Cabka 2023 preliminary update

Amsterdam, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Amsterdam February 1, 2024. Cabka N.V. (together with its subsidiaries “Cabka”, or the “Company”), a company specialized in transforming hard to recycle plastic waste into innovative Reusable Transport Packaging (RTP), listed at Euronext Amsterdam, announced its 2023 preliminary update today.

The last quarter of 2023 showed a significant 35% Quarter-on-Quarter recovery in sales to €53 million (Q3 2023: €40 million). Total sales for the full year of 2023 amounted to €197 million, 6% lower compared to the record sales achieved in 2022 of €209 million. Total 2023 sales ended €3 million below outlook, fully attributable to an agreed delayed new customer project launch. Consequently, this caused a 0.8% negative impact on the operational EBITDA margin for full year 2023.  

The company expects to reach an operational EBITDA of € 24.2m for full year 2023, and improvement of the operational EBITDA margin by 1.5pp to 12.3% in 2023, compared to 10.8% in 2022.  

The key strategic segment of Customized Solutions continued to perform well, showing a strong 20% growth in 2023. The positive momentum in the fourth quarter further accelerated with new products launched in close partnership with CHEP, Continental, and BMW. Cabka’s Eco business grew 7% following the completion of its capacity expansion earlier in the year.  

Sales in 2023 are to be considered in the context of challenging general market circumstances, with increasing interest rates leading to significant destocking and restricted capital investments from customers in most of Cabka’s end markets. This resulted in overall lower market demand and pricing pressure across the industry.  

Lower total sales were driven by the divestment of the PVC business, and declining sales in the non-strategic contract manufacturing segment. The continued focus on product innovations enabled Cabka to mitigate market headwinds, resulting in stable sales across strategic segments.  

Cabka will publish its full preliminary results 2023 on March 20, 2024.
 

Financial Reporting Calendar 2024

• March 20      Preliminary Results 2023
• April 18        Publication Annual Report 2023 and Trading Update 2024Q1
• May 30         Annual General Meeting of Shareholders
• August 13     Half-Year Results and Half-Year Report 2024
• October 21    Trading Update 2024Q3