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Nanogate generates sales increase - Operating result improves disproportionately - Order base increased - Seite 2
and generated an increase in sales. The gross profit margin and operating
result (EBITDA) both improved. New orders and the start of mass production
for a number of projects awarded in 2013 contributed to this success. The
two strategic growth areas, advanced metals and advanced polymers,
performed especially well. The positive developments include the first
international order for energy-efficient coatings used in heat exchangers
for heating systems. And in view of the great demand, the capacity for
glazing components at the newly opened centre of excellence for innovative
plastics with glass-like properties will be more than doubled by the start
of next year.
Overall, the company increased Group sales by 12.4 % to EUR 27.2 million
(previous year: EUR 24.2 million), even though some high-margin projects
had already been implemented in 2013, leading to pull-forward effects. The
Group's overall performance increased to EUR 29.2 million (previous year:
EUR 26.4 million). The gross profit margin (as a proportion of overall
performance) rose to 67.8 % (previous year: 66.5 %). This increase is the
result of an improved product and order mix. Compared with the increase in
sales, the operating result (EBITDA) improved disproportionately despite
the outlay for the course of growth. As such, consolidated EBITDA rose by
16.6 % to EUR 3.5 million (previous year: EUR 3.0 million), in doing so
raising the EBITDA margin. The operating result (EBITDA) and EBITDA margin
would have been significantly higher had it not been for the costs incurred
for the growth strategy and the non-recurring transaction costs for the
Vogler acquisition recorded partly in the first half of the year and which
were in the high six-figure euro range. Consolidated EBIT increased to EUR
1.2 million (previous year: EUR 1.1 million). Consolidated net income
amounted to EUR 0.4 million (previous year: EUR 0.5 million), remaining
virtually unchanged despite investments and the non-recurring transaction
costs.
The Group's financial position is affected by the current investment
programme, which has the aim of achieving the sales target of EUR 100
million in the medium term. Cash and cash equivalents came to EUR 15.7
million at the reporting date (31 December 2013: EUR 17.3 million). Cash
flow from operating activities after income taxes amounted to EUR 0.3
million in the first half of the year (previous year: EUR -0.2 million) and
reflects the ongoing growth strategy with the opening up of new
international markets. The consolidated balance sheet total increased to
EUR 85.1 million in the first half-year (31 December 2013: EUR 83.7
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