STRATEC Biomedical Systems AG / Final Results
13.04.2010 07:39
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STRATEC posts record results for 2009
- Sales at EUR 79.6 million (+30.5%; previous year: EUR 61.0 million)
- EBIT at EUR 14.7 million (+31.1%; previous year: EUR 11.2 million)
- Consolidated net income at EUR 11.7 million
(+42.7%; previous year: EUR 8.2 million*)
- At EUR 1.03, earnings per share exceed EUR 1 for first time
(+43.1%; previous year: EUR 0.72*)
- Dividend proposal increased to EUR 0.45 per share
(+28.6%; previous year: EUR 0.35)
* Excluding a non-operating one-off expense of Euro 2.1 million due to a
valuation adjustment in 2008. Including this expense, 'Consolidated net
income' in 2008 amounts to Euro 6.1 million and 'Earnings per share' to
Euro 0.54.
Birkenfeld, April 13, 2010
STRATEC Biomedical Systems AG, Birkenfeld, Germany (Frankfurt: SBS; Prime
Standard) has today announced its confirmed results for the financial year
ending on December 31, 2009, and the publication of its 2009 Annual Report.
These results are published in accordance with IFRS (International
Financial Reporting Standards), have been audited and have been granted an
unqualified audit opinion.
Financial report
Sales increased by 30.5% from EUR 61.0 million to EUR 79.6 million in the
2009 financial year, and were therefore above the upper end of the guidance
range forecast by the company (EUR 73.2 million to EUR 79.3 million).
At EUR 14.7 million, the EBIT generated by STRATEC in 2009 was 31.1% higher
than the previous year's figure (EUR 11.2 million). Despite having four
development projects simultaneously in the ramp-up phase towards serial
production for the first time in its history, STRATEC was able to increase
its EBIT margin to 18.5% in 2009 (previous year: 18.4%). The company's
guidance range for the EBIT margin was 18.5% to 19.5%.
Consolidated net income, which benefited from positive net financial
expenses and a reduction in the Group's average tax rate, amounted to EUR
11.7 million, against EUR 8.2 million* in the previous year. Consolidated
net income thus improved by 42.7%. Divided by the weighted average number
of shares in circulation in 2009, earnings per share (EPS) amounted to EUR
1.03 (previous year: EUR 0.72*).
STRATEC further increased its holdings of liquid funds to EUR 21.2 million
(previous year: EUR 19.2 million), with an equity ratio of 69.1% (previous
year: 71.3%).
Dividend proposal
Given its confidence in the expected future business performance of the
STRATEC Group, the company's high volume of liquidity and high equity
ratio, the Supervisory Board and Board of Management of STRATEC will be
proposing the distribution to shareholders of a dividend of EUR 0.45 per
share (previous year: EUR 0.35) with dividend entitlement for approval by
the Annual General Meeting on May 21, 2010. Subject to approval by the
Annual General Meeting, this would correspond to a total distribution of
EUR 5.1 million (previous year: EUR 4.0 million).
Personnel development
The company's positive performance and its preparations for the next round
of growth are already reflected in the increased size of its workforce.
Including temporary employees, STRATEC had a total of 380 employees by the
end of 2009 (previous year: 284). One particular factor driving this
development was the acquisition of Invitek GmbH, Berlin, in April 2009,
which together with its total of around 30 employees has been fully
integrated in the STRATEC Group.
Other highlights in the 2009 financial year
In 2009 the company returned to its customary strong rate of growth as seen
in the years 2000 to 2007.
Alongside substantial sales and earnings growth, the key developments in
the 2009 financial year were the market launch preparations being made by
our customers of a total of four new analyzer systems. For two of these
analyzer systems, the serial production preparation phase had been
completed by the end of 2009, and the other two analyzer systems were in
the final stages of preparations.
Beyond the strong turnover in STRATEC's core business of analyzer systems,
key factors driving the Group's sales growth included higher numbers of
pre-serial systems and an expected increase in the sales of consumables and
replacement parts.
'The greatest challenge we faced when implementing our current strategic
corporate plan was how to handle considerable expansion in production
output while at the same time significantly boosting our development
activities. Our results presented today are clear evidence that we mastered
this challenge in 2009' commented Hermann Leistner, Chairman of the Board
of Management of STRATEC Biomedical Systems AG.
STRATEC signed a further development agreement for a fully automated
molecular diagnostic system, and while the company now allocates more than
55% of its development capacities to this area, the share of sales
generated with these applications only amounts to less than 10% of the
consolidated figure in 2009. These figures clearly show that the automation
of molecular biological applications is set to become a significant driver
of future value at STRATEC.
Guidance and further outlook confirmed
In the 2010 financial year STRATEC expects to generate sales in a range of
EUR 96 million to EUR 102 million. Growth in the EBIT margin will be driven
by the serial production of four major development projects and an
increasing share of sales generated from consumables and replacement parts.
STRATEC expects the EBIT margin to rise by at least 0.5% points compared to
the 2009 figure.
Based on stable developments in all current programs, as well as the
prospects and customer forecasts for the new programs, STRATEC expects to
achieve consistent growth in the coming years. Specifically, a compound
annual growth rate (CAGR) of more than 15% is expected for sales between
2010 and 2012.
2009 Annual Report
The 2009 Annual Report of STRATEC Biomedical Systems AG is available for
viewing and downloading of the company's internet site at
www.stratec-biomedical.de > Investor Relations > IR News > Financial
Reports.
Forthcoming publication dates
The interim report as of March 31, 2010 will be published on April 28,
2010.
The Annual General Meeting of STRATEC Biomedical Systems AG will be held in
Pforzheim on Friday, May 21, 2010. The invitation to the Annual General
Meeting will be forwarded to STRATEC shareholders via their depositing
banks in good time ahead of the Annual General Meeting.
About STRATEC
STRATEC Biomedical Systems AG (www.stratec-biomedical.de) designs and
manufactures fully automated systems for its partners in the fields of
clinical diagnostics and biotechnology. These partners market such systems,
in general together with their own reagents, to laboratories, blood banks
and research institutes around the world. The company develops its products
on the basis of its own patented technologies. Shares in the company (ISIN:
DE0007289001) are traded in the Prime Standard segment of the Frankfurt
Stock Exchange.
The STRATEC Group consists of the publicly listed parent company STRATEC
Biomedical Systems AG and of subsidiaries and second-tier subsidiaries in
Germany, the USA, the UK, Switzerland and Romania.
Further information can be obtained from:
STRATEC Biomedical Systems AG
André Loy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Germany
Tel: +49 7082 7916 190
Fax: +49 7082 7916 999
E-mail: ir@stratec-biomedical.de
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Language: English
Company: STRATEC Biomedical Systems AG
GewerbestraÃe 37
75217 Birkenfeld
Deutschland
Phone: +49 (0)7082 7916 0
Fax: +49 (0)7082 7916 999
E-mail: info@stratec-biomedical.de
Internet: www.stratec-biomedical.de
ISIN: DE0007289001
WKN: 728900
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Düsseldorf, Stuttgart
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DGAP-News: STRATEC posts record results for 2009
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