Nabaltec AG / Key word(s): Half Year Results
Nabaltec AG's revenues and earnings in the first half of 2014 up from the same period of last year
- Revenues up 6.1% to EUR 73.0 million, EBIT up 13.8% to EUR 6.6 million;
- Earnings per share up 44.4% to EUR 0.39.
Schwandorf, 26 August 2014 - Nabaltec AG reported EUR 73.0 million in revenues in the first half of 2014, up 6.1% from the same period of last year (EUR 68.8 million).
According to Gerhard Witzany, Member of the Board of Nabaltec AG: "The most important factor driving this strong revenue growth was, above all, the performance of the business division 'Functional Fillers', where we have had the strongest single quarter in our history. We are all the more satisfied with this result considering that we certainly had to contend with slight price pressure in the market. In addition to the traditionally strong fine precipitated hydroxide segment, the newer boehmite and CAHC product segments also contributed to the growth. Six months into the year, our revenues in these areas already exceed or equal the revenues posted in all of last year."
The business division "Functional Fillers" posted EUR 25.3 million in quarterly revenues, up significantly from the same quarter of last year, by 11.0%, and up slightly from the previous quarter, by 0.4%. The fine precipitated hydroxide product segment continued to record stable performance at a high level, as usual, but the newer boehmite and CAHC product segments also contributed increasingly to overall growth. Revenues in the business division "Technical Ceramics" fell from EUR 11.2 million in the second quarter of 2013 to EUR 10.9 million in the reporting period (down 2.7%).
Consolidated EBIT amounted to EUR 6.6 million in the first half of 2014, compared to EUR 5.8 million in the same period of last year. EBIT in the second quarter of 2014 was up 20.0% over the previous quarter, to EUR 3.6 million. The EBIT margin (EBIT as a percentage of total performance) amounted to 9.1% in the first six months of 2014, up from 8.6% in the same period of last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 11.4 million in the first half of 2014, up 9.6% from the value of EUR 10.4 million in the same period of last year. Earnings per share were up by 44.4%, from EUR 0.27 in the first half of 2013 to EUR 0.39 in the reporting period.
Cash flow from operating activities in the first half of 2014 came to EUR 13.2 million, down slightly from the year before (EUR 15.2 million). Spending on investments increased from EUR 2.3 million in the same period of last year to EUR 6.5 million, as Nabaltec AG continues to invest in process optimization and capacity expansion. Amortization payments were in line with long-term estimates, so that cash flow from financing activities amounted to EUR -7.2 million in the first six months of the year, compared to
According to Johannes Heckmann, Member of the Board of Nabaltec AG: "The general sentiment in the market is entirely positive at the moment and the market drivers are intact. As a result, we have been able to translate the strong demand growth into solid earnings growth in this quarter as well. We remain optimistic about the second half of the year, and we expect a slight improvement, especially in the 'Technical Ceramics' business division."
The company confirms its previous forecast for the current year, which calls for revenue growth in the mid-single digits and an EBIT margin in line with last year's margin.
Note: Nabaltec AG's interim report for the second quarter of 2014 is available for download in the Investor Relations section of www.nabaltec.de as of 26 August 2014.
About Nabaltec AG:
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