Nabaltec_E_GB2016

INTERVIEW WITH THE MANAGEMENT BOARD 09 “THE SHARE PERFORMANCE WAS QUITE POSITIVE UNDER THE CIRCUMSTANCES.” DR. MICHAEL KLIMES: Not least due to the growing significance of the American market, the stand-alone solution we’re pur- suing also makes sense based on economic and strategic considerations. Supplying the American market from Germany on a perma- nent basis is not an alternative for us in view of the increasing risks and the need to culti- vate close customer relationships. Why did you not issue any quantitative forecasts in 2016 with regard to your goals. Did this cost you the confidence of the cap- ital market? GÜNTHER SPITZER: A serious forecast simply was not possible under the circum- stances. After all, at the turn of the year, we did not know the extent to which our plans for a stand-alone solution could be implemented. Of course, we had a specific goal in mind, but at the same time, so many interests are involved in the process that ne- gotiations may drag on for a long time. We did not want to make a forecast just for the sake of making a forecast: our partners and investors expect something concrete. JOHANNES HECKMANN: Our investors and analysts showed a lot of understand- ing for our course of action in this case. We received very positive feedback consist- ently because we did not allow ourselves to be pressured into issuing questionable forecasts while the outcome was entirely uncertain. I think that it is these very real- istic assessments of our day-to-day opera- tions which demonstrate our credibility and which are the reason we enjoy a great deal of confidence among investors. Nevertheless, the reaction in the stock mar- ket was a flat share price in 2016? GÜNTHER SPITZER: The share perfor- mance was quite positive under the circum- stances. The stability of this performance is particularly evident from the fact that, when matters came to a head in August with the temporary plant closure and the complete work stoppage at Nashtec, no negative price effects could be observed. In this re- spect our policy of maintaining a “steady hand” through open and highly transparent capital market communications paid off, and we will accordingly continue to operate in this way in the future. JOHANNES HECKMANN: Communications were certainly a determining factor in that case in preventing major negative break- outs in our share price. In the end, it be- came clear that key investors were staying on board. I can only agree with what my col- league said: now, we have to deliver. Given a sustained positive development in 2017 and based on our stand-alone solution in the US which is already being implemented, we see corresponding potential and believe that we are well-positioned for the future. Annual Report 2016 | Nabaltec AG ||||

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