DGAP-News: Alphaform AG / Key word(s): Half Year Results/Half Year
Results
Alphaform AG: reorientation still on course
08.08.2014 / 08:03
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Press Release
H1 2014:
Alphaform reorientation still on course
Revenue rises by 14.9% year-on-year to EUR 14.5 million
EBITDA of EUR -0.2 million only negative due to restructuring
Forecast for year as a whole retained
Feldkirchen, 8 August 2014 - The restructuring of Alphaform AG, a service
provider for industrial 3D printing, is still on schedule. Aided by a
stable economy, revenue climbed by 15.4% year-on-year in the second quarter
of 2014 from EUR 6 million to EUR 7 million. EBITDA improved from EUR -0.6
million to EUR -0.2 million in the second quarter. As in the first quarter,
earnings would have been positive were it not for the costs of the
restructuring. Earnings before taxes (operating earnings) improved from EUR
-0.9 million to EUR -0.5 million. In addition to the growth in revenue, the
widening of the gross profit margin by 8.8 percentage points from 58.6% in
the second quarter of the previous year to 67.4% in the second quarter of
2014 also contributed to this.
Taking the first half of the year as a whole, revenue rose by 14.9% to EUR
14.5 million (H1 2013: EUR 12.6 million). Earnings before taxes (operating
earnings) amounted to EUR -0.8 million in the first six months of 2014
after EUR -0.9 million in the same period of the previous year. EBITDA in
the first half of 2014 was EUR -0.2 million as against EUR -0.3 million in
the same period of 2013.
Cash flow from operating activities in the first half of 2014 amounted to
EUR -2.4 million after EUR -0.2 million in the same period of the previous
year. The main reasons for the negative cash flow were the greater need for
additional current assets due to the growth in business and the
restructuring.
The restructuring of Alphaform AG is well on its way: At the end of the
second quarter of 2014, all the individual measures of the current
programme were on schedule - in terms of both project progress and
earnings. The restructuring is built on five pillars in total: the
reorganisation and selective expansion of sales, three individual Alphaform
Excellence programmes at the three locations of Eschenlohe, Feldkirchen and
Stade and creating an open and trusting corporate culture.
Positive trends in all segments
Revenue in the Additive Manufacturing Plastics and Modelling segment
climbed by 14% year-on-year in the first half of the year, from EUR 7.9
million in the first half of 2013 to EUR 9.1 million in the current
reporting period. Two highly productive stereolithography machines that
commenced operations in April 2014 contributed to this rise in revenue.
Expenses for the restructuring drove down segment earnings to EUR -0.8
million (H1 2013: EUR -0.6 million) and eclipsed the positive earnings
trend.
The Additive Manufacturing Metals and Rapid Tooling segment generated
growth of more than 30% in the first half of 2014, from EUR 1.9 million in
the previous year to EUR 2.5 million in the reporting period. Segment
earnings are positive again.
In the Precision Casting business segment, for which the Alphaform
subsidiary MediMet in Stade is responsible, revenue climbed by 8.3%
year-on-year in the first half of the year, from EUR 3.5 million in the
first six months of 2013 to EUR 3.8 million in the first half of 2014.
Segment earnings improved to EUR -0.2 million in the first half of the year
after EUR -0.3 million in the previous year.
Forecast for 2014 financial year retained
Alphaform AG is forecasting revenue of around EUR 30 million and a
significant earnings improvement as against the previous year for 2014.
Essentially as a result of the necessary restructuring expenses, the
Management Board is still projecting a net loss for 2014 of around EUR -1
million.
Key figures of the Alphaform Group
<pre>
2nd Quarter 1st Half-year
</pre>
<pre>
2014 2013 % 2014 2013 %
Revenue 6.972 6,041 15,4% 14,485 12,608
14,9%
Mio. EUR Mio. EUR Mio. EUR Mio. EUR
EBITDA -0,200 -0,636 68,6% -0,183 -0,288
36,5%
Mio. EUR Mio. EUR Mio. EUR Mio. EUR
Operating income -0,506 -0,945 46,5% -0,803 -0,892
10,0%
Mio. EUR Mio. EUR Mio. EUR Mio. EUR
Earnings after Tax -0,586 -1,031 43,2% -0,984 -1,067 7,8%
Mio. EUR Mio. EUR Mio. EUR Mio. EUR
Earning per share -0,11 EUR -0,19 EUR 42,1% -0,19 EUR -0,20 EUR 5,0%
Equity 7,476 6,626
12,8%
Mio. EUR Mio. EUR
Balance sheet total* 17,321 15,765 9,9%
Mio. EUR Mio. EUR
Equity ratio 43,2% 42,0% 2,7%
Freely liquid assets
and marketable 1,407 1,152
22,1%
securities* Mio. EUR Mio. EUR
Employee company* 247 231 6,9%
</pre>
*) As at 30 June for 2014, as at 31 December for 2013.
About Alphaform
Alphaform AG, based in Feldkirchen near Munich was founded in 1996. The
company belongs to the European market leaders in the production of complex
components means additive manufacturing, which are often grouped together
under the term "3D printing". An important mainstay of the segment 3D
Printing and Additive Manufacturing is the production of series close
prototypes, particularly for the automotive and capital goods industries.
The Medical Division of Alphaform has a leading position throughout Europe
in manufacturing and processing orthopaedic implants and instruments. The
shares of Alphaform are listed in the Prime Standard Segment of the
Frankfurt Stock Exchange (FWB) under the abbreviation ATF.
The core competence of Alphaform lies in its extensive application know-how
for processes and materials for the additive production of complex
prototypes, tools, individual components and small series made of plastic
and metal. The company's activity is focused on the orthopaedic and medical
technology, automotive, aviation and aerospace industries. The subsidiaries
of Alphaform are located in Germany, Finland, Sweden and the UK.
Contact:
Dr. Hanns-Dieter Aberle
CEO
ALPHAFORM AG
KapellenstraÃe 10
85622 Feldkirchen
Tel.: +49 89 905002 29
Fax: +49 89 9050021021
e-mail: hdaberle@alphaform.de
Internet: www.alphaform.de
Disclaimer
This ad-hoc disclosure is not an offer document and does not constitute an
offer of shares of Alphaform AG ("Company") nor an invitation to an offer
to buy or subscribe for shares or securities of the Company but is provided
for information only. This ad-hoc disclosure may contain forward-looking
statements that are subject to risks and uncertainties, including those
pertaining to the anticipated benefits to be realized from the proposals
described herein. Forward-looking statements may include, in particular,
statements about future events, future financial performance, plans,
strategies, expectations, prospects, competitive environment, regulation
and supply and demand. The Company has based these forward-looking
statements on its views and assumptions with respect to future events and
financial performance. Actual financial performance could differ materially
from that projected in the forward-looking statements due to the inherent
uncertainty of estimates, forecasts and projections, and financial
performance may be better or worse than anticipated. Given these
uncertainties, persons should not put undue reliance on any forward-looking
statements. The information contained in this ad-hoc disclosure is subject
to change without notice and the Company does not undertake any duty to
update the forward-looking statements, and the estimates and assumptions
associated with them, except to the extent required by applicable laws and
regulations.
Important notice to persons in the United States of America
All information in this ad-hoc disclosure is being made available in the
United States of America only to persons believed by the Company to be
capable of understanding and evaluating the risks of a transaction. No
shares or other securities of the Company have been registered or otherwise
qualify for a public sale or resale under federal or state laws in the
United States of America. Each recipient of information doing business in
or organized under any federal or state laws in the United States of
America or in areas subject to its jurisdiction represents that it is an
"accredited investor" as defined by Rule 501 or Regulation D under the
Securities Act of 1993 ("the Act") and acknowledges that none of the shares
in the Company will be registered under the Act and cannot be resold in the
absence of such registration or the availability of an exemption there
from. The shares in the Company have not been approved or disapproved by
the United States Securities and Exchange Commission, any state securities
commission or other regulatory authority, nor have any of these authorities
passed judgment upon or endorsed the merits of an investment in the shares
of the Company or the accuracy or adequacy of this ad-hoc disclosure . Any
read-hoc disclosure to the contrary is a criminal offence.
Important notice to persons in the United Kingdom
All information in this ad-hoc disclosure is being made available to the
recipients on the basis that they are persons covered by Article 11(3) of
the Financial Services Act 1986 (Investment Advertisements) (Exemptions)
Order 1996. By accepting this document, the recipient warrants and
represents that he or it is such a person.
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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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281423 08.08.2014
DGAP-News: Alphaform AG: reorientation still on course
| Source: EQS Group AG