DGAP-News: STRATEC Biomedical AG / Key word(s): Quarter
Results/Interim Report
STRATEC reports substantial growth in first three months of 2014
14.05.2014 / 07:34
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STRATEC reports substantial growth in first three months of 2014
- Sales of EUR 34.4 million in 3M/2014
(+13.5%; 3M/2013: EUR 30.3 million)
- EBIT margin of 15.5%** in 3M/2014
(+90 basis points; Q1/2013: 14.6%)
- EBIT of EUR 5.3 million** in 3M/2014
(+20.7%; 3M/2013: EUR 4.4 million)
- Consolidated net income of EUR 4.4 million** in 3M/2014
(+20.8%; 3M/2013: EUR 3.6 million)
- Earnings per share of EUR 0.37** in 3M/2014
(+19.4%; 3M/2013: EUR 0.31)
- Proposed dividend of EUR 0.60 per share
(distribution in previous year: EUR 0.56)
Birkenfeld, May 14, 2014
STRATEC Biomedical AG, Birkenfeld, Germany (Frankfurt: SBS; Prime Standard,
TecDAX) today announced its results for the period from January 1, 2014 to
March 31, 2014 upon the publication of its Interim Report as of March 31,
2014.
<pre>
Key figures (EUR 000s) 01.01.- 03.31.2014 01.01.- 03.31.2013* Change
Sales 34,370 30,285 +13.5%
EBIT 5,326** 4,411 +20.7%
EBIT margin (%) 15.5** 14.6 +90 BPS
Consolidated net income 4,372** 3,618 +20.8%
Earnings per share (EUR) 0.37** 0.31 +19.4%
</pre>
* The accounting methods used in the consolidated financial statements were
amended in line with IAS 8 in the 2013 financial year. Reference is
made in this respect to the information in the Annual Report 2013 in
section A of the notes to the consolidated financial statements.
** 2014 figure adjusted to exclude a one-off item resulting from the
recognition of a liability for the remaining years covered by the residual
term of the employment contract for a retired member of the Board of
Management. Unadjusted EBIT amounts to EUR 4.4 million, the corresponding
EBIT margin amounts to 12.7%, consolidated net income to EUR 3.7 million
and earnings per share to EUR 0.31. The effective amount of the liability
due may differ at the time of payment.
Financial performance
The Group generated sales growth of 13.5 % in the first quarter of the 2014
financial year. This was slightly ahead of STRATEC's full-year budget,
which forecasts growth of between 8% and 12%. This variance is consistent
with previously observed quarterly fluctuations within the business. Of
this sales growth, the largest share was from systems that were launched
between 2011 and 2012. Systems launched onto the market in the past 15
months are set to make an increasingly marked contribution to the company's
growth in future.
In the first quarter of 2014 EBIT amounted to EUR 5.3 million with an EBIT
margin of 15.5%. This further improvement in the EBIT margin - by 90 basis
points compared with the first quarter of 2013 - was mainly driven by
benefits from economy of scale and by positive developments in the gross
margin on high volume systems. Group consolidated net income for the period
was EUR 4.4 million and earnings per share was EUR 0.37. This corresponds
to year-on-year growth of 20.8% and 19.4% respectively. These figures have
been adjusted to exclude a one-off item resulting from the recognition of a
liability for the remaining years covered by the residual term of the
employment contract for a retired member of the Board of Management.
Including this exceptional item, unadjusted EBIT amounted to EUR 4.4
million, consolidated net income was EUR 3.7 million and earnings per share
was EUR 0.31.
Development in personnel
Including temporary employees, the STRATEC Group had a total of 546
employees as of March 31, 2014 (March 31, 2013: 541). The total number of
employees thus remained unchanged compared with December 31, 2013.
Dividend proposal
Given STRATEC's positive business performance in 2013, a strong first
quarter of 2014, and ongoing strong prospects for the future, the Board of
Management and Supervisory Board of STRATEC Biomedical AG are proposing 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 expect to benefit from the tenth dividend
increase in succession since payment of the first dividend in 2004.
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 depository banks in
good time ahead of the Annual General Meeting.
Project development, outlook and financial forecast
In the current year, STRATEC is focusing on achieving further major
development milestones, further upcoming market launches, and finalizing
negotiations for new development and production contracts. Furthermore, the
expansion in the company's production and development capacities is set to
play a key role in 2014. One example here is the planned construction of a
proprietary development complex at STRATEC's location in Romania.
For 2014, STRATEC continues to expect substantial sales growth compared
with the 2013 financial year, accompanied by a slight increase in the EBIT
margin. The medium-term financial forecast for the years through to 2017
provides for average annual sales growth of 8% to 12% based on the volume
of sales generated in the 2013 financial year.
The service parts business division has continued to develop stably.
No effects have yet been observed in connection with current developments
in the Ukraine crisis and, to date, our partners have reported a very low
level impact.
Conversion in accounting methods
The business results presented here represent consolidated figures
following the amendment to accounting methods pursuant to IAS 8 (Accounting
Policies, Changes in Accounting Estimates and Errors). 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.
Among other factors, these voluntary amendments also involved converting
the accounting method used to recognize projects, a measure resulting from
a recommendation made by the German Financial Reporting Enforcement Panel
(DPR) and whose implementation was completed at the end of 2013.
Interim Report as of March 31, 2014
Further details can be found in our Interim Report as of March 31, 2014,
which has been published today on the company's homepage at
www.stratec.com/financial_reports.
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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268236 14.05.2014
DGAP-News: STRATEC reports substantial growth in first three months of 2014
| Source: EQS Group AG