aap Implantate AG

Earnings Release • Nov 30, 2001

News Details

Ad-hoc | 30 November 2001 03:05

aap Implantate AG english

aap announces Q3 results Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Sales revenues up 30% / Adjustment of sales and earnings expectations / Restructuring program already under way aap Implantate AG reports a further increase in sales revenues to DM17.8m from DM13.7m last year. Total operating performance improved by roughly 32% on the year to DM21.3m from about DM16.1m. EBITDA excluding stock options totaled DM1.1m (previous: DM3.8m). Not counting acquisition-related goodwill amortizations amounting to DM2.2m and stock options totaling DM1.2m, figures for the first nine months of 2001 are as follows: The operating result was down to -DM766,000 from last year’s DM2.8m. The DVFA/SG consolidated result for the review period was -DM1.4m (previous: DM1.5m). Third-quarter DVFA/SG earnings per share were -DM0.30 (previous: DM0.40) and Q3 cash earnings amounted to DM480,000 (previous: DM2.5m). After special effects the figures were as follows: Operating result down to -DM4.2m from DM2.8m in the same period last year, DVFA/SG consolidated result -DM3.8m (previous: DM1.5m), DVFA/SG earnings per share -DM0.80 (previous: DM0.40), DVFA/SG cash earnings DM403,000 (previous: DM2.5 m). To ensure future success the Management Board has put in place a restructuring program. In addition to a marked reduction in personnel costs and the identification and utilization of cost synergies it provides for across-the- board group reconstruction. As a part of these measures the company has announced that Joachim Staub, board member in charge of marketing and sales, is leaving the board as of Nov. 30, 2001. From Dec. 1, 2001 board chairman and CEO Uwe Ahrens will take over responsibility for marketing and sales in addition to his other duties. In addition, the post of sales and marketing director has been set up and an in-house appointment has already been made. end of ad-hoc-announcement (c)DGAP 30.11.2001 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Reasons why sales revenues and earnings have fallen short of the plan in the financial year in progress include U.S. business, which has failed to live up to expectations, time delays in approvals and certification procedures for biological implants, anticipated large orders by exclusive sales partners either failing to materialize or being postponed, and proposed R&D contracts being held over until fiscal 2002. Due to the difficult situation in the capital market, especially in the Neuer Markt segment, aap has, moreover, had no opportunity to refinance during the review period. For that reason the company decided to hold over until the next financial year a proposed acquisition project. In view of these factors aap forecasts for the full financial year in progress sales revenues of between DM23m and DM25m and EBIT excluding special effects expected to be better than – DM1.9m. To continue with the present growth strategy and to achieve with it a clearly positive result in 2002 the company has embarked on a restructuring program that involves extensive cost reduction measures and reconstruction throughout the group. Solely by means of restructuring measures already implemented, especially within the framework of personnel reductions, the company will cut costs by at least DM2m in 2002. By dint of resolute cost management and stepping up of sales activities, especially for new products, the management anticipates sales growth of between 45% and 50% in 2002. The Management Board reaffirms its strategy of tapping the great potential of orthobiology as a market of the future by boosting the biomaterials segment. aap’s long-term objective continues, in addition to increasing business in metal implants, to be that of achieving market leadership in orthopedical applications based on biomaterials. ——————————————————————————– WKN: 506660; Index: Listed: Neuer Markt Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 300305 Nov 01