According to FUNDER website data,
66 mutual funds hold a NIS 42.36 million share on canvas
Funds that hold significant holdings in the stock – for the full list of holdings
The following is a change in the holdings of mutual funds in a stock on canvas according to FUNDER-MVF data
On Canvas, the third largest international company in the world in the production of unbranded wet wipes,
And the largest supplier in the US for the production of unbranded tampons, reports record results in its financial statements for 2020 with 19% growth in revenues to NIS 1.58 billion and EBITDA from continuing operations of NIS 275 million, which constitutes about 17% of total revenues. Net profit jumped to a peak of NIS 101.9 million and in 2020 the company generated cash totaling NIS 185 million.
The increase in demand for the company’s products, against the background of the spread of the corona virus (Covid-19), was accompanied by a rise in prices in the fabric market, which is used as the main raw material in the production of wipes. On canvas, as a company characterized by full vertical integration, enjoyed an advantage in self-production of raw materials, and high competitive ability.
Following the high demand for its products, and as part of the company’s preparations for continued growth and the establishment of its leading position, Al Bad expands its investment in new lines and streamlines production on existing lines. The company has established a new line in Dimona for the production of wash and release paper, with the intention of leading the sustainability trend.
In addition, the company is preparing to produce fabrics without plastic fibers and for this purpose has announced that it will make an investment in a new production line in Dimona, at a cost of NIS 190 million, which will meet the stringent requirements of environmental regulation, and support the trend of baby wipes and plastic-free cleaning. The production line is supposed to produce fabrics with an annual volume of NIS 140 million.
Revenues in 2020 amounted to NIS 1.58 billion, compared with revenues of NIS 1.32 billion in 2019, a growth of 19%. The increase in revenue is due to an increase in sales of wipes in the amount of NIS 252 million and an increase in sales of feminine hygiene in the amount of NIS 4 million.
Most of the increase in sales of wipes is due to an increase in sales in Europe in the amount of NIS 182 million (17%) and an increase in sales in the United States of NIS 70 million (82%). Most of the increase in revenue is due to the spread of Corona virus during 2020. Especially in the field of wipes, the sharp increase in revenues was achieved despite the effect of changes in exchange rates against the dollar and the euro in 2020 compared to 2019, which was reflected in a decrease of about NIS 30 million in revenues.
Wet wipes activity grew by 22% in sales to NIS 1.43 billion in 2020, compared to revenues of NIS 1.18 billion in 2019. Tampon manufacturing and marketing activity increased slightly to revenues of NIS 156.7 million, compared to revenues of NIS 153 million in 2019.
The gross profit in 2020 amounted to NIS 418.7 million or 27% of total revenues, compared with a gross profit of NIS 276.2 million or 21% of sales in 2019. The increase in the rate of gross profitability in the wipes sector in 2020 was mainly due to the effect of declining raw material prices and operational efficiency at the various sites.
Operating profit before other expenses amounted to NIS 197 million or 13% of turnover in 2020, compared with NIS 68.2 million or 5% of turnover in 2019. The increase in operating profit is due to an increase of NIS 132 million in operating profit in the wipes sector (mainly In the European space), which reflects an operating profitability of 15% of turnover, and a decrease in the operating loss of NIS 2 million in the operating loss in the feminine hygiene sector, compared to 2019.
The decrease in the operating loss is mainly due to a decrease in the amount of the goodwill reduction compared to the corresponding period. The company updates that the current goodwill reduction of NIS 22 million in respect of the company’s plant in Caesarea mimics most of the goodwill in respect of the acquisition.
EBITDA from continuing operations amounted to NIS 274.6 million in 2020, about 17% of the company’s total revenue, an increase of 87% compared to EBITDA of NIS 146.8 million, about 11% of turnover, in 2019.
Bottom line, Al Bad reports a net profit of NIS 101.9 million, about 6% of the company’s total revenues, in 2020, compared to a net loss of NIS 64.7 million recorded in 2019.
The current cash flow strengthened significantly and stood at NIS 184.7 million at the end of 2020, compared with a current cash flow of NIS 97.1 million in 2019.
Equity as of the end of 2020 is NIS 485.7 million, approximately 34% of the total balance sheet, compared with equity of NIS 404.9 million, approximately 32% of the total balance sheet, in 2019. The increase in shareholders’ equity in the amount of NIS 81 million is due to the sharp increase in the company’s profits, offset by a dividend distributed in the amount of NIS 25 million.
Company CEO Dan Mesika noted that “On Canvas’ high business and competitive positioning, as one of the world’s largest manufacturers in the field of private and international brand wipes, allowed us to make all the necessary adjustments in 2020 in the face of the Corona epidemic and maximize the company’s ability to meet the high demands we experienced.
Along with the activity of our service and supply systems that have greatly strengthened our position vis-à-vis our large customers, we recognize that the effects of the corona on the volume of wipes and disinfectant consumption will continue and that this is a profound behavioral and cultural change.
In light of this, we announced an additional investment of 15 million euros in the company’s sites in Israel, Europe and the USA for the purpose of expanding the production capabilities in the field of wipes.
“In January 2021, we announced the completion of strategic work aimed at further developing the core business in the field of wipes and increasing the company’s vertical capacity in the field of fabric production. As part of this move, we changed the organizational structure to allow more flexible control and management of the company’s divisions.” And innovators who will position Al Bad with a broad range of new products and brands that match market trends, consumer requirements and the company’s commitment to innovation and sustainability values.
In this spirit, on fabric has developed improved hydropine paper based on innovative technology, makes the necessary preparations to enjoy the expected increase in sales of 100% cotton tampons and is working to complete the development of biodegradable plastic tampon conductors, a development that may strengthen and increase company sales New markets.
“On Cloth enters 2021 with significant competitive advantages, a strong and stable position vis-à-vis customers, and financial strength that will ensure the company’s ability to continue its momentum. Al Cloth has a strong balance sheet and high cash flow, which will allow us to maximize opportunities in the wipes and disinfectant market. We are working and continuing to bring value to our investors. “