Interim / Quarterly Report • Aug 14, 2008
Interim / Quarterly Report
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Interim Report as of June 30, 2008
| Foreword by the Board of Management . 3 |
|---|
| Interim Group Management Report . 5 |
| Consolidated Balance Sheet as of June 30, 2008 . 9 |
| Consolidated Income Statement for the Period from April 1 to June 30, 2008 10 |
| Consolidated Income Statement for the Period from January 1 to June 30, 2008 . 11 |
| Statement of Changes in Group Shareholders' Equity for the Period from January 1 to June 30, 2008 . 12 |
| Consolidated Cash Flow Statement for the Period from January 1 to June 30, 2008 . 14 |
| Notes on the Interim Consolidated Financial Statements for the Period from January 1 to June 30, 2008 . 15 |
| Financial Calendar . 18 |
| About the Company 18 |
| Notice 19 |
Since publishing our previous interim report, we have been able to inform you of several pleasing developments.
The new system solutions recently presented have met with a very warm reception on several occasions. In particular, great interest was shown by numerous conference participants and customers at this year's AACC, the most important diagnostics fair for our company, which took place in July. Information was in great demand for our in-house developments PURE and GEMINI, as well as for our novel markerfree detection technology announced just a few days earlier within the framework of a cooperation agreement with two other partners.
We have been able to sign a very important development agreement with Bio-Rad. This involves the next generation of an analyzer system family to be developed for Bio-Rad's "Blood Virus" division (blood bank business) and is seen as providing a basis for further applications. We are just as pleased by the positive impact this is expected to have on our sales and earnings situation in the coming years as we are by the trust Bio-Rad has shown once again by commissioning us to develop a third analyzer system family already.
The great demand for the company's system solutions is being accompanied by ever greater interest on the part of the capital market. The investment banks already known to cover the company have now been joined by Goldman Sachs, one of the top players in the field, which has now included STRATEC in its coverage. This provides further evidence of the increasing attention we are receiving in global financial markets.
As in previous years, this year's Annual General Meeting approved a further increase in the dividend (EUR 0.22, compared with EUR 0.15 in the previous year). More than 200 participants took the opportunity of informing themselves in greater detail about the company and its current business performance.
We launched a share buyback program at the end of the second quarter which will enable us to acquire treasury stock with an equivalent value of up to two million euros via the stock exchange. By making this move, we are acting on our assessment that the share currently does not reflect an appropriate valuation of the company and that we can use such stock holdings as future acquisition currency with the potential to increase our value.
Even though our key figures for the first six months represent a decline on the figures reported for the strong first half of 2007, we nevertheless increased our sales in the second quarter compared with the first three months of the current year. The medical technology, diagnostics and biotechnology sectors currently find themselves in a market climate which is characterized by takeovers and growth aspirations but which finds itself confronted by the muchdiscussed global economic uncertainty. Although STRATEC is feeling the final effects of the delays previously announced in the call-up of products by a major customer, its growing core business with other customers and new product launches resulting from contracts signed and reported over the past two years mean that the company has years of substantial growth ahead of it. In future, we will therefore be increasingly in a position to further significantly reduce our dependence on individual projects and customers.
Birkenfeld, August 2008
The Board of Management of STRATEC Biomedical Systems AG
Hermann Leistner
Marcus Wolfinger Bernd M. Steidle
While the overall performance declined to EUR 32.1 million (previous year: EUR 34.6 million), at EUR 29.5 million, the sales of the STRATEC Group also fell 13.3% short of the previous year's figure. By analogy with the development in sales, the cost of materials decreased to EUR 15.5 million (previous year: EUR 17.5 million).
Due to the further expansion in development activities, personnel expenses rose from EUR 7.5 million to EUR 8.0 million. Other operating expenses could be maintained virtually stable, as could depreciation and amortization.At EUR 0.19 million, the net financial result was significantly higher than the previous year's figure of EUR 0.01 million. STRATEC thus generated consolidated net income of EUR 3.8 million in the first half of 2008 (previous year: EUR 4.2 million).
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, suffering a marked reduction in the first half of the 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 quarter of 2008.
STRATEC operates in related markets and endorses this assessment. STRATEC reviewed the value of its shareholding as of the reporting date for the half-year 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 expected order volumes,raw materials and supplies rose by EUR 2.0 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 12.9 million. It was possible to reduce total receivables by EUR 0.6 million to EUR 16.0 million, while cash and cash equivalents remained virtually stable during the period under report in spite of the dividend payment.
Non-current financial liabilities were extended by taking up a loan at favorable interest terms. The rise in accounts payable is to be viewed in connection with the increase in raw materials and supplies. Other current liabilities, on the other hand, could be reduced from EUR 5.2 million to EUR 4.4 million.
In the first six months of the 2008 financial year, the STRATEC Group invested EUR 0.54 million in property, plant and equipment (previous year: EUR 0.56 million), EUR 0.14 million in intangible assets (previous year: EUR 0.15 million) and EUR 0.07 million in financial assets (previous year: EUR 0.00 million).
Global demographic developments represent one of the most serious challenges facing the world. The dynamic growth in the world's population, coupled 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 credit crisis, the weak US dollar and high commodities prices, 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 and credit crisis for STRATEC.
Apart from the temporary slowdown in the volume of systems called up by the customer referred to above, 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 in 2008 and especially in 2009.
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 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 temporary factors outlined in the "Report on forecasts and other statements concerning the company's expected development" and the temporary implications of the integration of Bayer Diagnostics and Dade Behring into 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 | 6.30.2008 | 12.31.2007 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 728 T€ | 789 T€ |
| Other intangible assets | 3,449 T€ | 4,088 T€ |
| Property, plant and equipment | 6,088 T€ | 6,017 T€ |
| Shares in associated companies | 318 T€ | 338 T€ |
| Shareholdings | 870 T€ | 2,735 T€ |
| Other financial assets | 13 T€ | 21 T€ |
| T€ 11,466 |
13,988 T€ | |
| Current assets | ||
| Raw materials and supplies | 7,101 T€ | 5,130 T€ |
| Unfinished products, unfinished services | 12,886 T€ | 10,563 T€ |
| Finished products | 374 T€ | 302 T€ |
| Accounts receivable | 10,682 T€ | 10,580 T€ |
| Future receivables from production orders | 4,461 T€ | 4,850 T€ |
| Receivables from associated companies | 160 T€ | 136 T€ |
| Other receivables and other assets | 673 T€ | 1,014 T€ |
| Securities | 332 T€ | 423 T€ |
| Cash and cash equivalents | 19,689 T€ | 19,884 T€ |
| 56,358 T€ | 52,882 T€ | |
| Total assets | 67,824 T€ | 66,870 T€ |
| Shareholders' equity and liabilities |
6.30.2008 | 12.31.2007 |
|---|---|---|
| Shareholders' equity |
||
| Share capital | 11,421 T€ | 11,416 T€ |
| Capital reserve | 10,651 T€ | 10,554 T€ |
| Revenue reserves | 24,281 T€ | 16,799 T€ |
| Consolidated net earnings | 3,849 T€ | 9,991 T€ |
| Other equity | -2,353 T€ | -184 T€ |
| 47,849 T€ | 48,576 T€ | |
| Debt | ||
| Non-current debt | ||
| Non-current financial liabilities | 5,880 T€ | 5,103 T€ |
| Deferred taxes | 1,300 T€ | 1,474 T€ |
| 7,180 T€ | 6,577 T€ | |
| Current debt | ||
| Current financial liabilities | 980 T€ | 340 T€ |
| Account payable | 4,047 T€ | 2,644 T€ |
| Liabilities to associated companies | 52 T€ | 91 T€ |
| Other current liabilities | 4,369 T€ | 5,240 T€ |
| Current provisions | 1,347 T€ | 1,321 T€ |
| Income tax liabilities | 2,000 T€ | 2,081 T€ |
| 12,795 T€ | 11,717 T€ | |
| Total shareholders' equity and liabilities |
67,824 T€ | 66,870 T€ |
| 4.1.-6.30.2008 | 4.1.-6.30.2007 | |
|---|---|---|
| Sales | 16,342 T€ | 18,424 T€ |
| Increase in volume of finished and | ||
| unfinished products and unfinished services | 908 T€ | 17 T€ |
| Other capitalized own-account services | 87 T€ | 53 T€ |
| Overall performance | 17,337 T€ | 18,494 T€ |
| Other operating income | 107 T€ | 220 T€ |
| Cost of raw materials and supplies | 8,235 T€ | 9,332 T€ |
| Cost of services rendered | 291 T€ | 187 T€ |
| Personnel expenses | 4,128 T€ | 3,918 T€ |
| Other operating expenses | 1,452 T€ | 1,339 T€ |
| EBITDA | 3,338 T€ | 3,938 T€ |
| Depreciation and amortization of property, | ||
| plant and equipment and intangible assets | 574 T€ | 546 T€ |
| EBIT | 2,764 T€ | 3,392 T€ |
| Net financial expenses | 129 T€ | -19 T€ |
| Operating result (EBT) | 2,893 T€ | 3,373 T€ |
| Current tax expenses | 806 T€ | 1,325 T€ |
| Deferred tax income | 125 T€ | 207 T€ |
| Consolidated net income | 2,212 T€ | 2,255 T€ |
| Earnings per share | 0.19 € | 0.20 € |
| No. of shares used as basis | 11,416,340 | 11,279,755 |
| Diluted earnings per share | 0.19 € | 0.20 € |
|---|---|---|
| No. of shares used as basis (diluted) | 11,439,246 | 11,442,069 |
| 1.1.-6.30.2008 | 1.1.-6.30.2007 | |
|---|---|---|
| Sales | 29,548 T€ | 34,098 T€ |
| Increase in volume of finished and | ||
| unfinished products and unfinished services | 2,389 T€ | 426 T€ |
| Other capitalized own-account services | 165 T€ | 101 T€ |
| Overall performance | 32,102 T€ | 34,625 T€ |
| Other operating income | 384 T€ | 287 T€ |
| Cost of raw materials and supplies | 15,045 T€ | 17,171 T€ |
| Cost of services rendered | 412 T€ | 359 T€ |
| Personnel expenses | 8,005 T€ | 7,544 T€ |
| Other operating expenses | 3,008 T€ | 2,845 T€ |
| EBITDA | 6,016 T€ | 6,993 T€ |
| Depreciation and amortization of property, | ||
| plant and equipment and intangible assets | 1,154 T€ | 1,096 T€ |
| EBIT | 4,862 T€ | 5,897 T€ |
| Net financial expenses | 186 T€ | 10 T€ |
| Operating result (EBT) | 5,048 T€ | 5,907 T€ |
| Current tax expenses | 1,350 T€ | 2,070 T€ |
| Deferred tax income | 151 T€ | 348 T€ |
| Consolidated net income | 3,849 T€ | 4,185 T€ |
| Earnings per share | 0.34 € | 0.37 € |
| No. of shares used as basis | 11,414,076 | 11,268,170 |
| Diluted earnings per share | 0.34 € | 0.37 € | |
|---|---|---|---|
| No. of shares used as basis (diluted) | 11,441,s176 | 11,419,112 |
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| 1.1.-6.30.2008 | 1.1.-6.30.2007 | |
|---|---|---|
| Consolidated net income | 3,849 T€ | 4,185 T€ |
| Depreciation and amortization | 1,154 T€ | 1,096 T€ |
| Other non-cash expenses | 175 T€ | 134 T€ |
| Other non-cash income | -135 T€ | 0 T€ |
| Cash flow | 5,043 T€ | 5,415 T€ |
| Change in deferred taxes through profit or loss | -150 T€ | -348 T€ |
| Profit on the disposal of non-current assets | -10 T€ | -6 T€ |
| Increase in inventories, accounts receivable and other assets |
-3,762 T€ | -2,630 T€ |
| Increase (previous year: decrease) in accounts payable and other liabilities |
574 T€ | -908 T€ |
| Inflow of funds from operating activities |
1,695 T€ | 1,523 T€ |
| Incoming payments from the disposal of non-current assets |
10 T€ | 10 T€ |
| Outgoing payments for investments in consolidated non-current assets |
||
| - Inangible assets | -139 T€ | -151 T€ |
| - Property, plant and equipment - Financial assets |
-541 T€ -69 T€ |
-560 T€ 0 T€ |
| Outflow of funds for investment activities |
-739 T€ | -701 T€ |
| Incoming payments from taking up of financial liabilities |
1,372 T€ | 76 T€ |
| Outgoing payments for the repayment of financial liabilities |
-97 T€ | -195 T€ |
| Incoming payments from the issue of shares for employee stock option programs |
19 T€ | 157 T€ |
| Dividend payment | -2,510 T€ | -1,688 T€ |
| Outflow of funds for financing activities |
-1,216 T€ | -1,650 T€ |
| Cash-effective change in cash and cash equivalents |
-260 T€ | -828 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 |
65 T€ | -123 T€ |
| Cash and cash equivalents at end of period |
19,689 T€ | 11,040 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 June 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 June 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 - June 2008 | 6,003 T€ | 20,121 T€ | 3,424 T€ | 29,548 T€ |
| 20.3% | 68.1% | 11.6% | 100.0% |
| Period | Germany | EU | Other | Total |
|---|---|---|---|---|
| 6,826 T€ | 21,975 T€ | 5,297 T€ | 34,098 T€ | |
| January - June 2007 | 20.0% | 64.4% | 15.6% | 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 2.7 million in the first six months (previous year: EUR 2.5 million) and have been reported, mainly as personnel expenses, in the company's consolidated income statement. Moreover, procurement volumes of around EUR 0.4 million (previous year: EUR 0.3 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, 2008 amounts to 11,421,663.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 9,811 treasury stock at the interim reporting date. This corresponds to a prorated amount of EUR 9,811.00 of its share capital and to a 0.09% 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 | |
|---|---|---|---|
| Outstanding on 3.31.2008 | 79,370 | 38,399 | 117,769 |
| Issued | - | - | - |
| Exercised | - | 1.105 | 1.105 |
| Lapsed | - | 300 | 300 |
| Outstanding on 6.30.2008 | 79,370 | 36,994 | 116,364 |
Including temporary employees, the STRATEC Group had a total workforce of 267 employees as of June 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 the business results and 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.
| 10.02.2008 | German Pharma & Healthcare Conference, Zürich, Switzerland Organized by: Deutsche Börse Group |
|---|---|
| 10.16.2008 | Life Sciences Forum, Frankfurt am Main, Germany Organized by: Commerzbank |
| 11.11.2008 | Deutsches Eigenkapitalforum, Frankfurt am Main, Germany Organized by: Deutsche Börse Group |
| 11.12.2008 | WestLB Deutschland Conference, Frankfurt am Main, Germany Organized by:WestLB |
| 11.18.2008 | Publication of 9 month report |
| 11.26.2008 | HSBC European Healthcare Conference, London, UK 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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