29.11.2011
Nabaltec AG / Key word(s): Quarter Results
29.11.2011 / 10:00
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Nabaltec AG: revenues up 23.1%, to EUR 100.7 million in the First Nine
Months of 2011
- EBT increased from EUR 2.0 million to EUR 6.2 million;
- outlook for the next few months affected by uncertainty.
Schwandorf, 29 November 2011 - Nabaltec AG continued its growth in the
third quarter of 2011 as well, as both business divisions 'Functional
Fillers' and 'Technical Ceramics' exceeded their values for the third
quarter of last year. This growth spurt, which has been continuing since
the start of 2010, has weakened slightly, however: as third-quarter results
were down from the first and second quarter of 2011, although they were up
from 2010. Consolidated revenues were up by 7.7% in the third quarter,
increasing from EUR 28.4 million to EUR 30.6 million. Revenues in the first
nine months of 2011 were up by 23.1% over the same period of last year,
climbing from EUR 81.8 million to EUR 100.7 million, so that the
preliminary figures published on 31 October can be confirmed.
Both business divisions posted growth over the same period of last year,
with revenues in the 'Functional Fillers' division up 2.7% in the third
quarter and revenues in the 'Technical Ceramics' division up 17.3%. The
growth trend in the 'Technical Ceramics' division remains intact in the
third quarter, while some product segments of the 'Functional Fillers'
division recorded a slight weakening. Over the first nine months of the
year, revenues in the 'Functional Fillers' division came to EUR 66.7
million, up 21.7% from the first nine months of 2010, when revenues were
EUR 54.8 million. This growth, which was especially strong in the first six
months of the year, was driven above all by the growth in fine precipitated
hydroxides, i.e. eco-friendly flame retardant fillers, e.g. for the wire &
cable industry. Revenues in the 'Technical Ceramics' division continued to
grow, increasing by EUR 7.0 million in the same period of last year to EUR
34.0 million in the first nine months of 2011.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
improved from EUR 11.0 million in the first nine months of 2010 to EUR 17.0
million in the reporting period, and Nabaltec's EBITDA margin (EBITDA as a
percentage of total performance, which improved from EUR 81.9 million to
EUR 103.4 million in the first nine months 2011) increased from 13.4% to
16.4%. As was the case for revenues, earnings were once again very strong
in both business divisions, in terms of both EBITDA and operating result
(EBIT). Consolidated EBIT in the reporting period amounted to EUR 11.0
million, up from EUR 5.2 million in the same period of last year. The EBIT
margin increased significantly, from 6.3% to 10.6% (EBIT as a percentage of
total performance). The disproportionately improvement in earnings is
attributable above all to Nabaltec's ability to develop products with
especially high added value, as the long-term product strategy of focusing
on high-quality and concentration on specialty products has shown the
desired effect.
The development in net financial income was mainly affected by the EUR 30.0
million corporate bond issue, which was launched in October 2010 with a
coupon rate of 6.50%. Weighed down by the interest expenses in connection
with this bond issue, net financial income in the first nine months of 2011
changed from EUR -3.2 million to EUR -4.9 million. At the same time,
Nabaltec was able to restructure a substantial portion of its existing
long-term bank debt in the third quarter of 2011. The terms represent a
clear improvement over the previous loan contracts.
Earnings before taxes (EBT) improved considerably, from EUR 2.0 million to
EUR 6.2 million. After taxes and non-controlling interests, consolidated
earnings for the first nine months of the year were EUR 3.7 million, and
earnings per share were EUR 0.46, up from EUR 0.15 in the same period of
last year.
The current circumstances of the world economies, the volatile financial
markets and the unresolved debt crisis have created increasing uncertainty
in Nabaltec's target markets and industries. In this environment, Nabaltec
expects revenues for 2011 as a whole to grow into the range of EUR 128-131
million. As a result, the earnings target for 2011 (based on EBIT) of EUR
12 million appears highly ambitious, but still achievable.
About Nabaltec AG:
Nabaltec AG, with registered office in Schwandorf, a chemicals business
which has received multiple awards for innovativeness, manufactures,
develops and distributes highly specialized products based on aluminum
hydroxide ('ATH') and aluminum oxide, as well as other raw materials, on an
industrial scale through its 'Functional Fillers' and 'Technical Ceramics'
divisions. The company's product range includes halogen-free flame
retardant fillers and eco-friendly additives for the plastics industry.
Flame retardant fillers are used e.g. in cables in tunnels, airports,
high-rise buildings and electronic devices, while additives replace
stabilizers containing heavy metals in PVC processing. Nabaltec also
produces base materials for use in technical ceramics, the refractory
industry and catalysis. Unlike halogenated flame retardant fillers, the
products manufactured by the company's 'Functional Fillers' division
contain no hazardous substances and do not require separate disposal.
Rather, the company's flame retardant fillers actually decrease the
development of fumes hazardous to human health and the environment in the
event of fire. Nabaltec maintains production sites in Germany and the US
and plans to continue to consolidate its market position by expanding
capacity, further optimizing processes and quality and making strategic
extensions to its product range. On the strength of its specialty products,
the company strives to attain the market leadership in each segment.
Contact:
Heidi Wiendl
Nabaltec AG
Phone: +49 9431 53-202
Fax: +49 9431 53-260
E-mail: InvestorRelations@nabaltec.de
Frank Ostermair
Better Orange IR & HV AG
Phone: +49 89 8896906-14
Fax: +49 89 8896906-66
E-mail: frank.ostermair@better-orange.de
End of Corporate News
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Language: English
Company: Nabaltec AG
Alustraße 50-52
92421 Schwandorf
Germany
Phone: +49 9431 53-0
Fax: +49 9431 53-260
E-mail: info @nabaltec.de
Internet: www.nabaltec.de
ISIN: DE000A0KPPR7, DE000A1EWL99
WKN: A0KPPR, A1EWL9
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Entry Standard in Frankfurt
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