DGAP-News: Nabaltec AG / Key word(s): Quarter Results
Nabaltec AG's revenues and earnings up from the year before in the first nine months of 2015
- Revenues up 5.3% to EUR 115.4 million, EBIT up 12.5% to EUR 11.7 million;
- Earnings per share up 13.6%, to EUR 0.67;
- Forecast for 2015 as a whole confirmed.
Schwandorf, 24 November 2015 - Nabaltec AG posted EUR 115.4 million in revenues in the first nine months of 2015, up 5.3% from the year before, when it posted a value of EUR 109.6 million, and reported a strong gain in operating profit (EBIT) as well, which was up 12.5% to EUR 11.7 million. In general, the company was able to maintain its strong revenue growth in the third quarter, exceeding the comparison value from the year before. Given the fact that the summer months are traditionally somewhat slower, results were not quite as high as the very strong values posted in the first two quarters of 2015.
Consolidated revenues were up 3.0% in the third quarter of 2015, from EUR 36.5 million in the same quarter of last year to EUR 37.6 million. Typical seasonality had an impact, causing revenues to fall by 3.6% relative to the second quarter of 2015, when revenues were EUR 39.0 million.
According to Gerhard Witzany, Member of the Board of Nabaltec AG: "We can be satisfied with these results, which are further demonstration of our stable performance and strong growth. The general market situation was stable: the pace of growth in the business division 'Functional Fillers' was slowed somewhat because results in August fell short of expectations, but the business division 'Technical Ceramics' posted disproportionately high revenue growth. And we continue to see potential in all of our target markets for the future."
Revenues in the business division "Functional Fillers" amounted to EUR 24.8 million in the third quarter of 2015, in line with the result for the same quarter of last year, EUR 24.9 million. Revenues were down 7.5% from last quarter's very strong result, EUR 26.8 million, a decrease which was attributable above all to the fact that August sales have traditionally been somewhat weaker. Revenue growth in the business division "Technical Ceramics" was in line with estimates and increased again. Specifically, revenues were up 9.4%, from EUR 11.7 million in the third quarter of 2014 to EUR 12.8 million in the reporting quarter, and revenues were up 4.9% relative to the revenues posted in the second quarter of 2015, EUR 12.2 million.
Consolidated EBIT amounted to EUR 11.7 million in the reporting period, compared to EUR 10.4 million in the first nine months of 2014. The EBIT margin (EBIT as a percentage of total performance) amounted to 10.2% in the first nine months of 2015, up from 9.6% in the same period of last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 19.2 million in the first three quarters, up 9.1% from the value of EUR 17.6 million in the same period of last year. Earnings per share were up by 13.6%, from EUR 0.59 in the first nine months of 2014 to EUR 0.67 in the reporting period.
Cash flow from operating activities increased to EUR 22.1 million in the first nine months of 2015, from EUR 19.2 million in the same period of last year. In addition to strong earnings growth, a reduction in inventories and a significantly lower increase in trade receivables and other assets compared to the same period of last year contributed to this development. Spending on investments increased relative to the same period of last year, from EUR 8.4 million to EUR 10.2 million. Investments were made primarily in technical equipment and machinery to increase capacity and for process optimization for fine precipitated hydroxides, as well as for general replacement investments.
Cash flow from financing activities amounted to EUR 11.0 million in the first nine months of the year, compared to EUR -10.1 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.
According to Johannes Heckmann, Member of the Board of Nabaltec AG: "In key performance indicators such as consolidated earnings or operating cash flow, our results in the first nine months of this year have already equaled or exceeded the values posted over a 12-month period in 2014. But we will not rest on our laurels and will continue to maintain the pace of innovation and investments in order to build up our market position and extend our advantage even more."
Nabaltec has confirmed its previous forecast for the current year, which calls for revenue growth in the mid-single digits. Nabaltec raised its 2015 EBIT forecast in the second quarter of 2015. Before, the company had projected an EBIT margin for 2015 in line with last year's margin, in the amount of 8.9%. As things stand, Nabaltec expects an EBIT margin of around 10% for 2015.
Note: Nabaltec AG's interim report for the third quarter of 2015 will be available for download in the Investor Relations section of www.nabaltec.de as of 24 November 2015.
About Nabaltec AG:
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