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Eckert & Ziegler Strahlen- und Medizintechnik AG

Quarterly Report May 18, 2021

130_10-q_2021-05-18_56e35cc8-7d87-41b9-9385-eca23014a333.pdf

Quarterly Report

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QUARTERLY REPORT I

2021

KEY DATA

Q1 2020 Q1 2021 Change
Sales € million 44.5 44.2 –1%
Return on revenue before tax % 18 46 +156%
EBITDA €million 11.1 23.0 +107%
EBIT €million 8.3 20.6 +148%
EBT €million 8.1 20.4 +152%
Net income before other shareholder´s interests €million 5.1 13.8 +170%
Profit €million 5.0 13.7 +174%
Earnings per share (basic) 0.24 0.67 +179%
Operational cash flow €million 4.7 –1.7 –136%
Depreciation and amortization on non-current assets €million 2.8 2.4 –14%
Staff as end of period Persons 828 843 +2%

MILESTONES

SEED IMPLANTATION RECEIVES REIMBURSEMENT

Seed implantation for prostate cancer is now to be reimbursed as an outpatient treatment by public health insurances in Germany. This was decided by the Federal Joint Committee with effect from January 8, 2021.

PENTIXAFOR TO START DIRECTLY IN PHASE III STUDY

PENTIXAPHARM GmbH, an associate of Eckert & Ziegler, has received confirmation from the European Medicines Agency (EMA) that its lead candidate PENTIXAFOR may be tested directly in a phase III clinical study. The agency said that there are "sufficient safety data available to initiate a phase III trial" for the Gallium-68 labelled radiodiagnostic which detects CXCR4-positiv solid tumors and CXCR4-positive hematological malignancies.

CGMP FACILITY FOR RADIOPHARMACEUTICAL SERVICES IN USA

The production site in Wilmington just north of Boston, Massachusetts will be expanded with a new production facility for the contract manufacturing of radiopharmaceuticals. The new cGMP clean room suite will be operational by end of 2021.

DIVESTING FROM TUMOUR IRRADIATION BUSINESS

Eckert & Ziegler divest its tumour radiation equipment (HDR) business. As a first step, it has sold 51% of the shares in BEBIG Medical GmbH, into which it had transferred the HDR business, to the Chinese company TCL Healthcare Equipment (TCL) in Shanghai.

ORDER FOR HOT CELL CONSTRUCTION FROM DUTCH RESEARCH CENTER

The Nuclear Research and Consultancy Group (NRG) in Petten (NL), a world-leading research institute to produce radiopharmaceuticals, orders hot cells worth several million euros to be constructed by Eckert & Ziegler.

NEW PRODUCTION FACILITY FOR RADIOISOTOPES IN CHINA

Eckert & Ziegler is planning to build a new production facility for radiopharmaceuticals and radioisotopes in Jintan (PR China). The start of construction is scheduled for 2021.

AWARD FOR EXCELLENT TRAINING QUALITY

For the second time in a row, Eckert & Ziegler is awarded by the Berlin Chamber of Industry and Commerce (IHK) for the special quality of its training and receives the seal of approval for "Excellent Training Quality".

A. GROUP INTERIM MANAGEMENT REPORT

A.1 EARNINGS PERFORMANCE

In the first quarter of 2021, the Eckert & Ziegler Group achieved a new record result with a net profit of € 13.7 million. Compared to the same period of the previous year, Group profit thus increased significantly by € 8.7 million or 170%. The increase resulted from several components. On the one hand, the sale and associated deconsolidation of the tumor equipment business generated non-recurring income of approximately € 6.8 million. On the other hand, however, the operating business also continued to perform well, with both the Medical segment and the Isotope Products segment achieving significant improvements in earnings compared with the first quarter of 2020.

Revenue

Consolidated sales at the end of March 2021 totaled € 44.2 million, only slightly below the previous year's level of € 44.5 million by € 0.3 million or 1%. The breakdown by segments shows a slightly different development.

The Medical segment recorded another increase in sales, which rose by € 0.7 million or 3% to € 21.3 million despite the deconsolidation of the tumor equipment division. The encouraging picture was mirrored at the level of the main product groups. The main growth driver continues to be the pharmaceutical radioisotope business. Sales of plant engineering, laboratory equipment and brachytherapy sources also increased. Only sales in the project business (services for companies) showed a weak start into the year.

The Isotope Products segment generated sales of €24.0 million, down €0.7 million or around 3% on the first three months of 2020. One reason for this nominal decline is the weakness of the US dollar. The segment traditionally generates the majority of its sales in USD. While these were translated at an exchange rate of USD 1.10 per euro in the first quarter of 2020, the average exchange rate in the first quarter of 2021 was approximately USD 1.20 per euro.

Earnings (net profit for the period)

The Group's record three-month earnings of €13.7 million, or €0.67 per share, are based on earnings improvements in the two operating segments, Medical and Isotope Products, as well as a one-time effect from the sale of the tumor equipment business in the Medical segment.

The sale and deconsolidation of this division contributed approximately € 6.8 million to the Medical segment's earnings of € 11.7 million. Adjusted for this one-off effect, the net result for the segment amounted to € 4.9 million, an increase of € 1.3 million or 36% on the result for the same quarter of the previous year.

Earnings in the Isotope Products segment also increased by around € 1 million compared with the first quarter of 2020 to € 2.5 million. The improvement in earnings is due on the one hand to a more favorable product mix, so that despite a slight decline in sales, a gross margin at around the level of the previous year's level was achieved. On the other hand, a better financial result was achieved, which in the previous year had been negatively impacted above all by loan write-downs related to the weakness of the Brazilian real.

The Group's third segment, the holding company, closed the quarter with a loss of € 0.4 million, compared to an almost balanced result in the previous year. The deterioration in earnings compared to the prior-year period is mainly due to the recognition of losses in connection with the investment in a drug development company, which had not yet been incurred in the prior-year quarter.

A.2 FINANCIAL POSITION

Balance sheet

Total assets as of end-March 2021 have increased slightly compared to the 2020 financial statements and now amount to € 309 million (previous year: € 292 million).

On the assets side, shares in associated companies increased by € 9.7 million. This increase is mainly due to the first-time at-equity consolidation of BEBIG Medical GmbH. In connection with the sale of the HDR business within the Medical segment, the companies concerned had initially been fully deconsolidated. The remaining 49% interest held by the Group was then accounted for as investments in associates. This item was offset by repayments in relation to the investment in the Americium Consortium LLC joint venture.

Trade receivables increased by € 6.5 million and inventories by € 3.9 million. By contrast, assets held for sale decreased in full by € 14.0 million compared with the balance sheet as of December 31, 2020, as the corresponding sale of the HDR unit was realized in March 2021.

The changes on the liabilities side mainly relate to income tax liabilities, which increased by €3.2 million, partly due to the increase in profit for the period. Liabilities directly associated with assets held for sale decreased by €3.3 million (again in connection with the sale of the HDR division).

Equity increased by € 17.0 million to € 165.9 million as of March 31, 2021. The increase resulted mainly from the net profit for the period of € 13.7 million and from the currency differences of € 3 million recognized in equity. The equity ratio rose from 51% to 54%.

Liquidity

Operating cash flow amounted to €–1.7 million, which is significantly lower than the figure of € 4.7 million for the same period of the previous year. This was mainly due to changes in trade receivables and the disposals of assets and liabilities held for sale in connection with the sale of the HDR business. Trade receivables increased by €6.3 million in the first three months of 2021, compared with a decrease of € 0.3 million in the same period of the previous year.

Cash flow from investing activities amounted to € 1.3 million, roughly the same amount as in the prior-year period (€ 1.5 million), which was used for the acquisition of non-current assets. In addition, € 0.1 million has been paid to date in 2021 for the investment in a joint venture (previous year: € 0.2 million). The Group received a total of € 10.4 million from the sale of shares in consolidated companies after deduction of the cash transferred on sale; in the previous year, there were no similar sales. In connection with the liquidation of the Americium Consortium LLC joint venture, the Group received repayments of € 0.8 million in the first three months of 2021.

Cash flow from financing activities, including interest payments, totaled € 0.9 million (previous year: € 0.9 million) and was used to repay loan and lease liabilities. In addition, a dividend payment of € 0.3 million was made to minority shareholders in the first quarter of the previous year.

In total, cash and cash equivalents as of March 31, 2021 increased by € 8.3 million compared to the end of 2020 to € 95.8 million.

A.3 OUTLOOK

Although almost half (48%) of the 2021 annual income goal of € 29 million was already achieved in the first quarter, the Executive Board for now sticks to the guidance published in March due to the ongoing pandemic, the travel restrictions that continue to hamper business, and the extended delivery times for preliminary products, for example in plant construction.

A.4 RISKS AND OPPORTUNITIES

In the Annual Report 2020 we described risks that could have a significant adverse impact on our business, net assets, financial position and results of operations, as well as our reputation. The most significant opportunities and the structure of our risk management system were also described.

Additional risks and opportunities of which we are not aware or which we currently consider immaterial could also affect our business. At present, no risks have been identified that individually or in combination with other risks could potentially threaten us moving forward as a going concern.

A.5 ADDITIONAL INFORMATION

Employees

As of March 31, 2021, the Eckert & Ziegler Group employed 843 people worldwide. Compared to the previous year (December 31, 2020), the number of employees has thus increased slightly.

B. INTERIM CONSOLIDATED FINANCIAL STATEMENTS

B.1 CONSOLIDATED INCOME STATEMENT OF PROFIT OR LOSS

Quarterly
Report I
Quarterly
Report I
€thousand 1–3/2021 1–3/2020
Revenues 44,160 44,479
Cost of sales –20,306 –22,693
Gross profit on sales 23,854 21,786
Selling expenses –5,922 –5,895
General and administrative expenses –6,784 –6,502
Other operating income 10,600 287
Other operating expenses –1,610 –897
Profit from operations 20,138 8,779
Results from shares measured at equity –265 0
Other financial results 717 –493
Earnings before interest and taxes (EBIT) 20,590 8,286
Interest received 61 15
Interest paid –252 –243
Profit before tax 20,399 8,058
Income tax expense –6,586 –2,946
Net income/loss from continuing operations 13,813 5,112
Profit (–)/loss (+) attributable to minority interests 64 –89
Profit attributable to the shareholders of Eckert & Ziegler AG 13,749 5,023
Earnings per share
Basic 0.67 0.24
Diluted 0.67 0.24
Average number of shares in circulation (basic) 20,590 20,590
Average number of shares in circulation (diluted) 20,590 20,590

B.2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Quarterly Quarterly
€thousand Report I
1–3/2021
Report I
1–3/2020
Profit for the period 13,813 5,112
of which attributable to shareholders of Eckert & Ziegler AG 13,749 5,023
of which attributable to other shareholders 64 89
Items that could subsequently be reclassified into the income statement
if certain conditions are met
Adjustment of balancing item from the currency translation of
foreign subsidiaries
3,318 356
Amount reposted to income statement –301 0
Currency differences from the translation of foreign operations 3,017 356
Items that will not be reclassified to the profit or loss statement
in the future
Profit from equity instruments designated at fair value through
other comprehensive income
–28 0
Deferred taxes 8 0
Net profit from equity instruments designated at fair value through
other comprehensive income
–20 0
Change in actuarial profits (+)/losses (–) from
defined benefit pension commitments
0 0
Deferred taxes 0 0
Net loss from revaluation of defined benefit obligation 0 0
–20 0
Other comprehensive income after taxes 2,997 356
Consolidated comprehensive income
of which attributable to shareholders of Eckert & Ziegler AG 16,761 5,450
of which attributable to non-controlling interests 0 0

B.3 CONSOLIDATED BALANCE SHEET

ASSETS
Non current assets
Goodwill
33,177
32,448
Other intangible assets
9,808
Property, plant and equipment
38,446
Rights of use (IFRS 16)
21,832
Investments in affiliates or joint ventures
16,626
Deferred tax assets
9,268
Other non-current assets
1,088
Total non-current assets
130,245
Current assets
Cash and cash equivalents
95,768
87,475
Securities
1,107
1,135
Trade accounts receivable
34,720
28,199
Inventories
37,491
33,574
Income tax receivables
4,053
3,027
Other current assets
5,892
5,452
Non-current assets held for sale and disposal groups
0
13,980
Total current assets
179,031
172,842
Total assets
309,276
EQUITY AND LIABILITIES
Shareholder's equity
Subscribed capital
21,172
21,172
Capital reserves
54,334
54,188
Retained earnings
97,471
83,722
Other reserves
–2,728
–5,740
Own shares
–5,519
–5,519
Portion of equity attributable to the shareholders of Eckert & Ziegler AG
164,730
147,823
Minority interests
1,145
1,096
Total shareholders' equity
165,875
148,919
Non-current liabilities
Long-term debt
1
2
Long-term lease obligations (IFRS 16)
19,738
17,852
Deferred income from grants and other deferred income
1,717
1,727
Deferred tax liabilities
2,823
2,210
€thousand March 31, 2021 Dec 31, 2020
8,974
38,016
19,845
6,895
11,898
1,085
119,161
292,003
Retirement benefit obligations 14,397 14,443
Other non-current provisions
56,281
55,743
Other non-current liabilities
1,980
1,983
Total non-current liabilities
96,937
93,960
Current liabilities
Short-term debt
4
4
Current portion of lease obligations (IFRS 16)
2,710
2,545
Trade accounts payable
4,847
5,020
Advance payments received
4,092
8,620
Deferred income from grants and other deferred income (current)
33
38
Income tax liabilities
10,051
6,899
Other current provisions
4,141
4,062
Other current liabilities
20,586
18,672
Liabilities directly associated with assets and disposal groups held
for sale assets and disposal groups
0
3,264
Total current liabilities
46,464
49,124
Total equity and liabilities
309,276
292,003

B.4 CONSOLIDATED CASH-FLOW STATEMENT

Quarterly
Report
Quarterly
Report
€thousand 1/1 – 3/31/2021 1/1 – 3/31/2020
Cash flows from operating activities:
Profit for the period 13,813 5,112
Adjustments for:
Depreciation and value impairments 2,429 2,819
Net interest income [interest expense (+)/income (–)] 191 228
Income tax expense 6,586 2,946
Income tax payments –1,360 –547
Non-cash release of deferred income from grants –15 –20
Gains (–)/losses on the disposal of non-current assets 0 11
Change in the non-current provisions, other non-current liabilities –286 392
Change in other non-current assets and receivables –1 –55
Miscellaneous –15,041 732
Changes in current assets and liabilities:
Receivables –6,292 282
Inventories –3,969 –1,914
Accruals, other current assets 160 –1,016
Change in the current liabilities and provisions 2,066 –4,224
Cash inflows generated from operating activities –1,719 4,746
Cash flows from investing activities:
Purchase (–)/sale of non-current assets –1,279 –1,465
Income from the sale of shares in consolidated companies 10,380 0
Investments in or sales of affiliates –70 –181
Income from investments 834 0
Cash inflows/outflows from investment activity 9,865 –1,646
Cash flows from financing activities:
Distribution of shares of third parties 0 –346
Outflows for the repayment of loans and lease liabilities –728 –698
Interest received 61 0
Interest received vs. interest paid –215 –190
Cash outflows from financing activities –882 –1,234
Effect of exchange rates on cash and cash equivalents 1,027 55
Increase/reduction in cash and cash equivalents 8,291 1,921
Cash and cash equivalents at beginning of period 87,475 78,922
Cash and cash equivalents at end of period 95,766 80,843

B.5 CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY

Subscribed capital Cumulative other equity items
Unrealized Unrealized
profit
pension
Foreign
currency
Equity
attributable
to sharehol
Group
share
Nominal Capital Retained profit commit exchange Own ders' Minority holders'
Number value reserve reserves securities ments differences shares equity shares equity
Piece €thousand €thousand €thousand €thousand €thousand €thousand €thousand €thousand €thousand €thousand
As of January 1, 2020 5,292,983 5,293 53,763 85,468 0 –3,930 3,120 –5,519 138,195 1,246 139,441
Total of expenditures and income
directly entered in equity
0 0 0 0 162 –606 –4,486 0 –4,930 –31 –4,961
Net profit for the year 0 0 0 22,884 0 0 0 0 22,884 227 23,111
Total income for the period 0 0 0 22,884 162 –606 –4,486 0 17,954 196 18,150
Dividends paid/resolved 0 0 0 –8,751 0 0 0 0 –8,751 –346 –9,097
Capital increase/stock split 15,878,949 15,879 0 –15,879 0 0 0 0 0 0 0
Share-based payment 0 0 425 0 0 0 0 0 425 0 425
As of December 31, 2020 21,171,932 21,172 54,188 83,722 162 –4,536 –1,366 –5,519 147,823 1,096 148,919
As of January 1, 2021 21,171,932 21,172 54,188 83,722 162 –4,536 –1,366 –5,519 147,823 1,096 148,919
Total of expenditures and income directly
recognized in equity
0 0 0 0 –20 0 3,032 0 3,012 –15 2,997
Net profit for the year 0 0 0 13,749 0 0 0 0 13,749 64 13,813
Total income for the period 0 0 0 13,749 –20 0 3,032 0 16,761 49 16,810
Dividends paid/resolved 0 0 0 0 0 0 0 0 0 0 0
Capital increase/stock split 0 0 0 0 0 0 0 0 0 0 0
Share-based payment 0 0 146 0 0 0 0 0 146 0 146
As of March 31, 2021 21,171,932 21,172 54,334 97,471 142 –4,536 1,666 –5,519 164,730 1,145 165,875

B.6 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

General information

These interim consolidated financial statements as of March 31, 2021 comprise the financial statements of Eckert & Ziegler Strahlen- und Medizintechnik AG and its subsidiaries (hereinafter also referred to as "Eckert & Ziegler AG").

Accounting policies

The interim consolidated financial statements of Eckert & Ziegler AG as of March 31, 2021 have been prepared in accordance with the International Financial Reporting Standards (IFRS) applicable to interim financial reporting. All standards of the International Accounting Standards Board (IASB), London, applicable in the EU on the reporting date, as well as the valid interpretations of the International Financial Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC) have been taken into account. The interim financial statements should be read in conjunction with the consolidated financial statements of Eckert & Ziegler AG as of December 31, 2020. The accounting and valuation methods explained in the notes to the 2020 consolidated financial statements have been applied unchanged.

When preparing the consolidated financial statements in accordance with IFRS, it is necessary to make estimates and assumptions that affect the amount and disclosure of recognized assets and liabilities, revenues and expenses. The actual results may differ from those estimates. Key assumptions and estimates are made for useful life, recoverable amounts of intangible assets and property, plant, and equipment, recoverability of receivables and the recognition and measurement of provisions. Due to rounding, individual figures may not add up precisely to the totals provided.

This interim report contains all the necessary information and adjustments required to give a true and fair view of the financial position, performance and cash flows of Eckert & Ziegler AG as at the date of the interim report. The results recorded during the current financial year are not necessarily indicative of future results.

Scope of consolidated financial statements

The consolidated financial statements of Eckert & Ziegler AG include all companies in which Eckert & Ziegler AG is able to influence the financial and business policies (control concept), whether directly or indirectly.

Acquisitions and disposals of companies

Effective January 1, 2021, the Eckert & Ziegler Group sold all its shares in GSG International GmbH, Freienbach, Switzerland and IPS International Processing Services, Halsbrücke, Germany. The two companies jointly handled an order from Switzerland for the reprocessing of components for the purpose of volume-reducing disposal of residual materials containing natural radionuclides. Both companies did not contribute significantly to Group sales and earnings in the previous year.

On March 24, 2021, Eckert & Ziegler BEBIG GmbH sold its tumor radiation equipment (HDR) business to the Chinese company TCL Healthcare Equipment (Shanghai) Co., Ltd. (TCL). In the first step, it sold 51% of the shares in BEBIG Medical GmbH, into which it had previously carved out the HDR business, to TCL.

The HDR business that was carved out generated sales of around € 11 million in the previous year. For the remaining 49% of the shares in BEBIG Medical GmbH, TCL received a call option until the beginning of 2024 and Eckert & Ziegler received a put option to TCL thereafter. The purchase price upon exercise of the purchase option is fixed in accordance with the purchase price provision of the agreement; the purchase price upon exercise of the put option may be higher depending on the development of the EBITDA of BEBIG Medical GmbH.

Currency translation

The financial statements of companies outside the European Economic and Monetary Union are translated based on the ssfunctional currency concept. The following exchange rates were used for currency translation:

Country Currency Exchange rate
on 3/31/2021
Exchange rate
on 12/31/2020
Average exchange rate
01/01 – 3/31/2021
Average exchange rate
01/01 – 3/31/2020
USA USD 1.1725 1.2271 1.2048 1.1027
Czech Republic CZK 26.1430 26.2420 26.0702 25.6313
UK GBP 0.8521 0.8990 0.8739 0.8623
Brazil BRL 6.7409 6.3735 6.5990 4.9167
Switzerland CHF 1.1070 1.0802 1.0913 1.0668

Equity and treasury stock

As of March 31, 2021, Eckert & Ziegler AG held 581,956 of its own shares, representing 2.7% of the company's share capital.

Segment information

SEGMENT REPORT – INCOME STATEMENT

Isotope Products Medical Holding Elimination Total
€thousand Q1/2021 Q1/2020 Q1/2021 Q1/2020 Q1/2021 Q1/2020 Q1/2021 Q1/2020 Q1/2021 Q1/2020
Sales to external
customers
22,804 23,911 21,273 20,565 83 3 0 0 44,160 44,479
Sales to other
segments
1,158 737 2 36 2,041 1,827 –3,201 –2,600 0 0
Total segment
sales
23,962 24,648 21,275 20,601 2,124 1,830 –3,201 –2,600 44,160 44,479
Result from
investments
valued at equity
0 0 0 0 –265 0 0 0 –265 0
Segment profit
before interest and
profit taxes (EBIT)
3,666 2,436 17,317 5,557 –378 293 –16 0 20,589 8,286
Interest expenses
and revenues
–69 –157 –76 –23 –46 –48 0 0 –191 –228
Income tax
expense
–997 –847 –5,589 –1,972 0 –128 0 0 –6,586 –2,946
Profit before
minority interests
2,600 1,433 11,652 3,562 –424 118 –15 0 13,813 5,114

SEGMENT REPORT – BALANCE SHEET

Isotope Products Medical Holding Total
€thousand Q1/2021 Q1/2020 Q1/2021 Q1/2020 Q1/2021 Q1/2020 Q1/2021 Q1/2020
Segmental assets 166,551 160,448 136,927 112,846 122,291 122,447 425,769 395,741
Elimination of inter-segmental shares,
equity investments and receivables
–116,493 –103,738
Consolidated total assets 309,276 292,003
Segmental liabilities –91,061 –88,617 –65,218 –63,108 –7,572 –7,550 –163,851 –159,275
Elimination of intersegmental liabilities 20,450 16,191
Consolidated liabilities –143,401 –143,084
Investments in associated companies 3,305 4,089 11,536 756 1,785 2,050 16,626 6,895
Investments (without acquisitions) 890 806 322 425 67 234 1,279 1,465
Depreciation and amortization
incl. RoU according to IFRS 16
–1,317 –1,387 –819 –1,203 –294 –229 –2,430 –2,819
Impairments 0 0 0 0 0 0 0 0

Material transactions with related parties

With regard to material transactions with related parties, we refer to the disclosures in the consolidated financial statements for the year ended December 31, 2020.

C. ADDITIONAL INFORMATION

C.1 RESPONSIBILITY STATEMENT BY THE STATUTORY REPRESENTATIVES (BALANCE-SHEET OATH)

To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, we hereby certify that the consolidated interim financial statements give a true and fair view of the financial position, performance and cash flows of the Group, and the group interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the current financial year.

Berlin, May 17, 2021

Chairman of the Executive Board Member of the Executive Board Member of the Executive Board

Dr Andreas Eckert Dr Harald Hasselmann Dr Lutz Helmke

FINANCIAL CALENDAR

May 17, 2021 Quarterly Report i/2021
May 27, 2021 Goldman Sachs Conference, UK (virtual)
June 2, 2021 Annual General Meeting (virtual)
August 12, 2021 Quarterly Report ii/2021
November 9, 2021 Quarterly Report iii/2021
Subject to changes

IMPRINT

PUBLISHER

Eckert & Ziegler Strahlen- und Medizintechnik AG

DESIGN

Ligaturas – Reportdesign, Hamburg, Germany

PHOTOS

Eckert & Ziegler Archiv Bernhard Ludewig Nils Hendrik Müller

CONTACT

Eckert & Ziegler Strahlen- und Medizintechnik AG

Robert-Rössle-Straße 10 13125 Berlin, Germany www.ezag.com

Karolin Riehle Investor Relations

Phone + 49 30 94 10 84 – 0 Fax + 49 30 94 10 84 – 112 [email protected]

ISIN DE0005659700 WKN 565970

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