- Revenue for Q1 2012/13 totalled DKK 268.8m against DKK 234.4m in Q1 2011/12, corresponding to an increase of 15% and organic growth of 8%. In local currencies, growth totalled 13%.
- The gross margin in Q1 was 52.1% against 56.7% for the prior-year period. As expected, the reduced gross margin is explained by the channel and customer mix, lower earnings on the acquired electrode business and increased distributor sales in connection with a single large EMS project order.
- The operating profit (EBIT) before special items was DKK 27.7m for Q1 against DKK 26.5m in the prior-year period. EBIT was positively impacted by procceds of DKK 3.5m from the sale of premises in France and the relocation of operations to leased premises.
- Special items represent expenses of DKK 6.3m and concern transaction costs in connection with the conditional acquisition of King Systems.
- In Q1, net financials amounted to expenses of DKK 2.9m against income of DKK 1.2m in Q1 2011/12. The most important reason for the change in net financials is a change in the value of the working capital as a result of changed foreign exchange rates of primarily the Chinese CNY and the Malaysian MYR.
- The profit before tax was DKK 18.5m in Q1 against DKK 27.2m for the prior-year period. The reduced profit is explained by transaction costs in connection with the acquisition of King Systems and increased net financials.
- In Q1, free cash flow amounted to a negative DKK 13.1m against a negative free cash flow of DKK 28.0m for the same quarter last year.
"Q1 was a satisfactory and eventful quarter for Ambu. I am extremely pleased that we achieved 15% growth in Q1 and also were able to announce the conclusion of the conditional agreement with Consort Medical PLC concerning the acquisition of King Systems Inc. Against this background, Q1 represents a milestone in Ambu's history," says President & CEO Lars Marcher and continues: "With 15% growth, of which organic growth accounts for 8%, the new financial year has got off to a very good start. The outlook is maintained as described in the Annual Report 2011/12 of growth in the region of 7-8% reported in local currencies for FY 2012/13, an EBIT margin of 15% and a cash flow in the region of DKK 100m before the acquisition of King Systems," concludes Lars Marcher.
