Nabaltec AG / Key word(s): Half Year Results
Nabaltec posts growth in the first half of 2015 in both revenues and earnings and raises its forecast
- Revenues up 6.6% to EUR 77.8 million, EBIT up 36.4% to EUR 9.0 million;
- Earnings per share up 38.5% to EUR 0.54;
- Earnings forecast raised for 2015 as a whole.
Schwandorf, 25 August 2015 - In the first half of 2015, Nabaltec AG earned revenues of EUR 77.8 mil-lion, up 6.6% from the same period of last year (EUR 73.0 million). Results in the first and second quarters of 2015 contributed equally to this growth. In the second quarter of 2015, Nabaltec posted revenues of EUR 39.0 million, exceeding the strong value posted in the same quarter of last year, of EUR 36.2 million, as well as its record-high revenues in the previous quarter (EUR 38.8 million).
Consolidated EBIT amounted to EUR 9.0 million in the first half of 2015, which implied an increase of 36.4%, compared to EUR 6.6 million in the same period of last year. The EBIT margin (EBIT as a percentage of total performance) increased from 9.1% in the same period of last year to 11.5% in the first half of 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 14.0 million in the first half of 2015, up 22.8% from the value of EUR 11.4 million in the same period of last year. Earnings per share were up by 38.5%, from EUR 0.39 in the first half of 2014 to EUR 0.54 in the reporting period.
According to Johannes Heckmann, Member of the Board of Nabaltec AG: "This strong performance in the first six months of 2015 is based above all on continued strong and stable demand for our halogen-free flame retardants in the business division 'Functional Fillers'. We are continuing to see high utilization both in the market and for our customers and we expect possible additional growth in the European market in the medium term. In addition, our second business division, 'Technical Ceramics' is once again posting steady growth rates and very pleasing and stable performance."
Revenues in the business division "Functional Fillers" increased to EUR 26.8 million from EUR 25.3 mil-lion and were therefore up 5.9% from the second quarter of 2014. This growth was once again based on the very favorable performance of the fine precipitated hydroxide product segment (eco-friendly flame retardant fillers, e.g. for the cable & wire industry). Revenues in the business division "Technical Ceramics" were up by a strong 11.9%, to EUR 12.2 million (same quarter of last year: EUR 10.9 million).
Cash flow from operating activities increased from EUR 13.2 million in the same period of last year to EUR 20.7 million in the first half of 2015. In addition to strong earnings growth, a significantly higher reduction in inventories and a significantly smaller increase in trade receivables and other assets relative to the same period of last year contributed to this development. Spending on investments decreased slightly from the same period of last year, from EUR 6.5 million to EUR 5.4 million.
Cash flow from financing activities amounted to EUR 13.9 million, compared to EUR -7.2 million in the same period of last year. This change was due above all to the partial repayment of the 2013 loan against borrower's note in the amount of EUR 43.5 million and the receipt of a new loan against borrower's note in the second quarter of 2015, in the amount of EUR 70.0 million. Aside from an extraordinary amortization of a bank loan in the amount of EUR 5.0 million, amortization payments were in line with long-term estimates.
Gerhard Witzany, Member of the Board of Nabaltec AG, stated as follows: "The sentiment in the market continues to be very positive and our market drivers are fully intact. Moreover, the highly satisfactory course of business so far, together with the positive outlook, has induced us to raise our earnings forecast for the year as a whole."
Until now, the company had projected an EBIT margin for 2015 in line with last year's margin, in the amount of 8.9%. It now expects to exceed this figure. From a current perspective, Nabaltec expects an EBIT margin of around 10% for 2015. The revenue forecast for the current year, calling for growth in the mid-single digits, was confirmed.
Note: Nabaltec AG's interim report for the second quarter of 2015 will be available for download in the Investor Relations section of www.nabaltec.de as of 25 August 2015.
About Nabaltec AG:
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