24.11.2009
Nabaltec AG / Quarter Results
24.11.2009
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- Revenues in Q3/2009 up 19.0% over previous quarter
- Sharply improved gross profit margin and positive EBIT again for first
time in three quarters
- US subsidiary Nashtec increases revenues and reaches break-even
- New 'Additives' business unit starts as planned with the commissioning
of the large CAHC production facility
- Outlook for total year 2009: Revenues to exceed EUR 70 million
Schwandorf, 24 November 2009 - The third quarter of 2009 proved that the
Nabaltec Group's financial efficiency remains intact in a market
environment that is still extremely challenging. Thanks to a 19.0% increase
in revenues over the second quarter of 2009 to EUR 20.0 million and
consistent cost management, Nabaltec was able to increase the gross profit
margin to 49.2% and again disclose positive earnings before interest and
taxes (EBIT) of EUR 0.3 million for the first time in three quarters.
In the first nine months of 2009, Nabaltec generated revenues of EUR 53.1
million, representing a 30.5% decrease from the same period in the previous
year. After nine months, EBIT was EUR -1.7 million (previous year: EUR 4.8
million). The net result after minority interests amounted to EUR -4.5
million for the first nine months of the year. This figure had been EUR 1.9
million in the previous year. Cash flow from operating activities totaled
EUR 1.6 million after nine months.
Revenue performance by business division and region
Both the 'Functional Fillers' and 'Technical Ceramics' business divisions
contributed positively to the stabilized performance in the third quarter.
Due to a clearly tangible increase in demand for fine precipitated
hydroxides in the third quarter 2009, the 'Functional Fillers' business
division registered disproportionate growth over the first half. Decisive
was also the continued improvement in the business of the U.S. subsidiary
Nashtec L.P. Both demand and the corresponding revenues grew steadily
there, also thanks to Nabaltec's decision to introduce a second product
quality to the American market. The subsidiary Nashtec has been
cash-positive for six months, achieved positive EBIT for the first time
since its founding in the second quarter of 2009 and now broke the profit
barrier based on the pre-tax earnings. More than 80% of the U.S. plant is
now being utilized - a figure that appeared inconceivable just a few months
ago given the market environment.
The revenue performance of the Group as a whole largely reflects the global
market constitution. Positive exceptions were the U.S. and some Asian
countries. In the U.S., Nabaltec achieved the strongest single quarter in
terms of revenue since Nashtec's founding. Likewise in the Asian region,
the quarter just closed was one of Nabaltec's strongest to date. Yet
compared to the same period from the previous year, a 29.5% revenue
decrease was registered for Europe (not including Germany) and a 41.6%
decrease for Germany.
The preparations for the commissioning and production start in the fourth
quarter of 2009 for the new ACTILOX(R) CAHC product line as an additive for
the plastics industry are proceeding according to plans. Initial revenue
effects are anticipated for 2010. The commissioning of the CAHC facility in
the fourth quarter will for the most part conclude the 2009 investment
program in the amount of approx. EUR 22 million.
Outlook for total year 2009
In a positive scenario, Nabaltec is anticipating a repeat of third-quarter
revenues for the fourth quarter. If the current trend continues, revenues
should achieve a mark of at least EUR 70 million for the total year. Prices
should stabilize at the third-quarter level. One ambitious object is to
confirm the previous quarter's positive EBIT in the fourth quarter. Yet the
fourth-quarter EBITDA margin will certainly be above the comparable figure
from the first half of 2009.
As a result of Nabaltec's operative efficiency, which was underscored not
least by the satisfactory course of business in the third quarter, coupled
with the return to positive EBIT, positive operative cash flow and the
strict cost management, it can be expected that Nabaltec will perform
better than the market and thus be able to expand its competitive position
in its key product segments.
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 flame-retardant fillers for
the plastics industry, used e.g. in cables in tunnels, airports, high-rise
buildings and electronic devices, as well as 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 not just
the quality leadership, but also 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
24.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Nabaltec AG
Alustraße 50-52
92421 Schwandorf
Deutschland
Phone: +49 9431 53-0
Fax: +49 9431 53-260
E-mail: info @nabaltec.de
Internet: www.nabaltec.de
ISIN: DE000A0KPPR7
WKN: A0KPPR
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart; Entry
Standard in Frankfurt
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