STRATEC Biomedical AG
- WKN: 728900
- ISIN: DE0007289001
- Land: Germany
Nachricht vom 24.10.2012 | 07:37
STRATEC reports nine-month results
STRATEC Biomedical AG / Key word(s): Quarter Results/Interim Report
STRATEC reports nine-month results
Birkenfeld, October 24, 2012
STRATEC Biomedical AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime Standard, TecDAX)
* 2011: The figures are presented in the table on an unadjusted basis. Adjusted for a one-off item of EUR 1.6 million resulting from a routine tax audit for the financial years 2005 to 2008, consolidated net income for the first nine-months of 2011 would amount to EUR 11.4 million and earnings per share would amount to EUR 0.99.
** 2012: The figures are presented in the table on an unadjusted basis. Adjusted for a one-off item of EUR 3.3 million incurred in the first quarter of 2012 due to the income-neutral reclassification of unfinished services and prepayments received due to the impairment of a development project, sales for the first nine months of 2012 would amount to EUR 84.3 million and the EBIT margin would amount to 15.8%.
Nine-month sales grew by 9.3% to EUR 87.6 million. Adjusted for a one-off income-neutral reclassification of EUR 3.3 million in the first quarter due to the write-down of a development project, sales growth amounted to 5.2%. Compared with the same period in the previous year, sales for the third quarter of 2012 fell by 7.6% from EUR 31.8 million to EUR 29.3 million.
The EBIT margin for the first nine months amounted to 15.3% (adjusted 15.8%), compared to 18.8% in the same period in the previous year. This reduction in the company's profitability was attributable to the following factors: a weaker than expected share of sales generated with high-margin maintenance and spare parts and a lower overall gross margin for systems newly launched onto the market and whose production and supply chain process optimization measures have not yet been completed. Moreover, the difficulties in planning market entry phases in our industry, for example due to delays in the approval of new systems by our customers, have arisen with unusual frequency in the current year. As a result, the corresponding sales will be postponed to the coming year. Furthermore, the company is continuing its investment programs aimed at stepping up its development activities. These have resulted in negative earnings contributions from our main subsidiaries.
At EUR 10.9 million, consolidated net income for the first nine months of 2012 was 10.4% up on the previous year's figure of EUR 9.8 million, resulting in earnings per share of EUR 0.93 (previous year: EUR 0.85). If the previous year's figure is adjusted to exclude a one-off tax back payment of EUR 1.6 million for the financial years 2005 through 2008, the consolidated net income posted for 2012 fell 5.0% short of the previous year's figure.
Preparatory development work has already begun on further new projects currently under negotiation. STRATEC is optimistic that it will be awarded follow-up contracts for these projects. These would contribute notably to STRATEC's sales performance from the 2015 and 2016 financial years. Further details of these contracts will be published following agreement.
Significant progress is expected to be made in the next two quarters with optimizing supply and production for analyzer systems recently launched onto the market. This will enable an enhanced gross margin to be generated with these systems.
Development in staff totals
For 2012 to 2014, we are upholding our forecast of expected average sales growth of 14% to 16% based on the 2011 sales figure (EUR 116.6m). Accordingly, sales of EUR 151 million to EUR 157 million could be expected in 2013. The achievement or exceeding of this range is dependent on the performance of the systems newly launched onto the market at the end of 2012 and on follow-up approvals, as well as on the further progress made with development projects and associated reclassifications from milestone payments to sales.
In terms of our costs, margins will continue to be held back by investments in new development programs. In the medium term, however, the margin is expected to recover due to benefits of scale arising in particular from the higher expected share of sales generated with maintenance and spare parts.
Further details can be found in our Interim Report as of September 30, 2012 published at www.stratec.com > Investor Relations > IR News > Financial Reports.
Shares in the company (ISIN: DE0007289001) are traded in the Prime Standard segment of the Frankfurt Stock Exchange and are listed in the TecDAX select index of the German Stock Exchange.
Further information can be obtained from:
End of Corporate News
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|Company:||STRATEC Biomedical AG|
|Phone:||+49 (0)7082 7916 0|
|Fax:||+49 (0)7082 7916 999|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart|
|End of News||DGAP News-Service|
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