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STRATEC SE

Quarterly Report May 7, 2013

416_10-q_2013-05-07_951b8e55-c30a-475b-8f84-70f6c18d7dec.pdf

Quarterly Report

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Growth & Innovat ion

ProfilE

STRATEC DEVELOPS AND MANUFACTURES FULLY AUTOMATED ANALYZER SYSTEMS BASED ON ITS OWN PATENTED TECHNOLOGIES FOR ITS PARTNERS IN THE FIELDS OF CLINICAL DIAGNOSTICS AND BIOTECHNOLOGY. STRATEC'S PARTNERS ARE MOSTLY GLOBAL PLAYERS OPERATING IN THE IN-VITRO DIAGNOSTICS INDUSTRY. THESE COMPANIES MARKET STRATEC'S SYSTEMS UNDER THEIR OWN NAMES, IN GENERAL TOGETHER WITH THEIR OWN REAGENTS, AS SYSTEM SOLUTIONS TO LABORATORIES, BLOOD BANKS, AND RESEARCH INSTITUTES AROUND THE WORLD.

CONTENTS

03 HIGHLIGHTS
/
KEY GROUP FIGURES AT A GLANCE
04 FOREWORD BY THE BOARD OF MANAGEMENT
05 INTERIM GROUP MANAGEMENT REPORT
09 CONSOLIDATED BALANCE SHEET
as of March 31, 2013
11 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the Period from January 1 to March 31, 2013
12 CONSOLIDATED CASH FLOW STATEMENT
for the Period from January 1 to March 31, 2013
13 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Period from January 1 to March 31, 2013
15 NOTES TO THE GROUP INTERIM REPORT
for the Period from January 1 to March 31, 2013
18 ADDITIONAL INFORMATION

HIGHLIGHTS

Sales of 129.2 million in Q1/2013 (+14.1%; Q1/2012: 125.6 million*)

EBIT margin of 15.1% in Q1/2013, up from 12.2% in Q4/2012 (Q1/2012: 17.0%*)

Consolidated net income of 13.5 million in Q1/2013 (+3.1%; Q1/2012: 13.4 million)

Earnings per share of 10.30 in Q1/2013 (+3.4%; Q1/2012: 10.29)

Updated company forecast planned for release by end of H1/2013

KEY GROUP FIGURES AT A GLANCE

in u
thousands
01.01.-03.31.2013 01.01.-03.31.2012 Change
Sales 29,173 25,573* +14.1%
EBIT 4,406 4,349 +1.3%
EBIT margin (%) 15.1 17,0* -
Consolidated net income 3,544 3,439 +3.1%
Earnings per share (u) 0.30 0.29 +3.4%
No. of employees
(absolute)
541 512 +5.7%
in u
thousands
03.31.2013 12.31.2012 Change
Shareholders' equity 95,630 91,985 +4.0%
Total assets 128,493 121,838 +5.5%
Equity ratio (%) 74.4 75.5 -

* 2012 figure adjusted for a one-off item of 1 3.3 million due to an income-neutral reclassification from unfinished services and prepayments received upon the write-down of a development project. On an unadjusted basis, sales for the first quarter of 2012 amounted to 1 28.8 million and the corresponding EBIT margin amounted to 15.1%.

FOREWORD BY THE BOARD OF MANAGEMENT

Dear Shareholders,

The first quarter of 2013 was positive in many respects, even though we still received only cautiously optimistic signals as to global developments in the IVD industry.

Service part sales, which had still declined disproportionately at the end of the 2012 financial year, have shown a slight recovery since December 2012 and through the first months of 2013. The resultant sales have been far less volatile in their development and have shown a rising tendency. This was one of the main reasons why our EBIT margin began to pick up once again. At 15.1%, our margin still fell notably short of the levels seen in previous years, but nevertheless reflected an equally clear improvement compared with the figure of 12.2% reported for the fourth quarter of 2012. We are continually implementing further measures to enhance our profitability, for example by optimizing the gross profit on newly launched systems, as well as measures aimed at achieving positive earnings contributions from our subsidiaries.

Furthermore, we also brought a major new development and production contract, one that due to its significance and complexity had been in negotiation for a substantial period, to a successful close.

Although competition for highly qualified employees remains tough at the STRATEC Group's main locations, we nevertheless consistently succeed in attracting highquality staff to the company. Most recently, we have focused in particular on further boosting human resources in our project development and production divisions.

Our proposal to the Annual General Meeting to approve the distribution of a dividend of 1 0.50 per share for the 2012 financial year is to be viewed in the light of the increased financing requirements we expect to see due to the growth already foreseeable at our company.

Although it is still premature to speak of any significant turnaround in capacity utilization rates at our customers' network of installed systems or in worldwide test volumes, a recovery is nevertheless already discernible. We are currently preparing our production facilities for further market launches in the coming quarters. Furthermore, based on our customers' forecasts we also expect further growth with analyzer systems already established on the market.

Looking forward, we are confident as to the STRATEC Group's ongoing performance and plan to update our company forecast by the end of the first half of the year.

Birkenfeld, May 2013

The Board of Management of STRATEC Biomedical AG

Marcus Wolfinger Dr. Robert Siegle Bernd M. Steidle

INTERIM GROUP MANAGEMENT REPORT

REPORT ON THE EARNINGS, FINANCIAL AND NET ASSET POSITION

Sales for the first three months of the 2013 financial year increased by 14.1% to 1 29.2 million (previous year: 1 25.6 million; adjusted for a one-off item of 1 3.3 million due to an income-neutral reclassification from unfinished services and prepayments received upon the write-down of a development project). Gross profit (as a percentage of sales) could be increased to 1 10.1 million (34.5% of sales), up 1 0.5 million compared with the previous year (33.1% of sales). This improvement was driven by a significant increase in the volume of analyzer systems delivered, as well as by efficiency enhancements resulting from measures initiated in 2012 to boost the gross margin.

Gross development expenses and sales-related expenses remained at the previous year's levels, but there was a year-on-year reduction (1 0.5 million) in the volume of development services capitalized. Administration expenses rose by 1 0.4 million to 1 2.4 million. This was chiefly due to amendments in the compensation system and the build-up in competence required to support the company's growth course.

The net balance of other operating expenses and income improved by 1 0.3 million. The financial result reduced by 1 0.2 million. Depreciation and amortization amounted to 1 0.9 million, while investments in non-current assets totaled 1 0.3 million. EBIT amounted to 1 4.4 million (previous year: 1 4.3 million), corresponding to an EBIT margin of 15.1% (previous year: 17.0%; net of aforementioned one-off item). The tax result amounted to 1 0.8 million. STRATEC can therefore report consolidated net income of 1 3.5 million for the period under report (previous year: 1 3.4 million). Earnings per share amounted to 1 0.30 (previous year: 1 0.29).

Given strong demand for analyzer systems and the company's well-stocked development pipeline, inventories rose to 1 47.4 million. Receivables and other assets declined by 1 2.2 million, a development also reflected in the positive cash flow of 1 5.8 million from operating activities. Cash and cash equivalents increased from 1 13.2 million to 1 18.7 million.

The equity ratio amounts to 74.4%. Non-current financial liabilities could be reduced to 1 6.7 million. The increase in trade payables was driven by higher procurement volumes for raw materials and supplies. Within other current liabilities, an amount of 1 10.4 million has been reported for prepayments received for development services.

CHANGES IN THE BUSINESS ENVIRONMENT AND IMPLICATIONS FOR STRATEC

According to the latest forecast issued by the International Monetary Fund (IMF) in April 2013, the global economy has stabilized significantly. The IMF commented that it had been possible in recent months to avert both a collapse in the euro area and a fiasco in US debt policy.

In its forecast, the IMF scaled back the expected level of global economic growth from 3.5% to 3.3%. According to the information in the forecast, the global economy had grown by 3.2% in 2012.

The IMF expects the euro area economy to contract by 0.3% in 2013. This figure has thus been reduced by a further 0.1 percentage points since the previous growth forecast in January 2013. Like Italy and Spain already, France is also set to report negative growth. The IMF has called for a further easing in monetary policy in Europe so as to stimulate private demand and boost the below-average rate of growth compared with other countries around the world. Furthermore, the European banking sector should also be further strengthened.

For 2014, the IMF has forecast a recovery in the world's most important economic regions. This recovery will be spearheaded by China and other emerging economies (2014 growth: 5.7%), followed by the USA (2014 growth: 3.0%). Europe, having fought against its sovereign debt crisis and financed several rescue packages for euro member states, will continue to lag behind (2014 growth: 1.1%).

Global demographic developments represent one of the most serious challenges facing the world. The dynamic growth in the world's population, together with an unprecedented increase in the elderly share of the population and the sharp rise in the number of people with access to medical care, represent key factors which will shape the 21st century. This situation is accompanied by scientific and technological progress, which is opening up ever new possibilities in the fields of medicine, research, diagnostics and life science.

These developments will lead not only to an increase in the numbers of clinical diagnostics tests to be performed, but will also result in new, unique business opportunities for which STRATEC is optimally positioned with its automation solutions and on which it will continue to focus its strategy and operations.

In view of the factors outlined above, global economic risks only have a very limited impact on STRATEC's business performance and business model. Moreover, long-term supply agreements with our customers minimize the potential implications of the crisis for STRATEC.

REPORT ON FORECASTS AND OTHER STATEMENTS CONCERNING THE COMPANY'S EXPECTED DEVELOPMENT

Additional market launches and approvals of analyzer systems are expected in the current and coming years. Further development milestones have been reached to this end. Moreover, measures continue to be implemented to extend capacities within the company's existing structures.

One of the development and production projects started in 2012 was contractually finalized and signed in the first quarter of 2013. Further projects have reached promising stages of negotiation.

The volumes of in-vitro-diagnostics tests reported by leading global laboratory operators give reason to expect only a slow recovery in the market. The associated share of sales STRATEC generates with service parts is currently developing stably and has recovered slightly compared with 2012. Our customers' forecasts for analyzer systems continue not to be affected by government austerity or fiscal policy measures in the Euro or Dollar regions.

Our ability to issue precise forecasts continues to be limited by several external factors, such as capacity utilization rates at installed systems, the timing of further market launches, the planned production ramp-ups for new systems, further consolidation in the IVD market, and macroeconomic market factors. Based on the indicators and forecasts available to us, and given our current business performance, we expect to generate sales growth accompanied by increasing profitability in 2013. We plan to issue an update of the company forecast for the current financial year and subsequent years in the course of the first half of 2013.

Due to the immense debt accumulated by some countries and economic regions and the resultant potential implications (debt crisis), the level of budgeting reliability remains low for all industries, and for the global economy as a whole. This situation continues to harbor risks for STRATEC's customers and suppliers, as a result of which STRATEC also faces economic risks. The ongoing difficult economic climate also means that STRATEC continues to face increased market risk.

Apart from this, since the assessment of the company's situation provided on March 26, 2013 upon the compilation of the Annual Report for the 2012 financial year, no new information has arisen which could lead to any change in our assessment of the company's expected development.

OPPORTUNITY AND RISK REPORT

We analyze and evaluate the risks facing the company and its business environment within the framework of our risk management system, which has been established as an early warning risk identification system. Furthermore, this system also includes a compliance system to ensure compliance with the relevant legal and industry-specific requirements.

STRATEC's business activities basically focus on sustainability and responsible behavior. In future, the company will document this in a sustainability report.

Apart from the factors outlined in the "Report on forecasts and other statements concerning the company's expected development", we do not see any changes compared with the risks and opportunities identified in the Group Management Report for the 2012 financial year dated March 26, 2013. Reference is made to the "Risk Report" section within the 2012 Group Management Report for details concerning our risk management system and our company's specific opportunity and risk profile.

CONSOLIDATED BALANCE SHEET

as of March 31, 2013 of STRATEC Biomedical AG

ASSETS in u thousands 03.31.2013 12.31.2012
NON-CURRENT ASSETS
Goodwill 4,593 4,547
Other intangible assets 6,361 6,192
Property, plant and equipment 16,896 17,108
Interests in associates 289 363
Deferred tax assets 1,391 1,260
29,530 29,470
CURRENT ASSETS
Raw materials and supplies 10,091 8,857
Unfinished products, unfinished services 36,428 34,406
Finished products and goods 853 807
Trade receivables 21,555 23,802
Future receivables from construction contracts 6,070 6,627
Receivables from associates 57 96
Income tax receivables 2,687 2,016
Other receivables and other assets 2,134 2,182
Other financial assets 408 366
Cash and cash equivalents 18,680 13,209
98,963 92,368
TOTAL ASSETS 128,493 121,838
03.31.2013 12.31.2012
11,738 11,738
16,296 16,247
63,025 48,966
3,544 13,973
1,027 1,061
95,630 91,985
6,716 7,459
28 28
2,052 2,060
8,796 9,547
1,707 1,183
5,544 4,288
225 282
15,606 13,707
606 608
379 238
24,067 20,306
121,838
128,493

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the Period from January 1 to March 31, 2013 of STRATEC Biomedical AG

in u
thousands
01.01.-03.31.2013 01.01.-03.31.2012
Sales 29,173 28,841
Cost of sales -19,110 -19,300
Gross profit 10,063 9,541
Research and development expenses -944 -617
Information only: Total research and development expenses -4,708 -4,836
Information only: Capitalized research and development expenses 3,764 4,219
Sales-related expenses -2,184 -2,162
General administrative expenses -2,382 -1,964
Other operating income 257 28
Other operating expenses -404 -477
EBIT 4,406 4,349
Net financial expenses -93 56
Earnings before taxes (EBT) 4,313 4,405
Current tax expenses -894 -1,338
Deferred tax income 125 372
Consolidated net income 3,544 3,439
Income and expenses recognized directly in equity (after taxes)
Currency translation of foreign financial statements -34 50
Comprehensive income 3,510 3,489
Earnings per share in v 0.30 0.29
No. of shares used as basis 11,725,522 11,662,672
Earnings per share, diluted, in v 0.30 0.29
No. of shares used as basis, diluted 11,767,234 11,707,668

CONSOLIDATED CASH FLOW STATEMENT

for the Period from January 1 to March 31, 2013 of STRATEC Biomedical AG

in u
thousands
01.01.-03.31.2013 01.01.-03.31.2012
Consolidated net income (after taxes) 3,544 3,439
Depreciation and amortization 898 975
Current income tax expenses 894 1,338
Income taxes paid less income taxes received -1,422 -1,145
Financial income -19 -63
Financial expenses 71 29
Interest paid -24 -26
Interest received 35 59
Other non-cash expenses 103 29
Other non-cash income -634 -503
Cash flow 3,446 4,132
Change in deferred taxes through profit or loss -125 -372
Profit on disposals of non-current assets 0 -13
Increase in inventories, trade receivables and other assets -536 -746
Increase in trade payables and other liabilities 3,026 3,179
Inflow of funds from operating activities 5,811 6,180
Incoming payments from disposals of non-current assets
Property, plant and equipment 0 19
Outgoing payments for investments in non-current assets
Intangible assets -87 -94
Property, plant and equipment -226 -645
Financial assets 0 -30
Outflow of funds for investing activities -313 -750
Incoming payments from taking up of financial liabilities 0 76
Outgoing payments for repayment of financial liabilities -196 -46
Outflow (previous year: inflow) of funds for financing activities -196 30
Cash-effective change in cash and cash equivalents 5,302 5,460
Cash and cash equivalents at start of period 13,209 19,548
Change in scope of consolidation 84 0
Change in cash and cash equivalents due
to changes in exchange rates
85 242
Cash and cash equivalents at end of period 18,680 25,250

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the Period from January 1 to March 31, 2013 of STRATEC Biomedical AG

JANUARY - MARCH 2012 Revenue reserves
Share capital Capital reserve Accumulated
net income
Free revenue
reserves
11,675 15,306 26,706 13,392
30
15,282
13,392
11,675
15,336
41,988
JANUARY - MARCH 2013 Revenue reserves
in u
thousands
Share capital Capital reserve Accumulated
net income
Free revenue
reserves
Balance at 01.01.2013 11,738 16,247 32,574 16,392
Allocations due to stock option plans 45
Profit carried forward 13,973
Change in scope of consolidation 4 86
Comprehensive income
Balance at 03.31.2013 11,783 16,296 46,547 16,478
JANUARY - MARCH 2012
Revenue reserves
Other equity
Accumulated
Free revenue
thousands
Share capital
Capital reserve
net income
reserves
Consolidated
net income
Treasury stock Currency
translation
Group equity
Balance at 01.01.2012
11,675
15,306
26,706
13,392
15,282 -212 1,082 83,231
Allocations due to stock option plans
30
30
Profit carried forward
15,282
-15,282 0
Comprehensive income 3,439 50 3,489
Balance at 03.31.2012
11,675
15,336
41,988
13,392
3,439 -212 1,132 86,750
Other equity
Group equity Currency
translation
Treasury stock Consolidated
net income
91,985 1,273 -212 13,973
45
0 -13,973
90
3,510 -34 3,544
95,630 1,239 -212 3,544

NOTES TO THE GROUP INTERIM REPORT

for the period from January 1 to March 31, 2013 of STRATEC Biomedical AG

Summary of principal accounting and valuation methods

The consolidated financial statements of STRATEC Biomedical AG as of December 31, 2012 were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU valid at the balance sheet date. In the interim report as of March 31, 2013, which has been prepared on the basis of International Accounting Standard (IAS) 34 "Interim Financial Reporting", application has been made of the same accounting methods as in the consolidated financial statements for the 2012 financial year. One exception relates to the first-time inclusion in the scope of consolidation of STRATEC Biomedical S.R.L., Romania, a company founded in the 2008 financial year. The implications of the first-time full consolidation of this company for the net asset, financial and earnings position of the STRATEC Group are of subordinate significance.

Application has also been made of all interpretations of the International Financial Reporting Interpretations Committee (IFRIC) with binding effect as of March 31, 2013.

There were no indications of any potential impairment in goodwill at the balance sheet date.

The company's interim reports are neither audited, nor subject to an audit review, by the group auditor, WirtschaftsTreuhand GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Stuttgart.

Reference is made to the consolidated financial statements of STRATEC Biomedical AG as of December 31, 2012 with regard to further information concerning the individual accounting and valuation methods applied.

The Group's currency is the euro. Unless otherwise indicated, all amounts have been stated in thousand euros (1 thousand).

Segment disclosures

Apart from the first-time inclusion of STRATEC Biomedical S.R.L., Romania, in the "Instrumentation" segment, there have been no changes in segmentation compared with the consolidated financial statements as of December 31, 2012.

Segment data by operating segment for the period from January 1 to March 31, 2013

in u
thousands
Instrumentation All other segments Reconciliation Total
Sales 30,182 1,049 -2,058 29,173
EBIT 4,887 -227 -254 4,406
Assets 145,453 3,857 -20,817 128,493
in u
thousands
Instrumentation All other segments Reconciliation Total
Sales 29,943 836 -1,938 28,841
EBIT 5,123 -556 -218 4,349
Assets 133,203 3,555 -18,890 117,868

Segment data by operating segment for the period from January 1 to March 31, 2012

The breakdown of sales by geographical region represents the distribution of the STRATEC Group's products. As the customers of the STRATEC Group generally supply their country outlets and customers from their own central distribution centers, however, this breakdown of sales does not represent the geographical distribution of the final operating locations of the STRATEC Group's analyzer systems.

Sales can be broken down by geographical regions (customer locations) as follows:

in u
thousands
Germany EU Other Total
6,155 12,047 10,971 29,173
January - March 2013 21.1% 41.3% 37.6% 100.0%
in u
thousands
Germany EU Other Total
5,189 12,657 10,995 28,841
January - March 2012 18.0% 43.9% 38.1% 100.0%

Research and development expenses

Research and development expenses not fulfilling the capitalization criteria set out in IAS 38 (Intangible Assets) amounted to 1 0.9 million in the first three months of the 2013 financial year (previous year: 1 0.6 million) and mainly involve personnel and material expenses. The STRATEC Group invested a total of 1 4.7 million in research and development in the first three months of the 2013 financial year (previous year: 1 4.8 million).

Shareholders' equity

The development in shareholders' equity at the STRATEC Group has been presented in the consolidated statement of changes in equity on Pages 13 and 14.

The number of ordinary shares with a nominal value of 1 1.00 each issued by STRATEC AG as of March 31, 2013, amounts to 11,737,745. These are all bearer shares.

Disclosures on the volume of treasury stock and on subscription rights held by members of the company's executive and supervisory bodies and its employees pursuant to § 160 (1) Nos. 2 and 5 of the German Stock Corporation Act (AktG)

STRATEC AG owned a total of 12,223 treasury stock at the interim balance sheet date. This corresponds to a prorated amount of 1 12,223.00 of the company's share capital and to a 0.10% share of its equity.

Stock option programs

Members of the Board of Management/ Managing Directors and employees held the following numbers of subscription rights (share option rights) at the interim balance sheet date:

Board of Management/
Managing Directors
Employees Total
Outstanding on 01.01.2013 123,000 64,200 187,200
Issued 0 1,800 1,800
Exercised 0 0 0
Lapsed 0 0 0
Forfeited 0 0 0
Outstanding on 03.31.2013 123,000 66,000 189,000

A total of 1,800 stock option rights were granted to company employees on the basis of option agreements dated February 1, 2013.

Employees

Including temporary employees the STRATEC Group had a total workforce of 541 employees as of March 31, 2013 (previous year: 512).

Major events after the interim reporting date

No events of particular significance with material implications for the business performance of our Group have occurred since the interim balance sheet date.

Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group 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 in the remainder of the financial year.

ADDITIONAL INFORMATION

FINANCIAL CALENDAR

May 7, 2013 Interim Report as of March 31, 2013
June 6, 2013 Annual General Meeting, Pforzheim, Germany
July 23, 2013 Interim Report as of June 30, 2013
October 30, 2013 Interim Report as of September 30, 2013
November 2013 German Equity Forum, Frankfurt/Main, Germany
– Analysts' conference –

Furthermore, based on current planning, STRATEC will be taking part in the following capital market conferences in 2013:

May 2013 38th Annual dbAccess Health Care Conference, Boston, USA
June 2013 Jefferies 2013 Global Healthcare Conference, New York City, USA
August 2013 Commerzbank Sector Conference Week, Frankfurt/ Main, Germany
September 2013 10th Annual Goldman Sachs European Medtech and Healthcare Services
Conference, London, UK
Morgan Stanley Global Healthcare Conference, New York City, USA
Goldman Sachs & Berenberg Bank German Corporate Conference,
Munich, Germany

Partially incomplete/subject to amendment

ABOUT STRATEC

STRATEC Biomedical AG 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 about STRATEC is available on the internet at www.stratec.com.

IMPRINT

Published by

STRATEC Biomedical AG Gewerbestr. 37 75217 Birkenfeld Germany

Phone: +49 7082 7916-0 Fax: +49 7082 7916-999 [email protected] www.stratec.com

Investor Relations

Andreas Künzel Phone: +49 7082 7916-185 Fax: +49 7082 7916-999 [email protected]

Andre Loy Phone: +49 7082 7916-190 Fax: +49 7082 7916-999 [email protected]

NOTICE

Forward-looking statements involve risks: This interim report contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this. This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected. It is not planned to update these forward-looking statements.

This interim report contains various disclosures of an economic nature that do not form part of the relevant accounting requirements. These disclosures are to be viewed as a supplement to, rather than as a substitute for the disclosures made in accordance with IFRS.

Discrepancies may arise throughout this interim report on account of mathematical rounding up or down in the course of addition.

This interim report is also available in German.

STRATEC Biomedical AG

Gewerbestr. 37 75217 Birkenfeld Germany

Phone: +49 7082 7916-0 Fax: +49 7082 7916-999

[email protected] www.stratec.com

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