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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 44 REPORT ON OUTLOOK, OPPORTUNITIES AND RISKS IfW expects the German economy to grow by 1.7% in 2017. The forecast from Deutsche Bank AG is more cautious: in its research, the bank’s analysts call for 1.1% GDP growth in 2017. The British exit from the EU will hardly impact the German economy, according to IfW. The long-term economic impact of the US presidential election and the constitutional referendum in Italy is difficult to gauge at the moment. An increase in exports and an uptick in construc- tion investments, driven by the financing conditions, are expected to stimulate growth. How- ever, once the impact of oil prices in holding prices down begins to subside in the coming years, private households will feel the effect of rising prices for consumer goods, which should diminish purchasing power. GDP GROWTH FORECAST COMPARED TO PRIOR YEAR (IN %) World USA Euro zone Germany France Italy United Kingdom Japan China India 2017 2018 3.5 2.5 1.7 1.7 1.2 0.8 1.2 1.2 6.4 6.8 3.6 2.7 1.7 2.0 1.4 1.0 1.6 0.7 5.9 7.2 Source: IfW, “Weltkonjunktur im Winter 2016,” 14 December 2016 The chemicals industry association VCI (Verband der Chemischen Industrie e.V.) does not ex- pect strong growth in chemicals production in the coming year, with a growth rate of 0.5%. In particular, it expects political uncertainty and mounting economic risks in foreign markets to inhibit growth within the industry. With prices climbing slightly, by 1%, total revenues are expected to increase to EUR 185 billion, due above all to foreign business. Outlook in key target markets largely positive The outlook in key target markets is largely positive, in Nabaltec’s view, as regulatory require- ments continue to stimulate growth in eco-friendly flame retardants. The German construc- tion sector and the automotive industry remain stable. Positive conditions in the railway sector especially generated positive growth in the electrical industry, and this trend is expected to continue in 2017. The cable industry is benefiting from special conditions such as the expan- sion of power grids due to the connection of decentralized installations for the generation of renewable energy, such as wind and solar power. As a result, the cable industry will have higher demand in the future for high-quality non-halogenated flame retardant formulas, which are the domain of Nabaltec AG. Nabaltec intends to continue growing at a moderate pace in 2017 OUTLOOK ON THE COURSE OF BUSINESS Nabaltec intends to remain on a moderate growth course in 2017. The year 2017 is off to a good start. Revenue growth is to be achieved primarily through price increases in the “Functional Fillers” segment. The US subsidiary Nashtec LLC is not currently expected to contribute to production in the 2017 financial year due to the need to transition to a stand- alone solution. Orders on hand amounted to EUR 37.1 million as of 31 December 2016. |||| Nabaltec AG | Annual Report 2016

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