2022: proving Cabka’s sound fundamentals
- Record sales of € 208.9 million (2021: € 170.0
million)
- Operational EBITDA € 22.5 million (2021: € 29.0
million)
- Net Income from operations € 1.5 million (2021: € 3.4
million)
- Proposed distribution of € 0.15 per
share
- Confirm mid-term guidance1
Amsterdam 15 March 2023.
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, announces its preliminary non-audited
2022 full year results.
Cabka CEO Tim Litjens,
commented:“In 2022 we continued our growth strategy, recording 23%
topline growth. Whilst navigating economic and environmental
challenges we demonstrated our intrinsic value-add and pricing
power. We secured several major contracts in Customized Solutions,
and expanded our customer base in Portfolio, providing a solid base
for continued growth in both the European and US markets. Our
outperformance in circularity, with over 85% of our products from
recycled plastics, attract blue chip customers opting for our
solutions helping them to meet their sustainability targets.
Shortly after listing the company in March,
geopolitical tensions and volatility in energy and material markets
lead to extraordinary inflation levels. With some delay effect,
this has been successfully mitigated through various rounds of
price increases.
In Reusable Transport Packaging business, we
focused on improving overall efficiencies and prepared for further
capacity expansion. In the ECO business, we successfully
consolidated our asset base, providing improved economies of scale
and capacity expansion for 2023. In the US, we responded with great
agility to the flooding of our St. Louis site. Business was
successfully secured by rapid outsourcing, contributing to the 30%
US growth. Operations have recommenced, with the goal to be fully
operational by the end of the second quarter 2023. We continued to
strengthen our organization by extending our innovation center,
developing our ESG value proposition and adding valuable experience
to our management team.
Looking ahead, we are confident to reiterate our
mid-term guidance. Barring unforeseen circumstances, for 2023 we
expect to deliver on high-single digit sales growth, with a
recovery of EBITDA margin towards 13-15%.”
Financial Highlights
- Record sales of € 208.9 million representing a 23% Year-on-Year
(YoY) top-level growth based on organic growth (8%) as well as
pricing effect (15%) covering the rapidly rising costs for energy
and materials, reflecting strong market position
- Gross profit 6% higher at € 92.6 million (2021: € 87.1
million), gross margin at 44%. Without dilution effect of higher
pricing and costs, margins would be comparable to last year (2021:
51%)
- Resilient operational EBITDA at € 22.5 million (2021: € 29.0
million); Operational EBITDA margin lower at 11%; Margin protected
by price increases minus lagging effect
- Net Income from operations € 1.5 million (2021: € 3.4 million)
or € 0.06 per share. Non-operational items totaling at € 35.5
million, mainly due to non-cash IPO listing expenses, leading to a
Net Result of € -34.0 million
- Net Working Capital at € 33.7 million or 16% of sales (2021: €
27.3 million, respectively 16%)
- Net debt € 44.6 million (2021: € 62.5 million), 29% lower
mainly from proceeds of the listing
- Total CAPEX of € 26.6 million in 2022 including maintenance
& replacement investments of € 7.4 million, 3.5% of sales
Strategic & Market
Highlights
- Cabka N.V. listed on 1 March 2022 after 100% shareholders’
support for a business combination of Cabka Group GmbH and Dutch
Star Companies TWO B.V. bringing in € 108.5 million of which € 63.3
million to buy out minority shareholders and € 45.2 million in new
capital2
- Two-tier Board installed; management strengthened at executive
level
- Two significant multi-year customized solutions contracts
announced with blue chip clients with total expected annualized
sales of over 10% of 2022 sales. The first with US retailer Target
was signed in May and the other with European pooler CHEP in
September
- Recycled material used in products above 85% of total compared
to a European average3 of 14%
- Restructuring of Eco business completed, leading to closure of
Genthin site and consolidation of production capacity in Weira
(Germany) overall raising production efficiency, albeit at
temporary output reduction
- Cabka North America’s plant in St. Louis (MO) forced shut down,
due to exceptional flash floods on July 27th. In a swift response
Cabka was able to secure sales to Cabka’s main customers, albeit at
additional material & tolling costs
- Cabka gained full ownership of its US subsidiary Cabka North
America Inc. by acquiring the remaining 7.71% shares on March 22nd,
2022
Preliminary unaudited operational income
2022
Condensed operational income statement4 |
|
|
|
|
|
in
€m |
2022 |
2021 |
Change |
|
|
|
|
|
|
|
|
|
|
Sales |
208.9 |
170.0 |
23% |
|
|
|
|
|
|
|
|
Other operating income items |
11.9 |
6.6 |
80% |
|
|
Total Operating Income |
220.8 |
176.6 |
25% |
|
|
|
|
|
|
|
|
Expenses for materials, energy and purchased services |
-128.2 |
-89.5 |
43% |
|
|
Gross Profit |
92.6 |
87.1 |
6% |
|
|
|
|
|
|
|
|
Operating expenses |
-70.0 |
-58.1 |
21% |
|
|
Operational EBITDA |
22.5 |
29.0 |
-22% |
|
|
|
|
|
|
|
|
Depreciation |
-18.0 |
-19.7 |
-9% |
|
|
EBIT /Operating Income |
4.5 |
9.3 |
-52% |
|
|
|
|
|
|
|
|
Financial results |
-2.4 |
-2.1 |
13% |
|
|
Earnings before taxes |
2.2 |
7.2 |
-70% |
|
|
|
|
|
|
|
|
Taxes |
-0.7 |
-3.8 |
-82% |
|
|
|
|
|
|
|
|
Net income from operations |
1.5 |
3.4 |
-56% |
|
|
DistributionProposed
distribution of € 0.15 per ordinary share, subject to AGM approval:
€0.05 in cash and €0.10 in shares
OutlookBased on Cabka’s strong
fundamentals we reiterate our mid-term guidance. Barring unforeseen
circumstances, for 2023 we expect to deliver on high-single digit
sales growth, with a recovery of EBITDA margin towards 13-15%.
BUSINESS OVERVIEW 2022
Commercial
performance
Cabka realized record sales in 2022 of € 208.9 million a 23%
increase compared to 2021, of which 8% from organic growth. Growth
was especially strong in RTP.
Cabka RTP performed strong in Europe with 24%
growth to € 121.4 million. Customized Solutions in Europe grew with
53% to € 33.1 million, especially in the Pooling and Automotive
sector. Cabka introduced several environmentally friendly solutions
via its containers and pallets primarily made from recycled
plastics, increasing reusability, and reducing transportation
impact. Leading brands in the Automotive industry like BMW, Tesla
and Continental opted for our solutions in 2022.
CHEP a key player in the European pooling
industry signed a new multi-year contract for reusable foldable
containers out of recycled materials in September. Production is
expected to start by half 2023, contributing approximately € 9
million in revenues on an annual basis.
The Cabka business in North America grew 30% to
€ 34.9 million. TARGET was an important new contract for RTP The
multi-year contract was announced in May. The flooding of the St.
Louis plant in July resulted in some temporarily delays in growth
for 2022.
ECO products remained stable over the year with
a total revenue of € 22.8 million, The relocation of all ECO
activities from Genthin to Weira in East Germany was completed
according to plan. The temporary shutdown of production to
facilitate the move, reduced the intake of mixed plastics and hence
performance of the ECO business in 2022, which was compensated by
favorable pricing effects.
ESGCabka is the circularity
leader in the RTP industry. In 2022 over 85% of our products was
made from recycled materials, 100% was reusable with take-back
clauses for recycling and supporting the collection of additional
plastics for recycling. The average for Europe was in 2021 still at
14% recycled plastics targeting to get to 33% by 2030.5
On top of our focus on the recycling of
plastics, we increasingly look on how we recycle plastics and make
the entire process more sustainable. Cabka has put extra efforts in
changing to more sustainable energy supply for its production in
order to reduce its carbon footprint. In addition, Cabka
significantly reduces carbon emissions by recycling plastic waste
that otherwise would have been incinerated.
As of 2022 we established a new governance
structure for ESG and will publish our first ESG report integrated
in the 2022 Annual Report due April 25th 2023. With external
support, Cabka conducted a double materiality assessment leading to
the establishment of base ambition levels that were agreed upon
with the full management team.
PricingThe war in Ukraine,
started on February 24th, had a severe impact on social and
economic developments as well as financial markets leading to
unprecedented volatility in prices for energy and materials. Cabka
showed the strength of its competitive position by leading the
industry in pricing as it was able to implement several price
increases to compensate for higher input costs. That said, the
steep rise over a short period did have bottom line impact, as
higher costs were passed to the market with some unavoidable delay.
In order to be able to react more dynamically to volatile
conditions in the energy and material market, an indexed pricing
adjustment mechanism is in place. Cabka’s focus remains on
profitable organic sales growth.
EBITDAOperational EBITDA came
in at € 22.5 million (2021: € 29.0 million). The decrease in
operational EBITDA reflects the high increase in especially energy
and material prices throughout the year. From the decrease in
operational EBITDA-margin circa 2.5% margin loss was due to the
lagging effect of mitigating price increases, the remainder from
dilution as the cost base increased. Additionally, operating
expenses were up 20% versus 2021 driven by growth, inflationary
adjustments, post-Covid ramp-up, and organizational requirements as
a listed company.
St. Louis flooding6As a result
of the floods in the greater St. Louis area on July 27th, Cabka’s
North America plant in Hazelwood (MO) had to be shut down. In a
swift response to the flooding, Cabka was able to quickly recover
essential injection molding tools to continue supplying key
customers using alternative production capacities. The swift
response secured sales to its main customers. However, it resulted
indirectly in € 3.3 million higher costs as production had to be
moved to tollers and internally recycled materials could not be
used. As production on site is gradually picking up, these effects
should be fully reversed by mid-2023.
Over the past months, Cabka has worked on
cleaning and restoring the St. Louis facilities. Production is
ramping up and expected to be fully operational by the end of the
second quarter of 2023. Based on this timeline, an assessment of
the impact of the flooding can now be made. The expenses for
cleaning and repairs amounted to USD 4.0 million (€ 3.7 million) in
2022 and were fully covered by the flood insurance policy of
Cabka.
Cabka further established that due to the flood
a part of its inventory was irretrievably destroyed leading to an
extraordinary write-off of USD 1.8 million (€ 1.7 million). The
flooding is considered a ‘triggering event’ under IFRS7, therefore
leading to an impairment and derecognition. Cabka recognizes an
impairment and derecognition on assets of USD 4.3 million (€ 4.1
million). Prior to the flooding, Cabka had already placed orders
for new machines to support its growth ambitions in the US market.
With this coming to the ground, in combination with increased
efficiencies, the capacity in the US is expected to be sufficient,
and thus it will not seek to replace the impaired machines.
Insurance payments received in 2022 led to a
positive cash flow impact of USD 2.3 million (€ 2.2 million).
Repairs and starting up work will continue into the first half year
of 2023. Cabka expects the total positive cash flow from the
insurance in 2022 and 2023 – once all positions are recognized –
will be sufficient to cover the total flood related out-of-pocket
expenses. As part of the insurance claim has already been
recognized in 2022, this could have negative impact on 2023 cash
flow and recognized IFRS expenses.
St. Louis flooding direct impact in € m |
|
|
2022 P&L |
Remarks |
|
|
|
Insurance payments received |
5.9 |
|
Out of pocket expenses cleaning repair |
-3.7 |
|
Total cash inflow |
2.2 |
|
|
|
|
Write off, impairment and derecognition |
-5.8 |
As required by IFRS accounting, no replacements required |
Total non-cash impact |
-5.8 |
|
|
|
|
Non-operational8 direct
impact |
-3.6 |
Of which € 5.8m non-cash |
ListingCabka N.V. was listed
via a business combination of Cabka Group GmbH with Dutch Star
Companies TWO B.V. (DSC2) on March 1st, 2022.
In total Cabka spent in 2022 € 2.9 million in
IPO related transaction costs.
To realize the business combination DSC2 paid a
total cash consideration of € 108.5 million9. € 63.3 million was
used to buy out Cabka minority shareholders and Cabka received the
remaining € 45.2 million in new capital.
However, under IFRS the following accounting
steps need to be taken:
- First, the cash consideration of € 108.5m is corrected for the
financial liabilities of DSC2 for the outstanding Warrants and
Special Shares10. This results in a € 6.0 million liability
deducted from the paid cash bringing the net cash consideration
receivable by Cabka to € 102.4 million.
- Second, IFRS considers not the cash payment, but the market
value of all 12.9 million shares received by DSC2 shareholders,
including the conversion of the € 11 warrants and Special Shares
immediately after listing, as the consideration paid by Cabka. This
results in a valuation of the consideration paid for Cabka of €
129.2 million.
- Third, IFRS considers the difference between the € 129.2
million value ‘paid by Cabka’ to the DSC2 shareholders and the net
assets received by Cabka from DSC2 of € 102.4 million to represent
the value of the ‘service’ of providing Cabka with a listing via
the business combination with DSC2. In a ‘regular acquisition’ this
would have been capitalized as goodwill. However, as the only asset
on the DSC2 balance sheet was cash, under IFRS, DSC2 does not
qualify as a business. Hence no goodwill is recognized or can be
capitalized, and the total difference of € 26.8 million should be
qualified as a listing expense in the 2022 P&L, which is
recorded directly into equity.
- The cash in equity received remains € 45.2 million and there is
zero Equity impact and zero Cash Flow impact resulting from these
listing expenses
Listing Impact 2022 |
P&L |
Balance |
Cash |
in €
million |
|
Sheet |
Flow |
|
|
|
|
Net
cash received from listing |
- |
45.2 |
45.2 |
Listing expenses |
-26.8 |
- |
- |
IPO
related transaction costs |
-1.3 |
-2.9 |
-2.9 |
Warrant & Special Shares liability at listing |
- |
-6.0 |
- |
Special Shares liability fair value change at Year End11 |
1.6 |
-1.6 |
- |
Triggered by the IPO Cabka spent in total € 3.4
million in staff related costs in 2022: € 0.6 million in bonuses
for all staff, € 1.6m in settling the VSOP management share plan, €
1.0 million in tax charges linked to the VSOP and € 0.2 million on
marketing and IT. All these staff related costs are considered
non-operational and hence not included in the operational
results.
Cash flows and cash
position
Net Working Capital at Year-End was € 33.7
million or 16% of sales, in line with 2021 and beating mid-term
guidance. Higher inventory value of €10.6 million was predominantly
caused by increased cost of goods and higher safety stocks. The
movement in trade receivables and trade payables were aligned.
Cash flows from operating activities came in at
€ 0.5 million. This comprises of an inflow of € 18.8 million from
operational activities minus € 2.9 million outflow for IPO related
costs, and € 2.4 million for other costs triggered by the IPO. Net
Working Capital increased with € 6.4 million (including prepayments
on molds on behalf of customers amounted to € 4.2 million) and
decreased with € 6.6 million in other liabilities.
Cash flows from investing activities totaling €
27.1 million of which € 26.7 was related to capital investments and
€ 1.9 million to buy out minority shareholders of Cabka North
America. Disposing of certain assets contributed € 1.5 million.
Cash flows from financing activities totaled
€37.7 million. Net proceeds from the IPO -before costs- amounted to
€ 45.2 million. Repayment of banking debt facilities including
interest and exchange rate changes totaled € 12.0 million, whilst
lease facilities increased by € 4.5 million.
CAPEX Total CAPEX for
2022 came at € 26.6 million including maintenance & replacement
investments of € 7.4 million, or 3.5% of sales. The restructuring
of the ECO business and concentration in Weira represented € 3.7
million in investments. In total € 10.1 million was invested in
machines and new molds to support growth and EUR 1.6 million in
process & automation. The buyout of minority shareholders of
Cabka’s North America’s business required € 1.8 million.
Share priceAt the beginning of
2022 Cabka shares were still listed under the name of Dutch Star
Companies TWO and closed on December 31st, 2021 at € 11.20. After
business combination the name of the listed entity changed to Cabka
N.V. on March 1st, 2022 (closing price DSC2 at February 28th €
10.00) and the Cabka shares closed at € 6.12 at December 31st,
2022.
Cabka share capital per December 31st,
2022 |
|
|
Shares |
ISIN |
|
|
|
Ordinary Shares issued |
23,982,191 |
CABKA
/ NL00150000S7 |
Ordinary Shares in treasury |
16,388,000 |
DSC2S
/ NL00150002R5 |
|
|
|
Total Ordinary Shares |
40,370,191 |
|
Special Shares |
97,778 |
|
|
|
|
Total shares |
40,467,969 |
|
The conversion option of the € 12 Special Shares
is measured at fair value based on market share price and
classified as financial liability. The value change of the Special
Shares liability over 2022 amounted to € 1.6 million
(positive).12
Tax positionsDeferred tax
assets are recognized for unused tax losses to the extent that it
is probable thattaxable profit will be available against which the
losses can be utilized. Management’sassessment is required to
determine the amount of deferred tax assets that can be
recognized,based upon the likely timing and the level of future
taxable profits. At the moment ofpublication of this preliminary
unaudited financial results report, the assessment of current
anddeferred tax positions have not been fully finalized and might
be revised ahead of thepublication of the Annual Report 2022.
Relevant events after December 31st,
2022
- Mr. Frank Roerink was appointed interim Chief Financial Officer
as of 1 February 2023 after Mr. Necip Küpcü stepped down as CFO and
will continue in a senior finance role within the company.
- On March 15th, 2023, following the lock up period, Cabka issued
385,020 Ordinary Shares from treasury to cover its obligations
under the former ‘VSOP’ performance share program for key staff,
resulting in a total of 24,367,211 Ordinary Shares issued per March
15th and 16,002,980 Ordinary Shares remaining in treasury. The
remaining 7,500 VSOP rights have been voided.
Financial Calendar 2023
- 25 April
Publication Annual Report 2022 and Trading Update first quarter
2023
- 8
June
Annual General Meeting
- 13
June
Capital Markets Day
- 17
August
Ex-Dividend* Date
- 18 August
Dividend* Record Date
- 22
August
Publication Half Year Results 2023
- 25
August
Dividend* Payment Date
- 19
October
Trading Update Q3 2023
- 20 March 2024 Publication
Preliminary Results 2023
* Reference to ‘dividend’ refers to proposed
distribution
For more information, please
contact:David Brilleslijper, Investor & Press
contactIR@cabka.com, or D.Brilleslijper@cabka.com, +316 109
42514www.investors.cabka.com
Commercial contact:
info@cabka.comwww.cabka.com
About CabkaCabka 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.
DisclaimerThe 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.
FINANCIAL OVERVIEW APPENDIX
- Definitions of operational items by
management
- Gross Margin Gross Profit divided by
Revenue
- Gross Profit Profit as Revenue for the period
plus changes in inventory and other operating income for the
period, minus raw material costs, energy costs and purchased
services
- Maintenance and Replacement Capital
Expenditures The expenses incurred by the company that are
related to the maintenance and replacements of assets like plants,
machinery and buildings
- Maintenance and Replacement Capital Expenditures as a
percentage of revenue: Maintenance and Replacement Capital
Expenditures divided by Revenue
- Net Working Capital Trade accounts receivables
plus inventories net of trade accounts payables
- Net Working Capital as percentage of revenue
Net Working Capital divided by Revenue
- Non-operational Indicates that this is not
part of regular operational activities.
- Operational EBITDA Net Result reported for the
period, adjusted for non-operational activities, before
depreciation and amortization, interest expenses and income, taxes
and share option plan accruals with figures being adjusted for
non-recurring items
- Condensed bridge from operational to IFRS
consolidated statement of profit and loss, 2022 preliminary
unaudited
Condensed income statement bridge operational to
IFRS13 |
|
|
|
in
€ million |
2022 |
2021 |
Change |
|
|
|
|
|
|
|
|
|
|
Sales |
208.9 |
170.0 |
23% |
|
|
|
|
|
|
|
|
Other operating income items |
11.9 |
6.6 |
80% |
|
|
Total Operating Income |
220.8 |
176.6 |
25% |
|
|
|
|
|
|
|
|
Expenses for materials, energy and purchased services |
-128.2 |
-89.5 |
43% |
|
|
Gross Profit |
92.6 |
87.1 |
6% |
|
|
|
|
|
|
|
|
Operating expenses |
-70.0 |
-58.1 |
21% |
|
|
Operational EBITDA |
22.5 |
29.0 |
-22% |
|
|
|
|
|
|
|
|
Depreciation, amortization and impairment of intangible and
tangible fixed assets |
-18.0 |
-19.7 |
-9% |
|
|
EBIT /Operating Income |
4.5 |
9.3 |
-51% |
|
|
|
|
|
|
|
|
Financial results |
-2.4 |
-2.1 |
13% |
|
|
Earnings before taxes |
2.2 |
7.2 |
-70% |
|
|
|
|
|
|
|
|
Taxes |
-0.7 |
-3.8 |
-82% |
|
|
Net income from operations |
1.5 |
3.4 |
-56% |
|
|
|
|
|
|
|
|
Non-operational items |
|
|
|
|
|
IPO listing expenses14 |
-26.8 |
|
|
|
|
IPO transaction related costs |
-1.3 |
-0,2 |
|
|
|
Bonuses and VSOP incl. tax charges |
-3.4 |
-3.8 |
|
|
|
Eco-restructuring |
-0.6 |
-0.6 |
|
|
|
St. Louis Flooding15 |
-6.9 |
|
|
|
|
Changes in fair value of Special Shares liability |
1.6 |
|
|
|
|
Tax on non-operational items |
1.9 |
1.3 |
|
|
|
Non-controlling interest |
0.1 |
0.3 |
|
|
|
|
|
|
|
|
|
Net result reported IFRS |
-34.0 |
0.4 |
|
|
|
- Condensed consolidated statement of profit
and loss 2022 preliminary unaudited
Condensed statement of profit and loss |
|
|
in €
million |
2022 |
2021 |
|
|
|
Net turnover |
208.9 |
170.0 |
|
|
|
Change
in inventories of finished goods and work in progress |
4.2 |
0.7 |
Other operating income items16 |
13.7 |
5.9 |
Total Operating income |
226.8 |
176.6 |
|
|
|
Material expenses / expenses for purchased services |
-131.5 |
-89.5 |
Personnel expenses |
-40.4 |
-37.0 |
Depreciation, amortization and impairments of intangible and
tangible fixed assets |
-18.0 |
-19.7 |
IPO listing expenses17 |
-26.8 |
- |
Other operating expenses |
-43.6 |
-25.7 |
Total Operating expenses |
260.2 |
171.9 |
|
|
|
Interest income and similar income |
1.6 |
0.0 |
Interest expenses and similar charges |
-2.4 |
-2.1 |
Financial Result |
-0.8 |
-2.1 |
|
|
|
Result before taxes |
-34.3 |
2.6 |
|
|
|
Income
tax expense |
0.2 |
-2.5 |
Net Result |
-34.1 |
0.1 |
Attributable to non-controlling interest |
-0.1 |
-0.3 |
Attributable to Owners of the
Company |
-34.0 |
0.4 |
- Consolidated Balance Sheet 2022 preliminary
unaudited
Consolidated Balance Sheet |
|
|
|
in
€ million |
|
31.12.2022 |
31.12.2021 |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
Other intangible assets |
|
0.7 |
0.6 |
Property, plant and equipment |
|
78.0 |
73.9 |
Long-term financial assets |
|
0.1 |
0.1 |
Other long-term assets |
|
0.1 |
0.0 |
Deferred taxes |
|
3.9 |
1.9 |
|
|
82.7 |
76.5 |
|
|
|
|
Current Assets |
|
|
|
Inventories |
|
41.4 |
30.8 |
Trade receivables |
|
31.8 |
27.2 |
Short-term financial assets |
|
0.0 |
0.2 |
Other short-term assets |
|
10.4 |
6.5 |
Cash and cash equivalents |
|
21.0 |
10.0 |
|
|
104.6 |
74.7 |
|
|
187.4 |
151.2 |
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
Equity |
|
|
|
Share capital |
|
0.4 |
3.4 |
Treasury shares |
|
-0.2 |
0.0 |
Capital reserve |
|
75.3 |
13.0 |
Warrants reserve |
|
11.0 |
0.0 |
Retained earnings |
|
-17.5 |
17.6 |
Foreign currency translation reserve |
|
-0.7 |
-0.4 |
Non-controlling interests |
|
0.0 |
0.1 |
|
|
68.4 |
33.6 |
|
|
|
|
Non-current liabilities |
|
|
|
Long-term financial liabilities |
|
38.5 |
45.2 |
Other long-term liabilities |
|
0.0 |
0.1 |
Deferred taxes |
|
1.8 |
1.7 |
|
|
40.3 |
47.0 |
|
|
|
|
Current liabilities |
|
|
|
Short-term financial liabilities |
|
27.2 |
27.3 |
Provisions |
|
0.7 |
1.0 |
Contract liabilities |
|
5.9 |
2.2 |
Trade payables |
|
35.2 |
30.7 |
Income tax liabilities |
|
0.0 |
0.0 |
Other short-term liabilities |
|
9.6 |
9.4 |
|
|
78.7 |
70.7 |
|
|
187.4 |
151.2 |
V.
Condensed consolidated
statement of cash flow 2022 preliminary unaudited Cash
flows from operating activities came in at € 0.5 million. This
comprises of an inflow of € 18.8 million from operational
activities minus € 2.9 million outflow for IPO related costs, and €
2.4 million for other costs triggered by the IPO.
Consolidated statement of cash flow |
|
|
in € million |
2022 |
2021 |
|
|
|
Cash flows from operating activities |
|
|
Net
loss / income for the period |
-34.0 |
0.1 |
Interest costs |
2.4 |
1.9 |
Taxes |
0.2 |
-1.5 |
Depreciation, amortization and impairments of intangible and
tangible fixed assets |
18.0 |
19.7 |
Cash flow |
-13.4 |
20.2 |
|
|
|
Increase (-) / decrease (+) of inventories, trade receivables and
other |
|
|
assets |
-19.4 |
-15.5 |
Increase (+) / decrease (-) of trade payables and other
liabilities |
6.4 |
18.1 |
IPO
costs charged to Equity |
-1.7 |
- |
Listing expenses (non-cash transaction) |
26.8 |
- |
Other non-cash transactions |
1.8 |
-0.9 |
Cash flow (used in)/from operating activities |
0.5 |
21.9 |
|
|
|
Cash flow from investing activities |
|
|
Cash inflow from sale of property, plant and equipment |
1.5 |
2.4 |
Cash outflow for investment in property, plant and equipment |
-26.3 |
-19.7 |
Cash inflow from intangible assets |
0.0 |
0.0 |
Cash outflow for investments in intangible assets |
-0.4 |
-0.3 |
Cash inflow/outflow from investments in fully consolidated
companies |
-1.9 |
0.0 |
Net cash from/(used in) investing activities |
-27.1 |
-17.6 |
|
|
|
Cashflow from financing activities |
|
|
Proceeds form issue of share capital |
108.5 |
- |
Cash outflow from buy out of Cabka minority shareholders |
-63.3 |
- |
Cash inflow (+) / outflow (-) for other financial liabilities |
-0.9 |
-0.9 |
Cash outflow for the repayment of liabilities to banks |
-9.3 |
-3.7 |
Cash inflow from receipt of liabilities to banks |
4.5 |
2.9 |
Interest paid |
-1.8 |
-1.9 |
Net cash from/(used in) financing activities |
37.7 |
-3.5 |
|
|
|
Changes in cash and cash equivalents |
11.1 |
0.8 |
Cash and cash equivalents at the beginning of the
period |
10.0 |
9.2 |
Cash and cash equivalents at the end of the
period |
21.0 |
10.0 |
1 Mid-term guidance: High single digit revenue growth; >20%
EBITDA margin; ~4% maintenance and replacement CAPEX and ~20% NWC
as percentage of revenues; ~30-35% pay-out ratio of net profit (€
0.15 for 2022FY)
2 Excluding IPO costs
3 Systemiq April 2022 report Reshaping plastics. Pathway to a
circular climate neutral plastics system in Europe
4 The condensed income statement provides underlying operational
performance and is not an IFRS statement. The IFRS income statement
is provided in the Appendix and includes items management qualified
as non-operational.
5 Systemiq April 2022 report Reshaping plastics. Pathway to a
circular climate neutral plastics system in Europe
6 All conversions from USD to € based on the 31 December 2022
exchange rate of € 0.94477 per USD 1.00
7 IAS 36 and IAS 16
8 The qualification non-operational is not an IFRS
qualification. It is a management accounting term to indicate this
is not part of regular operations. This amount excludes the
indirect costs incurred from the use of external tollers.
9 After costs, negative interest, and warrant conversion
10 As assumed by Cabka for the Warrants at € 12 and € 13 and
Special Shares at € 12
11 The Warrants are reclassified from liabilities to equity. Due
to this reclassification, they are no longer to be remeasured each
reporting date, but they do still carry value.
12 For full disclosure of potential dilution from outstanding
warrants, special shares and (employee) performance shares see
paragraph 17 of the Cabka Half Year Report published 17 August
2022.
13 The condensed income statement provides operational and
non-operational result items for insight on underlying operational
performance. The attached statements II to V provide integral IFRS
statements without this distinction.
14 This represents a purely non-cash accounting-only loss with
no impact on the IFRS Equity, Balance Sheet total, or Cash Flow.
Please see page 5 under ‘listing’ for more details.
15 This includes both direct impact and indirect impact
16 Includes income from Insurance St. Louis flooding
17 This represents a purely non-cash accounting-only loss with
no impact on the IFRS Equity, Balance Sheet total, or Cash
Flow.
- 20230315_Cabka 2022FY preliminary results_PR
- 20230315_Cabka FY2022 preliminary results_presentation
Cabka NV (EU:CABKA)
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Cabka NV (EU:CABKA)
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