Straumann Holding AG

  • WKN: 914326
  • ISIN: CH1175448666
  • Land: Schweiz

Nachricht vom 12.08.2004 | 06:37

Straumann lifts first-half sales by 33% to CHF 217 million (Part 1 of 3)

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----- Download the full media release, including additional financial tables: Straumann lifts first-half sales by 33% to CHF 217 million (Part 1 of 3) - Continued strong sales growth across all regions, with North America and Asia/Pacific accelerating in the second quarter - Enhanced profitability contributes to a 45% jump in operating profit, with net profit up 42% - Further reduction in working capital, to 8% of sales - 102 new jobs created through continued investment in talent to absorb and sustain growth - Management raises full-year sales growth expectation to 26% in local currencies Key figures Change in % Change in% (in CHF million) H1, 2004 vs. H1, 2003 vs. H1, 2003 in l.c. Net sales 217.2 32.9 32.1 Implants Division 206.0 26.1 25.3 In % of net sales 94.8 Biologics Division 11.2 5.1(1) 7.4(1) In % of net sales 5.2 Operating profit (EBIT) 67.2 45.2 Margin in % 30.9 Net profit 54.1 41.7 Margin in % 24.9 Earnings per share (in CHF) 3.49 41.9 Net sales 2nd Quarter 109.3 30.5 31.1 Implants Division 103.6 23.6 24.2 Biologics Division 5.7 9.8(1) 12.4(1) (1) By comparison with sales published in 2003 by Biora prior to its acquisition With volumes growing strongly in both quarters, the Straumann Group again achieved record first-half results as sales climbed 33% in Swiss francs, or 32% in local currencies (l.c.), to CHF 217 million. Thanks to improved operational efficiency and cost reductions, operating profit grew faster than sales and rose 45% to CHF 67 million, with the operating margin improving to 31%. Net profit increased 42% to CHF 54 million, with the net margin expanding to 25%. On the basis of these results, management has raised its expectation for full-year sales growth to 26% in local currencies. Sales driven by volume expansions in both quarters For the most part, growth was organic as Straumann continued to win new customers and expand its existing business. Thus, 23% points of sales growth were generated by volume expansions; approximately 7% points were acquisition related, while price increases contributed 2% points. The remaining 1% point was due to currency translations as the positive impact of the Euro more than compensated for the negative effect of the US dollar. On a divisional level, first-half sales growth was powered primarily by the core implant business, which generated 95% of Group revenues. The remainder came from the Biora business, which was acquired in June 2003 and was fully integrated into Straumann's Biologics Division by the end of the first quarter of the current year. Implants booked a 26% (25% in l.c.) increase in first-half sales to CHF 206 million on the back of strong volume growth of approximately 24% in both quarters. The sustained success of the implant business is due to proven clinical benefits and continual optimization of the Straumann system to meet the needs of customers and their patients. Biologics saw a marked acceleration in sales growth from 1% (3% in l.c.) in the first quarter to 10% (12% in l.c.) in the second, resulting in a first-half increase of 5% (7% in l.c.) to CHF 11 million. The growth reflects the transfer of the distribution organization, and momentum is expected to increase further over the second half as familiarity with the tissue regeneration product Emdogain(R) spreads. Strong growth in major markets Regionally, Europe continued to be the biggest source of revenue, contributing an unchanged 64% of Group first-half sales. European sales climbed 32% (28% in l.c.) to CHF 138 million, driven by particularly strong performances in Germany (+27% in l.c.), the Netherlands (+49% in l.c.), France (+36% in l.c.) and Spain (+30% in l.c.). Sweden posted a rise of 52% (l.c.) on top of a particularly strong first half in 2003, while Italy enjoyed a distinct acceleration (+24% in CHF), and Switzerland posted a 13% rise in sales. North America, which continued to generate 25% of Group revenues, posted an impressive 43% jump in sales in local currencies to CHF 54 million, fuelled by a strong second quarter. Owing to the weakness of the US dollar, the increase was only 35% in Swiss francs. The Asia/Pacific region also benefited from a strong second quarter to achieve a 29% rise in first-half sales to CHF 22 million, driven by increased momentum in Japan and Korea in addition to solid growth in Australia and New Zealand. The region's contribution to Group sales was 10%. Revenues in the rest of the world amounted to CHF 3 million, up 83% from the previous first half. End part 1 of 3 end of message, (c)DGAP 12.08.2004
----- WKN: 914326; ISIN: CH0012280076; Index: Listed: Freiverkehr in Berlin-Bremen, Frankfurt, München und Stuttgart; SWX Swiss Exchange 120635 Aug 04

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