Cabka realizes €144 million in sales up to third quarter
Amsterdam October 19, 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, published its trading update for the third
quarter of 2023, today.
Total sales over the first three quarters of 2023 came at € 144
million, 6% behind last year (22Q3: € 152 million), driven by a € 8
million decline in non-strategic segments sales. Sales figures
reflect challenging economic circumstances with clients continue to
destock, driven by increased interest rates and inflation, and
postpone larger orders over the quarter, resulting in quarterly
sales of € 40 million.
Strategic business segments showed comparable sales as last
year. Based on decreasing raw material and energy price trends, we
implemented a partial reversal of certain indexed prices,
supporting margins.
Cabka consolidated its strong European position in RTP
Portfolio, up 2%. Customized Solutions grew with 22% with
especially strong results in the US. The ECO business performed
well with an 11% sales growth. These positive developments were
offset by soft sales in Contract Manufacturing (-15%) and a 24%
decline in RTP US reflecting a very slow sales pickup
post-flooding.
For the fourth quarter Cabka expects a strong recovery of sales
based on the announced major co-development launches, such as CHEP,
Continental and BMW, coming up to speed.
A new two-year framework agreement with Tesla was recently
signed, coming into effect in 2024.
Based on its strong fundamentals Cabka confirms it mid-term
guidance1 as well as full year 2023 outlook2, be it towards the
lower end of the indicated spectrum for 2023.
Financial Reporting Calendar 2024
- March 20: Preliminary Results 2023
- April 18: Publication Annual Report 2023 and Trading Update
2024Q1
- May 30: Annual General Meeting of Shareholders
- August 13: Half-Year Results and Half-Year Report 2024
- October 21: Trading Update 2024Q3
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 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 products
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
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 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 Based on current challenging market conditions, we
expect 2023 revenues of € 200 - 210 million with a recovery of
EBITDA margin towards 13-15%
- 2023-Q3 Trading Update Cabka
Cabka NV (EU:CABKA)
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