Cabka reports 2021 preliminary results: Strong post-Covid recovery

·         Nomination Manuel Beja to Supervisory Board Cabka N.V. with the intention to be appointed as chairperson

·         On track for 1 March 2022 Euronext listing

·         Online investor Q&A at 14.00 hrs CET today. Registration via: Cabka's FY 2021 Q&A link

Cabka Group GmbH (together with its subsidiaries, “Cabka”), a leading integrated circular production company expecting to form a business combination with Dutch Star Companies TWO B.V., a special purpose acquisition company listed on Euronext Amsterdam (symbol: DSC2), published its preliminary unaudited results for the full year 2021[1], today. Audited 2021 results and annual report will be published on 13 April 2022.

“2021 has been a very successful year for Cabka. After a tough 2020, impacted by the Covid pandemic, we managed a full recovery in 2021; setting record sales, underlying EBITDA and net income.

Much of this success is rooted in Cabka’s DNA, combining in-house recycling and material expertise, with a state-of-the-art product portfolio. Our unique business model allows us to provide substantial added value to our customers through enhanced cost efficiency and superior carbon-footprint.

In December 2021, we announced a business combination with Dutch Star Companies TWO enabling Cabka to list at Euronext Amsterdam as of 1 March 2022. The listing provides increased visibility and financial flexibility to Cabka, enhancing our growth towards a leading EUR 500 million plus revenue circular manufacturer.

The start to 2022 is characterized by high overall inflation, particularly manifesting itself through significantly higher energy and material costs. In anticipation Cabka announced a round of price increases in the fourth quarter of 2021, effective per January 2022. However, as these inflationary effects came in even stronger than anticipated, there is an expected delay in the full conversion to the market, impacting our gross margin on the shorter term. That said, supported by further mitigating actions focused on enhancing our product mix and efficiencies, we stick to the mid-term guidance as provided earlier.”

Tim Litjens, CEO of Cabka

Nomination Manuel Beja as member of the Supervisory Board

At the publication of the shareholder circular on 10 January 2022, Cabka communicated a vacancy in the Supervisory Board. Meanwhile, the Supervisory Board has nominated Mr. Manuel Beja for appointment as member of the Supervisory Board by the Annual General Meeting to be held on 31 May 2022. Thereupon, the Supervisory Board intends to appoint Mr. Manuel Beja as chairperson of the Supervisory Board.

Mr. Manuel Beja (1972) is of Portuguese nationality and serves currently as chairperson of the board of directors of TAP Air Portugal (since 2021). Before, he held several executive positions at Novabase (1997 - 2018) in Portugal and Brazil.

Operational and financial performance 2021

The year 2021 showed a strong comeback after following a year that was severely impacted by the COVID pandemic. All relevant parameters, revenue, underlying EBITDA and net income improved to record levels. The revenue increased to EUR 170.6 million or 26.8% year-on-year in 2021, corresponding to approximately 6% versus pre-COVID 2019 levels. This despite lagging demand in the first quarter of 2021 caused by continued COVID effects, and supply interruptions in the automotive sector.

For full press release and preliminary results presentation see attached pdfs.