Interim / Quarterly Report • Aug 5, 2009
Interim / Quarterly Report
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Interim Report as of June 30, 2009
| Foreword by the Board of Management .3 |
|---|
| Interim Group Management Report .6 |
| Consolidated Balance Sheet as of June 30, 20099 |
| Consolidated Income Statement for the Period from April 1 to June 30, 200910 |
| Consolidated Income Statement for the Period from January 1 to June 30, 2009 .11 |
| Statement of Changes in Group Shareholders' Equity for the Period from January 1 to June 30, 2009 .12 |
| Consolidated Cash Flow Statement for the Period from January 1 to June 30, 2009 .14 |
| Notes on the Interim Consolidated Financial Statements for the Period from January 1 to June 30, 2009 .15 |
| Financial Calendar .18 |
| About the Company .18 |
| Notice . 19 |
As forecast, developments in our business field of in-vitro diagnostics have remained virtually unaffected by the implications of the current global economic and financial crisis as far as our company is concerned. Sales with all of our major customers continue to develop positively. At Euro 36.6 million in the first half of 2009 (previous year: Euro 29.5 million), sales grew by 23.7%, and thus within our forecast range, which foresees sales growth of between 20% and 30% in the 2009 financial year. With EBIT of Euro 6.2 million (previous year: Euro 4.9 million), we thus achieved an EBIT margin of 17.1% (previous year: 16.5%).
In the period from April 1, 2009 to June 30, 2009, we increased our sales by 21.3% to Euro 19.8 million (Q2 2008: Euro 16.3 million). Over the same period, we generated EBIT of Euro 3.5 million (Q2 2008: Euro 2.8 million), equivalent to growth of 27.5%. The EBIT margin for the second quarter of 2009 amounted to 17.8% (previous year: 16.9%).
EBIT margin (in %) after 3, 6, 9 and 12 months
EBIT margin (in %) in 1st HY and 2nd HY
We can report very positive news on the status of our new system developments. Prototypes and validation units have been and continue to be delivered for all new systems whose market launches are scheduled by our customers for the coming quarters. In some cases, customers have already granted approval for the respective systems. We are already pressing ahead with serial production in all cases. In view of this, we expect to be able to significantly increase the number of analyzer systems delivered from the third quarter of 2009 onwards.
Not only that, sales of one analyzer system whose turnover was marked by weak developments in the past year and which already recovered notably in the first quarter of 2009 were boosted significantly once again in the second quarter of 2009. The binding order placed for deliveries of this analyzer system by the end of this year enables sales volumes with the corresponding customer to be extrapolated to a level above the strong performance seen in 2007. What's more, based on market developments and various measures taken by the respective customer, we also expect to see a further increase in collection volumes.
The integration of Invitek Gesellschaft für Biotechnik & Biodesign mbH, a company acquired in April which specializes in particular in purifying nucleic acids for OEM customers, is progressing on schedule. Alongside synergy effects in terms of technology, the first talks are already underway with potential new customers and existing STRATEC customers interested in extending their systems to include the services offered by Invitek.
Due to this acquisition, and in particular to the significant expansion of our development departments, the Group's total workforce grew to 325 as of June 30, 2009 (previous year: 267).
At our Annual General Meeting, which was held in Pforzheim on May 20, 2009, the total of around 200 shareholders present approved all of the resolutions proposed with large majorities. A dividend of Euro 0.35 per share, thus equivalent to a 56% increase on the previous year, was distributed to shareholders on the day after the Annual General Meeting.
In view of the scheduled progress made on our current development projects, and given the call-up orders and forecasts
received from our customers to date, we continue to expect our business to develop very positively in the current year. All indicators affirm the validity of the guidance issued for 2009. Accordingly, we expect the STRATEC Group to achieve sales growth of between 20% and 30% in 2009, with an EBIT margin of between 18.5% and 19.5%.
Birkenfeld, August 2009
The Board of Management of STRATEC Biomedical Systems AG
Hermann Leistner
Marcus Wolfinger Bernd M. Steidle
While sales rose by 23.7% from Euro 29.5 million to Euro 36.6 million in the first half of 2009, the Group increased its overall performance over the same period by 25.7% from Euro 32.1 million to Euro 40.4 million. In connection with the launch (production ramp-up) of serial production for four analyzer system families, the cost of materials grew from Euro 15.0 million to Euro 19.6 million.
Due in particular to the further expansion in development activities, as well as to the acquisition of Invitek, personnel expenses rose from Euro 8.0 million to Euro 9.3 million.Other operating expenses increased by Euro 0.5 million to Euro 3.5 million, while depreciation and amortization could be maintained virtually stable at Euro 1.3 million in spite of the additional amortization of "identified intangible assets" (IFRS 3) at Invitek. Due to the sale of the shareholding held in CyBio AG at a price in excess of its carrying amount, as well as to the higher fair value measurement of marketable securities, net financial expenses rose to Euro 0.4 million,as against Euro 0.2 million in the previous year. STRATEC thus generated consolidated net income of Euro 4.9 million in the first six months of 2009 (previous year: Euro 3.8 million).
In the balance sheet, the acquisition of Invitek led to increases in goodwill and in other intangible assets, while the reduction in financial assets (shareholdings) is attributable to the sale of the shareholding held in CyBio AG.
As a result of the sharp increase in development services for projects at an advanced stage of development,inventories (especially unfinished services) grew from Euro 24.1 million to Euro 28.6 million.Given the sales growth in May and June 2009, total receivables and other assets rose by Euro 1.8 million to Euro 17.7 million, while cash and cash equivalents decreased from Euro 19.2 million to Euro 14.6 million in the period under report, a development which was due in particular to the Invitek acquisition and the payment of the dividend.
The reduction in the equity ratio from 71.6% to 68.6% is a direct result of the initial consolidation of Invitek into the STRATEC Group.This was also the reason for the increase in deferred taxes and in current liabilities. The growth in trade payables was attributable to increased procurement volumes for raw materials and supplies. Income tax liabilities, by contrast, could be reduced by Euro 0.6 million to Euro 0.4 million.
With an outflow of funds of Euro 2.2 million, the Group's investment activities in the first six months of the 2009 financial year were characterized by the Invitek acquisition (a further portion of the purchase price was settled by transfer of 70,597 treasury stock shares worth Euro 0.8 million). Moreover, over the same period the STRATEC Group invested Euro 1.0 million (previous year: Euro 0.5 million) in property, plant and equipment, especially tools, and Euro 0.3 million in intangible assets (previous year: Euro 0.1 million).
According to an assessment published by the International Monetary Fund (IMF) in July 2009,the global economy is currently in recession, but is now recovering better than expected. Following a contraction in the global economy by 1.4% this year, the IMF expects to see global economic growth of 2.5% in the coming year already. Back in April, the IMF had still only forecast growth of 1.9% for 2010. According to the experts, however, the process of stabilization in the global economy is "uneven and sluggish".
Irrespective of this, 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 medical tests to be performed, but will also result in new, unique opportunities for which STRATEC is optimally positioned with its automation solutions and on which it will continue to focus its strategy and operations.This positive development for the company should remain largely unaffected by the current recession.
In view of the factors outlined above, global economic risks, such as the current recession, only have a very limited impact on STRA-TEC's business performance and business model. Moreover, longterm supply agreements with our customers and the fact that the work performed is invoiced almost exclusively in euros further minimize the implications of the crisis for STRATEC.
On April 8, 2009, we issued a sales and earnings forecast for 2009 upon the publication of our annual report for the 2008 financial year.This forecast provides for sales growth of 20% to 30% with an EBIT margin of 18.5% to 19.5%.
Our assessment in respect of the aforementioned growth rates for 2009 has been backed up by the positive development in call-up orders and new orders received. Our development and production capacities are being very well utilized. Furthermore, our planning indicators point to a continuing positive business performance in the 2010 and 2011 financial years as well.
By analogy with the integration of Sanguin International in 2006, Invitek currently forms part of our new project business.Alongside the synergies in terms of technology, this should also lead to sustainable complementary effects.
Furthermore,we are holding talks on promising projects with existing and potential customers, which lead us to expect further growth beyond 2012.
Given the international economic crisis and the economic downturn, forecasting reliability has deteriorated across all industrial sectors. The difficult market climate means that the market risks facing STRATEC have also intensified.We avert potential receivables default risk by working with trade credit insurance policies. In view of our existing development projects and forecasts, as well as the partial conversion of our forecast systems to the dates at which orders are actually placed by STRATEC's customers,however, our degree of forecasting reliability remains very high.
Apart from this, since the assessment of the situation of the company provided on March 20, 2009 upon the compilation of the Annual Report for the 2008 financial year, no new information has arisen which could lead to any change in our assessment of the expected development of the company.
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 safeguarding compliance with the relevant legal and industryspecific requirements.
STRATEC's business activities basically focus on sustainability and responsible behavior. In future, the company will document this in a sustainability report.
STRATEC acted early to address the potential risks arising on account of the "new flu". If need be, the company can draw on an emergency plan adapted to the "new flu", thus minimizing the impact on employees' health and the financial burdens for the company.
With the exception of 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 of March 20, 2009 for the 2008 financial year. Reference is made to the "Risk Report" section within the 2008 Group Management Report for details concerning our risk management system and our company's specific opportunity and risk profile.
| Assets | 6/30/2009 | 12/31/2008 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 2,047 T€ | 608 T€ |
| Other intangible assets | 4,964 T€ | 2,692 T€ |
| Property, plant and equipment | 6,888 T€ | 6,296 T€ |
| Investments in associates | 326 T€ | 285 T€ |
| Shareholdings | 0 T€ | 609 T€ |
| T€ 14,225 |
10,490 T€ | |
| Current assets | ||
| Raw materials and supplies | 7,648 T€ | 6,986 T€ |
| Unfinished products, unfinished services | 20,412 T€ | 16,825 T€ |
| Finished products and goods | 502 T€ | 284 T€ |
| Trade receivables | 11,698 T€ | 9,682 T€ |
| Future receivables from construction contracts | 4,559 T€ | 4,902 T€ |
| Receivables from associates | 166 T€ | 167 T€ |
| Other receivables and other assets | 1,289 T€ | 1,129 T€ |
| Securities | 503 T€ | 293 T€ |
| Cash and cash equivalents | 14,644 T€ | 19,208 T€ |
| 61,421 T€ | 59,476 T€ | |
| Total assets | 75,646 T€ | 69,966 T€ |
| Shareholders' equity and liabilities |
6/30/2009 | 12/31/2008 |
|---|---|---|
| Shareholders' equity |
||
| Share capital | 11,427 T€ | 11,426 T€ |
| Capital reserve | 10,604 T€ | 10,746 T€ |
| Revenue reserves | 26,434 T€ | 24,280 T€ |
| Consolidated net income | 4,894 T€ | 6,131 T€ |
| Treasury stock | -957 T€ | -2,014 T€ |
| Other equity | -510 T€ | -667 T€ |
| 51,892 T€ | 49,902 T€ | |
| Debt | ||
| Non-current debt | ||
| Non-current financial liabilities | 5,918 T€ | 5,661 T€ |
| Deferred taxes | 1,785 T€ | 1,089 T€ |
| 7,703 T€ | 6,750 T€ | |
| Current debt | ||
| Current financial liabilities | 439 T€ | 447 T€ |
| Trade payables | 4,901 T€ | 3,632 T€ |
| Liabilities to associates | 35 T€ | 70 T€ |
| Other current liabilities | 9,201 T€ | 7,305 T€ |
| Current provisions | 1,064 T€ | 892 T€ |
| Income tax liabilities | 411 T€ | 968 T€ |
| 16,051 T€ | 13,314 T€ | |
| Total shareholders' equity and liabilities |
75,646 T€ | 69,966 T€ |
| 4/1/-6/30/2009 | 4/1/-6/30/2008 | |
|---|---|---|
| Sales | 19,817 T€ | 16,342 T€ |
| Increase in volume of finished and | ||
| unfinished products and unfinished services | 1,414 T€ | 908 T€ |
| Other own work capitalized | 96 T€ | 87 T€ |
| Overall performance | 21,327 T€ | 17,337 T€ |
| Other operating income | 129 T€ | 107 T€ |
| Cost of raw materials and supplies | 10,250 T€ | 8,235 T€ |
| Cost of purchased services | 308 T€ | 291 T€ |
| Personnel expenses | 4,848 T€ | 4,128 T€ |
| Other operating expenses | 1,817 T€ | 1,452 T€ |
| EBITDA | 4,233 T€ | 3,338 T€ |
| Depreciation and amortization of property, | ||
| plant and equipment and intangible assets | 708 T€ | 574 T€ |
| EBIT | 3,525 T€ | 2,764 T€ |
| Net financial expenses | 167 T€ | 129 T€ |
| Operating result (EBT) | 3,692 T€ | 2,893 T€ |
| Current tax expenses | 1,016 T€ | 806 T€ |
| Deferred tax income | 71 T€ | 125 T€ |
| Consolidated net income | 2,747 T€ | 2,212 T€ |
| Earnings per share | 0.24 € | 0.19 € |
|---|---|---|
| No. of shares used as basis | 11,345,699 | 11,416,340 |
| Earnings per share, diluted |
0.24 € | 0.19 € |
|---|---|---|
| No. of shares used as basis | 11,405,623 | 11,439,246 |
| 1/1/-6/30/2009 | 1/1/-6/30/2008 | |
|---|---|---|
| Sales | 36,552 T€ | 29,548 T€ |
| Increase in volume of finished and | ||
| unfinished products and unfinished services | 3,616 T€ | 2,389 T€ |
| Other own work capitalized | 187 T€ | 165 T€ |
| Overall performance | 40,355 T€ | 32,102 T€ |
| Other operating income | 286 T€ | 384 T€ |
| Cost of raw materials and supplies | 19,601 T€ | 15,045 T€ |
| Cost of purchased services | 720 T€ | 412 T€ |
| Personnel expenses | 9,310 T€ | 8,005 T€ |
| Other operating expenses | 3,484 T€ | 3,008 T€ |
| EBITDA | 7,526 T€ | 6,016 T€ |
| Depreciation and amortization of property, | ||
| plant and equipment and intangible assets | 1,295 T€ | 1,154 T€ |
| EBIT | 6,231 T€ | 4,862 T€ |
| Net financial expenses | 360 T€ | 186 T€ |
| Operating result (EBT) | 6,591 T€ | 5,048 T€ |
| Current tax expenses | 1,793 T€ | 1,350 T€ |
| Deferred tax income | 96 T€ | 151 T€ |
| Consolidated net income | 4,894 T€ | 3,849 T€ |
| Earnings per share | 0.43 € | 0.34 € |
|---|---|---|
| No. of shares used as basis | 11,318,450 | 11,414,076 |
| Earnings per share, diluted |
0.43 € | 0.34 € |
|---|---|---|
| No. of shares used as basis | 11,354,134 | 11,441,176 |
| J J 2 0 0 8 a n u a r y u n e - |
R e v e n u e |
r e s e r v e s |
O h i t t e r e q u y |
||||||
|---|---|---|---|---|---|---|---|---|---|
| l a e t r i a p h a S c |
e l a v t r i e p s a e C r |
d s e g n n i i a n t r e a R e |
s e e u v r n r e e e h v s t e e O r r |
d e e t m a d o i c l o n s i n t o e n C |
t e n u e l m a v e e r r v u i a r s f e a s e r e o m R f |
y r u k s a c e o r t T s |
n o y i t c a n l e s r n r a u r C t |
y p t u i u o r q G e |
|
| 2 3 2 0 0 B l 1 / 1 / 7 t a a n c e a |
4 6 1 1, 1 T € |
0, 3 1 5 5 T € |
3, 2 6 1 1 T € |
3, 3 9 5 T € |
9, 9 9 1 T € |
0 1 5 T € |
3 1 T € - |
2 6 7 T € - |
4 8, 6 5 7 T € |
| D i i d d t v e n p a y m e n |
– | – | – | – | 2, 5 1 0 T € - |
– | – | – | 2, 5 1 0 - |
| T f t a s e o r n r h t o e r r e v e n u e r e s e r v e s |
– | – | – | 2, 0 0 0 € T |
2, 0 0 0 € T - |
– | – | – | 0 € T |
| P f i i d f d t r o c a r r e o r w a r |
– | – | 5, 4 8 1 T € |
– | 5, 4 8 1 T € - |
– | – | – | 0 T € |
| A i i i f k t t t c q u s o n o r e a s u r y s o c |
– | – | – | – | – | – | 7 2 T € - |
– | 7 2 T € - |
| I f b i i h t s s e o s s c o s a e s u u r p n r f i k t t r o m s o c o p o n p r o g r a m s |
€ 6 T |
3 € 1 T |
– | – | – | – | – | – | 9 € 1 T |
| T f d t r a n s e r s u e o k i l t t s o c o p o n p a n s |
– | 8 4 T € |
– | – | – | – | – | – | 8 4 T € |
| A d j d t t t s m e n e o u u f i l t a r v a u e m e a s u r e m e n f i i l b l f l t o e m s a v a a e o r s a e |
– | – | – | – | – | € 1, 8 8 8 T - |
– | – | € 1, 8 8 8 T - |
| C l i t t u r r e n c y r a n s a o n |
– | – | – | – | – | – | – | 2 0 9 T € - |
2 0 9 T € - |
| C l i d d i t t o n s o a e n e n c o m e |
– | – | – | – | 3, 8 4 9 T € |
– | – | – | 3, 8 4 9 T € |
| B l 6 / 3 0 / 2 0 0 8 t a a n c e a |
1 1, 4 2 1 T € |
1 0, 6 5 1 T € |
1 8, 7 4 2 T € |
5, 5 3 9 T € |
3, 8 4 9 T € |
1, 7 8 3 T € - |
8 5 T € - |
4 8 5 T € - |
4 7, 8 4 9 T € |
| 2 0 0 9 J J a n u a r y u n e - |
R e v e n u e |
r e s e r v e s |
O h i t t e r e q u y |
||||||
|---|---|---|---|---|---|---|---|---|---|
| l a e t r i a p h a S c |
e l a v t r i e p s a e C r |
d s g e n n i i a n t r e a R e |
s e e u v r n r e e e h v s t e e O r r |
d e e t m a d o i c l o n s i n t o e C n |
r o e f n u o e l v i a t r v a e u r s l e i a a R v f |
y r u k s a c e o r t T s |
n o y i t c a n l e s r n r a u r C t |
y p t u i u o r q G e |
|
| B l 1 2 / 3 1 / 2 0 0 8 t a a n c e a |
1 1, 4 2 6 T € |
1 0, 7 4 6 T € |
1 8, 7 4 1 T € |
5, 5 3 9 T € |
6, 1 3 1 T € |
0 T € |
2, 0 1 4 T € - |
6 6 7 T € - |
4 9, 9 0 2 T € |
| D i i d d t v e n p a y m e n |
– | – | – | – | € 3, 9 7 7 T - |
– | – | – | € 3, 9 7 7 T - |
| T f t r a n s e r o h t o e r r e e n e r e s e r e s v u v |
– | – | – | 2, 0 0 0 T € |
2, 0 0 0 T € - |
– | – | – | 0 T € |
| f i i f P d d t r o c a r r e o r w a r |
– | – | 4 € 1 5 T |
– | 4 € 1 5 T - |
– | – | – | 0 € T |
| C i i i i f t t o m p a n y a c q u s o n n r e u r n o r h f k h l d i t t s a r e s r o m r e a s u r y s o c o n g s ( h i f l i d i ) t c a n g e n s c o p e o c o n s o a o n |
– | 2 5 7 T € - |
– | – | – | – | 1, 0 5 7 T € |
– | 8 0 0 T € |
| I f b i i h t s s u e o s u s c r p o n s a r e s f i k t t r o m s o c o p o n p r o g r a m s |
€ 1 T |
€ 2 T |
– | – | – | – | – | – | € 3 T |
| T f d t r a n s e r s u e o k i l t t s o c o p o n p a n s |
– | 1 1 3 T € |
– | – | – | – | – | – | 1 1 3 T € |
| A d j d t t t s e e o u m n u f i l t a r v a u e m e a s u r e m e n f i i l b l f l t o e m s a v a a e o r s a e |
– | – | – | – | – | € 0 T |
– | – | € 0 T |
| C l i t t u r r e n c y r a n s a o n |
– | – | – | – | – | – | – | 1 5 7 T € |
1 5 7 T € |
| C l i d d i t t o n s o a e n e n c o m e |
– | – | – | – | 4, 8 9 4 T € |
– | – | – | 4, 8 9 4 T € |
| B l 6 / 3 0 / 2 0 0 9 t a a n c e a |
1 1, 4 2 7 T € |
1 0, 6 0 4 T € |
1 8, 8 9 5 T € |
7, 5 3 9 T € |
4, 8 9 4 T € |
0 T € |
9 5 7 T € - |
5 1 0 T € - |
5 1, 8 9 2 T € |
| 1/1/-6/30/2009 | 1/1/-6/30/2008 | |
|---|---|---|
| Consolidated net income (after taxes) | 4,894 T€ | 3,849 T€ |
| Depreciation and amortization | 1,295 T€ | 1,154 T€ |
| Other non-cash expenses | 115 T€ | 175 T€ |
| Other non-cash income | -210 T€ | -135 T€ |
| Cash flow | 6,094 T€ | 5,043 T€ |
| Change in deferred taxes through profit or loss | -96 T€ | -150 T€ |
| Profit on the disposal of non-current assets | -190 T€ | -10 T€ |
| Increase in inventories, trade receivables and other assets |
-5,732 T€ | -3,762 T€ |
| Increase in trade payables and other liabilities |
2,096 T€ | 574 T€ |
| Inflow of funds from operating activities |
2,172 T€ | 1,695 T€ |
| Incoming payments from the disposal of non-current assets |
919 T€ | 10 T€ |
| Outgoing payments for investments in consolidated non-current assets - Intangible assets - Property, plant and equipment |
-281 T€ -979 T€ |
-139 T€ -541 T€ |
| - Financial assets - Outgoing payments for acquisition of consolidated subsidiaries plus overdraft facilities assumed |
0 T€ -2,233 T€ |
-69 T€ 0 T€ |
| Outflow of funds | ||
| for investment activities | -2,574 T€ | -739 T€ |
| Incoming payments from the taking up of financial liabilities |
0 T€ | 1,372 T€ |
| Outgoing payments for the repayment of financial liabilities |
-239 T€ | -97 T€ |
| Incoming payments from the issue of shares for employee stock option programs |
3 T€ | 19 T€ |
| Dividend payment | -3,977 T€ | -2,510 T€ |
| Outflow of funds for financing activities |
-4,213 T€ | -1,216 T€ |
| Cash-effective change | ||
| in cash and cash equivalents | -4,615 T€ | -260 T€ |
| Cash and cash equivalents at start of period |
19,208 T€ | 19,884 T€ |
| Change in cash and cash equivalents due to changes in exchange rates |
50 T€ | 65 T€ |
| Cash and cash equivalents at end of period |
14,643 T€ | 19,689 T€ |
The consolidated financial statements of STRATEC AG as of December 31, 2008 were compiled in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU valid at the reporting report.In the interim report as of June 30,2009, which has been compiled 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 2008 financial year.Application has also been made of all interpretations of the International Financial Reporting Interpretations Committee (IFRIC) with binding effect as of June 30,2009. Moreover,when compiling the interim report,account was also taken of the near-final draft of German Accounting Standard No. 16 (DRS 16) – Interim Reporting – of the German Accounting Standards Committee (DRSC e.V).
There were no indications of any potential impairment in the value of goodwill at the reporting 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 AG as of December 31, 2008 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 (EUR 000s).
Following the acquisition of Invitek on April 21, 2009, for the sake of simplicity the company was consolidated in the interim consolidated financial statements of STRATEC AG for the first time as of April 1, 2009.This has not resulted in any major implications for the Group's net asset, financial and earnings position.
The purchase price of Euro 3.2 million consists of three main components.Alongside a cash sum of Euro 2.1 million and treasury stock shares in STRATEC Biomedical Systems AG worth Euro 0.8 million, the disposal of which is subject to restrictions,the parties also agreed a variable purchase price component worth a maximum of Euro 0.3 million by the end of 2009, which is dependent on performance and development targets being met.
When calculating the preliminary "purchase price allocation", the main items identified were intangible assets of Euro 2.4 million for technology, customer base and current development projects, and
goodwill of Euro 1.4 million.Based on our preliminary assessment,we expect scheduled amortization to result in a charge of Euro 0.3 million on consolidated earnings before taxes for 2009.
The breakdown of sales into their respective geographical regions represents the distribution of the STRATEC Group's products. In view of the fact that the customers of the STRATEC Group generally supply their country outlets and customers from 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. We assume that the overwhelming majority of all analyzer systems ever produced by STRATEC are now located outside Germany.
Sales can be broken down into their respective geographical regions (customer locations) as follows:
| Period | Germany | EU | Other | Total |
|---|---|---|---|---|
| January - June 2009 | 9,121 T€ | 22,522 T€ | 4,909 T€ | 36,552 T€ |
| 25.0% | 61.6% | 13.4% | 100.0% |
| Period | Germany | EU | Other | Total |
|---|---|---|---|---|
| January - June 2008 | 6,003 T€ | 20,121 T€ | 3,424 T€ | 29,548 T€ |
| 20.3% | 68.1% | 11.6% | 100.0% |
The expenses relating to research and project management, and to development services not fulfilling the capitalization criteria set out in IAS 38, amounted to EUR 2.5 million in the first six months (previous year: EUR 2.7 million) and have been reported, mainly as personnel expenses, in the company's consolidated income statement. Moreover, procurement volumes of around EUR 0.5 million (previous year: EUR 0.4 million) were incurred during the period under report in connection with materials used in research and development. These have been included in the cost of materials item.
The development in shareholders' equity at the STRATEC Group has been depicted in the statement of changes in Group shareholders' equity on Pages 12 and 13.
The number of ordinary shares with a nominal value of one euro each issued by STRATEC AG as of June 30, 2009 amounts to 11,426,712.These are all bearer shares.
STRATEC AG owned a total of 63,895 treasury stock at the interim reporting date. This corresponds to a prorated amount of EUR 63,895.00 of its share capital and to a 0.56% share of its equity.
In view of the several "conditional capitals" created by resolutions adopted at the Annual General Meetings held on May 28, 2003, June 23, 2006, May 16, 2007 and May 20, 2009, these various items have been combined below in the interests of clarity.
The members of the Board of Management / Managing Directors and the employees held the following numbers of subscription rights (share option rights) at the interim reporting date:
| Conditional Capital I / II / III / V |
Board of Management/ Managing Directors |
Employees | Total |
|---|---|---|---|
| Outstanding on 3/31/2009 | 209,000 | 42,417 | 251,417 |
| Issued | 65,000 | 0 | 65,000 |
| Exercised | 0 | 340 | 340 |
| Lapsed | 0 | 0 | 0 |
| Outstanding on 6/30/2009 | 274,000 | 42,077 | 316,077 |
Including temporary employees, the STRATEC Group had a total workforce of 325 employees as of June 30, 2009 (previous year: 267).
No events which would require report in this section have occurred since the interim reporting date.
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 for the remaining months of the financial year.
| 09/11/2009 | German Healthcare Conference, Zurich, Switzerland Organized by: Deutsche Börse Group |
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|---|---|---|---|
| 09/21/-09/23/2009 | Global Life Sciences Conference, New York, USA Organized by: UBS |
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| 10/01/2009 | 2nd Life Sciences Forum, Frankfurt/Main, Germany Organized by: Commerzbank |
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| 10/28/2009 | Publication of 9 month report | ||
| 11/11/2009 | Deutsches Eigenkapitalforum, Frankfurt/Main, Germany Organized by: Deutsche Börse Group |
||
| 11/18/-11/19/2009 | WestLB Deutschland Conference, Frankfurt/Main, Germany Organized by:WestLB |
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| 11/24/2009 | HSBC European Healthcare Conference, Frankfurt/Main, Germany Organized by: HSBC |
Partially incomplete / subject to amendment
STRATEC Biomedical Systems 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, 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.
The STRATEC Group consists of the publicly listed parent company STRATEC Biomedical Systems AG and of subsidiaries and secondtier subsidiaries in Germany, the USA, the UK, Switzerland and Romania.
Further information about STRATEC is available on the internet at http://www.stratec-biomedical.de.
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.
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 Systems AG Gewerbestr. 37 75217 Birkenfeld Germany Phone: +49 7082 7916-0 Fax: +49 7082 7916-999 [email protected] www.stratec-biomedical.de
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