Nabaltec AG / Key word(s): Quarter Results
Nabaltec AG posts strong growth in the first nine months of 2014 over the same period of the year before in both revenues and earnings
- Revenues up 6.8% to EUR 109.6 million, EBIT up 14.3% to EUR 10.4 million;
- Earnings per share up 34.1% to EUR 0.59;
- Forecast for the year as a whole confirmed.
Schwandorf, 25 November 2014 - Nabaltec AG's revenues in the first nine months of 2014 amounted to EUR 109.6 million, up 6.8% from last year's value of EUR 102.6 million, and its operating profit (EBIT) was also up by a strong 14.3%, to EUR 10.4 million. In general, the company's very strong performance in the first half of the year carried over into the third quarter of 2014, as both revenues and earnings were up from the year before and from last quarter as well.
Consolidated revenues in the third quarter of 2014 were up 8.0%, from EUR 33.8 million in the same quarter of last year to EUR 36.5 million. Revenues were up slightly, by 0.8%, from the second quarter of 2014, when revenues were EUR 36.2 million.
Johannes Heckmann, Member of the Board of Nabaltec AG, stated as follows: "We are more than satisfied with these results. Even though the growth targets for the German economy have been revised downward and uncertainty is mounting with respect to the continued performance of the global economy as well, we were able to continue to grow, in revenues and above all in earnings."
Third-quarter revenues in the business division "Functional Fillers" were up 8.3% from the third quarter of 2013, from EUR 23.0 million to EUR 24.9 million. Revenues were down slightly, by 1.6%, from last quarter's very strong value (EUR 25.3 million). Revenues in the business division "Technical Ceramics" were up 8.3%, from EUR 10.8 million in the third quarter of 2013 to EUR 11.7 million in the reporting period. Revenues were also up from the value posted in the second quarter of 2014, EUR 10.9 million, by a good 7.3%.
Consolidated EBIT amounted to EUR 10.4 million in the reporting period, compared to EUR 9.1 million in the first nine months of 2013 (up 14.3%). The EBIT margin (EBIT as a percentage of total performance) amounted to 9.6% in the first nine months of 2014, up from 8.9% in the same period of last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 17.6 million in the first three quarters of 2014, up 10.0% from the value of EUR 16.0 million in the same period of last year. Earnings per share were up 34.1%, from EUR 0.44 in the first nine months of 2013 to EUR 0.59 in the reporting period.
Due to strong earnings growth and the significant increase in trade payables and other liabilities, cash flow from operating activities climbed to EUR 19.2 million in the first nine months of 2014, up from EUR 13.3 million in the same period of last year. Spending on investments climbed to EUR 8.4 million, compared to EUR 3.4 million in the same period of last year, due to higher investments in property, plant and equipment. Amortization payments were in line with long-term estimates, so that cash flow from financing activities came to EUR -10.1 million in the first nine months of the year, compared to EUR -9.2 million in the same period of last year.
The company confirmed its 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.
Gerhard Witzany, Member of the Board of Nabaltec AG: "Unlike many forecasts for the general economy, there are currently no indications that our growth will slacken. Of course, we cannot remain unaffected by the economic environment forever, but as things stand today, we expect our business to remain steady and we're able to once again confirm our revenue and earnings targets for the year as a whole."
Note: Nabaltec AG's interim report for the third quarter of 2014 will be available for download in the Investor Relations section of www.nabaltec.de as of 25 November 2014.
About Nabaltec AG:
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