Nabaltec_E_GB2016

T R O P E R T N E M E G A N A M D E T A D I L O S N O C FINANCIAL REPORT 35 2.3 OVERVIEW OF THE COURSE OF BUSINESS 2.3.1 RESULTS FROM OPERATIONS Nabaltec Group reported EUR 159.2 million in revenues in financial year 2016, for a strong 5.2% gain over the year before (2015: EUR 151.3 million). The key sales driver in the report- ing period was the fine hydroxide product segment, where sales were up 9.5% over the year before. Sales volume over all divisions was up 5.8%, while the export ratio increased to 73.3% from 72.3% in 2015. All four quarters contributed equally to the strong revenue growth. Revenues in the first quar- ter of 2016 were EUR 41.2 million, even higher than the very strong result posted in the same quarter of the year before. Second-quarter revenues were EUR 42.8 million, up from the year before as well as from the previous quarter. Revenues in the second half of the year were also up from 2015, with EUR 38.4 million in the third quarter and EUR 36.9 million in the fourth quarter. All four quarters equally contributed to the good sales development Incoming orders amounted to EUR 170.5 million over the year as a whole, up 10.0% from the year before. Nabaltec ended 2016 with orders on hand of EUR 37.1 million, compared to EUR 25.9 million in the previous year. This change can be ascribed in particular to slightly longer delivery times for fine hydroxides due to the temporary shift of production from the US to Schwandorf, while demand and capacity utilization remained strong. The business division “Functional Fillers” posted EUR 109.1 million in revenues in financial year 2016, up 6.6% from the year before, when revenues were EUR 102.3 million. This growth was driven primarily by an increase in volume, while the distribution among high value-added seg- ments remained stable. The effect of the temporary loss of fine hydroxide production in the US was cancelled out entirely in terms of sales volume and revenues. The relatively new boehmite product segment posted strong 68.8% revenue growth, although volume is still low in absolute terms. The US subsidiary Nashtec experienced disruptions in 2016 as a result of Sherwin Alumina LLC’s Chapter 11 bankruptcy procedure, with the temporary work stoppage and the shifting of production to Schwandorf. In 2017 Nabaltec AG is continuing to work on a stand-alone solution so that Nashtec will be able to resume operations (cf. supplemental report in the Consolidated Notes). Due primarily to an increase in sales volume, particularly in the reactive alumina product seg- ment, revenues in the business division “Technical Ceramics” reached EUR 50.1 million, up from EUR 49.1 million in the year before, for a gain of 2.0%. REVENUE BY BUSINESS DIVISION IN 2016 (IN EUR MILLION) Technical Ceramics Functional Fillers Total  2016  2015 50.1 49.1 109.1 102.3 159.2 151.3 Annual Report 2016 | Nabaltec AG ||||

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