Cabka 2024 Half Year: Major improvement in operating margins, but
sales behind last year
PRESS RELEASE
Online investor presentation and Q&A
at 10.30 CET on 13 August 2024 via:
https://channel.royalcast.com/landingpage/cabka/20240813_1/
Amsterdam, Netherlands - 13 August
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, today
reports its non-audited 2024 Half Year results.
Highlights 2024 Half Year
- Sales of € 92.3 million 11% lower than prior
year (2023HY: €104.3 million), fully driven by softer demand and
lower prices in Q1, whilst Q2 sales remained stable versus last
year. In Europe, Portfolio sales grew at a record of 13%, whilst
Customised Solutions increased with 7% YoY. Continued soft market
demand in our Contract Manufacturing business, resulted in a
decline of €9.4 million (-53%) YoY.
In the US, our Portfolio business grew with 13.8% as a result of
our new sales strategy. However, our US Customised Solutions
business noted a significant decline of € 10.4 million, where key
customers deliberately restricted CAPEX spending.
- Gross profit from
operations at € 46.6 million (2023HY: € 48.51
million) representing a major improved margin of 4pp to 50.5% over
sales compared to last year (2023HY: 46.5%1).
- Net result
amounted to € -1.9 million, entirely driven by the lower sales
performance in Q1 (2023HY: € 0.8 million)
- Net Working
Capital in control at € 38.6 million or 20.0% of
sales.
- CAPEX of € 9.3
million (2023HY: €12.9 million), including maintenance &
replacement investments of € 4.6 million, 5% of sales.
- Raw material
intake amounted to 86%, which is substantially above the
average recycling rate for plastic packaging waste in the EU of
41%2, and above the overall plastic waste recycling rate
of only 14%3
- Alexander Masharov appointed CEO at
Extraordinary General Meeting of Shareholders on 1 August
2024.
Cabka CEO Alexander Masharov,
commented:
“Since my start at Cabka, I’ve seen a
company built on a strong foundation with a dedicated team of
people that has demonstrated resilience and innovation under
challenging market conditions. As 2024 commenced, we anticipated a
gradual start, with Q1 sales significantly impacted by the lower
demand in some of our end markets and intentional price reductions
we implemented in our customer pricing strategy.
Our Q2 sales is in line with our earlier
projections, with Quarter-on-Quarter sales showing a recovery of 9%
from the very slow first quarter. Despite our end markets being
impacted by persistent inflation and ongoing geopolitical issues,
we have seen our order intake progressively increase in most of our
strategic segments.
In Europe, our Portfolio business
demonstrated record growth of 12.8%, whilst our EU Customized
Solutions business remained resilient to market conditions,
resulting in 6.6% growth year-on-year. Weak market demand however
persisted in our Contract Manufacturing sales segment, with a €9.4
million decline compared to H1 2023.
In North America, our portfolio business
performed very well with a notable 13.8% increase as our concerted
efforts to win new customer deals started to bear fruits. However,
challenging market conditions continue to severely impact our
customized solutions segment with key customers not committing to
any further capex spend for the time being, resulting in a €10.4
million decline versus H1 2023.
Gross margin significantly improved compared
to prior year with 4pp, as we continue to focus on our internal
production capacities and strategic cost management across all our
segments. Our fixed cost base remained relatively stable, despite
inflationary pressure. The lower sales, however, led to a
deterioration of our operational EBITDA. Our focus within the
organisation will be on additional cost saving initiatives to
further enhance our operational efficiencies and boost our sales
organisation. Although the half year EBITDA margin of 11.3% is not
at our guidance level, we remain confident that our full year
margin will recover to the 13-15% range.
Looking ahead for the remainder of the year,
we expect customer demand in some of our end markets to remain
muted, whilst other segments will continue to grow. As we continue
to navigate these challenging market circumstances with agility and
resilience, we consider it prudent to adjust our outlook for the
year. Therefore, we lower our sales guidance to € 180-185 million,
reflecting the slow start of the year.
Together with the leadership team of Cabka,
I will revisit our business strategy. We will remain committed to
our mission of transforming hard to recycle plastic waste into
valuable and innovative RTP solutions. Sustainable growth and value
creation will form the foundation of our Strategy 2030, which we
intend to share in more detail during our planned Capital Markets
Day to be hosted on 25 November 2024 at our Cabka plant in Ieper,
Belgium.”
Condensed bridge from operational to
IFRS consolidated statement of profit and loss, 2024HY
unaudited 4
Condensed income statement bridge
operations to IFRS4 |
|
|
|
|
in € million
|
2024 HY
|
2023 HY
(restated)5
|
Change
|
|
|
|
|
Revenues |
92.3 |
104.3 |
-11% |
|
|
|
|
|
|
|
|
Other operating income items |
1.7 |
0.2 |
645% |
|
|
Total Operating Income |
94.0 |
104.5 |
-10% |
|
|
|
|
|
|
|
|
Expenses for materials, energy and purchased services |
(47.5) |
(56.0) |
-15% |
|
|
Gross Profit from operations |
46.6 |
48.5 |
-4% |
|
|
|
|
|
|
|
|
Operating expenses |
(36.2) |
(35.0) |
3% |
|
|
EBITDA from operations |
10.4 |
13.5 |
-23% |
|
|
|
|
|
|
|
|
Depreciation, amortization and impairment of intangible and
tangible fixed assets |
(9.7) |
(8.0) |
21% |
|
|
EBIT /Operating Income |
0.7 |
5.5 |
-87% |
|
|
|
|
|
|
|
|
Financial results |
(2.0) |
(1.5) |
40% |
|
|
Earnings before taxes |
(1.3) |
4.0 |
-133% |
|
|
|
|
|
|
|
|
Taxes |
(0.6) |
(1.0) |
-37% |
|
|
Net income from operations |
(1.9) |
3.0 |
-165% |
|
|
|
|
|
|
|
|
Non-operational and exceptional
items6 |
0.0 |
(2.2) |
|
|
|
|
|
|
|
|
|
Non-controlling interest |
- |
- |
|
|
|
|
|
|
|
|
|
Net result reported IFRS |
(1.9) |
0.8 |
n.m. |
|
Outlook
Based on the current challenging market conditions, we expect the
US customized solutions and contract manufacturing segments to
remain under pressure, whilst our other strategic segments continue
to perform well. In light of this, we expect sales to be in the
range of € 180-185 million, with a recovery in our EBITDA margin
towards 13-15%, reflecting an estimated EBITDA range of € 23-27
million.
Share price
On 30 June 2024 the Cabka shares closed at € 3.84.
Cabka share capital per
30 June 2024 |
30.06.2024 |
30.06.2023 |
ISIN |
|
Ordinary Shares issued |
24,710,600 |
24,380,213 |
CABKA /
NL00150000S7 |
| Ordinary
Shares in treasury |
15,994,378 |
15,989,978 |
DSC2S /
NL00150002R5 |
| |
|
|
|
| Total
Ordinary Shares |
40,704,978 |
40,370,191 |
|
| Special
Shares |
97,778 |
97,778 |
|
| |
|
|
|
|
Total shares |
40,802,756 |
40,467,969 |
|
Events after June 30, 2024
On 1 August 2024, an Extraordinary General Meeting of Shareholders
confirmed the appointment of Alexander Masharov as Chief Executive
Officer and a member of the Management Board, for a term ending
directly following the Annual General Meeting in 2028.
Proposed distribution
2023FY
The proposed distribution for Full Year 2023 of € 0.15 per share
will be paid on Friday 16 August 2024.
Financial Calendar 2024
|
|
Dividend* Payment Date |
|
|
Trading Update Q3 2024 |
|
|
Capital Markets Day |
|
|
Publication Preliminary Results 2024 |
* Reference to ‘dividend’ refers to proposed
distribution
For more information, please
contact:
Nadia Lubbe, Investor & Press contact
IR@cabka.com, or n.lubbe@cabka.com;
+49 152 243 254 79
www.investors.cabka.com
Commercial contact: info@cabka.com
www.cabka.com
About Cabka
Cabka is in the business of recycling plastics from post-consumer
and post-industrial waste into innovative reusable transport
packaging (RTP), like pallets- and large container solutions
enhancing logistics chain sustainability. ECO product are mainly
construction and road safety products produced exclusively out of
post-consumer waste.
Cabka is leading the industry in its integrated
approach closing the loop from waste, to recycling, to
manufacturing. Backed by its own innovation center it has the rare
industry knowledge, capability, and capacity of making maximum use
bringing recycled plastics back in the production loop at
attractive returns. Cabka is fully equipped to exploit the full
value chain from waste to end-products.
Cabka is listed at Euronext Amsterdam as of 1
March 2022 under the CABKA ticker with international securities
identification number NL00150000S7.
Disclaimer
All results in the press release are based on regular operations
excluding extraordinary items, unless mentioned otherwise. The
qualification extraordinary item is a management accounting term to
indicate this is not part of regular operations. The financial
statements in the appendix are based on IFRS and do not distinguish
between operational or extraordinary items. See appendix I. for
definitions of operational items by management.
The content of this press release may include
statements that are, or may be deemed to be, ‘’forward-looking
statements’’. These forward-looking statements may be identified by
the use of forward-looking terminology, including the terms
‘’believes’’, ‘’estimates’’, ‘’plans’’, ‘’projects’’,
‘’anticipates’’, ‘’expects’’, ‘’intends’’, ‘’may’’, ‘’will’’ or
‘’should’’ or, in each case, their negative or other variations or
comparable terminology, or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking
statements may and often do differ materially from actual results.
Any forward-looking statements reflect the Company’s current view
with respect to future events and are subject to risks relating to
future events and other risks, uncertainties and assumptions
relating to the Company’s business, results of operations,
financial position, liquidity, prospects, growth, or
strategies.
Readers are cautioned that any forward-looking
statements are not guarantees of future performance. Given
these uncertainties, the reader is advised not to place any undue
reliance on such forward-looking statements. These forward-looking
statements speak only as of the date of publication of this press
release. The Company undertakes no obligation to publicly update or
revise the information in this press release, including any
forward-looking statements, except as may be required by law.
This document contains information that
qualifies as inside information within the meaning of Article 7(1)
of Regulation (EU) No 596/2014 on market abuse.
1 The presentation of the prior year income statement
of has been adjusted to reflect the new classification of
transportation cost and FX gains and losses. For further
information refer to our Half Year Report 2024.
2 Packaging waste by wate management company statisics
published by eurostat data covering up to 2021.
3 Systemiq April 2022 report Reshaping plastics. Pathway
to a circular climate neutral plastics system in Europe
4 The condensed income statement provides operational
and non-operational result items for insight on underlying
operational performance. The statements in the attached Half Year
Report 2024 provide integral IFRS statements without this
distinction.
5 The presentation of the prior year income statement of
has been adjusted to reflect the new classification of
transportation cost and FX gains and losses. For further
information refer to our Half Year Report 2024.
6 For more information on the non-operational and
exceptional items during the half year, please refer to our Half
Year Report 2024
- 20240813_Cabka 2024HY results PR v5
- 2024HY Report vdef
Cabka NV (EU:CABKA)
過去 株価チャート
から 11 2024 まで 12 2024
Cabka NV (EU:CABKA)
過去 株価チャート
から 12 2023 まで 12 2024
