4Q21 results impacted by higher energy costs and non-cash FX items
In Q4 21 SABAF posted c.5% organic growth with pricing being the main driver of the top-line performance. EBITDA was down c.30% in the quarter and it was the result of tough comparison base (100% YoY growth in 4Q 20) and EUR 2m of energy cost headwind which was not factored in our numbers. However, operating profit is in line with our expectation due to lower DandA. Q4 bottom-line contribution (of EUR 0.6m) was negligible as net ....
