2022: proving Cabka’s sound fundamentals
15/03/2023 06:30
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* 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 guidance(1)
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 capital(2)
* 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
average(3) 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 27(th). 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 22(nd), 2022
Preliminary unaudited operational income 2022
Condensed operational income statement (4)
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%
Distribution
Proposed distribution of € 0.15 per ordinary share, subject to AGM approval:
€0.05 in cash and €0.10 in shares
Outlook
Based 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.
ESG
Cabka 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 25(th)
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.
Pricing
The war in Ukraine, started on February 24(th), 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.
EBITDA
Operational 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 flooding(6)
As a result of the floods in the greater St. Louis area on July 27(th),
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 IFRS(7), 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-operational (8)direct impact -3.6 Of which € 5.8m non-cash
Listing
Cabka N.V. was listed via a business combination of Cabka Group GmbH with
Dutch Star Companies TWO B.V. (DSC2) on March 1(st), 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 million(9).
€ 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 Shares(10). 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 End (11) 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 price
At the beginning of 2022 Cabka shares were still listed under the name of
Dutch Star Companies TWO and closed on December 31(st), 2021 at € 11.20.
After business combination the name of the listed entity changed to Cabka N.V.
on March 1(st), 2022 (closing price DSC2 at February 28(th) € 10.00) and the
Cabka shares closed at € 6.12 at December 31(st), 2022.
Cabka share capital per December 31 (st), 20 22
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 positions
Deferred tax assets are recognized for unused tax losses to the extent that it
is probable that
taxable profit will be available against which the losses can be utilized.
Management’s
assessment 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 of
publication of this preliminary unaudited financial results report, the
assessment of current and
deferred tax positions have not been fully finalized and might be revised
ahead of the
publication of the Annual Report 2022.
Relevant events after December 31(st), 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 15(th), 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 15(th) 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 contact
IR@cabka.com, or D.Brilleslijper@cabka.com,
+316 109 42514
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
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.
FINANCIAL OVERVIEW APPENDIX
1. 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
1. Condensed bridge from operational to IFRS consolidated statement of profit
and loss, 2022 preliminary unaudited
Condensed income statement bridge operational to IFRS (13)
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 expenses (14) -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 Flooding (15) -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
1. 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 items (16) 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 expenses (17) -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
1. 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.
Attachments
* 20230315_Cabka 2022FY preliminary results_PR
(https://ml-eu.globenewswire.com/Resource/Download/294cddce-dba2-4748-9dac-451ac8b686c6)
* 20230315_Cabka FY2022 preliminary results_presentation
(https://ml-eu.globenewswire.com/Resource/Download/17e807a0-c6da-4a99-b79a-443b89ce6905)