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Nabaltec Sets a New Revenue Record in the First Half of 2016
Revenues in the first quarter were up 6,2 % from the year before, and the growth rate improved to 9,7 % in the second quarter, when revenues amounted to EUR 42,8 million. Consolidated EBIT in the first half of 2016 amounted to EUR 8,5 million, compared to EUR 9,0 million in the same period of last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 13,8 million in the first half of 2016, down 1,4 % from the same period of last year, when a figure of EUR 14,0 million was posted. This slight decrease in earnings was attributable to relatively weak earnings in the first quarter of 2016. With after-tax earnings of EUR 4,3 million, on par with the year before, earnings per share in the first quarter of 2016 came to EUR 0,53.
Revenues in the business division Functional Fillers amounted to EUR 30,3 million in the second quarter of 2016, up 13,1 % from the second quarter of 2015, when the division‘s revenues came to EUR 26,8 million. The stable growth in demand for functional fillers continues to be built upon the strong positive trend in the fine precipitated hydroxides product segment (eco-friendly flame retardant fillers, e.g. for the cable and wire industry). Strong drivers e.g. in the construction industry and other markets, particularly in international regions, are generating strong demand in the cable and wire industry. Revenues in the business division Technical Ceramics amounted to EUR 12,5 million in the second quarter, compared to EUR 12,2 million in the same period of last year. In general, the revenue growth in this business division came at the expense of profit margin to some extent, as the growth in sales of standard oxides was higher than for higher-margin specialty oxides.
Cash flow from operating activities decreased from EUR 20,7 million in the same period of last year to EUR 16,8 million in the first half of 2016. This decrease was attributable to a smaller decrease in inventories as well as to an increase in income tax payments relative to the same period of last year. Cash flow from financing activities amounted to EUR –7,1 million, compared to EUR 13,9 million in the same period of last year. Following a comprehensive restructuring of key items on the debt side in the year 2015, amortization payments were in line with estimates in the first half of 2016.
According to Gerhard Witzany, Member of the Board of Nabaltec AG: „Our market drivers are fully intact and our strategic positioning has proven to be robust, particularly in times of uncertainty as a result of the situation with regard to our subsidiary Nashtec in the USA. Although Nashtec will temporarily halt production commencing from September, as announced, we are working to ensure that it will be able to resume operations in the future based on a stand-alone solution. In the meantime, our customers will be supplied by Nabaltec from Schwandorf/DE using the recently added capacity, so that we will be able to prevent any interruptions in supply in that regard.“
Nabaltec AG will continue to refrain from issuing a quantitative revenue and earnings forecast for 2016 due to the fact that Chapter 11 bankruptcy proceedings are currently pending for the key supplier in the USA. At present, the company is not expecting significant revenue losses.