DGAP-News: STRATEC Biomedical AG / Key word(s): Final Results
STRATEC announces record sales and consolidated net income in 2013
29.04.2014 / 07:44
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STRATEC announces record sales and consolidated net income in 2013
- Sales at EUR 128.0 million (+4.3%; previous year: EUR 122.7m)
- EBIT at EUR 19.5 million (+25.1%; previous year: EUR 15.6m)
- EBIT margin at 15.2% (+250 basis points; previous year: 12.7%)
- Consolidated net income at EUR 15.5 million
(+24.3%; previous year: EUR 12.4m)
- Earnings per share at EUR 1.32 (+24.5%; previous year: EUR 1.06)
- Proposed dividend of EUR 0.60 per share
(distribution in previous year: EUR 0.56)
- Financial forecast reaffirmed
Birkenfeld, April 29, 2014
STRATEC Biomedical AG, Birkenfeld, Germany, (Frankfurt: SBS; Prime
Standard, TecDAX) today announced the final audited results of the STRATEC
Group for the financial year ending on December 31, 2013 with the
publication of its 2013 Annual Report. These figures, prepared in line with
International Financial Reporting Standards (IFRS), have been granted an
unqualified audit opinion.
<pre>
Key figures (EUR 000s) 01.01.- 01.01.-
12.31.2013 12.31.2012 (1) Change
Sales 127,950 122,667 +4.3%
EBIT 19,493 15,578 +25.1%
Consolidated net income 15,478 12,449 +24.3%
Earnings per share (EUR) 1.32 1.06 +24.5%
EBIT margin (%) 15.2 12.7 +250 BPS
</pre>
(1) The accounting methods used in the consolidated financial statements
were amended pursuant to IAS 8 in the 2013 financial year. The comparative
figures for the previous year have been adjusted accordingly. Reference is
made in this respect to the information in Section A, "General disclosures"
in the notes to the consolidated financial statements in the 2013 Annual
Report published today. The comparative figures for the previous year were
not adjusted in the preliminary, unaudited figures of the STRATEC Group for
the 2013 financial year published on March 28, 2014.
Business performance
The 2013 financial year was characterized by disparate developments at
STRATEC. On the one hand, the Group can point to very pleasing results,
such as several market launches, significant progress with major
development projects, several substantial contract agreements, and the
advanced stage of negotiations for various new orders. On the other hand,
STRATEC also witnessed less pleasing events outside its control. These
included the flood damage suffered at the Birkenfeld location in June and
the termination by a customer of a contract for the development and supply
of an analyzer system announced in July. This latter event caused STRATEC
to revise its sales budgets for 2013 and the following years.
Despite some uncertainties within the diagnostics industry concerning
spending cuts in healthcare systems worldwide, STRATEC's business
performance with its partners performed positively in 2013. The
volatilities in service parts sales in the second half of 2012 in
particular were no longer seen to the same extent in the 2013 financial
year. The company's growth in 2013 was driven by systems already
established on the market and the renewed strength of the service parts
business. By contrast, the systems launched recently onto the market have
not yet made a significant contribution to our sales growth.
Ongoing validity of financial forecast issued in July 2013 and outlook
STRATEC met its targets for the 2013 financial year as set out in the
adjusted financial forecast issued in July 2013. This forecast provided for
sales of EUR 127 million to EUR 138 million in 2013 accompanied by an EBIT
margin of 14.0% to 15.5%.
For subsequent years through to 2017, STRATEC continues to expect annual
average sales growth of 8% to 12% based on the level of sales generated in
the 2013 financial year.
The trend seen in the diagnostics industry in recent years, in which due to
economic, technical and timing (time-to-market) considerations our existing
and potential customers are increasingly focusing on their core businesses
- reagents development and marketing tests and processes - has continued in
the recent past. Due not least to the large number of projects in
development or negotiation, we can confirm the increasing need to outsource
instrumentation development and production to external partners such as
STRATEC. We view the contract termination in 2013 as a one-off event that,
based on the statements made by the customer in question, is unrelated to
STRATEC or to market developments.
Despite larger-scale investments in further development projects, our
company in Romania, and the development of our company in China, rising
earnings and optimizations in our working capital management mean that our
liquidity level will slightly exceed the level seen in 2013.
STRATEC expects to generate substantial sales growth in 2014 compared with
2013. This should be accompanied by a slight increase in the EBIT margin.
Dividend proposal
Given STRATEC's positive business performance in 2013, a strong first
quarter of 2014, and ongoing good prospects for the future, the Board of
Management and Supervisory Board of STRATEC Biomedical AG will propose the
distribution of a dividend of EUR 0.60 per share with dividend rights for
approval by the Annual General Meeting on June 18, 2014 (distribution in
previous year: EUR 0.56). Subject to approval by the Annual General
Meeting, shareholders can thus expect to benefit from the tenth dividend
increase in succession since payment of the first dividend in 2004.
Development in personnel
The STRATEC Group had a total of 546 employees, including temporary
personnel and trainees, as of December 31, 2013 (previous year: 533).
Ongoing demand for STRATEC's analyzer systems and, on that basis, for its
development work will make it necessary to increase the workforce in
future, particularly in the development division.
Conversion in accounting methods
The business results presented here represent the final consolidated
figures following the amendment to accounting methods pursuant to IAS 8
(Accounting Policies, Changes in Accounting Estimates and Errors). These
figures have been audited and granted an unqualified audit opinion. The
comparative figures for the previous year have been adjusted accordingly.
The amendments to accounting methods are explained in detail in the 2013
Annual Report from Page 48 onwards, including a summary of the overall
implications for the net asset, financial, and earnings position of the
company.
Among other factors, the voluntary amendments also account for the
conversion of the accounting method used to recognize projects, a measure
whose implementation resulted from a recommendation made by the German
Financial Reporting Enforcement Panel (DPR) and was concluded at the end of
2013. A separate presentation of the most important key figures for the
2013 financial year and for the previous year excluding the effects of this
conversion can be found on our website at
www.stratec.com/financial_reports.
2013 Annual Report
The 2013 Annual Report of STRATEC Biomedical AG can be found on the
company's website at www.stratec.com/financial_reports.
Forthcoming dates
The interim report as of March 31, 2014 will be published on May 14, 2014.
The Annual General Meeting of STRATEC Biomedical AG will be held in
Pforzheim on June 18, 2014. 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 AG (www.stratec.com) designs and manufactures fully
automated analyzer systems for its partners in the fields of clinical
diagnostics and biotechnology. These partners market such systems, in
general together with their own reagents, as system solutions 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 and are listed in the TecDAX select
index of the German Stock Exchange.
Further information can be obtained from:
STRATEC Biomedical AG
André Loy, Investor Relations
Gewerbestr. 37, 75217 Birkenfeld
Germany
Tel: +49 7082 7916-190
Fax: +49 7082 7916-999
ir@stratec.com
www.stratec.com
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Language: English
Company: STRATEC Biomedical AG
Gewerbestr. 37
75217 Birkenfeld
Germany
Phone: +49 (0)7082 7916 0
Fax: +49 (0)7082 7916 999
E-mail: info@stratec.com
Internet: www.stratec.com
ISIN: DE0007289001
WKN: 728900
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
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265183 29.04.2014
DGAP-News: STRATEC announces record sales and consolidated net income in 2013
| Source: EQS Group AG