DGAP-News

Nabaltec AG back on track, reporting growth in the fourth quarter of 2020

DGAP-News: Nabaltec AG / Key word(s): Preliminary Results Nabaltec AG back on track, reporting growth in the fourth quarter of 2020 25.02.2021 / 10:00 The issuer is solely responsible for the content of this announcement. Nabaltec AG back on track, reporting growth in the fourth quarter of 2020

• 2020 revenues: EUR 159.6 million according to preliminary data (2019: EUR 179.0 million)
• Revenues up 7.7% in the fourth quarter of 2020, to EUR 40.7 million (fourth quarter of 2019: EUR 37.8 million)
• Preliminary EBIT at EUR -15.9 million due to non-recurring effects (2019: EUR 18.6 million); adjusted EBIT: EUR 9.4 million
• Outlook for 2021: revenue growth in a range from 6% to 9%, EBIT margin in a range from 8% to 10%

Schwandorf, 25 February 2021 - Nabaltec AG was able to resume its long-term growth trend in the fourth quarter, with revenues up 7.7% to EUR 40.7 million according to preliminary data. Results in the first three quarters of 2020 were heavily affected by the coronavirus pandemic, and revenues were down in each of those quarters. As a result, 2020 consolidated revenues were down 10.8% from the year before, to EUR 159.6 million. According to preliminary data, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 23.6 million in 2020, compared to EUR 32.3 million in the previous year (down 26.9%). Nabaltec AG reported preliminary EBIT of EUR -15.9 million in its 2020 financial statements, down from EUR 18.6 million the year before. This figure includes a EUR 23.7 million write-down on the book value of property, plant and equipment for Nashtec in the US, as well as other non-recurring effects amounting to EUR 1.6 million. The non-recurring effects had no impact on the company's liquidity.

"2020 was an extraordinary year in every respect. The pandemic brought an enormous slump in sales in the first half of the year and we had to act quickly to cut costs, which we largely succeeded in doing very effectively," reported Johannes Heckmann, Nabaltec AG's CEO. "For our subsidiary Nashtec in the US, the lower utilization and expectations of a slower recovery led to an impairment, resulting in extraordinary write-downs on the book value of property, plant and equipment. There were also non-recurring effects in 2020 due to our strategic decision to discontinue mullite production in the 'Specialty Alumina' product segment at the Schwandorf site. Adjusting for these non-recurring effects, we were able to post EBIT of EUR 9.4 million according to preliminary data, with an adjusted EBIT margin (EBIT as a percentage of total performance) of 6.0%. In light of the pandemic, we are highly satisfied with this result."