Quarterly Report • Nov 18, 2008
Quarterly Report
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STRATEC Biomedical Systems AG
Interim Report as of September 30, 2008
| Foreword by the Board of Management . 3 |
|---|
| Interim Group Management Report . 5 |
| Consolidated Balance Sheet as of September 30, 2008 . 9 |
| Consolidated Income Statement for the Period from July 1 to September 30, 2008 . 10 |
| Consolidated Income Statement for the Period from January 1 to September 30, 2008 . 11 |
| Statement of Changes in Group Shareholders' Equity for the Period from January 1 to September 30, 2008 . 12 |
| Consolidated Cash Flow Statement for the Period from January 1 to September 30, 2008 . 14 |
| Notes on the Interim Consolidated Financial Statements for the Period from January 1 to September 30, 2008 . 15 |
| Financial Calendar . 18 |
| About the Company 18 |
| Notice 19 |
Events on the stock exchange have been dominated in recent months by the effects of the financial market crisis and deteriorating expectations in the global economy. This has not had any direct implications for STRATEC and no such implications are currently to be expected. Although the withdrawal of an order by a major customer has left its mark on the sales and earnings performance, other projects and incoming orders have shown very positive developments for STRATEC. Even though it has not yet been possible in 2008 to compensate for the loss of the aforementioned order with other projects, the company's other customers and projects are rapidly gaining in significance, thus making the company increasingly independent of individual customers.
Sales amounted to EUR 44.3 million at the end of the first nine months of 2008 (previous year: EUR 50.5 million). Consolidated net income for the same period amounted to EUR 5.7 million, compared with EUR 7.0 million at the end of the first nine months of 2007. This disproportionate decline in consolidated net income is attributable to the receipt of a special payment of EUR 0.8 million in the previous year. Earnings per share amounted to EUR 0.50, as against EUR 0.62 in the previous year. STRATEC continues to have a very solid financing basis to finance the company's organic and planned external growth beyond the current credit crisis.
Given the influences on the capital market and the adjustments made to the sales and earnings forecasts for 2008, STRATEC's share price has witnessed a significant reduction in value. We took the company's pleasing prospects, coupled with favorable share prices, as an opportunity to launch a share buyback program to equip us for further initiatives, such as the external growth we are planning. Between June 30, 2008 and September 12, 2008, a total of 130,000 treasury stock shares were acquired at an average price of EUR 15.37.
In our outlook for the 2009 financial year, we have assumed that the major customer referred to above will return to its customary high levels of collection volumes. Based on the forecast plans received from our customers, we still expect to supply a rising number of analyzer systems. Moreover, one analyzer system very successfully placed with an important customer in the past is due to be replaced in 2009 by a new generation of appliance also developed by STRATEC. Moreover, two new analyzer systems in the field of molecular diagnostics are planned to be launched onto the market from 2009 onwards by two customers who are among the market leaders in this, the fastest growing segment of the diagnostics market. Talks concerning new projects are at an advanced stage with both existing and new customers and give us reason to look to the future with optimism.
Birkenfeld, November 2008
The Board of Management of STRATEC Biomedical Systems AG
Hermann Leistner
Marcus Wolfinger Bernd M. Steidle
While the overall performance declined to EUR 48.6 million (previous year: EUR 52.2 million), at EUR 44.3 million, the sales of the STRATEC Group also fell 12.4% short of the previous year's figure. By analogy with the development in sales, the cost of materials decreased to EUR 23.5 million (previous year: EUR 25.5 million).
Due to the further expansion in development activities, personnel expenses rose from EUR 11.5 million to EUR 12.1 million. Other operating expenses rose from EUR 4.1 million to EUR 4.5 million due to the stepping up of sales activities in the USA and higher exchange differences. Depreciation and amortization could be maintained virtually stable. It was possible to achieve a significant increase in the net financial result, which rose from EUR 0.1 million in the previous year to EUR 0.3 million. STRATEC thus generated consolidated net income of EUR 5.7 million in the first nine months of 2008 (previous year: EUR 7.0 million). It should be noted that a special payment made by a customer in the third quarter of the previous year had a positive one-off impact on earnings, contributing EUR 0.8 million to EBIT. Following adjustment for this one-off item, consolidated net income fell by 12.4%, and thus in line with sales, in the first nine months of 2008.
In the balance sheet, the reduction in other intangible assets was chiefly due to the scheduled amortization of fair values identified in 2006 at the subsidiary Sanguin International Limited upon acquisition.The decline in the "Shareholdings" balance sheet item reported under financial assets was due to a reduction in the fair value recognized directly in equity for the shareholding held in CyBio AG, a development which also led to a decline in other equity.This was due to the share of CyBio AG, Jena, falling significantly in value in the course of the current year.This was chiefly attributable to the capital markets assuming an overall negative earnings performance at the CyBio Group as a whole on account of the negative impact on earnings resulting from the impairment of subsidiaries of CyBio AG in the 2007 financial year. Based on the analyses we have undertaken of the information presented in the reports of CyBio AG with regard to the company's positive economic environment and in view of the positive order situation expected by CyBio's management in the reports, we assume that the negative impact on earnings of these subsidiaries represents a one-off factor without any influence on the future performance of the core operating business of CyBio AG.As is apparent from the company's interim report, this development was already evidenced by the company exceeding its budget targets in the first half of 2008.
STRATEC operates in related markets and endorses this assessment. STRATEC reviewed the value of its shareholding as of the reporting date for these interim financial statements to ascertain whether there were any objective indications of a (permanent or longer-term) value impairment.This review was based on the standard objective evidence required by IAS 39.58. On this basis, STRATEC concluded that there are no grounds for any extraordinary write-down, i.e. any amortization through profit or loss deviating from the fair-value measurement recognized directly in equity. In view of this, STRATEC increased its shareholding slightly in the second quarter.
To account for the large number of new projects, raw materials and supplies rose by EUR 2.3 million compared with December 31, 2007.As a result of the capitalization of development services for projects at an advanced stage of development,the value of unfinished products and unfinished services rose from EUR 10.6 million to EUR 14.4 million. It was possible to reduce total receivables by EUR 0.9 million to EUR 15.7 million, while cash and cash equivalents dropped from EUR 19.9 million to EUR 17.4 million during the period under report due to the building up of stocks, the dividend payment, the acquisition of treasury stock and the reduction in income tax liabilities.
Non-current financial liabilities were extended by taking up a loan on favorable interest terms.The rise in accounts payable is to be viewed in connection with the increase in raw materials and supplies.While other current liabilities rose by EUR 0.3 million, current provisions increased from EUR 1.3 million to EUR 1.7 million. In the first nine months of the 2008 financial year, the STRATEC Group invested EUR 0.89 million in property, plant and equipment (previous year: EUR 0.75 million), EUR 0.32 million in intangible assets (previous year: EUR 0.21 million) and EUR 0.07 million in financial assets (previous year: EUR 0.30 million).
In the wake of the intensification of the international financial market crisis and of growing fears that the turmoil in the banking sector could spill over onto the real economy, numerous economic research institutes have corrected their forecasts downwards.The International Monetary Fund (IMF), for example, has reduced its estimation of global growth in 2008 to 3.9 percent, compared with the growth of 5.0 percent still reported for 2007.The IMF is even more cautious for 2009. Global growth is estimated at 3.0 percent for the coming year, while the euro area and US economies are now only predicted to stagnate.
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 any potential recession.
In view of the factors outlined above, global economic risks, such as the financial market crisis, the weak US dollar and commodities prices, which remain at high levels in some cases, only have a very limited impact on STRATEC's business performance and business model. Moreover, long-term supply agreements with our customers and the fact that the work performed is invoiced in euros further minimize the implications of the financial market crisis for STRATEC.
On September 30, 2008, we saw reason to adjust our forecast for the current financial year, as a large customer had built up unexpectedly high volumes of stocks, a development which led to a loss of the orders for the fourth quarter of 2008.
Apart from this slowdown other call-up orders and incoming orders are developing positively and will ensure that development and production capacity utilization rates remain high. Our planning indicators show a continuation of our positive business performance, especially in 2009.
There has nevertheless been an increase in the risks facing the overall economy on account of the international financial market crisis and the accelerated economic slowdown. There has therefore also been an increase in the market risks to which STRATEC is exposed. We are deploying trade credit insurance to avert potential receivable default risks.
Apart from this, since the assessment of the situation of the company provided on March 20, 2008 upon the compilation of the Annual Report for the 2007 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.
With the exception of the factors outlined in the "Report on forecasts and other statements concerning the company's expected development" and the implications of M&A transactions at Siemens Healthcare Diagnostics, we do not see any changes compared with the risks and opportunities identified in the Group Management Report of March 20, 2008 for the 2007 financial year. Reference is made to the "Risk Report" section within the 2007 Group Management Report for details concerning our risk management system and our company's specific opportunity and risk profile.
| Assets | 9.30.2008 | 12.31.2007 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 734 T€ | 789 T€ |
| Other intangible assets | 3,397 T€ | 4,088 T€ |
| Property, plant and equipment | 6,094 T€ | 6,017 T€ |
| Shares in associated companies | 329 T€ | 338 T€ |
| Shareholdings | 761 T€ | 2,735 T€ |
| Other financial assets | 2 T€ | 21 T€ |
| T€ 11,317 |
13,988 T€ | |
| Current assets | ||
| Raw materials and supplies | 7,463 T€ | 5,130 T€ |
| Unfinished products, unfinished services | 14,423 T€ | 10,563 T€ |
| Finished products and goods | 493 T€ | 302 T€ |
| Accounts receivable | 9,829 T€ | 10,580 T€ |
| Future receivables from production orders | 4,521 T€ | 4,850 T€ |
| Receivables from associated companies | 176 T€ | 136 T€ |
| Other receivables and other assets | 1,138 T€ | 1,014 T€ |
| Securities | 315 T€ | 423 T€ |
| Cash and cash equivalents | 17,382 T€ | 19,884 T€ |
| 55,740 T€ | 52,882 T€ | |
| Total assets | 67,057 T€ | 66,870 T€ |
| Shareholders' equity and liabilities |
9.30.2008 | 12.31.2007 |
|---|---|---|
| Shareholders' equity |
||
| Share capital | 11,424 T€ | 11,416 T€ |
| Capital reserve | 10,703 T€ | 10,554 T€ |
| Revenue reserves | 24,280 T€ | 16,799 T€ |
| Consolidated net earnings | 5,701 T€ | 9,991 T€ |
| Other equity | -4,313 T€ | -184 T€ |
| 47,795 T€ | 48,576 T€ | |
| Debt | ||
| Non-current debt | ||
| Non-current financial liabilities | 5,789 T€ | 5,103 T€ |
| Deferred taxes | 1,307 T€ | 1,474 T€ |
| 7,096 T€ | 6,577 T€ | |
| Current debt | ||
| Current financial liabilities | 1,042 T€ | 340 T€ |
| Account payable | 3,832 T€ | 2,644 T€ |
| Liabilities to associated companies | 54 T€ | 91 T€ |
| Other current liabilities | 5,526 T€ | 5,240 T€ |
| Current provisions | 1,683 T€ | 1,321 T€ |
| Income tax liabilities | 29 T€ | 2,081 T€ |
| 12,166 T€ | 11,717 T€ | |
| Total shareholders' equity and liabilities |
67,057 T€ | 66,870 T€ |
| 7.1.-9.30.2008 | 7.1.-9.30.2007 | |
|---|---|---|
| Sales | 14,719 T€ | 16,428 T€ |
| Increase in volume of finished and | ||
| unfinished products and unfinished services | 1,640 T€ | 1,123 T€ |
| Other capitalized own-account services | 151 T€ | 63 T€ |
| Overall performance | 16,510 T€ | 17,614 T€ |
| Other operating income | 120 T€ | 233 T€ |
| Cost of raw materials and supplies | 7,753 T€ | 7,873 T€ |
| Cost of services rendered | 238 T€ | 129 T€ |
| Personnel expenses | 4,137 T€ | 3,940 T€ |
| Other operating expenses | 1,517 T€ | 1,282 T€ |
| EBITDA | 2,985 T€ | 4,623 T€ |
| Depreciation and amortization of property, | ||
| plant and equipment and intangible assets | 570 T€ | 550 T€ |
| EBIT | 2,415 T€ | 4,073 T€ |
| Net financial expenses | 105 T€ | 77 T€ |
| Operating result (EBT) | 2,520 T€ | 4,150 T€ |
| Current tax expenses | 674 T€ | 1,490 T€ |
| Deferred tax income | 25 T€ | 166 T€ |
| Consolidated net income | 1,871 T€ | 2,826 T€ |
| Earnings per share | 0.17 € | 0.25 € |
| No. of shares used as basis | 11,321,216 | 11,350,865 |
| Diluted earnings per share | 0.16 € | 0.25 € |
|---|---|---|
| No. of shares used as basis (diluted) | 11,344,432 | 11,456,024 |
| 1.1.-9.30.2008 | 1.1.-9.30.2007 | |
|---|---|---|
| Sales | 44,256 T€ | 50,526 T€ |
| Increase in volume of finished and unfinished products and unfinished services |
4,023 T€ | 1,549 T€ |
| Other capitalized own-account services | 316 T€ | 164 T€ |
| Overall performance | 48,595 T€ | 52,239 T€ |
| Other operating income | 527 T€ | 520 T€ |
| Cost of raw materials and supplies | 22,798 T€ | 25,045 T€ |
| Cost of services rendered | 707 T€ | 488 T€ |
| Personnel expenses | 12,141 T€ | 11,483 T€ |
| Other operating expenses | 4,512 T€ | 4,127 T€ |
| EBITDA | 8,964 T€ | 11,616 T€ |
| Depreciation and amortization of property, plant and equipment and intangible assets |
1,724 T€ | 1,646 T€ |
| EBIT | 7,240 T€ | 9,970 T€ |
| Net financial expenses | 290 T€ | 88 T€ |
| Operating result (EBT) | 7,530 T€ | 10,058 T€ |
| Current tax expenses | 2,005 T€ | 3,561 T€ |
| Deferred tax income | 176 T€ | 514 T€ |
| Consolidated net income | 5,701 T€ | 7,011 T€ |
| Earnings per share | 0.50 € | 0.62 € |
|---|---|---|
| No. of shares used as basis | 11,383,142 | 11,295,783 |
| Diluted earnings per share | 0.50 € | 0.61 € |
|---|---|---|
| No. of shares used as basis (diluted) | 11,409,404 | 11,457,301 |
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| 1.1.-9.30.2008 | 1.1.-9.30.2007 | |
|---|---|---|
| Consolidated net income | 5,701 T€ | 7,011 T€ |
| Depreciation and amortization | 1,724 T€ | 1,646 T€ |
| Other non-cash expenses | 226 T€ | 115 T€ |
| Other non-cash income | -152 T€ | -205 T€ |
| Cash flow | 7,499 T€ | 8,567 T€ |
| Change in deferred taxes through profit or loss | -177 T€ | -514 T€ |
| Profit on the disposal of non-current assets | -12 T€ | -6 T€ |
| Increase in inventories, accounts receivable and other assets |
-5,469 T€ | 1,071 T€ |
| Decrease (previous year: increase) in accounts payable and other liabilities |
-53 T€ | 247 T€ |
| Inflow of funds from operating activities |
1,788 T€ | 9,365 T€ |
| Incoming payments from the disposal of non-current assets |
16 T€ | 10 T€ |
| Outgoing payments for investments in consolidated non-current assets - Inangible assets - Property, plant and equipment |
-320 T€ -889 T€ |
-214 T€ -754 T€ |
| - Financial assets | -69 T€ | -299 T€ |
| Outflow of funds for investment activities |
-1,262 T€ | -1,257 T€ |
| Incoming payments from taking up of financial liabilities |
1,575 T€ | 2,000 T€ |
| Outgoing payments for the repayment of financial liabilities |
-187 T€ | -1,145 T€ |
| Incoming payments from the issue of shares for employee stock option programs |
39 T€ | 619 T€ |
| Outgoing payments for the acquisition of treasury stock |
-2,001 T€ | 0 T€ |
| Dividend payment | -2,511 T€ | 1,688 T€ |
| Outflow of funds for financing activities |
-3,085 T€ | -214 T€ |
| Cash-effective change | ||
| in cash and cash equivalents | -2,559 T€ | -7,894 T€ |
| Cash and cash equivalents at start of period |
19,884 T€ | 11,991 T€ |
| Change in cash and cash equivalents due to changes in exchange rates |
57 T€ | 136 T€ |
| Cash and cash equivalents at end of period |
17,382 T€ | 20,021 T€ |
The consolidated financial statements of STRATEC AG as of December 31, 2007 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 September 30, 2008, 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 2007 financial year.Application has also been made of all interpretations of the International Financial Reporting Interpretations Committee (IFRIC) with binding effect as of September 30, 2008. 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, 2007 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).
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, with a rising tendency, 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 - September 2008 | 8,894 T€ | 30,885 T€ | 4,476 T€ | 44,255 T€ |
| 20.1% | 69.8% | 10.1% | 100.0% |
| Period | Germany | EU | Other | Total |
|---|---|---|---|---|
| 9,400 T€ | 32,346 T€ | 8,780 T€ | 50,526 T€ | |
| January - September 2007 | 18.6% | 64.0% | 17,4% | 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 4.0 million in the first nine months (previous year: EUR 3.9 million) and have been reported, mainly as personnel expenses, in the company's consolidated income statement. Moreover, procurement volumes of around EUR 0.6 million (previous year: EUR 0.5 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 September 30, 2008 amounts to 11,423,908.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 Section 160 (1) Nos. 2 and 5 of the German Stock Corporation Act (AktG)
STRATEC AG owned a total of 134,492 treasury stock at the interim reporting date.This corresponds to a prorated amount of EUR 134,492.00 of its share capital and to a 1.18% 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 and May 16, 2007, 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 |
Board of Management/ Managing Directors |
Employees | Total |
|---|---|---|---|
| Outstanding on 30.6.2008 | 79,370 | 36,994 | 116,364 |
| Issued | - | - | - |
| Exercised | - | 750 | 750 |
| Lapsed | - | - | - |
| Outstanding on 9.30.2008 | 79,370 | 36,244 | 115,614 |
Including temporary employees, the STRATEC Group had a total workforce of 274 employees as of September 30, 2008.
No events which would require report in this section have occurred since the interim reporting date.
We hereby confirm that to the best of our knowledge the interim consolidated financial statements provide a true and fair picture of the net asset, financial and earnings position of the Group in accordance with the accounting principles governing interim reporting and that the course of business, including business results and the situation of the Group, are presented in such a way in the interim group management report that a true and fair picture of actual circumstances is provided, as well as the major opportunities and risks involved in the expected development of the Group in the remainder of the financial year.
| 11.26.2008 | HSBC European Healthcare Conference,London,UK Organized by: HSBC Trinkaus |
|---|---|
| 01.20.2009 | 8th German Corporate Conference, Frankfurt am Main, Germany Organized by: Cheuvreux S.A. |
| 04.08.2009 | Annual Press Conference Call |
| 05.14.2009 | Publication of 3 month report |
| 05.20.2009 | Annual General Meeting, Pforzheim, Germany |
| 08.20.2009 | Publication of 6 month report |
| 11.19.2009 | Publication of 9 month report |
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 second-tier 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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