NANOGATE AG / Key word(s): Half Year Results
24.09.2014 07:29
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
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announcement.
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Nanogate generates sales increase - Operating result improves
disproportionately - Order base increased
Sales in the first half-year rise 12.4 % to EUR 27.2 million, EBITDA
increases disproportionately by 16.6 % to EUR 3.5 million - Outlook for
2014: Sales expected to significantly exceed EUR 60 million; rise in EBITDA
to around EUR 7 million expected - Integration of new equity holding Vogler
GmbH - Technology and sales offensive started for metal applications
Göttelborn, Germany, 24 September 2014. Nanogate AG (ISIN DE000A0JKHC9), a
leading international integrated systems provider for high-performance
surfaces, achieved a greater increase in its operating result (EBITDA) in
the first half of 2014 than in sales, and thereby pressed ahead on its
course of growth. Consolidated EBITDA increased disproportionately by 16.6
% to EUR 3.5 million, while the consolidated sales volume rose by 12.4 % to
a record EUR 27.2 million. For the year as a whole, Nanogate also expects
dynamic business development and a further expansion of its market
position: the company forecasts sales to increase to significantly more
than EUR 60 million, while the operating result (EBITDA) is expected to
reach around EUR 7 million. The new subsidiary, Vogler GmbH, will make its
first contribution to the success in the second half of the year.
Ralf Zastrau, CEO of Nanogate AG, commented: "Nanogate has made an
exceptionally strong start to the 2014 financial year. The Group generated
an increase in sales and improved the operating result (EBITDA)
disproportionately, so that we again achieved record figures. This has
given us a lot of momentum, and there is a persistently high level of
interest in our systems for high-performance surfaces, which gives us a lot
of confidence for the year as a whole. Our internal expectations have been
exceeded at both the operating and strategic levels. The Group has set out
on an important strategic course this year, which primarily includes the
launch of the new Phase5 growth programme and the acquisition of surface
specialist Vogler. Nanogate has so far shown outstanding business
development."
Strong organic growth in the first half of the year
In the first half-year, Nanogate recorded strong demand across the Group
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
million). The equity ratio remained virtually unchanged at 48.6 % (31
December 2013: 49.2 %).
Outlook for 2014: Profitable course of growth set to continue
The Group is confident about the year as a whole. In view of the continued
high level of demand, organic growth is likely to again be in the
double-digit percentage range, meaning that the course of business in the
first half of the year is expected to continue. In addition, the new
subsidiary, Vogler GmbH, will be fully consolidated and integrated into the
Group during the second half of the year. Overall, sales are expected to
significantly exceed the EUR 60 million mark. Due to an improved product
and order mix as well as economies of scale, the operating result (EBITDA)
is expected to rise to around EUR 7 million, in spite of market development
and the non-recurring costs relating to the acquisition and integration of
the surface specialist Vogler. Given that there is significant growth and
profit margin potential in the market for multifunctional high-performance
surfaces, the focus will be on expanding the market position here.
"The Group currently has an order base well into the double-digit million
range following further growth in recent months. The company therefore has
a good idea of what the future course of business will be up to the end of
2015 and beyond: much of the available capacity is already fully utilised
with orders. As a leading international integrated systems provider for
high-performance surfaces, Nanogate has laid the foundations for achieving
its sales target of EUR 100 million and for increasing its profitability in
the medium term, thanks to its Phase5 growth programme," explained Nanogate
CEO Zastrau.
Nanogate on Twitter: http://twitter.com/nanogate_ag
If you have any queries, please contact:
Christian Dose (financial press and investors)
Cortent Kommunikation AG
Tel. +49 (0)69 5770 300-0
nanogate@cortent.de
Liane Stieler-Joachim
Nanogate AG
Tel. +49 (0)6825 9591 220
liane.stieler-joachim@nanogate.com
Nanogate AG
Zum Schacht 3
66287 Göttelborn, Germany
www.nanogate.com
Nanogate AG:
Nanogate is a leading international integrated systems provider for
high-performance surfaces. The Group, which is based in Göttelborn
(Saarland), enables the programming and integration of additional
properties - such as non-stick, scratchproof and anti-corrosive - into
materials and surfaces. True to its slogan 'A world of new surfaces',
Nanogate opens up the diverse possibilities of multifunctional surfaces
based on new materials for companies in a wide range of industries.
Nanogate provides its customers with technologically and optically
high-quality systems. To do so, the company uses its extensive knowledge of
innovative materials, including existing expertise in nanomaterials,
nanosurfaces and nanostructures. The aim is to improve customers' products
and processes by means of high-performance surfaces while achieving
environmental benefits. The Group focuses on the four sectors of
automotive/transport, mechanical and plant engineering, buildings/interiors
and sports/leisure, as well as on the strategic growth areas of advanced
polymers and advanced metals. Nanogate has a unique combination of
extensive materials expertise paired with comprehensive, first-class
process and production knowledge. As a systems provider, Nanogate offers
services throughout the entire value chain, from the purchase of raw
materials, to the synthesis and formulation of the material systems, right
through to the enhancement and production of the finished surfaces. The
Group focuses primarily on optically high-quality plastic and metal
coatings for all surface types (two and three-dimensional components). Its
value drivers are the opening up of new, international markets, the
development of new applications for the strategic growth areas of advanced
polymers (innovative plastics, e.g. glazing) and advanced metals
(innovative metal enhancements, especially energy efficiency) as well as
external growth. In the medium term, Nanogate also intends to achieve a
considerable revenue share from environmentally friendly systems and
processes as well as cleantech applications.
The Nanogate Group has first-class references (e.g. Airbus, Audi, August
Brötje, BMW, BSH Bosch und Siemens Hausgeräte, Daimler, FILA, Jaguar,
Junkers, Porsche, Volkswagen). Several hundred projects have already gone
into mass production. The company also has strategic partnerships with many
international corporations. Nanogate comprises Nanogate Industrial
Solutions GmbH, Eurogard B.V., Nanogate Textile & Care Systems GmbH,
Nanogate Glazing Systems B.V., Vogler GmbH and majority stakes in GfO
Gesellschaft für Oberflächentechnik AG and Plastic-Design GmbH.
Disclaimer:
This publication constitutes neither an offer to sell nor an invitation to
buy securities. The shares in Nanogate AG (the "Shares") may not be offered
or sold in the United States or to or for the account or benefit of "U.S.
persons" (as such term is defined in Regulation S under the U.S. Securities
Act of 1933, as amended (the "Securities Act")). No offer or sale of
transferable securities is being made to the public outside Germany.
24.09.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: NANOGATE AG
Zum Schacht 3
66287 Göttelborn
Germany
Phone: +49 (0)6825/95 91 0
Fax: +49 (0)6825/95 91 852
E-mail: nanogate@cortent.de
Internet: www.nanogate.de
ISIN: DE000A0JKHC9
WKN: A0JKHC
Listed: Freiverkehr in Berlin, Düsseldorf, München, Stuttgart;
Frankfurt in Open Market (Entry Standard)
End of Announcement DGAP News-Service
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DGAP-News: Nanogate generates sales increase - Operating result improves disproportionately - Order base increased
| Quelle: EQS Group AG