Interim / Quarterly Report • Jul 24, 2012
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
STRATEC DEVELOPS AND MANUFACTURES FULLY AUTOMATED ANALYZER SYSTEMS BASED ON ITS OWN PATENTED TECHNOLOGIES FOR ITS PARTNERS IN THE FIELDS OF CLINICAL DIAGNOSTICS AND BIOTECHNOLOGY. STRATEC'S PARTNERS ARE MOSTLY GLOBAL PLAYERS OPERATING IN THE IN-VITRO DIAGNOSTICS INDUSTRY. THESE COMPANIES MARKET STRATEC'S SYSTEMS UNDER THEIR OWN NAMES, IN GENERAL TOGETHER WITH THEIR OWN REAGENTS, AS SYSTEM SOLUTIONS TO LABORATORIES, BLOOD BANKS, AND RESEARCH INSTITUTES AROUND THE WORLD.
| 03 | HIGHLIGHTS / KEY GROUP FIGURES AT A GLANCE |
|---|---|
| 04 | FOREWORD BY THE BOARD OF MANAGEMENT |
| 05 | INTERIM GROUP MANAGEMENT REPORT |
| 09 | CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2012 |
| 11 | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (total cost method) for the Period from April 1 to June 30, 2012 |
| 12 | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (total cost method) for the Period from January 1 to June 30, 2012 |
| 13 | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (cost of sales method) for the Period from January 1 to June 30, 2012 |
| 14 | CONSOLIDATED CASH FLOW STATEMENT for the Period from January 1 to June 30, 2012 |
| 15 | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the Period from January 1 to June 30, 2012 |
| 17 | NOTES TO THE GROUP INTERIM REPORT for the Period from January 1 to June 30, 2012 |
| 20 | ADDITIONAL INFORMATION |
Sales of 1 55.0 million* in Q1-Q2/2012 (+13.3%; Q1-Q2/2011:1 48.5 million)
EBIT margin of 17.1%* in Q1-Q2/2012 (Q1-Q2/2011: 18.7%)
Consolidated net income of 1 7.4 million in Q1-Q2/2012 (+5.6%; Q1-Q2/2011: 1 7.0 million)
Earnings per share of 1 0.63 in Q1-Q2/2012 (+5.0%; Q1-Q2/2011: 1 0.60)
Company forecast confirmed
| in u thousands | 01.01.-06.30.2012 01.01.-06.30.2011 | Change | |
|---|---|---|---|
| Sales | 58,242 | 48,515 | +20.0% |
| Adjusted sales* | 54,974 | 48,515 | +13.3% |
| Overall performance | 60,870 | 54,800 | +11.1% |
| EBITDA | 11,443 | 10,750 | +6.5% |
| EBIT | 9,423 | 9,078 | +3.8% |
| EBIT margin (%)* | 17.1 | 18.7 | - |
| Consolidated net income | 7,352 | 6,964 | +5.6% |
| Earnings per share (u) | 0.63 | 0.60 | +5,0% |
| No. of employees (absolute) | 524 | 466 | +12.5% |
| in u thousands | 06.30.2012 | 12.31.2011 | Change |
| Shareholders' equity | 84,622 | 83,231 | +1.7% |
| Total assets | 115,942 | 110,997 | +4.5% |
| Equity ratio (%) | 73.0 | 75.0 | - |
* adjusted for a one-off item in the first quarter of 2012 due to an earnings-neutral transfer of unfinished services and prepayments received of 1 3.3 million due to the impairment of a development project. Unadjusted sales amounted to 1 58.2 million and the resultant EBIT margin amounted to 16.2%.
In the past, various experts reported that our industry was undergoing a period in which the world's leading diagnostics companies had begun to outsource the development and production of their most important automation solutions to external partners. We can confirm this – it more or less represents a paradigm shift in the industry. Not least to account for this, STRATEC has laid foundations to benefit disproportionately from this trend and has accordingly stepped up its development work on new projects and feasibility studies. It goes without saying that these measures are not without implications for the development in our margin. With the course we have taken, we believe that we have found a balance that does justice both to our shareholders' interests and to those of our customers, and which will in particular promote the company's sustainably positive performance in the long term.
Our performance in the first half of 2012 was on target and was chiefly affected by the aforementioned expansion in our development activities. Serial production for the systems most recently launched onto the market by our customers was further ramped up and is set to be further optimized in the coming months. The market launches of two additional systems are scheduled to take place in the near future. Here too, we are currently in the ramp-up stage, during which we prepare the systems for serial production. Adjusted for a one-off item resulting from the reclassification of prepayments received and work in progress in connection with the impairment of a development project in the first quarter, our sales for the first six months of 2012 grew year-on-year by 13.3 % to 1 55.0 million. Thereby we generated an EBIT margin of 17.1% and consolidated net income of 1 7.4 million, corresponding to earnings per share of 1 0.63 for the first half of 2012.
We expect to see further positive momentum in the coming quarters both in terms of new market launches by our customers, and of our ability to publish new development cooperations.
Birkenfeld, July 2012
The Board of Management of STRATEC Biomedical AG
Marcus Wolfinger Dr. Robert Siegle Bernd M. Steidle
Sales for the first six months of the 2012 financial year grew by 20.0 % to 1 58.2 million (previous year: 1 48.5 million). Despite the reclassification within equity of a milestone payment, the overall performance rose by 11.8 % to 1 60.9 million (previous year: 1 54.8 million). The cost of materials also increased over the same period by 11.8% from 1 25.7 million to 1 28.8 million.
The stepping up in development activities, accompanied by a further expansion in production capacities, led personnel expenses to rise from 1 14.1 million to 1 16.6 million.
At 1 4.7 million, other operating expenses remained unchanged on the previous year. Depreciation and amortization increased to 1 2.0 million, while net financial expenses deteriorated to 1 -0.1 million. STRATEC thus generated consolidated net income of 1 7.4 million in the period under report (previous year: 1 7.0 million), corresponding to earnings per share of 1 0.63 (previous year: 1 0.60).
Due to the forthcoming market launches of two systems and the increase in development services, inventories rose by 1 4.0 million. Total receivables and other assets increased from 1 23.1 million to 1 25.3 million. As a result of the dividend payment, cash and cash equivalents fell from 1 19.5 million to 1 17.7 million despite the positive cash flow of 1 5.6 million from operating activities.
The equity ratio amounts to 73.0%. Non-current financial liabilities could be reduced to 1 8.7 million. The increase in trade payables was driven by higher procurement volumes for raw materials and supplies. Within other current liabilities, an amount of around 1 8.2 million has been reported for prepayments received for development services.
The inflow of funds from operating activities amounted to 1 5.6 million, thus more than doubling compared with the previous year. The STRATEC Group invested 1 1.1 million in the first six months of the 2012 financial year (previous year: 1 1.5 million; previous year's figure includes construction activities of 1 0.5 million).
In its latest forecast, the International Monetary Fund (IMF) has reduced its growth forecast for the global economy for the current year and for next year. The global economy risks losing further momentum given new tensions on the financial markets and the sovereign debt crisis in the euro area. A slowing in global growth trends had already been observed in the previous three months.
For the global economy, the IMF has now forecast growth of 3.5% in the current year, and 3.9% next year. Compared with the April forecast, these figures represent reductions of around 0.1% for 2012 and around 0.2% for 2013. The IMF has left its economic growth forecast for the euro area for the current year unchanged at minus 0.3%, but reduced its forecast for next year by 0.2 percentage points to growth of 0.7%. The IMF is also concerned about the USA, where the latest data indicate a slowdown in the factors driving growth. Similar concerns apply to countries such as Brazil, China, and India. Overall, however, emerging economies had so far weathered the crisis in impressive shape.
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 clinical diagnostics tests to be performed, but will also result in new, unique business opportunities for which STRATEC is optimally positioned with its automation solutions and on which it will continue to focus its strategy and operations.
In view of the factors outlined above, global economic risks only have a very limited impact on STRATEC's business performance and business model. Moreover, long-term supply agreements with our customers minimize the potential implications of the crisis for STRATEC.
As previously announced, in May 2012 we published our company forecast extended by one year for the 2012 to 2014 financial years. This takes due account of the latest developments in the in-vitro diagnostics industry, additional customer information, and updated internal assessments.
STRATEC expects to generate sales of between 1 125 million and 1 139 million in 2012. Furthermore, annual average sales growth (CAGR) for the years 2012 to 2014 is expected to amount to between 14% and 16% based on 2011 sales figures (1 116.6 million). The exceeding of the 1 160 million sales mark expected for 2013 is based on current production figures and is linked to the market launches planned to have been implemented by then. We expect to generate an EBIT margin of between 17% and 19% in both 2012 and 2013.
Medium-term forecasting is influenced by ongoing consolidation in the diagnostics industry, planned market launches, approval dates, which can only be planned to a limited extent, and analyzer system generation changes. Due to scaling effects and given that the relative margin contribution from the maintenance and spare parts business is spread over several financial years, the earnings corridor has currently been defined very broadly (interaction between sales growth, % margin contribution of maintenance and spare parts business, and the resultant gross margin). STRATEC is currently still increasing its development expenditure to account for further projects newly acquired or in the contract signing stage. Our customer forecasts and additional forthcoming market launches give us reason to expect that our sales performance will show further slightly positive developments in the second half of the year.
Due to the immense debt accumulated by some countries and economic regions and the resultant potential implications (debt crisis), the level of budgeting liability remains low for all industries, and for the global economy as a whole. This situation continues to harbor risks for STRATEC's customers and suppliers, as a result of which STRATEC also faces economic risks. The ongoing difficult economic climate also means that STRATEC continues to face increased market risk.
Apart from this, since the assessment of the company's situation provided on March 12, 2012 upon the compilation of the Annual Report for the 2011 financial year, no new information has arisen which could lead to any change in our assessment of the company's expected development.
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 to ensure compliance with the relevant legal and industry-specific requirements.
STRATEC's business activities basically focus on sustainability and responsible behavior. In future, the company will document this in a sustainability report.
Apart from 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 for the 2011 financial year dated March 12, 2012. Reference is made to the "Risk Report" section within the 2011 Group Management Report for details concerning our risk management system and our company's specific opportunity and risk profile.
| ASSETS in u thousands | 06.30.2012 | 12.31.2011 |
|---|---|---|
| NON-CURRENT ASSETS | ||
| Goodwill | 4,526 | 4,584 |
| Other intangible assets | 5,919 | 5,874 |
| Property, plant and equipment | 17,314 | 17,212 |
| Interests in associates | 392 | 351 |
| Deferred tax assets | 1,075 | 630 |
| 29,226 | 28,651 | |
| CURRENT ASSETS | ||
| Raw materials and supplies | 10,667 | 8,269 |
| Unfinished products, unfinished services | 31,700 | 30,409 |
| Finished products and goods | 1,122 | 774 |
| Trade receivables | 17,125 | 15,331 |
| Future receivables from construction contracts | 5,479 | 5,992 |
| Receivables from associates | 84 | 122 |
| Other receivables and other assets | 2,636 | 1,679 |
| Securities | 244 | 222 |
| Cash and cash equivalents | 17,659 | 19,548 |
| 86,716 | 82,346 | |
| TOTAL ASSETS | 115,942 | 110,997 |
| SHAREHOLDERS' EQUITY AND DEBT in u thousands | 06.30.2012 | 12.31.2011 |
|---|---|---|
| SHAREHOLDERS' EQUITY | ||
| Share capital | 11,703 | 11,675 |
| Capital reserve | 15,651 | 15,306 |
| Revenue reserves | 48,965 | 40,098 |
| Consolidated net income | 7,352 | 15,282 |
| Other equity | 950 | 870 |
| 84,621 | 83,231 | |
| DEBT | ||
| Non-current debt | ||
| Non-current financial liabilities | 8,671 | 9,167 |
| Deferred taxes | 1,167 | 1,352 |
| 9,838 | 10,519 | |
| Current debt | ||
| Current financial liabilities | 816 | 777 |
| Trade payables | 6,727 | 3,955 |
| Liabilities to associates | 78 | 40 |
| Other current liabilities | 10,846 | 10,314 |
| Current provisions | 1,966 | 1,427 |
| Income tax liabilities | 1,050 | 710 |
| 21,483 | 17,223 | |
| Deferred income and accrued expenses | 0 | 24 |
| TOTAL SHAREHOLDERS' EQUITY AND DEBT | 115,942 | 110,997 |
for the Period from April 1 to June 30, 2012 of STRATEC Biomedical AG
| in u thousands | 04.01.-06.30.2012 | 04.01.-06.30.2011 |
|---|---|---|
| Sales | 29,402 | 26,406 |
| Increase in volume of finished and | ||
| unfinished products and unfinished services | 1,408 | 2,676 |
| Other own work capitalized | 489 | 387 |
| Overall performance | 31,299 | 29,469 |
| Other operating income | 409 | 335 |
| Cost of raw materials and supplies | 14,251 | 13,762 |
| Cost of purchased services | 703 | 446 |
| Personnel expenses | 8,313 | 7,137 |
| Other operating expenses | 2,322 | 2,429 |
| EBITDA | 6,119 | 6,030 |
| Amortization of intangible assets and | ||
| depreciation of property, plant and equipment | 1,044 | 898 |
| EBIT | 5,075 | 5,132 |
| Net financial expenses | -182 | -51 |
| Operating result (EBT) Current tax expenses |
4,893 1,270 |
5,081 1,359 |
| Deferred tax income | 291 | 289 |
| Consolidated net income | 3,914 | 4,011 |
| Income and expenses recognized directly in equity (after taxes) | ||
| Hedging transactions | -81 | 0 |
| Currency translation of foreign financial statements | 111 | 100 |
| Comprehensive income | 3,944 | 4,111 |
| Earnings per share in v | 0.34 | 0.34 |
| Number of shares used as basis | 11,673,473 | 11,609,164 |
| Earnings per share, diluted, in v | 0.33 | 0.34 |
| Number of shares used as basis, diluted | 11,730,018 | 11,691,661 |
*Figures presented derived using total cost method.
for the Period from January 1 to June 30, 2012 of STRATEC Biomedical AG
| in u thousands | 01.01.-06.30.2012 | 01.01.-06.30.2011 |
|---|---|---|
| Sales | 58,242 | 48,515 |
| Increase in volume of finished and unfinished products | ||
| and unfinished services | 1,658 | 5,545 |
| Other own work capitalized | 970 | 740 |
| Overall performance | 60,870 | 54,800 |
| Other operating income | 625 | 446 |
| Cost of raw materials and supplies | 27,696 | 24,904 |
| Cost of purchased services | 1,096 | 839 |
| Personnel expenses | 16,610 | 14,073 |
| Other operating expenses | 4,650 | 4,680 |
| EBITDA | 11,443 | 10,750 |
| Amortization of intangible assets and depreciation of property, plant and equipment |
2,020 | 1,672 |
| EBIT | 9,423 | 9,078 |
| Net financial expenses | -126 | -165 |
| Operating result (EBT) | 9,297 | 8,913 |
| Current tax expenses | 2,608 | 2,264 |
| Deferred tax income | 663 | 315 |
| Consolidated net income | 7,352 | 6,964 |
| Income and expenses recognized directly in equity (after taxes) | ||
| Hedge transactions ** | -81 | 0 |
| Currency translation of foreign financial statements | 161 | -559 |
| Comprehensive income | 7,432 | 6,405 |
| Earnings per share in v | 0.63 | 0.60 |
| Number of shares used as basis | 11,674,895 | 11,577,248 |
| Earnings per share, diluted, in v | 0.63 | 0.60 |
| Number of shares used as basis, diluted | 11,723,741 | 11,691,307 |
*Figures presented derived using total cost method. The supplementary presentation based on the cost of sales method and provided solely for information reasons can be found on Page 13.
for the Period from January 1 to June 30, 2012 of STRATEC Biomedical AG
| in u thousands | 01.01.-30.06.2012 | 01.01.-30.06.2011 |
|---|---|---|
| Sales | 58,242 | 48,515 |
| Cost of sales | 39,880 | 31,416 |
| Gross profit | 18,362 | 17,099 |
| Research and development expenses | 3,186 | 2,619 |
| Information only: Capitalized research and development expenses | 7,873 | 7,119 |
| Information only: Total research and development expenses | 11,059 | 9,738 |
| Distribution costs | 2,564 | 2,352 |
| General administrative expenses | 3,107 | 2,786 |
| Other operating income | 566 | 606 |
| Other operating expenses | 648 | 870 |
| EBIT | 9,423 | 9,078 |
| Net financial expenses | -126 | -165 |
| Operating result (EBT) | 9,297 | 8,913 |
| Current tax expenses | 2,608 | 2,264 |
| Deferred tax income | 663 | 315 |
| Consolidated net income | 7,352 | 6,964 |
| Income and expenses recognized directly in equity (after taxes) | ||
| Hedging transactions | -81 | 0 |
| Currency translation of foreign financial statements | 161 | -559 |
| Comprehensive income | 7,432 | 6,405 |
| Earnings per share in v | 0.63 | 0.60 |
| Number of shares used as basis | 11,674,895 | 11,577,248 |
| Earnings per share, diluted, in v | 0.63 | 0.60 |
| Number of shares used as basis, diluted | 11,723,741 | 11,691,307 |
*Figures presented derived using the cost of sales method. This disclosure is to be viewed as a supplement to, rather than as a substitute for the statement of comprehensive income using the total cost method. This disclosure does not form part of the respective accounting requirements.
for the Period from January 1 to June 30, 2012 of STRATEC Biomedical AG
| in u thousands | 01.01.-06.30.2012 | 01.01.-06.30.2011 |
|---|---|---|
| Consolidated net income (after taxes) | 7,352 | 6,964 |
| Depreciation and amortization | 2,020 | 1,672 |
| Current income tax expenses | 2,608 | 2,264 |
| Income taxes paid less income taxes received | -2,351 | -2,060 |
| Financial income | -128 | -88 |
| Financial expenses | 98 | 252 |
| Interest paid | -98 | -157 |
| Interest received | 97 | 58 |
| Other non-cash expenses | 304 | 287 |
| Other non-cash income | -1,134 | -740 |
| Cash flow | 8,768 | 8,452 |
| Change in deferred taxes through profit or loss | -663 | -315 |
| Profit from disposal of non-current assets | -13 | -116 |
| Increase in inventories, trade receivables and other assets | -6,154 | -9,717 |
| Increase in trade payables and other liabilities | 3,622 | 4,306 |
| Inflow of funds from operating activities | 5,560 | 2,610 |
| Incoming payments from disposals of non-current assets | ||
| Property, plant and equipment | 26 | 134 |
| Outgoing payments for investments in non-current assets | ||
| Intangible assets | -165 | -113 |
| Property, plant and equipment | -807 | -1,311 |
| Prepayments made/assets under construction | -173 | -198 |
| Financial assets | -30 | 0 |
| Outflow of funds for investment activities | -1,149 | -1,488 |
| Incoming payments from taking up of financial liabilities | 76 | 2,515 |
| Outgoing payments for repayment of financial liabilities | -565 | -287 |
| Incoming payments for issues of shares for employee stock option programs |
319 | 841 |
| Dividend payment | -6,415 | -5,778 |
| Outflow of funds for financing activities | -6,585 | -2,709 |
| Cash-effective change in cash and cash equivalents | -2,174 | -1,587 |
| Cash and cash equivalents at beginning of period | 19,548 | 13,222 |
| Change in cash and cash equivalents due to changes in exchange rates |
285 | -144 |
| Cash and cash equivalents at end of period | 17,659 | 11,491 |
for the Period from January 1 to June 30, 2012 of STRATEC Biomedical AG
| JANUARY - JUNE 2011 | Revenue reserves | ||||
|---|---|---|---|---|---|
| in u thousands | Share capital | Capital reserve | Accumulated net income |
Free revenue reserves |
|
| Balance at 01.01.2011 | 11,569 | 13,915 | 22,445 | 10,540 | |
| Dividend payment | |||||
| Issue of subscription shares from stock option programs, less costs of capital issue after taxes |
70 | 771 | |||
| Allocations due to stock option plans | 82 | ||||
| Allocation to free revenue reserves | 3,000 | ||||
| Profit carried forward | 4,261 | ||||
| Issue of treasury stock to employees | -148 | ||||
| Comprehensive income | |||||
| Balance at 06.30.2011 | 11,639 | 14,620 | 26,706 | 13,540 |
| Share capital | Capital reserve | Accumulated net income |
Free revenue reserves |
|
|---|---|---|---|---|
| 11,675 | 15,306 | 26,706 | 13,392 | |
| 28 | 282 | |||
| 63 | ||||
| 3,000 | ||||
| 5,867 | ||||
| 11,703 | 15,651 | 32,573 | 16,392 | |
| Revenue reserves |
| Other equity | |||
|---|---|---|---|
| Group equity | Currency translation |
Treasury stock | Consolidated net income |
| 71,879 | 788 | -417 | 13,039 |
| -5,778 | -5,778 | ||
| 841 | |||
| 82 | |||
| 0 | -3,000 | ||
| 0 | -4,261 | ||
| 57 | 205 | ||
| 6,405 | -559 | 6,964 | |
| 73,486 | 229 | -212 | 6,964 |
| Other equity | ||||
|---|---|---|---|---|
| Group equity | Currency translation |
Treasury stock | Hedging transactions |
Consolidated net income |
| 83,231 | 1,082 | -212 | 0 | 15,282 |
| -6,415 | -6,415 | |||
| 310 | ||||
| 63 | ||||
| 80 | 161 | -81 | ||
| 0 | -3,000 | |||
| 0 | -5,867 | |||
| 0 | ||||
| 7,352 | 7,352 | |||
| 84,621 | 1,243 | -212 | -81 | 7,352 |
for the period from January 1 to June 30, 2012 of STRATEC Biomedical AG
The consolidated financial statements of STRATEC Biomedical AG as of December 31, 2011 were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU valid at the balance sheet date. In the interim report as of June 30, 2012, which has been prepared 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 2011 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, 2012.
There were no indications of any potential impairment in goodwill at the balance sheet 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 Biomedical AG as of December 31, 2011 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 (1 thousand).
There have been no changes in the segmentation of the Group's results compared with the consolidated financial statements as of December 31, 2011.
| in u thousands | Instrumentation | All other segments | Reconciliation | Total |
|---|---|---|---|---|
| Sales | 60,878 | 1,779 | -4,415 | 58,242 |
| EBITDA | 12,325 | -1,005 | 123 | 11,443 |
| EBIT | 10,810 | -1,092 | -295 | 9,423 |
| EBT | 10,694 | -1,109 | -288 | 9,297 |
| Net income | 8,474 | -817 | -305 | 7,352 |
| Assets | 130,061 | 3,610 | -17,729 | 115,942 |
Segment data by operating segment for the period from January 1 to June 30, 2012
*The presentation of the statement of comprehensive income using the cost of sales method is to be viewed as a supplement to, rather than as a substitute for the disclosures presented in accordance with IFRS. This disclosure does not form part of the respective accounting requirements.
| in u thousands | Instrumentation | All other segments | Reconciliation | Total |
|---|---|---|---|---|
| Sales | 48,750 | 1,985 | -2,220 | 48,515 |
| EBITDA | 11,047 | -297 | 0 | 10,750 |
| EBIT | 9,830 | -345 | -407 | 9,078 |
| EBT | 9,681 | -361 | -407 | 8,913 |
| Net income | 7,604 | -457 | -183 | 6,964 |
| Assets | 119,520 | 3,236 | -15,919 | 106,837 |
Segment data by operating segment for the period from January 1 to June 30, 2011
The breakdown of sales by geographical region represents the distribution of the STRATEC Group's products. As the customers of the STRATEC Group generally supply their country outlets and customers from their own 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.
in u thousands Germany EU Other Total January - June 2012 9,243 24,735 24,264 58,242 15.9% 42.5% 41.6% 100.0% in u thousands Inland EU Sonstige Gesamt January - June 2011 9,262 29,467 9,786 48,515 19.1% 60.7% 20.2% 100.0%
Sales can be broken down by geographical regions (customer locations) as follows:
The expenses relating to research and project management, and to development services not fulfilling the capitalization criteria set out in IAS 38, amounted to 1 3.2 million in the first six months of the 2012 financial year (previous year: 1 2.6 million). These have been reported, mainly as personnel expenses, in the company's consolidated statement of comprehensive income. Moreover, procurement volumes of around 1 0.4 million (previous year: 1 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 STRATEC Group invested a total amount of 1 11.1 million in research and development in the first six months of the 2012 financial year (previous year: 1 9.7 million). As a percentage of sales (excluding development and services), this corresponds to a ratio of 21.5% (previous year: 20.5%).
The development in shareholders' equity at the STRATEC Group has been presented in the consolidated statement of changes in equity on Pages 15 and 16. The number of ordinary shares with a nominal value of 1 1.00 each issued by STRATEC AG as of June 30, 2012, amounts to 11,703,045. These are all bearer shares.
STRATEC AG owned a total of 12,223 treasury stock at the interim balance sheet date. This corresponds to a prorated amount of 1 12,223.00 of the company's share capital and to a 0.11% share of its equity.
Members of the Board of Management/ Managing Directors and employees held the following numbers of subscription rights (share option rights) at the interim balance sheet date:
| Board of Management/ Managing Directors |
Employees | Total | |
|---|---|---|---|
| Outstanding on 01.01.2012 | 102,000 | 52,150 | 154,150 |
| Issued | 45,000 | 7,050 | 52,050 |
| Exercised | 22,500 | 5,650 | 28,150 |
| Lapsed | 0 | 100 | 100 |
| Outstanding on 06.30.2012 | 124,500 | 53,450 | 177,950 |
A total of 7,050 stock option rights were granted to company employees and a total of 45,000 stock option rights to members of the Board of Management on the basis of option agreements dated February 1, 2012, February 23, 2012, May 24, 2012 and June 1, 2012.
A total of 22,500 stock option rights were exercised by members of the Board of Management and a total of 5,650 stock option rights by employees in the first six months of the 2012 financial year. To service these stock option rights, 28,150 shares were created from conditional capital.
Furthermore, 100 stock option rights lapsed in the period under report.
Including temporary employees the STRATEC Group had a total workforce of 524 employees as of June 30, 2012 (previous year: 466).
No events of particular significance with material implications for the business performance of our Group have occurred since the interim balance sheet 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 in the remainder of the financial year.
| July 24, 2012 | Interim Report as of June 30, 2012 |
|---|---|
| October 24, 2012 | Interim Report as of September 30, 2012 |
| November 12, 2012 | STRAT EC Analyst & Investor Day, Frankfurt am Main, Germany |
Furthermore, based on current planning, STRATEC will be taking part in the following capital market conferences in 2012:
| August 2012 C | ommerzbank Sector Conference, Frankfurt am Main, Germany |
|---|---|
| September 2012 | Goldman Sachs European Medtech and Healthcare Services Conference, London, UK |
| M | organ Stanley Global Healthcare Conference, New York City, USA |
| DZ Bank 10th German Healthcare Conference, Zürich, Switzerland | |
| U | BS Global Life Sciences Conference, New York City. USA |
| Berenberg Bank and Goldman International Inaugural German Corporate Conference, Munich, Germany |
|
| November 2012 | German Equity Forum, Frankfurt am Main, Germany |
| HSBC 5th HealthCare Conference, Frankfurt am Main, Germany |
Partially incomplete/subject to amendment
STRATEC Biomedical 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, as system solutions 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: DE 0007289001) are traded in the Prime Standard segment of the Frankfurt Stock Exchange and are listed in the TecDAX select index of the German Stock Exchange.
Further information about STRATEC is available on the internet at www.stratec.com.
STRATEC Biomedical AG Gewerbestr. 37 75217 Birkenfeld Germany
Phone: +49 7082 7916-0 Fax: +49 7082 7916-999 [email protected] www.stratec.com
Andreas Künzel Phone: +49 7082 7916-185 Fax: +49 7082 7916-999 [email protected]
Andre Loy Phone: +49 7082 7916-190 Fax: +49 7082 7916-999 [email protected]
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.
This interim report contains various disclosures of an economic nature that do not form part of the relevant accounting requirements. These disclosures are to be viewed as a supplement to, rather than as a substitute for the disclosures made in accordance with IFRS.
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.
Gewerbestr. 37 75217 Birkenfeld Germany
Phone: +49 7082 7916-0 Fax: +49 7082 7916-999
[email protected] www.stratec.com
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.