Nabaltec_E_GB2016

10 INTERVIEW WITH THE MANAGEMENT BOARD What is the basis of your optimism for 2017? JOHANNES HECKMANN: Our optimism for the future, if you will, is based on our past experiences. We have identified the market drivers and are continuing to position our- selves strategically in order to exploit these factors in an optimal fashion. Demand for our highly specialized products is tenden- tially growing worldwide, especially for our flame retardants. As long as cables are laid in high-rise buildings and tunnels, the elec- tronics industry needs flame-retardant fillers and ceramic bodies are used in components for mechanical wear components, our target markets will continue to perform well in the future, maybe even better than before. DR. MICHAEL KLIMES: The principal ba- sis for our success has always been that we do our homework when it comes to opera- tions, and we will continue to do so. When- ever we can make improvements to benefit our cus tomers, we do so. Right now, for example, we are consolidating our research and development activities by concentrat- ing development, application engineering as well as plant and process development at the Schwandorf site. This will allow us to base our development activities even more closely than before on our custom- ers’ requirements and applications. We are also of course investing in extending our capacity – where it is appropriate – to be able to develop new products and pro- cesses to meet specific customer needs in accordance with our innovation strategy. For example, we have expanded our three testing facilities, for extrusion, ceramics and fillers, to produce small batches of 10 to100 kilograms. GÜNTHER SPITZER: We have always en- sured that our innovation strategy rests on a solid foundation and set up our financial structure accordingly. With an equity ratio of about 30%, we have a very good capital base and a strong basis for our operations. In addition, our debt financing has been aligned in the long term and our liquidity is |||| Nabaltec AG | Annual Report 2016 solid. We were able to increase our operat- ing cash flow by around 30% in 2016. And as in the year before, our shareholders can look forward to a dividend payout in the amount of EUR 1.2 million. So is there a specific forecast for 2017? JOHANNES HECKMANN: Yes, as we said earlier: we have laid the foundation for our planned stand-alone solution in the US. The flame-retardant markets have performed very well this year as well, and we’re also seeing a recovery in the refractory market, which came under a lot of pressure last year. In addition, we were able to get through the work stoppage at Nashtec in good condition and we expect stable performance in the US market as well. All of this makes us very op- timistic. In view of this situation and assum- ing economic performance remains stable, we expect revenue growth in the low single digits in the current financial year and an EBIT margin in the high single digits. You started working with a new manage- ment team in 2017. How was it decided to rely entirely on “homegrown talents,” with Dr. Klimes and Mr. Spitzer? JOHANNES HECKMANN: This question should basically be directed to the Super- visory Board, but the answer to your ques- tion is obvious. I have been familiar with Mr. Spitzer’s work ever since I joined the com- pany more than 20 years ago. And Dr. Klimes has also been with Nabaltec for more than two decades. In a way, situations like this are very rare these days: it is not very often that you find people with the commitment to stay at the same company for so long. But that is exactly what Nabaltec tries to encourage and what drives our success, in my view. The company has continued to develop strongly in the past, and my two new colleagues have experienced this development directly. They were a part of this process and they know the company from the ground up. To me, these two are the ideal choice for the succession of Mr. Witzany, who resigned

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