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Nabaltec AG confirms 2016 preliminary data and posts record-high revenues in the first quarter of 2017
2016 revenues of EUR 159.2 million and EBIT of EUR 12.2 million confirmed
Management and Supervisory Boards propose a dividend of EUR 0.15 for 2016
Nabaltec remains on track for growth: good start to 2017 with preliminary EBIT of EUR 4.0 million in the first quarter (2016: EUR 3.5 million) and revenues of EUR 43.6 million (2016: EUR 41.2 million)
Implementation of a stand-alone solution for the US subsidiary Nashtec started in the first quarter of 2017
Nabaltec AG published its consolidated financial statements today and confirmed its preliminary data. According to this data, revenues were up once again last year, growing by 5.2% over the year before, to EUR 159.2 million (previous year: EUR 151.3 million). Despite the extraordinary situation in the US with the insolvency of its raw materials supplier and the associated production freeze at its US subsidiary Nashtec LLC, as well as increased transfers to pension reserves, the company was able to post entirely satisfactory operating profit with an EBIT of EUR 12.2 million, compared to EUR 14.5 million the year before. Results in all four quarters contributed to the strong revenue performance, as revenues in each quarter were up from the year before.
"Despite the challenges which confronted us throughout the year at Nashtec, we were once again able to report growth in consolidated revenues in 2016, as well as solid earnings," said Nabaltec AG’s CEO, Johannes Heckmann. "Our data in the first quarter of 2017 demonstrate that our strategy worked not only in the short term, but that it will have a lasting impact as well by continuing our growth with great emphasis. The Management and Supervisory Boards once again intend to propose a dividend of EUR 0.15 per share to our shareholders at the 2017 Annual Meeting."
According to preliminary data, Nabaltec's revenues in the first quarter of 2017 were EUR 43.6 million, up 18.2% from last quarter and up 5.8% from the same quarter of last year, for a new record high. Revenues in the "Functional Fillers" product segment were EUR 29.0 million, up from EUR 28.1 million the year before (up 3.2%), and revenues in the "Technical Ceramics" product segment were up 11.5%, to EUR 14.6 million (previous year: EUR 13.1 million). Operating profit (EBIT) in the reporting period was EUR 4.0 million according to preliminary data, for an EBIT margin (EBIT as a percentage of total performance) of 9.3%. EBITDA came to EUR 6.8 million in the first quarter of 2017 according to preliminary data.
A key milestone for the implementation of a stand-alone solution was reached in March 2017 with the signing of agreements for the acquisition of all shares in Nashtec LLC. The resumption of deliveries by Nashtec to US customers is planned for the start of 2018. Under the circumstances, Nabaltec refrained from issuing a revenue and earnings forecast for 2016. In light of the implementation of a stand-alone solution through the end of 2017, and assuming continued stability in economic and sector performance, Nabaltec expects revenue growth in the low single digits in 2017 and an EBIT margin in the high single digits.
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