Q1'23 results
Nexam delivered a weaker than expected report. Sales came in at SEK 52m (-11% vs. ABGSCe SEK 59m), down 3% y-o-y. Perfomance Chemicals contributed with SEK 22m (-19% vs. ABGSCe SEK 27m) and Performance Masterbatch sales was SEK 30m (-5% vs. ABGSCe SEK 32m). EBITDA was SEK 0m (vs. ABGSCe SEK 2m) and EBIT was SEK -4m (vs. ABGSCe SEK -1m). This resulted in a net profit of SEK -4m (vs. ABGSCe SEK -1m). We had expected growth in Performance Chemicals, driven by PET-foam additive sales, and -7% growth for the segment was disappointing. Cash flow, however, was strong, helped by NWC offload of SEK 11m, and the company now has a cash position of SEK 28m (SEK 23m in Q4'22) with an increased overdraft facility to SEK 20m from SEK 11.5m.
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