DGAP-News: Alphaform AG / Key word(s): Final Results
Alphaform AG: Alphaform streamlines its statement of financial
position, accelerates realignment, change in the Management Board by
mutual agreement
28.03.2014 / 11:19
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Press release
Final figures for the 2013 financial year:
Alphaform streamlines its statement of financial position, accelerates
realignment, change in the Management Board by mutual agreement
- Group revenue declines by 4.5 % to EUR 25.9 million
- Operating loss of EUR 2.9 million and non-recurring negative impact on
the statement of financial position of EUR 3.3 million
- Hanns-Dieter Aberle replaces Thomas Vetter as Management Board
- 2014 guidance still negatively impacted by restructuring costs
Feldkirchen, 28 March 2014 - In the 2013 financial year, the industrial 3D
printing service provider Alphaform AG posted a 4.5% decline in Group
revenue, from EUR 27.1 million to EUR 25.9 million. Due to the combination
of the operating loss and a non-recurring impact to the statement of
financial position described in more detail below, the Group operating
result before tax of EUR 0.8 million in the 2012 financial year declined to
EUR-5.8 million in the 2013 financial year. Correspondingly the 2013 result
after taxes dropped sharply to EUR-6.2 million. Last year a plus of EUR 0.5
million was posted. EBITDA declined from EUR 2 million in the 2012
financial year to EUR-3.5 million in the current reporting period.
There were two key reasons for the poor trend in the operating result.
Firstly, after what was an initial unfortunate change in management, the
medical technology subsidiary MediMet suffered from considerable weakness
in terms of sales. In what was already a restrained market, this impacted
the business trend in a particularly negative fashion. Secondly, in some
cases production was too expensive in Alphaform's traditional business of
additive manufacturing and 3D printing. Here a strong upturn in customer
requirements - particularly in respect to delivery times - resulted in the
machines frequently being used only on a restricted basis. This result was
increasing material and labour costs. Alphaform reacted with its Excellent
program which has already been initiated for improving processes and
modernisation.
Alongside operating issues, the annual result was negatively impacted
particularly by non-recurring effects which influenced the statement of
financial position, but not cash. These were chiefly impairments of EUR 3.3
million, also on inventories and goodwill.
Due particularly to the stated non-recurring impact on the statement of
financial position, the gross profit margin declined to 54.6% in the
reporting year, from 69.8% in the 2012 financial year. The accumulated
order backlog at the end of 2013 amounted to EUR 3.6 million (previous
year: EUR 3.0 million).
Stable 3D printing, decline at Medical
The traditional business of Additive Manufacturing and 3D Printing deals
primarily with manufacturing prototypes of various industrial sintering
technologies. In the 2013 financial year, the company generated 66% of
revenue or EUR 17.2 million with industrial 3D printing. This is a slight
year-on-year upturn against the previous-year revenue figure of EUR 16.7
million. Almost two thirds of this was generated with automotive
manufacturers and suppliers. This business was stable across the whole of
the reporting period.
In the Medical division, Alphaform AG manufactures primarily orthopaedic
implants for joints, bone staples and the spine. In the reporting year, the
division generated EUR 8.7 million or almost 34% of Alphaform revenue. In
the previous year, the equivalent figure was EUR10.4 million. The lower
revenue was due primarily to the problems described above. In October 2013,
the new MediMet management team started working. It has already achieved
considerable successes in terms of incoming orders and utilisation levels.
However, these have not yet impacted the 2013 financial statements.
Considerably streamlined statement of financial position
Total assets declined from EUR 21.4 million in the previous year to EUR
15.8 million in the 2013 financial year. Despite the pre-tax loss of EUR5.8
million, cash flow from operating activities declined by only EUR 0.5
million to EUR -0.3 million in the 2013 financial year. This was due
primarily to the high share in the result of non-recurring effects which
did not impact cash and to considerable improvements in working capital.
Investments in property, plant and equipment and intangible assets
increased by EUR 0.3 million to EUR 1.0 million. This was driven by
capacity extensions in industrial 3D printing.
Cash flow from financing activities increased from EUR 0.5 million in EUR
2012 to EUR 0.8 million in 2013, the result primarily of cash inflow from
taking up new open accounts. As of 31 December 2013, equity declined to EUR
6.6 million after EUR 12.8 million as of 31 December 2012. As a result, the
equity ratio declined from 60% to 42%.
For the 2013 financial year, earnings per Alphaform share sunk to EUR-1.16
after EUR 0.10 in the previous year. At the Annual General Meeting in
Munich on 5 June 2014, the Management Board will propose that the net loss
for the year is carried forward and no dividend is distributed.
Hanns-Dieter Aberle new Management Board
The previous Management Board Dr Thomas Vetter has been relieved of his
position with immediate effect. His successor is the physicist Dr
Hanns-Dieter Aberle. The change in the Alphaform Management Board was by
mutual agreement. The Alphaform Supervisory would expressly like to thank
Mr Vetter for the work he has done.
Vetter headed Alphaform since January 2008. The Management Board agreement
of Mr. Vetter who has a Ph.D. in engineering ran until the end of 2014.
Since the third quarter of 2013, Vetter intensively advanced the
restructuring process at Alphaform - in respect to both operations and the
financial situation. He thus ensured the company obtained fresh funds of
EUR 3.3 million in February this year. From the perspective of all those
involved, this results in an ideal time for an early change at the top,
especially as Vetter had declared his willingness to provide ongoing
consultancy to Alphaform. Hanns-Dieter Aberle, the new Management Board,
played a material role in the recent restructuring measures in an advisory
capacity.
Hanns-Dieter Aberle is a respected expert of many years in the areas of
laser technology 3D printing. Over the last eight years, the physicist with
a Ph.D. worked as an interim manager for SMEs in the mechanical engineering
segment, primarily in the areas of laser technology and 3D printing. One of
his previous positions was Managing Director of Digma, the tool
manufacturer.
Forecast for 2014
Industrial 3D printing is regarded as one of the great growth markets of
the future. Despite the disappointing operating business, this is also
reflected in the positive performance of the Alphaform share. The Alphaform
AG Management Board also assesses the growth opportunities in a positive
fashion and is convinced that it will be able to bring the company back on
the track to success quickly.
For the 2014 financial year, Alphaform AG expects to achieve revenue of
approximately EUR 30 million and a significant earnings improvement against
the previous year. As a result of the necessary restructuring expenses, for
the 2014 financial year the Management Board expects a net loss to the
order of EUR 1 million, due primarily to restructuring expenses.
Key figures of the Alphaform Group
<pre>
EUR million Final figures for the financial year
</pre>
<pre>
2012 2013 Change
in %
Revenue 27.103 25.869 -4.5
EBITDA 2.044 -3.535 -
Operating result 0.766 -5.787 -
Result after taxes 0.537 -6.171 -
Earnings per share 0.10 EUR -1.16 EUR -
Equity as of 31 Dec 12.782 6.626 -48.2
Total assets as of 31 Dec 21.385 15.765 -26.3
Cash and cash equivalents incl. short-term 1.633 1.152 -29.5
investments as of 31 Dec
Group employees as of 31 Dec 237 227 -4.2
</pre>
About Alphaform
Alphaform AG, established in 1996 and based in Feldkirchen, is an
industrial 3D printing service provider and is a European market leader. We
manufacturing highly complex prototypes, one-off items and small series
made of plastics, metals and other materials. In doing so, we deploy
approximately 10 different industrial 3D printing technologies and process
roughly 200 different materials. We advise our customers on the optimum 3D
printing technology and find the most suitable material. We also assist our
customers in the technical and commercial optimisation of 3D printing
projects with the right design.
Alongside the prototype production, Alphaform AG has special expertise in
orthopaedic implants, in tool making and lightweight design. The company is
currently developing a web interface for automating 3D printing orders. It
has subsidiaries in Germany, Finland, Sweden and the UK. The Alphaform
share is listed in the Prime Standard segment on the Frankfurt Stock
Exchange with the code ATF (WKN 548 795).
Contact
Dr. Hanns-Dieter Aberle
CEO
ALPHAFORM AG
KapellenstraÃe 10
85622 Feldkirchen
Tel.: +49 89 905002 29
Fax: +49 89 9050021029
E-mail: hdaberle@alphaform.de
Internet: www.alphaform.de
End of Corporate News
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Language: English
Company: Alphaform AG
KapellenstraÃe 10
85622 Feldkirchen
Germany
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 Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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260283 28.03.2014
DGAP-News: Alphaform AG: Alphaform streamlines its statement of financial position, accelerates realignment, change in the Management Board by mutual agreement
| Source: EQS Group AG