Quarterly Report • Nov 20, 2014
Quarterly Report
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| Group financial ratio | January-Sept. 2014 |
January-Sept. 2013 |
Change |
|---|---|---|---|
| Turnover | 14,022 kEUR | 12,918 kEUR | 8.5 % |
| Including export share | 11,569 kEUR | 11,436 kEUR | 1.2 % |
| Export rate | 83 % | 89 % | -6.7 % |
| Gross result (EBITDA) | 2,245 kEUR | 1,376 kEUR | 63.2 % |
| EBITDA-Margin | 16.0 % | 10.7 % | 49.5 % |
| Depreciation | -534 kEUR | -613 kEUR | -12.8 % |
| Operating results (EBIT) | 1,711 kEUR | 763 kEUR | 124.3 % |
| EBIT margin | 12.2 % | 5.9 % | 106.8 % |
| Financial results | -136 kEUR | 89 kEUR | - |
| Result of ordinary activities | 1,575 kEUR | 852 kEUR | 84.9 % |
| Net earnings of the parent company`s shareholders in the period concerned |
1,096 kEUR | 624 kEUR | 75.7 % |
| Long-term assets | 5,108 kEUR | 5,261 kEUR | -2.9 % |
| Short-term assets | 23,680 kEUR | 22,608 kEUR | 4.7 % |
| Balance sheet total | 28,788 kEUR | 27,869 kEUR | 3.3 % |
| Equity capital | 20,048 kEUR | 19,225 kEUR | 4.3 % |
| Return on equity | 7.3 % | 4.3 % | 68.4 % |
| Equity ratio | 69.6 % | 69.0 % | 0.9 % |
| Cash and securities | 13,071 kEUR | 14,164 kEUR | -7.7 % |
| Result per share pursurant to IFRS (EPS)* |
0.22 EUR | 0.13 EUR | 69.2 % |
| Result per share pursurant to DVFA* |
0.22 EUR | 0.13 EUR | 69.2 % |
| Number of employees at end of the period |
149 | 115 | 29.6 % |
| No-par value shares | 4,949,999 | 4,949,999 | - |
| * compared to registered shares in | 4,949,999 | 4,949,999 | - |
| circulation |
The positive sales and earnings performance of Geratherm Medical continued during the 3rd quarter of 2014. The sales for the first nine months increased by 8.5%.
The Respiratory segment, posting a 105.8% growth in sales, enjoyed an aboveaverage development. The sales in the Cardio/Stroke segment increased by 38.2%. The Medical Warming Systems segment also finished the period positively with +32.9% growth in sales. The sales of the Healthcare Diagnostic segment declined by 10.4%. The export ratio was 83%.
The EBITDA margin of business operations attained 16.0% (2013: 10.7%). The EBIT margin doubled, amounting to 12.2% (2013: 5.9%).
The 3rd quarter performed considerably better with a sales growth of +22.0% compared to the prior quarter. The gross profit EBITDA increased during the last three months to 863 kEUR (2013: 367 kEUR). The operating result EBIT amounted to 646 kEUR (2013: 161 kEUR). The financial result was slightly negative with -50 kEUR (2013: -53 kEUR). During the 3rd quarter, the result from ordinary activities amounted to 596 kEUR (2013: 108 kEUR). After deducting income tax, the company reported during the 3rd quarter a consolidated net profit of 381 kEUR (2013: 63 TEUR).
Less the minority interests, the result after taxes amounted during the third quarter to 8 EUR cents per share (2013: 1 EUR cent).
| III/14 | II/14 | I/14 | IV/13 | III/13 | |
|---|---|---|---|---|---|
| Sales | 5,148 | 5,027 | 3,847 | 3,909 | 4,220 |
| EBITDA margin | 16.8% | 17.5% | 13.0% | 5.8% | 8.7% |
| EBIT | 646 | 719 | 346 | 30 | 161 |
| EPS (EUR) | 0.08 | 0.10 | 0.04 | 0.14 | 0.01 |
| Cash flow | 853 | 854 | 479 | 179 | 266 |
The sales development of Geratherm Medical varied greatly in the individual markets. We posted strong growth on the European market with a 16.8% increase in sales. On the German market, sales increased by +65.5% as a result of acquisition effects.
The drop in sales noted in South America at the outset of the year has been made up in the meantime, still we had to report a decline of -14.7% for this market on an accumulative basis. For the Middle East region we posted a weaker sales performance with a drop of 13.3%. The sales of Geratherm products on the US market also exhibited a similarly weak performance. The sales in the Other countries segment developed favorably with a growth of 24.1%. This group of countries essentially includes Africa and Asia.
Products from the Healthcare Diagnostic segment represent the main source of revenue for Geratherm with a 64.6% share (2013: 78.3%) and include, e.g., different types of clinical thermometers, blood pressure monitors, etc., which are sold in pharmacies, hospitals and clinics. Sales generated by the segment decreased by -10.4%. This decrease was essentially affected by the even weaker performance on the South American market. We have taken this segment's decline in relative and absolute terms into consideration in our corporate strategy.
It is encouraging that we have succeeded in achieving an increasingly healthier development in the new business segments. These now represent a 35.4% share of the entire company (2013: 21.7%).
The healthy growth posted in the Respiratory segment was positively influenced by incorporating the Geratherm subsidiary Sensor Systems. This business unit produces, among other things, sensors for monitoring pulmonary function. One sensor is needed for every measurement with a patient. We assume that the increasing placement of more devices will increase the share of sales for the disposable sector in the Respiratory segment.
The Medical Warming Systems segment exhibited an increase in sales of 32.9% for the first nine months. That is an encouraging development. The increase in sales is due to the sale of Medical Warming Systems to a variety of hospitals and clinics in South America and Japan.
As of July 1, 2014, Geratherm Medical assumed the operations of LMT Medical, Lübeck, as part of an asset deal. The company develops, produces and markets incubator systems with integrated MRI diagnostics for newborn and premature babies. The acquisition is expected to strengthen the Warming Systems segment in the future. Due to the start-up curve, LMT's contribution to sales was still insignificant during the 3rd quarter. This will change during the 4th quarter.
The Cardio/Stroke segment also posted a similarly encouraging development with its 38.2% increase in sales. The affiliation with new hospitals and clinics in Germany has proved to be less dynamic than expected. Compared to last year, we did manage to win an additional 10 hospitals and clinics, which have decided to permanently install our technology for monitoring stroke patients. We are pleased that among the 10 new hospitals and clinics to join the network we managed to win over Universitätsklinikum Freiburg, Klinikum rechts der Isar, Munich and Nordwestkrankenhaus, Frankfurt/Main. Currently 47 hospitals and clinics have joined the network. In the registered doctors' sector, promising progress has been made with internationally oriented cooperation partners, which are interested in a large-scale deployment of apoplex technology in clinics specializing in cardiology and neurological services.
The quality of operating earnings improved considerably during the first nine months compared to last year. The result was supported by our export activities, which are primarily denominated in US dollars. Due to the rise in the value of the US dollar we reported exchange gains in the amount of 178 kEUR (2013: -112 kEUR).
With an EBITDA margin of 16.0% and an EBIT margin of 12.2%, we are above our original margin targets. The overall operating performance increased by 20.1% compared to the prior year. The overall operating performance recorded in the group during the 3rd quarter increased by 31.7% compared to the same period last year.
The gross profit exhibited an above-average increase of 26.4%. The gross margin amounts to 57.5% of the overall performance.
Personnel expenses increased by an above-average level of 26.8% during the first nine months of the year, and over the last three months by 35.3%. This can be primarily attributed in addition to the growth reported in almost all segments to the acquisition of LMT Medical on July 1, 2014. The staff costs for the 16 employees were not offset by any significant sales during the 3rd quarter. The situation is expected to change during the 4th quarter.
The gross result (EBITDA) was for the first nine months of the current fiscal year 2,245 kEUR (2013: 1,376 kEUR). The EBITDA margin increased from 10.7% to 16.0% compared to the same period last year. Amortization and depreciation decreased by 12.8% to 534 kEUR during the first nine months.
The operating income EBIT increased significantly to 1,711 kEUR (2013: 763 kEUR). The EBIT margin doubled to 12.2% during the currect fiscal year.
The financial result of the Geratherm Group amounted to -136 kEUR (2013: +89 kEUR). The financial result was unfavorably affected by interest paid in the amount of 204 kEUR. The interest charges of our subsidiary in Brazil, which refinanced itself with a loan based on the local credit market, accounted for more than 154 kEUR.
Geratherm Medical posted for the first nine months of the current fiscal year a result from ordinary business activities of 1,575 kEUR (2013: 852 kEUR). Income taxes weighed on the result with 480 kEUR (2013: 203 kEUR). The effective taxes amounted to only 151 kEUR, with Sensor Systems GmbH accounting for 118 kEUR. The remaining amount of 329 kEUR accounted for the decrease of non-cash effective deferred tax assets due to the use of losses carried forward.
The consolidated net profit for the first nine months was 1,096 kEUR (2013: 649 kEUR), an increase of 68.7%. After considering the results attributable to minority interests, the shareholders of the parent company enjoyed for the first nine months a net income of 1,096 kEUR (2013: 624 kEUR), an increase of 75.7%. The result per share for the first nine months is 22 EUR cents (2013: 13 EUR cents).
In spite of the healthy growth in the overall operating performance of the company and the two acquisitions carried out during the past six months, Geratherm Medical boasts a favorable asset and financial situation. The balance sheet total amounts to EUR 28.8 million (2013: EUR 28.7 million) and is essentially formed by equity capital in the amount of EUR 20.0 million (2013: EUR 20.1 million).
On the balance sheet as of Sept. 30, 2014, the company had cash, cash equivalents and securities in the amount of EUR 13.1 million.
The equity-to-assets ratio was 69.6% as of the reporting date (2013: 69.0%). The return on equity amounted to 7.3% (2013: 4.3%). The overall return on equity was for the first nine months 8.6% (2013: 5.5%).
The long-term assets amount to EUR 5.1 million (2013: EUR 5.2 million). The intangible assets increased by +26.3% to 875 kEUR.
The tangible assets remained essentially at the same level as last year and amounted to EUR 3.4 million. The deferred taxes decreased by the reported profits to 754 kEUR (2013: 1,084 kEUR).
The short-term assets increased slightly by 0.6% to EUR 23.7 million. The inventories item increased significantly from EUR 4.5 million to EUR 6.0 million. The increase can be mainly attributed to the acquisition of the inventories of LMT Medical amounting to approx. 600 kEUR.
The accounts receivable rose by 29.7% to EUR 4.6 million. The increase in the accounts receivable can be primarily attributed to the business activities of our subsidiary in Brazil.
The gross cash flow for the first nine months increased to 2,186 kEUR (2013: 1,093 kEUR). The cash flow from operations was 72 kEUR (2013: 1,856 kEUR). The cash flow from investments was -1,111 kEUR (2013: -168 kEUR).
The cash and cash equivalents at the end of the period under review amounted to 9,021 kEUR (2013: 9,282 kEUR).
The research and development activities of Geratherm Medical are based on medium to long-term objectives. The Respiratory and Cardio/Stroke segments did not experience any significant changes during the past three months.
With the acquisition of LMT Medical, Lübeck, we will increase our research and development activities significantly in the Warming Systems segment. LMT Medical is a medtec enterprise that focuses mainly on development. Nearly half of the employees are involved in the development and licensing of medical products.
Geratherm is right now in the process of becoming a premium product medtec company. In this context, the acquisition of LMT Medical represents an important building block. The enterprise has with its MRI Incubator product for premature babies a unique solution that is without parallel worldwide. LMT's products are already used in more than 80 hospitals and clinics with an export share of 90%. In light of this, the enterprise fits in well with Geratherm Medical's strategic focus for the future.
Geratherm's overall strategy is to establish for the future good distinguishing characteristics with highly innovative products that are associated with complex regulatory hurdles in order to allow us to hold our own in competition with significant product advantages.
The Geratherm Group had a staff of 149 persons in total as of September 30, 2014 (2013: 115). 128 employees are in Germany.
We anticipate for the 4th quarter that business will continue to develop favorably. In our core business we have increased production capacities for gallium-filled clinical thermometers at our Geschwenda plant on October 1 due to the increase in demand. The start-up curve with the higher production volume is likely to have a noticeable favorable impact on sales and income during the 4th quarter. The capacity increase is initially planned through to the end of 2015.
The Warming Systems segment should also post a considerable increase in terms of sales during the 4th quarter. Besides the good order situation for our emergency response and operating room systems, we also expect that the newly acquired LMT Medical will make a positive contribution to sales.
Due to the current underlying conditions, we expect the positive business performance will continue.
Geschwenda, November 2014
Dr. Gert Frank Thomas Robst Chairman of the Board Head of Sales
| July-Sept. 2014 |
July-Sept. 2013 |
Change | Jan.-Sept. 2014 |
Jan.-Sept. 2013 |
Change | |
|---|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | |||
| Sales revenue | 5,147,555 | 4,219,268 | 22.0% | 14,021,856 | 12,917,640 | 8.5% |
| Change in stocks of finished and unfinished goods |
23,723 | -127,232 | - | 462,303 | -655,798 | - |
| Other own work capitalized | 24,329 | 5,656 | >100.0% | 24,329 | 27,437 | -11.3% |
| Other operating income | 389,440 | 142,030 | >100.0% | 611,629 | 297,252 | >100.0% |
| 5,585,047 | 4,239,722 | 31.7% | 15,120,117 | 12,586,531 | 20.1% | |
| Material costs | ||||||
| Costs for consumables, supplies and goods and for specific products |
-2,146,174 | -1,865,277 | 15.1% | -6,019,123 | -5,359,949 | 12.3% |
| Costs of purchased services | -183,955 | -118,546 | 55.2% | -410,502 | -350,667 | 17.1% |
| -2,330,129 | -1,983,823 | 17.5% | -6,429,625 | -5,710,616 | 12.6% | |
| Gross profit | 3,254,918 | 2,255,899 | 44.3% | 8,690,492 | 6,875,915 | 26.4% |
| Personnel expenses | ||||||
| Wages and salaries | -911,810 | -673,751 | 35.3% | -2,561,476 | -2,001,575 | 28.0% |
| Social contributions and expenditures for | -209,858 | -155,486 | 35.0% | -563,033 | -462,320 | 21.8% |
| pensions | -1,121,668 | -829,237 | 35.3% | -3,124,509 | -2,463,895 | 26.8% |
| Depreciation of intangible assets and tangible fixed assets |
-217,299 | -205,847 | 5.6% | -534,305 | -613,053 | 12.8% |
| Other operating expenditure | -1,270,024 | -1,060,058 | 19.8% | -3,320,723 | -3,036,104 | 9.4% |
| Operating results | 645,927 | 160,757 | >100.0% | 1,710,955 | 762,863 | >100.0% |
| Income from dividends | 0 | 0 | - | 36,000 | 54,145 | -33.5% |
| Income from sale of securities | 18,641 | 52,614 | -64.6% | 18,641 | 347,858 | -94.6% |
| Depreciation of securities | 0 | 0 | - | 0 | 0 | - |
| Expenses from securities | -2,746 | -54,466 | -95.0% | -3,555 | -156,926 | -97.7% |
| Other interest and related income | 4,055 | 4,884 | -17.0% | 17,568 | 16,384 | 7.2% |
| Interests and similar expenses | -69,632 | -55,962 | 24.4% | -204,146 | -172,196 | 18.6% |
| Financial result | -49,682 | -52,930 | -6.1% | -135,492 | 89,265 | - |
| Result of normal business activity | 596,245 | 107,827 | >100.0% | 1,575,463 | 852,128 | 84.9% |
| Taxes on income and profit | -214,980 | -45,126 | >100.0% | -479,758 | -202,797 | >100.0% |
| Group net profit for the period | 381,265 | 62,701 | >100.0% | 1,095,705 | 649,331 | 68.7% |
| Result of non-controlling shareholders for the period |
-17,204 | 27,506 | - | -292 | 25,555 | - |
| Net earnings of the parent company`s shareholders in the period concerned |
398,469 | 35,195 | >100.0% | 1,095,997 | 623,776 | 75.7% |
| Gross result for first quarter of year (EBITDA) |
863,226 | 366,604 | >100.0% | 2,245,260 | 1,375,916 | 63.2% |
| Assets | 30. September 2014 EUR |
31. December 2013 EUR |
Change |
|---|---|---|---|
| A. Long-term assets | |||
| I. Intangible assets | |||
| 1. Development costs | 160,577 | 160,215 | 0.2% |
| 2. Other intangible assets | 526,795 | 456,845 | 15.3% |
| 3. Goodwill | 187,788 | 75,750 | >100.0% |
| 875,160 | 692,810 | 26.3% | |
| II. Tangible assets 1. Land and buildings |
1,103,601 | 1,152,585 | -4.2% |
| 2. Plant and machinery | 1,945,337 | 1,994,532 | -2.5% |
| 3. Other plants, operating and office equipment | 349,979 | 169,047 | >100.0% |
| 4. Assets under construction | 14,738 | 16,663 | -11.6% |
| 3,413,655 | 3,332,827 | 2.4% | |
| III. Other assets | 64,709 | 50,003 | 29.4% |
| IV. Deferred taxes | 754,376 | 1,083,646 | -30.4% |
| 5,107,900 | 5,159,286 | -1.0% | |
| B. Current assets | |||
| I. Inventories | |||
| 1. Raw, auxiliary and operating materials | 1,839,459 | 1,260,058 | 46.0% |
| 2. Unfinished products | 1,539,258 | 1,185,681 | 29.8% |
| 3. Finished products and goods | 2,633,185 | 2,089,779 | 26.0% |
| II. Receivables and other assets | 6,011,902 | 4,535,518 | 32.6% |
| 1. Trade accounts receivable | 3,770,545 | 2,866,920 | 31.5% |
| 2. Tax claims | 375,236 | 380,903 | -1.5% |
| 3. Other assets | 450,751 | 296,250 | 52.2% |
| 4,596,532 | 3,544,073 | 29.7% | |
| III. Securities | 4,049,772 | 4,346,104 | -6.8% |
| IV. Means of payment | 9,021,693 | 11,112,484 | -18.8% |
| 23,679,899 | 23,538,179 | 0.6% | |
| 28,787,799 | 28,697,465 | 0.3% | |
| Equity and Liabilities | |||
| A. Equity | |||
| I. Subscribed capital |
4,949,999 | 4,949,999 | - |
| II. Capital reserves | 11,035,367 | 10,711,677 | 3.0% |
| III. Other reserves | 4,352,374 | 5,043,049 | -13.7% |
| Attributable to parent company shareholders | 20,337,740 | 20,704,725 | -1.8% |
| Non-controlling shareholders | -289,802 | -624,334 | -53.6% |
| 20,047,938 | 20,080,391 | -0.2% | |
| B. Non-current liabilities | |||
| 1. Liabilities to banks | 2,303,316 | 2,934,852 | -21.5% |
| 2. Accrued investment subsidies | 613,726 | 697,787 | -12.0% |
| 3. Other long-term liabilities | 653,079 3,570,121 |
596,079 4,228,718 |
9.6% -15.6% |
| C. Current liabilities | |||
| 1. Amounts owed to credit institutions | 2,193,759 | 2,143,250 | 2.4% |
| 2. Advances received | 81,659 | 48,104 | 69.8% |
| 3. Trade accounts payable | 1,256,515 | 1,358,482 | -7.5% |
| 4. Tax liabilities | 221,639 | 84,127 | >100.0% |
| 5. Other current liabilities | 1,416,168 | 754,393 | 87.7% |
| 5,169,740 | 4,388,356 | 17.8% | |
| 28,787,799 | 28,697,465 | 0.3% |
| January – September 2014 kEUR |
January – September 2013 kEUR |
|
|---|---|---|
| Group net profit for the period | 1,096 | 649 |
| Other non-cash expenses | -3 | -43 |
| Dividend income | -36 | -54 |
| Interest income | -18 | -16 |
| Interest paid | 204 | 172 |
| Decrease in deferred taxes | 329 | 156 |
| Expenditure from income taxes | 151 | 46 |
| Depreciation of fixed assets | 534 | 613 |
| Income from the sale of securities | -19 | -348 |
| Losses from securities trading | 0 | 0 |
| Depreciation of securities | 0 | 0 |
| Amortization of allowances and subsidies | -84 | -82 |
| Loss on disposal of fixed assets | 32 | 0 |
| Gross cash flow | 2,186 | 1,093 |
| Increase/decrease in inventories | -1,476 | 839 |
| Increase in trade receivables and other assets | -1,176 | -110 |
| Increase in current and other liabilities | 611 | 178 |
| Cash from dividends | 36 | 54 |
| Inflow from interest | 18 | 16 |
| Outflow from interest | -204 | -172 |
| Inflow/Outflow of taxes | 77 | -42 |
| Cash flow from operations | 72 | 1,856 |
| Outflow for investment in fixed assets | -844 | -456 |
| Inflow from funds for investments | 15 | 107 |
| Payments from financial investments | 1,251 | 1,589 |
| Cash for financial investment | -1,533 | -1,408 |
| Cash flow from investments | -1,111 | -168 |
| Cash inflow from increase in capital | 324 | 0 |
| Cash inflow from non-controlling shareholders | 336 | 0 |
| Distribution of profits to non-controlling shareholders | 0 | -10 |
| Dividend distribution | -1,188 | -990 |
| Proceeds from the repayment of loans | 990 | 0 |
| Outflows for the repayment of loans | -1,571 | -216 |
| Decrease/increase in fixed liabilities | 57 | 0 |
| Cash flow from financing activities | -1,052 | -1,216 |
| Change in cash and cash equivalents | -2,091 | 472 |
| Cash and cash equivalents at the start of the reporting period |
11,112 | 8,810 |
| Cash and cash equivalents at the end of the reporting period |
9,021 | 9,282 |
| Other reserves | ||||||||
|---|---|---|---|---|---|---|---|---|
| Subscribed capital |
Capital reserves |
Market valuation reserve |
Currency conversion reserves |
Accumulat ed earnings |
To be assigned to the shareholders of the parent company |
Non-con trolling interests |
Equity capital |
|
| EUR | EUR | EUR | EUR | EUR | EUR | EUR | EUR | |
| As of January 1, 2013 |
4,949,999 | 10,711,677 | 144,916 | 17,968 | 3,209,505 | 19,034,065 | -412,790 | 18,621,275 |
| Dividend payment to shareholders |
0 | 0 | 0 | 0 | -990,000 | -990,000 | -9,591 | -999,591 |
| Transaction with associates and shareholders |
0 | 0 | 0 | 0 | -990,000 | -990,000 | -9,591 | -999,591 |
| Group period result | 0 | 0 | 0 | 0 | 623,776 | 623,776 | 25,555 | 649,331 |
| Unrealized profits and losses from valuation of securities |
0 | 0 | 997,014 | 0 | 0 | 997,014 | 0 | 997,014 |
| Currency translation in group |
0 | 0 | 0 | -21,868 | 0 | -21,868 | -21,010 | -42,878 |
| Total consolidated income |
0 | 0 | 997,014 | -21,868 | 623,776 | 1,598,922 | 4,545 | 1,603,467 |
| As of September 30, 2013 |
4,949,999 | 10,711,677 | 1,141,930 | -3,900 | 2,843,281 | 19,642,987 | -417,836 | 19,225,151 |
| As of January 1, 2014 |
4,949,999 | 10,711,677 | 1,477,897 | 11,865 | 3,553,287 | 20,704,725 | -624,334 | 20,080,391 |
| Acquisition of business shares in LMT Medical Systems GmbH |
0 | 0 | 0 | 0 | 0 | 0 | 100,000 | 100,000 |
| Increase in share capital of subsidiary apoplex medical technologies GmbH |
0 | 323,690 | 0 | 0 | 0 | 323,690 | 236,311 | 560,001 |
| Dividend payment to shareholders |
0 | 0 | 0 | 0 | -1,188,000 | -1,188,000 | 0 | -1,188,000 |
| Transaction with associates and shareholders |
0 | 323,690 | 0 | 0 | -1,188,000 | -864,310 | 336,311 | -527,999 |
| Group period result | 0 | 0 | 0 | 0 | 1,095,997 | 1,095,997 | -292 | 1,095,705 |
| Unrealized profits and losses from valuation of securities |
0 | 0 | -597,123 | 0 | 0 | -597,123 | 0 | -597,123 |
| Currency translation in group |
0 | 0 | 0 | -1,549 | 0 | -1,549 | -1,487 | -3,036 |
| Total consolidated income |
0 | 0 | -597,123 | -1,549 | 1,095,997 | 497,325 | -1,779 | 495,546 |
| 01.01.-30.09.2014 EUR |
01.01.-30.09.2013 EUR |
|
|---|---|---|
| Net earnings of the parent company`s shareholders in the period concerned |
1,095,705 | 649,331 |
| Income and expenses directly included in equity capital Which are reclassified under specific conditions to profit or loss: |
||
| Profit and losses from the revaluation of securities | -597,123 | 997,014 |
| Difference resulting from currency translation | -3,036 | -42,878 |
| Income and expenses directly included in equity capital | -600,159 | 954,136 |
| Total consolidated income | 495,546 | 1,603,467 |
| Of which for non-controlling shareholders | -1,779 | 4,545 |
| Of which for parent company shareholders | 497,325 | 1,598,922 |
The following market segment report is based on our own internal reports in accordance with IFRS 8. The effects of consolidation and reconciliation of the individual companies are stated separately.
| According to product segments |
Healthcare Diagnostic |
Respiratory | Med. Warming Systems |
Cardio/ Stroke |
Consolidation | Reconciliation | Total |
|---|---|---|---|---|---|---|---|
| 2014 | Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
| Segment revenues | 10,236 | 3,174 | 551 | 393 | -332 | 0 | 14,022 |
| Elimination of intragroup sales and reconciliation |
-1,179 | 271 | 576 | 0 | 332 | 0 | 0 |
| Sales revenues to third parties |
9,057 | 3,445 | 1,127 | 393 | 0 | 0 | 14,022 |
| Operating results | 1,375 | 548 | -267 | -51 | 34 | 72 | 1,711 |
| of which: | |||||||
| Amortization of intangible assets and depreciation of tangible assets |
437 | 25 | 34 | 5 | -29 | 62 | 534 |
| Segment assets | 10,926 | 2,077 | 2,327 | 376 | 0 | 12,328 | 28,034 |
| Segment liabilities | 6,911 | 731 | 554 | 544 | 0 | 0 | 8,740 |
| According to product | Healthcare | Respiratory | Med. Warming | Cardio/ | Consolidation | Reconciliation | Total |
|---|---|---|---|---|---|---|---|
| segments 2013 |
Diagnostic Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Systems Jan.- Sept. kEUR |
Stroke Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
Jan.- Sept. kEUR |
| Segment revenues | 11,505 | 1,350 | 610 | 290 | -832 | -5 | 12,918 |
| Elimination of intragroup sales and reconciliation |
-1,394 | 324 | 238 | -5 | 832 | 5 | 0 |
| Sales revenues to third parties |
10,111 | 1,674 | 848 | 285 | 0 | 0 | 12,918 |
| Operating results | 1,172 | 188 | -50 | -65 | -408 | -74 | 763 |
| of which: | |||||||
| Amortization of intangible assets and depreciation of tangible assets |
582 | 8 | 13 | 4 | -58 | 64 | 613 |
| Segment assets | 10,909 | 937 | 729 | 163 | 0 | 14,057 | 26,795 |
| Segment liabilities | 8,239 | 92 | 245 | 68 | 0 | 0 | 8,644 |
| According to regions 2014 |
Europe Jan.- Sept. kEUR |
South America Jan.- Sept. kEUR |
Germany Jan.- Sept. kEUR |
Middle East Jan.- Sept. kEUR |
USA Jan.- Sept. kEUR |
Others Jan.- Sept. kEUR |
Total Jan.- Sept. kEUR |
|---|---|---|---|---|---|---|---|
| Sales revenue | 6,122 | 2,965 | 2,660 | 1,118 | 711 | 778 | 14,354 |
| Elimination of intercompany Sales |
0 | -125 | -207 | 0 | 0 | 0 | -332 |
| Sales revenue to third parties |
6,122 | 2,840 | 2,453 | 1,118 | 711 | 778 | 14,022 |
| Gross profit or loss | 3,882 | 1,586 | 1,569 | 709 | 451 | 493 | 8,690 |
| Operating results | 783 | 278 | 317 | 143 | 91 | 99 | 1,711 |
| of which: | |||||||
| Amortization/depreciation of intangible assets and tangible assets |
286 | 10 | 116 | 52 | 33 | 37 | 534 |
| Amortization of public grants and subsidies |
46 | 0 | 19 | 8 | 5 | 6 | 84 |
| Acquisition costs of fixed assets for the period |
0 | 14 | 816 | 0 | 0 | 0 | 830 |
| Segment assets | 0 | 2,859 | 25,175 | 0 | 0 | 0 | 28,034 |
| According to regions | Europe | South America | Germany | Middle East | USA | Others | Total |
|---|---|---|---|---|---|---|---|
| Jan.- Sept. | Jan.- Sept. | Jan.- Sept. | Jan.- Sept. | Jan.- Sept. | Jan.- Sept. | Jan.- Sept. | |
| 2013 | kEUR | kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Sales revenue | 5,243 | 3,813 | 1,831 | 1,288 | 947 | 628 | 13,750 |
| Elimination of intercompany Sales |
0 | -483 | -349 | 0 | 0 | 0 | -832 |
| Sales revenue to third parties |
5,243 | 3,330 | 1,482 | 1,288 | 947 | 628 | 12,918 |
| Gross profit or loss | 2,712 | 1,903 | 778 | 666 | 490 | 324 | 6,873 |
| Operating results | 270 | 268 | 77 | 66 | 49 | 33 | 763 |
| of which: | |||||||
| Amortization/depreciation | |||||||
| of intangible assets and tangible assets |
323 | 21 | 93 | 79 | 58 | 39 | 613 |
| Amortization of public grants and subsidies |
45 | 0 | 13 | 11 | 8 | 5 | 82 |
| Acquisition costs of fixed assets for the period |
0 | 8 | 448 | 0 | 0 | 0 | 456 |
| Segment assets | 0 | 2,534 | 24,261 | 0 | 0 | 0 | 26,795 |
The interim consolidated financial statements of Geratherm Medical AG as at Sept. 30, 2014 were prepared in accordance with the rules of the International Financial Reporting Standards (IFRS) valid on the date of the financial statements and in consideration of the guidance provided by the International Financial Reporting Interpretations Committee (IFRIC), as is mandatory in the European Union.
The accounting, evaluation and consolidation principles were maintained, as shown in the Notes to Consolidated Financial Statements for 2013 Fiscal Year.
The valuation of assets and liabilities is based in part on estimates and/or assumptions about future developments. For instance, the statements on economic useful life for long-term assets are based on estimates and assumptions. In addition, the assessment of the intrinsic value of deferred taxation allocated to the losses carried forward and the impairment tests of the cash-generating units and the assets is based on the corporate planning, which of course involves uncertainties such that the actual values may deviate from the made assumptions and estimates in individual cases. Estimates and the underlying assumptions are regularly checked and evaluated with regard to possible impact on accounting.
The following changes occurred in the consolidated group as of Sept. 30, 2014:
| Share quota | Share quota | |
|---|---|---|
| Company | 9/30/2014 | 9/30/2013 |
| GME Rechte und Beteiligungen GmbH, Geschwenda, Germany | 100.00% | 100.00% |
| Sensor Systems GmbH, Steinbach Hallenberg / Germany | 100.00% | - |
| apoplex medical technologies GmbH, | ||
| Pirmasens, Germany | 57.92% | 59.11% |
| Geratherm Respiratory GmbH, | 61.27% | 61.27% |
| Bad Kissingen, Germany | ||
| Geratherm Medical do Brasil Ltda., | 51.00% | 51.00% |
| Sao Paulo, Brazil | ||
| LMT Medical Systems GmbH, Lübeck, Germany | 66.67% | - |
Sensor Systems GmbH was founded with the Articles of Association from February 25, 2014. The nominal capital is € 25,000 and has been paid in full. The formation was entered in the Commercial Register on March 14, 2014. Sensor Systems GmbH is a wholly owned subsidiary of Geratherm Medical AG and started its activities on April 1, 2014. The company is engaged in the development, production and distribution of sensors, filters, connecting elements, electronic components and similar products for different industries, especially for the medical technology segment.
In accordance with the resolution of the shareholders' meeting from July 22, 2014, the share capital of apoplex medical technologies GmbH was increased by EUR 12,367 to EUR 618,367 by creating a new company share. The new share capital was paid in full in July. Entry in the Commercial Register was carried out on August 6, 2014. Geratherm's share in apoplex medical technologies GmbH thus changed from 59.11% to 57.92%.
Geratherm Medical AG participated in LMT Medical Systems GmbH with a stake of EUR 200,000. The share capital of LMT Medical Systems GmbH was increased to EUR 300,000 in accordance with the resolution of the shareholders' meeting from June 20, 2014. Geratherm Medical's share amounts to 66.67%. The share capital has been paid in full. Entry in the Commercial Register was carried out on July 4, 2014. LMT Medical Systems GmbH acquired a business unit of LMT Lammers Medical Technology GmbH, which is presently in bankruptcy proceedings, based on a purchase agreement from June 17, 2014, within the framework of an asset deal. Business operations commenced on July 1, 2014. LMT Medical Systems GmbH focuses primarily on the development and production of medical systems, such as incubators for premature babies with MRI diagnostics, and their sales. The purchase price allocation of LMT Medical Systems GmbH is tentative, since all assets and debts have not been assigned yet conclusively. The difference between the paid purchase price and the acquired net assets have been shown as goodwill for the time being.
The development of the equity capital is shown in the consolidated statement of change to the shareholders' equity.
The subscribed capital of Geratherm Medical AG amounts all in all to EUR 4,949,999 as at Sept. 30, 2014 (2013: EUR 4,949,999) and is divided into 4,949,999 (2013: 4,949,999) share certificates issued to the bearers. The subscribed capital has been paid in full. As of the reporting date there were no shares held by the company.
Geschwenda, November 2014
Dr. Gert Frank Thomas Robst Chairman of the Board Head of Sales
| Publication Annual Report 2014 | 23. April |
|---|---|
| Annual General Meeting in Frankfurt/Main | 05. June |
| 3-Month Report | 21. May |
| 6-Month Report | 20. August |
| 9-Month Report | 19. November |
Fahrenheitstraße 1 98716 Geschwenda Telefon: +49 36205 980 Fax: +49 36205/98 115 E-Mail: [email protected] Internet:www. geratherm.com
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