Quarterly Report • Nov 2, 2011
Quarterly Report
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2011
| Q1-3/2011 | Q1-3/2010 | Change | ||
|---|---|---|---|---|
| Sales | Million EUR | 83.6 | 81.0 | 3% |
| Return on revenue before tax | % | 18% | 18% | 3% |
| EBITDA | Million EUR | 21.7 | 21.4 | 1% |
| EBIT | Million EUR | 16.5 | 15.6 | 6% |
| EBT | Million EUR | 15.3 | 14.4 | 6% |
| Net income before other shareholder´s interests | Million EUR | 9.5 | 8.8 | 8% |
| Profit | Million EUR | 8.8 | 7.9 | 11% |
| Earnings per share (basic) | Million EUR | 1.68 | 1.51 | 11% |
| Operational cash flow | Million EUR | 11.1 | 9.2 | 20% |
| Depreciation and amortization on non-current assets | Million EUR | 5.2 | 5.8 | -10% |
| Staff as of September 30 | Persons | 575 | 540 | 6% |
Eckert & Ziegler acquires the Analytic Instrumentation and Radiochemistry Equipment Business from the American market leader Bioscan, Inc. The transaction involves both analytical instruments used in quality assurance of radioactive pharmaceuticals and automated radiopharmaceutical synthesis units. Such equipment is used worldwide in the production of radiolabeled molecular imaging agents used in nuclear medicine. (1)
The Federal Chancellor, Angela Merkel, honours Eckert & Ziegler for its engagement in training of apprentices and awards a prize to the Eckert & Ziegler Eurotope and Torsten Petsching, who has completed his apprenticeship, within the framework of the information event "successful through (the) training". (2)
The American subsidiary Eckert & Ziegler Isotope Products Inc. receives a certificate of recognition as "good corporate citizen" for the year 2010 from the Sanitation Districts of Los Angeles County for complying consistently with all their industrial wastewater discharge requirements. (3)
Eckert & Ziegler promotes the initiative "Bucher Füchse" and thereby supports elementary school pupils in Berlin with their natural scientific investigations in forest and fields. (4)
Eckert & Ziegler BEBIG Ltd., has been awarded a public tender for the supply of Iodine-125 brachytherapy seeds, associated consumables and planning system for prostate implant to The Christie NHS Foundation Trust in Manchester, UK. The Christie is the largest cancer centre in Europe. (5)
Eckert & Ziegler BEBIG has recently installed the latest generation Multi-Source® device in the leading private clinic in Bogota, Colombia. (6)
The first nine months of 2011 developed extraordinarily successful for the Eckert & Ziegler Group. The revenue of EUR 83.6 million and the profit after taxes and minorities of EUR 8.8 million mean new record results for the period of time January to September. Compared with the corresponding period of the previous year the revenue increased by EUR 2.6 million or 3% and the profit by EUR 0.9 million or 11%. The earnings per share in the 9-month period are EUR 1.68 per share.
The key figures for the third quarter of 2011 alone are also pleasing, even if in the direct comparison with the same quarter of the previous year a slight fall in revenue can be recorded from 1% to EUR 27.8 million and with the profit from 20% to EUR 2.2 million. There are several reasons for this fall and it is partly due to the exchange rates and the development in interest rates. In addition, the revenue and income of the previous year from the Russia project from the Radiation Therapy segment are missing in 2011. Seen in purely operative terms no negative trend can be determined in the development of business.
The Isotope Products segment accounts for the greatest share of the total results. The revenue rose by 6% here. All product categories recorded growth with the exception of the Medical segment. In the ratio to the revenue the costs only increased less than proportionate owing to economies of scale. Thus, EBIT could be increased by 16%.
The Radiopharma segment recorded the strongest growth. Increases were also achieved here in all product lines. In total the segment increased the revenue by 20% to EUR 19.1 million. As the segment partly profits from very low marginal costs for the
production and sales a large part of the growth in revenue is reflected in the profits.
The Radiation Therapy segment (previously: Therapy) could not as expected achieve the record revenue of the previous year. Profits were realised from the plant sale to Russia in the comparable period of the previous year. Comparable are therefore only the figures within the year 2011. The revenue increased slightly compared with the previous quarter. The EBIT with EUR 0.6 million is less than the directly preceding quarter as the development costs have increased. Detailed statements relating to the Radiation Therapy segment can be taken from the quarterly report of Eckert & Ziegler BEBIG S.A. (previously: IBt S.A.), which is published at the same time (www.bebig.eu). In the Profit and Loss segment there are smaller shifts and valuation differences between the Eckert & Ziegler Group and the BEBIG financial statements which are presented in the table below.
The revenue with external customers is constant compared with the previous year in the Environmental Services segment. As however orders are also placed within the Group and moreover costs were saved there are no losses suffered any more as opposed to the previous year. Unfortunately this does not apply to the Miscellaneous segment which contains the allocations and costs of the holding. The segment loss increased by EUR 0.7 million. Responsible for this are increased personnel costs and lower interest income from other segments as a result of redemptions which were carried out in the meantime. An interest rate hedge made negative contributions owing to fallen longterm interest rates.
| Radiation Therapy segment of Eckert & Ziegler AG |
9-month report of the listed Eckert & Ziegler BEBIG S.A. |
Deviation | Thereof depreciation customer base |
|
|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | |
| Revenues | 19,625 | 19,625 | - | - |
| Costs | -18,113 | -17,834 | -279 | -279 |
| EBT | 1,512 | 1,791 | -279 | -279 |
| Income tax expense | -753 | -753 | - | - |
| Net income | 759 | 1,038 | -279 | -279 |
| Profit/loss attributable to minority interests | -207 | |||
| Dividend to shareholders to Eckert & Ziegler AG | 552 |
The cash flow statement features a gross cash flow (cash inflow from operational activity before the change in the current assets and liabilities) of EUR 16.6 million for the 9-month period of 2011. Thus, the gross cash flow is 4% above the value of the previous year of EUR 16.0 million. The increase stems above all from the period results which have increased by 8%.
Less receivables were built up and less current liabilities and provisions reduced compared with the previous year. In total the cash inflow from operational activity rose substantially by 20% to EUR 11.1 million.
The investments increased sharply from EUR 3.7 million to EUR 9.0 million compared with the previous year. The introduction of a standard ERP system group-wide as well as new building projects are mainly responsible for the increase.
The dividend payment increased by 36% to EUR 3.2 million. Regular redemptions led to the fact that the loans fell by EUR 2.4 million. Not comparable with this are the capital movements in the 9-month period 2010. At the time external capital of balanced EUR 3.7 million were borrowed and a payment was made from the IBt take-over bid of EUR 22.5 million.
Together with a devaluation of the liquid funds of EUR 0.1 million, due to exchange rates, a fall in the liquidity is produced by EUR 3.8 million to EUR 25.4 million during the first nine months of 2011.
Compared with 31 December 2010 the balance sheet only changed marginally in the 9-month period of 2011. The balance sheet total increased by EUR 4 million. The change can be found on the assets side in the long-term assets. The goodwill as well as the property, plant and equipment essentially increased there due to the acquisition of the Bioscan Device segment. On the liabilities side the liabilities fell by EUR 2 million owing to loan redemptions and reduction of provisions. The equity increased by EUR 6 million as the profit substantially exceeded the dividend payment of May. The equity ratio thus increased from 51% to 54%.
Further accessory was developed ready for launch on the market for the cancer radiation device MultiSource® in the Radiation Therapy segment, e.g. for the interstitial brachytherapy of malignant soft tissue sarcoma. In addition, an intelligent coupling system was developed for the easier and quicker use of flexible catheters and plastic needles, with which the clinic staff can safely connect the patients and the radiation device.
As of 30 September 2011 the Eckert & Ziegler Group employed 393 in Germany and 575 employees worldwide. Compared with the end of 2010 the number of employees increased by 29 (31 December 2010: 546). The increases can be found in the three large segments Isotope Products (+ 9; essentially in Braunschweig), Radiation Therapy (+ 7; mainly acquisition sonoTECH GmbH) and Radiopharma (+ 7; mainly acquisition device segment of Bioscan).
The revenue target is EUR 110 to 120 million for the fiscal year 2011. The Executive Board reinforces its profit forecast of EUR 2.00 per share (results after taxes and minorities > EUR 10 million). The acquired radiopharmaceutical device business in the USA does not lead to a significant change in the revenue and income targets.
| Quarterly Report QIII/2011 |
Quarterly Report QIII/2010 |
9-monthly Report |
9-monthly Report |
||
|---|---|---|---|---|---|
| Group Statement of Income | 07-09/2011 | 07-09/2010 | 01-09/2011 | 01-09/2010 | |
| TEUR | TEUR | TEUR | TEUR | ||
| Revenues | 27,834 | 28,164 | 83,608 | 81,048 | |
| Cost of sales | - 11,736 | - 13,197 | - 35,559 | - 37,771 | |
| Gross profit on sales | 16,098 | 14,967 | 48,049 | 43,277 | |
| Selling expenses | - 4,606 | - 4,746 | - 14,045 | - 14,188 | |
| General and administrative expenses | - 5,479 | - 4,097 | - 15,196 | - 13,350 | |
| Research and non-capitalized development expenses | - 816 | - 491 | - 1,995 | - 1,525 | |
| Other operating income | - 85 | 330 | 730 | 1,375 | |
| Other operating expenses | - 111 | 35 | - 233 | - 213 | |
| Profit from operations | 5,001 | 5,998 | 17,310 | 15,376 | |
| Other financial results | - 439 | - 417 | - 822 | 221 | |
| Earnings before interest and taxes (EBIT) | 4,562 | 5,581 | 16,488 | 15,597 | |
| Interest received | 31 | 19 | 65 | 142 | |
| Interest paid | - 478 | - 609 | - 1,228 | - 1,327 | |
| Profit before tax | 4,115 | 4,991 | 15,325 | 14,412 | |
| Income tax expense | - 1,620 | - 2,026 | - 5,776 | - 5,588 | |
| Net income | 2,495 | 2,965 | 9,549 | 8,824 | |
| Profit/loss attributable to minority interests | - 313 | - 239 | - 797 | - 971 | |
| Dividend to shareholders of Eckert & Ziegler AG | 2,182 | 2,726 | 8,752 | 7,853 | |
| Earnings per share | |||||
| Basic | 0,42 | 0,52 | 1,68 | 1,51 | |
| Diluted | 0,42 | 0,52 | 1,68 | 1,51 | |
| Average number of shares in circulation (basic) | 5,221 | 5,221 | 5,221 | 5,194 | |
| Average number of shares in circulation (diluted) | 5,221 | 5,221 | 5,221 | 5,208 |
| Quarterly Report | Quarterly Report | 9-monthly | 9-monthly | |
|---|---|---|---|---|
| Group Statement of Comprehensive Income | Q III/2011 07-09/2011 |
Q III/2010 07-09/2010 |
Report 01-09/2011 |
Report 01-09/2010 |
| TEUR | TEUR | TEUR | TEUR | |
| Profit for the period | 2,495 | 2,965 | 9,549 | 8,824 |
| Of which attributable to other shareholders | 313 | 239 | 797 | 971 |
| Of which attributable to shareholders of Eckert & Ziegler AG | 2,182 | 2,726 | 8,752 | 7,853 |
| Adjustment to fair value of available for-sale financial assets | 0 | -4 | 0 | -2 |
| Amount reposted to income statement | 0 | 0 | 0 | 0 |
| Profit tax | 0 | 2 | 0 | 1 |
| Adjustment of amount recorded in shareholders' equity (Financial assets available-for-sale) |
0 | -2 | 0 | -1 |
| Adjustment of balancing item from the currency translation of foreign subsidiaries |
1,104 | -434 | -277 | 587 |
| Amount reposted to income statement | 0 | 0 | 0 | 0 |
| Adjustment of amount recorded in shareholders' equity (Currency translation) |
1,104 | -434 | -277 | 587 |
| Total of value adjustments recorded in shareholders' equity | 1,104 | -436 | -277 | 586 |
| Of which attributable to other shareholders | -5 | 6 | 13 | 36 |
| Of which attributable to shareholders of Eckert & Ziegler AG | 1,109 | -442 | -290 | 550 |
| Total from net income and value adjustments recorded in shareholders' equity |
3,599 | 2,529 | 9,272 | 9,410 |
| Of which attributable to other shareholders | 308 | 245 | 810 | 1,007 |
| Of which attributable to shareholders of Eckert & Ziegler AG | 3,291 | 2,284 | 8,462 | 8,403 |
| Group Statement of Cash Flows | 9-monthly Report 01-01/2011 - 09-30/2011 |
9-monthly Report 01-01/2010 - 09-30/2010 |
||
|---|---|---|---|---|
| TEUR | TEUR | |||
| Cash flows from operating activities: | ||||
| Profit for the period | 9,549 | 8,824 | ||
| Adjustments for: | ||||
| Depreciation | 5,175 | 5,758 | ||
| Proceeds from grants less release of deferred income from grants | 150 | - 200 | ||
| Long-term provisions, other non-current liabilities | 86 | 358 | ||
| Gains (-)/losses on the disposal of non-current assets | 13 | - 4 | ||
| Miscellaneous | 1,651 | 1,255 | ||
| Changes in current assets and liabilities: | ||||
| Receivables | - 2,940 | - 3,847 | ||
| Inventories | - 1,439 | 1,529 | ||
| Accruals, other current assets | - 62 | - 147 | ||
| Change in the current liabilities and provisions | - 1,107 | - 4,330 | ||
| Cash inflows generated from operating activities | 11,076 | 9,196 | ||
| Cash flows from investment activities: | ||||
| Purchase (-)/sale of non-current assets | - 8,987 | - 3,663 | ||
| Purchases and sales of available-for-sale securities | 201 | - | ||
| Cash outflows from investment activity | - 8,786 | - 3,663 | ||
| Cash flows from financing activities: | ||||
| Paid dividends | - 3,173 | - 2,335 | ||
| Distribution of shares of third parties | - 398 | - 314 | ||
| Change in long-term borrowings | - 2,006 | 4,248 | ||
| Change in short-term borrowings | - 401 | - 548 | ||
| Sales of own shares and cash inflow from the exercising of stock options | - | 712 | ||
| Aquisition of shares of consolidated companies | - | - 22,539 | ||
| Cash outflows from financing activities | - 5,978 | - 20,776 | ||
| Effect of exchange rates on cash and cash equivalents | - 106 | 159 | ||
| Increase/reduction in cash and cash equivalents | - 3,794 | - 15,084 | ||
| Cash and cash equivalents at beginning of period | 29,216 | 43,674 | ||
| Cash and cash equivalents at end of period | 25,422 | 28,590 |
| Group Balance Sheets | September 30, 2011 | December 31, 2010 | |
|---|---|---|---|
| TEUR | TEUR | ||
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 32,245 | 30,410 | |
| Other intangible assets | 11,477 | 10,475 | |
| Property, plant and equipment | 29,026 | 27,602 | |
| Investments valuated according to the equity method | 108 | 108 | |
| Deferred tax | 10,990 | 12,204 | |
| Other non-current assets | 1,724 | 1,220 | |
| Total non-current assets | 85,570 | 82,019 | |
| Current assets | |||
| Cash and cash equivalents | 25,422 | 29,216 | |
| Securities | 23 | 224 | |
| Trade accounts receivable | 19,463 | 17,252 | |
| Inventories | 14,070 | 12,678 | |
| Other current assets | 3,422 | 3,078 | |
| Total current assets | 62,400 | 62,448 | |
| Total assets | 147,970 | 144,467 | |
| EQUITY AND LIABILITIES | |||
| Capital and reserves | |||
| Subscribed capital | 5,293 | 5,293 | |
| Capital reserves | 53,874 | 53,874 | |
| Retained earnings | 16,934 | 11,729 | |
| Other reserves | - 2,473 | - 2,183 | |
| Own shares | - 27 | - 401 | |
| Portion of equity attributable to the shareholders of Eckert & Ziegler AG | 73,601 | 68,312 | |
| Minority interests | 5,705 | 5,293 | |
| Total shareholders' equity | 79,306 | 73,605 | |
| Non-current liabilities | |||
| Long-term borrowings and finance lease obligations | 14,672 | 16,009 | |
| Deferred income from grants and other deferred income | 803 | 584 | |
| Deferred tax | 615 | 647 | |
| Retirement benefit obligations | 6,137 | 5,913 | |
| Other provisions | 17,537 | 17,841 | |
| Other non-current liabilities | 1,042 | 1,118 | |
| Total non-current liabilities | 40,806 | 42,112 | |
| Current liabilities | |||
| Short-term borrowings and finance lease obligations | 5,664 | 5,794 | |
| Trade accounts payable | 3,454 | 4,323 | |
| Advance payments received | 2,984 | 3,374 | |
| Deferred income from grants and other deferred income | 444 | 536 | |
| Current tax payable | 1,611 | 1,112 | |
| Other current liabilities | 13,701 | 13,611 | |
| Total current liabilities | 27,858 | 28,750 | |
| Total equity and liabilities | 147,970 | 144,467 |
| Cumulative other equity items | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Subscribed capital | |||||||||||
| Nominal | Capital | Retained | Unrealized profit |
Unrealized profit pension |
Foreign currency exchange |
Own | Equity attribu table to share |
Minority | Group share hol |
||
| Number | value | reserve | reserves | securities | commitments | differences | shares | holders' equity | shares | ders' equity | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| As of January 1, 2010 | 5,260,283 | 5,260 | 52,719 | 21,955 | 4 | -149 | -3,234 | -703 | 75,852 | 10,223 | 86,075 |
| Foreign currency translation differences |
1,047 | 1,047 | -16 | 1,031 | |||||||
| Unrealized gains/losses on performanceorientated pension commitments at balance sheet date (after tax of EUR -0) |
1 | 1 | 1 | ||||||||
| Unrealized gains/losses on securities at balance sheet date (after tax of EUR -1) |
3 | 3 | 3 | ||||||||
| Reversal of unrealized gains/ losses on securities at previous balance sheet date |
-4 | 149 | 145 | 145 | |||||||
| Total of expenditures and income directly entered in equity |
0 | 0 | 0 | 0 | -1 | 150 | 1,047 | 0 | 1,196 | -16 | 1,180 |
| Net profit for the year | 9,413 | 9,413 | 1,002 | 10,415 | |||||||
| Total income for the period | 0 | 0 | 0 | 9,413 | -1 | 150 | 1,047 | 0 | 10,609 | 986 | 11,595 |
| Dividends paid | -2,335 | -2,335 | -351 | -2,686 | |||||||
| Purchase or sale of minority interests |
-17,304 | -17,304 | -5,565 | -22,869 | |||||||
| Sale of own shares for purchase of minority interests |
583 | 189 | 772 | 772 | |||||||
| Sale of own shares | 368 | 113 | 481 | 481 | |||||||
| Capital increases | 32,700 | 33 | 204 | 237 | 237 | ||||||
| As of December 31, 2010 | 5,292,983 | 5,293 | 53,874 | 11,729 | 3 | 1 | -2,187 | -401 | 68,312 | 5,293 | 73,605 |
| As of January 1, 2011 | 5,292,983 | 5,293 | 53,874 | 11,729 | 3 | 1 | -2,187 | -401 | 68,312 | 5,293 | 73,605 |
| Foreign currency translation differences |
-290 | -290 | 13 | -277 | |||||||
| Unrealized gains/losses by perfomance oriented pensions on balance sheet date |
|||||||||||
| (after tax of EUR 0) Unrealized gains/losses on securities at |
1 | 1 | 1 | ||||||||
| balance sheet date (after tax of EUR 3 thousand) |
3 | 3 | 3 | ||||||||
| Reversal of unrealized gains/ losses at previous balance sheet date |
-3 | -1 | -4 | -4 | |||||||
| Total of expenditures and income directly entered in equity |
0 | 0 | 0 | 0 | 0 | 0 | -290 | 0 | -290 | 13 | -277 |
| Net profit for the year | 8,752 | 8,752 | 797 | 9,549 | |||||||
| Total income for the period | 0 | 0 | 0 | 8,752 | 0 | 0 | -290 | 0 | 8,462 | 810 | 9,272 |
| Dividends paid | -3,173 | -3,173 | -398 | -3,571 | |||||||
| Purchase or sale of minority interests |
-374 | 374 | 0 | 0 | 0 | ||||||
| As of September 30, 2011 | 5,292,983 | 5,293 | 53,874 | 16,934 | 3 | 1 | -2,477 | -27 | 73,601 | 5,705 | 79,306 |
| Environmental | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Isotope Products | Radiation Therapy | Radiopharma | Services | Others | Elimination | Total | ||||||||
| 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | |
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Sales to external customers | 40,950 | 38,564 | 19,477 | 22,432 | 19,144 | 15,946 | 4,034 | 4,106 | 3 | 0 | 0 | 0 | 83,608 | 81,048 |
| Sales to other segments | 1,388 | 690 | 148 | 215 | 185 | 18 | 408 | 104 | 942 | 801 | -3,070 | -1,828 | 0 | 0 |
| Total segment sales | 42,338 | 39,254 | 19,625 | 22,647 | 19,329 | 15,964 | 4,442 | 4,210 | 945 | 801 | -3,070 | -1,828 | 83,608 | 81,048 |
| Segment profit before | ||||||||||||||
| interest and profit taxes (EBIT) |
12,995 | 11,205 | 1,942 | 3,586 | 3,234 | 2,261 | 304 | -135 | -1,987 | -1,319 | 0 | -1 | 16,488 | 15,597 |
| Interest expenditures | ||||||||||||||
| and revenues | -281 | -430 | -430 | -312 | -740 | -756 | 0 | -30 | 288 | 342 | 0 | 1 | -1,163 | -1,185 |
| Income tax expense | -4,089 | -3,520 | -753 | -1,284 | -736 | -689 | -198 | -86 | 0 | -9 | 0 | 0 | -5,776 | -5,588 |
| Profit before minority | ||||||||||||||
| interests | 8,625 | 7,255 | 759 | 1,990 | 1,758 | 816 | 106 | -251 | -1,699 | -986 | 0 | 0 | 9,549 | 8,824 |
| Environmental | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Isotope Products | Radiation Therapy Radiopharma |
Services | Others | Total | ||||||||
| 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | 01-09 | |
| 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Segmental assets | 70,576 | 64,939 | 49,753 | 53,512 | 25,778 | 17,946 | -* | -* | 97,712 | 106,024 | 243,819 | 242,421 |
| Elimination of inter segmental shares, equity investments and receivables |
-95,849 | -97,308 | ||||||||||
| Consolidated total assets | 147,970 | 145,113 | ||||||||||
| Segmental liabilities | -32,587 | -33,077 | -21,038 | -24,974 | -23,292 | -20,451 | -* | -* | -17,081 | -23,808 | -93,998 | -102,310 |
| Elimination of inter segmental liabilities |
25,334 | 29,535 | ||||||||||
| Consolidated liabilities | -68,664 | -72,775 | ||||||||||
| Investments | ||||||||||||
| (without acquisitions) | 2,721 | 1,124 | 1,674 | 1,497 | 2,049 | 1,034 | 0 | 0 | 2,543 | 8 | 8,987 | 3,663 |
| Depreciation | -1,570 | -1,941 | -1,923 | -2,059 | -1,315 | -1,313 | -254 | -335 | -113 | -110 | -5,175 | -5,758 |
| Non-cash income/expenses | 248 | 120 | -693 | -902 | -591 | 135 | 0 | -105 | -864 | -657 | -1,900 | -1,409 |
*In internal reporting, the asset and liability items of the Environmental Services segment are still shown in the Isotope Products segment. For this reason, the numbers are shown in the same way in the segment reporting.
| Sales by regions | January - September 2011 | January - September 2010 | ||
|---|---|---|---|---|
| Million EUR | % | Million EUR | % | |
| Europe | 49.5 | 59 | 47.8 | 59 |
| North America | 23.4 | 28 | 23.2 | 29 |
| Asia/Pacific | 7.9 | 10 | 8.2 | 10 |
| Others | 2.8 | 3 | 1.8 | 2 |
| Total | 83.6 | 100 | 81.0 | 100 |
These non-audited consolidated interim financial statements as of 30 September 2011 comprise the financial statements of Eckert & Ziegler Strahlen- und Medizintechnik AG and its subsidiaries (hereinafter also referred to as "Eckert & Ziegler AG").
The consolidated financial statements (interim financial statements) of Eckert & Ziegler AG as of 30 September 2011 were prepared as the annual financial statements 2010 in line with the International Financial Reporting Standards (IFRS). All standards of the International Accounting Standards Board (IASB), London, which were to be applied in the EU on the financial statements key date, as well as the applicable interpretations of the International Financial Interpretations Committee (IFRIC) or of the Standing Interpretations Committee (SIC) were taken into consideration. The accounting and valuation methods explained in the notes to the annual financial statements 2010 were applied unchanged.
For the preparation of the consolidated financial statements in line with the IFRS it is necessary that estimates and assumptions are made which have implications on the amount and disclosure of the accounted assets and debts, income and expenses. The actual values can deviate from the estimates. Essential assumptions and estimates are made for the useful lives, the income of the fixed assets which can be achieved, the ability to realise receivables and the accounting and valuation of provisions.
This interim report contains all necessary information and adjustments, which are necessary for a picture of the net assets, financial position and results of operations of Eckert & Ziegler AG for the interim report which correspond with the actual circumstances. The results of the current fiscal year during the year do not necessarily allow conclusions to be drawn about the development of future results.
Included in the consolidated financial statements of Eckert & Ziegler AG are all companies with which Eckert & Ziegler AG indirectly or directly has the possibility to determine the financial and business policies (control concept).
With regard to the company acquisitions and sales we refer to the explanations under Section 4.
The take-over offer for the shares of IBt S.A., which are not in the possession of Eckert & Ziegler AG, ended in March 2010, following which Eckert & Ziegler increased its participation share in the shares of IBt, which are entitled to a dividend, to 72%. In March 2010 the Eckert & Ziegler Group increased the shareholdings in Eckert & Ziegler EURO-PET Berlin GmbH from 70% to 100%. In March 2010 the Eckert & Ziegler Group increased the shareholding in Eckert & Ziegler f-con Europe GmbH from 74% to 77%. As of the end of 2010 the shares in the company sonoTECH Gesellschaft für sonographische Technologie mbH were acquired. As of 1 July 2011 the radiopharmaceutical device segment of Bioscan, Inc. which is based in Washington, D.C., was taken over. Compared with the first nine months of 2010 this had essential implications on the net assets and results of operations of the Group through which the comparability of the group report with the previous year is impaired.
The conversion of the financial statements of the companies outside of the European Monetary Union is carried out according to the concept of the functional currency. The following exchange rates were used for the currency conversion:
| Country | Currency | Key date rate on September 30, 2011 |
Key date rate on Dec. 31, 2010 |
Average rate Jan. 1 - Sept. 30, 2011 |
Average rate Jan. 1 - Sept. 30, 2010 |
|---|---|---|---|---|---|
| USA | USD | 1.3597 | 1.3362 | 1.4101 | 1.3225 |
| Czech Republic | CZK | 24.5397 | 25.0610 | 24.3257 | 25.6002 |
| Great Britain | GBP | 0.8608 | 0.8565 | 0.8649 | 0.8674 |
| Sweden | SEK | 9.2305 | 8.9655 | 9.0096 | 9.2412 |
As of 30 September 2011 4,818 own shares were held by Eckert & Ziegler AG. In calculable terms this corresponds with a share of 0.1% of the capital stock of the company.
With regard to the essential business with associated persons we refer to the publications in the consolidated annual financial statements as of 31 December 2010.
Berlin, 2 November 2011
Dr. Andreas Eckert Chairman of the Executive Board
Dr. Edgar Löffler Member of the Executive Board
Dr. André Heß Member of the Executive Board
23.11.2011 German Equity Forum in Frankfurt
17.-19.01.2012 German Corporate Conference Cheuvreux in Frankfurt
30.03.2012 Annual report 2011
30.03.2012 Balance press conference in Berlin
May 2012 Entry and General Standard Conference in Frankfurt
03.05.2012 Quarterly report I/2012
24.05.2012 Annual General Meeting
14.08.2012 Quarterly report II/2012
06.11.2012 Quarterly report III/2012
November 2012 German Equity Forum in Frankfurt
Publisher Eckert & Ziegler AG
Photographies Eckert & Ziegler AG
Layout Salzkommunikation Berlin GmbH
Eckert & Ziegler Strahlen- und Medizintechnik AG
Karolin Riehle Investor Relations
Robert-Rössle-Straße 10 13125 Berlin www.ezag.com
Telephone +49 (0) 30 94 10 84 - 0 Telefax +49 (0) 30 94 10 84 - 112 E-Mail [email protected]
ISIN DE0005659700 WKN 565970
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