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Nabaltec AG: Preliminary figures for the third quarter of 2020 show improved EBIT with moderate revenue growth compared to the previous quarter - extraordinary depreciation at US subsidiary Nashtec will burden annual result for 2020

·5-min read

DGAP-News: Nabaltec AG / Key word(s): Preliminary Results/9 Month figures
27.10.2020 / 15:32
The issuer is solely responsible for the content of this announcement.

Nabaltec AG: Preliminary figures for the third quarter of 2020 show improved EBIT with moderate revenue growth compared to the previous quarter - extraordinary depreciation at US subsidiary Nashtec will burden annual result for 2020

Schwandorf, 27 October 2020 - According to preliminary figures, Nabaltec AG expects positive consolidated earnings before interest and taxes (EBIT) in the third quarter of 2020. Revenues amount to EUR 37.1 million, compared to EUR 36.4 million in the previous quarter and EUR 43.9 million in the same period of the previous year. Consolidated operating profit (EBIT) for the third quarter 2020 amounts to EUR 2.9 million compared to EUR -0.4 million in the previous quarter and EUR 4.8 million in the corresponding period of the prior year according to preliminary figures.

The development of revenue and earnings continues to be impacted by the effects of the Covid-19 pandemic. Preliminary revenues in the "Functional Fillers" product segment in the third quarter of 2020 at EUR 27.3 million show a slight recovery compared to the second quarter of 2020. According to preliminary figures, revenues in the "Specialty Alumina" product segment continued to decline compared to the previous quarter with EUR 9.8 million in the reporting quarter. Strict cost and cash management is stabilizing the overall situation and, in addition to a positive operating result, will ensure a positive cash development in the third quarter of 2020.

According to preliminary figures, total revenues over the first nine months of 2020 will amount to EUR 118.9 million (previous year: EUR 141.3 million) and consolidated operating profit (EBIT) will come to EUR 5.0 million (previous year: EUR 17.3 million). Free cash flow is expected to amount to EUR 11.7 million (prior year period: EUR 8.4 million).

Nabaltec continues to expect short-term incoming orders and a correspondingly reduced order backlog. With regard to the revenue development in the fourth quarter of 2020, a decline is expected compared to the third quarter of 2020 due to the regularly weak December business.

As announced today in an ad hoc release, the fact that Nabaltec AG will probably have to recognize an extraordinary depreciation in the amount of EUR 21 to 25 million on the book value of fixed assets at Nashtec in the USA in the course of preparing the consolidated financial statements for financial year 2020, will have a significant negative impact on earnings for the full year 2020. The background is the reduction of capacity utilization to below 50% at Nashtec triggered by COVID-19 and the expected slower recovery of sales volumes in the North American market in the years to come.

The exact amount of the extraordinary depreciation will be determined during the preparation of the annual financial statements. In addition to the reduction of fixed assets in the consolidated balance sheet, the measure also reduces the Group's EBIT and consolidated net income for the year. The extraordinary depreciation has no effect on cash flow.

The exact amount of the extraordinary depreciation will be determined during the preparation of the annual financial statements. In addition to the reduction of fixed assets in the consolidated balance sheet, the measure also reduces the Group's EBIT and consolidated net income for the year. The extraordinary depreciation has no effect on cash flow.

Note: Nabaltec AG's quarterly report for the third quarter of 2020 will be available for download as planned from the Investor Relations section of www.nabaltec.de as of 26 November 2020.


About Nabaltec AG:
Nabaltec AG, with registered office in Schwandorf, a chemicals business which has received multiple awards for innovativeness, manufactures, develops and distributes highly specialized products based on aluminum hydroxide and aluminum oxide on an industrial scale through its two product segments, "Functional Fillers" and "Specialty Alumina." The company's product range includes eco-friendly flame retardant fillers and functional additives for the plastics industry. Flame retardant fillers are used e.g. in cables in tunnels, airports, high-rise buildings and electronic devices, while additives have applications in catalysis and in electric vehicles. Nabaltec also produces specialty oxides for use in technical ceramics, the refractory and polishing industries. Nabaltec maintains production sites in Germany and the US and plans to continue to develop its market position by expanding capacity, further optimizing processes and quality and making strategic extensions to its product range. On the strength of its specialty products, the company strives to attain the market leadership in each segment.

Contact:


27.10.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Kerstin Schuierer

Frank Ostermair/Vera Müller

Nabaltec AG

Better Orange IR & HV AG

Phone: +49 9431 53-204

Phone: +49 89 8896906-14

Fax: +49 9431 53-203

Fax: +49 89 8896906-66

E-mail: vorstandsbuero@nabaltec.de

E-mail: nabaltec@better-orange.de

Kerstin Schuierer

Frank Ostermair/Vera Müller

Nabaltec AG

Better Orange IR & HV AG

Phone: +49 9431 53-204

Phone: +49 89 8896906-14

Fax: +49 9431 53-203

Fax: +49 89 8896906-66

E-mail: vorstandsbuero@nabaltec.de

E-mail: nabaltec@better-orange.de

Language:

English

Company:

Nabaltec AG

Alustraße 50-52

92421 Schwandorf

Germany

Phone:

+49 9431 53-0

Fax:

+49 9431 53-260

E-mail:

info@nabaltec.de

Internet:

www.nabaltec.de

ISIN:

DE000A0KPPR7, DE000A1EWL99

WKN:

A0KPPR, A1EWL9

Indices:

Scale 30

Listed:

Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1143370


 

End of News

DGAP News Service

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