The company

Moritz GmbH operates in steel processing. It develops and produces customized container solutions worldwide, ranging from individual projects to small series. Its customers come from the waste management and disaster control sectors.

In the area of disaster control, over 50% of orders are generated with a customer of public sector. There are correspondingly good and long-term customer contacts with this customer. Waste disposal technology is also dominated by a major customer from the industrial sector.

Moritz GmbH was very successful in the past. However, the market has become more challenging over the past three years, and the golden days are over. Competition has intensified, and customers are now more price-conscious than before. Nevertheless, the company’s good reputation and long-standing customer relationships, which Horst Moritz has systematically maintained, ensure a solid future for the business.

The company is still in a very strong financial position. It generates over EUR 14 million in revenue and an operating profit of more than EUR 600,000. The equity ratio exceeds 30%. In total, the company employs 57 people. Further information can be found under "Figures, Data, and Facts" as well as in the download section below.

Horst Moritz is the CEO. He is supported by Ludwig Wonschack , as Commercial Managing Director and Manfred Groß as the Technical Managing Director. Mr. Wonschack oversees five employees in administration, six in sales, four in finance, and one in quality management. Mr. Groß manages 20 employees in production, eight in the warehouse, and nine in design and engineering.

The production and administration buildings built three years ago in an attractive suburban location are owned by a GbR* (civil law partnership). Horst Moritz holds a 50% share, while his wife Else and his sister-in-law Anna-Maria each own 25%. The old office building was demolished, but the former production hall is still used as a storage facility.

Three years ago, the GbR took out extensive loans to finance the construction of the company buildings. This development is reflected in the company’s consolidated balance sheet. The 'Kreissparkasse' of Brückstadt (bank), a long-standing partner of the company and the Moritz family, played a significant role in financing the project. At the time, the bank’s board member, Dr. Rolf Becherling, had known Horst Moritz for decades and had no doubts about his creditworthiness.

However, Dr. Becherling retired two years ago. His successor, corporate account manager Peter Zwick, takes a more critical view of the situation. While the company itself remains profitable, its long-term prospects appear uncertain due to the unclear succession plan and fluctuating revenues. As a result, the bank’s internal rating for the company's credit engagement has already been downgraded. Mr. Zwick has informed Horst Moritz via email that he expects a concrete succession plan to be presented at the next annual meeting. Moritz is not at all pleased with the bank’s interference, but he knows he must respond.

*A GbR (German legal form) is a civil law partnership or general partnership.

In 2018, Moritz GmbH generated revenue of 10,488 TEUR. The following year, it slightly declined to 8,960 TEUR. However, in 2020, the company achieved a new revenue record of 14,349 TEUR.

The expected revenue for 2021 is 11,078 TEUR, which represents a slight decline compared to the previous year, but still reflects a positive development in the 4-year trend.

The revenue forecasts for 2022 and 2023 can be found in the following Multi-year planning.

The Customer analysis of Moritz GmbH reveals two key points:

1. The company has only 10 main customers, who generate the vast majority of its revenue.
2.  Around 77% of total revenue depends on the two largest customers (#1 & #2).

This presents a significant risk. In the future, the company should aim to reduce its dependency on individual customers as much as possible.

The profit developement from 2018 to 2020 was very strong. From 2019 (792 TEUR) to 2020, EBITDA increased to 999 TEUR—a growth of more than 26%. However, the forecast for 2021 is concerning. With a projected EBITDA of only 555 TEUR, it is expected to nearly halve compared to 2020.

But what are the reasons behind this, and how can it be changed? Have Moritz GmbH’s products reached the saturation phase? The portfolio analysis reveals that while cash cows (highly profitable core products, services, or business divisions) and innovative stars are present, there is a lack of innovative question marks—new product offerings whose market potential is still uncertain. These could play a crucial role in shaping the future of Moritz GmbH.