resigned from their mandates by best mutual agreement with the Company at the end of the Annual General Meeting. Ingo Weber and Rudolf Dittrich were elected as their successors.
Ingo Weber is Managing Partner of Carcharodon Capital GmbH, a venture capital investor, as well as a member of the supervisory or advisory board of various listed and privately held companies. Ingo Weber will support the supervisory board of Endor AG in particular in the further development and expansion of the structures in the financial area. In his career to date, Rudolf Dittrich has gained extensive expertise in motorsport and Formula 1. Most recently, he was responsible for overall vehicle development at BMW Group Motorsport. In his current position at BMW Group, Dittrich is responsible for the development and implementation of small series projects. He also teaches at the Technical University of Munich as a guest lecturer. Andreas Potthoff, Chairman of the Supervisory Board of Endor AG of Endor AG: "I would like to express my sincere thanks to Thomas Mayrhofer and Richard Rösener for their hard work on the Supervisory Board of Endor AG. At the same time, I am sure that with Ingo Weber and Rudolf Dittrich we have once again found two really strong experts for the new composition of the Supervisory Board. I am particularly pleased that Mr. Weber will contribute his expertise in accounting/international accounting and Mr. Dittrich his motorsport and Formula 1 experience. I am looking forward to the cooperation and the strong combination of expertise for the benefit of Endor AG."

About Endor AG

Endor AG develops and markets high-quality input devices such as high-end steering wheels and pedals for racing simulations on game consoles and PCs as well as driving school simulators. As a "brain factory", the company's focus is on the creative sector. Endor carries out product development and prototype construction under its own direction and together with specialized technology partners, primarily in Germany ("German engineering"). The products are mainly produced in Asia.

Endor sells its products under the FANATEC brand via e-commerce primarily to end customers in Europe, USA, Canada, Australia and Japan. Endor also sells driving school simulators in cooperation with Vogel Verlag. Endor AG, headquartered in Landshut, was founded in 1997 and currently employs 165 people. Within the group, 206 people work for Endor worldwide, including freelancers. In 2020, the company generated a consolidated turnover of 90 million euros according to preliminary figures.

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