Orion Engineered Carbons S.A. (NYSE: OEC), a global supplier of
specialty and high-performance carbon black, today announced
financial results for the first quarter of 2021.
First Quarter 2021
Highlights
- Capitalized on continued broad-based demand recovery to
deliver strong overall volume growth and improved profitability,
led by exceptional Specialty performance.
- Positioning the company to complete EPA investments, capture
growth in differentiated markets and generate substantial free cash
flow in 2023.
- Net sales of $360.1 million, up $24.1 million, year over
year.
- Net income of $23.5 million, up $5.5 million, year over
year.
- Basic EPS of $0.39, up $0.09, year over year.
- Adjusted EPS1 of $0.51, up $0.07, year over year.
- Adjusted EBITDA1 of $70.9 million, up $7.0 million, year
over year.
- Adjusted EBITDA margin1 of 19.7%, up 0.7%, year over
year.
1 The reconciliations of Non-GAAP measures to the respective
most comparable GAAP measures are provided in the table titled
Reconciliation of Non-GAAP Financial Measures below.
“For the second consecutive quarter, EBITDA exceeded prior year
levels, as we achieved strong volume growth. Results reflected
exceptional demand for our Specialty carbon blacks in most
applications and geographies and stable to modestly rising Rubber
carbon black demand, depending on the geography. We also gained
traction on customer qualifications across several new offerings
which we advanced last year. This includes advanced materials such
as conductive grades for lithium-ion batteries and other
applications. We are on track to deliver strong profitable growth
in 2021 and position the company for further growth in the years to
come,” said Corning Painter, Chief Executive Officer.
Mr. Painter continued, “I want to thank our dedicated employees
for remaining focused on providing exceptional service to our
customers during this period of increased demand. They have
remained nimble throughout the past year to ensure uninterrupted
product supply. Our emphasis remains on positioning Orion to emerge
stronger from the recent downturn and maximizing shareholder value
through completing the EPA investments, advancing select strategic
investments to capture growth, driving sustainability across our
supply chain and positioning the company to generate considerable
free cash flow in 2023.”
First Quarter 2021 Overview
(In millions, except per share data or
stated otherwise)
Q1 2021
Q1 2020
Y/Y Change in %
Volume (kmt)
254.1
235.1
8.1%
Net sales
360.1
336.0
7.2%
Income from operations
42.9
37.5
14.1%
Net income
23.5
18.0
30.5%
Contribution Margin
147.1
131.9
11.6%
Contribution Margin per metric ton
578.9
560.8
3.2%
Adjusted EBITDA
70.9
63.8
11.0%
Basic EPS(1)
0.39
0.30
0.09
Adjusted EPS(2)
0.51
0.44
0.07
Notes:
(1)
Basic EPS is calculated by dividing net income by the weighted
number of shares outstanding during the period.
(2)
Adjusted EPS is calculated by dividing Adjusted Net Income by
the weighted average number of shares outstanding during the
period. Adjusted Net income excludes certain non-cash items such as
foreign exchange rate impacts and long-term incentive plan
expenses, and non-recurring items which we do not believe are
indicative of our core operating performance such as restructuring
and EPA-related expenses. The reconciliations of these non-GAAP
measures to the respective most comparable GAAP measures are
provided in the table titled Reconciliation of Non-GAAP Financial
Measures.
Volumes increased by 8.1%, year over year, with higher demand in
both segments, primarily driven by the broader global economic
recovery.
Net sales increased by $24.1 million, or 7.2%, year over year,
driven primarily by higher sales volume, partially offset by
unfavorable product mix.
Income from operations rose by $5.3 million, or 14.1%, to $42.9
million, primarily driven by higher sales volume, partially offset
by higher selling, general and administrative costs.
Net income increased to $23.5 million, compared to net income of
$18.0 million in the first quarter of the prior year, driven
primarily by higher sales volume, partially offset by unfavorable
product mix.
Contribution Margin increased by $15.2 million, or 11.6%, to
$147.1 million, year over year, primarily due to higher sales
volume, partially offset by unfavorable product mix.
Adjusted EBITDA increased by $7.0 million, or 11.0%, year over
year, primarily due to higher volume.
Quarterly Business Segment
Results
SPECIALTY CARBON BLACK
(In millions, unless stated otherwise)
Q1 2021
Q1 2020
Y/Y Change in %
Volume (kmt)
71.4
58.3
22.4%
Net sales
144.2
119.8
20.4%
Gross profit
53.4
39.7
34.4%
Gross Profit per Metric Ton
747.9
680.9
9.8%
Adjusted EBITDA
39.7
28.1
41.3%
Adjusted EBITDA/metric ton
555.8
481.2
15.5%
Adjusted EBITDA Margin (%)
27.5
23.4
410bps
Net sales rose by $24.4 million, or 20.4%, to $144.2 million,
year over year, primarily driven by a 22.4% volume increase,
partially offset by unfavorable product mix. Volume gains were
principally concentrated in the EMEA and Asia Pacific regions and
reflected a broad-based demand increase across nearly all
applications.
Specialty Adjusted EBITDA increased by $11.6 million, or 41.3%,
to $39.7 million, year over year, primarily due to higher volumes.
Adjusted EBITDA margin rose 410 basis points to 27.5%, year over
year.
RUBBER CARBON BLACK
(In millions, unless stated otherwise)
Q1 2021
Q1 2020
Y/Y Change in %
Volume (kmt)
182.7
176.8
3.3%
Net sales
215.9
216.2
(0.1)%
Gross profit
49.1
50.5
(2.6)%
Gross Profit per Metric Ton
268.9
285.5
(5.8)%
Adjusted EBITDA
31.2
35.8
(12.9)%
Adjusted EBITDA/metric ton
170.6
202.3
(15.7)%
Adjusted EBITDA Margin (%)
14.4%
16.5%
(210)bps
Rubber Carbon Black volumes increased by 3.3%, year over year,
reflecting the broader global economic recovery, particularly in
the Asia Pacific region.
Net sales declined marginally by $0.3 million, or 0.1%, to
$215.9 million, year over year, primarily reflecting higher sales
volume, partially offset by the pass through of lower feedstock
costs.
Rubber Adjusted EBITDA declined by $4.6 million, or 12.9%, to
$31.2 million, year over year, despite moderately higher volume,
primarily due to higher selling, general and administrative
expenses and one-time impacts related to Winter Storm Uri. Adjusted
EBITDA margin declined 210 basis points to 14.4%, year over
year.
Balance Sheet and Cash Flows
As of March 31, 2021, the company had total liquidity of $310.3
million, including cash and equivalents of $62.6 million, $210.1
million under our revolving credit facility capacity, including
ancillary lines, and $37.6 million of capacity under other
available credit lines. Net debt was $686.9 million and net
leverage was 3.32x.
Cash Flow
Cash inflows from operating activities amounted to $1.8 million,
down $3.1 million, year over year, primarily driven by higher
working capital, partially offset by higher income from
operations.
Cash outflows from investing activities were $27.2 million, down
$23.6 million, year over year, primarily driven by the timing of
EPA-related capital expenditures.
Net cash provided by financing activities of $25.6 million
declined $68.9 million, year over year, reflecting lower net
borrowings as the year ago period saw the company proactively
bolster its cash position in preparation to successfully manage
through the pandemic.
Outlook
“Despite the still challenging COVID-19 situation in many
countries, our second quarter order book remains strong and we are
confident in our ability to navigate 2021 and beyond successfully.
Although our customers’ visibility into the second half is less
clear than usual, we are reinstating full year 2021 Adjusted EBITDA
guidance in the range of $250 million to $280 million,” Mr. Painter
concluded.
Conference Call
As previously announced, Orion will hold a conference call
tomorrow, Friday, May 7, 2021, at 8:30 a.m. (EDT). The dial-in
details for the live conference call are as follow:
U.S. Toll Free:
1-877-407-4018
International:
1-201-689-8471
A replay of the conference call may be accessed by phone at the
following numbers through May 14, 2021:
U.S. Toll Free:
1-844-512-2921
International:
1-412-317-6671
Conference ID:
13711354
Additionally, an archived webcast of the conference call will be
available on the Investor Relations section of the company’s
website at www.orioncarbons.com.
To learn more about Orion, visit the company’s website at
www.orioncarbons.com, where we regularly post information including
notification of events, news, financial performance, investor
presentations and webcasts, non-GAAP reconciliations, SEC filings
and other information regarding our company, its businesses and the
markets it serves.
About Orion Engineered Carbons
Orion Engineered Carbons (NYSE:OEC) is a global supplier of
carbon black products including high-performance specialty gas
blacks, acetylene blacks, furnace blacks, lamp blacks, thermal
blacks, and other carbon blacks that tint, colorize and enhance the
performance of polymers, plastics, paints and coatings, inks and
toners, textile fibers, adhesives and sealants, batteries, tires,
and mechanical rubber goods, such as automotive belts and hoses.
The company has over 125 years of history providing customized
solutions from a network of 14 global production sites and is
dedicated to responsible business practices that emphasize
reliability, innovation and sustainability. For more information,
please visit orioncarbons.com.
Forward-Looking Statements
This document contains and refers to certain forward-looking
statements with respect to our financial condition, results of
operations and business, including those in the “Outlook” and
“Quarterly Business Segment Results” sections above. These
statements constitute forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). Forward-looking statements are statements of
future expectations that are based on management’s current
expectations and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in
these statements. Forward-looking statements include, among others,
statements concerning the potential exposure to market risks,
statements expressing management’s expectations, beliefs,
estimates, forecasts, projections and assumptions and statements
that are not limited to statements of historical or present facts
or conditions. You should not place undue reliance on forward
looking statements. Forward-looking statements are typically
identified by words such as “anticipate,” "assume," “assure,”
“believe,” “confident,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “objectives,” “outlook,” “probably,” “project,”
“will,” “seek,” “target” “to be,” and other words of similar
meaning.
These forward-looking statements include, without limitation,
statements about the following matters: • our strategies for (i)
mitigating the impacts of the global outbreak of the coronavirus,
(ii) strengthening our position in specialty carbon blacks and
rubber carbon blacks, (iii) increasing our rubber carbon black
margins and (iv) strengthening the competitiveness of our
operations; • the ability to pay dividends at historical dividend
levels or at all; • cash flow projections; • the installation of
pollution control technology in our U.S. manufacturing facilities
pursuant to the EPA consent decree; • the outcome of any
in-progress, pending or possible litigation or regulatory
proceedings; and • our expectation that the markets we serve will
continue to grow.
All these forward-looking statements are based on estimates and
assumptions that, although believed to be reasonable, are
inherently uncertain. Therefore, undue reliance should not be
placed upon any forward-looking statements. There are important
factors that could cause actual results to differ materially from
those contemplated by such forward-looking statements. These
factors include, among others: • the effects of the COVID-19
pandemic on our business and results of operations; • negative or
uncertain worldwide economic conditions;• volatility and
cyclicality in the industries in which we operate; • operational
risks inherent in chemicals manufacturing, including disruptions as
a result of severe weather conditions and natural disasters; • our
dependence on major customers and suppliers; • our ability to
compete in the industries and markets in which we operate; • our
ability to address changes in the nature of future transportation
and mobility concepts which may impact our customers and our
business; • our ability to develop new products and technologies
successfully and the availability of substitutes for our products;
• our ability to implement our business strategies; • volatility in
the costs and availability of raw materials (including but not
limited to any and all effects from restrictions imposed by the
MARPOL convention and respective International Maritime
Organization (IMO) regulations in particular to reduce sulfur
oxides (SOx) emissions from ships) and energy; • our ability to
respond to changes in feedstock prices and quality; • our ability
to realize benefits from investments, joint ventures, acquisitions
or alliances; • our ability to realize benefits from planned plant
capacity expansions and site development projects and the potential
delays to such expansions and projects; • information technology
systems failures, network disruptions and breaches of data
security; • our relationships with our workforce, including
negotiations with labor unions, strikes and work stoppages; • our
ability to recruit or retain key management and personnel; • our
exposure to political or country risks inherent in doing business
in some countries; • geopolitical events in the European Union, and
in particular the ultimate future relations between the European
Union and the United Kingdom resulting from the “Brexit” which may
impact the Euro; • environmental, health and safety regulations,
including nanomaterial and greenhouse gas emissions regulations,
and the related costs of maintaining compliance and addressing
liabilities; • possible future investigations and enforcement
actions by governmental or supranational agencies; • our operations
as a company in the chemical sector, including the related risks of
leaks, fires and toxic releases; • market and regulatory changes
that may affect our ability to sell or otherwise benefit from
co-generated energy; • litigation or legal proceedings, including
product liability and environmental claims; • our ability to
protect our intellectual property rights and know-how; • our
ability to generate the funds required to service our debt and
finance our operations; • fluctuations in foreign currency exchange
and interest rates; • the availability and efficiency of hedging; •
changes in international and local economic conditions, including
with regard to the Euro, dislocations in credit and capital markets
and inflation or deflation; • potential impairments or write-offs
of certain assets; • required increases in our pension fund
contributions; • the adequacy of our insurance coverage; • changes
in our jurisdictional earnings mix or in the tax laws or accepted
interpretations of tax laws in those jurisdictions; • our
indemnities to and from Evonik; • challenges to our decisions and
assumptions in assessing and complying with our tax obligations;
and • potential difficulty in obtaining or enforcing judgments or
bringing actions against us in the United States.
You should not place undue reliance on forward-looking
statements. We present certain financial measures that are not
prepared in accordance with U.S. GAAP and may not be comparable to
other similarly titled measures of other companies. These non-U.S.
GAAP measures are Contribution Margin, Contribution Margin per
Metric Ton, Adjusted EBITDA, Adjusted EPS, Net Working Capital and
Capital Expenditures. Adjusted EBITDA, Adjusted EPS, Contribution
Margin and Net Working Capital are not measures of performance
under U.S. GAAP and should not be considered in isolation or
construed as substitutes for net sales, consolidated profit (loss)
for the period, income from operations, gross profit or other U.S.
GAAP measures as an indicator of our operations in accordance with
U.S. GAAP. For a reconciliation of these non-U.S. GAAP financial
measures to the most directly comparable U.S. GAAP measures, see
table titled Reconciliation of Non-GAAP to GAAP Financial
Measures.
Factors that could cause our actual results to differ materially
from those expressed or implied in such forward-looking statements
include those factors detailed under the captions “Note Regarding
Forward-Looking Statements” and “Risk Factors” in our Annual Report
on Form 10-K for the year ended December 31, 2020 and in Note S,
Commitments and Contingencies. to our audited consolidated
financial statements regarding contingent liabilities, including
litigation. You should not place undue reliance on forward-looking
statements. Each forward-looking statement speaks only as of the
date of the particular statement. New risk factors and
uncertainties emerge from time to time and it is not possible for
our management to predict all risk factors and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. We undertake no obligation to publicly
update or revise any forward-looking statement - including those in
the “2021 Outlook” and “Quarterly Business Segment Results”
sections above - as a result of new information, future events or
other information, other than as required by applicable law.
Reconciliation of Non-GAAP Financial Measures
In this release we refer to Adjusted EBITDA, Contribution
Margin, Adjusted Net Income/(Loss) and Adjusted EPS, which are
financial measures that have not been prepared in accordance with
U.S. GAAP. We refer to these measures as “non-GAAP” financial
measures. Adjusted EBITDA is defined as income from operations
before depreciation and amortization, adjusted for acquisition
related expenses, restructuring expenses, consulting fees related
to group strategy, share of profit or loss of joint venture and
certain other items. Adjusted EBITDA is used by our management to
evaluate our operating performance and make decisions regarding
allocation of capital because it excludes the effects of certain
items that have less bearing on the performance of our underlying
core business. Our use of Adjusted EBITDA has limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of our financial results as reported
under U.S. GAAP. Some of these limitations are: (a) although
Adjusted EBITDA excludes the impact of depreciation and
amortization, the assets being depreciated and amortized may have
to be replaced in the future and thus the cost of replacing assets
or acquiring new assets, which will affect our operating results
over time, is not reflected; (b) Adjusted EBITDA does not reflect
interest or certain other costs that we will continue to incur over
time and will adversely affect our profit or loss, which is the
ultimate measure of our financial performance and (c) other
companies, including companies in our industry, may calculate
Adjusted EBITDA or similarly titled measures differently. Because
of these and other limitations, you should consider Adjusted EBITDA
alongside our other U.S. GAAP-based financial performance measures,
such as consolidated profit or loss for the period.
Contribution Margin is calculated by subtracting variable costs
(such as raw materials, packaging, utilities and distribution
costs) from our net sales. We believe that Contribution Margin and
Contribution Margin per Metric Ton are useful because we see these
measures as indicating the portion of net sales that is not
consumed by such variable costs and therefore contributes to the
coverage of all other costs and profits.
Adjusted Net Income/(Loss) is defined as profit or loss for the
period adjusted for acquisition related expenses, restructuring
expenses, consulting fees related to group strategy, certain other
items (such as amortization expenses related to intangible assets
acquired from our predecessor and foreign currency revaluation
impacts) and assumed taxes and Adjusted EPS is defined as Adjusted
Net Income divided by the weighted number of shares outstanding.
Adjusted Net Income/(Loss) and Adjusted EPS provide guidance with
respect to our underlying business performance without regard to
the effects of (a) foreign currency fluctuations, and (b) the
amortization of intangible assets which other companies may record
as goodwill having an indefinite lifetime and thus no amortization.
Other companies may use a similarly titled financial measure that
is calculated differently from the way we calculate Adjusted Net
Income/(Loss) and Adjusted EPS.
We define Net Working Capital as the total of inventories and
current trade receivables, less trade payables. Net Working Capital
is as well a non-GAAP financial measure, and other companies may
use a similarly titled financial measure that is calculated
differently from the way we calculate Net Working Capital.
We have not provided a reconciliation of forward-looking
Adjusted EBITDA to the most comparable GAAP measure of net income.
Providing net income guidance is potentially misleading and not
practical given the difficulty of projecting event-driven
transactions and other non-core operating items that are included
in net income. Reconciliations of this non-GAAP measure with the
most comparable GAAP measure for historic periods are indicative of
the reconciliation that will be presented upon completion of the
periods covered by the non-GAAP guidance.
Reconciliation of Non-GAAP to GAAP Financial
Measures
The following tables present a reconciliation of each of
Adjusted EBITDA and Adjusted EPS to the most directly comparable
GAAP measure:
Reconciliation of profit or
(loss)
Three Months Ended March 31,
(In thousands)
2021
2020
Net income
$
23,538
$
18,032
Add back income tax expense
8,274
$
7,635
Add back equity in earnings of affiliated
companies, net of tax
(146
)
$
(133
)
Pre-tax income before equity in
earnings of affiliated companies
31,666
$
25,534
Add back interest and other financial
expense, net
9,959
$
9,610
Add back reclassification of actuarial
losses from AOCI
1,228
$
2,398
Income from operations
42,853
$
37,543
Add back depreciation, amortization and
impairment of intangible assets, right of use assets, and property,
plant and equipment
25,627
$
23,845
EBITDA
68,480
$
61,388
Equity in earnings of affiliated
companies, net of tax
146
$
133
Long term incentive plan
1,060
$
(1,139
)
EPA-related expenses
1,731
$
2,589
Other adjustments
(566
)
$
873
Adjusted EBITDA
$
70,851
$
63,844
The following table reconciles Contribution Margin and
Contribution Margin per Metric Ton to gross profit:
Three Months Ended March 31,
(In millions, unless otherwise
indicated)
2021
2020
Net sales
$
360.1
$
336.0
Variable costs(1)
(213.0
)
(204.1
)
Contribution Margin
147.1
131.9
Freight
22.5
19.2
Fixed Costs(2)
(67.1
)
(60.8
)
Gross profit
$
102.5
$
90.2
Volume (in kmt)
254.1
235.1
Contribution Margin per Metric Ton
$
578.9
$
560.8
Gross Profit per Metric Ton
$
403.5
$
383.6
(1) Includes costs such as raw materials, packaging, utilities
and distribution.
(2) Includes costs such as depreciation, amortization and
impairment of intangible assets and property, plant and equipment,
personnel and other production related costs.
Adjusted EPS
Three Months Ended March 31,
(In thousands, except per share
amounts)
2021
2020
Net income
$
23,538
$
18,032
add back long term incentive plan
1,060
(1,139
)
add back EPA-related expenses
1,731
2,589
add back other adjustment items
(566
)
873
add back reclassification of actuarial
losses from AOCI
1,228
2,398
add back amortization
3,688
1,845
add back foreign exchange rate impacts
3,223
5,209
add back amortization of transaction
costs
539
501
Tax effect on add back items at estimated
tax rate
(3,271
)
(3,683
)
Adjusted Net Income
$
31,169
$
26,626
Total add back items
$
7,632
$
8,594
Impact add back items per share
$
0.12
$
0.14
Earnings per share (basic)
$
0.39
$
0.30
Adjusted EPS
$
0.51
$
0.44
Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended March 31,
(In thousands, except per share
amounts)
2021
2020
Net sales
$
360,077
$
336,007
Cost of sales
257,557
245,815
Gross profit
102,520
90,193
Selling, general and administrative
expenses
52,353
44,519
Research and development costs
4,760
4,956
Other expenses, net
2,554
3,175
Income from operations
42,853
37,543
Interest and other financial expense,
net
9,959
9,610
Reclassification of actuarial losses from
AOCI
1,228
2,398
Pre-tax income before equity in
earnings of affiliated companies
31,666
25,534
Income tax expense
8,274
7,635
Equity in earnings of affiliated
companies, net of tax
146
133
Net income
$
23,538
$
18,032
Weighted-average shares outstanding (in
thousands of shares):
Basic
60,648
60,276
Diluted
60,812
61,391
Earnings per share:
Basic
$
0.39
$
0.30
Diluted
$
0.39
$
0.29
Condensed Consolidated
Statements of Financial Position (Unaudited)
(In thousands, except share
amounts)
March 31, 2021
December 31, 2020
Current assets
Cash and cash equivalents
$
62,632
$
64,869
Accounts receivable, net of
expected credit losses
257,697
234,796
Other current financial
assets
2,978
3,630
Inventories, net
157,504
141,461
Income tax receivables
11,415
11,249
Prepaid expenses and other
current assets
45,334
44,452
Total current assets
537,560
500,456
Property, plant and equipment,
net
605,069
610,530
Right-of-use assets
92,794
85,639
Goodwill
80,721
84,480
Intangible assets, net
42,974
46,772
Investment in equity method
affiliates
5,528
5,637
Deferred income tax assets
58,028
52,563
Other financial assets
699
761
Other assets
2,438
2,956
Total non-current
assets
888,249
889,337
Total assets
$
1,425,809
$
1,389,793
Current liabilities
Accounts payable
$
141,529
$
131,250
Current portion of long term debt
and other financial liabilities
107,843
82,618
Current portion of employee
benefit plan obligation
948
1,118
Accrued liabilities
39,424
49,176
Income taxes payable
28,228
23,906
Other current liabilities
38,700
36,676
Total current
liabilities
356,672
324,745
Long-term debt, net
637,127
655,826
Employee benefit plan
obligation
79,930
83,310
Deferred income tax
liabilities
44,619
38,770
Other liabilities
104,614
106,131
Total non-current
liabilities
866,290
884,036
Stockholders' equity
Common stock
Authorized: 65,035,579 and
65,035,579 shares with no par value
Issued – 60,992,259 and
60,992,259 shares with no par value
Outstanding – 60,590,526 and
60,487,117 shares
85,323
85,323
Less 401,733 and 505,142 shares
of common treasury stock, at cost
(7,345
)
(8,515
)
Additional paid-in capital
68,356
68,502
Retained earnings
107,945
84,407
Accumulated other comprehensive
loss
(51,432
)
(48,705
)
Total stockholders'
equity
202,846
181,013
Total liabilities and
stockholders' equity
$
1,425,809
$
1,389,793
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
(In thousands)
2021
2020
Cash flows from operating
activities:
Net income
$
23,538
$
18,032
Adjustments to reconcile net income/(loss)
to net cash provided by/(used in) operating activities:
Depreciation of property, plant and
equipment and amortization of intangible assets and right of use
assets
25,627
23,845
Amortization of debt issuance costs
539
501
Share-based incentive compensation
1,060
(1,139
)
Deferred tax (benefit)/provision
(2,068
)
(1,865
)
Foreign currency transactions
3,641
1,219
Reclassification of actuarial losses from
AOCI
1,228
2,398
Other operating non-cash items
204
360
Changes in operating assets and
liabilities, net of effects of businesses acquired:
Trade receivables
(30,535
)
(31,097
)
Inventories
(19,845
)
(11,681
)
Trade payables
11,383
4,391
Other provisions
(7,946
)
(11,365
)
Income tax liabilities
4,206
12,016
Other assets and liabilities
(9,226
)
(711
)
Net cash provided by operating
activities
1,805
4,905
Cash flows from investing
activities:
Cash paid for the acquisition of
intangible assets and property, plant and equipment
(27,227
)
(50,851
)
Net cash used in investing
activities
(27,227
)
(50,851
)
Cash flows from financing
activities:
Repayments of long-term debt
(2,072
)
(2,006
)
Cash inflows related to current financial
liabilities
35,465
109,813
Cash outflows related to current financial
liabilities
(7,734
)
—
Dividends paid to shareholders
—
(12,045
)
Taxes paid for shares issued under net
settlement feature
(36
)
(1,202
)
Net cash provided by financing
activities
25,623
94,560
Increase/(decrease) in cash, cash
equivalents and restricted cash
202
48,614
Cash, cash equivalents and restricted cash
at the beginning of the period
67,865
68,231
Effect of exchange rate changes on
cash
(2,572
)
(6,630
)
Cash, cash equivalents and restricted
cash at the end of the period
65,495
110,215
Less restricted cash at the end of the
period
2,863
2,675
Cash and cash equivalents at the end of
the period
$
62,632
$
107,540
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210506006161/en/
INVESTOR CONTACT: Wendy Wilson Investor Relations +1
281-974-0155
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