Medisana AG / Acquisition
31.12.2009
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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Next step in continued overseas expansion announced. Extension of the
value-creation chain and product portfolio, as well as liquidation of the
debtor warrant, significantly enhance revenue and earnings prospects.
Hilden, December 31, 2009 - Today, MEDISANA AG has acquired 51% of the
shares in Gimelli Laboratories Co. Ltd., Hong Kong, (Gimelli). The company,
which employs 450 staff members and was founded in Switzerland in 1945, has
operated since the early 1990s in Hong Kong and China as an ISO-certified
manufacturer of medicine products in the areas of dental care, as well as
cosmetic products and qualified personal hygiene. The greater portion of
this acquisition will be financed by issuing 630,000 MEDISANA shares as
part of a capital increase through contributions in kind. The agreement
that has been signed today also entitles MEDISANA AG to purchase a further
49% of the company's shares within a four-year period by way of a purchase
option.
With the acquisition of Gimelli Laboratories Co. Ltd., MEDISANA AG is not
only extending its value-creation chain, but now also has access to modern
integrated manufacturing capabilites. At the same time, MEDISANA AG's
product portfolio is being extended to include the dental care area. Above
and beyond this, significant synergy effects arise from the cosmetic
products and qualified personal hygiene areas. The acquisition also
benefits the international business of MEDISANA AG that is already
recording marked growth. Gimelli commands a strong position in the US
market, among other areas.
Cancellation of debtor warrant - no more restrictions on earnings
The purchase of Gimelli Laboratories Co. Ltd. not only realises
considerable revenue and earnings contributions, but also results in the
cancellation of a debtor warrant to Gimelli International Ltd, Hong Kong,
as a result of which MEDISANA AG has been restricted to retaining earnings
before tax (EBT) of only EUR 2 million per annum to date. Any annual
earnings above this level would have had to have been disbursed to Gimelli
International Ltd, Hong Kong, for which the company issued a waiver of
debts outstanding. This debtor warrant lapses as part of today's
acquisition, as a consequence of which MEDISANA AG's future earnings are no
longer subject to deductions, and are fully available to the company.
Outlook: notification of fourth consecutive record year
The MEDISANA Group will realise consolidation effects from this acquisition
with significantly positive revenue and earnings contributions from January
1, 2010. The acquisition of Gimelli will result in a marked acceleration of
corporate growth in 2010. As far as the 2009 financial year that has just
ended is concerned, the Management Board continues to expect revenue growth
of at least 5% compared with the prior year's record level of EUR 30.2
million, and that the 2008 earnings level of EUR 1.0 million will be
attained. By contrast, with a look to the 2010 financial year, the
management had only forecast the continuation of company growth to date.
The Management Board now anticipates considerable revenue and earnings
growth, and consequently the fourth consecutive record year.
MEDISANA AG
Itterpark 7-9
40724 Hilden
Fon: ++49 (0)2103-200 7-60
Fax: ++49 (0)2103-200 7-10
info@medisana.de
31.12.2009 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Medisana AG
Itterpark 7 - 9
40724 Hilden
Deutschland
Phone: +49 (0)2103 2007-60
Fax: +49 (0)2103 2007-75
E-mail: info@medisana.de
Internet: www.medisana.de
ISIN: DE0005492540
WKN: 549254
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Düsseldorf, München, Hamburg,
Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Medisana AG: MEDISANA acquires majority of Gimelli Laboratories Co. Ltd., Hong Kong
| Source: EQS Group AG