Alphaform AG / Key word(s): Quarter Results
15.11.2010 12:23
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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AD-HOC RELEASE DUE TO §15 WPHG
Third quarter 2010:
Alphaform strategy shows initial success in medical technology
* New structure compensates for lost Formula One revenues with medical
technology
* Initial forecast for the 2010 financial year
* Company anticipates a positive result for 2011
Feldkirchen, 15 November 2010 - Alphaform AG, a rapid manufacturing
specialist and leading company for the manufacture of orthopaedic implants
and instruments, increased its consolidated revenues in Q3 to EUR5.5
million (+24.7% from EUR4.4 million in Q3 2009). The company has thus
compensated for its lost Formula One revenues from 2008 and 2009 primarily
caused by Toyota and BMW's exit from the motor racing organisation. Within
the new structure, Medical Technology is the strongest Alphaform segment,
accounting for 40% of revenues and far ahead of Automotive with 25%. The
acquisition of MediMet GmbH in Stade in December 2008 was a key driver of
the new Medical Technology segment's revenues.
As the economy recovered, new orders (particularly in Alphaform's classic
automotive prototypes business) continued to grow in the third quarter.
EBITDA rose to EUR315,000, up from EUR-81,000 in the third quarter of 2009.
The consolidated operating result, however, remained negative at
EUR-232,000 (Q3 2009: EUR-741,000); it was negatively impacted by multiple
factors. These included in particular a write-down in the amount of
EUR211,000 on the acquisition of MediMet, and delivery bottlenecks
resulting from delays in validation and product documentation after the
German Medical Products Law (Medizinproduktegesetz - MPG) took effect in
March.
In the first nine months of 2010, consolidated revenues grew by 1.6%, from
EUR14.668 million to EUR14.896 million. Adjusted for the German companies'
lost Formula One business, revenues grew year-on-year by 5.6%. EBITDA
climbed EUR745,000, from EUR-367,000 to EUR378,000. Consolidated net income
in the first nine months improved over the same time period of 2009 by
EUR1.1 million, from EUR-2.3 million to EUR-1.2 million. This includes
non-recurring expenses for the acquisition of MediMet GmbH in the amount of
EUR635,000 (previous year: EUR793,000).
Outlook
Assuming a continued healthy economy, Alphaform anticipates revenues of
between EUR20 million and EUR21 million (previous year: EUR 19.4 million)
and negative consolidated net income of EUR-1.2 million to
EUR-1.3 million (previous year: EUR-3.8 million) for 2010 as a whole.
Starting in 2011, the write-downs from the acquisition of MediMet GmbH will
be eliminated, which means an additional EUR844,000 in the result for the
entire year. Because MPG validation is largely complete, and the new
location in Eschenlohe is up and running, the company anticipates that it
will quickly remedy its current medical technology delivery backlogs of
some EUR1.0 million. For the next financial year, therefore, Alphaform
anticipates a positive result if business at least remains stable.
'Alphaform has taken a difficult situation and turned it into a successful
strategy,' says CEO Dr Thomas Vetter. 'We have added batch production for
medical and orthopaedic technology to our prototype and mould making
business. And we have made up for the loss of the automotive racing
business by medical technology which, although it has a lower margin,
offers stability and strong growth.' For the future, Vetter feels the
company is in an excellent position because it is combining the existing
batch expertise with pioneering rapid manufacturing abilities. This, he
says, makes the company the first choice for all organisations seeking a
development and manufacturing partner for complex products manufactured in
smaller batches.
About Alphaform
Alphaform AG, established in 1996 with headquarter in Feldkirchen near
Munich, is a contract manufacturer for complex parts and products in small
batches. The company is one of the European market leaders in rapid
manufacturing and rapid prototyping. It holds also a leading position
throughout Europe in the manufacture of orthopaedic implants and
instruments. In the 2009 financial year, the company generated revenues of
around EUR20 million with some 200 employees and negative EBITDA of EUR-1.4
million that was doubly burdened by acquisitions and the economic crisis.
The Alphaform share is traded on the Frankfurt Stock Exchange under the
abbreviation ATF and is listed in the Prime Standard Segment.
The core competence of Alphaform lies in the provision of comprehensive
application expertise with regard to processes and materials for the rapid
production of complex prototypes, tools, single components and small series
of plastics and metals. The focus of the company's work lies in the
orthopaedic and medical technology, automotive and aerospace segments.
There are Alphaform subsidiaries in Germany, Finland, Sweden and the UK.
About rapid manufacturing
Rapid manufacturing is automatic shift manufacturing of plastic and metal
parts, directly from CAD files and without casting moulds or press moulds.
Also known as direct manufacturing, 3D printing or e-manufacturing, rapid
manufacturing is seen globally as a growth field. For some years, these
manufacturing methods have enabled rapid tooling and rapid prototyping.
Because universities and plant builders are continually developing new
manufacturing methods and machinery, as well as new materials, tool-free
production will enable more cost effective batch manufacturing and more
customised products in future. Many very sophisticated metal and plastic
parts are only possible thanks to the new manufacturing options that rapid
manufacturing offers. Rapid manufacturing is deployed above all in medical
technology, aerospace and the automotive industry.
Alphaform AG
Investor Relations
Tel.: 089-90 500 235
Fax: 089-90 500 210 35
E-Mail: ir@alphaform.de
End of Ad-hoc release (c) DGAP 15.11.2010
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---------WKN: 548795; ISIN: DE0005487953; Index:
Notiert: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
15.11.2010 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Alphaform AG
KapellenstraÃe 10
85622 Feldkirchen
Deutschland
Phone: +49 (0)89 905002 - 0
Fax: +49 (0)89 905002 - 90
E-mail: ir@alphaform.de
Internet: www.alphaform.de
ISIN: DE0005487953
WKN: 548795
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: Alphaform AG: Third quarter 2010, Alphaform strategy shows initial success in medical technology
| Source: EQS Group AG