DGAP-News: Nabaltec AG
/ Key word(s): Annual Report
Nabaltec AG confirms preliminary 2020 data as the growth posted in the fourth quarter carries over into the start of 2021
Schwandorf, 29 April 2021 - Nabaltec AG published its audited consolidated financial statements for Financial Year 2020 today, in which it confirms the preliminary data announced in February. Consolidated revenues were down 10.8% in 2020, dropping to EUR 159.6 million from EUR 179.0 million in the previous year. However, the company was able to get back on track in the fourth quarter of 2020, posting growth. Revenues were up 7.7% from the same quarter of last year, to EUR 40.7 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) came to EUR 23.6 million in 2020, compared to EUR 32.3 million in the previous year (down 26.9%). Nabaltec AG posted an operating profit (EBIT) of EUR -15.9 million, compared to EUR 18.6 million in the previous year. This figure includes an extraordinary write-down on the book value of Nashtec's property, plant and equipment in the US, in the amount of EUR 23.7 million, as well as additional non-recurring effects in the amount of EUR 1.6 million. Adjusting for these non-recurring effects, the EBIT figure was EUR 9.4 million.
Revenues in the "Functional Fillers" product segment were EUR 114.2 million in 2020, compared to EUR 122.2 million in the previous year. The decline in revenues is largely attributable to the worsening in market conditions as a result of the pandemic and to the related increase in price pressure. The boehmite product range once again posted strong performance, with revenues up 48.1% in 2020 over the previous year. Revenues in the "Specialty Alumina" product segment were EUR 45.4 million in 2020, down 20.1% from the previous year. This decrease can be attributed to the general weakening in the refractory industry, resulting in weaker demand and lower prices.
"As was to be expected, the outbreak of the pandemic in 2020 resulted in a slump in sales in both product segments. But higher demand was evident in the fourth quarter of 2020, and this has carried over into the first quarter of 2021 as well," according to Johannes Heckmann, the CEO of Nabaltec AG.
Nabaltec AG posted EUR 46.0 million (preliminary data) in revenues in the first quarter, compared to EUR 45.4 million in the same period of last year (up 1.3%), as sales improved. Revenues in the "Functional Fillers" product segment were EUR 32.3 million, compared to EUR 31.7 million in the same quarter of last year. Revenues in the "Specialty Alumina" product segment came to EUR 13.7 million, even with the same period as last year.
According to preliminary data, operating profit (EBIT) was EUR 3.9 million in the first quarter of 2021, compared to EUR 2.5 million in the first quarter of 2020. This figure includes a non-recurring effect in the amount of EUR 1.3 million, which is attributable to the exorbitant increase in energy prices following the extraordinary winter storm in Texas, US, in mid-February 2021. The EBIT margin (EBIT as a percentage of total performance) was 8.9%. EBITDA in the first quarter of 2021 came to EUR 7.1 million according to preliminary data, compared to EUR 6.1 million in the same period of last year.
"We were able to post strong earnings in the first quarter, EUR 5.2 million after adjusting for a non-recurring effect," reported Johannes Heckmann. "Although the market environment continues to be highly uncertain, we are starting see the light at the end of the tunnel after the fourth quarter of last year and the first quarter of 2021. While the pandemic has delayed the launch of Naprotec's products in the US, so that it will take some more time to build a market there, we stand by the forecast we issued in February and we expect to be posting new record highs by 2022 at the latest."
Nabaltec AG expects revenue growth in a range from 6% to 9% in the current year, with an EBIT margin ranging from 8% to 10%. This forecast is based on the assumption of strong economic and industry performance. Nabaltec AG does not plan to pay out a dividend for Financial Year 2020 in light of the uncertainties surrounding the coronavirus pandemic and so as not to overburden its liquidity position.
Note: The 2020 Annual Report and the 2020 Financial Statements for Nabaltec AG are available for download in the Investor Relations section of www.nabaltec.de.
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