Nabaltec AG / Key word(s): Preliminary Results
Nabaltec AG's revenues slightly higher than last year's record high and earnings forecast confirmed, according to preliminary figures
- Revenues up slightly, to EUR 129.2 million;
- weaker economy slows growth in the second half of the year;
- strong start in 2013.
Schwandorf, 1 March 2013 - According to preliminary data, Nabaltec AG's results in 2012 were just as strong as last year's. Despite the fact that the economic environment became increasingly difficult as the year went on, the company's revenues were slightly higher than last year's record high, as revenues climbed to EUR 129.2 million from EUR 129.0 million in 2011. The operating result (EBIT) fell by 18.7%, to EUR 10.0 million, earnings per share fell to EUR 0.26 and shareholders' equity was up 1.3%, to EUR 47.5 million. Gerhard Witzany, member of the Board of Nabaltec AG, stated as follows: 'As was the case the year before, we had a very strong first half in 2012, but the worsening economic environment in the third and especially the fourth quarter really slowed us down. While results were not entirely consistent with our expectations, we were able to meet our most recent revenue and earnings forecasts.'
In general, there was a shift in revenues in 2012 away from the business division 'Technical Ceramics' and towards the business division 'Functional Fillers'. Revenues in the business division 'Functional Fillers' were a record-high EUR 89.9 million in 2012, up 6.0% from the year before (2011: EUR 84.8 million). This improvement is attributable to a higher sales volume and a greater focus on high value-added product segments like high-quality fine precipitated hydroxides, which are used e.g. as eco-friendly flame retardants in plastics and cables. The company's US subsidiary, Nashtec, was able to strengthen its position in the market.
Like the revenue trend, the earnings trend was also different in the company's two business divisions. In the business division 'Functional Fillers', earnings before interest, taxes, depreciation and amortization (EBITDA) improved by 9.7% in the reporting year, from EUR 13.4 million to EUR 14.7 million. However, this earnings growth was unable to offset the loss in the business division 'Technical Ceramics', where EBITDA fell by 41.4%, to EUR 4.1 million, due to falling revenues. Overall, EBITDA fell by 7.8%, from EUR 20.4 million to EUR 18.8 million.
Operating cash flow increased by 58.1% over the year before, from EUR 13.6 million to EUR 21.5 million. Accordingly, Nabaltec's operating capacity is constantly being demonstrated, and it will continue to reduce its debt in 2013 as well.
The company is off to a strong start in 2013. The clear sense of caution among the company's customers, which was especially tangible in the fourth quarter, along with a deliberate reduction in inventories, subsided in January, although customers are continuing to rely primarily on short-term orders. Johannes Heckmann, member of the Board of Nabaltec AG: 'In the first weeks of 2013, it was clearly demonstrated once again that the reticence among our customers which prevailed at the end of 2012 especially was just a temporary phenomenon. We see intact markets and market drivers and we therefore plan focus more on growth in 2013. Provided the economy does not get any worse, we expect revenue growth in the mid-single digits and an EBIT margin in line with last year's margin.'
About Nabaltec AG:
Phone: +49 9431 53-202
Fax: +49 9431 53-260
Better Orange IR & HV AG
Phone: +49 89 8896906-14
Fax: +49 89 8896906-66
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|Fax:||+49 9431 53-260|
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