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Our know-how for your safety
Nabaltec: a leading supplier of eco-friendly
flame retardant fillers and specialty alumina
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The company in brief
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REVENUES 9M/2021
EUR 140.6 MILLION
SECTOR
CHEMICAL
INDUSTRY
EBIT 9M/2021*
EUR 17.0 MILLION
EMPLOYEES 9M/2021
478
EXPORT
RATIO 9M/2021
74.7%
PRODUCTION
SITES
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ABOUT 800 CUSTOMERS
ABOUT 50 REPRESENTATIVE
OFFICES
ANNUAL CAPACITY APPROX.
265,000 t
IN BUSINESS SINCE 1937
* thereof non-recurring effect in the amount of EUR -1.3 million
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Nabaltec Group
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Nashtec LLC
Corpus Christi, TX, USA
Naprotec LLC
Chattanooga, TN, USA
Asia Pacific
Nabaltec Asia Pacific K.K.
Tokio, JAPAN
Nabaltec AG
Schwandorf, GERMANY
Head Office
Shanghai
Nabaltec (Shanghai) Trading Co., Ltd.
Shanghai, CHINA
USA
Nabaltec USA Corporation
Corpus Christi, TX, USA
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Product segments
Product segments
Product range
Properties
Capacities*
Raw materials
Functional Fillers
9M/2021 revenues: EUR 97.7 million
Specialty Alumina
9M/2021 revenues: EUR 42.9 million
Aluminum hydroxide Aluminum oxide
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Aluminum hydroxides Boehmites Aluminum oxides Ceramic bodies
Europe: 123,000 t Aluminum hydroxides
10,000 t Boehmites
USA: 60,000 t Aluminum hydroxides
Europe: 72,000 t Specialty alumina
Eco-friendly, smoke-reducing,
flame retardant, non-abrasive
Resistant to wear and tear, electrically
insulating, resistant to corrosion,
resistant to temperature changes
* capacity based on product mix
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Market segments 9M/2021
Application examples
• Adhesives
• Ballistic ceramics
• Catalysts
• Ceramic filters
• Data cables
• Furnace linings
• High-voltage insulators
• Ignition plugs
• Polishing materials
• Power cables
• Printed circuit boards
• Seals
• Separator films
• Thermal insulations
• Tires
Refractory: 14%Polishing: 2%
Technical Ceramics: 11%
Adsorbents & Catalysts: 1%
Others: 9%
Wire & Cable: 34% Resins & Dispersions: 12%
Battery: 12% Rubber & Elastomers: 5%
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Functional Fillers
Oligopolistic competitive environment*
Market drivers: aluminum hydroxide**
Increasing fire safety requirements in connection with reduced smoke
development (e.g. the CPR in EU)
Trend towards eco-friendly products (e.g. RoHS & WEEE, circular economy)
Global growth in plastics (construction, automotive, as well as electronics and
electrical)
Market volume: aluminum
hydroxides for flame retardantsin thousand tons
Huber
Engineered
Materials
Eti AlüminyumINOTAL
KC
Corporation
* excluding China; ** CPR – Construction Products Regulation, RoHS – Restriction of Hazardous Substances, WEEE – Waste from Electrical and Electronic Equipment
9711,051
1,1461,246
2019 2021 2023 2025
CAGR 4.2% through 2025 based on ATH
(Frost & Sullivan, 2019)
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Functional Fillers – boehmite, an innovative product for e-mobility
Worldwide battery demand electro mobility
Ceramic-coated separators
Reduce the risk of short circuits
Enable higher energy density
Show dynamically growing demand in Europe and USA
Nabaltec boehmite revenues
2016 to 2020in EUR million
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Coating material for separator film in lithium ion batteries
2.74.6
7.0
10.8
16.0
2016 2017 2018 2019 2020
71
11
126
48
14
21
1743
16
20
21
2019: 219 GWh 2025: 1,464 GWh 2030: 3,612 GWh
Battery demand by region in %
* Source: Global Battery Alliance, World Economic Forum „Powering up sustainable energy“, McKinsey Quarterly, June 20201 thereof electro mobility 171 GWh
Battery demand in GWh*
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Specialty Alumina
Oligopolistic competitive environment**Outlook Nabaltec target market
for specialty alumina*in thousand tons
Huber
Engineered
Materials
SilkemALTEO
Almatis
Market drivers: specialty alumina
CAGR 2.6% through 2025 (Roskill, 2019)
2,3792,502
2,6302,767
2019 2021 2023 2025
Growing demand for technical ceramics in transportation and mechanical
engineering
Growing demand for high-quality specialty alumina for efficient and sustainable
steel production in Eastern Europe, Russia, India and China
8* demand for calcined direct use refractories, ceramics, polishing and catalysts; ** in reference to Europe
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Market entry barriers & USPs
Consistent
quality &
reliable
delivery
Focus on core
competencies
High
innovation
level
Global
presence
Capital-intensive
Technical
know-how
Oligopolistic
competitive
environment
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Cost-effective
energy supply
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Development of revenues from 2010 to 2020
CAGR 2010 to 2020 = 3.5%
in EUR million
112.7
129.0 129.2 132.9143.3
151.3159.2
168.6176.7 179.0
159.6
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Nabaltec revenue shares 2020With its own sales companies and a network of international agencies, Nabaltec maintains a global presence.
24.9%GERMANY
49.9%EUROPE (WITHOUT GERMANY)
15.4%REST OF THE WORLD
9.8%USA
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Development of EBIT from 2010 to 2020
EBIT in
EUR million
EBIT
margin in %
6.5
12.3
10.0 10.512.7
14.5
12.2
18.3 18.5 18.6
-15.9*
5.8
9.37.7 7.8
8.9 9.57.7
10.8 10.4
10.2
-10.2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
12* thereof non-recurring effects in the amount of EUR -25.3 million
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Development of Cashflow from 2010 to 2020
15.413.6
21.5
12.9
20.9 20.1
26.1 25.9
16.1
22.324.3
-7.5
-15.5
-10.6
-2.6
-10.0-13.1
-17.0
-23.9
-27.1
-20.0
-10.3
7.9
-1.9
10.9 10.3 10.9
7.09.1
2.0
-11.0
2.3
14.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating
cash flow
Free
cash flow
Cash flow
investment
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in EUR million
More than EUR 158 million invested since 2010.
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6.5
12.3
10.0 10.512.7
14.5
12.2
18.3 18.5 18.6
-15.9*
5.1
9.37.6 8.0
9.6 10.48.5
12.310.6
9.9
-10.2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
EBIT in
EUR million
Development of ROCE from 2010 to 2020
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ROCE in %
ROCE in % = EBIT / (Fixed Assets + Working Capital) x 100
* thereof non-recurring effects in the amount of EUR -25.3 million
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in EUR million Q3/2021 Q3/2020 change 9M/2021 9M/2020 change
Revenues 46.7 37.1 25.9% 140.6 118.9 18.3%
Functional Fillers 32.1 27.3 17.6% 97.7 85.1 14.8%
Specialty Alumina 14.5 9.8 48.0% 42.9 33.8 26.9%
EBITDA 9.7 6.6 47.0% 26.5 16.4 61.6%
EBIT* 6.5 2.9 124.1% 17.0 5.0 240.0%
Consolidated result after taxes 4.3 1.4 207.1% 11.0 1.5 633.3%
Earnings per share (EUR) 0.49 0.15 226.7% 1.25 0.17 635.3%
Key figures Nabaltec Group (IFRS)
15* thereof non-recurring effects: Q1/2021 in the amount of EUR -1.3 million; Q2/2020 in the amount of EUR -2.1 million
Business development gained further momentum in the course of the year. The good development was underlined in the third
quarter.
Thanks to the continuing strong market environment, the ”Specialty Alumina" product segment in particular contributed to the good
performance. As in the previous quarter, the refractories market proved very robust due to high demand from the steel sector.
Product range boehmite continues to show unchanged positive sales development: revenues in the first nine months
at EUR 17.3 million (57.3% above the previous year).
EBIT margin (EBIT as a percentage of total performance) reached 12.3% in the first nine months.
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in EUR million 09/30/2021 12/31/2020 change
Total assets 217.9 198.6 9.7%
Non-current assets 124.0 128.1 -3.2%
thereof property, plant and equipment 120.4 123.9 -2.8%
Current assets 94.0 70.5 33.3%
thereof cash and cash equivalents 49.2 26.4 86.4%
Equity 89.4 76.8 16.4%
Non-current liabilities 46.2 104.8 -55.9%
Current liabilities 82.3 16.9 387.0%
Equity ratio of 41.0% (31 December 2020: 38.7%).
The reason for the change in the debt structure is the scheduled reclassification from non-current to current liabilities to banks.
Net debt of EUR 10.5 million (31 December 2020: EUR 33.1 million).
Extracts from the Balance Sheet
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The deliberate reluctance to invest is temporary.
Free cash flow underlines the company’s good liquidity position.
Cash flow from financing activities in the same period from the previous year amounted to EUR -13.5 million due to the planned
redemption of a loan against borrower’s note.
Cash and cash equivalents amounted to EUR 49.2 million on 30 September 2021.
in EUR million 9M/2021 9M/2020 change
Cash flow from operating activities 27.6 20.1 37.3%
Cash flow from investing activities -4.5 -8.4 -46.4%
Free cash flow 23.1 11.7 97.4%
Cash flow from financing activities -0.7 -13.5 –
Cashflow and investments
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Outlook 2021 – raised on 28 October 2021
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Nabaltec now expects revenue growth in a range of 13% to 15% (previously: 11% to 14%) for the year 2021. Nabaltec expects an
EBIT margin in the range of 11% to 12% (previously: 10% to 12%). The forecast is based on the assumption that the economy and
the industries relevant to Nabaltec will develop positively.
Furthermore, the other statements made in the forecast report remain their validity.
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Share
ISIN: DE000A0KPPR7
2020 trading volume:
average of 3,797 shares
per day
(2019: 4,454 shares)*
Baader Bank:
Buy, price target
EUR 38.00 (10/2021)
Hauck & Aufhäuser:
Buy, price target
EUR 43.00 (10/2021)
Shareholder structure:
28.20% Heckmann family
27.17% Witzany family
44.63% Free float
19* All data XETRA; N = News, A = Ad-hoc
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Notes to the 2020 financial year (coronavirus pandemic and non-recurring effects)
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The tightening of political measures worldwide to contain the corona pandemic and the associated uncertainties with unforeseeable
economic effects are also having a negative impact on Nabaltec's business.
The placing of orders by customers is very short-term and volatile, reflecting the current uncertainty in the market.
Effects of the COVID-19 pandemic have weighed on the year 2020.
Development Nashtec - reduced capacity utilization due to the pandemic:
As announced in an ad-hoc release on 27 October 2020, Nabaltec will carry out an extraordinary depreciation on the book value fixed assets
at Nashtec, USA, in the consolidated financial statements for Financial Year 2020. Earnings are weighed down by EUR 23.7 million.
Opposed to this transaction are exchange rate gains from consolidation in other operating income amounting to EUR 1.1 million. The
background is the reduction of capacity utilization to below 50% at Nashtec LLC triggered by COVID-19 and the expected slower recovery of
sales volumes in the North American market in the years to come. In addition, there were value adjustments to inventories and non-recurring
expenses of EUR 2.7 million due to the discontinuation of the Mullit product range. In total, the non-recurring effects had a negative impact
on earnings of EUR 25.3 million.
The non-current effects have no impact on liquidity.
Cost-cutting measures were introduced, including a 12% reduction in working hours and corresponding compensation for all
employees and the Management Board, effective from April 2020 to October 2020. From November 2020 a 6.7% reduction in working
hours and compensation was agreed with the collective bargaining parties. In addition, all performance-related bonuses have been
eliminated for the 2020 Financial Year. In total, the savings in personnel costs in 2020 compared with the previous year amounted to
EUR 3.6 million.
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Corporate calendar
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Annual Report 2021
Interim Report 1/2022
Annual General Meeting
Interim Report 2/2022
Interim Report 3/2022
28 April 2022
31 May 2022
29 June 2022
25 August 2022
24 November 2022
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Nabaltec products make many
aspects of everyday life safer,
as well as being eco-friendly and
thereby an irreplaceable part of
your daily routine.
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Contact
Johannes Heckmann (CEO)
Günther Spitzer (CFO)
Nabaltec AG
Alustraße 50 - 52
92421 Schwandorf
Germany
Phone: +49 9431 53-202
Fax: +49 9431 53-260
E-Mail: [email protected]
Rounding
Due to computational reasons, rounding differences may appear in the percentages and figures in the tables, graphics and text.
Statements relating to the future
The Information contained herein is not for publication or distribution in the United States. The material set forth herein is for informational purposes only and is not intended, and should not be construed, as an offer of securities
for sale into the United States. The securities of Nabaltec AG described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any State, and may
not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable State laws. No money, securities or other
consideration is being solicited and, if sent in response to the Information contained herein, will not be accepted.
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