Quarterly Report • Aug 2, 2011
Quarterly Report
Open in ViewerOpens in native device viewer
| Q1-2/2011 | Q1-2/2010 | Change | ||
|---|---|---|---|---|
| Sales | Million EUR | 55.8 | 52.9 | 5% |
| Return on revenue before tax | % | 20% | 18% | 13% |
| EBITDA | Million EUR | 15.4 | 13.9 | 11% |
| EBIT | Million EUR | 11.9 | 10.0 | 19% |
| EBT | Million EUR | 11.2 | 9.4 | 19% |
| Net income before other shareholder´s interests | Million EUR | 7.1 | 5.9 | 20% |
| Prot | Million EUR | 6.6 | 5.1 | 28% |
| Earnings per share (basic) | Million EUR | 1.26 | 0.99 | 27% |
| Operational cash ow | Million EUR | 5.3 | 5.6 | -4% |
| Depreciation and amortization on non-current assets | Million EUR | 3.5 | 3.9 | -9% |
| Sta as of June 30 | Persons | 562 | 534 | 5% |
Eckert & Ziegler withdraws oer to acquire Theragenics.
Berlin's Governing Mayor, Klaus Wowereit, lays the Foundation Stone for the new Corporate Head Oce of Eckert & Ziegler AG. (1)
1
A dividend in the amount of EUR 0.60 is decided at the Annual General Meeting on 19 May 2011. (2)
On behalf of the whole Eckert & Ziegler team, Andreas Eckert accepts the Mittelstands-Award "Man of Action 2011". (3)
The chairwoman of the Bundestag (Lower house of the German parliament) faction Bündnis 90/Die Grünen (The German Green party), Renate Künast, visits Eckert & Ziegler AG within the framework of an information meeting at the science campus Berlin-Buch. (4)
IBt Bebig changes its name to Eckert & Ziegler BEBIG.
The second quarter 2011 developed extraordinarily successful for the Eckert & Ziegler Group. The revenue was exceeded slightly compared with the second quarter of 2010 and the profit after taxes and minorities rose by 13%. Together with the even stronger first quarter of 2011 the best half-year results in the history of the company are produced. The revenue increased by 5% to EUR 55.8 million compared with the first six months of the previous year. The EBIT rose by 19% to EUR 11.9 million and the results after taxes and minorities increased by 28% to EUR 6.6 million. Earnings per share for the first half-year in 2011 are EUR 1.26 per share.
The Isotope Products segment accounts for the greatest share of the total results. The revenue rose by 9% here. All product categories recorded growth. In the ratio to the revenue the costs only increased less than proportionate owing to economies of scale. Thus, EBIT could be increased by 19%.
The Radiopharma segment recorded the strongest growth. Increases were also achieved here in all product lines. In total the segment increased the half-year revenue by 25% to EUR 12.4 million. Particularly pleasing in this context is the group-wide maximum gross profits of 60% so that here, even more than in the segment Isotope Products, 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 remained almost constant compared with the previous quarter. It was nevertheless possible to increase the profit as the sales and management costs fell. Detailed statements relating to the Radiation Therapy segment can be taken from the semi-annual 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 nancial 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 increased by EUR 0.2 million. Responsible for this are the personnel costs for additional employees. In addition, the interest income from other segment fell as a result of redemptions which were carried out in the meantime.
| Radiation Therapy segment of Eckert & Ziegler AG |
Semi-annual report of the listed Eckert & Ziegler BEBIG S.A. |
Deviation | Thereof depreciation customer base |
|
|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | |
| Revenues | 13,085 | 13.085 | - | - |
| Costs | -11,967 | -11.783 | -184 | -184 |
| EBT | 1,118 | 1.302 | -184 | -184 |
| Income tax expense | -613 | -613 | - | - |
| Net income | 505 | 689 | -184 | -184 |
| Prot/loss attributable to minority interests | -134 | |||
| Dividend to shareholders to Eckert & Ziegler AG | 371 |
The cash flow statement features a gross cash flow (cash inflow from operational activity before the change in the short-term assets and liabilities) of EUR 11.4 million for the first six months of 2011. Thus the gross cash flow is 20% above the value of the previous year of EUR 9.5 million. The increase comes above all from the period results which have increased by 26%.
In particular the increase of receivables and inventories by EUR 4.5 million led to the fact that the cash inflow from operational activity fell by EUR 0.2 million to EUR 5.3 million compared with the previous year despite the higher profit.
The investments increased sharply from EUR 2.4 million to EUR 5.6 million compared with the previous year. The introduction of a standard ERP-System group-wide is mainly responsible for the increase.
The dividend payment increased by 36% to EUR 3.2 million. External capital was redeemed approximately to the same extent. On balance EUR 2.9 million were redeemed. In the first six months of the previous year on the other hand new external capital of balanced EUR 6.2 million were borrowed and a payment was made from the IBt take-over of EUR 22.5 million.
Together with a devaluation of the liquid funds of EUR 0.5 million, due to exchange rates, a fall in the liquidity is produced by EUR 6.8 million to 22.4 million during the first half-year of 2011.
Compared with December 31, 2010 the balance sheet only changed marginally in the rst half-year of 2011. The balance sheet total fell by EUR 4 million. The change can be found on the assets side in the short-term assets. The liquid funds fell by EUR 7 million there, whereas the receivables and inventories increased by EUR 3 million. The liabilities fell by EUR 7 million owing to loan redemptions and reduction of provisions. The equity increased by EUR 3 million as the half-year results substantially exceeded the dividend payment of May. The equity ratio thus increased from 51% to 54%.
A further accessory was developed ready for launch on the market for the cancer radiation device MultiSource® in the Radiopharma segment. Fletcher applicators, intra-uterine pens and a set of transfer tubes were fitted with a new colour coding. In interaction with the new MultiSource® this increases the safety for the patient and the operating comfort for the clinical user. Together with the production a process for casting biocompatible plastics was qualified with which new, complex applicator types can be developed and produced independently in future.
A prototype of the so-called MicroCell was developed for the synthesis device system Modular-Lab in the Radiopharma segment. This module for the fully automatic processing of radioactive liquids in nuclear medicine is substantially smaller, lighter and more reasonably priced than the "hot cell" which is necessary as a standard for the handling of radioactive substances. This enables hospitals to save costs and time with the installation and is also a practical solution for practices in nuclear medicine.
In the Isotope Products segment, which produces sources for measurement technology, the subsidiary Eckert & Ziegler Isotope Products developed a new product line ready for launch on the market: Cf-252 Neutron sources for industrial mineral analysis equipment. This new line of sources is used for the accurate measurement of minerals in coal or cement and for moisture content in bulk storage silos. The Californian subsidiary is already the market leader for low level radioactive Cf-252 sources, which are used in portable moisture measurement devices supplied to the construction industry.
As of 30 June 2011 the Eckert & Ziegler Group employed 386 employees in Germany and 562 employees worldwide. Compared with the end of 2010 the number of employees increased by 16 (31 December 2010: 546). The increases can be found especially in the Isotope Products (+ 9; essentially in Braunschweig) and Radiation Therapy segments (+ 4; mainly acquisition sonoTECH GmbH).
The revenue target is EUR 110 to 120 million for the scal year 2011. The Board of Directors reinforces its prot 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 signicant change in the revenue and income targets.
| Group Statement of Income | Quarterly Report II/2011 04-06/2011 |
Quarterly Report II/2010 04-06/2010 |
6-monthly Report 01-06/2011 |
6-monthly Report 01-06/2010 |
|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | |
| Revenues | 27,530 | 27,182 | 55,774 | 52,884 |
| Cost of sales | - 11,941 | - 12,962 | - 23,823 | - 24,574 |
| Gross prot on sales | 15,589 | 14,220 | 31,951 | 28,310 |
| Selling expenses | - 4,843 | - 5,185 | - 9,439 | - 9,442 |
| General and administrative expenses | - 4,989 | - 4,493 | - 9,717 | - 9,253 |
| Research and non-capitalized development expenses | - 712 | - 455 | - 1,179 | - 1,034 |
| Other operating income | 586 | 336 | 815 | 1,045 |
| Other operating expenses | - 43 | - 31 | - 122 | - 248 |
| Prot from operations | 5,588 | 4,392 | 12,309 | 9,378 |
| Earnings from shareholdings accounted for using the equity method |
- | - | - | - |
| Other nancial results | - 68 | 436 | - 383 | 638 |
| Earnings before interest and taxes (EBIT) | 5,520 | 4,828 | 11,926 | 10,016 |
| Interest received | 20 | 67 | 34 | 123 |
| Interest paid | - 363 | - 285 | - 750 | - 718 |
| Prot before tax | 5,177 | 4,610 | 11,210 | 9,421 |
| Income tax expense | - 1,950 | - 1,567 | - 4,156 | - 3,562 |
| Net income | 3,227 | 3,043 | 7,054 | 5,859 |
| Prot/loss attributable to minority interests | - 280 | - 432 | - 484 | - 732 |
| Dividend to shareholders of Eckert & Ziegler AG | 2,947 | 2,611 | 6,570 | 5,127 |
| Earnings per share | ||||
| Basic | 0,56 | 0,51 | 1,26 | 0,99 |
| Diluted | 0,56 | 0,51 | 1,26 | 0,98 |
| Average number of shares in circulation (basic) | 5,221 | 5,141 | 5,221 | 5,194 |
| Average number of shares in circulation (diluted) | 5,221 | 5,163 | 5,221 | 5,216 |
| Group Statement of Comprehensive Income | Quarterly Report Q II/2011 04-06/2011 |
Quarterly Report Q II/2010 04-06/2010 |
6-monthly Report 01-06/2011 |
6-monthly Report 01-06/2010 |
|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | |
| Prot for the period | 3,227 | 3,043 | 7,054 | 5,859 |
| Of which attributable to other shareholders | 280 | 432 | 484 | 732 |
| Of which attributable to shareholders of Eckert & Ziegler AG | 2,947 | 2,611 | 6,570 | 5,127 |
| Adjustment to fair value of available for-sale nancial assets | 0 | 1 | 0 | 3 |
| Amount reposted to income statement | 0 | 0 | 0 | 0 |
| Prot tax | 0 | 0 | 0 | -1 |
| Adjustment of amount recorded in shareholders' equity (Financial assets available-for-sale) |
0 | 1 | 0 | 2 |
| Adjustment of balancing item from the currency translation of foreign subsidiaries |
-620 | 1,663 | -1,381 | 2,684 |
| Amount reposted to income statement | 0 | 0 | 0 | 0 |
| Adjustment of amount recorded in shareholders' equity (Currency translation) |
-620 | 1,663 | -1,381 | 2,684 |
| Total of value adjustments recorded in shareholders' equity | -620 | 1,664 | -1,381 | 2,686 |
| Of which attributable to other shareholders | 5 | -10 | 18 | 20 |
| Of which attributable to shareholders of Eckert & Ziegler AG | -625 | 1,674 | -1,399 | 2,666 |
| Total from net income and value adjustments recorded in shareholders' equity |
2,607 | 4,707 | 5,673 | 8,545 |
| Of which attributable to other shareholders | 285 | 422 | 502 | 752 |
| Of which attributable to shareholders of Eckert & Ziegler AG | 2,322 | 4,285 | 5,171 | 7,793 |
| Group Statement of Cash Flows | 6-monthly Report 01-06/2011 |
6-monthly Report 01-06/2010 |
|
|---|---|---|---|
| TEUR | TEUR | ||
| Cash ows from operating activities: | |||
| Prot for the period | 7,052 | 5,589 | |
| Adjustments for: | |||
| Depreciation | 3,513 | 3,871 | |
| Proceeds from grants less release of deferred income from grants | - 167 | - 133 | |
| Long-term provisions, other non-current liabilities | - 660 | 384 | |
| Gains (-)/losses on the disposal of non-current assets | 7 | - 4 | |
| Miscellaneous | 1,608 | - 245 | |
| Changes in current assets and liabilities: | |||
| Receivables | - 3,478 | - 1,713 | |
| Inventories | - 1,041 | 958 | |
| Accruals, other current assets | 93 | - 57 | |
| Change in the current liabilities and provisions | - 1,585 | - 3,066 | |
| Cash inows generated from operating activities | 5,342 | 5,584 | |
| Cash ows from investment activities: | |||
| Purchase (-)/sale of non-current assets | - 5,609 | - 2,363 | |
| Cash outows from investment activity | - 5,609 | - 2,363 | |
| Cash ows from nancing activities: | |||
| Paid dividends | - 3,173 | - 2,335 | |
| Distribution of shares of third parties | - | - 59 | |
| Change in long-term borrowings | - 2,613 | 6,191 | |
| Change in short-term borrowings | - 305 | - 426 | |
| Sales of own shares and cash inow from the exercising of stock options | - | 712 | |
| Aquisition of shares of consolidated companies | - | - 22,539 | |
| Cash outows from nancing activities | - 6,091 | - 18,456 | |
| Eect of exchange rates on cash and cash equivalents | - 469 | 722 | |
| Increase/reduction in cash and cash equivalents | - 6,827 | - 14,513 | |
| Cash and cash equivalents at beginning of period | 29,216 | 43,674 | |
| Cash and cash equivalents at end of period | 22,389 | 29,161 |
| Group Balance Sheets | June 30, 2011 | December 31, 2010 | |
|---|---|---|---|
| TEUR | TEUR | ||
| ASSETS | |||
| Non-current assets | |||
| Goodwill | 29,696 | 30,410 | |
| Other intangible assets | 10,654 | 10,475 | |
| Property, plant and equipment | 28,757 | 27,602 | |
| Investments valuated according to the equity method | 108 | 108 | |
| Deferred tax | 11,248 | 12,204 | |
| Other non-current assets | 928 | 1,220 | |
| Total non-current assets | 81,391 | 82,019 | |
| Current assets | |||
| Cash and cash equivalents | 22,389 | 29,216 | |
| Securities | 224 | 224 | |
| Trade accounts receivable | 19,727 | 17,252 | |
| Inventories | 13,487 | 12,678 | |
| Other current assets | 3,529 | 3,078 | |
| Total current assets | 59,356 | 62,448 | |
| Total assets | 140,747 | 144,467 | |
| EQUITY AND LIABILITIES | |||
| Capital and reserves | |||
| Subscribed capital | 5,293 | 5,293 | |
| Capital reserves | 53,874 | 53,874 | |
| Retained earnings | 14,752 | 11,729 | |
| Other reserves | - 3,582 | - 2,183 | |
| Own shares | - 27 | - 401 | |
| Portion of equity attributable to the shareholders of Eckert & Ziegler AG | 70,310 | 68,312 | |
| Minority interests | 5,795 | 5,293 | |
| Total shareholders' equity | 76,105 | 73,605 | |
| Non-current liabilities | |||
| Long-term borrowings and nance lease obligations | 13,582 | 16,009 | |
| Deferred income from grants and other deferred income | 526 | 584 | |
| Deferred tax | 632 | 647 | |
| Retirement benet obligations | 6,053 | 5,913 | |
| Other provisions | 17,305 | 17,841 | |
| Other non-current liabilities | 453 | 1,118 | |
| Total non-current liabilities | 38,551 | 42,112 | |
| Current liabilities | |||
| Short-term borrowings and nance lease obligations | 5,270 | 5,794 | |
| Trade accounts payable | 4,074 | 4,323 | |
| Advance payments received | 3,187 | 3,374 | |
| Deferred income from grants and other deferred income | 381 | 536 | |
| Current tax payable | 1,586 | 1,112 | |
| Other current liabilities | 11,593 | 13,611 | |
| Total current liabilities | 26,091 | 28,750 | |
| Total equity and liabilities | 140,747 | 144,467 |
| Cumulative other equity items | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Subscribed capital | |||||||||||
| Nominal | Capital | Retained | Unrealized prot |
Unrealized prot pension |
Foreign currency exchange |
Own | Equity attribu table to share |
Minority | Group share hol |
||
| Number | value | reserve | reserves | securities | commitments | dierences | 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 dierences |
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 prot for the year | |||||||||||
| Total income for the period | 0 | 0 | 0 | 9,413 9,413 |
-1 | 150 | 1,047 | 0 | 9,413 10,609 |
1,002 986 |
10,415 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 dierences |
-1,399 | -1,399 | 18 | -1,381 | |||||||
| Unrealized gains/losses by perfomance oriented pensions on balance sheet date (after tax of EUR 0) |
1 | 1 | 1 | ||||||||
| Unrealized gains/losses on securities at balance sheet date |
|||||||||||
| (after tax of EUR 3 thousand) Reversal of unrealized gains/ losses at previous balance |
3 | 3 | 3 | ||||||||
| sheet date | -3 | -1 | -4 | -4 | |||||||
| Total of expenditures and income directly entered in equity |
0 | 0 | 0 | 0 | 0 | 0 | -1,399 | 0 | -1,399 | 18 | -1,381 |
| Net prot for the year | 6,570 | 6,570 | 484 | 7,054 | |||||||
| Total income for the period | 0 | 0 | 0 | 6,570 | 0 | 0 | -1,399 | 0 | 5,171 | 502 | 5,673 |
| Dividends paid | -3,173 | -3,173 | -3,173 | ||||||||
| Purchase or sale of minority interests |
-374 | 374 | 0 | 0 | 0 | ||||||
| As of June 30, 2011 | 5,292,983 | 5,293 | 53,874 | 14,752 | 3 | 1 | -3,586 | -27 | 70,310 | 5,795 | 76,105 |
| Environmental | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Isotope Products | Radiation Therapy | Radiopharma | Services | Others | Elimination | Total | ||||||||
| 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | |
| 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 custo mers |
27,748 | 25,483 | 12,986 | 14,769 | 12,441 | 9,980 | 2,599 | 2,652 | 0 | 0 | 0 | 0 | 55,774 | 52,884 |
| Sales to other segments | 912 | 470 | 99 | 147 | 129 | 11 | 275 | 86 | 566 | 504 | -1,980 | -1,218 | 0 | 0 |
| Total segment sales | 28,660 | 25,953 | 13,085 | 14,916 | 12,570 | 9,991 | 2,874 | 2,738 | 566 | 504 | -1,980 | -1,218 | 55,774 | 52,884 |
| Segment prot before interest and prot taxes (EBIT) |
8,839 | 7,447 | 1,374 | 2,364 | 2,289 | 1,074 | 361 | -38 | -937 | -833 | 0 | 2 | 11,926 | 10,016 |
| Interest expenditures and revenues |
-199 | -192 | -256 | -172 | -477 | -488 | -2 | -24 | 218 | 283 | 0 | -2 | -716 | -595 |
| Income tax expense | -2,823 | -2,372 | -613 | -815 | -553 | -310 | -167 | -55 | 0 | -10 | 0 | 0 | -4,156 | -3,562 |
| Prot before minority | ||||||||||||||
| interests | 5,817 | 4,883 | 505 | 1,377 | 1,259 | 276 | 192 | -117 | -719 | -560 | 0 | 0 | 7,054 | 5,859 |
| Environmental | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Isotope Products Radiation Therapy Radiopharma |
Services | Others | Total | |||||||||
| 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | 01-06 | |
| 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 | 67,698 | 67,258 | 49,990 | 55,964 | 22,394 | 16,710 | -* | -* | 96,844 | 105,801 | 236,926 | 245,733 |
| Elimination of inter segmental shares, equity investments and |
||||||||||||
| receivables | -96,179 | -97,834 | ||||||||||
| Consolidated total assets | 140,747 | 147,899 | ||||||||||
| Segmental liabilities | -31,568 | -33,163 | -21,502 | -25,776 | -20,164 | -19,754 | -* | -* | -17,234 | -25,409 | -90,468 | -104,102 |
| Elimination of inter segmental liabilities |
25,826 | 27,931 | ||||||||||
| Consolidated liabilities | -64,642 | -76,171 | ||||||||||
| Investments | ||||||||||||
| (without acquisitions) | 1,876 | 589 | 1,334 | 994 | 540 | 675 | 161 | 101 | 1,698 | 4 | 5,609 | 2,363 |
| Depreciation | -1,100 | -1,155 | -1,304 | -1,445 | -877 | -959 | -163 | -223 | -69 | -89 | -3,513 | -3,871 |
| Non-cash income/expenses | 158 | -18 | -283 | -424 | -230 | 309 | 0 | 0 | -433 | 131 | -788 | -2 |
* 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 - June 2011 | January - June 2010 | |||||
|---|---|---|---|---|---|---|---|
| Million EUR | % | Million EUR | % | ||||
| Europe | 32.5 | 58 | 31.9 | 60 | |||
| North America | 16.5 | 30 | 15.4 | 30 | |||
| Asia/Pacific | 4.9 | 9 | 4.9 | 9 | |||
| Others | 1.9 | 3 | 0.7 | 1 | |||
| Total | 55.8 | 100 | 52.9 | 100 |
These non-audited consolidated interim nancial statements as of 30 June 2011 comprise the nancial statements of Eckert & Ziegler Strahlen- und Medizintechnik AG and its subsidiaries (hereinafter also referred to as "Eckert & Ziegler AG").
The consolidated nancial statements (interim nancial statements) of Eckert & Ziegler AG as of 30 June 2011 were prepared as the annual nancial 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 nancial 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 nancial statements 2010 were applied unchanged. For the preparation of the consolidated nancial statements in line with the IFRS it is necessary that estimates and assumptions were 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 xed 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, nancial position and results of operations of Eckert & Ziegler AG for the interim report which correspond with the actual circumstances. The results of the current scal year during the year do not necessarily allow conclusions to be drawn about the development of future results.
Included in the consolidated nancial statements of Eckert & Ziegler AG are all companies with which Eckert & Ziegler AG indirectly or directly has the possibility to determine the nancial 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 EUROPET 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. Compared with the rst six 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 nancial 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:
management report presents the development of business
| Country | Currency | Key date rate on June 30, 2011 |
Key date rate on Dec. 31, 2010 |
Average rate Jan. 1 - Jun. 30, 2011 |
Average rate Jan. 1 - Jun. 30, 2010 |
|---|---|---|---|---|---|
| USA | USD | 1.4390 | 1.3362 | 1.4067 | 1.3367 |
| Czech Republic | CZK | 24.3488 | 25.0610 | 24.2907 | 25.7743 |
| Great Britain | GBP | 0.8793 | 0.8565 | 0.8536 | 0.8674 |
| Sweden | SEK | 9.2177 | 8.9655 | 8.9403 | 9.8077 |
As of 30 June 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.
The radiopharmaceutical device division of Bioscan, Inc., which is based in Washington, D.C., was taken over as of 1 July 2011. It concerns on the one hand analytical instruments, which are used for the quality assurance of radioactive pharmaceutical products, on the other hand radiopharmaceutical synthesis devices. They are used in nuclear medicine worldwide with the production of short-lived contrast agents.
According to our best knowledge and belief we assure that pursuant to the applied principles of proper group interim reporting the consolidated interim nancial statements give a true picture of the net assets, nancial position and results of operations of the Group which corresponds with the actual circumstances, that the consolidated interim including the business results and the position of the Group to the extent that a picture is given which corresponds with the actual circumstances and that the essential opportunities and risks of the expected development of the Group in the remaining period of the fiscal year are described.
Berlin, 2 August 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
13.09.2011 9th German Healthcare Conference in Zurich
02.11.2011 Quarterly report III/2011
23.11.2011 German Equity Forum in Frankfurt
30.03.2012 Annual report 2011
30.03.2012 Balance press conference in Berlin
May 2012 Entry und 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.de
Telephone +49 (0) 30 94 10 84 - 0 Telefax +49 (0) 30 94 10 84 - 112 E-Mail [email protected]
ISIN DE0005659700 WKN 565970
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.